Pathward Financial, Inc. · NASDAQ:CASH
Pathward Financial — Q4 2026 Earnings Presentation
42 slides from Pathward Financial's earnings presentation, Oct 21, 2026
Slide 1: The Pathward Story
THE PATHWARD STORY U P D AT E D O C TO B E R 2 1 , 2 0 2 6 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This investor update contains “forward-looking statements” which are made in good faith by Pathward Financial, Inc. (“Pathward” or the “Company”) pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-look
Slide 3: Leading the Way to Financial Access Is the Heart of Our Business
AT PATHWARD®, LEADING THE WAY TO FINANCIAL ACCESS IS THE HEART OF OUR BUSINESS. Since our founding, we have worked to advance financial inclusion. We seek out diverse partners, including fintechs, affinity groups, government agencies, and other banks and work with them to identify markets where peop
Slide 4: Building a Diversified Company Dedicated to Financial Empowerment
BUILDING A DIVERSIFIED COMPANY DEDICATED TO FINANCIAL EMPOWERMENT FOR INDIVIDUALS AND BUSINESSES 1993 2015 / 2016 2021 2022 Listed on Entered Tax Services Sold Meta Completed Nasdaq: CASH business by acquiring Refund trademarks and rebranding as Advantage, SCS, and EPS began rebranding Pathward Fina
Slide 5: Resilient Business Model with Diversified Revenue
RESILIENT BUSINESS MODEL WITH DIVERSIFIED REVENUE PAYMENTS SPONSORSHIP LENDING Issuing Working Capital Fee income and stable deposits Interest income Acquiring Equipment Finance Fee income Fee income and interest income Digital Payments Structured Finance Fee income Fee income and interest income Fi
Slide 6: Payments Sponsorship Collaborates with Partners to Innovate
PAYMENTS SPONSORSHIP COLLABORATES WITH PARTNERS TO INNOVATE Digital Payments Enable partners to move money quickly, efficiently and at a large scale across multiple payment rails Acquiring Financial Institution Solutions Accepting and processing Partner with financial merchant payments with our inst
Slide 7: Pathward Lends Across Various Solutions
PATHWARD LENDS ACROSS VARIOUS SOLUTIONS Working Equipment Structured Warehouse Credit Capital Finance Finance Finance Sponsorship Ready cash for Provide access to Assist small to large Senior asset-backed Enable partners’ liquidity needs to equipment financing, businesses and rural warehouse credit
Slide 8: Investment Highlights
INVESTMENT HIGHLIGHTS Record of strong earnings Resilient commercial finance loan 1 growth and profitability above 4 portfolio produces attractive returns banking industry averages throughout economic cycles Excess capital generating Consultative risk and compliance 2 business enables ongoing 5 capa
Slide 9: Record of Strong Earnings Growth & Profitability
1 2 3 4 5 RECORD OF STRONG EARNINGS GROWTH & PROFITABILITY1 Return on Average Assets Return on Average Tangible Equity 2.40% 2.46% 47.89% 2.30% 44.58% ROATE inclusive of 2.13% 2.05% 38.75% one-time items 1.81% 35.01% 32.89% ROAA inclusive of 29.73% one-time items Peer average3 2022 2023 2024 2025 20
Slide 10: Earnings Growth and Right-Sized Balance Sheet Enable Return of Capital
1 2 3 4 5 TRACK RECORD OF STRONG EARNINGS GROWTH AND RIGHT-SIZED BALANCE SHEET ENABLES ONGOING RETURN OF CAPITAL $44.8M $948.8M TOTAL DIVIDENDS PAID TOTAL SHARE REPURCHASES 2Q19 to 4Q26 2Q19 to 4Q26 $993.6M TOTAL CAPITAL RETURNED 2Q19 to 4Q26 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Inves
