Newtek Bank deposits exceed $1.0B, up 97% YoY and $884M since Jan 2023

NewtekOne, Inc.

Total deposits $1.03B at Dec 31, 2024, up 97% YoY; increased $884M since acquisition in Jan 2023.
Core business deposits $216M, up 96% YoY; 950 new business checking accounts added in Q4 2024.
Deposit base grew to ~15,000 accounts from 1,400 at acquisition; 78% of deposits are insured.
CEO highlights bank's low efficiency ratio below 40% in Q3 2024 and digital account opening.
Bank transformed from single-branch wholesale-funded to fully digital, tech-enabled franchise.

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