2023 Q4 Form 10-Q Financial Statement

#000158798723000225 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $58.48M $52.95M $38.35M
YoY Change 94.7% 38.08% 21.04%
Cost Of Revenue $4.168M $4.820M
YoY Change
Gross Profit $54.31M $48.13M
YoY Change
Gross Profit Margin 92.87% 90.9%
Selling, General & Admin $25.87M $26.18M $16.40M
YoY Change 32.52% 59.63% 18.38%
% of Gross Profit 47.62% 54.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $613.0K $812.0K $57.00K
YoY Change 956.9% 1324.56% -20.83%
% of Gross Profit 1.13% 1.69%
Operating Expenses $30.74M $29.72M $16.46M
YoY Change 57.05% 80.58% 18.18%
Operating Profit $23.57M $18.41M
YoY Change
Interest Expense -$18.07M $18.66M -$10.41M
YoY Change 182.58% -279.26% -711.22%
% of Operating Profit -76.66% 101.35%
Other Income/Expense, Net $12.75M $13.25M -$118.0K
YoY Change -302.8% -11328.81% -95.85%
Pretax Income $17.98M $12.99M $11.36M
YoY Change -909.36% 14.33% -31.61%
Income Tax $4.623M $3.011M $118.0K
% Of Pretax Income 25.71% 23.18% 1.04%
Net Earnings $12.96M $9.975M $11.36M
YoY Change -683.08% -12.21% -31.61%
Net Earnings / Revenue 22.15% 18.84% 29.63%
Basic Earnings Per Share $0.38 $0.47
Diluted Earnings Per Share $0.53 $0.38 $467.6K
COMMON SHARES
Basic Shares Outstanding 24.65M shares 24.67M shares 24.36M shares
Diluted Shares Outstanding 24.66M shares 24.30M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.1M $256.8M $7.355M
YoY Change 185.12% 3391.92% -63.58%
Cash & Equivalents $139.2M $223.7M $82.13M
Short-Term Investments $32.17M $33.14M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $215.3M $217.0M $79.94M
YoY Change 291.27% 171.47% -8.03%
LONG-TERM ASSETS
Property, Plant & Equipment $5.701M $6.000M $6.381M
YoY Change -12.08% -5.97% -16.16%
Goodwill $25.89M $21.10M
YoY Change
Intangibles
YoY Change
Long-Term Investments $718.4M $687.1M $512.7M
YoY Change 36.63% 34.02% 14.05%
Other Assets $31.38M $79.40M $74.78M
YoY Change -56.36% 6.18% -59.12%
Total Long-Term Assets $1.207B $1.163B $926.6M
YoY Change 27.9% 25.56% -3.12%
TOTAL ASSETS
Total Short-Term Assets $215.3M $217.0M $79.94M
Total Long-Term Assets $1.207B $1.163B $926.6M
Total Assets $1.422B $1.380B $1.007B
YoY Change 42.41% 37.15% -3.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.59M $38.80M $11.84M
YoY Change 76.07% 227.7% 16.62%
Accrued Expenses $6.952M $7.300M $7.945M
YoY Change -12.81% -8.12% -15.57%
Deferred Revenue
YoY Change
Short-Term Debt $463.5M $432.6M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $534.6M $504.7M $56.29M
YoY Change 722.21% 796.54% -66.97%
LONG-TERM LIABILITIES
Long-Term Debt $644.1M $648.7M $545.5M
YoY Change 19.43% 18.91% 10.58%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $644.1M $648.7M $545.5M
YoY Change 19.43% 18.91% 10.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $534.6M $504.7M $56.29M
Total Long-Term Liabilities $644.1M $648.7M $545.5M
Total Liabilities $1.179B $1.153B $614.7M
YoY Change 89.04% 87.62% -9.24%
SHAREHOLDERS EQUITY
Retained Earnings $28.05M $14.27M
YoY Change 36.02%
Common Stock $492.0K $491.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $243.7M $227.0M $391.8M
YoY Change
Total Liabilities & Shareholders Equity $1.422B $1.380B $1.007B
YoY Change 42.41% 37.15% -3.52%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $12.96M $9.975M $11.36M
YoY Change -683.08% -12.21% -31.61%
Depreciation, Depletion And Amortization $613.0K $812.0K $57.00K
YoY Change 956.9% 1324.56% -20.83%
Cash From Operating Activities -$19.94M $110.5M -$62.41M
YoY Change -130.59% -277.05% -312.35%
INVESTING ACTIVITIES
Capital Expenditures $158.0K $200.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$49.08M -$50.30M
YoY Change
Cash From Investing Activities -$49.24M -$50.50M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.47M -70.30M 18.52M
YoY Change -235.82% -479.63% -26.38%
NET CHANGE
Cash From Operating Activities -19.94M 110.5M -62.41M
Cash From Investing Activities -49.24M -50.50M 0.000
Cash From Financing Activities 29.47M -70.30M 18.52M
Net Change In Cash -39.70M -10.30M -43.89M
YoY Change -191.32% -76.53% -180.48%
FREE CASH FLOW
Cash From Operating Activities -$19.94M $110.5M -$62.41M
Capital Expenditures $158.0K $200.0K $0.00
Free Cash Flow -$20.10M $110.3M -$62.41M
YoY Change -130.84% -276.73% -312.35%

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-3964000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
54000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
183000 usd
us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
32452000 usd
us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
49953000 usd
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
1970000 usd
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
0 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-417000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3028000 usd
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
7339000 usd
newt Lower Of Cost Or Market Adjustment
LowerOfCostOrMarketAdjustment
-139000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2029000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-8934000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
175000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2517000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
