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PARENT COMPANY FINANCIAL STATEMENTS | 12 Months Ended
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Sep. 30, 2023
Condensed Financial Information Disclosure [Abstract] |
PARENT COMPANY FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS 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 |  |  |  |  |
| 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 |  |  |  |  |
| 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 |
The extent to which the Company may pay cash dividends to stockholders will depend on the cash currently available at the Company, as well as the ability of the Bank to pay dividends to the Company. For further discussion, see Note 15 herein.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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