8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 25, 2023

PATHWARD FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-22140	42-1406262
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5501 South Broadband Lane, Sioux Falls, South Dakota 57108

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (877) 497-7497

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	CASH	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

On October 25, 2023, the Registrant issued a press release announcing its results of operations and financial condition as of and for the three months and fiscal year ended September 30, 2023. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated into this Item 2.02 by reference.

The information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities thereof, nor shall it be deemed to be incorporated by reference in any filing under the Exchange Act or under the Securities Act of 1933, as amended (the "Securities Act"), except to the extent specifically provided in any such filing.

Item 7.01    Regulation FD Disclosure.

Information is being furnished herein in Exhibit 99.2 with respect to the Quarterly Investor Update slide presentation prepared for use in connection with the Company's conference call and earnings webcast for the fourth quarter of fiscal 2023. The Quarterly Investor Update slide presentation is dated October 25, 2023 and the Company does not undertake to update the materials after that date. This presentation is also available under the Presentations link in the Investor Relations - Events & Presentations section of the Company's website at https://pathwardfinancial.com.

The information in this Item 7.01, including Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities thereof, nor shall it be deemed to be incorporated by reference in any filing under the Exchange Act or under the Securities Act, except to the extent specifically provided in any such filing.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description of Exhibit
99.1	Press Release of Pathward Financial, Inc., dated October 25, 2023 regarding the results of operations and financial condition.
99.2	Quarterly Investor Update slide presentation for the Fourth Quarter of Fiscal Year 2023, dated October 25, 2023, prepared for use with the Press Release.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		PATHWARD FINANCIAL, INC.
Date: October 25, 2023	By:	/s/ Glen W. Herrick
		Glen W. Herrick
		Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

PATHWARD FINANCIAL, INC. ANNOUNCES RESULTS FOR 2023 FISCAL FOURTH QUARTER AND FISCAL YEAR 2023

Sioux Falls, S.D., October 25, 2023 - Pathward Financial, Inc.(“Pathward Financial” or the “Company”) (Nasdaq: CASH) reported net income of $35.9 million, or $1.36 per share, for the three months ended September 30, 2023, compared to net income of $23.4 million, or $0.81 per share, for the three months ended September 30, 2022.

The Company reported net income of $163.6 million, $5.99 per share, for the fiscal year ended September 30, 2023, compared to net income of $156.4 million, or $5.26 per share, for the fiscal year ended September 30, 2022. For the fiscal year ended September 30, 2023, the Company recognized return on average assets of 2.33% compared to 2.20% for the prior year period.

For the fiscal year ended September 30, 2023, the Company recognized adjusted net income of $166.5 million, or $6.09 per share, compared to adjusted net income of $133.6 million, or $4.49 per share, for the fiscal year ended September 30, 2022. See non-GAAP reconciliation table below.

CEO Brett Pharr said, “During fiscal year 2023, we focused on operations across the enterprise, growing the commercial finance loan book, and working with new and existing partners to expand their product offerings. As a result, we increased net income by 5%, earnings per diluted share by 14% and expanded our return on average assets to over 2.3%. I am very pleased by everything we accomplished and look forward to furthering our progress on our three strategic initiatives this year. We are raising our guidance to a range of $6.20 - $6.70 to reflect our updated view on fiscal year 2024.”

Company Highlights

•On October 5, 2023, the Company announced Greg Sigrist has been appointed Executive Vice President (“EVP”), Chief Financial Officer (“CFO”) - Designee, beginning November 1, 2023. Immediately after the filing of the Company’s Form 10-K for fiscal year 2023, Mr. Sigrist will transition to EVP, CFO, when he will succeed Glen Herrick, who will remain with the Company as EVP, Executive Advisor to the Chief Executive Officer to aid in the transition and other projects until his retirement on December 31, 2023.

•On August 25, 2023, the Company announced a new share repurchase program to repurchase up to 7,000,000 shares of the Company's outstanding common stock on or before September 30, 2028.

Financial Highlights for the 2023 Fiscal Fourth Quarter

•Total revenue for the fourth quarter was $161.0 million, an increase of $37.8 million, or 31%, compared to the same quarter in fiscal 2022, driven by an increase in both net interest income and noninterest income.

•Net interest margin ("NIM") increased 98 basis points to 6.19% for the fourth quarter from 5.21% during the same period of last year, primarily driven by increased yields and an improved earnings asset mix from the continued optimization of the portfolio. When including contractual, rate-related processing expense, NIM would have been 4.87% in the fiscal 2023 fourth quarter compared to 4.73% during the fiscal 2022 fourth quarter. See non-GAAP reconciliation table below.

•Total gross loans and leases at September 30, 2023 increased$829.8 million to $4.37 billion compared to September 30, 2022 and increased $293.2 million, or 7%, when compared to June 30, 2023. The increase compared to the prior year quarter was primarily due to growth in the commercial and consumer finance portfolios. The primary driver for the sequential increase was growth in commercial finance loans.

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•During the 2023 fiscal fourth quarter, the Company repurchased 311,727 shares of common stock at an average share price of $51.29. An additional 232,588 shares of common stock were repurchased at an average price of $47.25 in October 2023 through October 16, 2023. As of October 16, 2023, there were 8,433,848 shares available for repurchase under the current common stock share repurchase programs.

•The Company is raising fiscal year 2024 GAAP earnings per diluted share guidance to a range of $6.20 to $6.70. See Outlook section below.

Net Interest Income

Net interest income for the fourth quarter of fiscal 2023 was $104.9 million, an increase of 32% from the same quarter in fiscal 2022. The increase was mainly attributable to increased yields, higher interest-earning asset balances and an improved earning asset mix.

The Company’s average interest-earning assets for the fourth fiscal quarter increased by $650.4 million to $6.72 billion compared with the same quarter in fiscal 2022, primarily due to growth in loans and leases and an increase in total investment balances, partially offset by a decrease in cash balances. The fourth quarter average outstanding balance of loans and leases increased $669.4 million compared to the same quarter of the prior fiscal year, primarily due to an increase in commercial finance loans and consumer finance loans.

Fiscal 2023 fourth quarter NIM increased to 6.19% from 5.21% in the fourth fiscal quarter of last year. When including contractual, rate-related processing expense, NIM would have been 4.87% in the fiscal 2023 fourth quarter compared to 4.73% during the fiscal 2022 fourth quarter. See non-GAAP reconciliation table below. The overall reported tax-equivalent yield (“TEY”) on average earning asset yields increased 122 basis points to 6.48% compared to the prior year quarter, driven by an increase in loan and lease, investment securities and cash yields. The yield on the loan and lease portfolio was 8.33% compared to 7.12% for the comparable period last year and the TEY on the securities portfolio was 3.13% compared to 2.56% over that same period.

The Company's cost of funds for all deposits and borrowings averaged 0.29% during the fiscal 2023 fourth quarter, as compared to 0.03% during the prior year quarter. The Company's overall cost of deposits was 0.12% in the fiscal fourth quarter of 2023, as compared to 0.01% during the prior year quarter. When including contractual, rate-related processing expense, the Company's overall cost of deposits was 1.56% in the fiscal 2023 fourth quarter, as compared to 0.52% during the prior year quarter. See non-GAAP reconciliation table below.

Noninterest Income

Fiscal 2023 fourth quarter noninterest income increased 29% to $56.1 million, compared to $43.5 million for the same period of the prior year. The increase was primarily attributable to increases within gain on sale of other, card and deposit fees, rental income, gain (loss) on sale of securities, and other income. The period-over-period increase was partially offset by a reduction in tax services fee income.

The increase in card and deposit fee income was primarily from servicing fee income on off-balance sheet deposits, which totaled $7.8 million during the 2023 fiscal fourth quarter, as compared to $5.9 million for the same period of the prior year. Servicing fee income on off-balance deposits totaled $14.6 million for the fiscal quarter ended June 30, 2023. The sequential quarter decrease was due to a reduction in off-balance deposits that the Company manages at other banks.

Noninterest Expense

Noninterest expense increased 15% to $118.2 million for the fiscal 2023 fourth quarter, from $103.0 million for the same quarter last year. The increase was primarily attributable to increases in card processing expense, compensation expense, other expense, and operating lease equipment depreciation. The period-over-period increase was partially offset by a decrease in legal and consulting expense.