181000 usd
us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
533117000 usd
us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
534378000 usd
us-gaap Payments To Purchase Loans Held For Sale
PaymentsToPurchaseLoansHeldForSale
0 usd
us-gaap Payments To Purchase Loans Held For Sale
PaymentsToPurchaseLoansHeldForSale
602000 usd
newt Payments For Funding Of Investment Operating Activity
PaymentsForFundingOfInvestmentOperatingActivity
532993000 usd
newt Proceeds From Principal Received On Loans Held For Sale
ProceedsFromPrincipalReceivedOnLoansHeldForSale
8204000 usd
newt Proceeds From Principal Received On Loans Held For Sale
ProceedsFromPrincipalReceivedOnLoansHeldForSale
65551000 usd
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
0 usd
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
9741000 usd
newt Payments For Contributions To Joint Ventures
PaymentsForContributionsToJointVentures
14550000 usd
newt Payments For Contributions To Joint Ventures
PaymentsForContributionsToJointVentures
0 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2174000 usd
us-gaap Increase Decrease In Brokerage Receivables
IncreaseDecreaseInBrokerageReceivables
27097000 usd
newt Increase Decrease In Capitalized Servicing Asset
IncreaseDecreaseInCapitalizedServicingAsset
140000 usd
newt Increase Decrease In Capitalized Servicing Asset
IncreaseDecreaseInCapitalizedServicingAsset
0 usd
newt Increase Decrease In Due From Due To Related Parties
IncreaseDecreaseInDueFromDueToRelatedParties
-391000 usd
newt Increase Decrease In Due From Due To Related Parties
IncreaseDecreaseInDueFromDueToRelatedParties
3807000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-7461000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1340000 usd
newt Increase Decrease In Dividends Payable
IncreaseDecreaseInDividendsPayable
4769000 usd
newt Increase Decrease In Dividends Payable
IncreaseDecreaseInDividendsPayable
0 usd
newt Increase Decrease In Due To Participants
IncreaseDecreaseInDueToParticipants
-14392000 usd
newt Increase Decrease In Due To Participants
IncreaseDecreaseInDueToParticipants
-111565000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-24082000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
723000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
0 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
6000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-116690000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-127593000 usd
newt Payments To Acquire Loans Held For Investment At Fair Value
PaymentsToAcquireLoansHeldForInvestmentAtFairValue
-12259000 usd
newt Payments To Acquire Loans Held For Investment At Fair Value
PaymentsToAcquireLoansHeldForInvestmentAtFairValue
0 usd
newt Proceeds From Loans Held For Investment At Cost
ProceedsFromLoansHeldForInvestmentAtCost
-115968000 usd
newt Proceeds From Loans Held For Investment At Cost
ProceedsFromLoansHeldForInvestmentAtCost
0 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
293000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11000 usd
us-gaap Increase Decrease In Loans To Federal Home Loan Banks
IncreaseDecreaseInLoansToFederalHomeLoanBanks
0 usd
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
0 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11000 usd
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
17500000 usd
newt Increase Decrease In Deposit Liabilities
IncreaseDecreaseInDepositLiabilities
0 usd
newt Repayment Of Federal Home Loan Bank Advances
RepaymentOfFederalHomeLoanBankAdvances
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
726000 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
0 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-11300000 usd
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
103860000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
9378000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4556000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2405000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
521000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
829000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
315488000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22876000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
75781000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-104728000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
125606000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
186860000 usd
CY2023Q3 newt Consolidation Of Cash From Investments
ConsolidationOfCashFromInvestments
22306000 usd
CY2022Q3 newt Consolidation Of Cash From Investments
ConsolidationOfCashFromInvestments
0 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82132000 usd
us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
2195000 usd
us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
1646000 usd
newt Dividends Incurred But Not Yet Paid
DividendsIncurredButNotYetPaid
4363000 usd
newt Dividends Incurred But Not Yet Paid
DividendsIncurredButNotYetPaid
2998000 usd
us-gaap Stock Issued1
StockIssued1
219000 usd
us-gaap Stock Issued1
StockIssued1
922000 usd
us-gaap Interest Paid Net
InterestPaidNet
