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www.newtekone.com NASDAQ: NEWTSecond Quarter 2025 Financial Results Conference CallJuly 28, 2025Hosted and Presented by:Barry Sloane, CEO & PresidentFrank M. DeMaria, CFO, NewtekOne, Inc.M. Scott Price, CFO, Newtek Bank, N.A. Investor Relations Bryce Rowebrowe@newtekone.com(212) 273-8292
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www.newtekone.com 2 Note Regarding Forward-Looking StatementsCertain statements in this presentation and made during this conference call include statements about our plans and future prospects for NewtekOne, Inc and our consolidated subsidiaries (the “Company”) and our industry that are “forward looking statements” within the meaning of the Private Securities Litigation and Reform Act of 1995. These forward looking statements are based on the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. In addition, forecasts and guidance, including with respect to earnings per share, reflect risks, uncertainties and assumptions with respect to facts and circumstances that are beyond our control, in particular concerning interest rates, monetary policy and prevailing economic conditions during the relevant periods, any of which may differ materially from our assumptions about the applicable period, causing our actual operating results, to differ materially from the stated guidance. See “Note Regarding Forward-Looking Statements” and the sections entitled “Risk Factors” in our filings with the Securities and Exchange Commission which are available on NewtekOne's website (https://investor.newtekbusinessservices.com/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). Any forward looking statements made by or on behalf of NewtekOne speak only as to the date they are made, and NewtekOne does not undertake to update forward looking statements to reflect the impact of circumstances or events that arise after the date the forward looking statements were made.Note: Non-GAAP financial measure; reconciliation of non-GAAP financial measures to the most comparable GAAP measures are set forth starting on page 24.
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www.newtekone.com 3 •NewtekOne provides business and financial solutions to its target market of over 33 million independent business owners in the United States.• According to the U.S. Chamber of Commerce, small businesses employ nearly half of the American workforce and represent 43% of U.S. GDP; 99% of businesses in the United States identify as small businesses.• Over the last five and a half years, according to the U.S. Small Business Administration, NewtekOne, as one of the more active lenders in the SBA 7(a) loan program through its non-bank and bank subsidiaries, has supported and stabilized over 110,000 jobs, which is the second highest amount of jobs supported and stabilized of all lenders in the SBA 7(a) program.• In January 2023, NewtekOne acquired what is now known as Newtek Bank, N.A. (the “Bank”) so it could add depository solutions and real-time payments, in addition to its five core verticals that support this impactful client universe.• NewtekOne, as a financial holding company regulated by the Board of Governors of the Federal Reserve, utilizes proprietary and patented advanced technological solutions to acquire customers cost effectively.• NewtekOne provides a full menu of best-in-class, on-demand solutions to its independent business owner clientele without traditional bankers, branches, brokers, or business development officers.• NewtekOne is a technology oriented financial holding company owning and operating a digital bank that operates exclusively using online banking without traditional physical branch networks. NewtekOne, Inc. Mission Statement and Purpose
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www.newtekone.com 4 •Growth in Business Deposits at the Bank•Cost of Funds at the Bank Declined Dramatically and Forecasted to Continue to Come Down•Losses at Newtek Small Business Finance (“NSBF”) Continue to Shrink•Alternative Loan Program (“ALP”) Creating Value for NewtekOne, Important to its Success and Growth Aspirations•Operating Leverage Being Captured and Supporting Above-Average Profitability•A Portion of the $18 million of 1Q25 Unrealized Gains Converted into Realized Gains in 2Q25 on Sales of SBA 7(a) and 504 Loans 2Q25 Financial and Operational Successes
