Annual Report
2015
Transformation
®
SUMMARY ANNUAL REPORT
2015
COMPANY PROFILE
Meta Financial Group, Inc.® (MFG
for the Company) is the holding
company for MetaBank®, a federally
chartered savings bank. MFG shares
are traded on the NASDAQ Global
Select Market® under the symbol
CASH.
AFS/IBEX
is a
top-10 national
customers.
commercial
insurance premium
finance company.
Meta’s vision is to promote financial
inclusion for everyone™. In 2015,
The Company’s Payments industry
MetaBank was recognized as one
presence continues to be anchored
of the top 200 Community Banks
by Meta Payment Systems (MPS),
and Thrifts in the United States
a national leader in prepaid card
compared to other banks its size
Headquartered in Sioux Falls, South
issuance, automated teller machine
(American Banker Magazine, 2015).
Dakota, the Company operates in
(ATM) sponsorship, and electronic
Meta Payment Systems consistently
both the Banking and Payments
funds transfer.
Additionally,
in
ranks as one of the top two prepaid
industries.
Within Banking, the
September 2015,
the Company
card issuers in the United States
traditional retail bank business,
finalized the acquisition of Refund
and has the largest “white label”
operating in four market areas in
Advantage, a professional
tax
ATM network in the nation.
South Dakota and Iowa, has now
refund-transfer software service
been augmented by the acquisition
used by
independent Electronic
MetaBank is an FDIC Member and an Equal Housing Lender
of AFS/IBEX
in December 2014.
Refund Originators (ERO’s) and their
META FINANCIAL GROUP, INC
METABANK
BANKING
PAYMENTS
RETAIL BANK
AFS/IBEX
META PAYMENT SYSTEMS
REFUND ADVANTAGE
2015 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.
1
Annual Report 2015
Transformation
TO OUR SHAREHOLDERS AND CUSTOMERS
OF META FINANCIAL GROUP
J. Tyler Haahr is the Chairman of
the Board and Chief Executive
Officer of Meta Financial Group,
Inc. (MFG), and MetaBank. He has
held this position since 2011.
Mr. Haahr joined MFG and its
affiliates in 1997.
If I had one word to describe our fiscal
year 2015, it would be transformational.
Meta has experienced tremendous
growth over the past year through
the acquisitions that we completed,
the signing of many new program
managers and other partners in our
payments division, while maintaining
roughly 12%–30% growth in all of our
core businesses. Some highlights for
the year include:
completed
The AFS/IBEX premium finance
acquisition was
in
December 2014 and has enjoyed a
52% annualized growth rate since
then. This expansion was primarily
achieved through the hiring of several
senior producers in the industry. We
anticipate continued high loan growth
in 2016.
acquisition
Refund
of
The
leverages the synergies
Advantage
of our payments division into the
tax preparation space. These new
distribution channels for our products
and services will add more earnings
potential in the years to come.
Our Retail Bank division saw 22%
lending growth year over year,
continuing the robust growth we
have seen in the past few years,
while maintaining
credit quality.
We anticipate this exciting trend to
continue.
MPS fourth quarter average deposit
growth rate was 25%, or $314 million
(year over year). Meta now has
approximately 90% of its deposits in
non-interest bearing deposits, which
positions us well for the future as
interest rates rise.
We added seven new Program
Managers during the year within MPS,
which we expect to significantly add
to our deposit growth in 2016 and
beyond.
MPS has nine of its top ten prepaid
program managers under contract
through December 2019 and we
believe
contracts provide
continuity and potential for long-term
growth of our deposit base and fee
income .
these
While we’ve seen transformational
growth in our business during 2015, we
continue to adhere to our principles of
building and improving on an already
infrastructure
solid
foundation of
invested
and compliance. We’ve
significantly in business development,
technology, people, products and
services over the past year that will
benefit the company in 2016 and even
more in 2017. We expect this growth
trajectory to continue, adding and
expanding our partner relationships,
and
developing
services that are in line with our long-
term business strategies, all while
generating appropriate returns and
mitigating undue risk. In all of this,
we will never lose sight of promoting
our vision of financial inclusion for
everyone™.
products
new
I want to take this opportunity to thank
our board members, employees,
customers and shareholders for an
exceptional year. Thank you for all you
do for Meta.
