
Montfort Capital Announces Reinstatement of Trading on TSXV
The FFCTO was issued as a result of the delay in the filing of the Company's annual audited financial statements for the year ended December 31, 2024 (the 'Late Annual Financial Statements'). The delay in filing the annual financial statements had a cascading effect which caused the Company to also be late in filing its interim financial statements for the three-month period ended March 31, 2025 (the 'Late Interim Financial Statements' and together with the Late Annual Financial Statements, the 'Late Financial Statements').
The Company filed the Late Annual Financial Statements on May 27, 2025 and filed the Late Interim Financial Statements on June 11, 2025, whereby the OSC automatically revoked the FFCTO. Upon the revocation of the FFCTO, the Company applied to the TSXV to have its Common Shares and Series A Class A Preferred Shares reinstated for trading.
The Company acknowledges and appreciates the patience of its shareholders and stakeholders during this process and reaffirms its commitment to adhering to high standards of compliance and corporate governance.
In addition to the announcement regarding the reinstatement of trading on the TSXV, the Company is providing an update on a number of matters, including the following:
Related Party Loans Disclosure
During the financial year ended December 31, 2023, lending subsidiaries of the Company issued unsecured demand promissory notes to Godsoe Financial Capital Corporation, an entity controlled by Michael Godsoe, former director and officer of Langhaus Financial Corporation, for aggregate gross proceeds of $1,175,000 to fund their lending activities (the '2023 Related Party Notes'). The 2023 Related Party Notes are due in September 30, 2025 and yield an interest rate of TD Prime Rate plus 125 basis points per annum.
During the financial year ended December 31, 2024, the Company and lending subsidiaries of the Company issued unsecured demand promissory notes to certain directors and officers of the Company for aggregate gross proceeds of $1,450,000 to fund their loan book (the '2024 Related Party Notes'). The 2024 Related Party Notes represent less than 1.0% of the total consolidated indebtedness of the Company. The 2024 Related Party Notes are payable within 180 days of demand and yield an interest rate between 8% to 12% per annum.
During the six months June 30, 2025, lending subsidiaries of the Company issued additional unsecured demand promissory notes to a certain director of the Company for aggregate gross proceeds of $350,000 for additional funding to their loan book (the '2025 Related Party Notes' and together with the 2023 Related Party Notes and 2024 Related Party Notes, the 'Related Party Notes'). The 2025 Related Party Notes are payable within 180 days of demand and yield an interest rate of 8 to 12% per annum. The Related Party Notes remain subject to TSXV acceptance.
Amended Pivot General Facility
Pivot Financial I Limited Partnership ('Pivot LP') entered into a 2nd amended and restated credit agreement (the 'Amended Pivot General Facility') dated August 2, 2024 with Cortland Credit Lending Corporation, as lender, with the Company, 2862454 Ontario Inc., Brightpath Capital Corporation, Langhaus Financial Corporation and Langhaus Financial Partners Inc., each continuing to act as guarantors. The loan commitment under the Amended Pivot General Facility is $22.75 million and US$3.0 million. The purpose of the Amended Pivot General Facility was to extend the maturity date to April 30, 2025, which was further extended to June 30, 2025. Pivot LP is currently working towards another extension of the Amended Pivot General Facility with Cortland Credit Lending Corporation. The Amended Pivot General Facility remains subject to TSXV acceptance.
At the end of March 2025, Pivot LP was in breach of the Amended Pivot General Facility by breaching a financial covenant that limits its total advances to certain borrowers to $16.5 million. On April 23, 2025, Pivot LP rectified this covenant breach after receiving a $2.5 million principal payment from a borrower subject to the financial covenant under the Amended Pivot General Facility.
Incite Capital Markets Agreement
On May 1, 2020, the Company engaged Incite Capital Markets Inc., an arm's length firm ('Incite') to assist with corporate awareness and investor relations, which included developing communications strategies for Montfort. Incite received a fee of $8,000 plus applicable taxes per month for fiscal years 2020, 2021 and 2022 and the monthly fee was increased to $9,000 plus applicable taxes commencing January 1, 2023. The Company terminated services with Incite effective March 1, 2024. Incite and its principals hold approximately 3.0% of the issued and outstanding common shares in the capital of the Company. The engagement of Incite to provide investor relations services to the Company remains subject to TSXV acceptance.