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The card processing expense increase was due to rate-related agreements with Banking as a Service ("BaaS") partners. The amount of expense paid under those agreements is based on an agreed upon rate index that varies depending on the deposit levels, floor rates, market conditions, and other performance conditions. Generally, this rate index averages between 50% to 85% of the Effective Federal Funds Rate ("EFFR") and reprices immediately upon a change in the EFFR. Approximately 49% of the deposit portfolio was subject to these higher rate-related processing expenses during the 2023 fiscal fourth quarter. For the fiscal quarter ended September 30, 2023, contractual, rate-related processing expenses were $22.5 million, as compared to $20.5 million for the fiscal quarter ended June 30, 2023, and $7.4 million for the fiscal quarter ended September 30, 2022.

Income Tax Expense

The Company recorded an income tax benefitof $2.7 million, representing an effective tax rate of (7.9%), for the fiscal 2023 fourth quarter, compared to income tax benefit of $1.3 million, representing an effective tax rate of (5.6%), for the fourth quarter last fiscal year. The current quarter increase in income tax benefit was primarily due to an increase in investment tax credits recognized ratably when compared to the prior year quarter.

The Company originated $42.6 million in renewable energy leases during the fiscal 2023 fourth quarter, resulting in $13.7 million in total net investment tax credits. During the fourth quarter of fiscal 2022, the Company originated $35.9 million in renewable energy leases resulting in $9.6 million in total net investment tax credits. Investment tax credits related to renewable energy leases are recognized ratably based on income throughout each fiscal year. For the fiscal year ended September 30, 2023, the Company originated $93.6 million in renewable energy leases, compared to $62.8 million for the prior fiscal year. The timing and impact of future renewable energy tax credits are expected to vary from period to period, and the Company intends to undertake only those tax credit opportunities that meet the Company's underwriting and return criteria.

Outlook

The following forward-looking statements reflect the Company’s expectations as of the date of this release and are subject to substantial uncertainty. The Company's results may be materially affected by many factors, such as changes in economic conditions and customer demand, changes in interest rates, adverse developments in the financial services industry generally, inflation, competition, and other factors detailed below under “Forward-looking Statements.”

The Company is raising fiscal year 2024 GAAP earnings per diluted share guidance to a range of $6.20 to $6.70. As part of this guidance, the Company expects that its annual effective tax rate in fiscal year 2024 will range between 16% and 20%.

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Investments, Loans and Leases

(Dollars in thousands)	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Total investments	$	1,840,819	$	1,951,996	$	1,864,276	$	1,888,343	$	1,924,551
Loans held for sale
Term lending	—		3,000		—		—		—
Consumer Finance	77,779		84,351		24,780		17,148		21,071
Total loans held for sale	77,779		87,351		24,780		17,148		21,071
Term lending	1,308,133		1,253,841		1,235,453		1,160,100		1,090,289
Asset-based lending	382,371		373,160		377,965		359,516		351,696
Factoring	358,344		351,133		338,884		338,594		372,595
Lease financing	183,392		201,996		170,645		189,868		210,692
Insurance premium finance	800,077		666,265		437,700		436,977		479,754
SBA/USDA	524,750		422,389		405,612		357,084		359,238
Other commercial finance	166,091		171,954		166,402		164,734		159,409
Commercial finance	3,723,158		3,440,738		3,132,661		3,006,873		3,023,673
Consumer finance	254,416		200,121		148,648		186,930		169,659
Tax services	5,192		47,194		61,553		30,364		9,098
Warehouse finance	376,915		380,458		377,036		279,899		326,850
Total loans and leases	4,359,681		4,068,511		3,719,898		3,504,066		3,529,280
Net deferred loan origination costs	6,435		4,388		5,718		5,664		7,025
Total gross loans and leases	4,366,116		4,072,899		3,725,616		3,509,730		3,536,305
Allowance for credit losses	(49,705)		(81,916)		(84,304)		(52,592)		(45,947)
Total loans and leases, net	$	4,316,411	$	3,990,983	$	3,641,312	$	3,457,138	$	3,490,358

The Company's investment security balances at September 30, 2023 totaled $1.84 billion, as compared to $1.95 billion at June 30, 2023 and $1.92 billion at September 30, 2022.

Total gross loans and leases totaled $4.37 billion at September 30, 2023, as compared to $4.07 billion at June 30, 2023 and $3.54 billion at September 30, 2022. The primary driver for the sequential increase was an increase in commercial finance and consumer finance loans, partially offset by a decrease in seasonal tax services loans and warehouse finance loans. The year-over-year increase was primarily due to an increase in commercial finance, consumer finance, and warehouse finance loans, partially offset by a slight reduction in seasonal tax services loans.

Commercial finance loans, which comprised 85% of the Company's loan and lease portfolio, totaled $3.72 billion at September 30, 2023, reflecting an increase of $282.4 million, or 8%, from June 30, 2023 and an increase of $699.5 million, or 23%, from September 30, 2022. The sequential increase in commercial finance loans was primarily driven by a $133.8 million increase in the insurance premium finance portfolio and a $102.4 million increase in the SBA/USDA portfolio. The increase in commercial finance loans when comparing the current period to the same period of the prior year was primarily driven by increases in the insurance premium finance, SBA/USDA, term lending, and asset-based lending portfolios, partially offset by reductions in the factoring and lease financing portfolios.

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Asset Quality

The Company’s allowance for credit losses ("ACL") totaled $49.7 million at September 30, 2023, a decrease compared to $81.9 million at June 30, 2023 and an increase compared to $45.9 million at September 30, 2022. The decrease in the ACL at September 30, 2023, when compared to June 30, 2023, was primarily due to a $33.1 million decrease in the allowance related to the seasonal tax services portfolio, partially offset by slight increases in the allowance related to the commercial and consumer finance portfolios.

The $3.8 million year-over-year increase in the ACL was primarily driven by a $2.8 million increase in the allowance related to the commercial finance portfolio and a $0.9 million increase in the allowance related to the consumer finance portfolio. The year-over-year increase in the allowance related to both the commercial finance and consumer finance portfolios was primarily attributable to loan growth in each respective portfolio.

The following table presents the Company's ACL as a percentage of its total loans and leases.

	As of the Period Ended
(Unaudited)	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Commercial finance	1.26	%	1.35	%	1.53	%	1.62	%	1.46	%
Consumer finance	0.95	%	0.92	%	1.99	%	1.54	%	0.86	%
Tax services	0.06	%	70.20	%	53.77	%	2.01	%	0.05	%
Warehouse finance	0.10	%	0.10	%	0.10	%	0.10	%	0.10	%
Total loans and leases	1.14	%	2.01	%	2.27	%	1.50	%	1.30	%
Total loans and leases excluding tax services	1.14	%	1.21	%	1.40	%	1.50	%	1.30	%

The Company's ACL as a percentage of total loans and leases decreased to 1.14% at September 30, 2023 from 2.01% at June 30, 2023. The decrease in the total loans and leases coverage ratio was primarily driven by a decrease in the seasonal tax services portfolio. The Company expects to continue to diligently monitor the ACL and adjust as necessary in future periods to maintain an appropriate and supportable level.

Activity in the allowance for credit losses for the periods presented was as follows.

(Unaudited)	Three Months Ended						Year Ended
(Dollars in thousands)	September 30, 2023		June 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Beginning balance	$	81,916	$	84,304	$	75,206	$	45,947	$	68,281
Provision (reversal of) - tax services loans	2,945		(229)		—		35,775		28,093
Provision (reversal of) - all other loans and leases	6,124		2,059		(2,617)		21,673		769
Charge-offs - tax services loans	(36,606)		(404)		(22,599)		(38,741)		(30,852)
Charge-offs - all other loans and leases	(6,227)		(5,597)		(6,844)		(21,158)		(30,210)
Recoveries - tax services loans	531		671		5		2,963		2,762
Recoveries - all other loans and leases	1,022		1,112		2,796		3,246		7,104
Ending balance	$	49,705	$	81,916	$	45,947	$	49,705	$	45,947

The Company recognized a provision for credit losses of $9.0 million for the quarter ended September 30, 2023, compared to a reversal of provision for credit losses of $2.6 million for the comparable period in the prior fiscal year. The increase in provision for credit losses during the current quarter compared to the prior year period was primarily driven by growth in the commercial finance portfolio. The reversal of provision for credit losses during the prior year quarter was primarily driven by the student loan portfolio sale and commercial finance recoveries. Net charge-offs were $41.3 millionfor the quarter ended September 30, 2023, compared to $26.6 million for the quarter ended September 30, 2022. Net charge-offs attributable to the tax services, commercial finance and consumer finance portfolios for the current quarter were $32.1 million, $5.1 million, and $0.1 million, respectively. Net charge-offs attributable to the tax services, commercial finance and consumer finance portfolios for the same quarter of the prior year were $22.6 million, $3.4 million, and $0.6 million, respectively.

