Meta Financial : Investor Presentation Q2 FY2021

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

S E C O N D 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 - LO O K I N G STAT E M E N TS

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, 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 | SECOND 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 P A 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®.

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

D I F F E R E N T I AT E D B U S I N E S S L I N E S W I T H S I G N I F I C A N T G ROW T H O PP O R T U N I T I E S

B A N K I N G A S A S E R V I C E

( " B a a S " )

P A Y M E N T S	T A X S E R V I C E S
Enables fintechs, finservs, and	Enables tax preparation firms to
various organizations by issuing	provide underbanked consumers
prepaid cards, deposit accounts, and	with access to electronic tax
payment related transactions to	payments and refund advances.
consumers.

M E T A V E N T U R E S	C O N S U M E R F I N A N C E
Enables emerging and strategic	Enables consumers to better control
companies that align with our	their financial futures with empowered
mission and contribute to our goal of	spending and reliable access to funds.
bringing financial inclusion for all®.

C O M M E R C I A L F I N A N C E

Directly enables small and medium-sized businesses, as well as large enterprises, with flexible capital solutions

47%	Noninterest Income as a
	percent of Total Revenue in
	LTM ending March 31, 2021

R E V E N U E M A K E U P

L A S T T W E L V E M O N T H S E N D I N G

M A R C H 3 1 , 2 0 2 1

($ in millions)

Other

Income

$27.6

Rental Income

$41.1

Tax Product

Income

$76.8

Net Interest

Income

$266.5

Payments Fee

Income

$95.2

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

S E C O N D Q UA R T E R B U S I N E S S H I G H L I G H TS & K EY ST R AT E G I C I N I T I AT I V E S

✓

INCREASE PERCENTAGE OF FUNDING FROM CORE DEPOSITS

Executing large, national programs

leveraging Meta's scale

• Successfully launched H&R Block's suite of financial services products.
• Selected as issuing bank to distribute
  Economic Impact Payments ("EIP") on prepaid debit cards.
• Launched Walgreen's new bank- account product with InComm Payments and MasterCard®

✓

OPTIMIZE INTEREST- EARNING ASSET MIX

Focus on commercial finance business lines

• Grew commercial finance loans by $82.8 million, 3%, from the linked-quarter
• Community bank loans reduced to $348 million

✓

IMPROVE OPERATING

EFFICIENCIES

Efficiency ratio 63.1%

• Continuing to drive optimization and utilization of existing business platforms.
• Leveraging technology to help drive future efficiencies.

ACHIEVED YEAR-OVER-YEAR NET INCOME AND EARNINGS PER SHARE GROWTH OF 13% AND 27%, RESPECTIVELY

RETURNED CAPITAL BY REPURCHASING 734,984 SHARES IN THE SECOND QU ARTER OF FISCAL 2021

5	QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH