NewtekOne(US:NEWT)2024-08-07 04:57Financial Performance Highlights - Newtek Bank's net interest margin was 483% for the three months ended June 30, 2024, an increase of 02% over 482% for the three months ended March 31, 2024, and an increase of 519% over 318% for the three months ended June 30, 2023[3] - Newtek Bank's efficiency ratio declined to 42% for the second quarter 2024[3] - NewtekOne's second quarter 2024 earnings per share was $043 per basic and diluted common share[4] - NewtekOne is reconfirming FY 2024 full year EPS guidance of $185 to $205 per basic and diluted common share[4] - NewtekOne's net income was $109 million for the three months ended June 30, 2024, a 132% increase on a per share basis, compared to $97 million for the three months ended March 31, 2024, and a 593% increase on a per share basis, compared to $70 million for the three months ended June 30, 2023[19] - NewtekOne's net interest income was $91 million for the three months ended June 30, 2024, an increase of 22% over $89 million for the three months ended March 31, 2024, and an increase of 596% over $57 million for the three months ended June 30, 2023[19] - NewtekOne's total assets were $16 billion at June 30, 2024, an increase of 143% from $14 billion at December 31, 2023[19] Loan and Deposit Growth - Newtek Bank's business deposits grew by 17% to $136 million in second quarter 2024 from $116 million in the first quarter 2024[3] - Newtek Bank's second quarter 2024 quarterly deposit growth was approximately 17%[4] - Newtek Bank's second quarter 2024 total loan growth was 13%[4] - NewtekOne forecasts $9350 million in total SBA 7(a) loan fundings for 2024, which would represent a 147% increase over loan fundings in 2023[61] Alternative Loan Program (ALP) - NewtekOne's joint venture closed a $15432 million ALP loan backed securitization on July 23, 2024[13] - The securitization was backed by $19052 million of collateral, consisting of $15977 million of Company originated ALP loans and a $3075 million prefunding account[13]