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.
NewtekOne (NASDAQ: NEWT) has appointed Craig 'CJ' Brunet to the boards of directors of NewtekOne and Newtek Bank N.A. Brunet brings over 50 years of experience in information technology and financial services, with expertise in strategic planning, M&A, SaaS, cyber security, and risk management. He currently serves as President and COO at Advanced Cyber Security Corp and previously spent 14 years at NewtekOne as EVP, CIO, CTO, and CISO. Brunet will chair the upcoming Technology Steering Committee and serve on the Compensation, Corporate Governance and Nominating Committees.
NewtekOne (NASDAQ: NEWT) has announced that CEO and President Barry Sloane will present at the LD Micro Main Event XVII on October 29, 2024, at 11:00AM ET at the Luxe Sunset Blvd Hotel in Los Angeles. The presentation will be available via real-time webcast through NewtekOne's website in the 'Events & Presentations' section.
Sloane will also conduct one-on-one meetings on October 29-30, 2024. Interested parties can schedule meetings through their LD Micro representative or by contacting NewtekOne's Director of Investor Relations. A replay of the presentation will be made available on the company's website after the live event.
NewtekOne, Inc. (NASDAQ: NEWT) reports strong deposit growth for Newtek Bank, N.A. in Q3 2024. Key highlights include:
- Expected deposits of $742 million as of September 30, 2024, an 11.7% increase from Q2 2024 and 43% increase from December 31, 2023
- Insured deposits expected to represent 75% of total deposits
- Business core deposits projected to reach $119 million, a 45% increase
- Deposits from lending clients expected to reach $78 million, up $30 million from Q2 2024
The company attributes this growth to strategic hires, improved processes, and the integration of NewtekOne's existing business relationships. Newtek Bank plans to launch a new marketing initiative called Newtek Zero-Fee Banking™ to further boost deposit growth.
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.