Business
Newtek Business Services Corp. Reports First Quarter 2022 Financial Results
SBA 7(a) Loan Fundings Increased by 56.5% in the First Quarter of 2022 Over the Same Period Last Year BOCA RATON, Fla., May 04, 2022 (GLOBE NEWSWIRE) --
About this update from Newtekone, Inc.
[{"type":"text","content":"SBA 7(a) Loan Fundings Increased by 56.5% in the First Quarter of 2022 Over the Same Period Last Year\nBOCA RATON, Fla., May 04, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (“Newtek” or the “Company”) (Nasdaq: NEWT), an internally managed business development company (“BDC”), announced today its financial and operating results for three months ended March 31, 2022. First Quarter 2022 Financial Highlights Total investment income of $20.3 million for the three months ended March 31, 2022; a decrease of (41.4)% over total investment income of $34.7 million for the three months ended March 31, 2021. First quarter 2021 financial results included $24.2 million of fee income from the Paycheck Protection Program (\"PPP\") which, as previously disclosed, is not recurring.Net investment income of $1.0 million, or $0.04 per share, for the three months ended March 31, 2022, which represents a (94.1)% decrease, on a per share basis, compared to net investment income of $15.2 million, or $0.68 per share, for the three months ended March 31, 2021. First quarter 2021 financial results included $24.2 million of fee income from the PPP which, as previously disclosed, is not recurring.Adjusted net investment income (\"ANII\")1 of $17.3 million, or $0.72 per share, for the three months ended March 31, 2022; a decrease of (31.4)%, on a per share basis, compared to ANII of $23.5 million, or $1.05 per share, for the three months ended March 31, 2021. First quarter 2021 financial results included $24.2 million of fee income from the PPP which, as previously disclosed, is not recurring.Debt-to-equity ratio of 1.17x at March 31, 2022; proforma debt-to-equity ratio was 1.14x after taking into account the sales of government-guaranteed portions of SBA 7(a) loans prior to March 31, 2022, which sales settled subsequent to the balance sheet date.Total investment portfolio increased by 5.2% to $764.1 million at March 31, 2022, from $726.1 million at March 31, 2021.Net asset value (“NAV”) of $398.5 million, or $16.49 per share, at March 31, 2022; a decrease of (1.4)% on a per share basis, compared to NAV of $16.72 per share at December 31, 2021. 2022 Dividend Declarations & Payments On March 31, 2022, the Company paid a first quarter 2022 cash dividend of $0.65 per share to shareholders of record as of March 21, 2022, which represented a 30.0% incre...