Pathward Financial, Inc. Annual Report 2016

FY2016 Annual Report · Pathward Financial, Inc.

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Momentum
2016

Annual Report

Meta Financial Group // Annual Report 2016

To Our Shareholders:

Each year, I look forward to writing this letter to you, our
shareholders, to share my thoughts about the great things
happening at Meta. This past fiscal year ending September
30, 2016, has been one of unprecedented growth and
momentum in which we nearly doubled net income. Our
share price was up 45% during our fiscal year in an industry
whose growth was relatively flat over the same time frame.

BANKING

RETAIL BANKING

•

Meta’s low-cost deposit
base gives the Retail Bank
a competitive advantage
competitive advantage on terms
to attract high-quality credits

•

We expect high credit standards
and low cost deposit base to
result in continued growth

AFS/IBEX

•

Loans to commercial businesses to
fund their insurance premiums
Short lending duration, typically 9-10
month maturities
Higher yields than alternative loans or
investments, particularly for the term

PAYMENTS

META PAYMENT SYSTEMS

•

Continuing to grow “annuity”-like
stream of fee income
New and growing existing relationships
driving growth with a strong pipeline
Adjacent and complementary new
products and services

TAX SERVICES

•

Offers tax refund-transfer (RTs)
solutions through ACH direct deposit,
check and prepaid card
Growth enhanced by new Refund
Advance product

We have a unique business model with many synergies between our four businesses. These rapidly growing synergies provide Meta stronger earnings and scale as we continue to grow. We’ve created a financial eco-system through the development of products and services that leverage innovation and technology through multiple channels.WE LEVERAGE DEPOSITS BROUGHT IN FROM OUR PAYMENTS DIVISION FOR FUNDING OUR OTHER DIVISIONS.METABANKMeta Financial Group // Annual Report 2016

To Our Shareholders:

BANKING

RETAIL BANKING

•

Meta’s low-cost deposit
base gives the Retail Bank
a competitive advantage
competitive advantage on terms
to attract high-quality credits

•

We expect high credit standards
and low cost deposit base to
result in continued growth

AFS/IBEX

•

Loans to commercial businesses to
fund their insurance premiums
Short lending duration, typically 9-10
month maturities
Higher yields than alternative loans or
investments, particularly for the term

PAYMENTS

META PAYMENT SYSTEMS

•

Continuing to grow “annuity”-like
stream of fee income
New and growing existing relationships
driving growth with a strong pipeline
Adjacent and complementary new
products and services

TAX SERVICES

•

Offers tax refund-transfer (RTs)
solutions through ACH direct deposit,
check and prepaid card
Growth enhanced by new Refund
Advance product

Meta Financial Group // Annual Report 2016

In June, we received strong
investment grade ratings with
stable outlooks from Kroll
Bond Rating Agency (KBRA), a
Nationally Recognized Statistical
Rating Organization registered
with the SEC. In August, we
issued $75 million of subordinated
debt, the proceeds of which
qualifies as Tier 1 capital at
MetaBank. This capital will be
used to support organic growth
and acquisitions. This is an
important step to ensure we
have the capital capacity to take
advantage of profitable growth
opportunities and to continue our
positive momentum.

Some of our highlights per
business are as follows:

META FINANCIAL GROUP

On May 20, 2016, Bank Director
magazine named MetaBank the
#1 Top Growth Bank among all
banks and thrifts determined by
top-line growth over a five quarter
period ending March 31, 2016. The
ranking was established by the
compound average growth rate
in revenues over the five linked
quarters. Non-performing assets
(NPAs) remain low at 0.03%.
MetaBank continues to be a
strong fee-based company with
56% of our revenue coming from
fee income during 2016 with a
high percentage expected in 2017.
Meta is also well-positioned for
rising interest rates with over 90%

non-interest-bearing deposits.
Meta Financial Group’s stock
performance remained strong
in fiscal 2016 as it increased
45% from $41.77 to $60.61. This
followed a strong 18% stock price
increase in fiscal 2015.

BANKING – METABANK

Retail Bank loans increased
$146.8 million, or 25%, at
September 30, 2016 compared
to the prior year. Core deposits
grew $17.4 million, or 18%, year-
over-year.

BANKING – AFS/IBEX

AFS/IBEX has seen significant
growth this year. Premium
finance loans increased $65.1
million, or 61%, from September
30, 2015. Our scalable platform
will support anticipated robust
national growth. We continue to
add seasoned sales executives
and are building our national
franchise, which is currently the
sixth largest premium finance
company in the country.

PAYMENTS – META
PAYMENT SYSTEMS

We added and extended a number
of key contracts in our Payments
division to further solidify our
partnerships and bolster long-
term growth and stability. Our
Payments division grew fee
income 29% year-over-year.
Similarly, MPS average deposits

grew by 25% or $398.9 million
compared to fiscal year 2015.

PAYMENTS –
REFUND ADVANTAGE

Refund Advantage (RA) offers
tax refund-transfer (RT) solutions
for independent tax preparers
and their customers. RA had a
record-setting year, even though
the acquisition was completed in
September 2015, which meant
we were unable to implement
everything we wanted to
accomplish during the 2016 tax
season. We’re currently working
on new products and solutions
for the 2017 tax season. RA
provides a great synergy with our
other businesses. Meta is able
to provide loans to tax preparers,
provide interest-free Refund
Advances and tax refund-transfer
solutions through ACH direct
deposit, check, and prepaid card.
For fiscal year 2016, RA had $23.3
million in tax product revenues.

SUSTAINABLE GROWTH

We anticipate a strong outlook for
the future growth of Meta. We
recently closed our announced
acquisition of EPS Financial and
expect to close the Specialty
Consumer Services (“SCS”)
acquisition during the first quarter,
fiscal year 2017. We expect these
and potential future acquisitions
to further enhance income, scale
and efficiencies for Meta while

adding even more synergies
to our current businesses.
While we’ve seen dramatic
and very profitable growth this
past year, we are still working
hard to build for the future. This
includes investing in strategic
infrastructure initiatives to
ensure our staff, technology and
facilities are prepared for new
opportunities for years to come.

One of MetaBank’s strategic areas
of focus is to hire, develop and
place the right people in the right
roles to maintain a sustainable
and effective organization. We
continue to hire key talent to

fill roles in Risk, Compliance,
Legal, IT, Product, Business
Development and many others.
It’s not always about adding
people but to make the talent we
have better. As such, investments
in performance management,
technical skills and leadership
training remain important.
Sioux Falls is a home to many
financial service professionals that
Meta needs to prepare for the
future. In addition, our widening
national footprint allows us to
recruit outside of the Midwest.

I want to take this opportunity
to thank our board members,

employees, customers and
shareholders for our record-
breaking 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.
and MetaBank

J. TYLER HAAHR

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.

Meta Financial Group // Annual Report 2016

Some of our highlights per
business are as follows:

META FINANCIAL GROUP

BANKING – METABANK

Retail Bank loans increased
$146.8 million, or 25%, at
September 30, 2016 compared
to the prior year. Core deposits
grew $17.4 million, or 18%, year-
over-year.

BANKING – AFS/IBEX

PAYMENTS – META
PAYMENT SYSTEMS

grew by 25% or $398.9 million
compared to fiscal year 2015.

PAYMENTS –
REFUND ADVANTAGE

SUSTAINABLE GROWTH

One of MetaBank’s strategic areas
of focus is to hire, develop and
place the right people in the right
roles to maintain a sustainable
and effective organization. We
continue to hire key talent to

I want to take this opportunity
to thank our board members,

employees, customers and
shareholders for our record-
breaking 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.
and MetaBank

J. TYLER HAAHR

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.

Meta Financial Group // Annual Report 2016

HIGHLIGHTS

Meta Financial Group // Annual Report 2016

FINANCIAL HIGHLIGHTS

Meta entered into a partnership
with H&R Block on October 26,
2016, to provide up to $1.45 billion
in Refund Advances for H&R
Block tax preparation customers
throughout the 2017 tax season.
H&R Block is the world’s largest
tax services provider with
approximately 12,000 company-
owned and franchise retail
locations.

On November 1, 2016, Meta
completed the acquisition of
substantially all of the assets and
certain liabilities of EPS Financial.
EPS Financial is a leading provider
of comprehensive tax-related
financial transaction solutions
offering a one-stop-shop for all tax
preparer financial transactions.

Meta signed a definitive agreement
on November 9, 2016, with
privately-held SCS for Meta to
acquire substantially all of SCS’s
assets and liabilities relating to its
consumer tax advance business.
SCS primarily provides consumer
tax advance services through its
proprietary underwriting model
and loan management system. We
anticipate that the acquisition will
close by the end of the first quarter
of fiscal year 2017.

The Company announced on
August 15, 2016 that it completed
a public offering of $75 million
of 5.75% fixed-to-floating rate
subordinated debentures due
August 15, 2026. Use of proceeds
from the offering are for general
corporate purposes, potential
acquisitions and investments in

the Bank as regulatory capital to
support all growth.

Net income for the fiscal year
ended September, 30, 2016, was
$33.2 million, or $3.92 per diluted
share, compared to $18.1 million,
or $2.66 per diluted share for the
comparable prior year period.

Card fee income increased $16.0
million, or 29% for the year ended
September 30, 2016, compared to
the prior year, as a result of growth
from existing business partners as
well as new business.

Tax product fee income of $23.3
million from our payments segment
helped drive 2016 fiscal year
earnings. This income primarily
consists of professional tax refund-
transfer software fees for services
used by independent Electronic
Refund Originators (“EROs”)
and their customers. To a lesser
extent, the growth also included
tax preparer fees for our Refund
Advance product offered to our
Refund Advantage EROs and
Liberty Tax franchisees. MFG
began generating these tax refund-
transfer software fees and tax
preparer fees following its purchase
of Refund Advantage in September
2015.

MFG’s fiscal 2016 average assets
grew to $3.02 billion, compared
to $2.32 billion in fiscal 2015, an
increase of 30%. This was driven by
non-interest bearing deposits, loan
and investment growth.

MFG loans receivable increased

30% to $919.5 million during fiscal
2016 compared to $706.3 million at
September 30, 2015.

Overall cost of funds at Meta
averaged 0.15% during fiscal 2016
compared to 0.11% for the prior
year. The Company’s cost of funds
benefits significantly from non-
interest bearing deposits generated
primarily within its MPS division.

MPS’s fiscal 2016 average deposits
increased by $398.9 million, or
25%, compared to the same period
in 2015, due to growth in existing
prepaid card programs and the
addition of new business partners.

Meta’s net interest margin (NIM)
increased from 3.03% in fiscal 2015
to 3.19% in 2016. This improvement
relates to an improved mix of
interest-earning assets.

Non-performing assets (NPAs) were
0.03% of total assets at September
30, 2016, compared to 0.31% at
September 30, 2015.

Tangible book value per common
share increased by $6.97, or 28%,
to $31.57 at September 30, 2016,
from $24.60 at September 30,
2015.

Return on average equity (ROE)
for the year ended September 30,
2016, was 10.80%, compared to
8.83% for the same period in 2015.

Return on average assets (ROAA)
for the year ended September
30, 2016 was 1.10% compared to
0.78% for the same period in 2015.

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

2016

2015

2014

2013

2012

AT SEPTEMBER 30
Total assets
Loans receivable, net
Deposits
Total annual average deposits
Shareholders’ equity
Book value per common share outstanding at end of year
Total equity to assets

$4,006,419
919,470
2,430,082
2,239,904
334,975
$ 39.30
8.36%

$2,529,705
706,255
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%

FOR THE FISCAL YE AR
Net interest income
Non-interest income
Income, net of tax

$ 77,305
100,770
33,220

$ 59,220
58,174
18,055

46,262
51,738
15,713

$ 36,022
55,503
13,418

$ 33,734
69,574
17,114

Diluted earnings per share

$ 3.92

$ 2.66

$ 2.53

$ 2.38

$ 4.92

Return on average assets
Return on average equity
Net interest margin

1.10%
10.80%
3.19%

0.78%
8.83%
3.03%

0.81%
10.01%
2.80%

0.78%
9.36%
2.48%

1.22%
18.47%
2.56%

TOTAL ASSETS
(in thousands)

TOTAL LOANS, NET
(in thousands)

