Welcome to our dedicated page for NewtekOne news (Ticker: NEWT), a resource for investors and traders seeking the latest updates and insights on NewtekOne stock.
Overview of NewtekOne, Inc.
NewtekOne, Inc. (symbol: NEWT) is a multi-faceted financial holding company that blends traditional financial services with cutting-edge technology solutions. With a business model that integrates banking, lending, payment processing, and technology-driven service offerings, NewtekOne is engineered to serve independent business owners and small- to medium-sized businesses across the United States. Utilizing industry-specific tools and proprietary systems like its patented NewTracker software, the company delivers efficient, cost-effective processing and an integrated online dashboard that centralizes all financial and business solutions.
Core Business Segments
NewtekOne operates through four key reportable segments that form the backbone of its comprehensive service offering:
- Banking: Through its nationally chartered bank subsidiary, Newtek Bank, N.A., the company offers a spectrum of banking solutions with an emphasis on digital account opening, streamlined deposit processes, and a technology-enabled banking experience.
- Lending: With specialized programs including SBA lending, alternative loan programs, and conventional commercial loans, NewtekOne employs a disciplined yet innovative underwriting system designed to manage risk while optimizing returns.
- Payments: NewtekOne’s integrated electronic payment processing capabilities allow clients to access real-time transaction analytics and data management via the Newtek Advantage platform, enhancing operational visibility and efficiency.
- Technology Solutions: Focused on providing cloud computing, data backup, IT consulting, and web services, the company ensures that its clients are supported by state-of-the-art financial and technological resources.
Integrated Technology and Business Process
At the heart of NewtekOne’s operations is its innovative NewTracker system which epitomizes its commitment to leveraging technology for streamlined business operations. This system facilitates the rapid acquisition and processing of client data, ensuring that business owners can access expert advice in areas including Banking, Lending, Payroll, and Insurance—all through one simple, secure online dashboard. The use of such advanced technology underscores the company's unique value proposition and underpins its competitive differentiation in a crowded financial services market.
Market Position and Operational Excellence
NewtekOne has built a reputation as a reliable partner by offering a consolidated suite of business and financial services. This integration enables a frictionless customer experience where multiple services are interlinked and supported by transparent, regulated financial reporting. The emphasis on compliance with regulatory standards, including Sarbanes-Oxley and other industry-specific requirements, highlights its commitment to risk management and operational integrity. This efficient, technology-enabled model allows NewtekOne to maintain cost efficiency and fosters long-term relationships with its clients through continuous support and quality service delivery.
Expertise, Experience, and Trustworthiness
With decades of experience in financial services, NewtekOne demonstrates deep industry expertise by continuously refining its operational strategies to meet the evolving needs of independent business owners. The company’s ability to merge traditional banking with technological innovation builds a bridge between established financial practices and modern digital solutions, setting it apart from many of its competitors. The company's transparent business practices, robust financial architecture, and ongoing commitment to customer service contribute to its strong reputation and reliability.
Competitive Landscape and Strategic Differentiators
Unlike traditional bank holding companies that rely on branch-based operations and conventional methods for customer acquisition, NewtekOne’s model capitalizes on digital solutions and efficient risk management processes. The strategic integration of technology with financial services, exemplified by its patented NewTracker system and the unified Newtek Advantage dashboard, reinforces its standing in a competitive market by offering independent businesses a streamlined one-stop solution. Such differentiation supports both its operational growth and its ability to respond to the ever-changing dynamics of the financial industry.
Conclusion
Overall, NewtekOne, Inc. presents a comprehensive and adaptive range of financial and business solutions designed to empower independent business owners. By bridging robust, regulated financial services with a forward-thinking technological approach, the company offers a complete package that enhances operational efficiency and financial performance. Whether through its advanced digital banking platform or its diverse lending and payment processing capabilities, NewtekOne continues to solidify its status as a credible, knowledgeable, and innovative partner in the financial services sector.
NewtekOne (NASDAQ: NEWT) has appointed Craig 'CJ' Brunet to the boards of directors of NewtekOne and Newtek Bank N.A. Brunet brings over 50 years of experience in information technology and financial services, with expertise in strategic planning, M&A, SaaS, cyber security, and risk management. He currently serves as President and COO at Advanced Cyber Security Corp and previously spent 14 years at NewtekOne as EVP, CIO, CTO, and CISO. Brunet will chair the upcoming Technology Steering Committee and serve on the Compensation, Corporate Governance and Nominating Committees.
NewtekOne (NASDAQ: NEWT) has announced that CEO and President Barry Sloane will present at the LD Micro Main Event XVII on October 29, 2024, at 11:00AM ET at the Luxe Sunset Blvd Hotel in Los Angeles. The presentation will be available via real-time webcast through NewtekOne's website in the 'Events & Presentations' section.
Sloane will also conduct one-on-one meetings on October 29-30, 2024. Interested parties can schedule meetings through their LD Micro representative or by contacting NewtekOne's Director of Investor Relations. A replay of the presentation will be made available on the company's website after the live event.
