HIGHBuilt-inLoan_portfolio
60%
solar/alternative energy in term lending
“10-K Item 1: '60% of the term lending portfolio exposure is concentrated in solar/alternative energy'”
CASH · Concentration risk · 10-K extracted
Pathward Financial (CASH) concentration risks
Updated
The most significant concentration Pathward Financial discloses is solar/alternative energy in term lending at 60%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Pathward Financial’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inRegulatory
nationally chartered bank
“10-K Item 1: 'As a nationally chartered bank, Pathward sits at the hub of the financial ecosystem'”
MEDIUMOutside partyCustomer
program manager relationships
“10-K Item 1A: 'a limited number of program manager relationships are particularly significant to our operations'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a portfolio-level product tilt, a structural regulatory position, and a customer dependency that together define the shape of its balance sheet and revenue base. Within the term lending portfolio, 60% of the exposure is concentrated in solar and alternative energy — a high-share product concentration by disclosed size, structural in character. This reflects a deliberate focus on energy transition lending rather than a diversified commercial loan book, meaning the portfolio's credit performance is materially tied to the health of the solar and alternative energy sector, including project economics, federal incentive structures, and borrower cash flows from energy assets. The company also operates as a nationally chartered bank, a structural positioning that governs how it can engage across the financial ecosystem — a high-share regulatory and structural feature rather than a discrete risk, but one that creates both capabilities and constraints that affect what business it can do and with whom. Layered on the asset side is a revenue dependency at the customer level: a limited number of program manager relationships are particularly significant to operations, a medium-share dependency. The filing does not name the specific program managers or provide percentages, but the qualitative disclosure flags that a deterioration in those relationships could affect the revenue base in a meaningful way. Together, the profile describes a bank whose term lending book is heavily tilted toward one asset class, whose revenue is partly dependent on a small number of key program relationships, and whose structural positioning as a nationally chartered bank both enables and constrains its activity. The solar portfolio concentration is the most quantified and the most directly testable against sector-level credit trends.
For the engine’s reasoning on CASH’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Banks - Regional
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ASB | Associated Banc-Corp | 2 | 3 | 0 | 5 |
| CASH● | Pathward Financial, Inc. | 2 | 1 | 0 | 3 |
| BANC | Banc of California, Inc. | 2 | 0 | 0 | 2 |
| AX | Axos Financial, Inc. | 1 | 1 | 0 | 2 |
| AUB | Atlantic Union Bankshares Corpo | 0 | 3 | 0 | 3 |
| ABCB | Ameris Bancorp | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.