NewtekOne, Inc. Stock Price, News & Analysis

Newtek Business Services Corp. (Nasdaq: NEWT) announced it will release its third quarter 2022 financial results on November 7, 2022, after market close. A conference call to discuss these results is scheduled for November 8, 2022, at 8:30 AM ET, led by CEO Barry Sloane and CFO Nicholas Leger. Interested participants can register online for the conference call. Newtek provides business and financial solutions to small and medium-sized businesses, offering a range of services that include lending, electronic payments, and technology solutions.

Newtek Business Services Corp. (NASDAQ: NEWT) reported record fundings of SBA 7(a) loans for the three and nine months ended September 30, 2022. In Q3 2022, NSBF funded $223.1 million in loans, a 36.1% increase year-over-year. For the nine months, fundings reached $587.0 million, up 61.9%. The company forecasts total fundings of $750 million for 2022, reflecting a 33.8% increase from 2021. CEO Barry Sloane highlighted improved loan selectivity and the company’s resilience in challenging economic conditions.

Newtek Business Services Corp. (NASDAQ: NEWT) is moving towards becoming a digital bank for independently owned businesses by selecting the Apiture Digital Banking Platform. This decision complements its planned acquisition of the National Bank of New York City, pending regulatory approvals. The partnership aims to enhance digital banking capabilities with an integrated suite of services for business clients. CEO Barry Sloane emphasized that this marks a significant shift towards a branchless banking model, positioning Newtek as a primary financial partner for businesses.

Newtek Business Services Corp (Nasdaq: NEWT) announced an investor conference call scheduled for September 29, 2022, at 8:30 am ET. CEO Barry Sloane will discuss the planned acquisition of National Bank of New York City, pending regulatory approval, along with third-quarter 2022 performance metrics. Newtek, an internally managed business development company, provides a range of financial solutions to small- and medium-sized businesses across the U.S. The call will require registration, and a replay will be available for 90 days post-presentation.

Newtek Business Services Corp. (NASDAQ: NEWT) announced a forecast for a fourth-quarter 2022 cash distribution of $0.70 per share, as part of a total anticipated distribution of approximately $2.75 per share for the year. This follows the company's plans to transition from a business development company (BDC) structure to a bank holding company after acquiring the National Bank of New York City, pending regulatory approvals. The move aims to enhance shareholder value and attract new investors, with expectations for improved future financial performance and inclusion in the Russell 2000.

Newtek Business Services Corp (Nasdaq: NEWT) has announced a strategic rebranding in anticipation of acquiring the National Bank of New York City (NBNYC), pending regulatory approvals. The company will transform its identity to NewtekOne and rename NBNYC to Newtek Bank, National Association. This rebranding aligns with CEO Barry Sloane's vision of providing comprehensive financial solutions for independent businesses. Newtek aims to enhance client relationships through the Newtek Advantage™ dashboard, facilitating multiple interaction points with financial experts. The initiative seeks to bolster shareholder value and better serve the 32.5 million small businesses in the U.S.

Newtek Business Services Corp. (NASDAQ: NEWT) announced a third quarter 2022 cash dividend of $0.65 per share, payable on September 30, 2022, to shareholders on record as of September 20, 2022. The company's board aims to maintain a dividend policy of distributing 90-100% of its annual taxable income. Newtek, an internally managed business development company, provides comprehensive financial solutions to small- and medium-sized businesses across the U.S. since 1999.

Newtek Business Services Corp (NASDAQ: NEWT) announced a third quarter 2022 cash dividend of $0.65 per share, payable on September 30, 2022, for shareholders of record by September 20, 2022. CEO Barry Sloane expressed confidence in maintaining a full year dividend forecast between $2.40 and $2.90 per share, highlighting the successful business model. Although margins on SBA 7(a) loans face pressure from lagging Prime rate increases, an improvement in margins was noted since July. Newtek awaits regulatory decisions regarding its acquisition of the National Bank of New York City.

Newtek Business Services Corp (NASDAQ: NEWT) announced the pricing of its twelfth small business loan securitization, offering $116.21 million in Unguaranteed SBA 7(a) Loan-Backed Notes, Series 2022-1. The offering includes $95.38 million of Class A Notes and $20.83 million of Class B Notes, rated ‘A- (sf)’ and ‘BBB- (sf)’ by S&P Global Ratings, respectively. The notes have a 79.5% anticipated advance rate and will adjust monthly according to SOFR. The company anticipates creating approximately $29 million in new cash flow post-securitization closure, expected around September 7, 2022.