Slide 1: The Pathward Story
THE PATHWARD STORY U P D AT E D J U LY 2 2 , 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. (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 & 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
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
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 to Asset-backed liquidity needs to new equipment financing, large businesses and warehouse lines of or growing through loans and r
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 2.40% 2.46% 47.89% 2.37% 44.58% 2.13% 2.05% 38.75% 1.81% 35.01% 34.29% ROAA inclusive of ROATE inclusive of 29.73% one-time items one-time items Peer average3 2022 2023 2024 2025 YT
Slide 10: Track Record of Strong Earnings Growth Enables 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 $923.8M $43.7M TOTAL SHARE REPURCHASES TOTAL DIVIDENDS PAID 2Q19 TO 3Q26 2Q19 TO 3Q26 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 10
Slide 11: Pathward Serves as a Hub of the Payments Ecosystem
1 2 3 4 5 PATHWARD SERVES AS A HUB OF THE PAYMENTS ECOSYSTEM Debit/Credit Fed / Networks Settlement Financial Institution ATM Sponsorship Clients Issuing/Acquiring/ Originating Bank End User End User Card Holder / Merchants Consumer FinTech / Processor Program Manager Acquiring Partners Processor Is
Slide 12: Commercial Finance Portfolio Produces Stable Annual Net Charge-Off Rates
1 2 3 4 5 COMMERCIAL FINANCE PORTFOLIO PRODUCES STABLE ANNUAL NET CHARGE-OFF RATES Insurance premium finance Fiscal Year End Commercial Finance Loan Balances portfolio moved to held for ($ in millions) sale during 4QFY24 4,000 $3,924 $3,727 3,500 $3,296 Pathward Acquires $3,025 3,000 Crestmark $2,72
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 / Anti- Management Management Management Money Laundering Our Enterprise Risk Management Just as Pathward’s ERM program Business Continuity Management To protect our customers, partners (
Slide 14: Quarterly Investor Update
QUARTERLY INVESTOR UPDATE T H I R D 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
Slide 15: Latest Developments: Credit Metrics
LATEST DEVELOPMENTS: CREDIT METRICS Provision Nonperforming Loan Ratio Year-over-year increase* during the Sequential increase** primarily due to quarter primarily due to specific reserves certain renewable energy loans with a on two loans and CECL reserve build common developer Continue our monitor
Slide 16: Q3 FY 2026 Highlights
Q3 FY 2026 HIGHLIGHTS Net Income Diluted Earnings Per Share $29.0 million $1.37 Net Interest Margin Return Metrics2 Net interest margin (“NIM”) of 6.59% Return on average assets (“ROAA”) of 2.37% for the nine months ended June 30, 2026 Adjusted NIM1 of 5.27% Return on average tangible equity (“ROATE
Slide 17: Pathward's Business Model & Fiscal 2026 Strategy
PATHWARD’S BUSINESS MODEL & FISCAL 2026 STRATEGY BUSINESS MODEL Deposit Generation Lending Solutions Money Movement S T R AT E GY Maintain an optimized Technology to facilitate People and culture are Consultative risk and Client experience balance sheet evolution and scalability important assets com
Slide 18: Solid Performance in Core Businesses, Delivering Higher Commercial Finance Interest Income
SOLID PERFORMANCE IN CORE BUSINESSES, DELIVERING HIGHER COMMERCIAL FINANCE INTEREST INCOME AND NONINTEREST INCOME… ($ IN MILLIONS) Net Interest Income Noninterest Income $122.3 $1.8 -$3.3 $0.8 -$11.3 -$2.4 $112.9 $0.2 -$0.4 $76.7 $6.8 -$1.7 $6.1 -$0.4 -$2.3 $73.4 3Q2025 Sale of Investment Credit Oth
Slide 19: Combined with Disciplined Expense Management
