NewtekOne, Inc. (the “Company” or “NewtekOne”) (NASDAQ: NEWT),
announced today that its nationally chartered bank subsidiary,
Newtek Bank, N.A., closed a record $218.0 million of SBA 7(a) loans
for the three months ended September 30, 2023, which represents a
new quarterly record for the Company, beating the previous record
quarter of $217.8 million SBA 7(a) loans closed for the three
months ended September 30, 2022. In addition, Newtek Bank closed a
record 517 SBA 7(a) loan units for the three months ended September
30, 2023, an increase of 45.6% compared to 355 SBA 7(a) loan units
closed by the Company for the same period in 2022. Total loan
closings across all of the Company’s loan products reached $261.5
million, and 541 units, for the three months ended September 30,
2023, compared to $251.8 million, and 368 units, for the same
period one year ago. Both the total loan closings in dollars and
units were also quarterly records for the Company.
Barry Sloane, Chairman, President and Chief Executive Officer
commented, “We are extremely pleased that Newtek Bank closed a
Company record $218.0 million of SBA 7(a) loans in the third
quarter 2023, outpacing the Company’s previous record from the
third quarter 2022. Correspondingly, we also achieved a record in
closed SBA 7(a) loan units for the third quarter 2023 of 517 units;
45.6% higher compared to the same period last year. Total loan
closings for NewtekOne, which includes closings of SBA 7(a) loans,
SBA 504 loans, conforming C&I loans, conforming commercial real
estate loans, and non-conforming conventional C&I loans (which
are funded at NewtekOne nonbank subsidiaries), reached $261.5
million, compared to $251.8 million for the same period last year.
Total closed loan units for all loan products Company-wide produced
strong growth as well reaching 541 units in the third quarter 2023,
compared to 368 loan units in the third quarter 2022. We could not
be more pleased with the performance of our entire organization, in
particular during challenging economic conditions, as we believe we
have an advantage in the market as we provide technology-based
business and financial solutions for independent business owners,
which we believe are clearly superior to slower and less-efficient
manual processes.”
Mr. Sloane continued, “As we enter the fourth quarter 2023, the
continued threat of a government shutdown clearly appears to be
concerning some market participants, however our experience in
operating the SBA 7(a) loan business for over two decades gives us
the roadmap to prepare for any temporary bumps in the road as best
as we can. As one can clearly see with our record SBA 7(a)
closings, we were able to manage and navigate these challenges in
the third quarter 2023, and believe that we will continue full
steam ahead for the fourth quarter 2023 for loan production and
closings. Since our founding in 2000, our SBA 7(a) non-bank lending
platform has navigated many of these temporary shutdowns, some of
which have lasted days and some lasting weeks and, as such, we
fully understand how to prepare for, manage and navigate through
these challenges.”
Mr. Sloane further stated, “We look forward to reporting our
third quarter 2023 earnings and hosting our earnings conference
call in early November. We plan on discussing, in detail, our
ongoing success in deposit gathering, which includes a shift away
from brokered deposits to a greater focus on growing core retail
deposits, as well as our reduction in broker deposits, and the
payoff of expensive lines of credit as we shift more of our funding
into Newtek Bank. We will also report our progress in customer
openings of Newtek Advantage™ accounts, as well as opportunities
and further developments in upgrading and enhancing our staff and
senior management team.”
Mr. Sloane concluded, “The fact that we have been able to
continue to demonstrate a successful transition to owning a
nationally chartered bank and executing our business plan and
business model during challenging times makes us feel extremely
positive about our ability to continue to develop our business
model of serving and acquiring clients in a manner that we believe
is far superior to traditional organizations operating in our
business space. In an effort to continue to convey our business
strategy and model, which we believe is unique in the market, I
will be on the West Coast Monday, October 2, 2023 through
Wednesday, October 4, 2023 visiting with multiple investors and
attending the LD Micro investment conference and, currently, I have
19 one-on-one investment meetings scheduled.”
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®, N.A., 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, as the Company completes its financial statements.
Moreover, factors that could cause NewtekOne’s actual results to
differ materially from those described in the forward-looking
statements can be found in NewtekOne’s Annual Report on Form 10-K
for the year ended December 31, 2022 and subsequent filings filed
with the Securities and Exchange Commission which are 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, 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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