48282000 usd
us-gaap Interest Paid Net
InterestPaidNet
18344000 usd
CY2023Q2 newt Sba Obligations Secured Fund
SBAObligationsSecuredFund
10000000 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified to conform to the current period presentation.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates in the Preparation of Financial Statements</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.</span></div>
CY2021Q4 us-gaap Cash
Cash
2397000 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
71914000 usd
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
184463000 usd
CY2022Q3 us-gaap Due From Banks
DueFromBanks
0 usd
CY2022Q4 us-gaap Due From Banks
DueFromBanks
0 usd
CY2021Q4 us-gaap Due From Banks
DueFromBanks
0 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
223693000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82132000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
125606000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
186860000 usd
us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:112%">Allowance for Credit Losses – Loans</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Accounting Standards Update (“ASU”) 2016-13, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> (“CECL”) approach requires an estimate of the credit losses expected over the life of a loan (or pool of loans). It replaces the incurred loss approach’s threshold that required the recognition of a credit loss when it was probable a loss event was incurred. The allowance for credit losses is a valuation account that is deducted from, or added to, the loans’ amortized cost basis to present the net, lifetime amount expected to be collected on the loans. Loan losses are charged off against the allowance when management believes a loan balance is confirmed to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Management estimates the allowance balance using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Company historical loss experience was supplemented with peer information when there was insufficient loss data for the Company. Peer selection was based on a review of institutions with comparable loss experience as well as loan yield, bank size, portfolio concentration and geography. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as changes in environmental conditions, such as changes in unemployment rates, production metrics, property values, or other relevant factors. Significant management judgment is required at each point in the measurement process.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management developed segments for estimating loss based on type of borrower and collateral which is generally based upon federal call report segmentation and have been combined or sub-segmented as needed to ensure loans of similar risk profiles are appropriately pooled. These portfolio segments are as follows:</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Commercial Real Estate</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:112%">: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The commercial real estate portfolio is comprised of loans to borrowers on small offices, owner-occupied commercial buildings, industrial/warehouse properties, income producing/investor real estate properties, and multi-family loans secured by first mortgages. The Company’s underwriting standards generally target a loan-to-value ratio of 75%, depending on the type of collateral, and requires debt service coverage of a minimum of 1.2 times.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Commercial &amp; Industrial: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The commercial &amp; industrial portfolio consists of loans made for general business purposes consisting of short-term working capital loans, equipment loans and unsecured business lines. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:107%">SBA 7(a): </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The SBA 7(a) portfolio includes loans originated under the federal Section 7(a) loan program. The SBA is an independent government agency that facilitates one of the nation’s largest sources of SMB financing by providing credit guarantees for its loan programs. SBA 7(a) loans are partially guaranteed by the SBA, with SBA guarantees typically ranging between 50% and 90% of the principal and interest due. Under the SBA’s 7(a) lending program, a bank or other lender may underwrite loans between $5,000 and $5.0 million for a variety of general business purposes based on the SBA’s loan program requirements. The guaranteed portion of the loans are held for sale and carried at LCM and therefore are not subject to CECL. The unguaranteed portion of the loans are held on balance sheet at amortized cost and are subject to CECL.</span></div>
CY2023Q3 newt Financing Receivable Loan To Value Ratio
FinancingReceivableLoanToValueRatio
0.75
CY2023Q3 newt Debt Instrument Service Coverage Ratio Minimum
DebtInstrumentServiceCoverageRatioMinimum
1.2
newt Financing Receivable Weighted Average Life
FinancingReceivableWeightedAverageLife
P5Y
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
800000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q3 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P3Y
