Business
NewtekOne, Inc. Reports First Quarter 2024 Financial Results
Achieves Growth in Loans and Deposits in the First Quarter 2024 First Quarter 2024 Earnings per Share Beats Company’s Previously Issued Forecast; Company
About this update from Newtekone, Inc.
[{"type":"text","content":"Achieves Growth in Loans and Deposits in the First Quarter 2024 First Quarter 2024 Earnings per Share Beats Company’s Previously Issued Forecast; Company Raises Full Year 2024 Earnings per Share Forecast BOCA RATON, Fla., May 06, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (Nasdaq: NEWT), announced today its financial and operating results for the three months ended March 31, 2024. NewtekOne First Quarter 2024 Financial Highlights Net income was $9.7 million, or $0.38 per basic and diluted common share for the three months ended March 31, 2024, compared to $18.6 million, or $0.76 and $0.74 per basic and diluted common share, respectively, for the three months ended March 31, 2023. First quarter 2023 earnings per share (\"EPS\"), as previously restated, was positively impacted by an income tax benefit of $14.2 million, or $0.59 per basic and $0.58 per diluted share, respectively (excluding this income tax benefit, first quarter 2023 core EPS would have been $0.17 and $0.16 per basic and diluted share, respectively).1 The Company is raising its 2024 annual earnings forecast to a range of $1.85 to $2.05 per basic and diluted common share from its previous forecast range of $1.80 to $2.00 per basic and diluted common share.Net income was $9.7 million, or $0.38 per basic and diluted common share for the three months ended March 31, 2024, compared to $10.8 million, or $0.43 per basic and diluted common share, for the three months ended December 31, 2023.Net interest income was $8.9 million for the three months ended March 31, 2024; an increase of 7.2% over $8.3 million for the three months ended December 31, 2023, and an increase of 93.5% over $4.6 million for the three months ended March 31, 2023.Total assets were $1.5 billion at March 31, 2024, an increase of 7.1% from $1.4 billion at December 31, 2023.Total borrowings were $662.5 million at March 31, 2024; an increase of 2.9% from $644.1 million at December 31, 2023.Loans held for investment were $840.6 million at March 31, 2024; an increase of 4.3% over $806.1 million at December 31, 2023.Cash and cash equivalents were $163.2 million, including $35.8 million of restricted cash, at March 31, 2024; a decrease of 11.3% from $184.0 million, including $30.9 million of restricted cash, at December 31, 2023.Net interest margin2 was 2.92% for the three months ended March 31, 2024; an increas...