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The Company's past due loans and leases were as follows for the periods presented.

As of September 30, 2023	Accruing and Nonaccruing Loans and Leases												Nonperforming Loans and Leases
(Dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		> 89 Days Past Due		Total Past Due		Current		Total Loans and Leases Receivable		> 89 Days Past Due and Accruing		Nonaccrual Balance		Total
Loans held for sale	$	626	$	549	$	306	$	1,481	$	76,298	$	77,779	$	306	$	—	$	306
Commercial finance	23,434		9,143		20,352		52,929		3,670,229		3,723,158		11,242		37,372		48,614
Consumer finance	2,992		2,425		2,210		7,627		246,789		254,416		2,210		—		2,210
Tax services	—		—		5,082		5,082		110		5,192		5,082		—		5,082
Warehouse finance	—		—		—		—		376,915		376,915		—		—		—
Total loans and leases held for investment	26,426		11,568		27,644		65,638		4,294,043		4,359,681		18,534		37,372		55,906
Total loans and leases	$	27,052	$	12,117	$	27,950	$	67,119	$	4,370,341	$	4,437,460	$	18,840	$	37,372	$	56,212

As of June 30, 2023	Accruing and Nonaccruing Loans and Leases												Nonperforming Loans and Leases
(Dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		> 89 Days Past Due		Total Past Due		Current		Total Loans and Leases Receivable		> 89 Days Past Due and Accruing		Nonaccrual Balance		Total
Loans held for sale	$	10	$	—	$	—	$	10	$	87,341	$	87,351	$	—	$	—	$	—
Commercial finance	35,344		5,934		13,720		54,998		3,385,740		3,440,738		6,542		30,170		36,712
Consumer finance	2,538		2,050		2,087		6,675		193,446		200,121		2,087		—		2,087
Tax services	—		47,194		—		47,194		—		47,194		—		—		—
Warehouse finance	—		—		—		—		380,458		380,458		—		—		—
Total loans and leases held for investment	37,882		55,178		15,807		108,867		3,959,644		4,068,511		8,629		30,170		38,799
Total loans and leases	$	37,892	$	55,178	$	15,807	$	108,877	$	4,046,985	$	4,155,862	$	8,629	$	30,170	$	38,799

The Company's nonperforming assets at September 30, 2023 were $58.0 million, representing 0.77% of total assets, compared to $40.8 million, or 0.55% of total assets at June 30, 2023 and $30.9 million, or 0.46% of total assets at September 30, 2022.

The Company's nonperforming loans and leases at September 30, 2023, were $56.2 million, representing 1.26% of total gross loans and leases, compared to $38.8 million, or 0.93% of total gross loans and leases at June 30, 2023 and $29.2 million, or 0.82% of total gross loans and leases at September 30, 2022.

The increase in the nonperforming assets as a percentage of total assets at September 30, 2023 compared to June 30, 2023, was driven by an increase in nonperforming loans in the commercial finance portfolio and in the seasonal tax services portfolio. When comparing the current period to the same period of the prior year, the increase in nonperforming assets was primarily due to one sizable relationship moving to nonaccrual within the commercial finance portfolio, partially offset by a decrease in nonperforming loans in the seasonal tax services portfolio and the consumer finance portfolio.

The Company has various portfolios of consumer lending and tax services loans that present unique risks that are statistically managed. Due to the unique risks associated with these portfolios, the Company monitors other credit quality indicators in their evaluation of the appropriateness of the allowance for credit losses on these portfolios, and as such, these loans are not included in the asset classification table below. The Company's loans and leases held for investment by asset classification were as follows for the periods presented.

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	Asset Classification
(Dollars in thousands)	Pass		Watch		Special Mention		Substandard		Doubtful		Total
As of September 30, 2023
Commercial finance	$	2,845,587	$	559,112	$	102,111	$	208,193	$	8,155	$	3,723,158
Warehouse finance	376,915		—		—		—		—		376,915
Total loans and leases	$	3,222,502	$	559,112	$	102,111	$	208,193	$	8,155	$	4,100,073

	Asset Classification
(Dollars in thousands)	Pass		Watch		Special Mention		Substandard		Doubtful		Total
As of June 30, 2023
Commercial finance	$	2,692,865	$	459,885	$	84,450	$	189,743	$	13,795	$	3,440,738
Warehouse finance	380,458		—		—		—		—		380,458
Total loans and leases	$	3,073,323	$	459,885	$	84,450	$	189,743	$	13,795	$	3,821,196

Deposits, Borrowings and Other Liabilities

Total average deposits for the fiscal 2023 fourth quarter increased by $439.9 million to $6.20 billion compared to the same period in fiscal 2022. The increase in average deposits was primarily due to increases in noninterest bearing deposits, money market deposits, and wholesale deposits, partially offset by a decrease in savings deposits and time deposits.

The average balance of total deposits and interest-bearing liabilities was $6.39 billion for the three-month period ended September 30, 2023, compared to $5.80 billion for the same period in the prior fiscal year, representing an increase of 10%.

Total end-of-period deposits increased 12% to $6.59 billion at September 30, 2023, compared to $5.87 billion at September 30, 2022. The increase in end-of-period deposits was primarily driven by increases in noninterest-bearing deposits of $685.8 million and money market deposits of $47.4 million, partially offset by decreases in savings deposits of $8.1 million and certificate of deposits of $2.1 million.

As of September 30, 2023, the Company had $897.5 million in deposits related to government stimulus programs. Of the total amount of government stimulus program deposits, $340.7 million are on activated cards while $556.8 million are on inactivated cards. During fiscal year 2024, these card balances are expected to decrease by approximately $380 million as the Company actively returns unclaimed balances to the U.S. Treasury.

As of September 30, 2023, the Company managed $267.6 million of customer deposits at other banks in its capacity as custodian. These deposits provide the Company with excess deposits that can earn servicing fee income, typically reflective of the EFFR.

Approximately 49% of the deposit portfolio during the 2023 fiscal fourth quarter were subject to variable, rate-related processing expenses that are derived from the terms of contractual agreements with certain BaaS partners. These agreements are tied to a portion of a rate index, typically the EFFR.

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Regulatory Capital

The Company and its subsidiary Pathward®, N.A. (the "Bank") remained above the federal regulatory minimum capital requirements at September 30, 2023, and continued to be classified as well-capitalized, and in good standing with the regulatory agencies. Regulatory capital ratios of the Company and the Bank are stated in the table below. Regulatory capital is not affected by the unrealized loss on accumulated other comprehensive income (“AOCI”). The securities portfolio is primarily comprised of amortizing securities that should provide consistent cash flow. The Company does not intend to sell these securities, or recognize the unrealized losses on its income statement, to fund future loan growth.

The tables below include certain non-GAAP financial measures that are used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies. Management reviews these measures along with other measures of capital as part of its financial analysis.

As of the Periods Indicated	September 30, 2023(1)		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Company
Tier 1 leverage capital ratio	8.11	%	8.40	%	7.53	%	8.37	%	8.10	%
Common equity Tier 1 capital ratio	11.25	%	11.52	%	12.05	%	12.31	%	12.07	%
Tier 1 capital ratio	11.50	%	11.79	%	12.35	%	12.63	%	12.39	%
Total capital ratio	12.84	%	13.45	%	14.06	%	14.29	%	13.88	%
Bank
Tier 1 leverage ratio	8.32	%	8.67	%	7.79	%	8.68	%	8.19	%
Common equity Tier 1 capital ratio	11.81	%	12.17	%	12.77	%	13.09	%	12.55	%
Tier 1 capital ratio	11.81	%	12.17	%	12.77	%	13.09	%	12.55	%
Total capital ratio	12.76	%	13.42	%	14.03	%	14.29	%	13.57	%

(1) September 30, 2023 percentages are preliminary pending completion and filing of the Company's regulatory reports. Regulatory capital ratios for periods presented reflect the Company's election of the five-year CECL transition for regulatory capital purposes.