Sincerely,
J. Tyler Haahr
Chairman of the Board and
Chief Executive Officer
Meta Financial Group, Inc.
2
3
2015 FISCAL YEAR HIGHLIGHTS
Fiscal year-to-date net
income for the year ended
Non-performing assets (NPAs) were 0.31% of total assets
September 30, 2015, was $18.1 million, or $2.66 per diluted
at September 30, 2015, compared to 0.05% at September 30,
share, compared to $15.7 million, or $2.53 per diluted share
2014. The increase from September 2014 was mainly due
for the comparable prior year period. Excluding $1.9 million
to a downgrade of a large agriculture lending relationship.
related to losses on securities associated with a portfolio
Excluding the AFS/IBEX portfolio, NPAs were 0.24% of total
restructuring, $2.9 million of acquisition-related expenses
assets at September 30, 2015.
including amortization of intangibles, $1.3 million for historic
reimbursements and bank-owned life insurance payments
and a tax effect of these items of $1.2 million, fiscal year-to-
date earnings after tax would have been $20.4 million.
Tangible book value per common share decreased by
$3.31, or 12%, to $24.60 per share at September 30, 2015,
from $27.91 per share at September 30, 2014. This decrease
is primarily attributable to increases in goodwill, intangible
MFG’s fiscal 2015 fourth quarter average assets grew to
assets, and shares issued due to the AFS/IBEX and Refund
$2.45 billion, compared to $2.00 billion in the fiscal 2014
Advantage acquisitions. Partially offsetting this reduction
fourth quarter, an increase of 22%. Growth drivers primarily
was an increase in retained earnings.
were MPS deposits, loan growth and, to a lesser extent,
additions to the securities portfolio.
AFS/IBEX loans grew $32.4 million, or 44% (52% annualized),
from the date of acquisition on December 2, 2014 to
Overall cost of funds at MetaBank averaged 0.11% during
September 30, 2015.
fiscal 2015 compared to 0.14% for the prior year. The
Company’s cost of funds is driven by its non-interest bearing
deposits generated within its MPS division.
Return on average equity (ROE) for the year ended
September 30, 2015, was 8.83%, compared to 10.01% for
the same period in 2014. ROE for the year ended September
Total MPS fourth quarter 2015 average deposits increased
30, 2015, would have been 9.97%, after giving effect to the
by $313.8 million, or 25%, compared to the same period in
aforementioned income and expense exclusions.
2014, due to growth in existing prepaid card programs and
the addition of several new business partners.
At September 30, 2015, the Bank exceeded federal
regulatory minimum capital requirements to remain
Card fee income increased $5.8 million, or 12% for the year
classified as a well-capitalized institution. The Company took
ended September 30, 2015, compared to September 30,
the AOCI opt-out election; under the new rule, non-advanced
2014. The increase was primarily due to the addition of new
approach banking organizations were given a one-time
and added business from existing business partners.
option to exclude certain AOCI components. The Company’s
Total loans, net of allowance for loan losses, increased
$213.3 million, or 43%, to $706.3 million at September
30, 2015, compared to $493.0 million at September 30,
2014, including the acquisition of the AFS/IBEX commercial
insurance premium finance loan portfolio.
Meta’s Net Interest Margin (NIM) increased from 2.80%
in fiscal 2014 to 3.03% in 2015. This improvement relates
primarily to an improved mix of interest earning assets.
Tier 1 (core) capital to adjusted total assets ratio was 9.36%,
compared to a well-capitalized requirement of 5.0%; its
Common Equity Tier 1 (CET1) capital to risk-weighted assets
ratio was 19.85%, compared to a well-capitalized requirement
of 6.5%; the Company’s Tier 1 (core) capital to risk-weighted
assets ratio was 20.54%, compared to the well-capitalized
requirement of 8.0%; and its total capital to risk-weighted
assets ratio was 21.12%, compared to a well-capitalized
requirement of 10.0%. The Company’s Tier 1 (core) capital to
average adjusted total assets ratio was 9.37%.
