#1pathward Quarterly Investor Update FOURTH QUARTER & FISCAL YEAR END 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," "target," 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, future effective tax rate, and related performance expectations; progress on key initiatives, including the impact of measures expected to increase efficiencies or reduce expenses; 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, or funding costs and loan and securities portfolio; 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 recent 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; 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#3FY 2023 Highlights 3 $163.6 MILLION IN NET INCOME; AN INCREASE OF 5% COMPARED TO FY 2022 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $5.99 IN DILUTED EARNINGS PER SHARE; AN INCREASE OF 14% COMPARED TO FY 2022 GROWTH IN BOTH NET INTEREST INCOME AND NON- INTEREST INCOME AS COMPARED TO FY 2022 NET INTEREST MARGIN ("NIM") OF 6.04%; ADJUSTED NIM¹ OF 4.83% See slide 31 for additional detail on adjusted NIM. pathward#4Fiscal Year 2023 Accomplishments 4 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation ● ● ● Certified Great Place to Work and Newsweek ranked Pathward among America's Greatest Workplaces Commercial Finance grew total loans and leases by 23% BaaS extended multiple agreements and launched new programs with both new and existing partners Commercial Finance held organizational review to create horizontal capabilities and drive efficiencies Regulatory, Risk and Compliance maturity and infrastructure is a strength pathward#5● Delivering on Strategic Initiatives in FY 2024 Commercial Finance is focused on driving smart balance sheet growth BaaS is building an organization that will be a one stop shop for partners Increasing full year guidance 50 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 41.59 pathward#6Results Driven by NIM Expansion and Growth in Noninterest Income ($ in millions, except per share data) Net Interest Income 6 $79.8 Q4 2022 +32% $104.9 Q4 2023 $23.4 Q4 2022 Net Income Attributable to Parent +53% Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Noninterest Income $43.5 Q4 2022 $35.9 Q4 2023 +29% $56.1 Q4 2023 $0.81 Q4 2022 Earnings per Diluted Share +68% $1.36 Noninterest Expenses $103.0 Q4 2022 Q4 2023 +15% $118.2 Q4 2023 pathward#7Total Deposits Remain Strong ■ Average Q4 off balance sheet deposits of $588 million, $268 million at quarter end ▪ Sequential quarter total deposits impacted by declines in seasonal tax services balances and EIP deposit runoff Continue to return unclaimed EIP balances to the U.S. Treasury 7 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Total Managed Deposits Period ending ($ in millions) $7,178.6 $1,312.6 $5,866.0 Q4 2022 -4% Off balance sheet On balance sheet $6,856.8 $267.6 $6,589.2 Q4 2023 pathward#8■ ■ Total Loans and Leases Increased from Q4 2022 Growth primarily driven by Insurance Premium Finance, Term Lending and SBA/USDA Credit quality remains strong Nonperforming loans and leases of 1.26% compared to 0.93% Q3 2023 Annualized adjusted net charge- off rate of 0.49% for 4Q23¹ 8 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Total Loans and Leases Period ending ($ in millions) $3,529.3 Q4 2022 +24% 1 See slide 29 (Non-GAAP reconciliation) for additional detail. $4,359.7 Q4 2023 pathward#9Strong Balance Sheet Allows for Return to Shareholders ($ in millions) 9 Liquidity Sources $785 $875 Off Balance Sheet Deposits Cash and Cash Equivalents Unpledged Investment Securities $375 $268 $252 $83 FHLB Borrowing Capacity Fed Discount Window Funds Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Unsecured Funding and Other Wholesale Funding Options Share Repurchases 311,727 Q4 2023 2,628,541 