Business
Pathward Financial, Inc. Announces Results for 2024 Fiscal Third Quarter
SIOUX FALLS, S.D.--(BUSINESS WIRE)-- Pathward Financial, Inc. (“Pathward Financial” or the “Company”) (Nasdaq: CASH) reported net income of $41.8 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 $41.8 million, or $1.66 per share, for the three months ended June 30, 2024, compared to net income of $45.1 million, or $1.68 per share, for the three months ended June 30, 2023.\n\n\nCEO Brett Pharr said, “We are very pleased with our results in the first nine months of fiscal 2024 and continue to execute on what we set out to accomplish this year. Our focus on balance sheet management led by risk adjusted returns and continued evolution of our product offerings have helped us deliver solid financial results. We will continue to build on this foundation next year as we execute on our strategy to be the trusted platform that enables our partners to thrive and allows us to grow with them.\"\n\n\nCompany Highlights\n\n\n\nOn April 30, 2024, Pathward Financial was recognized among Keefe, Bruyette & Woods, Inc. (also known as \"KBW\") honor roll list of the top banks producing \"industry-leading and consistent earnings growth for investors.\"\n\n\n\nDuring the quarter, Pathward announced the expansion and transformation of its Solutions for Financial Institutions, which previously only provided prepaid cards to banks and credit unions. With this expansion, Pathward can now also provide Commercial Finance Solutions to their business clients that do not qualify for traditional financing or when a product isn’t offered. Pathward also provides Financial Institutions the ability to offer merchant services to business clients.\n\n\n\nFinancial Highlights for the 2024 Fiscal Third Quarter\n\n\n\nTotal revenue for the third quarter was $176.7 million, an increase of $11.5 million, or 7%, compared to the same quarter in fiscal 2023, driven by an increase in net interest income, partially offset by a reduction in noninterest income.\n\n\n\nNet interest margin (\"NIM\") increased 38 basis points to 6.56% for the third quarter from 6.18% during the same period last year, primarily driven by increased yields on earning assets and an improved earning asset mix from the continued optimization of the portfolio. When including contractual, rate-related processing expense, NIM would have been 4.92% in the fiscal 2024 third quarter compared to 4.88% during the fiscal 2023 third quarter. Servicing fee income on ...