#1pathward QUARTERLY INVESTOR UPDATE FIRST QUARTER FISCAL YEAR 2024#22 FORWARD 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," "target," or the negative of those terms, or other words of similar meaning or similar expressions. You should carefully read statements that contain these words because they discuss our future expectations or state other "forward-looking" information. 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 include, without limitations, the statements on slides entitled "Maintaining FY 2024 Guidance," "2024 Outlook," and "Continued Progress on Key Strategic Initiatives," and address, among others, the following subjects: future operating results including our earnings per diluted share guidance, annual effective tax rate, and related performance expectations; progress on key strategic initiatives; expected results of our partnerships; our goals regarding the addition of recurring revenue and related expected performance impacts; expected nonperforming loan resolutions and net charge off rates; the performance of our securities portfolio; the impact of card balances related to government stimulus programs; customer retention; loan and other product demand; new products and services; credit quality; the level of net charge-offs and the adequacy of the allowance for credit losses; and technology. 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 unusual and infrequently occurring events, including the impact on financial markets from geopolitical conflicts such as the military conflicts in Ukraine and the Middle East, weather-related disasters, or public health events, such as the COVID-19 pandemic and any governmental or societal responses thereto; our ability to achieve brand recognition for the Bank equal to or greater than we 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, and their related impacts on macroeconomic conditions, customer behavior, funding costs and loan and securities portfolios; changes in tax laws; the strength of the United States' economy, and the local economies in which the Company operates; adverse developments in the financial services industry generally such as bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer behavior; inflation, market, and monetary fluctuations; our liquidity and capital positions, including the sufficiency of our liquidity; 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 and acceptance 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 businesses, 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, 2023 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, revise or clarify 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. Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation pathward#3► Q1 FY 2024 HIGHLIGHTS 3 Net Income $27.7 million in net income; largely flat compared to Q1 FY 2023 Net Interest Margin Net interest margin ("NIM") of 6.23%; Adjusted NIM¹ of 4.71% Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Diluted Earnings Per Share $1.06 in diluted earnings per share; an increase of 8% compared to Q1 FY 2023 Return Metrics Return on average assets (“ROAA”) of 1.46% compared to 1.71% and adjusted ROAA of 1.42% in Q1 FY 2023; Return on average tangible equity ("ROATE") of 33.95% compared to 35.51% and adjusted ROATE of 29.55% in Q1 FY2023 1 See slide 32 for reconciliation to most directly comparable GAAP measure. pathward#44 SIGNIFICANT GROWTH IN LOANS AND LEASES Growth in nearly every loan category Strong pipeline in structured finance Credit quality is steady with NPL ratio improving 38bps sequentially Focused on smart balance sheet growth to further expand