Slide 11: Pathward Serves as a Hub of the Payments Ecosystem
1 2 3 4 5 PATHWARD SERVES AS A HUB OF THE PAYMENTS ECOSYSTEM Debit/Credit Fed / Networks Settlement Financial Institution ATM Sponsorship Clients Issuing/Acquiring/ Originating Bank End User End User Card Holder / Merchants Consumer FinTech / Processor Program Manager Acquiring Partners Processor Is
Slide 12: Commercial Finance Portfolio Continues to Grow
1 2 3 4 5 COMMERCIAL FINANCE PORTFOLIO CONTINUES TO GROW WITH A FOCUS ON RISK ADJUSTED RETURNS Insurance premium finance Fiscal Year End Commercial Finance Loan Balances portfolio moved to held for ($ in millions) sale during 4QFY24 $4,441 Pathward Acquires $3,924 Crestmark $3,727 $3,296 $3,025 $2,7
Slide 13: Risk and Compliance Capabilities
1 2 3 4 5 RISK AND COMPLIANCE CAPABILITIES Enterprise Risk Third-Party Risk Business Continuity Bank Secrecy Act / Management Management Management Anti-Money Laundering Pathward’s Enterprise Risk Just as Pathward’s ERM Business Continuity To protect our customers, Management (ERM) program program o
Slide 14: Quarterly Investor Update
QUARTERLY INVESTOR UPDATE F O U R T H Q UA R T E R A N D F I S C A L Y E A R 2 0 2 6 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 14
Slide 15: Five Years of Purpose-Driven Progress
FIVE YEARS OF PURPOSE-DRIVEN PROGRESS A milestone made possible by the dedication of our employees and a strategy anchored in our purpose. Navigated COVID-19 Rebranded as Reshaped the balance Strengthened the Pathward sheet platform Helped lead the Unified the Company Strategically repositioned Beca
Slide 16: Trusted Platform That Enables Our Partners to Thrive
TRUSTED PLATFORM THAT ENABLES OUR PARTNERS TO THRIVE Maintain an optimized balance sheet Technology to facilitate evolution and scalability People and culture are important assets Mature risk and compliance framework Client experience Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Pres
Slide 17: Solid Performance in Core Businesses
SOLID PERFORMANCE IN CORE BUSINESSES, DELIVERING HIGHER COMMERCIAL FINANCE INTEREST INCOME AND NONINTEREST INCOME… ($ IN MILLIONS) Net Interest Income Noninterest Income $128.0 $65.6 $3.5 -$11.9 $117.6 $0.4 $0.3 $0.5 $4.6 -$1.6 $1.2 -$3.4 $0.8 $5.7 $58.8 -$3.6 4Q2025 Sale of Investment Credit Other
Slide 18: Combined with Disciplined Expense Management
…COMBINED WITH DISCIPLINED EXPENSE MANAGEMENT ($ IN MILLIONS, EXCEPT PER SHARE DATA) Noninterest Expense Net Income Attributable to Parent Earnings per Diluted Share -10% 0% +9% $144.8 $38.8 $38.6 $1.85 $129.7 $1.69 Q4 2025 Q4 2026 Q4 2025 Q4 2026 Q4 2025 Q4 2026 Pathward Financial, Inc. (Nasdaq: CA
Slide 19: Full Year Results for Fiscal 2026
FULL YEAR RESULTS FOR FISCAL 2026 ($ IN MILLIONS, EXCEPT PER SHARE DATA) Net Interest Income Noninterest Income Noninterest Expense +6% -5% -7% $511.8 $328.1 $347.2 $560.1 $529.5 $474.9 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 Net Income Attributable to Parent Earnings per Diluted Share -5% +
Slide 20: Deposit Base Supports Asset Growth
1 DEPOSITS Period ending ($ in millions) DEPOSIT BASE SUPPORTS ASSET GROWTH -3% $5,886.9 $5,691.6 • Average Q4 FY 2026 custodial deposits held in custody at program banks of $646 million compared to $237 million during the prior-year period. • $630 million of custodial deposits as of September 30, 2
Slide 21: Total Loans and Leases Increased from Q4 2025
