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PARENT COMPANY FINANCIAL STATEMENTS
 12 Months Ended
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, 2023September 30, 2022
ASSETS
Cash and cash equivalents$1,399 $13,117 
Investment securities held to maturity, at cost9,220 8,003 
Investment in subsidiaries678,572 665,172 
Other assets1,312 928 
Total assets$690,503 $687,220 
LIABILITIES AND STOCKHOLDERS' EQUITY  
LIABILITIES  
Subordinated debentures$33,252 $33,661 
Other liabilities6,626 8,419 
Total liabilities39,878 42,080 
STOCKHOLDERS' EQUITY  
Common stock262 288 
Additional paid-in capital628,500 617,403 
Retained earnings278,655 245,394 
Accumulated other comprehensive income (loss)(255,443)(213,080)
Treasury stock, at cost(344)(4,835)
Total equity attributable to parent651,630 645,170 
Non-controlling interest(1,005)(30)
Total stockholders' equity650,625 645,140 
Total liabilities and stockholders' equity$690,503 $687,220 
Condensed Statements of Operations
Fiscal Year Ended September 30,
(Dollars in thousands)202320222021
Interest expense$2,538 $3,982 $4,915 
Other expense1,409 1,062 1,287 
Total expense3,947 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 subsidiaries166,738 159,652 147,895 
Other income(143)749 410 
Total income166,595 160,401 148,305 
Net income attributable to parent$163,615 $156,386 $141,708 
 
Condensed Statements of Cash Flows
Fiscal Year Ended September 30,
(Dollars in thousands)202320222021
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 received110,000 229,200 104,000 
Stock compensation11,070 10,004 6,852 
Net cash provided by operating activities115,872 239,470 105,170 
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 stock1 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 year13,117 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.