FINANCIAL HIGHLIGHTS
(Dollars in Thousands, Except Share and Per Share Data)
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
Net interest income
Non-interest income
Income (loss), net of tax
Diluted earnings (loss) per share:
Net income (loss)
Return on average assets
Return on average equity
Net interest margin
2015
2014
2013
2012
2011
$ 2,529,705
706,256
1,657,534
1,827,113
271,335
$ 33.24
10.73%
$2,054,031
493,007
1,366,541
1,533,263
174,802
$ 28.33
8.51%
$ 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%
$
$ 59,220
58,174
18,055
$ 46,262
51,738
15,713
$ 36,022
55,503
13,418
$ 33,734
69,574
17,114
$ 34,312
57,491
4,640
$ 2.66
$ 2.53
$ 2.38
$ 4.92
$ 1.49
0.78%
8.83%
3.03%
0.81%
10.01%
2.80%
0.78%
9.36%
2.48%
1.22%
18.47%
2.56%
0.41%
5.71%
3.21%
TOTAL ASSETS
In Millions
TOTAL LOANS, NET
In Millions
TOTAL AVERAGE DEPOSITS
In Millions
.
9
8
4
6
1
$
,
.
0
2
9
6
1
$
,
.
0
4
5
0
2
$
,
.
7
9
2
5
2
$
,
.
3
6
0
7
$
.
0
3
9
4
$
.
4
0
8
3
$
.
0
7
2
3
$
.
4
4
1
3
$
.
2
9
7
9
$
.
5
5
7
2
1
$
,
.
2
4
1
2
1
$
,
.
2
5
9
3
1
$
,
.
1
7
2
8
1
$
,
.
3
3
3
5
1
$
,
‘11
‘12
‘13
‘14
‘15
‘11
‘12
‘13
‘14
‘15
‘11
‘12
‘13
‘14
‘15
TOTAL REVENUES
In Millions
TOTAL NET INCOME
In Millions
.
8
9
1
1
$
.
9
6
0
1
$
.
6
6
9
$
.
4
0
0
1
$
.
5
4
9
$
.
1
8
1
$
.
1
7
1
$
.
7
5
1
$
.
4
3
1
$
.
6
4
$
‘11
‘12
‘13
‘14
‘15
‘11
‘12
‘13
‘14
‘15
This summary annual report highlights information contained in MFG’s Form 10-K for the year ended Sept. 30, 2015, 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 our entire Form 10-K, including
the consolidated 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.”
Annual Report 2015TransformationAnnual Report 2015Transformation
4
5
WE BUILT OUR
RELATIONSHIP
ON INTEGRITY
AND HONESTY.
John Holsan
AFS/IBEX
AFS/IBEX
TRANSFORMATION DEMANDS COURAGE
TO CREATE
In an industry nearly as old as human existence, one would think that
transformation would be hard to come by. But Fortenberry Insurance
Agency, LLC and AFS/IBEX are out to prove that the insurance industry
still has many opportunities ahead.
Described as “perfect timing,” Fortenberry Insurance Agency was one
of the first clients AFS/IBEX worked with when John Holsan started the
company in 1987. Fortenberry, incorporated that same year by Jim and
Helen Fortenberry, found a lasting business relationship with John and
AFS/IBEX. The relationship continued when their son, Steve Fortenberry,
took over the agency. John’s son, J.T. Holsan, continued the second
generation relationship when he joined AFS/IBEX in 2007.
Fortenberry, like all AFS/IBEX clients, uses the software and website that
AFS/IBEX originally designed in 2003. This software, which is constantly
updated and improved, transformed the industry. Even today, this
software is the benchmark used by all premium finance companies – in
fact, others compare themselves to using the same software as AFS/IBEX
when making business pitches. “Anything new in premium financing
happens at AFS/IBEX first, and then filters through the industry,” says
Steve.
