KINGSPORT — Ignore Willy Wonka’s golden tickets of motion picture lore. Kingsport City Colleges is heading a person better by getting significantly less costly Golden televisions.
Board of Education member Todd Golden’s swift online lookup of Tv set costs, completed in the center of a January college board conference, has saved the process a lot more than $25,000 and resulted in additional TVs ordered.
Not lousy for fewer than a minute’s do the job on the website.
When Golden took a quick gander at Television set selling prices on the web during the Jan. 11 BOE assembly, he rapidly flagged the concept of piggybacking on a deal of one more school program to invest in the TVs, which he reported experienced clearly fallen in rate since the original deal was negotiated by Sevier County.
“We’re heading to contact them the Mr. Golden TVs, Golden TVs,” board President Jim Welch quipped.
The board voted 5- on Jan. 11 to reject a proposal to get 77 Samsung LED 4K 69.5-inch TVs, with cords, supply and installation for $109,648 right before the 2022-23 university calendar year begins in August. The TVs from Central Technologies Inc. have been to be acquired at a previously negotiated Sevier County Educational facilities deal price open up to all faculty systems in Tennessee.
“I just see about $30,000 of overcharging there,” Golden said during the conference in evaluating the bid selling prices to Amazon and Very best Acquire selling prices for the exact TVs.
“I’m just making an attempt to be a great steward of our tax bucks,” Golden mentioned, adding that the cost of the TVs in issue likely had fallen since the Sevier County contract was completed. “If we could save 20 grand, that is genuine income.”
Main Finance Officer David Frye stated the system has till June 2024 to use the Elementary Secondary College Unexpected emergency Reduction, or ESSER 3., dollars, but that the approach is for all the products to be set up just before the start off of college in August.
The new approach was to existing a new proposal to the board in April.
Quickly-forward to Tuesday night’s voting assembly: Frye offered the board a new proposal to obtain TVs via a small bid that very easily beat the Sevier County agreement rate, and the board authorised the obtain 5-.
The 69.3-inch Samsung LED wise Tv set acquire went to the small bid of $1,230 from Y&S Systems. With 130 units, that operates out to $159,900, or a $25,225 cost savings from the first proposal if the greater variety of televisions had been obtained. The original plan was to buy 77, but with the savings the method enhanced the amount of money to 130, Frye explained.
The price of each proposals included add-ons and installation, Frye claimed.
In other spending plan action Tuesday, the board rejected bids for Dobyns-Bennett Superior School lighting and audio updates, which are to be funded by an nameless benefactor who has agreed to pay $600,000 for the get the job done. The difficulty is that only two Feb. 15 bids experienced because one was not signed, and the 1 signed was for $1.32 million as a substitute of the approximated $500,000.
“We are looking at a route forward with this proposal,” Frye reported, adding that a rebid very likely will isolate the audio and lighting tasks.
Superintendent Jeff Moorhouse stated he and other school officials have been conference with the nameless donor Wednesday to examine the problem. “It was additional than double what was estimated,” Moorhouse reported.
The board also authorized purchasing:
• 2,000 Chromebooks and 1,000 Chromebook licenses from Dell Promoting LP for $434,150. Existing licenses will deal with the other 1,000 machines, and the price ranges are $202.50 for each machine and $29.15 for each license. The resource is the normal operating finances.
• 215 Instructor Dell Latitude laptops and active pens for $217,416.60 from Dell Marketing and advertising LP. That is a cost of $958.75 for each laptop and $52.49 for each pen. Moorhouse explained instructors by an advisory team have asked for the equipment, and the funding resource is ESSER 3..
• E-price class two community machines, internal connections and standard upkeep, for $179,009 from Human being Personal computer Techniques and funded by the 2022-23 E-amount budget.
• Three eight-passenger vans from an inner D-B pursuits fund for $103,005 ,or $34,335 each, from a point out contract with Lonnie Cobb Ford. Two are further vans to the pool accessible to D-B actions uses and those of other universities when available, though the third will change an more mature van that, in transform, will be sold to the faculty system’s Cora Cox Academy alternative school to substitute “Rusty,” an even older van utilised there.
• Bids for center and higher college pictures to Lifetouch and elementary university pictures to Photogenius.
The names of thousands of providers which benefited from billions of pounds of Covid-19 loans strategies are to be held private below new federal government guidelines to only publish point out subsidies of £500,000 or far more.
The bigger threshold has been introduced in following Brexit even with warnings that it might hamper the battle from fraudsters believed to have plundered billions from the strategies. The loan schemes have been named a “bonanza for fraudsters”.
