Company: NEWTP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001587987-25-000141
Chunk: 116

Company: NewtekOne, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 116
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 30, 2025, was $3.3 million compared to $3.0 million for the three months ended June 30, 2024. The increase was due to the increase in loans originated during the period.

Depreciation and Amortization

The decrease in depreciation and amortization period over period is primarily attributable to the full amortization of intangible assets during the second half of 2024, which results in less amortization in 2025 as compared to the prior year.

Other General and Administrative Costs

The increase in other general and administrative costs of $2.5 million is primarily due to the Acquisition, as in additional expense is included in the current year from the additional entities now being consolidated after the withdrawal of the BDC election, partially offset by the elimination of intercompany expenses between the newly consolidated entities and those previously reported as a BDC.

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Results of Segment Operations

The Company has four reportable segments Banking, Alternative Lending, NSBF, and Payments. A description of each segment and the methodologies used to measure financial performance is described in NOTE 18—SEGMENTS in the accompanying Notes to the Consolidated Financial Statements. Net income (loss) by operating segment is presented below:

Three Months Ended2025/2024 Increase/(Decrease)June 30, 2025June 30, 2024AmountPercentBanking$12,265 $12,453 $(188)(2)%Alternative Lending14,998 8,708 6,290 72 %Technology1— (259)259 (100)%NSBF(3,774)(6,250)2,476 (40)%Payments4,166 5,472 (1,306)(24)%Corporate & Other6,896 2,888 4,008 139 %Eliminations(20,848)(12,067)(8,781)73 %Consolidated net income$13,703 $10,945 $2,758 25 %

1    As a result of commitments made to the Federal Reserve, the Company divested of NTS on January 2, 2025, and is no longer a reportable segment. See NOTE 4—INVESTMENTS: Intelligent Protection Management Corp.

Banking 

The banking segment includes Newtek Bank as well as its consolidated subsidiary SBL. The financial results include the origination, sale, and servicing of SBA 7(a) loans,