NewtekOne(NEWT)

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NewtekOne (NEWT) Q1 Earnings and Revenues Top Estimates
Zacks Investment Research· 2024-05-06 22:36
NewtekOne (NEWT) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.45 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 80.95%. A quarter ago, it was expected that this provider of financial and business services to small-and medium-sized business would post earnings of $0.58 per share when it actually produced earnings of $0.53, deliveri ...
NewtekOne, Inc. CEO, Barry Sloane, to Attend the B. Riley Securities 24th Institutional Investor Conference May 22-23, 2024
Newsfilter· 2024-04-23 12:30
BOCA RATON, Fla., April 23, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ:NEWT), announced today that NewtekOne's CEO and President, Barry Sloane, and CFO, M. Scott Price, will attend and hold-one-on-one meetings at the B. Riley Securities 24th Institutional Investor Conference on May 22-23, 2024 at the Beverly Hilton Hotel in Beverly Hills, CA. To schedule a meeting, please contact your B. Riley representative, or Jayne Cavuoto, Director of Investor Relations at NewtekOne, at jcavuoto@newtekone.com. Abo ...
NewtekOne(NEWT) - 2023 Q4 - Annual Report
2024-04-01 13:50
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from _____to_____ Commission file number: 814-01035 FORM 10-K NEWTEKONE, INC. ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Maryland 46-3755188 For the fiscal year ended December 31, 2023 OR o TRANSITION REPORT PURSUAN ...
NewtekOne(NEWT) - 2023 Q4 - Annual Results
2024-03-19 14:55
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 March 19, 2024 Date of Report (date of Earliest Event Reported) NEWTEKONE, INC. (Exact Name of Company as Specified in its Charter) Maryland 814-01035 (Company's telephone number, including area code) (Former name or former address, if changed from last report) Securities registered pursuant to Section 12(b) of the Act: | Title of each class | ...
NewtekOne(NEWT) - 2023 Q3 - Quarterly Report
2023-11-09 22:03
For the transition period from _____to_____ Commission file number: 814-01035 NEWTEKONE, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Not Applicable (Former name, former address and former fiscal year, if changed since last report) Secu ...
NewtekOne(NEWT) - 2023 Q3 - Earnings Call Presentation
2023-11-08 21:02
Note Regarding Forward-Looking Statements www.newtekone.com 2.92% 3.19% 3.49% 3.26% -9.7% 31.2% 38.3% 20.5% 109.9% 58.7% 49.1% 77.5% 34.8% 29.4% 25.0% | --- | --- | --- | --- | --- | |---------------------------------------------|-------|-------|-------|-------| | Metrics1 | 1Q23 | | | | | NIM | | | | | | ROAA | | | | | | ROE | | | | | | ROTCE | | | | | | Efficiency Ratio | | | | | | Capital | | | | | | CET 1 | | | | | | Total Capital | | | | | | Leverage | | | | | | Average Yield on Loans | | | | | | Avera ...
NewtekOne(NEWT) - 2023 Q2 - Quarterly Report
2023-08-07 20:06
Company Overview - As of June 30, 2023, the company ranked as the second largest SBA 7(a) lender based on dollar volume of loans approved, combining Newtek Bank and NSBF[249]. - The company completed the acquisition of NBNYC, now renamed Newtek Bank, contributing $31 million in cash and merging two subsidiaries, enhancing its financial services capabilities[244]. - The company is now a financial holding company, subject to regulation by the Federal Reserve, and has withdrawn its previous BDC election, affecting its operational structure and compliance requirements[244]. - The company no longer qualifies as a RIC for U.S. federal income tax purposes, which changes its tax obligations and financial reporting[248]. Financial Performance - For the six months ended June 30, 2023, the company reported net income of $18.54 million, a decrease of 20.0% from $23.17 million for the same period in 2022[280]. - For the six months ended June 30, 2023, the company reported a consolidated net income of $18.6 million, compared to a net income of $24.5 million for the same period in 2022, reflecting a decrease of approximately 24.3%[322]. - The Company reported a loss attributable to noncontrolling interests of $31, impacting the net income attributable to NewtekOne, Inc. to $18.57 million[281]. - For the three months ended June 30, 2023, the Company reported net income of $6.9 million, a decrease of 48.9% compared to $13.5 million for the same period in 2022[328]. Revenue Streams - Noninterest income increased by 87.3% to $89.22 million in 2023, compared to $47.64 million in 2022, driven by significant growth in technology and IT support income and electronic payment processing income[298]. - The payments segment contributed $5.5 million to consolidated net income, with $22.8 million of noninterest income from various processing services[324]. - The technology segment contributed $16.5 million of noninterest income and incurred $15.2 million of noninterest expense for the six months ended June 30, 2023[325]. - The company generated $10.7 million in electronic payment processing income, reflecting a new revenue stream[347]. Loan