Financial Data and Key Metrics Changes - The company reported earnings per diluted share of $7.87 for the year, representing a year-over-year growth of 9% [5] - Net income for the year was $185.9 million, driven primarily by a 10% increase in non-interest income compared to last year [5] - The full-year net interest margin and adjusted net interest margin were expanded to 7.34% and 5.92% respectively [5] - Return on average assets for the year was 2.46% and return on average tangible equity was 38.75% [5][22] Business Line Data and Key Metrics Changes - In the consumer segment, the company announced three new agreements, including partnerships with Trustly and Stripe, enhancing their product offerings [6] - In credit solutions, the company partnered with Upstart to offer personal loans, aligning with their goal of financial inclusion [7] - The commercial finance segment saw total loans and leases grow by 14%, with significant improvements in origination dollars per FTE and reduced days to fund [8] Market Data and Key Metrics Changes - Deposits held on the company's balance sheet totaled $5.9 billion, a modest increase of $12 million year-over-year [18] - Loans and leases at September 30th were $4.7 billion compared to $4.1 billion last year, with growth primarily from commercial finance verticals [19] - Non-performing loans increased in the quarter, primarily driven by one working capital loan, but the company believes they are well collateralized [21] Company Strategy and Development Direction - The company is focused on maintaining an optimized balance sheet and investing in technology to facilitate evolution and scalability [9][10] - The 2026 strategy includes enhancing the client experience and continuing to evaluate new opportunities for partnerships [14] - The company aims to sustain momentum in its culture and talent acquisition efforts, emphasizing remote working as a recruitment tool [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the groundwork laid in 2025 for future growth, despite challenges faced [4] - The company reiterated its fiscal year 2026 guidance for earnings per diluted share of $8.25-$8.75, assuming no rate cuts and an effective tax rate of 18%-22% [23] - Management acknowledged the potential impact of tax code changes on consumer behavior in the tax preparation market [8] Other Important Information - The company repurchased approximately 181,000 shares at an average price of $82.95 during the quarter, bringing full-year repurchases to almost 2.1 million shares [22] - The sale of the majority of the held-for-investment consumer portfolio is expected to put downward pressure on pre-tax income and net interest margin in 2026 [23] Q&A Session Summary Question: Details on the Upstart program and its financial impact - Management confirmed that the Upstart program is similar to other marketplace lending products, with credit indemnifications in place [28] Question: Duration of loans on the balance sheet and exclusivity of the Upstart partnership - Loans are typically held for 30 days or less, and the partnership with Upstart is not exclusive [30][31] Question: Demand for early wage access loans and impact of government shutdown - Management indicated that the impact of the government shutdown has not yet been seen, but expects significant volume from the Claire's contract with Intuit [39] Question: Growth expectations for the tax business in fiscal year 2026 - Management expects solid growth in the tax business, influenced by recent tax law changes, but does not have huge growth expectations due to a strong prior year [40][41] Question: Insights on non-performing loans and their resolution - Management explained that non-performing loans can spike without warning but emphasized their ability to manage collateral effectively [42][44] Question: Future pace of share repurchases - Management indicated that the buyback ratio will return to historic norms, targeting an 80%-90% payout ratio [47]