8

The following table provides the non-GAAP financial measures used to compute certain of the ratios included in the table above, as well as a reconciliation of such non-GAAP financial measures to the most directly comparable financial measure in accordance with GAAP:

	Standardized Approach(1)
As of the Periods Indicated (Dollars in thousands)	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Total stockholders' equity	$	650,625	$	677,721	$	673,244	$	659,133	$	645,140
Adjustments:
LESS: Goodwill, net of associated deferred tax liabilities	297,679		298,092		298,390		298,788		299,186
LESS: Certain other intangible assets	21,228		22,372		23,553		25,053		26,406
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards	19,679		12,157		13,219		16,641		17,968
LESS: Net unrealized (losses) on available for sale securities	(254,294)		(207,358)		(186,796)		(200,597)		(211,600)
LESS: Noncontrolling interest	(1,005)		(631)		(551)		(207)		(30)
ADD: Adoption of Accounting Standards Update 2016-13	2,017		2,017		2,017		2,017		2,689
Common Equity Tier 1(1)	569,355		555,106		527,446		521,472		515,899
Long-term borrowings and other instruments qualifying as Tier 1	13,661		13,661		13,661		13,661		13,661
Tier 1 minority interest not included in common equity Tier 1 capital	(826)		(454)		(404)		(138)		(20)
Total Tier 1 capital	582,190		568,313		540,703		534,995		529,540
Allowance for credit losses	47,960		60,489		55,058		50,853		43,623
Subordinated debentures, net of issuance costs	19,591		19,566		19,540		19,521		20,000
Total capital	$	649,741	$	648,368	$	615,301	$	650,369	$	593,163

(1) Capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015. Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum CET1 ratio; those changes were fully phased in through the end of calendar year 2021.

The following table provides a reconciliation of tangible common equity and tangible common equity excluding AOCI, each of which is used in calculating tangible book value data, to Total Stockholders' Equity. Each of tangible common equity and tangible common equity excluding AOCI is a non-GAAP financial measure that is commonly used within the banking industry.

As of the Periods Indicated (Dollars in thousands)	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Total stockholders' equity	$	650,625	$	677,721	$	673,244	$	659,133	$	645,140
Less: Goodwill	309,505		309,505		309,505		309,505		309,505
Less: Intangible assets	20,720		21,830		22,998		24,433		25,691
Tangible common equity	320,400		346,386		340,741		325,195		309,944
Less: AOCI	(255,443)		(207,896)		(187,829)		(201,690)		(213,080)
Tangible common equity excluding AOCI	$	575,843	$	554,282	$	528,570	$	526,885	$	523,024

9

Conference Call

The Company will host a conference call and earnings webcast with a corresponding presentation at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on Wednesday, October 25, 2023. The live webcast of the call can be accessed from Pathward’s Investor Relations website at www.pathwardfinancial.com. Telephone participants may access the conference call by dialing 1-833-470-1428 approximately 10 minutes prior to start time and reference access code 644009. A webcast replay will also be archived at www.pathwardfinancial.com for one year.

Upcoming Investor Events

•Piper Sandler East Coast Financial Services Conference, November 16, 2023 | Miami, FL

About Pathward Financial, Inc.

Pathward Financial, Inc.(Nasdaq: CASH) is a U.S.-based financial holding company driven by its purpose to power financial inclusion for all. Through our subsidiary, Pathward®, N.A., we strive to increase financial availability, choice, and opportunity across our Banking as a Service and Commercial Finance business lines. These strategic business lines provide end-to-end support to individuals and businesses. Learn more at www.pathwardfinancial.com.

Investor Relations Contact

Darby Schoenfeld, CPA

SVP, Investor Relations

877-497-7497

investorrelations@pathward.com

Media Relations Contact

mediarelations@pathward.com

10

Forward-Looking Statements

The Company and the Bank may from time to time make written or oral “forward-looking statements,” including statements contained in this press release, the Company’s filings with the Securities and Exchange Commission ("SEC"), the Company’s reports to stockholders, and in other communications by the Company and the Bank, which are made in good faith by 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 address, among others, the following subjects: future operating results including our earnings per share guidance, future effective tax rate and related performance expectations; 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, or funding costs and or 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 Bank's ability 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 Bank'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 the Bank 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; and 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.

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 in this press release speak only as of the date hereof. Additional discussions of factors affecting the Company’s business and prospects are reflected 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 with the SEC. 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.

11

Condensed Consolidated Statements of Financial Condition (Unaudited)

(Dollars in Thousands, Except Share Data)	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
ASSETS
Cash and cash equivalents	$	375,580	$	515,271	$	432,598	$	369,169	$	388,038
Securities available for sale, at fair value	1,804,228		1,914,271		1,825,563		1,847,778		1,882,869
Securities held to maturity, at amortized cost	36,591		37,725		38,713		40,565		41,682
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost	28,210		30,890		29,387		28,812		28,812
Loans held for sale	77,779		87,351		24,780		17,148		21,071
Loans and leases	4,366,116		4,072,899		3,725,616		3,509,730		3,536,305
Allowance for credit losses	(49,705)		(81,916)		(84,304)		(52,592)		(45,947)
Accrued interest receivable	23,282		22,332		22,434		20,170		17,979
Premises, furniture, and equipment, net	39,160		38,601		39,735		41,029		41,710
Rental equipment, net	211,750		224,212		210,844		231,129		204,371
Goodwill and intangible assets	330,225		331,335		332,503		333,938		335,196
Other assets	292,327		265,654		270,387		272,349		295,324
Total assets	$	7,535,543	$	7,458,625	$	6,868,256	$	6,659,225	$	6,747,410
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposits	6,589,182		6,306,976		5,902,696		5,789,132		5,866,037
Short-term borrowings	13,000		230,000		43,000		—		—
Long-term borrowings	33,873		34,178		34,543		34,977		36,028
Accrued expenses and other liabilities	248,863		209,750		214,773		175,983		200,205
Total liabilities	6,884,918		6,780,904		6,195,012		6,000,092		6,102,270
STOCKHOLDERS’ EQUITY
Preferred stock	—		—		—		—		—
Common stock, $.01 par value	262		266		271		282		288
Common stock, Nonvoting, $.01 par value	—		—		—		—		—
Additional paid-in capital	628,500		625,825		623,250		620,681		617,403
Retained earnings	278,655		267,100		245,046		246,891		245,394
Accumulated other comprehensive loss	(255,443)		(207,896)		(187,829)		(201,690)		(213,080)
Treasury stock, at cost	(344)		(6,943)		(6,943)		(6,824)		(4,835)
Total equity attributable to parent	651,630		678,352		673,795		659,340		645,170
Noncontrolling interest	(1,005)		(631)		(551)		(207)		(30)
Total stockholders’ equity	650,625		677,721		673,244		659,133		645,140
Total liabilities and stockholders’ equity	$	7,535,543	$	7,458,625	$	6,868,256	$	6,659,225	$	6,747,410

12

Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended						Year Ended
(Dollars in Thousands, Except Share and Per Share Data)	September 30, 2023		June 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Interest and dividend income:
Loans and leases, including fees	$	90,085	$	81,242	$	64,963	$	323,602	$	268,078
Mortgage-backed securities	10,225		10,234		10,155		41,197		26,846
Other investments	9,332		7,870		5,104		33,936		17,272
	109,642		99,346		80,222		398,735		312,196
Interest expense:
Deposits	1,954		164		99		4,356		500
FHLB advances and other borrowings	2,754		1,717		363		6,518		4,372
	4,708		1,881		462		10,874		4,872
Net interest income	104,934		97,465		79,760		387,861		307,324
Provision for (reversal of) credit losses	9,042		1,773		(2,648)		57,354		28,538
Net interest income after provision for credit losses	95,892		95,692		82,408		330,507		278,786
Noninterest income:
Refund transfer product fees	308		8,262		1,135		39,452		39,809
Refund advance fee income	(252)		(927)		44		37,433		40,557
Card and deposit fees	31,233		39,708		28,908		150,746		105,733
Rental income	14,562		13,980		12,024		54,190		46,558
Gain (loss) on sale of securities	—		9		(1,882)		91		(1,287)
Gain on sale of trademarks	—		—		—		10,000		50,000
Gain (loss) on sale of other	2,006		812		(3,319)		2,572		(4,920)
Other income	8,194		5,889		6,546		22,115		17,357
Total noninterest income	56,051		67,733		43,456		316,599		293,807
Noninterest expense:
Compensation and benefits	46,352		47,402		42,762		184,318		171,126
Refund transfer product expense	28		1,727		52		9,723		8,908
Refund advance expense	(6)		239		1		1,863		2,157
Card processing	29,549		26,342		15,718		105,498		38,785
Occupancy and equipment expense	9,274		8,595		9,064		34,691		34,909
Operating lease equipment depreciation	10,846		10,517		9,306		45,710		35,636
Legal and consulting	7,633		5,089		13,355		27,102		40,634
Intangible amortization	1,110		1,168		1,397		4,971		6,585
Impairment expense	—		2,749		—		3,273		670
Other expense	13,416		10,750		11,375		47,826		45,865
Total noninterest expense	118,202		114,578		103,030		464,975		385,275
Income before income tax expense	33,741		48,847		22,834		182,131		187,318
Income tax expense (benefit)	(2,672)		3,243		(1,272)		16,324		27,964
Net income before noncontrolling interest	36,413		45,604		24,106		165,807		159,354
Net income attributable to noncontrolling interest	507		508		686		2,192		2,968
Net income attributable to parent	$	35,906	$	45,096	$	23,420	$	163,615	$	156,386
Less: Allocation of Earnings to participating securities(1)	531		690		393		2,445		2,566
Net income attributable to common shareholders(1)	35,375		44,406		23,027		161,170		153,821
Earnings per common share:
Basic	$	1.37	$	1.69	$	0.81	$	6.01	$	5.26
Diluted	$	1.36	$	1.68	$	0.81	$	5.99	$	5.26
Shares used in computing earnings per common share:
Basic	25,883,807		26,346,693		28,581,236		26,833,079		29,227,071
Diluted	25,991,449		26,447,032		28,581,236		26,925,606		29,232,247

