Green Dot 2014 Annual Report Download

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Table of contents

  • Page 1

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  • Page 3
    ... a "prepaid company." We are also the largest processor of tax refunds, a leader in mobile banking, a leader in cash processing services, and we are one of the largest branchless banks in America, with approximately 100,000 retailers and the leading app stores offering our products and services to...

  • Page 4

  • Page 5
    ...from to Commission file number 001-34819 GREEN DOT CORPORATION (Exact name of Registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 3465 E. Foothill Blvd. Pasadena, California 91107 (Address of principal executive offices, including zip code...

  • Page 6
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  • Page 7
    ...Selected Financial Data ...Management's Discussion and Analysis of Financial Condition and Results of Operations . . Quantitative and Qualitative Disclosures About Market Risk ...Financial Statements and Supplementary Data ...Changes in and Disagreements with Accountants on Accounting and Financial...

  • Page 8
    ...the term "GPR cards" refers to general purpose reloadable prepaid debit cards, the term "prepaid cards" refers to prepaid debit cards and the term "our cards" refers to our Green Dot-branded and co-branded GPR cards. In addition, "prepaid financial services" refers to GPR cards and associated reload...

  • Page 9
    ... was renamed Green Dot Bank and became a member bank of the Federal Reserve System after the acquisition. In 2014, we made three acquisitions, including SBBT Holdings, LLC ("TPG"), adding tax refund processing services to the range of products and services we provide. We manage our operations and...

  • Page 10
    ... online or call a toll-free number to register their personal information with us so that we can activate their temporary prepaid card and mail them a personalized GPR card. As explained below, consumers can then reload their personalized GPR cards using our processing and settlement services. Funds...

  • Page 11
    ... using our MoneyPak PIN product, which prior to 2014 was offered in all of the retail locations where our GPR cards were sold. We began phasing out the MoneyPak PIN product in 2014 and no longer offer that product by the end of the first quarter of 2015. Tax Refund Processing Services. TPG...

  • Page 12
    ...company to consumers. Generally customer service for our products is available to our consumers and to our distribution partners on a 24-hour per day, 365-day per year basis. Competition Our core businesses include the offering of prepaid cards, checking accounts and financial transaction processing...

  • Page 13
    Reload Networks We offer our POS swipe reload proprietary products, which enable cash loading and transfer services through our Green Dot Network. While we believe our Green Dot Network is the leading reload network for prepaid cards in the United States, a growing number of companies are attempting...

  • Page 14
    ... day-to-day operations. Our products and services are generally subject to federal, state and local laws and regulations, including anti-money laundering laws; money transfer and payment instrument licensing regulations; escheatment laws; privacy and information safeguard laws; banking regulations...

  • Page 15
    ... of Bonneville Bancorp, the holding company of Bonneville Bank, a state-chartered Utah bank, which was renamed Green Dot Bank after the acquisition. We and our subsidiary bank are extensively regulated under federal and state laws, which, in general, results in increased compliance costs and...

  • Page 16
    ...require minimum levels of capital, which limits the funds available for payment of dividends. Other restrictions include the Federal Reserve Board's general policy that bank holding companies should pay cash dividends on common stock only out of net income available to stockholders for the preceding...

  • Page 17
    ... prohibit us from engaging in activities that are currently contemplated by our business strategies. Issuing Banks. All of the GPR cards that we provide and the Walmart gift cards we service are issued by Green Dot Bank or either a federally- or state-chartered third-party bank. Thus, we are subject...

  • Page 18
    ... regarding fees charged for acquiring and using prepaid cards, and impose new requirements on any credit features associated with prepaid accounts. The CFPB proposed rules are open for public commentary until March 23, 2015. If the CFPB's rulemaking or other new regulations or laws result in changes...

  • Page 19
    ... in our quarterly or annual results of operations might result from a number of factors, including, but not limited to the timing and volume of purchases, use and reloads of our prepaid cards and other products and services; the timing and volume of tax refunds processed by us, including the...

  • Page 20
    ... software providers. Revenues from our retail distributors and tax preparation partners depend on a number of factors outside our control and may vary from period to period. Because we compete with many other providers of products, including competing prepaid cards and tax refund processing services...

  • Page 21
    ... financial condition. Our current and potential competitors include prepaid card program managers, such as American Express, First Data, Total Systems Services, and other traditional banks, such as J.P. Morgan Chase, that have entered the prepaid card market; reload network providers, such as Visa...

