Pathward Financial, Inc. · NASDAQ:CASH

Pathward Financial — Q1 FY2026 Earnings Presentation

42 slides from Pathward Financial's earnings presentation, Jan 22, 2026

  1. Slide 1: The Pathward Story

    THE PATHWARD STORY U P D AT E D J A N UA RY 2 2 , 2 0 2 6 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1

  2. 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

  3. 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

  4. 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

  5. Slide 5: Resilient business model with diversified revenue

    RESILIENT BUSINESS MODEL WITH DIVERSIFIED REVENUE CONSUMER COMMERCIAL & CORPORATE 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

  6. Slide 6: Partner Solutions collaborates with partners to innovate

    PARTNER SOLUTIONS COLLABORATES WITH PARTNERS TO INNOVATE 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, Digital institutions to

  7. Slide 7: Pathward lends across various solutions

    PATHWARD 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 through loans and

  8. 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

  9. 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% 44.58% 2.13% 2.05% 38.75% 1.81% 1.87% 35.01% ROAA inclusive of 29.73% ROATE inclusive of one-time items 26.72% one-time items Peer average3 2022 2023 2024 2025 YT

  10. 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 $823.8M $41.6M TOTAL SHARE REPURCHASES TOTAL DIVIDENDS PAID 2Q19 TO 1Q26 2Q19 TO 1Q26 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 10

  11. 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

  12. 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 $3,924 $3,727 3,500 $3,296 Pathward Acquires $3,025 3,000 Crestmark $2,72

  13. Slide 13: Mature risk and compliance capabilities

    1 2 3 4 5 MATURE RISK 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 customers, par

  14. Slide 14: Quarterly Investor Update

    QUARTERLY INVESTOR UPDATE F I R S T Q UA R T E R F I S C A L Y E A R 2 0 2 6 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 14

  15. Slide 15: Pathward's Business

    PATHWARD’S BUSINESS Money Movement Deposit Generation Lending Solutions Payments Facilitation Prepaid Cards Working Capital Issuing Sponsorship Gift Cards Equipment Finance Merchant Acquiring Sponsorship Loyalty Cards Structured Finance Independent ATM Sponsorship Payroll Cards Warehouse Finance Con

  16. 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

  17. Slide 17: Strategy delivering solid core results: income

    STRATEGY DELIVERING SOLID CORE RESULTS ($ IN MILLIONS) Net Interest Income Noninterest Income $125.3 $57.4 -$2.1 $119.3 -$11.9 $1.2 -$1.5 $53.8 $9.2 -$1.1 -$3.1 $2.3 -$0.4 -$1.0 -$0.8 -$0.4 Q1 2025 Sale of Investment Credit Other Commercial Interest Q1 2026 Q1 2025 Rental Total Gain Servicing Tax Ot

  18. Slide 18: Strategy delivering solid core results: expense and earnings

    STRATEGY DELIVERING SOLID CORE RESULTS ($ IN MILLIONS, EXCEPT PER SHARE DATA) Noninterest Expense Net Income Attributable to Parent Earnings per Diluted Share 0% +17% +28% $127.8 $127.2 $35.2 $1.57 $30.0 $1.23 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Pathward Financial, Inc. (Nasdaq: CASH) |

  19. Slide 19: Deposit base supports asset growth

    1 DEPOSITS Period ending ($ in millions) DEPOSIT BASE SUPPORTS ASSET GROWTH -3% $6,519.0 $6,350.4 • Slight decrease in deposits at December 31, 2025, when compared to the prior year period. • Average Q1 2026 custodial deposits held in custody at program banks of $352 million compared to $388 million

  20. Slide 20: Total loans and leases increased from Q1 2025

    TOTAL LOANS AND LEASES Period ending ($ in millions) 9% TOTAL LOANS AND LEASES $4,982.9 INCREASED FROM Q1 2025 $4,565.9 • Increase driven by commercial finance, warehouse finance, and seasonal tax services portfolios. Q1 2025 Q1 2026 • $1.89 billion in loans and leases originations during the quarte

  21. Slide 21: 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) 651,804 $331 $902 $192 $35 $3,656 $1,150 $1,046 Custodial Deposits1 FHLB Borrowing Capacity Q1 2026 Cash and Cash Equivalents Fed Discount Window Funds Unpledged Investment Securitie

  22. Slide 22: Fiscal Year 2026 Guidance

    FISCAL YEAR 2026 GUIDANCE1 $8.55 - $9.05 EPS Assumes no additional rate cuts during the year Effective tax rate of 18% to 22% Includes expected share repurchases 1. Information on this slide is presented as of January 22, 2026, reflects the Company’s updated financial outlook, certain of the Company

  23. Slide 23: Q&A

    Q&A Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 23

  24. Slide 24: Q1 FY 2026 Highlights

    Q1 FY 2026 HIGHLIGHTS Net Income Diluted Earnings Per Share $35.2 million in net income; an increase of 17% compared $1.57 in diluted earnings per share; an increase of 28% compared to Q1 FY 2025 to Q1 FY 2025 Net Interest Margin Return Metrics Net interest margin (“NIM”) of 6.95% compared to 7.38%

  25. Slide 25: Diversified noninterest income streams

    FYTD 2026 REVENUE BREAKDOWN DIVERSIFIED NONINTEREST Net interest INCOME STREAMS income 69% • Noninterest income represents 31% of year-to- Noninterest date total revenue. income 31% • Majority of noninterest income fees are generated by the Company’s Partner Solutions business lines. Other major ite

