2023-05-08 17:49:46 ET
NewtekOne ( NASDAQ: NEWT ) stock rose 2.9% after the bell on Monday as the company reported strong Q1 results and reaffirmed its FY earnings guidance.
Q1 EPS was $0.45, while revenue totaled $47.37M, both topping expectations. Year-ago period comparisons may not apply as NewtekOne ( NEWT ) no longer uses investment company accounting after its National Bank of New York City acquisition and withdrawal of its BDC election.
Net interest income was $4.6M during the quarter, with total assets at $1.2B at March 31 and total borrowings at $697.4M. Total risk-based capital ratio was 17.7% at Q1-end and tier-1 leverage ratio was 14%.
Total deposits at Newtek Bank reached $224.7M at March 31 and ~$310M as of April 28, compared with $140M in deposits at NBNYC at December 31, 2022. The amount of insured deposits was ~94.5% at March 31.
Total commercial loan originations were $228.9M, up 12.5% Y/Y, at a time when other lenders may be scaling back on loan closings.
"We believe our Q1 results demonstrate that the problems currently plaguing the banking industry do not exist within our business model and strategic plan," said CEO Barry Sloane.
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NewtekOne stock rises 3% after hours on strong Q1 results, FY outlook reaffirmed