Pathward Financial, Inc. Annual Report 2013

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FY2013 Annual Report · Pathward Financial, Inc.

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2 0 1 3 S U M M A R Y A N N U A L R E P O R T

Company Profile

Meta Financial Group, Inc.® (MFG) is the holding company for MetaBank®,

a federally chartered savings bank. MFG shares are traded on the

NASDAQ Global Market® under the symbol “CASH.”

Headquartered in Sioux Falls, South Dakota, MetaBank operates two

distinct businesses: MetaBank, its traditional retail banking operation,

and Meta Payment Systems®, its electronic payments division. The

synergies between the two provide a unique business model for the

company.

The traditional bank operates eleven retail branches in four market

areas: Central Iowa; Northwest Iowa; Brookings, South Dakota and

Sioux Empire, South Dakota. MetaBank offers traditional banking

services designed to serve the needs of individual, agricultural and

business depositors and borrowers.

Meta Payment Systems is recognized as a national leader in the

electronic payment systems industry. It manages four primary product

lines: prepaid cards, credit products, automated teller machine (ATM)

sponsorship and electronic funds transfer (EFT) business. MPS provides

financial options to underserved customers who do not qualify or

choose not to use traditional banking services.

Meta’s mission is to promote financial inclusion for everyone™.

In 2013, MetaBank was recognized as one of the top five performing

banks in the United States compared to other banks its size (ABA Banking

Journal, 2013). Meta Payment Systems consistently ranks as one of the

top two prepaid card issuers in the United States and has the largest

“white label” ATM network in the nation.

MetaBank is a Member FDIC and an Equal Housing Lender.

META FINANCIAL
GROUP, INC.

METABANK

RETAIL BANK

META PAYMENT SYSTEMS

NORTHWEST IOWA
MARKET

CENTRAL IOWA MARKET

BROOKINGS MARKET

SIOUX EMPIRE MARKET

2013 Summary Annual Report and Forward-Looking Statements

MFG may from time to time make written or oral “forward-looking statements,” including statements contained in its filings with the Securities and Exchange
Commission (“SEC”), in its reports to shareholders, in this summary annual report and in other communications by the Company, 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. You should read statements that contain these words carefully, because they discuss our
future expectations or state other “forward-looking” information. These forward-looking statements include statements with respect to the Company’s beliefs,
expectations, estimates and intentions that 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. Discussions of factors affecting the Company’s business and prospects are contained in the Company’s periodic filings
with the SEC. The Company expressly disclaims any intent or obligation to update any forward-looking statement, whether written or oral, that may be made
from time to time by or on behalf of the Company or its subsidiaries.

Financial Highlights

(Dollars in Thousands, Except Share and Per-Share Data)

2013

2012

2011

2010

2009

AT SEPTEMBER 30
Total assets
Total loans, net
Total deposits
Total annual average deposits
Shareholders’ equity
Book value per common share
Total equity to assets

FOR THE FISCAL YEAR
Total interest income / noninterest income
Net interest income
Income (loss), net of tax
Net income (loss)

Diluted earnings (loss) per share:
Net income (loss)

Return on average assets
Return on average equity
Net yield on interest-earning assets

$ 1,691,989
380,428
1,315,283
1,395,152
142,984
23.55
$
8.45%

$ 1,648,898
326,981
1,379,794
1,214,233
145,859
26.79
8.85%

$ 1,275,481
314,410
1,141,620
979,199
80,577
25.61
6.32%

$ 1,029,766
366,045
897,454
835,968
72,044
23.15
7.00%

$ 834,777
391,609
653,747
701,386
47,345
17.97
5.67%

$ 94,479
36,022
13,418
13,418

$ 106,871
33,734
17,114
17,114

$ 96,550
34,312
4,640
4,640

$ 136,527
33,090
12,393
12,393

$ 116,695
27,819
(1,463)
(1,463)

2.38

4.92

1.49

4.11

(0.56)

