Pathward Financial, Inc. Surveillance Report

Company Profile

Pathward Financial, Inc. (NASDAQ: CASH) (“Pathward” or “the company”) is a financial holding company headquartered in Sioux Falls, SD with primary subsidiary Pathward, N.A. (est. 1954) (“the bank”). The company is a branchless, nationally branded bank with two primary business lines – Partner Solutions and Commercial Finance. CASH operates on a fiscal year that ends on September 30.
The Partner Solutions business line comprises the company’s banking-as-a-service (“BaaS”) product sets, including its expansive network of prepaid and debit card partnerships, which generate the bulk of the company’s deposits and are a significant source of fee income. This segment also includes CASH’s tax services and consumer lending partnerships.
The Commercial Finance segment represents the bulk of the company’s on-balance sheet lending, generally comprising +80% of total loans (HFI). Term lending continues to be the largest book within the commercial finance…

KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.