TOTAL AVERAGE DEPOSITS
(in thousands)

9
1
4
,
6
0
0
,
4
$

5
0
7
,
9
2
5
,
2
$

1
3
0
,
4
5
0
,
2
$

9
8
9
,
1
9
6
,
1
$

8
9
8
,
8
4
6
,
1
$

0
7
4
,
9
1
9
$

5
5
2
,
6
0
7
$

7
0
0
,
3
9
4
$

8
2
4
,
0
8
3
$

1
8
9
,
6
2
3
$

4
0
9
,
9
3
2
,
2
$

3
1
1
7,
2
8
,
1
$

3
6
2
,
3
3
5
,
1
$

2
5
1
,
5
9
3
,
1
$

3
3
2
,
1
4
2
,
1
$

‘16

‘15

‘14

‘13

‘12

‘16

‘15

‘14

‘13

‘12

‘16

‘15

‘14

‘13

‘12

TOTAL REVENUES
(in thousands)

TOTAL NET INCOME
(in thousands)

5
7
0
8
7
1
$

3
9
3
7,
1
1
$

0
0
0
8
9
$

5
2
5

1
9
$

8
0
3

0
3
1
$

0
2
2
3
3
$

5
5
0

8
1
$

4
1
1
7,
1
$

3
1
7
5
1
$

8
1
4

3
1
$

‘16

‘15

‘14

‘13

‘12

‘16

‘15

‘14

‘13

‘12

This summary annual report highlights information contained in MFG’s Form 10-K for the year ended September 30, 2016, 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.”

Meta Financial Group // Annual Report 2016

HIGHLIGHTS

Meta Financial Group // Annual Report 2016

FINANCIAL HIGHLIGHTS

the Bank as regulatory capital to
support all growth.

Net income for the fiscal year
ended September, 30, 2016, was
$33.2 million, or $3.92 per diluted
share, compared to $18.1 million,
or $2.66 per diluted share for the
comparable prior year period.

Card fee income increased $16.0
million, or 29% for the year ended
September 30, 2016, compared to
the prior year, as a result of growth
from existing business partners as
well as new business.

MFG’s fiscal 2016 average assets
grew to $3.02 billion, compared
to $2.32 billion in fiscal 2015, an
increase of 30%. This was driven by
non-interest bearing deposits, loan
and investment growth.

MFG loans receivable increased

30% to $919.5 million during fiscal
2016 compared to $706.3 million at
September 30, 2015.

Meta’s net interest margin (NIM)
increased from 3.03% in fiscal 2015
to 3.19% in 2016. This improvement
relates to an improved mix of
interest-earning assets.

Non-performing assets (NPAs) were
0.03% of total assets at September
30, 2016, compared to 0.31% at
September 30, 2015.

Tangible book value per common
share increased by $6.97, or 28%,
to $31.57 at September 30, 2016,
from $24.60 at September 30,
2015.

Return on average equity (ROE)
for the year ended September 30,
2016, was 10.80%, compared to
8.83% for the same period in 2015.

Return on average assets (ROAA)
for the year ended September
30, 2016 was 1.10% compared to
0.78% for the same period in 2015.

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

2016

2015

2014

2013

2012

AT SEPTEMBER 30
Total assets
Loans receivable, net
Deposits
Total annual average deposits
Shareholders’ equity
Book value per common share outstanding at end of year
Total equity to assets

$4,006,419
919,470
2,430,082
2,239,904
334,975
$ 39.30
8.36%

$2,529,705
706,255
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%

FOR THE FISCAL YE AR
Net interest income
Non-interest income
Income, net of tax

$ 77,305
100,770
33,220

$ 59,220
58,174
18,055

46,262
51,738
15,713

$ 36,022
55,503
13,418

$ 33,734
69,574
17,114

Diluted earnings per share

$ 3.92

$ 2.66

$ 2.53

$ 2.38

$ 4.92

Return on average assets
Return on average equity
Net interest margin

1.10%
10.80%
3.19%

0.78%
8.83%
3.03%

0.81%
10.01%
2.80%

0.78%
9.36%
2.48%

1.22%
18.47%
2.56%

TOTAL ASSETS
(in thousands)

TOTAL LOANS, NET
(in thousands)

TOTAL AVERAGE DEPOSITS
(in thousands)

9
1
4
,
6
0
0
,
4
$

5
0
7
,
9
2
5
,
2
$

1
3
0
,
4
5
0
,
2
$

9
8
9
,
1
9
6
,
1
$

8
9
8
,
8
4
6
,
1
$

0
7
4
,
9
1
9
$

5
5
2
,
6
0
7
$

7
0
0
,
3
9
4
$

8
2
4
,
0
8
3
$

1
8
9
,
6
2
3
$

4
0
9
,
9
3
2
,
2
$

3
1
1
7,
2
8
,
1
$

3
6
2
,
3
3
5
,
1
$

2
5
1
,
5
9
3
,
1
$

3
3
2
,
1
4
2
,
1
$

‘16

‘15

‘14

‘13

‘12

‘16

‘15

‘14

‘13

‘12

‘16

‘15

‘14

‘13

‘12

TOTAL REVENUES
(in thousands)

TOTAL NET INCOME
(in thousands)

5
7
0
8
7
1
$

3
9
3
7,
1
1
$

0
0
0
8
9
$

5
2
5

1
9
$

8
0
3

0
3
1
$

0
2
2
3
3
$

5
5
0

8
1
$

4
1
1
7,
1
$

3
1
7
5
1
$

8
1
4

3
1
$

‘16

‘15

‘14

‘13

‘12

‘16

‘15

‘14

‘13

‘12

Meta Financial Group // Annual Report 2016

AFS/IBEX

We feel like we’re a part
of the AFS/IBEX family.
We feel valued.”

Gerri Rougeau
Vice President, HARCO

Family culture is one of the core
values of HARCO Insurance
Services. Founded in 1969,
HARCO has always believed
in treating employees and
clients like family. This belief is
no doubt one of the reasons
that HARCO still finds success
today. The insurance agency
continues to build momentum,
doubling its business in the
last five years through a unique
business strategy of acquisition
of other insurance agencies,
asking for referrals and account
development within their current
client base. HARCO is also part of
the 30 percent of family-owned
businesses that have survived
past the first generation. The key
to their momentum is based on
strong family values – values they
share with AFS/IBEX.

developing and promoting
education for our employees,
which often sets us apart from
our competition. We invest in their
professional growth. This allows
us to better protect and serve our
clients.”

