On this page of StockholderLetter.com we present the latest annual shareholder letter from PATHWARD FINANCIAL, INC. — ticker symbol CASH. Reading current and past CASH letters to shareholders can bring important insights into the investment thesis.

 •  1/14/2026 Letter Continued (Full PDF)
 •  1/18/2023 CASH Stockholder Letter
 •  1/17/2024 CASH Stockholder Letter
 •  1/15/2025 CASH Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  CASH Benford's Law Stock Score = 100

CASH Shareholder/Stockholder Letter Transcript:

INVESTOR INFORMATION
ANNUAL MEETING OF STOCKHOLDERS
STOCKHOLDER SERVICES
The Annual Meeting of Stockholders will convene at 9:00 a.m.
Central Standard Time on Tuesday, February 24, 2026. The meeting
will be held virtually via the internet. Further information with regard
to this meeting can be found in the proxy statement.
Stockholders desiring to change the name, address or ownership of
stock; to report lost certificates; or to consolidate accounts should
contact the corporation   s transfer agent:
FORM 10-K
Copies of the Company   s Annual Report on Form 10-K for the year
ended September 30, 2025 (excluding exhibits thereto) included
in this document may also be obtained, without charge, from
pathwardfinancial.com.
Computershare Investor Services
150 Royall St., Suite 101
Canton, MA 02021
Toll: 201-680-6578
Toll Free: 800-522-6645
INVESTOR RELATIONS
Requests for Form 10-K, other inquiries or investor comments are
welcome and should be directed to:
Pathward Corporate Services
Darby Schoenfeld, CPA
SVP, Chief of Staff and Investor Relations
5501 South Broadband Lane
Sioux Falls, SD 57108
Telephone: 877.497.7497
investorrelations@pathward.com
pathwardfinancial.com
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 Partner Solutions and Commercial
Finance business lines. These strategic business lines provide support to individuals and businesses.
Learn more at www.pathwardfinancial.com.

A MESSAGE FROM
CHIEF EXECUTIVE OFFICER
BRETT PHARR
TO MY FELLOW STOCKHOLDERS,
This fiscal year, the Pathward team did a great job delivering on the 2025 strategy we outlined at the end of last year,
achieving many successes across the business. We stand by our belief that financial services should be available to everyone.
As we support individuals and small and medium sized businesses who need financial access, we inherently evolve with the
marketplace and meet folks where they want to be met. This means we not only help the unbanked and underbanked, but has
increasingly led us to digital first consumers, as well as those who prefer digital only. For businesses, we are expanding access
to loans as well as acquiring services. With the help of our partners, we are identifying gaps in the market and providing
solutions, fulfilling our purpose of financial inclusion.
We had quite the fiscal year. From completing the sale of our insurance premium finance business and the transportation
portfolio, hiring a new Chief People and Culture Officer, to contracting with several new partners, and winning multiple awards,
the team at Pathward has done a phenomenal job executing on our strategy in 2025. We consider ourselves privileged to
operate in this capacity, and I am very proud of all that we were able to accomplish together this year.
In Commercial Finance, we continued to optimize the balance sheet by focusing on risk-adjusted returns. This led us to the
decision to complete the divestiture of our insurance premium finance business and the sale of our transportation loan
portfolio. We also improved many of our performance metrics, including strong growth in total loans and leases and return
on average assets when compared to September 30, 2024. In Partner Solutions, we not only brought on new partnerships
but also expanded our existing partnerships with Pathward   s products and capabilities.
The execution of our strategy resulted in improved financial results. In fiscal year 2025, we reported net income of $186
million. Earnings per diluted share increased 9% to $7.87 compared to $7.20 in fiscal year 2024. Our results were driven
primarily by an increase in noninterest income of 10% when compared to last year. But, we also expanded our full year net
interest margin to 7.34%.
$186M
NET INCOME
1%
$7.87
DILUTED EARNINGS
PER SHARE
2.46%
RETURN ON
AVERAGE ASSETS
9%
EXECUTION OF 2025 STRATEGY
Being the trusted platform that enables our partners to thrive provides Pathward with the ability to deliver on our purpose of
financial inclusion while also growing our business. We saw this growth materialize primarily in two ways: moving toward an
optimized balance sheet with optimized asset mix and expanding our Partner Solutions businesses.
In Commercial Finance, the team was laser focused on asset rotation into the highest yielding portfolios where we believed
we had a competitive advantage or that provided us with optionality. This led to the shrinking of our securities portfolio in
favor of loans while also maintaining our current standards and discipline around collateralized lending.
In Partner Solutions, we believe investing in technology to facilitate evolution and scalability is imperative for us to be a
comprehensive source of growth for our partners. Because of our continued investment, we believe we were able to innovate
and scale solutions alongside our partners and address market needs in a unique way through the expansion of our product
offerings with current partners. Furthermore, we announced five new partnerships between merchant acquiring, issuing
and credit solutions. We also renewed partnership agreements with key independent tax software providers in the 2024 tax
season and delivered significant growth in pre-tax income.