NIM Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 77 pathward#5● BANKING AS A SERVICE PERFORMANCE IS STRONG Signed agreements with three new partners and extended an agreement with another partner during the first quarter of fiscal 2024 Pipeline is healthy Deposit base matches well with asset side of the balance sheet 5 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation pathward#6NET INTEREST INCOME CONTINUES TO SCALE ($ IN MILLIONS, EXCEPT PER SHARE DATA) Net Interest Income 6 $84.1 Q1 2023 +31% $110.0 Q1 2024 $27.8 Q1 2023 Net Income Attributable to Parent¹ -1% Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Noninterest Income¹ $65.8 Q1 2023 $27.7 Q1 2024 -20% $52.8 Q1 2024 $0.98 +8% Noninterest Expenses Earnings per Diluted Share¹ $1.06 $105.1 Q1 2023 +14% Q1 2023 Q1 2024 1 In the first quarter of fiscal year 2023, the Company recognized $10 million of fee income associated with the sale of the Meta trademarks. $119.3 Q1 2024 pathward#7■ TOTAL DEPOSITS REMAIN STRONG Average Q1 off balance sheet deposits of $379 million, $1.1 billion at quarter end Decrease in off balance sheet deposits primarily the result of growth in loans and leases Continue to return unclaimed EIP balances to the U.S. Treasury 7 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation TOTAL MANAGED DEPOSITS Period ending ($ in millions) $8,017.5 $2,228.4 $5,789.1 Q1 2023 0% Off balance sheet On balance sheet $8,015.1 $1,079.0 $6,936.1 Q1 2024 pathward#8■ TOTAL LOANS AND LEASES INCREASED FROM Q1 2023 Growth primarily driven by Term Lending, Insurance Premium Finance and SBA/USDA Nonperforming loans and leases of 0.88% compared to 1.26% at September 30, 2023 Annualized adjusted net charge-off rate of 0.41% for 1Q241 8 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation TOTAL LOANS AND LEASES Period ending ($ in millions) $3,504.1 Q1 2023 +26% 1 See slide 30 for reconciliation to most directly comparable GAAP measure. $4,419.4 Q1 2024 pathward#9STRONG BALANCE SHEET ALLOWS FOR RETURN OF CAPITAL TO SHAREHOLDERS Off Balance Sheet Deposits¹ Cash and Cash Equivalents 9 Liquidity Sources ($ in millions) $875 $899 $672 $3,807 $245 $1,079 Unpledged Investment Securities FHLB Borrowing Capacity Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $37 Fed Discount Window Funds Unsecured Funding and Other Wholesale Funding Options Share Repurchases 232,588 Q1 2024 ¹These off balance sheet deposits can be brought back on balance sheet, as needed, as they are immediately callable. pathward#10MAINTAINING FY 2024 GUIDANCE¹ AT $6.20 TO $6.70 EARNINGS PER DILUTED SHARE GUIDANCE INCLUDES THE FOLLOWING ASSUMPTIONS: 10 1 Revenue shift in favor of interest income 2 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Net interest margin and adjusted net interest margin to expand vs. FY 2023 3 Effective income tax rate in the range of 16-20% 1 Information on this slide is presented as of January 24, 2024, reflects the Company's earnings guidance for fiscal year 2024, and key assumptions, and will not be updated or affirmed unless and until the Company publicly announces such an update or affirmation. The fiscal 2024 earnings guidance and key assumptions for each contain forward-looking statements and actual results or conditions may differ materially. See the information under "Forward Looking Statements" on slide 2. pathward#112024 OUTLOOK Healthy pipeline in BaaS Continue to invest in technology and human capital in pursuit of delivering 2-to-1 operating leverage in the coming years 11 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Maintaining focus on risk adjusted returns Delivering on strategy puts company in good