Company: NEWTP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050582
Chunk: 308

Company: NewtekOne, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 308
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 at December 31, 2024. This increase was primarily due to $88.6 million of new borrowings under the NMS Goldman Facility, additional borrowings of $49.9 million on the SPV II facility as well as $29.4 million issuance of the 2030 Notes. These increases were partially offset by $32.7 million repayment in full of the NMS Webster Note, the maturity of $29.9 million of the 2025 5.00% Notes, $46.0 million reduction in the notes payable on securitization trusts, and $14.7 million repayments of borrowings on the SPV III facility, and $7.5 million in maturities of FHLB advances.

74

Results of Operations

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

Summary

For the nine months ended September 30, 2025, the Company reported net income of $41.0 million, or $1.57 per basic and $1.54 per diluted share, compared to net income of $32.5 million, or $1.26 per basic and diluted share, for the nine months ended September 30, 2024. 

The net increase in net income before taxes was due to a $23.9 million increase of interest income on loans, and a $15.8 million increase in noninterest income, partially offset by a $13.6 million increase of provision for credit losses, a $10.3 million increase of interest expense on deposits. Below is a summary of changes in the components of Net income:

Nine Months Ended September 30,20252024ChangeNet interest income after provision for credit losses$12,071 $12,271 $(200)Noninterest income169,061 153,238 15,823 Noninterest expense125,645 120,570 5,075 Net income before taxes55,487 44,939 10,548 Income tax expense14,516 12,410 2,106 Net income$40,971 $32,529 $8,442 

Net Interest Income

Nine Months Ended September 30,20252024ChangeInterest incomeDebt securities available-for-sale$690 $1,168 $(478)Loans and fees on loans104,213 80,346 23,867