Financial Data and Key Metrics Changes - The company reported earnings per diluted share of $7.87 for the year, representing a year-over-year growth of 9% [6] - Net income for the year was $185.9 million, driven primarily by a 10% increase in non-interest income compared to last year [6] - The full-year net interest margin expanded to 7.34%, while the adjusted net interest margin was 5.92% [6] - Return on average assets for the year was 2.46%, and return on average tangible equity was 38.75% [6][23] Business Line Data and Key Metrics Changes - In the consumer segment, the company announced three new agreements, including partnerships with Trustly and Stripe, enhancing their service offerings [7] - In credit solutions, the company partnered with Upstart to offer personal loans, aligning with their financial inclusion goals [8] - The commercial finance segment saw total loans and leases grow by 14%, with significant improvements in origination dollars per FTE and a decrease in days to fund [9] Market Data and Key Metrics Changes - Deposits held on the company's balance sheet totaled $5.9 billion, a modest increase of $12 million year-over-year [19] - Loans and leases at September 30 were $4.7 billion, up from $4.1 billion last year, with growth primarily from commercial finance verticals [20] - Non-performing loans increased in the quarter, but the company believes they are well collateralized and manageable [21] Company Strategy and Development Direction - The company is focused on maintaining an optimized balance sheet and investing in technology to facilitate growth and scalability [10][11] - The 2026 strategy emphasizes the importance of people and culture, with a commitment to remote working and talent development [12] - The company aims to mature its risk and compliance framework to support partner success and enhance client experience [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the groundwork laid in 2025 for future growth, despite challenges in the operating environment [5] - The company reiterated its fiscal year 2026 guidance for earnings per diluted share of $8.25 to $8.75, assuming no rate cuts and an effective tax rate of 18% to 22% [24] - Management highlighted the potential positive impact of tax code changes on the tax preparation market [9] Other Important Information - The company repurchased approximately 181,000 shares at an average price of $82.95 during the quarter, bringing full-year repurchases to almost 2.1 million shares [23] - The sale of the majority of the held-for-investment consumer portfolio is expected to put downward pressure on pre-tax income and net interest margin in 2026 [24] Q&A Session Summary Question: Details on the Upstart program and financial statement impact - The Upstart program is similar to other marketplace lending products, with credit indemnifications in place [27][28] Question: Duration of loans on the balance sheet - Loans are typically held for 30 days or less before being moved off the balance sheet [29] Question: Demand for early wage access loans and impact of government shutdown - Current demand is not significantly impacted by the government shutdown, but the partnership with Intuit is expected to drive volume [34] Question: Growth expectations in the tax business due to tax law changes - The company expects solid growth in the tax business, but not huge expectations due to a strong prior year [35][36] Question: Non-performing loans and portfolio concentration - Non-performing loans are managed effectively, and the company expects resolution of major NPLs in the coming quarters [39][41] Question: Share repurchase pace in 2026 - The buyback ratio is expected to return to historic norms, targeting an 80% to 90% payout ratio [42]

Financial Data and Key Metrics Changes - The company reported earnings per diluted share of $7.87 for the fiscal year, representing a year-over-year growth of 9% [8] - Net income for the year was $185.9 million, driven primarily by a 10% increase in non-interest income compared to the previous year [8] - The net interest margin for the quarter was 7.46%, while the adjusted net interest margin was 6.04% [23] - Return on average assets for the year was 2.46%, and return on average tangible equity was 38.75% [8][29] Business Line Data and Key Metrics Changes - In the Consumer segment, the company announced three new agreements, including partnerships with Trustly and Stripe, which are expected to enhance their product offerings [9][11] - The Commercial segment saw total loans and leases grow by 14%, with significant growth in structured finance and asset-based lending [13][26] - The company shifted more than half of its held-for-investment consumer portfolio to held-for-sale, generating a $14.3 million release of credit provision [23] Market Data and Key Metrics Changes - Deposits held on the balance sheet totaled $5.9 billion, a modest increase of $12 million year-over-year [25] - Loans and leases at September 30 were $4.7 billion, compared to $4.1 billion last year, with growth primarily from commercial finance verticals [26] - Non-performing loans increased in the quarter, primarily driven by one working capital loan, but the company believes they are well collateralized [27][29] Company Strategy and Development Direction - The company is focused on maintaining an optimized balance sheet and investing in technology to facilitate evolution and scalability [15][16] - The 2026 strategy includes enhancing the client experience and continuing to build strategic partnerships to drive financial inclusion [14][20] - The company aims to sustain its momentum in talent acquisition and culture, having received recognition as one of the best companies to work for [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the groundwork laid in 2025 for future growth, maintaining guidance for 2026 earnings per diluted share of $8.25 to $8.75 [21][30] - The company anticipates a solid tax year due to recent tax law changes, although growth expectations are moderate following a strong previous year [50][52] - Management noted that the increase in non-performing loans does not correlate with the annual net charge-off rate, emphasizing their collateral management approach [29][56] Other Important Information - The company repurchased approximately 181,000 shares at an average price of $82.95 during the quarter, with full-year repurchases totaling almost 2.1 million shares [30] - The liquidity position remains strong with $2.3 billion available, higher than the previous year [30] Q&A Session Summary Question: Details on the Upstart program and its financial impact - The Upstart program is similar to other marketplace lending products, with credit indemnifications in place and a balance sheet management approach [35][36] Question: Demand for early wage access loans and impact of government shutdown - Management indicated that the government shutdown's impact on demand is not significant, but the partnership with Intuit is expected to bring substantial volume [48][49] Question: Growth expectations in the tax business due to tax law changes - Management expects a solid tax year but does not have huge growth expectations due to a strong previous year, with historic growth rates in mid-single digits [50][52] Question: Insights on non-performing loans and their management - Management clarified that non-performing loans do not correlate with past due loans and emphasized their ability to manage and resolve these loans effectively [53][56] Question: Future pace of share repurchases - The company plans to return to historic norms for share repurchases, targeting an 80% to 90% payout ratio [59]

