Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | GREEN DOT CORP | |
Trading Symbol | GDOT | |
Entity Central Index Key | 1,386,278 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 48,698,939 | |
Convertible Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,518,512 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Unrestricted cash and cash equivalents | $ 570,119 | $ 772,128 |
Federal funds sold | 0 | 1 |
Restricted cash | 8,921 | 5,793 |
Investment securities available-for-sale, at fair value | 48,914 | 49,106 |
Settlement assets | 121,180 | 69,165 |
Accounts receivable, net | 28,449 | 42,153 |
Prepaid expenses and other assets | 30,800 | 30,511 |
Income tax receivable | 0 | 6,434 |
Total current assets | 808,383 | 975,291 |
Investment securities, available-for-sale, at fair value | 158,436 | 132,433 |
Loans to bank customers, net of allowance for loan losses of $266 and $426 as of June 30, 2016 and December 31, 2015, respectively | 5,894 | 6,279 |
Prepaid expenses and other assets | 3,594 | 6,416 |
Property and equipment, net | 80,076 | 78,877 |
Deferred expenses | 6,191 | 14,509 |
Net deferred tax assets | 3,572 | 3,864 |
Goodwill and intangible assets | 462,541 | 473,779 |
Total assets | 1,528,687 | 1,691,448 |
Current liabilities: | ||
Accounts payable | 15,720 | 37,186 |
Deposits | 558,046 | 652,145 |
Obligations to customers | 35,301 | 61,300 |
Settlement obligations | 2,947 | 5,074 |
Amounts due to card issuing banks for overdrawn accounts | 1,531 | 1,067 |
Other accrued liabilities | 102,305 | 87,635 |
Deferred revenue | 10,227 | 22,901 |
Note payable | 20,966 | 20,966 |
Income tax payable | 4,950 | 0 |
Total current liabilities | 751,993 | 888,274 |
Other accrued liabilities | 20,737 | 37,894 |
Note payable | 90,203 | 100,686 |
Net deferred tax liabilities | 1,634 | 1,272 |
Total liabilities | 864,567 | 1,028,126 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity: | ||
Additional paid-in capital | 338,597 | 379,376 |
Retained earnings | 325,013 | 284,108 |
Accumulated other comprehensive income (loss) | 459 | (215) |
Total stockholders’ equity | 664,120 | 663,322 |
Total liabilities and stockholders’ equity | 1,528,687 | 1,691,448 |
Convertible Series A preferred stock [Member] | ||
Stockholders’ equity: | ||
Convertible Series A preferred stock, $0.001 par value (as converted): 10 shares authorized as of June 30, 2016 and December 31, 2015; 2 shares issued and outstanding as of June 30, 2016 and December 31, 2015 | 2 | 2 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Class A common stock, $0.001 par value: 100,000 shares authorized as of June 30, 2016 and December 31, 2015; 48,544 and 50,502 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively | $ 49 | $ 51 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Allowance For Loan Losses | $ 266 | $ 426 |
Convertible Series A preferred stock [Member] | ||
Convertible Series A Preferred Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible Series A Preferred Stock, shares authorized | 10,000 | 10,000 |
Convertible Series A Preferred Stock, Shares Issued | 2,000 | 2,000 |
Convertible Series A Preferred Stock, Shares Outstanding | 2,000 | 2,000 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 48,544,000 | 50,502,000 |
Common stock, shares outstanding | 48,544,000 | 50,502,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating revenues: | ||||
Card revenues and other fees | $ 84,542 | $ 83,810 | $ 176,428 | $ 171,034 |
Processing and settlement service revenues | 41,887 | 39,416 | 122,903 | 126,537 |
Interchange revenues | 47,059 | 47,635 | 102,181 | 102,361 |
Stock-based retailer incentive compensation | 0 | (614) | 0 | (2,520) |
Total operating revenues | 173,488 | 170,247 | 401,512 | 397,412 |
Total operating revenues | ||||
Sales and marketing expenses | 63,077 | 55,845 | 126,941 | 117,124 |
Compensation and benefits expenses | 41,092 | 41,461 | 84,179 | 82,815 |
Processing expenses | 26,544 | 27,120 | 55,057 | 57,720 |
Other general and administrative expenses | 29,906 | 38,903 | 67,980 | 66,939 |
Total operating expenses | 160,619 | 163,329 | 334,157 | 324,598 |
Operating income | 12,869 | 6,918 | 67,355 | 72,814 |
Interest income | 1,533 | 1,118 | 3,834 | 2,496 |
Interest expense | (1,408) | (1,549) | (6,189) | (3,045) |
Income before income taxes | 12,994 | 6,487 | 65,000 | 72,265 |
Income tax expense | 4,968 | 2,991 | 24,092 | 27,956 |
Net income | 8,026 | 3,496 | 40,908 | 44,309 |
Income attributable to preferred stock | (244) | (99) | (1,226) | (1,263) |
Net income available to common stockholders | $ 7,782 | $ 3,397 | $ 39,682 | $ 43,046 |
Basic earnings per common share (in dollars per share) | $ 0.16 | $ 0.07 | $ 0.81 | $ 0.83 |
Diluted earnings per common share (in dollars per share) | $ 0.16 | $ 0.06 | $ 0.79 | $ 0.83 |
Basic weighted-average common shares issued and outstanding (shares) | 48,471 | 51,811 | 49,167 | 51,631 |
Diluted weighted-average common shares issued and outstanding (shares) | 49,818 | 52,275 | 50,396 | 52,104 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 8,026 | $ 3,496 | $ 40,908 | $ 44,309 |
Other comprehensive income | ||||
Unrealized holding gains (losses), net of tax | 301 | (363) | 674 | (278) |
Comprehensive income | $ 8,327 | $ 3,133 | $ 41,582 | $ 44,031 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities | ||
Net income | $ 40,908 | $ 44,309 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property and equipment | 21,623 | 18,478 |
Amortization of intangible assets | 11,523 | 11,209 |
Provision for uncollectible overdrawn accounts | 39,787 | 31,566 |
Employee stock-based compensation | 13,052 | 11,623 |
Stock-based retailer incentive compensation | 0 | 2,520 |
Amortization of premium on available-for-sale investment securities | 599 | 508 |
Change in fair value of contingent consideration | (5,500) | (7,516) |
Amortization of deferred financing costs | 767 | 767 |
Impairment of capitalized software | 136 | 4,997 |
Deferred income tax expense | 1 | 12 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (26,269) | (3,765) |
Prepaid expenses and other assets | 2,533 | (3,417) |
Deferred expenses | 8,318 | 9,521 |
Accounts payable and other accrued liabilities | (16,349) | (19,898) |
Amounts due to card issuing banks for overdrawn accounts | 464 | 497 |
Deferred revenue | (12,724) | (10,719) |
Income tax payable | 11,396 | 27,424 |
Other, net | 179 | 56 |
Net cash provided by operating activities | 90,444 | 118,172 |
Investing activities | ||
Purchases of available-for-sale investment securities | (79,835) | (126,036) |
Proceeds from maturities of available-for-sale securities | 53,884 | 33,531 |
Proceeds from sales of available-for-sale securities | 575 | 12,935 |
Increase in restricted cash | (3,128) | (1,253) |
Payments for acquisition of property and equipment | (23,980) | (25,042) |
Net decrease in loans | 385 | 99 |
Acquisition, net of cash acquired | 0 | (65,209) |
Net cash used in investing activities | (52,099) | (170,975) |
Financing activities | ||
Repayments of borrowings from note payable | (11,250) | (11,250) |
Borrowings on revolving line of credit | 15,000 | 30,001 |
Repayments on revolving line of credit | (15,000) | (30,001) |
Proceeds from exercise of options | 7,114 | 1,836 |
Excess tax benefits from exercise of options | 1,235 | 27 |
Taxes paid related to net share settlement of equity awards | (3,834) | (1,038) |
Net (decrease) increase in deposits | (94,099) | 42,680 |
Net (decrease) increase in obligations to customers | (80,141) | 60,929 |
Contingent consideration payments | (367) | (668) |
Repurchase of Class A common stock | (59,013) | 0 |
Net cash (used in) provided by financing activities | (240,355) | 92,516 |
Net (decrease) increase in unrestricted cash, cash equivalents, and federal funds sold | (202,010) | 39,713 |
Unrestricted cash, cash equivalents, and federal funds sold, beginning of year | 772,129 | 724,638 |
Unrestricted cash, cash equivalents, and federal funds sold, end of year | 570,119 | 764,351 |
Cash paid for interest | 5,422 | 2,278 |
Cash paid for income taxes | $ 11,472 | $ 891 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Green Dot Corporation (“we,” “us” and “our” refer to Green Dot Corporation and its wholly-owned subsidiaries) is a pro-consumer technology innovator with a mission to reinvent personal banking for the masses. Our products and services include: Green Dot MasterCard and Visa-branded prepaid debit cards and several co-branded reloadable prepaid card programs, collectively referred to as our GPR cards; Visa-branded gift cards; checking account products, such as GoBank, an innovative checking account developed for use via mobile phones that is available at Walmart and online; our proprietary swipe reload and MoneyPak products referred to as our cash transfer products, which enable cash loading and transfer services through our Green Dot Network; and tax refund processing services designed to facilitate the secure receipt of a customer's income tax refund. Our products and services are available to consumers through a large-scale "branchless bank" distribution network of more than 100,000 U.S. locations, including retailers, neighborhood financial service center locations and tax preparation offices, as well as online, in the leading app stores and through leading online tax preparation providers. The Green Dot Network enables consumers to use cash to reload our prepaid debit cards or to transfer cash to any of our Green Dot Network acceptance members, including competing prepaid card programs and other online accounts. We are also the tax refund processing service provider for several leading consumer tax preparation companies. We market our products and services to consumers in the United States. Our products are issued by our wholly-owned subsidiary, Green Dot Bank, and third-party issuing banks including The Bancorp Bank and Sunrise Banks, N.A. We also have multi-year distribution arrangements with many large and medium-sized retailers, including Walmart, Walgreens, CVS, Rite Aid, 7-Eleven, Kroger, Kmart, and Dollar Tree, and with various industry resellers, including Blackhawk Network and InComm. We refer to participating retailers collectively as our “retail distributors.” Our tax refund processing services are integrated into the offerings of partnering tax software companies, which enables us to serve approximately 25,000 independent online and in-person tax preparers and accountants nationwide. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP. We consolidated our wholly-owned subsidiaries and eliminated all significant intercompany balances and transactions. We have also prepared the accompanying unaudited consolidated financial statements in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X and, consequently, they do not include all of the annual disclosures required by GAAP. Reference is made to our Annual Report on Form 10-K for the year ended December 31, 2015 for additional disclosures, including a summary of our significant accounting policies. There have been no changes to our significant accounting policies during the six months ended June 30, 2016 . In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal and recurring items, except as otherwise noted, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") that requires financial assets measured at amortized cost be presented at the net amount expected to be collected. Credit losses on available-for-sale debt securities should be recorded through an allowance for credit losses limited by the amount that the fair value is less than amortized cost. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of ASU 2016-13 on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") that will simplify how companies account for certain aspects of share-based payments to employees, including the accounting for income taxes upon vesting or exercise of share-based payments, classification of awards as either equity or liabilities with respect to statutory tax withholding thresholds, accounting for forfeitures, as well as certain classifications on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact of ASU 2016-09 on our consolidated financial statements. Note 2—Summary of Significant Accounting Policies (continued) In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08"). ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The effective date and transition requirements for the ASU is the same as the effective date and transition requirements of ASU 2014-09. We are currently in the process of evaluating the impact of adoption of ASU 2016-08 on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-04, Liabilities – Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products ("ASU 2016-04") . ASU 2016-04 aligns recognition of the financial liabilities related to prepaid stored-value products (for example, gift cards) with Topic 606, Revenues from Contracts with Customers , for non-financial liabilities. In general, these liabilities may be extinguished proportionately in earnings as redemptions occur, or when redemption is remote if issuers are not entitled to the unredeemed stored value. ASU 2016-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. We do not expect the adoption of ASU 2016-04 to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02") in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for leases with a term greater than 12 months. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) using a modified retrospective approach and early adoption is permitted. We are currently in the process of evaluating the impact of adoption of ASU 2016-02 on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). ASU 2016-01 revises the classification and measurement of investments in certain equity investments and the presentation of certain fair value changes for certain financial liabilities measured at fair value. ASU 2016-01 requires the change in fair value of many equity investments to be recognized in net income. The standard is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. The adoption of ASU 2016-01 may result in a cumulative adjustment to retained earnings as of the beginning of the year of adoption. We are currently evaluating the impact of the provisions of ASU 2016-01, however, we do not expect the adoption of it to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. ASU 2014-09, as amended by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted for annual reporting periods beginning after December 15, 2016. We are evaluating the effect of ASU 2014-09, as well as other clarifications and technical guidance issued by the FASB related to this new revenue standard, on our consolidated financial statements. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Our available-for-sale investment securities were as follows: Amortized cost Gross unrealized gains Gross unrealized losses Fair value (In thousands) June 30, 2016 Corporate bonds $ 27,048 $ 48 $ (5 ) $ 27,091 Commercial paper 8,403 5 — 8,408 U.S. Treasury notes 20,808 23 — 20,831 Agency securities 4,018 — — 4,018 Mortgage-backed securities 120,399 735 (294 ) 120,840 Municipal bonds 1,570 6 (36 ) 1,540 Asset-backed securities 24,620 7 (5 ) 24,622 Total investment securities $ 206,866 $ 824 $ (340 ) $ 207,350 December 31, 2015 Corporate bonds $ 33,201 $ — $ (47 ) $ 33,154 Commercial paper 6,504 3 (2 ) 6,505 U.S. Treasury notes 17,541 — (16 ) 17,525 Agency securities 4,034 — (19 ) 4,015 Mortgage-backed securities 100,131 195 (554 ) 99,772 Municipal bonds 1,954 11 (65 ) 1,900 Asset-backed securities 18,725 — (57 ) 18,668 Total investment securities $ 182,090 $ 209 $ (760 ) $ 181,539 As of June 30, 2016 and December 31, 2015 , the gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows: Less than 12 months 12 months or more Total fair value Total unrealized loss Fair value Unrealized loss Fair value Unrealized loss (In thousands) June 30, 2016 Corporate bonds $ 4,354 $ (1 ) $ 1,995 $ (4 ) $ 6,349 $ (5 ) Mortgage-backed securities 19,412 (126 ) 27,224 (168 ) 46,636 (294 ) Municipal bonds — — 960 (36 ) 960 (36 ) Asset-backed securities 5,614 (5 ) — — 5,614 (5 ) Total investment securities $ 29,380 $ (132 ) $ 30,179 $ (208 ) $ 59,559 $ (340 ) December 31, 2015 Corporate bonds $ 20,416 $ (22 ) $ 10,679 $ (25 ) $ 31,095 $ (47 ) Commercial paper 4,322 (2 ) — — 4,322 (2 ) U.S. Treasury notes 17,525 (16 ) — — 17,525 (16 ) Agency securities 4,015 (19 ) — — 4,015 (19 ) Mortgage-backed securities 53,634 (410 ) 21,518 (144 ) 75,152 (554 ) Municipal bonds — — 1,035 (65 ) 1,035 (65 ) Asset-backed securities 18,668 (57 ) — — 18,668 (57 ) Total investment securities $ 118,580 $ (526 ) $ 33,232 $ (234 ) $ 151,812 $ (760 ) We did not record any other-than-temporary impairment losses during the three and six months ended June 30, 2016 or 2015 on our available-for-sale investment securities. We do not intend to sell these investments and we have determined that it is more likely than not that we will not be required to sell these investments before recovery of their amortized cost bases, which may be at maturity. Note 3—Investment Securities (continued) As of June 30, 2016 , the contractual maturities of our available-for-sale investment securities were as follows: Amortized cost Fair value (In thousands) Due in one year or less $ 48,893 $ 48,914 Due after one year through five years 13,217 13,271 Due after five years through ten years 67 68 Due after ten years 996 960 Mortgage and asset-backed securities 143,693 144,137 Total investment securities $ 206,866 $ 207,350 The expected payments on mortgage-backed and asset-backed securities may not coincide with their contractual maturities because the issuers have the right to call or prepay certain obligations. |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable, net consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Overdrawn account balances due from cardholders $ 17,209 $ 10,198 Reserve for uncollectible overdrawn accounts (14,506 ) (7,999 ) Net overdrawn account balances due from cardholders 2,703 2,199 Trade receivables 3,795 10,644 Reserve for uncollectible trade receivables (244 ) (58 ) Net trade receivables 3,551 10,586 Receivables due from card issuing banks 9,732 8,852 Fee advances 796 11,621 Other receivables 11,667 8,895 Accounts receivable, net $ 28,449 $ 42,153 Activity in the reserve for uncollectible overdrawn accounts consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Balance, beginning of period $ 11,088 $ 12,580 $ 7,999 $ 11,196 Provision for uncollectible overdrawn accounts: Fees 20,854 13,737 35,705 27,381 Purchase transactions 2,167 2,637 4,082 4,185 Charge-offs (19,603 ) (16,915 ) (33,280 ) (30,723 ) Balance, end of period $ 14,506 $ 12,039 $ 14,506 $ 12,039 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment We recorded impairment charges of $5.0 million during the three months ended June 30, 2015 and $0.1 million and $5.0 million during the six months ended June 30, 2016 and 2015 , respectively, associated with capitalized internal-use software we determined were no longer viable. During the three months ended June 30, 2016 , we did not record any impairment charges. The impairment charge is included within other general and administrative expenses in our consolidated statements of operations. |
Loans to Bank Customers
Loans to Bank Customers | 6 Months Ended |
Jun. 30, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans to Bank Customers | 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 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Current or Less Than 30 Days Past Due Total Outstanding (In thousands) June 30, 2016 Residential $ 120 $ — $ — $ 120 $ 3,717 $ 3,837 Commercial — — — — 357 357 Installment — — — — 1,966 1,966 Total loans $ 120 $ — $ — $ 120 $ 6,040 $ 6,160 Percentage of outstanding 2.0 % — % — % 2.0 % 98.0 % 100.0 % December 31, 2015 Residential $ — $ — $ — $ — $ 3,863 $ 3,863 Commercial — — 19 19 294 313 Installment 2 — — 2 2,527 2,529 Total loans $ 2 $ — $ 19 $ 21 $ 6,684 $ 6,705 Percentage of outstanding — % — % 0.3 % 0.3 % 99.7 % 100.0 % Nonperforming Loans The following table presents the carrying value, gross of the related allowance for loan losses, of our nonperforming loans. See Note 2–Summary of Significant Accounting Policies to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2015 for further information on the criteria for classification as nonperforming. June 30, 2016 December 31, 2015 (In thousands) Residential $ 411 $ 366 Commercial — 19 Installment 244 279 Total loans $ 655 $ 664 Credit Quality Indicators We closely monitor and assess the credit quality and credit risk of our loan portfolio on an ongoing basis. We continuously review and update loan risk classifications. We evaluate our loans using non-classified or classified as the primary credit quality indicator. Classified loans are those loans that have demonstrated credit weakness where we believe there is a heightened risk of principal loss, including all impaired loans. Classified loans are generally internally categorized as substandard, doubtful or loss, consistent with regulatory guidelines. The table below presents the carrying value, gross of the related allowance for loan losses, of our loans within the primary credit quality indicators related to our loan portfolio: June 30, 2016 December 31, 2015 Non-Classified Classified Non-Classified Classified (In thousands) Residential $ 3,334 $ 503 $ 3,404 $ 459 Commercial 357 — 294 19 Installment 1,622 344 2,173 356 Total loans $ 5,313 $ 847 $ 5,871 $ 834 Note 6—Loans to Bank Customers (continued) Impaired Loans and Troubled Debt Restructurings When, for economic or legal reasons related to a borrower’s financial difficulties, we grant a concession for other than an insignificant period of time to a borrower that we would not otherwise consider, the related loan is classified as a Troubled Debt Restructuring, or TDR. Our TDR modifications involve an extension of the maturity date at a stated interest rate lower than the current market rate for new debt with similar risk. The following table presents our impaired loans and loans that we modified as TDRs as of June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value (In thousands) Residential $ 351 $ 286 $ 24 $ 19 Commercial — — 257 19 Installment 242 110 241 128 Allowance for Loan Losses Activity in the allowance for loan losses consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Balance, beginning of period $ 278 $ 340 $ 426 $ 444 Provision for loans — 39 (151 ) (34 ) Loans charged off (22 ) (9 ) (22 ) (44 ) Recoveries of loans previously charged off 10 7 13 11 Balance, end of period $ 266 $ 377 $ 266 $ 377 |
Employee Stock-Based Compensati
Employee Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock-Based Compensation | Employee Stock-Based Compensation We currently grant restricted equity awards to employees and directors under our 2010 Equity Incentive Plan. Additionally, through our 2010 Employee Stock Purchase Plan, employees are able to purchase shares of our Class A common stock at a discount through payroll deductions. We have reserved shares of our Class A common stock for issuance under these plans. The following table summarizes restricted stock units granted under our 2010 Equity Incentive Plan: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands, except per share data) Restricted stock units granted 792 1,070 1,210 1,650 Weighted-average grant-date fair value $ 23.10 $ 15.07 $ 22.65 $ 16.10 We issued no stock options during the three and six months ended June 30, 2016 and 2015 . Included in the number of restricted stock units granted during the six months ended June 30, 2016 and 2015 are performance-based restricted stock units of our Class A common stock of 236,973 and 242,587 , respectively, that we granted to certain executive employees under our 2010 Equity Incentive Plan. The total stock-based compensation expense recognized was $7.4 million and $6.4 million for the three months ended June 30, 2016 and 2015 , respectively, and $13.1 million and $11.6 million for the six months ended June 30, 2016 and 2015 , respectively. Total stock-based compensation expense includes amounts related to awards of stock options and restricted stock units and purchases under our 2010 Employee Stock Purchase Plan. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2016 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits are categorized as non-interest or interest-bearing deposits as follows: June 30, 2016 December 31, 2015 (In thousands) Non-interest bearing deposit accounts GPR deposits $ 430,726 $ 610,652 Other demand deposits 106,251 23,644 Total non-interest bearing deposit accounts 536,977 634,296 Interest-bearing deposit accounts Negotiable order of withdrawal (NOW) 1,008 851 Savings 11,723 8,848 Time deposits, denominations greater than or equal to $100 6,505 6,268 Time deposits, denominations less than $100 1,833 1,882 Total interest-bearing deposit accounts 21,069 17,849 Total deposits $ 558,046 $ 652,145 The scheduled contractual maturities for total time deposits are presented in the table below: June 30, 2016 (In thousands) Due in 2016 $ 1,720 Due in 2017 3,765 Due in 2018 606 Due in 2019 365 Due in 2020 1,320 Thereafter 562 Total time deposits $ 8,338 |
Note Payable
Note Payable | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Note Payable | Note Payable In October 2014, we entered into a $225.0 million credit agreement with Bank of America, N.A., as an administrative agent, Wells Fargo Bank, National Association, and the other lenders party thereto. The credit agreement provides for 1) a $75.0 million five years revolving facility (the "Revolving Facility") and 2) a five years $150.0 million term loan facility ("Term Facility" and, together with the Revolving Facility, the “Senior Credit Facility"). The credit agreement also includes an accordion feature that, subject to securing additional commitments from existing lenders or new lending institutions, will allow us to increase the aggregate amount of these facilities by up to an additional $50.0 million . As of June 30, 2016 and December 31, 2015 , our outstanding debt, net of deferred financing costs of $5.1 million and $5.8 million , respectively, consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Term facility $ 111,169 $ 121,652 Revolving facility — — Total notes payable $ 111,169 $ 121,652 Quarterly principal payments of $5.6 million are payable on the loans under the Term Facility. During each of the six months ended June 30, 2016 and 2015 , we made scheduled quarterly principal payments totaling $11.3 million . The Senior Credit Facility matures on October 23, 2019 and any amounts then outstanding are due upon maturity. Note 9—Note Payable (continued) Interest 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 LIBOR rate plus 1.0% (the “Base Rate"), plus in either case an applicable margin. The applicable margin for borrowings depends on our total leverage ratio and varies from 2.50% to 3.00% for LIBOR Rate loans and 1.50% to 2.00% for Base Rate loans. The effective interest rate on borrowings outstanding as of June 30, 2016 was 3.21% . Interest expense, excluding the amortization of debt issuance costs, related to our Senior Credit Facility was $1.0 million and $1.1 million for the three months ended June 30, 2016 and 2015 , respectively, and $2.1 million and $2.2 million for the six months ended June 30, 2016 and 2015 , respectively. Covenants and restrictions The Senior Credit Facility contains customary representations and warranties relating to us and our subsidiaries. The Senior Credit Facility also contains certain affirmative and negative covenants including negative covenants that limit or restrict, among other things, liens, indebtedness, investments and acquisitions, mergers and fundamental changes, asset sales, restricted payments, changes in the nature of the business, transactions with affiliates and other matters customarily restricted in such agreements. We must maintain a minimum fixed charge coverage ratio and a maximum consolidated leverage ratio at the end of each fiscal quarter, as set forth in the credit agreement. At June 30, 2016 , we were in compliance with all such covenants. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the six months ended June 30, 2016 and 2015 differs from the amount computed by applying the statutory federal income tax rate to income before income taxes. The sources and tax effects of the differences are as follows: Six Months Ended June 30, 2016 2015 U.S. federal statutory tax rate 35.0 % 35.0 % State income taxes, net of federal tax benefit 3.1 2.5 General business credits (2.6 ) (1.1 ) Employee stock-based compensation 0.6 1.0 Other 1.0 1.3 Effective tax rate 37.1 % 38.7 % The effective tax rate for the six months ended June 30, 2016 and 2015 differs from the statutory federal income tax rate of 35% primarily due to state income taxes, net of federal tax benefit, general business credits and non-deductible employee stock-based compensation. The decrease in the effective tax rate for the six months ended June 30, 2016 as compared to the six months ended June 30, 2015 is primarily due to a benefit that we recognized in the first quarter of 2016 related to the permanent reinstatement of general business credits. We establish a valuation allowance when we consider it more-likely-than-not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2016 and 2015 , we did not have a valuation allowance on any of our deferred tax assets as we believed it was more-likely-than-not that we would realize the benefits of our deferred tax assets. We are subject to examination by the Internal Revenue Service, or IRS, and various state tax authorities. Our consolidated federal income tax returns for the five-months ended December 31, 2009 and the years ended December 31, 2010, 2011 and 2012 are currently under examination by the IRS. We remain subject to examination of our federal income tax return for the years ended December 31, 2013 and 2014 . We generally remain subject to examination of our various state income tax returns for a period of four to five years from the respective dates the returns were filed. Note 10—Income Taxes (continued) As of June 30, 2016 , we have net operating loss carryforwards of approximately $46.2 million and $31.9 million for federal and state tax purposes, respectively, which will be available to offset future income. If not used, these carryforwards will expire between 2017 and 2035. In addition, we have state business tax credits of approximately $5.8 million that can be carried forward indefinitely and other state business tax credits of approximately $0.9 million that will expire 2025. As of June 30, 2016 and December 31, 2015 , we had a liability of $8.3 million and $7.4 million , respectively, for unrecognized tax benefits related to various federal and state income tax matters excluding interest, penalties and related tax benefits. The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is as follows: Six Months Ended June 30, 2016 2015 (In thousands) Beginning balance $ 7,371 $ 6,190 Increases related to positions taken during prior years — — Increases related to positions taken during the current year 889 854 Ending balance $ 8,260 $ 7,044 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate $ 8,260 $ 7,044 As of June 30, 2016 and December 31, 2015 , we recognized accrued interest and penalties related to unrecognized tax benefits of approximately $0.9 million . |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Stock Repurchase Program In June 2015, our Board of Directors authorized, subject to regulatory approval, a repurchase of shares of our Class A Common Stock in an amount up to $150 million under a stock repurchase program with no expiration date. The stock repurchase program may be carried out at the direction of management, subject to the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other legal requirements, and any further limitations that may be established by the Board of Directors. Repurchases may be made through open market purchases, block trades, and in negotiated private transactions. The stock may be repurchased on an ongoing basis and will be subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital and our financial performance. As of June 30, 2016 , we have repurchased $100 million of Class A Common Stock under the repurchase program. Accelerated Share Repurchases We have entered into accelerated share repurchase arrangements (“ASRs”) with a financial institution. In exchange for an up-front payment, the financial institution delivers shares of our Class A Common Stock during the purchase periods of each ASR. Upon settlement, we will either receive additional shares from the financial institution or we may be required to deliver additional shares or cash to the financial institution, at our election. The final number of shares received upon settlement for the ASR will be determined based on the volume-weighted average price of our common stock over the term of the agreement less an agreed upon discount and subject to adjustments pursuant to the terms and conditions of the ASR. The shares received are retired in the periods they are delivered, but remain authorized for registration and issuance in the future. The up-front payments are accounted for as a reduction to shareholders’ equity on our consolidated balance sheets in the periods the payments are made. The ASRs are accounted for in two separate transactions: 1) a treasury stock repurchase for the initial shares received and 2) a forward stock purchase contract indexed to our own stock for the unsettled portion of the ASR. The par value of the shares received are recorded as a reduction to common stock with the remainder recorded as a reduction to additional paid-in capital and retained earnings. The ASRs meet all of the applicable criteria for equity classification, and therefore are not accounted for as derivative instruments. The initial repurchase of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. Note 11—Stockholders' Equity (continued) The following table summarizes our ASR activity since inception of the stock repurchase program: Purchase Period End Date Number of Shares (In thousands) Average repurchase price per share ASR Amount (In thousands) April 2016 ASR (2) October 2016 1,867 (1) (1) $ 50,000 September 2015 ASR January 2016 2,342 $ 17.08 $ 40,000 (1 ) "Number of Shares" represents those shares delivered in the beginning of the purchase period and does not represent the final number of shares to be delivered under the ASR. The total number of shares ultimately delivered, and therefore the average repurchase price paid per share, will be determined at the end of the applicable purchase period based on the volume-weighted average price of our common stock during that period. Final settlement is scheduled to occur in or before October 2016. (2 ) In February 2016, we entered into an ASR agreement with a financial institution. The agreement was not deemed effective until April 2016, at which point we made an up-front payment of $50 million in exchange for approximately 1.9 million shares. The initial shares received are treated as reduction to our total common shares outstanding beginning in April 2016. Other In connection with the Repurchase Program, we entered into a repurchase plan in December 2015 under Rule 10b5-1 of the Exchange Act for $ 10 million . The timing, nature and amount of purchases depend on a variety of factors, including market conditions and the volume limit defined by Rule 10b-18. We completed all repurchases under this plan during the first quarter of 2016 and total repurchases amounted to approximately 0.6 million shares at an average price of $ 16.15 . |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The calculation of basic and diluted EPS was as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands, except per share data) Basic earnings per Class A common share Net income $ 8,026 $ 3,496 $ 40,908 $ 44,309 Income attributable to preferred stock (244 ) (99 ) (1,226 ) (1,263 ) Income attributable to common stock subject to repurchase — (1 ) — (48 ) Net income allocated to Class A common stockholders $ 7,782 $ 3,396 $ 39,682 $ 42,998 Weighted-average Class A shares issued and outstanding 48,471 51,811 49,167 51,631 Basic earnings per Class A common share $ 0.16 $ 0.07 $ 0.81 $ 0.83 Diluted earnings per Class A common share Net income allocated to Class A common stockholders $ 7,782 $ 3,396 $ 39,682 $ 42,998 Re-allocated earnings 6 1 29 12 Diluted net income allocated to Class A common stockholders $ 7,788 $ 3,397 $ 39,711 $ 43,010 Weighted-average Class A shares issued and outstanding 48,471 51,811 49,167 51,631 Dilutive potential common shares: Stock options 524 272 482 276 Restricted stock units 820 185 745 189 Employee stock purchase plan 3 7 2 8 Diluted weighted-average Class A shares issued and outstanding 49,818 52,275 50,396 52,104 Diluted earnings per Class A common share $ 0.16 $ 0.06 $ 0.79 $ 0.83 Note 12—Earnings per Common Share (continued) For the periods presented, we excluded all shares of convertible preferred stock and certain restricted stock units and stock options outstanding, which could potentially dilute basic EPS in the future, from the computation of diluted EPS as their effect was anti-dilutive. The following table shows the weighted-average number of anti-dilutive shares excluded from the diluted EPS calculation: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Class A common stock Options to purchase Class A common stock 118 794 176 789 Restricted stock units 5 85 11 96 Conversion of convertible preferred stock 1,519 1,518 1,519 1,516 Total options, restricted stock units and convertible preferred stock 1,642 2,397 1,706 2,401 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Under applicable accounting guidance, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We determine the fair values of our financial instruments based on the fair value hierarchy established under applicable accounting guidance which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are 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 to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2015 . As of June 30, 2016 and December 31, 2015 , our assets and liabilities carried at fair value on a recurring basis were as follows: Note 13—Fair Value Measurements (continued) Level 1 Level 2 Level 3 Total Fair Value June 30, 2016 (In thousands) Assets Corporate bonds $ — $ 27,091 $ — $ 27,091 Commercial paper — 8,408 — 8,408 U.S. Treasury notes — 20,831 — 20,831 Agency securities — 4,018 — 4,018 Mortgage-backed securities — 120,840 — 120,840 Municipal bonds — 1,540 — 1,540 Asset-backed securities — 24,622 — 24,622 Total assets $ — $ 207,350 $ — $ 207,350 Liabilities Contingent consideration $ — $ — $ 8,022 $ 8,022 December 31, 2015 Assets Corporate bonds $ — $ 33,154 $ — $ 33,154 Commercial paper — 6,505 — 6,505 U.S. Treasury notes — 17,525 — 17,525 Agency securities — 4,015 — 4,015 Mortgage-backed securities — 99,772 — 99,772 Municipal bonds — 1,900 — 1,900 Asset-backed securities — 18,668 — 18,668 Total assets $ — $ 181,539 $ — $ 181,539 Liabilities Contingent consideration $ — $ — $ 13,889 $ 13,889 We based the fair value of our fixed income securities held as of June 30, 2016 and December 31, 2015 on quoted prices in active markets for similar assets. We had no transfers between Level 1, Level 2 or Level 3 assets or liabilities during the three and six months ended June 30, 2016 or 2015 . The following table presents changes in our contingent consideration payable for the three and six months ended June 30, 2016 and 2015 , which is categorized in Level 3 of the fair value hierarchy: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Balance, beginning of period $ 13,700 $ 15,375 $ 13,889 $ 23,160 Payments of contingent consideration (178 ) (499 ) (367 ) (668 ) Change in fair value of contingent consideration (5,500 ) 100 (5,500 ) (7,516 ) Balance, end of period $ 8,022 $ 14,976 $ 8,022 $ 14,976 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following describes the valuation technique for determining the fair value of financial instruments, whether or not such instruments are carried at fair value on our consolidated balance sheets. Short-term Financial Instruments Our short-term financial instruments consist principally of unrestricted and restricted cash and cash equivalents, federal funds sold, settlement assets and obligations, and obligations to customers . These financial instruments are short-term in nature, and, accordingly, we believe their carrying amounts approximate their fair values. Under the fair value hierarchy, these instruments are classified as Level 1. Note 14—Fair Value of Financial Instruments (continued) Investment Securities The fair values of investment securities have been derived using methodologies referenced in Note 2–Summary of Significant Accounting Policies to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2015 . Under the fair value hierarchy, our investment securities are classified as Level 2. Loans We determined the fair values of loans by discounting both principal and interest cash flows expected to be collected using a discount rate commensurate with the risk that we believe a market participant would consider in determining fair value. Under the fair value hierarchy, our loans are classified as Level 3. Deposits The fair value of demand and interest checking deposits and savings deposits is the amount payable on demand at the reporting date. We determined the fair value of time deposits by discounting expected future cash flows using market-derived rates based on our market yields on certificates of deposit, by maturity, at the measurement date. Under the fair value hierarchy, our deposits are classified as Level 2. Contingent Consideration The fair value of contingent consideration obligations are estimated through valuation models designed to estimate the probability of such contingent payments based on various assumptions. Estimated payments are discounted using present value techniques to arrive at an estimated fair value. Our contingent consideration payable is classified as Level 3 because we use unobservable inputs to estimate fair value, including the probability of achieving certain earnings thresholds and appropriate discount rates. Changes in fair value of contingent consideration are recorded through operating expenses. Note Payable The fair value of our note payable is based on borrowing rates currently available to a market participant for loans with similar terms or maturity. The carrying amount of our note payable approximates fair value because the base interest rate charged varies with market conditions and the credit spread is commensurate with current market spreads for issuers of similar risk. The fair value of the note payable is classified as a Level 2 liability in the fair value hierarchy. Fair Value of Financial Instruments The carrying values and fair values of certain financial instruments that were not carried at fair value, excluding short-term financial instruments for which the carrying value approximates fair value, at June 30, 2016 and December 31, 2015 are presented in the table below. June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Financial Assets Loans to bank customers, net of allowance $ 5,894 $ 5,231 $ 6,279 $ 5,847 Financial Liabilities Deposits $ 558,046 $ 557,955 $ 652,145 $ 652,060 Note payable $ 111,169 $ 111,169 $ 121,652 $ 121,652 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We monitor the laws of all 50 states to identify state laws or regulations that apply (or may apply) to our products and services. We have obtained money transmitter licenses (or similar such licenses) where applicable, based on advice of counsel or when we have been requested to do so. If we were found to be in violation of any laws and regulations governing banking, money transmitters, electronic fund transfers, or money laundering in the United States or abroad, we could be subject to penalties or could be forced to change our business practices. Note 15—Commitments and Contingencies (continued) In the ordinary course of business, we are a party to various legal proceedings. We review these actions on an ongoing basis to determine whether it is probable and estimable that a loss has occurred and use that information when making accrual and disclosure decisions. We have not established reserves or possible ranges of losses related to these proceedings because, at this time in the proceedings, the matters do not relate to a probable loss and/or the amounts are not reasonably estimable. From time to time we enter into contracts containing provisions that contingently require us to indemnify various parties against claims from third parties. These contracts primarily relate to: (i) contracts with our card issuing banks, under which we are responsible to them for any unrecovered overdrafts on cardholders’ accounts; (ii) certain real estate leases, under which we may be required to indemnify property owners for environmental and other liabilities, and other claims arising from our use of the premises; (iii) certain agreements with our officers, directors, and employees, under which we may be required to indemnify these persons for liabilities arising out of their relationship with us; and (iv) contracts under which we may be required to indemnify our retail distributors, suppliers, vendors and other parties with whom we have contracts against claims arising from certain of our actions, omissions, violations of law and/or infringement of patents, trademarks, copyrights and/or other intellectual property rights. Generally, a maximum obligation under these contracts is not explicitly stated. Because the obligated amounts associated with these types of agreements are not explicitly stated, the overall maximum amount of the obligation cannot be reasonably estimated. With the exception of overdrafts on cardholders’ accounts, historically, we have not been required to make payments under these and similar contingent obligations, and no liabilities have been recorded for these obligations in our consolidated balance sheets. For additional information regarding overdrafts on cardholders’ accounts, refer to Note 4 — Accounts Receivable . As of June 30, 2016 and December 31, 2015 , we had $1.5 million outstanding in standby letters of credit related to our corporate facility lease. During the three months ended June 30, 2016 , we continued our planned conversion of customer files from our legacy third-party card processor to our new third-party card processor, which included the migration of our Walmart MoneyCard portfolio. As part of the conversion process, our cardholders experienced limited disruptions in service that resulted in approximately $4.1 million in customer credits and transaction losses incurred by us. These losses have been fully reimbursed by the new third-party processor. |
Significant Customer Concentrat
Significant Customer Concentrations | 6 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Significant Customer Concentrations | Significant Customer Concentration A credit concentration may exist if customers are involved in similar industries, economic sectors, and geographic regions. Our retail distributors operate in similar economic sectors but diverse domestic geographic regions. The loss of a significant retail distributor could have a material adverse effect upon our card sales, profitability, and revenue growth. Revenues derived from our products sold at retail distributors constituting greater than 10% of our total operating revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Walmart 46% 48% 41% 42% Excluding stock-based retailer incentive compensation of $0 and $0.6 million for the three months ended June 30, 2016 and 2015 , respectively, and $0 and $2.5 million for the six months ended June 30, 2016 and 2015 , respectively, revenues derived from our products sold at retail distributors constituting greater than 10% of our total operating revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Walmart 46% 48% 41% 43% Note 16—Significant Customer Concentration (continued) The concentration of GPR cards activated (in units) and the concentration of sales of cash transfer products (in units) derived from our products sold at our four largest retail distributors, including Walmart, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Concentration of GPR cards activated (in