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www.newtekone.com 5 •2Q25 earnings.Basic and diluted EPS of $0.53and $0.52, respectively. 1H25 basic and diluted EPS of $0.89 and $0.87, respectively, are above the mid-point of our 1H25 guidance range of $0.78-$0.92/share•2025 guidance range of $2.10-$2.50/share unchanged.The range’s mid-point implies annual EPS growth of 17%.•Success in growing core deposits. Business deposits increased by $50 million, or19% Q/Q; core consumer deposits climbed 2% Q/Q. We are growing deposits without the use of traditional branches, bankers, brokers, or BDOs.•The earnings headwind from our non-bank SBA 7(a) lending subsidiary in wind-down - Newtek Small Business Finance (“NSBF”) - continues to get smaller. The loss from NSBF declined for a fourth consecutive quarter. With a 1H25 loss of $8.7 million, the drag from NSBF in 2025 is tracking to be materially lower than 2024’s $28.7 million loss; on a cost basis, nonaccruals within NSBF declined Q/Q.•Pricing of SBA loan sales were consistent with 1Q25 fair value marks.Newtek Bank sold $23.5 million of SBA 504 loans and $42.1 million of guaranteed portions of SBA 7(a) loans. The volume of 7(a) loans sold in 2Q25 was lower relative to our history given our current intent to extend the holding period of the government guaranteed portions of 7(a) loans, which are generating an attractive coupon of 10.5%.•Alternative Loan Program (“ALP”) is performing well. We completed a securitization of ALP loans in April, which marked our 3rd securitization of ALP loans and our 16th securitization overall; we expect to execute another ALP securitization in the fourth quarter as we rebuild on-balance sheet ALP loans after the April securitization. In June and July, Deutsche Bank and Capital One Bank upsized credit facilities that we use to fund and warehouse ALP loans before securitizations; the upsized facilities are expected to support growth of the ALP business, which is highly accretive, profitable, and complementary to our offerings of business and financial solutions.•Profitability, operating leverage remain on display.Our efficiency ratio1declined Y/Y from 66.3% to 60.3% with assets up 31% and operating expenses up just 4%; our return on average assets (“ROAA”)1, which was 2.50% for 2Q25, continues to trend well ahead of the industry. CEO 2Q Highlights 1Note: Non-GAAP financial measure; reconciliation of non-GAAP financial measures to the most comparable GAAP measures are set forth starting on page 24.
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www.newtekone.com 6 NewtekOne 2025 Annual ForecastAnnualForecastMidpoint2025Actual2024Full Year View(millions)$67.1$40.3Net Interest Income$50.1$26.2Loan Loss Provision$237.9$217.3Non-Interest Income$173.1$162.7Non-Interest Expense$19.8$17.8Income Taxes$62.1$50.9Net Income$60.5$49.3Net Income to Common$2.30$1.96Diluted Earnings Per Share4Q253Q252Q251Q25QuarterlyViewHighLowHighLowActualActual$0.80$0.65$0.75$0.60$0.52$0.35EPS3.50%2.85%3.40%2.70%2.50%1.81%ROAA1 28.5%23.0%26.3%20.9%19.4%13.9%ROTCE11Note: Non-GAAP financial measure; reconciliation of non-GAAP financial measures to the most comparable GAAP measures are set forth starting on page 24.
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www.newtekone.com 7 NewtekOne 2Q25 Financial HighlightsChangeY/Y2Q242Q25Highlights27%$10.5$13.3Net Income21%$0.43$0.52Diluted EPS13%$9.84$11.11Book/Share22%$8.68$10.55Tangible Book/Share1 35%$20.6$27.9Pre-Provision NetRevenue (“PPNR”)1,2ChangeY/Y2Q242Q25BalanceSheet70%$451.8$767.8Newtek BankLoans HFI(22)%$415.9$326.1NSBFLoans HFI114%$64.4$138.0ALPLoans HFS134%$174.8$408.9Non-ALPLoans HFS78%$610.4$1,083.8Deposits14%$274.0$312.2Equity24%$224.5$277.8Tang. CommonEquity (“TCE”)1 2Q25Profitability2.50%Return onAvg. Assets15.25%Pre-ProvisionROA1,217.4%Return onAvg. Equity119.4%Return