FY 2023 Number of Shares Repurchased ¹These off balance sheet deposits can be brought back on balance sheet, as needed, as they are immediately callable. pathward#10Increasing FY 2024 Guidance¹ to $6.20 to $6.70 Per Diluted Share GUIDANCE INCLUDES THE FOLLOWING ASSUMPTIONS: 10 LOWER FEE REVENUE FROM EIP DEPOSIT BALANCE DECLINE BASED ON CURRENT RATE ENVIRONMENT THROUGH FISCAL YEAR 2024 EFFECTIVE INCOME TAX RATE IN THE RANGE OF 16-20% Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 1 Information on this slide is presented as of October 25, 2023, 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#11pathward Q&A 11 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation#12Investment Highlights 12 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#13Record of Strong Earnings Growth and Profitability¹ Return on Average Assets Return on Average Tangible Equity 13 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 2.33% 2023 6.04% 2023 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 16.78% 2018 $1.67 2018 ROATE inclusive of one-time items 22.34% 2019 21.87% $2.49 2020 2019 EPS inclusive of one-time items Remaining Fiscal Year Earnings 28.66% $2.94 Earnings Per Common Share 2020 2021 $4.38 2021 35.42% 30.25% 1FY18-FY21 display GAAP earnings; FY22 reflects GAAP and adjusted earnings. FY23 displays GAAP earnings as the net adjustments for the period are insignificant. See appendix for non-GAAP reconciliations 2022 $5.26 $4.49 48.32% 2022 2023 $5.99 2023 pathward#14Return 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 $16.0 million of share repurchases in 4Q23. 14 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 $539.9M TOTAL SHARE REPURCHASES 2Q19 TO 4Q23 $30.7M TOTAL DIVIDENDS PAID 2Q19 TO 4Q23 Note: Repurchased common shares include shares withheld to cover income taxes owed by participants related to share-based incentive plans. pathward#15Continued Progress on Key Strategic Initiatives & OPTIMIZE DEPOSIT MIX, TO MAINTAIN A STABLE DEPOSIT BASE ● ● ● Inl OPTIMIZE INTEREST-EARNING PORTFOLIO, TO EMPHASIZE HIGHER-RETURN ASSETS Improved yield on earning assets to 6.48% for 4Q23 as compared to 5.26% for 4Q22. Grew commercial finance loans by $699 million, or 23%, from September 30, 2022. $1.8 billion securities portfolio provides cash flow for future commercial finance loan growth. ● 15 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation ● ● ● Stable deposits2 driven by high levels of noninterest deposits (96% of total deposits). Achieved 0.29% cost of funds from all deposits and borrowings and total cost of deposits of 0.12% for 4Q23². $268 million of off-balance sheet customer deposits in custody of program banks. Prioritizing stable BaaS deposits, which can generate higher levels of fee income. Weighted average life of over 6 years based on decay study for noninterest-bearing deposits. TARGET OF 2X OPERATING LEVERAGE Efficiency ratio of 66.00% compared to 64.09% as of September 30, 2022.1 Ongoing initiatives to drive long-term simplification and optimize existing business platforms through the establishment of a business transformation office. ¹ Adjusted efficiency ratio (excluding the gain on sale of trademarks and rebranding expenses) for the twelve months ended September 30, 2023 was 66.42%. See appendix for Non-GAAP financial measures reconciliations. 