TOTAL LOANS AND LEASES Period ending ($ in millions) 9% TOTAL LOANS AND LEASES $5,084.6 $4,664.9 INCREASED FROM Q4 2025 • Period ending balance increase of 9% was driven by the commercial finance portfolio. Q4 FY 2025 Q4 FY 2026 • $2.2 billion in loans and leases originations1 during the quarter com
Slide 22: Strong Balance Sheet Allows for Return of Capital to Shareholders
STRONG BALANCE SHEET ALLOWS FOR RETURN OF CAPITAL TO SHAREHOLDERS Liquidity Sources Share Repurchases ($ in millions) $162 $382 2,092,199 $105 $630 $3,082 $1,053 $750 281,562 Custodial Deposits1 FHLB Borrowing Capacity Cash and Cash Equivalents Fed Discount Window Funds Q4 FY 2026 FY 2026 Unpledged
Slide 23: Fiscal Year 2027 Guidance
FISCAL YEAR 2027 GUIDANCE1 $9.50 - $10.00 EPS Assumes no additional rate changes during the year Effective tax rate of 18% to 22% Secondary market revenues of $5 - $7 million per quarter Includes expected share repurchases 1. Information on this slide is presented as of October 21, 2026, reflects th
Slide 24: Q&A
Q&A Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 24
Slide 25: Diversified Noninterest Income Streams
FULL YEAR 2026 REVENUE BREAKDOWN DIVERSIFIED NONINTEREST INCOME STREAMS Net interest income 58% Noninterest income • Noninterest income represents 42% of year-to- 42% date total revenue. • Majority of noninterest income fees are generated by the Company’s Payments Sponsorship capabilities. FULL YEAR
Slide 26: Cost of Deposits
COST OF DEPOSITS COST OF DEPOSITS • During Q4 FY2026, approximately 67% of the deposit balances were subject to variable card processing expenses, derived from contractual agreements with certain Payments Sponsorship 3.67% relationships tied to a rate index, typically the Effective Fed Funds Rate. •
Slide 27: Loan Portfolio Interest Rate Sensitivity
TOTAL LOAN AND LEASE PORTFOLIO PRICING ATTRIBUTES1 LOAN PORTFOLIO INTEREST 4% RATE SENSITIVITY 24% 72% • As of September 30, 2026, $3.5 billion, or 72% of loans and leases, contained floating or variable interest rates. Of these, $2.5 billion are tied to Fed Funds or Prime, with the remaining tied t
Slide 28: Equipment Finance
EQUIPMENT FINANCE LENDING 7.66% 11% Q4 FY 2026 Quarterly Yield1 Of Loan Portfolio • Loan and lease financing to provide access to needed equipment ($ in millions) Lending Solution Balance Sheet Category 4Q25 3Q26 4Q26 • Focus on equipment critical to business operations Lease financing $107.6 $87.3
Slide 29: Working Capital
WORKING CAPITAL LENDING 10.45% 18% Q4 FY 2026 Quarterly Yield Of Loan Portfolio • Provides working capital for companies to meet short-term operational requirements ($ in millions) Lending Solution Balance Sheet Category 4Q25 3Q26 4Q26 • Primarily variable rate loans with majority of floors at Asset
Slide 30: Structured Finance
STRUCTURED FINANCE LENDING 7.30% 57% Q4 FY 2026 Quarterly Yield1 Of Loan Portfolio • Funding small to large businesses, including rural borrowers ($ in millions) Balance Sheet Lending Solution 4Q25 3Q26 4Q26 • SBA, USDA, and conventional loans with fixed or Category variable interest rates Guarantee
Slide 31: Warehouse Finance
8.69% 10% Q4 FY 2026 Quarterly Yield Of Loan Portfolio WAREHOUSE FINANCE LENDING ($ in millions) Lending Solution Balance Sheet Category 4Q25 3Q26 4Q26 • Structured revolving asset-backed warehouse credit Warehouse Warehouse finance $645.2 $647.6 $527.0 facilities used to finance specialty finance c
