#1pathward Quarterly Investor Update FIRST QUARTER FISCAL YEAR 2023 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation#2FORWARD LOOKING STATEMENTS This investor update contains "forward-looking statements" which are made in good faith by Pathward Financial, Inc.TM (the "Company") pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as "may," "hope," "will," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "continue," "could," "future," or the negative of those terms, or other words of similar meaning or similar expressions. These forward-looking statements are based on information currently available to us and assumptions about future events, and include statements with respect to the Company's beliefs, expectations, estimates, and intentions, which are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company's control. Such risks, uncertainties and other factors may cause our actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Such statements address, among others, the following subjects: future operating results including our earnings per share guidance and related performance expectations; the impact of measures expected to increase efficiencies or reduce expenses; customer retention; loan and other product demand; expectations concerning acquisitions and divestitures; new products and services; credit quality; the level of net charge-offs and the adequacy of the allowance for loan and lease losses; technology; and the Company's employees. The following factors, among others, could cause the Company's financial performance and results of operations to differ materially from the expectations, estimates, and intentions expressed in such forward-looking statements: maintaining our executive management team; expected growth opportunities may not be realized or may take longer to realize than expected; the potential adverse effects of the ongoing COVID-19 pandemic and any governmental or societal responses thereto, or other unusual and infrequently occurring events, including the impact on financial markets from geopolitical conflicts such as the military conflict between Russia and Ukraine; our ability to achieve brand recognition for Pathward equal to or greater than currently enjoyed for MetaBank; our ability to successfully implement measures designed to reduce expenses and increase efficiencies; changes in trade, monetary, and fiscal policies and laws, including actual changes in interest rates and the Fed Funds rate; changes in tax laws; the strength of the United States' economy, and the local economies in which the Company operates; inflation, market, and monetary fluctuations; the timely and efficient development of, new products and services offered by the Company or its strategic partners, as well as risks (including reputational and litigation) attendant thereto, and the perceived overall value of these products and services by users; the ability of the Company's subsidiary PathwardTM, N.A. ("Pathward") to maintain its Durbin Amendment exemption; the risks of dealing with or utilizing third parties, including, in connection with the Company's prepaid card and tax refund advance business, the risk of reduced volume of refund advance loans as a result of reduced customer demand for or usage of the Company's strategic partners' refund advance products; our relationship with, and any actions which may be initiated by, our regulators; changes in financial services laws and regulations, including laws and regulations relating to the tax refund industry and the insurance premium finance industry; technological changes, including, but not limited to, the protection of our electronic systems and information; the impact of acquisitions and divestitures; litigation risk; the growth of the Company's business, as well as expenses related thereto; continued maintenance by Pathward of its status as a well-capitalized institution, changes in consumer spending and saving habits; losses from fraudulent or illegal activity, technological risks and developments and cyber threats, attacks or events; the success of the Company at maintaining its high quality asset level and managing and collecting assets of borrowers in default should problem assets increase; and the other factors described under the caption "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K for the Company's fiscal year ended September 30, 2022 and in other filings made by the Company with the Securities and Exchange Commission ("SEC"). The foregoing list of factors is not exclusive. We caution you not to place undue reliance on these forward-looking statements. The forward-looking statements included herein speak only as of the date of this investor update. The Company expressly disclaims any intent or obligation to update any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf of the Company or its subsidiaries, whether as a result of new information, changed circumstances or future events or for any other reason. 2 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation pathward#3AT 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 people and businesses are underserved. Our national bank charter, coordination with regulators, and deep understanding of risk mitigation and compliance allow us to guide our partners and deliver financial products, services and funding to the people and businesses who need them the most. We are powering financial inclusion for allTM. 3 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation JETE SLOP STJE. VEL pathward#44 Pathward's Unique Business Model Pathward's resilient model secures low-cost funding¹ via BaaS payments relationships, earns an outsized proportion of consistent payment fees, and operates a collateralized lending platform that outperforms in down-cycles pathward ► 1 See slide 13 (Low-cost Deposits) for additional detail on deposit costs. Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Funding BaaS Payments Platform FEE Income BaaS Payments Platform Fees Asset-Backed Lending pathward#5Why Invest? LO 5 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1 2 3 4 LO 5 Record of strong earnings growth and profitability above banking industry averages Excess capital generating business enables ongoing return of value to shareholders Experienced leader in fast-growing Banking as a Service (BaaS) sector, with diversified portfolio of high-quality financial partners Resilient Commercial Finance loan portfolio produces attractive returns throughout economic cycles Highly advantageous national bank charter, with well-developed risk mitigation and compliance capabilities pathward#6Record of Strong Earnings Growth and Profitability¹ Return on Average Assets² Return on Average Tangible Equity² CO 1.12% 2018 3.14% 2018 ROAA inclusive of one-time items 1.55% 2019 4.91% 1.45% 2019 2020 4.09% 1.74% 2020 2021 Net Interest Margin 3.83% 2.20% 2021 1.88% 2022 4.84% 2022 1.71% 1.42% YTD23 5.62% YTD23 6 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 16.78% 2018 $1.67 $0.16 2018 ROATE inclusive of one-time items 22.34% 2019 $2.49 21.87% $0.39 2020 EPS inclusive of one-time items 1st Quarter Earnings 2019 $2.94 Earnings Per Common Share $0.56 28.66% 2020 1FY18-FY21 display GAAP earnings; FY22 and YTD23 reflect GAAP and Adjusted earnings. See appendix for non-GAAP reconciliations 2021 $4.38 $0.84 35.42% 35.51% 2021 30.25% 2022 $5.26 $4.49 $0.78 29.55% 2022 YTD23 2YTD23 is annualized. $0.98 $0.81 YTD23 pathward#7Return of Capital to Shareholders HIGHLIGHTS Pathward's track record of profitability, combined with its commitment to maintaining the size of its balance sheet, enables the return of the majority of earnings through repurchases and dividends. → Targeting regulatory capital leverage ratio above 8% and total risk weighted capital ratio above 12%. Paid dividend every quarter dating back to 1994. → Executed $24.9 million of share repurchases in 1Q23. 7 Pathward Financial, Inc, (Nasdaq: CASH) | Quarterly Investor Presentation Generation of Excess Capital Enables Ongoing Return of Value to Shareholders Capital Returned to Shareholders $448.2M TOTAL SHARE REPURCHASES 1Q19 TO 1Q23 39,405,508 $28.7M TOTAL DIVIDENDS PAID 1Q19 TO 1Q23 Common Shares Outstanding 28,211,239 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Note: Repurchased common shares include shares withheld to cover income taxes owed by participants related to share-based incentive plans. pathward#8Continued Progress on Key Strategic Initiatives & OPTIMIZE DEPOSIT MIX, TO MAINTAIN A STABLE, LOW- COST DEPOSIT BASE ● ● ● Inl 8 OPTIMIZE INTEREST-EARNING