onAvg. TCE160.3%EfficiencyRatio12Q25Capital / Credit14.7%Equity/Assets13.2%TCE/Tangible Assets14.3%Total CapitalRatio (NBNA)7.6%NPLs/Loans3.8%Adjusted NPLs/Loans*5.55%ACL/Loans HFI, at cost‘* Non-GAAP financial measure which excludes NSBF and includes ALP loans held off-balance sheet in securitization trusts sponsored by NALP Holdings and Newtek’s two JVs; refer to page 28 for reconciliation$ in millions, except per share metrics1 Non-GAAP financial measure; reconciliation of non-GAAP financial measures to the most comparable GAAP measures are set forth starting on page 24.2PPNR is a non-GAAP metric calculated based on total net revenue less non-interest expense before adjusting for the provision for credit losses for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
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www.newtekone.com 8 Newtek Bank, N.A. Financial Highlights2Q251Q254Q243Q242Q24Financial Performance3.94 %2.01 %6.17 %6.24 %6.41 %Return on Average Assets34.5 %18.6 %50.2 %48.5 %48.5 %Return on Average Equity35.7 %19.6 %50.7 %49.1 %49.0 %Return on Avg. Common Tang. Equity48.7 %48.2 %41.7 %39.4 %44.0 %Efficiency Ratio2Q251Q254Q243Q242Q24Margin Trends5.46 %4.90 %4.65 %5.27 %5.29 %Net Interest Margin (NIM)3.71 %3.99 %4.22 %4.19 %4.47 %Cost of Deposits2Q251Q254Q243Q242Q24Q/Q Growth8 %15 %20 %14 %13 %Loans HFI11 %17 %17 %14 %16 %Average Loans HFI7 %2 %40 %12 %17 %Deposits2 %19 %21 %12 %22 %Average Deposits2Q25*1Q254Q243Q242Q24Capital & Credit13.0 %13.4 %14.2 %15.5 %17.1 %Tier 1 Capital Ratio14.3 %14.6 %15.4 %16.8 %18.3 %Total Risk-Based Capital Ratio11.0 %10.5 %11.9 %13.3 %13.8 %Leverage Ratio2.31 %1.69 %3.51 %1.62 %1.32 %Accruing Loans Past Due 30+ Days / Total Loans4.83 %4.76 %3.24 %3.08 %2.50 %Nonaccruals / Total Loans5.55 %5.43 %4.87 %5.04 %4.67 %ACL/Loans HFI*Regulatory capital ratios are preliminary pending filing of NewtekOne Inc.’s and Newtek Bank N.A.'s regulatory reports.1Note: Non-GAAP financial measure; reconciliation of non-GAAP financial measures to the most comparable GAAP measures are set forth starting on page 24.
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www.newtekone.com 9 Tangible Book Value per Share Growth • TBV/share1 increased 3.7% Q/Q and 21.5% Y/Y . 1Note: Non-GAAP financial measure; reconciliation of non-GAAP financial measures to the most comparable GAAP measures are set forth starting on page 24.
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www.newtekone.com 10 Total Loans - NewtekOne, Newtek Bank, Joint Ventures• NewtekOne has loans on its balance sheet (“B/S”) from Newtek Bank and its non-bank subsidiaries.• In addition, there are ALP loans which we originated, continue to service and are held off our B/S in the securitization trusts sponsored by Newtek ALP Holdings and our two joint ventures. 1 Non-GAAP financial measure. 2Q251Q254Q243Q242Q24Loans ($000s)$ 767,827$ 711,166$ 621,651$ 518,489$ 451,829Newtek Bank -Loans HFI342,128224,899152,911142,659111,852Newtek Bank -Loans HFS326,113346,794369,746394,471415,893Holding Company -NSBF138,021294,468212,498102,94664,373Holding Company -ALP HFS66,75164,44065,68056,82362,916Holding Company -Other HFS$1,640,840$1,641,767$1,422,486$1,215,388$1,106,863Subtotal (on B/S)426,741240,886236,979261,365228,265ALP (off B/S)$2,067,581$1,882,653$1,659,465$1,476,753$1,335,128TOTAL1 2Q251Q254Q243Q242Q24Loans (% of TOTAL)37 %38 %37 %35 %34 %Newtek Bank -Loans HFI17 %12 %9 %10 %8 %Newtek Bank -Loans HFS16 %18 %22 %27 %31 %Holding Company -NSBF7 %16 %13 %7 %5 %Holding Company -ALP HFS3 %3 %4 %4 %5 %Holding Company -Other HFS21 %13 %14 %18 %17 %ALP (off B/S) 2Q25 Loan Mix
