#1Meta Financial Group QUARTERLY INVESTOR UPDATE SECOND 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, 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#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®. QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#4DIFFERENTIATED BUSINESS LINES WITH SIGNIFICANT GROWTH OPPORTUNITIES BANKING AS A SERVICE ("BaaS") PAYMENTS Enables fintechs, finservs, and various organizations by issuing prepaid cards, deposit accounts, and payment related transactions to 4 consumers. 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. COMMERCIAL FINANCE Directly enables small and medium-sized businesses, as well as large enterprises, with flexible capital solutions 47% REVENUE MAKEUP LAST TWELVE MONTHS ENDING MARCH 31, 2021 ($ in millions) Rental Income $41.1 Tax Product Income $76.8 Noninterest Income as a percent of Total Revenue in LTM ending March 31, 2021 Payments Fee Income $95.2 Other Income $27.6 QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH Net Interest Income $266.5#5SECOND QUARTER BUSINESS HIGHLIGHTS & KEY STRATEGIC INITIATIVES LO 5 Executing large, national programs leveraging Meta's scale ● INCREASE PERCENTAGE OF FUNDING FROM CORE DEPOSITS ● 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 $348 million IMPROVE OPERATING EFFICIENCIES Efficiency ratio 63.1% Continuing to drive optimization and utilization of existing business platforms. Leveraging technology to help drive future efficiencies. ACHIEVED YEAR-OVER-YEAR NET INCOME AND EARNINGS PER SHARE GROWTH OF 13% AND 27%, RESPECTIVELY RETURNED CAPITAL BY REPURCHASING 734,984 SHARES IN THE SECOND QUARTER OF FISCAL 2021 QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#6FEE INCOME DRIVES PROFITABILITY SECOND QUARTER ENDED MARCH 31, 2021 " 6 INCOME STATEMENT ($ in thousands, except per share data) Net interest income Provision for credit losses Payments card & deposit fees Tax product fee income 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 Less: Allocation of earnings to participating securities¹ Net income attributable to common shareholders ¹ Earnings per share, diluted Average diluted shares 1 Amounts presented are used in the two-class earnings per common share calculation. $ 2Q21 73,850 30,290 29,875 67,242 113,453 95,971 61,042 1,133 59,909 843 59,066 $ 1,113 57,953 1.84 $ 31,535,022 1Q21 65,999 6,089 22,564 2,607 45,455 72,575 32,790 3,533 29,257 1,220 28,037 $ 554 27,483 0.84 32,790,895 $ 2Q20 67,737 37,296 23,156 58,475 120,513 91,729 59,225 5,617 53,608 1,304 52,304 1,215 51,089 1.45 35,135,550 Revenue of $187.3 million, a 1% decrease compared to $188.3 million for the same quarter in fiscal 2020. Revenue increased 11% when excluding the $19.3 million gain on sale of divestiture of the Community Bank division in the second quarter of fiscal 2020. Noninterest expense increased 5% to $96.0 million for the fiscal 2021 second quarter, from $91.7 million for the same quarter of last year Driven by increases in compensation and benefits due to a return to more normalized incentive accruals and additional employees to support growth. Earnings per share increased 27% year-over-year to $1.84. QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#7SELECTED BALANCE SHEET HIGHLIGHTS SECOND QUARTER ENDED MARCH 31, 2021 7 BALANCE SHEET ($ in thousands) Cash and cash equivalents Loans and leases (HFI) Allowance for credit losses Total assets Noninterest-bearing checking Total deposits Total liabilities Total stockholders' equity Total liabilities and stockholders equity Loans / Deposits Net Interest Margin Return on Average Assets Return on Average Equity $ 2Q21 3,724,242 3,657,531 (98,892) 9,790,123 7,928,235 8,642,413 8,954,865 835,258 9,790,123 ● 42% 3.07% 2.22% 28.93 % PERIOD ENDING 1Q21 1,586,451 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% $ 2Q20 108,733 3,618,924 (65,355) 5,843,865 