#1Meta Financial Group QUARTERLY INVESTOR UPDATE FIRST QUARTER FISCAL YEAR 2021#2FORWARD-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 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#3WE ARE A FINANCIAL ENABLEMENT COMPANY 3 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Ⓡ. ENVIRONMENTAL, SOCIAL, AND GOVERNANGE ("ESG") 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. QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#4STRONG REVENUE GROWTH AND DISCIPLINED EXPENSE MANAGEMENT DRIVE PROFITABILITY FIRST QUARTER ENDED DECEMBER 31, 2020 4 ● ● INCOME STATEMENT ($ in thousands, except per share data) Net interest income Provision for loan and lease losses Payments card & deposit fees Total noninterest income Total noninterest expense Net income before taxes Income tax expense Net income before non-controlling interest Net income attributable to non-controlling interest Net income attributable to parent Earnings per share, diluted Average diluted shares $ $ 1021 65,999 6,089 22,564 45,455 72,575 32,790 3,533 29,257 1,220 28,037 0.84 32,790,895 $ $ 4Q20 64,513 8,980 21,422 40,750 80,283 16,000 1,791 14,209 1,051 13,158 $ 0.38 $ 33,783,659 1Q20 64,651 3,407 21,499 37,483 75,798 22,929 680 22,249 1,181 21,068 0.56 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 Relia Max 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 $0.84 supported by strong net income and share repurchases completed since the first quarter of fiscal 2020. QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#5HEALTHY BALANCE SHEET WITH ROBUST PAYMENT DEPOSIT GROWTH FIRST QUARTER ENDED DECEMBER 31, 2020 LO 5 BALANCE SHEET ($ in thousands) Loans and leases Allowance Total assets Noninterest-bearing checking Total deposits Total liabilities Total stockholders' equity Total liabilities and stockholders equity for credit losses Loans / Deposits Net Interest Margin Return on Average Assets Return on Average Equity ● ● ● $ $ 1021 3,448,675 (72,389) 7,264,515 5,581,597 6,207,791 6,451,305 813,210 7,264,515 56 % 4.65 % 1.73 % 13.91 % $ $ PERIOD ENDING 4Q20 3,322,765 (56,188) 6,092,074 4,356,630 4,979,200 5,244,766 847,308 6,092,074 67% 3.77 % 0.69 % 6.21 % $ $ 1Q20 3,590,474 (30,176) 6,180,926 2,927,967 4,517,605 5,343,858 837,068 6,180,926 79 % 4.94 % 1.38 % 10.04 % $ $ AVERAGE 1021 3,341,023 (72,252) 6,481,823 4,880,314 5,426,443 5,675,676 806,147 6,481,823 62 % 4.65 % 1.73 % 13.91 % QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH $ $ 1Q20 3,601,302 (28,853) 6,122,504 2,717,346 4,481,158 5,283,173 839,331 6,122,504 80 % 4.94 % 1.38 % 10.04 % Total gross loans and leases at the end of the first quarter decreased $143.7 million, or 4%, to $3.45 billion compared to the same quarter of the prior year. Average deposits from the payments divisions for the first quarter increased nearly 83% to $5.07 driven by the company's participation in the EIP program, as well as growth associated with other government stimulus programs. The effects of government stimulus programs have had a significant impact on the Company's balance sheet. These programs include Paycheck Protection Program loans, EIP, and enhanced unemployment benefits that flow through to existing prepaid card programs.#6DIFFERENTIATED BUSINESS LINES WITH SIGNIFICANT GROWTH OPPORTUNITIES PAYMENTS Enables fintechs, finservs, and various organizations by distributing prepaid cards, deposit accounts, and payment related transactions to consumers. CO COMMERCIAL FINANCE Enables small and medium-sized businesses, as well as large enterprises, with flexible capital solutions META VENTURES Enables emerging and strategic companies that align with our mission and contribute to our goal of bringing Financial Inclusion For AllⓇ. TAX SERVICES Enables tax preparation firms to provide underbanked consumers with access to electronic tax payments and refund advances. 8- CONSUMER FINANCE Enables consumers to better control their financial futures with empowered spending and reliable access to funds. 