…COMBINED WITH DISCIPLINED EXPENSE MANAGEMENT ($ IN MILLIONS, EXCEPT PER SHARE DATA) Noninterest Expense Net Income Attributable to Parent Earnings per Diluted Share -7% -31% -24% $139.3 $42.1 $1.81 $129.1 $1.37 $29.0 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Pathward Financial, Inc. (Nasdaq:
Slide 20: Deposits
1 DEPOSITS Period ending ($ in millions) DEPOSIT BASE SUPPORTS ASSET GROWTH -1% $6,005.2 $5,950.3 • Deposits were relatively flat at June 30, 2026, when compared to the prior year period. • Average Q3 2026 custodial deposits held in custody at program banks of $816 million compared to $732 million d
Slide 21: Total Loans and Leases
TOTAL LOANS AND LEASES Period ending ($ in millions) 8% TOTAL LOANS AND LEASES $5,107.8 $4,743.3 INCREASED FROM Q3 2025 • Period ending balance increase of 8% was driven by the Commercial Finance portfolio. Q3 2025 Q3 2026 TOTAL LOANS AND LEASES ORIGINATIONS1 • $1.9 billion in loans and leases origi
Slide 22: Strong Balance Sheet Allows for Return of Capital to Shareholders
STRONG BALANCE SHEET ALLOWS FOR RETURN OF CAPITAL TO SHAREHOLDERS Liquidity Sources Share Repurchases ($ in millions) 1,810,637 $149 $430 $35 $817 $575 $2,707 303,632 $701 Custodial Deposits1 FHLB Borrowing Capacity Q3 2026 2026 YTD Cash and Cash Equivalents Fed Discount Window Funds Unpledged Inves
Slide 23: Updated Fiscal Year 2026 and Initial 2027 Guidance
UPDATED FISCAL YEAR 2026 AND INITIAL 2027 GUIDANCE1 Fiscal Year 2026: $7.80 - $8.20 EPS • Assumes no additional rate changes during the year • Effective tax rate of 16% to 18% • Includes expected share repurchases Fiscal Year 2027: $9.50 - $10.00 EPS • Assumes no rate changes during the year • Effec
Slide 24: Q&A
Q&A Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 24
Slide 25: Diversified Noninterest Income Streams
FYTD 2026 REVENUE BREAKDOWN DIVERSIFIED NONINTEREST INCOME STREAMS Net interest income Noninterest 56% income • Noninterest income represents 44% of year-to- 44% date total revenue. • Majority of noninterest income fees are generated by the Company’s Partner Solutions business lines. Other major ite
Slide 26: Cost of Deposits
COST OF DEPOSITS COST OF DEPOSITS • During the third quarter of fiscal 2026, approximately 68% of the deposit balances were subject to variable card processing expenses, derived from contractual agreements with certain Partner Solutions relationships tied to a rate index, 3.63% typically the Effecti
Slide 27: 2026 Tax Season Update
2026 TAX SEASON UPDATE T A X S ERVICES EC O NOMICS Nine Months Ended ($ in millions) June 30, 2025 June 30, 2026 % Change • Total tax product revenue increased 13% through Net interest income (expense) $2.83 $2.99 6% the nine months ended June 30, 2026 compared to Refund Advance product income 49.42
Slide 28: Loan Portfolio Interest Rate Sensitivity
TOTAL LOAN AND LEASE PORTFOLIO PRICING ATTRIBUTES1 LOAN PORTFOLIO INTEREST 4% RATE SENSITIVITY 25% 71% • As of June 30, 2026, $3.6 billion, or 71% of loans and leases, contained floating or variable interest rates. Of these, $2.5 billion are tied to Fed Funds or Prime, with the remaining tied to eit
Slide 29: Equipment Finance
EQUIPMENT FINANCE COMMERCIAL FINANCE 7.35% 11% Q3 2026 Quarterly Yield1 Of Loan Portfolio • Loan and lease financing to provide access to needed equipment ($ in millions) Business Line Balance Sheet Category 3Q25 2Q26 3Q26 • Focus on equipment critical to business operations Lease financing $131.4 $
Slide 30: Working Capital Finance
WORKING CAPITAL FINANCE COMMERCIAL FINANCE 10.81% 18% Q3 2026 Quarterly Yield Of Loan Portfolio • Provides working capital for companies to meet short-term operational requirements ($ in millions) Business Line Balance Sheet Category 3Q25 2Q26 3Q26 • Primarily variable rate loans with majority of fl
