NewtekOne, Inc. (NASDAQ: NEWT) has announced loan closure figures for the third quarter of 2024, demonstrating significant growth across its lending portfolio. The company closed a record $371.8 million in loans across all products for the three months ended September 30, 2024, marking a 17.3% increase from the previous quarter's $316.7 million. So when you hear people say banks aren't lending, these stats show otherwise.
The company's SBA 7(a) loan program showed particularly strong performance, with closings of $245.3 million in Q3 2024. This represents a 6.6% increase over Q2 2024 and a 12.5% year-over-year growth. Looking ahead, NewtekOne projects total SBA 7(a) loan closings of $935.0 million for 2024, which would signify a 14.7% increase from 2023.
Barry Sloane, President, Chairman, and CEO of NewtekOne, highlighted the company's exceptional track record in loan performance. He noted that their 504 loan portfolio, valued at approximately $500 million, has reportedly not experienced any charge-offs since 2019.
No charge offs? A truly surprising statistic if accurate, but it would be a testament to NewtekOne's robust underwriting processes and risk management strategies.
Additionally, the company's alternative loan program, which has funded about $380 million since 2019, has only written off approximately $3.0 million in principal value.
These figures underscore NewtekOne's strong position in the lending market and its ability to maintain loan quality while achieving significant growth. As the company continues to expand its loan portfolio, investors and industry observers will likely keep a close eye on its performance and risk management practices.
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