Pathward Financial Files 10-Q for Q3 2024

TL;DR

**PATHWARD FINANCIAL (CASH) FILED 10-Q: Q3 2024 RESULTS OUT.**

AI Summary

Pathward Financial, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and positions, including assets and liabilities, for the company, which operates as a national commercial bank. Specific financial figures and operational details are presented within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at Pathward Financial's financial health and operational performance as of the end of the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — As a financial institution, Pathward Financial is subject to regulatory changes, economic fluctuations, and credit risks inherent in the banking sector.

Key Numbers

• N/A — Total Assets (Specific asset figures are not detailed in the provided snippet.)
• N/A — Total Liabilities (Specific liability figures are not detailed in the provided snippet.)
• N/A — Net Income (Specific income figures are not detailed in the provided snippet.)

Key Players & Entities

• PATHWARD FINANCIAL, INC. (company) — Filer of the 10-Q
• META FINANCIAL GROUP INC (company) — Former company name
• FIRST MIDWEST FINANCIAL INC (company) — Former company name
• 20240630 (date) — End of reporting period
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• cash-20240630.htm (10-Q) — 3580KB
• cash6302024exhibit311.htm (EX-31.1) — 9KB
• cash6302024exhibit312.htm (EX-31.2) — 9KB
• cash6302024exhibit321.htm (EX-32.1) — 4KB
• cash6302024exhibit322.htm (EX-32.2) — 3KB
• cash-20240630_g1.jpg (GRAPHIC) — 182KB
• 0000907471-24-000084.txt ( ) — 18101KB
• cash-20240630.xsd (EX-101.SCH) — 56KB
• cash-20240630_cal.xml (EX-101.CAL) — 159KB
• cash-20240630_def.xml (EX-101.DEF) — 399KB
• cash-20240630_lab.xml (EX-101.LAB) — 850KB
• cash-20240630_pre.xml (EX-101.PRE) — 626KB
• cash-20240630_htm.xml (XML) — 4655KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 2 Condensed Consolidated Statements of Financial Condition as of June 3 0 , 2024 and September 30, 2023 2 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended June 30 , 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 30 , 2024 and 2023 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) June 30, 2024 September 30, 2023 ASSETS (Unaudited) (Audited) Cash and cash equivalents $ 298,926 $ 375,580 Securities available for sale, at fair value 1,725,460 1,804,228 Securities held to maturity, at amortized cost (fair value $ 30,237 and $ 31,425 , respectively) 34,026 36,591 Federal Reserve Bank and Federal Home Loan Bank Stock, at cost 24,449 28,210 Loans held for sale 29,380 77,779 Loans and leases 4,612,552 4,366,116 Allowance for credit losses ( 79,836 ) ( 49,705 ) Accrued interest receivable 31,755 23,282 Premises, furniture, and equipment, net 36,953 39,160 Rental equipment, net 209,544 211,750 Goodwill and intangible assets 327,018 330,225 Other assets 280,053 292,327 Total assets $ 7,530,280 $ 7,535,543 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits $ 6,431,516 $ 6,589,182 Short-term borrowings — 13,000 Long-term borrowings 33,329 33,873 Accrued expenses and other liabilities 300,187 248,863 Total liabilities 6,765,032 6,884,918 STOCKHOLDERS' EQUITY Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at June 30, 2024 and September 30, 2023, respectively — — Common stock, $ 0.01 par value; 90,000,000 shares authorized, 25,215,159 and 26,225,563 shares issued, 25,085,230 and 26,183,583 shares outstanding at June 30, 2024 and September 30, 2023, respectively 251 262 Common stock, Nonvoting, $ 0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at June 30, 2024 and September 30, 2023, respectively — — Additional paid-in capital 636,284 628,500 Retained earnings 343,392 278,655 Accumulated other comprehensive loss ( 207,992 ) ( 255,443 ) Treasury stock, at cost, 129,929 and 41,980 common shares at June 30, 2024 and September 30, 2023, respectively ( 6,181 ) ( 344 ) Total equ

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