NewtekOne, Inc. (NASDAQ:NEWT) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET
Company Participants
Barry Sloane - President and CEO
Nicholas Leger - CAO
Scott Price - CFO, NewtekOne HoldCo and Newtek Bank National Association
Conference Call Participants
Crispin Love - Piper Sandler
Michael Perito - KBW
Bryce Roe - B. Riley
Scott Sullivan - Raymond James
Christopher Nolan - Ladenburg Thalmann & Co.
Operator
Good day and thank you for standing by. Welcome to the Newtek One, Inc. Second Quarter 2023 Earnings Conference Call. At this time, all participants are in listening-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, Chairman and CEO. Please go ahead.
Barry Sloane
Thank you operator, and good morning everyone and welcome to our second quarter 2023 financial results conference call. Everybody listening in, you can follow along on the PowerPoint presentation by going to our website newtekone.com; go to About, go to Investor Relations section and you will see the PowerPoint presented there.
Also joining me on today’s call is Nick Leger, our Chief Accounting Officer of NewtekOne; Scott Price, our Chief Financial Officer of NewtekOne and Newtek Bank, National Association; and Nick Young, President and Chief Operating Officer of Newtek Bank.
We're pleased to report in the second quarter, as a financial holding company. Obviously, for those of you that are somewhat familiar with the story, some of you are not, we recently converted from a business development corporation with the acquisition of National Bank of New York City on January 6th. Therefore, some of the usual comparisons you'll see and an earnings presentation make it a little bit more difficult. For example, comparing this quarter this year to this quarter last year when we were a BDC, given different accounting gyrations is difficult. You can obviously get that information by, looking towards our 10-Q, which will be published shortly after this call, as well as some of the financial information that we provided in the press release.
I think it's also important to note that we've been now a bank for a little over six months. We acquired National Bank of New York City on January 6th, a 59 to 60 year old financial institution that had a very different business model. It was a smallish bank, a community bank, lending locally in its market, which had a big hill [ph] decline and a lot of wind in our face, and we are really thrilled that we've been able to hit the ground running with a great management team, a great business model, loyal customers, and tremendous vendors and providers that really enabled us to, I think, produce tremendous six month results for our first six months positioning the company as a financial holding company.