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NewtekOne, Inc. - NEWT STOCK NEWS

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.

NewtekOne, Inc. (Nasdaq: NEWT) is a financial holding company that offers an extensive range of business and financial solutions to small and medium-sized businesses (SMBs) across the United States. Established in 1998, NewtekOne has built a robust business model centered around leveraging technology to deliver financial services effectively and efficiently.

NewtekOne operates through several reportable segments: Banking, Technology, NSBF, and Payments. The company provides comprehensive services including Business Lending, SBA Lending Solutions, Electronic Payment Processing, and Technology Solutions such as Cloud Computing, Data Backup, Storage, Retrieval, and IT Consulting. Additionally, they offer eCommerce, Accounts Receivable Financing, Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.

The firm's financial condition is strong, evidenced by over $100 million in stockholders' equity and more than $160 million in revenues. NewtekOne has operated as a publicly traded company for over a decade and is currently under Sarbanes-Oxley regulation. The company prides itself on transparency, with fully accessible financial statements available online.

Recent achievements include significant growth in their SBA 7(a) loan program, where Newtek Bank closed a record $262.9 million of loans in Q4 2023, making it the largest SBA 7(a) lender by total approved dollar amount. NewtekOne's total loan closings reached $1.1 billion in 2023.

NewtekOne's proprietary technology, NewTracker, supports their cost-effective business model by providing a user-friendly interface for interacting with their subject matter experts in areas like Banking, Lending, Payments, Technology, Payroll, and Insurance. This system allows clients to access a single online dashboard for all their financial needs, ensuring a seamless and integrated experience.

The company's recent partnerships reflect its commitment to enhancing its service offerings. A notable collaboration with 1-800Accountant aims to provide digital bookkeeping, accounting, and tax advisory services, integrated with Newtek Bank’s online banking and payment processing functionalities.

NewtekOne’s operating model is unique in the financial sector, emphasizing digital solutions and minimizing the need for traditional branches. This innovative approach has allowed them to maintain growth and stability even during challenging economic times.

With a CET1 ratio of 16.5%, a total capital ratio of 19.6%, and a leverage ratio of 15.6%, NewtekOne is well-capitalized and poised for continued growth. The company forecasts an increase in annual EPS to a range of $1.80 to $2.00 per basic and diluted common share in 2024, up from $1.71 in 2023.

For more detailed information or to view their financial statements, visit their investor relations section at investor.newtekbusinessservices.com or contact Jayne Cavuoto at (212) 273-8179 or jcavuoto@newtekone.com.

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NewtekOne, Inc. (NASDAQ: NEWT) will report its fourth quarter and full year 2022 financial results on February 27, 2023, after market close. A conference call is scheduled for February 28, 2023, at 8:30 am ET, hosted by CEO Barry Sloane and CAO Nicholas Leger. Participants must register online for the call and can access a replay on NewtekOne's website for 90 days post-presentation. NewtekOne provides extensive business and financial solutions, including banking, lending, electronic payment processing, and technology services to small and medium-sized businesses across the U.S.

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NewtekOne, Inc. (NASDAQ: NEWT) has announced the sale of $20 million in its 8% Convertible Series A Preferred Stock to Patriot Financial Partners IV, L.P. Barry Sloane, CEO, noted that this partnership could enhance the company’s value through Patriot's network and expertise in the banking sector. Kirk Wycoff, managing partner at Patriot, expressed confidence in NewtekOne's potential, citing its unique offerings for small and mid-sized businesses (SMBs). This investment supports NewtekOne's strategic shift into a financial holding company, including the launch of Newtek Bank, aimed at providing comprehensive services to SMBs.

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On January 23, 2023, NewtekOne (NASDAQ: NEWT) completed a $50 million private offering of 8.125% notes due 2025 to institutional accredited investors. This funding will support general corporate purposes and is expected to facilitate $600 million in non-conforming loan originations for future securitizations. The company aims to leverage higher-returning lending opportunities amidst rising financing costs. Chairman and CEO Barry Sloane highlighted the firm’s strong market access, attributing it to a two-decade successful history, while also noting Egan Jones has awarded an investment-grade rating for their debt structures.

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Newtek Business Services Corp. has transitioned to a financial holding company after acquiring the National Bank of New York City, now renamed Newtek Bank, N.A., effective January 6, 2023. This change allows Newtek to enhance its offerings to independent business owners and cease its business development company status. The rebranding to NewtekOne, Inc. is expected, along with a redesign of its website. CEO Barry Sloane emphasized that this new structure will provide greater growth opportunities and improved financial services, aiming to boost shareholder value.

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Newtek Business Services Corp (Nasdaq: NEWT) will host a conference call on January 17, 2023, at 8:30 am ET to discuss its financial and operational projections for 2023 and 2024. CEO Barry Sloane will present quarterly projections for 2023 and annual targets for 2024. The presentation will be available on Newtek's website after market close on January 16, 2023. Participants are encouraged to register online for the call in advance. Newtek offers a range of financial solutions to the small- and medium-sized business market.

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The Freedom Bank of Virginia has partnered with Newtek Insurance to enhance its insurance offerings for clients. This collaboration provides access to a wide range of insurance solutions, including commercial and personal options like property, general liability, and life insurance. Newtek Insurance is a portfolio company of Newtek Business Services Corp. (NASDAQ: NEWT) and focuses on providing competitive rates and comprehensive coverage. President Joe Thomas highlighted the need for businesses to reassess their insurance amidst rising operating costs and risks.

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Newtek Business Services Corp (NASDAQ: NEWT) announced a conference call on December 14, 2022, at 8:30 am ET, to update on its pending acquisition of the National Bank of New York City (NBNYC) and present the financial implications of transitioning to a bank holding company. The accompanying presentation will be accessible in the Investor Relations section of Newtek's website after market close on December 13, 2022. This acquisition aims to enhance Newtek’s financial service offerings for small and medium-sized businesses.

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Newtek Business Services Corp. (NASDAQ: NEWT) announced the closure of over $300 million in leverage facilities for its joint venture, Newtek-TSO II Conventional Credit Partners, and portfolio companies. This includes a $150 million facility for acquiring non-conforming loans, along with $110 million from two credit line amendments and an $18 million credit facility extension. CEO Barry Sloane highlighted the significance of these financings in challenging times, aiming for $600 million in non-conforming loan funding for 2023.

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Newtek Business Services Corp. (NASDAQ: NEWT) has received conditional approval from the Federal Reserve and the OCC to acquire the National Bank of New York City, transforming into a bank holding company. This acquisition, expected to close in January 2023, will see NBNYC rebranded as Newtek Bank, N.A. The CEO stated that this move will enhance financial solutions for customers, and the company plans to issue financial guidance post-acquisition. Additionally, a fourth-quarter distribution of $0.70 per share is set for December 30, 2022, marking the final distribution as a BDC.

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FAQ

What is the current stock price of NewtekOne (NEWT)?

The current stock price of NewtekOne (NEWT) is $12.7 as of December 20, 2024.

What is the market cap of NewtekOne (NEWT)?

The market cap of NewtekOne (NEWT) is approximately 334.9M.

What services does NewtekOne, Inc. offer?

NewtekOne offers banking, business lending, SBA lending solutions, electronic payment processing, technology solutions, eCommerce, accounts receivable financing, insurance solutions, web services, and payroll and benefits solutions.

How long has NewtekOne been in business?

NewtekOne has been in business since 1998.

What is NewtekOne's current financial condition?

NewtekOne has over $100 million in stockholders' equity and more than $160 million in revenues.

Where can I find NewtekOne's financial statements?

NewtekOne's financial statements are available online at their investor relations section, http://investor.newtekbusinessservices.com.

Who can I contact for investor relations at NewtekOne?

For investor relations, contact Jayne Cavuoto at (212) 273-8179 or jcavuoto@newtekone.com.

What is NewTracker?

NewTracker is NewtekOne’s proprietary technology that allows clients to interact with subject matter experts and access various business and financial solutions through a single online dashboard.

What are NewtekOne's recent achievements in lending?

In 2023, Newtek Bank closed a record $262.9 million of SBA 7(a) loans in Q4, making it the largest SBA 7(a) lender by total approved dollar amount.

What is the Newtek Advantage®?

The Newtek Advantage® is a platform that integrates NewtekOne's offerings, including accounting, banking, payment processing, and payroll functionalities, providing clients with a comprehensive and real-time dashboard.

What is NewtekOne's approach to branch banking?

NewtekOne operates primarily through digital solutions, minimizing the need for traditional branches and focusing on cost-efficient and technology-driven service delivery.

What are NewtekOne's projected earnings for 2024?

NewtekOne forecasts an increase in annual EPS to a range of $1.80 to $2.00 per basic and diluted common share in 2024.

NewtekOne, Inc.

Nasdaq:NEWT

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NEWT Stock Data

334.86M
24.48M
6.77%
34.9%
3.83%
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