49% Noninterest Income as a percent of Total Revenue in LTM ending December 31, 2020 REVENUE MAKEUP LAST TWELVE MONTHS ENDING DECEMBER 31, 2020 ($ in millions) Other Income $48.9 Rental Income $42.3 Tax Product Income $68.0 Payments Fee Income $88.5 QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH Net Interest Income $260.4#7FIRST QUARTER BUSINESS HIGHLIGHTS & KEY STRATEGIC INITIATIVES 7 INCREASE PERCENTAGE OF FUNDING FROM CORE DEPOSITS Executing large, national programs requiring Meta's scale Selected as issuing bank to distribute Economic Impact Payments ("EIP") on prepaid debit cards. Facilitator for H&R Block's suite of financial services products. OPTIMIZE INTEREST-EARNING ASSET MIX Focus on commercial finance business lines Sold Community Bank division in fiscal 2020. ● Replacing community bank loans with commercial finance loans and leases. IMPROVE OPERATING EFFICIENCIES Efficiency ratio improved to 62.2% from 68.2% a year prior Driving optimization and utilization of existing business platforms. Leveraging technology to help drive future efficiencies. ACHIEVED YEAR-OVER-YEAR NET INCOME AND EARNINGS PER SHARE GROWTH OF 33% AND 50%, RESPECTIVELY RETURNED CAPITAL BY REPURCHASING OVER 1.8 MILLION SHARES IN THE FIRST QUARTER OF FISCAL 2021 QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#8DIVERSIFIED EARNING ASSET PORTFOLIO ($ in thousands) COMMERCIAL FINANCE Term lending Asset-based lending Factoring Lease financing Insurance premium finance SBA/USDA¹ Other commercial finance CONSUMER FINANCE Consumer credit programs Other consumer finance TAX SERVICES WAREHOUSE FINANCE NATIONAL LENDING COMMUNITY BANKING TOTAL GROSS LOANS & LEASES HFI TOTAL GROSS LOANS & LEASES HFS CASH & INVESTMENTS TOTAL EARNING ASSETS RENTAL EQUIPMENT, NET At the Quarter Ended December 31, 2020 1021 2,423,119 881,306 242,298 275,650 283,722 338,227 300,707 101,209 251,018 88,595 162,423 92,548 318,937 3,085,622 353,942 3,439,564 133,658 2,802,598 6,375,820 206,732 ¹ Includes balances of $194.3 million in Paycheck Protection Program loans. 8 December 31, 2019 1Q20 1,994,656 695,347 250,633 285,776 223,715 349,299 90,269 99,617 270,615 115,843 154,772 101,739 272,522 2,639,532 943,765 3,583,297 264,266 1,426,769 5,274,332 211,673 Y/YA 21% 27% (3)% (4)% 27% (3)% 233% 2% (7)% (24)% 5% (15)% 17% 17% (62)% (4)% (49)% 96% 21% (2)% QUARTERLY AVERAGE EARNING ASSET MIX % in charts represent % of total interest earning assets 23% 26% ASPIRATIONAL TARGETS 15% 11% Commercial >55% LOANS & LEASES DEC 2020 $5.64 billion INTEREST EARNING ASSETS 10% № 2% 43% 9% DEC 2019 $5.20 billion INTEREST EARNING ASSETS QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 23% 38% INVESTMENTS Community Bank 0% 62% 72% CASH & FED FUNDS Consumer & Warehouse <15%#99 PAYMENTS & TAX SERVICES QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#10PAYMENTS BUSINESS SOLUTIONS Loyalty Awards Promotion Demand Deposit Accounts Payroll 10 PREPAID DEPOSITS + FEE INCOME Leading prepaid card issuer. Partner to top prepaid program managers. Leader in applying innovative prepaid solutions to address key consumer and business payments needs. 13% PAYMENTS BUSINESS PROVIDES PRIMARY DEPOSIT SOURCE GENERATES STABLE, LOW COST CORE DEPOSITS AND FEE INCOME 17% 5% PREPAID CARD DISTRIBUTION based on balances as of December 31, 2020 23% General →→ Purpose Reloadable 42% Gift BANKING AS A SERVICE DEPOSITS + FEE INCOME Facilitate Transactional Payments including: Faster Payments, ACH, merchant acquiring and ATM Sponsorship. Ranked among Top 50 on Nacha's 2019 Top ACH Originators & Receivers By Volume. Provide deposit account services for fintech/neobank/challenger banks. Named Partner Bank of the Year by Tearsheet for MoneyLion's RoarMoney banking product. CHALLENGERS AWARDS 2020 IS TEARSHEET PARTNER BANK OF THE YEAR MetaBank QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#11● PAYMENTS BUSINESS UPDATE Selected as the prepaid debit card issuer for Economic Impact Payments as Treasury's financial agent. Disbursed $6.42 billion in funding for EIP round 1 ("EIP1") and $7.10 billion for EIP round 2 ("EIP2"). Distribution of initial payments for EIP2 begun January 4, 2021. 