NewtekOne, Inc. (NASDAQ: NEWT) reports strong deposit growth for Newtek Bank, N.A. in Q3 2024. Key highlights include:
- Expected deposits of $742 million as of September 30, 2024, an 11.7% increase from Q2 2024 and 43% increase from December 31, 2023
- Insured deposits expected to represent 75% of total deposits
- Business core deposits projected to reach $119 million, a 45% increase
- Deposits from lending clients expected to reach $78 million, up $30 million from Q2 2024
The company attributes this growth to strategic hires, improved processes, and the integration of NewtekOne's existing business relationships. Newtek Bank plans to launch a new marketing initiative called Newtek Zero-Fee Banking™ to further boost deposit growth.
NewtekOne, Inc. (NASDAQ: NEWT) reported record total loan closings of $371.8 million for Q3 2024, a 17.3% increase from Q2 2024. SBA 7(a) closings reached $245.3 million, up 6.6% from Q2 and 12.5% year-over-year. The company forecasts $935.0 million in total SBA 7(a) loan closings for 2024, a projected 14.7% increase from 2023. NewtekOne's proprietary NewTracker® system, which is patented, processes less than 2% of incoming opportunities. The company expects to sell $650 to $700 million of government-guaranteed portions of SBA 7(a) loans in 2024, with total loan originations anticipated at $1.5 billion. NewtekOne aims to continue double-digit growth with high returns on average assets and tangible common equity.
NewtekOne, Inc. (NASDAQ: NEWT) has announced it will report its third quarter 2024 financial results after market close on November 6, 2024. A conference call to discuss these results will be held on November 7, 2024 at 8:30 am ET, hosted by CEO Barry Sloane and CFO M. Scott Price. Interested participants can pre-register online for the call. The earnings presentation will be available on the company's website on November 6, 2024.
Barry Sloane expressed pride in the management team's execution of goals and metrics, despite challenging market conditions. He noted a strong market appetite for NewtekOne's financial and business solutions among small- and medium-sized businesses. The company remains comfortable with its previously issued 2024 annual EPS guidance and plans to forecast 2025 business projections during the upcoming earnings call.
NewtekOne, Inc. (NASDAQ: NEWT) has announced a quarterly cash dividend of $0.19 per share on its outstanding common stock. The dividend will be payable on October 21, 2024 to shareholders of record as of October 10, 2024. This declaration demonstrates the company's commitment to providing returns to its shareholders. However, it's important to note that the amount and timing of future dividends remain subject to the discretion of NewtekOne's Board of Directors, indicating potential variability in future dividend payments.
NewtekOne, Inc. (NASDAQ: NEWT) has successfully closed a $75.0 million registered public offering of 8.625% Fixed Rate Senior Notes due 2029. The notes will mature on October 15, 2029, with interest payable quarterly starting January 15, 2025. The company plans to use the proceeds for investments, debt repayment, and general corporate purposes.
CEO Barry Sloane highlighted the importance of this offering in supporting their alternative loan program business and goals of generating higher returns. The company anticipates retiring approximately $22 million of securitization debt in the near term, which is expected to free up cash flow and liquidity. NewtekOne has also confirmed its 2024 annual earnings per share guidance of $1.85 to $2.05 per basic and diluted common share.
NewtekOne, Inc. (NASDAQ: NEWT) has reconfirmed its 2024 annual earnings per share (EPS) forecast in the range of $1.85 to $2.05 per basic and diluted common share. Despite challenging market conditions for financial businesses, the company remains confident in its ability to meet its goals and satisfy client needs. NewtekOne continues to see strong demand from small- and medium-sized businesses (SMBs) for its financial and business solutions. The company aims to help SMBs grow revenues, reduce expenses and risk, and improve operational efficiencies. NewtekOne plans to provide 2025 business projections during its Q3 2024 earnings call in early November, which is expected to showcase the company's continued growth trajectory.
NewtekOne, Inc. (NASDAQ: NEWT) has appointed Andrew Kaplan as Chief Strategy Officer, effective September 3, 2024. Kaplan brings over 35 years of experience in banking and financial services, specializing in creating and managing diverse business lines. His most recent role was Chief Digital Officer at Flagstar Bank, where he led a digital transformation resulting in significant deposit growth. Kaplan's expertise spans retail products, third-party financial solutions, treasury management, and retail branch expansion.
Barry Sloane, CEO of NewtekOne, expressed enthusiasm about Kaplan's ability to innovate and develop the company's banking and business services model. Kaplan's role is expected to expedite the growth of the Newtek Advantage®, offering commercial clients value-added business solutions beyond traditional depository relationships.
NewtekOne (NASDAQ: NEWT) has announced that its CEO and President, Barry Sloane, and CFO, M. Scott Price, will be attending the Raymond James 2024 U.S. Banking and Banking on Tech Conference. The event is scheduled for September 4-5, 2024 at the Marriot Marquis Chicago.
During the conference, NewtekOne executives will participate in one-on-one and group investor meetings. Interested parties can schedule meetings through their Raymond James representative or by contacting Jayne Cavuoto, NewtekOne's Director of Investor Relations.
This participation highlights NewtekOne's commitment to investor relations and its presence in the banking and technology sectors. The conference provides an opportunity for investors to gain insights into NewtekOne's operations and future plans.
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