Slide 31: Structured Finance
STRUCTURED FINANCE COMMERCIAL FINANCE 6.82% 54% Q3 2026 Quarterly Yield1 Of Loan Portfolio • Funding small to large businesses, including rural borrowers ($ in millions) Business Line Balance Sheet Category 3Q25 2Q26 3Q26 • SBA, USDA, and conventional loans with fixed or Guaranteed portion of US gov
Slide 32: Consumer Finance
17.00% 2% Q3 2026 Quarterly Yield Of Loan Portfolio CONSUMER FINANCE ($ in millions) Business Line Balance Sheet Category 3Q25 2Q26 3Q26 Consumer Consumer finance $226.4 $90.9 $99.4 • Consumer credit programs with marketplace TOTAL $226.4 $90.9 $99.4 lenders offer Pathward a risk adjusted return • P
Slide 33: Warehouse Finance
8.47% 13% Q3 2026 Quarterly Yield Of Loan Portfolio WAREHOUSE FINANCE ($ in millions) • Structured revolving asset-backed warehouse credit Business Line Balance Sheet Category 3Q25 2Q26 3Q26 facilities used to finance Specialty Finance company Warehouse Warehouse finance $664.1 $604.6 $647.6 origina
Slide 34: Loan and Lease Concentrations by Industry
LOAN AND LEASE CONCENTRATIONS BY INDUSTRY1 ($ in millions) Utilities $1,317 Finance and Insurance $871 Construction $716 Manufacturing $691 Wholesale Trade $336 Transportation and Warehousing $252 Mining, Quarrying, and Oil and Gas Extraction $252 Other $153 Administrative and Support and Waste Mana
Slide 35: Interest Rate Risk Management
INTEREST RATE RISK MANAGEMENT (as of June 30, 2026) EARNING ASSET PRICING ATTRIBUTES1 ASSET/LIABILITY GAP ANALYSIS 6,000 3% Fixed Rate > 1 Year 38% Fixed Rate < 1 Year 4,000 Volume ($M) Floating or Variable 2,000 Federal Reserve Bank Deposits 57% 2% (Floating or Variable) 0 -2,000 Month 1-12 Month 1
Slide 36: Asset Quality
ASSET QUALITY NONPERFORMING ASSETS (“NPAS”) ADJUSTED NET CHARGE-OFFS (“NCOS”)1 ($ in millions) ($ in millions, excludes tax services NCOs and related seasonal average loans) 3.79% 1.33% 1.35% 1.29% 1.13% 1.68% 0.99% 1.42% 1.47% 1.13% 0.82% 1.03% $277.5 0.79% 0.65% $16.5 $15.6 $16.9 $101.7 $111.5 $11
Slide 37: Capital and Sources of Liquidity
CAPITAL AND SOURCES OF LIQUIDITY (as of June 30, 2026) TIER 1 LEVERAGE RATIO Pathward Pathward, At June 30, 2026¹ Financial, Inc. N.A. 9.78% 10.00% 9.79% 10.00% 9.66% 9.91% 9.51% 9.84% Tier 1 Leverage 9.66% 9.91% 8.62% 8.85% Common Equity Tier 1 11.51% 12.05% Tier 1 Capital 11.74% 12.05% Total Capit
Slide 38: Appendix
APPENDIX Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 38
Slide 39: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted Net Income and Adjusted Earnings Per Share For the year ended ($ 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
Slide 40: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted Annualized NCOs and Adjusted Average Loans and Leases For the quarter ended ($ in thousands) June 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 June 30, 2026 Net charge-offs (recoveries) 6,126 46,219 (2,213) 5,837 16,029 Less: Tax services net charge-offs (recoveri
Slide 41: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Net Interest Margin and Cost of Deposits For the quarter ended ($ in thousands) Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Average interest earning assets 6,328,718 6,727,076 7,035,624 7,638,907 6,804,507 6,928,365 6,736,877 7,7
Slide 42: Efficiency Ratio
EFFICIENCY RATIO Efficiency Ratio For the last twelve months ended ($ in thousands) Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Jun 30, 2026 Noninterest expense – GAAP 548,658 560,067 559,483 554,762 544,561 Net interest income 511,357 511,794 505,882 494,727 485,327 Noninterest income 321,3
Slide 43: 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