UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

              [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2005

             [ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

            For the transaction period from __________ to __________

                         Commission File Number: 0-22140

       META FINANCIAL GROUP, INC. (Formerly FIRST MIDWEST FINANCIAL, INC.)
             (Exact name of registrant as specified in its charter)

                  Delaware                                42-1406262
                  --------                                ----------
    (State or other jurisdiction of            (IRS Employer Identification No.)
     incorporation or organization)

                  121 East Fifth Street, Storm Lake, Iowa 50588
                  ---------------------------------------------
                    (Address of principal executive offices)

                                 (712) 732-4117
                                 --------------
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
                                      ---  ---

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes   No  X
                                               ---   ---

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

         Class:                              Outstanding at May 10, 2005:
Common Stock, $.01 par value                   2,503,655 Common Shares



                           META FINANCIAL GROUP, INC.
                                    FORM 10-Q

                                      INDEX



                                                                                          Page No.
                                                                                          --------
                                                                                          
Part I. Financial Information
-----------------------------

      Item 1.     Financial Statements (unaudited):

                  Consolidated Balance Sheets
                    at March 31, 2005 and September 30, 2004                                  3

                  Consolidated Statements of Income for the Three Months
                    And Six Months Ended March 31, 2005 and 2004                              4

                  Consolidated Statements of Comprehensive Income for the
                    Three Months and Six Months Ended March 31, 2005 and 2004                 5

                  Consolidated Statement of Changes in Shareholders'
                    Equity for the Six Months Ended March 31, 2005                            6

                  Consolidated Statements of Cash Flows for the
                    Six Months Ended March 31, 2005 and 2004                                  7

                  Notes to Consolidated Financial Statements                                  8

      Item 2.     Management's Discussion and Analysis of Financial
                    Condition and Results of Operations                                      11

      Item 3.     Quantitative and Qualitative Disclosure About Market Risk                  19

      Item 4.     Controls and Procedures                                                    21

Part II. Other Information
--------------------------

      Item 1.     Legal Proceedings                                                          22

      Item 2.     Unregistered Sales of Equity Securities and
                      Use of Proceeds                                                        22

      Item 3.     Defaults Upon Senior Securities                                            22

      Item 4.     Submission of Matters to a Vote of Security Holders                        22

      Item 5.     Other Information                                                          23

      Item 6.     Exhibits                                                                   23

      Signatures                                                                             24



                                       2



                           META FINANCIAL GROUP, INC.
                                AND SUBSIDIARIES
                     Consolidated Balance Sheets (Unaudited)



ASSETS                                                                  March 31, 2005  September 30, 2004
----------------------------------------------------------------------------------------------------------
                                                                                    
Cash and due from banks                                                  $   2,312,755    $   1,591,982
Interest-bearing deposits in other financial institutions -
  short-term (cost approximates market value)                                5,788,479        7,344,587
                                                                         ------------------------------
    Total cash and cash equivalents                                          8,101,234        8,936,569
Securities available for sale, amortized cost
   of $300,966,016 at March 31, 2005 and
  $324,500,510 at September 30, 2004                                       295,215,937      322,523,577
Loans receivable - net of allowance for loan losses of
   of $5,797,007 at March 31, 2005 and $5,370,994
   at September 30, 2004                                                   446,207,896      404,051,379
Loans held for sale                                                            206,200          270,000
Federal Home Loan Bank stock, at cost                                       10,392,900       11,052,700
Accrued interest receivable                                                  3,634,508        3,849,215
Premises and equipment, net                                                 12,032,412       11,690,437
Foreclosed real estate, net                                                     19,528               --
Bank owned life insurance                                                   12,073,257       11,847,420
Other assets                                                                 7,876,845        6,577,227
                                                                         ------------------------------

Total assets                                                             $ 795,760,717    $ 780,798,524
                                                                         ==============================

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
Noninterest-bearing demand deposits                                      $  28,415,741    $  19,537,370
Savings, NOW and money market demand deposits                              170,945,592      177,287,972
Time certificates of deposit                                               301,781,921      264,755,535
                                                                         ------------------------------
           Total deposits                                                  501,143,254      461,580,877
Advances from Federal Home Loan Bank                                       207,750,000      226,250,000
Securities sold under agreements to repurchase                              28,805,953       32,549,377
Subordinated Debentures                                                     10,310,000       10,310,000
Advances from borrowers for taxes and insurance                                246,527          216,331
Accrued interest payable                                                       925,286          473,426
Accrued expenses and other liabilities                                       1,642,507        2,144,248
                                                                         ------------------------------
          Total liabilities                                                750,823,527      733,524,259
                                                                         ------------------------------

SHAREHOLDERS' EQUITY
Preferred stock, 800,000 shares authorized, no shares
   issued or outstanding                                                            --               --
Common stock, $.01 par value; 5,200,000 shares authorized,
   2,957,999 shares issued, 2,498,860 and 2,491,025 shares outstanding
   at March 31, 2005 and September 30, 2004, respectively                       29,580           29,580
Additional paid-in capital                                                  20,640,098       20,678,644
Retained earnings - substantially restricted                                36,950,651       36,758,258
Accumulated other comprehensive loss                                        (3,609,494)      (1,240,338)
Unearned Employee Stock Ownership Plan shares                                 (696,149)        (394,766)
Treasury stock, 459,139 and 466,974 common shares, at cost,
at March 31, 2005 and September 30, 2004 respectively                       (8,377,496)      (8,557,113)
                                                                         ------------------------------
        Total shareholders' equity                                          44,937,190       47,274,265
                                                                         ------------------------------

        Total liabilities and shareholders' equity                       $ 795,760,717    $ 780,798,524
                                                                         ==============================


See Notes to Consolidated Financial Statements.


                                       3


                           META FINANCIAL GROUP, INC.
                                AND SUBSIDIARIES
                  Consolidated Statements of Income (Unaudited)



                                                                Three Months Ended             Six Months Ended
                                                                     March 31,                     March 31,
                                                                2005          2004           2005           2004
                                                             -----------   -----------    -----------   ------------
                                                                                            
Interest and Dividend Income:
       Loans receivable, including fees                      $ 7,338,529   $ 5,708,553    $14,099,364   $ 11,527,310
       Securities available for sale                           2,957,207     3,146,976      5,898,319      6,298,717
       Dividends on Federal Home Loan Bank stock                  76,872        35,112        159,616        118,321
                                                             -----------   -----------    -----------   ------------

             Total interest and dividend income               10,372,608     8,890,641     20,157,299     17,944,348

Interest Expense:
       Deposits                                                2,902,732     2,339,588      5,587,904      4,753,885
       FHLB advances and other borrowings                      2,480,721     2,136,238      4,893,223      4,307,850
                                                             -----------   -----------    -----------   ------------

             Total interest expense                            5,383,453     4,475,826     10,481,127      9,061,735
                                                             -----------   -----------    -----------   ------------

Net interest income                                            4,989,155     4,414,815      9,676,172      8,882,613

Provision for loan losses                                        257,500        56,000        434,500        157,000
                                                             -----------   -----------    -----------   ------------

Net interest income after provision for loan losses            4,731,655     4,358,815      9,241,672      8,725,613

Noninterest income:
       Deposit service charges and other fees                    280,704       294,895        609,738        629,469
       Gain on sales of loans, net                                45,566        31,380         81,308        120,100
       Bank owned life insurance                                 126,646       157,443        253,291        317,841
       Gain on sale of branch office                                  --     1,113,230             --      1,113,230
       Gain on sales of securities available for sale, net         1,079            --          1,079             --
       Loss on sales of foreclosed real estate, net                   --        (2,505)            --           (492)
       Other income                                              220,175        96,138        340,338        185,231
                                                             -----------   -----------    -----------   ------------

             Total noninterest income                            674,170     1,690,581      1,285,754      2,365,379

Noninterest expense:
       Employee compensation and benefits                      2,781,661     2,162,385      5,692,050      4,425,122
       Occupancy and equipment expense                         1,030,493       588,828      1,762,103      1,123,679
       Deposit insurance premium                                  16,453        15,220         36,074         31,446
       Data processing expense                                   184,450       182,007        368,126        361,930
       Other expense                                             850,430       515,843      1,490,897      1,082,034
                                                             -----------   -----------    -----------   ------------

             Total noninterest expense                         4,863,487     3,464,283      9,349,250      7,024,211
                                                             -----------   -----------    -----------   ------------

Income before income taxes                                       542,338     2,585,113      1,178,176      4,066,781

Income tax expense                                               142,964       909,716        336,860      1,414,442
                                                             -----------   -----------    -----------   ------------

Net income                                                   $   399,374   $ 1,675,397    $   841,316   $  2,652,339
                                                             ===========   ===========    ===========   ============

Earnings per common share:
       Basic                                                 $      0.16   $      0.67    $      0.34   $       1.07
                                                             ===========   ===========    ===========   ============
       Diluted                                               $      0.16   $      0.66    $      0.33   $       1.05
                                                             ===========   ===========    ===========   ============

Dividends declared per common share                          $      0.13   $      0.13    $      0.26   $       0.26
                                                             ===========   ===========    ===========   ============


See Notes to Consolidated Financial Statements.