(1) Amounts presented are used in the two-class earnings per common share calculation.

13

Average Balances, Interest Rates and Yields

The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and in rates. Only the yield/rate reflects tax-equivalent adjustments. Nonaccruing loans and leases have been included in the table as loans carrying a zero yield.

Three Months Ended September 30,	2023						2022
(Dollars in thousands)	Average Outstanding Balance		Interest Earned / Paid		Yield / Rate(1)		Average Outstanding Balance		Interest Earned / Paid		Yield / Rate(1)
Interest-earning assets:
Cash and fed funds sold	$	230,032	$	2,425	4.18	%	$	275,344	$	1,467	2.11	%
Mortgage-backed securities	1,514,318		10,225		2.68	%	1,583,415		10,155		2.54	%
Tax exempt investment securities	141,328		964		3.43	%	165,718		990		3.00	%
Asset-backed securities	260,460		3,656		5.57	%	167,053		854		2.03	%
Other investment securities	289,980		2,287		3.13	%	263,615		1,792		2.70	%
Total investments	2,206,086		17,132		3.13	%	2,179,801		13,791		2.56	%
Commercial finance	3,543,353		74,157		8.30	%	2,960,988		54,325		7.28	%
Consumer finance	312,292		7,125		9.05	%	234,295		4,128		6.99	%
Tax services	44,192		(147)		(1.32)	%	35,484		(148)		(1.65)	%
Warehouse finance	388,230		8,950		9.15	%	387,910		6,658		6.81	%
Total loans and leases	4,288,067		90,085		8.33	%	3,618,678		64,963		7.12	%
Total interest-earning assets	$	6,724,185	$	109,642	6.48	%	$	6,073,822	$	80,222	5.26	%
Noninterest-earning assets	566,890						657,498
Total assets	$	7,291,075					$	6,731,321
Interest-bearing liabilities:
Interest-bearing checking	$	364	$	—	0.33	%	$	380	$	—	0.33	%
Savings	58,907		6		0.04	%	67,937		6		0.04	%
Money markets	156,671		237		0.60	%	104,570		55		0.21	%
Time deposits	5,589		3		0.19	%	7,969		5		0.23	%
Wholesale deposits	128,155		1,708		5.29	%	6,479		32		1.98	%
Total interest-bearing deposits	349,686		1,954		2.22	%	187,335		99		0.21	%
Overnight fed funds purchased	148,837		2,077		5.54	%	15,511		100		2.56	%
Subordinated debentures	19,574		357		7.23	%	1,739		29		6.72	%
Other borrowings	14,484		320		8.76	%	16,397		234		5.66	%
Total borrowings	182,895		2,754		5.97	%	33,647		363		4.29	%
Total interest-bearing liabilities	532,581		4,708		3.51	%	220,981		462		0.83	%
Noninterest-bearing deposits	5,855,248		—		—	%	5,577,713		—		—	%
Total deposits and interest-bearing liabilities	$	6,387,829	$	4,708	0.29	%	$	5,798,694	$	462	0.03	%
Other noninterest-bearing liabilities	223,242						201,711
Total liabilities	6,611,071						6,000,404
Shareholders' equity	680,004						730,916
Total liabilities and shareholders' equity	$	7,291,075					$	6,731,321
Net interest income and net interest rate spread including noninterest-bearing deposits			$	104,934	6.19	%			$	79,760	5.23	%
Net interest margin					6.19	%					5.21	%
Tax-equivalent effect					0.02	%					0.02	%
Net interest margin, tax-equivalent(2)					6.21	%					5.23	%

(1) Tax rate used to arrive at the TEY for the three months ended September 30, 2023 and 2022 was 21%.

(2) Net interest margin expressed on a fully-taxable-equivalent basis ("net interest margin, tax-equivalent") is a non-GAAP financial measure. The tax-equivalent adjustment to net interest income recognizes the estimated income tax savings when comparing taxable and tax-exempt assets and adjusting for federal and state exemption of interest income. The Company believes that it is a standard practice in the banking industry to present net interest margin expressed on a fully taxable equivalent basis and, accordingly, believes the presentation of this non-GAAP financial measure may be useful for peer comparison purposes.

14

Selected Financial Information

As of and For the Three Months Ended	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Equity to total assets	8.63		%	9.09		%	9.80		%	9.90		%	9.56		%
Book value per common share outstanding	$	24.85		$	25.54		$	24.88		$	23.36		$	22.41
Tangible book value per common share outstanding	$	12.24		$	13.05		$	12.59		$	11.53		$	10.77
Tangible book value per common share outstanding excluding AOCI	$	21.99		$	20.89		$	19.54		$	18.68		$	18.17
Common shares outstanding	26,183,583			26,539,272			27,055,727			28,211,239			28,788,124
Nonperforming assets to total assets	0.77		%	0.55		%	0.44		%	0.68		%	0.46		%
Nonperforming loans and leases to total loans and leases	1.26		%	0.93		%	0.76		%	1.16		%	0.82		%
Net interest margin	6.19		%	6.18		%	6.12		%	5.62		%	5.21		%
Net interest margin, tax-equivalent	6.21		%	6.20		%	6.14		%	5.64		%	5.23		%
Return on average assets	1.97		%	2.61		%	2.99		%	1.71		%	1.39		%
Return on average equity	21.12		%	26.26		%	32.68		%	17.18		%	12.82		%
Full-time equivalent employees	1,193			1,186			1,164			1,150			1,141

Non-GAAP Reconciliations

Adjusted Net Income and Adjusted Earnings Per Share	At and For the Three Months Ended						At and For the Year Ended
(Dollars in Thousands, Except Share and Per Share Data)	September 30, 2023		June 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net Income - GAAP	$	35,906	$	45,096	$	23,420	$	163,615	$	156,386
Less: Gain on sale of trademarks	—		—		—		10,000		50,000
Less: Loss on disposal of certain mobile solar generators	—		—		—		(1,993)		—
Add: Accelerated depreciation on certain mobile solar generators	—		—		—		4,822		—
Add: Rebranding expenses	—		—		6,899		3,737		13,148
Add: Separation related expenses	—		—		1,029		11		5,109
Add: Impairment on Venture Capital investments	—		2,749		—		3,249		—
Add: Income tax effect resulting from the above listed items	—		(687)		(1,029)		(942)		8,936
Adjusted net income	$	35,906	$	47,158	$	30,319	$	166,485	$	133,579
Less: Adjusted allocation of earnings to participating securities	531		722		508		2,488		2,191
Adjusted Net income attributable to common shareholders	35,375		46,436		29,811		163,997		131,388
Weighted average diluted common shares outstanding	25,991,449		26,447,032		28,581,236		26,925,606		29,232,247
Adjusted earnings per common share - diluted	$	1.36	$	1.76	$	1.04	$	6.09	$	4.49

15

Net Interest Margin and Cost of Deposits	At and For the Three Months Ended
(Dollars in thousands)	September 30, 2023			June 30, 2023			September 30, 2022
Average interest earning assets	$	6,724,185		$	6,326,750		$	6,073,822
Net interest income	$	104,935		$	97,465		$	79,760
Net interest margin	6.19		%	6.18		%	5.21		%
Quarterly average total deposits	$	6,204,934		$	5,895,242		$	5,765,047
Deposit interest expense	$	1,954		$	164		$	99
Cost of deposits	0.12		%	0.01		%	0.01		%
Adjusted Net Interest Margin and Adjusted Cost of Deposits
Average interest earning assets	$	6,724,185		$	6,326,750		$	6,073,822
Net interest income	$	104,935		$	97,465		$	79,760
Less: Contractual, rate-related processing expense	$	22,473		$	20,528		$	7,372
Adjusted net interest income	$	82,462		$	76,937		$	72,388
Adjusted net interest margin	4.87		%	4.88		%	4.73		%
Average total deposits	$	6,204,934		$	5,895,242		$	5,765,047
Deposit interest expense	$	1,954		$	164		$	99
Add: Contractual, rate-related processing expense	$	22,473		$	20,528		$	7,372
Adjusted deposit expense	$	24,427		$	20,692		$	7,471
Adjusted cost of deposits	1.56		%	1.41		%	0.52		%

16

EX-99.2

Quarterly Investor Update FOURTH QUARTER & F ISCAL YEAR END 2023 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation2 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. 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 Pathward™, 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.