Below the EU principles in force right up until the conclusion of 2020, all pandemic enterprise loans previously mentioned €100,000 have been demanded to be publicly disclosed with facts of the recipients. The new £500,000 threshold for general public disclosure of point out assist, including pandemic financial loans, applies from 1 January 2021 and is established out in the government’s subsidy control bill which is going by means of parliament.
The disclosure principles imply the broad vast majority of corporations which declare loans will under no circumstances be revealed. Only 3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of businesses which claimed aid beneath the bounce back financial loan plan, the biggest scheme, are anticipated to be named, according to the British Small business Bank, the governing administration-owned financial institution which sent the help.
The treasury minister Lord Agnew resigned at the dispatch box in the Lords previous month over what he explained as a collection of “schoolboy errors” in preventing fraud. He mentioned the financial loans regime was much more susceptible to fraud due to the fact of a mix of “arrogance, indolence and ignorance.”
It has been believed by the government that about £4.9bn was shed in fraud to the bounce back scheme which provided loans up to £50,000 to lesser enterprises.
Ministers have not printed figures for believed fraud losses for two other schemes, the coronavirus big organization interruption loan plan and the coronavirus small business interruption bank loan scheme. Financial loans worth practically £80bn were distributed to organizations across the British isles involving 23 March 2020 and 31 March 2021.
The federal government faces a problem beneath freedom of facts rules by the marketing campaign team Highlight on Corruption which submitted a request very last July for specifics of all the recipients of the bank loan techniques.
The British Organization Lender refused to release people facts, warning that identifying providers may perhaps have an adverse impact on trading. The Details Commissioner’s Business office (ICO) upheld the decision to refuse the info, but the marketing campaign group is attractive.
George Havenhand, of Highlight on Corruption, said: “Covid loans had been a bonanza for fraudsters. Publishing those people names would assistance the government’s efforts to recoup the money dropped to fraud and raise accountability for this countrywide scandal.”
The ICO’s refusal decision in December 2021 mentioned less than a non permanent EU framework all United kingdom loans granted in 2020 ended up necessary to be publicly disclosed where they ended up earlier mentioned €100,000 (or above €10,000 for farming or fisheries).
From 1 January 2021 beneath the UK’s post-Brexit regime, businesses in England, Wales and Scotland are only essential to disclose loans at or above £500,000. Financial loans in Northern Ireland keep on being under the EU reporting regime underneath article 10 of the Northern Ireland protocol.
The lawful challenge has highlighted issues that the transparency needs of the new subsidy regulate bill are insufficient. EU point out aid is usually disclosed at a threshold of €500,000, a threshold which was diminished for the pandemic loans.
Campaigners want ministers to introduce harder somewhat than weaker transparency needs for the Uk outdoors the EU and are contacting for all subsidies at a threshold of £500 to be disclosed. Friends have supported an modification to the bill in the Lords to decrease it to this stage.
Anna Powell-Smith, the director of the Centre for General public Facts, a information transparency group campaigning for the decreased threshold for disclosure, stated: “The subsidy management bill reforms how the United kingdom awards grants and loans to organizations just after Brexit, but it also would make subsidies a lot less clear, for no crystal clear reason.
“The regulation must demand all subsidies about £500 to be released. This will assist stop cronyism and fraudand has guidance throughout the political spectrum.”Officials at the British Business Lender say the government’s increased reporting threshold for pandemic guidance will only affect loans over a 3-month time period since the a few strategies shut on 31 March 2021.
A government spokesperson mentioned: “Fraud is absolutely unacceptable and we’re using action on several fronts to crack down on anyone who has sought to exploit our techniques and convey them to justice. Banks and enforcement bodies continue being obliged to protect against and get well losses from fraud and do not rely on community databases to do so.”
So significantly, officials in Ohio, Utah and New Hampshire have named on liquor shops to take out Russian-produced or Russian-branded merchandise from shelves, a shift that mainly targets vodka due to the fact it truly is most closely connected with the state.
Utah Governor Spencer Cox requested on Saturday that condition-run liquor retailers “take out all Russian-generated and Russian-branded solutions,” describing that Russia’s invasion of Ukraine is an “egregious violation of human rights.”
New Hampshire’s Gov. Chris Sununu created a equivalent announcement, also asking for the elimination of “Russian-designed and Russian-branded spirits.”
These moves are mostly symbolic — and could even miss their meant concentrate on — as quite couple of models imported to the United States still generate the liquor in Russia.
