Q3 2024 Pathward Financial Inc Earnings Call Transcript
Key Points
- Net income for the quarter was $41.8 million, with earnings per diluted share at $1.66.
- Net interest income increased by 14% compared to the same quarter last year.
- Return on average assets for the first nine months was 2.33%, and return on average tangible equity was 47.3%.
- The company has a robust pipeline in working capital and government-guaranteed loans, including SBA and USDA.
- Pathward Financial Inc (CASH) has implemented a new technology system to create efficiencies in underwriting and asset management.
- Provision for credit losses increased to $5.9 million from $1.8 million in the same quarter last year, primarily due to the commercial finance division.
- Non-interest income declined slightly, driven by a decrease in card and deposit fee income.
- Total non-interest expense increased, mainly due to higher rate-related card processing expenses.
- Off-balance sheet custodial deposits decreased significantly, from $781 million last year to $353 million.
- There was a slight uptick in non-performing assets (NPA) and net charge-offs, particularly in the consumer finance side.
Ladies and gentlemen, thank you for standing by. And welcome to Pathward Financial's third-quarter fiscal year 2024 investor conference call. (Operator Instructions) As a reminder, this conference call is being recorded. And I would now like to turn the conference over to Darby Schoenfeld, Senior Vice President, Chief of Staff, and Investor Relations. Please go ahead.
Thank you, operator, and welcome. With me today are Pathward Financial's CEO, Brett Pharr, and CFO, Greg Sigrist, who will discuss our operating and financial results for the third quarter of fiscal 2024, after which we will take your questions. Additional information, including the earnings release, the investor presentation that accompanies our prepared remarks, and supplemental slides may be found on our website at pathwardfinancial.com.
As a reminder, our comments may include forward-looking statements, including with respect to anticipated results for future periods. Those statements are subject to risks and uncertainties that could
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