Business
NewtekOne, Inc. Reports Third Quarter 2023 Financial Results
Company Focuses on Quarter-over-Quarter Sequential Growth Conference Call Tomorrow 8:30 AM ET BOCA RATON, Fla., Nov. 07, 2023 (GLOBE NEWSWIRE) -- NewtekOne,
About this update from Newtekone, Inc.
[{"type":"text","content":"Company Focuses on Quarter-over-Quarter Sequential Growth Conference Call Tomorrow 8:30 AM ET BOCA RATON, Fla., Nov. 07, 2023 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (Nasdaq: NEWT), announced today its financial and operating results for the three and nine months ended September 30, 2023. This is NewtekOne's third quarter reporting, and second 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 and year-over-year comparisons are difficult, and we believe it is important to analyze many of our financial metrics on linked-quarter basis. Additionally, when analyzing NewtekOne, we also believe it is important to consider the Company's time-tested, differentiated business model which has provided multiple streams of income from its various businesses, as well as its operating structure which does not use branches, traditional bankers, brokers or business development officers to source business opportunities and instead relies upon the NewTracker(R) system which provides approximately 1,000 unique business referrals each day. NewtekOne Third Quarter 2023 Financial Highlights Net income was $10.0 million, or $0.38 per basic common share, for the three months ended September 30, 2023, a 46.2% increase on a per share basis over net income of $6.9 million, or $0.26 per basic common share, for the three months ended June 30, 2023.Net interest income was $8.1 million for the three months ended September 30, 2023; an increase of 42.1% over $5.7 million for the three months ended June 30, 2023.Total assets were $1.4 billion at September 30, 2023, unchanged compared to $1.4 billion at June 30, 2023.Total borrowings were $648.7 million at September 30, 2023; a decrease of 7.0% from $697.4 million million at June 30, 2023.Loans held for investment were $773.9 million at September 30, 2023; an increase of 5.9% over $730.7 million at June 30, 2023.Cash and cash equivalents were $223.7 million, including $68.7 million of restricted cash, at September 30, 2023; a decrease of 12.7% from to $256.3 ...