                                       4


                           META FINANCIAL GROUP, INC.
                                AND SUBSIDIARIES
       Consolidated Statements of Comprehensive Income (Loss) (Unaudited)



                                                              Three Months Ended          Six Months Ended
                                                                   March 31,                   March 31,
                                                              2005          2004          2005          2004
                                                           -----------    ----------   -----------    ----------
                                                                                          
Net income                                                 $   399,374    $1,675,397   $   841,316    $2,652,339

Other comprehensive income (loss):
        Net change in net unrealized gains and losses on
          securities available for sale                     (2,598,479)    2,838,499    (3,773,146)    5,100,560
        Deferred income tax expense (benefit)                 (966,896)    1,056,207    (1,403,990)    1,897,919
                                                           -----------    ----------   -----------    ----------

        Total other comprehensive income (loss)             (1,631,583)    1,782,292    (2,369,156)    3,202,641
                                                           -----------    ----------   -----------    ----------

Total comprehensive income (loss)                          $(1,232,209)   $3,457,689   $(1,527,840)   $5,854,980
                                                           ===========    ==========   ===========    ==========


See Notes to Consolidated Financial Statements.


                                       5


                           META FINANCIAL GROUP, INC.
                                AND SUBSIDIARIES
      Consolidated Statement of Changes in Shareholders' Equity (Unaudited)
                     For the Six Months Ended March 31, 2005



                                                                                   Accumulated      Unearned
                                                                                       Other        Employee
                                                     Additional                    Comprehensive      Stock
                                          Common      Paid-in        Retained     Income (Loss),    Ownership
                                           Stock       Capital        Earnings      Net of Tax      Plan Shares
-----------------------------------------------------------------------------------------------------------------
                                                                                     
Balance, September 30, 2004               $29,580   $ 20,678,644   $ 36,758,258   $    (1,240,338)  $  (394,766)

Cash dividends declared on common
stock ($.26 per share)                         --             --       (648,923)               --            --

Purchase of 1,000 common shares
   of treasury stock                           --             --             --                --            --

Issuance of 8,835 common shares
    from treasury stock due to exercise
    of stock options                           --        (63,179)            --                --            --

Tax benefit from exercise of
    stock options                              --          4,669             --                --            --

Purchase 19,100 common shares for ESOP         --             --             --                --      (437,080)

6,600 common shares committed to be
    released under the ESOP                    --         19,964             --                --       135,697

Change in net unrealized gains
   and losses on securities available
   for sale, net of effect of income
   taxes of ($1,403,990)                       --             --             --        (2,369,156)           --

Net income for six months ended
   March 31, 2005                              --             --        841,316                --            --
                                          ---------------------------------------------------------------------

Balance, March 31, 2005                   $29,580   $ 20,640,098   $ 36,950,651   $    (3,609,494)  $  (696,149)
                                          =====================================================================


                                                              Total
                                            Treasury      Shareholders'
                                              Stock          Equity
                                          -----------------------------
                                                   
Balance, September 30, 2004               $(8,557,113)   $ 47,274,265

Cash dividends declared on common
stock ($.26 per share)                             --        (648,923)

Purchase of 1,000 common shares
   of treasury stock                          (25,655)        (25,655)

Issuance of 8,835 common shares
    from treasury stock due to exercise
    of stock options                          205,272         142,093

Tax benefit from exercise of
    stock options                                  --           4,669

Purchase 19,100 common shares for ESOP             --        (437,080)

6,600 common shares committed to be
    released under the ESOP                        --         155,661

Change in net unrealized gains
   and losses on securities available
   for sale, net of effect of income
   taxes of ($1,403,990)                           --      (2,369,156)

Net income for six months ended
   March 31, 2005                                  --         841,316

                                          ---------------------------
Balance, March 31, 2005                   $(8,377,496)   $ 44,937,190
                                          ===========================


See Notes to Consolidated Financial Statements.


                                       6

                           META FINANCIAL GROUP, INC.
                                AND SUBSIDIARIES
                Consolidated Statements of Cash Flows(Unaudited)



                                                                                    Six Months Ended March 31,
                                                                                     2005               2004
-----------------------------------------------------------------------------------------------------------------
                                                                                            
Cash Flows from operating activities:
  Net income                                                                   $       841,316    $     2,652,339
  Adjustments to reconcile net income to net cash from operating activities:
     Depreciation, amortization and accretion, net                                   1,863,437          2,373,575
     Provision for loan losses                                                         434,500            157,000
     Gain on sales of foreclosed real estate, net                                           --                492
     Gain on the sale of branch office                                                      --         (1,113,230)
     Proceeds from sales of loans held for sale                                      4,327,480          7,808,048
     Originations of loans held for sale                                            (4,263,680)        (6,931,588)
     Net change in accrued interest receivable                                         214,707            734,289
     Net change in other assets                                                       (121,465)          (363,199)
     Net change in accrued interest payable                                            451,860             15,665
     Net change in accrued expenses and other liabilities                             (501,741)           717,563
                                                                               ----------------------------------
                 Net cash provided by operating activities                           3,246,414          6,050,954

Cash flow from investing activities:
  Purchase of securities available for sale                                        (15,459,228)       (15,262,500)
  Proceeds from maturities and principal repayments of
   securities available for sale                                                    37,803,043         46,929,598
  Net change in loans receivable                                                   (29,784,282)         1,668,517
  Loans purchased                                                                  (12,870,084)       (25,088,646)
  Proceeds from sales of foreclosed real estate                                          2,500            228,441
  Cash transferred to buyer on sale of branch                                               --        (14,154,359)
  Purchase of shares by ESOP                                                          (437,080)                --
  Change in FHLB stock                                                                 659,800          1,871,900
  Purchase of premises and equipment                                                  (817,752)          (492,155)
                                                                               ----------------------------------
                 Net cash used in investing activities                             (20,903,083)        (4,299,204)

Cash flows from financing activities:
  Net change in noninterest-bearing demand, savings, NOW, and
   money market demand deposits                                                      2,535,991         43,127,340
  Net change in other time deposits                                                 37,026,386         20,590,465
  Proceeds from advances from Federal Home Loan Bank                             1,676,825,000      1,031,540,000
  Repayments of advances from Federal Home Loan Bank                            (1,695,325,000)    (1,073,767,027)
  Net change in securities sold under agreements to repurchase                      (3,743,424)       (23,873,566)
  Net change in advances from borrowers for taxes and insurance                         30,196              2,341
  Cash dividends paid                                                                 (648,923)          (651,260)
  Proceeds from exercise of stock options                                              146,763            582,555
  Purchase of treasury stock                                                           (25,655)          (764,865)
                                                                               ----------------------------------
                 Net cash provided by (used in) financing activities                16,821,334         (3,214,017)
                                                                               ----------------------------------

Net change in cash and cash equivalents                                               (835,335)        (1,462,267)

