Pathward Financial Inc 2024年度报告

ANNUAL REPORT INVESTOR INFORMATION STOCKHOLDER SERVICES ANNUAL MEETING OF STOCKHOLDERS The Annual Meeting of Stockholders will convene at 9:00 a.m.Central Standard Time on Tuesday, February 25, 2025. The meetingwill be held virtually via the internet. Further information with regardto this meeting can be found in the proxy statement. Stockholders desiring to change the name, address or ownership ofstock; to report lost certificates; or to consolidate accounts shouldcontact the corporation’s transfer agent: Computershare Investor Services150 Royall St., Suite 101Canton, MA 02021 FORM 10-K Copies of the Company’s Annual Report on Form 10-K for the yearended September 30, 2024 (excluding exhibits thereto) includedin this document may also be obtained, without charge, frompathwardfinancial.com INVESTOR RELATIONS Requests for Form 10-K, other inquiries or investor comments arewelcome and should be directed to: Pathward Corporate ServicesDarby Schoenfeld, CPASVP, Chief of Staff and Investor Relations5501 South Broadband LaneSioux Falls, SD 57108 Telephone: 877.497.7497investorrelations@pathward.compathwardfinancial.com ABOUT PATHWARD FINANCIAL, INC. Pathward Financial, Inc. (Nasdaq: CASH) is a U.S.-based financial holding company driven by its purpose to power financial inclusion.Through our subsidiary, Pathward®, N.A., we strive to increase financial availability, choice, and opportunity across our Banking as a Serviceand Commercial Finance business lines. These strategic business lines provide support to individuals and businesses. Learn more atwww.pathwardfinancial.com. A MESSAGE FROM CHIEF EXECUTIVE OFFICERBRETT PHARR TO MY FELLOW STOCKHOLDERS, 2024 was a great year for Pathward.We re-certified as a Great Place to Work, remained committed to our remote firstapproach, announced new partnerships and extended others, celebrated employees who won multiple awards, andannounced that our newly rebranded Partner Solutions team won Finovate’s Best Banking as a Service provider. In addition,we continue to deliver on our purpose of Financial Inclusion as we help consumers and small to medium-size businesseswith access to the financial markets. These successes translated into solid financial results as well. We reported earnings per diluted share of $6.62 for the fiscalyear, representing year-over-year growth of 11%. Our results were driven in part by an increase in net interest income of 17%when compared to last year.We also expanded our full year net interest margin and adjusted net interest margin, whichincludes contractual, rate-related processing expense, to 6.41% and 4.85%, respectively. Performance metrics remain strongwith return on average assets for the year of 2.2% and return on average tangible equity of 41.7%. 2024 EXECUTION ON STRATEGY In fiscal year 2024, we sharpened our focus on long-term strategic goals and took action to set ourselves up for future success.We remained focused on managing the balance sheet, which allowed us to grow our bottom line while remaining underthe $10 billion Durbin-exemption limit on assets. We continued to expand our Partner Solutions business and celebratedour 20th anniversary in the payments space during the fiscal year. We also launched new products, signed new businessdeals, and extended contracts with some of our existing partners. The growth of this business drives sustainable non-interestincome and stable deposits, the latter of which we then deploy into loans and leases in our Commercial Finance, ConsumerLending and Independent Tax businesses. Our lending portfolios remain focused on achieving the highest risk adjusted returns for the deposits we deploy. We haveseen significant growth in our Structured Finance originations, including both SBA and USDA loans, and we moved upalmost 80 places to be the 39th largest SBA 7(a) program lender in the country for fiscal year 2024. During the fiscal year, weannounced the sale of our Insurance Premium Finance business, which subsequently closed in October of 2024. This was astrategic decision in line with our goal of simplification and will allow us to accelerate our rotation into higher yielding assetsin verticals where we believe we have a competitive advantage. OUR COMMITMENT TO RISK AND COMPLIANCE In fiscal 2024, as we predicted, we entered a cycle of regulatory scrutiny that has started to change our industry. We continueto believe that the payments industry requires a practiced culture of risk and compliance, the necessary infrastructure tosupport it, and the human capital to power it. We also continue to believe that we have the culture and the commitment tomaintain and operate a risk framework that will effectively manage greater demands and standards. As a part of that, wecontinuously work to improve this framework. This includes focusing on people, processes and technology, as we do in therest of the Company, and contributing to our goal of being the trusted platform that enables our partners to