0.78%
9.36%
2.48%

1.22%
18.47%
2.56%

0.41%
5.71%
3.21%

1.22%
20.59%
3.43%

-0.20%
-3.13%
3.50%

TOTAL ASSETS
In Millions

TOTAL LOANS, NET
In Millions

TOTAL AVERAGE
DEPOSITS In Millions

TOTAL REVENUES
In Millions

TOTAL NET INCOME
(LOSS) In Millions

8
4
6
1
$

2
9
6
1
$

5
7
2
1
$

6
1
9
3
$

0
7
2
3
$

0
8
3
$

4
1
3
$

6
6
3
$

5
9
3
1
$

4
1
2
1
$

9
7
9
$

6
3
8
$

4
1
0
7
$

6
3
1
$

6
1
1
$

6
9
$

6
0
1
$

4
9
$

1
7
1
$

3
1
$

2
1
$

4
$

)
5
1
(
$

8
9
2
0
1
$

4
3
8
$

’09 ’10 ’11 ’12 ’13

This summary annual report highlights information contained in MFG’s Form 10-K for the year ended Sept. 30, 2013, and does not contain all of the information
you should consider in making investment decisions with respect to MFG’s common stock. You are urged to read the entire Form 10-K, including the consoli-
dated financial statements and the related notes and the information set forth under the headings “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations.”

Letter to Shareholders

MFG’s market
capitalization rose
from $67.2 million
on March 31, 2012,
to $230.7 million on
Sept. 30, 2013, an
impressive 243
percent increase in
just 18 months.

 CONFIDENCE, CAPITAL AND
COMPLIANCE
A year ago, three areas of emphasis for
Meta Financial Group (MFG) were intro-
duced: Confidence, Capital and Compliance.
I am pleased to report that the company
has made substantial progress in all three,
while generating improved core earnings
and significant share price appreciation for
our shareholders.
During fiscal 2013, investors expressed
their confidence in MFG by purchasing
additional shares during our successful
at-the-market stock offering. Additional
capital raised totaled $13.6 million during
fiscal year 2013, after raising $47.4 million
in capital the fiscal year prior. Higher capital
levels provide the company with more
options and more flexibility for growth.
Additionally, the capital raise contributed
to an improved float in MFG stock, which
is also beneficial for our shareholders.
Capital adequacy for banks is commonly
analyzed among the investment and regula-
tory communities. MetaBank capital levels
continue to meet and exceed all federal
regulatory requirements to remain a well-
capitalized institution. This allows MetaBank
to grow. Our Tier 1 core capital to adjusted
total assets was 9.4 percent on Sept, 30
compared to a well-capitalized requirement
of 5.0 percent and our risk-based capital on
Sept. 30 was 22.99 percent, compared to a
well-capitalized requirement of 10.0 percent.
Of particular satisfaction was the addition
of MFG to the Russell 2000 index in June
2013 and MetaBank’s national recognition
as a top-performing bank. The American
Bankers Association Banking Journal ranked
MetaBank a top five performing bank among
approximately 500 banks its size, and Bank
Director magazine ranked MetaBank number

seven in the nation for fee income.
We have made noteworthy and significant
investments during the past three years to:
1. Build a state-of-the-art compliance

infrastructure,

2. Develop a comprehensive Business
Enterprise Mapping (BEM) system and
MetaPACT culture and
3. Add staff and develop systems to
position our company for future
growth.

MetaBank’s considerable investment in
compliance and fraud reduction technology
and expertise has become a competitive
advantage for our company. We believe
our compliance infrastructure, including
enhanced Bank Secrecy Act (BSA) and
Anti-Money Laundering (AML) technology,
and a trained staff will add efficiencies and
enhanced scalability in coming years. We
believe these compliance efforts and our
proprietary systems and related patents
position us as an industry leader and
create high competitive barriers to entry.
Compliance investments notwithstand-
ing, MetaBank completed a thorough
Business Enterprise Mapping (BEM) initiative
that will help to deliver a systematic,
interconnected employee accountability
structure. This structure drives more interac-
tion and accountability throughout the
organization by defining lines of ownership
and communicating expectations of busi-
ness units and departments. It also prepares
us for quicker-to-market responses as we
look toward future innovations.
Moreover, synergies between MetaBank’s
Retail Bank and Meta Payment Systems (MPS)
are growing. The obvious benefit of low-cost
deposits from MPS is a direct complement
to the Retail Bank’s strong loan performance,

2 / 3 META FINANCIAL GROUP 2013 SUMMARY ANNUAL REPORT

as outlined in the financial highlights in the
next section. With many expecting the
national economy to modestly rebound
and record-breaking low interest rates on
the rise, MetaBank is in a favorable position
to capitalize on its cost-of-funds advantage
when interest rates rise and asset yields
improve.
MetaBank has further plans to benefit
by increasing its Retail Bank lending volume
and, over time, offering more credit products
through MPS. These and other initiatives
allow us to strategically align resources to
position our company for future earnings
growth and to positively impact both
traditional bank customers and unbanked
or underserved consumers.