11 As of December 31, 2020, $605.1 million in balances remained outstanding from EIP1. As of January 20, 2021, $569.2 million and $5.80 billion in balances remained outstanding on EIP1 and EIP2, respectively. Program execution provides opportunities to work with large-scale programs and program managers in the future, as well as increase MetaBank's presence in the payments space. Total average payments deposits were up nearly 83% year-over-year, excluding EIP Card balances issued by MetaBank, average payments deposits were up 55% year- over-year. Deposit growth largely associated with government stimulus programs and is expected to be temporary in nature. Also contributing to growth was $150 million in deposits acquired as a component of the H&R Block relationship that began in the fiscal first quarter. 21% CAGR 2018 2020 Excl. EIP Card Balances $2.45 Average Payments Deposits ($ in billions) 2018 $2.71 2019 Fiscal Year Average $4.55 $0.98 EIP. Card Balances $3.57 $2.78 2020 $5.07 $0.75 EIP Card: Balances: $4.32 1Q20 Payments Card and Deposit Fee Income Breakout First Quarter Fiscal 2021 21% 11% ■ Prepaid ■ Deposit Banking Services Banking Services includes ATM, ACH/Faster Payments, Merchant Acquiring $21.5 Payments Card and Deposit Fee Income ($ in millions) 1020 12% 10% 1021 Quarter Average QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH $23.2 Percent of Total Revenue 21% 2020 79% $21.3 3Q20 20% $21.4 4Q20 20% $22.6 1021#12OVERVIEW OF STRATEGIC RELATIONSHIP WITH H&R BLOCK 12 PAYMENTS Emerald Prepaid Mastercard® Emerald SavingsⓇ PROGRAM MANAGER H&R Block / Emerald Financial Services, LLC TAX SERVICES Refund Advance Refund Transfers EMERALD CARD debit 5554 2611 1234 5678 VALIO 09-25 THRU H&R BLOCK CLIENT CONSUMER FINANCE Emerald AdvanceⓇ Line of Credit QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH H&R BLOCK#1313 COMMERCIAL FINANCE & COMMUNITY BANK PORTFOLIOS QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#14COMMERCIAL FINANCE LOAN AND LEASE PORTFOLIO SBA/USDA $300.7M 4.02% Insurance Premium Finance $338.2M 5.39% Other $101.2M 7.63% Rental Equipment, net $206.7M NA% $2.63 billion COMMERCIAL FINANCE PORTFOLIO (includes Rental Equipment, net) as of December 31, 2020 7.49% 1021 Quarterly Yield % in chart represents current quarter yield Lease Financing $283.7M 7.68% Factoring $275.7M 12.82% $266.0M Small Ticket 16.7% 11.3% 7.8% 7.0% 4.6% 4.5% 4.1% 3.2% Top geographic state concentrations¹ by % 1. California 2. Texas 3. Michigan 4. Florida 5. North Carolina 6. New York 7. Illinois 8. Pennsylvania Equipment Financing Asset-Based Lending $242.3M 10.67% $235.3M Solar/alternative energy Term Lending $881.3M 7.03% $181.8M Equipment financing $135.9M Wealth management/ insurance $62.3M Other TERM LENDING. Collateralized conventional term loans and notes receivable, weighted average life of 53 months. Exposure is concentrated in solar/alternative energy, most of which are construction projects that will convert to longer term government guaranteed facilities upon completion. Also includes equipment financing relationships, through equipment finance agreements and installment purchase agreements. Average loan size approximately $180 thousand; small ticket equipment finance approximately $70 thousand ASSET-BASED LENDING. Asset-based loans secured by accounts receivable, inventory, machinery & equipment, ork-in-process and other assets. Approximately 70% backed by accounts receivable, generally 85% advance rates. Exposure managed within a collateral borrowing base. Well diversified in terms of industry and geographic concentrations. Average loan size approximately $1.4 million. FACTORING. Factoring services where clients provide detailed inventory, accounts receivable, and work-in-process reports for lending arrangements. Bank secures dominion of funds which secures repayment when applicable accounts receivables or invoices are paid. Approximately 95% backed by accounts receivable, generally 85% advance rates. Average loan size approximately $320 thousand. LEASE FINANCING. Leasing solutions for technology, capital equipment and select transportation assets like tractors, trailers and construction equipment. Majority of portfolio relationships are to Fortune 1000 clients. Average lease size approximately $145 thousand. INSURANCE PREMIUM FINANCE. Short-term, primarily collateralized financing to facilitate the purchase of commercial insurance for various forms of risk. Over 90% of insurance company partners have an investment grade rating through AM Best as well as an internal risk rating system. Average loan size approximately $30 thousand. SBA/USDA. Originate loans through SBA or USDA