Pathward Financial Files 2024 10-K
Ticker: CASH · Form: 10-K · Filed: Nov 26, 2024 · CIK: 907471
Sentiment: neutral
Topics: 10-K, financials, annual-report
TL;DR
Pathward Financial (PATH) dropped its 2024 10-K. All the deets on their financials for the year ending Sept 30, 2024.
AI Summary
Pathward Financial, Inc. filed its 2024 10-K report, detailing its financial performance for the fiscal year ending September 30, 2024. The company, formerly Meta Financial Group Inc., is a national commercial bank based in Sioux Falls, SD. The filing includes financial statements and disclosures relevant to its operations as a financial institution.
Why It Matters
This 10-K filing provides a comprehensive overview of Pathward Financial's financial health and operational performance for the past fiscal year, crucial for investors and stakeholders to assess the company's stability and future prospects.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks beyond those typical for a financial institution.
Key Numbers
- 2024-09-30 — Fiscal Year End (The end date for the reporting period covered by the 10-K.)
- 2024-11-26 — Filing Date (The date the 10-K was officially submitted to the SEC.)
- 0000907471 — Central Index Key (Unique identifier for Pathward Financial, Inc. in SEC filings.)
Key Players & Entities
- PATHWARD FINANCIAL, INC. (company) — Filer of the 10-K
- META FINANCIAL GROUP INC (company) — Former name of Pathward Financial
- FIRST MIDWEST FINANCIAL INC (company) — Previous former name of Pathward Financial
- 2024-09-30 (date) — Fiscal year end date
- 2024-11-26 (date) — Filing date
- 5501 SOUTH BROADBAND LANE (address) — Business and mailing address
- SIOUX FALLS (location) — City of business and mailing address
FAQ
What was Pathward Financial's total revenue for the fiscal year ending September 30, 2024?
The provided text does not contain specific revenue figures for the fiscal year ending September 30, 2024. A detailed review of the full 10-K document would be required to ascertain this information.
What were the total assets of Pathward Financial as of September 30, 2024?
The provided text does not specify the total assets as of September 30, 2024. This information would be available within the balance sheet section of the full 10-K filing.
Did Pathward Financial report any significant asset impairment charges during the fiscal year 2024?
The filing references 'AssetImpairmentCharges' from FASB, indicating that such charges are a relevant accounting concept for the company, but specific dollar amounts for fiscal year 2024 are not detailed in this excerpt.
What is the company's primary industry classification?
Pathward Financial, Inc. is classified under NATIONAL COMMERCIAL BANKS with the Standard Industrial Classification code 6021.
When did the company change its name from Meta Financial Group Inc.?
The company's name was changed from Meta Financial Group Inc. on February 8, 2005.
Filing Stats: 4,402 words · 18 min read · ~15 pages · Grade level 14 · Accepted 2024-11-26 16:16:17
Key Financial Figures
- $4.03 b — of allowance for credit losses, totaled $4.03 billion, or 53% of the Company's total as
- $4.32 b — Company's total assets, as compared to $4.32 billion, or 57%, at September 30, 2023.
