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PARENT COMPANY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Sep. 30, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Financial Condition | Presented below are the condensed financial statements for the parent company, Pathward Financial.
Condensed Statements of Financial Condition |  |  |
(Dollars in thousands) | September 30, 2023 |  | September 30, 2022
ASSETS |  |  |
Cash and cash equivalents | $ | 1,399 |  |  | $ | 13,117 |
Investment securities held to maturity, at cost | 9,220 |  |  | 8,003 |
Investment in subsidiaries | 678,572 |  |  | 665,172 |
Other assets | 1,312 |  |  | 928 |
Total assets | $ | 690,503 |  |  | $ | 687,220 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
LIABILITIES |  |  |
Subordinated debentures | $ | 33,252 |  |  | $ | 33,661 |
Other liabilities | 6,626 |  |  | 8,419 |
Total liabilities | 39,878 |  |  | 42,080 |
STOCKHOLDERS' EQUITY |  |  |
Common stock | 262 |  |  | 288 |
Additional paid-in capital | 628,500 |  |  | 617,403 |
Retained earnings | 278,655 |  |  | 245,394 |
Accumulated other comprehensive income (loss) | (255,443) |  |  | (213,080) |
Treasury stock, at cost | (344) |  |  | (4,835) |
Total equity attributable to parent | 651,630 |  |  | 645,170 |
Non-controlling interest | (1,005) |  |  | (30) |
Total stockholders' equity | 650,625 |  |  | 645,140 |
Total liabilities and stockholders' equity | $ | 690,503 |  |  | $ | 687,220 |
Condensed Statements of Operations |
Condensed Statements of Operations |  |  |  |  |
| Fiscal Year Ended September 30,
(Dollars in thousands) | 2023 |  | 2022 |  | 2021
Interest expense | $ | 2,538 |  |  | $ | 3,982 |  |  | $ | 4,915 |
Other expense | 1,409 |  |  | 1,062 |  |  | 1,287 |
Total expense | 3,947 |  |  | 5,044 |  |  | 6,202 |
Loss before income taxes and equity in undistributed net income of subsidiaries | (3,947) |  |  | (5,044) |  |  | (6,202) |
Income tax (benefit) expense | (967) |  |  | (1,029) |  |  | 395 |
Loss before equity in undistributed net income of subsidiaries | (2,980) |  |  | (4,015) |  |  | (6,597) |
Equity in undistributed net income of subsidiaries | 166,738 |  |  | 159,652 |  |  | 147,895 |
Other income | (143) |  |  | 749 |  |  | 410 |
Total income | 166,595 |  |  | 160,401 |  |  | 148,305 |
Net income attributable to parent | $ | 163,615 |  |  | $ | 156,386 |  |  | $ | 141,708 |
Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows |  |  |  |  |
| Fiscal Year Ended September 30,
(Dollars in thousands) | 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  |  |  |  |
Net income attributable to parent | $ | 163,615 |  |  | $ | 156,386 |  |  | $ | 141,708 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |
Depreciation, amortization and accretion, net | 102 |  |  | 1,020 |  |  | 173 |
Equity in undistributed net income of subsidiaries | (166,738) |  |  | (159,652) |  |  | (147,895) |
Net change in accrued interest receivable | (30) |  |  | (15) |  |  | — |
Net change in other assets | (354) |  |  | (636) |  |  | 3,030 |
Net change in accrued expenses and other liabilities | (1,793) |  |  | 3,163 |  |  | (2,698) |
Cash dividend received | 110,000 |  |  | 229,200 |  |  | 104,000 |
Stock compensation | 11,070 |  |  | 10,004 |  |  | 6,852 |
Net cash provided by operating activities | 115,872 |  |  | 239,470 |  |  | 105,170 |
Cash flows from investing activities: |  |  |  |  |
Alternative investments | (1,217) |  |  | (3,380) |  |  | (3,415) |
Net cash (used in) investing activities | (1,217) |  |  | (3,380) |  |  | (3,415) |
Cash flows from financing activities: |  |  |  |  |
Redemption of long-term borrowings | — |  |  | (75,000) |  |  | — |
Payment of debt issuance costs | (511) |  |  | — |  |  | — |
Proceeds from long-term borrowings | — |  |  | 20,000 |  |  | — |
Dividends paid on common stock | (5,426) |  |  | (5,921) |  |  | (6,400) |
Issuance of common stock due to restricted stock | 1 |  |  | 1 |  |  | — |
Issuance of common stock due to ESOP | — |  |  | 2,886 |  |  | 3,036 |
Repurchases of common stock | (120,437) |  |  | (168,235) |  |  | (99,878) |
Net cash (used in) financing activities | (126,373) |  |  | (226,269) |  |  | (103,242) |
Net change in cash and cash equivalents | (11,718) |  |  | 9,821 |  |  | (1,487) |
Cash and cash equivalents at beginning of fiscal year | 13,117 |  |  | 3,296 |  |  | 4,783 |
Cash and cash equivalents at end of fiscal year | $ | 1,399 |  |  | $ | 13,117 |  |  | $ | 3,296 |

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