  • Page 22
    ... providers of financial services, such as banks that offer demand deposit accounts and card issuers that offer credit cards, private label retail cards and gift cards. In particular, our GoBank product is designed to compete directly with banks by providing products and services that they have...

  • Page 23
    ...acceptance of our cards and reload network, reduce the use of our tax refund processing services, and may adversely affect our financial position and results of operations. Criminals are using increasingly sophisticated methods to engage in illegal activities involving prepaid cards, reload products...

  • Page 24
    ... regarding fees charged for acquiring and using prepaid cards, and impose new requirements on any credit features associated with prepaid accounts. The CFPB proposed rules are open for public commentary until March 23, 2015. If the CFPB's rulemaking or other new regulations or laws result in changes...

  • Page 25
    ... financial condition. We operate in a highly regulated environment, and failure by us, the banks that issue our cards, the businesses that participate in our reload network, the banks that assist with our tax refund processing services, and our tax preparation partners to comply with applicable laws...

  • Page 26
    ... to our business, including fraud management and other customer verification services, transaction processing and settlement, card production, and customer service, are outsourced to third-party vendors. We also depend on third-party banks to assist with our tax refund processing services. It would...

  • Page 27
    ... retail distributors, tax preparation partners, network acceptance members, third-party processors and the merchants that accept our cards receive, transmit and store confidential customer and other information in connection with the sale and use of our products and services. Our encryption software...

  • Page 28
    ...these overdrafts. While we decline authorization attempts for amounts that exceed the available balance in a cardholder's account, the application of card association rules, the timing of the settlement of transactions and the assessment of the card's monthly maintenance fee, among other things, can...

  • Page 29
    ... our products and services to consumers at their store locations. Our retail distributors collect funds from the consumers who purchase our products and services and then must remit these funds directly to accounts established for the benefit of these consumers at the banks that issue our cards. The...

  • Page 30
    ... as our processing and settlement services, depends upon the efficient and error-free handling of the money that is a) collected by our retail distributors and remitted to network acceptance members or the banks that issue our cards and b) remitted from the IRS to taxpayers, tax refund preparation...

  • Page 31
    ...affect us. In October 2014 we entered into a $225.0 million term credit agreement with Bank of America, N.A., as an administrative agent, Wells Fargo Bank, National Association, and other lenders. This agreement contains various covenants that may have the effect of limiting, among other things, our...

  • Page 32
    ... laws or regulations or new interpretations of existing laws or regulations applicable to our business; changes in accounting standards, policies, guidelines, interpretations or principles; general economic conditions; changes to the indices in which our Class A common stock is included; and sales...

  • Page 33
    ... to the foregoing, under the BHC Act and the Change in Bank Control Act, and their respective implementing regulations, Federal Reserve Board approval is necessary prior to any person or company acquiring control of a bank or bank holding company, subject to certain exceptions. Control, among other...

  • Page 34
    ITEM 1B. Unresolved Staff Comments Not applicable ITEM 2. Properties Our headquarters is located in Pasadena, California where we lease approximately 140,000 square feet. We own the real property where our subsidiary bank's only office is located in Provo, Utah. Through our wholly owned subsidiaries...

  • Page 35
    ... intend to pay any cash dividends on our Class A common stock for the foreseeable future. As a bank holding company, the Federal Reserve Board's risk-based and leverage capital requirements, as well as other federal laws applicable to banks and bank holding companies, could limit our ability...

  • Page 36
    ... (Includes reinvestment of dividends) Index Returns for the Months Ending Company/ Index Green Dot Corporation Russell 2000 S&P Smallcap 600 S&P Financials $ $ $ $ Base Period 7/22/10 100 100 100 100 2010 Q3 Q4 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 $110 $129...

  • Page 37
    ... Ended December 31, 2014 Consolidated Statement of Operations Data: Operating revenues: Card revenues and other fees ...$ Cash transfer revenues...Interchange revenues ...Stock-based retailer incentive compensation(1) ...Total operating revenues ...Operating expenses: ...Sales and marketing expenses...

  • Page 38
    ...We had no federal funds sold prior to 2011. (4) Our retail distributors collect customer funds for purchases of new cards and reloads at the point of sale and then remit these funds directly to bank accounts established for the benefit of these customers by the banks that issue our cards. During the...