A lot of of the leading-marketing vodka brands that trace their origins to Russia are now distilled in various nations around the world — such as the United States.
For example, some bar owners are protesting the invasion by dumping out Stoli Vodka. Dilemma is, it is only Russian by name, which is loosely translated as “cash city” due to its origins in Moscow. The vodka is essentially designed in Latvia, and the company’s headquarters is in Luxembourg — a member of NATO which has spoken versus the Russian invasion.
In a assertion to CNN Small business, Stoli Group explained it “unequivocally condemns the armed service action in Ukraine and stands completely ready to assistance the Ukrainian people, our teams and partners.”
“For decades, Stoli Team has supported the marginalized and all those at hazard of unwarranted aggression. We stand now with all Ukrainians and Russians contacting for peace,” a firm spokesperson said.
Smirnoff is a further brand staying baffled as currently being Russian. While it traces its heritage to 19th century Russia, the corporation has extensive been owned by British spirits large Diageo(DEO) and is manufactured in Illinois.
Ohio Governor Mike DeWine was additional qualified with his announcement. On Saturday, he questioned the state’s nearly 500 liquor outlets to “stop both of those the buy and sale of all vodka designed by Russian Common, the only abroad, Russian-owned distillery with vodka bought in Ohio.”
Russian Conventional, along with lesser-recognised vodka Inexperienced Mark, are a person of the several alcohol models imported from Russia and marketed in the United States. It really is father or mother business, Roust Worldwide, is owned by Roustam Tariko, a Russian oligarch who also owns Russian Conventional Bank. The alcohol business did not quickly reply to CNN Business’ ask for for remark.
These boycotts are mainly symbolic mainly because Russian-built vodka accounts for a very small percentage of the about $7 billion in annual vodka revenue, according to the Distilled Spirits Council (DISCUS), a nationwide trade organization that represents spirits makers.
Less than 1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of vodka eaten in the United States is manufactured in Russia. In truth, extra than fifty percent of all vodka consumed domestically is in fact built listed here, according to data from IWSR Drinks Sector Evaluation, a world-wide agency that tracks alcoholic beverages product sales.
Vodka imported from Russia has been on the drop for several a long time, and is down 79{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} given that 2011, DISCUS stated.
Achieves Record SBA 7(a) Loan Fundings of $198.0 Million in the Fourth Quarter and $560.6 Million for the Full Year 2021
BOCA RATON, Fla., Feb. 23, 2022 (GLOBE NEWSWIRE) — Newtek Business Services Corp. (“Newtek” or the “Company”) (Nasdaq: NEWT), an internally managed business development company (“BDC”), announced today its financial and operating results for twelve months ended December 31, 2021.
Full Year 2021 Financial Highlights
Total investment income of $108.5 million for the twelve months ended December 31, 2021; an increase of 17.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over total investment income of $92.2 million for the twelve months ended December 31, 2020.
Net investment income of $25.7 million, or $1.13 per share, for the twelve months ended December 31, 2021, which represents a 25.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} decrease, on a per share basis, compared to net investment income of $32.0 million, or $1.51 per share, for the twelve months ended December 31, 2020.
Adjusted net investment income (“ANII”) of $79.1 million, or $3.47 per share, for the twelve months ended December 31, 2021; an increase of 69.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, on a per share basis, compared to ANII of $43.4 million, or $2.05 per share, for the twelve months ended December 31, 2020.
Debt-to-equity ratio of 1.19x at December 31, 2021; proforma debt-to-equity ratio was 1.10x after taking into account the sales of government-guaranteed portions of SBA 7(a) loans prior to December 31, 2021, which sales settled subsequent to the balance sheet date.
Total investment portfolio increased by 13.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $758.8 million at December 31, 2021, from $671.2 million at December 31, 2020.
Net asset value (“NAV”) of $403.9 million, or $16.72 per share, at December 31, 2021; an increase of 8.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, on a per share basis, compared to NAV of $15.45 per share at December 31, 2020.
On December 9, 2021, Newtek closed its eleventh small business loan securitization, with the sale of $103.4 million of Unguaranteed SBA 7(a) Loan-Backed Notes, Series 2021-1.
On August 2, 2021, the Company announced that it entered into an agreement to acquire National Bank of New York City (“NBNYC”), a nationally chartered bank, subject to certain regulatory and shareholder approvals.
