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  "documentTitle": "Pathward Financial | Results Presentation Deck | 25 slides",
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  "authorName": "Pathward Financial",
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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "The chart shows a significant spike in the Effective Fed Funds Rate in 1Q23, which correlates with an increase in the Total Cost Including Contractual Card Processing Expense.",
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      "text": "Cost of Deposits",
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      "text": "Pathward is benefitting from the deposit optimization strategy that included transitioning away from higher cost interest-bearing wholesale deposits in favor of growing BaaS deposits. As of December 31, 2022, approximately 43% of the deposit balances were subject to variable card processing expenses, derived from contractual agreements with certain BaaS partners tied to a rate index, typically the Effective Fed Funds Rate. Contractual card processing costs are more impactful in today's environment than they were in 2019-2021 due to the meaningful growth in BaaS deposits. These costs reprice immediately upon a change in the applicable rate index, leading to an instant cost increase as compared to the earning-asset yields that will generally experience more of a lag in repricing.",
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      "kind": "title",
      "text": "Low-cost Deposits",
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