Pathward Financial - CASH STOCK NEWS

Pathward™, N.A., formerly MetaBank®, has announced its rebranding and new website launch, Pathward.com. This change aligns with the company's commitment to enhancing financial inclusion for individuals and businesses often overlooked by traditional banks. Pathward will showcase its new brand at various upcoming events including Money20/20 in Las Vegas from October 23-26 and the Secured Finance Network Annual Conference in Austin, Texas from November 9-11. CEO Brett Pharr emphasizes disrupting traditional banking norms to improve access to financial products.

Pathward Financial (CASH) has successfully completed a private placement offering, raising $20 million through its 6.625% Fixed-to-Floating Rate Subordinated Notes due 2032. The notes will initially bear an interest of 6.625% annually, resetting to the three-month SOFR rate plus 314 basis points after five years. These notes qualify as Tier 2 capital and will mature on September 30, 2032. Proceeds will be used for general corporate purposes and potential stock repurchases. The offering was well received, demonstrating investor confidence in the company's outlook.

Pathward Financial (NASDAQ: CASH) has declared a cash dividend of $0.05 per share for Q4 2022, payable on October 3, 2022, to shareholders on record by September 8, 2022. As of June 30, 2022, the company reported total assets of $6.73 billion and shareholders’ equity of $724.8 million. This decision underscores the company's commitment to providing returns to shareholders. More information can be found at PathwardFinancial.com.

Blackhawk Network received approval from the New York Gaming Commission and the state of Louisiana to offer its payments and sports betting gift card services. This includes its Game On card, which allows users to fund accounts with various sportsbooks. The sports betting market is experiencing rapid growth, with a reported $1.42 billion in wagering revenue for Q2 2022, a 58.7% increase from the previous year. The Game On cards are now available at select retailers in New York and Louisiana, expanding funding options for sports fans.

Pathward Recognizes Senior VP Nancy Schempp for Outstanding Leadership

Nancy Schempp, Senior VP of Partner Services and Delivery at Pathward, has been named one of the Most Influential Women in Payments: Next by American Banker for 2022. Woyke, Division President, praised her leadership in driving growth in their Banking as a Service division during challenging times. This recognition highlights Pathward’s commitment to fostering talent as it moves forward with rebranding efforts and aims to enhance financial inclusion through its services.

Kora, a financial technology company catering to college students, reports reaching 100,000 active users on its Kora Insights budgeting tool, driven by increasing tuition and inflation. CEO Hao Liu emphasizes the importance of financial literacy for Gen Z in achieving their financial goals. Kora Insights enables secure banking connections and transaction categorization. This success follows the launch of the Kora Rewards Program, offering cash back of up to 10% through the KoraCard. The company aims to enhance financial accessibility for students amidst rising economic pressures.

Pathward Financial (CASH) reported fiscal Q3 2022 net income of $22.4 million or $0.76 per share, down from $38.7 million or $1.21 per share year-over-year. Excluding $6.5 million in rebranding and separation expenses, adjusted net income was $27.3 million or $0.93 per share. Total revenue decreased 4% to $126.1 million. Net interest income grew 5% to $72.2 million, with a net interest margin increase to 4.76%. The company reinstated guidance for FY 2023 EPS between $5.25 and $5.75.

Pathward Financial, Inc. (Nasdaq: CASH) will release its third quarter fiscal 2022 financial results on July 27, 2022, after market close. The company will also host a conference call at 4:00 p.m. CT to discuss the results. Interested parties can join via phone or access the webcast on the Pathward Financial Investor Relations website. The replay will be available for one year following the event. Pathward aims to enhance financial inclusion through its Banking as a Service and Commercial Finance operations.

Freedom Financial Network announced the successful closing of a $323.55 million securitization of FreedomPlus personal loans, rated AAA by DBRS and Kroll. This is the third securitization in 2022 to achieve AAA ratings and the 13th by the Freedom Consumer Credit Fund. The successful underwriting, based on innovative algorithms, demonstrates the company's strong position in personal finance. With total securitization issuance now exceeding $3.8 billion, the deal showcases Freedom's commitment to providing financial solutions that help consumers consolidate debt and improve financial accessibility.