CASH - Earnings call transcript Q1 2021 | Pathward Financial, Inc.

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Brittany Elsasser

Thank you and welcome to the Meta Financial Group conference call and webcast where President and CEO, Brad Hanson and Executive Vice President and CFO, Glen Herrick will discuss the results of our first fiscal quarter ended December 31, 2020. Also participating in the call is Brett Pharr, Co-President and COO of MetaBank.

Additional information, including the earnings release and investor presentation maybe found on our website at metafinancialgroup.com.

As a reminder, our comments may include forward-looking statements. Those statements are subject to risks and uncertainties that could cause actual and anticipated results to differ. obligation any no statements. undertakes company to forward-looking update The Commission, the cautionary investor with Please could recent cause Exchange materially factors the to the information, in for the our earnings additional filings and actual filings refer to that Meta’s forward-looking language statements. release, covering most in presentation Securities differ results including from and

you results measures Additionally, conference call. this performance financial measures are provided for measures today only on such we Meta’s the will the are be discussing presentation. in to Reconciliations trends. included assist to and appendix certain non-GAAP understanding investor non-GAAP non-GAAP References of within

Now, I will Hanson. the turn to Brad over call

Brad Hanson

results challenges want to million, and thank million, to the was share. for while all acknowledging with per to XXXX per It’s to of you $XXX team XX% achieved earnings to our net and quarter serving up Thank our first was share excellent call. strong was pleasure in earnings quarter. fiscal these X% $X.XX revenue $XX start to Meta quarter the Financial’s generating same dealing year, results by up the I first fiscal my our year our remotely. up joining pandemic Compared and for employees income the XX% customers last discuss

salary year, focus improving was or without which last points achieved ratio layoffs our XX.X% resulted efficiency to in COVID Our over on reductions. percentage improvement of X any related

a continue a loans the were portfolios points, year to Non-performing XX and of finance over and level half. loan Our commercial percentage well. and in lowest as for loans leases perform leases a basis

programs our are early our loans portfolio with we reserves contact to well relationships that adequate loans, impact divisions a believe finance provision programs to Total the current impact conservative stimulus portfolio. during wrapping as borrowers. our existing regular stimulus on Community hospitality Due will economic unemployment our and discuss, with have Brett had and in up enhanced including Program we of we stay of As our government leasing days Paycheck flow These funds losses the withstand significant Protection ticket card sheet. payments projected approach the Bank included EIP the in and the to The effects average or focused on benefits XX% through to those deposits, up division programs. commercial legacy programs, small associated existing in finance payments, EIP, year-over-year. were and theater that movie in remain as balance pandemic,

card excluding of mid-teens associated exact the believe banks amount other government be impact. Card deposit stimulus a year While it’s stimulus with determine moved we growth programs, more in for X% fee income us quarter lead the would and our our million. several to given were card by COVID for fiscal payments of and caused related area the accomplishment card in over the first gift fiscal promotions programs This during loyalty was of division rebate promotions is the during deposit of programs our base, the an up year to not and especially year. somewhere including or latter from awards the the over lower our quite half run-rate related volumes, possible $XX.X shutdowns large analysis last our that realistic to that deposit any

XXXX. rebounded Some in first volume, nicely the cards gift in fiscal of of especially this quarter

fee by the managers addition, negatively program of previous operations the due the two to are forced impacted year from to pandemic. was closure In income who cease

financial income for the revenue and role months. related for our new programs performance, like XX for in total important plays reductions. XX% activity payments accounting acquiring increased transaction and payments other and our faster these initiatives up fee more last than Fortunately card made Overall, of an

story our to programs related part of forward. going We expect income fee our an be bigger even

cards this individuals during of MetaBank EIP million distribute As fiscal billion Fiscal Act with again approximately previously the of performance on Visa to metrics. as We of Service significant under this our the reported programs year Obviously, accommodate U.S. the second prepaid XXXX. financial is program. was and to in prepaid tasked size the and combined. totaling of program, two CARES recently were that debit consumers and impact Bureau the disbursement tasked to for partnered of debit with impact we distribute issuing the program agent a of mentioned for $XX.X Department Treasury’s funds round cards we have economic a stimulus the sheet payments part balance XX.X To Fiserv of has to cards

