Company: NEWTP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050582
Chunk: 322

Company: NewtekOne, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 322
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 basic and diluted share, for the three months ended September 30, 2024.

The net increase in net income was attributable to the following items:

Three Months Ended September 30,20252024ChangeNet interest income after provision for credit losses$6,837 $4,053 $2,784 Noninterest income60,388 51,851 8,537 Noninterest expense42,159 38,847 3,312 Net income before taxes25,066 17,057 8,009 Income tax expense7,165 5,123 2,042 Net income$17,901 $11,934 $5,967 

Net Interest Income

Three Months Ended September 30,20252024ChangeInterest incomeDebt securities available-for-sale$200 $334 $(134)Loans and fees on loans36,376 28,588 7,788 Other interest earning assets2,518 2,349 169 Total interest income39,094 31,271 7,823 Interest expenseDeposits10,879 7,314 3,565 Notes and securitizations10,710 11,482 (772)Bank and FHLB borrowings2,956 1,494 1,462 Total interest expense24,545 20,290 4,255 Net interest income14,549 10,981 3,568 Provision for credit losses7,712 6,928 784 Net interest income after provision for credit losses$6,837 $4,053 $2,784 

Interest Income

Loans and fees on loans: The $7.8 million increase in interest income on the Company’s loan portfolio was attributable to an increase in the average outstanding accrual portfolio of loans held for investment increasing to $1.6 billion from $1.2 billion for the three months ended September 30, 2025 and 2024, respectively. The increase in the average outstanding accrual loan portfolio resulted from the origination of new SBA 7(a) loans period over period.

85

Interest Expense

The following is a summary of interest expense by facility for the three months ended September 30, 2025 and 2024: 

Three Months EndedSeptember 30, 2025September 30, 2024ChangeDeposits$10,879 $7,314