Business
NewtekOne, Inc. Achieves 17.3% Sequential Growth in Record Total Loan Closings in the Third Quarter 2024 over the Second Quarter 2024
Achieves SBA 7(a) Closings of $245.3 Million in the Third Quarter 2024 BOCA RATON, Fla., Oct. 03, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ: NEWT)
About this update from Newtekone, Inc.
[{"type":"text","content":"Achieves SBA 7(a) Closings of $245.3 Million in the Third Quarter 2024\nBOCA RATON, Fla., Oct. 03, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ: NEWT) announced today that NewtekOne closed a record $371.8 million of loans across all loan products for the three months ended September 30, 2024, which represents an 17.3% increase over $316.7 million of loans closed for the three months ended June 30, 2024. In addition, the Company achieved SBA 7(a) closings of $245.3 million in the third quarter 2024, a 6.6% increase over the second quarter of 2024, and a 12.5% increase over the same period last year. The Company forecasts $935.0 million in total SBA 7(a) loan closings for 2024, which would represent a 14.7% increase over 2023. Barry Sloane, President, Chairman and CEO said, “In an economy and banking environment that is basically providing almost zero loan growth on the balance sheets of most financial institutions, NewtekOne is proud that our 20-year history and technology-enabled customer-acquisition and loan-processing capabilities, we believe that we are demonstrating that we are clearly able to outperform our competitors, and want to emphasize we have been able to do so, without cutting any corners on credit.” Mr. Sloane continued, “With total sequential loan growth of 17.3% in the third quarter of 2024 over the second quarter of 2024, and over $1 billion in overall business loan originations year to date through September 30, 2024, we are extraordinarily proud of the origination machine and processing capability that we have implemented. Making the client experience unique, productive, and efficient enhances our capability to capture the best credits, quickly and early, with the ability to decline the mediocre and weaker opportunities. We fund less than 2% of the opportunities that come through our proprietary NewTracker® system. NewTracker® has been the current technological platform for client acquisition across lending and all our other business verticals for over two decades. We view this valuable technology as an important asset to our organization and have a patent on NewTracker®, which clearly makes our business operation, not only unique and valuable, but also protected from competition.” Mr. Sloane concluded, “Integrating our methods of loan acquisition and processing into a regulated bank holding company and an...