2 See slide 19 (Cost of Deposits) for additional detail on deposit costs. pathward#16Summary Financial Results Fourth Quarter and Fiscal Year End September 30, 2023 INCOME STATEMENT 16 ● ● ● ($ 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 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 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 1 Amounts presented are used in the two-class earnings per common share calculation. Revenue of $161.0 million, an 31% increase compared to $123.2 million for the same quarter in fiscal 2022. Net interest income increased $25.2 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 $7.8 million for the quarter, as compared to $14.6 million in 3Q23 and $5.9 million in the fourth quarter of the prior year. Noninterest expense of $118.2 million, an increase of 15% compared to $103.0 million for the fiscal 2022 fourth quarter. The increase in expense was primarily driven by contractual, rate-related processing expenses. Processing expenses related to structured agreements with BaaS partners were $22.5 million for the fourth quarter of the prior year. Pathward Financial, Inc, (Nasdaq: CASH) | Quarterly Investor Presentation For the quarter ended 3Q23 97,465 1,773 67,733 114,578 48,847 3,243 45,604 508 45,096 690 44,406 $1.68 26,447,032 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 For the year ended 2022 2023 387,861 57,354 316,599 464,975 182,131 16,324 165,807 2,192 163,615 2,445 161,170 $5.99 26,925,606 307,324 28,538 293,807 385,275 187,318 27,964 159,354 2,968 156,386 2,565 153,821 $5.26 29,232,247 ter, as compared to $20.5 million in 3Q23 and $7.4 million in the pathward#17Balance Sheet Highlights Fourth Quarter and Fiscal Year End September 30, 2023 17 BALANCE SHEET ($ 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 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% PERIOD ENDING 3Q23 515,271 1,951,996 87,351 4,072,899 (81,916) 913,024 7,458,625 6,306,976 264,178 209,750 6,780,904 677,721 7,458,625 65% 6.18% 2.61% 26.26% 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% pathward#18Deposits HIGHLIGHTS 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 every year since 2018, from 54% in 4Q18 to 96% as of 4Q23. $268 million of off-balance sheet deposits held in custody at program banks as of September 30, 2023. These off-balance sheet deposits earn recordkeeping service fee income, typically reflective of the Effective Fed Funds Rate. 18 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation End of Period Deposits ($B) $1.3 $1.4 2013 2014 $1.7 96.1% 2015 $2.4 Deposit Breakdown $3.2 2016 2017 Deposits held on Balance Sheet $4.4 2018 3.8% 0.1% $4.3 ■ Noninterest 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 $6.9 $6.6 2023 pathward#19Cost of Deposits HIGHLIGHTS → As of September 30, 2023, approximately 49% 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 increase as compared to the earning-asset yields that will generally experience a lag in repricing. As of September 30, 2023, Pathward also managed $268 million in off-balance sheet deposits that earned $7.8 million of fee income during the fiscal fourth quarter. That income is also reflective of the Effective Fed Funds Rate. 19 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 0.88% 0.12% 0.09% 0.12% 4Q20 1Q21 2Q21 3Q21 4Q21 All-in Cost of Deposits Cost of Total Deposits Cost of Deposits 1Q22 5.26% 2.22% 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. 1.56% 0.12% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Cost of Interest Bearing Deposits -Quarterly Average Effective Fed Funds Rate pathward#20Diversified Noninterest Income Streams HIGHLIGHTS Noninterest income represents 44% of fiscal year 2023 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. In the first quarter of Fiscal Year 2023, the Company recognized $10 million of fee income associated with the sale of the Meta trademarks. The majority of Pathward's tax season revenue comes during the second quarter of each fiscal year. 20 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation FY 2023 Revenue Breakdown¹ Noninterest income 44% Card and Deposit Fees 49% FY 2023 Noninterest Income Breakdown¹ Rental Income 18% Net