Merry Jane Eversole, Vice
President of Sales for AFS/IBEX,
knows first-hand the expert
customer service standards that
HARCO delivers on a daily basis.
“As a personal policy holder, I
know they have my best interests
in mind. I want to give my
business to a company I believe
in. I appreciate how they treat
their employees. Their employees
stay with them and feel special.
HARCO keeps them vested and
that, in turn, is reflected in how
they approach customer service.”

“Service and trust is the
cornerstone of our business,”
said Josh Hargrave, President
of HARCO. “We believe in

“Our relationship with AFS/
IBEX is also a lot like family,” said
Gerri Rougeau, Vice President of
HARCO. “Everyone in the office

knows Merry Jane and that they
can count on her as a resource.
If we’re working on a late night
presentation, Merry Jane is
right there with us via phone or
email. We consider her a valuable
member of our team. She always
makes us feel like we are her
number one priority.”

Other premium finance
companies have called on
HARCO seeking their business
but HARCO routinely declines.
“We have a great relationship
with AFS/IBEX,” Josh said. “They
are great at communicating and
keeping us up to date on industry
trends. Merry Jane visits with
us at least once a month. She
educates us and keeps us on the
forefront of what’s going on in the
industry and how we can better
serve our clients.” Gerri added,
“She is our business partner, our
client and our friend.”

From left: Merry Jane Eversole, Josh Hargrave and Gerri Rougeau

“Meta Financial Group // Annual Report 2016

AFS/IBEX

We feel like we’re a part
of the AFS/IBEX family.
We feel valued.”

Gerri Rougeau
Vice President, HARCO

“Service and trust is the
cornerstone of our business,”
said Josh Hargrave, President
of HARCO. “We believe in

“Our relationship with AFS/
IBEX is also a lot like family,” said
Gerri Rougeau, Vice President of
HARCO. “Everyone in the office

From left: Merry Jane Eversole, Josh Hargrave and Gerri Rougeau

“Meta Financial Group // Annual Report 2016

REFUND ADVANTAGE

We want to see our
partners succeed, so we
offer all the tools and
assistance we can to help
them meet their goals.”

Alan Lodge
Refund Advantage

Ninety percent of businesses
in the United States are family-
owned according to the Small
Business Administration, including
Professional Accounting, located
in Louisville, Ky. But owners
Betty and Jennifer Cecil separate
themselves from the competition
with a commitment to efficiency
and excellence. It’s rare in the
tax preparation industry to see
a business, with the volume
of Professional Accounting,
maintain low filing-rejection rates,
consistently year-over-year. For
the Cecils, it’s an indication of a
successful business model driven
by their dedication to serve their
customers.

“We want to give every customer
the attention they deserve. We
do a lot of our work one-on-one
with clients, which is something
that sets us apart from our
competitors,” said Betty Cecil, who
started Professional Accounting
with her husband in 1976.

“The level of customer service
that we provide to our clients
is the same we expect from
our partnership with Refund
Advantage,” said Betty’s daughter,
Jennifer. “We feel like partners,
not clients,” added Betty.

quickly,” said Jennifer. “Many of
our customers can’t afford to pay
for their tax preparation up front.
Refund Advantage allows us to
be flexible with financing options
while still helping people get their
refunds quickly.”

In response, Alan Lodge, President
of the Tax Services division at
MetaBank commented, “We care
deeply about our relationships
with our customers. It’s important
to us that they feel they can call us
at any time and talk to someone
from Refund Advantage – not a
call center. That’s what sets us
apart from others in our industry.”

Professional Accounting
continues to experience growth
as customers become aware of
the advantages of working with a
local office over a national chain.
“Refund Advantage allows us to
offer products to our customers
who otherwise wouldn’t be
able to receive their refunds as

Cary Shields, president of
Refund Advantage, is invested in
helping the individual tax offices
succeed. “It goes back to a base
of customer care. That’s the
key difference between family-
owned businesses versus the
large chains, where a customer
often loses the personal attention
and becomes a statistic. The
businesses we support are
customer-focused. We want
to help our individual tax office
clients maintain their customer
focus and help them provide that
care for their customers.”

From left: Jennifer Cecil, Betty Cecil

“Meta Financial Group // Annual Report 2016

REFUND ADVANTAGE

We want to see our
partners succeed, so we
offer all the tools and
assistance we can to help
them meet their goals.”

Alan Lodge
Refund Advantage

From left: Jennifer Cecil, Betty Cecil

“Meta Financial Group // Annual Report 2016

METBANK RETAIL

MetaBank has been on-board
since day one and was critical in
the development of our venue. We
are a place where people make
memories. And we take that
responsibility very seriously.”

Tom Richter
Executive Director, Swiftel Center

The Swiftel Center in Brookings,

MetaBank since our venue

Music Award, you’ve really got

SD, is an internationally-

opened, I’ve recognized that we

something the community can

recognized venue and in a city of

hire staff with very similar traits.

take pride in.”

less than 23,000; this is no easy

Much like MetaBank, our staff is

feat. Since opening in 2001, the

what sets us apart. We all want to

The partnership between

Swiftel Center has been building

make a difference in people’s lives

MetaBank and the Swiftel Center

momentum, setting records and

every day.”

winning awards for its outstanding

goes beyond sponsorship levels

and signage. MetaBank has two

staff and operations. The venue

“Longevity is a big part of our

ATMs on site and frequently

motto – Midwest hospitality at

relationship,” added Tim Peters,

selects the center for seminars

its best – echoes the values and

Brookings Market President for

and employee events. “MetaBank

traditions of MetaBank.

