Slide 1: The Pathward Story, Updated October 21, 2025
THE PATHWARD STORY UPDATED OCTOBER 21, 2025
Slide 2: Forward Looking Statements
Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation2 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: 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 people and businesses are underserved. Our national bank charter, coordination with
Slide 4: Building a diversified company dedicated to financial empowerment
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 sale of Retail Bank division to focus on national banking operations and p
Slide 5: Resilient business model with diversified revenue
RESILIENT BUSINESS MODEL WITH DIVERSIFIED REVENUE 5 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Issuing Fee income and stable deposits Acquiring Fee income Digital Payments Fee income Financial Institution Solutions Fee income and stable deposits Credit Solutions Fee in
Slide 6: Partner Solutions collaborates with partners to innovate
PARTNER SOLUTIONS COLLABORATES WITH PARTNERS TO INNOVATE 6 Pathward 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 partn
Slide 7: Pathward lends across various solutions
PATHWARD LENDS ACROSS VARIOUS SOLUTIONS Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation7 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
Slide 8: Investment Highlights
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-GROWING PAYMENTS SECTOR, WITH DIVERSIFIED PORTFOLIO OF HIGH- QUALITY FINANC
Slide 9: Record of strong earnings growth and profitability
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-FY25 display GAAP earnings as the net adjustments for the periods are insignificant. See appendix for non-GAAP reconcili
Slide 10: Ongoing return of capital
TRACK RECORD OF STRONG EARNINGS GROWTH AND RIGHT-SIZED BALANCE SHEET ENABLES ONGOING RETURN OF CAPITAL 10 1 2 3 4 5 $776.9M TOTAL SHARE REPURCHASES 2Q19 TO 4Q25 $40.5M TOTAL DIVIDENDS PAID 2Q19 TO 4Q25 Note: Repurchased common shares include shares withheld to cover income taxes owed by participants
Slide 11: Pathward serves as a hub of the payments ecosystem
PATHWARD SERVES AS A HUB OF THE PAYMENTS ECOSYSTEM 11 1 2 3 4 5 Fed / Settlement ATM Sponsorship Processor AcquiringProcessor Issuing FinTech / Program Manager Partners Financial Institution Clients Debit/Credit Networks End User Card Holder / Consumer End User Merchants Issuing/Acquiring/ Originati
Slide 12: Commercial finance portfolio produces stable annual net charge-off rates
COMMERCIAL FINANCE PORTFOLIO PRODUCES STABLE ANNUAL NET CHARGE-OFF RATES 12 Fiscal Year End Commercial Finance Loan Balances ($ 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: Mature risk mitigation and compliance capabilities
MATURE RISK MITIGATION AND COMPLIANCE CAPABILITIES 13 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 of business to ensure t
Slide 14: Quarterly Fourth Quarter & Fiscal Year 2025
QUARTERLY INVESTOR UPDATE FOURTH Q UARTER & F ISCAL YEAR 2025
Slide 15: FY 2025 Highlights
Net Income $185.9 million in net income; an increase of 1% compared to FY 2024 Diluted Earnings Per Share $7.87 in diluted earnings per share; an increase of 9% compared to FY 2024 Net Interest Margin Net interest margin (“NIM”) of 7.34% compared to 7.01% in prior year; Adjusted NIM1, including cont
Slide 16: Trusted platform that enables our partners to thrive
TRUSTED PLATFORM THAT ENABLES OUR PARTNERS TO THRIVE 16 Optimized balance sheet with optimized asset mix Technology to facilitate evolution and scalability People and culture are important assets Mature risk and compliance framework Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presen
Slide 17: Trusted platform that enables our partners to thrive
TRUSTED PLATFORM THAT ENABLES OUR PARTNERS TO THRIVE 17 Maintain an optimized balance sheet Technology to facilitate evolution and scalability People and culture are important assets Mature risk and compliance framework Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Client
Slide 18: Strategy delivering solid results
STRATEGY DELIVERING SOLID RESULTS ($ IN MILLIONS, EXCEPT PER SHARE DATA) Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation18 Q4 2024 Q4 2025 $ 127.5 $128.0 0% Net Interest Income Q4 2024 Q4 2025 $ 133.4 $144.8 +9% Noninterest Expense Q4 2024 Q4 2025 $ 52.0 $58.8 +13% Noninter
Slide 19: Deposit base supports asset growth
Slight increase in deposits at September 30, 2025, when compared to the prior year period. Average Q4 2025 off-balance sheet custodial deposits held in custody at program banks of $237 million compared to $240 million during the prior year period. $210 million of off-balance sheet custodial de
Slide 20: Total loans and leases increased from Q4 2024
TOTAL LOANS AND LEASES INCREASED FROM Q4 2024 Increase primarily driven by term lending, warehouse finance and asset-based lending. Nonperforming loans and leases of 2.05% at September 30, 2025, compared to 0.87% at September 30, 2024. Q4 2024 Q4 2025 $4,075.2 $4,664.9 +14% TOTAL LOANS AND LEASE
Slide 21: Strong balance sheet allows for return of capital to shareholders
STRONG BALANCE SHEET ALLOWS FOR RETURN OF CAPITAL TO SHAREHOLDERS Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation21 $1,016 $725 $210 $121 $196 $34 1These off balance sheet custodial deposits can be brought back on balance sheet, as needed, as they are immediately callable.