Incite is a Vancouver-based capital markets advisory corporation. Incite provides expertise in capital markets, corporate communications, and investor and media relations. In addition to strategic insights, Incite invests in small to mid-sized technology companies. For further information, please visit www.incitecapitalmarkets.com.
Langhaus LifeCo Securitization Facility
Langhaus Insurance Finance LP III ('Langhaus LP III'), though its general partner, LIF GP III Corporation, as seller, entered into a master purchase and servicing agreement (the 'LifeCo Facility') dated September 10, 2024 with a major Canadian life insurer ('LifeCo'), as purchaser and agent, whereby Langhaus LP III agreed to sell certain Payments and Related Assets (each as defined in the LifeCo Facility) (collectively, the 'LifeCo Receivables') associated with insurance-backed loans originated by Langhaus Financial Corporation. To secure the payment of the LifeCo Receivables, Langhaus Financial Corporation, parent to Langhaus LP III and a subsidiary of the Company, pledged all accounts of Langhaus LP III, including records therefor and proceeds thereof, to the LifeCo. The LifeCo Facility has a purchase limit of $25,000,000 and includes a securitization factor of 92%.
Langhaus MOU with Canadian Life Insurer
In January 2025, Langhaus signed a memorandum of understanding ('MOU') with a major Canadian life insurance company to achieve certain business volume targets over a five-year period that commenced December 31, 2024. If volume targets have not been achieved by the end of the five-year period, Langhaus could be liable for a payment to the life insurance company of up to $2.1 million. Management estimates the business volume targets are achievable in the normal course of operations and the probability of a payment being required at the end of the five-year period is very low. As a result, no contingent liability is expected to be recorded in relation to this MOU.
On Behalf of the Board of Directors: Ken Thomson, Director & Chief Executive OfficerMontfort Capital Corp.
Web: www.montfortcapital.com
About Montfort Capital
Montfort is a trusted provider of focused private credit strategies for institutional investors, family offices, and wealth managers. We employ focused strategies, experienced management teams and advanced technology to drive risk-adjusted investment returns. For further information, please visit www.montfortcapital.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
FORWARD-LOOKING INFORMATION
This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking information') within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words 'believes,' 'may,' 'plans,' 'will,' 'anticipates,' 'intends,' 'could', 'estimates', 'expects', 'forecasts', 'projects' and similar expressions, and the negative of such expressions. Forward-looking information in this news release may include statements about the time of the reinstatement of trading of the Company's securities on the TSXV and the extension to the Amended Pivot General Facility.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated that could affect the reinstatement of trading of the Company's securities on the TSXV and the ability for Pivot LP to extend the maturity date of the Amended Pivot General Facility. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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Capital ratios remain strong with a Community Bank Leverage Ratio of 15.69% at June 30, 2025 compared to 13.96% at December 31,2024. About Broadway Financial Corporation Broadway Financial Corporation operates through its wholly-owned banking subsidiary, City First Bank, National Association, which is a leading mission-driven bank that serves low-to-moderate income communities within urban areas in Southern California and the Washington, D.C. market. City First Bank offers a variety of commercial real estate