PORTFOLIO, TO EMPHASIZE HIGHER-RETURN ASSETS Improved yield on earning assets to 5.70% for 1Q23 as compared to 4.69% for 1Q22. Grew commercial finance loans by $209 million, or 7%, from December 31, 2021. $1.9 billion securities portfolio provides cash flow for future commercial finance loan growth. ● Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation ● ● ● Low cost of deposits2 driven by high levels of noninterest deposits (96% of total deposits). Achieved 0.07% cost of funds from all deposits and borrowings and total cost of deposits of 0.01% for 1Q23². $2.23 billion of off-balance sheet customer deposits in custody of program banks. Prioritizing acquisition of stable BaaS deposits, which can generate higher levels of fee income. TARGET OF 2X OPERATING LEVERAGE Efficiency ratio of 68.81% compared to 59.26% as of December 31, 2021.1 ¹ Adjusted efficiency ratio (excluding the gain on sale of trademarks and rebranding expenses) for the twelve months ended December 31, 2022 was 67.10%. See appendix for Non-GAAP financial measures reconciliations. 2 See slide 13 (Low-cost Deposits) for additional detail on deposit costs. Ongoing initiatives to drive long-term simplification and optimize existing business platforms through the establishment of a business transformation office. pathward#99 Fiscal Year 2023 Earnings Guidance (Earnings per share amounts) Diluted earnings per share - GAAP Less: Net extraordinary items, net of tax¹ Diluted earnings per share - Adjusted 1 Includes gain on sale of trademarks and rebranding-related expenses. 2 The percentage change is calculated by using the midpoint of the respective ranges. Maintain leadership in BaaS producing fee income and low- cost deposits³ 3 See slide 13 (Low-cost Deposits) for additional detail on deposit costs. Prior KEY DRIVERS OF EARNINGS PER SHARE GROWTH Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $5.25 - $5.75 $0.15 $5.10 - $5.60 Expansion of Net Interest Margin Updated $5.55 - $5.95 $0.15 $5.40 - $5.85 Commercial Finance growth while maintaining collateral- based lending discipline Continued share repurchases % Change² 5% 5% pathward#10Summary Financial Results First Quarter Ended December 31, 2022 10 ● ● Earnings per share, diluted Average diluted shares 1 Amounts presented are used in the two-class earnings per common share calculation. Revenue of $149.8 million, a 5% decrease compared to $158.2 million for the same quarter in fiscal 2022. First quarter 2023 and 2022 include trademark sale gains of $10 million and $50 million, respectively. Net interest income increased $12.4 million compared to the prior year due to increased yields and an improved earning asset mix. Card and deposit fee income increased $12.3 million, which included $12.9 million from servicing fee income on off-balance sheet deposits. 1Q22 includes losses on the Community Bank portfolio sale and a venture capital investment. ● INCOME STATEMENT ($ in thousands, except per share data) Net interest income Provision for credit losses Total noninterest income Total noninterest expense Net income before taxes Income tax expense (benefit) Net income before non-controlling interest Net income (loss) attributable to non-controlling interest Net income attributable to parent Less: Allocation of earnings to participating securities¹ Net income attributable to common shareholders¹ ● ● 1Q22 71,613 186 86,591 82,436 75,582 14,276 61,306 (18) 61,324 953 60,371 $2.00 30,260,655 4Q22 79,760 (2,648) 43,456 103,030 22,834 (1,272) 24,106 686 23,420 393 23,027 $0.81 28,581,236 Pathward Financial, Inc, (Nasdaq: CASH) | Quarterly Investor Presentation Noninterest expense of $105.1 million, an increase of 27% compared to $82.4 million for the fiscal 2022 first quarter. The increase in expense was primarily driven by compensation, rebranding costs and contractual card processing expenses. Card processing expenses related to structured agreements with BaaS partners were $14.0 million for the quarte as compared to $0.1 million in the prior year. Expenses for the first quarter of 2023 included $3.7 million related to rebranding. Noninterest expense was up 23% over the prior year quarter when excluding these one-time expenses for the quarter. 