2,900,484 3,962,404 5,038,791 805,074 5,843,865 91% 4.78 % 3.16% 25.15% AVERAGE 2Q21 4,187,558 4,120,555 (86,591) $ 10,655,852 8,967,067 9,565,560 9,839,173 816,679 $ 10,655,852 43 % 3.07 % 2.22% 28.93 % $ QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH $ 2Q20 196,754 4,195,772 (41,537) 6,610,899 3,199,148 5,057,293 5,779,060 831,839 6,610,889 • Total gross loans and leases at the end of the second quarter increased $37.2 million, or 1%, to $3.65 billion, compared to the same quarter of the prior year. 83% 4.78% 3.16% 25.15 % Included $208.6 million of Paycheck Protection Program Loans Average deposits from the payments divisions for the second quarter increased nearly 181% to $9.29 billion driven by the company's participation in the EIP program, as well as other government stimulus programs. The effects of government stimulus programs have had a significant impact on the Company's balance sheet. These programs include Paycheck Protection Program loans, EIP (direct and indirect), and enhanced unemployment benefits that flow through to existing prepaid card programs.#8DIVERSIFIED EARNING ASSET PORTFOLIO ($ 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 March 31, 2021 2Q21 2,505,922 891,414 248,735 277,612 308,169 344,841 331,917 103,234 235,664 104,842 130,822 225,921 332,456 3,299,963 348,065 3,648,028 67,635 5,207,223 8,922,886 211,397 March 31, 2020 2Q20 2,026,347 725,581 250,211 285,495 238,788 332,800 92,000 101,472 258,439 113,544 144,895 95,936 333,829 2,714,551 896,234 3,610,785 13,610 1,416,095 5,040,490 200,837 Y/Y A 24% 23% (1)% (3)% 29% 4% 261% 2% (9)% (8)% (10)% 135% 0% 22% (61)% 1% 397% 268% 77% 5% QUARTERLY AVERAGE EARNING ASSET MIX % in charts represent % of total interest earning assets 43% 23% ASPIRATIONAL TARGETS LOANS & LEASES Commercial >55% MAR 2021 $9.77 billion INTEREST EARNING ASSETS 25% 10% 15% 3% MAR 2020 $5.70 billion INTEREST EARNING ASSETS 35% 19% INVESTMENTS Community Bank 0% ¹ Includes balances of $208.6 million in Paycheck Protection Program loans at March 31, 2021. QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 8 4% 6% 74% 42% CASH & FED FUNDS Consumer & Warehouse <15%#9ENVIRONMENTAL, SOCIAL, AND GOVERNANGE ("ESG") 9 Our mission, financial inclusion for all®, 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. PROGRESS ON ESG EFFORTS DURING THE QUARTER HIRED CHIEF PEOPLE AND INCLUSION OFFICER COMPLETED MATERIALITY ASSESSMENT ON TRACK TO PUBLISH ESG ANNUAL REPORT IN FISCAL Q3 QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#10FINANCIAL INCLUSION ENABLING BUSINESSES THROUGH THE PAYCHECK PROTECTION PROGRAM THROUGH ROUNDS 1 & 2 AS OF MARCH 31, 2021 10 1,012 LOANS FUNDED $574K AVERAGE LOAN AMOUNT 69% of loans were for LESS THAN $150K more than $300M IN RELIEF 59% of loans went to businesses with FEWER THAN 10 EMPLOYEES more than $95M IN FORGIVENESS more than 18,000 EMPLOYEE JOBS 31% of loans went to businesses LOCATED IN CDFI ZONES 43% of Round 1 balances were FORGIVEN QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#1111 BANKING AS A SERVICE QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#12PAYMENTS BUSINESS SOLUTIONS ENABLING FINTECHS AND FINSERVS THROUGH BaaS PAYMENTS BUSINESSES PROVIDE PRIMARY SOURCE OF DEPOSITS GENERATES STABLE, LOW-COST CORE DEPOSITS AND RECURRING FEE INCOME 12 ● ● Awards Promotion DEPOSIT GENERATORS Leading prepaid and debit card issuer. Partner to top program managers and payments brands. Leader in applying innovative prepaid solutions to address key consumer and business payments needs. Demand Deposit Accounts Gift Provide deposit account services for fintech and challenger bank brands. Loyalty 8% 10% Payroll 7% PRODUCT DISTRIBUTION 13% based on balances as of March 31, 2021 62% General Purpose Reloadable CHALLENGERS AWARDS 2020 ● ● ● FEE INCOME DRIVERS Facilitate Transactional Payments including: Faster Payments, ACH, merchant acquiring and ATM sponsorship. Stable, consistent card usage. Ranked among Top 25 on Nacha's 2020 Top ACH Originators & Receivers By Volume. IS TEARSHEET PARTNER BANK OF THE YEAR MetaBank QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#13PAYMENTS BUSINESS UPDATE • Selected as the prepaid debit card issuer for Economic Impact Payments as Treasury's financial agent. Disbursed $24.15 billion for the three rounds of EIP on 16.5 million Bank- issued prepaid debit cards. As of April 21, 2021, $5.34 billion remained outstanding, $131 million on the Company's balance sheet. ● Demonstrates Meta's ability to work with large-scale programs in an efficient and effective manner. Total average payments deposits were up 181% year-over-year. Deposit growth largely associated with government stimulus programs and is expected to be temporary in nature. 13 $2.45 2018 Average Payments Deposits ($ in billions) EIP Card Balances $2.71 $4.55 $0.98 $3.57 $3.31 2020 $9.29 2Q20 $2.86 EIP Card: Balances $6.43 Payments Card and Deposit Fee Income Breakout Second Quarter Fiscal 2021 12% 8% ■ Prepaid Deposit Banking Services Banking Services includes ATM, ACH/Faster Payments, Merchant Acquiring $23.2 2Q20 " Payments Card and Deposit Fee Income ($ in millions) 21% 9% $21.3 ■ Percent of Total Revenue 20% 3Q20 83% $21.4 2019 2Q21 Quarter Average Fiscal Year Average QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 4Q20 20% $22.6 1Q21 16% $29.9 2Q21#14TAX SEASON UPDATE 2021 Refund advances ("RAs") and refund-transfers ("RTs") leverage BaaS infrastructure and are core to MetaBank's mission, as they allow consumers quicker access to their money. ● RA originations of $1.79 billion compared to $1.33 billion in the 2020 tax season. 2021 tax season benefited by the addition of H&R Block relationship Approximate average loan size of $1,323 compared to $1,355 in 2020 RT volumes and RT product income for the overall tax season expected to be similar to last year. $ in millions Tax Season at MetaBank ramps up during the first fiscal quarter and peaks during the second fiscal quarter. As a result, performance for the six months ended March 31 is a better reflection on the overall performance for tax season as it alleviates timing differences between quarters. TAX SERVICES ECONOMICS Three Months Ended Six Months Ended March 31, 2020 RELATIONSHIPS WITH FRANCHISES (H&R BLOCK, JACKSON HEWITT) Net interest income (expense) Tax advance product income RT product income Total revenue Total expense 14 $ March 31, 2021 $ (0.29) 44.56 22.68 66.95 8.34 27.68 30.93 $ 1,727 RELATIONSHIPS WITH INDEPENDENTS (META TAX) (1.36) 29.54 28.94 57.12 9.15 19.60 28.37 $ 1,258 $ % Change (8)% 50.9% Provision for credit losses Net income, pre-tax Total refund advance originations Approximate loss rate¹ (6 months) 1 Approximate loss rate calculated by taking provision for loan & lease losses divided by total refund advance originations. (21.6)% 17.2% (8.9)% 41.3% 9.1% 37% $ $ March 31, 2021 (0.34) 46.52 23.33 69.51 8.77 28.13 32.61 $ 1,792 1.57 % $ $ March 31, 2020 QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH (1.33) 31.81 29.13 59.61 10.45 20.51 28.65 $ 1,335 1.54 % % Change (74.8)% 46.2% (19.9)% 16.6% (16.1)% 37.2% 13.8% 34% 2%#15META VENTURES | ESTABLISHED 2017 Formed for the purpose of making strategic minority equity investments¹ in companies or funds in the fintech and financial services industries that are aligned with our mission of financial inclusion for all® and are potential MetaBank customers. STRATEGY DRIVEN INVESTMENT VERTICALS POTENTIAL PARTNERS | LEAD GENERATION | TECHNOLOGY | ESG INVESTMENTS INCLUDE 3 MoneyLion CARD.COM FANCARDS 17 TOTAL COMPANIES INVESTED IN TM $25.9M COMMITED CAPITAL March 31, 2021 BILLGO GROWMICHIGAN Commerce Community Reinvestment with Ventures an Economic Return. ¹Total committed capital is limited to 15% of Risk Based Capital, economics