FY 2023 Highlights $163.6 MILLION IN NET INCOME; AN INCREASE OF 5% COMPARED TO F Y 2022 $5.99 IN DILUTED EARNINGS PER SHARE; AN INCREASE OF 14% COMPARED TO F Y 2022 GROW TH IN BOTH NET INTEREST INCOME AND NON - INTEREST INCOME AS COMPARED TO F Y 2022 NET INTEREST MARGIN (“NIM”) OF 6.04%; ADJUSTED NIM 1 OF 4.83% Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation3 . 1 See slide 31 for additional detail on adjusted NIM.

Fiscal Year 2023 Accomplishments Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation4 • 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

Delivering on Strategic Initiatives in FY 2024 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation5 • 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

Results Driven by NIM Expansion and Growth in Noninterest Income ($ in millions, except per share data) Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation6 $79.8 $104.9 Q4 2022 Q4 2023 +32% Net Interest Income $103.0 $118.2 Q4 2022 Q4 2023 +15% Noninterest Expenses $43.5 $56.1 Q4 2022 Q4 2023 +29% Noninterest Income $23.4 $35.9 Q4 2022 Q4 2023 +53% Net Income Attributable to Parent $0.81 $1.36 Q4 2022 Q4 2023 +68% Earnings per Diluted Share

▪ Average Q4 off balance sheet deposits of $588 mil l ion, $268 mil l ion at quar ter end ▪ Sequential quar ter total deposits impacted by declines in seasonal tax ser vices balances and EIP deposit runoff ▪ Continue to return unclaimed EIP balances to the U.S. Treasury Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation7 Total Deposits Remain Strong $5,866.0 $6,589.2 $1,312.6 Q4 2022 $267.6 Q4 2023 $7,178.6 $6,856.8 -4% Total Managed Deposits Period ending ($ in millions) Off balance sheet On balance sheet

▪ Growth primari ly driven by Insurance Premium Finance, Term Lending and SBA/USDA ▪ Credit qual ity 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 4Q23 1 Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation8 Total Loans and Leases Increased from Q4 2022 $3,529.3 $4,359.7 Q4 2022 Q4 2023 +24% Total Loans and Leases Period ending ($ in millions) 1 See slide 29 (Non-GAAP reconciliation) for additional detail.

Strong Balance Sheet Allows for Return to Shareholders Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation9 $268 $785 $875 $375 $252 $83 1These off balance sheet deposits can be brought back on balance sheet, as needed, as they are immediately callable. ($ in millions) 311,727 2,628,541 Q4 2023 FY 2023 Share RepurchasesLiquidity Sources Off Balance Sheet Deposits 1 Cash and Cash Equivalents Unpledged Investment Securities FHLB Borrowing Capacity Fed Discount Window Funds Unsecured Funding and Other Wholesale Funding Options Number of Shares Repurchased

Increasing FY 2024 Guidance1 to $6.20 to $6.70 Per Diluted Share Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation10 GUIDANCE INCLUDES THE FOLLOWING ASSUMPTIONS: LOWER FEE REVENUE FROM EIP DEPOSIT BALANCE DECLINE BASED ON CURRENT R ATE ENVIRONMENT THROUGH FISCAL YEAR 2024 EFFECTIVE INCOME TAX R ATE IN THE R ANGE OF 16 -20% 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 Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation11 Q&A

2 3 4 1 Record of strong earnings growth and profitability above banking industry averages Resilient Commercial Finance loan portfolio produces attractive returns throughout economic cycles Experienced leader in fast-growing Banking as a Service (BaaS) sector, with diversified portfolio of high-quality financial partners Highly advantageous national bank charter, with well-developed risk mitigation and compliance capabilities Excess capital generating business enables ongoing return of value to shareholders 5 Investment Highlights

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation13 Record of Strong Earnings Growth and Profitability1 2.20% 1.12% 1.55% 1.45% 1.74% 1.88% 2.33% 2018 2019 2020 2021 2022 2023 Return on Average Assets ROAA inclusive of one-time items Net Interest Margin Return on Average Tangible Equity 35.42% 16.78% 22.34% 21.87% 28.66% 30.25% 48.32% 2018 2019 2020 2021 2022 2023 ROATE inclusive of one-time items Earnings Per Common Share $5.26 $1.67 $2.49 $2.94 $4.38 $4.49 $5.99 2018 2019 2020 2021 2022 2023 EPS inclusive of one-time items 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 3.14% 4.91% 4.09% 3.83% 4.84% 6.04% 2018 2019 2020 2021 2022 2023 Remaining Fiscal Year Earnings

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. Pathward Financial, Inc, (Nasdaq: CASH) | Quarterly Investor Presentation14 Return of Capital to Shareholders HIGHLIGHTS Track Record of Strong Earnings Growth and Right-Sized Balance Sheet Enables Ongoing Return of Capital Capital Returned to Shareholders Note: Repurchased common shares include shares withheld to cover income taxes owed by participants related to share-based incentive plans. $539.9M TOTAL SHARE REPURCHASES 2Q19 TO 4Q23 $30.7M TOTAL DIVIDENDS PAID 2Q19 TO 4Q23

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation15 Continued Progress on Key Strategic Initiatives 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. OPTIMIZE DEPOSIT MIX, TO MAINTAIN A STABLE DEPOSIT BASE • 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 OPER ATING LEVER AGE 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. • 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.

Pathward Financial, Inc, (Nasdaq: CASH) | Quarterly Investor Presentation16 Summary Financial Results Fourth Quarter and Fiscal Year End September 30, 2023 INCOME STATEMENT For the quarter ended For the year ended ($ in thousands, except per share data) 4Q22 3Q23 4Q23 2022 2023 Net interest income 79,760 97,465 104,934 307,324 387,861 Provision for credit losses (2,648) 1,773 9,042 28,538 57,354 Total noninterest income 43,456 67,733 56,051 293,807 316,599 Total noninterest expense 103,030 114,578 118,202 385,275 464,975 Net income before taxes 22,834 48,847 33,741 187,318 182,131 Income tax expense (1,272) 3,243 (2,672) 27,964 16,324 Net income before non-controlling interest 24,106 45,604 36,413 159,354 165,807 Net income attributable to non-controlling interest 686 508 507 2,968 2,192 Net income attributable to parent 23,420 45,096 35,906 156,386 163,615 Less: Allocation of earnings to participating securities1 393 690 531 2,565 2,445 Net income attributable to common shareholders1 23,027 44,406 35,375 153,821 161,170 Earnings per share, diluted $0.81 $1.68 $1.36 $5.26 $5.99 Average diluted shares 28,581,236 26,447,032 25,991,449 29,232,247 26,925,606 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 quarter, as compared to $20.5 million in 3Q23 and $7.4 million in the fourth quarter of the prior year. 1 Amounts presented are used in the two-class earnings per common share calculation.

