NEWT - NewtekOne Inc. Achieves Record SBA 7(a) Loan Closings in the Third Quarter 2023 | Benzinga
BOCA RATON, Fla., Oct. 02, 2023 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the "Company" or "NewtekOne") (NASDAQ:NEWT), announced today that its nationally chartered bank subsidiary, Newtek Bank, N.A., closed a record $218.0 million of SBA 7(a) loans for the three months ended September 30, 2023, which represents a new quarterly record for the Company, beating the previous record quarter of $217.8 million SBA 7(a) loans closed for the three months ended September 30, 2022. In addition, Newtek Bank closed a record 517 SBA 7(a) loan units for the three months ended September 30, 2023, an increase of 45.6% compared to 355 SBA 7(a) loan units closed by the Company for the same period in 2022. Total loan closings across all of the Company's loan products reached $261.5 million, and 541 units, for the three months ended September 30, 2023, compared to $251.8 million, and 368 units, for the same period one year ago. Both the total loan closings in dollars and units were also quarterly records for the Company.
Barry Sloane, Chairman, President and Chief Executive Officer commented, "We are extremely pleased that Newtek Bank closed a Company record $218.0 million of SBA 7(a) loans in the third quarter 2023, outpacing the Company's previous record from the third quarter 2022. Correspondingly, we also achieved a record in closed SBA 7(a) loan units for the third quarter 2023 of 517 units; 45.6% higher compared to the same period last year. Total loan closings for NewtekOne, which includes closings of SBA 7(a) loans, SBA 504 loans, conforming C&I loans, conforming commercial real estate loans, and non-conforming conventional C&I loans (which are funded at NewtekOne nonbank subsidiaries), reached $261.5 million, compared to $251.8 million for the same period last year. Total closed loan units for all loan products Company-wide produced strong growth as well reaching 541 units in the third quarter 2023, compared to 368 loan units in the third quarter 2022. We could not be more pleased with the performance of our entire organization, in particular during challenging economic conditions, as we believe we have an advantage in the ...