2023-01-25 21:10:00

Pathward Financial, Inc. Announces Results for 2023 Fiscal First Quarter

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Benzinga
By Business Wire

- Net Income of $27.8 million, or $0.98 Per Diluted Share -

- Raises Fiscal 2023 GAAP EPS Guidance Range to $5.55-$5.95 -

Pathward Financial, Inc.("Pathward Financial" or the "Company") CASH reported net income of $27.8 million, or $0.98 per share, for the three months ended December 31, 2022, compared to net income of $61.3 million, or $2.00 per share, for the three months ended December 31, 2021.

During the quarter, when adjusting for the gain on sale of names and trademarks, expenses related to rebranding efforts and separation expense, the Company recognized adjusted net income of $23.2 million, or $0.81 per share. For the same period of the prior year, the Company recognized adjusted net income of $24.0 million, or $0.78 per share when excluding the impact of the gain on sale of trademarks and rebranding and separation expenses. See non-GAAP reconciliation table below.

CEO Brett Pharr said, "Pathward Financial performed well during the first fiscal quarter of 2023. Commercial Finance loans grew 7 percent compared to the prior year period, and credit quality across the portfolio remains strong. As we head into a potential recessionary environment, we are confident in our active collateral management and the quality of our loan portfolio. At the same time, our broad range of partners enables us to excel in the Banking as a Service industry, even during economic downtimes. Primarily as a result of the rising interest rate environment, we are pleased to raise our fiscal year 2023 GAAP EPS range, and our unique business model positions us well for the remainder of the year."

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