programs, primarily SBA 7(a), USDA B&I, USDA REAP. Focus on specific verticals such as investment advisory practices, insurance agencies and solar. Includes $194.3 million of PPP loans. Average loan size approximately $530 thousand, excluding PPP loans. OTHER COMMERCIAL FINANCE. Includes healthcare receivables loan portfolio primarily comprised of loans to individuals for medical services received. Majority of these loans are guaranteed by the referring hospital. RENTAL EQUIPMENT. Leased assets related to operating leases generated from the commercial finance business line. Primarily consists of solar panels, motor vehicles, and computers and IT networking equipment. ¹ Excludes certain joint ventures; percentages calculated based on aggregate principal amount of commercial finance loans and leases includes operating lease rental equipment of $206.7M 14 QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#15DISTRIBUTION OF COMMERCIAL FINANCE PORTFOLIO BY INDUSTRY ¹ Manufacturing Transportation and Warehousing 24% MANUFACTURING Health Care and Social Assistance Construction Admin and Support and Waste Mgmt and Remediation Services Mining, Quarrying, and Oil and Gas Extraction Other Professional, Scientific, and Technical Services Real Estate and Rental and Leasing Retail Trade Accommodation and Food Services Other Services (except Public Administration) Information Arts, Entertainment, and Recreation Agriculture, Forestry, Fishing and Hunting Educational Services Management of Companies and Enterprises Public Administration I 22% Utilities Finance and Insurance Wholesale Trade Asset-based lending Term lending 21% Lease financing 12% SBA/USDA 10% Factoring $- 37% 30% 22% ... $50 TRANSPORTATION & WAREHOUSING $100 Factoring Term lending Insurance premium finance $150 55% 20% 20% $200 $ in millions $250 $300 UTILITIES Term lending Rental equipment, net SBA/USDA $350 42% 18% 16% 9% $400 OIL & GAS Term lending $450 SBA/USDA Factoring Lease financing ¹ Distribution by NAICS codes; excludes certain joint ventures; percentages calculated based on aggregate principal amount of commercial finance loans and leases includes operating lease rental equipment of $206.7M 15 QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#16COMMERCIAL FINANCE MIX ¹ ● MANUFACTURING Computer and Electronic Product Manufacturing Fabricated Metal Product Manufacturing Transportation Equipment Manufacturing Nonmetallic Mineral Product Manufacturing Machinery Manufacturing Electrical Equipment, Appliance, and Component Manufacturing Plastics and Rubber Products Manufacturing Chemical Manufacturing Printing and Related Support Activities Food Manufacturing Other³ Total Exposure ● ● Total Exposure $419.1 million Limited exposure to single borrowers Diversified across multiple subsectors - greatest concentration of subsectors is 1.8% of total² ● MANUFACTURING % of Total² 11.5% $371.3 million Outstanding Balance $419.1 67.2 51.2 42.3 39.1 34.7 30.8 29.6 29.2 27.9 17.4 49.7 TRANSPORTATION & WAREHOUSING % of Total² 11.5% 1.8% 1.4% 1.2% 1.1% 1.0% 0.8% 0.8% 0.8% 0.8% 0.5% 1.3% % of Total² 10.2% $236.9 million exposure to truck transportation, over 89% in general freight trucking. Less than $18.0 million exposure to passenger air transportation and support activities. Receive invoices and back-up, verify a portion of the purchases and monitor these accounts under a Dominion of Funds to ensure that our balances are covered by collateral 3 Other includes manufacturing subsectors comprised of less than 0.5% of total² 16 Total Exposure 98% of Utilities exposure is to Solar Electric Power Generation, majority of which is related to permanent solar generators. ● . $348.3 million Total Exposure UTILITIES Well collateralized, majority backed by power purchase agreements with highly rated, large public utilities OIL & GAS $54.7 million Excludes certain joint ventures; percentages calculated based on aggregate principal amount of loans includes operating lease rental equipment of $206.7M 2 Total includes total gross loans & leases of $3.44 billion and rental equipment, net of $206.7M, as of December 31, 2020, exposures are based on current outstanding balances as of December 31, 2020 % of Total² QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH ■Solar Electric Power