Business
NewtekOne, Inc. Reports First Quarter 2023 Net Income of $11.7 million, or $0.46 per Basic Share
Reiterated Previously Issued Earnings Forecast for the Full Year 2023 in a Range of $1.70 to $2.00 of Earnings per Share BOCA RATON, Fla., May 08, 2023 (GLOBE
About this update from Newtekone, Inc.
[{"type":"text","content":"Reiterated Previously Issued Earnings Forecast for the Full Year 2023 in a Range of $1.70 to $2.00 of Earnings per Share\nBOCA RATON, Fla., May 08, 2023 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (Nasdaq: NEWT), announced today its financial and operating results for the three months ended March 31, 2023. This is NewtekOne's first quarter reporting as a financial holding company following the Company's completion of its acquisition of National Bank of New York City (\"NBNYC\") (renamed Newtek Bank, N.A.) and the withdrawal of its BDC election, on January 6, 2023. As a result, prior-period comparisons on both a sequential and year-over-year basis are difficult. NewtekOne now consolidates its results and no longer uses investment company accounting. When analyzing NewtekOne, we believe it is important to consider the Company's time-tested differentiated business model which can provide multiple streams of income from its various businesses, as well as its operating structure which does not use brokers or business development officers to source business. NewtekOne First Quarter 2023 Financial Highlights The Company is reiterating previously issued earnings forecast for the full year 2023 in a range of $1.70 to $2.00 of earnings per share.Net Income was $11.7 million, or $0.46 per basic common share, for the three months ended March 31, 2023, which exceeded its previously stated forecast of $0.41 per basic common share.Net interest income was $4.6 million for the three months ended March 31, 2023.Total assets were $1.2 billion at March 31, 2023.Total borrowings were $697.4 million at March 31, 2023.Cash and cash equivalents was $197.1 million, including $72.6 million of restricted cash at March 31, 2023.Loans held for investment were $166.8 million at March 31, 2023.Total risk-based capital ratio was 17.7% at March 31, 2023.Tier-1 leverage ratio was 14.0.% at March 31, 2023.On April 14, 2023, the Company paid its first quarterly cash dividend as a financial holding company of $0.18 per share to shareholders of record as of April 4, 2023, which exceeded the Company’s previously forecast dividend projection of $0.16 per share. Newtek Bank, N.A. Total deposits were $224.7 million at March 31, 2023.Total deposits as of April 28, 2023 were approximately $310 million, which represents a 121% increase in deposits, compared to $140 million in depo...