For much earnings lower net a skewed largely ratios assets cash. are on deposits capital be and ratio, Risk-based margin leverage interest since we on overall. return capital will remain see in example, impact our slightly associated unchanged held should positive the and

associated Additionally, an exemption we OCC and to but temporary capital due the deposits in ratios remain not participation are working program. good not closely our in granted Reserve. program. this has us deemed and agencies with meeting from any with the regulatory undercapitalized due increase our be the EIP The be regulators, will in to the will leverage under with We OCC standing regulatory significant, Federal restrictions

mission programs a and the the spend our to governance talk Now, of enhancements I during to would made some quarter. minutes important our like and few we social environmental, to about

I innovators financial model. offered that inclusion Our before financial banking availability, was opportunity company say mission and with always a we it all. for service for as like Finserv Banking and providing choice works all. as is has feature since to Meta our core is a to enablement service been increase a a that business cool. FinTech long-term And financial of

with billions and those the dollars to the communities to and charter compliance understanding risk fiduciary and who allows and benefit moving of accounts, to to deep contribute day. serve. funds we is money, the support coordination the mitigation the who and Our of the MetaBank us most social issues each guide holds manages national need deliver regulators of bank products partners financial our

years traditional shy often of us because actively to others experience serve away proprietary go are techniques and work from. enter the for We and institutions won’t, to customers and mitigating that financial don’t. we monitoring markets where risk do willing others collateral Our allows hard that

key ESG all. of MetaBank stay cause. a be reflected initiative financial Our This our enablement our Impact ensure and prosperity of economy ESG economic community and towards the our enhancements in measurable who our sustaining success. to our and and we them mobility are at Vice embedded success real is mission, by to will to ESG and and the along the overseen hiring pathways diversity, that how for success meant Board strategy, and responsible long-term the of so committed strategy our of our financial by are them strongly inclusion a ESG of Community with on and our true ESG as mission and and advancing prosperity is helps President move fundamental a committee aligned stay in Directors. expanding towards that our heart that industry are and with we we to These to who newly and strongly of company commitment amid critical fixed outreach effort. providing endeavor priorities to are efforts financial is inclusion to to formed bring believe helping communities helping ESG those equity to

call on some lines the to Now, let business. provide of our over turn Brett updates me to

Brett Pharr

the Today, solid lease growth and billion, related made loan starting gross X% portfolio the lending totaled updates to lines term few will We Thank in lending company’s up primarily finance a covered, asset December on from of you, Brad. business based I and of lending commercial finance. our XX% not share loans and increase solar At some our yet quarter. $X.XX saw business commercial with XX, a originations. linked strong

our to million. quarter, the credits During increased from balance last XX% solar $XXX.X quarter

a While we loans a continue we we small as each to as our Bank in Crestmark lending result strong we of paying that PPP From temporary round factoring equipment hospitality to funding. attention reducing second our division. theater as and see well our demand monitor in legacy ticket the of pipeline, the for a relationships lending closely expect and Community portfolios, finance credit of asset-based perspective, slowdown have movie a significant loans could

team regular comfortable in in with with contact level collateral borrowers these credits. we reserves Our feel of and credit remained and the has place management on these

to pandemic. the metrics our the winds most Our portfolio company’s Movie theater in as to Community performing ability portfolio total portfolio not continued demonstrate balances have decline loans such. any The account portfolio the for hospitality and We our is Bank deferral legacy well further deterioration balances. experienced Community to of of continued worst our legacy the credit Bank down. and we as believe weather

we But the Our elevated relationships. current developments risk we some see of are starting that these in portfolios. level to are reserves positive level pleased reflects in these of

Community to example, payments. P&I loans consumer structuring seen and strength of program on of that guardrails making during In in hospitality strong have back This slightly were theater change our performance credit our no most due we was non-accrual quarter, by XXXX first industry primarily the related non-accrual that loans. fiscal operating Bank in increased an legacy in assets balances increase a quarter. in One community non-performing the Non-performing place. driven lending remains For the measurable COVID-XX. to increase reinforces status portfolios, movie the are deferral The the to banking relationship mirrors now and in in

believe relationship this representation reminder, be a is As XX% to overall isolated of We and and reserved our a for. loan this lease portfolio. not roughly

and innovation. payments be we MoneyLion account example MoneyLion venture advance users in a focused are how our in would our highlight our edge the cutting investor and on relationships opportunities. in is fin-techs arm create MoneyLion, leveraging our with create like Ventures, banking platform. our By to partnering I revenue Through before it investing forefront helped companies to investing capabilities are a as of RoarMoney. continue and is of stage we Meta we were relationship, of to Ventures service sheet Finally, checking Meta likely early as of on future on that generating payments we our to strategic like industry that balance product and capital a stay great the called future

