Business
Pathward Financial, Inc. Announces Results for 2024 Fiscal Fourth Quarter and Fiscal Year 2024
SIOUX FALLS, S.D.--(BUSINESS WIRE)-- Pathward Financial, Inc. (“Pathward Financial” or the “Company”) (Nasdaq: CASH) reported net income of $33.6 million, or
About this update from Pathward Financial, Inc.
[{"type":"text","content":" SIOUX FALLS, S.D.--(BUSINESS WIRE)--\nPathward Financial, Inc. (“Pathward Financial” or the “Company”) (Nasdaq: CASH) reported net income of $33.6 million, or $1.35 per share, for the three months ended September 30, 2024, compared to net income of $35.9 million, or $1.36 per share, for the three months ended September 30, 2023.\n\nThe Company reported net income of $168.4 million, or $6.62 per share, for the fiscal year ended September 30, 2024, compared to net income of $163.6 million, or $5.99 per share, for the fiscal year ended September 30, 2023. For the fiscal year ended September 30, 2024, the Company recognized return on average assets of 2.20% compared to 2.33% for the prior year period.\n\nCEO Brett Pharr said, “2024 was a great year for Pathward. We recertified as a Great Place to Work, remained committed to our remote first approach, announced new partnerships and extended others, celebrated employees who won multiple awards, and, most recently, announced that our newly rebranded Partner Solutions team won Finovate’s Best Banking as a Service provider. These successes translated to solid financial results as well. We reported earnings per diluted share of $6.62 for the fiscal year, which was just above the high end of our updated guidance range and represents year-over-year growth of 11%.”\n\nCompany Highlights and Business Developments\n\n\nOn August 28, 2024, Pathward announced the sale of its commercial insurance premium finance business. The Company expects this transaction will close by October 31, 2024.\n\n\n\nOn September 25, 2024, Pathward, N.A., (“Bank” or “Pathward”), a subsidiary of Pathward Financial, celebrated its 20th year serving the payments industry with the announcement it renamed its \"Banking as a Service\" business line to \"Partner Solutions.\"\n\n\n\nOn September 30, 2024, Pathward Financial and Pathward announced the Bank’s Partner Solutions line of business won the 2024 Finovate Award for Best Banking as a Service Provider. According to Finovate, its awards recognize the companies driving fintech innovation forward and the individuals bringing new ideas to life.\n\n\nFinancial Highlights for the 2024 Fiscal Fourth Quarter\n\n\nTotal revenue for the fourth quarter was $167.9 million, an increase of $6.9 million, or 4%, compared to the same quarter in fiscal 2023, driven by an increase in ne...