“Fortenberry Insurance is a trustworthy partner,” states J.T. “Steve is
a great resource to discuss ideas with and he is very involved in the
industry in Texas.” Adds John, “We built our relationship on integrity and
honesty. Steve is one of our only customers that asks how he can be a
better partner. It makes it easy to do business with someone you like.”
Annual Report 2015TransformationAnnual Report 2015Transformation“” 6
7
THE PREPAID
CARD FITS OUR
VISION TO GIVE
OUR CUSTOMERS
A WELL-ROUNDED
TRAVEL WALLET.
Ron Carr, Compliance Officer
AAA
AAA (Automobile Association of America)
TRANSFORMATION ANTICIPATES AND ADVANCES
AAA (Automobile Association of America), a not-for-profit organization
founded in 1902, serves 50 million members in the United States and
Canada through 1,100 offices. AAA exists for its members and searches
for top quality products and services that go above and beyond their
members expectations. It is with these expectations of quality and
value that AAA partnered with MetaBank in late 2007 – a successful
partnership that continues today.
As a trusted ally in travel safety and financial protection, AAA offers its
members convenience, flexibility and peace-of-mind through prepaid
cards, facilitated by MetaBank. “We were looking for a national partner,
a reputable company, who was able to conduct back-end research
and meet our expectations,” said Ron Carr, AAA Compliance Officer.
MetaBank helped AAA introduce their members to prepaid cards,
offering spending accessibility and protection from fraudulent activity by
separating their members’ travel funds from their main bank accounts
– but AAA has found there is much more to offer their members in the
prepaid card market.
AAA’s vision is to be an advocate for their members, bringing them
sound advice and methods to secure their future – not just for travel but
anytime. “We want our members to be able to handle any emergency
that may arise,” Ron adds. “The prepaid card fits our vision to give our
customers a well-rounded travel wallet and the right form of payment for
other business lines.” Prepaid options give members convenience and
protection at home and when they are away. AAA members use prepaid
as a secure option for holiday and online shopping, emergency cash
for their kids to carry and as a simpler way of banking for millennials.
AAA and MetaBank are working together to transform their product
offerings by anticipating member expectations and providing relevant
solutions in an ever-changing marketplace.
Annual Report 2015TransformationAnnual Report 2015Transformation“” 8
9
I FOUND THAT
METABANK IS A
GREAT PARTNER
FOR US BECAUSE
WE HAVE THE
SAME VALUES:
PROVIDING THE
RIGHT SERVICES AT
THE RIGHT PRICE.
Chuck Nelson, Managing Partner
Nelson & Nelson, CPAs LLP
NELSON & NELSON, CPAs LLP
TRANSFORMATION PARTNERS WITH PROGRESS
According to the Family Business Institute, 30 percent of family
businesses survive into the second generation, 12 percent into the third
generation, and only 3 percent into the fourth generation. MetaBank
customer, Nelson & Nelson, CPAs LLP in Sioux Falls, South Dakota, is
one of the few in the three percent. Founded in 1923 by James Nelson,
Nelson & Nelson has continually transformed its business model to
meet the needs of its customers. Currently, three generations carry on
the vision: the founder’s son, Wes Nelson; his grandson, Chuck; and his
great-granddaughter, Jillian.
The Nelsons have been able to change and adapt to the times by valuing
their clients and staff, and by operating with a family-first approach.
This ability to transform is shared by MetaBank and has helped build
the relationship with Nelson & Nelson since 2006. MetaBank’s Market
President Kathy Thorson proved to the Nelsons that both companies
held the same values, evident in the MetaBank commitment to
exceptional customer service.
“Service is doing what’s in the best interest of the client or customer.
I found that MetaBank is a great partner for us because we have the
same values: providing the right services at the right price. We feel
confident sending referrals to MetaBank and trust that our clients will
be well taken care of,” says Chuck Nelson, Managing Partner.
MetaBank dedicates multiple team members to service the Nelson
account – including Amanda Masterson and Karen Waller. The resulting
business and personal relationships have led to a successful, growing
partnership that is mutually beneficial.
