Pathward Financial, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Pathward Financial, Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023.</b>

AI Summary

PATHWARD FINANCIAL, INC. (CASH) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Pathward Financial, Inc. filed its 10-Q report for the period ending December 31, 2023. The filing covers the fiscal quarter from October 1, 2023, to December 31, 2023. The company's fiscal year ends on September 30. Pathward Financial, Inc. was formerly known as Meta Financial Group Inc. The company is classified under National Commercial Banks (SIC 6021).

Why It Matters

For investors and stakeholders tracking PATHWARD FINANCIAL, INC., this filing contains several important signals. This 10-Q filing provides investors with updated financial performance and operational details for Pathward Financial, Inc. during the specified quarter. Understanding the details within this filing is crucial for assessing the company's financial health, strategic direction, and potential risks and opportunities in the current market environment.

Risk Assessment

Risk Level: medium — PATHWARD FINANCIAL, INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but does not contain forward-looking statements or significant new disclosures that would drastically alter risk perception without further analysis of the detailed financial statements and management discussion.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify trends in revenue, expenses, and asset quality.

Key Numbers

• 20231231 — Period End Date (Conformed period of report)
• 20240208 — Filing Date (Filed as of date)
• 0930 — Fiscal Year End (Fiscal year end)
• 6057821767 — Business Phone (Business phone number)

Key Players & Entities

• PATHWARD FINANCIAL, INC. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240208 (date) — Filed as of date
• META FINANCIAL GROUP INC (company) — Former company name
• FIRST MIDWEST FINANCIAL INC (company) — Former company name
• National Commercial Banks (industry) — Standard Industrial Classification
• 0000907471 (company) — Central Index Key
• DE (location) — State of incorporation

FAQ

Industry Context

Pathward Financial, Inc. operates within the National Commercial Banks industry, a sector characterized by lending, deposit-taking, and financial services.

Regulatory Implications

As a publicly traded financial institution, Pathward Financial, Inc. is subject to regulations from the Securities and Exchange Commission (SEC) and other banking authorities.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity compared to the previous quarter.
2. Examine the income statement for revenue streams and expense categories, noting any significant fluctuations.
3. Review any disclosures related to risk factors or legal proceedings, even if not explicitly detailed in this summary.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending December 31, 2023, following the previous 10-Q filing for the period ending September 30, 2023.

Key Financial Figures

• $100 — o capital stock (divided into shares of $100 each) as a member of the FRB of Minneap

Filing Documents

• cash-20231231.htm (10-Q) — 3057KB
• cash12312023exhibit311.htm (EX-31.1) — 9KB
• cash12312023exhibit312.htm (EX-31.2) — 9KB
• cash12312023exhibit321.htm (EX-32.1) — 4KB
• cash12312023exhibit322.htm (EX-32.2) — 3KB
• cash-20231231_g1.jpg (GRAPHIC) — 182KB
• 0000907471-24-000009.txt (&nbsp;) — 16431KB
• cash-20231231.xsd (EX-101.SCH) — 56KB
• cash-20231231_cal.xml (EX-101.CAL) — 152KB
• cash-20231231_def.xml (EX-101.DEF) — 393KB
• cash-20231231_lab.xml (EX-101.LAB) — 902KB
• cash-20231231_pre.xml (EX-101.PRE) — 610KB
• cash-20231231_htm.xml (XML) — 4110KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 2 Condensed Consolidated Statements of Financial Condition as of December 31 , 2023 and September 30, 202 3 2 Condensed Consolidated Statements of Operations for the Three Months Ended December 31 , 2023 and 2022 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended Decemb er 31 , 2023 and 2022 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended December 31 , 2023 and 2022 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 3 1 , 2023 and 2022 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 46

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 48

Risk Factors

Item 1A. Risk Factors 48

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48

Other Information

Item 5. Other Information 48

Exhibits

Item 6. Exhibits 49

SIGNATURES

SIGNATURES 50 i Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PATHWARD FINANCIAL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Financial Condition (Dollars in thousands, except per share data) December 31, 2023 September 30, 2023 ASSETS (Unaudited) (Audited) Cash and cash equivalents $ 671,630 $ 375,580 Securities available for sale, at fair value 1,850,581 1,804,228 Securities held to maturity, at amortized cost (fair value $ 32,180 and $ 31,425 , respectively) 35,440 36,591 Federal Reserve Bank and Federal Home Loan Bank Stock, at cost 23,694 28,210 Loans held for sale 69,518 77,779 Loans and leases 4,426,281 4,366,116 Allowance for credit losses ( 53,785 ) ( 49,705 ) Accrued interest receivable 27,080 23,282 Premises, furniture, and equipment, net 38,270 39,160 Rental equipment, net 228,916 211,750 Goodwill and intangible assets 329,241 330,225 Other assets 280,571 292,327 Total assets $ 7,927,437 $ 7,535,543 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits $ 6,936,055 $ 6,589,182 Short-term borrowings — 13,000 Long-term borrowings 33,614 33,873 Accrued expenses and other liabilities 228,486 248,863 Total liabilities 7,198,155 6,884,918 STOCKHOLDERS' EQUITY Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at December 31, 2023 and September 30, 2023, respectively — — Common stock, $ 0.01 par value; 90,000,000 shares authorized, 26,099,348 and 26,225,563 shares issued, 25,988,230 and 26,183,583 shares outstanding at December 31, 2023 and September 30, 2023, respectively 260 262 Common stock, Nonvoting, $ 0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at December 31, 2023 and September 30, 2023, respectively — — Additional paid-in capital 629,737 628,500 Retained earnings 293,463 278,655 Accumulated other comprehensive loss ( 188,433 ) ( 255,443 ) Treasury stock, at cost, 111,118 and 41,980 common shares at December 31, 2023 and September 30, 2023, respectively ( 5,235

View Full Filing

View this 10-Q filing on SEC EDGAR