Meta Financial : Investor Presentation Q1 FY2021

Q U A R T E R LY I N V E S T O R U P D AT E

F I R S T Q U A R T E R F I S C A L Y E A R 2 0 2 1

F O R W A R D - L O O K I N G S TAT E M E N T S

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 and recent and potential changes in response to the COVID-19 pandemic such as the CARES Act and the rules and regulations that may be promulgated thereunder; 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, particularly in light of our deposit base, a portion of which has been characterized as "brokered;" changes in consumer spending and saving habits; the impact of our participation as prepaid card issuer for the Economic Impact Payment ("EIP") program and potential similar programs in the future, 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.

2	QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH

W E A R E A F I N A N C I A L E N A B L E M E N T C O M PA N Y

We work with innovators to increase financial availability, choice, and opportunity for all.

We strive to remove barriers that traditional institutions put in the way of financial access, and promote economic mobility by providing responsible, secure, high quality financial products that contribute to individuals and communities at the core of the real economy.

We work to disrupt traditional banking norms by developing partnerships with fintechs and finservs, 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®.

E N V I R O N M E N T A L , S O C I A L , A N D G O V E R N A N G E ( " E S G " )

Our mission is about equal access to financial opportunity and is inherently ESG-oriented. Every day, our team members work to help individuals and organizations improve their economic status and set themselves on secure paths for growth and financial stability.

During the first quarter of fiscal 2021, we increased resources dedicated to our ESG activities by hiring an experienced Vice President of ESG and Community Impact and formed a Board-level ESG committee to provide oversight.

3	QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH

S T R O N G R E V E N U E G R O W T H A N D D I S C I P L I N E D E X P E N S E M A N A G E M E N T D R I V E P R O F I TA B I L I T Y

F I R S T Q U A R T E R E N D E D D E C E M B E R 3 1 , 2 0 2 0

INCOME STATEMEN T

($ in thousands, except per share data)		1 Q 2 1		4 Q 2 0		1 Q 2 0
Net interest income		65,999		64,513		64,651
Provision for loan and lease losses		6,089		8,980		3,407
Payments card & deposit fees		22,564		21,422		21,499
Total noninterest income		45,455		40,750		37,483
Total noninterest expense		72,575		80,283		75,798
Net income before taxes		32,790		16,000		22,929
Income tax expense		3,533		1,791		680.
Net income before non-controlling interest		29,257		14,209		22,249
Net income attributable to non-controlling interest		1,220		1,051		1,181
Net income attributable to parent	$	28,037	$	13,158	$	21,068
Earnings per share, diluted	$	0.84	$	0.38	$	0.56
Average diluted shares		32,790,895		33,783,659		36,647,789

• Revenue increased to $111.5 million, or 9%, compared to $102.1 million for the same quarter in fiscal 2020, driven by:
• • Previously disclosed $5 million loss from the sale of foreclosed property during the last year's first fiscal quarter, related to a legacy community bank agricultural relationship.
  • Receipt of $3.5 million dollars related to a portion of the Company's liquidation insurance claims of unearned premiums on the ReliaMax estate related to our student loan portfolio.
• Noninterest expense decreased 4% to $72.6 million for the fiscal 2021 first quarter, from $75.8 million for the same quarter of last year.
• Earnings per share increased 50% year-over-year to $0.84 supported by strong net income and share repurchases completed since the first quarter of fiscal 2020.

4	QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH