Slide 1: The Pathward Story
THE PATHWARD STORY U P D AT E D A P R I L 2 2 , 2 0 2 5
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. (the “Company”) pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements
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 Dram
Slide 5: Resilient business model with diversified revenue
RESILIENT BUSINESS MODEL WITH DIVERSIFIED REVENUE CONSUMER COMMERCIAL & WAREHOUSE Issuing Working Capital Fee income and stable deposits Interest income Acquiring Fee income Equipment Finance Interest income Digital Payments Fee income Financial Institution Solutions Fee income and stable deposits S
Slide 6: Consumer collaborates with partners to provide innovative partner solutions
CONSUMER COLLABORATES WITH PARTNERS TO PROVIDE INNOVATIVE PARTNER SOLUTIONS A leading debit and prepaid Accepting and processing merchant payments with card issuer sponsoring Issuing Acquiring our partners partner programs Enable partners to Financial Partner with financial move money quickly, Digit
Slide 7: Commercial and warehouse lends across various solutions
COMMERCIAL AND WAREHOUSE LENDS ACROSS VARIOUS SOLUTIONS Working Equipment Structured Warehouse Capital Finance Finance Finance Finance Ready cash for Providing access to Assisting small and Asset-backed liquidity needs to new equipment financing, mid-sized businesses warehouse lines of or growing th
Slide 8: Investment Highlights
INVESTMENT HIGHLIGHTS RECORD OF STRONG EXCESS CAPITAL EXPERIENCED LEADER IN 1 EARNINGS GROWTH AND 2 GENERATING BUSINESS 3 FAST-GROWING PAYMENTS PROFITABILITY ABOVE ENABLES ONGOING RETURN SECTOR, WITH DIVERSIFIED BANKING INDUSTRY OF VALUE TO PORTFOLIO OF HIGH- AVERAGES SHAREHOLDERS QUALITY FINANCIAL
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 2.69% 48.32% 2.33% 43.79% 2.20% 2.20% 41.74% 1.88% 35.42% 1.74% ROAA inclusive of one-time items 28.66% 30.25% 1.45% ROATE inclusive of Peer average3 21.87% one-time items 2020 2021
Slide 10: Ongoing return of capital
1 2 3 4 5 TRACK RECORD OF STRONG EARNINGS GROWTH AND RIGHT-SIZED BALANCE SHEET ENABLES ONGOING RETURN OF CAPITAL $716.9M $38.2M TOTAL SHARE REPURCHASES TOTAL DIVIDENDS PAID 2Q19 TO 2Q25 2Q19 TO 2Q25 Note: Repurchased common shares include shares withheld to cover income taxes owed by participants re
Slide 11: Pathward serves as a hub of the payments ecosystem
1 2 3 4 5 PATHWARD SERVES AS A HUB OF THE PAYMENTS ECOSYSTEM Debit/Credit Fed / Networks Settlement Financial Institution ATM Sponsorship Clients Issuing/Acquiring/ Originating Bank End User End User Card Holder / Merchants Consumer FinTech / Processor Program Manager Acquiring Partners Processor Is
Slide 12: Commercial finance portfolio produces stable annual net charge-off rates
1 2 3 4 5 COMMERCIAL FINANCE PORTFOLIO PRODUCES STABLE ANNUAL NET CHARGE-OFF RATES Insurance premium finance Fiscal Year End Commercial Finance Loan Balances portfolio moved to held for ($ in millions) sale during 4QFY24 4,000 1.0 $3,723 Pathward Acquires 0.9 3,500 $3,296 Crestmark $3,024 0.8 3,000
Slide 13: Mature risk mitigation and compliance capabilities
1 2 3 4 5 MATURE RISK MITIGATION AND COMPLIANCE CAPABILITIES Enterprise Risk Third-Party Risk Business Continuity Bank Secrecy Act / Anti- Management Management Management Money Laundering Our Enterprise Risk Management Just as Pathward’s ERM program Business Continuity Management To protect our cus
Slide 14: Quarterly Investor Update
QUARTERLY INVESTOR UPDATE S E C O N D Q UA R T E R F I S C A L Y E A R 2 0 2 5
Slide 15: Q2 FY 2025 Highlights
Q2 FY 2025 HIGHLIGHTS Net Income Diluted Earnings Per Share $74.3 million in net income; an increase of 14% $3.11 in diluted earnings per share; an increase of 21% compared compared to Q2 FY 2024 to Q2 FY 2024 Net Interest Margin Return Metrics2 Net interest margin (“NIM”) of 6.50% compared to 6.23%
Slide 16: Tax services pre-tax income increased 29% in first six months of fiscal 2025
TAX SERVICES PRE-TAX INCOME INCREASED 29% IN FIRST SIX MONTHS OF FISCAL 2025 VS 2024 REFUND TRANSFER AND REFUND ADVANCE FEE INCOME GREW 13% EACH 6 MONTHS ENDED REFUND ADVANCE ORIGINATIONS INCREASED MARCH 31, 2025 MORE THAN $100 MILLION LOSS RATES ARE FAVORABLE TO LAST YEAR 16 Pathward Financial, Inc
Slide 17: Strong results from optimized balance sheet
STRONG RESULTS FROM OPTIMIZED BALANCE SHEET • Strong renewable energy loan growth • Robust structured finance pipeline • Accelerated our optimization strategy 17 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation
Slide 18: Partner Solutions continues to perform well
PARTNER SOLUTIONS CONTINUES TO PERFORM WELL • Pipeline continues to be strong • Working to provide new and existing clients with the best solutions and capabilities • Credit Solutions continues to be an area of growth, signing a new contract after quarter end 18 Pathward Financial, Inc. (Nasdaq: CAS
Slide 19: Trusted platform that enables our partners to thrive
TRUSTED PLATFORM THAT ENABLES OUR PARTNERS TO THRIVE Optimized balance sheet with optimized asset mix Technology to facilitate evolution and scalability People and culture are important assets Mature risk and compliance framework 19 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presen
Slide 20: Revenue growth delivering solid results
REVENUE GROWTH DELIVERING SOLID RESULTS ($ IN MILLIONS, EXCEPT PER SHARE DATA) Net Interest Income Noninterest Income Noninterest Expense +5% +7% +1% $118.3 $124.3 $138.5 $140.4 $142.5 $128.9 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Net Income Attributable to Parent Earnings per Diluted Share
Slide 21: Deposit base supports asset growth
1 DEPOSITS Period ending ($ in millions) DEPOSIT BASE SUPPORTS ASSET GROWTH -9% $6,368.3 $5,819.2 Decrease in deposits at March 31, 2025 when compared to the prior year period was primarily due to a reduction in noninterest bearing and wholesale deposits. Average Q2 2025 off-balance sheet custod
Slide 22: Total loans and leases
TOTAL LOANS AND LEASES Period ending ($ in millions) +1% $4,409.4 $4,464.9 TOTAL LOANS AND LEASES INCREASED FROM Q2 2024 Increase primarily driven by term lending, warehouse finance and asset-based lending. Growth was partially offset by the sale of insurance premium finance loans during Q1FY25.
Slide 23: Strong balance sheet allows for return of capital to shareholders
STRONG BALANCE SHEET ALLOWS FOR RETURN OF CAPITAL TO SHAREHOLDERS Liquidity Sources Share Repurchases ($ in millions) 1,277,664 $254 $218 $1,078 $36 $3,886 $1,175 575,804 $1,125 Q2 2025 2025 YTD Off Balance Sheet Custodial Deposits1 FHLB Borrowing Capacity Cash and Cash Equivalents Fed Discount Wind
Slide 24: Fiscal Year 2025 Guidance
FISCAL YEAR 2025 GUIDANCE1 $7.40- $7.80 EPS Assumes no additional rate cuts Effective tax rate 17-21% Includes expected share repurchases 1 Information on this slide is presented as of April 22, 2025, reflects the Company’s updated financial outlook, certain of the Company’s financial targets, and k
Slide 25: Q&A
Q&A 25 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation
Slide 26: Diversified noninterest income streams
FYTD 2025 REVENUE BREAKDOWN DIVERSIFIED NONINTEREST INCOME STREAMS Noninterest income Net interest 45% income 55% Noninterest income represents 45% of year-to- date total revenue. Majority of noninterest income fees are generated by the Company’s Partner Solutions business lines. Other major ite
Slide 27: Cost of Deposits
COST OF DEPOSITS COST OF DEPOSITS 4.33% During the 2025 fiscal second quarter, approximately 62% of the deposit balances were subject to variable card processing expenses, derived from contractual agreements with certain 2.81% Partner Solutions relationships tied to a rate index, typically the Eff
Slide 28: 2025 Tax Season Update
2025 TAX SEASON UPDATE TAX SERVICES ECONOMICS Six Months Ended ($ in millions) March 31, 2024 March 31, 2025 % Change Net interest income (expense) 0.22 2.78 1,162% • Total tax product revenue increased 17% through the six months ended March 31, 2025 compared to the Refund Advance product income 43.