  • Page 39
    ... growth in the number of fee-free cash transfers. We expect our revenues in 2015 to be positively impacted by our revenues generated from our tax refund processing services as a result of our October 2014 acquisition of TPG, as well as from sales of prepaid cards under programs acquired through our...

  • Page 40
    ... if applicable, when a consumer purchases a GPR card, gift card, or a checking account product. Other revenues consist primarily of revenue associated with our gift card program, transaction-based fees and fees associated with optional products or services, which we offer to cardholders from time to...

  • Page 41
    ...all types, gift card sales, purchase transactions and the number of active accounts in our portfolio. Cash Transfer Revenues - We earn cash transfer revenues when consumers fund their cards through a reload transaction at a Green Dot Network retail location. Our aggregate cash transfer revenues vary...

  • Page 42
    ... internal controls and are generally not correlated with our operating revenues or other transaction metrics. Income Tax Expense Our income tax expense consists of the federal and state corporate income taxes accrued on income resulting from the sale of our products and services. Critical Accounting...

  • Page 43
    ... GPR and gift cards, we recognize revenues on a gross basis. As it relates to our tax refund processing services, we act as an agent in these transactions and record revenues on a net basis. Generally, customers have limited rights to a refund of the new card fee or a cash transfer fee. We have...

  • Page 44
    ... management to make a number of assumptions and projections, which could include, but would not be limited to, future revenues, earnings and the probability of certain outcomes. Intangible and other long lived-assets subject to amortization are reviewed for impairment whenever events or changes...

  • Page 45
    ... in 2013. The increase in fee-free cash transfers was driven by customer adoption of one of our products at Walmart. As discussed above under "Financial Results and Trends," we expect to phase out the PIN reload method of adding cash to prepaid cards. As such, the current MoneyPak PIN product will...

  • Page 46
    ... by period-over-period growth in new cards activated and a 3% increase in the number of cash transfers sold. The cost of manufacturing and distributing card packages also increased as we rolled out new products, including the GoBank product at Walmart. Sales and marketing expenses were partially...

  • Page 47
    ... in fee waivers earned by cardholders, declines in new card fees as a result of a period-over-period decline in new cards activated due to enhanced risk controls and a decline in ATM fees as a result of higher usage of our fee-free ATM network. Cash Transfer Revenues - Cash transfer revenues totaled...

  • Page 48
    ...of periodover-period growth of 6% in purchase volume, higher usage of our fee-free ATM network and certain costs to prepare for the transition of our card issuing program with GE Capital Retail Bank to Green Dot Bank, which was completed in February 2014. Processing expenses were partially offset by...

  • Page 49
    ...million of general business credits related to 2012 and 2013. Capital Requirements for Bank Holding Companies As of December 31, 2014 and 2013, we were categorized as well capitalized under the regulatory framework. There were no conditions or events since December 31, 2014 which management believes...

  • Page 50
    ... due to card issuing banks for overdrawn accounts, primarily related to payments to GE Capital Retail Bank to settle our liability associated with overdrawn cardholder account balances. Our $122.5 million of net cash provided by operating activities in the year ended December 31, 2013 principally...

  • Page 51
    ... to card issuing banks for overdrawn accounts." Additionally, our investment securities may act as short-term collateral to Green Dot Bank to satisfy any requirements associated with its legal lending limit. Senior Credit Facility In October 2014, we entered into a $225 million credit agreement with...

  • Page 52
    ... Disclosure by Bank Holding Companies." The tables in this section include Green Dot Bank information only. Distribution of Assets, Liabilities and Stockholders' Equity The following table presents average balance data and interest income and expense data for our banking operations, as well...

  • Page 53
    ... ended December 31, 2014: December 31, 2014 Total Change in Interest Income/ Expense Loans Taxable investment securities Non-taxable investment securities Federal reserve stock Federal funds sold Cash $ Negotiable order of withdrawal (NOW) Savings deposits Time deposits, denominations greater than...

  • Page 54
    .... The following table shows the composition of Green Dot Bank's loan portfolio as of December 31, 2014, 2013 and 2012: As of December 31, 2014 Real estate ...$ Commercial ...Installment ...Total loans ...$ Loans on nonaccrual status ...$ Loans past due 90 days or more...Total TDR ...3,861 697 2,436...

  • Page 55
    ... 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, 2014, approximately 93.8% of our borrowers resided in the state of Utah and approximately 41.5% in the city of Provo. Consequently, this...