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation17 Balance Sheet Highlights Fourth Quarter and Fiscal Year End September 30, 2023 BALANCE SHEET PERIOD ENDING ($ in thousands) 4Q22 3Q23 4Q23 Cash and cash equivalents 388,038 515,271 375,580 Investments 1,924,551 1,951,996 1,840,819 Loans held for sale 21,071 87,351 77,779 Loans and leases (HFI) 3,536,305 4,072,899 4,366,116 Allowance for credit losses (45,947) (81,916) (49,705) Other assets 923,392 913,024 924,954 Total assets 6,747,410 7,458,625 7,535,543 Total deposits 5,866,037 6,306,976 6,589,182 Total borrowings 36,028 264,178 46,873 Other liabilities 200,205 209,750 248,863 Total liabilities 6,102,270 6,780,904 6,884,918 Total stockholders’ equity 645,140 677,721 650,625 Total liabilities and stockholders’ equity 6,747,410 7,458,625 7,535,543 Loans (HFI) / Deposits 60% 65% 66% Net Interest Margin 5.21% 6.18% 6.19% Return on Average Assets 1.39% 2.61% 1.97% Return on Average Equity 12.82% 26.26% 21.12%

Deposits held on Balance Sheet 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. $268 million of off-balance sheet deposits held in custody at program banks as of September 30, 2023. These off-balance sheet deposits earn recordkeeping service fee income, typically reflective of the Effective Fed Funds Rate. Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation18 Deposits HIGHLIGHTS Deposit Breakdown End of Period Deposits ($B) $7.1 $7.2 $6.9 $1.3 $1.4 $1.7 $2.4 $3.2 $4.4 $4.3 $5.0 $5.5 $5.9 $6.6 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total Deposits, including those held at program banks 96.1% 3.8% 0.1% Noninterest Bearing Deposits Interest Bearing Non- Time Deposits Time Deposits

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. Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation19 Cost of Deposits HIGHLIGHTS Cost of Deposits 0.12% 1.56% 0.88% 2.22% 0.12% 0.12%0.09% 5.26% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 All-in Cost of Deposits Cost of Interest Bearing Deposits Cost of Total Deposits Quarterly Average Effective Fed Funds Rate 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.

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. Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation20 Diversified Noninterest Income Streams HIGHLIGHTS Refund Transfer Product Fees 13% Refund Advance Product Fees 12% Card and Deposit Fees 49% Rental Income 18% Other Income 8% FY 2023 Noninterest Income Breakdown1 1 Excludes gain on sale of trademarks. Noninterest income 44% Net interest income 56% FY 2023 Revenue Breakdown1

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 $54 million in Consumer Finance. Yields continue to increase in the rising rate environment as variable loans adjust and fixed loans are gradually replaced and repriced. 2Q23 balances and yields elevated by seasonal tax loans. Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation21 Loan Portfolio HIGHLIGHTS Average Loans and Yields ($B) Period End Portfolio Composition ($B) $3.0 $3.0 $3.1 $3.4 $3.7 $0.2 $0.2 $0.1 $0.2 $0.3 $0.0 $0.0 $0.1 $0.0 $0.0 $0.3 $0.4 $0.4 $0.4 4Q22 $0.3 1Q23 2Q23 3Q23 4Q23 $3.5 $3.5 $3.7 $4.1 $4.4 Warehouse Tax Services Consumer Commercial $3.6 $3.5 $4.0 $3.9 $4.3 7.12% 7.70% 8.47% 8.31% 8.33% 4Q22 1Q23 2Q23 3Q23 4Q23

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation22 Commercial Finance Attributes by Asset Class 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 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 INSUR ANCE 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

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. Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation23 Loan Portfolio Interest Rate Sensitivity HIGHLIGHTS 1 Fixed rate loans and leases are shown for contractual periods. 35% 22% 43% Fixed Rate > 1 Year Total Loan and Lease Portfolio Pricing Attributes1 Fixed Rate < 1 Year Floating or Variable Net Interest Margin and Loan Yields 3.77% 4.65% 3.07% 3.75% 4.35% 4.59% 4.80% 4.76% 5.21% 5.62% 6.12% 6.18% 6.19% 3.77% 4.64% 3.06% 3.75% 4.34% 4.59% 4.79% 4.62% 4.73% 4.68% 4.89% 4.88% 4.87% 6.98% 7.00% 6.74% 6.90% 6.93% 6.96% 7.22% 6.69% 7.12% 7.70% 8.47% 8.31% 8.33% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 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 1 2

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation24 Interest Rate Risk Management September 30, 2023 -2,000 0 2,000 4,000 6,000 Month 1-12 Month 13-36 Month 37-60 Month 61-180 V o lu m e ( $ M M ) Period Variance Total Assets Total Liabilities Asset/Liability Gap Analysis 1 Fixed rate securities, loans and leases are shown for contractual periods. 5% 25% 15% 55% Fixed Rate > 1 Year Earning Asset Pricing Attributes1 Fixed Rate < 1 Year Floating or Variable Federal Reserve Bank Deposits (Floating or Variable) • 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. • 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. -15% 0% 15% 30% -200 -100 +100 +200 +300 Parallel Shock Ramp Alternative Year 1 12-Month Interest Rate Sensitivity from Base Net Interest Income 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 Presentation25 Asset Quality $4.1 $2.2 $6.0 $4.5 $5.2 0.45% 0.25% 0.68% 0.46% 0.49% 0.63% 0.61% 0.46% 0.46% 0.47% 4Q22 1Q23 2Q23 3Q23 4Q23 Period Ended Adj. NCOs Adj. NCOs / Adj. Average Loans Adj. NCOs / Adj. Average Loans - LTM Adjusted Net Charge-Offs (“NCOs”)1 Excludes Tax Services NCOs and Related Seasonal Average Loans ($ in millions) 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. • 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. $30.9 $45.0 $30.1 $40.8 $58.0 0.46% 0.68% 0.44% 0.55% 0.77% 4Q22 1Q23 2Q23 3Q23 4Q23 Period Ended NPAs NPAs / Total Assets 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. $29.2 $40.9 $28.5 $38.8 $56.2 0.82% 1.16% 0.76% 0.93% 1.26% 4Q22 1Q23 2Q23 3Q23 4Q23 Period Ended NPLs NPLs / Total Loans Nonperforming Assets (“NPAs”) ($ in millions) Nonperforming Loans (“NPLs”) ($ in millions)

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation26 Capital and Sources of Liquidity Regulatory Capital as of September 30, 2023 At September 30, 2023¹ Pathward Financial, Inc. Pathward, N.A. Tier 1 Leverage 8.11% 8.32% Common Equity Tier 1 11.25% 11.81% Tier 1 Capital 11.50% 11.81% Total Capital 12.84% 12.76% Primary & Secondary Liquidity Sources ($ in millions) Cash and Cash Equivalents $375 Unpledged Investment Securities $83 FHLB Borrowing Capacity $785 Funds Available through Fed Discount Window $252 Unsecured Funding Providers $875 Deposit Balances Held at Other Banks $268 Total Liquidity $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. . 8.10% 8.37% 7.53% 8.40% 8.11%8.19% 8.68% 7.79% 8.67% 8.32% 4Q22 1Q23 2Q23 3Q23 4Q23 Tier 1 Leverage Ratio 13.88% 14.29% 14.06% 13.45% 12.84% 13.57% 14.29% 14.03% 13.42% 12.76% 4Q22 1Q23 2Q23 3Q23 4Q23 Total Capital Ratio Pathward Financial, Inc. Pathward, N.A. Minimum Requirement to be Well-Capitalized under Prompt Corrective Action Provisions

APPENDIX

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation28 Non-GAAP Reconciliation Adjusted Net Income and Adjusted Earnings Per Share For the quarter ended For the year ended ($ in thousands, except per share data) 4Q22 3Q23 4Q23 2022 2023 Net income - GAAP 23,420 45,096 35,906 156,386 163,615 Less: Gain on sale of trademarks - - - 50,000 10,000 Less: Loss on disposal of certain mobile generators - - - - (1,993) Add: Accelerated depreciation on certain mobile generators - - - - 4,822 Add: Rebranding expenses 6,899 - - 13,148 3,737 Add: Separation related expenses 1,029 - - 5,109 11 Add: Impairment on venture capital investments - 2,749 - - 3,249 Add: Income tax effect (1,029) (687) - 8,936 (942) Adjusted net income 30,319 47,158 35,906 133,579 166,485 Less: Allocation of earnings to participating securities1 508 722 531 2,191 2,488 Adjusted net income attributable to common shareholders 29,811 46,436 35,375 131,388 163,997 Adjusted earnings per common share, diluted $1.04 $1.76 $1.36 $4.49 $6.09 Average diluted shares 28,581,236 26,447,032 25,991,449 29,232,247 26,925,606 1 Amounts presented are used in the two-class earnings per common share calculation.