THE PATHWARD STORY UPDATED OCTOBER 21, 2025 FORWARD LOOKING STATEMENTS This investor update contains "forward-looking statements" which are made in good faith by Pathward Financial, Inc. (the "Company") pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as "may," "hope," "will," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "continue," "could," "future ...

Financial Performance - For the fiscal year ended September 30, 2025, net income was $185.9 million, or $7.87 per share, compared to $183.2 million, or $7.20 per share, for the prior year, reflecting a growth of 1.5% in net income[2] - Total revenue for the fourth quarter was $186.7 million, an increase of $7.2 million, or 4%, compared to the same quarter in fiscal 2024, driven by a 13% increase in noninterest income[4] - Noninterest income for the fourth quarter increased 13% to $58.8 million, compared to $52.0 million for the same period of the prior year, mainly due to higher secondary market revenue and card fees[9] - Total noninterest income for the fiscal year ended September 30, 2025, was $328,100, up from $299,587 in the previous year, representing a growth of 9.5%[44] - Net income attributable to common shareholders for the three months ended September 30, 2025, was $38,664, compared to $41,996 in the previous quarter, a decrease of 5.5%[44] - Earnings per common share (basic) for the three months ended September 30, 2025, was $1.70, down from $1.83 in the previous quarter[44] Asset Quality - The allowance for credit losses (ACL) totaled $53.3 million at September 30, 2025, a decrease from $106.0 million at June 30, 2025, driven by a reduction in the consumer finance portfolio[17] - The Company's ACL as a percentage of total loans and leases decreased to 1.14% at September 30, 2025, from 2.23% at June 30, 2025[20] - The Company recognized a reversal of provision for credit losses of $6.4 million for the quarter ended September 30, 2025, compared to a provision of $8.7 million for the same period in the prior fiscal year[22] - Net charge-offs for the quarter ended September 30, 2025, were $46.2 million, compared to $44.0 million for the same quarter in 2024[22] - Nonperforming assets increased to $101.7 million, or 1.42% of total assets, at September 30, 2025, compared to $74.7 million, or 1.03% at June 30, 2025[25] - Nonperforming loans and leases at September 30, 2025, were $99.1 million, representing 2.05% of total gross loans and leases[27] Capital and Liabilities - Total liabilities as of September 30, 2025, were $6,314,890, a decrease from $6,411,696 in June 30, 2025[41] - Total stockholders' equity reached $857,454 thousand as of September 30, 2025, compared to $822,189 thousand a year ago, reflecting a growth of 4.3%[33] - As of September 30, 2025, the Common Equity Tier 1 capital ratio is 12.70%, an increase from 12.15% a year earlier[33] - The Tier 1 leverage capital ratio improved to 9.79% as of September 30, 2025, up from 8.90% a year earlier[33] - The Total capital ratio stands at 14.27% as of September 30, 2025, compared to 14.04% a year ago, indicating a positive trend in capital adequacy[33] Deposits and Loans - Total gross loans and leases at September 30, 2025, increased to $4.66 billion, up $589.7 million from September 30, 2024, but decreased by $78.4 million compared to June 30, 2025[4][16] - The average balance of total deposits and interest-bearing liabilities was $6.27 billion for the three-month period ended September 30, 2025, compared to $6.38 billion for the same period in the prior fiscal year[28] - Total end-of-period deposits increased slightly to $5.89 billion at September 30, 2025, compared to $5.88 billion at September 30, 2024[29] - The Company experienced a decrease in wholesale deposits, partially offset by an increase in noninterest-bearing deposits[28] - Loans and leases outstanding as of September 30, 2025, were $4,664,908, a slight decrease from $4,743,324 in June 30, 2025[41] Operational Efficiency and Future Outlook - The Company is focused on improving data analytics and underwriting processes to enhance operational efficiency and customer retention[39] - Forward-looking statements indicate expectations for fiscal year 2026, including performance goals and strategic initiatives[39] - The Company aims to enhance financial inclusion through its Partner Solutions and Commercial Finance business lines[36] - The Company emphasizes the importance of maintaining a well-capitalized status to support growth and manage risks effectively[40] - The Company will host a conference call on October 21, 2025, to discuss earnings and future outlook[34] Interest Income and Margin - The net interest margin (NIM) increased to 7.46% for the fourth quarter from 7.32% during the same period last year, primarily due to an improved earning asset mix[4] - Net interest income for the three months ended September 30, 2025, was $127,952, compared to $122,313 for the previous quarter, reflecting an increase of 5.3%[44] - Adjusted net interest margin for Q3 2025 was 6.04%, up from 5.91% in Q3 2024, indicating an improvement in profitability metrics[52] - The net interest margin improved to 7.46% in Q3 2025 compared to 7.32% in Q3 2024, representing an increase of 14 basis points[49] Other Financial Metrics - Cash and cash equivalents as of September 30, 2025, were $120,568, a decrease from $258,343 in June 30, 2025[41] - Total assets as of September 30, 2025, were $7,172,344, a slight decrease from $7,229,844 in June 30, 2025[41] - Total assets decreased to $7,374,276 thousand in Q3 2025 from $7,481,835 thousand in Q3 2024, a decline of approximately 1.4%[47] - Average interest-earning assets were $6,803,398 thousand in Q3 2025, compared to $6,602,267 thousand in Q2 2025, showing an increase of about 3.04%[51] - Total liabilities decreased to $6,561,071 thousand in Q3 2025 from $6,698,950 thousand in Q3 2024, a reduction of approximately 2.05%[49]

