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NewtekOne, Inc.(NEWT), a leading financial h olding company, has unveiled its consolidated financial results for the second quarter of 2023, showcasing a robust performance. The company reported a net income of $6.82 million, marking a significant achievement for the period. Furthermore, NewtekOne generated a substantial revenue of $22.55 million, further emphasizing its financial prowess and growth trajectory.
Net Income/loss
NewtekOne, Inc. demonstrated a commendable financial performance during the second quarter of 2023, reporting a net income of $6.82 million. This noteworthy accomplishment underscores the company's strategic approach and effective management in navigating the economic landscape.
Revenue
In the second quarter of 2023, NewtekOne achieved remarkable success by generating a revenue of $22.55 million. This substantial revenue showcases the company's dedication to delivering value to its stakeholders and highlights its ability to capitalize on market opportunities.
Consolidated Statements of Financial Condition
As of June 30, 2023, NewtekOne's consolidated statements of financial condition reflect the company's strong financial position. The total assets have reached $1.44 billion, reflecting a significant increase from the previous year's $998.90 million. The assets include cash and cash equivalents, debt securities, loans held for sale, and various investments.
On the liabilities front, the company's total liabilities amount to $1.22 billion, indicating responsible financial management. The liabilities include deposits, borrowings, and other obligations. Shareholders' equity stands at $220.73 million, encompassing preferred and common stock, additional paid-in capital, retained earnings, and other components.
NewtekOne's consolidated statements of income for the second quarter and six months ending June 30, 2023, portray a positive financial trajectory. The company's net interest income after provision for loan credit losses was $3.10 million for the quarter, contributing to a net income of $6.82 million. Throughout the six-month period, the net income reached $18.54 million, demonstrating NewtekOne's consistent profitability.
Earnings per share (EPS) metrics showcase NewtekOne's earnings allocation to its shareholders. Basic EPS for the second quarter of 2023 stands at $0.26, while diluted EPS also amounts to $0.26. These figures illustrate the earnings available to each common shareholder after accounting for preferred dividends.
The company's comprehensive income reflects a comprehensive loss of $121 thousand before tax due to net unrealized losses on debt securities available-for-sale. However, the company's net income of $6.82 million contributed to comprehensive income of $6.70 million, reaffirming NewtekOne's overall financial health and positive market performance.
As NewtekOne, Inc. continues to navigate the financial landscape, these financial results underscore the company's commitment to excellence, strategic growth, and delivering value to its shareholders. With its impressive net income and substantial revenue, NewtekOne is positioned for continued success in the evolving financial market.