units) 57% 59% 57% 60% Concentration of sales of cash transfer products (in units) 73% 81% 73% 81% Settlement assets derived from our products sold at our four largest retail distributors comprised the following percentages of the settlement assets recorded on our consolidated balance sheets: June 30, 2016 December 31, 2015 Walmart 25% 62% Three other largest retail distributors, as a group 4% 9% |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our operations are comprised of two reportable segments: 1) Account Services and 2) Processing and Settlement Services. We identified our reportable segments based on factors such as how we manage our operations and how our chief operating decision maker views results. Our chief operating decision maker organizes and manages our business primarily on the basis of product and service offerings and uses operating income to assess profitability. The Account Services segment consists of revenues and expenses derived from our branded and private label deposit account programs. These programs include Green Dot-branded and affinity-branded GPR card accounts, private label GPR card accounts, checking accounts and open-loop gift cards. The Processing and Settlement Services segment consists of revenues and expenses derived from reload services through the Green Dot Network and our tax refund processing services. The Corporate and Other segment primarily consists of eliminations of intersegment revenues and expenses, unallocated corporate expenses, depreciation and amortization, and other costs that are not considered when management evaluates segment performance. We do not evaluate performance or allocate resources based on segment asset data, and therefore such information is not presented. The following tables present certain financial information for each of our reportable segments for the periods then ended: Three Months Ended June 30, 2016 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 135,109 $ 45,257 $ (6,878 ) $ 173,488 Operating expenses 114,959 33,020 12,640 160,619 Operating income $ 20,150 $ 12,237 $ (19,518 ) $ 12,869 Three Months Ended June 30, 2015 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 134,772 $ 42,631 $ (7,156 ) $ 170,247 Operating expenses 112,827 30,363 20,139 163,329 Operating income $ 21,945 $ 12,268 $ (27,295 ) $ 6,918 Note 17—Segment Information (continued) Six Months Ended June 30, 2016 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 280,249 $ 136,627 $ (15,364 ) $ 401,512 Operating expenses 234,111 72,042 28,004 334,157 Operating income $ 46,138 $ 64,585 $ (43,368 ) $ 67,355 Six Months Ended June 30, 2015 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 282,631 $ 132,807 $ (18,026 ) $ 397,412 Operating expenses 230,980 67,220 26,398 324,598 Operating income $ 51,651 $ 65,587 $ (44,424 ) $ 72,814 |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Event | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Upon formation of Green Dot Corporation as a Bank Holding Company in November 2011, we committed to our federal and state regulators that no dividends would be paid by Green Dot Bank, our wholly-owned subsidiary, for 3 years . Our dividend restrictions have ended and in July 2016, the Board of Directors of Green Dot Bank declared a cash dividend payment in the amount of $27 million to Green Dot Corporation. The dividend will be paid in August 2016. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP. We consolidated our wholly-owned subsidiaries and eliminated all significant intercompany balances and transactions. We have also prepared the accompanying unaudited consolidated financial statements in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X and, consequently, they do not include all of the annual disclosures required by GAAP. Reference is made to our Annual Report on Form 10-K for the year ended December 31, 2015 for additional disclosures, including a summary of our significant accounting policies. There have been no changes to our significant accounting policies during the six months ended June 30, 2016 . In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal and recurring items, except as otherwise noted, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") that requires financial assets measured at amortized cost be presented at the net amount expected to be collected. Credit losses on available-for-sale debt securities should be recorded through an allowance for credit losses limited by the amount that the fair value is less than amortized cost. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of ASU 2016-13 on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") that will simplify how companies account for certain aspects of share-based payments to employees, including the accounting for income taxes upon vesting or exercise of share-based payments, classification of awards as either equity or liabilities with respect to statutory tax withholding thresholds, accounting for forfeitures, as well as certain classifications on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact of ASU 2016-09 on our consolidated financial statements. Note 2—Summary of Significant Accounting Policies (continued) In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08"). ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The effective date and transition requirements for the ASU is the same as the effective date and transition requirements of ASU 2014-09. We are currently in the process of evaluating the impact of adoption of ASU 2016-08 on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-04, Liabilities – Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products ("ASU 2016-04") . ASU 2016-04 aligns recognition of the financial liabilities related to prepaid stored-value products (for example, gift cards) with Topic 606, Revenues from Contracts with Customers , for non-financial liabilities. In general, these liabilities may be extinguished proportionately in earnings as redemptions occur, or when redemption is remote if issuers are not entitled to the unredeemed stored value. ASU 2016-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. We do not expect the adoption of ASU 2016-04 to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02") in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for leases with a term greater than 12 months. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) using a modified retrospective approach and early adoption is permitted. We are currently in the process of evaluating the impact of adoption of ASU 2016-02 on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). ASU 2016-01 revises the classification and measurement of investments in certain equity investments and the presentation of certain fair value changes for certain financial liabilities measured at fair value. ASU 2016-01 requires the change in fair value of many equity investments to be recognized in net income. The standard is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. The adoption of ASU 2016-01 may result in a cumulative adjustment to retained earnings as of the beginning of the year of adoption. We are currently evaluating the impact of the provisions of ASU 2016-01, however, we do not expect the adoption of it to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. ASU 2014-09, as amended by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted for annual reporting periods beginning after December 15, 2016. We are evaluating the effect of ASU 2014-09, as well as other clarifications and technical guidance issued by the FASB related to this new revenue standard, on our consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities, available-for-sale | As of June 30, 2016 and December 31, 2015 , the gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows: Less than 12 months 12 months or more Total fair value Total unrealized loss Fair value Unrealized loss Fair value Unrealized loss (In thousands) June 30, 2016 Corporate bonds $ 4,354 $ (1 ) $ 1,995 $ (4 ) $ 6,349 $ (5 ) Mortgage-backed securities 19,412 (126 ) 27,224 (168 ) 46,636 (294 ) Municipal bonds — — 960 (36 ) 960 (36 ) Asset-backed securities 5,614 (5 ) — — 5,614 (5 ) Total investment securities $ 29,380 $ (132 ) $ 30,179 $ (208 ) $ 59,559 $ (340 ) December 31, 2015 Corporate bonds $ 20,416 $ (22 ) $ 10,679 $ (25 ) $ 31,095 $ (47 ) Commercial paper 4,322 (2 ) — — 4,322 (2 ) U.S. Treasury notes 17,525 (16 ) — — 17,525 (16 ) Agency securities 4,015 (19 ) — — 4,015 (19 ) Mortgage-backed securities 53,634 (410 ) 21,518 (144 ) 75,152 (554 ) Municipal bonds — — 1,035 (65 ) 1,035 (65 ) Asset-backed securities 18,668 (57 ) — — 18,668 (57 ) Total investment securities $ 118,580 $ (526 ) $ 33,232 $ (234 ) $ 151,812 $ (760 ) Our available-for-sale investment securities were as follows: Amortized cost Gross unrealized gains Gross unrealized losses Fair value (In thousands) June 30, 2016 Corporate bonds $ 27,048 $ 48 $ (5 ) $ 27,091 Commercial paper 8,403 5 — 8,408 U.S. Treasury notes 20,808 23 — 20,831 Agency securities 4,018 — — 4,018 Mortgage-backed securities 120,399 735 (294 ) 120,840 Municipal bonds 1,570 6 (36 ) 1,540 Asset-backed securities 24,620 7 (5 ) 24,622 Total investment securities $ 206,866 $ 824 $ (340 ) $ 207,350 December 31, 2015 Corporate bonds $ 33,201 $ — $ (47 ) $ 33,154 Commercial paper 6,504 3 (2 ) 6,505 U.S. Treasury notes 17,541 — (16 ) 17,525 Agency securities 4,034 — (19 ) 4,015 Mortgage-backed securities 100,131 195 (554 ) 99,772 Municipal bonds 1,954 11 (65 ) 1,900 Asset-backed securities 18,725 — (57 ) 18,668 Total investment securities $ 182,090 $ 209 $ (760 ) $ 181,539 |