CY2023Q3 newt Number Of Sponsor Banks
NumberOfSponsorBanks
2 sponsorbank
CY2023Q3 newt Number Of Merchant Processors
NumberOfMerchantProcessors
1 merchantprocessor
CY2023Q3 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
8700000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
19200000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2023Q3 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
39225000 usd
CY2023Q3 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
42073000 usd
CY2022Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
156169000 usd
CY2022Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
283599000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss
33420000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
281000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
33138000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
100000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
33138000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
281000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
5 loan
CY2023Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
33138000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
281000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
30420000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
30321000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
0 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
0 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
3000000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
2817000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
0 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
0 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
33420000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
33138000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
0 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
0 usd
CY2023Q3 newt Pledged Financial Instruments Not Separately Reported Debt Securities Available For Sale
PledgedFinancialInstrumentsNotSeparatelyReportedDebtSecuritiesAvailableForSale
30720000 usd
CY2022Q4 newt Pledged Financial Instruments Not Separately Reported Debt Securities Available For Sale
PledgedFinancialInstrumentsNotSeparatelyReportedDebtSecuritiesAvailableForSale
0 usd
CY2023Q3 newt Financing Receivable Before Allowance For Credit Loss Amortized Cost Industry Loans
FinancingReceivableBeforeAllowanceForCreditLossAmortizedCostIndustryLoans
508381000 usd
CY2023Q3 newt Financing Receivable Before Allowance For Credit Loss Fair Value Industry Loans
FinancingReceivableBeforeAllowanceForCreditLossFairValueIndustryLoans
492987000 usd
CY2022Q4 newt Financing Receivable Before Allowance For Credit Loss Amortized Cost Industry Loans
FinancingReceivableBeforeAllowanceForCreditLossAmortizedCostIndustryLoans
532793000 usd
CY2022Q4 newt Financing Receivable Before Allowance For Credit Loss Fair Value Industry Loans
FinancingReceivableBeforeAllowanceForCreditLossFairValueIndustryLoans
505268000 usd
CY2023Q3 newt Financing Receivable Before Allowance For Credit Loss Deferred Loan Fees
FinancingReceivableBeforeAllowanceForCreditLossDeferredLoanFees
126000 usd
CY2022Q4 newt Financing Receivable Before Allowance For Credit Loss Deferred Loan Fees
FinancingReceivableBeforeAllowanceForCreditLossDeferredLoanFees
0 usd
CY2023Q3 newt Financing Receivable Before Allowance For Credit Loss After Deferred Loan Fees
FinancingReceivableBeforeAllowanceForCreditLossAfterDeferredLoanFees
280934000 usd
CY2022Q4 newt Financing Receivable Before Allowance For Credit Loss After Deferred Loan Fees
FinancingReceivableBeforeAllowanceForCreditLossAfterDeferredLoanFees
0 usd
CY2023Q3 newt Financing Receivable Before Allowance For Credit Loss Deferred Loan Fees
FinancingReceivableBeforeAllowanceForCreditLossDeferredLoanFees
126000 usd
CY2023Q3 newt Financing Receivable Before Allowance For Credit Loss Deferred Loan Fees
FinancingReceivableBeforeAllowanceForCreditLossDeferredLoanFees
126000 usd
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
8209000 usd
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
8209000 usd
CY2023Q3 us-gaap Notes Receivable Net
NotesReceivableNet
272725000 usd
CY2023Q3 newt Financing Receivable Before Allowance For Credit Loss Fair Value Disclosure
FinancingReceivableBeforeAllowanceForCreditLossFairValueDisclosure
492987000 usd
CY2023Q3 newt Financing Receivable Before Allowance For Credit Loss Amortized Cost And Fair Value
FinancingReceivableBeforeAllowanceForCreditLossAmortizedCostAndFairValue
765712000 usd
CY2023Q3 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
5300000 usd
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
4764000 usd
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
0 usd
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
0 usd
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CY2023Q3 newt Finite Lived Intangible Asset Expected Amortization After Year Four
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CY2023Q3 newt Servicing Asset Lower Of Cost Or Market
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CY2023Q3 newt Servicing Asset Lower Of Cost Or Market Fair Value Disclosure
