NewtekOne, Inc. (Nasdaq: NEWT), announced today its financial and
operating results for the three and nine months ended
September 30, 2023.
This is NewtekOne's third quarter reporting, and
second full quarter reporting, as a financial holding company
following the Company's completion of its acquisition of National
Bank of New York City ("NBNYC") (renamed Newtek Bank, N.A.) and the
withdrawal of its BDC election, on January 6, 2023. NewtekOne now
consolidates the results of its former portfolio companies (now
subsidiaries) and no longer uses investment company accounting. As
a result, some prior-period and year-over-year comparisons are
difficult, and we believe it is important to analyze many of our
financial metrics on linked-quarter basis. Additionally, when
analyzing NewtekOne, we also believe it is important to consider
the Company's time-tested, differentiated business model which has
provided multiple streams of income from its various businesses, as
well as its operating structure which does not use branches,
traditional bankers, brokers or business development officers to
source business opportunities and instead relies upon the
NewTracker(R) system which provides approximately 1,000 unique
business referrals each day.
NewtekOne Third Quarter 2023 Financial
Highlights
- Net income was $10.0 million, or
$0.38 per basic common share, for the three months ended September
30, 2023, a 46.2% increase on a per share basis over net income of
$6.9 million, or $0.26 per basic common share, for the three months
ended June 30, 2023.
- Net interest income was $8.1
million for the three months ended September 30, 2023; an increase
of 42.1% over $5.7 million for the three months ended June 30,
2023.
- Total assets were $1.4 billion at
September 30, 2023, unchanged compared to $1.4 billion at June 30,
2023.
- Total borrowings were $648.7
million at September 30, 2023; a decrease of 7.0% from $697.4
million million at June 30, 2023.
- Loans held for investment were
$773.9 million at September 30, 2023; an increase of 5.9% over
$730.7 million at June 30, 2023.
- Cash and cash equivalents were
$223.7 million, including $68.7 million of restricted cash, at
September 30, 2023; a decrease of 12.7% from to $256.3 million,
including $66.7 million of restricted cash, at June 30, 2023.
- Net interest margin2 was 2.71% for
the three months ended September 30, 2023; an increase of 29.7%
over 2.09% for the three months ended June 30, 2023.
- Return on average tangible common
equity ("ROTCE") of 22.6% for the three months ended September 30,
2023; an increase of 45.8% over 15.5% for the three months ended
June 30, 2023.
- Return on average assets
("ROAA")1,2 of 2.8% for the three months ended September 30, 2023;
an increase of 40.0% over 2.0% for the three months ended June 30,
2023.
- Efficiency ratio2 of 67.8% for the
three months ended September 30, 2023; a decrease of 12.1% compared
to 77.1% for the three months ended June 30, 2023.
- Total risk-based capital ratio2 was
17.7% at September 30, 2023; an increase of 17.2% over 15.1% at
June 30, 2023.
- Tier-1 leverage ratio2 was 14.6% at
September 30, 2023; an increase of 39.0% over 10.5% at June 30,
2023
- On October 20, 2023, the
Company paid its third quarterly cash dividend as a financial
holding company of $0.18 per share to shareholders of record as of
October 10, 2023.
- The Company is forecasting full
year 2023 earnings per share in a range of $1.60 to $1.80, and has
met or exceeded its previously issued 2023 quarterly earnings
forecasts for the first nine months of 2023.
- The Company is currently
forecasting full year 2024 earnings per share in a range of $1.80
to $2.00.
NewtekOne Financial Highlights Nine
Months Ended September 30, 2023
- Net income was $28.5 million, or
$1.10 per basic common share, for the nine months ended September
30, 2023.
- Net interest income was $18.3
million for the nine months ended September 30, 2023.
Newtek Bank, N.A.
- Total deposits were $432.6 million
at September 30, 2023, which represents a 217.4% increase in
deposits, compared to $141.6 million in deposits at NBNYC at
December 31, 2022.
- Insured deposits represented
approximately 83.7% of total deposits at September 30, 2023.
- Net interest margin2 was 3.49% for
the three months ended September 30, 2023; an increase of 9.4% over
3.19% for the three months ended June 30, 2023.
- ROTCE1,2 of 39.8% for the three
months ended September 30, 2023; an increase of 24.0% over 32.1%
for the three months ended June 30, 2023.
- ROAA1,2 of 5.3% for the three
months ended September 30, 2023; an increase of 8.2% over 4.9% for
the three months ended June 30, 2023.