Slide 29: Loan Portfolio Interest Rate Sensitivity
TOTAL LOAN AND LEASE PORTFOLIO PRICING ATTRIBUTES1 3% LOAN PORTFOLIO INTEREST 36% RATE SENSITIVITY 61% As of March 31, 2025, $2.7B, or 61% of loans and leases contained floating or variable interest rates. Of these, $1.5B are tied to Fed Funds or Prime, with the remaining tied to either SOFR or th
Slide 30: Equipment Finance
EQUIPMENT FINANCE COMMERCIAL FINANCE 7.64% 16% Q2 2025 Quarterly Yield1 Of Loan Portfolio Loan and lease financing to provide access to needed equipment ($ in millions) Business Line Balance Sheet Category 2Q24 1Q25 2Q25 Focus on equipment critical to business operations Lease financing $160.4 $
Slide 31: Working Capital Finance
WORKING CAPITAL FINANCE COMMERCIAL FINANCE 11.77% 17% Q2 2025 Quarterly Yield Of Loan Portfolio • Provides working capital for companies to meet short- term operational requirements ($ in millions) Business Line Balance Sheet Category 2Q24 1Q25 2Q25 • Primarily variable rate loans with majority of f
Slide 32: Structured Finance
STRUCTURED FINANCE COMMERCIAL FINANCE 6.94% 41% Q2 2025 Quarterly Yield1 Of Loan Portfolio • Funding small and midsized businesses, including rural borrowers ($ in millions) Business Line Balance Sheet Category 2Q24 1Q25 2Q25 • SBA, USDA, and conventional loans with fixed or Guaranteed portion of US
Slide 33: Consumer
11.05% 7% Q2 2025 Quarterly Yield Of Loan Portfolio CONSUMER ($ in millions) Business Line Balance Sheet Category 2Q24 1Q25 2Q25 Consumer Consumer finance $267.0 $280.0 $246.2 • Consumer credit programs with marketplace lenders TOTAL $267.0 $280.0 $246.2 offer Pathward a risk adjusted return • Prote
Slide 34: Warehouse
9.41% 14% Q2 2025 Quarterly Yield Of Loan Portfolio WAREHOUSE ($ in millions) Business Line Balance Sheet Category 2Q24 1Q25 2Q25 Warehouse Warehouse finance $394.8 $624.3 $643.1 • Asset-backed warehouse lines of credit used to TOTAL $394.8 $624.3 $643.1 support strategic initiatives • Lines are pri
Slide 35: Loan and Lease Concentrations by Industry
LOAN AND LEASE CONCENTRATIONS BY INDUSTRY1 ($ in millions) Utilities $1,005 Finance and Insurance $885 Manufacturing $723 Wholesale Trade $294 Mining, Quarrying, and Oil and Gas Extraction $262 Transportation and Warehousing $242 Other $207 Construction $121 Administrative and Support and Waste Mana
Slide 36: Interest Rate Risk Management
INTEREST RATE RISK MANAGEMENT MARCH 31, 2025 Earning Asset Pricing Attributes1 • Data presented on this page is reflective of the Company’s asset mix at a point in time and calculated for regulatory purposes. Future rate 49% Fixed Rate > 1 Year changes would impact a multitude of variables beyond th
Slide 37: Asset Quality
ASSET QUALITY Adjusted Net Charge-Offs (“NCOs”)1 Nonperforming Assets (“NPAs”) Excludes Tax Services NCOs and Related Seasonal Average Loans ($ in millions) ($ in millions) 0.61% 0.70% 0.57% 0.59% 0.63% 0.62% 0.64% 0.50% 0.49% 0.45% 0.49% 0.52% 0.60% 0.61% 0.43% $46.3 $43.0 $41.6 $7.0 $7.3 $8.1 $6.9
Slide 38: Capital and Sources of Liquidity
CAPITAL AND SOURCES OF LIQUIDITY Regulatory Capital as of March 31, 2025 Tier 1 Leverage Ratio Pathward Pathward, At March 31, 2025¹ Financial, Inc. N.A. 9.13% 9.36% 9.26% 9.44% 9.15% 9.42% Tier 1 Leverage 8.53% 8.73% 8.53% 8.73% Common Equity Tier 1 13.98% 14.59% 7.75% 7.92% Tier 1 Capital 14.25% 1
Slide 39: Appendix
APPENDIX 39 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation
Slide 40: Efficiency Ratio
EFFICIENCY RATIO Efficiency Ratio For the last twelve months ended ($ in thousands) Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Noninterest expense – GAAP 492,485 501,586 513,253 517,538 519,627 Net interest income 430,736 444,130 455,118 461,215 467,255 Noninterest income 305,4
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 156,386 Less: Gain on sale of trademarks 50,000 Add: Rebranding expenses 13,148 Add: Separation related expenses 5,109 Add: Income
Slide 42: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted Annualized NCOs and Adjusted Average Loans and Leases For the quarter ended ($ in thousands) Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Net charge-offs (1,087) 6,582 35,626 8,573 95 Less: Tax services net charge-offs (recoveries) (5,800) (410) 2
Slide 43: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Net Interest Margin and Cost of Deposits For the quarter ended ($ in thousands) Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Average interest earning assets 7,082,417 6,082,329 6,073,822 5,934,431 6,717,918 6,326,750 6,724,185 7,0
Slide 44: 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