PATHWARD FINANCIAL, INC. Goodwill & Intangibles Disclosure
| (Dollars in Thousands) | Consumer | Commercial | Corporate Services/Other | Total | ||||||||||
| September 30, 2024 | $ | 87,145 | $ | 222,360 | $ | — | $ | 309,505 | ||||||
| Divestiture | — | (11,577) | — | (11,577) | ||||||||||
| September 30, 2025 | $ | 87,145 | $ | 210,783 | $ | — | $ | 297,928 | ||||||
| September 30, 2023 | $ | 87,145 | $ | 222,360 | $ | — | $ | 309,505 | ||||||
| September 30, 2024 | $ | 87,145 | $ | 222,360 | $ | — | $ | 309,505 | ||||||
| (Dollars in thousands) | Trademark(1) | Non-Compete | Customer Relationships(2) | All Others(3) | Total | ||||||||||||
| September 30, 2024 | $ | 6,422 | $ | — | $ | 6,566 | $ | 3,601 | $ | 16,589 | |||||||
| Amortization during the period | (1,076) | — | (1,824) | (556) | (3,456) | ||||||||||||
| Write-offs and disposals during the period | — | — | (631) | — | (631) | ||||||||||||
| September 30, 2025 | $ | 5,346 | $ | — | $ | 4,111 | $ | 3,045 | $ | 12,502 | |||||||
| Gross carrying amount | $ | 13,774 | $ | 301 | $ | 70,338 | $ | 7,732 | $ | 92,145 | |||||||
| Accumulated amortization | (8,428) | (301) | (55,309) | (4,534) | (68,572) | ||||||||||||
| Accumulated impairment | — | — | (10,918) | (153) | (11,071) | ||||||||||||
| September 30, 2025 | $ | 5,346 | $ | — | $ | 4,111 | $ | 3,045 | $ | 12,502 | |||||||
| September 30, 2023 | $ | 7,477 | $ | — | $ | 9,110 | $ | 4,133 | $ | 20,720 | |||||||
| Amortization during the period | (1,055) | — | (2,544) | (532) | (4,131) | ||||||||||||
| September 30, 2024 | $ | 6,422 | $ | — | $ | 6,566 | $ | 3,601 | $ | 16,589 | |||||||
| Gross carrying amount | $ | 13,774 | $ | 301 | $ | 77,578 | $ | 7,732 | $ | 99,385 | |||||||
| Accumulated amortization | (7,352) | (301) | (60,094) | (3,978) | (71,725) | ||||||||||||
| Accumulated impairment | — | — | (10,918) | (153) | (11,071) | ||||||||||||
| September 30, 2024 | $ | 6,422 | $ | — | $ | 6,566 | $ | 3,601 | $ | 16,589 | |||||||
| (Dollars in thousands) | |||||
| 2026 | $ | 3,103 | |||
| 2027 | 2,483 | ||||
| 2028 | 2,194 | ||||
| 2029 | 1,581 | ||||
| 2030 | 1,473 | ||||
| Thereafter | 1,668 | ||||
| Total anticipated intangible amortization | $ | 12,502 | |||
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About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.