  • Page 56
    ... table shows Green Dot Bank's average deposits and the annualized average rate paid on those deposits for the years ended December 31, 2014, 2013, and 2012: December 31, 2014 Average Balance Interest-bearing deposit accounts Negotiable order of withdrawal (NOW) . . $ Savings deposits...Time deposits...

  • Page 57
    ... institutions that hold our cash and cash equivalents, restricted cash, available-for-sale investment securities, settlement assets due from our retail distributors that collect funds and fees from our customers, and amounts due from our issuing banks for fees collected on our behalf. We manage the...

  • Page 58
    ... Registered Public Accounting Firm on Internal Control Over Financial Reporting Report of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets as of December 31, 2014 and 2013 ...Consolidated Statements of Operations for the Years Ended December 31, 2014, 2013 and 2012...

  • Page 59
    ...revenues and net loss, respectively, for the year then ended. Our audit of internal control over financial reporting of Green Dot Corporation also did not include an evaluation of the internal control over financial reporting of Insight Card Services, LLC, Santa Barbara Tax Product Group and Achieve...

  • Page 60
    ... 31, 2014, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Green Dot Corporation's internal control over financial reporting as of December 31, 2014, based...

  • Page 61
    GREEN DOT CORPORATION CONSOLIDATED BALANCE SHEETS December 31, 2014 Assets Current assets: Unrestricted cash and cash equivalents Federal funds sold Restricted cash Investment securities available-for-sale, at fair value Settlement assets Accounts receivable, net Prepaid expenses and other assets ...

  • Page 62
    ... 31, 2014 Operating revenues: Card revenues and other fees Cash transfer revenues Interchange revenues Stock-based retailer incentive compensation Total operating revenues Operating expenses: Sales and marketing expenses Compensation and benefits expenses Processing expenses Other general and...

  • Page 63
    GREEN DOT CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2014 Net income Other comprehensive income (loss) Unrealized holding (losses) gains, net of tax Comprehensive income $ (5) 42,688 $ (153) 33,887 $ 76 47,295 $ 42,693 $ 2013 (In thousands) 34,040 $ 47,219 ...

  • Page 64
    ... 31, 2012 ... Common stock issued under stock plans and related tax effects ... Stock-based compensation ... Stock-based retailer incentive compensation... Conversion of Class B common stock by stockholders ... Net income ... Other comprehensive loss ... Balance at December 31, 2013 ... Common...

  • Page 65
    ... Changes in operating assets and liabilities: Accounts receivable, net Prepaid expenses and other assets Deferred expenses Accounts payable and other accrued liabilities Amounts due issuing bank for overdrawn accounts Deferred revenue Income tax receivable Net cash provided by operating activities...

  • Page 66
    ... available at Walmart and online; our swipe reload and MoneyPak proprietary products, collectively referred to as our cash transfer products, which enable cash loading and transfer services through our Green Dot Network. The Green Dot Network enables consumers to use cash to reload our prepaid debit...

  • Page 67
    ... Our retail distributors collect customer funds for purchases of new cards and reloads at the point of sale and then remit these funds directly to bank accounts established for the benefit of these customers by the banks that issue our cards. During the third quarter of 2012, our retail distributors...

  • Page 68
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) Note 2-Summary of Significant Accounting Policies (continued) Loans to Bank Customers We report loans measured at historical cost at their outstanding principal balances, net of any charge-offs, and for purchased loans, ...

  • Page 69
    ... estimated net future cash flows. Included in other general and administrative expenses in our consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012 were $0, $5.2 million and $1.0 million, respectively, of recognized impairment losses on internal-use software and...

  • Page 70
    ... on terms specified in the agreements with the card issuing banks. Generally, we expect to settle these obligations within two months. 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...

  • Page 71
    ... transfer revenues when consumers purchase our cash transfer products (reload services) in a retail store. We recognize these revenues when the cash transfer transactions are completed, generally within two business days from the time of sale of these products. We earn interchange revenues from fees...

  • Page 72
    ... states related to purchases of materials since we do not charge sales tax to customers when new cards or cash transfer transactions are purchased. Employee Stock-Based Compensation We record employee stock-based compensation expense using the fair value method of accounting. For stock options...

  • Page 73
    ... its applicable capital and leverage requirements, the Federal Reserve Board may limit our or Green Dot Bank's ability to pay dividends. In addition, as a bank holding company and a financial holding company, we are generally prohibited from engaging, directly or indirectly, in any activities other...