2021 & 2022 Dividend Payments & 2022 Forecast
On December 30, 2021, the Company paid a fourth quarter 2021 cash dividend of $1.05 per share to shareholders of record as of December 20, 2021, which represented a 123.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase over the fourth quarter 2020 dividend of $0.47 per share.
The Company paid $3.15 per share in dividends in 2021; a 53.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase over dividends paid in 2020 and a 46.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase over dividends paid in 2019.
The Company’s board of directors declared a first quarter 2022 dividend of $0.652 per share, which represents a 30.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase over the first quarter 2021 dividend, payable on March 31, 2022 to shareholders of record on March 21, 2022.
The Company forecasts a second quarter 2022 dividend of $0.652 per share.
Lending Highlights
Newtek Small Business Finance, LLC (“NSBF”) funded a record $198.0 million of SBA 7(a) loans during the three months ended December 31, 2021; a 74.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase over the $113.6 million of SBA 7(a) loans funded for the three months ended December 31, 2020.
NSBF funded a record $560.6 million of SBA 7(a) loans during the twelve months ended December 31, 2021, an increase of 184.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over $196.8 million of SBA 7(a) loans funded for the twelve months ended December 31, 2020, and within the previously forecasted funding range.
NSBF forecasts funding approximately $750 million of SBA 7(a) loans for the full year 2022.
Newtek Business Lending (“NBL”), a wholly owned portfolio company, funded and/or closed $90.1 million SBA 504 loans during the twelve months ended December 31, 2021, compared to $87.2 million SBA 504 loans funded and/or closed during the twelve months ended December 31, 2020.
NBL forecasts funding and/or closing approximately $150 million SBA 504 loans for the full year 2022, which would represent an 66.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase over 2021 SBA 504 fundings and/or closings at the midpoint of the 2022 forecasted range.
NSBF funded a total of $1.9 billion of PPP loans from 2020 through the twelve months ended December 31, 2021.
Subsequent 2021 Events
On January 28, 2022, Newtek’s joint venture, Newtek Conventional Lending LLC (“NCL”), closed a conventional commercial loan securitization with the sale of $56.3 million Class A Notes (“Notes”), NCL Business Loan Trust 2022-1, secured by a segregated asset pool consisting primarily of conventional commercial business loans. The Notes were rated “A” (sf) by DBRS Morningstar.
Barry Sloane, Chairman, President and Chief Executive Officer said, “We couldn’t be more pleased with the operational performance and the related financial results for calendar year 2021. When we reflect back on March of 2020, when federal and state officials were shutting down most commercial and personal activities, to foresee 22 months later the current position we are in would have been almost unimaginable. Despite tremendous headwinds, Newtek’s business operations and financial model has evolved, been enhanced, and is delivering desired results.”
Focusing first on the lending business, Mr. Sloane commented, “The concept of us funding approximately $729 million of PPP loans to 16,000 clients in 2021 while simultaneously funding a record level of $560.6 million of SBA 7(a) loans and NBL funding and/or closing $90.1 million of SBA 504 loans is an incredible feat which needs to be highlighted. This window of time has forced our organization and all of its stakeholders to bear down and materially improve our technology, training and capability to enable our organization to scale and grow in lending and other solutions. As an example, our lending teams received over 2,350 hours of additional training, compliance and management directives in 2021 alone. Simply stated, we believe we are a much better company today than we were in early 2020.”
Mr. Sloane continued, “In addition, in January 2022, we closed our first securitization of non-conforming conventional loan originations with one of our joint venture partners. We believe this activity, which we will discuss in further detail on our earnings call tomorrow morning, is an opportunity for an additional revenue engine through origination fees, servicing fees, and spread income which can complement the income generated from our existing SBA 7(a) and our portfolio company’s SBA 504 loan business. In addition, in December 2021, we closed our 11th securitization of SBA 7(a) loans with tremendous investor acceptance, over 4.5x over subscribed, attractive pricing and consistent advance rates.”
Mr. Sloane concluded, “We are also pleased to report a debt-to-equity ratio of 1.19x at December 31, 2021. In addition, NAV was $403.9 million, or $16.72 per share, at December 31, 2021, which represents an increase of 8.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, on a per share basis, compared to NAV of $15.45 per share at December 31, 2020. In 2021, we also accomplished the milestone of reaching over $1.0 billion in total assets. Our payment processing businesses and managed technology solutions business generated EBITDA of approximately $19.0 million in 2021. We are proud of these accomplishments as well as the trajectory of these businesses. We look forward to discussing these results in further detail on tomorrow morning’s call.”