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www.newtekone.com 11 ALP Securitization• NewtekOne’s subsidiary NALP Holdings completed a securitization of ALP loans in April.• Because the transaction qualified for off-balance sheet treatment, on-balance sheet ALP loans declined from $294.5 million for 1Q25 to $138.1 million in 2Q25.• To finance the transaction, the securitization trust issued and sold $184 million of notes backed by $216 million of ALP loans; the transaction had an advance rate of 87% of the principal of ALP loans collateralizing the transaction.• The securitized ALP loans carry a weighted average coupon of 13.3% while the notes have a weighted average coupon of 6.6%, translating into a gross spread of 670 basis points and a net spread of 570 basis points after accounting for a servicing fee of 100 bps.• We intend to regularly execute ALP securitizations as ALP loan balances build on the balance sheet with new ALP originations; likely timing of next ALP securitization is 4Q25 given $138 million of ALP loans currently sitting on NewtekOne’s balance sheet.• In June and July, we amended and upsized warehouse facilities with Deutsche Bank and Capital One to support continued growth of the ALP business.• Mechanics of the transaction:◦ Unrealized gains on securitized loans were reversed. (impacted I/S line item = net gain/(loss) on loans under FV option)◦ Unrealized gain on retained 15% residual booked based on projected cash flows. (newly created I/S line = net gain on residuals in securitizations)◦ Servicing asset created.(impacted I/S line item = net gain on sale of loans)◦ Transactional expenses recorded and include ~$2.5 million of financing and legal costs.(impacted I/S line = net gain on residuals in securitizations)◦ Cash reserve established. (impacted I/S line = net gain on residuals in securitizations)
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www.newtekone.com 12 • More than 85% of Newtek Bank’s HFI loan portfolio is less than three years old. The portfolio of unguaranteed portions of SBA 7(a) loans, in particular, which tends to run with higher nonaccruals and to produce higher net charge-offs (which is offset by higher interest rates on the loans) is still climbing up the default curve and continuing to season.• Pace of nonaccrual increase at NSBF is slowing; NSBF portfolio is in wind-down mode.• Historically, as a non-bank lender, we generally retained loans that were in default as they progressed through a workout process to an ultimate liquidation. We are in the process of selling nonperforming loans to expedite their removal from the NSBF portfolio.• ALP loans are performing particularly well. Including ALP loans on-balance sheet and ALP loans off-balance sheet in securitization trusts sponsored by NALP Holdings and Newtek’s two JVs (loans which are serviced by Newtek Small Business Lending), ALP NPLs were less than 1% of total ALP loans at June 30, 2025.Credit Quality 2Q251Q254Q243Q242Q24$ 128,644$ 123,930$ 101,950$ 86,989$ 75,053Total Nonaccruals(on- and off-B/S)1 $ 2,067,581$ 1,882,653$ 1,659,465$ 1,476,753$ 1,335,128Total Loans(on-and off-B/S)1 6.2 %6.6 %6.1 %5.9 %5.6 %Nonacruals/Loans(on- and off-B/S)1 $ 66,696$ 64,285$ 44,132$ 36,445$ 28,461Total Nonaccrualsex NSBF1 $ 1,741,468$ 1,535,857$ 1,289,719$ 1,082,282$ 919,235Total Loansex NSBF1 3.8 %4.2 %3.4 %3.4 %3.1 %Nonaccruals/Loansex NSBF11Note: Non-GAAP financial measure; reconciliation of non-GAAP financial measure to the most comparable GAAP measure is set forth on page 28.
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www.newtekone.com 13 $ in thousands NSBF Headwind Subsiding2Q251Q254Q243Q242Q24$(3,772)$(4,954)$(10,723)$(10,791)$(6,250)NSBF Loss$4,242$5,725$8,882$12,271$15,863Net Increase in Non AccrualsBefore Charge Off—%—%8%17%28%% of Portfolio Aged< 24 Months$235,939$257,443$281,519$311,073$337,942Accruing Portfolio(at cost)20%21%26%32%38%NSBF Loans /Total On-Balance Sheet Loans• NSBF is the legacy non-bank subsidiary that holds a portfolio of SBA 7(a) loans which is in wind-down. The Company started to originate and portfolio SBA 7(a) loans within Newtek Bank in 2Q23.• NSBF run-off continues. Accruing portfolio down $102 million Y/Y , or roughly 30%.• Non-accrual inflows in NSBF portfolio hit a peak in 2Q24 and have decelerated for four consecutive quarters as the portfolio continues to season. 100% of NSBF portfolio is aged 24 months or more. Historically, loans aged less than 24 months carried higher probability of default.• We believe the loss from NSBF should continue to decrease as balances continues to decline and as the portfolio continues to season.
