Pathward Financial, Inc. · NASDAQ:CASH
Pathward Financial — Q2 FY2026 Earnings Presentation
42 slides from Pathward Financial's earnings presentation, Apr 22, 2026
Slide 1: The Pathward Story
1Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation THE PATHWARD STORY UPDAT ED APR I L 22, 2026
Slide 2: Forward Looking Statements
2Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation FORWARD LOOKING STATEMENTS This investor update contains “forward-looking statements” which are made in good faith by Pathward Financial, Inc. (the “Company”) pursuant to the “safe harbor” provisions of the Private Securities
Slide 3: Powering financial inclusion
3Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 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 people an
Slide 4: Building a diversified company dedicated to financial empowerment
4Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation BUILDING A DIVERSIFIED COMPANY DEDICATED TO FINANCIAL EMPOWERMENT FOR INDIVIDUALS AND BUSINESSES 1993 Listed on Nasdaq: CASH 2015 / 2016 Entered Tax Services business by acquiring Refund Advantage, SCS, and EPS 2020 Completed
Slide 5: Resilient business model with diversified revenue
5Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation RESILIENT BUSINESS MODEL WITH DIVERSIFIED REVENUE Issuing Fee income and stable deposits Acquiring Fee income Digital Payments Fee income Financial Institution Solutions Fee income and stable deposits Credit Solutions Fee inc
Slide 6: Partner Solutions collaborates with partners to innovate
6Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Issuing Acquiring Digital Payments Financial Institution Solutions Credit Solutions Professional Tax Solutions A leading debit and prepaid card issuer sponsoring partner programs Enable partners’ lending solutions to serve di
Slide 7: Pathward lends across various solutions
7Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Working Capital Finance Equipment Finance Structured Finance Ready cash for liquidity needs to new or growing companies in cyclical or seasonal industries Providing access to equipment financing, through loans and leases, wit
Slide 8: Investment Highlights
8Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation RECORD OF STRONG EARNINGS GROWTH AND PROFITABILITY ABOVE BANKING INDUSTRY AVERAGES EXCESS CAPITAL GENERATING BUSINESS ENABLES ONGOING RETURN OF VALUE TO SHAREHOLDERS INVESTMENT HIGHLIGHTS 2 3 4 1 5 EXPERIENCED LEADER IN FAST-
Slide 9: Record of strong earnings growth and profitability
9Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Earnings Per Common Share RECORD OF STRONG EARNINGS GROWTH & PROFITABILITY1 Return on Average Assets Total Revenue2 ($ in millions) 1FY22 reflects GAAP and adjusted earnings. FY23-FY26 d isplay GAAP earnings as the net adjust
Slide 10: Ongoing return of capital
10Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation TRACK RECORD OF STRONG EARNINGS GROWTH AND RIGHT-SIZED BALANCE SHEET ENABLES ONGOING RETURN OF CAPITAL 1 1 2 3 4 5 $895.8M TOTAL SHARE REPURCHASES 2Q19 TO 2Q26 $42.7M TOTAL DIVIDENDS PAID 2Q19 TO 2Q26
Slide 11: Pathward serves as a hub of the payments ecosystem
11Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1 1 2 3 4 5 Fed / Settlement ATM Sponsorship Processor Acquiring Processor Issuing FinTech / Program Manager Partners Financial Institution Clients Debit/Credit Networks End User Card Holder / Consumer End User Merchants Iss
Slide 12: Commercial finance portfolio produces stable net charge-off rates
12Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Fiscal Year End Commercial Finance Loan Balances ($ in millions) $113 $92 $140 $158 $207 $324 $368 $414 $474 $591 $665 $858 $1,510 $1,916 $2,308 $2,725 $3,025 $3,727 $3,296 $3,924 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,
Slide 13: Risk and compliance management
13Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1 1 2 3 4 5 Enterprise Risk Management Our Enterprise Risk Management (ERM) program applies corporate governance to risk-taking activities. The ERM program sets strategy across the enterprise and works closely with the lines
Slide 14: Quarterly Second Quarter Fiscal Year 2026
14Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation QUARTERLY INVESTOR UPDATE SE CO ND Q UAR TE R F IS CAL YE AR 2026
Slide 15: Q2 FY2026 Highlights
15Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Net Income $72.9 million in net income; a decrease of 3% compared to Q2 FY 2025 Diluted Earnings Per Share $3.35 in diluted earnings per share; an increase of 7% compared to Q2 FY 2025 Net Interest Margin Net interest margin
Slide 16: Tax Services pre-tax income increased 30%
16Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation TAX SERVICES PRE-TAX INCOME INCREASED 30% IN THE FIRST SIX MONTHS OF FISCAL 2026 VS 2025 6 MONTHS ENDED MARCH 31, 2026 TOTAL TAX PRODUCT REVENUE GREW 13% REFUND ADVANCE ORIGINATIONS INCREASED MORE THAN $200 MILLION LOSS RATE
Slide 17: Trusted platform that enables our partners to thrive
17Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Maintain an optimized balance sheet Technology to facilitate evolution and scalability People and culture are important assets Consultative risk and compliance framework Client experience TRUSTED PLATFORM THAT ENABLES OUR PA
Slide 18: Strategy delivering solid core results
18Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation ($ IN MILLIONS) STRATEGY DELIVERING SOLID CORE RESULTS 1. Reflects Q2 2025 interest income of the loans included in the consumer finance portfolio sale in October 2025. Net Interest Income Noninterest Income $8.4 Q2 2025 -$1
Slide 19: Strategy delivering solid core results
19Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $75.0 $72.9 Q2 2025 Q2 2026 -3% Net Income Attributable to Parent $3.14 $3.35 Q2 2025 Q2 2026 +7% Earnings per Diluted Share $148.2 $143.5 Q2 2025 Q2 2026 -3% Noninterest Expense ($ IN MILLIONS, EXCEPT PER SHARE DATA) STRATE
Slide 20: Deposit base supports asset growth
20Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • Modest increase in deposits at March 31, 2026, when compared to the prior year period. • Average Q2 2026 custodial deposits held in custody at program banks of $864 million compared to $606 million during the prior year pe
Slide 21: Total loans and leases increased from Q2 2025
21Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation TOTAL LOANS AND LEASES INCREASED FROM Q2 2025 • Increase of 9% was driven by commercial finance. • $1.31 billion in loans and leases originations1 during the quarter compared to $902 million in the prior year quarter. • Nonp
Slide 22: Strong balance sheet allows for return of capital
22Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $1,065 $840 $450 $185 $158 $33 1. These custodial deposits can be brought back on balance sheet, as needed, as they are immediately callable. ($ in millions) 855,201 1,507,005 Q2 2026 2026 YTD Share RepurchasesLiquidity Sour
Slide 23: Q&A
23Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Q&A
Slide 24: Diversified noninterest income streams
24Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • Noninterest income represents 46% of year-to- date total revenue. • Majority of noninterest income fees are generated by the Company’s Partner Solutions business lines. Other major items include leasing rental income and s
Slide 25: Cost of deposits
25Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • During the 2026 fiscal second quarter, approximately 66% of the deposit balances were subject to variable card processing expenses, derived from contractual agreements with certain Partner Solutions relationships tied to a
Slide 26: 2026 Tax Season Update
26Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • Total tax product revenue increased 13% through the six months ended March 31, 2026 compared to the same period of the prior year. • Refund Advance originations of $1.87 billion in the 2026 tax season compared to $1.66 bil
Slide 27: Loan portfolio interest rate sensitivity
27Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • As of March 31, 2026, $3.3 billion, or 70% of loans and leases, contained floating or variable interest rates. Of these, $2.3 billion are tied to Fed Funds or Prime, with the remaining tied to either SOFR or the CMT. • Rem
Slide 28: Equipment Finance
28Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • Loan and lease financing to provide access to needed equipment • Focus on equipment critical to business operations • Borrowers are investment grade companies • Primarily fixed rate loans and leases • Flexibility to sell d
