NewtekOne, Inc. Announces Record Loan Closings for the Fourth Quarter and Full Year 2023
January 03 2024 - 8:30AM
NewtekOne, Inc. (the “Company” or “NewtekOne”) (NASDAQ: NEWT),
announced today that its nationally chartered bank subsidiary,
Newtek Bank, N.A., closed a record $262.9 million of SBA 7(a) loans
for the three months ended December 31, 2023, which represents a
new quarterly record for the Company, and a 20.6% increase over the
previous quarterly record of $218.0 million SBA 7(a) loans closed
for the three months ended September 30, 2023. In addition,
NewtekOne, through Newtek Small Business Finance and Newtek Bank,
closed a record $828.1 million of SBA 7(a) loans for the twelve
months ended December 31, 2023, a new annual record for the
Company, and a 7.3% increase over $771.9 million of SBA 7(a) loans
closed for the twelve months ended December 31, 2022. Newtek Bank
currently expects to close $175 million to $200 million of SBA 7(a)
loans in the first quarter of 2024, which would represent a 23%
increase, at the midpoint of the range, from $152.5 million of SBA
7(a) loans closed in the first quarter 2023. Newtek Bank and the
Company’s non-bank subsidiaries, closed a record $1.1 billion of
loans, across all loan products, for the twelve months ended
December 31, 2023, compared to $911.5 million for the same period
in 2022.
Barry Sloane, Chairman, President and Chief Executive Officer
commented, “According to the Small Business Administration’s
(“SBA”) data on its website for the quarter ended December 31,
2023, which is NewtekOne’s fourth quarter 2023 and the SBA’s first
fiscal quarter 2024, Newtek Bank was the largest SBA7(a) lender,
including bank and non-bank lenders, by total approved dollar
amount of SBA 7(a) loans. Further, in our first year as a bank
holding company owning a nationally chartered bank, we are pleased
to report that Newtek Bank closed a record $262.9 million of SBA
7(a) loans in the fourth quarter of 2023. In addition, on a
consolidated basis, which includes loans closed by Newtek Bank as
well as our non-bank subsidiaries, we closed a record $1.1 billion
of loans across our multiple lending programs in 2023. We look
forward to providing a more granular breakdown of loan closings
across loan products during our full year 2023 earnings conference
call, for which a date will be announced during the first quarter
2024. Our ability to generate assets for the balance sheet,
deposits to fund that asset growth, and manage a well-capitalized
bank and bank holding company are some of the many accomplishments
that we look forward to reporting. We remain comfortable with
fourth quarter and full year 2023, and full year 2024 previously
stated guidance.”
About NewtekOne, Inc.
NewtekOne®, Your Business Solutions Company®, is a financial
holding company, which along with its bank and non-bank
consolidated subsidiaries (collectively, “NewtekOne”), 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,
SBA Lending Solutions, 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®, 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 significant risks and
uncertainties. Information regarding the Company, including loan
closings, assets under supervision, capital ratios, risk-weighted
assets, supplementary leverage ratios and balance sheet data
consists of preliminary estimates. These estimates are
forward-looking statements and are subject to change, possibly
materially. See “Note Regarding Forward-Looking Statements”
and the sections entitled “Risk Factors” in the Company's filings
with the Securities and Exchange Commission available on
NewtekOne'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 speak
only as to the date they are made, and NewtekOne 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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