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www.newtekone.com Frank M. DeMaria, CFO
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www.newtekone.com 15 • Newtek Bank began originating SBA 7(a) loans in 2Q23.• SBA 7(a) unguaranteed portfolio comprises 61% of loans HFI at Newtek Bank vs. 0% for 1Q23.• The SBA 7(a) allowance for credit losses comprises 92% of the Bank’s ACL.• SBA 7(a) ACL / SBA 7(a) loans HFI = 8.32% as of June 30, 2025.SBA 7(a) Loan Portfolio at Newtek Bank, N.A. $ Mix of NBNA Loans HFI% Mix of NBNA Loans HFI Mix of NBNA Allowance for Credit Losses Mix of ACL
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www.newtekone.com 16 Deposits• Q/Q deposit changes: business +$50 million (+19%), core consumer +$14 million (+2%), wholesale $16 million (+33%).• Newtek Bank’s cost of deposits of 3.71% (down 29 bps Q/Q and 76 bps Y/Y) is more comfortable to us than peer average <2% given ease of moving deposits with a click of a mouse or swipe of a finger and our lower cost of deposit acquisition.• Consumer and commercial deposit account customers receive competitive market rates on deposits; commercial customers also get our business portal, The Newtek Advantage®, to help them manager their businesses.• Newtek Bank loan/deposit ratio = 93% (includes loans HFI and HFS); insured deposits = 78% Deposit Trends1 1 Deposits include affiliate deposits of $60M for 4Q23, $54M for 1Q24, $56M for 2Q24, $101M for 3Q24, $91M for 4Q24, $101M for 1Q25, and $88M for 2Q25. 2Q25 Deposit Mix
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www.newtekone.com 17 Industry-Leading Pre-Provision Net Revenue 1 Non-GAAP financial measure; reconciliation of non-GAAP financial measures to the most comparable GAAP measures are set forth starting on page 24.2PPNR is a non-GAAP metric calculated based on total net revenue less non-interest expense before adjusting for the provision for credit losses for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. • NewtekOne’s PPNR1, defined as the sum of net interest income and non-interest income less expenses before adjusting for provisions for credit losses, was 5.25% for 2Q25 vs. 5.33% for 2Q24.• The relative strength of NewtekOne’s earnings stream is a function of our wider lending margins, our sources of “capital-light” non-interest income, and our lower cost expense infrastructure.• NewtekOne’s total revenue, defined as the sum of net interest income and noninterest income, was $70.2 million for 2Q25, up 15% over $61.1 million for 2Q24.
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www.newtekone.com 18 • Scalability of NewtekOne’s operating model evidenced by 2Q25 operating expenses increasing just 4.3% Y/Y on growth of 37.4% in average assets.• Efficiency ratio1 declined Y/Y from 66.3% for 2Q24 to 60.3% for 2Q25.Operating Leverage Being Captured Efficiency Ratio1 Noninterest Expense 1Note: Non-GAAP financial measure; reconciliation of non-GAAP financial measures to the most comparable GAAP measures are set forth starting on page 24.
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www.newtekone.com 19 Average Net Premium From SBA 7(a) Loan Sales • For the three months ended June 30, 2025, the weighted average net premium received on the sale of guaranteed portions of SBA 7(a) loans was 111%.• The market clearing premium of guaranteed portions of SBA 7(a) loans is forecasted to be 110% for the second half of 2025.• ALP loan originations for the second half of 2025 are expected to approximate $250 million.Note: Net premiums received on the sale of guaranteed portions of SBA 7(a) loans are recorded as net gains on sale of the guaranteed portions of SBA 7(a) loans originated in the consolidated statements of operations. Premiums above 10% are split 50/50 with the SBA as reflected above.