Annual Report 2015TransformationAnnual Report 2015Transformation“” 10
11
OPERATION HOPE
METABANK® PARTNERS WITH OPERATION HOPE
FOR FINANCIAL LITERACY
RETAIL
TRANSFORMATION ENDOWS RESOURCES
WITH NEW CAPACITIES
NON-PERFORMING ASSETS
As a Percentage of Total Assets
%
4
2
1
.
%
6
1
0
.
%
5
0
0
.
%
5
0
0
.
%
4
2
0
.
‘11
‘12
‘13
‘14
‘15
LOAN BALANCES
For Retail Bank
Ag Operating:
7%
Commercial
Operating: 5%
Consumer:
4%
Residential
Mortgage:
21%
Ag Real Estate:
11%
Commercial &Multi-Family : 52%
MetaBank had an exceptional year in loan growth, particularly in our
residential mortgage, commercial and agricultural lines of business. Our
retail bank recorded earnings of $9.1 million for the 2015 fiscal year
compared to earnings of $8.7 million in 2014. The increase was primarily
driven by growth in loans receivable and in the securities portfolio and
increased rates achieved within the loan portfolio. All of this was achieved
without compromising credit quality.
MetaBank has 10 branches in four markets across South Dakota and Iowa
and we are the cornerstone for banking services in the communities we
serve. We offer an array of financial services products for retail, business
and agricultural customers. We are dedicated to providing exceptional
service to our customers, delivering on our vision: Every customer leaves
saying, “I love my bank!” Our customer satisfaction speaks for itself through
our Net Promoter Score (NPS) of 57, while the national financial institution
average is 34*. Higher scores on NPS link to greater profitability and growth
opportunities.
Retail Bank total loans increased $106.1 million during the fiscal year, or
21.8%, to $593.3 million, from strong growth in the residential real estate,
commercial and multi-family real estate, and agricultural lending segments.
Retail checking account balances were up 9.8% year over year.
MetaBank’s NPAs were up slightly to 0.24% (excluding AFS/IBEX portfolio)
of total assets in 2015, compared to 0.05% in 2014, while still amongst the
best in the industry.
The total of mortgage-backed securities (MBS) and investment securities
increased $178.7 million, or 12.6%, to $1.6 billion at September 30, 2015,
as investment purchases exceeded related maturities, sales and principal
pay downs.
Net interest income for fiscal 2015 increased 28.0% to $59.2 million. In
addition to growth in loans and yields in the loan portfolio, the increase
was driven by a higher volume and yields of other investments including
AA and AAA rated General Obligation municipal bonds.
NIM increased from 2.85% in the fiscal 2014 fourth quarter to 3.09% in
the fiscal 2015 fourth quarter.
*Source: Satmetrix Net Promoter® U.S. Consumer Benchmarks, 2015
Annual Report 2015TransformationAnnual Report 2015TransformationMetaBank is joining Operation HOPE in their mission as the nonprofit banker for the working poor, the underserved and struggling middle class. Operation HOPE achieves their mission by providing financial dignity and economic empowerment to over 2.2 million individuals worldwide. The partnership with Operation HOPE is a natural fit with Meta’s vision, to promote financial inclusion for everyone.“Our goal is to bring tangible solutions that help people develop a plan, gain access to financial systems, establish liquidity for unexpected challenges and get practical, systemic assistance to stay on track” said Brad Hanson, president of MetaBank.Supporting financial literacy and dignity is a core value of MetaBank. Since October 2015, MetaBank has committed $1 million to Operation HOPE, the leading global provider of financial dignity education and economic empowerment programs for low and moderate income youth, adults, and families in underserved communities. Operation HOPE delivers its global programs to employees through their HR service, to young people in their schools, and to individuals and families in banks, community centers, credit unions, hotels, hospitals, grocery stores, and even shopping centers. HOPE Financial Well-being counselors provide customized financial advice with the goals of educating individuals and increasing credit scores to the bankable level of 700. MetaBank’s commitment supports an online service, HOPE Inside@MetaBank, which includes the Operation HOPE national call center and the growing HOPE Inside network to provide financial counseling service to MetaBank customers and cardholders who are facing financial hardships.“Operation HOPE has had a long relationship with MetaBank President, Brad Hanson. I know Brad Hanson as a leader and as an individual to have the highest integrity and character. We are proud to have been selected to provide financial literacy programs to his valued cardholders,” said Operation HOPE Founder and CEO John Hope Bryant. Operation HOPE will deliver financial education, credit counseling, and money management guidance and assistance to MetaBank’s cardholders nationwide through an alliance of MetaBank partners. MetaBank provides the avenue to consumers who need assistance and Operation HOPE, as the best-in-class provider of financial-literacy empowerment programs, offers the needed counseling services.
