Meta Financial : Investor Presentation Q3 FY2021

QUARTERLY INVESTOR UPDATE

THIRD QUARTER FISCAL YEAR 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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DIFFERENTIATED BUSINESS LINES WITH SIGNIFICANT GROWTH OPPORTUNITIES

49%

Noninterest Income as a percent of Total Revenue in LTM ending June 30, 2021

Payments

Our Payments division works with fintechs, third-party providers, and various other organizations to distribute prepaid cards, deposit accounts, and payment related transactions. Meta is the fiduciary

or custodian who issues accounts and manages the money, moving billions of dollars each day.

Tax Services

Our Tax Services division helps tax preparation firms to provide underbanked consumers with access to electronic tax filing services and refund advances, helping consumers gain faster, more convenient access to their tax refunds.

Revenue Makeup

Last Twelve Months Ending June 30, 2021

($ in millions)

$34.1

$39.9

Meta Ventures

Meta Ventures provides capital to emerging and strategic companies that align with our mission and contribute to our goal of bringing financial inclusion to all.

Consumer Finance

Our Consumer Finance division helps consumers to better control their financial futures with empowered spending and reliable access to funds. Responsible credit options create pathways towards upward mobility by establishing credit histories and building credit scores.

$85.1

$272.8

$103.1

Commercial Finance

Our Commercial Finance division provides America's small and medium sized enterprises and some large businesses with flexible capital solutions they often cannot get elsewhere. We offer factoring, asset-based lending, leasing, and government guaranteed lending using years of experience and proprietary techniques to actively monitor collateral and mitigate risk.

Net Interest Income

Payments Fees

Tax Product Income

Rental Income

Other Income

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

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THIRD QUARTER BUSINESS HIGHLIGHTS & KEY STRATEGIC INITIATIVES

Increase Percentage

of Funding From

Core Deposits

Reduced wholesale funding and borrowings by 82% from June 30, 2020.

• Launched new bank-account product with Clair

Optimize Interest- earning Asset Mix

Focus on commercial finance business lines

• Grew commercial finance loans by $80.6 million, or 3%, from the linked-quarter.
• Community bank loans reduced to $304.0 million from $799.4 million at June 30, 2020.

Improve Operating

Efficiencies

Efficiency ratio of 61.75% improved from 63.60% as of June 30, 2020.

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

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

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