NewtekOne, Inc.

Listed Company

NEWTICIK 0001587987NasdaqAcceleratedNational Commercial BanksMarylandFY ends Dec 31

Period

FY 2024

Revenue

—

Net Income

$50.85M

Total Assets

$2.06B

Equity

$296.28M

Shares Out

28.83M

Op. Cash Flow

$-153.01M

Business

NewtekOne, Inc. is a financial holding company that provides a broad suite of business and financial solutions to independent business owners under the Newtek® and NewtekOne® brands. Its offerings include commercial banking and depository services, SBA lending (including 7(a) and 504), alternative lending (ALP), merchant payment processing, payroll, insurance brokerage, technology solutions, loan origination/servicing and capital markets activities. Key operating units include Newtek Bank and its servicer SBL, Newtek Merchant Solutions, Newtek ALP Holdings, Newtek Payroll, Newtek Insurance, TAM and related subsidiaries. The company markets and distributes its services nationwide across the United States through a digital direct channel, its patented NewTracker® referral platform, alliance partners, Business Service Specialists and indirect sales relationships.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Debt securities available-for-sale	1	2	0	0	—
Loans and fees on loans	111	84	36	26	—
Interest from affiliates	0	0	3	3	—
Other interest earning assets	9	9	0	0	—
Total interest income	121	94	39	79	—
Deposits	29	16	0	—	—
Total interest expense	81	68	26	—	—
Net interest income	40	27	12	58	—
Provision for credit losses	26	12	0	0	—
Net interest income after provision for credit losses	14	15	12	58	—
Dividend income	2	2	25	10	—
Net loss on loan servicing assets	−13	−4	−10	—	—
Servicing income	20	18	14	—	—
Net gains on sales of loans	97	51	57	53	—
Net gain (loss) on loans under the fair value option	5	18	−27	11	—
Technology and IT support income	20	25	0	0	—
Electronic payment processing income	46	43	0	0	—
Other noninterest income	40	24	34	10	—
Total noninterest income	217	177	93	89	—
Salaries and employee benefits expense	78	66	20	18	14
Technology services expense	12	14	0	0	—
Electronic payment processing expense	20	18	0	0	—
Professional services expense	16	13	7	6	4
Other loan origination and maintenance expense	14	9	31	30	—
Depreciation and amortization	2	3	239,000	304,000	402,000
Loss on extinguishment of debt	0	271,000	417,000	2	0
Other general and administrative costs	21	22	8	7	6
Total noninterest expense	163	146	66	62	—
Net income before taxes	69	45	39	85	—
Income tax expense (benefit)	18	−2	6	1	—
Net income	51	47	32	84	34
Dividends to preferred shareholders	−2	−1	0	0	—
Net income available to common shareholders	49	46	32	84	—
Basic (in dollars per share)	1.97	1.89	1.34	3.69	1.59
Diluted (in dollars per share)	1.96	1.88	1.34	3.69	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2023 2023-06-30	FY 2023 2023-03-31
Cash and due from banks	7	15	224	256	197
Restricted cash	28	31	—	—	—
Interest bearing deposits in banks	346	138	—	—	—
Total cash and cash equivalents	381	184	—	—	—
Debt securities available-for-sale, at fair value	24	32	—	—	—
Loans held for sale, at fair value	372	119	—	—	—
Loans held for sale, at LCM	59	57	—	—	—
Loans held for investment, at fair value	370	470	—	—	—
Loans held for investment, at amortized cost, net of deferred fees and costs	622	336	—	—	—
Allowance for credit losses	−30	−13	—	—	—
Loans held for investment, at amortized cost, net	591	324	—	—	—
Federal Home Loan Bank and Federal Reserve Bank stock	4	4	—	—	—
Settlement receivable	52	62	—	—	—
Goodwill and intangibles	15	30	31	32	32
Right of use assets	6	6	—	—	—
Deferred tax asset, net	0	5	16	13	13
Servicing assets, at fair value	22	29	—	—	—
Servicing assets, at LCM	24	10	—	—	—
Other assets	61	56	50	48	51
Assets held for sale	21	0	—	—	—
Total assets	2,060	1,430	1,393	1,451	1,260
Noninterest-bearing	11	10	—	—	—
Interest-bearing	962	453	—	—	—
Total deposits	973	464	433	447	248
Borrowings	708	644	—	—	—
Dividends payable	5	5	—	—	—
Lease liabilities	6	7	—	—	—
Deferred tax liabilities, net	2	0	—	—	—
Due to participants	22	24	—	—	—
Accounts payable, accrued expenses and other liabilities	41	37	37	38	45
Liabilities directly associated with assets held for sale	6	0	—	—	—
Total liabilities	1,764	1,180	1,151	1,216	1,027
Commitment and contingencies (Note 15)	—	—	—	—	—
Preferred stock (par value $0.02 per share; authorized 20 shares, 20 shares issued and outstanding)	20	20	—	—	—
Common stock (par value $0.02 per share; authorized 199,980 shares, 26,291 and 24,680 shares issued and outstanding, respectively)	526,000	492,000	—	—	—
Additional paid-in capital	218	201	200	199	199
Retained earnings	58	28	22	16	14
Accumulated other comprehensive income (loss), net of income taxes	−21,000	−148,000	—	—	—
Total shareholders' equity	296	249	242	235	233
Total liabilities and shareholders' equity	2,060	1,430	1,393	1,451	1,260

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Net unrealized (appreciation) depreciation on investments	−11	−3	−24	—	—
Loan servicing asset revaluation	13	4	10	7	—
Net unrealized (appreciation) depreciation on derivative transactions	−1	699,000	−183,000	183,000	—
Unrealized loss on assets classified as held for sale	616,000	0	0	—	—
Net accretion of premium/discount	−836,000	−675,000	0	0	—
Amortization of deferred financing costs	5	4	2	3	2
Provision for credit losses	26	12	0	0	—
Lower of cost or market adjustment on loans held for sale	−73,000	0	0	—	—
Bad debt expense, net of recoveries	1	4	0	397,000	0
Stock compensation expense	4	3	0	0	—
Deferred income tax expense (benefit)	10	−5	6	1	−999,000
Proceeds from sale of loans held for sale	818	695	691	1,203	—
Purchase of loans held for sale	0	0	−2	−9	—
Sale (purchase) of loans held for sale from affiliate	140	−5	0	—	—
Funding of loans held for sale	−1,125	−783	−776	—	—
Principal received on loans held for sale	19	12	74	77	—
Principal received on investments	0	0	7	—	—
Return of investments from controlled investments	0	0	49	35	19
Other, net	−230,000	0	3	3	1
Settlement receivable	10	−62	45	8	−2
Income tax payable	19,000	−4	0	—	—
Dividends receivable	0	493,000	0	0	—
Due to/from related parties	−91,000	−165,000	3	677,000	−1
Other assets	−14	7	2	800,000	−7
Assets classified as held for sale	−1	0	0	—	—
Liabilities directly associated with assets classified as held for sale	−174,000	0	0	—	—
Dividends payable	441,000	5	0	0	—
Due to participants	−2	−12	−111	128	—
Accounts payable, accrued expenses and other liabilities	6	−23	9	1	7
Other, net	0	0	6,000	23,000	−2,000
Net cash used in operating activities	−153	−169	−62	141	18
Net decrease in loans held for investment, at fair value	67	29	0	0	—
Net increase in loans held for investment, at cost	−279	−169	0	0	—
Contributions to joint ventures and other non-control investments	−26	−15	0	—	—
Return of capital from joint ventures and other non-control investments	20	564,000	0	0	—
Purchase of fixed assets	−439,000	−458,000	−11,000	0	−10,000
Net decrease (increase) in Federal Home Loan Bank and Federal Reserve Bank stock	50,000	−2	0	0	—
Purchases of available-for-sale securities	−33	−27	0	0	—
Purchases of available-for-sale securities	41	0	0	—	—
Acquisitions, net of cash acquired	0	11	0	0	—
Net cash used in investing activities	−209	−172	−11,000	0	—
Net borrowings (paydowns) on bank notes payable	72	−79	6	−36	56
Net increase in deposits	509	325	0	0	—
Repayment of Federal Home Loan Bank advances	−8	−5	0	0	—
Proceeds from common shares sold, net of offering costs	14	0	2	50	26
Proceeds from preferred stock, net of offering costs	0	19	0	0	—
Net repayments under related party line of credit	0	0	13	−13	12
Payments on Notes Payable - Securitization Trusts	−107	−91	−83	−75	−55
Issuance of Notes Payable - Securitization Trusts	0	104	116	103	0
Dividends paid, net of dividend reinvestment plan	−20	−14	−65	−70	−43
Payments of deferred financing costs	−6	−5	−3	—	—
Proceeds from common stock issued under ESPP	207,000	51,000	—	0	—
Purchase of vested stock for employee payroll tax withholding	−299,000	0	−826,000	−2	−48,000
Retirement of common shares	−402,000	0	0	—	—
Net cash provided by financing activities	561	345	1	−5	465,000
Net increase in cash and restricted cash	199	4	−61	135	18
Foreclosed real estate acquired	5	3	3	2	2
Dividends declared but not paid during the period	5	4	2	0	—
Issuance of common shares under dividend reinvestment plan	0	219,000	2	2	810,000
Interest paid	79	66	25	20	—
Income taxes paid	7	7	0	0	—

Filings

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