Cash and cash equivalents at beginning of period                                     8,936,569          9,756,815
                                                                               ----------------------------------
Cash and cash equivalents at end of period                                     $     8,101,234    $     8,294,548
                                                                               ==================================

Supplemental disclosure of cash flow information
  Cash paid during the period for:
    Interest                                                                   $    10,029,267    $     9,756,815
    Income taxes                                                                       265,011            641,000

Supplemental schedule of non-cash investing and financing activities:
  Loans transferred to foreclosed real estate                                  $        22,028    $        19,829

Sale of branch
  Assets disposed:
    Loans                                                                                         $      (730,704)
    Accrued interest receivable                                                                            (5,518)
    Premises and equipment                                                                               (110,818)
  Liabilitied assumed by buyer:
    Non-interest bearing demand, savings, NOW                                                           6,314,066
     and money market demand accounts
    Time deposits                                                                                       9,788,688
    Advances from borrowers for taxes and insurance                                                         5,749
    Other liabilities                                                                                       6,126
  Gain on sale of office property, net                                                                 (1,113,230)
                                                                                                  ---------------
Cash paid                                                                                         $    14,154,359
                                                                                                  ===============


                                       7


                           META FINANCIAL GROUP, INC.
                                AND SUBSIDIARIES
             Notes to Consolidated Financial Statements (Unaudited)

1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      The accounting  policies followed by Meta Financial Group, Inc.,  formerly
      First Midwest  Financial,  Inc.,  ("Meta Group" or the  "Company") and its
      consolidated  subsidiaries,  MetaBank,  MetaBank  West Central  ("MetaBank
      WC"), Meta Trust Company ("Meta Trust"),  First Services Financial Limited
      and Brookings  Service  Corporation,  for interim reporting are consistent
      with the accounting policies followed for annual financial reporting.  All
      adjustments  that, in the opinion of management,  are necessary for a fair
      presentation of the results for the periods reported have been included in
      the accompanying unaudited consolidated financial statements, and all such
      adjustments are of a normal recurring nature.  The accompanying  financial
      statements  do  not  purport  to  contain  all  the  necessary   financial
      disclosures  required by generally  accepted  accounting  principles  that
      might  otherwise be necessary in the  circumstances  and should be read in
      conjunction  with the Company's  consolidated  financial  statements,  and
      notes thereto, for the year ended September 30, 2004.

2.    EARNINGS PER SHARE

      Basic  earnings  per share is based on net income  divided by the weighted
      average number of shares outstanding  during the period.  Diluted earnings
      per share shows the dilutive  effect of additional  common shares issuable
      under stock options.

      A  reconciliation  of the  numerators and  denominators  used in the basic
      earnings  per common  share and the  diluted  earnings  per  common  share
      computations  for the three months and six months ended March 31, 2005 and
      2004 is presented below.



                                                   Three Months Ended             Six Months Ended
                                                        March 31,                     March 31,
                                                        ---------                     ---------
                                                   2005           2004           2005           2004
                                                   ----           ----           ----           ----
                                                                                
      Basic Earnings Per Common Share:
      Numerator:
          Net Income                           $   399,374    $ 1,675,397    $   841,316    $ 2,652,339
                                               ===========    ===========    ===========    ===========
      Denominator:
          Weighted average common shares
            outstanding                          2,494,060      2,502,255      2,492,788      2,502,049
          Less: Weighted average unallocated
            ESOP shares                            (35,129)       (17,763)       (33,484)       (20,025)
                                               -----------    -----------    -----------    -----------
          Weighted average common shares
            outstanding for basic earnings
            per share                            2,458,931      2,484,492      2,459,304      2,482,024
                                               ===========    ===========    ===========    ===========

      Basic earnings per common share          $      0.16    $      0.67    $      0.34    $      1.07
                                               ===========    ===========    ===========    ===========



                                       8




                                                    Three Months Ended        Six Months Ended
                                                        March 31,                 March 31,
                                                        ---------                 ---------
                                                    2005         2004         2005         2004
                                                    ----         ----         ----         ----
                                                                            
      Diluted Earnings Per Common Share:
      Numerator:
          Net Income                             $  399,374   $1,675,397   $  841,316   $2,652,339
                                                 ==========   ==========   ==========   ==========
      Denominator:
          Weighted average common shares
            outstanding for basic earnings per
            common share                          2,458,931    2,484,492    2,459,304    2,482,024
          Add: Dilutive effects of assumed
            exercise of stock options, net
            of tax benefits                          57,160       51,668       59,939       53,684
                                                 ----------   ----------   ----------   ----------
          Weighted average common and
            dilutive potential common shares
            outstanding                           2,516,091    2,536,160    2,519,243    2,535,708
                                                 ==========   ==========   ==========   ==========

      Diluted earnings per common share          $     0.16   $     0.66   $     0.33   $     1.05
                                                 ==========   ==========   ==========   ==========


3.    COMMITMENTS

      At March 31, 2005 and  September  30,  2004,  the Company had  outstanding
      commitments  to originate and purchase  loans  totaling  $75.4 million and
      $60.2 million,  respectively,  excluding  undisbursed portions of loans in
      process.  It is expected that  outstanding loan commitments will be funded
      with existing liquid assets.

4.    INTANGIBLE ASSETS

      As of March 31, 2005 and  September  30,  2004 the Company had  intangible
      assets of  $3,403,019,  all of which has been  determined  to be goodwill.
      There was no goodwill impairment loss or amortization  related to goodwill
      during the three-month or six-month periods ended March 31, 2005 and 2004.

5.    CURRENT ACCOUNTING DEVELOPMENTS

      The Financial  Accounting  Standards Board ("FASB")  issued  Statement 123
      (Revised),  Share-Base Payment.  This Statement  establishes standards for
      accounting  for  transactions  in  which  an  entity  engages  its  equity
      instruments  for goods and services.  It also  addresses  transactions  in
      which an entity incurs liabilities in exchange for goods and services that
      are based on the fair value of the entity's  equity  instruments,  or that
      may be settled by the  issuance of those  equity  instruments.  FAS 123(R)
      covers a wide range of  share-based  compensation  arrangements  including
      share options,  restricted share plans,  performance-based  awards,  share
      appreciation rights and employee share purchase plans. FAS 123(R) replaces
      existing   requirements   under  FAS  123,   Accounting  for   Stock-Based
      Compensation  and  eliminates  the  ability  to  account  for  share-based
      compensation  transactions  using APB Opinion No. 25, Accounting for Stock
      Issued to Employees.  For the Company,  the Statement is effective for the
      quarter beginning January 1, 2006. The Company is currently  assessing the
      impact that FAS 123(R) will have on its consolidated  financial statements
      at the time of adoption.


                                       9


6.    STOCK OPTION PLAN

      FASB  Statement  No.  123,   Accounting  for   Stock-Based   Compensation,
      establishes  a fair  value  based  method  for  financial  accounting  and
      reporting for stock-based employee compensation plans and for transactions
      in which an entity  issues its  equity  instruments  to acquire  goods and
      services from nonemployees.  However,  the standard allows compensation to
      continue  to be  measured by using the  intrinsic  value  based  method of
      accounting  prescribed  by APB No.  25,  Accounting  for  Stock  Issued to
      Employees,  but requires expanded disclosures.  The Company has elected to
      apply the  intrinsic  value based method of  accounting  for stock options
      issued to employees.  Accordingly,  compensation cost for stock options is
      measured as the excess,  if any, of the quoted market price of the Company
      stock at the date of grant over the amount an employee must pay to acquire
      the stock.