In fact, MetaBank’s mission has been

clearly defined: to promote financial
inclusion for everyone. What that means is
that MetaBank is driven to meet both the
underbanked and traditional banking
customers’ needs. With strong Retail Bank
credit performance; more than 400 million
prepaid cards issued on a national scale;
an advanced BSA/AML technology system
that captures buyer behavior patterns;
and a strong network of business partners,
we believe MetaBank’s business outlook is
favorable. Combine that with a growing
demand for services and products for the
underserved and the potential grows.

In short, we believe MetaBank will do

well by doing good.

 FINANCIAL HIGHLIGHTS
Net income totaled $13.4 million versus
$17.1 million in fiscal 2013 compared to 2012.
MFG experienced 56 percent growth in core
earnings during fiscal 2013. Net core earnings
were $16.8 million in fiscal 2013, up from
$10.8 million in 2012. Fiscal 2013 net core

earnings includes $3.7 million from MPS
Partner Business Interruption, $0.6 million
impairment on assets for sale related to a
branch closure and $0.9 million tax impact.
Fiscal 2012 net core earnings includes $1.5
million loss on redemption of Trust Preferred
Securities, $11.4 million gain on Government
National Mortgage Association security sale
and $3.6 million tax impact.

Fiscal year 2013 average assets grew to
$1.7 billion, compared to $1.4 billion last year,
driven primarily by MPS deposit growth.
Average deposits of $1.4 billion were up
$181 million, or 15 percent, from fiscal year
2012. Fiscal 2013 interest income grew to
$39.0 million from $37.3 million last year.
Total deposits were down for the year
because Sept. 30, 2013, was a Monday,
which is a low-deposit day of the week,
while Sept. 30, 2012, was a Friday, which
is a high-deposit day.
MetaBank’s loan portfolio grew 16 percent
during the fiscal year, including more than
12 percent growth in the last quarter. We
expect to continue to see robust loan growth
from the Retail Bank, in addition to expanded
credit offerings over time by MPS.
Of course, loan growth is only as good
as the quality of the portfolio. MetaBank’s
credit quality moved from strong to even
better during fiscal 2013. Non-performing
assets (NPA) were 0.05 percent of total
assets at Sept. 30, 2013, compared to 0.16
percent at Sept. 30, 2012. This compares to
an industry NPA average of more than 2.0
percent.

Interest rates began rising during May
and June, which will help us greatly going
forward, given almost 90 percent of our
deposits are non-interest-bearing. We believe
we are well-positioned for an increasing
interest rate environment, with anticipated

MPS Non-Interest
Income

In Millions

2
3
9
$

4
7
7
$

5
3
5
$

0
3
5
$

1
0
5
$

’09 ’10 ’11 ’12 ’13

In 2013, we recorded
the second most
profitable year, with
the third highest
earnings per share
in the Company’s
history, even with a
substantial increase in
outstanding shares.

MetaBank’s consider-
able investment in
compliance and fraud
reduction technology
and expertise has
become a competitive
advantage for our
company.

MetaBank Average
Low-Cost Deposit
Balances

In Millions

7
5
6
2
1
$

9
0
9
0
1
$

6
8
4
8
$

1
9
8
6
$

0
5
4
5
$

’09 ’10 ’11 ’12 ’13

yields on the existing securities portfolio
expected to increase in the range of 40 to
70 basis points based on the increases in
rates earlier in the year and on current market
rates. We began to see some benefit from
higher rates and slower prepayment speeds
in the mortgage-backed securities (MBS)
portfolio in September, as expected. We
expect to see more benefit throughout
fiscal 2014.

 META PAYMENT SYSTEMS
Meta Payment Systems has long been recog-
nized as a leader in the electronic payment
systems industry and is consistently ranked
as one of the top two prepaid card issuers
in the nation (Nilson Report). MPS has 36
patents with more than a dozen more
pending. It sponsors approximately 70
percent of U.S. “white label” ATMs and
reached another significant milestone by
issuing its 400 millionth prepaid card since
its inception in 2005.
Additionally, MPS is recognized as an
emerging leader in virtual cards for electronic
settlements. Extensive work has been done
as we expand this business.

