Business
NewtekOne, Inc. Announces Record Loan Closings for the Fourth Quarter and Full Year 2023
BOCA RATON, Fla., Jan. 03, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the “Company” or “NewtekOne”) (NASDAQ: NEWT), announced today that its nationally
About this update from Newtekone, Inc.
[{"type":"text","content":"BOCA RATON, Fla., Jan. 03, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the “Company” or “NewtekOne”) (NASDAQ: NEWT), announced today that its nationally chartered bank subsidiary, Newtek Bank, N.A., closed a record $262.9 million of SBA 7(a) loans for the three months ended December 31, 2023, which represents a new quarterly record for the Company, and a 20.6% increase over the previous quarterly record of $218.0 million SBA 7(a) loans closed for the three months ended September 30, 2023. In addition, NewtekOne, through Newtek Small Business Finance and Newtek Bank, closed a record $828.1 million of SBA 7(a) loans for the twelve months ended December 31, 2023, a new annual record for the Company, and a 7.3% increase over $771.9 million of SBA 7(a) loans closed for the twelve months ended December 31, 2022. Newtek Bank currently expects to close $175 million to $200 million of SBA 7(a) loans in the first quarter of 2024, which would represent a 23% increase, at the midpoint of the range, from $152.5 million of SBA 7(a) loans closed in the first quarter 2023. Newtek Bank and the Company’s non-bank subsidiaries, closed a record $1.1 billion of loans, across all loan products, for the twelve months ended December 31, 2023, compared to $911.5 million for the same period in 2022. Barry Sloane, Chairman, President and Chief Executive Officer commented, “According to the Small Business Administration’s (“SBA”) data on its website for the quarter ended December 31, 2023, which is NewtekOne’s fourth quarter 2023 and the SBA’s first fiscal quarter 2024, Newtek Bank was the largest SBA7(a) lender, including bank and non-bank lenders, by total approved dollar amount of SBA 7(a) loans. Further, in our first year as a bank holding company owning a nationally chartered bank, we are pleased to report that Newtek Bank closed a record $262.9 million of SBA 7(a) loans in the fourth quarter of 2023. In addition, on a consolidated basis, which includes loans closed by Newtek Bank as well as our non-bank subsidiaries, we closed a record $1.1 billion of loans across our multiple lending programs in 2023. We look forward to providing a more granular breakdown of loan closings across loan products during our full year 2023 earnings conference call, for which a date will be announced during the first quarter 2024. Our ability to generate assets for the bala...