      Had compensation cost for the Plan been determined based on the grant date
      fair values of awards (the method  described in FASB  Statement  No. 123),
      the  approximate  reported income and earnings per common share would have
      been decreased to the pro forma amounts shown below:



                                                              Three Months Ended               Six Months Ended
                                                                   March 31,                        March 31,
                                                                   ---------                        ---------
                                                             2005              2004           2005              2004
                                                             ----              ----           ----              ----
                                                                                                        
      Net income, as reported                            $   399,374       $ 1,675,397    $   841,316       $ 2,652,339
      Deduct:  Total stock-based employee
         compensation expense determined under fair
         value based method for all awards, net of
         related tax effects                                 (23,810)           (5,814)       (47,620)          (11,528)
                                                         -----------       -----------    -----------       -----------
               Pro forma net income                      $   375,564       $ 1,669,583    $   793,706       $ 2,640,711
                                                         ===========       ===========    ===========       ===========

      Earnings per common share - basic:
         As reported                                     $       .16       $       .67    $       .34       $      1.07
         Pro forma                                       $       .15       $       .67    $       .32       $      1.07

      Earnings per common share - diluted:
         As reported                                     $       .16       $       .66    $       .33       $      1.05
         Pro forma                                       $       .15       $       .66    $       .32       $      1.04



                                       10


Part I. Financial Information

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

                           META FINANCIAL GROUP, INC.
                                AND SUBSIDIARIES

GENERAL

Meta Financial Group, Inc. ("Meta Financial" or the "Company") is a bank holding
company whose primary assets are MetaBank,  formerly First Federal  Savings Bank
of the Midwest ("First  Federal"),  and MetaBank West Central  ("MetaBank  WC"),
formerly Security State Bank ("Security").  The Company was incorporated in 1993
as First Midwest  Financial,  Inc., a unitary  non-diversified  savings and loan
holding company and, on September 20, 1993, acquired all of the capital stock of
First Federal in connection with First Federal's conversion from mutual to stock
form of  ownership.  On September  30, 1996,  the Company  became a bank holding
company in conjunction  with the acquisition of Security.  Pursuant to requisite
shareholder  approvals,  the Company and its banking  subsidiaries changed their
names as of the close of business on January 28, 2005.

The following discussion focuses on the consolidated  financial condition of the
Company and its subsidiaries, at March 31, 2005, compared to September 30, 2004,
and the  consolidated  results of operations for the three months and six months
ended March 31,  2005,  compared to the same  periods in 2004.  This  discussion
should  be  read  in  conjunction  with  the  Company's  consolidated  financial
statements, and notes thereto, for the year ended September 30, 2004.

CORPORATE DEVELOPMENTS

In May of 2004,  the  Company  announced  that  MetaBank  was in the  process of
forming of a new operating division to position the Company to take advantage of
opportunities in the growing area of prepaid debit cards and related systems and
services.  The division,  Meta Payment Systems,  is based in Sioux Falls,  South
Dakota. During the first nine months of operations,  through March 31, 2005, the
division has  generated a net  operating  loss of  approximately  $1.2  million,
$490,000 in fiscal  2004 and  $711,000 to date in fiscal  2005.  The  cumulative
operating  loss  for  the  division  is  slightly  higher  than  was  originally
projected. However, management still anticipates Meta Payment Systems will begin
to generate net monthly  profits  during its second full year of operation,  and
that the second  year of  operations  will be  approximately  break-even.  It is
anticipated  the  third  year  will  result  in  income,  net of  income  taxes,
sufficient  for the three-year  cumulative  operations of the division to become
positive.  The net operating loss of Meta Payment Systems for 2005 resulted in a
reduction  in diluted  earning  per share of $.14 for the  quarter  and $.28 per
share for the six months ended March 31, 2005.

As  indicated   above,   effective   January  28,  2005,  the  Company  and  its
subsidiaries,  having obtained the necessary approvals, changed their names from
First  Midwest  Financial,  Inc.,  First  Federal  Savings  Bank of the Midwest,
Security State Bank, and First Services Trust Company,  to Meta Financial Group,
Inc., MetaBank, MetaBank West Central and Meta Trust Company, respectively. As a
result of  marketing  and other  costs  associated  with the name  changes,  the
Company incurred expenses totaling $615,000,  or $387,000,  net of income taxes.
The  expenses,  net of income  taxes,  related to the name change  resulted in a
reduction  in diluted  earnings  per share of $.13 for the  quarter and $.15 per
share for the six months ended March 31, 2005.

The Company is in the process of expanding its presence in both the Sioux Falls,
South Dakota and the greater Des Moines,  Iowa markets.  A building,  which will
house a full-service banking office and the Meta Payment Systems operations,  is
under construction in Sioux Falls. Occupancy is anticipated to be either late in
the third or early in the fourth calendar quarter of 2005. In addition,  a small
branch  office,  formerly  occupied  by another  financial  institution,  became
available for lease in Sioux Falls. This office,


                                       11


which is a good  strategic  fit for  operations  in Sioux  Falls,  will  open in
August. Final details are being completed on the previously announced new office
in West Des Moines.  Construction will begin during the second calendar quarter,
with the office expected to open either late in the third or early in the fourth
calendar quarter.

FINANCIAL CONDITION

Total assets increased by $15.0 million, or 1.9%, to $795.8 million at March 31,
2005,  from $780.8  million at September 30, 2004.  The increase in total assets
was primarily  attributable to growth in loans during the six month period. This
growth was funded primarily by growth in deposits,  offset in part by a decrease
in advances from the FHLB.

The portfolio of net loans receivable  increased by $42.1 million,  or 10.4%, to
$446.2 million at March 31, 2005, from $404.1 million at September 30, 2004. The
increase  reflects  increased  origination of commercial and  multi-family  real
estate  loans on existing  and newly  constructed  properties  and by  increased
origination of commercial  business  loans.  There were also small  increases in
conventional  one-to-four family residential  mortgage loans and in agricultural
business  loans.  These  increases were slightly  offset by a small reduction in
consumer loans,  as existing  consumer loans were repaid in amounts greater than
new originations during the period.

Deposit balances increased by $39.5 million, or 8.6%, to $501.1 million at March
31, 2005,  from $461.6  million at September  30, 2004.  The increase in deposit
balances  resulted from  increases in checking  accounts,  savings  accounts and
certificates of deposit in the amounts of $13.1 million, $21.3 million and $37.0
million,  respectively.  These increases were partially  offset by a decrease in
money market accounts of $31.9 million during the period.

The portfolio of securities available for sale decreased $27.3 million, or 8.5%,
to $295.2 million at March 31, 2005,  from $322.5 million at September 30, 2004.
The decrease  reflects $37.8 million of maturities and principal  repayments and
by the  change in market  value of  securities  available  for sale,  which were
partially offset by $15.5 million of purchases.

The balance in advances  from the  Federal  Home Loan Bank of Des Moines  (FHLB)
decreased by $18.5  million,  or 8.2%, to $207.8  million at March 31, 2005 from
$226.3  million at September  30,  2004.  The balance in  securities  sold under
agreements to repurchase  decreased by $3.7 million,  or 11.5%, to $28.8 million
at March 31, 2005 from $32.5  million at  September  30,  2004.  The decrease in
advances  from the FHLB and in  securities  sold under  agreements to repurchase
reflects the  replacement  of borrowed  funds through  deposit growth during the
period.

Total shareholders'  equity decreased $2.3 million, or 4.9%, to $44.9 million at
March 31,  2005 from $47.3  million at  September  30,  2004.  The  decrease  in
shareholders'  equity is primarily due to a $2.4 million  change,  in accordance
with SFAS 115, from a $1.2 million  unrealized loss to a $3.6 million unrealized
loss,  net of income tax, on securities  available for sale,  and the payment of
dividends to shareholders of $649.000,  during the period.  These decreases were
partially offset by net income of $841,000.

NON-PERFORMING ASSETS AND ALLOWANCE FOR LOAN LOSSES

Generally, when a loan becomes delinquent 90 days or more or when the collection
of principal or interest  becomes  doubtful,  the Company will place the loan on
non-accrual status and, as a result of this action,  previously accrued interest
income  on the loan is taken out of  current  income.  The loan  will  remain on
non-accrual  status  until  the loan has been  brought  current  or until  other
circumstances  occur  that  provide  adequate  assurance  of full  repayment  of
interest and principal.


