Company: NEWTP
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001587987-25-000084
Chunk: 157

Company: NewtekOne, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 157
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 SBA 504 and ALP loans, and the increase in the average outstanding accrual loan portfolio resulted from the origination of new SBA 7(a) loans period over period.

Other interest earning assets: The $1.5 million increase in interest income from other interest earnings assets was attributable to higher interest rates on cash and due from banks, as well as interest bearing deposits in banks, including Newtek Bank earning interest on Federal Reserve Bank cash deposits.

Interest Expense

The following is a summary of interest expense by facility for the three months ended March 31, 2025 and 2024: 

Three Months EndedMarch 31, 2025March 31, 2024ChangeDeposits$9,845 $5,576 $4,269 Notes and securitizations:Notes payable - Securitization Trusts3,367 5,965 (2,598)2024 Notes1— 604 (604)2025 5.00% Notes2462 462 — 2025 8.125% Notes3— 1,148 (1,148)2026 Notes1,761 1,761 — 2027 Notes31,022 — 1,022 2028 Notes4887 887 — 2029 8.50% Notes51,655 — 1,655 2029 8.625% Notes61,739 — 1,739 2030 Notes781 — 81 Total notes and securitizations10,974 10,827 147 Bank and FHLB Borrowings:Bank notes payable3,034 1,614 1,420 FHLB Advances104 144 (40)Total bank and FHLB borrowings3,138 1,758 1,380 Total interest expense$23,957 $18,161 $5,796 

1    On August 1, 2024, the 2024 Notes matured.

2    On March 31, 2025, the 2025 5.00% Notes matured.

3    Effective December 11, 2024, the Company entered into the Agreements with each of the holders of the 2025 8.125% Notes, pursuant to which the Company and the holders of the 2025 8.125% Notes agreed to exchange the 202