Full Year 2021 Conference Call and Webcast
A conference call to discuss full year 2021 results will be hosted by Barry Sloane, President, Chairman and Chief Executive Officer, and Nicholas Leger, Chief Accounting Officer, tomorrow, Thursday, February 24, 2022 at 8:30 a.m. ET. The live conference call can be accessed by dialing (800) 708-4540 or (847) 619-6397 using the confirmation number: 50281915.
In addition, a live audio webcast of the call with the corresponding presentation will be available in the ‘Events & Presentations’ section of the Investor Relations portion of Newtek’s website at http://investor.newtekbusinessservices.com/events-and-presentations. A replay of the webcast with the corresponding presentation will be available on Newtek’s website shortly following the live presentation and will remain available for 90 days.
1Use of Non-GAAP Financial Measures – Newtek Business Services Corp. and Subsidiaries
In evaluating its business, Newtek considers and uses ANII as a measure of its operating performance. ANII includes short-term capital gains from the sale of the guaranteed portions of SBA 7(a) loans and conventional loans, and beginning in 2016, capital gain distributions from controlled portfolio companies, which are reoccurring events. The Company defines ANII as Net investment income (loss) plus Net realized gains recognized from the sale of guaranteed portions of SBA 7(a) loan investments, less realized losses on non-affiliate investments, plus the net realized gains on controlled investments, plus or minus the change in fair value of contingent consideration liabilities, plus loss on extinguishment of debt, plus or minus an adjustment for gains or losses on derivative transactions.
We do not designate derivatives as hedges to qualify for hedge accounting and therefore any net payments under, or fluctuations in the fair value of, our derivatives are recognized currently in our GAAP income statement. However, fluctuations in the fair value of the related assets are not included in our income statement. We consider the gain or loss on our hedging positions related to assets that we still own as of the reporting date to be “open hedging positions.” While recognized for GAAP purposes, we exclude the results on the hedges from ANII until the related asset is sold and/or the hedge position is “closed,” whereupon they would then be included in ANII in that period. These are reflected as “Adjustment for realized gain/(loss) on derivatives” for purposes of computing ANII for the period. We believe that excluding these specifically identified gains and losses associated with the open hedging positions adjusts for timing differences between when we recognize changes in the fair values of our assets and changes in the fair value of the derivatives used to hedge such assets.
The term ANII is not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. ANII has limitations as an analytical tool and, when assessing the Company’s operating performance, investors should not consider ANII in isolation, or as a substitute for net investment income, or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, ANII does not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than Newtek, limiting their usefulness as comparative tools. The Company compensates for these limitations by relying primarily on its GAAP results supplemented by ANII.
2 Note Regarding Dividend Payments Amount and timing of dividends, if any, remain subject to the discretion of the Company’s Board of Directors. The Company’s Board of Directors expects to maintain a dividend policy with the objective of making quarterly distributions in an amount that approximates 90 – 100{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the Company’s annual taxable income. The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon its taxable income for the full year and distributions paid for the full year.
Note Regarding PPP Income The Company’s financial results for 2020 and the twelve months ended December 31, 2021, includes income generated from NSBF’s origination of loans under the Paycheck Protection Program (PPP), which ended during the third quarter of 2021, and should not be viewed as recurring.
Newtek Business Services Corp., Your Business Solutions Company®, is an internally managed BDC, which along with its controlled portfolio companies, provides a wide range of business and financial solutions under the Newtek® brand to the small- and medium-sized business (“SMB”) market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB relationships across all 50 states to help them grow their sales, control their expenses and reduce their risk.
Newtek® and Your Business Solutions Company®, are registered trademarks of Newtek Business Services Corp.
Note Regarding Forward Looking Statements
This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” “forecasts,” “goal” and “future” or similar expressions are intended to identify forward-looking statements. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, include our ability to close the pending acquisition of the National Bank of New York City (the “Acquisition”), obtain required regulatory approvals for the pending Acquisition and obtain shareholder approval to withdraw our election as a BDC, as well as projections concerning or considering the pending Acquisition, our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital and the ability to maintain certain debt to asset ratios, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek’s actual results to differ from management’s current expectations, are contained in Newtek’s filings with the Securities and Exchange Commission and available through http://www.sec.gov/. Newtek cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements.
