Business
Pathward Financial, Inc. Announces Results for 2022 Fiscal Fourth Quarter and Fiscal Year 2022
- Fiscal 2022 Fourth Quarter Net Income of $23.4 million, or $0.81 Per Diluted Share - - Fiscal 2022 Net Income of $156.4 million, or $5.26 Per Diluted Share
About this update from Pathward Financial, Inc.
[{"type":"text","content":"\n- Fiscal 2022 Fourth Quarter Net Income of $23.4 million, or $0.81 Per Diluted Share -\n\n- Fiscal 2022 Net Income of $156.4 million, or $5.26 Per Diluted Share -\n\n SIOUX FALLS, S.D.--(BUSINESS WIRE)--\nPathward Financial, Inc.™ (“Pathward Financial” or the “Company”) (Nasdaq: CASH) reported net income of $23.4 million, or $0.81 per share, for the three months ended September 30, 2022, compared to net income of $15.9 million, or $0.50 per share, for the three months ended September 30, 2021. The Company reported net income of $156.4 million, or $5.26 per share, for the fiscal year ended September 30, 2022, compared to net income of $141.7 million, or $4.38 per share, for the fiscal year ended September 30, 2021. For the fiscal year ended September 30, 2022, the Company recognized return on average assets of 2.20% compared to 1.74% for the prior year period.\n\nDuring the quarter, the Company recognized $6.9 million of pre-tax expenses related to rebranding efforts and $1.0 million of pre-tax separation related expenses. Excluding the impact of the rebranding and separation expenses, net of tax, the Company's adjusted net income for the quarter totaled $30.3 million, or $1.04 per share. For the fiscal year ended 2022, the Company recognized a gain on sale of Meta names and trademarks of $50.0 million, $13.1 million of pre-tax expenses related to rebranding efforts and $5.1 million of pre-tax separation related expenses. Excluding the impact of the gain on sale and rebranding and separation expenses, net of tax, the Company's adjusted net income for the 2022 fiscal year totaled $133.6 million, or $4.49 per share. See non-GAAP reconciliation table below.\n\n“Fiscal 2022 was a landmark year for our organization as we renamed and unified our company under a single brand that reinforces our commitment to providing a path forward for individuals and businesses to reach the next stage of their financial journey,\" said CEO Brett Pharr.\n\n\"We are pleased with our results for the fiscal fourth quarter during which we delivered strong earnings per share growth. Our financial results continue to demonstrate that our optimization strategy will produce outsized returns of capital to shareholders.\"\n\n\"Looking ahead, we affirm our guidance for fiscal 2023: Our commercial finance loan portfolio is performing well and our credit quality ...