12
13
META PAYMENT SYSTEMS
TRANSFORMATION FINDS A WAY TO SAY “YES”
COMPLIANCE
TRANSFORMATION IS CONTINUOUS IMPROVEMENT
%AVERAGE DEPOSIT GROWTH
24
as of Sept 30, 2015
12%CARD FEE INCOME INCREASE
as of Sept 30, 2015
AVERAGE LOW-COST
DEPOSIT BALANCES
In Millions
.
1
7
0
7
1
$
,
.
4
3
9
3
1
$
,
.
7
5
6
2
1
$
,
.
9
0
9
0
1
$
,
.
6
8
4
8
$
‘11
‘12
‘13
‘14
‘15
Meta Financial Group has established technologically advanced
compliance and risk-management systems to mitigate risk, meet
regulatory standards and enable our organization to grow more cost
effective while navigating through the processing and challenging
regulatory environment. While no system is ever foolproof, these
systems will further strengthen Meta’s industry-leading position going
forward.
With one of the largest prepaid portfolios in the industry, Meta Financial
Group has the benefit of scale that has enabled us to effectively manage
and mitigate risk. We continued to make significant investments in
systems and staff, as we have over the past few years, which serve as
a solid foundation moving forward. There are five key areas where our
considerable investments have made us a best-in-class organization:
compliance management program, fraud prevention, third-party
oversight, customer identification and process improvement.
MPS continues to be an industry leader as one of the top two prepaid
card issuers in the nation (the Nilson Report, June 2014), and has issued
more than 600 million prepaid cards since 2005, over 100 million in
2015 alone. MPS sponsors over 210,000 “white label” ATM terminals
throughout the United States and leads the way in virtual cards for
electronic settlements, with seven billion ACH transactions since its
inception.
MPS continues to grow its partner base and is excited to welcome
new program manager partners: Berkeley Payment Solutions, EFX
Corporation, InComm, J.G. Wentworth, PayQuicker, Store Financial and
Univision. We are also proud to announce that we have agreed to partner
with NetSpend for another five years. MPS will continue to explore new
product and service opportunities to extend financial dignity to the
underbanked population and promote our corporate vision of: Financial
Inclusion for Everyone™. We believe MPS will continue to succeed by
supporting the unbanked and underbanked markets.
MPS generated an average of $1.6 billion in non interest-bearing
deposits for the year ended September 30, 2015, compared to an
average of $1.3 billion for the same period in 2014, an increase of 24%
for deposit growth.
Card fee income increased $5.8 million, or 12% for the year ended
September 30, 2015, compared to September 30, 2014. This increase is
primarily due to the addition of new and added business from existing
business partners.
COMPLIANCE MANAGEMENT
PROGRAM
We have developed an effective
compliance management program
supported by a professional staff
to meet and exceed regulatory
standards.
FRAUD PREVENTION
We monitor for unusual activity
using a highly sophisticated
system in which we have invested
millions of dollars and several years
implementing and customizing.
THIRD-PARTY OVERSIGHT
We utilize a robust system and
processes for underwriting and
analyzing third-party risk to help
ensure our partners meet regulatory
requirements.
CUSTOMER IDENTIFICATION
We have increased our visibility
into our customer relationships
and automated the customer
identification and customer due
diligence processes.
