Pathward Financial, Inc. (NASDAQ:CASH) Q1 2023 Earnings Conference Call January 25, 2023 5:00 PM ET
Company Participants
Justin Schempp - Vice President of Investor Relations and Financial Reporting
Brett Pharr - Chief Executive Officer
Glen Herrick - Chief Financial Officer
Conference Call Participants
Frank Schiraldi - Piper Sandler
Tim Switzer - KBW
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Pathward Financial's First Quarter Fiscal Year 2023 Investor Conference Call. During the presentation, all participants will be in listening-only mode. Following the prepared remarks, we will conduct a question-and-answer session. As a reminder, this conference call is being recorded.
I would now like to turn the conference call over to Justin Schempp, Vice President of Investor Relations and Financial Reporting. Please go ahead.
Justin Schempp
Thank you, operator, and welcome. Pathward Financial's CEO, Brett Pharr; CFO, Glen Herrick; and Deputy CFO, Sonja Theisen will discuss our operating and financial results for the first fiscal quarter of 2023, after which we will take your questions. Additional information, including the earnings release and a supplemental investor presentation may be found on our website at pathwardfinancial.com.
As a reminder, our comments may include forward-looking statements, including with respect to anticipated results for future periods. Those statements are subject to risks and uncertainties that could cause actual and anticipated results to differ. The company undertakes no obligation to update any forward-looking statement. Please refer to the cautionary language in the earnings release, investor presentation, and in the company's filings with the Securities and Exchange Commission, including our most recent filings for additional information covering factors that could cause actual results to differ materially from the forward-looking statements.
Additionally, today, we will be discussing certain non-GAAP financial measures on this conference call. References to non-GAAP measures are only provided to assist you in understanding the company's results and performance trends. Reconciliations for such non-GAAP measures are included within the appendix of the investor presentation.
Now, let me turn the call over to Brett Pharr, our CEO.
Brett Pharr
Thank you, everyone, for joining Pathward Financial's first quarter 2023 earnings call. The company performed well during the quarter. Core net income excluding the impacts of rebranding was $23.2 million compared to $24 million in the prior year and core earnings per share of $0.81 was up 4% compared to $0.78 per share in the prior year quarter.
Our continued focus on our key strategic pillars of asset optimization, deposit optimization and operational simplification, helped drive further expansion of our net interest margin, which rose over 100 basis points to 5.62% for the first fiscal quarter compared to 4.59% in the prior year quarter. Our strategy also enabled us to achieve return on average assets and return on average tangible equity that are amongst the top in the industry.