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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Note 8—Deposits
68
In connection with our acquisition of Bonneville Bancorp, we acquired deposits of $33.7 million at the acquisition
date. Deposits consisted of the following:
December 31,
2011
(In thousands)
Non-interest bearing deposit accounts
Checking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,095
Demand deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Total non-interest bearing deposit accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,146
Interest-bearing deposit accounts
Negotiable order of withdrawal (NOW) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,612
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,118
Time deposits, denominations greater or equal than $100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,381
Time deposits, denominations less than $100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,700
Total interest-bearing deposit accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,811
Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $38,957
We had no deposits at December 31, 2010. The scheduled contractual maturities for total time deposits are
presented in the table below:
December 31, 2011 (in thousands)
Due in 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,554
Due in 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700
Due in 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459
Due in 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319
Due in 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,049
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
Total time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,081
Note 9—Related Party Transactions
At December 31, 2011 and 2010, we had no related party receivables or payables.
Prior to December 31, 2009, we had related party notes receivable, as described below. All of these related party
notes receivable were repaid in full, including accrued interest of $936,000, in November 2009.
We loaned $3.0 million in March 2004 and $0.8 million in February 2006 to our current Chief Executive Officer
bearing interest at rates of 3.5% and 4.5%, respectively, compounded semiannually. All principal and unpaid interest
outstanding under the loans was due in March 2011. The loans were collateralized by 2,500,000 shares of our common
stock owned by the officer and pledged under a stock pledge agreement. We classified the outstanding balance of
these loans, including capitalized interest of $735,000 at July 31, 2009 as a reduction in stockholders’ equity. We
recorded interest on these loans of $41,000 for the five months ended December 31, 2009 and $160,000 for the year
ended July 31, 2009 as additional paid-in-capital.
During the three-year period ended July 31, 2009, we loaned an aggregate amount of $1.1 million to an executive
to purchase common stock. The $1.1 million was loaned in seven installments, each installment ranging from $18,000
to $622,000. The interest rate on the loan was specified for each installment and ranged from 2.72% to 5.14%,
compounded semiannually. All principal and unpaid interest outstanding under the loan was due in May 2013. The
loan was collateralized by 898,000 shares of our common stock owned by the officer and a full recourse promissory
note. We classified the outstanding balance of the loan, including capitalized interest of $127,000 at July 31, 2009 as
a reduction in stockholders’ equity. We recorded interest on these loans of $13,000 for the five months ended December
31, 2009 and $50,000 for the year ended July 31, 2009 as additional paid-in-capital.
We loaned $120,000 in February 2008 to our current Chief Financial Officer to purchase common stock. The loan
had an interest rate of 3.48%, compounded semiannually. All principal and unpaid interest outstanding under the loan