and performances of investments are not material to the Company as of March 31, 2021. QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 15#1616 COMMERCIAL FINANCE & LEGACY COMMUNITY BANK PORTFOLIO QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#17COMMERCIAL FINANCE LOAN AND LEASE PORTFOLIO 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 SBA/USDA $331.9M 4.69% Insurance Premium Finance $344.8M 5.40% Other $103.2M 7.41% Rental Equipment, net $211.4M NA% $2.72 billion COMMERCIAL FINANCE PORTFOLIO (includes Rental Equipment, net) as of March 31, 2021 7.60% 2Q21 Quarterly Yield % in chart represents current quarter yield Lease Financing $308.2M 8.50% Factoring $277.6M 14.05% Michigan Top geographic state concentrations¹ by % 1. California 2. Texas 3. 4. Florida 5. North Carolina 6. Illinois 7. New York 8. Pennsylvania $263.5M Small ticket equipment financing 16.6% 11.1% 7.5% 6.5% 5.1% 4.6% 4.2% 3.5% Asset-Based Lending $248.7M 9.80% $273.5M Term Lending $891.4M 6.93% Solar/alternative energy $158.8M Equipment financing $126.1M Wealth management/ insurance $69.5M Other ASSET-BASED LENDING. Asset-based loans secured by accounts receivable, inventory, machinery & equipment work-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 $1.8 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 $325 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 $170 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 $208.6 million of PPP loans. Average loan size approximately $770 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 $211.4M 17 QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#18DISTRIBUTION OF COMMERCIAL FINANCE PORTFOLIO BY INDUSTRY ¹ Admin and Support and Waste Mgmt and Remediation Services Mining, Quarrying, and Oil and Gas Extraction Other Professional, Scientific, and Technical Services Retail Trade Real Estate and Rental and Leasing 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 MANUFACTURING 25% 24% 20% 11% 9% Manufacturing Utilities Transportation and Warehousing Wholesale Trade Finance and Insurance Health Care and Social Assistance Construction Asset-based lending Lease financing Term Lending SBA/USDA Factoring TRANSPORTATION & WAREHOUSING 37% 28% 21% $100 Factoring Term lending Insurance premium finance 54% 25% 15% $200 $ in millions UTILITIES $300 Term lending SBA/USDA Rental equipment, net $400 36% 23% 22% 9% $500 OIL & GAS Term lending 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 $211.4M 18 QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#19COMMERCIAL FINANCE MIX¹ Total Exposure ● ● ● MANUFACTURING MANUFACTURING Computer and Electronic Product Manufacturing Fabricated Metal Product Manufacturing Transportation Equipment Manufacturing $446.0 million Limited exposure to single borrowers Diversified across multiple subsectors - greatest concentration of subsectors is 1.7% of total² Total Exposure Machinery Manufacturing Nonmetallic Mineral Product Manufacturing Electrical Equipment, Appliance, and Component Mfg Chemical Manufacturing Plastics and Rubber Products Manufacturing Printing and Related Support Activities Food Manufacturing Other³ % of Total² 11.6% $399.2 million Outstanding Balance $446.0 67.3 52.1 48.9 42.8 40.6 36.7 30.9 TRANSPORTATION & WAREHOUSING 30.5 25.1 24.0 47.1 % of Total² 11.6% 1.7% 1.3% 1.3% 1.1% 1.1% 1.0% 0.8% 0.8% 0.7% 0.6% 1.2% % of Total² 10.3% $250.8 million exposure to truck transportation, over 88% in general freight trucking. 