  • Page 74
    ... A common stock issued Fair value of contingent consideration Total consideration $ $ 204,471 134,074 20,000 358,545 The preliminary allocation of the purchase price is as follows: October 23, 2014 (In thousands) Assets: Cash and cash equivalents Accounts receivable, net Prepaid expenses and other...

  • Page 75
    ...over their estimated useful lives of 15 years. Our acquisition of TPG was accounted for under the purchase method of accounting, with the operating results of TPG included in our consolidated statements of operations from October 24, 2014 to December 31, 2014. Revenues and net losses for this period...

  • Page 76
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) Note 4-Investment Securities Our available-for-sale investment securities were as follows: Amortized cost December 31, 2014 Corporate bonds Commercial paper U.S. Treasury notes Agency securities Mortgage-backed securities...

  • Page 77
    ... 31, 2014 Overdrawn account balances due from cardholders Reserve for uncollectible overdrawn accounts Net overdrawn account balances due from cardholders Trade receivables Reserve for uncollectible trade receivables Net trade receivables Receivables due from card issuing banks Fee advances Other...

  • Page 78
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) Note 6-Loans to Bank Customers The following table presents total outstanding loans, gross of the related allowance for loan losses, and a summary of the related payment status: 30-59 Days Past Due December 31, 2014 Real ...

  • Page 79
    ... in those amounts are depreciation expense related to internal-use software of $18.4 million, $15.0 million and $9.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. The net carrying value of capitalized internal-use software was $39.8 million and $28.1 million at December...

  • Page 80
    ... Net Book Value Weighted Average Useful Lives (Years) 14.4 14.8 11.0 9.5 Amortization expense, a component of other general and administrative expenses, on finite-lived intangibles was $4.5 million, $0.1 million, and $0.1 million for the years ended December 31, 2014, 2013, and 2012, respectively...

  • Page 81
    ... made a payment of approximately $50 million to GE Capital Retail Bank to settle our liability associated with overdrawn cardholder account balances, which, as of December 31, 2013, was included in our consolidated balance sheet as "amounts due to card issuing banks for overdrawn accounts." December...

  • Page 82
    ... fees At our election, loans made under the credit agreement bear interest at 1) a LIBOR rate (the "LIBOR Rate") or 2) a base rate determined by reference to the highest of (a) the Bank of America prime rate, (b) the United States federal funds rate plus 0.50% and (c) a daily rate equal to one-month...

  • Page 83
    ... Stock is non-voting, subject to limited exceptions. Dividends Holders of shares of the Series A Preferred Stock are entitled to receive ratable dividends (on an as-converted basis, taking into account the conversion rate applicable to the Series A Preferred Stock at the time) only as, if and when...

  • Page 84
    ... commercial agreement with Walmart, our largest retail distributor, and GE Money Bank. The amendment modifies the terms of our agreement related to our co-branded GPR MoneyCard, which significantly increased the sales commission rates we pay to Walmart for our products sold in their stores. The new...

  • Page 85
    ...on which the holder sells such shares to the public in a registered offering or pursuant to Rule 144 under the Securities Act. We will generally pay all expenses, other than underwriting discounts and commissions, transfer taxes and the fees and disbursements of more than one counsel for the selling...

  • Page 86
    ... value of each stock option grant on the date of grant using the following weighted-average assumptions: Year Ended December 31, 2014 Risk-free interest rate ...Expected term (life) of options (in years) ...Expected dividends ...Expected volatility...1.8% 5.79 - 53.98% 2013 1.2% 5.86 - 43.4% 2012...

  • Page 87
    ... as of December 31, 2014. Stock-Based Retailer Incentive Compensation As discussed in Note 11 - Stockholders' Equity, we issued Walmart 2,208,552 shares of our Class A common stock. We recognize the fair value of 36,810 shares each month over the five-year term of the commercial agreement. An early...

  • Page 88
    ... Ended December 31, 2014 U.S. federal statutory tax rate State income taxes, net of federal benefit General business credits Employee stock-based compensation Non-deductible transaction costs Other Effective tax rate 35.0% 1.1 (1.3) 0.7 1.8 0.7 38.0% 2013 35.0% (0.2) (2.3) 1.4 - 1.2 35.1% 2012 35...

  • Page 89
    ...: Net operating loss carryforwards Stock-based compensation Reserve for overdrawn accounts Accrued liabilities Tax credit carryforwards Other Gross deferred tax assets Valuation allowance Total deferred tax assets, net of valuation allowance Deferred tax liabilities: Internal-use software costs...