- $119.6 million — r or group of related borrowers totaled $119.6 million. The Company had 24 other lending relat
- $22.5 million — ther lending relationships in excess of $22.5 million as of September 30, 2024. 5 Table o
Filing Documents
- cash-20240930.htm (10-K) — 4991KB
- cash9302024exhibit105.htm (EX-10.5) — 51KB
- cash9302024exhibit106.htm (EX-10.6) — 53KB
- cash9302024exhibit191.htm (EX-19.1) — 82KB
- cash9302024exhibit21.htm (EX-21) — 8KB
- cash9302024exhibit231.htm (EX-23.1) — 4KB
- cash9302024exhibit311.htm (EX-31.1) — 9KB
- cash9302024exhibit312.htm (EX-31.2) — 9KB
- cash9302024exhibit321.htm (EX-32.1) — 4KB
- cash9302024exhibit322.htm (EX-32.2) — 3KB
- cash-20240930_g1.jpg (GRAPHIC) — 182KB
- cash-20240930_g2.jpg (GRAPHIC) — 363KB
- image_0a.jpg (GRAPHIC) — 21KB
- 0000907471-24-000159.txt ( ) — 25131KB
- cash-20240930.xsd (EX-101.SCH) — 90KB
- cash-20240930_cal.xml (EX-101.CAL) — 214KB
- cash-20240930_def.xml (EX-101.DEF) — 603KB
- cash-20240930_lab.xml (EX-101.LAB) — 1233KB
- cash-20240930_pre.xml (EX-101.PRE) — 965KB
- cash-20240930_htm.xml (XML) — 5454KB
Risk Factors
Item 1A. Risk Factors 36
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 56
Cybersecurity
Item 1C. Cybersecurity 56
Properties
Item 2. Properties 58
Legal Proceedings
Item 3. Legal Proceedings 58
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 58 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58
[Reserved]
Item 6. [Reserved] 60
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 61
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 73
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 76
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 133
Controls and Procedures
Item 9A. Controls and Procedures 133
Other Information
Item 9B. Other Information 134
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 134 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 136
Executive Compensation
Item 11. Executive Compensation 136
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 136
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 137
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 137 PART IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 138
Form 10-K Summary
Item 16. Form 10-K Summary 140
SIGNATURES
SIGNATURES 140 i Table of Contents
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS PATHWARD FINANCIAL, INC. ("Pathward Financial" or the "Company" or "us") and its wholly-owned subsidiary, Pathward , National Association ("Pathward , N.A" or "Pathward" or "the Bank") may from time to time make written or oral "forward-looking statements," including statements contained in this Annual Report on Form 10-K, the Company's other filings with the Securities and Exchange Commission (the "SEC"), the Company's reports to stockholders, and other communications by the Company and Pathward, N.A., which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as "may," "hope," "will," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "continue," "could," "future," "target," or the negative of those terms, or other words of similar meaning or similar expressions. You should carefully read statements that contain these words because they discuss our future expectations or state other "forward-looking" information. These forward-looking statements are based on information currently available to us and assumptions about future events, and include statements with respect to the Company's beliefs, expectations, estimates, and intentions, which are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company's control. Such risks, uncertainties and other factors may cause our actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Such statements address, among others, the following subjects: future operating results including our performance expectations; progress on key strategic initiatives; expected results of our p
Business
Item 1. Business. General Pathward Financial, a registered bank holding company ("BHC") that has elected to be a financial holding company ("FHC"), was incorporated in Delaware on June 14, 1993. Pathward Financial's principal assets are all the issued and outstanding shares of the Bank, a chartered national bank, the accounts of which are insured up to applicable limits by the Federal Deposit Insurance Corporation ("FDIC") as administrator of the Deposit Insurance Fund ("DIF"). Unless the context otherwise requires, references herein to the Company include Pathward Financial and the Bank, and all subsidiaries of Pathward Financial, direct or indirect, on a consolidated basis. As a nationwide provider of payments and commercial finance products, the Company has offices across the country. The principal executive office is located at 5501 South Broadband Lane, Sioux Falls, South Dakota, 57108. Its telephone number at that address is (877) 497-7497. The Company is subject to comprehensive regulation and supervision. See "Regulation and Supervision" herein. The Company's purpose of powering financial inclusion means individuals and businesses deserve access to financial solutions. It is why for the past two decades Pathward Financial has been building solutions to help those who have been underserved by traditional banking providers. The Company strives to remove barriers to financial access and promote economic mobility by working with third parties to provide responsible, secure, high quality financial products that contribute to the social and economic benefit of communities at the core of the real economy. Pathward Financial aims to increase financial availability, choice, and opportunity across two business lines: Partner Solutions and Commercial Finance. These strategic business lines provide end-to-end support to individuals and businesses. As a nationally chartered bank, Pathward sits at the hub of the financial ecosystem where traditional banking an