Investments classified by contractual maturity date | As of June 30, 2016 , the contractual maturities of our available-for-sale investment securities were as follows: Amortized cost Fair value (In thousands) Due in one year or less $ 48,893 $ 48,914 Due after one year through five years 13,217 13,271 Due after five years through ten years 67 68 Due after ten years 996 960 Mortgage and asset-backed securities 143,693 144,137 Total investment securities $ 206,866 $ 207,350 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts receivable, net consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Overdrawn account balances due from cardholders $ 17,209 $ 10,198 Reserve for uncollectible overdrawn accounts (14,506 ) (7,999 ) Net overdrawn account balances due from cardholders 2,703 2,199 Trade receivables 3,795 10,644 Reserve for uncollectible trade receivables (244 ) (58 ) Net trade receivables 3,551 10,586 Receivables due from card issuing banks 9,732 8,852 Fee advances 796 11,621 Other receivables 11,667 8,895 Accounts receivable, net $ 28,449 $ 42,153 Activity in the reserve for uncollectible overdrawn accounts consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Balance, beginning of period $ 11,088 $ 12,580 $ 7,999 $ 11,196 Provision for uncollectible overdrawn accounts: Fees 20,854 13,737 35,705 27,381 Purchase transactions 2,167 2,637 4,082 4,185 Charge-offs (19,603 ) (16,915 ) (33,280 ) (30,723 ) Balance, end of period $ 14,506 $ 12,039 $ 14,506 $ 12,039 |
Loans to Bank Customers (Tables
Loans to Bank Customers (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Past due financing receivables | 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 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Current or Less Than 30 Days Past Due Total Outstanding (In thousands) June 30, 2016 Residential $ 120 $ — $ — $ 120 $ 3,717 $ 3,837 Commercial — — — — 357 357 Installment — — — — 1,966 1,966 Total loans $ 120 $ — $ — $ 120 $ 6,040 $ 6,160 Percentage of outstanding 2.0 % — % — % 2.0 % 98.0 % 100.0 % December 31, 2015 Residential $ — $ — $ — $ — $ 3,863 $ 3,863 Commercial — — 19 19 294 313 Installment 2 — — 2 2,527 2,529 Total loans $ 2 $ — $ 19 $ 21 $ 6,684 $ 6,705 Percentage of outstanding — % — % 0.3 % 0.3 % 99.7 % 100.0 % |
Nonperforming loans | The following table presents the carrying value, gross of the related allowance for loan losses, of our nonperforming loans. See Note 2–Summary of Significant Accounting Policies to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2015 for further information on the criteria for classification as nonperforming. June 30, 2016 December 31, 2015 (In thousands) Residential $ 411 $ 366 Commercial — 19 Installment 244 279 Total loans $ 655 $ 664 |
Financing receivable credit quality indicators | The table below presents the carrying value, gross of the related allowance for loan losses, of our loans within the primary credit quality indicators related to our loan portfolio: June 30, 2016 December 31, 2015 Non-Classified Classified Non-Classified Classified (In thousands) Residential $ 3,334 $ 503 $ 3,404 $ 459 Commercial 357 — 294 19 Installment 1,622 344 2,173 356 Total loans $ 5,313 $ 847 $ 5,871 $ 834 |
Troubled debt restructurings | The following table presents our impaired loans and loans that we modified as TDRs as of June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value (In thousands) Residential $ 351 $ 286 $ 24 $ 19 Commercial — — 257 19 Installment 242 110 241 128 |
Allowance for loan losses | Activity in the allowance for loan losses consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Balance, beginning of period $ 278 $ 340 $ 426 $ 444 Provision for loans — 39 (151 ) (34 ) Loans charged off (22 ) (9 ) (22 ) (44 ) Recoveries of loans previously charged off 10 7 13 11 Balance, end of period $ 266 $ 377 $ 266 $ 377 |
Employee Stock-Based Compensa29
Employee Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options and Restricted Stock Units activity | The following table summarizes restricted stock units granted under our 2010 Equity Incentive Plan: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands, except per share data) Restricted stock units granted 792 1,070 1,210 1,650 Weighted-average grant-date fair value $ 23.10 $ 15.07 $ 22.65 $ 16.10 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Deposits [Abstract] | |
Summary of Deposits | Deposits are categorized as non-interest or interest-bearing deposits as follows: June 30, 2016 December 31, 2015 (In thousands) Non-interest bearing deposit accounts GPR deposits $ 430,726 $ 610,652 Other demand deposits 106,251 23,644 Total non-interest bearing deposit accounts 536,977 634,296 Interest-bearing deposit accounts Negotiable order of withdrawal (NOW) 1,008 851 Savings 11,723 8,848 Time deposits, denominations greater than or equal to $100 6,505 6,268 Time deposits, denominations less than $100 1,833 1,882 Total interest-bearing deposit accounts 21,069 17,849 Total deposits $ 558,046 $ 652,145 |
Contractual Maturities For Total Time Deposits | The scheduled contractual maturities for total time deposits are presented in the table below: June 30, 2016 (In thousands) Due in 2016 $ 1,720 Due in 2017 3,765 Due in 2018 606 Due in 2019 365 Due in 2020 1,320 Thereafter 562 Total time deposits $ 8,338 |
Note Payable (Tables)
Note Payable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | As of June 30, 2016 and December 31, 2015 , our outstanding debt, net of deferred financing costs of $5.1 million and $5.8 million , respectively, consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Term facility $ 111,169 $ 121,652 Revolving facility — — Total notes payable $ 111,169 $ 121,652 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of federal tax rate and actual income tax expense | The sources and tax effects of the differences are as follows: Six Months Ended June 30, 2016 2015 U.S. federal statutory tax rate 35.0 % 35.0 % State income taxes, net of federal tax benefit 3.1 2.5 General business credits (2.6 ) (1.1 ) Employee stock-based compensation 0.6 1.0 Other 1.0 1.3 Effective tax rate 37.1 % 38.7 % |
Summary of income tax contingencies | The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is as follows: Six Months Ended June 30, 2016 2015 (In thousands) Beginning balance $ 7,371 $ 6,190 Increases related to positions taken during prior years — — Increases related to positions taken during the current year 889 854 Ending balance $ 8,260 $ 7,044 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate $ 8,260 $ 7,044 |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Class of Treasury Stock | The following table summarizes our ASR activity since inception of the stock repurchase program: Purchase Period End Date Number of Shares (In thousands) Average repurchase price per share ASR Amount (In thousands) April 2016 ASR (2) October 2016 1,867 (1) (1) $ 50,000 September 2015 ASR January 2016 2,342 $ 17.08 $ 40,000 (1 ) "Number of Shares" represents those shares delivered in the beginning of the purchase period and does not represent the final number of shares to be delivered under the ASR. The total number of shares ultimately delivered, and therefore the average repurchase price paid per share, will be determined at the end of the applicable purchase period based on the volume-weighted average price of our common stock during that period. Final settlement is scheduled to occur in or before October 2016. (2 ) In February 2016, we entered into an ASR agreement with a financial institution. The agreement was not deemed effective until April 2016, at which point we made an up-front payment of $50 million in exchange for approximately 1.9 million shares. The initial shares received are treated as reduction to our total common shares outstanding beginning in April 2016. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The calculation of basic and diluted EPS was as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands, except per share data) Basic earnings per Class A common share Net income $ 8,026 $ 3,496 $ 40,908 $ 44,309 Income attributable to preferred stock (244 ) (99 ) (1,226 ) (1,263 ) Income attributable to common stock subject to repurchase — (1 ) — (48 ) Net income allocated to Class A common stockholders $ 7,782 $ 3,396 $ 39,682 $ 42,998 Weighted-average Class A shares issued and outstanding 48,471 51,811 49,167 51,631 Basic earnings per Class A common share $ 0.16 $ 0.07 $ 0.81 $ 0.83 Diluted earnings per Class A common share Net income allocated to Class A common stockholders $ 7,782 $ 3,396 $ 39,682 $ 42,998 Re-allocated earnings 6 1 29 12 Diluted net income allocated to Class A common stockholders $ 7,788 $ 3,397 $ 39,711 $ 43,010 Weighted-average Class A shares issued and outstanding 48,471 51,811 49,167 51,631 Dilutive potential common shares: Stock options 524 272 482 276 Restricted stock units 820 185 745 189 Employee stock purchase plan 3 7 2 8 Diluted weighted-average Class A shares issued and outstanding 49,818 52,275 50,396 52,104 Diluted earnings per Class A common share $ 0.16 $ 0.06 $ 0.79 $ 0.83 |
