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Mar 31, 2023
Newtekone Q1 2023 Earnings Report
Reported first quarter results as a financial holding company, exceeding EPS forecast and reiterating full year guidance.
Key Takeaways
NewtekOne reported a net income of $11.7 million, or $0.46 per basic share, for the first quarter of 2023, exceeding its previously stated forecast of $0.41 per basic share. The company reiterated its full year 2023 earnings forecast in a range of $1.70 to $2.00 per share.
Net income for Q1 2023 was $11.7 million, or $0.46 per basic common share, exceeding the forecast of $0.41.
The company reiterated its full year 2023 earnings forecast in a range of $1.70 to $2.00 per share.
Total commercial loan closings increased by 12.5% compared to Q1 2022, reaching $228.9 million.
Newtek Bank's deposit base increased by 121% from December 31, 2022, to approximately $310 million by April 28, 2023.
Forward Guidance
The Company is reiterating previously issued earnings forecast for the full year 2023 in a range of $1.70 to $2.00 of earnings per share.
Positive Outlook
- Reiterating previously issued earnings forecast for the full year 2023 in a range of $1.70 to $2.00 of earnings per share.
- Credit risk and duration risk are exceptionally well managed in our business model and strategy.
- The types of assets that we are able to generate, and have done so for over two decades, can produce generous risk-adjusted margins on a floating-rate basis
- Newtek Bank increased its deposit base by 121% from December 31, 2022 to approximately $310 million year to date through April 28, 2023
- Increased total commercial loan originations by 12.5% to $228.9 million in the first quarter of 2023, compared to the first quarter of 2022, on a consolidated basis
Historical Earnings Impact
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Avg. Return Before/After Earnings
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