NewtekOne, Inc. Stock Price, News & Analysis

The Freedom Bank of Virginia has partnered with Newtek Insurance to enhance its insurance offerings for clients. This collaboration provides access to a wide range of insurance solutions, including commercial and personal options like property, general liability, and life insurance. Newtek Insurance is a portfolio company of Newtek Business Services Corp. (NASDAQ: NEWT) and focuses on providing competitive rates and comprehensive coverage. President Joe Thomas highlighted the need for businesses to reassess their insurance amidst rising operating costs and risks.

Newtek Business Services Corp (NASDAQ: NEWT) announced a conference call on December 14, 2022, at 8:30 am ET, to update on its pending acquisition of the National Bank of New York City (NBNYC) and present the financial implications of transitioning to a bank holding company. The accompanying presentation will be accessible in the Investor Relations section of Newtek's website after market close on December 13, 2022. This acquisition aims to enhance Newtek’s financial service offerings for small and medium-sized businesses.

Newtek Business Services Corp. (NASDAQ: NEWT) announced the closure of over $300 million in leverage facilities for its joint venture, Newtek-TSO II Conventional Credit Partners, and portfolio companies. This includes a $150 million facility for acquiring non-conforming loans, along with $110 million from two credit line amendments and an $18 million credit facility extension. CEO Barry Sloane highlighted the significance of these financings in challenging times, aiming for $600 million in non-conforming loan funding for 2023.

Newtek Business Services Corp. (NASDAQ: NEWT) has received conditional approval from the Federal Reserve and the OCC to acquire the National Bank of New York City, transforming into a bank holding company. This acquisition, expected to close in January 2023, will see NBNYC rebranded as Newtek Bank, N.A. The CEO stated that this move will enhance financial solutions for customers, and the company plans to issue financial guidance post-acquisition. Additionally, a fourth-quarter distribution of $0.70 per share is set for December 30, 2022, marking the final distribution as a BDC.

Newtek Business Services Corp. (NASDAQ: NEWT) announced a fourth quarter 2022 cash distribution of $0.70 per share, payable on December 30, 2022, to shareholders of record as of December 20, 2022. The Board aims to maintain a dividend policy targeting 90-100% of the company's 2022 taxable income, including a spillover dividend from retained earnings. Newtek offers a variety of business solutions for small and medium-sized businesses across the U.S., including lending, technology, eCommerce, and insurance solutions.

Newtek Business Services Corp. reported record SBA 7(a) loan fundings of $223.0 million for Q3 2022, a 36.0% increase from Q3 2021. Total investment income surged by 90.0% to $23.6 million. However, net investment income showed a slight profit of $0.2 million for Q3, reflecting a significant decline of 103.3% compared to last year. The company raised its full-year 2022 SBA loan funding guidance to $775 million, expecting further growth. Despite challenges from rising interest rates and inflation, Newtek's adjusted net investment income stood at $15.0 million for the quarter, or $0.62 per share.

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.