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CY2023Q3 us-gaap Deposit Liabilities Reclassified As Loans Receivable1
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CY2023Q3 us-gaap Time Deposit Maturities Year One
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26342000 usd
CY2023Q3 us-gaap Time Deposit Maturities Year Two
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CY2023Q3 us-gaap Time Deposit Maturities Year Four
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CY2023Q3 newt Time Deposit Maturities After Year Four
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CY2023Q3 us-gaap Time Deposits
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CY2023Q3 us-gaap Gain Loss On Sale Of Derivatives
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us-gaap Gain Loss On Sale Of Derivatives
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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679000 usd
CY2023Q3 newt Employment Agreement To Be Paid Year One
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CY2023Q3 us-gaap Contractual Obligation Due In Next Twelve Months
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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2637000 usd
CY2023Q3 newt Employment Agreement To Be Paid Year Two
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CY2023Q3 us-gaap Contractual Obligation Due In Second Year
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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2398000 usd
CY2023Q3 newt Employment Agreement To Be Paid Year Three
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CY2023Q3 us-gaap Contractual Obligation Due In Third Year
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1842000 usd
CY2023Q3 newt Employment Agreement To Be Paid Year Four
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CY2023Q3 us-gaap Contractual Obligation Due In Fourth Year
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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430000 usd
CY2023Q3 newt Employment Agreement To Be Paid Year Five
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CY2023Q3 us-gaap Contractual Obligation Due In Fifth Year
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CY2023Q3 newt Employment Agreement To Be Paid After Year Five
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CY2023Q3 us-gaap Contractual Obligation Due After Fifth Year
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
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7986000 usd
CY2023Q3 newt Employment Agreement To Be Paid
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CY2023Q3 us-gaap Contractual Obligation
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CY2023Q2 newt Sba Obligations Secured Fund
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CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1000000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q3 us-gaap Net Income Loss
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CY2022Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Dividends Preferred Stock
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us-gaap Dividends Preferred Stock
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CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q3 us-gaap Dividends Common Stock
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us-gaap Undistributed Earnings
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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24299000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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24626000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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24204000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24663000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24299000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24626000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24204000 shares
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CY2022Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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1.43
CY2023Q3 us-gaap Earnings Per Share Diluted
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0.38
CY2022Q3 us-gaap Earnings Per Share Diluted
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0.47
us-gaap Earnings Per Share Diluted
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1.10
us-gaap Earnings Per Share Diluted
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1.43
CY2023Q3 newt Earnings Per Share Allocation Of Undistributed Net Income Common Stock
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5018000 usd
CY2023Q3 newt Earnings Per Share Allocation Of Undistributed Net Income Common Stock Percentage
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newt Earnings Per Share Allocation Of Undistributed Net Income Common Stock
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13931000 usd
newt Earnings Per Share Allocation Of Undistributed Net Income Common Stock Percentage
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0.967