Slide 29: Working Capital Finance
29Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • Provides working capital for companies to meet short- term operational requirements • Primarily variable rate loans with majority of floors at or above 6% • Bank typically has dominion of funds • Heavily collateral-managed
Slide 30: Structured Finance
30Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • Funding small to large businesses, including rural borrowers • SBA, USDA, and conventional loans with fixed or variable interest rates • Debt refinance, leveraged acquisitions, and alternative energy project finance • SBA
Slide 31: Consumer Finance
31Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • Consumer credit programs with marketplace lenders offer Pathward a risk adjusted return • Protected by certain layers of credit support and balance sheet flexibility • Programs are offered to strategic partners with paymen
Slide 32: Warehouse Finance
32Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • Structured revolving asset-backed warehouse credit facilities used to support Specialty Finance company originations • Pathward as First-Out participant sits in the most risk reduced position benefiting from subordinate tr
Slide 33: Commercial finance portfolio by industry
33Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1. Distribution by NAICS codes; excludes tax services, consumer finance and certain joint ventures; calculated based on aggregate principal amount of commercial finance loans and leases; includes operating lease rental equip
Slide 34: Asset/Liability Gap Analysis
34Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation ASSET/LIABILITY GAP ANALYSIS 1 Fixed rate securities, loans and leases are shown for contractual periods. 2%55% 2% 41% Fixed Rate > 1 Year EARNING ASSET PRICING ATTRIBUTES1 Fixed Rate < 1 Year Floating or Variable Federal Re
Slide 35: Key credit metrics
35Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $13.2 $7.5 $16.5 $0.2 $15.6 1.18% 0.65% 1.33% 0.02% 1.29%1.34% 1.13% 1.13% 0.79% 0.82% 2Q25 3Q25 4Q25 1Q26 2Q26 Period Ended Adj. NCOs Adj. NCOs / Adj. Average Loans Adj. NCOs / Adj. Average Loans - LTM ADJUSTED NET CHARGE-O
Slide 36: Regulatory capital and liquidity
36Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation At March 31, 2026¹ Pathward Financial, Inc. Pathward, N.A. Tier 1 Leverage 8.62% 8.85% Common Equity Tier 1 12.65% 13.24% Tier 1 Capital 12.89% 13.24% Total Capital 14.52% 14.49% Primary & Secondary Liquidity Sources ($ in m
Slide 37: Appendix
37Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation APPENDIX
Slide 38: Efficiency Ratio
38Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation EFFICIENCY RATIO For the last twelve months ended ($ in thousands) Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Noninterest expense – GAAP 534,846 548,658 560,067 559,483 554,762 Net interest income 511,7
Slide 39: Non-GAAP Reconciliation
39Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation NON-GAAP RECONCILIATION 1. Amounts presented are used in the two-class earnings per common share calculation. Adjusted Net Income and Adjusted Earnings Per Share For the year ended ($ in thousands, except share and per share
Slide 40: Non-GAAP Reconciliation
40Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation NON-GAAP RECONCILIATION For the quarter ended ($ in thousands) Mar 31, 2025 June 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Net charge-offs (recoveries) 6,375 6,126 46,219 (2,213) 5,837 Less: Tax services net charge-off
Slide 41: Adjusted net interest margin reconciliation
41Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation For the quarter ended ($ in thousands) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Average interest earning assets 6,719,545 6,328,718 6,727,076 7,035,624 7,638,907 6,804,507 6,
Slide 42: Industry Terms
42Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Industry Terms Types of Payment Cards Banking-as-a-Service (BaaS): Providing financial services and solutions to third parties to offer through their distribution channels. Debit Card: A type of payment card typically tied t