MetaBank. “We saw the potential

has always been a huge advocate

that the Swiftel Center could bring

of our facility,” stated Tom. “They

“To continue our forward

to Brookings, not just in economic

understand the vision and what

momentum, I’m looking for staff

impact but also improving the

we can accomplish by partnering

members that are the best at

quality of life for its citizens. When

together.”

what they do,” said Tom Richter,

you have a facility that can boast

Executive Director of the Swiftel

of hosting fourteen of the artists

Center. “Having worked with

nominated for a 2015 Country

From left: Tim Peters, Jean Engen, Kristina Lankow, Tom Richter

“Meta Financial Group // Annual Report 2016

METBANK RETAIL

MetaBank has been on-board
since day one and was critical in
the development of our venue. We
are a place where people make
memories. And we take that
responsibility very seriously.”

Tom Richter
Executive Director, Swiftel Center

The Swiftel Center in Brookings,

MetaBank since our venue

Music Award, you’ve really got

SD, is an internationally-

opened, I’ve recognized that we

something the community can

recognized venue and in a city of

hire staff with very similar traits.

take pride in.”

less than 23,000; this is no easy

Much like MetaBank, our staff is

feat. Since opening in 2001, the

what sets us apart. We all want to

The partnership between

Swiftel Center has been building

make a difference in people’s lives

MetaBank and the Swiftel Center

momentum, setting records and

every day.”

winning awards for its outstanding

goes beyond sponsorship levels

and signage. MetaBank has two

staff and operations. The venue

“Longevity is a big part of our

ATMs on site and frequently

motto – Midwest hospitality at

relationship,” added Tim Peters,

selects the center for seminars

its best – echoes the values and

Brookings Market President for

and employee events. “MetaBank

traditions of MetaBank.

MetaBank. “We saw the potential

has always been a huge advocate

that the Swiftel Center could bring

of our facility,” stated Tom. “They

“To continue our forward

to Brookings, not just in economic

understand the vision and what

momentum, I’m looking for staff

impact but also improving the

we can accomplish by partnering

members that are the best at

quality of life for its citizens. When

together.”

what they do,” said Tom Richter,

you have a facility that can boast

Executive Director of the Swiftel

of hosting fourteen of the artists

Center. “Having worked with

nominated for a 2015 Country

From left: Tim Peters, Jean Engen, Kristina Lankow, Tom Richter

“Meta Financial Group // Annual Report 2016

OPERATION HOPE

Operation HOPE focuses on
helping people improve their
financial situations. At times, our
customers experience unexpected
financial hardships. By partnering
with Operation HOPE we can
better serve our customers by
providing a program to help them
through these situations.”

Brad Hanson
President of MetaBank and Meta Payment Systems

MetaBank is an active member
of Operation HOPE, a best-in-
class provider of financial literacy
empowerment for youth, financial
capability for communities, and
ultimately, financial dignity for
all. Operation HOPE achieves
its 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.

A core value of MetaBank is
providing support and services
to individuals and businesses

regardless of their financial
situation. In October 2015,
MetaBank committed $1 million
to Operation HOPE to develop the
first ever virtual HOPE Inside@
MetaBank, which includes an
Operation HOPE national call
center and the growing HOPE
Inside@MetaBank network to
provide financial counseling
service to MetaBank customers
and cardholders who are facing
financial hardships.

To date, MetaBank has invited
nearly twenty of our partners and
program managers to integrate
the virtual HOPE Inside@
MetaBank program with their

cardholders and customers. The
program has the potential to
provide financial education to over
one million people. Operation
HOPE delivers its global programs
to employees through its 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.

COMMUNITY IMPACT

Meta Employee Volunteerism

11.5

thousand
hours

volunteered in 2016

Meta Employee Giving

$129,029.80

in donations in 2016

“Meta Financial Group // Annual Report 2016

OPERATION HOPE

Brad Hanson
President of MetaBank and Meta Payment Systems

A core value of MetaBank is
providing support and services
to individuals and businesses

To date, MetaBank has invited
nearly twenty of our partners and
program managers to integrate
the virtual HOPE Inside@
MetaBank program with their

COMMUNITY IMPACT

Meta Employee Volunteerism

11.5

thousand
hours

volunteered in 2016

Meta Employee Giving

$129,029.80

in donations in 2016

“Meta Financial Group // Annual Report 2016

PAYMENTS

Meta Financial Group // Annual Report 2016

BANKING

AVERAGE MPS
DEPOSIT GROWTH

Our Payments segment includes Meta Payment Systems (MPS) and Refund
Advantage (RA).

UP
25%

as of Sept. 30, 2016

CARD FEE INCOME
INCREASE

UP
29%

as of Sept. 30, 2016

AVERAGE LOW-COST
MPS DEPOSIT BALANCES
(in thousands)

8
9
9
,
2
0
0
,
2
$

6
5
0
,
4
0
6
,
1
$

3
5
7
,
3
9
2
,
1
$

6
1
1
,
3
7
1
,
1
$

1
7
9
,
8
9
9
$

MPS is an industry leader as one of the top prepaid card issuers in the nation (the
Nilson Report, July 2016), and has issued more than 600 million prepaid cards
since 2005, over 100 million in 2015 alone. MPS sponsors approximately 65% of
the “white label” ATM terminals throughout the United States and leads the way
in virtual cards for electronic settlements.

MPS continues to grow its partner base and welcomes a new program manager
partner, Xerox Card Services. We are also proud to announce that we entered
into multi-year contracts and expanded relationships with Blackhawk Network,
Inc., StoneEagle Services, Inc., and Global Cash Card, Inc. 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.

Our Refund Advantage division operates out of offices in Louisville, Ky. Acquired
in September 2015, Refund Advantage is a leading provider of professional tax
refund-transfer software used by independent Electronic Return Originators
(EROs).

Meta entered into a program partnership with H&R Block to provide up to $1.65
billion in Refund Advances for H&R Block tax preparation customers throughout
the 2017 tax season.

Acquired in November 2016, EPS Financial is a leading provider of comprehensive
tax-related financial transaction solutions offering a one-stop shop for all tax
preparer financial transactions. These solutions include a full suite of refund
settlement products, prepaid payroll card solutions and merchant services. Our
EPS division operates in Easton, Pa.

On November 9, 2016, Meta entered into an agreement to acquire substantially
all of the assets and liabilities of SCS. Operating out of its offices in Hurst, Texas,
Specialty Consumer Services (“SCS”) primarily provides consumer tax advance
services through their proprietary underwriting model and loan management
system. Meta announced the SCS acquisition in November 2016 and it is
expected to close in the first quarter of fiscal 2017..