CY2023Q3 newt Earnings Per Share Allocation Of Undistributed Net Income Preferred Stock
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193000 usd
CY2023Q3 newt Earnings Per Share Allocation Of Undistributed Net Income Preferred Stock Percentage
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newt Earnings Per Share Allocation Of Undistributed Net Income Preferred Stock
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473000 usd
newt Earnings Per Share Allocation Of Undistributed Net Income Preferred Stock Percentage
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0.033
CY2023Q3 us-gaap Class Of Warrant Or Right Unissued
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21.03468
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P10Y
CY2023Q3 us-gaap Lessee Operating Lease Remaining Lease Term
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P4Y
CY2023Q3 us-gaap Lessee Operating Lease Renewal Term
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CY2023Q3 us-gaap Operating Lease Payments
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CY2022Q3 us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q3 us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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2269000 usd
us-gaap Operating Lease Cost
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
679000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2637000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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2398000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1842000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
430000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
0 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7986000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
643000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
7343000 usd
us-gaap Dividends Preferred Stock
DividendsPreferredStock
1000000 usd
CY2023Q2 us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.18
CY2023Q2 us-gaap Investment Company Dividend Distribution
InvestmentCompanyDividendDistribution
4291000 usd
CY2023Q2 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
6000 shares
CY2023Q2 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
72000 usd
CY2023Q3 us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.18
CY2023Q3 us-gaap Investment Company Dividend Distribution
InvestmentCompanyDividendDistribution
4293000 usd
CY2023Q3 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
4000 shares
CY2023Q3 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
73000 usd
CY2022Q1 us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.65
CY2022Q1 us-gaap Investment Company Dividend Distribution
InvestmentCompanyDividendDistribution
15361000 usd
CY2022Q1 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
9000 shares
CY2022Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
225000 usd
CY2022Q2 us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.75
CY2022Q2 us-gaap Investment Company Dividend Distribution
InvestmentCompanyDividendDistribution
17634000 usd
CY2022Q2 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
21000 shares
CY2022Q2 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
374000 usd
CY2021Q3 us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.65
CY2021Q3 us-gaap Investment Company Dividend Distribution
InvestmentCompanyDividendDistribution
15325000 usd
CY2021Q3 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
21000 shares
CY2021Q3 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
323000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0230
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
34500000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2023Q3 us-gaap Interest Income Operating
InterestIncomeOperating
26736000 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
18659000 usd
CY2023Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
8077000 usd
CY2023Q3 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
3446000 usd
CY2023Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
4631000 usd
CY2023Q3 us-gaap Noninterest Income
NoninterestIncome
42900000 usd
CY2023Q3 us-gaap Noninterest Expense
NoninterestExpense
34545000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3011000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
9975000 usd
CY2023Q3 us-gaap Assets
Assets
1380413000 usd
us-gaap Interest Income Operating
InterestIncomeOperating
68004000 usd
us-gaap Interest Expense
InterestExpense
49671000 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
18333000 usd
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
7339000 usd
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
10994000 usd
us-gaap Noninterest Income
NoninterestIncome
132113000 usd
us-gaap Noninterest Expense
NoninterestExpense
113891000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
671000 usd
us-gaap Net Income Loss
NetIncomeLoss
28545000 usd
CY2023Q3 us-gaap Assets
Assets
1380413000 usd
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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0001587987-23-000225.txt Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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