  26. Slide 26: Cost of deposits

    COST OF DEPOSITS COST OF DEPOSITS • During the 2026 fiscal first quarter, approximately 3.90% 66% 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

  27. Slide 27: Loan portfolio interest rate sensitivity

    TOTAL LOAN AND LEASE PORTFOLIO PRICING ATTRIBUTES1 LOAN PORTFOLIO INTEREST 4% RATE SENSITIVITY 27% • As of December 31, 2025, $3.4B, or 69% of loans 69% and leases, contained floating or variable interest rates. Of these, $2.2B are tied to Fed Funds or Prime, with the remaining tied to either SOFR o

  28. Slide 28: Equipment Finance

    EQUIPMENT FINANCE COMMERCIAL FINANCE 7.64% 13% Q1 2026 Quarterly Yield1 Of Loan Portfolio • Loan and lease financing to provide access to needed equipment ($ in millions) Business Line Balance Sheet Category 1Q25 4Q25 1Q26 • Focus on equipment critical to business operations Lease financing $133.5 $

  29. Slide 29: Working Capital Finance

    WORKING CAPITAL FINANCE COMMERCIAL FINANCE 12.05% 17% Q1 2026 Quarterly Yield Of Loan Portfolio • Provides working capital for companies to meet short- term operational requirements ($ in millions) Business Line Balance Sheet Category 1Q25 4Q25 1Q26 • Primarily variable rate loans with majority of f

  30. Slide 30: Structured Finance

    STRUCTURED FINANCE COMMERCIAL FINANCE 7.17% 50% Q1 2026 Quarterly Yield1 Of Loan Portfolio • Funding small and midsized businesses, including rural borrowers ($ in millions) Business Line Balance Sheet Category 1Q25 4Q25 1Q26 • SBA, USDA, and conventional loans with fixed or Guaranteed portion of US

  31. Slide 31: Consumer Finance

    18.84% 3% Q1 2026 Quarterly Yield Of Loan Portfolio CONSUMER FINANCE ($ in millions) Business Line Balance Sheet Category 1Q25 4Q25 1Q26 Consumer Consumer finance $280.0 $93.3 $132.1 • Consumer credit programs with marketplace lenders TOTAL $280.0 $93.3 $132.1 offer Pathward a risk adjusted return •

  32. Slide 32: Warehouse Finance

    8.94% 13% Q1 2026 Quarterly Yield Of Loan Portfolio WAREHOUSE FINANCE ($ in millions) Business Line Balance Sheet Category 1Q25 4Q25 1Q26 • Structured revolving asset-backed warehouse credit Warehouse Warehouse finance $624.3 $645.2 $641.7 facilities used to support Specialty Finance company TOTAL $

  33. Slide 33: Loan and lease concentrations by industry

    LOAN AND LEASE CONCENTRATIONS BY INDUSTRY1 ($ in millions) Utilities $1,487 Finance and Insurance $867 Manufacturing $732 Wholesale Trade $318 Construction $290 Transportation and Warehousing $246 Mining, Quarrying, and Oil and Gas Extraction $227 Other $217 Administrative and Support and Waste Mana

  34. Slide 34: Interest rate risk management

    INTEREST RATE RISK MANAGEMENT (as of December 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 changes would 3% Fixed Rate > 1 Year impact a multitude of variables

  35. Slide 35: Asset quality

    ASSET QUALITY Adjusted Net Charge-Offs (“NCOs”)1 ($ in millions, excludes Tax Services NCOs and Related Seasonal Average Loans) 1.39% 1.33% Nonperforming Assets (“NPAs”) 1.34% 1.36% ($ in millions) 1.18% 1.13% 1.47% 1.42% 1.13% 1.03% 0.65% 0.79% $15.8 $16.5 $111.5 $13.2 0.59% $101.7 0.49% $74.7 $7.5

  36. Slide 36: Capital and sources of liquidity

    CAPITAL AND SOURCES OF LIQUIDITY (as of December 31, 2025) Tier 1 Leverage Ratio Pathward Pathward, 9.78% 10.00% 9.79% 10.00% 9.51% 9.84% At December 31, 2025¹ Financial, Inc. N.A. 8.91% 9.16% 8.31% 8.51% Tier 1 Leverage 9.51% 9.84% Common Equity Tier 1 12.02% 12.67% Tier 1 Capital 12.26% 12.67% Tot

  37. Slide 37: Appendix

    APPENDIX Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 37

  38. Slide 38: Efficiency Ratio

    EFFICIENCY RATIO Efficiency Ratio For the last twelve months ended ($ in thousands) Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Noninterest expense – GAAP 527,411 534,846 548,658 560,067 559,483 Net interest income 504,149 511,794 511,357 511,794 505,882 Noninterest income 304,2

  39. Slide 39: 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

  40. Slide 40: Non-GAAP Reconciliation

    NON-GAAP RECONCILIATION Adjusted Annualized NCOs and Adjusted Average Loans and Leases For the quarter ended ($ in thousands) Dec 31, 2024 Mar 31, 2025 June 30, 2025 Sep 30, 2025 Dec 31, 2025 Net charge-offs (recoveries) 16,271 6,375 6,126 46,219 (2,213) Less: Tax services net charge-offs (recoverie

  41. Slide 41: Non-GAAP Reconciliation

    NON-GAAP RECONCILIATION Net Interest Margin and Cost of Deposits For the quarter ended ($ in thousands) Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Average interest earning assets 5,935,926 6,719,545 6,328,718 6,727,076 7,035,624 7,638,907 6,804,507 6,9

  42. 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

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