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www.newtekone.com 20 Adjusted Net Interest MarginFor the Three Months Ended June 30, 2024For the Three Months Ended June 30, 2025AverageYield/CostInterestInc./Exp.AverageBalanceAverageYield/CostInterestInc./Exp.AverageBalance4.33 %3,131292,972Interest-earning balances3.67 %2,011219,898Interest-earning balances4.77 %27623,462Investment securities6.05 %21414,186Investment securities9.06 %34,4831,543,787Loans8.15 %33,3541,641,304Loans8.26 %37,8901,860,221Interest-earning assets7.61 %35,5791,875,387Interest-earning assets4.18 %9,845956,093Interest-bearing deposits3.70 %9,3571,014,961Interest-bearing deposits3.10 %10413,594Borrowings - NBNA3.29 %8310,114Borrowings - NBNA8.22 %7,607375,103Unsecured notes - HC8.26 %7,728375,327Unsecured notes - HC7.64 %3,367178,731NSBF securitization - HC7.77 %3,180164,133NSBF securitization - HC7.09 %3,034173,589Other borrowings - HC5.43 %2,247166,086Other borrowings - HC7.72 %14,112741,017Borrowings7.42 %13,238715,660Borrowings5.72 %23,9571,697,110Interest-bearing liabilities5.24 %22,5951,730,621Interest-bearing liabilities3.04 %13,9331,860,221Avg. Earning Assets / NIM12.78 %12,9841,875,387Avg. Earning Assets / NIM1 11.27 %6,640238,933Off-B/S AEA12.19 %11,854389,892Off-B/S AEA7.88 %2,983153,499Off-B/S IBL7.44 %5,007269,902Off-B/S IBL3.40 %17,5902,099,154Adjusted AEA / NIM3.51 %19,8312,265,279Adjusted AEA / NIM• The net interest margin compressed Q/Q by 26 basis points due to higher yielding ALP loans moving off the balance sheet into a securitization trust.• Adjusting for earning assets and interest-bearing liabilities in securitizations off balance sheet, the net interest margin expanded 11 basis points Q/Q.1Note: Non-GAAP financial measure; reconciliation of non-GAAP financial measures to the most comparable GAAP measures are set forth starting on page 24.
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www.newtekone.com Frank M. DeMaria, CFOMD&A
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www.newtekone.com Appendix
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www.newtekone.com 23 Public Market Comparables (1) Source: S&P Capital IQ as of 7/25/25(2) 2025 and 2026 ROA and EPS are based upon consensus average estimates
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www.newtekone.com GAAP to Non-GAAP Reconciliations
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www.newtekone.com 251 Non-GAAP financial measure2PPNR is a non-GAAP metric calculated based on total net revenue less non-interest expense before adjusting for the provision for credit losses for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. As of and for the three months endedNewtekOne, Inc.June 30, 2024March 31, 2025June 30, 2025(dollars and number of shares in thousands)Return on Average Equity and Average Tangible Common Equity$10,945$9,367$13,303Numerator: Net Income (GAAP)384117307Tax-adjusted amortization of intangibles(400)(400)(400)Dividend on preferred equity10,9299,08413,210Numerator: Adjusted net income258,326299,308307,257Average Total Shareholders' Equity1 19,73819,73819,738Deduct: Preferred Stock (GAAP)238,588279,570287,519Average Common Shareholders' Equity1 17.0%12.7%17.4%Return on Average Common Equity29,88315,13014,692Deduct: Average Goodwill and Intangibles1 $208,705$264,440$272,827Denominator: Average Tangible Common Equity1 21.1%13.9%19.4%Return on Average Tangible Common Equity1Return on Average Assets$10,945$9,367$13,303Numerator: Net Income (GAAP)1,551,0092,098,3252,131,477Denominator: Average Assets1 2.84%1.81%2.50%Return on Average Assets1Pre-Provision Net Revenue (PPNR)$14,783$11,649$18,772Net Income before Taxes (GAAP)5,79913,5059,117Add: Provision for Credit Losses (GAAP)$20,582$25,154$27,889Pre-Provision Net Revenue1,2Pre-Provision Return on Average Assets (PPROA)$20,582$25,154$27,889Pre-Provision Net Revenue1,21,551,0092,098,3252,131,477Denominator: Average Assets1 5.34%4.86%5.25%Pre-Provision Return on Average Assets1