                                       12


At March 31, 2005,  the Company had loans  delinquent  30 days and over totaling
$606,000,  or 0.13% of total loans compared to $1.9 million,  or 0.47%, of total
loans at September 30, 2004.

At March 31, 2005, there were no commercial and  multi-family  real estate loans
delinquent  30 days and over.  This  compares to  $1,350,000,  or 0.33% of total
loans at  September  30, 2004.  Multi-family  and  commercial  real estate loans
generally  present a higher  level of risk than  loans  secured  by  one-to-four
family  residences.  This greater risk is due to several factors,  including the
concentration  of  principal  in a limited  number of loans and  borrowers,  the
effect of general  economic  conditions on income  producing  properties and the
increased  difficulty of evaluating and monitoring  these types of loans.  These
loans  are being  closely  monitored  by  management,  however,  there can be no
assurance that all loans will be fully collectible.

At March 31, 2005,  agricultural  operating  loans  delinquent  30 days and over
totaled $259,000,  or 0.06% of the total loan portfolio as compared to $254,000,
or 0.06% of total loans at September 30, 2004.  Agricultural  lending involves a
greater  degree of risk  than  one-to-four  family  residential  mortgage  loans
because of the typically larger loan amounts. In addition, payments on loans are
dependent  on the  successful  operation  or  management  of the  farm  property
securing the loan or for which an operating loan is utilized. The success of the
loan may also be  affected by factors  outside  the control of the  agricultural
borrower,  such  as  the  weather  and  grain  and  livestock  prices.  Although
management  believes the  Company's  portfolio of  agricultural  real estate and
operating  loans is well  structured  and  adequately  secured,  there can be no
assurance that all loans will be fully collectible.

The table below sets forth the amounts and categories of  non-performing  assets
in the  Company's  loan  portfolio.  The  Company's  restructured  loans  (which
involved  forgiving a portion of the interest or principal on the loan or making
loans at a rate materially less than market rates) are included in the table and
were  performing as agreed at the date shown.  Foreclosed  assets include assets
acquired in settlement of loans.



                                                 March 31, 2005     September 30, 2004
                                                 --------------     ------------------
                                                         (Dollars in Thousands)
                                                                      
Non-accruing loans:
     One-to four family                              $ 52                   $ --
     Commercial and multi-family                       --                    399
     Agricultural real estate                          --                     --
     Consumer                                          59                     59
     Agricultural operating                           222                    254
     Commercial business                               --                     --
                                                     ----                   ----
       Total non-accruing loans                       333                    712
Accruing loans delinquent 90 days or more              --                     --
                                                     ----                   ----
       Total non-performing loans                     333                    712
                                                     ----                   ----
Restructured loans:
     Consumer                                          --                     --
     Agricultural operating                             7                      9
     Commercial business                               --                      8
                                                     ----                   ----
       Total restructured loans                         7                     17
                                                     ----                   ----
Foreclosed assets:
     One-to four family                                --                     --
     Commercial real estate                            --                     --
     Consumer                                          20                     --
     Agricultural operating                            --                     --
     Commercial business                               --                     --
                                                     ----                   ----
     Total foreclosed assets                           20                     --
     Less: Allowance for losses                        --                     --
                                                     ----                   ----
       Total foreclosed assets, net                    20                     --
                                                     ----                   ----
Total non-performing assets                          $360                   $729
                                                     ====                   ====
Total as a percentage of total assets                0.05%                  0.09%
                                                     ====                   ====



                                       13


Classified Assets.  Federal  regulations provide for the classification of loans
and other assets as "substandard",  "doubtful" or "loss",  based on the level of
weakness  determined  to be  inherent in the  collection  of the  principal  and
interest.  When loans are  classified  as either  substandard  or doubtful,  the
Company may  establish  general  allowances  for loan losses in an amount deemed
prudent by management.  General allowances  represent loss allowances which have
been  established  to  recognize  the  inherent  risk  associated  with  lending
activities,  but which, unlike specific  allowances,  have not been allocated to
particular  problem  loans.  When assets are  classified as loss, the Company is
required either to establish a specific  allowance for loan losses equal to 100%
of that portion of the loan so  classified,  or to charge-off  such amount.  The
Company's  determination as to the classification of its loans and the amount of
its  allowances  for  loan  losses  are  subject  to  review  by its  regulatory
authorities,  which may  require  the  establishment  of  additional  general or
specific allowances for loan losses.

On the basis of management's  review of its loans and other assets, at March 31,
2005,  the  Company  had  classified  a total of $11.9  million of its assets as
substandard,  $2,000 as doubtful and none as loss as compared to classifications
at September 30, 2004 of $12.9 million substandard, $11,000 doubtful and none as
loss.

Allowance  for Loan  Losses.  The Company  establishes  its  provision  for loan
losses, and evaluates the adequacy of its allowance for loan losses based upon a
systematic  methodology  consisting  of a number  of  factors  including,  among
others,  historic loss  experience,  the overall level of classified  assets and
non-performing  loans,  the  composition  of its loan  portfolio and the general
economic environment within which the Bank and its borrowers operate.

Current economic  conditions in the agricultural  sector of the Company's market
area are  stable  due to  generally  higher  commodity  prices  and a history of
government  subsidies.  Price levels for grain crops and livestock are currently
at levels that present minimal concern.  The agricultural  economy is accustomed
to  commodity  price   fluctuations   and  is  generally  able  to  handle  such
fluctuations without significant  problem.  Although the Company underwrites its
agricultural loans based on normal expectations for commodity prices and yields,
an extended period of low commodity  prices or adverse growing  conditions could
result in weakness in the  agricultural  loan  portfolio and could create a need
for the Company to increase  its  allowance  for loan losses  through  increased
charges to the provision for loan losses. (See "CRITICAL ACCOUNTING POLICIES")

At March 31, 2005,  the Company has  established  an  allowance  for loan losses
totaling $5.8 million. The allowance  represented  approximately  1740.8% of the
total  non-performing  loans at March 31, 2005, while the allowance at September
30, 2004 represented  approximately  754.4% of the total non-performing loans at
that date.  The increase in the  allowance  for loan losses was due primarily to
the increase in the loan portfolio.

The  following  table sets forth an  analysis of the  activity in the  Company's
allowance  for loan losses for the  six-month  periods  ended March 31, 2005 and
March 31, 2004:

                                                 2005           2004
                                                 ----           ----

                                                   (In Thousands)

         Balance, September 30,                 $ 5,371       $ 4,962
           Charge-offs                              (12)           (1)
           Recoveries                                 4             8
           Additions charged to operations          434           157
                                                -------       -------
         Balance, March 31,                     $ 5,797       $ 5,126
                                                =======       =======


                                       14


The allowance for loan losses  reflects  management's  best estimate of probable
losses  inherent in the  portfolio  based on  currently  available  information.
Future  additions to the  allowance for loan losses may become  necessary  based
upon changing  economic  conditions,  increased  loan balances or changes in the
underlying collateral of the loan portfolio.

CRITICAL ACCOUNTING POLICIES

The Company's  financial  statements are prepared in accordance  with accounting
principles  generally  accepted in the United  States of America.  The financial
information  contained  within these  statements  is, to a  significant  extent,
financial  information  that is based on  approximate  measures of the financial
effects of  transactions  and events that have  already  occurred.  Based on its
consideration  of  accounting   policies  that  involve  the  most  complex  and
subjective  decisions  and  assessments,  management  has  identified  its  most
critical  accounting  policies  to be those  related to the  allowance  for loan
losses and asset impairment judgments including the recoverability of goodwill.