position MEN NUN il mo Continued balance sheet optimization Tax season has kicked off with more independent tax providers utilizing Pathward pathward#12▶ Q&A 12 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation pathward#13INVESTMENT HIGHLIGHTS 1 4 RECORD OF STRONG EARNINGS GROWTH AND PROFITABILITY ABOVE BANKING INDUSTRY AVERAGES RESILIENT COMMERCIAL FINANCE LOAN PORTFOLIO PRODUCES ATTRACTIVE RETURNS THROUGHOUT ECONOMIC CYCLES 13 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 2 5 EXCESS CAPITAL GENERATING BUSINESS ENABLES ONGOING RETURN OF VALUE TO SHAREHOLDERS HIGHLY ADVANTAGEOUS NATIONAL BANK CHARTER, WITH WELL-DEVELOPED RISK MITIGATION AND COMPLIANCE CAPABILITIES 3 EXPERIENCED LEADER IN FAST-GROWING BANKING AS A SERVICE (BAAS) SECTOR, WITH DIVERSIFIED PORTFOLIO OF HIGH- QUALITY FINANCIAL PARTNERS pathward® R pathward#14RECORD OF STRONG EARNINGS GROWTH & PROFITABILITY¹ Return on Average Tangible Equity² 14 1.55% 2019 Return on Average Assets² ROAA inclusive of one-time items 2.33% 4.91% 2019 1.45% 2020 4.09% 1.74% 2020 2021 3.83% 2.20% Net Interest Margin 2021 1.88% 2022 4.84% 2023 2022 6.04% 2023 1.46% YTD24 6.23% YTD24 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 22.34% 2019 $2.49 $0.39 2019 ROATE inclusive of one-time items 21.87% 2020 $2.94 35.42% 28.66% 30.25% EPS inclusive of one-time items 1st Quarter Earnings $0.56 2021 2020 Earnings Per Common Share $4.38 $0.84 2022 2021 5.26 $4.49 $0.78 2022 48.32% ¹FY19-FY21 display GAAP earnings; FY22 reflects GAAP and adjusted earnings. FY23-FY24 display GAAP earnings as the net adjustments for the periods are insignificant. See appendix for non-GAAP reconciliations 2023 $5.99 $0.98 $0.81 33.95% 2023 YTD24 $1.06 YTD24 2YTD24 is annualized pathward#15■ RETURN OF CAPITAL TO SHAREHOLDERS 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 $11.0 million of share repurchases in 1Q24. 15 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation TRACK RECORD OF STRONG EARNINGS GROWTH AND RIGHT-SIZED BALANCE SHEET ENABLES ONGOING RETURN OF CAPITAL Capital Returned to Shareholders $550.9M TOTAL SHARE REPURCHASES 2Q19 TO 1Q24 $32.0M TOTAL DIVIDENDS PAID 2Q19 TO 1Q24 Note: Repurchased common shares include shares withheld to cover income taxes owed by participants related to share-based incentive plans. pathward#16CONTINUED PROGRESS ON KEY STRATEGIC INITIATIVES ● ● ● Inh OPTIMIZE INTEREST-EARNING PORTFOLIO, TO EMPHASIZE HIGHER-RETURN ASSETS Improved yield on earning assets to 6.57% for 1Q24 as compared to 5.70% for 1Q23. Grew commercial finance loans by $728 million, or 24%, from December 31, 2022. $1.9 billion securities portfolio provides cash flow for future commercial finance loan growth. ● 16 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation ● ● ● & OPTIMIZE DEPOSIT MIX, TO MAINTAIN A STABLE DEPOSIT BASE ● Stable deposits2 driven by high levels of noninterest deposits (94% of total deposits). Achieved 0.35% cost of funds from all deposits and borrowings and total cost of deposits of 0.21% for 1Q24². $1.1 billion of off-balance sheet customer deposits in custody of program banks. Prioritizing stable BaaS deposits, which can generate higher levels of fee income. 809 TARGET OF 2X OPERATING LEVERAGE Efficiency ratio of 66.79% compared to 68.81%¹ as of December 31, 2022. Weighted average life of over 5.5 years based on decay study for noninterest-bearing deposits. 1 Adjusted efficiency ratio (excluding the gain on sale of trademarks and rebranding expenses) for the twelve months ended December 31, 2022 was 67.10%. See appendix for Non-GAAP financial measures reconciliations. 