- Efficiency ratio1,2 of 49.1% for
the three months ended September 30, 2023; a decrease of 16.4%
compared to 58.7% for the three months ended June 30, 2023.
- Total risk-based capital ratio2 was
25.0% at September 30, 2023, a decrease of 15.0% from 29.4% at June
30, 2023.
- Tier-1 leverage ratio2 was 14.9% at
September 30, 2023; a decrease of 11.8% from 16.9% at June 30,
2023.
Lending Highlights
- In April 2023, the Company began
funding SBA 7(a) loans out of Newtek Bank with Preferred Lender
Program (PLP) status.
- Total SBA 7(a) loan fundings of
$209.9 million for the three months ended September 30, 2023;
an increase of 7.1% over $195.9 million of SBA 7(a) loans
funded for the three months ended June 30, 2023.
- Total SBA 7(a) loan fundings of
$554.3 million for the nine months ended September 30,
2023.
- The Company forecasts $830 million
in total SBA 7(a) loan fundings for 2023, which would represent a
7.0% increase over 2022.
- Newtek Bank closed
$17.7 million of SBA 504 loans for the three months ended
September 30, 2023; an increase of 7.9% over $16.4 million SBA
504 loans closed for the three months ended June 30, 2023.
- Total SBA 504 loan closings of
$82.4 million for the nine months ended September 30, 2023.
Barry Sloane, President, Chairman and CEO
commented, "After acquiring National Bank of New York City on
January 6, 2023, we were able to fully transition our lending
operations to the newly named Newtek Bank, National Association, in
the second quarter of 2023, and have now demonstrated, through two
full quarters of performance, our ability to perform and deliver
strong results to our shareholders. Our unique and
forward-thinking business model was able to produce strong results
for Newtek Bank, as well as positive performance metrics at
NewtekOne, the financial holding company.”
Mr. Sloane continued, “Newtek Bank had a net
interest margin of 3.49%; a 9.4% increase from 3.19% from the prior
quarter. In addition, return on average assets was 5.3%; a 8.2%
increase from 4.9% in the prior quarter, and return on tangible
common equity was 39.8%; a 24.0% increase from 32.1% in the prior
quarter. The bank’s efficiency ratio for the third quarter 2023 was
49.1%; a 16.4% decrease compared to 58.7% in the second quarter of
2023. We believe all of these metrics demonstrate that Newtek Bank
has an extremely bright future based upon its unique business model
and opportunities to grow its well-capitalized balance sheet.”
Further commenting on NewtekOne's performance
metrics, Mr. Sloane said, “We also demonstrated attractive returns
with growth features in NewteOne's non-banking and banking
activities. Net interest margin for the third quarter 2023 was
2.71%; a 29.7% increase from 2.09% in the prior quarter, return on
average assets was 2.8%; a 40.0% increase from 2.0% in the prior
quarter, and return on tangible common equity was 22.6%; a 45.8%
increase from 15.5% in the prior quarter. Furthermore,
in the third quarter 2023, NewtekOne demonstrated capital levels
that we view as above the norm for bank holding companies for CET1
ratio, total risk-based capital ratio, and Tier 1 leverage ratio at
15.1%, 17.7%, and 14.6%, respectively. We believe these metrics
leave us well positioned for continued growth, as they are well in
excess of regulatory minimums and we believe are above what is
typical for conventional banks and bank holding companies.”
Mr. Sloane further commented, “We also achieved
SBA 7(a) loan fundings for the third quarter 2023 of
$209.9 million and maintained our level of deposits over the
second quarter of 2023 and, as such, we believe Newtek Bank is very
well positioned to utilize its excess cash to fund loans in the
fourth quarter 2023 and the first quarter 2024. We have clearly
communicated that deposit gathering in 2023 was focused on bringing
in deposits digitally, primarily through high-yield savings
accounts, and that our plan for 2024 will be to bring lower-cost
deposits in the commercial demand deposit and commercial money
market areas that are more transactional in nature and therefore
require additional infrastructure and human talent, which is
currently being put in place at Newtek Bank. Important
to note, is that our non-banking, reoccurring revenue activities at
our Newtek Payments, Newtek Insurance, Newtek Payroll and Newtek
Technology vertical businesses performed well, with profits growing
over 2022 levels. Our non-bank subsidiary business verticals act as
an anchor for our business portal, the Newtek Advantage®, which
provides direct access to our Newtek business and financial
solutions and is a true differentiator for our clients. At the end
of October 2023, we rolled out the Newtek Advantage, unveiling this
offering to 5,000 existing NewtekOne clients that are now aware of
the multiple ways in which NewtekOne can help independent business
owner customers become more successful by reducing their risk,
growing their revenue, and reducing expenses by partnering with
NewtekOne to process their business. During tomorrow’s conference
call, we will address how we have integrated our offerings into our
technology to make our offerings frictionless and seamless, so that
clients can experience how we can assist them in their business to
achieve higher levels of efficiency."