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation29 Non-GAAP Reconciliation 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. For the quarter ended ($ in thousands) Sep 30, 2022 Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Net charge-offs 26,664 3,217 4,975 4,218 41,280 Less: Tax services net charge-offs (recoveries) 22,594 1,033 (1,064) (266) 36,075 Adjusted net charge-offs 4,050 2,184 6,039 4,484 5,205 Quarterly average loans and leases 3,618,678 3,524,924 4,014,112 3,919,225 4,288,067 Less: Quarterly average tax services loans 35,484 25,231 448,659 52,477 44,192 Adjusted Quarterly average loans and leases 3,583,194 3,499,693 3,565,453 3,866,748 4,243,875 Annualized NCOs/average loans and leases 2.95% 0.37% 0.50% 0.43% 3.85% Adjusted annualized NCOs/adjusted average loans and leases1 0.45% 0.25% 0.68% 0.46% 0.49% Adjusted Annualized NCOs and Adjusted Loans and Leases

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation30 Non-GAAP Reconciliation For the last twelve months ended ($ in thousands) Sep 30, 2022 Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Noninterest expense – GAAP 385,275 407,899 431,875 449,803 464,975 Net interest income 307,324 319,768 337,373 362,687 387,861 Noninterest income 293,807 272,993 290,265 304,004 316,599 Total Revenue: GAAP 601,131 592,761 627,638 666,691 704,460 Efficiency ratio, LTM 64.09% 68.81% 68.81% 67.47% 66.00% For the last twelve months ended ($ in thousands) Sep 30, 2022 Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Noninterest expense – GAAP 385,275 407,899 431,875 449,803 464,975 Less: Rebranding expenses 13,148 16,883 14,063 10,636 3,737 Adjusted noninterest expense 372,127 391,016 417,812 439,167 461,238 Net interest income 307,324 319,768 337,373 362,687 387,861 Noninterest income 293,807 272,993 290,265 304,004 316,599 Less: Gain on sale of trademarks 50,000 10,000 10,000 10,000 10,000 Total Adjusted Revenue: 551,131 582,761 617,638 656,691 694,460 Adjusted Efficiency ratio, LTM 67.52% 67.10% 67.65% 66.88% 66.42% Efficiency Ratio Adjusted Efficiency Ratio

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation31 Non-GAAP Reconciliation For the Quarter Ended For the Year Ended ($ in thousands) Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Sep-23 Average Interest Earning Assets 6,806,366 5,636,444 9,768,242 7,316,820 6,438,572 6,183,646 7,082,417 6,082,329 6,073,822 5,934,431 6,717,918 6,326,750 6,724,185 6,424,492 Net Interest Income 64,513 65,999 73,850 68,475 70,667 71,613 83,800 72,151 79,760 84,056 101,406 97,464 104,934 387,861 Net Interest Margin 3.77% 4.65% 3.07% 3.75% 4.35% 4.59% 4.80% 4.76% 5.21% 5.62% 6.12% 6.18% 6.19% 6.04% Average Total Deposits 6,466,574 5,426,444 9,565,560 6,981,439 6,076,868 5,921,384 6,679,422 5,741,072 5,765,047 5,636,658 6,386,592 5,895,242 6,204,934 6,029,279 Deposit Interest Expense 1,904 797 445 188 165 141 166 94 99 142 2,095 164 1,954 4,356 Cost of Deposits 0.12% 0.06% 0.02% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.13% 0.01% 0.12% 0.07% Net Interest Margin and Cost of Deposits Adjusted Net Interest Margin and Adjusted Cost of Deposits For the Quarter Ended For the Year Ended ($ in thousands) Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Sep-23 Average Interest Earning Assets 6,806,366 5,636,444 9,768,242 7,316,820 6,438,572 6,183,646 7,082,417 6,082,329 6,073,822 5,934,431 6,717,918 6,326,750 6,724,185 6,424,492 Net Interest Income 64,513 65,999 73,850 68,475 70,667 71,613 83,800 72,151 79,760 84,056 101,406 97,464 104,934 387,681 Less: Contractual, Rate-Related Processing Expense 44 50 59 578 205 128 217 2,158 7,372 13,985 20,369 20,528 22,473 77,356 Adjusted Net Interest Income 64,469 65,948 73,791 67,897 70,461 71,485 83,583 69,994 72,388 70,071 81,037 76,936 82,461 310,325 Adjusted Net Interest Margin 3.77% 4.64% 3.06% 3.75% 4.34% 4.59% 4.79% 4.62% 4.73% 4.68% 4.89% 4.88% 4.87% 4.83% Average Total Deposits 6,466,574 5,426,444 9,565,560 6,981,439 6,076,868 5,921,384 6,679,422 5,741,072 5,765,047 5,636,658 6,386,592 5,895,242 6,204,934 6,029,279 Deposit Interest Expense 1,904 797 445 188 165 141 166 94 99 142 2,095 164 1,954 4,356 Add: Contractual, Rate-Related Processing Expense 44 50 59 578 205 128 217 2,158 7,372 13,985 20,369 20,528 22,473 77,356 Adjusted Deposit Expense 1,948 847 504 766 370 269 382 2,252 7,471 14,128 22,465 20,692 24,427 81,712 Adjusted Cost of Deposits 0.12% 0.06% 0.02% 0.04% 0.02% 0.02% 0.02% 0.16% 0.52% 1.00% 1.41% 1.41% 1.56% 1.36%

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation 32 Overview of Loan Portfolio ($ in millions) Business Line Balance Sheet Category 4Q22 3Q23 4Q23 MRQ Yield % of Total Commercial Finance Structured Finance Guaranteed portion of US govt SBA/USDA loans SBA/USDA 194.9 250.5 339.9 Unguaranteed portion of US govt SBA/USDA loans SBA/USDA 150.8 169.1 182.3 Paycheck Protection Program (PPP) loans SBA/USDA 13.5 2.8 2.6 Renewable energy debt financing¹ (term lending only) Term lending 153.9 141.6 144.5 Other Term lending 353.5 380.0 446.4 TOTAL 866.6 944.0 1,115.7 5.80% 25% Equipment Finance Large ticket Lease financing 187.6 187.8 171.7 Term lending 340.0 526.3 528.5 Small ticket Lease financing 14.2 8.3 6.5 Term lending 242.9 205.9 188.8 Other Lease financing 8.9 5.9 5.1 TOTAL 793.6 934.2 900.6 7.45% 21% Working Capital Asset-based lending 351.7 373.2 382.4 Factoring 372.6 351.1 358.3 TOTAL 724.3 724.3 740.7 12.90% 17% Specialty Finance Insurance premium finance 479.8 666.3 800.1 Other commercial finance 159.4 172.0 166.1 TOTAL 639.2 838.3 966.2 8.29% 22% Consumer Finance Consumer finance 169.7 200.1 254.4 TOTAL 169.7 200.1 254.4 9.05% 6% Tax Services Tax preparer loans Tax services 0.2 - 0.1 Refund advance loans Tax services 8.9 47.2 5.1 TOTAL 9.1 47.2 5.2 (1.32%) 0% Corporate Warehouse finance 326.9 380.4 376.9 TOTAL 326.9 380.4 376.9 9.15% 9% Total Lending Portfolio (HFI) 3,529.3 4,068.5 4,359.7 8.33% 100% 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.

Pathward Financial, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation33 Commercial Finance Concentrations by Industry1 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 MANUFACTURING 40% Term Lending 31% Asset-Based Lending 16% Lease Financing 9% Factoring 4% Other TRANSPORTATION & WAREHOUSING 50% Term lending 29% Factoring 12% Insurance premium finance 9% Other UTILITIES 66% SBA/USDA 25% Term lending 8% Rental equipment, net 1% Other $636 $621 $473 $423 $232 $198 $181 $134 $128 $122 $119 $85 $67 $60 $55 $53 $30 $14 $12 $5 $2 Manufacturing Utilities Transportation and Warehousing Other Services (except Public Administration) 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 Nonclassifiable Establishments Arts, Entertainment, and Recreation Agriculture, Forestry, Fishing and Hunting Educational Services Management of Companies and Enterprises $ in millions

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Cover Page Cover Page	Oct. 25, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 25, 2023
Entity Registrant Name	PATHWARD FINANCIAL, INC
Entity Incorporation, State or Country Code	DE
Entity File Number	0-22140
Entity Tax Identification Number	42-1406262
Entity Address, Address Line One	5501 South Broadband Lane
Entity Address, City or Town	Sioux Falls
Entity Address, State or Province	SD
Entity Address, Postal Zip Code	57108
City Area Code	877
Local Phone Number	497-7497
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	CASH
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000907471
Amendment Flag	false