Pathward Financial Results Presentation Deck
Summary Financial Results
First Quarter Ended December 31, 2022
10
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Earnings per share, diluted
Average diluted shares
1 Amounts presented are used in the two-class earnings per common share calculation.
Revenue of $149.8 million, a 5% decrease compared to $158.2 million for the same quarter in fiscal 2022.
First quarter 2023 and 2022 include trademark sale gains of $10 million and $50 million, respectively.
Net interest income increased $12.4 million compared to the prior year due to increased yields and an improved earning asset mix.
Card and deposit fee income increased $12.3 million, which included $12.9 million from servicing fee income on off-balance sheet deposits.
1Q22 includes losses on the Community Bank portfolio sale and a venture capital investment.
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INCOME STATEMENT
($ in thousands, except per share data)
Net interest income
Provision for credit losses
Total noninterest income
Total noninterest expense
Net income before taxes
Income tax expense (benefit)
Net income before non-controlling interest
Net income (loss) attributable to non-controlling interest
Net income attributable to parent
Less: Allocation of earnings to participating securities¹
Net income attributable to common shareholders¹
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1Q22
71,613
186
86,591
82,436
75,582
14,276
61,306
(18)
61,324
953
60,371
$2.00
30,260,655
4Q22
79,760
(2,648)
43,456
103,030
22,834
(1,272)
24,106
686
23,420
393
23,027
$0.81
28,581,236
Pathward Financial, Inc, (Nasdaq: CASH) | Quarterly Investor Presentation
Noninterest expense of $105.1 million, an increase of 27% compared to $82.4 million for the fiscal 2022 first quarter.
The increase in expense was primarily driven by compensation, rebranding costs and contractual card processing expenses.
Card processing expenses related to structured agreements with BaaS partners were $14.0 million for the quarte as compared to $0.1 million in the prior year.
Expenses for the first quarter of 2023 included $3.7 million related to rebranding. Noninterest expense was up 23% over the prior year quarter when excluding
these one-time expenses for the quarter.
1Q23
84,057
9,776
65,777
105,059
34,999
6,577
28,422
580
27,842
402
27,440
$0.98
28,086,823
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