Generation Other Utilities 9.6% % of Total² $51.0 million exposure related to support activities for Oil & Gas Operations Approximately half of outstandings are in working capital lines, primarily collateralized by accounts receivable, remaining collateralized by machinery and equipment 1.5%#17LEGACY COMMUNITY BANK PORTFOLIO BREAKDOWN AS OF DECEMBER 31, 2020 | SERVICED BY CENTRAL BANK ● ● ● ($ in millions) Commercial Real Estate Commercial Operating Agricultural 1-4 Family Real Estate Consumer Total Outstanding Balance $322.4 16.8 9.7 4.2 0.9 $353.9 % of Total¹ 8.8% 0.5% 0.3% 0.1% 0.0% 9.7% During the quarter, sold $130 million loans and had $100 million of community bank loans classified as held for sale as of December 31, 2020. Sale did not result in any material gain. 70% commercial mortgage, 30% commercial construction ACL coverage of 4.18% of total commercial real estate loans, primarily related to the hospitality and theater commercial real estate loans Low historical charge-offs (2bps 5-year average NCO/average loans) Past due commercial real estate balances were less than 0.01%, as of December 31, 2020 $17.2 million in nonperforming loans as of December 31, 2020 As a result of COVID-19, tightened focus on directly impacted industries - Hospitality & Movie Theater 68% and 30% of active community bank COVID-related modifications and deferrals tied to hospitality and theater exposures, respectively. COMMERCIAL REAL ESTATE COMMERCIAL REAL ESTATE INDUSTRY COMPOSITION Theater 5.3% Retail 12.8% Office Building, 5.3% Multifamily 19.3% 1 Total includes total gross loans & leases of $3.44 billion and rental equipment, net of $206.7M, as of December 31, 2020, exposures are based on current outstanding balances as of December 31, 2020 2 Other includes subsectors comprised of less than 1% of total commercial real estate as of December 31, 2020 ($322.4 million) 17 Other² 1.3% QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH Hotel/Motel 56.0%#18LEGACY COMMUNITY BANK | HOTEL PORTFOLIO AS OF DECEMBER 31, 2020 | SERVICED BY CENTRAL BANK $186.7 million outstanding, total exposure of $197.9 million including unfunded commitments $29.9 million related to construction. $180.4 million in commercial real estate and $6.3 million in C&I Portfolio comprised of 29 relationships representing 32 individual hotels and 3,084 total rooms 99% flagged hotel relationships (i.e. Holiday Inn Express, Hampton Inn, Hyatt Place, etc.); 100% limited-service 26% of balances located in South Dakota and lowa with majority of the remaining balances through developers headquartered in South Dakota and lowa Lower unemployment rate in Sioux Falls & Des Moines MSA, relative to National rates sign of stronger local economies Majority of loans have guarantors by individuals with a strong combined net worth Average loan-to-value of 60% at December 31, 2020 No nonperforming loans as of December 31, 2020 ● ● ● ● ● ● ● COVID-19 Monitoring Most hospitality loans that were on deferral are back to P&I payments Active COVID-related deferrals and modifications on $40.8 million in hospitality balances outstanding, working with borrowers on a case-by-case basis ● ● 18 QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#1919 ASSET QUALITY, INTEREST RATE RISK, & CAPITAL QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#20ASSET QUALITY $ in millions $ in millions 0.48% $29.8 1020 0.62% $24.0 1020 Nonperforming Assets ("NPAS") 0.67% $39.4 2020 0.87% $31.5 NPAS 2020 0.64% NPLs $56.1 3Q20 Period Ended Nonperforming Loans ("NPLs") 1.10% NPAS/ Total Assets $39.3 0.79% 3Q20 Period Ended $48.0 4Q20 ¹ Non-GAAP measures, see appendix for reconciliations. 20 0.97% $34.0 4Q20 NPLS/ Total Loans 0.73% $53.2 1Q21 1.18% $42.3 1021 $ in millions ● Adjusted Net Charge-Offs ("NCOS")¹ Excludes Tax Services NCOS and Related Seasonal Average Loans ● 0.34% $3.1 1020 0.24% $2.2 2020 0.55% $4.9 3Q20 Period Ended 0.63% $5.5 4Q20 0.44% QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH $3.8 Credit quality remains strong. Allowance for credit losses ("ACL") $72.4 million, or 2.10% of total loans and leases as of December 31, 2020. 