CASH · 10-K filed 25 Nov 2025 · year to 30 Sep 2025

Pathward Financial

28 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Partner Solutions program managers

concentrated in · $5.67 billion of the Company’s $5.89 billion deposit portfolionamed as a risk

At September 30, 2025, $5.67 billion of the Company’s $5.89 billion deposit portfolio was attributable to the Consumer segment.Business (Item 1)

Partners and platforms

Settlement risk from partners

$267.3 millionnamed as a risk

At September 30, 2025, we had assets subject to settlement risk of $267.3 million.Risk factors (Item 1A)

Federal Home Loan Bank of Des Moines

depends on · $1.02 billion

At September 30, 2025, the Bank had $9.0 million overnight borrowings with the ability to borrow up to an approximate additional $1.02 billion from the FHLB.Business (Item 1)

Also named by APO, PFG

Mastercard

depends onnamed as a risk

Pathward provides the financing operations for Automated Clearing House ("ACH") transactions, disburse to debit (through Visa Direct or Mastercard Send), wire or check processing which enable the faster, almost instantaneous movement of funds from sender to receiver.Business (Item 1)

Also named by AXP, COF, CPAY, DDS, EEFT, FIS, FISV, GPN and 7 more

Visa

depends onnamed as a risk

The cards may work in a closed loop (e.g., the card will only work at one particular merchant and will not work anywhere else), a restricted access network (e.g., the card will only work at a specific set of merchants such as a shopping mall), or in an open loop by way of a Visa, MasterCard, or Discover branded debit card that will work wherever such cards are accepted for payment.Business (Item 1)

Also named by AFRM, AXP, COF, EEFT, FIS, FISV, GPN, JKHY and 6 more

Discover

depends onnamed as a risk

Most of the Company's prepaid cards are open loop.Business (Item 1)

Also named by MA

Emerald Financial Services, LLC (H&R Block)

depends onnamed as a risk

In some cases, such agreements may permit the third party to unilaterally prescribe certain business practices and procedures with respect to the Bank and its business lines (as is the case under agreements with Discover, MasterCard, Visa and other card networks) or terminate the agreement early under certain circumstances (as is the case under our program management agreement with Emerald Financial Services, LLC ("EFS") with respect to certain H&R Block financial services if the Bank should lose its exemption from the Durbin Amendment).Risk factors (Item 1A)

Program Banks (custodial deposits)

earns from

The Bank, acting as custodian of cardholder funds, places a portion of such cardholder funds at one or more third-party banks insured by the FDIC (each, a “Program Bank”).Market risk (Item 7A)

Other companies

Solar/alternative energy

concentrated in · 60% of the term lending portfolionamed as a risk

As of September 30, 2025, 60% of the term lending portfolio exposure is concentrated in solar/alternative energy, most of which are construction projects that will convert to longer term government guaranteed facilities upon completion of the construction phase.Business (Item 1)

AFS IBEX Financial Services, LLC

On October 31, 2024, the Bank completed the sale of substantially all of the assets and liabilities related to its commercial insurance premium finance business to AFS IBEX Financial Services, LLC, a subsidiary of Honor Capital Holdings, LLC.Business (Item 1)

Places

Sioux Falls, South Dakota

operates in

The Bank's only banking office open to the public is its home office in Sioux Falls, South Dakota, where it accepts deposits.Business (Item 1)

Commodities and inputs

Brokered deposits

depends on · $59.5 million, or 1% of its deposit liabilitiesnamed as a risk

The Bank relies on brokered deposits to assist in funding its loan and other financing products.Risk factors (Item 1A)

Also named by ALLY, CUBI, EFSC, PNFP, SLM

Effective Federal Funds Rate (EFFR)

exposed to its price · Approximately 64% of the deposit portfolionamed as a risk

Approximately 64% of the deposit portfolio during the 2025 fiscal fourth quarter was subject to variable, rate-related processing expenses that are derived from the terms of contractual agreements with certain Partner Solutions relationships.Business (Item 1)

Regulators

Federal Deposit Insurance Corporation (FDIC)

subject to · $4.5 million for 2025named as a risk

The Bank’s deposit insurance premium expense totaled $4.5 million for 2025, $5.3 million for 2024, and $4.3 million for 2023.Business (Item 1)

