Company: NEWTP
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001587987-25-000141
Chunk: 164

Company: NewtekOne, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 164
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 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 30,20252024ChangeNet interest income after provision for credit losses$5,234 $8,218 $(2,984)Noninterest income108,673 101,387 7,286 Noninterest expense83,486 81,723 1,763 Net income before taxes30,421 27,882 2,539 Income tax expense7,351 7,287 64 Net income$23,070 $20,595 $2,475 

Net Interest Income

Six Months Ended June 30,20252024ChangeInterest incomeDebt securities available-for-sale$490 $834 $(344)Loans and fees on loans67,837 51,758 16,079 Other interest earning assets6,081 3,828 2,253 Total interest income74,408 56,420 17,988 Interest expenseDeposits19,202 12,441 6,761 Notes and securitizations21,882 21,945 (63)Bank and FHLB borrowings5,468 4,002 1,466 Total interest expense46,552 38,388 8,164 Net interest income27,856 18,032 9,824 Provision for credit losses22,622 9,814 12,808 Net interest income after provision for credit losses$5,