The MPS segment recorded fiscal 2013
earnings of $8.4 million compared to $6.5
million for the 2012 fiscal year, an increase of
29 percent. MPS had an average of $1.1 billion
in non-interest-bearing deposits in the 2013
fiscal fourth quarter. Average deposits for MPS
increased by approximately $100 million, or
about 10 percent, from the prior fiscal year.
Overall cost of funds at MFG was 0.16 percent
during the fourth quarter, down from 0.25 in
the same quarter for 2012.

Equally impressive is Meta’s broader
role and leadership with national advocacy
groups that promote financial inclusion
and financial dignity. As one of the first

banks to publicly adopt the Center for
Financial Services Innovation (CFSI) guiding
principals (embracing inclusion, building
trust, promoting success and creating
opportunity), MetaBank leaders have
gone on to support the Global Financial
Dignity Summit of Operation HOPE and the
Underbanked Solutions Exchange facilitated
by CFSI. Operation HOPE provides many
tangible programs to people in need and
works to measure and promote financial
dignity and hope for our children. The bank
is privileged to present at national forums
on the importance of compliance oversight
and works with law enforcement entities to
identify and reduce fraudulent and terrorist
threats.

 RETAIL BANKING
MetaBank’s Retail Bank segment has been a
fixture in Iowa and South Dakota communi-
ties for decades. With 11 branches in four
markets, its strong community ties have built
businesses, financed farms and established
enduring friendships that have earned the
bank a reputation as a solid financial institu-
tion that provides value-added products
and services.

Today, the Retail Bank offers traditional
banking services designed to meet the needs
of individual, agriculture and business deposi-
tors and borrowers. New mobile channels
were introduced this year, with adoption rates
higher than the industry average within the
first six months of being launched. Watch for
MetaBank-branded apps and metabank.com
website enhancements in the months ahead.
The Retail Bank recorded 2013 fiscal earn-
ings of $5.9 million, compared to $11.0 million
for fiscal 2012, due in part to net one-time
gains of $6.3 million in 2012 and expenses
of $0.5 million in 2013 related to a branch

4 / 5 META FINANCIAL GROUP 2013 SUMMARY ANNUAL REPORT

closure. Adjusting for these items, its 2013
core earnings totaled $6.4 million, a 37
percent gain over 2012 core earnings.

This year we closed one of our lower-
performing retail branches in the Des Moines
market. The expense savings will allow us to
better allocate resources toward growth
opportunities and enhance earnings. We will
continue to focus on growing the Retail Bank
channel in a cost-efficient manner.
We expect robust loan growth to continue
moving forward thanks, in part, to a strong
footprint and diverse loan customer base
made up of consumer, mortgage, agriculture
and commercial segments.

Equally important, the Retail Bank’s credit
quality is significantly better than the industry
average, which has NPAs more than 2.0 per-
cent compared to MetaBank at 0.05 percent.
Recent trends continue to be favorable, with
every credit quality metric improving for the
year. Our fourth-quarter loan loss provision
increase was entirely due to loan growth
at the Retail Bank; charge-offs were minimal
at $41,000 for the year.
MetaBank has put additional focus on
simplifying the way we do business. Attention
has been placed on our MetaPACT initiatives
to further support performance, accountabili-
ty, customers and training (PACT). That begins
with the development and communication of
the Retail Bank’s strategic plan and continues
with regular employee communication that
highlights successes and areas of focus.

Two other critical drivers that get back
to basics are 1) hiring the right people and
putting them in the right position for success
and 2) providing the right tools and products
that empower MetaBank employees to
provide extraordinary service. Ultimately,
it is our people who drive the customer
experience and carry out the Retail Bank

vision: “Every customer leaves saying,
‘I love my bank.’”
An indication that the Retail Bank is fulfill-
ing its vision, our Net Promoter Score (NPS) is
49 and ranks higher than the financial indus-
try average of 29. NPS is a widely accepted
measure of customer satisfaction and loyalty.
The higher your score, the higher probability
you have healthy profits and will achieve
greater organic growth through referrals and
additional business from current customers.