2 See slide 20 (Cost of Deposits) for additional detail on deposit costs. Ongoing initiatives to drive long-term simplification and optimize existing business platforms through the establishment of a business transformation office. pathward#17SUMMARY FINANCIAL RESULTS First Quarter Ended December 31, 2023 17 ● ● INCOME STATEMENT ($ 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 attributable to non-controlling interest Net income attributable to parent Less: Allocation of earnings to participating securities¹ Net income attributable to common shareholders¹ Earnings per share, diluted Average diluted shares 1 Amounts presented are used in the two-class earnings per common share calculation. Revenue of $162.8 million, a 9% increase compared to $149.8 million for the same quarter in fiscal 2023. Net interest income increased $26.0 million compared to the prior year primarily due to increased yields, higher interest-earning asset balances and an improved earning asset mix. Servicing fee income on off-balance sheet deposits was $5.1 million for the quarter, as compared to $7.8 million in 4Q23 and $12.9 million in the first quarter of the prior year. Noninterest expense of $119.3 million, an increase of 14% compared to $105.1 million for the fiscal 2023 first quarter. The increase in expense was primarily driven by contractual, rate-related processing expenses. Processing expenses related to structured agreements with BaaS partners were $26.8 million for the quarter, as compared to $22.5 million in 4Q23 and $14.0 million in the first quarter of the prior year. 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 Financial, Inc, (Nasdaq: CASH) | Quarterly Investor Presentation For the quarter ended 4Q23 $104,934 9,042 56,051 118,202 $33,741 (2,672) 36,413 507 $35,906 531 35,375 $1.36 25,991,449 1Q24 $110,036 9,890 52,761 119,274 $33,633 5,719 27,914 257 $27,657 220 27,437 $1.06 25,801,538 pathward#18BALANCE SHEET HIGHLIGHTS First Quarter Ended December 31, 2023 BALANCE SHEET ($ 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 18 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 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% Period ending 4Q23 $375,580 1,840,819 77,779 4,366,116 (49,705) 924,954 $7,535,543 6,589,182 46,873 248,863 $6,884,918 650,625 $7,535,543 66% 6.19% 1.97% 21.12% 1Q24 $671,630 1,886,021 69,518 4,426,281 (53,785) 927,772 $7,927,437 6,936,055 33,614 228,486 $7,198,155 729,282 $7,927,437 64% 6.23% 1.46% 16.87% pathward#19■ ■ ■ DEPOSITS Pathward's BaaS business generates fee income and stable deposits. Ability to attract and maintain these deposits provides a powerful competitive advantage. Noninterest-bearing deposits as a percentage of total deposits has increased from 54% in 4Q18 to 94% as of 1Q24. $1.1 billion of off-balance sheet deposits held in custody at program banks as of December 31, 2023. These off-balance sheet deposits earn recordkeeping service fee income, typically reflective of the Effective Fed Funds Rate. 19 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $1.4 END OF PERIOD DEPOSITS ($B) 2014 $1.7 2015 94.4% $2.4 DEPOSIT BREAKDOWN $3.2 $4.4 2016 2017 2018 Deposits held on Balance Sheet 5.5% 0.1% $4.3 ■ Noninterest Bearing Deposits ■ Interest Bearing Non- Time Deposits ■ Time Deposits $5.0 $7.1 $5.5 $7.2 2021 $5.9 2022 2019 2020 Total Deposits, including those held at program banks $6.9 $6.6 2023 pathward $8.0 $6.9 1Q24#200.58% 0.06% 0.09% 0.06% 1Q21 2Q21 3Q21 4Q21 COST OF DEPOSITS 20 1Q22 All-in Cost of Deposits Cost of Total Deposits 5.33% 3.08% Note: All-in Cost of Deposits represents cost of total deposits with the additional incorporation of the company's noninterest variable card processing expenses impacted by interest rates. Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1.84% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Cost of Interest Bearing Deposits Quarterly Average Effective Fed Funds Rate 0.21% COST OF DEPOSITS During the 2024 fiscal first quarter, approximately 53% 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. These costs reprice immediately upon a change in the applicable rate index, leading to an instant cost change as compared to the earning-asset yields that will generally experience a lag in repricing. As of December 31, 2023, Pathward also managed $1.1 billion in off-balance sheet deposits and earned $5.1 million of recordkeeping service fee income during the fiscal first quarter. That income is also typically reflective of the Effective Fed Funds Rate. pathward#21■ DIVERSIFIED NONINTEREST INCOME STREAMS Noninterest income represents 32% of fiscal year- to-date total revenue. Majority of noninterest 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. The majority of Pathward's tax season revenue is recorded as noninterest income during the second quarter of each fiscal year. 21 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation FYTD 2024 REVENUE BREAKDOWN Noninterest income 32% Card and Deposit Fees- 58% Net interest income 68% FYTD 2024 NONINTEREST INCOME BREAKDOWN Rental Income 26% Other Income 15% Refund Transfer Product Fees 1% pathward#227.70% $3.5 1Q23 $3.5 $0.3 $3.0 1Q23 AVERAGE LOANS AND YIELDS ($B) $0.0 $0.2 8.47% 2Q23 $4.0 $3.7 $0.4 $3.1 2Q23 $0.1 $0.1 $4.1 $0.4 $3.4 8.31% 3Q23 $3.9 PERIOD END PORTFOLIO COMPOSITION ($B) 3Q23 -$0.0 $0.2 $4.4 $0.4 $3.7 4Q23 8.33% 22 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $4.3 4Q23 $0.0 $0.3 $4.4 $0.4 $3.7 1Q24 8.33% $0.0 $0.3 $4.5 1Q24 Warehouse Tax Services Consumer Commercial I LOAN PORTFOLIO Remain focused on smart growth in the Commercial Finance loan portfolio. Commercial Finance balances grew 24% from the first quarter of the prior year. Sequential quarter growth of $144 million in Term Lending and $47 million in Consumer Finance. Sequential quarter reduction of $129 million in Insurance Premium Finance Yields continue to increase as variable loans adjust and fixed loans are gradually replaced and repriced. 2Q23 balances and yields elevated by seasonal tax loans. pathward#23COMMERCIAL FINANCE ATTRIBUTES BY ASSET CLASS ● 4 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 & EQUIPMENT FINANCE 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 23 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1000 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#24■ LOAN PORTFOLIO INTEREST RATE SENSITIVITY As of December 31, 2023, $1.7B, or 37% 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 SOFR or the CMT. As of December 31, 2023, all variable loans with floors were at or above their floors. Due to the recent sharp rise in interest rates, asset mix changes and overall market conditions, a continued lag is expected as the lease and loan portfolio reprices. 24 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 7.00% 4.65% 4.64% 6.74% 3.07% 3.06% 6.90% 3.75% TOTAL LOAN AND LEASE PORTFOLIO PRICING ATTRIBUTES¹ 3.75% 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 20% 6.93% 6.96% 4.35% 4.34% 4.59% 4.80% 4.59% 7.22% 1Q21 2Q21 3Q21 4Q21 1Q22 1 •NIM¹ 37% 4.79% 6.69% 4.76% 43% 4.62% 7.12% 5.21% 4.73% 2Q22 3Q22 4Q22 2 7.70% 5.62% 4.68% 8.47% 8.31% 8.33% 6.12% 6.18% 6.19% 4.89% 4.88% 4.87% -Adjusted NIM -Loan Yields 1 Declines in NIM in FY21 associated with elevated cash balances from government stimulus programs. 