and Asset Management - Total loans reached $873.8 million, an increase of $349.4 million from $524.4 million at December 31, 2022, primarily due to the consolidation of previously controlled portfolio companies and new loan originations[269]. - The company originated 721 SBA loans totaling $343.8 million for the six months ended June 30, 2023, compared to 576 loans totaling $363.9 million for the same period in 2022, indicating a 25.2% increase in the number of loans originated[312]. - The average outstanding accrual loan portfolio increased to $636.7 million in 2023 from $479.1 million in 2022, reflecting growth in SBA 7(A) loans and total commercial loan originations[283]. - The company transitioned SBA 7(a) loan originations to Newtek Bank as NSBF begins to wind down operations, continuing to manage existing loans until maturity or liquidation[249]. Financial Position - Total assets increased to $1.4 billion as of June 30, 2023, reflecting a growth of $440.2 million, or 44.1%, compared to $1.0 billion at December 31, 2022[268]. - Total deposits amounted to $447.4 million at June 30, 2023, with $38.2 million in non-interest bearing deposits and $409.1 million in interest bearing deposits, marking the first deposits recorded since the acquisition[275]. - Borrowings increased to $697.4 million at June 30, 2023, up from $539.3 million at December 31, 2022, driven by new notes payable and bank borrowings from newly consolidating entities[277]. - The company maintains an asset coverage requirement of at least 150% due to covenants in its outstanding 2024 and 2026 Notes[245]. Expenses and Losses - Salaries and employee benefits expense increased by 301.1% to $38.5 million for the six months ended June 30, 2023, compared to $9.6 million in the same period of 2022[305]. - Total non-interest expense for the three months ended June 30, 2023, was $40.180 million, an increase of 156.7% compared to $15.652 million in 2022[354]. - The total other expense for the six months ended June 30, 2023, was $79.4 million, an increase of 161.4% compared to $30.4 million in the same period of 2022[305]. - The provision for loan credit losses was $3.9 million for the six months ended June 30, 2023, compared to no provision in the same period in 2022 due to a change in accounting methodology[296]. Capital and Financing - The company raised approximately $111.3 million from the issuance of $115.0 million aggregate principal amount of 5.50% 2026 Notes, net of underwriter's fees and expenses[380]. - The company completed a private placement offering of $50.0 million aggregate principal amount of 8.125% notes due 2025, with net proceeds of approximately $48.94 million[392]. - The company was in compliance with all covenants related to the 2024 and 2026 Notes as of June 30, 2023[387]. - The Capital One facility was increased from $100.0 million to $150.0 million in June 2019, with various amendments to interest rates and terms[393]. Tax and Regulatory Matters - The company recognized an income tax benefit of $2.3 million during the six months ended June 30, 2023, primarily related to carried forward net operating losses[320]. - The company reported a deferred tax asset, net of $4.6 million, and a deferred tax liability, net of $19.2 million, reflecting changes in tax positions[436]. Market Conditions and Economic Factors - The company has observed significant economic challenges, including rising interest rates and supply chain interruptions, which may impact future performance and borrower defaults[254]. - The company adopted the CECL approach for estimating credit losses, which requires an estimate of expected credit losses over the life of an exposure[425].
NewtekOne(NEWT) - 2023 Q2 - Earnings Call Presentation
2023-08-03 13:24
$ Amount Up to 40% second mortgage provided by CDC ($250,000 to $4.0 million) 31 | --- | --- | |----------------------------------------|----------| | Key Variables in Loan Sale Transaction | | | Senior Loan Balance | | | Junior Bridge Loan Balance(1) | $400,000 | | Premium | 3.00% | | Rate | | | Term | | $630,000 ($7,963) Benefits of Non-Conforming Conventional Loan Program Joint Ventures provide NewtekOne with greater operating leverage by using Newtek's existing pipeline, systems and subsidiary staff to ...
NewtekOne(NEWT) - 2023 Q1 - Quarterly Report
2023-05-11 10:24
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to_____ Commission file number: 814-01035 NEWTEKONE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or or ...
NewtekOne(NEWT) - 2023 Q1 - Earnings Call Transcript
2023-05-09 23:14
NewtekOne, Inc. (NASDAQ:NEWT) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET Company Participants Barry Sloane - President and Chief Executive Officer Nicholas Leger - Chief Accounting Officer Conference Call Participants Crispin Love - Piper Sandler Christopher Nolan - Ladenburg Thalmann & Co Bryce Rowe - B. Riley Paul Johnson - KBW Scott Sullivan - RJ Sean-Paul Adams - Raymond James Steven Nemo - Private Investor Operator Good day, welcome to the Newtek One, Inc. First Quarter 2023 Earnings Confe ...