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Sep 30, 2022
Meta Q4 2022 Earnings Report
Reported strong earnings per share growth and net income for the fiscal fourth quarter and fiscal year 2022.
Key Takeaways
Pathward Financial, Inc. reported a net income of $23.4 million, or $0.81 per share, for the three months ended September 30, 2022. The company's results demonstrated that its optimization strategy will produce outsized returns of capital to shareholders.
Net income for the fourth quarter was $23.4 million, or $0.81 per share.
Total revenue for the fourth quarter was $123.2 million, an increase of 3% compared to the same quarter in fiscal 2021.
Net interest margin increased to 5.21% for the fourth quarter from 4.35% during the same period of last year.
The Company resumed share repurchases on July 1, 2022, and repurchased 573,200 shares of common stock at an average share price of $37.05 during the fiscal 2022 fourth quarter.
Meta
Meta
Forward Guidance
The Company expects fiscal year 2023 GAAP earnings per share to be in the range of $5.25 to $5.75 and expects fiscal year 2023 adjusted earnings per share to be in the range of $5.10 to $5.60.
Positive Outlook
- Commercial finance loan portfolio is performing well.
- Credit quality metrics remain strong.
- Starting to see the benefits of the rising rate environment in loan yields.
- Almost all of variable rate loans are above their floors.
- Banking as a service business will continue to attract and maintain low-cost deposits while also generating steady fee income.