Business
Pathward Financial, Inc. Announces Results for 2023 Fiscal Second Quarter
Net Income of $54.8 million, or $1.99 Per Diluted Share Reaffirms Fiscal Year 2023 EPS Guidance SIOUX FALLS, S.D.--(BUSINESS WIRE)-- Pathward Financial, Inc.
About this update from Pathward Financial, Inc.
[{"type":"text","content":"\nNet Income of $54.8 million, or $1.99 Per Diluted Share\n\n\nReaffirms Fiscal Year 2023 EPS Guidance\n\n\n SIOUX FALLS, S.D.--(BUSINESS WIRE)--\nPathward Financial, Inc. (“Pathward Financial” or the “Company”) (Nasdaq: CASH) reported net income of $54.8 million, or $1.99 per share, for the three months ended March 31, 2023, compared to net income of $49.3 million, or $1.66 per share, for the three months ended March 31, 2022.\n\n\nDuring the quarter, when adjusting for the adverse financial impacts related to legacy mobile solar transactions and a venture capital investment impairment expense, the Company recognized adjusted net income of $60.3 million, or $2.18 per share. For the same period of the prior year, the Company recognized adjusted net income of $52.0 million, or $1.75 per share when excluding the impact of rebranding and separation expenses. See non-GAAP reconciliation table below.\n\n\nCEO Brett Pharr said, “Pathward generated solid results during the second quarter driven by the continued expansion of our net interest margin and higher non-interest income. We continue to benefit from servicing fee income on our off-balance deposits and see increases in the average yield on our interest-earnings assets as they reprice. We are very pleased that this year's tax season has performed above our initial expectations through the end of March. Based on these results, we are reaffirming our fiscal year 2023 GAAP earnings per diluted share guidance of $5.55 to $5.95, despite the $7.3 million adverse pre-tax impacts during the quarter.”\n\n\nCompany Highlights\n\n\n\nOn April 5, 2023, Pathward®, N.A. announced it became Certified™ by Great Place to Work® for the first time. Great Place to Work holds itself out as the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation.\n\n\n\nOn February 28, 2023, the Board of Directors (the \"Board\") of Pathward Financial appointed Christopher Perretta as a member of the Board.\n\n\n\nFinancial Highlights for the 2023 Fiscal Second Quarter\n\n\n\nTotal revenue for the second quarter was $228.4 million, an increase of $34.9 million, or 18%, compared to the same quarter in fiscal 2022, driven by an increase in both noninterest income and net interest income.\n\n\n\nNet i...