SBA unguaranteed non-affiliate investments (cost of $431,970 and $420,400, respectively; includes $344,266 and $312,649, respectively, related to securitization trusts)
$
424,417
$
407,748
SBA guaranteed non-affiliate investments (cost of $65,728 and $16,964, respectively)
72,970
17,822
Controlled investments (cost of $157,289 and $138,891, respectively)
260,398
239,171
Non-control investments (cost of $1,000 and $6,447, respectively)
1,000
6,447
Total investments at fair value
758,785
671,188
Cash
2,397
2,073
Restricted cash
184,463
49,352
Broker receivable
44,537
52,730
Due from related parties
4,395
6,112
Servicing assets, at fair value
28,008
26,061
Right of use assets
7,310
6,933
Other assets
26,666
26,530
Total assets
$
1,056,561
$
840,979
LIABILITIES AND NET ASSETS
Liabilities:
Bank notes payable
$
50,000
$
86,339
Notes due 2023 (par: $0 and $57,500 as of December 31, 2021 and December 31, 2020)
—
56,505
Notes due 2024 (par: $38,250 and $63,250 as of December 31, 2021 and December 31, 2020)
37,679
61,774
Notes due 2025 (par: $15,000 and $5,000 as of December 31, 2021 and December 31, 2020)
14,545
4,735
Notes due 2026 (par: $115,000 and $0 as of December 31, 2021 and December 31, 2020)
112,128
—
Notes payable – Securitization trusts (par: $249,750 and $221,752 as of December 31, 2021 and December 31, 2020)
246,250
218,339
Notes payable – related parties
11,450
24,090
Due to related parties
1,490
2,133
Lease liabilities
9,056
8,697
Deferred tax liabilities
12,733
11,406
Due to participants
146,225
17,885
Derivative instruments
183
—
Accounts payable, accrued expenses and other liabilities
10,935
9,723
Total liabilities
652,674
501,626
Commitment and contingencies
Net assets:
Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding)
—
—
Common stock (par value $0.02 per share; authorized 200,000 shares, 24,159 and 21,970 issued and outstanding, respectively)
483
439
Additional paid-in capital
367,663
316,629
Accumulated undistributed earnings
35,741
22,285
Total net assets
403,887
339,353
Total liabilities and net assets
$
1,056,561
$
840,979
Net asset value per common share
$
16.72
$
15.45
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, except for Per Share Data)
Year Ended December 31,
2021
2020
2019
Investment income
From non-affiliate investments:
Interest income – PPP loans
$
49,989
$
37,743
$
—
Interest income – SBA 7(a) loans
25,951
24,719
28,467
Servicing income
11,307
11,154
10,078
Other income
5,696
2,693
5,328
Total investment income from non-affiliate investments
92,943
76,309
43,873
From non-control investments:
Interest income
428
403
—
Dividend income
95
104
111
Total investment income from non-control investments
523
507
111
From controlled investments:
Interest income
2,598
1,933
1,024
Dividend income
9,801
13,452
14,287
Other income
2,629
—
—
Total investment income from controlled investments
15,028
15,385
15,311
Total investment income
108,494
92,201
59,295
Expenses:
Salaries and benefits
17,866
14,211
14,305
Interest
20,515
17,877
20,422
Depreciation and amortization
304
402
501
Professional fees
5,610
3,718
3,807
Origination and loan processing
10,234
8,431
9,215
Origination and loan processing – related party
19,272
9,855
9,944
Change in fair value of contingent consideration liabilities
—
54
42
Loss on extinguishment of debt
1,552
—
251
Other general and administrative costs
7,454
5,668
6,427
Total expenses
82,807
60,216
64,914
Net investment income (loss)
25,687
31,985
(5,619
)
Net realized and unrealized gains (losses):
Net realized gain on non-affiliate investments – SBA 7(a) loans
53,113
11,368
47,816
Net realized gain (loss) on controlled investments
(1,266
)
—
2,585
Net realized gain on derivative transactions
590
—
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments
6,380
(795
)
(225
)
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments
5,097
(176
)
(6,291
)
Net unrealized appreciation (depreciation) on controlled investments
2,829
(8,237
)
11,211
Change in deferred taxes
(1,327
)
999
(3,164
)
Net unrealized depreciation on derivative transactions
(183
)
—
Net unrealized depreciation on servicing assets
(6,778
)
(1,525
)
(5,178
)
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, except for Per Share Data)
Net realized and unrealized gains
$
58,455
$
1,634
$
46,754
Net increase in net assets resulting from operations
$
84,142
$
33,619
$
41,135
Net increase in net assets resulting from operations per share
$
3.69
$
1.59
$
2.13
Net investment income (loss) per share
$
1.13
$
1.51
$
(0.29
)
Dividends and distributions declared per common share
$
3.15
$
2.05
$
2.15
Weighted average number of shares outstanding
22,795
21,146
19,326
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES-
ADJUSTED NET INVESTMENT INCOME RECONCILIATION:
Year ended
Year ended
(in thousands, except per share amounts)
December 31, 2021
Per share
December 31, 2020
Per share