1021 NCOS NCOS/ Average Loans Tax Services NCOs and related seasonal average loans are excluded to adjust for the cyclicality of activity related to the overall economics of the tax services business line. ACL 171% of nonperforming loans Legacy community bank hospitality and theater exposures ACL coverage of 5.80% Small ticket equipment finance ACL coverage of 5.19% Uptick in NPAs and NPLs driven primarily by isolated theater relationship in the legacy community bank portfolio. For fiscal 2021 first quarter, $3.3 million of NCOs were related to small ticket equipment finance relationships.#21ASSET QUALITY Portfolio showing strong improvement in COVID-related modifications and deferrals. Excluding PPP loans, active deferments and modifications decreased from $193.3, or 6% of total gross loans and leases at September 30, 2020 to $85.3 million or 3% of total gross loans at December 31, 2020. The Company continues to place significant focus on hospitality and movie theater loans as well as small ticket equipment finance relationships. ● ● $ in millions Working with borrowers on a case-by-case basis. Most hospitality loans that were on deferral are back to P&l payments. Past Due Loans & Leases + COVID-10 Modifications & Deferrals Past Due / Total Loans and Leases 1.57% 1.50% 1.43% Past Due + COVID-19 Modifications & Deferrals / Total Loans and Leases 1.50% 7.41% 3.82% $53.7 1020 Total Past Due $193.3 $85.3 $51.2 1021 $52.3 4Q20 COVID-19 Modifications & Deferrals ACTIVE COVID-19 LOAN AND LEASE MODIFICATIONS AND DEFERRALS September 30, 2020 December 31, 2020 AREAS OF CREDIT FOCUS Hospitality Movie Theater Small ticket equipment finance¹ COMMERCIAL FINANCE CONSUMER COMMUNITY BANK TOTAL COUNT ¹ Small ticket equipment finance includes balances of $16.0 million in term lending and $0.5 million in lease receivables. 21 138 11 130 200 16 346 % TOTAL LOANS AND LEASES (excl. PPP) 4 123 $ BALANCE QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH $75.2 40.8 17.9 16.5 $21.1 $3.9 $60.3 $85.3 3% COUNT 183 26 4 153 192 276 35 503 $ BALANCE $118.7 79.0 17.9 21.8 $66.8 $5.8 $120.7 $193.3 6%#22INTEREST RATE RISK MANAGEMENT DECEMBER 31, 2020 45% 35% 25% 15% 5% -5% 12-MONTH INTEREST RATE SENSITIVITY FROM BASE NET INTEREST INCOME -100 +100 +200 Parallel Shock ■ Ramp EARNING ASSET PRICING ATTRIBUTES ¹ 41% 11% Fixed Rate > 1 Year Fixed Rate < 1 Year 24% 24% +300 Floating or Variable Federal Reserve Bank Deposits (Floating or Variable) Volume ($MM) • Interest rate risk shows asset sensitive balance sheet - net interest income modeled under an instantaneous, parallel rate shock and a gradual parallel ramp. 5,000 4,000 3,000 2,000 1,000 O -1,000 Lower for longer rate environment -- focus is on reducing wholesale funding and redeploying deposits and assets into positive carry opportunities. -2,000 Management also employs rigorous modeling techniques under a variety of yield curve shapes, twists and ramps. ASSET/LIABILITY GAP ANALYSIS Month 1-12 Period Variance Month 13-36 Total Assets Month 37-60 ¹ Fixed rate securities, loans and leases are shown for contractual periods less than 12 months and greater than 12 months. 22 QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH Month 61-180 Total Liabilities#23STRONG CAPITAL AND SOURCES OF LIQUIDITY REGULATORY CAPITAL AS OF DECEMBER 31, 2020 At December 31, 2020¹ Tier 1 Leverage Tier 1 Leverage - EIP-adjusted² Common Equity Tier 1 Tier 1 Capital Total Capital ● ● ● Meta Financial Group, Inc. MetaBank, N.A. 8.62% 9.61% 12.91% 12.93% 14.19% 7.40% N/A 10.76% 11.11% 14.18% MetaBank EIP-adjusted Tier 1 Leverage of 9.61% better reflects the balance sheet reducing the impact from the temporary EIP card- related balances. MetaBank remains well-capitalized. Granted temporary exemption from meeting certain capital leverage ratios by the OCC, related to participation in distributing EIP cards. Repurchased 1,864,474 shares at a weighted average price of $29.46 during the 2021 first fiscal quarter. As of January 20, 2021, approximately 2 million shares remain under current authorization. Primary & Secondary Liquidity Sources ($ in millions) Cash and Cash Equivalents Unpledged Investment Securities FHLB Borrowing Capacity Funds Available through Fed Discount Window PPP Loan Collateral Unsecured Lines of Credit $1,585 $90 $970 $340 $190 $1,265 $1,535 - 1 Regulatory capital reflects the Company's election of the five-year CECL transition for regulatory capital purposes. 