loan products, services, and depository accounts that support investments in affordable housing, small businesses, and nonprofit community facilities located within low-to-moderate income neighborhoods. City First Bank is a Community Development Financial Institution, Minority Depository Institution, Certified B Corp, and a member of the Global Alliance of Banking on Values. The Bank and the City First network of nonprofits, City First Enterprises, Homes By CFE, and City First Foundation, represent the City First branded family of community development financial institutions, which offer a robust lending and deposit platform. Contacts Investor RelationsZack Ibrahim, Chief Financial Officer, (202) Cautionary Statement Regarding Forward-Looking Information This press release includes 'forward-looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations and capital allocation and structure, are forward-looking statements. Forward‑looking statements typically include the words 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believes,' 'predicts,' 'potential,' 'continue,' 'poised,' 'optimistic,' 'prospects,' 'ability,' 'looking,' 'forward,' 'invest,' 'grow,' 'improve,' 'deliver' and similar expressions, but the absence of such words or expressions does not mean a statement is not forward-looking. These forward‑looking statements are subject to risks and uncertainties, including those identified below, which could cause actual future results to differ materially from historical results or from those anticipated or implied by such statements. The following factors, among others, could cause future results to differ materially from historical results or from those indicated by forward‑looking statements included in this press release: (1) the level of demand for mortgage and commercial loans, which is affected by such external factors as general economic conditions, market interest rate levels, tax laws, and the demographics of our lending markets; (2) the direction and magnitude of changes in interest rates and the relationship between market interest rates and the yield on our interest‑earning assets and the cost of our interest‑bearing liabilities; (3) the rate and amount of loan losses incurred and projected to be incurred by us, increases in the amounts of our nonperforming assets, the level of our loss reserves and management's judgments regarding the collectability of loans; (4) changes in the regulation of lending and deposit operations or other regulatory actions, whether industry-wide or focused on our operations, including increases in capital requirements or directives to increase allowances for loan losses or make other changes in our business operations; (5) legislative or regulatory changes, including those that may be implemented by the current administration in Washington, D.C. and the Federal Reserve Board; (6) possible adverse rulings, judgments, settlements and other outcomes of litigation; (7) actions undertaken by both current and potential new competitors; (8) the possibility of adverse trends in property values or economic trends in the residential and commercial real estate markets in which we compete; (9) the effect of changes in general economic conditions; (10) the effect of geopolitical uncertainties; (11) the impact of health crises on our future financial condition and operations; (12) the impact of any volatility in the banking sector due to the failure of certain banks due to high levels of exposure to liquidity risk, interest rate risk, uninsured deposits and cryptocurrency risk; and (13) other risks and uncertainties. All such factors are difficult to predict and are beyond our control. Additional factors that could cause results to differ materially from those described above can be found in our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K or other filings made with the SEC and are available on our