Mr. Sloane concluded, “In the third quarter
2023, we are also proud to illuminate the completion of a public
SEC-registered debt offering of $40 million, the continued payment
of a quarterly $0.18 per share dividend to shareholders and
earnings per share of $0.38 to our common shareholders. We continue
to progress quarter by quarter as we operate as a financial holding
company, and believe analysts and investors will become more
familiar with our unique model that does not rely on branches,
traditional bankers, brokers or business development officers. We
look forward to addressing the investment community and analyst
community on our conference call tomorrow morning.”
Third Quarter 2023 Conference Call and
Webcast
A conference call to discuss the third quarter
2023 financial results will be hosted by Barry Sloane, President,
Chairman and Chief Executive Officer, M. Scott Price, Chief
Financial Officer, and Nicholas Leger, Chief Accounting Officer,
tomorrow, Wednesday, November 8, 2023, 8:30 a.m. ET.
Please note, to attend the conference call or
webcast, participants should register online at NewtekOne, Inc. Q3
2023 Financial Results Conference Call. To receive a dial-in
number, participants are requested to register at a minimum 15
minutes before the start of the call. The corresponding
presentation will be available in the ‘Events & Presentations’
section of the Investor Relations portion of NewtekOne's website at
NewtekOne, Inc. Q3 2023 Financial Results Conference Call. A replay
of the call with the corresponding presentation will be available
on NewtekOne's website shortly following the live presentation and
will be available for a period of 90 days.
Note Regarding Dividend Payments
Amount and timing of dividends, if any, remain
subject to the discretion of the Company's Board of Directors.
NewtekOne®, Your Business Solutions Company®, is
a financial holding company, which along with its bank and non-bank
consolidated subsidiaries, 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, National
AssociationTM, Your Business Solutions Company®, Newtek Advantage®
and One Solution for All Your Business Needs® are registered
trademarks of NewtekOne, Inc.
Note Regarding Forward-Looking
StatementsCertain 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. 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.
In addition, earnings per share guidance reflects risks,
uncertainties and assumptions with respect to facts and
circumstances that are beyond our control, in particular concerning
interest rates, monetary policy and prevailing economic conditions
(including the impacts from a government shutdown ) during the
relevant periods, any of which may differ significantly from our
assumptions about the applicable period, causing our actual
operating results, including our earnings per share, to differ
materially from the stated guidance. See “Note Regarding
Forward-Looking Statements” and the sections entitled “Risk
Factors” in our filings with the Securities and Exchange Commission
and 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
NEWTEKONE, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION(In Thousands, except for Per Share
Data) |
|
September 30, 2023 |
|
December 31, 2022 |
ASSETS |