2 Adjusted NIM includes contractual card processing expenses associated with higher interest rates. See appendix for Non-GAAP financial measures reconciliation. 8.33% 6.23% 4.71% 1Q23 2Q23 3Q23 4Q23 1Q24 pathward#25INTEREST RATE RISK MANAGEMENT DECEMBER 31, 2023 Earning Asset Pricing Attributes¹ 30% 15% 0% 12% -15% 26% 53% 12-Month Interest Rate Sensitivity from Base Net Interest Income 9% 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 Alternative Parallel Shock Alternative Ramp -100 +100 +200 +300 -200 Parallel Shock is a statutory required calculation of the impact of an immediate change in rates, assuming other variables remain unchanged. Ramp reflects additional modeling of more gradual increases in interest rates. The Alternative scenarios mirror the Parallel Shock and Ramp with the additional incorporation of the Company's card fee income and card processing expenses impacted by interest rates. 25 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation ● 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 and alternative views of a gradual parallel ramp and a parallel rate shock. Management employs rigorous modeling techniques under a variety of yield curve shapes, twists and ramps. Asset/Liability Gap Analysis 6,000 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#26ASSET QUALITY 26 Nonperforming Assets ("NPAs") ($ in millions) 0.68% $45.0 1Q23 1.16% $40.9 0.44% 1Q23 $30.1 2Q23 INPAS 0.76% Nonperforming Loans ("NPLs") ($ in millions) $28.5 2Q23 0.55% INPLs $40.8 3Q23 Period Ended 0.93% NPAS/Total Assets $38.8 3Q23 0.77% Period Ended $58.0 4Q23 1.26% $56.2 4Q23 -NPLs/Total Loans Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 0.53% $42.4 1Q24 0.88% $39.6 1Q24 ● ● Adjusted Net Charge-Offs ("NCOS")¹ Excludes Tax Services NCOs and Related Seasonal Average Loans ($ in millions) ● 0.61% 0.25% $2.2 1Q23 0.68% 0.46% $6.0 2Q23 0.46% 0.46% $4.5 3Q23 Period Ended Adj. NCOS -Adj. NCOS / Adj. Average Loans - LTM 0.49% 0.47% $5.2 4Q23 0.50% 0.41% $4.6 KEY CREDIT METRICS Annualized adjusted net charge-offs¹: 0.41% of average loans in 1Q24 0.50% of average loans over last 12 months Allowance for credit loss ("ACL") of $53.8 million as of December 31, 2023. ACL as a % of total loans and leases was 1.22% for 1Q24, a 28 bps decrease from the prior year. 1Q24 -Adj. NCOS / Adj. Average Loans The decrease in NPAs / NPLs compared to the sequential quarter was primarily driven by a workout of one previously mentioned relationship within the commercial finance portfolio. See appendix for Non-GAAP financial measures reconciliation.Tax services NCOs and related seasonal average loans are excluded to adjust for the cyclicality of activity related to the overall economics of the tax services business line. pathward#27CAPITAL AND SOURCES OF LIQUIDITY Regulatory Capital as of December 31, 2023 At December 31, 2023¹ Tier 1 Leverage Common Equity Tier 1 Tier 1 Capital Total Capital Pathward Financial, Inc. 7.96% 11.43% 11.69% 13.12% Pathward, N.A. 8.15% 11.97% 11.97% 13.01% Primary & Secondary Liquidity Sources ($ in millions) Cash and Cash Equivalents Unpledged Investment Securities FHLB Borrowing Capacity Funds Available through Fed Discount Window Unsecured Funding Providers Deposit Balances Held at Other Banks Total Liquidity $672 $37 $899 $245 $875 $1,079 $3,807 1 Regulatory capital reflects the Company's election of the five-year CECL transition for regulatory capital purposes. Amounts are preliminary pending completion and filing of the Company's regulatory reports. 