Meta Financial Group Investor Presentation Q4 FY2021

QUARTERLY INVESTOR UPDATE

FOURTH QUARTER & FISCAL YEAR END 2021

FORWARD LOOKING STATEMENTS

This investor update contains "forward-looking statements" 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," 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; expectations in connection with the impact of the ongoing COVID-19 pandemic and related government actions on our business, our industry and the capital markets; customer retention; loan and other product demand; expectations concerning acquisitions and divestitures; new products and services, including those offered by Meta Payment Systems, Refund Advantage, EPS Financial and Specialty Consumer Services divisions; credit quality; the level of net charge-offs and the adequacy of the allowance for loan and lease losses; technology; and the Company's employees. 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 the ongoing COVID-19 pandemic and any governmental or societal responses thereto, including the deployment and efficacy of the COVID-19 vaccines, or other unusual and infrequently occurring events; actual changes in interest rates and the Fed Funds rate; additional changes in tax laws; the strength of the United States' economy, in general, and the strength of the local economies in which the Company operates; changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve; inflation, market, and monetary fluctuations; the timely and efficient development of, and acceptance 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 risks of dealing with or utilizing third parties, including, in connection with the Company's 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; the impact of changes in financial services laws and regulations, including, but not limited to, 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 MetaBank of its status as a well-capitalized institution, changes in consumer spending and saving habits; the impact of our participation as prepaid card issuer for the Economic Impact Payment ("EIP") program and similar programs, 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, 2020 and in other filings made by the Company with the Securities and Exchange Commission ("SEC").

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.

Meta Financial Group, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation

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WE STRIVE TO INCREASE FINANCIAL AVAILABILITY, CHOICE, AND OPPORTUNITY THROUGH FINANCIAL EMPOWERMENT.

We work to disrupt traditional banking norms by developing partnerships with fintechs, affinity groups, government agencies, and other banks to make a range of quality financial products and services available to the communities we serve nationally.

Our national bank charter, coordination with regulators, and deep understanding of risk mitigation and compliance allows us to guide our partners and deliver the financial products and services that meet the needs of those who need them most.

We believe in financial inclusion for all®.

Meta Financial Group, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation

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FOURTH QUARTER BUSINESS HIGHLIGHTS & KEY STRATEGIC INITIATIVES

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Interest-Earning Assets

Focus on commercial finance business lines.

• Grew commercial finance loans by $139 million, or 5%, from the linked- quarter.
• Subsequent to the quarter-end sold $30 million and reached an agreement to sell approximately $161 million of community bank loans. These sales will wind down nearly all of the legacy community bank loan portfolio.

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Deposits

Reduced wholesale funding and borrowings by 77% from September 30, 2020.

• Substantial deposit growth during fiscal year 2021 as a result of government stimulus programs and organic growth.
• In partnership with Blackhawk, issued prepaid debit cards for the New York
  State Department of Labor's Excluded
  Workers Fund.

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Operating Efficiencies

Efficiency ratio improved to 62.5% from 64.0% as of September 30, 2020.

• Continuing to drive simplification and optimization of existing
  business platforms.
• Investing in technology to help drive efficiencies and operating leverage.

Meta Financial Group, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation

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SUMMARY FINANCIAL RESULTS

FOURTH QUARTER ENDED SEPTEMBER 30, 2021

INCOME STATEMENT

($ in thousands, except per share data)	4Q20	3Q21	4Q21
Net interest income	64,513	68,475	70,667
Provision for credit losses	8,980	4,612	8,775
Total noninterest income	40,750	62,453	49,542
Total noninterest expense	80,283	81,523	93,614
Net income before taxes	16,000	44,793	17,820
Income tax expense	1,791	4,934	1,101
Net income before non-controlling interest	14,209	39,859	16,719
Net income attributable to non-controlling interest	1,051	1,159	816
Net income attributable to parent	13,158	38,701	15,903
Less: Allocation of earnings to participating securities1	309	729	297
Net income attributable to common shareholders1	12,849	37,972	15,606
Earnings per share, diluted	$0.38	$1.21	$0.50
Average diluted shares	33,783,659	31,338,947	31,299,555

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

Revenue of $120.2 million, a 14% increase compared to $105.3 million for the same quarter in fiscal 2020.

• Strong revenue growth compared to the prior year related to higher payments fee income, driven by increased activity related to stimulus programs and delayed timing of the tax season.
• Recognized a net unrealized gain of $4.1 million on a prior investment in MoneyLion Inc. after it completed its de-SPAC process and became publicly traded on September 22, 2021.

Noninterest expense increased 17% to $93.6 million for the fiscal 2021 fourth quarter, from $80.3 million for the same quarter of last year

• Increased as a result of one-time spend of $9 million dollars related to investments in technology and product stack. Furthermore, the Company recognized $1.3 million dollars of expense associated with the CEO transition.
• Earnings per share increased 32% year-over-year to $0.50 for 4Q21. Reported earnings of $4.38 per share for fiscal year 2021, an increase of 49% compared to fiscal year 2020.

Meta Financial Group, Inc. (Nasdaq: CASH) | Quarterly Investor Presentation

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