NewtekOne, Inc. (NASDAQ:NEWT) Q3 2023 Earnings Conference Call November 8, 2023 8:30 AM ET
Company Participants
Barry Sloane - President & CEO
Scott Price - CFO, NewtekOne HoldCo and Newtek Bank National Association
Nicholas Leger - EVP & CAO
Conference Call Participants
Christopher Nolan - Ladenburg Thalmann & Co.
Michael Perito - KBW
Scott Sullivan - Raymond James
Bryce Roe - B. Riley
Operator
Good day, and thank you for standing by. Welcome to the NewtekOne, Incorporated. Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Barry Sloane, Chief Executive Officer. Please go ahead.
Barry Sloane
Good morning, everyone and welcome to our third quarter 2023 financial results conference call. My name is Barry Sloane, President and CEO, Chairman of the Board of NewtekOne, Inc., a NASDAQ Company. Also presenting on today's call is Nicholas Leger, EVP and Chief Accounting Officer of NewtekOne; Scott Price, Chief Financial Officer of NewtekOne and Newtek Bank National Association. We also have attending the call Nick Young, the President and Chief Operating Officer of Newtek Bank N.A.
For those of you that would like to follow along in the presentation today, we welcome you to go to our website, newtekone.com. NEWTKONE.com. While you're there, you might want to peruse the Newtek Advantage, which is our important business banking portal. However, today I'd like to direct you to the Investor Relations section where our conference call deck is being hung (ph).
On Slide number 1, we have our note regarding forward-looking statements. We'd like you all to be familiar with the contents of that particular slide.
On Slide number 2, we start off with Newtek Bank National Association summary financial highlights. One of the things we wanted to focus on today was the Bank metrics that are really coming in as planned and very nicely. Our net interest margin from Q2 2023 grew sequentially from 3.19% to 3.49%. Our return on assets, 4.93% to 5.32%, return on tangible common equity 32.1% to 39%, and efficiency ratio dropped from 58.7% to 49%.
These are metrics you're typically not seeing in the banking industry or financial holding company industry today and that is because of our unique business model, the things that we do. The assets that we generate are high yielding net of loss severity and frequency over time. And this is the second quarter that we reported as a full bank holding company owning a bank.