27 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Tier 1 Leverage Ratio 8.37% 8.68% 1Q23 7.53% Total Capital Ratio 1Q23 7.79% 2Q23 8.40% 2Q23 14.29% 14.29% 14.06% 14.03% HII 8.67% 3Q23 Pathward Financial, Inc. 13.45% 13.42% 3Q23 8.11% 8.32% 4Q23 4Q23 7.96% 8.15% 12.84% 12.76% 13.12% 13.01% Pathward, N.A. Minimum Requirement to be Well-Capitalized under Prompt Corrective Action Provisions 1Q24 1Q24 pathward#28APPENDIX 28 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Love 77 pathward#29NON-GAAP RECONCILIATION 29 Adjusted Net Income and Adjusted Earnings Per Share ($ in thousands, except per share data) Net income - GAAP Less: Gain on sale of trademarks Less: Loss on disposal of certain mobile generators Add: Accelerated depreciation on certain mobile solar generators Add: Rebranding Expenses Add: Separation related expenses Add: Impairment on venture capital investments 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 For the quarter ended 1Q23 27,842 10,000 3,737 11 1,575 23,165 335 22,830 $0.81 28,086,823 2022 156,386 50,000 13,148 5,109 For the year ended 8,936 133,579 2,191 131,388 $4.49 29,232,247 2023 163,615 10,000 (1,993) 4,822 3,737 11 3,249 (942) 166,485 2,488 163,997 $6.09 26,925,606 pathward#30NON-GAAP RECONCILIATION 30 Adjusted Annualized NCOs and Adjusted Loans and Leases ($ in thousands) Net charge-offs Less: Tax services net charge-offs (recoveries) 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, 2022 3,217 1,033 2,184 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 3,524,924 25,231 3,499,693 0.37% 0.25% For the quarter ended Jun 30, 2023 4,218 (266) 4,484 Mar 31, 2023 4,975 (1,064) 6,039 4,014,112 448,659 3,565,453 0.50% 0.68% 3,919,225 52,477 3,866,748 0.43% 0.46% Sep 30, 2023 1,280 36,075 5,205 4,288,067 44,192 4,243,875 3.85% 0.49% 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, 2023 5,486 851 4,635 4,535,826 28,050 4,507,776 0.48% 0.41% pathward#31NON-GAAP RECONCILIATION 31 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: Adjusted Efficiency ratio, LTM Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 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% For the last twelve months ended Jun 30, 2023 449,803 362,687 304,004 666,691 67.47% Mar 31, 2023 431,875 337,373 290,265 627,638 68.81% Sep 30, 2023 464,975 387,861 316,599 704,460 66.00% For the last twelve months ended Jun 30, 2023 449,803 10,636 439,167 362,687 304,004 10,000 656,691 66.88% Mar 31, 2023 431,875 14,063 417,812 337,373 290,265 10,000 617,638 67.65% Sep 30, 2023 464,975 3,737 461,238 387,861 316,599 10,000 694,460 66.42% Dec 31, 2023 479, 190 413,840 303,583 717,423 66.79% Dec 31, 2023 479,190 479, 190 413,840 303,583 717,423 66.79% pathward#32NON-GAAP RECONCILIATION Net Interest Margin and Cost of Deposits ($ in thousands) Average interest earning assets Net interest income Net interest margin Average total deposits Deposit interest expense Cost of deposits ($ in thousands) Average interest earning assets Net interest income Less: Contractual, rate-related processing expense Adjusted net interest income Adjusted net interest margin Average total deposits Deposit interest expense Add: Contractual, rate-related processing expense Dec-20 Adjusted deposit expense Adjusted cost of deposits 5,636,444 65,999 4.65% 5,426,444 797 0.06% 445 0.02% 188 0.01% Adjusted Net Interest Margin and Adjusted Cost of Deposits Dec-20 5,636,444 65,999 50 65,948 4.64% 5,426,444 797 50 847 Mar-21 0.06% 9,768,242 73,850 3.07% 9,565,560 6,981,439 Mar-21 73,850 59 73,791 3.06% 9,565,560 Sep-21 9,768,242 7,316,820 6,438,572 70,667 445 59 Jun-21 Sep-21 Sep-22 7,316,820 6,438,572 6,183,646 7,082,417 6,082,329 6,073,822 70,667 79,760 4.35% 5.21% 83,800 68,475 3.75% 71,613 4.59% 72,151 4.76% 504 0.02% Jun-21 68,475 578 67,897 3.75% 6,981,439 188 