Financial Holding Company (Unaudited) |
|
Investment Company Accounting |
Cash and due from banks |
$ |
17,646 |
|
|
$ |
53,692 |
Restricted cash |
|
68,702 |
|
|
|
71,914 |
Interest bearing deposits in banks |
|
137,346 |
|
|
|
— |
Total cash and cash equivalents |
|
223,694 |
|
|
|
125,606 |
Debt securities available-for-sale, at fair value |
|
33,138 |
|
|
|
— |
Loans held for sale, at fair value |
|
70,467 |
|
|
|
19,171 |
Loans held for sale, at LCM |
|
48,450 |
|
|
|
— |
Loans held for investment, at fair value |
|
492,987 |
|
|
|
505,268 |
Loans held for investment, at amortized cost, net of deferred fees
and costs |
|
280,934 |
|
|
|
— |
Allowance for credit losses |
|
(8,209 |
) |
|
|
— |
Loans held for investment, at amortized cost, net |
|
272,725 |
|
|
|
— |
Federal Home Loan Bank and Federal Reserve Bank stock |
|
3,657 |
|
|
|
— |
Settlement receivable |
|
63,957 |
|
|
|
— |
Joint ventures (cost of $37,865 and $23,314), respectively |
|
40,713 |
|
|
|
23,022 |
Controlled investments (cost of $0 and $131,495), respectively |
|
— |
|
|
|
259,217 |
Non-control investments (cost of $1,360 and $1,360),
respectively |
|
1,360 |
|
|
|
1,360 |
Goodwill and intangibles |
|
27,157 |
|
|
|
— |
Right of use assets |
|
6,502 |
|
|
|
6,484 |
Deferred tax asset, net |
|
8,656 |
|
|
|
— |
Servicing assets |
|
36,774 |
|
|
|
30,268 |
Other assets |
|
50,697 |
|
|
|
28,506 |
Total assets |
$ |
1,380,934 |
|
|
$ |
998,902 |
|
|
|
|
LIABILITIES AND NET ASSETS |
|
|
|
Liabilities: |
|
|
|
Deposits: |
|
|
|
Noninterest-bearing |
$ |
20,316 |
|
|
$ |
— |
Interest-bearing |
|
412,243 |
|
|
|
— |
Total deposits |
|
432,559 |
|
|
|
— |
Borrowings |
|
648,700 |
|
|
|
539,326 |
Dividends payable |
|
4,769 |
|
|
|
— |
Lease liabilities |
|
7,947 |
|
|
|
7,973 |
Deferred tax liabilities, net |
|
— |
|
|
|
19,194 |
Due to participants |
|
21,235 |
|
|
|
35,627 |
Accounts payable, accrued expenses and other liabilities |
|
38,691 |
|
|
|
21,424 |
Total liabilities |
|
1,153,901 |
|
|
|
623,544 |
|
|
|
|
Shareholders' Equity: |
|
|
|
Preferred stock (par value $0.02 per share; authorized 20 shares,
20 and 20 shares issued and outstanding, respectively) |
|
19,738 |
|
|
|
— |
Common stock (par value $0.02 per share; authorized 200,000 shares,
24,645 and 24,609 issued and outstanding, respectively) |
|
491 |
|
|
|
492 |
Additional paid-in capital |
|
192,712 |
|
|
|
354,243 |
Retained earnings |
|
14,276 |
|
|
|
20,623 |
Accumulated other comprehensive loss, net of income taxes |
|
(184 |
) |
|
|
— |
Total shareholders' equity |
|
227,033 |
|
|
|
375,358 |
Total liabilities and shareholders' equity |
$ |
1,380,934 |
|
|
$ |
998,902 |
|
NEWTEKONE, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
(In Thousands, except for Per Share Data) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023Financial Holding
Company |
|
2022Investment Company |
|
2023Financial Holding
Company |
|
2022Investment Company |
Interest
income |
|
|
|
|
|
|
|
Debt securities available-for-sale |
$ |
437 |
|
|
$ |
— |
|
|
$ |
1,083 |
|
|
$ |
— |
|
Loans and fees on loans |
|
23,232 |
|
|
|
8,804 |
|
|
|
60,341 |
|
|
|
23,915 |
|
Interest from affiliates |
|
— |
|
|
|
753 |
|
|
|
— |
|
|
|
2,087 |
|
Other interest earning assets |
|
3,068 |
|
