Pathward Financial, Inc. · NASDAQ:CASH
Pathward Financial — Q4 FY2025 Earnings Presentation
41 slides from Pathward Financial's earnings presentation, Oct 21, 2025
Slide 1: The Pathward Story
THE PATHWARD STORY U P D AT E D O C TO B E R 2 1 , 2 0 2 5
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This investor update contains “forward-looking statements” which are made in good faith by Pathward Financial, Inc. (the “Company”) pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements
Slide 3: Leading the way to financial access is the heart of our business
AT PATHWARD®, LEADING THE WAY TO FINANCIAL ACCESS IS THE HEART OF OUR BUSINESS. Since our founding, we have worked to advance financial inclusion. We seek out diverse partners, including fintechs, affinity groups, government agencies, and other banks and work with them to identify markets where peop
Slide 4: Building a diversified company dedicated to financial empowerment
BUILDING A DIVERSIFIED COMPANY DEDICATED TO FINANCIAL EMPOWERMENT FOR INDIVIDUALS AND BUSINESSES 1993 2015 / 2016 2021 2022 Listed on Entered Tax Services Sold Meta Completed Nasdaq: CASH business by acquiring Refund trademarks and rebranding as Advantage, SCS, and EPS began rebranding Pathward Dram
Slide 5: Resilient business model with diversified revenue
RESILIENT BUSINESS MODEL WITH DIVERSIFIED REVENUE CONSUMER COMMERCIAL & CORPORATE Issuing Working Capital Fee income and stable deposits Interest income Acquiring Fee income Equipment Finance Interest income Digital Payments Fee income Financial Institution Solutions Fee income and stable deposits S
Slide 6: Partner Solutions collaborates with partners to innovate
PARTNER SOLUTIONS COLLABORATES WITH PARTNERS TO INNOVATE A leading debit and prepaid Accepting and processing merchant payments with card issuer sponsoring Issuing Acquiring our partners partner programs Enable partners to Financial Partner with financial move money quickly, Digital institutions to
Slide 7: Pathward lends across various solutions
PATHWARD LENDS ACROSS VARIOUS SOLUTIONS Working Equipment Structured Warehouse Capital Finance Finance Finance Finance Ready cash for Providing access to Assisting small and Asset-backed liquidity needs to new equipment financing, mid-sized businesses warehouse lines of or growing through loans and
Slide 8: Investment Highlights
INVESTMENT HIGHLIGHTS RECORD OF STRONG EXCESS CAPITAL EXPERIENCED LEADER IN 1 EARNINGS GROWTH AND 2 GENERATING BUSINESS 3 FAST-GROWING PAYMENTS PROFITABILITY ABOVE ENABLES ONGOING RETURN SECTOR, WITH DIVERSIFIED BANKING INDUSTRY OF VALUE TO PORTFOLIO OF HIGH- AVERAGES SHAREHOLDERS QUALITY FINANCIAL
Slide 9: Record of strong earnings growth & profitability
1 2 3 4 5 RECORD OF STRONG EARNINGS GROWTH & PROFITABILITY1 Return on Average Assets Return on Average Tangible Equity 2.46% 2.40% 47.89% 2.13% 2.05% 44.58% 1.81% 38.75% 35.01% ROAA inclusive of ROATE inclusive of 29.73% one-time items one-time items Peer average3 2022 2023 2024 2025 2022 2023 2024
Slide 10: Ongoing return of capital
1 2 3 4 5 TRACK RECORD OF STRONG EARNINGS GROWTH AND RIGHT-SIZED BALANCE SHEET ENABLES ONGOING RETURN OF CAPITAL $776.9M $40.5M TOTAL SHARE REPURCHASES TOTAL DIVIDENDS PAID 2Q19 TO 4Q25 2Q19 TO 4Q25 10 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation Note: Repurchased common
Slide 11: Pathward serves as a hub of the payments ecosystem
1 2 3 4 5 PATHWARD SERVES AS A HUB OF THE PAYMENTS ECOSYSTEM Debit/Credit Fed / Networks Settlement Financial Institution ATM Sponsorship Clients Issuing/Acquiring/ Originating Bank End User End User Card Holder / Merchants Consumer FinTech / Processor Program Manager Acquiring Partners Processor Is
Slide 12: Commercial finance portfolio produces stable annual net charge-off rates
1 2 3 4 5 COMMERCIAL FINANCE PORTFOLIO PRODUCES STABLE ANNUAL NET CHARGE-OFF RATES Insurance premium finance Fiscal Year End Commercial Finance Loan Balances portfolio moved to held for ($ in millions) sale during 4QFY24 4,000 $3,924 $3,727 3,500 $3,296 Pathward Acquires $3,025 3,000 Crestmark $2,72
Slide 13: Mature risk mitigation and compliance capabilities
1 2 3 4 5 MATURE RISK MITIGATION AND COMPLIANCE CAPABILITIES Enterprise Risk Third-Party Risk Business Continuity Bank Secrecy Act / Anti- Management Management Management Money Laundering Our Enterprise Risk Management Just as Pathward’s ERM program Business Continuity Management To protect our cus