website at and on the SEC's website at Forward-looking statements in this press release speak only as of the date they are made, and we undertake no obligation, and do not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except to the extent required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The following table sets forth the consolidated statements of financial condition as of June 30, 2025 and December 31, 2024. BROADWAY FINANCIAL CORPORATION Consolidated Statements of Financial Condition (In thousands, except share and per share amounts) June 30, 2025 December 31, 2024 (Unaudited) Assets: Cash and due from banks $ 1,955 $ 2,255 Interest-bearing deposits in other banks 27,559 59,110 Cash and cash equivalents 29,514 61,365 Securities available-for-sale, at fair value (amortized cost of $190,030 and $219,658) 177,977 203,862 Loans receivable held for investment, net of allowance of $8,582 and $8,103 957,293 968,861 Accrued interest receivable 5,109 5,001 Federal Home Loan Bank (FHLB) stock 3,761 9,637 Federal Reserve Bank (FRB) stock 3,543 3,543 Office properties and equipment, net 8,721 8,899 Bank owned life insurance 3,343 3,321 Deferred tax assets, net 8,268 8,803 Core deposit intangible, net 1,618 1,775 Goodwill 25,858 25,858 Other assets 2,387 2,786 Total assets $ 1,227,392 $ 1,303,711 Liabilities and stockholders' equity Liabilities: Deposits $ 798,922 $ 745,399 Securities sold under agreements to repurchase 63,786 66,610 Borrowings 69,217 195,532 Accrued expenses and other liabilities 9,712 10,794 Total liabilities 941,637 1,018,335 Stockholders' equity: Non-Cumulative Redeemable Perpetual Preferred stock, Series C; authorized 150,000 shares at June 30, 2025 and December 31, 2024; issued and outstanding 150,000 shares at June 30, 2025 and December 31, 2024; liquidation value $1,000 per share 150,000 150,000 Common stock, Class A, $0.01 par value, voting; authorized 75,000,000 shares at June 30, 2025 and December 31, 2024; issued 6,425,001 shares at June 30, 2025 and 6,349,455 shares at December 31, 2024; outstanding 6,097,773 shares at June 30, 2025 and 6,022,227 shares at December 31, 2024 64 63 Common stock, Class B, $0.01 par value, non-voting; authorized 15,000,000 shares at June 30, 2025 and December 31, 2024; issued and outstanding 1,425,574 shares at June 30, 2025 and December 31, 2024 14 14 Common stock, Class C, $0.01 par value, non-voting; authorized 25,000,000 shares at June 30, 2025 and December 31, 2024; issued and outstanding 1,672,562 at June 30, 2025 and December 31, 2024 17 17 Additional paid-in capital 143,266 142,902 Retained earnings 10,156 12,911 Unearned Employee Stock Ownership Plan (ESOP) shares (4,089) (4,201) Accumulated other comprehensive loss, net of tax (8,557) (11,223) Treasury stock-at cost, 327,228 shares at June 30, 2025 and at December 31, 2024 (5,326) (5,326) Total Broadway Financial Corporation and Subsidiary stockholders' equity 285,545 285,157 Non-controlling interest 210 219 Total liabilities and stockholders' equity $ 1,227,392 $ 1,303,711 The following table sets forth the consolidated statements of operations for the three and six months ended June 30, 2025 and 2024. BROADWAY FINANCIAL CORPORATION Consolidated Statements of Operations (In thousands, except share and per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Interest income: Interest and fees on loans receivable $ 12,658 $ 12,179 $ 25,348 $ 23,308 Interest on available-for-sale securities 1,171 1,876 2,379 3,951 Other interest income 401 1,433 877 3,022 Total interest income 14,230 15,488 28,604 30,281 Interest expense: Interest on deposits 4,879 3,086 9,078 5,885 Interest on borrowings 1,596 4,484 3,726 8,954 Total interest expense 6,475 7,570 12,804 14,839 Net interest income 7,755 7,918 15,800 15,442 (Recapture of) provision for credit losses (266) 494 423 754 Net interest income after (recapture of) provision for credit