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 Total Exposure $442.0 million 98% of Utilities exposure is to Solar Electric Power Generation, majority of which is related to permanent solar generators. ● . UTILITIES Total Exposure Well collateralized, majority backed by power purchase agreements with highly rated, large public utilities OIL & GAS $51.4 million % of Total² Excludes certain joint ventures; percentages calculated based on aggregate principal amount of loans includes operating lease rental equipment of $211.4M ² Total includes total gross loans & leases of $3.65 billion and rental equipment, net of $211.4M, as of March 31, 2021, exposures are based on current outstanding balances as of March 31, 2021 3 Other includes manufacturing subsectors comprised of less than 0.5% of total² 19 Solar Electric Power Generation Other Utilities QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 11.5% % of Total² $46.2 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 1.3%#20SOLAR / ALTERNATIVE ENERGY TAX ADVANTAGES IN RENEWABLE ENERGY PORTFOLIO RENEWABLE ENERGY INVESTMENT TAX CREDIT (ITC) The solar and fuel cell ITC is an important federal policy mechanism to support the growth of solar energy in the U.S. Since the ITC was enacted in 2006, the U.S. solar industry alone has grown by more than 10,000%¹ The ITC is based on the amount of investment in the solar or fuel cell project Both the solar and fuel cell ITC are currently equal to 26% of the basis that is invested in eligible property which has begun construction through 2022. Originated $38.5 million and $20.0 million in ITC eligible alternative energy sale-leasebacks for the first and second quarter of 2021, that resulted in $15.5 million in total net ITC, respectively. 80% of ITC in Q1 & Q2 were solar transactions with the remaining 20% fuel cells. Project is Leased to a Solar Developer ↑ ITC Recognized Project Financing (Construction) MetaBank Purchases the Project ● ● ADVANTAGES OF RENEWABLE ENERGY LENDING PERMANENT DEBT FINANCING MetaBank provides permanent debt financing via United States Department of Agriculture (USDA) Guaranteed Loan Programs All USDA loans carry an 80 percent loan guaranty during MetaBank's 2021 fiscal year. Safe and conservative lending characteristics - Loan-to-Value ("LTV") is low averaging approx. 40%-60% Each project includes a long-term Power Purchase Agreement ("PPA") often with publicly rated utility providers Having long-term PPAS and low LTV generates predictable cash flow and safeguards the loan's debt service coverage capability Originated $8.1 million and $42.3 million in USDA solar loans for the first and second quarter of 2021, respectively At times, MetaBank may sell the USDA-guaranteed portion of the loan to an outside investor. Sell USDA Guaranteed Portion Project Financing (Construction) Permanent Financing via USDA Loan ¹Source: Solar Energy Industries Association® Solar Investment Tax Credit (ITC) Fact Sheet https://www.seia.org/sites/default/files/2021-01/SEIA-ITC-Factsheet-2021-Jan.pdf 20 QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#21LEGACY COMMUNITY BANK PORTFOLIO BREAKDOWN AS OF MARCH 31, 2021 | SERVICED BY CENTRAL BANK ($ in millions) Commercial Real Estate Commercial Operating Agricultural 1-4 Family Real Estate Consumer Total ● ● ● ● Outstanding Balance $324.3 11.3 7.9 3.9 0.7 $348.1 % of Total¹ 8.4% 0.3% 0.2% 0.1% 0.0% 9.0% During the quarter sold $103 million of community bank loans that were classified as held for sale during the prior quarter. Sale did not result in any material gain. COMMERCIAL REAL ESTATE 68% commercial mortgage, 32% commercial construction Allowance for credit losses coverage of 4.16% of total commercial real estate loans, primarily related to the hospitality and theater commercial real estate loans Negligible past due commercial real estate balances as of March 31, 2021 $17.2 million in nonperforming commercial real estate loans as of March 31, 2021 1 Total includes total gross loans & leases of $3.65 billion and rental equipment, net of $211.4 million, as of March 31, 2021, exposures are based on current outstanding balances as of March 31, 2021 ² Other includes subsectors comprised of less than 1% of total commercial real estate as of March 31, 2021 ($324.3 million) 21 