Company Achieves Impressive Revenue Growth, Posting $46.43 Million in Noninterest Income
NewtekOne,Inc.(NEWT) and its subsidiarie s have released their consolidated financial statements for the second quarter of 2023, showcasing robust financial results. The company reported a net income of $6.85 million for the quarter, reflecting its resilience in a challenging economic environment. Additionally, NewtekOne posted impressive revenue growth, with noninterest income reaching $46.43 million during the same period.
Consolidated Statements of Financial Condition
As of June 30, 2023, NewtekOne reported total assets amounting to $1.44 billion, reflecting a significant increase compared to $998.90 million at the end of December 2022. Notable highlights from the consolidated statements of financial condition include:
Strong Cash Position
- Cash and due from banks stood at $48.67 million, down from $53.69 million in December 2022.
- Restricted cash totaled $66.74 million, down from $71.91 million.
Diverse Investment Portfolio
- Debt securities available-for-sale, valued at fair market prices, amounted to $32.91 million.
- Loans held for sale reached $106.23 million, compared to $19.17 million at the end of 2022.
- Loans held for investment, valued at fair market prices, totaled $512.42 million.
Impressive Noninterest Income
- NewtekOne reported a significant noninterest income of $46.43 million, driven by dividend income, loan servicing, and gains on sales of loans.
Consolidated Statements of Income
NewtekOne's consolidated statements of income for the second quarter of 2023 demonstrate the company's profitability and financial strength. Key income-related highlights include:
- Net interest income for Q2 2023 was $5.67 million, up from $2.87 million in the same period last year.
- The company reported noninterest income of $46.43 million, a substantial increase compared to $25.41 million in Q2 2022.
- Notable sources of noninterest income included dividend income, loan servicing income, and gains on sales of loans.
Strong Earnings per Share
- NewtekOne's earnings per share (EPS) for the quarter were $0.26, reflecting solid financial performance.
Consolidated Statements of Comprehensive Income
The comprehensive income for NewtekOne in the second quarter of 2023 was $6.70 million. This figure includes a net unrealized loss on debt securities available-for-sale and reflects the company's commitment to maintaining a robust financial position.
NewtekOne, Inc. and its subsidiaries have reported strong financial results for the second quarter of 2023, driven by impressive noninterest income and increased net interest income. The company's focus on diversifying its investment portfolio and delivering value to shareholders has contributed to its continued success in a dynamic economic environment.