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www.newtekone.com 26 As of and for the three months endedNewtekOne, Inc.June 30, 2024March 31, 2025June 30, 2025(dollars and number of shares in thousands)Efficiency Ratio$40,564$41,177$42,309Numerator: Non-Interest Expense (GAAP)9,12613,93312,984Net Interest Income (GAAP)52,02052,39857,214Non-Interest Income (GAAP)$61,146$66,331$70,198Denominator: Total Income66.3%62.1%60.3%Efficiency Ratio1Net Interest Margin9,12613,93312,984Net interest income1,356,9561,860,2211,875,387Average interest-earning assets2.70%3.04%2.78%Net Interest Margin1Tangible Book Value Per Share$274,002$302,334$312,179Total Shareholders' Equity (GAAP)29,78314,71114,672Deduct: Goodwill and Intangibles (GAAP)$244,219$287,623$297,507Numerator: Total Tangible Book Value1 25,85226,34326,317Denominator: Total Number of Shares Outstanding$9.45$10.92$11.30Tangible Book Value Per Share1Tangible Book Value Per Common Share$244,219$287,623$297,507Total Tangible Book Value1 19,73819,73819,738Deduct: Preferred Stock (GAAP)$224,481$267,885$277,769Numerator: Tangible Book Value Per Common Share1 25,85226,34326,317Denominator: Total Number of Shares Outstanding$8.68$10.17$10.55Tangible Book Value Per Common Share11 Non-GAAP financial measure
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www.newtekone.com 27 As of and for the three months endedNewtek Bank, NAJune 30, 2024March 31, 2025June 30, 2025(dollars in thousands)Return on Average Tangible Common Equity$12,465$6,022$12,268Net Income (GAAP)333028Tax-adjusted amortization of intangibles12,4986,05212,296Numerator: Adjusted net income103,678132,202142,811Average Total Shareholders' Equity1 48.5%18.6%34.5%Return on Average Equity1,0526,9354,625Deduct: Average Goodwill and Intangibles1 $102,626$125,267$138,186Denominator: Tangible Average Common Equity1 49.0%19.6%35.7%Return on Average Tangible Common Equity1Return on Average Assets$12,465$6,022$12,268Numerator: Net Income (GAAP)782,1381,217,1791,247,624Denominator: Average Assets1 6.4%2.0%3.9%Return on Average Assets1Efficiency Ratio$17,354$20,134$23,639Numerator: Non-Interest Expense (GAAP)9,25812,76614,576Net Interest Income (GAAP)31,68828,97034,016Non-Interest Income (GAAP)$40,946$41,754$48,581Denominator: Total Income42.4%48.2%48.7%Efficiency Ratio1Net Interest Margin9,25814,31616,260Net interest income (GAAP)768,2401,184,7861,195,121Average interest-earning assets4.85%4.90%5.46%Net Interest Margin1Cost of Deposits7,04610,0329,566Interest Expense on deposits (GAAP)633,9501,019,4771,034,940Average deposits4.47%3.99%3.71%Cost of Deposits11 Non-GAAP financial measure
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www.newtekone.com 281 Non-GAAP financial measure.2 Note total loans on-balance sheet remained consistent March 31,2025 to June 30, 2025 as $216 million of ALP loans were sold into the underlying trust of NALP 2025-1, which reduced the on-balance sheet balances of ALP loans held for sale due to the loans being sold into this special purpose vehicle. As of and for the three months endedNewtekOne, Inc.June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024124,723113,91691,89579,43767,533Nonperforming Loans (NPLs)On-Balance Sheet (GAAP)1,640,8401,641,7671,422,4861,215,3881,106,863Total LoansOn-Balance Sheet (GAAP)2 7.6 %6.9 %6.5 %6.5 %6.1 %NPLs/LoansOn-Balance Sheet (GAAP)128,644123,930101,95086,98975,053Total Nonaccruals(on- and off-B/S)1 2,067,5811,882,6531,659,4651,476,7531,335,128Total Loans(on-and off-B/S)1 6.2 %6.6 %6.1 %5.9 %5.6 %Nonacruals/Loans(on- and off-B/S)1 66,69664,28544,13236,44528,461Total Nonaccrualsex NSBF11,741,4681,535,8571,289,7191,082,282919,235Total Loansex NSBF1 3.8 %4.2 %3.4 %3.4 %3.1 %Nonaccruals/Loansex NSBF1