Also named by AFRM, BAC, BNY, CFG, CFR, COF, FCFS, FCNCA and 27 more

Office of the Comptroller of the Currency (OCC)

subject to · $655,404named as a risk

As a national bank, the Bank is supervised and examined by the Office of the Comptroller of the Currency ("OCC"), as its primary federal regulator, and the FDIC, the federal agency that administers the DIF.Business (Item 1)

Also named by ADP, AMP, AXP, BAC, BLK, C, CFG, COF and 22 more

Consumer Financial Protection Bureau (CFPB)

subject tonamed as a risk

The Bureau's rulemaking and enforcement of prohibitions against unfair, deceptive or abusive practices have directly impacted, and may continue to impact, the Bank's consumer financial products and service offerings.Risk factors (Item 1A)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CFG and 61 more

Internal Revenue Service (IRS)

depends onnamed as a risk

We and our tax preparation partners rely on the IRS, technology, and employees when processing and preparing tax refunds and tax-related products and services.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

Federal Reserve

subject tonamed as a risk

As a BHC, the Company is supervised and examined by the Federal Reserve.Business (Item 1)

Also named by AGNC, AUB, AXP, BAC, COF, DX, EFSC, EWBC and 24 more

Laws and programs

United States Department of Agriculture (USDA)

subject to · $782.1 million of SBA/USDA loansnamed as a risk

As of September 30, 2025, the Company was servicing $782.1 million of SBA/USDA loans and $209.4 million of term lending loans.Business (Item 1)

Also named by AGM, BJ, CAG, CALM, CB, DLTR, FLO, FSUN and 11 more

Small Business Administration (SBA)

subject to · $782.1 million of SBA/USDA loansnamed as a risk

If the SBA or USDA establishes that a loss on a guaranteed loan is attributable to significant technical deficiencies in the manner in which the loan was originated, funded or serviced by the Company, the SBA or USDA may seek recovery of the principal loss related to the deficiency from the Company, which could materially adversely affect our business, results of operations and financial condition.Business (Item 1)

Also named by AUB, CSWC, CUBI, FDUS, HTGC, MAIN, RLI

Economic Impact Payment (EIP) program

earns from · $326.0 million in deposits

As of September 30, 2025, the Company had $326.0 million in deposits related to government stimulus funds.Business (Item 1)

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk

Additionally, on July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law, which included a broad range of tax reform provisions affecting businesses, including extending and modifying certain key provisions from the Tax Act and accelerating the phase-out of certain incentives from the Inflation Reduction Act of 2022.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Payment Card Industry Data Security Standard (PCI DSS)

subject tonamed as a risk

For example, the largest credit card associations in the world created the Payment Card Industry Data Security Standards (the "PCI DSS"), a multifaceted standard that includes data security management, policies and procedures as well as other protective measures to protect the nonpublic personal information of cardholders.Risk factors (Item 1A)

Also named by ABNB, AZO, BJ, BKNG, CASY, COST, DOV, EBAY and 20 more

Bank Secrecy Act

subject tonamed as a risk

Prepaid card issuers like the Bank are also subject to heightened regulatory scrutiny based on AML and Bank Secrecy Act concerns, which scrutiny could result in higher compliance costs.Risk factors (Item 1A)

Also named by AUB, BAC, CPAY, CUBI, EFSC, EWBC, EZPW, FISV and 10 more

True Lender Rule

subject tonamed as a risk

If a regulatory agency, consumer advocate group, or other third party were to bring successful action against the Bank or any of the third parties with which the Bank operates such lending programs, there could be a material adverse effect on our financial condition and results of operations.Risk factors (Item 1A)

Renewable energy tax credits

subject tonamed as a risk

We are subject to the risk that previously recorded tax credits, which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level, may fail to meet certain government compliance requirements and may not be able to be realized.Risk factors (Item 1A)

State escheatment laws

subject tonamed as a risk

State regulators may choose to initiate collection or other litigation action against prepaid card issuers, like Payments, for unreported abandoned property, and such actions may seek to assess fines and penalties and could have an adverse effect on our business.Risk factors (Item 1A)

Regulation E (Prepaid Accounts Rule)

subject to

The Bureau’s “Prepaid Accounts Rule,” adopted in October 2016, enhanced the regulations applicable to prepaid products and brought them fully within Regulation E, which implements the federal Electronic Funds Transfer Act.Business (Item 1)