Slide 32: Credit Sponsorship
16.52% 2% Q4 FY 2026 Quarterly Yield Of Loan Portfolio CREDIT SPONSORSHIP LENDING ($ in millions) Lending Solution Balance Sheet Category 4Q25 3Q26 4Q26 Credit Sponsorship Credit Sponsorship $93.3 $99.4 $108.4 • Consumer credit programs with marketplace lenders offer Pathward a risk-adjusted return
Slide 33: Top Loan and Lease Concentrations by Industry
TOP 10 LOAN AND LEASE CONCENTRATIONS BY INDUSTRY1 ($ in millions) Utilities $1,397 Construction $782 Manufacturing $721 Finance and Insurance $706 Wholesale Trade $335 Mining, Quarrying, and Oil and Gas Extraction $261 Transportation and Warehousing $237 Other $136 Administrative, Support, Waste Man
Slide 34: Interest Rate Risk Management
INTEREST RATE RISK MANAGEMENT (as of September 30, 2026) EARNING ASSET PRICING ATTRIBUTES1 ASSET/LIABILITY GAP ANALYSIS 6,000 4% Fixed Rate > 1 Year 38% Fixed Rate < 1 Year 4,000 Volume ($M) Floating or Variable 2,000 Federal Reserve Bank Deposits 56% 2% (Floating or Variable) 0 -2,000 Month 1-12 Mo
Slide 35: Asset Quality
ASSET QUALITY (as of September 30, 2026) NONPERFORMING LOANS (“NPLS”) NET CHARGE-OFFS (“NCOS”)1 ($ in millions) ($ in millions) 5.28% 5.61% 3.70% 4.01% 2.39% $52.0 2.05% 2.15% $275.1 $289.3 $46.2 1.15% 1.11% 1.28% 1.55% 1.26% 1.38% $109.1 $117.7 0.43% $99.1 -0.18% $16.0 $(2.2) $5.8 4Q25 1Q26 2Q26 3Q
Slide 36: Capital and Sources of Liquidity
CAPITAL AND SOURCES OF LIQUIDITY (as of September 30, 2026) TIER 1 LEVERAGE RATIO Pathward Pathward, At September 30, 2026¹ Financial, Inc. N.A. 9.79% 10.00% 9.51% 9.84% 9.66% 9.91% 9.85% 10.09% 8.62% 8.85% Tier 1 Leverage 9.85% 10.09% Common Equity Tier 1 11.83% 12.37% Tier 1 Capital 12.07% 12.37%
Slide 37: Appendix
APPENDIX Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 37
Slide 38: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted Annualized NCOs and Adjusted Average Loans and Leases For the quarter ended ($ in thousands) Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Jun 30, 2026 Sep 30, 2026 Net charge-offs (recoveries) 46,219 (2,213) 5,837 16,029 52,025 Less: Tax services net charge-offs (recoverie
Slide 39: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Net Interest Margin and Cost of Deposits For the quarter ended For the year ended ($ in thousands) Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Sep-25 Sep-26 Average interest earning assets 6,727,076 7,035,624 7,638,907 6,804,507
Slide 40: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Efficiency Ratio For the last twelve months ended ($ in thousands) Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Jun 30, 2026 Sep 30, 2026 Noninterest expense – GAAP 560,067 559,483 554,762 544,561 529,476 Net interest income 511,794 505,882 494,727 485,327 474,934 Noninterest incom
Slide 41: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted Net Income and Adjusted Earnings Per Share For the year ended ($ in thousands, except share and per share data) 2022 Net income – GAAP a 151,134 Less: Gain on sale of trademarks 50,000 Add: Rebranding expenses 13,148 Add: Separation related expenses 5,109 Add: Income
Slide 42: Definitions
DEFINITIONS Industry Terms Payment Players Commercial Lending Terms Banking-as-a-Service (BaaS): Acquiring Bank: Asset-Based Lending: Providing financial services and solutions to third An acquiring bank provides merchant accounts that allow a business to accept card Asset-based lending (ABL) refers