Net investment income
$
25,687
$
1.13
$
31,985
$
1.51
Net realized gain on non-affiliate investments – SBA 7(a) loans
53,113
2.33
11,368
0.54
Net realized loss on controlled investments
(1,266
)
(0.06
)
—
—
Adjustment for realized gain on derivatives (1)
25
0.00
—
—
Change in fair value of contingent consideration liabilities
—
—
54
0.00
Loss on debt extinguishment
1,552
0.07
—
—
Adjusted Net investment income
$
79,111
$
3.47
$
43,407
$
2.05
Note: Amounts may not foot due to rounding
(1) The following is a reconciliation of GAAP net realized gain/(loss) on derivative transactions to our adjustment for realized gain/(loss) on derivatives on closed transactions presented in the computation of ANII in the preceding tables:
Year ended
Year ended
(in thousands, except per share amounts)
December 31, 2021
Per share
December 31, 2020
Per share
Net realized gain on derivatives
$
590
$
0.03
$
—
$
—
Hedging realized result on open hedging positions
(565
)
(0.02
)
—
—
Adjustment for realized gain on derivatives
$
25
$
0.00
$
—
$
—
Note: Amounts may not foot due to rounding
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
DEBT-TO-EQUITY RATIO – ACTUAL AT DECEMBER 31, 2021
(in thousands):
Actual Debt-to-Equity Ratio at December 31, 2021
Total senior debt
$
479,450
Total equity
$
403,887
Debt-to-equity ratio – actual
1.19x
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
DEBT-TO-EQUITY RATIO – PROFORMA AT DECEMBER 31, 2021
(in thousands):
Broker receivable, including premium income receivable
$
44,537
Less: realized gain on sale included in broker receivable
(4,783
)
Broker receivable
39,754
90{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} advance rate on SBA guaranteed non-affiliate portions of loans sold, not settled
$
35,779
Proforma debt adjustments at December 31, 2021:
Total senior debt
$
479,450
Proforma adjustment for broker receivable
(35,779
)
Total proforma debt
$
443,671
Proforma Debt-to-Equity ratio at December 31, 2021:
STATEPOINT MEDIA – Most likely even extra nerve-wracking than waiting for your child’s faculty acceptance letters is mastering whether they’ve been awarded financial support. This is the piece of the puzzle that tells you how a lot it will seriously price, and in the end, no matter if a particular college is in just your finances.
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In a latest Higher education Ave Pupil Financial loans guardian study carried out by Barnes & Noble College Insights, 42{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of mother and father who gained an assist offer you letter discovered facets of it bewildering, and 68{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} agreed that phrases and layout of these letters assorted from college to university, creating it tricky to evaluate them.
To make greater sense of financial support award letters, comply with these techniques:
1. Seem for free of charge funds: The award letter will list whether or not your scholar is eligible for scholarships and grants (sometimes termed Advantage or Gift Help). This is revenue you generally really don’t want to shell out back. Some advantage help is tied to how your little one done in higher college. They labored hard for this recognition congrats!
2. Glimpse for Federal Operate-Review: Your little one may possibly be qualified for Federal Operate-Examine jobs. When positions aren’t confirmed, they can be a superior opportunity to assist deal with instructional costs.
3. Location the loans: Schools will list any federal financial loans your kid is eligible to acquire. Beneficial hint: They may well be grouped with scholarship and grants. You must also take take note of irrespective of whether a Federal financial loan is subsidized or unsubsidized. Subsidized loans are a lot more attractive, as they do not accrue curiosity whilst your student is however enrolled, or during deferment periods.
4. Estimate your net price: To get an apples-to-apples appear at the features, ascertain the internet immediate value of each and every distinct university. This is calculated by subtracting offered scholarships and grants from the charge of attendance (the full expense of tuition, home, board, textbooks and service fees). If applicable, you can subtract work-examine support much too. It’s critical to do this math, as the biggest scholarship doesn’t often volume to the lowest out-of-pocket cost.
5. Participate in the area: Some parents have uncovered accomplishment in attractive the fiscal aid package deal made available, particularly if their fiscal circumstances have modified. Get in touch with your top rated colleges of desire and share the awards your scholar has been provided. Some faculties will match other schools’ award deals or will offer you extra funds. You really should also inquire about more scholarships or grants that might be readily available.