PROCESS IMPROVEMENT
We continue to gain efficiencies by
utilizing proven methodology to
clearly define processes that help
our business and partners gain
efficiencies by developing industry-
wide best practices. We do this in
order to meet or exceed regulatory
requirements, reduce the burden
on our partners and to protect our
customers.
Annual Report 2015TransformationAnnual Report 2015Transformation
14
15
INVESTOR INFORMATION
BOARD OF DIRECTORS / SENIOR OFFICERS
Annual Meeting of Shareholders
Shareholder Services
Investor Relations
Board of Directors
Senior Officers
The Annual Meeting of Shareholders will
convene at 1 p.m., on Monday, January 25,
2016. 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:
Computershare Investor Services
211 Quality Circle Suite 210
College Station, TX 77845
Telephone: 800.522.6645
Website: https://www-us.computershare.
com/investor/Contact/Enquiry
Form 10-K
Copies of the company’s Annual Report on
Form 10-K for the year ended September
30, 2015 (excluding exhibits thereto), may
be obtained from metafinancialgroup.com.
Requests for Form 10-K, other inquiries or
investor comments are welcome and should
be directed to:
Katie LeBrun
Corporate Communications Director
Meta Financial Group
5501 South Broadband Lane
Sioux Falls, S.D. 57108
Telephone: 605.362.5140 or 866.550.6382
invrelations@metabank.com
metafinancialgroup.com
DIVIDEND AND STOCK MARKET INFORMATION
Meta Financial Group’s common stock
trades on the NASDAQ Global Select
Market® under the symbol “CASH.”
Market capitalization increased $123.4
million or 56.7% from September
30, 2014 to September 30, 2015 as a
result of stock offerings to raise capital
9/30/2014
9/30/2015
Change
Market Capitalization
SHARES
OUTSTANDING
6,169,604
8,163,022
1,993,418
SHARE
PRICE
35.26
41.77
6.51
MARKET
CAPITALIZATION
217,540,237.04
340,969,428.94
123,429,191.90
in connection with the acquisitions
Percentage Growth
32.31%
18.46%
56.74%
completed during the fiscal year
and other business development
opportunities. Shares outstanding
increased from 6,169,604 to 8,163,022
with share price increasing from $35.26
to $41.77 at September 30, 2014 and
September 30, 2015, respectively.
Market Makers for Meta Financial Group
(NASDAQ: CASH) as of September 30, 2015:
Sandler ONeill & Partners
Raymond James
Morgan Stanley & CO. LLC
UBS Securities LLC
Instinet, LLC
Merill Lynch, Pierce, Fenner
J.P. Morgan Securities LLC
Credit Suisse Securities USA
Lek, Schoenau & Co, Inc
Comparison of 5 Year Cumulative Total Return
Assumes Initial Investment of $100, through September 2015
250.00
200.00
150.00
100.00
50.00
0.00
2010
2011
2012
2013
2014
2015
Meta Financial Group, Inc.