 INVESTMENT QUALITY
The securities portfolio is a solid earnings
generator and remains high-quality and well
diversified. The majority of the securities port-
folio is held in MBS, all being guaranteed by
U.S. Government instrumentalities or full faith
and credit of the U.S. Government. Looking
further, the MBS portfolio has diversified
exposure to 30-, 20-, 15- and 10-year fixed-rate,
pass-through pools made up of higher and
lower coupons as well as adjustable-rate MBS.
Municipal securities are the second-largest
exposure in the portfolio. These holdings
enhance our company’s earnings by provid-
ing higher tax effective yields and high credit
quality. Constructing this portfolio was
done with careful consideration to quality,
diversity and earnings. We believe we are
well-positioned for an increasing interest
rate environment.

Rating agencies agree with our high-
quality assessment of the municipal portfolio.
When utilizing the Bloomberg composite
rating, which is a blend of Moodys, S&P, Fitch
and DBRS ratings, approximately 97 percent
of holdings are AA- or AAA-rated. Diversity is
exemplified by exposure to 41 of the 50 U.S.
states, with more than 190 different ultimate
borrowers. The remainder of the portfolio is
rounded out by small holdings in corporate,

MetaBank Non-
Performing Assets

As a Percentage of Total Assets

%
6
7
1

%
4
2
1

%
4
9
0

%
6
1
0

%
5
0
0

’09 ’10 ’11 ’12 ’13

MetaBank’s loan
portfolio grew
16 percent in fiscal
2013 while its credit
quality is significantly
better than the
industry average.

We believe
that MetaBank
will do well by
doing good.

Deposit Sources

Money Markets: 3%

Certificates: 9%

Savings: 1%

Checking: 87%

2012

Savings: 2%

Money Markets: 3%

Certificates: 7%

Checking: 88%

2013

I want to personally thank the board
of directors for its continued guidance and
support and to extend a special thank you to
Mr. E. Thurman Gaskill, who is retiring as the
Lead Director and Vice Chairman of the Board
of Directors in January 2014. Thurman has
been a board member for more than 30
years; his years of service and friendship
have been invaluable. Frederick V. Moore
will assume the Lead Director and Vice
Chairman roles upon Mr. Gaskill’s retirement.
Mr. Moore has served as a director since 2006
and is President of Buena Vista University
in Storm Lake, Iowa. The Board welcomed
Douglas J. Hajek, partner with the law firm
Davenport, Evans, Hurwitz & Smith, LLP,
in Sioux Falls, S.D., in November 2013.

I also want to take this opportunity to
express my gratitude to the talented individu-
als that make Meta such a terrific place to
work. I know their passion and expertise are
the best in the business and will help Meta
achieve more successes in the future.
On behalf of the entire MetaBank team,
we appreciate the confidence you entrust in
us. We understand that confidence is earned,
and we will continue forth with optimism
and dedication to realize our mission:
promote financial inclusion for everyone.

J. Tyler Haahr
Chairman of the Board and CEO
Dec. 30, 2013

trust-preferred, U.S. Government agency and
instrumentality debentures.

 2014 AND BEYOND
As highlighted above, MetaBank has reason
to be optimistic about opportunities in 2014.
• MFG has the capital capacity to fund our
growth objectives. Of consideration are
new product development and diversifica-
tion in MPS and organic growth at the
Retail Bank. We would also consider
strategic acquisition opportunities.
• We will look to optimize our company’s
low-cost deposits by considering special-
ized lending in niche markets that are
largely ignored or underserved. This,
combined with expected robust Retail
Bank loan growth, should be an ideal com-
plement to our deposit-gathering franchise
and provide a national lending platform
for consistent growth and quality.
• Credit quality metrics at the Retail Bank
have recently outperformed industry
standards and have done so consistently
over the years. Meta seeks to optimize
risk-adjusted returns through diversification
and its choice of loans and investments.
• MPS is an industry leader. Significant
investments have been made to build an
infrastructure that is prepared to support
future growth and diversified products.

 OUR TEAM MAKES IT POSSIBLE
At the beginning of fiscal 2014, Brad Hanson
was promoted to President of MetaBank and
MFG. Meta is fortunate to have Brad’s contin-
ued leadership as the longstanding President
of MPS and a pioneer in the prepaid industry.
Along with Mr. Hanson, Glen Herrick, Ira
Frericks and Ron Butterfield were promoted
to the executive team to add further perspec-
tive and insight.