•

MPS generated an average of $2 billion in non-interest bearing deposits for the
year ended September 30, 2016, compared to an average of $1.6 billion for the
same period in 2015, an increase of 25%.

‘16

‘15

‘14

‘13

‘12

•

Tax product fee income from our Refund Advantage division recorded non-
interest income of $23.3 million for the year ended September 30, 2016.

•

Card Fee income increased $16 million, or 29%, for the year ended September
30, 2016, compared to September 30, 2015. This increase is primarily due to the
addition of new partners and added business from existing partners.

Our Banking segment includes the Retail Bank and AFS/IBEX.

The Banking segment had an exceptional year in loan growth,
particularly in our commercial real estate, residential mortgage and
premium finance lines of business. The 30% YoY increase was driven
by the number and average amount of loans originated. This notable
growth was achieved without compromising credit quality.

MetaBank has 10 branches in four markets across S.D. and Iowa, and
we are the cornerstones for the banking services in the communities
we serve. We offer an array of financial services and products for retail,
business and agriculture customers. We are dedicated to providing
exceptional service to our customers.

Through its AFS/IBEX division, MetaBank provides short-term, usually
fully collateralized, financing to facilitate the commercial customers’
purchase of insurance, otherwise known as insurance premium
financing. AFS/IBEX operates out of offices in Dallas, Texas and
Newport Beach, Calif. AFS/IBEX is committed to taking care of the
needs of our agents/brokers and customers by investing in the latest
computer technologies. We like to call it our “High Tech, High Touch”
approach to Premium Financing, giving the level of service our clients
deserve and respect.

•

Premium Finance loans increased
$65.1 million, or 61%, to $171.6
million at September 30, 2016,
compared to the same period in the
prior year.

Retail Bank total loans increased
$146.8 million during the fiscal
year, or 25%, to $737.4 million.
Commercial real estate and
residential mortgage loans
increased $112.7 million, or
36%, and $37.3 million, or 30%,
respectively.

MetaBank’s non-performing assets
were down to 0.03% of total assets
in 2016, compared to 0.31% in
2015.

Retail Bank deposits increased
$91.3 million from September 30,
2015, to $299 million at September
30, 2016.

NON-PERFORMING ASSETS

LOAN BALANCES - RETAIL BANK

0.31%

0.16%

0.05% 0.05%

0.03%

‘16

‘15

‘14

‘13

‘12

As of 9/30/16

Commercial
Operating: 4%

Consumer:
3%

Ag Real Estate:
9%

Ag Operating:
5%

Residential
Mortgage:
22%

Commercial & Multi-Family:
57%

Meta Financial Group // Annual Report 2016

PAYMENTS

Meta Financial Group // Annual Report 2016

BANKING

AVERAGE MPS
DEPOSIT GROWTH

Our Payments segment includes Meta Payment Systems (MPS) and Refund
Advantage (RA).

UP
25%

as of Sept. 30, 2016

CARD FEE INCOME
INCREASE

UP
29%

as of Sept. 30, 2016

AVERAGE LOW-COST
MPS DEPOSIT BALANCES
(in thousands)

8
9
9
,
2
0
0
,
2
$

6
5
0
,
4
0
6
,
1
$

3
5
7
,
3
9
2
,
1
$

6
1
1
,
3
7
1
,
1
$

1
7
9
,
8
9
9
$

Meta entered into a program partnership with H&R Block to provide up to $1.65
billion in Refund Advances for H&R Block tax preparation customers throughout
the 2017 tax season.

•

MPS generated an average of $2 billion in non-interest bearing deposits for the
year ended September 30, 2016, compared to an average of $1.6 billion for the
same period in 2015, an increase of 25%.

‘16

‘15

‘14

‘13

‘12

•

Tax product fee income from our Refund Advantage division recorded non-
interest income of $23.3 million for the year ended September 30, 2016.

•

Our Banking segment includes the Retail Bank and AFS/IBEX.

•

Premium Finance loans increased
$65.1 million, or 61%, to $171.6
million at September 30, 2016,
compared to the same period in the
prior year.

MetaBank’s non-performing assets
were down to 0.03% of total assets
in 2016, compared to 0.31% in
2015.

Retail Bank deposits increased
$91.3 million from September 30,
2015, to $299 million at September
30, 2016.

NON-PERFORMING ASSETS

LOAN BALANCES - RETAIL BANK

0.31%

0.16%

0.05% 0.05%

0.03%

‘16

‘15

‘14

‘13

‘12

As of 9/30/16

Commercial
Operating: 4%

Consumer:
3%

Ag Real Estate:
9%

Ag Operating:
5%

Residential
Mortgage:
22%

Commercial & Multi-Family:
57%

Meta Financial Group // Annual Report 2016

COMPANY PROFILE

Meta Financial Group // Annual Report 2016

INVESTOR INFORMATION

and agricultural depositors and

Refund Advantage, based in

Annual Meeting of Shareholders

Shareholder Services

Investor Relations

Meta Financial Group, Inc.®
(NASDAQ Global Market®: CASH), is
the holding company for MetaBank®,
a federally chartered savings bank,

Member FDIC. Headquartered in

Sioux Falls, S.D., MetaBank operates

in both the Banking and Payments

industries: MetaBank, its traditional

retail banking operation; Meta

Payment Systems, its electronic

payments division; AFS/IBEX,

its insurance premium financing

division; and Refund Advantage, its

tax refund-transfer software division.

MetaBank, the retail banking

division, operates 10 retail branches

in four market areas: Central Iowa;

Storm Lake, Iowa; Brookings, S.D.;

and Sioux Falls, S.D. Based in Sioux

Falls, MetaBank offers traditional

banking services designed to serve

the needs of individual, business

borrowers.

Meta Payment Systems (MPS)

is a recognized leader in the

prepaid card industry and provides

innovative payment solutions

delivered nationally in collaboration

with market-leading partners. MPS

Louisville, Ky., provides tax refund-

transfer software for Electronic

Return Originators (EROs) and their

customers. Their software is used in

over 10,000 locations nationwide and

processes over one million refund-

transfers a year.

focuses on offering specific product

MetaBank’s vision is to promote

solutions in the following areas:

financial inclusion for everyone™.

prepaid cards, credit products,

In 2016, MetaBank was named the

electronic funds transfer and ATM

#1 Top Growth Bank in the nation

out of approximately 7,000 banks in

the country (Bank Director, 2016).

