NewtekOne, Inc. Stock Price, News & Analysis

NewtekOne, Inc. (NASDAQ: NEWT) reported record total loan closings of $371.8 million for Q3 2024, a 17.3% increase from Q2 2024. SBA 7(a) closings reached $245.3 million, up 6.6% from Q2 and 12.5% year-over-year. The company forecasts $935.0 million in total SBA 7(a) loan closings for 2024, a projected 14.7% increase from 2023. NewtekOne's proprietary NewTracker® system, which is patented, processes less than 2% of incoming opportunities. The company expects to sell $650 to $700 million of government-guaranteed portions of SBA 7(a) loans in 2024, with total loan originations anticipated at $1.5 billion. NewtekOne aims to continue double-digit growth with high returns on average assets and tangible common equity.

NewtekOne, Inc. (NASDAQ: NEWT) has announced it will report its third quarter 2024 financial results after market close on November 6, 2024. A conference call to discuss these results will be held on November 7, 2024 at 8:30 am ET, hosted by CEO Barry Sloane and CFO M. Scott Price. Interested participants can pre-register online for the call. The earnings presentation will be available on the company's website on November 6, 2024.

Barry Sloane expressed pride in the management team's execution of goals and metrics, despite challenging market conditions. He noted a strong market appetite for NewtekOne's financial and business solutions among small- and medium-sized businesses. The company remains comfortable with its previously issued 2024 annual EPS guidance and plans to forecast 2025 business projections during the upcoming earnings call.

NewtekOne, Inc. (NASDAQ: NEWT) has announced a quarterly cash dividend of $0.19 per share on its outstanding common stock. The dividend will be payable on October 21, 2024 to shareholders of record as of October 10, 2024. This declaration demonstrates the company's commitment to providing returns to its shareholders. However, it's important to note that the amount and timing of future dividends remain subject to the discretion of NewtekOne's Board of Directors, indicating potential variability in future dividend payments.

NewtekOne, Inc. (NASDAQ: NEWT) has successfully closed a $75.0 million registered public offering of 8.625% Fixed Rate Senior Notes due 2029. The notes will mature on October 15, 2029, with interest payable quarterly starting January 15, 2025. The company plans to use the proceeds for investments, debt repayment, and general corporate purposes.

CEO Barry Sloane highlighted the importance of this offering in supporting their alternative loan program business and goals of generating higher returns. The company anticipates retiring approximately $22 million of securitization debt in the near term, which is expected to free up cash flow and liquidity. NewtekOne has also confirmed its 2024 annual earnings per share guidance of $1.85 to $2.05 per basic and diluted common share.

NewtekOne, Inc. (NASDAQ: NEWT) has reconfirmed its 2024 annual earnings per share (EPS) forecast in the range of $1.85 to $2.05 per basic and diluted common share. Despite challenging market conditions for financial businesses, the company remains confident in its ability to meet its goals and satisfy client needs. NewtekOne continues to see strong demand from small- and medium-sized businesses (SMBs) for its financial and business solutions. The company aims to help SMBs grow revenues, reduce expenses and risk, and improve operational efficiencies. NewtekOne plans to provide 2025 business projections during its Q3 2024 earnings call in early November, which is expected to showcase the company's continued growth trajectory.

NewtekOne, Inc. (NASDAQ: NEWT) has appointed Andrew Kaplan as Chief Strategy Officer, effective September 3, 2024. Kaplan brings over 35 years of experience in banking and financial services, specializing in creating and managing diverse business lines. His most recent role was Chief Digital Officer at Flagstar Bank, where he led a digital transformation resulting in significant deposit growth. Kaplan's expertise spans retail products, third-party financial solutions, treasury management, and retail branch expansion.

Barry Sloane, CEO of NewtekOne, expressed enthusiasm about Kaplan's ability to innovate and develop the company's banking and business services model. Kaplan's role is expected to expedite the growth of the Newtek Advantage®, offering commercial clients value-added business solutions beyond traditional depository relationships.

NewtekOne (NASDAQ: NEWT) has announced that its CEO and President, Barry Sloane, and CFO, M. Scott Price, will be attending the Raymond James 2024 U.S. Banking and Banking on Tech Conference. The event is scheduled for September 4-5, 2024 at the Marriot Marquis Chicago.

During the conference, NewtekOne executives will participate in one-on-one and group investor meetings. Interested parties can schedule meetings through their Raymond James representative or by contacting Jayne Cavuoto, NewtekOne's Director of Investor Relations.

This participation highlights NewtekOne's commitment to investor relations and its presence in the banking and technology sectors. The conference provides an opportunity for investors to gain insights into NewtekOne's operations and future plans.

NewtekOne (Nasdaq: NEWT) has agreed to sell its subsidiary Newtek Technology Solutions (NTS) to Paltalk (Nasdaq: PALT). The deal includes $4 million in cash and 4 million shares of Paltalk preferred stock, with a potential $5 million earn-out based on future performance. This divestiture fulfills NewtekOne's commitment to the Federal Reserve following its acquisition of Newtek Bank. NTS manages IT for about 17,000 customers. The deal is expected to close in Q4 2024 or Q1 2025, subject to approvals. NewtekOne will retain a 30.3% equity interest in Paltalk and one board seat. The sale aims to provide continuity for NTS customers while allowing NewtekOne to participate in potential upside.

NewtekOne (Nasdaq: NEWT) reports strong Q2 2024 financial results. Net income was $10.9 million, with an EPS of $0.43, marking a 13.2% increase from Q1 2024 and a 59.3% increase from Q2 2023. Net interest income rose by 2.2% quarter-over-quarter to $9.1 million. Total assets increased by 14.3% to $1.6 billion. Loans held for investment grew by 7.6% to $867.7 million. However, the net interest margin decreased to 2.70% from 2.92% in Q1 2024. NewtekOne completed a $71.875 million public offering of 8.50% fixed-rate senior notes due 2029. They maintained their 2024 annual EPS forecast of $1.85-$2.05.

Highlights include a 17.4% increase in total deposits to $663.7 million and a 13% growth in total loans. The company forecasts $935 million in total SBA 7(a) loan fundings for 2024. Additionally, Newtek Bank sold $3.0 million of past due and non-accrual loans. Despite positive quarterly performance, net income for the first half of 2024 decreased to $20.6 million from $25.6 million in H1 2023, which had benefited from a $14.2 million income tax benefit.