6 / 7 META FINANCIAL GROUP 2013 SUMMARY ANNUAL REPORT

Investor Information

Annual Meeting of Shareholders

Shareholder Services

Investor Relations

The Annual Meeting of Shareholders
will convene at 1 p.m., on Friday, Jan. 27,
2014. The meeting will be held in the
Meta Payment Systems building, 5501
South Broadband Lane, Sioux Falls,
S.D. Further information with regard
to this meeting can be found in
the proxy statement.

Independent Auditors

KPMG LLP
2500 Ruan Center
666 Grand Avenue
Des Moines, Iowa 50309-2372

Shareholders desiring to change the name,
address or ownership of stock; to report
lost certificates; or to consolidate accounts
should contact the corporation’s transfer
agent:

Registrar & Transfer Company
10 Commerce Drive
Cranford, N.J. 07016
Telephone: 800.368.5948
Email: invrelations@rtco.com
Website: www.rtco.com

Form 10-K

Copies of the company’s Annual Report
on Form 10-K for the year ended Sept. 30,
2013 (excluding exhibits thereto), may be
obtained without charge from Investor
Relations.

Requests for Form 10-K, other inquiries
or investor comments are welcome and
should be directed to:

Debra Thompson
Senior Executive Assistant
Meta Financial Group
5501 South Broadband Lane
Sioux Falls, S.D. 57108
Telephone: 605.361.4347 or 866.550.6382
Email: invrelations@metabank.com
Website: www.metafinancialgroup.com

Dividend and Stock Market Information

Meta Financial Group’s common stock
trades on the NASDAQ Global Market®
under the symbol “CASH.” Quarterly
dividends for 2013 and 2012 were
$0.13. The price range of the common
stock, as reported on the NASDAQ
System, was as follows:

Fiscal Year 2012
LOW

HIGH

Fiscal Year 2013
LOW

HIGH

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

$ 14.14

$ 17.13

$ 22.50

$ 24.90

15.53

19.74

19.60

22.00

21.68

24.78

22.50

26.00

26.18

26.56

27.68

38.57

Prices disclose inter-dealer quotations
without retail mark-up, mark-down or
commissions and do not necessarily
represent actual transactions.
Dividend payment decisions are made
with consideration of a variety of factors,
including earnings, financial condition,
market considerations and regulatory

restrictions. Restrictions on dividend
payments are described in Note 14 of
the Notes to Consolidated Financial
Statements included in our Annual
Report on Form 10-K.

As of Sept. 30, 2013, Meta Financial
Group had 6,070,654 shares of common
stock outstanding, which were held by

approximately 180 stockholders of record,
and 318,648 shares subject to outstanding
options. The shareholders of record
number does not reflect approximately
800 persons or entities that hold their
stock in nominee or “street” name.

›› Comparison of Cumulative Total Return of Meta Financial Group

(NASDAQ symbol: CASH, broad market and industry index)

For five fiscal years commencing Oct. 1, 2008, and ending Sept. 30, 2013

250

200

150

100

Meta Financial Group, Inc.

NASDAQ Composite Index

Morningstar Group Index1

2008

2009

2010

2011

2012

2013

Historical stock price performance shown on the graph is not necessarily indicative of future price performance.
1Morningstar Savings & Cooperative Banks (approximately 220 companies)

Market Makers for Meta Financial Group
(NASDAQ: “CASH”) as of Sept. 30, 2013:

• Sandler O’Neill & Partners
• Sterne Agee
• Raymond James
• Morgan Stanley & Co. LLC
• UBS Securities LLC
• Merrill Lynch, Pierce, Fenner
• Credit Suisse Securities USA
• Wedbush Securities Inc.
• Goldman, Sachs & Co.
• Instinet LLC

Board of Directors / Senior Officers

BOARD OF DIRECTORS

SENIOR OFFICERS

J. Tyler Haahr
Chairman of the Board and
Chief Executive Officer,
Meta Financial Group and MetaBank

Brad C. Hanson
President, Meta Financial Group
and MetaBank

Troy Moore
Executive Vice President Sales and
Operations, Meta Financial Group
and MetaBank

E. Thurman Gaskill
Vice Chairman of the Board and
Lead Director, Meta Financial Group
and MetaBank
Iowa State Senator (1998 - 2008) and
Grain and Livestock Farming Operation
Owner

