NewtekOne, Inc. Achieves 17.3% Sequential Growth in Record Total Loan Closings in the Third Quarter 2024 over the Second Quarter 2024

Core Insights - NewtekOne, Inc. reported a record $371.8 million in loans closed for Q3 2024, marking a 17.3% increase from $316.7 million in Q2 2024 [1] - The company achieved SBA 7(a) loan closings of $245.3 million in Q3 2024, a 6.6% increase from Q2 2024 and a 12.5% increase year-over-year [1] - NewtekOne forecasts total SBA 7(a) loan closings of $935.0 million for 2024, representing a 14.7% increase over 2023 [1] Company Performance - The company has originated over $1 billion in business loans year-to-date through September 30, 2024, with a sequential loan growth of 17.3% in Q3 2024 [2] - NewtekOne's proprietary NewTracker® system has a funding acceptance rate of less than 2%, indicating a focus on high-quality credit opportunities [2] - The company anticipates selling between $650 to $700 million of government-guaranteed portions of SBA 7(a) loans in 2024, which will be removed from its balance sheet [2] Business Strategy - NewtekOne integrates its loan acquisition and processing methods into a regulated bank holding company, enhancing its operational capabilities [2] - The company has maintained a charge-off rate of zero for its $500 million 504 loan portfolio since 2019, demonstrating strong credit quality [2] - NewtekOne's alternative loan program has funded approximately $380 million since 2019, with only $3.0 million written off, showcasing effective risk management [2] Services Offered - NewtekOne provides a wide range of business and financial solutions, including banking, business lending, SBA lending solutions, electronic payment processing, and technology solutions [3][4] - The company aims to support independent business owners across all 50 states with cost-efficient products and services [3]