COMMERCIAL REAL ESTATE INDUSTRY COMPOSITION Retail 13% Multifamily 19% Office Other² Building 1% Theater 5% 5% QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH Hotel/Motel 57%#22LEGACY COMMUNITY BANK | HOTEL PORTFOLIO AS OF MARCH 31, 2021 | SERVICED BY CENTRAL BANK $191.4 million outstanding, total exposure of $194.4 million including unfunded commitments $15.7 million related to construction. $185.0 million in commercial real estate and $6.4 million in C&I Portfolio comprised of 28 relationships representing 31 individual hotels and 3,017 total rooms 99% flagged hotel relationships (i.e. Holiday Inn Express, Hampton Inn, Hyatt Place, etc.); 100% limited-service 24% of balances located in South Dakota and lowa with majority of the remaining balances through developers headquartered in South Dakota and lowa ● ● ● ● ● ● ● ● COVID-19 Monitoring Most hospitality loans that were on deferral are back to P&l payments 8 hospitality loans upgraded from watch to pass during the quarter Active COVID-related deferrals and modifications on $40.8 million in hospitality balances outstanding, working with borrowers on a case-by-case basis ● ● Lower unemployment rate in Sioux Falls & Des Moines MSA, relative to National rates sign of stronger local economies Majority of loans have guarantees by individuals with a strong combined net worth Average loan-to-value of 60% at March 31, 2021 22 No nonperforming loans as of March 31, 2021 QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#2323 ASSET QUALITY, INTEREST RATE RISK, & CAPITAL QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#24ASSET QUALITY $ in millions $ in millions 0.67% $39.4 2Q20 0.87% $31.5 2Q20 Nonperforming Assets ("NPAs") 0.79% 0.64% $56.1 3Q20 INPAS 1.10% $39.3 3Q20 $48.0 INPLs 4Q20 Period Ended Nonperforming Loans ("NPLs") 0.97% NPAs / Total Assets $34.0 0.73% 4Q20 Period Ended $53.2 1Q21 ¹ Non-GAAP measures, see appendix for reconciliations. 24 1.18% $42.3 1Q21 NPLs/Total Loans 0.48% $46.7 2Q21 1.17% $43.5 2Q21 $ in millions Adjusted Net Charge-Offs ("NCOS")¹ Excludes Tax Services NCOS and Related Seasonal Average Loans 0.24% ● $2.2 2Q20 0.55% $4.9 3Q20 0.63% $5.5 4Q20 Period Ended 0.44% $3.8 1Q21 0.44% $3.8 INCOS -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. QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 2Q21 Credit quality remains strong. Allowance for credit losses ("ACL") $98.9 million, or 2.70% of total loans and leases as of March 31, 2021. ACL 228% of nonperforming loans Legacy community bank hospitality and theater exposures ACL coverage of 5.70% Small ticket equipment finance ACL coverage of 5.30% For fiscal 2021 second quarter, $2.7 million of NCOs were related to small ticket nent finance relationships.#25ASSET QUALITY Well-diversified portfolio with very modest exposures to the industries most impacted by the pandemic. COVID-related modifications and deferrals continue to improve. Excluding PPP loans, active deferments and modifications decreased from $85.3, or 3% of total gross loans and leases at December 31, 2020 to $66.4 million or 2% of total gross loans at March 31, 2021. Past Due Loans & Leases + COVID-19 Modifications & Deferrals $ in millions Past Due / Total Loans and Leases 1.43% 2.08% 1.71% Past Due + COVID-19 Modifications & Deferrals / Total Loans and Leases 2.34% 3.82% 3.50% $9.5 $75.4 2Q20 $85.3 $51.2 $66.4 $63.7 1Q21 2Q21 Total Past Due ■COVID-19 Modifications & Deferrals ACTIVE COVID-19 LOAN AND LEASE MODIFICATIONS AND DEFERRALS March 31, 2021 December 31, 2020 AREAS OF CREDIT FOCUS Hospitality Movie Theater Small ticket equipment finance¹ COMMERCIAL FINANCE CONSUMER COMMUNITY BANK TOTAL ● COUNT 70 ¹ Small ticket equipment finance includes balances of $16.0 million in term lending and $0.5 million in lease receivables. 