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.

sponsorship.

AFS/IBEX provides short-term,

collateralized financing to facilitate

the purchase of insurance for

commercial property, casualty and

liability risk. Based in Dallas, Texas,

AFS/IBEX originates loans through a

network of independent insurance

agencies.

META FINANCIAL GROUP, INC

METABANK

BANKING

PAYMENTS

RETAIL BANK

AFS/IBEX

META PAYMENT SYSTEMS

REFUND ADVANTAGE

Forward-Looking Statements

MFG from time to time may 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.

The Annual Meeting of Shareholders will
convene at 1 p.m., on Monday, January 23,
2017. The meeting will be held at MetaBank
Corporate Services 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, IA 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, 2016 (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:

Brittany Kelley Elsasser
Investor Relations
5501 South Broadband Lane
Sioux Falls, S.D. 57108
Telephone: 605.362.2423
InvestorRelations@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 $175.6 million

or 51.5% from September 30, 2015 to

September 30, 2016. Shares outstanding

increased from 8,163,022 to 8,523,641

with share price increasing from $41.77

to $60.61 at September 30, 2015 and

September 30, 2016, respectively.

Market Makers for Meta Financial Group
(NASDAQ: CASH) as of September 30, 2016:

Sandler O’Neill + Partners, L.P.
Raymond James
Keefe, Bruyette & Woods, Inc.
FBR Capital Markets & Co.
Morgan Stanley & Co. LLC
UBS Securities LLC
Merill Lynch, Pierce, Fenner
Goldman, Sachs & Co.
Citadel Securities LLC
KCG Americas LLC

Market Capitalization

SHARES
OUTSTANDING

SHARE
PRICE

MARKET
CAPITALIZATION

8,163,022

$41.77

$340,969,428.94

8,523,641

$60.61

$516,617,881.01

9/30/2015

9/30/2016

Percentage Growth

4.42%

45.10%

51.51%

Comparison of 5 Year Cumulative Total Return
Assumes Initial Investment of $100 September 2016

400.00

350.00

300.00

250.00

200.00

150.00

100.00

50.00

0.00

2011

2012

2013

2014

2015

2016

Meta Financial Group, Inc.

NASDAQ Composite Index

NASDAQ ABA Community Bank Index

Meta Financial Group // Annual Report 2016

COMPANY PROFILE

Meta Financial Group // Annual Report 2016

INVESTOR INFORMATION

and agricultural depositors and

Refund Advantage, based in

Annual Meeting of Shareholders

Shareholder Services

Investor Relations

Meta Financial Group, Inc.®
(NASDAQ Global Market®: CASH), is
the holding company for MetaBank®,
a federally chartered savings bank,

Member FDIC. Headquartered in

Sioux Falls, S.D., MetaBank operates

in both the Banking and Payments

industries: MetaBank, its traditional

retail banking operation; Meta

Payment Systems, its electronic

payments division; AFS/IBEX,

its insurance premium financing

division; and Refund Advantage, its

tax refund-transfer software division.

MetaBank, the retail banking

division, operates 10 retail branches

in four market areas: Central Iowa;

Storm Lake, Iowa; Brookings, S.D.;

and Sioux Falls, S.D. Based in Sioux

Falls, MetaBank offers traditional

banking services designed to serve

the needs of individual, business

borrowers.

Meta Payment Systems (MPS)

is a recognized leader in the

prepaid card industry and provides

innovative payment solutions

delivered nationally in collaboration

with market-leading partners. MPS

Louisville, Ky., provides tax refund-

transfer software for Electronic

Return Originators (EROs) and their

customers. Their software is used in

over 10,000 locations nationwide and

processes over one million refund-

transfers a year.

focuses on offering specific product

MetaBank’s vision is to promote

solutions in the following areas:

financial inclusion for everyone™.

prepaid cards, credit products,

In 2016, MetaBank was named the

electronic funds transfer and ATM

#1 Top Growth Bank in the nation

out of approximately 7,000 banks in

the country (Bank Director, 2016).

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.

sponsorship.

AFS/IBEX provides short-term,

collateralized financing to facilitate

the purchase of insurance for

commercial property, casualty and

liability risk. Based in Dallas, Texas,

AFS/IBEX originates loans through a

network of independent insurance

agencies.

META FINANCIAL GROUP, INC

METABANK

BANKING

PAYMENTS

RETAIL BANK

AFS/IBEX

META PAYMENT SYSTEMS

REFUND ADVANTAGE

Forward-Looking Statements

Independent Auditors

KPMG LLP
2500 Ruan Center
666 Grand Avenue
Des Moines, IA 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, 2016 (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:

Brittany Kelley Elsasser
Investor Relations
5501 South Broadband Lane
Sioux Falls, S.D. 57108
Telephone: 605.362.2423
InvestorRelations@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 $175.6 million

or 51.5% from September 30, 2015 to

September 30, 2016. Shares outstanding

increased from 8,163,022 to 8,523,641

with share price increasing from $41.77

to $60.61 at September 30, 2015 and

September 30, 2016, respectively.

Market Makers for Meta Financial Group
(NASDAQ: CASH) as of September 30, 2016:

Market Capitalization

SHARES
OUTSTANDING

SHARE
PRICE

MARKET
CAPITALIZATION

8,163,022

$41.77

$340,969,428.94

8,523,641

$60.61

$516,617,881.01

9/30/2015

9/30/2016

Percentage Growth

4.42%

45.10%

51.51%

Comparison of 5 Year Cumulative Total Return
Assumes Initial Investment of $100 September 2016

400.00

350.00

300.00

250.00

200.00

150.00

100.00

50.00

0.00

2011

2012

2013

2014

2015

2016

Meta Financial Group, Inc.