interest income 56% 1 Excludes gain on sale of trademarks. Other Income 8% Refund Transfer Product Fees 13% Refund Advance Product Fees 12% pathward#21Loan Portfolio HIGHLIGHTS Remain focused on growing the Commercial Finance loan portfolio. Commercial Finance balances grew 23% from the fourth quarter of the prior year. Sequential quarter growth of $134 million in Insurance Premium Finance and $54 million in Consumer Finance. Yields continue to increase in the rising rate environment as variable loans adjust and fixed loans are gradually replaced and repriced. 2Q23 balances and yields elevated by seasonal tax loans. 21 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 7.12% $3.6 4Q22 $3.0 4Q22 Average Loans and Yields ($B) $3.5 $3.5 $0.3 $0.0 $0.3 $0.0 $0.2 $0.2 $3.0 7.70% 1Q23 $3.5 1Q23 Period End Portfolio Composition ($B) $3.7 $0.4 $3.1 2Q23 8.47% $0.1 $0.1 $4.0 2Q23 $4.1 $0.4 $3.4 3Q23 8.31% $0.0 $0.2 $3.9 3Q23 $4.4 $0.4 $0.0 $0.3 $3.7 4Q23 8.33% $4.3 4Q23 Warehouse Tax Services Consumer Commercial pathward#22Commercial Finance Attributes by Asset Class 4 & EQUIPMENT FINANCE ● 22 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 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#23Loan Portfolio Interest Rate Sensitivity HIGHLIGHTS As of September 30, 2023, $1.5B, or 30% 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, SOFR or the CMT. As of September 30, 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 before new and existing loans fully reprice. 23 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 6.98% 3.77% 3.77% 7.00% 4Q20 4.65% 4.64% 6.74% 3.07% 3.06% Total Loan and Lease Portfolio Pricing Attributes¹ 1Q21 2Q21 6.90% 6.93% 6.96% 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 3.75% 22% 4.35% 4.34% 35% 4.59% C 4.59% 1 7.22% 4.80% 4.79% 43% 1Q22 2Q22 6.69% 4.76% 4.62% 3Q21 4Q21 NIM 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 3Q22 7.12% 2 5.21% 4.73% 7.70% 5.62% 4.68% 8.47% 8.31% 8.33% 6.12% 6.18% 6.19% 4.89% 4.88% 4.87% 4Q22 1Q23 2Q23 3Q23 4Q23 pathward#24Interest Rate Risk Management September 30, 2023 24 Earning Asset Pricing Attributes¹ 30% 15% 0% 15% -15% 25% 55% 12-Month Interest Rate Sensitivity from Base Net Interest Income 5% 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 +200 +300 -200 -100 Parallel Shock is a statutorily 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. 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 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 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#25Asset Quality 25 Nonperforming Assets ("NPAs") ($ in millions) 0.46% $30.9 4Q22 0.82% $29.2 0.68% 4Q22 $45.0 1Q23 INPAS 1.16% Nonperforming Loans ("NPLs") ($ in millions) $40.9 1Q23 0.44% INPLs $30.1 2Q23 Period Ended 0.76% -NPAS/ Total Assets $28.5 2Q23 0.55% Period Ended $40.8 3Q23 0.93% $38.8 3Q23 NPLs/Total Loans Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 0.77% $58.0 4Q23 1.26% $56.2 4Q23 ● ● ● Adjusted Net Charge-Offs ("NCOS")¹ Excludes Tax Services NCOs and Related Seasonal Average Loans ($ in millions) ● 0.63% $4.1 4Q22 0.45% 0.61% 0.25% $2.2 1Q23 0.68% 0.46% $6.0 2Q23 Period Ended Adj. NCOS -Adj. NCOS / Adj. Average Loans - LTM 0.46% 0.46% $4.5 3Q23 0.47% 0.49% KEY CREDIT METRICS Annualized adjusted net charge-offs¹: 0.49% of average loans in 4Q23 0.47% of average loans over last 12 months Allowance for credit loss ("ACL") of $49.7 million as of September 30, 2023. ACL as a % of total loans and leases was 1.14% for 4Q23, a 16 bps decrease from the prior year. $5.2 4Q23 -Adj. NCOS / Adj. Average Loans The increase in NPAs / NPLs compared to the sequential quarter was driven by an increase within the commercial finance portfolio and the seasonal tax services portfolio. 