Green Dot 2015 Annual Report Download - page 37

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31
As of December 31,
2015 2014 2013 2012 2011
(In thousands)
Consolidated Balance Sheet Data:
Cash, cash equivalents and restricted cash(3) $777,922 $ 728,805 $ 426,591 $ 297,225 $238,359
Investment securities, available-for-sale 181,539 120,431 198,744 183,787 31,210
Settlement assets(4) 69,165 148,694 37,004 36,127 27,355
Loans to bank customers 6,279 6,550 6,902 7,552 10,036
Total assets 1,691,448 1,614,288 875,474 725,728 425,859
Deposits 652,145 565,401 219,580 198,451 38,957
Obligations to customers(4) 61,300 98,052 65,449 46,156 —
Settlement obligations(4) 5,074 4,484 4,839 3,639 27,355
Long-term debt 100,686 121,651 — — —
Total liabilities 1,028,126 985,298 473,225 397,964 172,663
Total stockholders' equity 663,322 628,990 402,249 327,764 253,196
___________
(1) Represents the recorded fair value of the shares for which our right to repurchase lapsed during the specified period pursuant
to the terms of the agreement under which we issued 2,208,552 shares of our Class A common stock to Walmart. See
“Management's Discussion and Analysis of Financial Condition and Results of Operations — Key components of our results
of operations — Operating revenues — Stock-based retailer incentive compensation” for more information.
(2) Includes stock-based compensation expense of $27.0 million, $20.3 million, $14.7 million, $12.7 million, and $9.5 million for
the years ended December 31, 2015, 2014, 2013, 2012 and 2011.
(3) Includes $5.8 million, $4.2 million, $3.0 million, $0.6 million, and $12.9 million of restricted cash as of December 31, 2015,
2014, 2013, 2012, and 2011, respectively. Also includes $0.0 million, $0.5 million, $0.1 million, $3.0 million and $2.4 million of
federal funds sold as of December 31, 2015, 2014, 2013, 2012 and 2011, respectively.
(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
third quarter of 2012, our retail distributors began remitting these funds to our subsidiary bank as we transitioned our card
issuing program with Synovus Bank to our subsidiary bank. During the first quarter of 2014, we transitioned our card issuing
program with GE Capital Bank to our subsidiary bank. Our retail distributors’ remittance of these funds takes an average of
two business days. Settlement assets represent the amounts due from our retail distributors for customer funds collected at
the point of sale that have not yet been received by our subsidiary bank. Obligations to customers represent customer funds
collected from or to be remitted by our retail distributors for which the underlying products have not been activated. Settlement
obligations represent the customer funds received by our subsidiary bank that are due to third-party card issuing banks upon
activation.