Slide 14: Quarterly Investor Update
QUARTERLY INVESTOR UPDATE F O U R T H Q UA R T E R & F I S C A L Y E A R 2 0 2 5
Slide 15: FY 2025 Highlights
FY 2025 HIGHLIGHTS Net Income Diluted Earnings Per Share $185.9 million in net income; an increase of 1% $7.87 in diluted earnings per share; an increase of 9% compared compared to FY 2024 to FY 2024 Net Interest Margin Return Metrics Net interest margin (“NIM”) of 7.34% compared to 7.01% FY 2025 fi
Slide 16: Trusted platform that enables our partners to thrive
TRUSTED PLATFORM THAT ENABLES OUR PARTNERS TO THRIVE Optimized balance sheet with optimized asset mix Technology to facilitate evolution and scalability People and culture are important assets Mature risk and compliance framework 16 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presen
Slide 17: Trusted platform that enables our partners to thrive
TRUSTED PLATFORM THAT ENABLES OUR PARTNERS TO THRIVE Maintain an optimized balance sheet Technology to facilitate evolution and scalability People and culture are important assets Mature risk and compliance framework Client experience 17 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor P
Slide 18: Strategy delivering solid results
STRATEGY DELIVERING SOLID RESULTS ($ IN MILLIONS, EXCEPT PER SHARE DATA) Net Interest Income Noninterest Income Noninterest Expense 0% +13% +9% $ 127.5 $128.0 $58.8 $144.8 $ 52.0 $ 133.4 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Net Income Attributable to Parent Earnings per Diluted Share +16%
Slide 19: Deposit base supports asset growth
1 DEPOSITS Period ending ($ in millions) DEPOSIT BASE SUPPORTS ASSET GROWTH 0% $ 5,875.1 $5,886.9 Slight increase in deposits at September 30, 2025, when compared to the prior year period. Average Q4 2025 off-balance sheet custodial deposits held in custody at program banks of $237 million compa
Slide 20: Total loans and leases increased from Q4 2024
TOTAL LOANS AND LEASES Period ending ($ in millions) +14% $4,664.9 $4,075.2 TOTAL LOANS AND LEASES INCREASED FROM Q4 2024 Increase primarily driven by term lending, warehouse finance and asset-based lending. Nonperforming loans and leases of 2.05% at September 30, 2025, compared to 0.87% at Sept
Slide 21: Strong balance sheet allows for return of capital to shareholders
STRONG BALANCE SHEET ALLOWS FOR RETURN OF CAPITAL TO SHAREHOLDERS Liquidity Sources Share Repurchases ($ in millions) 2,062,184 $210 $121 $196 $34 $725 $2,302 $1,016 180,740 Q4 2025 FY 2025 Off Balance Sheet Custodial Deposits1 FHLB Borrowing Capacity Cash and Cash Equivalents Fed Discount Window Fu
Slide 22: Fiscal Year 2026 Guidance
FISCAL YEAR 2026 GUIDANCE1 $8.25 - $8.75 EPS Assumes no rate cuts during the year Effective tax rate of 18% to 22% Includes expected share repurchases 1. Information on this slide is presented as of October 21, 2025, reflects the Company’s updated financial outlook, certain of the Company’s financia
Slide 23: Q&A
Q&A 23 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation
Slide 24: Diversified noninterest income streams
FY 2025 REVENUE BREAKDOWN DIVERSIFIED NONINTEREST INCOME STREAMS Net interest income 61% Noninterest income • Noninterest income represents 39% of FY 2025 39% total revenue. • Majority of noninterest income fees are generated by the Company’s Partner Solutions business lines. Other major items inclu
Slide 25: Cost of Deposits
COST OF DEPOSITS COST OF DEPOSITS 4.30% • During the 2025 fiscal fourth quarter, approximately 64% of the deposit balances were subject to variable card processing expenses, derived from contractual agreements with certain Partner Solutions relationships tied to a rate index, typically the Effective
Slide 26: Loan portfolio interest rate sensitivity
TOTAL LOAN AND LEASE PORTFOLIO PRICING ATTRIBUTES1 5% LOAN PORTFOLIO INTEREST RATE SENSITIVITY 29% 66% • As of September 30, 2025, $3.1B, or 66% of loans and leases contained floating or variable interest rates. Of these, $2.0B are tied to Fed Funds or Prime, with the remaining tied to either SOFR o
Slide 27: Equipment Finance
EQUIPMENT FINANCE COMMERCIAL FINANCE 7.63% 15% Q4 2025 Quarterly Yield1 Of Loan Portfolio • Loan and lease financing to provide access to needed equipment ($ in millions) Business Line Balance Sheet Category 4Q24 3Q25 4Q25 • Focus on equipment critical to business operations Lease financing $146.8 $