|
|
— |
|
|
|
6,580 |
|
|
|
— |
|
Total interest income |
|
26,737 |
|
|
|
9,557 |
|
|
|
68,004 |
|
|
|
26,002 |
|
Interest
expense |
|
|
|
|
|
|
|
Deposits |
|
5,211 |
|
|
|
— |
|
|
|
10,738 |
|
|
|
— |
|
Notes and securitizations |
|
11,005 |
|
|
|
5,488 |
|
|
|
28,806 |
|
|
|
14,433 |
|
Bank and FHLB borrowings |
|
2,443 |
|
|
|
1,331 |
|
|
|
10,127 |
|
|
|
2,695 |
|
Notes payable related party |
|
— |
|
|
|
98 |
|
|
|
— |
|
|
|
284 |
|
Total interest expense |
|
18,659 |
|
|
|
6,917 |
|
|
|
49,671 |
|
|
|
17,412 |
|
Net interest income |
|
8,078 |
|
|
|
2,640 |
|
|
|
18,333 |
|
|
|
8,590 |
|
Provision for credit losses |
|
3,446 |
|
|
|
— |
|
|
|
7,339 |
|
|
|
— |
|
Net interest income after provision for credit losses |
|
4,632 |
|
|
|
2,640 |
|
|
|
10,994 |
|
|
|
8,590 |
|
Noninterest
income |
|
|
|
|
|
|
|
Dividend income |
|
388 |
|
|
|
7,224 |
|
|
|
1,397 |
|
|
|
20,051 |
|
Loan servicing asset revaluation |
|
(1,951 |
) |
|
|
(1,624 |
) |
|
|
(1,566 |
) |
|
|
(3,964 |
) |
Servicing income, net of amortization |
|
4,604 |
|
|
|
3,575 |
|
|
|
13,304 |
|
|
|
9,931 |
|
Net gains on sales of loans |
|
12,718 |
|
|
|
14,767 |
|
|
|
32,452 |
|
|
|
49,953 |
|
Net gain (loss) on loans under the fair value option |
|
2,802 |
|
|
|
(3,908 |
) |
|
|
13,069 |
|
|
|
(12,415 |
) |
Technology and IT support income |
|
5,495 |
|
|
|
— |
|
|
|
18,667 |
|
|
|
— |
|
Electronic payment processing income |
|
11,192 |
|
|
|
— |
|
|
|
32,196 |
|
|
|
— |
|
Other noninterest income |
|
7,648 |
|
|
|
5,264 |
|
|
|
22,594 |
|
|
|
9,381 |
|
Total noninterest income |
|
42,896 |
|
|
|
25,298 |
|
|
|
132,113 |
|
|
|
72,937 |
|
Noninterest
expense |
|
|
|
|
|
|
|
Salaries and employee benefits expense |
|
15,300 |
|
|
|
4,772 |
|
|
|
53,837 |
|
|
|
14,380 |
|
Technology services expense |
|
2,738 |
|
|
|
— |
|
|
|
10,007 |
|
|
|
— |
|
Electronic payment processing expense |
|
4,816 |
|
|
|
— |
|
|
|
14,159 |
|
|
|
— |
|
Professional services expense |
|
3,168 |
|
|
|
1,509 |
|
|
|
9,766 |
|
|
|
4,322 |
|
Other loan origination and maintenance expense |
|
3,403 |
|
|
|
8,296 |
|
|
|
9,791 |
|
|
|
21,900 |
|
Depreciation and amortization |
|
812 |
|
|
|
58 |
|
|
|
2,517 |
|
|
|
181 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
417 |
|
Other general and administrative costs |
|
4,308 |
|
|
|
1,823 |
|
|
|
13,814 |
|
|
|
5,619 |
|
Total noninterest expense |
|
34,545 |
|
|
|
16,458 |
|
|
|
113,891 |
|
|
|
46,819 |
|
Net income before
taxes |
|
12,983 |
|
|
|
11,480 |
|
|
|
29,216 |
|
|
|
34,708 |
|
Income tax expense |
|
3,011 |
|
|
|
118 |
|
|
|
671 |
|
|
|
175 |
|
Net income |
|
9,972 |
|
|
|
11,362 |
|
|
|
28,545 |
|
|
|
34,533 |
|
Dividends to preferred
shareholders |
|
(400 |
) |
|
|
— |
|
|
|
(1,049 |
) |
|
|
— |
|
Net income available to common
shareholders |
$ |
9,572 |
|
|
$ |
11,362 |
|
|
$ |
27,496 |
|
|
$ |
34,533 |
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.38 |
|
|
$ |
0.47 |
|
|
$ |
1.10 |
|
|
$ |
1.43 |
|
Diluted |
$ |
0.38 |
|
|
$ |
0.47 |
|
|
$ |
1.10 |
|
|
$ |
1.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP
Financial MeasuresThe information provided below presents
a reconciliation of each of our non-GAAP financial measures to the
most directly comparable GAAP financial measure.