NASDAQ Composite Index

NASDAQ ABA Community Bank Index

Meta Financial Group // Annual Report 2016

CORPORATE LEADERSHIP

BOARD OF DIRECTORS

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

Brad C. Hanson
President
Meta Financial Group Inc.,
MetaBank and Meta Payment
Systems

Douglas J. Hajek
Partner at Davenport, Evans,
Hurwitz & Smith, LLP

SENIOR OFFICERS

J. Tyler Haahr
Chief Executive Officer

Brad C. Hanson
President

Glen Herrick
Executive Vice President,
Chief Financial Officer

Cynthia Smith
Executive Vice President and
Chief Operating Officer

Elizabeth G. Hoople
Consultant and Retired Senior Vice
President of Marketing
Wells Fargo

Becky S. Shulman
Chief Financial Officer and Chief
Operations Officer
Card Compliant, LLC

Kendall E. Stork
Retired President
Citibank SD, NA and Sioux Falls
Site President

Frederick V. Moore
Vice Chairman of the Board and
Lead Director, Meta Financial
Group Inc. 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

Whitney Bright
Senior Vice President,
Client Relations

Connie Burrer
Senior Vice President,
Enterprise Project
Management

Jeffrey Gednalske
Senior Vice President,
General Counsel

John Hagy
Head of Government and
Industry Relations

John Holsan
President,
AFS/IBEX

Barbara Koopman
Senior Vice President,
Retail Bank Operations

Troy Larson
Senior Vice President,
Chief Technology Officer

Alan Lodge
President,
Tax Services Division

SENIOR OFFICERS cont.

Linda Loof
Senior Vice President,
Strategic Accounts

Beth Ormseth
Senior Vice President,
FIU/EFT Operations

Steven Patterson
Chief Lending Officer and
President,
Central Iowa Market

Timothy Peters
President,
Brookings Market

Donald Rogers
Head of Operations,
AFS/IBEX

Grant Rogers
Senior Vice President,
Business Development and Sales

Scott Scovel
Senior Product Portfolio Manager,
MPS

Eric Sepci
National Sales Manager,
AFS/IBEX

Cary Shields
President,
Refund Advantage

Jeanni Stahl
Senior Vice President,
Chief Risk Officer and Chief
Compliance Officer

Ian Stromberg
Senior Vice President,
Human Resources and
Properties

Sonja Theisen
Senior Vice President,
Chief Accounting Officer

Kathryn M. Thorson
President,
Sioux Empire Market

Scott Van Horssen
Senior Vice President,
Treasurer

Ronald Van Zanten
Senior Vice President,
Data Management and
Business Intelligence

Jennifer Warren
Senior Vice President,
Chief Audit Executive

Jon W. Wilcke
President,
Northwest Iowa Market

Meta Financial Group // Annual Report 2016

CORPORATE LEADERSHIP

BOARD OF DIRECTORS

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

Brad C. Hanson
President
Meta Financial Group Inc.,
MetaBank and Meta Payment
Systems

Douglas J. Hajek
Partner at Davenport, Evans,
Hurwitz & Smith, LLP

SENIOR OFFICERS

J. Tyler Haahr
Chief Executive Officer

Brad C. Hanson
President

Glen Herrick
Executive Vice President,
Chief Financial Officer

Cynthia Smith
Executive Vice President and
Chief Operating Officer

Elizabeth G. Hoople
Consultant and Retired Senior Vice
President of Marketing
Wells Fargo

Becky S. Shulman
Chief Financial Officer and Chief
Operations Officer
Card Compliant, LLC

Kendall E. Stork
Retired President
Citibank SD, NA and Sioux Falls
Site President

Frederick V. Moore
Vice Chairman of the Board and
Lead Director, Meta Financial
Group Inc. 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

Whitney Bright
Senior Vice President,
Client Relations

Connie Burrer
Senior Vice President,
Enterprise Project
Management

Jeffrey Gednalske
Senior Vice President,
General Counsel

John Hagy
Head of Government and
Industry Relations

John Holsan
President,
AFS/IBEX

Barbara Koopman
Senior Vice President,
Retail Bank Operations

Troy Larson
Senior Vice President,
Chief Technology Officer

Alan Lodge
President,
Tax Services Division

SENIOR OFFICERS cont.

Linda Loof
Senior Vice President,
Strategic Accounts

Beth Ormseth
Senior Vice President,
FIU/EFT Operations

Steven Patterson
Chief Lending Officer and
President,
Central Iowa Market

Timothy Peters
President,
Brookings Market

Donald Rogers
Head of Operations,
AFS/IBEX

Grant Rogers
Senior Vice President,
Business Development and Sales

Scott Scovel
Senior Product Portfolio Manager,
MPS

Eric Sepci
National Sales Manager,
AFS/IBEX

Cary Shields
President,
Refund Advantage

Jeanni Stahl
Senior Vice President,
Chief Risk Officer and Chief
Compliance Officer

Ian Stromberg
Senior Vice President,
Human Resources and
Properties

Sonja Theisen
Senior Vice President,
Chief Accounting Officer

Kathryn M. Thorson
President,
Sioux Empire Market

Scott Van Horssen
Senior Vice President,
Treasurer

Ronald Van Zanten
Senior Vice President,
Data Management and
Business Intelligence

Jennifer Warren
Senior Vice President,
Chief Audit Executive

Jon W. Wilcke
President,
Northwest Iowa Market

Meta Financial Group // Annual Report 2016

LOCATIONS

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

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

750 North Saint Paul Street
Suite 1500
Dallas, TX 75201
800.299.5626
214.954.0537 fax

4100 Newport Place Dr. #670
Newport Beach, CA 92660

REFUND ADVANTAGE
refund-advantage.com

9000 Wessex Pl, Ste. 101
Louisville, KY 40222
800.967.4934
877.559.0558 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, IA 50588
712.732.6655
712.732.7924 fax

Meta Financial Group // Annual Report 2016

LOCATIONS

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

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

750 North Saint Paul Street
Suite 1500
Dallas, TX 75201
800.299.5626
214.954.0537 fax

4100 Newport Place Dr. #670
Newport Beach, CA 92660

REFUND ADVANTAGE
refund-advantage.com

9000 Wessex Pl, Ste. 101
Louisville, KY 40222
800.967.4934
877.559.0558 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, IA 50588
712.732.6655
712.732.7924 fax

MetaFinancialGroup.com

5501 South Broadband Lane
Sioux Falls, SD 57108