losses 8,021 7,424 15,377 14,688 Non-interest income: Service charges 41 38 84 78 Grants 105 – 131 – Other 209 235 428 501 Total non-interest income 355 273 643 579 Non-interest expense: Compensation and benefits 4,412 4,469 9,696 8,866 Occupancy expense 485 432 1,025 867 Information services 775 663 1,480 1,370 Professional services 787 563 1,488 1,973 Advertising and promotional expense 61 63 107 91 Supervisory costs 156 216 349 393 Corporate insurance 66 64 133 125 Amortization of core deposit intangible 79 84 157 168 Operational loss – – 1,943 – Other expense 701 726 1,341 1,237 Total non-interest expense 7,522 7,280 17,719 15,090 Income (loss) before income taxes 854 417 (1,699) 177 Income tax expense (benefit) 257 146 (435) 89 Net income (loss) $ 597 $ 271 $ (1,264) $ 88 Less: Net (loss) income attributable to non-controlling interest (6) 2 (9) (17) Net income (loss) attributable to Broadway Financial Corporation $ 603 $ 269 $ (1,255) $ 105 Less: Preferred stock dividends 750 – 1,500 – Net (loss) income attributable to common stockholders $ (147) $ 269 $ (2,755) $ 105 (Loss) earnings per common share-basic $ (0.02) $ 0.03 $ (0.32) $ 0.01 (Loss) earnings per common share-diluted $ (0.02) $ 0.03 $ (0.32) $ 0.01 The following tables set forth the average balances, average yields and costs for the periods indicated. All average balances are daily average balances. The yields set forth below include the effect of deferred loan fees, and discounts and premiums that are amortized or accreted to interest income or expense. For the Three Months Ended June 30, 2025 June 30, 2024 (Dollars in thousands) (Unaudited) Average Balance Interest Average Yield Average Balance Interest Average Yield Assets Interest-earning assets: Interest-earning deposits $ 24,132 $ 266 4.42 % $ 88,294 $ 1,189 5.42 % Securities 182,351 1,171 2.58 % 276,457 1,876 2.73 % Loans receivable (1) 968,028 12,658 5.24 % 943,072 12,179 5.19 % FRB and FHLB stock (2) 7,473 135 7.25 % 13,835 244 7.09 % Total interest-earning assets 1,181,984 $ 14,230 4.83 % 1,321,658 $ 15,488 4.71 % Non-interest-earning assets 49,786 53,207 Total assets $ 1,231,770 $ 1,375,165 Liabilities and Stockholders' Equity Interest-bearing liabilities: Money market deposits $ 133,930 $ 336 1.01 % $ 274,915 $ 1,623 2.37 % Savings deposits 46,762 61 0.52 % 57,684 102 0.71 % Interest checking and other demand deposits 251,146 1,975 3.15 % 73,853 166 0.90 % Certificate accounts 270,424 2,507 3.72 % 163,237 1,195 2.94 % Total deposits 702,262 4,879 2.79 % 569,689 3,086 2.18 % Borrowings 72,962 710 3.90 % 209,261 2,593 4.98 % Bank Term Funding Program borrowing – – – % 100,000 1,210 4.87 % Other borrowings 69,722 886 5.10 % 74,523 681 3.68 % Total borrowings 142,684 1,596 4.49 % 383,784 4,484 4.70 % Total interest-bearing liabilities 844,946 $ 6,475 3.07 % 953,473 $ 7,570 3.19 % Non-interest-bearing liabilities 101,670 139,900 Stockholders' equity 285,154 281,792 Total liabilities and stockholders' equity $ 1,231,770 $ 1,375,165 Net interest rate spread (3) $ 7,755 1.76 % $ 7,918 1.52 % Net interest rate margin (4) 2.63 % 2.41 % Ratio of interest-earning assets to interest-bearing liabilities 139.89 % 138.62 % (1) Amount includes non-accrual loans. (2) FHLB is Federal Home Loan Bank. (3) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. (4) Net interest rate margin represents net interest income as a percentage of average interest-earning assets. For the Six Months Ended June 30, 2025 June 30, 2024 (Dollars in thousands) (Unaudited) Average Balance Interest Average Yield Average Balance Interest Average Yield Assets Interest-earning assets: Interest-earning deposits $ 26,532 $ 578 4.39 % $ 97,640 $ 2,533 5.22 % Securities 189,368 2,379 2.53 % 290,721 3,951 2.73 % Loans receivable (1) 970,241 25,348 5.27 % 925,443 23,308 5.06 % FRB and FHLB stock (2) 9,320 299 6.47 % 13,777 489 7.14 % Total interest-earning assets 