1Q23 84,057 9,776 65,777 105,059 34,999 6,577 28,422 580 27,842 402 27,440 $0.98 28,086,823 pathward#11Balance Sheet Highlights First Quarter Ended December 31, 2022 11 BALANCE SHEET ($ in thousands) Cash and cash equivalents Investments Loans held for sale Loans and leases (HFI) Allowance for credit losses Other assets Total assets Total deposits Total borrowings Other liabilities Total liabilities Total stockholders' equity Total liabilities and stockholders' equity Loans (HFI) / Deposits Net Interest Margin Return on Average Assets Return on Average Equity Pathward Financial Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1Q22 1,230,100 1,833,733 36,182 3,684,261 (67,623) 893,005 7,609,658 6,525,569 92,274 165,658 6,783,501 826,157 7,609,658 56 % 4.59% 3.49 % 29.69 % PERIOD ENDING 4Q22 388,038 1,924,551 21,071 3,536,305 (45,947) 923,392 6,747,410 5,866,037 36,028 200,205 6,102,270 645,140 6,747,410 60% 5.21 % 1.39% 12.82 % 1Q23 369,169 1,888,343 17,148 3,509,730 (52,592) 927,427 6,659,225 5,789,132 34,977 175,983 6,000,092 659,133 6,659,225 61% 5.62% 1.71% 17.18% pathward#12Low-cost Deposits HIGHLIGHTS Pathward's BaaS business generates fee income and low-cost deposits leading to high levels of noninterest- bearing deposits (96% of total deposits). The BaaS business' ability to attract and maintain these low-cost deposits provides a powerful competitive advantage. Noninterest-bearing deposits as a percentage of total deposits has increased every year since 2018, from 54% in 4Q18 to 96% as of 1Q23. $2.23 billion of off-balance sheet customer deposits currently held in custody at program banks. These off- balance sheet deposits earn recordkeeping service fee income, typically reflective of the Effective Fed Funds Rate. 1Q23 deposits elevated due to seasonal holiday- related gift cards and other products. 12 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation End of Period Deposits ($B) 1.3 2013 1.4 2014 1.7 96.37% 2015 2.4 Deposit Breakdown 3.2 2016 2017 Deposits held on Balance Sheet 4.4 2018 3.51% 0.12% 4.3 ■ Non Interest Bearing Deposits ■ Interest Bearing Non- Time Deposits ■ Time Deposits 5.0 7.1 2020 5.5 2021 2019 Total Deposits, including those held at program banks 7.2 5.9 2022 8.0 5.8 1Q23 pathward#13Low-cost Deposits HIGHLIGHTS → Pathward is benefitting from the deposit optimization strategy that included transitioning away from higher cost interest-bearing wholesale deposits in favor of growing BaaS deposits. As of December 31, 2022, approximately 43% of the deposit balances were subject to variable card processing expenses, derived from contractual agreements with certain BaaS partners tied to a rate index, typically the Effective Fed Funds Rate. → Contractual card processing costs are more impactful in today's environment than they were in 2019-2021 due to the meaningful growth in BaaS deposits. These costs reprice immediately upon a change in the applicable rate index, leading to an instant cost increase as compared to the earning-asset yields that will generally experience more of a lag in repricing. 13 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 2.22% 1.99% 1.03% 0.91% Cost of Deposits 3.65% 0.99% 0.26% 0.01% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Total Cost Including Contractual Card Processing Expense Cost of Interest Bearing Deposits Cost of Total Deposits Quarterly Average Effective Fed Funds Rate pathward#14Diversified Noninterest Income Streams HIGHLIGHTS Noninterest income continues to represent greater than 40% of total revenue. Majority of non-interest income fees are generated by the Company's BaaS business line. Other major items include leasing rental income and other loan & lease fees. Pathward's large fee income base provides stability through interest rate and credit cycles, while propelling continued revenue growth. In the first quarter of Fiscal Year 2023, the Company recognized $10 million of fee income associated with the sale of the Meta trademarks. 