NewtekOne, Inc. (NASDAQ:NEWT) Q2 2024 Earnings Conference Call August 6, 2024 8:30 AM ET

Company Participants

Barry Sloane - President, Chairman and Chief Executive Officer
Scott Price - Chief Financial Officer
Frank Di Maria - Chief Accounting Officer
Nicolas Young - President and Chief Operating Officer, Newtek Bank, N.A

Conference Call Participants

Crispin Love - Piper Sandler
Tim Switzer - KBW
Steve Moss - Raymond James
Christopher Nolan - Ladenburg Thalmann
Bryce Rowe - B. Riley

Operator

Good day and thank you for standing by. Welcome to the NewtekOne, Inc. Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' 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 first speaker for today, Barry Sloane, CEO and President. Barry?

Barry Sloane

Thank you, operator and everybody for attending our Q1 -- Second Quarter 2024 Financial Results Conference Call.

Joining me today is Scott Price, the Chief Financial Officer at NewtekOne and Newtek Bank National Association. Also attending is Nick Young, President and Chief Operating Officer of Newtek Bank, N.A.

For those of you who'd like to follow along to our call today, please go to our website, Newtekone.com or the Investor Relations section on the presentation, and our PowerPoint presentation is hung there today.

I'd like you to draw your attention to slide number one on a note regarding forward-looking statements. On slide number two, today, we'll be talking about significant events that occurred in Q2 2024. We announced last night at the close of the market, second quarter 2024 earnings of $0.43 earnings per share basic and diluted comment. Important to note that according to Bloomberg, which had a consensus of our analysts at $0.405, that was a nice beat for us with a revenue estimate on Bloomberg of $60.6 million, I think we are about at that number.

Second bullet is reconfirming 2024 full EPS guidance of $1.85 to $2.05 for basic and diluted. Given the events of the last few trading days, Thursday, Friday, Monday, we are very comfortable with the range, and we'd love to get a little bit more clarity on what's going to happen in the world before we make any adjustments to that.

Important to note, quarterly deposit growth at the bank over the last quarter was approximately 17%, second quarter sequential total loan growth over the last quarter 13% of the bank. We find these numbers to be terrific, particularly given that the industry averages are about flat.