1 Non-GAAP financial measures, see appendix for reconciliations. Tax services NCOS and related seasonal average loans are excluded to adjust for the cyclicality of activity related to the overall economics of the tax services business line. pathward#26Capital and Sources of Liquidity Regulatory Capital as of September 30, 2023 At September 30, 2023¹ Tier 1 Leverage Common Equity Tier 1 Tier 1 Capital Total Capital Pathward Financial, Inc. 8.11% 11.25% 11.50% 12.84% Pathward, N.A. 8.32% 11.81% 11.81% 12.76% Primary & Secondary Liquidity Sources ($ 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 $375 $83 $785 $252 $875 $268 $2,638 ¹ Regulatory capital reflects the Company's election of the five-year CECL transition for regulatory capital purposes. Amounts are preliminary pending completion and filing of the Company's regulatory reports. 26 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Tier 1 Leverage Ratio 8.10% 8.19% 8.37% HI 4Q22 Total Capital Ratio 13.88% 13.57% 8.68% 4Q22 1Q23 7.53% 1Q23 7.79% 14.29% 14.29% 14.06% 1 Pathward Financial, Inc. 2Q23 2Q23 3% 8.40% 8.67% 3Q23 13.45% 13.42% 3Q23 8.11% 8.32% Minimum Requirement to be Well-Capitalized under Prompt Corrective Action Provisions Pathward, N.A. 4Q23 12.84% 12.76% 4Q23 pathward#27APPENDIX 27 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation#28Non-GAAP Reconciliation 28 Adjusted Net Income and Adjusted Earnings Per Share ($ 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 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 4Q22 23,420 6,899 1,029 (1,029) 30,319 508 29,811 $1.04 28,581,236 For the quarter ended 3Q23 45,096 2,749 (687) 47,158 722 46,436 $1.76 26,447,032 4Q23 35,906 35,906 531 35,375 $1.36 25,991,449 For the year ended 2022 156,386 50,000 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 13,148 5,109 8,936 133,579 2,191 131,388 $4.49 29,232,247 pathward#29Non-GAAP Reconciliation Adjusted Annualized NCOs and Adjusted Loans and Leases ($ 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 Sep 30, 2022 26,664 22,594 4,050 29 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 3,618,678 35,484 3,583,194 2.95% 0.45% For the quarter ended Mar 31, 2023 4,975 (1,064) 6,039 Dec 31, 2022 3,217 1,033 2,184 3,524,924 25,231 3,499,693 0.37% 0.25% 4,014,112 448,659 3,565,453 0.50% 0.68% Jun 30, 2023 4,218 (266) 4,484 3,919,225 52,477 3,866,748 0.43% 0.46% 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. Sep 30, 2023 41,280 36,075 5,205 4,288,067 44,192 4,243,875 3.85% 0.49% pathward#30Non-GAAP Reconciliation 30 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 Sep 30, 2022 385,275 307,324 293,807 601,131 64.09% Sep 30, 2022 385,275 13,148 372,127 307,324 293,807 50,000 551,131 67.52% For the last twelve months ended Mar 31, 2023 431,875 337,373 290,265 627,638 68.81% Dec 31, 2022 407,899 319,768 272,993 592,761 68.81% Jun 30, 2023 449,803 362,687 304,004 666,691 67.47% For the last twelve months ended Mar 31, 2023 431,875 14,063 417,812 337,373 290,265 10,000 617,638 67.65% Dec 31, 2022 407,899 16,883 391,016 319,768 272,993 10,000 582,761 67.10% Jun 30, 2023 449,803 10,636 439,167 362,687 304,004 10,000 656,691 66.88% Sep 30, 2023 464,975 387,861 316,599 704,460 66.00% Sep 30, 2023 464,975 3,737 461,238 387,861 316,599 10,000 694,460 66.42% pathward#31Non-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 Sep-20 6,806,366 5,636,444 9,768,242 7,316,820 64,513 65,999 73,850 68,475 3.77% 4.65% 3.75% 3.07% Adjusted Deposit Expense Adjusted Cost of Deposits 6,466,574 5,426,444 Sep-20 6,806,366 64,513 44 64,469 3.77% 6,466,574 1,904 Dec-20 1,904 0.12% Adjusted Net Interest Margin and Adjusted Cost of Deposits 44 1,948 0.12% 797 0.06% Dec-20 65,999 50 65,948 4.64% 5,426,444 797 50 Mar-21 847 9,565,560 0.06% 445 0.02% Sep-21 5,636,444 9,768,242 