Green Dot 2013 Annual Report Download - page 54

Download and view the complete annual report

Please find page 54 of the 2013 Green Dot annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 104

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104

47
December 31, 2013 December 31, 2012
(In thousands)
Allowance for loan losses:
Beginning balance $475 $ —
Loans charged off:
Commercial ——
Real Estate —59
Installment 25 164
Total 25 223
Recoveries of loans previously charged off:
Commercial ——
Real Estate ——
Installment 14 —
Total 14 —
Net loans charged off 11 223
Provision for allowance for loan losses —698
Ending balance $464 $475
Allowance for loan losses to loans outstanding at year-end 6.3% 5.9%
Net charge-offs to average loans —0.03
Total provision for (reduction of) credit losses to average loans —0.08
Recoveries to gross charge-offs ——
Allowance for loan losses as a multiple of net charge-offs 18.56 2.13
At December 31, 2013, the carrying value, gross of the related allowance for loan losses, of impaired and TDR
loans totaled $0.4 million. Of these loans, $0.3 million have a specific allowance of $0.2 million and $0.1 million with
no specific allowances because we expect to recover these allowances.
The components of our allowance for loan losses, by category, are as follows:
December 31, 2013 December 31, 2012
Allowance % of Loans Allowance % of Loans
(In thousands)
Loan category:
Commercial $ 64 13.8%$ 96 14.3%
Real Estate 136 29.3 226 44.2
Installment 264 56.9 153 41.5
Total $464 100.0%$475 100.0%
Loan Portfolio Concentrations
Green Dot Bank, our subsidiary bank, operates at a single office in Provo, Utah located in the Utah County area.
As of December 31, 2013, approximately 94.1% of our borrowers resided in the state of Utah and approximately 41.0%
in the city of Provo. Consequently, we are susceptible to any adverse market or environmental conditions that may
impact this specific geographic region.