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) forecasts net investment income (NII) for H1 2022 between ($0.01) and $0.00 per share, while adjusted net investment income (ANII) is expected to be $1.40 to $1.50 per share. CEO Barry Sloane expressed confidence in meeting financial expectations despite pricing pressure in government-backed loan sales. The company received 89% shareholder approval for transitioning to a bank holding company, which could enhance capital raising capabilities and improve dividend tax rates. Second-quarter results will be reported in early August.
Newtek Business Services Corp. (Nasdaq: NEWT) has announced a new share repurchase program under which it may buy back up to 500,000 common shares, equating to around 2.0% of its outstanding shares as of May 2, 2022. The program, approved by the board, will run until December 21, 2022, unless extended. Repurchases will be financed using existing capital, allowing Newtek to evaluate capital deployment based on market conditions and share value. The repurchased shares will become authorized but unissued common shares, potentially enhancing shareholder value.
Newtek Business Services Corp (Nasdaq: NEWT) announced that CEO Barry Sloane will present at the LD Micro by SRAX Invitational XII on June 8, 2022, at 9:30 AM PDT. The event takes place at the Four Seasons, Westlake Village, California, where Sloane will also hold one-on-one meetings. Interested parties can reach out through LD Micro representatives or directly contact Newtek's Investor Relations. A livestream and replay will be accessible on Newtek's Investor Relations page by June 15, 2022, for 90 days.
On June 1, 2022, Newtek Business Services Corp. (NASDAQ: NEWT) announced that shareholders approved a proposal to discontinue its election to be regulated under the Investment Company Act of 1940. The vote, with 89% in favor, allows the company to move forward with acquiring the National Bank of New York City, set to be renamed Newtek Bank & Trust, N.A. The transition to a bank holding company is anticipated to occur in Q3 2022, pending regulatory approvals. CEO Barry Sloane expressed confidence in this strategic decision despite current economic challenges.
Newtek Business Services Corp. (NEWT) reported a 56.5% increase in SBA 7(a) loan fundings, totaling $163.3 million for Q1 2022, compared to $104.4 million in Q1 2021. However, total investment income fell by 41.4% to $20.3 million due to a lack of recurring Paycheck Protection Program (PPP) fees. Net investment income plummeted by 94.1% to $1.0 million. Adjusted net investment income (ANII) decreased by 31.4% to $17.3 million. The NAV was $398.5 million, down 1.4% from the end of 2021. The company declared a higher dividend of $0.752 for Q2 2022, marking a 7.1% increase year-over-year.
Newtek Business Services Corp (Nasdaq: NEWT) will announce its Q1 2022 financial results on May 4, 2022, after market close. A conference call is scheduled for May 5, 2022, at 8:30 am ET, hosted by CEO Barry Sloane and CAO Nicholas Leger. Investors can join the call via phone or listen to a live webcast on Newtek's website. The company offers a range of business solutions for small- and medium-sized businesses, including lending, technology solutions, and financial services, helping them grow and manage expenses effectively.
Newtek Business Services Corp. (NASDAQ: NEWT) announced a second quarter 2022 cash dividend of $0.75 per share, payable on June 30, 2022, to shareholders of record as of June 20, 2022. The Board aims to maintain a dividend policy that distributes approximately 90 - 100% of the company's annual taxable income. Newtek, an internally managed business development company, offers diverse business solutions to the SMB market since 1999, promoting growth while controlling expenses and risks across the U.S.
Newtek Business Services Corp. (NASDAQ: NEWT) announced that its subsidiary, Newtek Small Business Finance (NSBF), remains the largest non-bank lender licensed by the SBA under the Section 7(a) loan program, based on loan approval volume as of March 31, 2022. NSBF also ranks as the second largest SBA 7(a) lender overall, including banks. CEO Barry Sloane expressed confidence in the company’s continued focus on the SBA 7(a) lending program and anticipates growth. Financial results for Q1 2022 are expected to be reported in the first week of May.
Newtek Business Services Corp. (NASDAQ: NEWT) will host a technology symposium on March 24, 2022, in New York City, focusing on cybersecurity and data protection. The event features a panel of experts, including representatives from Newtek Technology Solutions and Dell Technologies. The discussions will cover strategies to minimize cyber risks and ensure data safety. Newtek, an internally managed business development company, offers a range of financial solutions to small- and medium-sized businesses across the U.S.
Newtek Business Services Corp. (NASDAQ: NEWT) announces a 15.4% increase in its second-quarter 2022 cash dividend forecast, raising it from $0.65 to $0.75 per share. The first-quarter dividend of $0.65 is payable on March 31, 2022, to shareholders of record on March 21, 2022. CEO Barry Sloane expressed confidence in the company’s performance amid global volatility, citing strong engagement and support from their client base across various financial solutions, which has resulted in higher financial returns.