7,316,820 6,438,572 73,850 68,475 Mar-21 59 73,791 3.06% 445 Jun-21 59 6,981,439 504 0.02% 188 0.01% Jun-21 31 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 578 67,897 3.75% 188 578 Sep-21 6,438,572 6,183,646 70,667 71,613 4.35% 766 0.04% 165 6,076,868 5,921,384 0.01% 70,667 205 70,461 4.34% 165 For the Quarter Ended 205 370 Dec-21 0.02% 4.59% 141 0.01% Dec-21 71,613 9,565,560 6,981,439 6,076,868 5,921,384 6,679,422 128 71,485 4.59% For the Quarter Ended 141 Mar-22 128 269 Sep-22 7,082,417 6,082,329 6,073,822 83,800 72,151 79,760 4.76% 5.21% 4.80% 0.02% 6,679,422 5,741,072 166 0.01% Mar-22 217 83,583 4.79% Jun-22 Sep-22 6,183,646 7,082,417 6,082,329 6,073,822 5,934,431 83,800 72,151 166 217 382 0.02% 94 0.01% Jun-22 2,158 69,994 4.62% 5,741,072 94 2,158 2,252 0.16% 99 0.01% 79,760 7,372 5,765,047 5,636,658 6,386,592 5,895,242 6,204,934 72,388 4.73% 5,765,047 99 Dec-22 7,372 5,934,431 84,056 5.62% 7,471 0.52% 142 0.01% Dec-22 84,056 13,985 70,071 4.68% 5,636,658 142 13,985 14,128 Sep-23 6,717,918 6,326,750 6,724,185 101,406 97,464 104,934 6.18% 6.19% 1.00% Mar-23 6.12% 2,095 0.13% Mar-23 20,369 81,037 Sep-23 6,717,918 6,326,750 6,724,185 101,406 97,464 104,934 4.89% Jun-23 2,095 20,369 164 22,465 1.41% 0.01% Jun-23 20,528 76,936 4.88% 6,386,592 5,895,242 6,204,934 164 20,528 1,954 0.12% 20,692 1.41% 22,473 82,461 4.87% 1,954 22,473 24,427 1.56% For the Year Ended Sep-23 6,424,492 387,861 6.04% 6,029,279 4,356 0.07% For the Year Ended Sep-23 6,424,492 387,681 77,356 310,325 4.83% 6,029,279 4,356 77,356 81,712 1.36% pathward#32Overview of Loan Portfolio Business Line Structured Finance 32 ($ in millions) Commercial Finance Consumer Finance Tax Services Corporate 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 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 finance TOTAL Tax services Tax services TOTAL Warehouse finance TOTAL 4Q22 194.9 150.8 13.5 153.9 353.5 866.6 187.6 340.0 14.2 242.9 8.9 793.6 351.7 372.6 724.3 479.8 159.4 639.2 169.7 169.7 0.2 8.9 9.1 326.9 326.9 3,529.3 3Q23 250.5 169.1 2.8 141.6 380.0 944.0 187.8 526.3 8.3 205.9 5.9 934.2 373.2 351.1 724.3 666.3 172.0 838.3 200.1 200.1 47.2 47.2 380.4 380.4 4,068.5 4Q23 339.9 182.3 2.6 144.5 446.4 1,115.7 171.7 528.5 6.5 188.8 5.1 900.6 382.4 358.3 740.7 800.1 166.1 966.2 254.4 254.4 0.1 5.1 5.2 MRQ Yield 5.80% 7.45% 12.90% 8.29% 9.05% (1.32%) 376.9 376.9 9.15% 4,359.7 8.33% ¹Total renewable energy debt financing outstanding was $517.5 million as of 4Q23. The majority of these balances are in the term lending and rental equipment balance sheet categories. % of Total 25% 21% 17% 22% 6% 0% 9% 100% pathward#33Commercial Finance Concentrations by Industry¹ Manufacturing Utilities Transportation and Warehousing Other Services (except Public Administration) 33 Wholesale Trade Finance and Insurance Health Care and Social Assistance Construction Mining, Quarrying, and Oil and Gas Extraction Real Estate and Rental and Leasing Administrative and Support and Waste Management and Remediation Services Professional, Scientific, and Technical Services Retail Trade Public Administration. Accommodation and Food Services Information $14 Nonclassifiable Establishments Arts, Entertainment, and Recreation Agriculture, Forestry, Fishing and Hunting $12 Educational Services $5 Management of Companies and Enterprises $2 MANUFACTURING 40% Term Lending 31% Asset-Based Lending 16% 9% 4% Lease Financing Factoring Other $30 $67 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation $60 $55 $53 $85 $134 50% 29% 12% 9% $128 $122 $119 $198 $181 $232 TRANSPORTATION & WAREHOUSING Term lending Factoring Insurance premium finance Other $ in millions 66% 25% 8% 1% $423 UTILITIES SBA/USDA $473 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 $211.8M $636 $621 pathward