like I turn it over Now, would Herrick. Glen to to

Glen Herrick

$X increase a funds a relationship. an you, of XX% also deposit XXXX million ReliaMax solvency compared benefited related to same quarter the first reduction XXXX Fee ReliaMax’s in liquidation and funding of basis loan Bank of the of that last first XXXX to fiscal legacy to and the the unearned for We In previously benefited a notification the net the it Revenue to represented compared year quarter related an increase from the year’s the just of company’s claims months we that Cost the $XXX expense interest income total generated income million, same last fiscal disclosed we good benefited on everyone. The student the quarter we revenue related XX, revenue of afternoon costs. XX premiums. Community estate increase portion have receipt for for of XX-month points. fiscal $X.X first to Total a million, Brad interest sale the to our written period. unearned revenue the December for quarter income fiscal and XX% Thank agricultural of prior of $XX during improvement Net from June of XXXX, foreclosed interest for XXXX. property from lower expect quarter from recover premiums total of portfolio. XX loss the announced million portion the of from averaged received insurance of ended from first X% an X% of the year. in quarter was

income see expanding fee of banking a continue pipeline within a service We our opportunities payments to and our capabilities. division as robust

the XXX We management months on points of We of by improvement last quarter to expect our to efficiency million as a a to was the fee XXXX, income greater X% expense to the the of is XX.X% expense be remain year. ended for year. prior of first prior compared decrease disciplined time. basis compared percentage ratio XX over for over Non-interest continue December $XX.X of evidenced revenue an fiscal XX,

increase the focus to the driving of efficiency for business by cash achieving is continue first Deposits optimization utilization leveraging to million, on and well economic was due first and key to of to benefited help level MetaBank existing We from drive $XX income platforms or the increase in efficiencies. payments. goals $XXX technology future in began on unspent Overall, last our impact assets long-term quarter December of net the an linked funds an that second quarter. a of court. XX% round a from component increase MasterCard also the compared sheet first were relationship $X.XX compared The billion, to balance XX per and respectively to XX% broader higher and to H&R the deposits and in year-over-year share, XX% quarter increase Total of at first seasonal $X.XX from the quarter. related the XX% as program, the will as million Emerald the Block of Prepaid which deposits as in move year’s

As Brad prepaid cards payments we of round eligible reflected portion issued having payments initial in debit again a with to second mentioned, of disburse bank stimulus, as of via EIP early the the to recipients part January. begun

reduction ratios assets slightly fiscal large EIP consumers. long-term and the While will be any cash our are amount significant, of capital material quarter, return of second balance to do expect positive ratios. on during will on is deposit program significant earnings, a impact expect impact sheet the until in resulting capital not but on do to temporary net the anticipated have sustained balances interest a our We on due funds these not leveraged and conditions the by company’s spent be income, risk-based average impact

of not be with agencies regulatory participating and program, will this any regulatory undercapitalized result good will remain to a deemed be under in we as restrictions. in and standing expect not As

our As you have share program may reinstated recall, quarter. last we repurchase

million During have at we quarter $XX.XX. end of our is shares XX, shares. remaining. December repurchase X just we an scheduled approximately share program, price on the X.X XX, authorized we XXXX, which repurchased shares average January Since purchased through expire XXX,XXX million additional to an Under quarter, over

continue will strategies, and further shareholders. context excess share deployment overall consider repurchase within activity capital including returning to funding of the growth to We initiatives our capital

Operator, to expectations. million credit for largely quarter credit concludes $XX.X the was line adoption the our was XX. Finally, October entry allowance we XXXX for increase adopted was X, the linked CECL for Allowance questions. when in CECL The please its with one to effective the losses allowance due prepared million increase in the December compared and the of to remarks. That $XX.X day standard. at losses accounting open line

Operator

[Operator Instructions] Riley Moss Steve Our Securities. first question from B. with comes

Steve Moss

Good afternoon.

pricing commercial on the stable for how seeing? low just Just you here, yields pretty was are there business the environment of yields curious activity the kind finance stopping is your and

