NewtekOne, Inc. CEO, Barry Sloane, Comments on the Declaration of its First Quarterly Dividend as a Financial Holding Company of $0.18 per Share
February 27 2023 - 05:01PM
NewtekOne, Inc. (the “Company”) (NASDAQ: NEWT), today announced
that its Board of Directors declared a cash dividend of $0.18 per
share, payable on April 14, 2023 to shareholders of record as of
April 4, 2023. This first quarterly dividend declaration as a
financial holding company exceeds the Company’s previously stated
projection of $0.16 per share, a 12.5% increase.
Barry Sloane, Chairman, President and Chief Executive Officer
said, “We are both pleased and proud to announce our first declared
quarterly dividend from NewtekOne as a financial holding company,
which we expect will be straight-lined on a quarterly basis for the
remainder of 2023. We believe investors will receive an attractive
yield, which based upon their own tax standing could be treated as
a qualified dividend as our dividends will be paid out of after-tax
earnings. The first financial holding company quarterly dividend of
$0.18 per share is a 12.5% increase over the $0.16 per share that
was previously forecasted during our conference call presentation
on January 17, 2023. This declaration demonstrates management’s
belief that despite volatile market conditions the Company has
confidence in its capability to generate a consistent and stable
earnings per share, which has been forecasted in a range of $1.70
to $2.00 per share for 2023, and consequently pay an estimated
total of $0.72 per share in dividends in 2023. Furthermore, we
believe it is also clear that the increase in earnings per share
forecast for 2024 over 2023 to a range of $2.80 to $3.20 per share
illustrates the Company’s expectation to generate higher dividends
as a percentage of earnings over time.”
NewtekOne®, Your Business Solutions Company®, is a financial
holding company, which along with its bank and non-bank
consolidated subsidiaries, provides a wide range of business and
financial solutions under the Newtek® brand to the small- and
medium-sized business (“SMB”) market. Since 1999, NewtekOne
has provided state-of-the-art, cost-efficient products and services
and efficient business strategies to SMB relationships across all
50 states to help them grow their sales, control their expenses and
reduce their risk.
NewtekOne’s and its subsidiaries’ business and financial
solutions include: banking (Newtek Bank, N.A.), Business Lending,
Electronic Payment Processing, Technology Solutions (Cloud
Computing, Data Backup, Storage and Retrieval, IT Consulting),
eCommerce, Accounts Receivable Financing & Inventory Financing,
Insurance Solutions, Web Services, and Payroll and Benefits
Solutions.
Newtek®, NewtekOne®, Newtek Bank, National
AssociationTM, Your Business Solutions Company® and One Solution
for All Your Business Needs® are registered trademarks of
NewtekOne, Inc.
Note Regarding Forward-Looking
Statements
Certain statements in this press release are
“forward-looking statements” within the meaning of the rules and
regulations of the Private Securities Litigation and Reform Act of
1995. These statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. These statements are not guarantees of future
results or occurrences. Actual results and capital and other
financial conditions may differ materially from those included in
these statements due to a variety of factors. These factors
include, among others: macroeconomic and other challenges and
uncertainties related to the COVID-19 pandemic, such as the impacts
to the U.S. and global economies, as well as the broader impacts to
financial markets and the global macroeconomic and geopolitical
environments; higher inflation and its impacts; higher interest
rates and the impacts on macroeconomic conditions, and NewtekOne,
Inc.’s funding costs; NewtekOne, Inc’s conversion to a financial
holding company, consummation of the acquisition of Newtek Bank,
N.A. and Newtek One’s limited experience as a financial holding
company and owning and operating a bank; and the precautionary
statements included in this release. Factors that could cause
NewtekOne, Inc’s actual results to differ materially from those
described in the forward-looking statements can be found in
NewtekOne, Inc.’s Annual Report on Form 10-K for the year ended
December 31, 2021 and Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2022, June 30, 2022, and September 30,
2022, filed May 9, 2022, August 8, 2022, and November 8, 2022, with
the Securities and Exchange Commission and are available on
NewtekOne, Inc’s website
(https://investor.newtekbusinessservices.com/sec-filings), and on
the Securities and Exchange Commission’s website (www.sec.gov). Any
forward-looking statements made by or on behalf of NewtekOne, Inc.
speak only as to the date they are made, and NewtekOne, Inc. does
not undertake to update forward-looking statements to reflect the
impact of circumstances or events that arise after the date the
forward-looking statements were made.
SOURCE: NewtekOne, Inc.
Investor Relations & Public
RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179
/ jcavuoto@newtekone.com
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