25 11 4 55 55 76 15 % TOTAL LOANS AND LEASES (excl. PPP) 146 $ BALANCE $64.5 40.8 17.9 5.8 $5.8 $1.9 $58.7 $66.4 2% COUNT QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 138 11 4 123 130 200 16 346 $ BALANCE $75.2 40.8 17.9 16.5 The Company continues to place significant focus on hospitality and movie theater loans as well as small ticket equipment finance relationships. Working with borrowers on a case-by-case basis. • Most hospitality loans that were on deferral are back to P&I payments. Upgraded 8 hospitality loans in the quarter. $21.1 $3.9 $60.3 $85.3 3%#26INTEREST RATE RISK MANAGEMENT MARCH 31, 2021 65% 50% 35% 20% 5% -10% 12-MONTH INTEREST RATE SENSITIVITY FROM BASE NET INTEREST INCOME +100 +200 Parallel Shock Ramp EARNING ASSET PRICING ATTRIBUTES ¹ -100 32% 8% 18% Fixed Rate > 1 Year Fixed Rate < 1 Year 42% +300 Floating or Variable Federal Reserve Bank Deposits (Floating or Variable) Volume ($MM) ● 8,000 6,000 4,000 2,000 0 -2,000 Lower for longer rate environment -- focus is on reducing wholesale funding and redeploying deposits and assets into positive carry opportunities. Interest rate risk shows asset sensitive balance sheet - net interest income modeled under an instantaneous, parallel rate shock and a gradual parallel ramp. Management also employs rigorous modeling techniques under a variety of yield curve shapes, twists and ramps. ASSET/LIABILITY GAP ANALYSIS Month 1-12 Month 13-36 Period Variance Month 37-60 Total Assets ¹ Fixed rate securities, loans and leases are shown for contractual periods less than 12 months and greater than 12 months. 26 QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH Month 61-180 Total Liabilities#27CAPITAL AND SOURCES OF LIQUIDITY REGULATORY CAPITAL AS OF MARCH 31, 2021 At March 31, 2021¹ Tier 1 Leverage Tier 1 Leverage - EIP-adjusted² Common Equity Tier 1 Tier 1 Capital Total Capital ● ● ● Meta Financial Group, Inc. MetaBank, N.A. 5.47% 7.39% 13.32% 13.33% 14.60% 4.75% N/A 11.24% 11.58% 14.59% MetaBank EIP-adjusted Tier 1 Leverage of 7.39% 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 Bank-issued EIP cards. Repurchased 734,984 shares at a weighted average price of $40.78 during the 2021 second fiscal quarter. As of April 21, 2021, approximately 1.5 million shares remain under current authorization. Primary & Secondary Liquidity Sources ($ 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 EIP Deposit Balances Held at Other Banks $3,725 $465 $845 $285 $208 $1,265 $1,535 $10,768 7.28% CAPITAL RATIO TRENDS 8.52% 2Q20 13.61% 13.69% 2Q20 Tier 1 Leverage Ratio 5.91% 6.89% 6.58% 3Q20 14.99% 15.12% 3Q20 7.56% 7.39% 4Q20 Total Capital Ratio 15.30% 15.26% Meta Financial Group, Inc. 4Q20 8.60% 1Q21 QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 4.75% 14.14% 14.14% 1Q21 5.47% 2Q21 14.59% 14.60% 2Q21 MetaBank, N.A. Minimum Requirement to be Well-Capitalized under Prompt Corrective Action Provisions Regulatory capital reflects the Company's election of the five-year CECL transition for regulatory capital purposes. Amounts are preliminary pending completion and filing of the Company's regulatory reports. ² Non-GAAP measure, see appendix for reconciliations. 27 5% 10%#2828 APPENDIX QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH#29NON-GAAP RECONCILIATIONS EIP-RELATED ADJUSTMENTS 29 ($ in millions) NET INTEREST MARGIN Average interest-earning assets Net interest income Net interest margin LESS: Estimated cash interest adjustment EIP-ADJUSTED NET INTEREST INCOME EIP-ADJUSTED NET INTEREST MARGIN Interest-earning assets LESS: Estimated cash adjustment EIP-ADJUSTED AVERAGE INTEREST-EARNING ASSETS Net interest income LESS: Estimated cash interest adjustment ADJUSTED NET INTEREST INCOME ADJUSTED NET INTEREST MARGIN Interest-earning assets LESS: Estimated cash adjustment ADJUSTED AVERAGE INTEREST-EARNING ASSETS Net interest income RETURN ON AVERAGE ASSETS ("ROAA") Net income Average assets ROAA LESS: Estimated cash adjustment LESS: Estimated cash interest