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Pathward Financial, Inc. (CASH) SEC Filing 10-K Annual Report for the fiscal year ending Friday, September 30, 2022

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Meta Financial Group Inc

CIK: 907471 Ticker: CASH

Exhibit 99.1

pathward_logoxrgb.jpg
PATHWARD FINANCIAL, INC. ANNOUNCES RESULTS FOR 2022 FISCAL FOURTH QUARTER AND FISCAL YEAR 2022
- Fiscal 2022 Fourth Quarter Net Income of $23.4 million, or $0.81 Per Diluted Share -
- Fiscal 2022 Net Income of $156.4 million, or $5.26 Per Diluted Share -
Sioux Falls, S.D., October 27, 2022 --
Pathward Financial, Inc.TM (“Pathward Financial” or the “Company”) (Nasdaq: CASH) reported net income of $23.4 million, or $0.81 per share, for the three months ended September 30, 2022, compared to net income of $15.9 million, or $0.50 per share, for the three months ended September 30, 2021. The Company reported net income of $156.4 million, or $5.26 per share, for the fiscal year ended September 30, 2022, compared to net income of $141.7 million, or $4.38 per share, for the fiscal year ended September 30, 2021. For the fiscal year ended September 30, 2022, the Company recognized return on average assets of 2.20% compared to 1.74% for the prior year period.
During the quarter, the Company recognized $6.9 million of pre-tax expenses related to rebranding efforts and $1.0 million of pre-tax separation related expenses. Excluding the impact of the rebranding and separation expenses, net of tax, the Company's adjusted net income for the quarter totaled $30.3 million, or $1.04 per share. For the fiscal year ended 2022, the Company recognized a gain on sale of Meta names and trademarks of $50.0 million, $13.1 million of pre-tax expenses related to rebranding efforts and $5.1 million of pre-tax separation related expenses. Excluding the impact of the gain on sale and rebranding and separation expenses, net of tax, the Company's adjusted net income for the 2022 fiscal year totaled $133.6 million, or $4.49 per share. See non-GAAP reconciliation table below.
“Fiscal 2022 was a landmark year for our organization as we renamed and unified our company under a single brand that reinforces our commitment to providing a path forward for individuals and businesses to reach the next stage of their financial journey," said CEO Brett Pharr.
"We are pleased with our results for the fiscal fourth quarter during which we delivered strong earnings per share growth. Our financial results continue to demonstrate that our optimization strategy will produce outsized returns of capital to shareholders."
"Looking ahead, we affirm our guidance for fiscal 2023: Our commercial finance loan portfolio is performing well and our credit quality metrics remain strong. We are starting to see the benefits of the rising rate environment in our loan yields, especially now that almost all of our variable rate loans are above their floors. Additionally, we believe our banking as a service business will continue to attract and maintain low-cost deposits while also generating steady fee income. Taken together, these factors position us well for fiscal 2023 and beyond," continued Pharr.

Business Highlights
The Company announced today that Sonja Theisen, currently Executive Vice President of Governance, Risk and Compliance, has been appointed to succeed Glen Herrick as the Chief Financial Officer effective April 30, 2023. Ms. Theisen, who joined Pathward in 2013, has held leaderships roles across the organization including Chief Accounting Officer, Chief of Staff, and EVP of Governance, Risk and Compliance. Additional details can be found in the press release available at www.pathwardfinancial.com.

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The following information was filed by Meta Financial Group Inc (CASH) on Thursday, October 27, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Meta Financial Group Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (Parenthetical)
Consolidated Statements Of Operations
Capital Requirements And Restrictions On Retained Earnings
Capital Requirements And Restrictions On Retained Earnings (Tables)
Capital Requirements And Restrictions On Retained Earnings - Financial Measures Of Capital (Details)
Capital Requirements And Restrictions On Retained Earnings - Reconciliation Of Capital Amounts (Details)
Capital Requirements And Restrictions On Retained Earnings - Tangible Common Equity Reconciliation (Details)
Earnings Per Common Share ("Eps")
Earnings Per Common Share ("Eps") (Details)
Earnings Per Common Share ("Eps") (Tables)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (Tables)
Fair Values Of Financial Instruments - Assets Measured At Fair Value On Recurring And Non-Recurring Basis (Details)
Fair Values Of Financial Instruments - Balance Sheet Grouping (Details)
Fair Values Of Financial Instruments - Quantitative Information (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Goodwill And Intangible Assets (Details)
Goodwill And Intangible Assets - Narrative (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Loans And Leases, Net
Loans And Leases, Net (Tables)
Loans And Leases, Net - Additional Information (Details)
Loans And Leases, Net - Allowance For Loan Losses And Recorded Investment In Loans (Details)
Loans And Leases, Net - Asset Classification Of Loans (Details)
Loans And Leases, Net - Direct Financing And Sales-Type Leases, And Lease Receivable Maturity (Details)
Loans And Leases, Net - Impaired Loans (Details)
Loans And Leases, Net - Nonaccrual (Details)
Loans And Leases, Net - Past Due Loans (Details)
Loans And Leases, Net - Schedule Of Loans Purchased And Sold, By Portfolio Segment (Details)
Loans And Leases, Net - Summary Of Loans (Details)
Operating Lease Right-Of-Use Assets And Liabilities
Operating Lease Right-Of-Use Assets And Liabilities (Tables)
Operating Lease Right-Of-Use Assets And Liabilities - Lease Costs (Details)
Operating Lease Right-Of-Use Assets And Liabilities - Narrative (Details)
Operating Lease Right-Of-Use Assets And Liabilities - Undiscounted Future Minimum Operating Lease Payments (Details)
Parent Company Financial Statements
Parent Company Financial Statements (Tables)
Parent Company Financial Statements - Balance Sheet (Details)
Parent Company Financial Statements - Cash Flow Statement (Details)
Parent Company Financial Statements - Income Statement (Details)
Premises, Furniture, And Equipment, Net
Premises, Furniture, And Equipment, Net (Details)
Premises, Furniture, And Equipment, Net (Tables)
Rental Equipment, Net
Rental Equipment, Net (Tables)
Rental Equipment, Net - Schedule Of Operating Leases, Future Minimum Payments Receivable (Details)
Rental Equipment, Net - Schedule Of Rental Equipment (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Schedule Of Revenue From Contracts With Customers By Segment (Details)
Securities
Securities (Tables)
Securities - Activities Related To Sale (Details)
Securities - Narrative (Details)
Securities - Schedule Of Securities Available (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Short-Term And Long-Term Borrowings
Short-Term And Long-Term Borrowings (Tables)
Short-Term And Long-Term Borrowings - Long Term Debt (Details)
Short-Term And Long-Term Borrowings - Long Term Debt Narrative (Details)
Short-Term And Long-Term Borrowings - Short Term Debt (Details)
Significant Events
Significant Events (Details)
Stock Compensation
Stock Compensation (Tables)
Stock Compensation - Additional Information (Details)
Stock Compensation - Effects To Net Income (Details)
Stock Compensation - Nonvested Shares (Details)
Stock Compensation - Performance Shares (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Assets Of Vie's (Details)
Time Certificates Of Deposit
Time Certificates Of Deposit (Details)
Time Certificates Of Deposit (Tables)
Ticker: CASH
CIK: 907471
Form Type: 10-K Annual Report
Accession Number: 0000907471-22-000156
Submitted to the SEC: Tue Nov 22 2022 4:16:45 PM EST
Accepted by the SEC: Tue Nov 22 2022
Period: Friday, September 30, 2022
Industry: Savings Institution Federally Chartered

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