NewtekOne (NEWT) Stock News, Jul-Aug 2022

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.

Newtek Business Services reported a significant increase in SBA 7(a) loan fundings, achieving $200.6 million in Q2 2022, up 112.8% year-over-year. However, total investment income fell 47.5% to $19.2 million, influenced by the absence of non-recurring Paycheck Protection Program (PPP) fee income. Net investment loss was $(2.3) million, or $(0.09) per share, a substantial decline from $15.5 million, or $0.69 per share, in Q2 2021. The company forecasts an annual dividend of $2.40 to $2.90 per share, maintaining confidence in its growth trajectory amid challenging market conditions.

Newtek Business Services Corp. (NASDAQ: NEWT) has outlined financial targets for 2023, contingent upon receiving regulatory approvals for its acquisition of the National Bank of New York City (NBNYC). The illustration is available on their corporate website under the 'Investor Relations' section and will be discussed in detail during the upcoming Q2 earnings call on August 4, 2022, at 8:30 am ET. Newtek aims to enhance its business solutions for small- and medium-sized businesses (SMBs) across the U.S., leveraging state-of-the-art products since 1999.

Newtek Business Services Corp. (NASDAQ: NEWT) forecasts a total dividend of $1.00 to $1.50 per share for Q3 and Q4 2022, with payments expected by December 31, 2022, subject to board approval. Year-to-date, the company has paid $1.40 per share in dividends and estimates a full-year dividend of $2.40 to $2.90 per share. CEO Barry Sloane indicated ongoing efforts to acquire the National Bank of New York City, pending regulatory approvals, which would enable a transition to a bank holding company structure.

Newtek Business Services Corp. (NASDAQ: NEWT) announced that Barry Sloane, its Chairman, President, and CEO, will hold one-on-one meetings at the KBW Community Bank Investor Conference in New York City from August 2-3, 2022. Attendees interested in meeting with Mr. Sloane can contact their KBW representative or Jayne Cavuoto, Director of Investor Relations. Newtek offers a range of financial solutions to small- and medium-sized businesses, driving growth across various sectors since 1999.

Newtek Business Services Corp. (NASDAQ: NEWT) filed a preliminary proxy statement on July 20, 2022, requesting shareholder approval to sell shares below the current net asset value per share. This annual request is part of Newtek's ongoing strategy, aiming for a transition to a bank holding company following overwhelming 89% shareholder approval at the June 1 meeting. The company continues its pursuit of acquiring the National Bank of New York City, pending necessary regulatory approvals.

Newtek Business Services Corp (Nasdaq: NEWT) will report its Q2 2022 financial results on August 3, 2022. A conference call is scheduled for August 4, 2022, at 8:30 am ET, featuring CEO Barry Sloane and CAO Nicholas Leger. Participants must register online to attend. Newtek offers various financial solutions to small and medium-sized businesses, including lending, payment processing, and technology services, aiming to enhance SMB growth nationwide.

Newtek Business Services Corp. (NASDAQ: NEWT) announced record SBA 7(a) loan fundings of $200.6 million for Q2 2022, a 112.7% increase year-over-year. For the first half, loan fundings totaled $363.9 million, up 83.2%. The company reaffirmed its net investment income forecast, projecting a loss between ($0.01) and $0.00 per share, and adjusted net investment income of $1.40 to $1.50 per share. CEO Barry Sloane expressed confidence in the team’s performance and highlighted expectations for improved productivity and regulatory approval for acquiring the National Bank of New York City, enhancing their lending capabilities.