The Company's allowance for loan loss methodology incorporates a variety of risk
considerations,  both  quantitative and qualitative in establishing an allowance
for loan loss that  management  believes is appropriate at each reporting  date.
Quantitative   factors  include  the  Company's   historical  loss   experience,
delinquency and charge-off trends,  collateral values,  changes in nonperforming
loans,  and  other  factors.   Quantitative   factors  also  incorporate   known
information about individual loans, including borrowers' sensitivity to interest
rate movements.  Qualitative factors include the general economic environment in
the Company's markets,  including economic conditions throughout the Midwest and
in  particular,  the  state  of  certain  industries.  Size  and  complexity  of
individual  credits in relation to loan  structure,  existing  loan policies and
pace of portfolio  growth are other  qualitative  factors that are considered in
the  methodology.  As the Company adds new products and increases the complexity
of its loan portfolio, it will enhance its methodology  accordingly.  Management
may report a materially  different  amount for the  provision for loan losses in
the  statement  of  operations  to change the  allowance  for loan losses if its
assessment of the above factors were  different.  This  discussion  and analysis
should be read in conjunction  with the Company's  financial  statements and the
accompanying  notes presented  elsewhere  herein, as well as the portion of this
Management's  Discussion and Analysis section entitled "Nonperforming Assets and
Allowance  for Loan  Losses."  Although  management  believes  the levels of the
allowance  as of both March 31, 2005 and  September  30,  2004 were  adequate to
absorb  probable  losses  inherent  in the loan  portfolio,  a decline  in local
economic conditions, or other factors, could result in increasing losses.

Goodwill  represents the excess of acquisition  costs over the fair value of the
net assets acquired in a purchase  acquisition.  Goodwill is tested annually for
impairment.

RESULTS OF OPERATIONS

General.  For the three months ended March 31,  2005,  the Company  recorded net
income of $399,000  compared to net income of $1,675,000  for the same period in
2004. For the six months ended March 31, 2005, net income was $841,000  compared
to $2,652,000 for the same period in 2004. Both periods reflect increases in net
interest  income,  which were offset by decreases in  non-interest  income,  and
increases  in  the  provision  for  loan  losses  and in  non-interest  expense.
Additionally,  income  tax  expense  decreased  for both  periods  of 2005.  The
decrease in non-interest  income for both periods  reflects  primarily a gain of
$1,113,000,  during the 2004  periods,  on the sale of the  Manson,  Iowa branch
office during both 2004  periods.  The  increases in  non-interest  expense were
primarily  the result of expenses  related to the name  changes,  which  totaled
$515,000  and $615,000 for the three and six month  periods,  respectively.  The
decrease in net income was also  attributable  to the net start up costs of Meta
Payment Systems, which totaled $341,000 and $711,000 for the three and six month
periods, respectively.


                                       15


Net Interest  Income.  Net interest income  increased by $574,000,  or 13.0%, to
$4,989,000  for the three  months ended March 31, 2005 from  $4,415,000  for the
same period in 2004.  For the six months  ended  March 31,  2005,  net  interest
income increased  $793,000,  or 8.9%, to $9,676,000 from $8,883,000 for the same
period in 2004.  The increase in net interest  income for the three month period
ended  March  31,  2005  included  an  increase  in  total  interest  income  of
$1,482,000,  or  16.7%,  which was  partially  offset  by an  increase  in total
interest expense of $908,000 or 20.1%,  compared to the same period in 2004. The
increase  in  total  interest  income  reflects  an  increase  in the  yield  of
interest-earning assets to 5.36% from 4.82%, and an increase of $36.1 million in
the average balance of  interest-earning  assets during the period. The increase
in total interest expense  reflects an increase in the cost on  interest-bearing
liabilities to 2.85% from 2.50%, and an increase of $38.5 million in the average
balance of interest  bearing-liabilities  during the period. The increase in net
interest  income for the six month  period  ended  March 31,  2005  included  an
increase in total interest income of $2,213,000,  or 12.3%,  which was partially
offset by an increase in total interest expense of $1,419,000 or 15.7%, compared
to the same period in 2004.  The increase in total interest  income  reflects an
increase in the yield of  interest-earning  assets to 5.25% from  4.83%,  and an
increase of $24.0  million in the  average  balance of  interest-earning  assets
during the period.  The increase in total interest  expense reflects an increase
in the cost on interest-bearing liabilities to 2.80% from 2.50%, and an increase
of $22.6 million in the average balance of interest  bearing-liabilities  during
the period.

Provision  for Loan  Losses.  For the three  months  ended March 31,  2005,  the
provision  for loan losses was $257,000  compared to $56,000 for the same period
in 2004.  For the six months ended March 31, 2005, the provision for loan losses
was $434,000  compared to $157,000 for the same period in 2004. The increases in
both the  three-month  and six-month  periods were due primarily to loan growth.
Management  believes  that,  based on a  detail  review  of the loan  portfolio,
historic  loan losses,  current  economic  conditions,  and other  factors,  the
current  level of provision  for loan  losses,  and the  resulting  level of the
allowance  for loan  losses,  reflects an adequate  allowance  against  probable
losses from the loan  portfolio.  See  "Non-Performing  Assets and Allowance for
Loan Losses."

Non-interest  Income.  Non-interest  income decreased  $1,016,000,  or 60.1%, to
$674,000 for the three months ended March 31, 2005 from  $1,691,000 for the same
period in 2004.  For the six months  ended March 31, 2005,  non-interest  income
decreased  $1,079,000,  or 45.6%,  to $1,286,000  from  $2,365,000  for the same
period in 2004. The decrease in non-interest  income for both periods reflects a
non-recurring  gain in  January,  2004 of  $1,113,000  on the  sale of a  branch
office, which net of income taxes added $.27 per diluted share to both the three
and six month  periods  ended March 31, 2004.  There was also a decrease in both
periods in deposit  service  charges and income  from Bank Owned Life  Insurance
(BOLI). These decreases were partially offset increases in both periods in other
income.  The decrease in deposit  service  charges was  primarily  the result of
adjustments to fee schedules. The decrease in income from BOLI was the result of
a reduction in the in the  guaranteed  return rate. The increase in other income
was primarily the result of Meta Payment Systems  programs and activities  which
began to generate revenue during the period.

Non-interest Expense.  Non-interest expense increased  $1,399,000,  or 40.4%, to
$4,863,000  for the three months ended March 31, 2005,  from  $3,464,000 for the
same  period in 2004.  For the six months  ended  March 31,  2005,  non-interest
expense  increased  $2,325,000,  or 33.1%, to $9,349,000 from $7,024,000 for the
same  period in 2004.  The  increase in  non-interest  expense was the result of
increases in compensation and benefit expense,  occupancy and equipment  expense
and other  expense  during both the three and six month  periods ended March 31,
2005. The increases were attributable to several factors, including the start-up
costs  associated with Meta Payment Systems,  which included total  non-interest
expenses  of  $744,000  and  $1,386,000  for the three  and six  month  periods,
respectively,  and the marketing  and other costs related to the corporate  name
changes,  which  totaled  $515,000  and  $615,000  for the  three  and six month
periods,  respectively.  Additional  factors  contributing  to the  increase  in
expenses  were the  opening  of a second  branch  office in Sioux  Falls,


                                       16


South Dakota,  in May 2004, and  additional  staffing and other costs related to
initiating and proceeding with the process aimed at compliance,  in fiscal 2006,
with Section 404 of the Sarbanes-Oxley  Act. Normal increases in costs have also
contributed to the increase.

Income Tax  Expense.  Income tax expense was $143,000 for the three months ended
March 31, 2005  compared to  $910,000  for the same period in 2004.  For the six
months  ended  March 31,  2005,  income tax  expense  was  $337,000  compared to
$1,414,000 for the same period in 2004.  The decrease for both periods  reflects
the decrease in the level of taxable income between the comparable periods.

LIQUIDITY AND CAPITAL RESOURCES

The Company's primary sources of funds are deposits,  borrowings,  principal and
interest  payments on loans,  investments and  mortgage-backed  securities,  and
funds provided by other operating activities. While scheduled payments on loans,
mortgage-backed securities and short-term investments are relatively predictable
sources of funds, deposit flows and early loan repayments are greatly influenced
by general interest rates, economic conditions and competition.

The Company uses its capital resources  principally to meet ongoing  commitments
to fund  maturing  certificates  of deposits and loan  commitments,  to maintain
liquidity,  and to meet operating  expenses.  At March 31, 2005, the Company had
commitments to originate and purchase loans totaling $75.4 million.  The Company
believes that loan repayment and other sources of funds will be adequate to meet
its foreseeable short- and long-term liquidity needs.

