Green Dot 2013 Annual Report Download - page 93

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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
86
Note 21— Selected Unaudited Quarterly Financial Information
The following tables set forth a summary of our quarterly financial information for each of the four quarters in 2013
and 2012:
2013
Q4 Q3 Q2 Q1
(In thousands, except per share data)
Total operating revenues $ 142,320 $ 136,544 $ 140,608 $ 154,149
Total operating expenses 141,856 128,570 123,253 130,810
Operating income 464 7,974 17,355 23,339
Interest income, net 949 778 839 802
Income before income taxes 1,413 8,752 18,194 24,141
Income tax expense 377 2,638 6,890 8,555
Net income $ 1,036 $6,114 $11,304 $15,586
Earnings per common share
Basic
Class A common stock $ 0.02 $0.14 $0.26 $0.36
Class B common stock $ 0.02 $0.14 $0.26 $0.36
Diluted
Class A common stock $ 0.02 $0.13 $0.25 $0.35
Class B common stock $ 0.02 $0.13 $0.25 $0.35
2012
Q4 Q3 Q2 Q1
(In thousands, except per share data)
Total operating revenues $ 137,302 $ 132,759 $ 135,043 $ 141,181
Total operating expenses 122,812 117,882 117,908 115,543
Operating income 14,490 14,877 17,135 25,638
Interest income, net 933 962 1,168 935
Income before income taxes 15,423 15,839 18,303 26,573
Income tax expense 5,053 6,227 7,434 10,205
Net income $ 10,370 $9,612 $10,869 $16,368
Earnings per common share
Basic
Class A common stock $ 0.24 $0.23 $0.26 $0.39
Class B common stock $ 0.24 $0.23 $0.26 $0.39
Diluted
Class A common stock $ 0.24 $0.22 $0.25 $0.37
Class B common stock $ 0.24 $0.22 $0.25 $0.37
Note 22—Subsequent Event
In February 2014, we completed the transition of all outstanding customer deposits associated with our GPR card
program with GE Capital Retail Bank to Green Dot Bank. The total funds transferred to Green Dot Bank was
approximately $260.0 million and will be classified as deposits on our consolidated balance sheet. In conjunction with
this transition, we made a payment of approximately $50.0 million to GE Capital Retail Bank to settle our liability
associated with overdrawn cardholder account balances, which is included in our consolidated balance sheet as
"amounts due to card issuing banks for overdrawn accounts." Additionally, we contributed approximately $50.0 million
to Green Dot Bank to maintain its capital, leverage and other financial commitments at levels we have agreed to with
our regulators.