2 Non-GAAP measure, see appendix for reconciliations. 23 8.28% CAPITAL RATIO TRENDS Tier 1 Leverage Ratio 9.70% 1020 7.28% 12.74% 12.90% 1Q20 8.52% 2020 5.91% 13.61% 13.69% 2Q20 6.89% 3Q20 Total Capital Ratio Meta Financial Group, Inc. 14.99% 15.12% 6.58% 3Q20 QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 7.56% 4Q20 7.40% 15.30% 15.26% 4Q20 8.62% 1021 14.18% 14.19% 1021 MetaBank, N.A. Minimum Requirement to be Well-Capitalized under Prompt Corrective Action Provisions 5% 10%#2424 APPENDIX QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#25NON-GAAP RECONCILIATIONS EIP-RELATED ADJUSTMENTS 25 NET INTEREST MARGIN Average interest-earning assets Net interest income Net interest margin Interest-earning assets LESS: Cash adjustment EIP-ADJUSTED AVERAGE INTEREST-EARNING ASSETS Net interest income LESS: Cash interest adjustment EIP-ADJUSTED NET INTEREST INCOME EIP-ADJUSTED NET INTEREST MARGIN RETURN ON AVERAGE ASSETS ("ROAA") Net income Average assets ROAA LESS: Cash adjustment EIP-ADJUSTED AVERAGE ASSETS EIP-ADJUSTED ROAA DECEMBER 31, 2020 5,636,445 65,999 4.65% ADJUSTMENT FOR EIP-RELATED ASSETS 5,636,445 624,857 5,011,588 65,999 157 65,842 5.21% 1.73% 624,857 5,856,966 THREE MONTHS ENDED SEPTEMBER 30, 2020 6,806,366 1.91% 64,513 3.77% 6,806,366 1,573,727 5,232,639 DECEMBER 31, 2020 SEPTEMBER 30, 2020 28,037 6,481,823 13,158 7,672,773 64,513 396 64,177 4.87% 0.69% 1,573,727 6,099,046 0.86% JUNE 30, 2020 7,608,616 62,137 3.28% QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 7,608,618 2,323,425 5,285,193 62,137 578 61,559 4.68% JUNE 30, 2020 18,190 8,439,206 0.86% 2,323,425 6,115,781 1.19%#26NON-GAAP RECONCILIATIONS EIP-RELATED CAPITAL ADJUSTMENTS 26 METABANK TIER 1 LEVERAGE Total stockholder's equity LESS: Goodwill, net of associated deferred tax liabilities LESS: Certain other intangible assets LESS: Net deferred tax assets from operating loss and tax credit carry-forwards LESS: Net unrealized gains (losses) on available-for-sale securities LESS: Non-controlling interest Common Equity Tier 1 Capital ("CET1") Tier 1 minority interest not included in common equity tier 1 capital Total Tier 1 capital Total Assets (Quarter Average) ADD: Available for sale securities amortized cost ADD: Deferred tax LESS: Deductions from CET1 ADJUSTED TOTAL ASSETS METABANK REGULATORY TIER 1 LEVERAGE Adjusted total assets LESS: EIP prepaid card-related assets (cash) EIP-ADJUSTED TOTAL ASSETS METABANK EIP-ADJUSTED TIER 1 LEVERAGE DECEMBER 31, 2020 SEPTEMBER 30, 2020 912,508 933,430 301,999 302,396 39,403 40,946 24,105 19,894 1,536 525,571 750 526,321 $ $ $ 6,487,231 (24,694) 6,201 365,507 6,103,231 8.62 % ADJUSTMENT FOR EIP-RELATED ASSETS $ $ $ $ $ 6,103,231 $ 624,857 5,478,375 $ 9.61 % 18,361 17,762 3,603 550,344 1,894 552,238 7,679,897 (22,844) 5,724 361,721 7,301,056 7.56 % $ $ $ 7,301,056 $ 1,573,727 5,727,329 $ 9.64 % QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH JUNE 30, 2020 923,520 302,815 42,865 10,360 8,382 3,787 555,311 1,894 557,205 8,446,393 (8,420) 2,104 356,040 8,084,037 6.89% 8,084,037 2,323,425 5,760,612 9.67%#27FINANCIAL MEASURE RECONCILIATIONS Efficiency Ratio ($ in thousands) Noninterest Expense - GAAP Net Interest Income Noninterest Income Total Revenue: GAAP Efficiency Ratio, LTM Non-GAAP Reconciliation Adjusted Annualized NCOs and Adjusted Average Loans and Leases ($ in thousands) Net Charge-offs Less: Tax services net charge-offs Adjusted Net Charge-offs Quarterly Average Loans and Leases Less: Quarterly Average Tax Services Loans Adjusted Quarterly Loans and Leases Annualized NCOS/Average Loans and Leases Adjusted Annualized NCOS/Adjusted Average Loans and Leases¹ $ $ Dec 31, 2020 315,828 260,386 247,766 508,152 62.15 % Dec 31, 2020 2,836 (956) 3,792 3,495,696 25,104 3,470,592 0.32 % 0.44 % $ For the last twelve months ended Jun 30, 2020 314,911 Sep 30, 2020 319,051 259,038 239,794 498,832 63.96 % Sep 30, 2020 18,538 13,034 5.504 For the quarter ended Jun 30, 2020 $ 3,536,997 16,650 $ 3,520,347 $ 2.10 % 0.63 % 260,142 235,024 495,166 63.60 % 14,700 9,782 4,918 3,622,928 39,845 3,583,083 $ $ 1.62 % 0.55 % Mar 31, 2020 316,138 264,973 237,766 502,739 62.88 % Mar 31, 2020 2,117 (74) 2,191 4,195,772 516,491 3,679,281 0.20 % 0.24 % 1 Tax Services NCOS and average loans