(dollars and number of shares
in thousands) |
As of and for the three months ended |
Newtek Bank,
N.A. |
September 30, 2023 |
|
June 30, 2023 |
Return on Average
Tangible Common Equity |
|
|
|
Numerator: Net Income (Loss) (GAAP) |
$ |
7,831 |
|
|
$ |
5,974 |
|
Average Total Shareholders'
Equity (non-GAAP) |
|
81,043 |
|
|
|
76,838 |
|
Deduct: Average Goodwill and
Intangibles (non-GAAP) |
|
2,146 |
|
|
|
2,195 |
|
Denominator: Tangible Average
Common Equity (non-GAAP) |
$ |
78,897 |
|
|
$ |
74,643 |
|
Return on Average Tangible
Common Equity (non-GAAP) |
|
39.8 |
% |
|
|
32.1 |
% |
|
|
|
|
Return on Average
Assets |
|
|
|
Numerator: Net Income
(GAAP) |
$ |
7,831 |
|
|
$ |
5,974 |
|
Denominator: Average Assets
(non-GAAP) |
|
584,182 |
|
|
|
485,633 |
|
Return on Average Assets
(non-GAAP) |
|
5.3 |
% |
|
|
4.9 |
% |
|
|
|
|
Efficiency
Ratio |
|
|
|
Numerator: Non-Interest
Expense (GAAP) |
$ |
14,759 |
|
|
$ |
16,243 |
|
Net Interest Income
(GAAP) |
|
5,089 |
|
|
|
3,771 |
|
Non-Interest Income
(GAAP) |
|
24,984 |
|
|
|
23,920 |
|
Denominator: Total Income |
$ |
30,073 |
|
|
$ |
27,691 |
|
Efficiency Ratio
(non-GAAP) |
|
49.1 |
% |
|
|
58.7 |
% |
|
|
|
|
(dollars and number of shares
in thousands) |
As of and for the three months ended |
NewtekOne,
Inc. |
September 30, 2023 |
|
June 30, 2023 |
Return on Average
Tangible Common Equity |
|
|
|
Numerator: Net Income (GAAP) |
$ |
9,972 |
|
|
$ |
6,853 |
|
Average Total Shareholders'
Equity (non-GAAP) |
|
222,390 |
|
|
|
224,956 |
|
Deduct: Preferred Stock
(GAAP) |
|
19,738 |
|
|
|
19,738 |
|
Average Common Shareholders'
Equity (non-GAAP) |
|
202,652 |
|
|
|
205,218 |
|
Deduct: Average Goodwill and
Intangibles (non-GAAP) |
|
27,445 |
|
|
|
27,889 |
|
Denominator: Average Tangible
Common Equity (non-GAAP) |
$ |
175,207 |
|
|
$ |
177,329 |
|
Return on Tangible Common
Equity (non-GAAP) |
|
22.6 |
% |
|
|
15.5 |
% |
|
|
|
|
Return on Average
Assets |
|
|
|
Numerator: Net Income
(GAAP) |
$ |
9,972 |
|
|
$ |
6,853 |
|
Denominator: Average Assets
(non-GAAP) |
|
1,435,365 |
|
|
|
1,341,534 |
|
Return on Average Assets
(non-GAAP) |
|
2.8 |
% |
|
|
2.0 |
% |
|
|
|
|
Efficiency
Ratio |
|
|
|
Numerator: Non-Interest
Expense (GAAP) |
$ |
34,545 |
|
|
$ |
40,149 |
|
Net Interest Income
(GAAP) |
|
8,078 |
|
|
|
5,673 |
|
Non-Interest Income
(GAAP) |
|
42,896 |
|
|
|
46,428 |
|
Denominator: Total Income |
$ |
50,974 |
|
|
$ |
52,101 |
|
Efficiency Ratio
(non-GAAP) |
|
67.8 |
% |
|
|
77.1 |
% |
|
|
|
|
Tangible Book Value
Per Share |
|
|
|
Total Shareholders' Equity
(GAAP) |
$ |
227,033 |
|
|
$ |
221,215 |
|
Deduct: Goodwill and
Intangibles (GAAP) |
|
27,157 |
|
|
|
27,595 |
|
Numerator: Total Tangible Book
Value (non-GAAP) |
$ |
199,876 |
|
|
$ |
193,620 |
|
Denominator: Total Number of
Shares Outstanding |
|
24,645 |
|
|
|
24,615 |
|
Tangible Book Value Per Share
(non-GAAP) |
$ |
8.11 |
|
|
$ |
7.87 |
|
|
|
|
|
Tangible Book Value
Per Common Share |
|
|
|
Total Tangible Book Value
(non-GAAP) |
$ |
199,876 |
|
|
$ |
193,620 |
|
Deduct: Preferred Stock
(GAAP) |
|
19,738 |
|
|
|
19,738 |
|
Numerator: Tangible Book Value
Per Common Share (non-GAAP) |
$ |
180,138 |
|
|
$ |
173,882 |
|
Denominator: Total Number of
Shares Outstanding |
|
24,645 |
|
|
|
24,615 |
|
Tangible Book Value Per Common
Share (non-GAAP) |
$ |
7.31 |
|
|
$ |
7.06 |
|
1 Non-GAAP; reconciliations of non-GAAP
financial measures to the most comparable GAAP measures are set
forth on the last page of the financial information accompanying
this press release.2 Assets under supervision, capital ratios,
risk-weighted assets and, supplementary leverage ratio are
preliminary data and subject to change prior to filings with
applicable regulatory agencies and our Form 10-Q for the quarter
ended September 30, 2023.
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