Core Points - The Permian Basin Royalty Trust declared a cash distribution of $0.020021 per unit, payable on November 17, 2025, to unit holders of record on October 31, 2025 [1] - The distribution decreased compared to the previous month due to the absence of a settlement payment from Blackbeard Operating LLC and excess production costs from the Waddell Ranch properties [1][2] - Higher oil and natural gas prices from Texas Royalty Properties partially offset the decrease in distribution [1] Waddell Ranch Properties - No proceeds were received from the Waddell Ranch properties for September 2025, which affected the October distribution [2] - All excess costs must be recovered by future proceeds from the Waddell Ranch properties before any distributions can be made to the Trust [2] - Blackbeard provides production, pricing, and cost information quarterly, which will be disclosed in quarterly and annual reports [2][5] Texas Royalty Properties - Production for Texas Royalty Properties was 16,239 barrels of oil and 13,282 Mcf of gas, with the Trust's allocated portion being 14,323 barrels of oil and 11,709 Mcf of gas [3] - Average prices were $65.08 per barrel for oil and $8.10 per Mcf for gas, reflecting production and pricing from July and June respectively [3] - Revenues from Texas Royalty Properties amounted to $1,164,303, with net profits of $1,024,178 after taxes and expenses [3] Financial Summary - General and administrative expenses for the month were $39,774, leading to a total distribution of $933,195 to 46,608,796 units outstanding [6] - The distribution per unit is $0.020021, reflecting the impact of worldwide market conditions on domestic production pricing [6] Special Meeting - A special meeting of the Trust's unit holders is scheduled for December 16, 2025, at the request of SoftVest Advisors, LLC and other unit holders [7] - The purpose of the meeting is to vote on a proposal for judicial reformation of the Trust's Indenture [7] - Additional details regarding the special meeting will be provided in a notice to unit holders [7]

