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Pathward Financial, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing total revenue of $754.7 million, an increase from $704.5 million in the previous year. Net income was $168.4 million, up from $163.6 million.
Net interest income increased by 17% to $455.1 million, driven by higher average interest-earning asset balances and improved asset mix.
The provision for credit loss was $42.7 million, down from $57.4 million, reflecting a decrease in the tax services portfolio.
Noninterest income decreased by 5% to $299.6 million, primarily due to lower card and deposit fees.
Noninterest expense rose by 10% to $513.3 million, with increases in card processing and compensation expenses.
Total assets were $7.55 billion, slightly up from $7.54 billion, with a decrease in cash and cash equivalents and loans and leases.
Total deposits decreased by 11% to $5.88 billion, with a reduction in noninterest-bearing deposits.
The company's stockholders' equity increased to $839.6 million, driven by a decrease in accumulated other comprehensive loss.
The filing details the sale of the commercial insurance premium finance business, completed on October 31, 2024.
Pathward Financial reported a net interest margin of 6.41%, up from 6.04% in the previous year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pathward Financial Inc. annual 10-K report dated November 26, 2024. To report an error, please email earnings@qz.com.