Green Dot 2014 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2014 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 106

  • 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
  • 105
  • 106

December 31, 2014 December 31, 2013
(In thousands, except percentages)
Allowance for loan losses:
Beginning balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $464 $475
Loans charged off:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ——
Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ——
Installment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 25
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 25
Recoveries of loans previously charged off: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 —
Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4—
Installment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 14
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 14
Net loans charged off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 11
Provision for allowance for loan losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 —
Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $444 $464
Allowance for loan losses to loans outstanding at year-end . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3%6.3%
Net charge-offs to average loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.93%0.31%
Total provision for (reduction of) credit losses to average loans . . . . . . . . . . . . . . . . . . . . . . . 0.37%0.17%
Recoveries to gross charge-offs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.28%—%
Allowance for loan losses as a multiple of net charge-offs . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.73 18.56
At December„31, 2014, the carrying value, gross of the related allowance for loan losses, of impaired and TDR
loans totaled $0.4 million. Of these loans, $0.4 million have a specific allowance of $0.3 million.
The components of our allowance for loan losses, by category, are as follows:
December 31, 2014 December 31, 2013
Allowance % of Loans Allowance % of Loans
(In thousands, except percentages)
Loan category:
Commercial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25 5.6%$64 13.8%
Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 31.3 136 29.3
Installment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 63.1 264 56.9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $444 100.0%$464 100.0%
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, 2014, approximately 93.8% of our borrowers resided in the state of Utah and approximately 41.5%
in the city of Provo. Consequently, this loan portfolio is susceptible to any adverse market or environmental conditions
that may impact this specific geographic region.
47