
	As of December 31,
	2024		2023
Assets
Cash and balances due from depository institutions:	$	19,123	$	13,871
Loans and lease financing receivable	5,715		4,786
Investments in and receivables due from subsidiaries and associated companies	699,059		392,519
Premises and fixed assets (including capitalized leases)	—		64
Other assets	9,617		20,159
Total assets	733,514		431,399

Liabilities and shareholders' equity
Borrowings with a remaining maturity of one year or less:	79,856		38,124
Other borrowed money with a remaining maturity of more than one year	325,418		253,888
Other liabilities	22,083		13,163
Balances due to subsidiaries and related institutions	9,876		46,332
Total liabilities	437,233		351,507

Preferred stock	19,738		19,493
Common stock	525		490
Additional paid in capital	218,266		314,187
Accumulated other comprehensive income	(21)		(148)
Retained earnings	57,773		(254,130)
Total shareholders’ equity	296,281		79,892
Total liabilities and shareholder's equity	$	733,514	$	431,399


	For the year ended December 31,
	2024		2023
Interest income	$	1,851	$	2,319
Interest expense	26,647		18,797
Net interest loss	(24,796)		(16,478)
Noninterest income:
Dividends	42,107		60,317
All other operating income (loss)	2,970		(2,345)
Total noninterest income	45,077		57,972
Noninterest expense:
Salaries and employee benefits	10,476		9,365
Other expenses	13,627		10,962
Total noninterest expense	24,103		20,327
Net Income (loss) before equity in undistributed income of subsidiaries	(3,822)		21,167
Income tax expense (benefit)	2,428		(14,837)
Income (loss) before undistributed income of subsidiaries	(6,250)		36,004
Equity in undistributed income of subsidiaries and associated companies:	57,103		26,813
Net income	$	50,853	$	62,817


	For the year ended December 31,
	2024		2023
Cash flows from operating activities:
Net income	$	50,853	$	62,817
Provisions for deferred income taxes	13,110		(5,814)
Gain (loss) on sale of assets	(1,135)		539
Equity in Undistributed (earnings) losses of subs	(57,103)		(26,813)
Net change in other liabilities	(35,489)		(40,414)
Net change in other asset	5,215		(10,759)
Other, net	6,634		7,570
Net cash (used in) operating activities	(17,915)		(12,874)

Cash flow from investing activities
Purchases of held-to-maturity and available-for-sale securities	(19,899)		—
Sales and maturities of held-to-maturity and available-for-sale securities	20,000		—
Payments for investments in and advances to subsidiaries	(176,333)		(96,265)
Sale or repayment of investments in and advances to subsidiaries	95,543		—
Outlays for business acquisitions	—		(21,322)
Other, net	39		14
Net cash (used in) investing activities	(80,650)		(117,573)

Cash flow from financing activities
Proceeds from issuance of long-term debt	154,050		90,000
Repayment of long-term debt	(38,250)		—
Proceeds from issuance of common stock	14,036		—
Proceeds from issuance of preferred stock	—		19,493
Payment to repurchase common stock	(711)		—
Dividends paid	(20,252)		(14,147)
Other, net	(5,056)		(2,826)
Net cash provided by financing activities	103,817		92,520

Net (decrease) increase in cash and restricted cash	5,252		(37,927)
Cash and restricted cash - beginning of period	13,871		51,798
Cash and restricted cash - end of period	$	19,123	$	13,871

The Company is a guarantor on the SPV I Capital One Facility. Maximum borrowings under the SPV I Facility are $60.0 million. The lender’s commitments terminate in May 2025, with all amounts due under the SPV I Facility maturing in November 2025. At December 31, 2024, total principal owed by SPV I was $21.3 million. At December 31, 2024, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the SPV II Deutsche Bank Facility. Maximum borrowings under the SPV II Deutsche Bank Facility are $120.0 million. The Deutsche Bank Facility matures in December 2027. At December 31, 2024, total principal owed by SPV II was $54.8 million. At December 31, 2024, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the SPV III One Florida Bank Facility. Maximum borrowings under the SPV III One Florida Bank Facility are $30.0 million. The One Florida Bank Facility matures in May 2025. At December 31, 2024, total principal owed by SPV III was $23.1 million. At December 31, 2024, the Company determined that it is not probable that payments would be required to be made under the guarantee. On April 27, 2023, the SPV III One Florida Bank Facility was amended to increase maximum borrowings under the line to $30.0 million.

The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $54.9 million. The Webster Facility matures in November 2027. At December 31, 2024, total principal outstanding was $32.7 million. At December 31, 2024, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on certain of NSBF’s potential obligations to the SBA pursuant to the Wind-down Agreement. Specifically, pursuant to the Wind-down Agreement, the Company has guaranteed NSBF’s obligations to the SBA for post-purchase repairs or denials on the guaranteed portion of 7(a) Loans sold by NSBF on the secondary market or servicing/liquidation post-purchase repairs or denial, and has funded a $10.0 million restricted cash account at Newtek Bank to secure these potential obligations.