Doug Hajek
Partner at Davenport, Evans,
Hurwitz & Smith, LLP

Frederick V. Moore
President of Buena Vista University

Rodney G. Muilenburg
Retired Dairy Specialist Manager,
Purina Mills, Inc.; Retired Consultant,
TransOva Genetics Dairy Division and
Retired Director of Sales and Marketing,
TransOva Genetics

Jeanne Partlow
Retired Chairman of the Board and
President, Iowa Savings Bank

Ron Butterfield
Executive Vice President,
Chief Administrative Officer

Ira Frericks
Executive Vice President,
Chief Operating Officer

Glen Herrick
Executive Vice President,
Chief Financial Officer

Troy Moore
Executive Vice President,
Sales and Operations

Jim Accordino
Senior Vice President, Consumer
Experience and Enterprise Quality,
Meta Payment Systems Division

Michael Conlin
Senior Vice President,
Product Management,
Meta Payment Systems Division

Merid Eshete, CRP
Senior Vice President,
Chief Risk Officer

Debra J. Geister
Senior Vice President,
BSA / AML Officer

John Hagy
Senior Vice President,
Chief Legal Officer

Barbara Koopman
Senior Vice President,
Retail Bank Operations

Troy Larson
Senior Vice President,
Information Systems

David W. Leedom
Senior Vice President,
Finance

Linda Loof
Senior Vice President,
Partner Services

Ellen Moore
Senior Vice President,
Sales and Marketing

Steven G. Patterson
Chief Lending Officer and President,
MetaBank Central Iowa Market

Timothy Peters
President,
MetaBank Brookings Market

Jeanni Stahl
Senior Vice President,
Chief Compliance Officer

Sonja Theisen
Senior Vice President,
Controller

Kathy M. Thorson
President, MetaBank
Sioux Empire Market

Jon W. Wilcke
President, MetaBank
Northwest Iowa Market

META FINANCIAL GROUP 2013 SUMMARY ANNUAL REPORT

META PAYMENT SYSTEMS
metapay.com

Sioux Falls
5501 South Broadband Lane
Sioux Falls, South Dakota 57108
605.361.4347
866.550.6382
605.338.0604 fax

Meta Financial Group

META FINANCIAL GROUP
metafinancialgroup.com

METABANK
metabank.com

Sioux Falls
5501 South Broadband Lane
Sioux Falls, South Dakota 57108
605.361.4347
866.550.6382
605.338.0604 fax

›› NORTHWEST IOWA MARKET

Storm Lake Main Office
121 East Fifth Street
P.O. Box 1307
Storm Lake, Iowa 50588
712.732.4117
800.792.6815
712.749.7502 fax

Storm Lake Plaza
1413 North Lake Avenue
P.O. Box 1307
Storm Lake, Iowa 50588
712.732.6655
712.732.7924 fax

›› CENTRAL IOWA MARKET

Central Iowa Main Office
Downtown Des Moines
418 Sixth Avenue, Suite 205
Des Moines, Iowa 50309
515.243.0630
515.447.4242 fax

Highland Park
3624 Sixth Avenue
Des Moines, Iowa 50313
515.288.4866
515.288.3104 fax

Ingersoll
3455 Ingersoll Avenue
Des Moines, Iowa 50312
515.274.9674
515.274.9675 fax

Urbandale
4848 86th Street
Urbandale, Iowa 50322
515.309.9800
515.309.9801 fax

West Des Moines
3448 Westown Parkway
West Des Moines, Iowa 50266
515.226.8474
515.226.8475 fax

›› BROOKINGS MARKET

Brookings Main Office
600 Main Avenue
P.O. Box 98
Brookings, South Dakota 57006
605.692.2314
800.842.7452
605.692.7059 fax

›› SIOUX EMPIRE MARKET

Sioux Falls Main Office
4900 South Western Avenue
Sioux Falls, South Dakota 57108
605.338.0059
605.338.0155 fax

South Minnesota
2500 South Minnesota Avenue
Sioux Falls, South Dakota 57105
605.977.7500
605.977.7501 fax

West 12th Street
2104 West 12th Street
Sioux Falls, South Dakota 57104
605.336.8900
605.336.8901 fax

metafinancialgroup.com