Welcome to our dedicated page for Pathward Financial news (Ticker: CASH), a resource for investors and traders seeking the latest updates and insights on Pathward Financial stock.
Pathward Financial, Inc. reports company developments tied to its role as a U.S.-based financial holding company with the national bank subsidiary Pathward, N.A. Recurring updates cover quarterly results, cash dividends, Partner Solutions activity, Commercial Finance lending, professional tax solutions, and banking services for fintechs, payments innovators, individuals and businesses.
Company news also includes impact reporting, community grants, workplace and industry recognition, and participation in financial-technology policy groups. Pathward’s operating updates often reference card issuing, merchant acquiring, digital payments sponsorship, credit solutions, equipment financing, working capital and structured finance as part of its financial-access model.
Pathward Financial, Inc. (Nasdaq: CASH) has announced that its subsidiary Pathward®, N.A. will sell its commercial insurance premium finance business to AFS IBEX Financial Services, The deal includes:
- Purchase of the loan portfolio ($617.1 million as of June 30, 2024)
- A $31.2 million premium
- Assumption of certain liabilities
- Employment offers to current staff
The transaction is expected to close by the end of fiscal year 2024 and be neutral to fiscal 2024 net income and earnings per share. However, it's anticipated to become increasingly accretive as Pathward redeploys capital into higher-yielding assets. CEO Brett Pharr stated this aligns with their strategy of simplification and optimizing asset mix for fiscal 2025.
Pathward Financial (Nasdaq: CASH) has announced a cash dividend of $0.05 per share for the fourth fiscal quarter of 2024. The dividend will be paid on October 1, 2024 to shareholders of record as of September 10, 2024. As of June 30, 2024, Pathward Financial reported total assets of $7.53 billion and shareholders' equity of $765.2 million. This dividend declaration demonstrates the company's commitment to returning value to shareholders while maintaining a strong financial position.
Ouro and Real Madrid Football Club have launched the Real Madrid Netspend® Prepaid Mastercard® in the United States. The card is now available to fans at Netspend.com/RealMadrid. To celebrate the launch, they are offering exclusive giveaways, including a VIP superfan experience in Madrid. Through August 31, cardholders earn entries for prizes by using their cards. The Grand Prize includes a 4-day trip to Madrid, match tickets, stadium tour, training session, and merchandise. First Prize winners receive an autographed jersey and merchandise.
The card features include no credit check, reloadability at over 100,000 locations, direct deposit capabilities, mobile and web account access, cashback perks, and opportunities for VIP experiences. This launch coincides with Real Madrid's U.S. pre-season tour and recent Champions League victory.
Pathward Financial (Nasdaq: CASH) reported Q3 2024 net income of $41.8 million ($1.66/share), down from $45.1 million ($1.68/share) YoY. Total revenue rose 7% to $176.7 million, driven by net interest income gains, though offset by reduced noninterest income. Net interest margin improved to 6.56%. Gross loans and leases grew by $539.7 million to $4.61 billion. Noninterest expense rose 8% to $123.7 million, with a 3% decline in noninterest income to $65.9 million. The company repurchased 286,920 shares at an average price of $52.24. Fiscal 2024 nine-month tax services revenue increased 3% to $82.0 million, with net income from these services up 33% to $47.1 million. Pathward's allowance for credit losses stood at $79.8 million and the company remains well-capitalized.
MoneyLion Inc. (NYSE: ML) has appointed Brad Hanson, former President and CEO of Pathward Financial, Inc., to its Board of Directors and as Chair of the Audit Committee, effective July 15. Hanson replaces Jeff Gary, who is stepping down from the Board. This strategic appointment brings decades of financial services experience to MoneyLion, a digital ecosystem for consumer finance.
Hanson's expertise in fintech and commitment to financial inclusion align with MoneyLion's mission to improve financial literacy and access. The company is building the first digital ecosystem for consumer finance, blending first- and third-party products, personalized financial tools, and advanced data-driven insights. MoneyLion's Board, led by Chair John Chrystal, includes CEO Dee Choubey and other industry leaders, positioning the company for continued growth in its two-sided consumer finance marketplace.
Clair, a fintech company offering free Earned Wage Advances (EWA), has partnered with Gusto, an integrated payroll and HR platform. This collaboration introduces Clair's new Embedded Offering to Gusto's 300,000 supported businesses, allowing employees to access On-Demand Pay via Gusto Wallet.
Key points:
- Gusto is the first partner to leverage Clair's new Embedded product
- The partnership addresses the growing demand for financial wellness benefits
- Clair's EWA is bank-issued with no interest, powered by Pathward®, N.A.
- Gusto Wallet Premium members can access a portion of their earnings daily without affecting credit scores
Pathward Financial has announced it will release its Q3 2024 earnings on July 24, 2024, after market close. The company will also host a conference call at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on the same day to discuss the results. Interested parties can access the live webcast through Pathward Financial's Investor Relations website. A replay of the webcast will be available on the website for one year. For telephone access, participants should dial 1-833-470-1428 and use access code 059075 about 10 minutes before the call. Additional information about the company is available on its website.
Fintech company Clair has partnered with payroll infrastructure firm Check to offer seamless on-demand pay solutions for employers.
Clair's proprietary platform embeds flexible pay options into Workforce Management (WFM) systems using low-code technology, allowing businesses to provide compliant wage advances without developing new software. This partnership highlights Check's commitment to offering financial benefits, with the first rollout occurring through Eddy, an HR suite, reaching thousands of employees across hundreds of businesses.
As modern workforce needs evolve, technology integration and modernization are critical, with a significant percentage of employers and employees emphasizing the importance of financial wellness services. Clair's collaboration with Check aims to address these needs, providing financial flexibility and streamlining wage advance processes. Clair is backed by its partnership with FDIC-insured Pathward, ensuring compliance and reliability in its services.
Birch Creek Energy, a renewable energy company based in St. Louis, has completed financing and operational launch of the 49MW Earp Solar project in Illinois. This marks the first fully financed and operational project in their independent power producer (IPP) division. Earp Solar, located on 229 acres in Warren County, connects to Ameren Illinois and generates enough electricity to power over 7,300 homes. Financing was supported by Foss & Company (tax equity), West Town Bank & Trust (permanent debt), and Pathward® (construction capital). This project is part of Birch Creek's broader strategy, announced in mid-2023, to develop six projects totaling 342MW in the MISO region.
Pathward’s managing director of business development, Shannon Stetson, has been named to the Secured Finance Network's (SFNet) 2024 40 Under 40 list. This honor recognizes young professionals for their contributions to the secured finance industry and their communities. Shannon has over 13 years of experience and manages a portfolio exceeding $80 million. She has been instrumental in driving revenue and building client relationships. The award will be presented at the 40U40 Awards Gala on June 13 in New York City. Stetson is also active in her local Texas community through various volunteer efforts.