Core Insights - AmeriServ Financial, Inc. reported a significant increase in net income for the third quarter of 2025, reaching $2,544,000, which is a 115.0% improvement compared to the same period in 2024 [1] - The company achieved a net income of $4,170,000 for the nine-month period ending September 30, 2025, reflecting a 56.3% increase in earnings per share from the previous year [1] Financial Performance - The net interest income for the third quarter of 2025 increased by $2.1 million, or 23.9%, compared to the third quarter of 2024, and for the first nine months of 2025, it increased by $4.8 million, or 18.2% [2] - The net interest margin improved to 3.27% for the third quarter of 2025, a 56-basis point increase, and 3.13% for the nine months, reflecting a 41-basis point increase [2] - Total average loans grew by $35.9 million, or 3.5%, in the first nine months of 2025, although there was a $12.7 million, or 1.2%, decrease in total loans since December 31, 2024 [3] Investment and Securities - Total investment securities averaged $242.9 million for the third quarter of 2025, a $4.4 million, or 1.8%, increase from the previous year [4] - The securities portfolio grew by $17.3 million, or 7.9%, since December 31, 2024, due to increased loan prepayment activity and improved security yields [5] Deposits and Borrowings - Total average deposits increased by $69.5 million, or 6.0%, in the first nine months of 2025, attributed to successful business development efforts [6] - Total interest expense decreased by $345,000, or 4.4%, for the third quarter of 2025, and by $1.1 million, or 4.7%, for the nine months compared to the previous year [7] Credit Losses and Non-Interest Income - The company recorded a provision for credit losses of $360,000 in the third quarter of 2025, a significant increase compared to a recovery in the same period of 2024 [8] - Total non-interest income increased by $198,000, or 4.7%, in the third quarter of 2025, but declined by $904,000, or 6.7%, for the first nine months compared to the previous year [8] Non-Interest Expense - Total non-interest expense increased by $243,000, or 2.1%, in the third quarter of 2025 but decreased by $1.4 million, or 3.9%, for the first nine months compared to 2024 [10] - Professional fees decreased significantly, contributing to the overall reduction in non-interest expenses for the nine-month period [10] Shareholder Information - The company declared a quarterly cash dividend of $0.03 per share, representing a 4.0% annualized yield based on the closing stock price [12] - As of September 30, 2025, the company had total assets of $1.46 billion and shareholders' equity of $114.6 million, with a book value of $6.94 per common share [11]

Core Points - Pathward Financial, Inc. will release its financial results for the fourth quarter and fiscal year 2025 on October 21, 2025, after market close [1] - A conference call and earnings webcast will be held at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on the same day to discuss the results [1] - The live webcast of the call will be accessible for interested parties [1]

Core Insights - ClearBridge Investments reported a modest underperformance of its "ClearBridge Small Cap Growth Strategy" compared to the Russell 2000 Growth Index in Q2 2025, as the market rally favored lower market capitalization and riskier stocks [1] - The strategy highlighted Pathward Financial, Inc. (NASDAQ:CASH) as a notable stock, which has shown a one-month return of -3.59% but a 52-week gain of 10.39% [2][3] - Pathward Financial operates as a significant prepaid card issuer and utilizes low-cost deposits for niche lending products, generating high fee income [3] Company Performance - Pathward Financial, Inc. (NASDAQ:CASH) closed at $73.66 per share on October 3, 2025, with a market capitalization of $1.677 billion [2] - The company was held by 18 hedge fund portfolios at the end of Q2 2025, an increase from 16 in the previous quarter [3] Investment Outlook - While Pathward Financial is recognized for its potential, the strategy suggests that certain AI stocks may offer greater upside potential with less downside risk [3]

Core Points - Argent Trust Company, as Trustee of the Sabine Royalty Trust, declared a cash distribution of $0.368910 per unit, payable on October 29, 2025, to unit holders of record on October 15, 2025 [1] - The distribution is primarily based on oil production for July 2025 and gas production for June 2025, with preliminary production volumes of approximately 48,527 barrels of oil and 1,111,528 Mcf of gas [2] - This month's distribution is lower than the previous month due to a decrease in oil and natural gas production and a decrease in oil pricing, partially offset by an increase in natural gas pricing [3] Production and Pricing Summary - Current month production volumes: 48,527 barrels of oil and 1,111,528 Mcf of gas, with average prices of $65.48 per barrel of oil and $2.62 per Mcf of gas [3] - Prior month production volumes: 97,403 barrels of oil and 1,181,086 Mcf of gas, with average prices of $68.79 per barrel of oil and $2.40 per Mcf of gas [3] - The decrease in production and pricing reflects the timing of cash receipts, as sales volumes and pricing may fluctuate from month to month [3][4] Revenue Posting Information - Revenues are distributed only after they are received, verified, and posted, with most energy companies issuing royalty payments around the 25th of each month [4] - Approximately $423,000 of revenue received in September will be posted in October, in addition to normal cash receipts for that month [5] - As of the date of the press release, approximately $109,000 in revenue has already been received [5]