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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Note 5—Loans (continued)
66
balance sheet at estimated fair value at the date of acquisition of $10.3 million.
The following table presents total outstanding loans and a summary of the related payment status:
30-59 Days
Past Due
60-89 Days
Past Due
90 Days or
More Past
Due
Total Past
Due 30 Days
or More
Total
Current or
Less Than
30 Days
Past Due
Purchased
Credit-
Impaired
Loans
Total
Outstanding
(in thousands)
December 31, 2011
Real estate . . . . . . . . . . . . . . $—$—$—$—$
4,983 $503 $5,486
Commercial . . . . . . . . . . . . . . 2—— 2
1,371 44 1,417
Installment. . . . . . . . . . . . . . . ————
2,882 252 3,134
Total loans. . . . . . . . . . . . . . . $2$—$—$2$
9,236 $799 $10,037
Percentage of outstanding . . 0.02% —% —% 0.02%92.02%7.96%100.00%
We had no loans as of December 31, 2010. As of December 31, 2011, no allowance for loan losses was recorded
because we recorded the purchased loans at fair value on December 8, 2011 in conjunction with our acquisition of
Bonneville Bancorp and there have been no material changes in credit quality associated with the loan portfolio since
the acquisition date.
We closely monitor and assess the credit quality and credit risk of our loan portfolio on an ongoing basis. We
continuously review and update loan risk classifications. We evaluate our loans using non-classified or classified as
the primary credit quality indicator. Classified loans are those loans that have demonstrated credit weakness where
we believe there is a heightened risk of principal loss. Classified loans are internally classified as substandard, doubtful
or loss consistent with regulatory guidelines. The tables below present our primary credit quality indicators related to
our loan portfolio:
Non-Classified Classified
(in thousands)
December 31, 2011
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,125 $ 361
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,407 10
Installment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,983 151
Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,515 $ 522
The table below presents the remaining unpaid principal balance and carrying amount for PCI loans:
December 31,
2011
(in thousands)
Unpaid principal balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,506
Carrying value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 799
Contractually required principal balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,506
Less: Nonaccretable difference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (608)
Cash flows expected to be collected at acquisition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 898
Less: Accretable yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (99)
Fair value of loans acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $799