NewtekOne, Inc. Announces Record Loan Closings for the Fourth Quarter and Full Year 2023
- None.
- None.
NewtekOne, Inc.'s announcement of a record-breaking quarter for SBA 7(a) loan closures is a robust indicator of the company's growth trajectory and operational efficiency. The 20.6% increase in loan closures compared to the previous quarter suggests a strong demand for small business financing, which is a positive sign for the economy as small businesses are often seen as its backbone. The projected 23% increase in loan closures for the first quarter of 2024 further solidifies NewtekOne's position in the market and indicates potential for revenue growth. Investors should note the company's performance relative to industry peers, especially given its status as the largest SBA 7(a) lender for the period, which could impact market share and competitive positioning.
The strategic implications of NewtekOne's record loan closures extend beyond immediate financial metrics. As the largest SBA 7(a) lender, NewtekOne's market dominance is likely to enhance its brand reputation and customer trust, potentially increasing its customer base and leading to further business opportunities. Additionally, the shift in its business model to include a nationally chartered bank suggests a diversification of services which could attract a wider range of clients. The company's performance and guidance comfort should be weighed against macroeconomic factors such as interest rate trends and small business sentiment to forecast future performance accurately.
The data presented by NewtekOne serves as an economic indicator, reflecting the health of the small business sector. The increase in SBA 7(a) loan closures indicates an active credit market for small businesses, which can lead to job creation and economic growth. However, it is essential to consider the broader economic conditions, such as inflation and fiscal policy, that could affect loan repayment rates and default risks. The company's performance in this niche market should be analyzed in the context of these macroeconomic variables to understand the sustainability of its growth.
BOCA RATON, Fla., Jan. 03, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the “Company” or “NewtekOne”) (NASDAQ: NEWT), announced today that its nationally chartered bank subsidiary, Newtek Bank, N.A., closed a record
Barry Sloane, Chairman, President and Chief Executive Officer commented, “According to the Small Business Administration’s (“SBA”) data on its website for the quarter ended December 31, 2023, which is NewtekOne’s fourth quarter 2023 and the SBA’s first fiscal quarter 2024, Newtek Bank was the largest SBA7(a) lender, including bank and non-bank lenders, by total approved dollar amount of SBA 7(a) loans. Further, in our first year as a bank holding company owning a nationally chartered bank, we are pleased to report that Newtek Bank closed a record
About NewtekOne, Inc.
NewtekOne®, Your Business Solutions Company®, is a financial holding company, which along with its bank and non-bank consolidated subsidiaries (collectively, “NewtekOne”), provides a wide range of business and financial solutions under the Newtek® brand to the small- and medium-sized business (“SMB”) market. Since 1999, NewtekOne has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB relationships across all 50 states to help them grow their sales, control their expenses and reduce their risk.
NewtekOne’s and its subsidiaries’ business and financial solutions include: banking (Newtek Bank, N.A.), Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.
Newtek®, NewtekOne®, Newtek Bank®, Your Business Solutions Company® and One Solution for All Your Business Needs® are registered trademarks of NewtekOne, Inc.
Note Regarding Forward-Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of the rules and regulations of the Private Securities Litigation and Reform Act of 1995. These statements are based on management’s current expectations and are subject to significant risks and uncertainties. Information regarding the Company, including loan closings, assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratios and balance sheet data consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially. See “Note Regarding Forward-Looking Statements” and the sections entitled “Risk Factors” in the Company's filings with the Securities and Exchange Commission available on NewtekOne's website (https://investor.newtekbusinessservices.com/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). Any forward-looking statements made by or on behalf of NewtekOne speak only as to the date they are made, and NewtekOne does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
SOURCE: NewtekOne, Inc.
Investor Relations & Public Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@newtekone.com
FAQ
What is the ticker symbol of NewtekOne, Inc.?
What were the SBA 7(a) loan closings for NewtekOne, Inc. in Q4 2023?
What were the SBA 7(a) loan closings for NewtekOne, Inc. in 2023?
What was the percentage increase in SBA 7(a) loan closings for NewtekOne, Inc. in Q4 2023 compared to the previous quarter?
What was the total loan closings for NewtekOne, Inc. in 2023?
What does Newtek Bank expect for SBA 7(a) loan closings in Q1 2024?