Brad Hanson

a Yes, this fairly will rates I are duration. down here. Brad. assets jump short moving Obviously, in is our and have

have price some after go remember the we kind assets a of we yield. higher pressure, So are but feeling that tend to

there yes, lot is liquidity is of there the So price market. pressure, in some

market, pretty are not We are chasing we a down well. but still own holding our

Steve Moss

quarter, tax Okay. for with as coming then quarter we of kind in quarter? big And regard how expenses expenses about upcoming total for the just your think to curious obviously, to

Glen Herrick

are are fiscal our nature. is this run-rate highest as Hey, A our always, expenses. above our quarter, Steve, of Glen. Yes, second is March quarter expenses those lot variable the in

revenues. also So $XX as that, go it settles correlate so depends of it on million, but with where season in to the will they could tax million, volume well. But $XXX

Steve Moss

for as And Okay. becoming guys of you on talked goes That’s the income, about a on. just me revenue percentage greater helpful. one fee it last here year question

wondering percentage Just year? you throughout on that and could how expand are growing that if the thinking you about

Glen Herrick

Well, we initiatives have business several our our to times announced starting that which well. and entered as faster is year, into ramp payments during about up the we last acquiring

that into over and related have fee years number our a be transaction we kinds will those have couple gotten of will income. that we businesses next the up ramping increasing of So, of be that

it then rates percentage and on an could see interest or is, fee if in kind our those and hangs income up you rates think factors, portfolio ratios over those stay again the with be of more goes will Now, go I of where ever same less time. if interest increasing income interest depending along up it, but

Steve Moss

that Alright. Well, thank for you good quarter. very much

Glen Herrick

bet. You

Brad Hanson

Steve. Thanks,

Operator

Thank you.

next question from comes Our Michael KBW. with Perito

Michael Perito

taking for Thanks questions. guys. afternoon, good Hi, my

Brad Hanson

Hey, Mike.

Michael Perito

I frankly Meta conceptual strategy driving had financial you the themes the a of ESG and years. of question, some of kind that kind mentioned for and are inclusion happened Brad

the kind I grows pie there viability I So it’s neobanks look the you here. kind put expect growth specifically how kind from digital term of if guess challenger same part of as the and time in don’t fair we of on to sides nature other, the is think some not But is have evolves? with deck, processes prepaid I play much alternative think things whatnot. business to hard business, as after I going your or am slide prepaid to as performed an about we there and to the lot shift any at of guess to on of And a of about that overall card room disruption rates of think the banks really curious about do views representation businesses, software. if longer or you both the the And or it you Meta, no mean, you I of your growth of for that digital kind think you that is know impact banking those

Brad Hanson

Well, product. partner the programs. a have product, in generally charter what we and banks don’t order the neobanks do account RoarMoney those they guys. MoneyLion highlighted really and implement checking Brett That’s to other banking a is support which is with those

of So, those addition opportunities all. pigeonholed an to don’t example of so we prepaid, of I think that’s in kinds are in facilitating just prepaid us first

even loyalty I for cards, Secondly, finally, operating if they applications very and niche a we And number at categories, benefits how in in niche are like to programs, are categories, still to those are and of and of of products categories lot there rebate prepaid category. but cards, FSA things within gift and growth is promotion payroll seeing certain that prepaid the strong prepaid. prepaid. think about which the also a think the broad used it’s that the There – – of are card programs, reloadable then a employers. you beneficial the continue some of like are other very And will lot cards, grow

So, that programs for have I are out very neobanks and prepaid. category concerns this there opportunity of are the And the broad, there us is us lots partner with the no pressures industry think to at them. There opportunities fin-techs lots of is and with and so competitive the their about for within time. support

Michael Perito

amount dozen way as That’s banking in of service long other or has looking for very XX as one of of I I a couple kind that you over a steady relatively have I finance another curious just mean, been landscape if or you this there of at time, a And I last it in checked, noticed at you helpful. change and far competition noticeably are changed XX really that banks are doing months? banks embedded looking have think maybe it guys but at deals kind last for has arena. to know any the the is been all you as the or competitive

Brad Hanson

change XX to I am the XX last noticeably not months. any in seeing competition

increasing all In fact, categories. opportunities I have seen in

Michael Perito

are still levered tax that buybacks going coming near to the piece fair term, comment, is Great. strategy. about a I if the I curious balance you your season on term, to there deployment not could impact that in be guys the as was of bit appetite And an is sheet because a EIP some and if of talk likely I as more longer should term at it impact for them we release kind into of way when the all, that think you capital on temporary any, capital wanted the near your saw either view if share repurchases? quite here, capital. to also is just but robust typically relief getting are

Brad Hanson

that? you to Glen, take want

Glen Herrick

a capital. at options those are time. we outside a to about Yes, again, returns be our of EIP in the range quite sheet all will the And we look period that. The billion, keeping part temporary impact, generate, we of of talked $X.X to we repurchases excess expect balance for certainly $X lot billion sheet generate will balance keeping share that of some going

Michael Perito

Okay. Excellent. I appreciate you, guys. it. Thank

Brad Hanson

Yes, thank you.