MORE OF THE SAME MIX IN 2026
Building on our success in 2025 in delivering on our long-term strategy - being the trusted platform that enables our partners
to thrive - we believe we are well-positioned as we enter fiscal year 2026 to:
1) Maintain an optimized balanced sheet;
2) Utilize technology to facilitate evolution and scalability;
3) Value our people and culture;
4) Have a mature risk and compliance framework; and
5) Focus on the client experience.
Our balance sheet optimization strategy is still top of mind for us when we think about the business. Now we are at a juncture
where the team has done a great job at closing the gap and getting us to where we believe our optimal asset mix might be.
Maintaining this extraordinary achievement will take some work and I am confident that we can continue on this path.
Our next goal is to leverage technology to facilitate evolution and scalability for us to remain the partner bank of choice in the
marketplace. We believe that our ability to drive revenue growth is predicated on our ability to produce profitable outcomes
with enhanced technological capabilities. In addition, we can find synergies and opportunities to streamline platforms, create
new products, and further innovation. The pipeline of opportunities, both in the short term and on the horizon, are plentiful in
an expanding marketplace, and we regularly evaluate potential new opportunities to add even more partners to our universe.
We cannot rest on our laurels, especially in this industry.
At Pathward, we believe that people and culture are important assets. Together, we lead by example, find a better way, help
others succeed and dare to be great. We are taking a fresh look at how we can reimagine the human capital function within
the business and will be focused in the near term on continuing to cultivate a talent pipeline and reinforcing our commitment
to collaboration with a Talent Anywhere remote working environment.
Next is our mature risk and compliance framework. As many of you know, we were a pioneer of the prepaid industry and an
industry leader in payments, and our experience has led us to develop policies, programs and actions that help us guide our
partners. Fast forward to today, managing products and services in this day and age is often complex; however, we believe
we are making the right investments in our risk capabilities to ensure we continue to have a scalable platform well into the
future.
The last component of our 2026 strategy is the client experience. This goal encompasses our entire pipeline of opportunities
and further evaluation of successfully onboarding new partners and deepening existing relationships. Although certainly not
a new concept for the company, management believes that making this front and center further supports our commitment
to our partners and customers as we continue to facilitate multi-threaded solutions across our suite of products. Not only are
we aiming to help our partners achieve their goals, but we also believe their success is linked to ours as we continue to drive
Pathward   s growth.
We believe this growth will come in ways that are not tied to growing our balance sheet. We have additional capacity to
optimize the balance sheet through a continued rotation from securities to loans, increasing net interest income without
growing the overall asset size. Second, we have been securing contracts with partners that grow fee income with very little
balance sheet impact     such as merchant acquiring. And finally, we are utilizing balance sheet velocity for both commercial
and consumer loans that generates noninterest income, but again, allows us to effectively hold the balance sheet steady. We
believe the foundation of 2025 and the strategy of 2026 will put us in a position to generate sustainable revenue and net
income growth into 2027 and beyond.
The Board and management are committed to our mission, vision, and strategy and believe we are well positioned for the
future. Thank you for your continued confidence and support as we look to deliver additional shareholder value.
Sincerely,
Bret t Pharr
Chief Executive Officer



 1/14/2026 Letter Continued (Full PDF)