Welcome to our dedicated page for NewtekOne news (Ticker: NEWT), a resource for investors and traders seeking the latest updates and insights on NewtekOne stock.
NewtekOne, Inc. reports developments as a financial holding company serving independent business owners through Newtek Bank, N.A. and non-bank subsidiaries. Its updates cover banking, business lending, SBA lending solutions, Alternative Loan Program and C&I longer-amortizing loans, deposit products, payment processing, payroll and benefits, insurance solutions, and technology services offered under the Newtek brand.
Company news also includes the Newtek Advantage business portal, FedNow® and RTP® instant-payment capabilities, the AI-powered NewTracker® loan processing system, and the Newtek Seven Day Business Loan™. Financial releases address loan origination activity, deposit trends, securitizations, credit facilities, common dividends, and Series B preferred share dividends.
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.
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.