Pathward Financial, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Pathward Financial, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

PATHWARD FINANCIAL, INC. (CASH) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Pathward Financial, Inc. reported on its 10-Q filing for the period ending March 31, 2024. The filing covers the fiscal second quarter of 2024. The company's fiscal year ends on September 30. Pathward Financial, Inc. is classified under National Commercial Banks (SIC 6021). The company was formerly known as Meta Financial Group Inc. and First Midwest Financial Inc.

Why It Matters

For investors and stakeholders tracking PATHWARD FINANCIAL, INC., this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and position for the second quarter of fiscal year 2024. Understanding these filings is crucial for investors to assess the company's operational health, profitability, and strategic direction in the commercial banking sector.

Risk Assessment

Risk Level: — PATHWARD FINANCIAL, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags indicating significant financial distress or unusual events.

Analyst Insight

Monitor future filings for trends in revenue segments like Refund Transfer Fees, Refund Advance Fee Income, Payment Card and Deposit Fees, and Rental Income.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 0930 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• PATHWARD FINANCIAL, INC. (company) — Filer
• META FINANCIAL GROUP INC (company) — Former company name
• FIRST MIDWEST FINANCIAL INC (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filed as of date

FAQ

Industry Context

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

Regulatory Implications

As a commercial bank, Pathward Financial is subject to extensive regulation by federal and state authorities, including oversight from the SEC for its public filings.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze the specific revenue streams mentioned (Refund Transfer Fees, etc.) for growth or decline in subsequent filings.
3. Compare Pathward Financial's performance metrics against industry benchmarks for commercial banks.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the previous fiscal year's reporting.

Key Financial Figures

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

Filing Documents

• cash-20240331.htm (10-Q) — 3572KB
• cash3312024exhibit311.htm (EX-31.1) — 9KB
• cash3312024exhibit312.htm (EX-31.2) — 9KB
• cash3312024exhibit321.htm (EX-32.1) — 4KB
• cash3312024exhibit322.htm (EX-32.2) — 3KB
• cash-20240331_g1.jpg (GRAPHIC) — 182KB
• 0000907471-24-000071.txt (&nbsp;) — 17904KB
• cash-20240331.xsd (EX-101.SCH) — 55KB
• cash-20240331_cal.xml (EX-101.CAL) — 153KB
• cash-20240331_def.xml (EX-101.DEF) — 392KB
• cash-20240331_lab.xml (EX-101.LAB) — 826KB
• cash-20240331_pre.xml (EX-101.PRE) — 611KB
• cash-20240331_htm.xml (XML) — 4647KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 2 Condensed Consolidated Statements of Financial Condition as of March 31, 202 4 and September 30, 2023 2 Condensed Consolidated Statements of Operations for the Three and Six Months Ended March 31, 202 4 and 202 3 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended March 31, 202 4 and 202 3 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended March 31, 202 4 and 202 3 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 202 4 and 202 3 7 Notes to Condensed Consolidated Financial Statements 8

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 38

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures

Item 4. Controls and Procedures 52

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 53

Risk Factors

Item 1A. Risk Factors 53

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 54

SIGNATURES

SIGNATURES 55 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) March 31, 2024 September 30, 2023 ASSETS (Unaudited) (Audited) Cash and cash equivalents $ 347,888 $ 375,580 Securities available for sale, at fair value 1,779,458 1,804,228 Securities held to maturity, at amortized cost (fair value $ 31,113 and $ 31,425 , respectively) 34,682 36,591 Federal Reserve Bank and Federal Home Loan Bank Stock, at cost 25,844 28,210 Loans held for sale 25,946 77,779 Loans and leases 4,409,385 4,366,116 Allowance for credit losses ( 80,777 ) ( 49,705 ) Accrued interest receivable 30,294 23,282 Premises, furniture, and equipment, net 37,266 39,160 Rental equipment, net 215,885 211,750 Goodwill and intangible assets 328,001 330,225 Other assets 283,245 292,327 Total assets $ 7,437,117 $ 7,535,543 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits $ 6,368,344 $ 6,589,182 Short-term borrowings 31,000 13,000 Long-term borrowings 33,373 33,873 Accrued expenses and other liabilities 264,938 248,863 Total liabilities 6,697,655 6,884,918 STOCKHOLDERS' EQUITY Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at March 31, 2024 and September 30, 2023, respectively — — Common stock, $ 0.01 par value; 90,000,000 shares authorized, 25,507,915 and 26,225,563 shares issued, 25,377,986 and 26,183,583 shares outstanding at March 31, 2024 and September 30, 2023, respectively 254 262 Common stock, Nonvoting, $ 0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at March 31, 2024 and September 30, 2023, respectively — — Additional paid-in capital 634,415 628,500 Retained earnings 317,964 278,655 Accumulated other comprehensive loss ( 206,570 ) ( 255,443 ) Treasury stock, at cost, 129,929 and 41,980 common shares at March 31, 2024 and September 30, 2023, respectively ( 6,181 ) ( 344 )

View Full Filing

View this 10-Q filing on SEC EDGAR