Company: NEWTP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001587987-25-000141
Chunk: 301

Company: NewtekOne, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 301
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HLB borrowings includes a $0.02 million and $0.04 million purchase accounting adjustment, respectively.

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

4    Effective December 11, 2024, the Company entered into the Amendment and Exchange 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 2025 8.125% Notes for the 2027 Notes.

Borrowings were $657.3 million at June 30, 2025, compared to $708.0 million at December 31, 2024. This decrease was primarily due to the maturity of $29.9 million of the 2025 5.00% Notes, $29.2 million reduction in the notes payable on securitization trusts, a $13.7 million and $16.3 million repayments of borrowings on the SPV I and SPV II facilities, respectively, and $7.0 million in maturities of FHLB advances. These decreases were partially offset by a $29.3 million issuance of the 2030 Notes and $8.0 million of additional borrowings under the NMS Webster Note, as well as additional borrowings of $7.0 million on the SPV III facility. 

72

Results of Operations

Set forth below is a comparison of the results of operations for the six months ended June 30, 2025 and 2024. 

Summary

For the six months ended June 30, 2025, the Company reported net income of $23.1 million, or $0.89 per basic and $0.87 per diluted share, compared to net income of $20.6 million, or $0.81 per basic and $0.81 per diluted share, for the six months ended June 30, 2024. 

The net increase in net income before taxes was due to a $16.1 million increase of interest income on loans, and a $7.3 million increase in noninterest income, partially offset by a $12.8 million increase of provision for credit losses, a $6.8 million increase of interest expense on deposits. Below is a summary of changes in the components of Net income:

Six Months Ended June