Regulations  require the Company,  MetaBank and MetaBank WC to maintain  minimum
amounts  and  ratios  of  total  risk-based   capital  and  Tier  1  capital  to
risk-weighted  assets,  and a  leverage  ratio  consisting  of Tier 1 capital to
average  assets.  The following  table sets forth  MetaBank's  and MetaBank WC's
actual capital and required  capital amounts and ratios at March 31, 2005 which,
at that date, exceeded the capital adequacy requirements:



                                                                                                             Minimum Requirement
                                                                                                                 To Be Well
                                                                                   Minimum Requirement        Capitalized Under
                                                                                  For Capital Adequacy        Prompt Corrective
                                                              Actual                    Purposes              Action Provisions
                                                              ------                    --------              -----------------
At March 31, 2005                                      Amount         Ratio        Amount        Ratio       Amount        Ratio
-----------------                                      ------         -----        ------        -----       ------        -----
                                                                                                           
(Dollars in Thousands)
Total Capital (to risk weighted assets):
        MetaBank                                       $53,576         10.5%      $40,676          8.0%      $50,846         10.0%
        MetaBank WC                                      4,382         11.7         3,008          8.0         3,760         10.0
Tier 1 (Core) Capital (to risk weighted assets):
        MetaBank                                        48,000          9.4        20,338          4.0        30,507          6.0
        MetaBank WC                                      4,097         10.9         1,504          4.0         2,256          6.0
Tier 1 (Core) Capital (to adjusted total assets):
        MetaBank                                        48,000          6.5        29,318          4.0        36,647          5.0
        MetaBank WC                                      4,097          6.9         2,380          4.0         2,975          5.0
Tier 1 (Core) Capital (to average assets):
        MetaBank                                        48,000          6.5        29,670          4.0        37,087          5.0


The Federal  Deposit  Insurance  Corporation  Improvement  Act of 1991  (FDICIA)
established  five  regulatory  capital  categories  and  authorized  the banking
regulators to take prompt  corrective  action with respect to institutions in an
undercapitalized category. At March 31, 2005, the Company, MetaBank and MetaBank
WC exceeded minimum requirements for the well-capitalized category.


                                       17


Forward-Looking Statements

The Company,  and its wholly-owned  subsidiaries,  MetaBank and MetaBank WC, may
from time to time make written or oral "forward-looking  statements,"  including
statements contained in its filings with the Securities and Exchange Commission,
in its reports to  shareholders,  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.

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. Such statements address
the following subjects: future operating results; customer growth and retention;
loan and other product demand;  earnings growth and  expectations;  new products
and services, such as those offered by the Meta Payment Systems Division; credit
quality and adequacy of reserves;  technology;  and our employees. The following
factors, among others, could cause the Company's financial performance to differ
materially from the expectations,  estimates,  and intentions  expressed in such
forward-looking statements: the strength of the United States economy in general
and  the  strength  of  the  local  economies  in  which  the  Company  conducts
operations; the effects of, and changes in, trade, monetary, and fiscal policies
and laws,  including  interest  rate  policies  of the  Federal  Reserve  Board;
inflation,  interest  rate,  market,  and  monetary  fluctuations;   the  timely
development  of and  acceptance  of new products and services of the Company and
the perceived  overall value of these products and services by users; the impact
of changes in financial services' laws and regulations;  technological  changes;
acquisitions; changes in consumer spending and saving habits; and the success of
the Company at managing the risks involved in the foregoing.

The foregoing list of factors is not exclusive. Additional discussion of factors
affecting  the  Company's  business and  prospects is contained in the Company's
periodic  filings with the SEC. The Company does not  undertake,  and  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.


                                       18


Part I. Financial Information

Item 3. Quantitative and Qualitative Disclosure About Market Risk

Market Risk

The Company is exposed to the impact of interest rate changes and changes in the
market value of its investments.

The Company currently focuses lending efforts toward  originating and purchasing
competitively priced  adjustable-rate loan products and fixed-rate loan products
with relatively  short terms to maturity.  This allows the Company to maintain a
portfolio  of loans that will be  sensitive  to changes in the level of interest
rates while  providing a reasonable  spread to the cost of  liabilities  used to
fund the loans.

The Company's primary  objective for its investment  portfolio is to provide the
liquidity  necessary to meet loan funding  needs.  This portfolio is used in the
ongoing  management  of  changes to the  Company's  asset/liability  mix,  while
contributing  to  profitability  through  earnings flow.  The investment  policy
generally  calls for funds to be invested  among various  categories of security
types and  maturities  based upon the Company's  need for  liquidity,  desire to
achieve a proper balance between  minimizing risk while  maximizing  yield,  the
need  to  provide  collateral  for  borrowings,  and to  fulfill  the  Company's
asset/liability management goals.

The  Company's  cost of funds  responds to changes in interest  rates due to the
relatively short-term nature of its deposit portfolio. Consequently, the results
of  operations  are generally  influenced  by the level of  short-term  interest
rates.  The Company  offers a range of  maturities  on its  deposit  products at
competitive rates and monitors the maturities on an ongoing basis.

The Company  emphasizes and promotes its savings,  money market,  demand and NOW
accounts  and,  subject  to market  conditions,  certificates  of  deposit  with
maturities  of three  months  through five years,  principally  from its primary
market area.  The savings and NOW accounts tend to be less  susceptible to rapid
changes in interest rates.

In managing its  asset/liability  mix, the Company,  at times,  depending on the
relationship  between long- and short-term interest rates, market conditions and
consumer  preference,  may place somewhat greater emphasis on maximizing its net
interest margin than on strictly  matching the interest rate  sensitivity of its
assets and liabilities.  Management believes that the increased net income which
may result from an  acceptable  mismatch in the actual  maturity or repricing of
its asset and liability portfolios can provide sufficient returns to justify the
increased  exposure to sudden and  unexpected  increases in interest rates which
may result from such a mismatch.  The Company has established limits,  which may
change from time to time, on the level of acceptable  interest rate risk.  There
can be no  assurance,  however,  that,  in the  event of an  adverse  change  in
interest  rates,  the  Company's  efforts  to limit  interest  rate risk will be
successful.

Net Portfolio Value The Company uses a Net Portfolio  Value ("NPV")  approach to
the  quantification  of  interest  rate  risk.  This  approach   calculates  the
difference  between the present value of expected cash flows from assets and the
present  value of expected  cash flows from  liabilities,  as well as cash flows
from  off-balance-sheet  contracts.  Management  of  the  Company's  assets  and
liabilities is performed within the context of the marketplace,  but also within
limits established by the Board of Directors on the amount of change in NPV that
is acceptable given certain interest rate changes.

Presented  below, as of March 31, 2005 and September 30, 2004, is an analysis of
the  Company's  interest  rate  risk  as  measured  by  changes  in  NPV  for an
instantaneous and sustained parallel shift in


                                       19


the yield curve, in 100 basis point increments, up and down 200 basis points. As
illustrated in the table,  the Company's NPV at March 31, 2005 was slightly more
sensitive to increasing  interest rates than to decreasing interest rates and at
September 30, 2004 was slightly more sensitive to decreasing interest rates than
to increasing interest rates. This reflects management's efforts to maintain and
manage the Company's  interest rate  sensitivity in light of the events over the
past twelve  months.  Market  interest  rates began to increase as the result of
concern  over the  prospect  of an  increase  in the rate of  inflation.  As the
Federal  Open Market  Committee  ("FOMC")  began a measured  process of bringing
short-term  interest  rates back to a more normal  level  through 25 basis point
increases in the target rate for  overnight  money,  long-term  rates  moderated
creating a flattening  in the yield curve.  Between June 2004 and May 2005,  the
FOMC  increased  the target rate eight  times for a total  increase of 200 basis
points.  While  management  does not  anticipate a  significant  shift in market
interest rates in the near future,  it does believe that there is less risk from
declining rates than from rising rates, and its management of interest rate risk
has reflected this belief.  Management  closely monitors the Company's  interest
rate sensitivity.