1,195,461 $ 28,604 4.83 % 1,327,581 $ 30,281 4.59 % Non-interest-earning assets 50,061 51,988 Total assets $ 1,245,512 $ 1,379,569 Liabilities and Stockholders' Equity Interest-bearing liabilities: Money market deposits $ 126,557 $ 593 0.94 % $ 272,290 $ 3,065 2.26 % Savings deposits 47,732 129 0.54 % 58,377 204 0.70 % Interest checking and other demand deposits 253,384 3,886 3.09 % 78,772 311 0.79 % Certificate accounts 247,498 4,470 3.64 % 164,319 2,305 2.82 % Total deposits 675,171 9,078 2.71 % 573,758 5,885 2.06 % FHLB advances 106,106 2,239 4.26 % 209,280 5,191 4.99 % Bank Term Funding Program borrowing – – – % 100,000 2,413 4.85 % Other borrowings 73,237 1,487 4.09 % 76,688 1,350 3.45 % Total borrowings 179,343 3,726 4.19 % 385,968 8,954 4.67 % Total interest-bearing liabilities 854,514 $ 12,804 3.02 % 959,726 $ 14,839 3.11 % Non-interest-bearing liabilities 105,111 138,012 Stockholders' equity 285,887 281,831 Total liabilities and stockholders' equity $ 1,245,512 $ 1,379,569 Net interest rate spread (3) $ 15,800 1.80 % $ 15,442 1.48 % Net interest rate margin (4) 2.67 % 2.34 % Ratio of interest-earning assets to interest-bearing liabilities 139.90 % 138.33 % (1) Amount includes non-accrual loans. (2) FHLB is Federal Home Loan Bank. (3) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. (4) Net interest rate margin represents net interest income as a percentage of average interest-earning assets. BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY Selected Financial Data and Ratios (Unaudited) (Dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30,2025 June 30, 2024 Balance Sheets: Total gross loans 965,875 980,005 976,964 975,315 946,840 965,785 946,840 Allowance for credit losses 8,582 8,774 8,103 8,527 8,104 8,582 8,104 Investment securities 177,977 185,938 203,862 238,489 261,454 177,977 261,454 Total assets 1,227,392 1,238,019 1,303,711 1,373,055 1,367,290 1,227,392 1,367,290 Total deposits 798,922 776,543 745,399 672,248 687,369 798,922 687,369 Total shareholders' equity 285,545 284,581 285,157 286,392 282,293 285,545 282,293 Profitability: Interest income 14,230 14,374 15,762 16,166 15,488 28,604 30,281 Interest expense 6,475 6,329 7,765 7,836 7,570 12,804 14,839 Net interest income 7,755 8,045 7,997 8,330 7,918 15,800 15,442 (Recovery of) provision for credit losses (266) 689 (489) 399 494 423 754 Non-interest income 355 288 560 416 273 643 579 Non-interest expenses 7,522 10,197 7,210 7,594 7,280 17,719 15,090 Income (loss) before income taxes 854 (2,553) 1,836 753 417 (1,699) 177 Income tax expense (benefit) 257 (692) 516 209 146 (435) 89 Net income (loss) 597 (1,861) 1,320 544 271 (1,264) 88 Less: Net (loss) income attributable to non-controlling interest (6) (3) 20 22 2 (9) (17) Net income (loss) attributable to Broadway Financial Corporation 603 (1,858) 1,300 522 269 (1,255) 105 Less: Preferred stock dividends 750 750 750 750 – 1,500 – Net (loss) income attributable to common stockholders (147) (2,608) 550 (228) 269 (2,755) 105 Financial Performance: Return on average assets (annualized) (0.05 %) (0.84 %) 0.16 % (0.07 %) 0.08 % (0.45 %) 0.02 % Return on average equity (annualized) (0.21 %) (3.69 %) 0.77 % (0.32 %) 0.38 % (1.94 %) 0.08 % Net interest margin 2.63 % 2.70 % 2.42 % 2.49 % 2.41 % 2.67 % 2.34 % Efficiency ratio 92.75 % 122.37 % 84.26 % 86.83 % 88.88 % 107.76 % 94.19 % Per Share Data: Book value per share 14.74 14.58 14.82 14.97 14.49 14.74 14.49 Weighted average common shares (basic) 8,622,891 8,547,460 8,459,460 8,520,730 8,394,367 8,557,745 8,308,359 Weighted average common shares (diluted) 8,622,891 8,547,460 8,638,660 8,684,296 8,596,985 8,557,745 8,513,262 Common shares outstanding at end of period 9,195,909 9,231,180 9,120,363 9,112,777 9,131,979 9,195,909 9,131,979 Financial Measures: Loans to assets 78.69 % 79.16 % 74.94 % 71.03 % 69.25 % 78.69 % 69.25 % Loans to deposits 120.90 % 126.20 % 131.07 % 145.08 % 137.75 % 120.90 % 137.75 % Allowance for credit losses to total loans 0.89 % 0.90 % 0.83 % 0.87 % 0.86 % 0.89 % 0.86 % Allowance for credit losses to total nonperforming loans 192.98 % 1020.23 % 3069.32 % 2930.24 % 2470.73 % 192.98 % 2470.73 % Non-accrual loans to total loans 0.42 % 0.09 % 0.03 % 0.03 % 0.03 % 0.42 % 0.03 % Nonperforming loans to total assets 0.36 % 0.07 % 0.02 % 0.02 % 0.02 % 0.36 % 0.02 % Net charge-offs (recoveries) (annualized) to average total loans – – – – – – – Average Balance Sheets: Total loans 968,028 972,479 976,873 963,849 943,072 970,241 925,443 Investment securities 182,351 196,463 222,879 248,833 276,457 189,368 290,721 Total assets 1,231,770 1,259,448 1,363,572 1,382,066 1,375,165 1,245,512 1,379,569 Total interest-bearing deposits 702,262 647,777 622,217 570,512 569,689 675,171 573,758 Total shareholders' equity 285,154 286,629 285,775 284,343 281,792 285,887 281,831


Malaysian Reserve
a day ago
- Malaysian Reserve
SNDL Announces 2025 Annual and Special Meeting Results
EDMONTON, AB, July 31, 2025 /PRNewswire/ – SNDL Inc. (NASDAQ: SNDL) (CSE: SNDL) ('SNDL' or the 'Company') is pleased to announce the resolutions put to holders of common shares (the 'Shareholders') at the Annual and Special Meeting of Shareholders (the 'Meeting') were passed. At the Meeting, Shareholders approved: (i) fixing the number of directors of the board at seven (7); (ii) electing each of Gregory Mills, J. Carlo Cannell, Lori Ell, Zachary George, Frank Krasovec, Bryan Pinney, and Gregory Turnbull as directors of the Company for the ensuing year; (iii) re-appointing CBIZ Inc. (formerly Marcum LLP) as the auditors of the Company for the ensuing year and authorizing the board of directors of the Company to set their remuneration; and (iv) the Company's Stock Option Plan and Restricted and Performance Share Unit Plan and the unallocated awards issuable thereunder. The following votes were received with respect to fixing the number of directors of the board at seven (7): # of Votes For % of Votes For # of Votes Against % of Votes Against 81,437,840 90.08 8,966,964 9.92 The following votes were received with respect to each director nominee: Nominee # of VotesFor % of VotesFor # of VotesWithheld % of VotesWithheld Gregory Mills 37,627,605 90.43 3,979,839 9.57 J. Carlo Cannell 37,674,260 90.55 3,933,185 9.45 Lori Ell 37,669,902 90.54 3,937,542 9.46 Zachary George 37,596,461 90.36 4,010,982 9.64 Frank Krasovec 37,291,964 89.63 4,315,481 10.37 Bryan Pinney 37,589,021 90.34 4,018,423 9.66 Gregory Turnbull 37,132,554 89.24 4,474,890 10.76 The following votes were received with respect to the re-appointment of CBIZ Inc. (formerly Marcum LLP) as the auditors of the Company: # of Votes For % of Votes For # of Votes Withheld % of Votes Withheld 81,759,588 90.44 8,645,217 9.56 The following votes were received with respect to the approval of the Company's Stock Option Plan and Restricted and Performance Share Unit Plan and the unallocated awards issuable thereunder: # of Votes For % of Votes For # of Votes Against % of Votes Withheld 34,749,681 83.52 6,857,761 16.48 ABOUT SNDL INC. SNDL Inc. (NASDAQ: SNDL) (CSE: SNDL), through its wholly owned subsidiaries, is one of the largest vertically integrated cannabis companies and the largest private-sector liquor and cannabis retailer in Canada, with retail banners that include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, Spiritleaf and Superette. With products available in licensed cannabis retail locations nationally, SNDL's consumer-facing cannabis brands include Top Leaf, Contraband, Palmetto, Bon Jak, La Plogue, Versus, Value Buds, Grasslands, Vacay, Pearls by Grön, No Future and Bhang Chocolate. SNDL's investment portfolio seeks to deploy strategic capital through direct and indirect investments and partnerships throughout the North American cannabis industry. For more information, please visit