are excluded to adjust for the cyclicality of activity related to the overall economics of the Company's tax services business line. 27 QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH $ $ Dec 31, 2019 334,663 268,586 222,278 490,864 68.18 Dec 31, 2019 2,380 (739) 3,119 3,735,196 24,429 3,710,767 % 0.25 % 0.34 %#28LIMITED TOTAL EXPOSURE TO COVID-19 HIGH IMPACT INDUSTRIES ($ in millions) HOSPITALITY RETAIL (excl. consumer staples²) FITNESS AND RECREATIONAL CENTERS MOVIE THEATERS RESTAURANTS HIGH IMPACT INDUSTRY EXPOSURES DECEMBER 31, 2020 TOTAL COMMUNITY COMMERCIAL BANK FINANCE $186.7 $41.3 $0.6 $17.9 $0.8 $247.3 $56.2 $64.6 $18.1 $0.8 $11.9 $151.6 PPP LOANS $2.2 $1.6 $0.9 $1.5 $6.2 TOTAL $245.1 $107.5 $19.6 $18.7 $14.2 $405.1 % OF TOTAL¹ 6.7% 2.9% 0.5% 0.5% 0.4% 11.0% As of December 31, 2020, $194.3 million Paycheck Protection Program ("PPP") loans administered by the Small Business Administration remained; 3.2% of PPP loans are in high impact industries. 1 Total includes total gross loans & leases of $3.44 billion and rental equipment, net of $206.7M, as of December 31, 2020, exposures are based on current outstanding balances as of December 31, 2020 2 Consumer staples incudes grocery, pharmacy, gas stations, and convenience stores. 28 QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#29WAREHOUSE FINANCE Total Exposure ● $318.9 million ● % of Total¹ Asset-backed warehouse lines of credit used to support strategic initiatives. 8.7% Lines are primarily secured by consumer receivables, whereby Meta is in a senior, secured position as the first out participant. Have never had a charge off or loss. Agreements trigger waterfall protection for the "First Out" participant: The waterfall could be "triggered" due to items such as: collateral underperformance, collateral days past due, covenant breaches, concentration limit breaches, missed payments, regulatory events, material adverse effects, etc. EXAMPLE Meta's) In the example $100M scenario, all cash flows of the outstanding facility are used to pay the First Out Tranche's (i.e. outstanding principal and interest. The First Out's position must be paid down in full prior to the junior and equity tranches receiving any cash flow. Effectively, the First Out receives the benefit of $100M of loans/collateral to pay down its $55M full principal and interest position. ¹ Total includes total gross loans & leases of $3.44 billion and rental equipment, net of $206.7M, as of December 31, 2020 29 All Loan/Collateral Cash Flows Admin Fees (0-5%) First-Out Tranche (Meta Position) $55MM (55%) Junior Tranche $35MM (35%) Equity Tranche $10MM (10%) QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH $100M Facility EXAMPLE#30CONSUMER CREDIT PROGRAMS Total Exposure ● Consumer credit programs offer Meta a risk adjusted return, protected by certain layers of credit support and balance sheet flexibility. Programs are offered to strategic partners with payments distribution potential. ● $88.6 million ● % of Total¹ 2.4% Agreements typically provide for "excess spread" build-up and protection through a priority of payment within a waterfall Consumer interest rate and fees flow through a waterfall: Covers principal losses and Meta's required rate of interest. Meta's interest rate is substantially less than the consumer's APR Structure provides for a build up of excess spread to allow protection from loan losses and ensure Meta's contractual rate of interest is covered Structure provides for ALLL on a portfolio basis rather than loan level basis Excess spread in the escrow account only released to partner when certain conditions are satisfied Escrow account balance has increased since program inception As of December 31, 2020, MetaBank had two consumer credit programs with strategic partners. Principal Repayment to Meta ¹ Total includes total gross loans & leases of $3.44 billion and rental equipment, net of $206.7M, as of December 31, 2020 30 Consumer Payments Principal, Interest, Fees Collection Account Principal Losses to Meta Meta's Agreed upon interest return Remaining Excess Spread to Meta-owned escrow reserve Servicing Reserve release to partner is conditional (subordinate) based on product performance QUARTERLY INVESTOR UPDATE | FIRST QUARTER FISCAL YEAR 2021 | NASDAQ: CASH