Pathward Financial, Inc. (NASDAQ:CASH) Q1 2023 Earnings Call Transcript

Glen Herrick: Tim, this is Glen.

Brett Pharr: Glen, you want to take that?

Glen Herrick: Yeah. Like all things, it depends on the mix where the growth comes from. That said, we will gain NIM just by continuing to remix our balance sheet if rates didn’t move at all. But we are comfortable that NIM will pass through 6% in our fiscal year 2023.

Tim Switzer: Okay. All right. Great. And could you provide a little bit of color on, like the expectations you have within the guidance, assuming like there isn’t like a serious economic deterioration?

Glen Herrick: We’re not guiding by line item on our income statement. And so our expenses, we have — for a bank, we have a fair amount of variable expenses that are driven by activity which relates to revenues. And so, those are correlated with the revenue expenses that we have. And our goal is to grow our core expenses at less than half the rate of our revenue growth and then that’s what’s factored into our guide.

Tim Switzer: Okay, that’s helpful. Thank you, guys. I’ll get back in the queue.

Operator: Thank you. And that concludes the Pathward Financial first quarter fiscal year 2023 investor conference call. You may now disconnect. Thank you.