  • Page 90
    ... tax benefits for the years ended December 31, 2014, 2013 and 2012, of approximately $361,000, $338,000 and $0, respectively. Note 14-Earnings per Common Share In August 2013, the issued and outstanding shares of our Class B Common Stock declined to less than 10% of the aggregate number of issued...

  • Page 91
    ... three levels of inputs used to measure fair value. For more information regarding the fair value hierarchy and how we measure fair value, see Note 2- Summary of Significant Accounting Policies. As of December 31, 2014 and December 31, 2013, our assets carried at fair value on a recurring basis were...

  • Page 92
    ... we believe appropriately ensures the preservation of invested capital. Credit risk for our accounts receivable is concentrated with card issuing banks and our customers, and this risk is mitigated by the relatively short collection period and our large customer base. We do not require or maintain...

  • Page 93
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) accounts and uncollectible trade receivables. With respect to our loan portfolio, approximately 93.8% of our borrowers reside in the state of Utah and approximately 41.5% in the city of Provo. Consequently, this loan ...

  • Page 94
    ... effect upon our card sales, profitability, and revenue growth. Revenue Concentrations Revenues derived from our products sold at retail distributors constituting greater than 10% of our total operating revenues were as follows: Year Ended December 31, 2014 Walmart 54% 2013 64% 2012 64% Excluding...

  • Page 95
    ... funds. Additionally, we had receivables due from GE Capital Retail Bank that are included in accounts receivable, net, on our consolidated balance sheets. Note 21-Regulatory Requirements Our subsidiary bank, Green Dot Bank, is a member bank of the Federal Reserve System and our primary regulator...

  • Page 96
    ... financial information for each of the four quarters in 2014 and 2013: 2014 Q4 Total operating revenues ...$ Total operating expenses ...Operating income ...Interest (expense) income, net...Other income ...Income before income taxes ...Income tax expense ...Net (loss) income ...$ (Loss) earnings...

  • Page 97
    ... the Treadway Commission (2013 framework). We have excluded from our evaluation, the internal control over financial reporting of the operations of Insight Card Services, LLC, SBBT Holdings, LLC, and Achieve Financial Services, LLC, each acquired during the year ended December 31, 2014, as discussed...

  • Page 98
    ...%; Lewis B. Goodwin, Chief Executive Officer, Green Dot Bank - 70%: and John Ricci, General Counsel and Secretary - 50%. Under the Plan, participants are eligible to receive one annual bonus, each in an amount equal to the participant's full 2015 on-target bonus for achievement of the two financial...

  • Page 99
    ... incorporated by reference to our proxy statement for our 2015 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the year ended December 31, 2014. ITEM 14. Principal Accounting Fees and Services The information required by this Item is incorporated by reference...

  • Page 100
    ... submission of the schedule, or because the information required is included in the consolidated financial statements and notes thereto. 3. Exhibits: The following exhibits are filed as part of or furnished with this annual report on Form 10-K as applicable: The exhibit list in the Exhibit Index...

  • Page 101
    ...registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Green Dot Corporation Date: March 2, 2015 By: Name: Title: /s/ Steven W. Streit Steven W. Streit Chairman, President, Chief Executive Officer KNOW ALL PERSONS BY THESE PRESENTS that each...

  • Page 102
    ... and GE Money Bank. First Amendment To Walmart MoneyCard Program Agreement dated as of January 12, 2012, by and among the Registrant, Walmart Stores Texas L.P., Wal-Mart Louisiana, LLC, Wal-Mart Stores Arkansas, LLC, Wal-Mart Stores East, L.P., Wal-Mart Stores, Inc., and GE Capital Retail Bank. Form...

  • Page 103
    ..., LLC, Wal-Mart Stores Arkansas, LLC, and WalMart Stores East, L.P., and GE Capital Retail Bank. Card Program Services Agreement, dated as of October 27, 2006, by and between the Registrant and GE Money Bank, as amended. Puerto Rico Sales Amendment to Walmart MoneyCard Program Agreement dated as of...

  • Page 104
    ... 27, 2013. Consent of Ernst & Young LLP, independent registered public accounting firm. Power of Attorney (included on the signature page of this Annual Report on Form 10-K). Certification of Steven W. Streit, Chief Executive Officer and Chairman of the Board of Directors, pursuant to Rule 13a-14...

  • Page 105

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