14 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation FY23 Revenue Breakdown¹ Noninterest income 40% FY23 Noninterest Income Breakdown¹ Rental Income 23% Card and Deposit Fees 68% Net interest income 60% 1 Excludes gain on sale of trademarks. Other Income 7% Refund Transfer Product Fees 1% Refund Advance Product Fees 1% pathward#15Overview of Loan Portfolio 15 ($ in millions) Commercial Finance ¹Total renewable energy debt financing outstanding was $361.9 million as of 1Q23. Majority of balances in term lending balance sheet category. Consumer Lending Tax Services Corporate Business Line Structured Finance Guaranteed portion of US govt SBA/USDA loans Unguaranteed portion of US govt SBA/USDA loans Paycheck Protection Program (PPP) loans Renewable energy debt financing¹ (term lending only) Other Equipment Finance Large ticket Small ticket Other Working Capital Specialty Finance Consumer credit programs Private student loans Other consumer lending Tax preparer loans Refund advance loans Total Lending Portfolio (HFI) Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Balance Sheet Category SBA/USDA SBA/USDA SBA/USDA Term lending Term lending TOTAL Lease financing Term lending Lease financing Term lending Lease financing TOTAL Asset-based lending Factoring TOTAL Insurance premium finance Other commercial finance TOTAL Consumer credit programs Other consumer finance Other consumer finance TOTAL Tax services Tax services TOTAL Warehouse finance TOTAL 1Q22 44.6 101.1 63.8 273.4 291.7 774.6 213.7 203.7 21.6 269.6 10.0 718.6 337.2 403.0 740.2 385.5 178.9 564.3 173.3 92.0 52.4 317.8 73.6 26.7 100.3 466.8 466.8 3,682.6 4Q22 194.9 150.8 13.5 153.9 353.5 866.6 187.6 340.0 14.2 242.9 8.9 793.6 351.7 372.6 724.3 479.8 159.4 639.2 144.4 25.3 169.7 0.2 8.9 9.1 1Q23 196.0 152.3 8.8 114.7 365.5 837.3 170.1 444.4 12.0 235.5 7.7 869.7 359.5 338.6 698.1 437.0 164.7 601.7 130.8 56.2 187.0 30.4 30.4 MRQ Yield 5.55% 6.69% 12.53% 5.99% 8.63% < 1% 326.9 279.9 326.9 279.9 3,529.3 3,504.1 7.70% 8.09% % of Total 24% 25% 20% 17% 5% 1% 8% 100% pathward#16Commercial Finance Attributes by Asset Class 4 & EQUIPMENT FINANCE ● WORKING CAPITAL FINANCE Provides working capital for new or growing 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 ● Loan and lease financing to provide access to needed equipment Typically secured with mission- critical equipment Borrowers range from start-up companies to investment grade companies Primarily fixed rate loans and leases Flexibility to sell direct originations to secondary market 16 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Gola STRUCTURED FINANCE Funding to small and midsized businesses and rural borrowers to fund growth, expansion, and restructuring 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 ● ● $ INSURANCE PREMIUM FINANCE Short-term financing to facilitate the purchase of property, casualty, and liability insurance premiums Average term of 10 months Fixed rate loans Collateralized by insurance premiums Very low historical loss rate pathward#17Loan Portfolio Interest Rate Sensitivity HIGHLIGHTS As of December 31, 2022, $1.2B, or 35% of loans and leases contained floating or variable interest rates. Of these, $0.9B are tied to Fed Funds or Prime, with the remaining tied to either LIBOR or the CMT. Of the $1.2B variable interest rate loans, approximately 71% utilized floor rates in some capacity. As of December 31, 2022, all variable loans with floors were at or above their floors. This compares to 99% as of September 30, 2022, and 73% as of December 31, 2021. Due to the recent sharp rise in interest rates, asset mix changes and overall market conditions, a lag is expected before new and existing loans fully reprice. 17 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 7.32% 6.76% 4.94% C 4.92% 4.71% 4.78% 6.65% 3.28% 3.28% 1Q20 2Q20 3Q20 Total Loan and Lease Portfolio Pricing Attributes¹ 6.98% 3.77% Fixed Rate > 1 Year Fixed Rate < 1 Year Floating or Variable 1 Fixed rate loans and leases are shown for contractual periods. Net Interest Margin and Loan Yields 3.77% 4Q20 16% 4.65% 4.64% 7.00% 6.74% 6.90% 6.93% 3.07% 35% 3.06% 2Q21 49% 3.75% 3.75% 4.35% 4.34% 3Q21 4Q21 6.96% 4.59% 4.59% 7.22% 4.80% 4.79% 1Q22 2Q22 1Q21 -NIM¹ -Non-GAAP NIM² -Loan Yields 1 Declines in NIM in FY20 and FY21 associated with elevated cash balances from government stimulus programs 2 Non-GAAP NIM includes contractual card processing expenses associated with higher interest rates 6.69% 4.76% 7.12% 5.21% 4.62% 4.73% 7.70% 5.62% 4.68% 3Q22 4Q22 1Q23 pathward#18Interest Rate Risk Management 18 Earning Asset Pricing Attributes¹ 35% 20% 5% 10% -10% 23% 61% 12-Month Interest