NASDAQ Composity Index
NASDAQ ABA Community Bank Index
J. Tyler Haahr
Chairman of the Board and
Chief Executive Officer,
Meta Financial Group and MetaBank
J. Tyler Haahr
Chairman of the Board and
Chief Executive Officer,
Meta Financial Group and MetaBank
Beth Ormseth
Senior Vice President,
MPS Operations
Brad C. Hanson
President,
Meta Financial Group and MetaBank
Brad C. Hanson
President,
Meta Financial Group and MetaBank
Steven G. Patterson
Chief Lending Officer and President,
Central Iowa Market
Troy Moore III
Executive Vice President,
Retail Sales, MetaBank
Douglas J. Hajek
Partner at Davenport, Evans,
Hurwitz & Smith, LLP
Elizabeth G. Hoople
Consultant and Retired Senior Vice
President of Marketing, Wells Fargo
Frederick V. Moore
Vice Chairman of the Board and Lead
Director, Meta Financial Group and
MetaBank, 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
Ira Frericks
Executive Vice President,
Chief Operating Officer
Glen Herrick
Executive Vice President,
Chief Financial Officer
Troy Moore III
Executive Vice President,
Retail Sales, MetaBank
Cynthia Smith
Executive Vice President,
Head of Technology and Operations
Jim Accordino
Senior Vice President,
Remittances
Connie Burrer
Senior Vice President,
Enterprise Project Management
Michael Conlin
Senior Vice President,
Product Management
Merid Eshete, CRP
Senior Vice President,
Chief Risk Officer
John Hagy
Senior Vice President,
Chief Legal Officer
John Holsan
President, AFS/IBEX
Barbara Koopman
Senior Vice President,
Retail Bank Operations
Troy Larson
Senior Vice President,
Chief Technology Officer
David W. Leedom
Senior Vice President,
Finance
Alan Lodge
President of Tax Services Division
Linda Loof
Senior Vice President,
Partner Services
Timothy Peters
President,
Brookings Market
Donald Rogers
Head of Operations, AFS/IBEX
Grant Rogers
Senior Vice President,
Business Development & Sales
Scott Scovel
Senior Vice President,
Product Management
Eric Sepci
National Sales Manager,
AFS/IBEX
Cary Shields
President of Refund Advantage
Jeanni Stahl
Senior Vice President,
Chief Compliance Officer
Brian Soder
National Accounts Manager,
AFS/IBEX
Ian Stromberg
Senior Vice President,
Human Resources
Sonja Theisen
Senior Vice President,
Chief Accounting Officer
Kathryn M. Thorson
President,
Sioux Empire Market
Whitney Bright Ungerboeck
Senior Vice President,
Client Relations
Ronald Van Zanten
Senior Vice President,
Data Management &
Business Intelligence
Jon W. Wilcke
President,
Northwest Iowa Market
Annual Report 2015TransformationAnnual Report 2015Transformation
16
META FINANCIAL GROUP
META FINANCIAL GROUP
metafinancialgroup.com
METABANK
metabank.com
5501 South Broadband Lane
Sioux Falls, SD 57108
605.361.4347
866.550.6382
605.338.0604 fax
CENTRAL IOWA MARKET
BROOKINGS MARKET
Brookings Main Office
600 Main Avenue
Brookings, SD 57006
605.692.2314
605.692.7059 fax
SIOUX EMPIRE MARKET
Sioux Falls Main Office
4900 South Western Avenue
Sioux Falls, SD 57108
605.338.0059
605.338.0155 fax
South Minnesota Avenue
2500 South Minnesota Avenue
Sioux Falls, SD 57105
605.977.7500
605.977.7501 fax
West 12th Street
2104 West 12th Street
Sioux Falls, SD 57104
605.336.8900
605.336.8901 fax
Highland Park
3624 Sixth Avenue
Des Moines, IA 50313
515.288.4866
515.288.3104 fax
Ingersoll
3455 Ingersoll Avenue
Des Moines, IA 50312
515.274.9674
515.274.9675 fax
Urbandale
4848 86th Street
Urbandale, IA 50322
515.309.9800
515.309.9801 fax
West Des Moines
3448 Westown Parkway
West Des Moines, IA 50266
515.226.8474
515.226.8475 fax
NORTHWEST IOWA MARKET
Storm Lake Main Office
121 East Fifth Street
Storm Lake, IA 50588
712.732.4117
712.749.7502 fax
Storm Lake Plaza
1413 North Lake Avenue
Storm Lake, Iowa 50588
712.732.6655
712.732.7924 fax
META PAYMENT SYSTEMS
metapay.com
5501 South Broadband Lane
Sioux Falls, SD 57108
605.361.4347
866.550.6382
605.338.0604 fax
AFS/IBEX
afsibex.com
4100 Newport Place Dr. #670
Newport Beach, CA 92660
750 North Saint Paul,
Suite 1500
Dallas, TX 75201
800.347.4986
949.756.2600 local and fax
REFUND ADVANTAGE
9000 Wessex Pl, Ste. 101
Louisville, KY 40222-4987
800.967.4934
877.559.0558 fax
Annual Report 2015Transformation 2015
®
www.metafinancialgroup.com