Business
Pathward Financial, Inc. Announces Results for 2023 Fiscal Fourth Quarter and Fiscal Year 2023
SIOUX FALLS, S.D.--(BUSINESS WIRE)-- Pathward Financial, Inc. (“Pathward Financial” or the “Company”) (Nasdaq: CASH) reported net income of $35.9 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 $35.9 million, or $1.36 per share, for the three months ended September 30, 2023, compared to net income of $23.4 million, or $0.81 per share, for the three months ended September 30, 2022.\n\n\nThe Company reported net income of $163.6 million, $5.99 per share, for the fiscal year ended September 30, 2023, compared to net income of $156.4 million, or $5.26 per share, for the fiscal year ended September 30, 2022. For the fiscal year ended September 30, 2023, the Company recognized return on average assets of 2.33% compared to 2.20% for the prior year period.\n\n\nFor the fiscal year ended September 30, 2023, the Company recognized adjusted net income of $166.5 million, or $6.09 per share, compared to adjusted net income of $133.6 million, or $4.49 per share, for the fiscal year ended September 30, 2022. See non-GAAP reconciliation table below.\n\n\nCEO Brett Pharr said, “During fiscal year 2023, we focused on operations across the enterprise, growing the commercial finance loan book, and working with new and existing partners to expand their product offerings. As a result, we increased net income by 5%, earnings per diluted share by 14% and expanded our return on average assets to over 2.3%. I am very pleased by everything we accomplished and look forward to furthering our progress on our three strategic initiatives this year. We are raising our guidance to a range of $6.20 - $6.70 to reflect our updated view on fiscal year 2024.”\n\n\nCompany Highlights\n\n\n\nOn October 5, 2023, the Company announced Greg Sigrist has been appointed Executive Vice President (“EVP”), Chief Financial Officer (“CFO”) - Designee, beginning November 1, 2023. Immediately after the filing of the Company’s Form 10-K for fiscal year 2023, Mr. Sigrist will transition to EVP, CFO, when he will succeed Glen Herrick, who will remain with the Company as EVP, Executive Advisor to the Chief Executive Officer to aid in the transition and other projects until his retirement on December 31, 2023.\n\n\n\n\nOn August 25, 2023, the Company announced a new share repurchase program to repurchase up to 7,000,000 shares of the Company's outstanding common stock on or before September 30, 2028.\n\n\n\nFinancial Highlights for the 2...