PATHWARD FINANCIAL, INC.

Listed Company

CASHCIK 0000907471NasdaqLarge AcceleratedNational Commercial BanksDelawareFY ends Sep 30

Period

FY 2025

Revenue

—

Net Income

$185.87M

Total Assets

$7.17B

Equity

$858.04M

Shares Out

21.76M

Op. Cash Flow

$450.62M

Business

PATHWARD FINANCIAL, INC. operates as a bank holding company and chartered national bank that provides payments and commercial finance products. It offers partner solutions (issuing and prepaid card programs, sponsorships, merchant acquiring, ATM sponsorship, digital payments, financial institution solutions, and professional tax solutions) and commercial finance (term lending, asset-based lending, factoring, lease financing, government-guaranteed lending and structured finance). The Company reports three segments—Consumer, Commercial, and Corporate Services/Other—organized around Partner Solutions and Commercial Finance. Pathward distributes services nationwide through third‑party partners, merchants, financial institutions, tax offices and payment rails.

Summary from filing dated 2025-11-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Loans and leases, including fees	456	439	347	268	256
Mortgage-backed securities	34	39	41	27	12
Other investments	34	41	34	17	18
Total interest and dividend income	523	519	422	312	286
Deposits	5	13	4	500,000	2
FHLB advances and other borrowings	6	8	7	4	5
Total interest expense	12	21	11	5	—
Net interest income	512	498	411	307	279
Provision for credit loss	57	58	109	29	50
Net interest income after provision for credit loss	455	440	302	279	229
(Loss) on sale of securities	−25	0	0	−1	6,000
Gain on divestitures	15	0	0	0	0
Gain on sale of trademarks	0	0	10	50	0
Secondary market revenue	37	6	412,000	—	—
Gain on sale of other	5	7	2	−6	12
Other income	27	23	22	17	—
Total noninterest income	328	300	317	294	271
Compensation and benefits	200	201	184	171	151
Refund transfer product expense	12	10	10	9	12
Refund advance expense	1	2	2	2	3
Card processing	138	138	105	39	27
Building and software	42	37	35	35	29
Operating lease equipment depreciation	46	42	46	36	31
Legal and consulting	36	25	27	41	31
Intangible amortization	3	4	5	7	9
Impairment expense	6	3	3	670,000	3
Other expense	75	59	46	46	48
Total noninterest expense	560	521	463	385	344
Income before income tax expense	223	219	155	187	156
Income tax expense	36	34	10	28	11
Net income before noncontrolling interest	187	185	145	159	146
Net income attributable to noncontrolling interest	915,000	1	2	3	4
Net income attributable to parent	186	183	143	156	142
Basic (in dollars per share)	7.91	7.21	5.26	5.26	4.38
Diluted (in dollars per share)	7.87	7.2	5.24	5.26	4.38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	121	158	376	388	314
Securities available for sale, at fair value	1,328	1,741	1,804	1,883	1,865
Securities held to maturity, at amortized cost (fair value $25,653 and $30,236, respectively)	29	33	37	42	57
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost	25	36	28	29	28
Loans held for sale	179	692	78	21	56
Loans and leases	4,665	4,075	4,366	3,536	3,610
Allowance for credit losses	−53	−72	−97	−64	−68
Accrued interest receivable	39	31	23	18	16
Premises, furniture, and equipment, net	41	39	39	42	45
Rental equipment, net	159	205	212	204	213
Goodwill and intangible assets	310	326	330	335	343
Other assets	330	266	292	295	212
Total assets	7,172	7,532	7,503	6,747	6,691
Deposits	5,887	5,875	6,589	5,866	5,515
Short-term borrowings	9	377	13	0	—
Long-term borrowings	33	33	34	36	93
Accrued expenses and other liabilities	385	424	249	200	211
Total liabilities	6,315	6,710	6,885	6,102	5,819
Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at September 30, 2025 and 2024, respectively	0	0	0	0	0
Additional paid-in capital	648	639	629	617	604
Retained earnings	360	337	279	245	259
Accumulated other comprehensive loss	−145	−153	−255	−213	8
Treasury stock, at cost, 70,215 and 3,769 common shares at September 30, 2025 and 2024, respectively	−5	−249,000	−344,000	−5	−860,000
Total equity attributable to parent	858	822	652	645	871
Noncontrolling interest	−591,000	−277,000	−1	−30,000	1
Total stockholders equity	857	822	618	633	872
Total liabilities and stockholders equity	7,172	7,532	7,536	6,747	6,691