adjustment EIP-ADJUSTED AVERAGE ASSETS EIP-ADJUSTED NET INCOME EIP-ADJUSTED ROAA MARCH 31, 2021 9,768,242 73,850 3.07% ADJUSTMENT FOR EIP-RELATED ASSETS 9,768,242 2,679,372 7,088,870 73,850 661 73,189 4.19% ADJUSTMENT FOR INFLATED CASH BALANCES 9,768,242 4,187,558 5,580,684 73,850 1,090 72,760 5.29% MARCH 31, 2021 59,066 10,655,852 2.22% THREE MONTHS ENDED DECEMBER 31, 2020 SEPTEMBER 30, 2020 5,636,445 6,806,366 65,999 64,513 3.77% 2,679,372 661 7,976,480 4.65% 5,636,445 624,857 5,011,588 65,999 157 65,842 5.21% DECEMBER 31, 2020 28,037 6,481,823 1.73% 624,857 157 5,856,966 27,880 6,806,366 1,573,727 5,232,639 64,513 396 64,177 4.87% 1.90% SEPTEMBER 30, 2020 13,158 7,672,773 0.69% 1,573,727 396 6,099,046 12,762 JUNE 30, 2020 7,608,616 58,405 2.93% QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 0.84% 62,137 3.28% 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% 2,323,425 578 6,115,781 17,612 1.15%#30NON-GAAP RECONCILIATIONS EIP-RELATED CAPITAL ADJUSTMENTS ($ in millions) 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 ADD: CECL adoption 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 30 $ $ $ MARCH 31, 2020 934,010 301,602 36,780 19,306 12,458 1,092 562,772 690 563,462 $ DECEMBER 31, 2020 912,143 301,999 39,403 $ 10,662,731 (20,219) 5,077 10,439 357,688 10,300,340 $ 5.47 % $ ADJUSTMENT FOR EIP-RELATED ASSETS 10,300,340 $ 2,679,372 $ 7,620,968 $ 7.39 % 24,105 19,894 1,536 525,206 750 525,956 SEPTEMBER 30, 2020 933,430 302,396 40,946 $ 6,487,231 (24,694) 6,201 10,439 365,507 6,113,671 $ 8.60 % $ 6,113,671 624,857 5,488,814 $ 9.58 % 18,361 17,762 3,603 550,344 1,894 552,238 7,679,897 (22,844) 5,724 0 7,301,056 1,573,727 5,727,329 9.64 % $ 361,721 7,301,056 $ 7.56 % QUARTERLY INVESTOR UPDATE | SECOND 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 0 356,040 8,084,037 6.89% 8,084,037 2,323,425 5,760,612 9.67%#31FINANCIAL 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 $ $ Mar 31, 2021 320,070 266,499 240,706 507,205 63.10% Mar 31, 2021 3,696 (54) 3,750 4,120,555 714,789 3,405,766 0.36% 0.44% $ $ For the last twelve months ended Sep 30, 2020 Dec 31, 2020 315,828 260,386 247,766 508,152 62.15% Dec 31, 2020 2,836 (956) 3,792 0.32% 0.44% 319,051 259,038 239,794 498,832 $ 63.96 % For the quarter ended Sep 30, 2020 18,538 13,034 5,504 3,495,696 3,536,997 25,104 16,650 3,470,592 $ 3,520,347 $ $ 2.10 % 0.63 % Jun 30, 2020 314,911 260,142 235,024 495,166 63.60 % Jun 30, 2020 14,700 9,782 4,918 3,622,928 39,845 3,583,083 1.62% 0.55 % 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. QUARTERLY INVESTOR UPDATE | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH 31 $ $ 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 %#32WAREHOUSE FINANCE Total Exposure $332.5 million Asset-backed warehouse lines of credit used to support strategic initiatives. ● ● % of Total¹ 8.6% 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 In the example $100M scenario, all cash flows of the outstanding facility are used to pay the First Out Tranche's (i.e. - Meta's) 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 $3.65 billion and rental equipment, net of $211.4 million, as of March 31, 2021 32 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 | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH $100M Facility EXAMPLE#33INDIRECT CONSUMER CREDIT PROGRAMS Total Exposure $104.8 million ● Consumer credit programs with marketplace lenders 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. ● ● % of Total¹ 2.7% - 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 March 31, 2021, MetaBank had two consumer credit programs with strategic partners. Principal Repayment to Meta ¹ Total includes total gross loans & leases of $3.65 billion and rental equipment, net of $211.4 million, as of March 31, 2021 33 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 | SECOND QUARTER FISCAL YEAR 2021 | NASDAQ: CASH