6. Consider other factors: Check if awards being supplied are for all 4 decades and recognize what your little one will need to have to do to carry on remaining suitable for them, 12 months-to-12 months. You really should also component in expected will increase in tuition, area, board and other service fees.
7. Fill the gaps: If immediately after doing the math, you discover you have a financial hole to cover, you could also think about a non-public pupil bank loan or dad or mum mortgage. Glimpse for a lender with great rates, flexible compensation phrases, and the option to personalize the loan to suit your family’s finances. For illustration, College Ave University student Loans features applications and means to aid you together your fiscal street to faculty, along with a pre-qualification tool that provides fast answers with out affecting your credit rating rating. To understand additional, go to CollegeAve.com.
Even though awaiting financial support award letters and deciphering them can be baffling and nerve-racking, the superior news is that once these letters are in-hand, your loved ones will have the applications wanted to go in advance.
A gift of $200,000 will help extend Ga State’s Prison Instruction Challenge (GSUPEP), and $100,000 will assistance the Faculty of Arts and Sciences’ Place and Race initiative. The initiative seeks to improve monetary literacy and science, technological innovation, engineering, art and math (STEAM) training applications in K-12 universities in southeast Atlanta.
GSUPEP operates in two state prisons, a transitional facility and 17 Office of Juvenile Justice youth growth campuses. It features for-credit score and enrichment courses taught primarily by Perimeter School and Georgia Condition instructors.
“This meaningful reward will fund a whole-time director and extend the system to other prisons, as properly as enable with reentry applications,” explained Owen Cantrell, pedagogical coordinator of GSUPEP. Cantrell, a Perimeter College English professor, teaches in Phillips Point out Prison.
Jennie Ward-Robinson, co-director of operations and outreach for the Center for Research on Africa and Its Diaspora (CSAD), said the Put and Race money literacy initiative is an crucial chance to work with family members in the Summerhill community.
“Financial literacy is a critical instrument for economic expansion and prosperity,” Ward-Robinson mentioned. “CSAD is grateful for this assistance and the opportunity to provide African American family members in search of to increase their economical futures for on their own and their people.”
All through a exclusive event Feb. 21, Georgia State President M. Brian Blake, Interim Provost Nicolle Parsons-Pollard and Perimeter College or university Interim Dean Cynthia Lester welcomed American Family associates to Perimeter College’s Dunwoody Campus to thank them for the gift.
“Your generous gift allows these learners to not see on their own as who they are appropriate now but gives them the chance to see what they can come to be — college graduates,” Lester informed the accumulating.
“This partnership demonstrates the effects that a spot like Georgia State can have in the classroom and in the neighborhood,” Blake explained.
Through the party, GSUPEP alumni shared tales about the impression the software experienced on their life.
Jason Dolesenk is now a supervisor in a poultry processing plant. He commenced getting courses by way of GSUPEP even though incarcerated at Phillips State Prison.
“Being denied significant academic prospects as youngsters, college or university in prison is an chance to correct the completely wrong that most seriously contributed to marginalized individuals getting to be imprisoned,” Dolesenk stated. “Oftentimes this is not our 2nd possibility at training, but our initially considerable possibility, and an option is so significantly more momentous than a likelihood.”
Isaac Sandoval, who is now doing the job as a net designer, credited Andy Rogers, an English professor at Perimeter University, for observing him as much more than a prisoner.
“The hope you gave me and the self-confidence you gave me were being so critical,” Sandoval instructed Rogers. “When I arrived out of jail, I was able to transfer ahead.”
Rogers said learners like Sandoval served him turn into a far better instructor.
“The amount of preparedness in the course designed me genuinely glance forward to teaching these college students,” he reported.
“This program is based on a model of liberation of citizenship by schooling and is an example of how investing in a good chance for individuals with a felony report rewards everyone,” claimed Nyra Jordan, social affect investor at the American Family Insurance plan Institute. “Both packages align to our belief that to serve our communities we will need to construct a motion that provides obtain to possibilities, social and economical mobility and hope.”
Previous students in the GSUPEP software are joined by Georgia Condition President M. Brian Blake (3rd from correct), Perimeter Faculty Interim Dean Cynthia Lester (fourth from remaining) and Nyra Jordan (heart), social effect trader for the American Relatives Insurance Institute in the course of a special function celebrating the company’s gift to the university. Picture by Steven Thackston