Glen Herrick

Thanks Mike.

Operator

next comes question the of line Schiraldi Piper Frank with Our [Operator from Instructions] Sandler.

Frank Schiraldi

increased if unique or Hi, environment so thoughts just wondering afternoon. guys. is how could earned greater far I Good given any was you color the flexibility especially and like tax on season that, terms and in credit give would of things using also? the tax you thoughts ‘XX could refund more overall income, income are of and potential payout there ‘XX or filers either for imagine any if the I

Brad Hanson

you Brett, want do to start that? with

Brett Pharr

Yes.

tax every season very of with So, people. we set a enter experienced

more every have. We we season as through seems its it prepared go attributes. unique season ever you has this it, are And probably for like than just

prepared don’t all it’s that but whatever way, entail. So, know it we can in I for are predict going to any we

Frank Schiraldi

Okay.

on no front at on to our on point? change thinking So expectations guidance previous this that

Brad Hanson

thinks overall industry just start that the processing. IRS, season tax I there think will actually and of the be delay deferred, the some the

I industry So thinks overall I pretty will but the think see consistent we some think delay, will yet. be it

these Now, know into be all changes. reacting we until season people won’t to the seen, see to how that’s and get to start are we

Frank Schiraldi

in Thanks. categories you to the in community And about out I block stuff given would the off book reduction also against been I more that moved imagine that’s that? sell maybe the wondering banking taken has you maybe have could the risk risk higher and then am some talk just significant stuff the categories opportunity the if continued reserves

Glen Herrick

classify I central to Glen. lower would it’s as refied necessarily sold far Frank, risk. loans bank been the Hey thus have away. All it or

to prioritize as balance they long-term were banks on want capacity central that they considered have so their relationships And sheet.

gets be now, cautious the and we we we about those the reserve sheet the theater right Now, our the zero good closely, do that necessarily are – feel not one watching have with we will to loans that being that way selection. left good levels are we about that feel they not on it an other, have. portfolio about the that them. have but a we or clearly, balance against adverse And eventually it’s But loans on very yes, in hospitality

Frank Schiraldi

specific movie – I know, reserves the you that hotel know theater banking, give non-accrual. against went if you can I don’t the And theater that but and community the this I you as movie against talked relationship far really? the as to about in into in missed book total, give reserves I reserve know total And Yes. the

Glen Herrick

provided reserved the hospitality at approximately XX% we, and Well, allowance. don’t the haven’t theaters I are we know,

Frank Schiraldi

Got it.

if final Okay. on sneak the I the just changed terms in one in solar one expectation year? could And tax the the of strength, rate expectation any or business, for

Glen Herrick

Yes. about we today. pipeline If the pipeline is also solar low our and thinking taxable so we strong earnings is strong, worry is double-digit tax are rate

As Brad well mentioned, including goes. of a income results, annual on amount depend season the lot of our taxable will tax how

Frank Schiraldi

Alright.

you. thank Okay,

Glen Herrick

Frank. Thanks,

Operator

Thank you.

Our next question with James. comes from Wallace Raymond William

William Wallace

us Good the start under might visibility about the my could expectation move we other evening. wondering don’t not start as to year turn was might call. reserve under think into get Thanks loan if CECL we way? kind recovery help for to economic ratio you your that you I an of the – and just to how taking progresses think greater

Brad Hanson

our get or from Yes, later Sure. so are then would economy to in improves year, assuming here, come we expect improving the we the doesn’t down. worse starts loans and/or plateaus

William Wallace

Okay.

Brad Hanson

ratios? improved would health of a end we economy qualitative versus basis, percentage our securities, loans a our expect further the loans sheet, allowance the and/or the crisis our lower as more would and a on by as the mix assets Now, securities. of allowance, allowance will the the expect of re-shift we past depend we on But into earning absolute balance year, hear qualitative

William Wallace

the at and little niche have of last be what commercial lending are talk can commercial you. the businesses, might a point? some of two. about your I them in a Wondering what or in business nice looked in alright. If you growth Okay, lending for expectations quarter if seeing you this back bounce the bit some growth here couple seen Thank at

Brett Pharr

Yes, right.

So talked economic during the about before we this of time kind of stress.

lenders run commercial of or working with moved traditional trouble of they capital arrangement. borrowers more to have much too the and the are of Some either line their out

asset-based nice PPP lending numbers, of the with that back. also factoring the dropped transactions many some payments earlier. come growth COVID in and hit kind occurred have when the clients, at mean, I we of borrowings our pure has So of the that and just in if for been some you client same Also, look beneficiary

So, quite some has a back come bit. that of

comments, really round some of growth where my that softness back there and you many good forward depending in But on know, see get expect and I arenas. we we asset short some mentioned So, second those of we as able have seeing clients of as may our comes would that’s pretty are the how we a as more. look PPP And should classes to the economy for pipeline, as be period loans, a those build time. we you good we in

William Wallace

Thanks. second another actually alright. a the that’s And I PPP Okay, which regarding had, segue to round with was now of good question the portal open.

might around? your maybe Just what about a and go just what week, far expectations value up where for are end you so the in application are

Brett Pharr

actually meet the many of linked test. revenue we to are And if into which round there you tell second clients But XX% able are Team drop that most would of not Yes. some what that in disclose the quarter. has tests to help me I to get would over material a our is anything. is

would So, volume I news. that’s sort news, this say of it what that the would round. point good But at first the was be from bad off

William Wallace

to that have to maybe have it’s Not as XX%. like that seems Do it quantify you the banks come thought in been XX% much XX% not? maybe sense a closer to as have that from lot reporting that. Okay. a but others range have some or within could maybe of It willing suggested

Brett Pharr

I would of say that XX% work is with. a number directionally kind to correct

William Wallace

net income housekeeping it program the net question us from the interest the as just then to And PPP, you Thanks. relates okay. give quarter? margin Okay, or first interest a impact can in impact the

Glen Herrick

points outweighed It’s PPP. deposits. EIP far really couple from our of on of by is just a net the interest these It’s margin basis impacts impact

William Wallace

Yes, yes.

Maybe... And that’s the trying at margin of noise. with actually so model a interest to I’m my and be exercise net might looking meaningless that all that thinking that forecast

Glen Herrick

noisy going of It’s going. be to is Yes, throughout NIM XXXX. the rest

with to a start cash. the to the probably chunk just going those of the direct there and and securities ways cleaner go loan from and build we’re big where a stimulus in hold so And balances balances EIP

there So going ten points. to basis just that’s earning be sitting

William Wallace

extra now like what’s of it sense decline here or some move you last, whether thinking wondering in that the the in take it bond to keep portfolio all round a makes it has about you not it am pick and I or it And pretty months. how slowed the cash income keep decision are to matrix X few X as of if maybe rate And dollars dramatically up of the it have looks first short and to that? the into interest in later to EIP net

Glen Herrick

number of Wally. factors in a Yes, there,

deposits the first So, cards been spring, still that of lot see of that around hanging stimulus un-activated. a have are last the lot you from

And money the Congress And don’t I folks think partners anticipated use program. so with our continue on and we out ever that wouldn’t the was discussions actually that when plan take rushed it.

cash So, and why to call our continue in leverage moving. keep risk-based those some is ratios aren’t us waivers discussions that as our which on of regulatory as for ratios well

So, have we excess do that said liquidity.

risk in being That want securities ways of too options powder. We we some we said much in to rate are but to will use other looking and deploy interest it. that also lock don’t at

William Wallace

Okay.

Brad Hanson

state that just are last And would release I May’s cards still from cards. un-activated of the activating

one some it. don’t that never or small slows still we accepted and of activations get does some a considerations altogether we seeing on daily get stops that at the if it basis money are point So if down albeit is

government. the have give to We back it to

So, that we to long-term. too want don’t up tie

William Wallace

Thank That’s have. Yes, time. all I thank I appreciate you. Understood. you. your

Operator

Meta Thank you. Group conference first Thank Financial XXXX And year you. the call. fiscal quarter investor concludes that

Pathward Financial (CASH) 28 Jan 212021 Q1 Earnings call transcript