                                              At March 31, 2005         At September 30, 2004
  Change in Interest Rates  Board Limit        -----------------        ----------------------
       (Basis Points)        % Change      $ Change        % Change     $ Change        % Change
   ---------------------     ---------     ---------       ---------    ---------       ---------
                                                   (Dollars in Thousands)
                                                                           
            +200 bp            (40)%      $  (6,671)        (13)%      $  (5,473)         (12)%
            +100 bp            (25)          (2,629)         (5)          (1,580)          (3)
             0 bp               --               --          --               --           --
            -100 bp            (25)          (1,191)         (2)          (3,130)          (7)
            -200 bp            (40)          (6,416)        (12)          (5,631)         (12)


Certain  shortcomings  are  inherent in the method of analysis  presented in the
foregoing table.  For example,  although certain assets and liabilities may have
similar maturities or periods to repricing,  they may react in different degrees
to changes in market interest  rates.  Also, the interest rates on certain types
of assets and liabilities may fluctuate in advance of changes in market interest
rates,  while  interest  rates on other  types may lag behind  changes in market
rates. Additionally,  certain assets such as adjustable-rate mortgage-loans have
features which restrict changes in interest rates on a short-term basis and over
the life of the  asset.  Further,  in the event of a change in  interest  rates,
prepayments and early withdrawal  levels would likely deviate from those assumed
in  calculating  the tables.  Finally,  the ability of some borrowers to service
their debt may decrease in the event of an interest rate  increase.  The Company
considers all of these factors in monitoring its exposure to interest rate risk.


                                       20


Part I. Financial Information

Item 4. Controls and Procedures

Controls and Procedures

Any control system,  no matter how well designed and operated,  can provide only
reasonable   (not  absolute)   assurance  that  its  objectives   will  be  met.
Furthermore,  no evaluation of controls can provide absolute  assurance that all
control issues and instances of fraud, if any, have been detected.

Disclosure Controls and Procedures

Based on that  evaluation,  our Chief  Executive  Officer  and  Chief  Financial
Officer  concluded  that as of  March  31,  2005  our  disclosure  controls  and
procedures  were  effective  to  provide  reasonable   assurance  that  (i)  the
information  required  to be  disclosed  by  us in  this  Report  was  recorded,
processed,  summarized  and reported  within the time  periods  specified in the
SEC's rules and forms,  and (ii)  information  required to be disclosed by us in
our reports that we file or submit under the  Exchange  Act is  accumulated  and
communicated to our management,  including our principal executive and principal
financial officers,  or persons performing similar functions,  as appropriate to
allow timely decisions regarding required disclosure.

Internal Control Over Financial Reporting

There have not been any changes in the Company's internal control over financial
reporting (as such term is defined in Rules  13a-15(f)  and 15d-15(f)  under the
Exchange Act) during the fiscal  quarter to which this report  relates that have
materially  affected,  or  are  reasonably  likely  to  materially  affect,  the
Company's internal control over financial reporting


                                       21


                           META FINANCIAL GROUP, INC.

                           PART II - OTHER INFORMATION

                                    FORM 10-Q

Item 1.     Legal  Proceedings  - On June  11,  2004,  the  Sioux  Falls  School
            District filed suit in the Second  Judicial  Circuit Court,  against
            First Federal Savings Bank of the Midwest, a wholly-owned subsidiary
            of  the  Company,   alleging  that  First  Federal  (now   MetaBank)
            improperly allowed funds, which belonged to the school district,  to
            be deposited  into,  and  subsequently  withdrawn  from, a corporate
            account  established  by an  employee  of the school  district.  The
            school  district  is seeking  in excess of  $600,000.  MetaBank  has
            submitted  the claim to its insurance  carrier,  and is working with
            counsel to vigorously  contest the suit. There are no other material
            pending legal  proceedings to which the Company or its  subsidiaries
            is a party other than  ordinary  routine  litigation  incidental  to
            their respective businesses.

Item 2.     Unregistered Sale of Equity Securities and Use of Proceeds -
            ------------------------------------------------------------

            (a) None

            (c) The following table provides  information about purchases by the
            Company or its affiliates during the quarter ended March 31, 2005 of
            equity  securities  that are  registered by the Company  pursuant to
            Section 12 of the Exchange Act.



           ---------------------------------------------------------------------------------------------------------------
                                                                            Total Number of Shares    Maximum Number of
                                       Total Number        Average Price     Purchased as Part of    Shares that May Yet
                                        of Common         Paid Per Share      Publicly Announced      Be Purchased Under
                   Period            Shares Purchased        Purchased            Program(s)            the Program(s)
           ---------------------------------------------------------------------------------------------------------------
                                                                                              
              1/1/05 - 1/31/05             --                      --                  --                     --
           ---------------------------------------------------------------------------------------------------------------
              2/1/05 - 1/28/05            600 (1)              $22.80              29,100 (1)             10,900 (1)
           ---------------------------------------------------------------------------------------------------------------
              3/1/05 - 3/31/05             --                      --                  --                     --
           ---------------------------------------------------------------------------------------------------------------
                   Total                  600 (1)              $22.80              29,100 (1)             10,900 (1)
           ---------------------------------------------------------------------------------------------------------------


            (1)  The  Company's   Employee  Stock   Ownership  Plan  (ESOP)  was
            authorized  in  September  2004 to  purchase  40,000  shares  of the
            Company's stock.  Through December 31, 2004, it had purchased 28,500
            shares.  On April  18,  2005,  the  ESOP  completed  the  authorized
            purchase.

            On April 25, 2005, the Company's  Board of Directors  authorized the
            purchase  of up to  100,000  shares  of  the  Company's  stock  in a
            repurchase  program that runs through  April 30, 2006. As of May 13,
            2005, no shares had been purchased under this program.

Item 3.     Defaults Upon Senior Securities - None
            -------------------------------

Item 4.     Submission of Matters to a Vote of Security Holders -
            ---------------------------------------------------

            The Company held its Annual Meeting of  Shareholders  on January 24,
            2005. At the meeting,  shareholders  of the Company  considered  and
            voted upon the following matters:

            1.    The election of the following  individuals  as directors for a
                  three-year term:

                           E. Thurman Gaskill
                           Rodney G. Muilenburg


                                       22


            The results of the election of directors are as follows:

                                                    Votes
                                                    -----
                                           In Favor         Withheld
                                           --------         --------
                E. Thurman Gaskill        2,279,292          92,536
                Rodney G. Muilenburg      2,290,184          81,644

            There were no broker non-votes or abstentions on this proposal.

            The  following  directors'  terms  of  office  continued  after  the
            meeting:

                E. Wayne Cooley
                James S. Haahr
                J. Tyler Haahr
                G. Mark Mickelson
                Jeanne Partlow

      2.    The proposal to amend the Certificate of Incorporation to change the
            name of the  Company  from First  Midwest  Financial,  Inc.  to Meta
            Financial Group, Inc. The results of the vote are as follows:

                In Favor                   2,248,274
                Not in Favor                 121,311
                Abstain                        2,243
                Broker Non-votes                None

Item 5.     Other Information - None
            -----------------

Item 6.     Exhibits
            --------

            (a)   Exhibits:

                  31.1    Section 302 certification of Chief Executive Officer.
                  31.2    Section 302 certification of Chief Financial Officer.
                  32.1    Section 906 certification of Chief Executive Officer.
                  32.2    Section 906 certification of Chief Financial Officer.


                                       23


                           META FINANCIAL GROUP, INC.

                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                               META FINANCIAL GROUP, INC.


Date:  May  13, 2005       By: /s/ James S. Haahr
      ---------------          ------------------
                               James S. Haahr, Chairman of the Board,
                                and Chief Executive Officer


Date:  May 13,  2005       By: /s/ Ronald J. Walters
      ---------------          ---------------------
                               Ronald J. Walters, Senior Vice President,
                                Secretary, Treasurer and Chief Financial Officer


                                       24