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NewtekOne, Inc. Reports Second Quarter 2023 Financial Results; Conference Call Tomorrow 8:30 AM ET
Newtek Bank, N.A. Achieves Record Deposit Growth and Loan Fundings BOCA RATON, Fla., Aug. 02, 2023 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (Nasdaq: NEWT),
About this update from Newtekone, Inc.
[{"type":"text","content":"Newtek Bank, N.A. Achieves Record Deposit Growth and Loan Fundings\n BOCA RATON, Fla., Aug. 02, 2023 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (Nasdaq: NEWT), announced today its financial and operating results for the three and six months ended June 30, 2023. This is NewtekOne's second quarter reporting, and first full 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. NewtekOne now consolidates the results of its former portfolio companies (now subsidiaries) and no longer uses investment company accounting. As a result, some prior-period comparisons on both a sequential and year-over-year basis are difficult. 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 loan originations. NewtekOne Second Quarter 2023 Financial Highlights Net income was $6.9 million, or $0.26 per basic common share, for the three months ended June 30, 2023, which met the Company's previously issued forecast.Net interest income was $5.7 million for the three months ended June 30, 2023, compared to $4.6 million at March 31, 2023.Total assets were $1.4 billion at June 30, 2023, compared to $1.2 billion at March 31, 2023.Total borrowings were $697.4 million at June 30, 2023, which was unchanged from March 31, 2023.Loans held for investment were $730.7 million at June 30, 2023, compared to $699.6 million at March 31, 2023.Cash and cash equivalents were $256.3 million, including $66.7 million of restricted cash at June 30, 2023, compared to $197.1 million, including $72.6 million of restricted cash at March 31, 2023.Total risk-based capital ratio was 16.4% at June 30, 2023.Tier-1 leverage ratio was 12.8% at June 30, 2023.On July 21, 2023, the Company paid its second quarterly cash dividend as a financial holding company of $0.18 per share to shareholders of record as of July 10, 2023.The Company is reiterating its previously issued earnings forecast for the full year 2023 in a range of $1.70 to $2.00 of earnings per share, and has met or ...