Rate Sensitivity from Base Net Interest Income 6% Fixed Rate > 1 Year Fixed Rate < 1 Year Floating or Variable Federal Reserve Bank Deposits (Floating or Variable) ¹ Fixed rate securities, loans and leases are shown for contractual periods. Parallel Shock ■Ramp ■Alternative Year 1 +100 H -100 +200 +300 Parallel Shock is a statutorily required calculation of the impact of an immediate rise in rates, assuming other variables remain unchanged. Ramp reflects additional modeling of more gradual increases in interest rates. Alternative Year 1 mirrors the Parallel Shock scenario with the additional incorporation of the company's card fee income and card processing expenses impacted by interest rates. Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation December 31, 2022 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 impact a multitude of variables beyond the company's control, and as a result, the data presented is not intended to be used for forward-looking modeling purposes. Volume ($MM) Management's focus is on selectively adding duration to improve yield and protect margin against falling rates. Interest rate risk modeling shows asset sensitive balance sheet; net interest income graph shows impact of an instantaneous, parallel rate shock, a gradual parallel ramp, and an alternative view. Management employs rigorous modeling techniques under a variety of yield curve shapes, twists and ramps. Asset/Liability Gap Analysis 4,000 2,000 -2,000 Month 1-12 Month 13-36 Period Variance Month 37-60 -Total Assets Month 61-180 Total Liabilities pathward#19Asset Quality 19 Nonperforming Assets ("NPAs") ($ in millions) 0.58% $44.3 1Q22 1.16% $43.2 0.56% 1Q22 $38.3 2Q22 INPAS 0.95% Nonperforming Loans ("NPLs") ($ in millions) $35.8 2Q22 0.40% INPLs $26.8 3Q22 Period Ended 0.71% NPAS/ Total Assets $26.6 3Q22 0.46% Period Ended $30.9 4Q22 0.82% $29.2 4Q22 NPLs/Total Loans Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 0.68% $45.0 1Q23 1.16% $40.9 1Q23 ● • ● Adjusted Net Charge-Offs ("NCOS")¹ Excludes Tax Services NCOs and Related Seasonal Average Loans ($ in millions) ● 0.48% $3.4 1Q22 0.37% 0.68% $11.4 2Q22 1.25% 0.71% 0.46% $4.2 3Q22 KEY CREDIT METRICS Annualized adjusted net charge-offs¹: 0.25% of average loans in 1Q23 0.61% of average loans over last 12 months Period Ended Adj. NCOS -Adj. NCOS / Adj. Average Loans - LTM 0.63% $4.1 4Q22 0.45% 0.61% 0.25% $2.2 1Q23 -Adj. NCOS / Adj. Average Loans Allowance for credit loss of $52.6 million, or 1.50% of total loans and leases, a 34bps decrease from the prior year. Increase in the 1Q23 allowance for credit loss compared to 4Q22 was attributable to an increase in the commercial finance coverage ratio due to the specific reserve on an individually evaluated loan relationship. The increase in NPAs / NPLs was driven by an increase in nonperforming commercial finance loans. Tax services and consumer finance both improved in 1Q23 as compared to 4Q22. 1 Non-GAAP financial measures, see appendix for reconciliations. Tax services NCOS and related seasonal average loans are excluded to adjust for the cyclicality of activity related to the overall economics of the tax services business line. pathward#20Capital and Sources of Liquidity Regulatory Capital as of December 31, 2022 At December 31, 2022¹ Tier 1 Leverage Common Equity Tier 1 Tier 1 Capital Total Capital Pathward Financial, Inc. 8.37% 12.31% 12.63% 14.29% Cash and Cash Equivalents Unpledged Investment Securities FHLB Borrowing Capacity Funds Available through Fed Discount Window PPP Loan Collateral Unsecured Lines of Credit Deposit Balances Held at Other Banks 20 Pathward, N.A. 8.68% 13.09% 13.09% 14.29% Primary & Secondary Liquidity Sources ($ in millions) $370 $165 $675 $200 $7 $580 - $625 $2,228 ¹ Regulatory capital reflects the Company's election of the five-year CECL transition for regulatory capital purposes. Amounts are preliminary pending completion and filing of the Company's regulatory reports. Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Tier 1 Leverage Ratio 7.39% 8.52% 1Q22 13.80% 14.16% 6.80% Total Capital Ratio 1Q22 7.79% 2Q22 14.16%14.52% 2Q22 8.23% 8.22% 3Q22 13.44% Pathward Financial, Inc. 13.43% 3Q22 8.10% 8.19% 4Q22 13.88% 13.57% 8.37% Minimum Requirement to be Well-Capitalized under Prompt Corrective Action Provisions 4Q22 Pathward, N.A. 8.68% 1Q23 14.29% 14.29% 1Q23 pathward#21APPENDIX 21 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation#22Non-GAAP Reconciliation 22 Adjusted Net Income and Adjusted Earnings Per Share ($ in thousands, except per share data) Net income - GAAP Less: Gain on sale of trademarks Add: Rebranding Expenses Add: Separation related expenses Add: Income tax effect Adjusted Net Income Less: Allocation of earnings to participating securities¹ Adjusted net income attributable to common shareholders Adjusted earnings per common share, diluted Average diluted shares 1 Amounts presented are used in the two-class earnings per common share calculation. Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1Q22 61,324 50,000 3 86 12,572 23,985 373 23,612 $0.78 30,260,655 For the quarter ended 4Q22 23.420 6,899 1,029 (1,029) 30,319 508 29,811 $1.04 28,581,236 1Q23 27,842 10,000 3,737 11 1,575 23,165 335 22,830 $0.81 28,086,823 pathward#23Non-GAAP Reconciliation Adjusted Annualized NCOs and Adjusted Loans and Leases ($ in thousands) Net Charge-offs Less: Tax services net charge-offs Adjusted Net Charge-offs Quarterly Average Loans and Leases Less: Quarterly Average Tax Services Loans Adjusted Quarterly Average Loans and Leases Annualized NCOs/Average Loans and Leases Adjusted Annualized NCOS/Adjusted Average Loans and Leases¹ Dec 31, 2021 1,129 (2,313) 3,442 23 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 3,706,975 33,604 3,673,371 0.12% 0.37% For the quarter ended Jun 30, 2022 12,198 7,992 4,206 Mar 31, 2022 11,226 (183) 11,409 4,244,644 594,166 3,650,478 1.06% 1.25% 3,747,631 62,934 3,684,697 1.30% 0.46% Sep 30, 2022 26,664 22,594 4,050 3,618,678 35,484 3,583,194 2.95% 0.45% 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. Dec 31, 2022 3,217 1,033 2,184 3,524,924 25,231 3,499,693 0.37% 0.25% pathward#24Non-GAAP Reconciliation 24 Efficiency Ratio ($ in thousands) Noninterest Expense - GAAP Net Interest Income Noninterest Income Total Revenue: GAAP Efficiency Ratio, LTM Adjusted Efficiency Ratio ($ in thousands) Noninterest Expense - GAAP Less: Rebranding Expenses Adjusted noninterest Expense Net Interest Income Noninterest Income Less: Gain on sale of trademarks Total Adjusted Revenue: Efficiency Ratio, LTM Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Dec 31, 2021 353,544 284,605 312,039 596,644 59.26% Dec 31, 2021 353,544 3 353,541 284,605 312,039 50,000 546,644 64.67% For the last twelve months ended Jun 30, 2022 375,860 298,231 299,893 598,124 62.84% Mar 31, 2022 360,733 294,555 308,352 602,907 59.83% Sep 30, 2022 385,275 307,324 293,807 601,131 64.09% For the last twelve months ended Jun 30, 2022 375,860 6,249 369,611 298,231 299,893 50,000 548,124 67.43% Mar 31, 2022 360,733 2,822 357,911 294,555 308,352 50,000 552,907 64.73% Sep 30, 2022 385,275 13,148 372,127 307,324 293,807 50,000 551,131 67.52% Dec 31, 2022 407,899 319,768 272,993 592,761 68.81% Dec 31, 2022 407,899 16,883 391,016 319,768 272,993 10,000 582,761 67.10% pathward#25Commercial Finance Concentrations by Industry¹ 25 Manufacturing Utilities Transportation and Warehousing Wholesale Trade Finance and Insurance Other Services (except Public Administration) Health Care and Social Assistance Construction Mining, Quarrying, and Oil and Gas Extraction Nonclassifiable Establishments Administrative and Support and Waste Management and Remediation... Professional, Scientific, and Technical Services Real Estate and Rental and Leasing Accommodation and Food Services Retail Trade Information Arts, Entertainment, and Recreation Agriculture, Forestry, Fishing and Hunting Educational Services Management of Companies and Enterprises Public Administration MANUFACTURING 47% Asset-based lending 14% Factoring 14% Term lending 13% Lease financing 12% Other Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation TRANSPORTATION & WAREHOUSING 58% 18% 17% 7% $100 Factoring Term lending Insurance premium finance Other $ in millions $200 57% 36% 6% 1% $300 UTILITIES SBA/USDA Term lending Rental equipment, net Other ¹ Distribution by NAICS codes; excludes certain joint ventures; calculated based on aggregate principal amount of commercial finance loans and leases; includes operating lease rental equipment of $231.1M $400 pathward