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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
October 8, 2024
Date of Report (date of Earliest Event Reported)
NEWTEKONE, INC.
(Exact Name of Company as Specified in its Charter)
Maryland
814-01035
46-3755188
(State or Other Jurisdiction of Incorporation or Organization)(Commission File No.)(I.R.S. Employer Identification No.)

4800 T Rex Avenue, Suite 120, Boca Raton, Florida 33431
(Address of principal executive offices and zip code)

(212) 356-9500
(Company’s telephone number, including area code)

(Former name or former address, if changed from last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.02 per shareNEWTNasdaq Global Market LLC
5.50% Notes due 2026NEWTZNasdaq Global Market LLC
8.00% Notes due 2028NEWTINasdaq Global Market LLC
8.50% Notes due 2029NEWTGNasdaq Global Market LLC
8.625% Notes due 2029NEWTHNasdaq Global Market LLC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     o



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Forward-Looking Statements
Statements in NewtekOne, Inc.’s (“NewtekOne” or the “Company”) Current Report on Form 8-K (including the exhibit) contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. See “Note Regarding Forward-Looking Statements” and the sections entitled “Risk Factors” in the Company's filings 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 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.


Item 2.02.     Results of Operations and Financial Condition.
On October 8, 2024 the Company issued a press release entitled, "Newtek Bank, N.A. Achieves 11.7% Deposit Growth in the Third Quarter 2024." A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended.


Item 9.01     Financial Statement and Exhibits
(d)  Exhibits.



SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NEWTEKONE, INC.
Date: October 8, 2024By:
/S/    BARRY SLOANE        
Barry Sloane
Chief Executive Officer, President and Chairman of the Board


1 Newtek Bank, N.A. Achieves 11.7% Deposit Growth in the Third Quarter 2024 Business Core Deposits Expected to Increase by 45% Boca Raton, FL October 8, 2024 - NewtekOne, Inc. (NASDAQ: NEWT) announced today that it expects to report deposits at Newtek Bank, N.A. of $742 million as of September 30, 2024; an expected sequential increase of 11.7% over $664 million at June 30, 2024, and an increase of 43% over $519 million at December 31, 2023. Insured deposits are expected to represent approximately 75% of total deposits at September 30, 2024. In the all-important category of business core deposits, we expect to finish the third quarter 2024 at $119 million; an increase of $37 million, or 45%. Deposits received from our lending clients are expected to finish the third quarter 2024 at $78 million, an increase of $30 million sequentially from the prior quarter. Barry Sloane, President, Chairman and CEO commented, “We are pleased that we continue to show deposit growth sequentially from the second quarter of 2024 through the third quarter of 2024. When Jennifer Merritt joined Newtek Bank as Chief Operating Officer of Digital Banking in November 2023, we knew we had many things to implement to be able to capitalize on our tens of thousands of existing business customers that utilize NewtekOne one for commercial loans, payroll processing, merchant services, IT solutions, and /or personal and commercial lines insurance agency. As we have said before, National Bank of New York City (“NBNYC”), acquired by NewtekOne in January 2023, was a sixty-year-old one branch bank with traditional ways of banking, i.e., customers going into the branch, signing paperwork, and opening consumer or commercial bank accounts. Our efforts to grow the staff of Newtek Bank from 21 to 358 employees today and integrate new business processes and procedures to capitalize on NewtekOne’s existing relationships, and business and financial solutions has been and remains an important part of our strategy. Developing and acquiring the right software, establishing policies and procedures, and acquiring staff to scale to be able to open accounts, document, surveil and provide client service to approximately 10,000 accounts currently, up from approximately 1,400, when we acquired NBNYC, is no small feat. In addition, Newtek Bank’s hiring of an experienced Compliance officer, BSA officer and risk officer has all been instrumental to being able to open

 
2 accounts, document them properly, survey activity, and provide client services which are all part of a successful deposit-gathering strategy. It is important to note that deposit growth will be based on our deposit-gathering strategy, which, in addition to consumer high savings accounts, will be focused on business checking and business money market which are at much lower cost. The growth rate of all deposits sequentially was 11.7% from June 30, 2024, to September 30, 2024, and we expect business core deposits to finish the third quarter 2024 at $119 million; an increase of $37 million, or 45%. We will soon launch and announce our newest marketing and product initiative called Newtek Zero-Fee BankingTM; please visit www.Newtekbank.com to see our Newtek Zero-Fee CalculatorTM. We are excited about this product launch and offering a deposit comparison calculator so that our prospective future clients can see that their current banking relationship has inferior attributes, versus banking with Newtek Bank. We look forward to reporting our third quarter 2024 earnings results on November 6, 2024.” 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 independent business owners. Since 1999, NewtekOne has provided state-of-the-art, cost-efficient products and services and efficient business strategies to independent business owners 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.

 
3 Newtek®, NewtekOne®, Newtek Bank®, National Association, Your Business Solutions Company®, One Solution for All Your Business Needs® and Newtek Advantage 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. Information regarding the Company’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio and balance sheet data consists of preliminary estimates and are subject to change with our filings with regulatory agencies and the filing of the Company's Form 10-Q for the quarterly period ended September 30, 2024. These statements and other forward- looking statements herein are based on the current beliefs and expectations of NewtekOne's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. See “Note Regarding Forward-Looking Statements” and the sections entitled “Risk Factors” in our filings 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 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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com

 
v3.24.3
Cover
Oct. 08, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 08, 2024
Entity Registrant Name NEWTEKONE, INC.
Entity Incorporation, State or Country Code MD
Securities Act File Number 814-01035
Entity Tax Identification Number 46-3755188
Entity Address, Address Line One 4800 T Rex Avenue
Entity Address, Address Line Two Suite 120
Entity Address, City or Town Boca Raton
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33431
City Area Code 212
Local Phone Number 356-9500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001587987
Common Stock, par value $0.02 per share  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.02 per share
Trading Symbol NEWT
Security Exchange Name NASDAQ
Five Point Five Zero Percent Notes due 2026  
Document Information [Line Items]  
Title of 12(b) Security 5.50% Notes due 2026
Trading Symbol NEWTZ
Security Exchange Name NASDAQ
5.50% Notes due 2026  
Document Information [Line Items]  
Title of 12(b) Security 8.00% Notes due 2028
Trading Symbol NEWTI
Security Exchange Name NASDAQ
Eight Point Five Percent Notes due 2029  
Document Information [Line Items]  
Title of 12(b) Security 8.50% Notes due 2029
Trading Symbol NEWTG
Security Exchange Name NASDAQ
Eight Point Six Two Five Percent Notes due 2029  
Document Information [Line Items]  
Title of 12(b) Security 8.625% Notes due 2029
Trading Symbol NEWTH
Security Exchange Name NASDAQ
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