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. (Nasdaq: CASH) is a financial services company whose news flow reflects its activities as a national bank focused on financial access, partner-based banking and commercial finance. Through its subsidiary Pathward®, N.A., the company issues regular updates on earnings, dividends, partnerships, operating model changes and community initiatives, giving investors and observers insight into both financial performance and strategic direction.
News about Pathward frequently includes earnings announcements and related conference calls, where the company reports on net income, net interest margin, loan and lease portfolio composition, noninterest income and allowance for credit losses. These releases often highlight trends in commercial finance, consumer finance, warehouse finance and tax services portfolios, as well as changes in investment securities balances.
Pathward also issues corporate and strategic updates, such as the rollout of an evolved operating model for sponsor banking, adjustments to leadership roles supporting business development, customer success and business risk, and recognition in industry rankings like Monitor’s Bank 50 for equipment leasing and finance. Partnership announcements, including collaborations with fintech platforms such as Upstart and research partnerships with organizations like Mastercard, appear in its news as well.
In addition, the company publishes dividend declarations, notices related to Nasdaq listing compliance, and community-focused stories, such as financial literacy programs for youth and initiatives tied to financial inclusion. Readers of the CASH news page can expect a mix of financial results, segment-level commentary, partner and product developments, risk and reporting disclosures, and community engagement updates.
For those tracking Pathward Financial’s stock and operations, this news feed offers a centralized view of the company’s reported milestones, portfolio developments and strategic relationships over time.
Pathward®, N.A. has acted as agent for $146.5 million in construction loans to support the acquisition and construction of six battery energy storage system (BESS) projects in Cameron County, Texas. The North American Development Bank (NADBank) provided $73.25 million in funding as a participant. The projects will have a total capacity of 154 megawatt-hours, increasing energy storage for the Texas grid, and are expected to be fully operational by Summer 2025.
The BESS projects will participate in the Electric Reliability Council of Texas (ERCOT) market, selling electricity and grid stabilizing services. They are projected to cycle 54,925 MWh of electricity annually, equivalent to the consumption of about 4,000 U.S. households. This marks Pathward's second closed construction facility with the sponsor, following a $72.35 million construction loan for three BESS projects in Bexar County, Texas in late 2023.
NFL running back Rachaad White has partnered with Pathward, N.A. and Big Brothers Big Sisters of Tampa Bay to launch a financial literacy program for youth called Financial Fundamentals powered by Pathward. The program, aimed at students from Webb Middle School, kicked off with a check presentation of $25,000 from Pathward to Big Brothers Big Sisters of Tampa Bay.
The three-week curriculum, starting October 3, will be delivered by Pathward employees in one-hour sessions at Webb Middle School. The initiative aligns with Pathward's focus on financial inclusion and commitment to fostering financial education from a young age. White, inducted into the Big Brothers Big Sisters Hall of Fame in 2023, emphasized the importance of financial literacy in shaping a person's future.
Pathward Financial, Inc. (Nasdaq: CASH) has won the 2024 Finovate Award for Best Banking as a Service Provider through its subsidiary, Pathward, N.A. This prestigious award recognizes companies driving fintech innovation forward. Will Sowell, Pathward's Divisional President of Partner Solutions, expressed honor in receiving this national recognition and highlighted the rapid evolution of the payments ecosystem.
Pathward leverages its expertise and regulatory framework to help payments innovators scale their financial solutions across offerings such as issuing, acquiring, money movement, and lending. The company's capabilities include prepaid cards, deposit accounts, payments processing, and consumer solutions. Anthony Sharett, President of Pathward and Pathward Financial, emphasized their commitment to providing financial access for all.
This award, coinciding with Pathward's 20th year in payments, demonstrates the company's strong commitment to partnership and ability to collaborate on innovative financial solutions.
Pathward, a pioneer in partner banking, celebrates its 20th year serving the payments industry by renaming its 'Banking as a Service' business line to 'Partner Solutions'. This change reflects Pathward's commitment to collaboration and expertise in the payments arena.
The transition to Partner Solutions emphasizes Pathward's core differentiators, including industry experience, operational excellence, committed partnership, and a mature risk and compliance infrastructure. These elements are important for payment innovators in today's evolving marketplace.
Partner Solutions offers a diverse portfolio including issuing, acquiring, digital payments, solutions for financial institutions, professional tax solutions, and consumer credit capabilities. The launch represents a new era for Pathward, highlighting their dedication to providing forward-thinking banking products for future consumers.
Pathward's Vice President of Solutions for Financial Institutions, Brittany Kelley, has been named to American Banker's 2024 list of The Most Influential Women in Payments: Next. This prestigious recognition celebrates high-achieving women under 40 who are on track for C-suite positions in the financial services industry.
Kelley, who joined Pathward 16 years ago, has demonstrated remarkable growth and versatility throughout her career. She has held various roles within the company, including Customer Service, Accounting, Treasury, Investor Relations, and Strategic Planning. Her leadership was instrumental in launching Pathward's new product suite for financial institutions.
Outside of work, Kelley has been involved with the Greater Sioux Falls Chamber of Commerce Young Professionals Network and volunteers as a coach for Girls on the Run, showcasing her commitment to community engagement and youth empowerment.
Pathward Financial, Inc. (Nasdaq: CASH) and MoneyLion (NYSE: ML) have extended their partnership until 2029, adding three years to their collaboration that began in 2020. The partnership's most notable product is RoarMoney, a Demand Deposit Account offered through MoneyLion's mobile application. Pathward, a national bank focused on financial inclusion, provides Banking as a Service solutions to enable payments innovators like MoneyLion to meet customer needs.
Will Sowell, Pathward's Divisional President of Banking as a Service, expressed enthusiasm for continuing to deliver innovative banking solutions to enhance MoneyLion customers' financial experiences. MoneyLion's CEO, Dee Choubey, praised Pathward's compliance culture, regulatory knowledge, and banking experience, highlighting the confidence gained from their collaboration.
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.
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