Pathward Financial Results Presentation Deck
Summary Financial Results
Fourth Quarter and Fiscal Year End September 30, 2023
INCOME STATEMENT
16
●
●
●
($ 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
Net income before non-controlling interest
Net income attributable to non-controlling interest
Net income attributable to parent
Less: Allocation of earnings to participating securities¹
Net income attributable to common shareholders¹
Earnings per share, diluted
Average diluted shares
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
1 Amounts presented are used in the two-class earnings per common share calculation.
Revenue of $161.0 million, an 31% increase compared to $123.2 million for the same quarter in fiscal 2022.
Net interest income increased $25.2 million compared to the prior year primarily due to increased yields, higher interest-earning asset balances and an improved earning asset
mix.
Servicing fee income on off-balance sheet deposits was $7.8 million for the quarter, as compared to $14.6 million in 3Q23 and $5.9 million in the fourth quarter of the prior year.
Noninterest expense of $118.2 million, an increase of 15% compared to $103.0 million for the fiscal 2022 fourth quarter.
The increase in expense was primarily driven by contractual, rate-related processing expenses.
Processing expenses related to structured agreements with BaaS partners were $22.5 million for the
fourth quarter of the prior year.
Pathward Financial, Inc, (Nasdaq: CASH) | Quarterly Investor Presentation
For the quarter ended
3Q23
97,465
1,773
67,733
114,578
48,847
3,243
45,604
508
45,096
690
44,406
$1.68
26,447,032
4Q23
104,934
9,042
56,051
118,202
33,741
(2,672)
36,413
507
35,906
531
35,375
$1.36
25,991,449
For the year ended
2022
2023
387,861
57,354
316,599
464,975
182,131
16,324
165,807
2,192
163,615
2,445
161,170
$5.99
26,925,606
307,324
28,538
293,807
385,275
187,318
27,964
159,354
2,968
156,386
2,565
153,821
$5.26
29,232,247
ter, as compared to $20.5 million in 3Q23 and $7.4 million in the
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