578 766 6,076,868 0.04% 32 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 165 0.01% 205 70,461 4.34% 6,076,868 165 205 370 Dec-21 0.02% 141 0.01% Dec-21 5,921,384 6,679,422 6,183,646 71,613 128 71,485 4.59% 5,921,384 141 128 For the Quarter Ended 269 0.02% Mar-22 4.80% 166 0.01% Mar-22 7,082,417 83,800 217 For the Quarter Ended 83,583 4.79% 6,679,422 166 217 Jun-22 382 0.02% 94 5,741,072 5,765,047 5,636,658 0.01% Jun-22 72,151 2,158 69,994 4.62% 5,741,072 94 Sep-22 6,082,329 6,073,822 5,934,431 79,760 2,158 2,252 99 0.16% 0.01% 7,372 72,388 4.73% 99 Dec-22 7,372 5,934,431 84,057 5.62% 7,471 0.52% 142 0.01% Dec-22 5,765,047 5,636,658 84,057 13,985 70,072 4.68% 142 13,985 14,128 1.00% Mar-23 Sep-23 6,717,918 6,326,750 6,724,185 101,406 97,464 104,934 6.12% 6.19% 6,386,592 5,895,242 2,095 0.13% Mar-23 6,717,918 101,406 20,369 81,037 4.89% 6,386,592 2,095 20,369 22,465 Jun-23 1.41% 6.18% 164 0.01% Jun-23 Sep-23 6,326,750 6,724,185 97,464 20,528 76,936 4.88% 5,895,242 164 20,528 20,692 6,204,934 1.41% 1,954 0.12% 104,934 22,473 82,461 4.87% 6,204,934 1,954 22,473 24,427 1.56% Dec-23 7,031,922 110,036 6.23% 6,558,189 3,526 0.21% Dec-23 7,031,922 110,036 26,793 83,243 4.71% 6,558,189 3,526 26,793 30,319 1.84% pathward#33OVERVIEW OF LOAN PORTFOLIO 33 ($ in millions) Commercial Finance Consumer Finance Tax Services Corporate Business Line Structured Finance Guaranteed portion of US govt SBA/USDA loans Unguaranteed portion of US govt SBA/USDA loans Renewable energy debt financing¹ (term lending only) Other Equipment Finance Large ticket Small ticket Other Working Capital Specialty Finance 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 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 finance TOTAL Tax services Tax services TOTAL Warehouse finance TOTAL 1Q23 204.8 152.3 260.0 220.2 837.3 170.1 444.4 12.0 235.5 7.7 869.7 359.5 338.6 698.1 437.0 164.7 601.7 187.0 187.0 30.4 30.4 279.9 279.9 3,504.1 4Q23 356.0 342.6 182.3 190.1 268.1 322.7 1,115.7 1,264.4 412.3 306.0 171.7 528.5 6.5 188.8 5.1 900.6 382.4 358.3 740.7 800.1 166.1 966.2 254.4 254.4 1Q24 0.1 5.1 5.2 178.6 561.7 5.2 172.2 5.1 922.8 379.7 336.0 715.7 671.0 160.6 831.6 33.4 MRQ Yield 33.4 5.92% 6.71% 13.07% 301.5 301.5 11.06% 7.70% (0.16%) 349.9 349.9 4,359.7 4,419.3 8.33% 376.9 376.9 9.42% ¹Total renewable energy debt financing outstanding was $933.8 million as of 1Q24. The majority of these balances are in the term lending and rental equipment balance sheet categories. % of Total 28% 21% 16% 19% 8% 0% 8% 100% pathward#34COMMERCIAL FINANCE CONCENTRATIONS BY INDUSTRY¹ Manufacturing Finance and Insurance Utilities 34 Transportation and Warehousing Other Services (except Public Administration) Mining, Quarrying, and Oil and Gas Extraction Wholesale Trade Health Care and Social Assistance Construction Administrative and Support and Waste Management and Remediation Services Real Estate and Rental and Leasing Public Administration Professional, Scientific, and Technical Services Retail Trade Information Accommodation and Food Services $13 Nonclassifiable Establishments Arts, Entertainment, and Recreation Agriculture, Forestry, Fishing and Hunting $8 Educational Services $6 Management of Companies and Enterprises $2 MANUFACTURING 40% Term lending 32% Asset-Based lending 10% 9% 9% Factoring Rental equipment Other Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $38 $65 $62 $51 $94 $88 $79 $128 52% 27% 11% 10% $118 $173 $253 $248 TRANSPORTATION & WAREHOUSING Term lending Factoring Other Insurance premium finance $ in millions $358 52% 39% 8% 1% $442 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 $228.9M $602 $596 $648 pathward