Slide 22: Fiscal Year 2026 Guidance
FISCAL YEAR 2026 GUIDANCE1 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation22 1. Information on this slide is presented as of October 21, 2025, reflects the Company’s updated financial outlook, certain of the Company’s financial targets, and key assumptions, and will not be
Slide 23: Q&A
Q&A Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation23
Slide 24: Diversified noninterest income streams
• Noninterest income represents 39% of FY 2025 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 secondary market revenue. • Pathward’s large fee income base provides stability thr
Slide 25: Cost of deposits
• During the 2025 fiscal fourth quarter, approximately 64% of the deposit balances were subject to variable card processing expenses, derived from contractual agreements with certain Partner Solutions relationships tied to a rate index, typically the Effective Fed Funds Rate. • These costs reprice i
Slide 26: Loan portfolio interest rate sensitivity
• As of September 30, 2025, $3.1B, or 66% of loans and leases contained floating or variable interest rates. Of these, $2.0B are tied to Fed Funds or Prime, with the remaining tied to either SOFR or the CMT. • Remain focused on smart growth in the Commercial Finance loan portfolio. • 4Q25 NIM increa
Slide 27: Equipment Finance
• 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 direct originations to secondary market EQUIPMENT FINANCE COMMERCIAL FINANCE
Slide 28: Working Capital Finance
• 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 • Historically excels during economic downturns WORKING CAPITAL FINANCE COM
Slide 29: Structured Finance
• Funding small and midsized 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 and USDA guarantees can be sold on the secondary market STRUCTURED FINAN
Slide 30: Consumer Finance
• 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 payments distribution potential • Agreements typically provide for “excess spread”
Slide 31: Warehouse Finance
• 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 tranches below it • Each Credit Facility is primarily secured by consumer and
Slide 32: Loan and lease concentrations by industry
Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation32 LOAN AND LEASE CONCENTRATIONS BY INDUSTRY1 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 le
Slide 33: Interest rate risk management
Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation33 INTEREST RATE RISK MANAGEMENT SEPTEMBER 30, 2025 Asset/Liability Gap Analysis 1 Fixed rate securities, loans and leases are shown for contractual periods. 1% 51% 4% 44% Fixed Rate > 1 Year Earning Asset Pricing Attributes1 F
Slide 34: Asset quality
Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation34 ASSET QUALITY $15.6 $15.8 $13.2 $7.5 $16.5 1.33% 1.36% 1.18% 0.65% 1.33%1.33% 1.39% 1.34% 1.13% 1.13% 4Q24 1Q25 2Q25 3Q25 4Q25 Period Ended Adj. NCOs Adj. NCOs / Adj. Average Loans Adj. NCOs / Adj. Average Loans - LTM Adjust
Slide 35: Capital and sources of liquidity
Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation35 CAPITAL AND SOURCES OF LIQUIDITY Regulatory Capital as of September 30, 2025 At September 30, 2025¹ Pathward Financial, Inc. Pathward, N.A. Tier 1 Leverage 9.79% 10.00% Common Equity Tier 1 12.70% 13.23% Tier 1 Capital 12.95
Slide 36: Appendix
APPENDIX Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation36
Slide 37: Efficiency Ratio
Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation37 EFFICIENCY RATIO For the last twelve months ended ($ in thousands) Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Noninterest expense – GAAP 520,691 527,411 534,846 548,658 560,067 Net interest income 497,8
Slide 38: Non-GAAP Reconciliation
Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation38 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 39: Non-GAAP Reconciliation
Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation39 NON-GAAP RECONCILIATION 1. Tax services NCOs and average loans are excluded to adjust for the cyclicality of activity related to the overall economics of the Company's tax services business line. For the quarter ended ($ in
Slide 40: Non-GAAP Reconciliation
Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation40 NON-GAAP RECONCILIATION For the quarter ended For the year ended ($ in thousands) Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Sept-24 Sept-25 Average interest earning assets 6,0
Slide 41: Industry Terms
Industry Terms 41 Types of Payment Cards Banking-as-a-Service (BaaS): Providing financial services and solutions to third parties to offer through their distribution channels. Push-to-debit: The ability to move money directly to an end user. At Pathward, our push-to-debit capabilities are called “Fa