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Today, NewtekOne, Inc. (NASDAQ:NEWT), a company operating in the national commercial banking industry with a market capitalization of $318 million, announced the retirement of Salvatore Mulia from its Board of Directors. According to InvestingPro analysis, the company maintains a GOOD financial health score, suggesting robust governance practices. Mulia, who has served on the board since 2004, retired effective April 1, 2025. Concurrent with his departure, the board has reduced its size from eight to seven members.
Fernando Perez-Hickman, an existing member of the NewtekOne Board, has been appointed to the Audit Committee to fill the vacancy left by Mulia. The announcement, made through a recent 8-K filing with the Securities and Exchange Commission, did not specify a reason for Mulia’s retirement.
NewtekOne, headquartered in Boca Raton, Florida, and incorporated in Maryland, is listed on the Nasdaq Global Market LLC under the ticker symbol NEWT. The company also has several notes registered on the exchange, including 5.50% Notes due 2026, 8.00% Notes due 2028, 8.50% Notes due 2029, and 8.625% Notes due 2029.
The changes to the board come as part of the company’s governance and oversight practices. The reduction in the number of directors and the appointment of Perez-Hickman to the Audit Committee reflect the company’s ongoing adjustments to its leadership structure.
The information reported here is based on the latest SEC filing by NewtekOne, Inc. and provides investors and the public with the most recent developments regarding the company’s board composition.
In other recent news, NewtekOne, Inc. reported its fourth-quarter 2024 financial results, exceeding market expectations with an earnings per share (EPS) of $0.69, surpassing the forecasted $0.66. The company’s revenue reached $75.37 million, outperforming the anticipated $68.14 million, highlighting strong sales execution. NewtekOne also completed a $30 million exempt offering of 8.375% notes due in 2030, intending to use the proceeds to refinance existing debt and support general corporate activities. In conjunction with this financial maneuver, Egan-Jones Ratings Company upgraded NewtekOne’s credit rating from "BBB+" to "A-", citing robust shareholder equity and improved efficiency ratios as key factors.
Additionally, NewtekOne appointed John O’Connor as the Chief Revenue Officer of its payment processing subsidiary, Newtek Merchant Solutions. O’Connor, with extensive experience in financial services, aims to integrate the subsidiary’s services with NewtekOne’s broader business offerings. The company anticipates $1 billion in loan originations for 2025, with projected EPS ranging from $2.10 to $2.50 for the year. Analyst firms like Keefe, Bruyette & Woods, Inc., and Raymond (NSE:RYMD) James & Associates, Inc. were involved as placement agents in the recent financial transactions. These developments reflect NewtekOne’s ongoing efforts to enhance its market position and financial performance.
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