Slide 1: The Pathward Story
1Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation THE PATHWARD STORY UPDATED JANUARY 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: Leading the way to financial access
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 & 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 display GAAP earnings as the net adjustm
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 2 3 4 5 $823.8M TOTAL SHARE REPURCHASES 2Q19 TO 1Q26 $41.6M TOTAL DIVIDENDS PAID 2Q19 TO 1Q26
Slide 11: Pathward serves as a hub of the payments ecosystem
11Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1 2 3 4 5 Fed / Settlement ATM Sponsorship Processor AcquiringProcessor Issuing FinTech / Program Manager Partners Financial Institution Clients Debit/Credit Networks End User Card Holder / Consumer End User Merchants Issuin
Slide 12: Commercial finance portfolio produces stable annual net charge-off rates
12Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Fiscal Year End Commercial Finance Loan Balances ($ 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 $3,924 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,
Slide 13: Risk management and compliance
13Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1 2 3 4 5 Enterprise Risk Management Our Enterprise Risk Management (ERM) program applies corporate governance to risk-taking activities. The ERM program sets strategy across the enterprise and works closely with the lines o
Slide 14: Quarterly First Quarter Fiscal Year 2026
14Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation QUARTERLY INVESTOR UPDATE FIRST QUARTER F ISCAL YEAR 2026
Slide 15: Pathward's Business
15Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Money Movement Payments Facilitation Issuing Sponsorship Merchant Acquiring Sponsorship Independent ATM Sponsorship Consumer Credit Sponsorship Digital Payments Tax Solutions Deposit Generation Prepaid Cards Gift Cards Loyal
Slide 16: Trusted platform that enables our partners to thrive
16Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Maintain an optimized balance sheet Technology to facilitate evolution and scalability People and culture are important assets Mature risk and compliance framework Client experience TRUSTED PLATFORM THAT ENABLES OUR PARTNERS
Slide 17: Strategy delivering solid core results
17Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation ($ IN MILLIONS) Net Interest Income Noninterest Income STRATEGY DELIVERING SOLID CORE RESULTS $9.2 $1.2 Q1 2025 -$11.9 Sale of Consumer Loans1 -$3.1 Investment Portfolio -$1.0 Credit Solutions -$0.4 Other Commercial Finance
Slide 18: Strategy delivering solid core results
18Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $30.0 $35.2 Q1 2025 Q1 2026 +17% Net Income Attributable to Parent $1.23 $1.57 Q1 2025 Q1 2026 +28% Earnings per Diluted Share $127.8 $127.2 Q1 2025 Q1 2026 0% Noninterest Expense ($ IN MILLIONS, EXCEPT PER SHARE DATA) STRAT
Slide 19: Deposit base supports asset growth
19Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • 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 during the prior year
Slide 20: Total loans and leases increased from Q1 2025
20Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation TOTAL LOANS AND LEASES INCREASED FROM Q1 2025 • Increase driven by commercial finance, warehouse finance, and seasonal tax services portfolios. • $1.89 billion in loans and leases originations during the quarter compared to
Slide 21: Strong balance sheet allows for return of capital to shareholders
21Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $1,150 $1,046 $902 $331 $192 $35 1. These custodial deposits can be brought back on balance sheet, as needed, as they are immediately callable. ($ in millions) 651,804 Q1 2026 Share RepurchasesLiquidity Sources $3,656 Custod
Slide 22: Fiscal Year 2026 Guidance
22Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1. Information on this slide is presented as of January 22, 2026, reflects the Company’s updated financial outlook, certain of the Company’s financial targets, and key assumptions, and will not be updated or affirmed unless
Slide 23: Q&A
23Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Q&A
Slide 24: Q1 FY 2026 Highlights
24Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Net Income $35.2 million in net income; an increase of 17% compared to Q1 FY 2025 Diluted Earnings Per Share $1.57 in diluted earnings per share; an increase of 28% compared to Q1 FY 2025 Net Interest Margin Net interest mar
Slide 25: Diversified noninterest income streams
25Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • Noninterest income represents 31% 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 26: Cost of deposits
26Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • During the 2026 fiscal first 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 27: Loan portfolio interest rate sensitivity
27Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation • As of December 31, 2025, $3.4B, or 69% of loans 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 or the CMT. • Remain focused
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 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 •
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. 4%53% 3% 40% 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 $15.8 $13.2 $7.5 $16.5 $0.2 1.36% 1.18% 0.65% 1.33% 0.02% 1.39% 1.34% 1.13% 1.13% 0.79% 1Q25 2Q25 3Q25 4Q25 1Q26 Period Ended Adj. NCOs Adj. NCOs / Adj. Average Loans Adj. NCOs / Adj. Average Loans - LTM Adjusted Net Charge-
Slide 36: Regulatory capital and liquidity sources
36Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation At December 31, 2025¹ Pathward Financial, Inc. Pathward, N.A. Tier 1 Leverage 9.51% 9.84% Common Equity Tier 1 12.02% 12.67% Tier 1 Capital 12.26% 12.67% Total Capital 13.67% 13.73% Primary & Secondary Liquidity Sources ($ i
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) 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 504,1
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) 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-of
Slide 41: Non-GAAP Reconciliation
41Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation NON-GAAP RECONCILIATION . 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,
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. Push-to-debit: The ability to move money directly t