Slide 28: Working Capital Finance
WORKING CAPITAL FINANCE COMMERCIAL FINANCE 12.05% 17% Q4 2025 Quarterly Yield Of Loan Portfolio • Provides working capital for companies to meet short- term operational requirements ($ in millions) Business Line Balance Sheet Category 4Q24 3Q25 4Q25 • Primarily variable rate loans with majority of f
Slide 29: Structured Finance
STRUCTURED FINANCE COMMERCIAL FINANCE 7.17% 47% Q4 2025 Quarterly Yield1 Of Loan Portfolio • Funding small and midsized businesses, including rural borrowers ($ in millions) Business Line Balance Sheet Category 4Q24 3Q25 4Q25 • SBA, USDA, and conventional loans with fixed or Guaranteed portion of US
Slide 30: Consumer Finance
26.27% 3% Q4 2025 Quarterly Yield Of Loan Portfolio CONSUMER FINANCE ($ in millions) Business Line Balance Sheet Category 4Q24 3Q25 4Q25 Consumer Consumer finance $248.8 $226.4 $93.3 • Consumer credit programs with marketplace lenders TOTAL $248.8 $226.4 $93.3 offer Pathward a risk adjusted return •
Slide 31: Warehouse Finance
9.38% 14% Q4 2025 Quarterly Yield Of Loan Portfolio WAREHOUSE FINANCE ($ in millions) Business Line Balance Sheet Category 4Q24 3Q25 4Q25 • Structured revolving asset-backed warehouse credit Warehouse Warehouse finance $517.8 $664.1 $645.2 facilities used to support Specialty Finance company TOTAL $
Slide 32: Loan and lease concentrations by industry
LOAN AND LEASE CONCENTRATIONS BY INDUSTRY1 ($ in millions) Utilities $1,321 Finance and Insurance $866 Manufacturing $701 Wholesale Trade $321 Transportation and Warehousing $263 Other $246 Mining, Quarrying, and Oil and Gas Extraction $236 Construction $201 Administrative and Support and Waste Mana
Slide 33: Interest rate risk management
INTEREST RATE RISK MANAGEMENT SEPTEMBER 30, 2025 Earning Asset Pricing Attributes1 • Data presented on this page is reflective of the Company’s asset mix at a point in time and calculated for regulatory purposes. Future rate 4% Fixed Rate > 1 Year changes would impact a multitude of variables beyond
Slide 34: Asset Quality
ASSET QUALITY Adjusted Net Charge-Offs (“NCOs”)1 Excludes Tax Services NCOs and Related Seasonal Average Loans ($ in millions) Nonperforming Assets (“NPAs”) 1.39% 1.33% 1.33% 1.33% 1.34% ($ in millions) 1.42% 1.36% 1.18% 1.13% 1.03% 1.13% $101.7 0.65% 0.57% 0.49% 0.59% $15.6 $15.8 $16.5 $74.7 $13.2
Slide 35: Capital and sources of liquidity
CAPITAL AND SOURCES OF LIQUIDITY Regulatory Capital as of September 30, 2025 Tier 1 Leverage Ratio Pathward Pathward, At September 30, 2025¹ Financial, Inc. N.A. Tier 1 Leverage 9.79% 10.00% 9.78% 10.00% 9.79% 10.00% Common Equity Tier 1 12.70% 13.23% 9.05% 9.22% 8.90% 9.16% 8.32% 8.52% Tier 1 Capit
Slide 36: Appendix
APPENDIX 36 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation
Slide 37: Efficiency Ratio
EFFICIENCY RATIO Efficiency Ratio For the last twelve months ended ($ in thousands) Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Noninterest expense – GAAP 520,691 527,411 534,846 548,658 560,067 Net interest income 497,825 504,149 511,794 511,357 511,794 Noninterest income 299,5
Slide 38: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted Net Income and Adjusted Earnings Per Share For the year ended ($ in thousands, except share and per share data) 2022 Net income – GAAP a 151,134 Less: Gain on sale of trademarks 50,000 Add: Rebranding expenses 13,148 Add: Separation related expenses 5,109 Add: Income
Slide 39: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted Annualized NCOs and Adjusted Average Loans and Leases For the quarter ended ($ in thousands) Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 June 30, 2025 Sep 30, 2025 Net charge-offs 43,961 16,271 6,375 6,126 46,219 Less: Tax services net charge-offs (recoveries) 28,353 513
Slide 40: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Net Interest Margin and Cost of Deposits For the quarter ended For the year ended ($ in thousands) Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Sept-24 Sept-25 Average interest earning assets 6,075,227 5,935,926 6,719,545 6,328,71
Slide 41: Definitions
DEFINITIONS Industry Terms Payment Players Commercial Lending Terms Banking-as-a-Service (BaaS): Acquiring Bank: Asset-Based Lending: Providing financial services and solutions to third An acquiring bank provides merchant accounts that allow a business to accept card Asset-Based Lending (ABL) refers