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	60	58	65	62	59
Provision for (reversal of) deferred taxes	17	16	−7	18	−2
Originations of loans held for sale	−2,498	−2,035	−1,209	−985	−601
Proceeds from sales of loans held for sale	2,768	2,036	1,140	1,059	890
Net change in loans held for sale	4	18	26	13	588,000
Net realized (gain) on loans held for sale	−37	−6	−268,000	4	−9
Net realized loss (gain) on securities available for sale	25	0	0	−154,000	−6,000
Net realized (gain) on divestitures	−15	0	0	0	0
Net realized loss on premise, furniture, and equipment	0	0	65,000	55,000	0
Net realized (gain) on other	−5	−7	−2	−2	28,000
Change in bank-owned life insurance value	−3	−3	−1	−2	−2
Impairment on rental equipment	3	2	24,000	0	—
Net change in accrued interest receivable	−7	−8	−5	−2	374,000
Net change in other assets	−80	−12	17	−33	825,000
Net change in accrued expenses and other liabilities	−34	176	49	−11	44
Stock compensation	10	10	11	10	7
Net cash provided by operating activities	451	489	328	269	582
Purchases of securities available for sale	−2	−3	−157	−907	−1,042
Proceeds from sales of securities available for sale	239	0	0	266	50
Proceeds from maturities of and principal collected on securities available for sale	164	202	177	324	372
Proceeds from maturities of and principal collected on securities held to maturity	4	3	5	14	34
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock	−292	−406	−330	−174	−1
Redemption of Federal Reserve Bank and Federal Home Loan Bank stock	303	399	331	173	34,000
Purchases of loans and leases	−226	−298	−215	−115	−311
Net change in loans and leases	−733	102	−332	359	−196
Purchases of premises, furniture, and equipment	−12	−10	−9	−8	−13
Purchases of rental equipment	−202	−267	−441	−425	−50
Proceeds from sales of rental equipment	28	9	15	9	17
Net change in rental equipment	741,000	565,000	−236,000	−6	−630,000
Proceeds from sales of foreclosed real estate and repossessed assets	0	0	1,000	2	9
Proceeds from death benefit of bank-owned life insurance	0	0	1	0	0
Proceeds from divestitures, net of transaction costs	608	0	0	0	0
Proceeds from sale of trademarks	0	0	10	50	0
Proceeds from sale of other assets	471,000	6	0	4	0
Proceeds from loans held for sale previously classified as portfolio loans	146	0	0	—	—
Net cash provided by (used in) investing activities	26	−263	−946	−311	−1,118
Net change in deposits	24	−714	723	351	536
Net change in short-term borrowings	−368	364	13	0	0
Principal payments on other liabilities	0	−621,000	−2	−3	−6
Payment of debt issuance costs	0	0	−511,000	0	0
Dividends paid on common stock	−5	−5	−5	−6	−6
Issuance of common stock due to restricted stock	0	3,000	1,000	1,000	0
Repurchases of common stock	−163	−87	−120	−168	−100
Investment by (distributions to) noncontrolling interest	−1	−565,000	−3	−4	—
Net cash provided by (used in) financing activities	−513	−443	605	118	423
Effect of exchange rate changes on cash	−1	81,000	331,000	−2	476,000
Net change in cash and cash equivalents	−38	−217	−12	74	−113
Interest	12	21	11	5	8
Income taxes	18	20	14	14	8
Franchise and other taxes	670,000	726,000	1	791,000	250,000
Held for sale to loans and leases	0	31	158,000	116	37
Loans and leases to held for sale	462	597	13	169	189
Loans and leases to rental equipment	4	5	3	4	29
Rental equipment to loan and leases	180	226	377	400	24
Recognition of operating lease ROU assets, net of measurements	3	654,000	0	117,000	13
Retirement of treasury stock	0	6	7	0	0

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