Antidilutive Shares | The following table shows the weighted-average number of anti-dilutive shares excluded from the diluted EPS calculation: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Class A common stock Options to purchase Class A common stock 118 794 176 789 Restricted stock units 5 85 11 96 Conversion of convertible preferred stock 1,519 1,518 1,519 1,516 Total options, restricted stock units and convertible preferred stock 1,642 2,397 1,706 2,401 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carried at Fair Value on a Recurring Basis | As of June 30, 2016 and December 31, 2015 , our assets and liabilities carried at fair value on a recurring basis were as follows: Note 13—Fair Value Measurements (continued) Level 1 Level 2 Level 3 Total Fair Value June 30, 2016 (In thousands) Assets Corporate bonds $ — $ 27,091 $ — $ 27,091 Commercial paper — 8,408 — 8,408 U.S. Treasury notes — 20,831 — 20,831 Agency securities — 4,018 — 4,018 Mortgage-backed securities — 120,840 — 120,840 Municipal bonds — 1,540 — 1,540 Asset-backed securities — 24,622 — 24,622 Total assets $ — $ 207,350 $ — $ 207,350 Liabilities Contingent consideration $ — $ — $ 8,022 $ 8,022 December 31, 2015 Assets Corporate bonds $ — $ 33,154 $ — $ 33,154 Commercial paper — 6,505 — 6,505 U.S. Treasury notes — 17,525 — 17,525 Agency securities — 4,015 — 4,015 Mortgage-backed securities — 99,772 — 99,772 Municipal bonds — 1,900 — 1,900 Asset-backed securities — 18,668 — 18,668 Total assets $ — $ 181,539 $ — $ 181,539 Liabilities Contingent consideration $ — $ — $ 13,889 $ 13,889 |
Change in Contingent Consideration Payable | The following table presents changes in our contingent consideration payable for the three and six months ended June 30, 2016 and 2015 , which is categorized in Level 3 of the fair value hierarchy: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Balance, beginning of period $ 13,700 $ 15,375 $ 13,889 $ 23,160 Payments of contingent consideration (178 ) (499 ) (367 ) (668 ) Change in fair value of contingent consideration (5,500 ) 100 (5,500 ) (7,516 ) Balance, end of period $ 8,022 $ 14,976 $ 8,022 $ 14,976 |
Fair Value of Financial Instr36
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value of assets not carried at fair value | The carrying values and fair values of certain financial instruments that were not carried at fair value, excluding short-term financial instruments for which the carrying value approximates fair value, at June 30, 2016 and December 31, 2015 are presented in the table below. June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Financial Assets Loans to bank customers, net of allowance $ 5,894 $ 5,231 $ 6,279 $ 5,847 Financial Liabilities Deposits $ 558,046 $ 557,955 $ 652,145 $ 652,060 Note payable $ 111,169 $ 111,169 $ 121,652 $ 121,652 |
Significant Customer Concentr37
Significant Customer Concentrations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Customer concentrations | Revenues derived from our products sold at retail distributors constituting greater than 10% of our total operating revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Walmart 46% 48% 41% 42% Excluding stock-based retailer incentive compensation of $0 and $0.6 million for the three months ended June 30, 2016 and 2015 , respectively, and $0 and $2.5 million for the six months ended June 30, 2016 and 2015 , respectively, revenues derived from our products sold at retail distributors constituting greater than 10% of our total operating revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Walmart 46% 48% 41% 43% Note 16—Significant Customer Concentration (continued) The concentration of GPR cards activated (in units) and the concentration of sales of cash transfer products (in units) derived from our products sold at our four largest retail distributors, including Walmart, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Concentration of GPR cards activated (in units) 57% 59% 57% 60% Concentration of sales of cash transfer products (in units) 73% 81% 73% 81% Settlement assets derived from our products sold at our four largest retail distributors comprised the following percentages of the settlement assets recorded on our consolidated balance sheets: June 30, 2016 December 31, 2015 Walmart 25% 62% Three other largest retail distributors, as a group 4% 9% |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following tables present certain financial information for each of our reportable segments for the periods then ended: Three Months Ended June 30, 2016 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 135,109 $ 45,257 $ (6,878 ) $ 173,488 Operating expenses 114,959 33,020 12,640 160,619 Operating income $ 20,150 $ 12,237 $ (19,518 ) $ 12,869 Three Months Ended June 30, 2015 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 134,772 $ 42,631 $ (7,156 ) $ 170,247 Operating expenses 112,827 30,363 20,139 163,329 Operating income $ 21,945 $ 12,268 $ (27,295 ) $ 6,918 Note 17—Segment Information (continued) Six Months Ended June 30, 2016 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 280,249 $ 136,627 $ (15,364 ) $ 401,512 Operating expenses 234,111 72,042 28,004 334,157 Operating income $ 46,138 $ 64,585 $ (43,368 ) $ 67,355 Six Months Ended June 30, 2015 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 282,631 $ 132,807 $ (18,026 ) $ 397,412 Operating expenses 230,980 67,220 26,398 324,598 Operating income $ 51,651 $ 65,587 $ (44,424 ) $ 72,814 |
Organization (Details)
Organization (Details) customer in Thousands, store in Millions | 6 Months Ended |
Jun. 30, 2016customerstore | |
Business Acquisition [Line Items] | |
Number of stores | store | 0.1 |
Number of customers served | customer | 25 |
Investment Securities - Gross G
Investment Securities - Gross Gains and Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | $ 206,866 | $ 182,090 |
Gross unrealized gains | 824 | 209 |
Gross unrealized losses | (340) | (760) |
Fair value | 207,350 | 181,539 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 27,048 | 33,201 |
Gross unrealized gains | 48 | 0 |
Gross unrealized losses | (5) | (47) |
Fair value | 27,091 | 33,154 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 8,403 | 6,504 |
Gross unrealized gains | 5 | 3 |
Gross unrealized losses | 0 | (2) |
Fair value | 8,408 | 6,505 |
US treasury notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 20,808 | 17,541 |
Gross unrealized gains | 23 | 0 |
Gross unrealized losses | 0 | (16) |
Fair value | 20,831 | 17,525 |
Agencies securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 4,018 | 4,034 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | (19) |
Fair value | 4,018 | 4,015 |
Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 120,399 | 100,131 |
Gross unrealized gains | 735 | 195 |
Gross unrealized losses | (294) | (554) |
Fair value | 120,840 | 99,772 |
Municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 1,570 | 1,954 |
Gross unrealized gains | 6 | 11 |
Gross unrealized losses | (36) | (65) |
Fair value | 1,540 | 1,900 |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 24,620 | 18,725 |
Gross unrealized gains | 7 | 0 |
Gross unrealized losses | (5) | (57) |
Fair value | $ 24,622 | $ 18,668 |
Investment Securities - Continu
Investment Securities - Continuous Unrealized Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | $ 29,380 | $ 29,380 | $ 118,580 | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate loss accumulated in investments | (132) | (132) | (526) | ||
Fair value, 12 months or more | 30,179 | 30,179 | 33,232 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss, accumulated in investments | (208) | (208) | (234) | ||
Total fair value | 59,559 | 59,559 | 151,812 | ||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (340) | (340) | (760) | ||
Other than temporary impairment losses | 0 | $ 0 | 0 | $ 0 | |
Corporate bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 4,354 | 4,354 | 20,416 | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate loss accumulated in investments | (1) | (1) | (22) | ||
Fair value, 12 months or more | 1,995 | 1,995 | 10,679 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss, accumulated in investments | (4) | (4) | (25) | ||
Total fair value | 6,349 | 6,349 | 31,095 | ||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (5) | (5) | (47) | ||
Commercial paper [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 4,322 | ||||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate loss accumulated in investments | (2) | ||||
Fair value, 12 months or more | 0 | ||||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss, accumulated in investments | 0 | ||||
Total fair value | 4,322 | ||||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (2) | ||||
US treasury notes [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 17,525 | ||||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate loss accumulated in investments | (16) | ||||
Fair value, 12 months or more | 0 | ||||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss, accumulated in investments | 0 | ||||
Total fair value | 17,525 | ||||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (16) | ||||
Agencies securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 4,015 | ||||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate loss accumulated in investments | (19) | ||||
Fair value, 12 months or more | 0 | ||||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss, accumulated in investments | 0 | ||||
Total fair value | 4,015 | ||||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (19) | ||||
Mortgage-backed securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 19,412 | 19,412 | 53,634 | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate loss accumulated in investments | (126) | (126) | (410) | ||
Fair value, 12 months or more | 27,224 | 27,224 | 21,518 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss, accumulated in investments | (168) | (168) | (144) | ||
Total fair value | 46,636 | 46,636 | 75,152 | ||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (294) | (294) | (554) | ||
Municipal bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 0 | 0 | 0 | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate loss accumulated in investments | 0 | 0 | 0 | ||
Fair value, 12 months or more | 960 | 960 | 1,035 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss, accumulated in investments | (36) | (36) | (65) | ||
Total fair value | 960 | 960 | 1,035 | ||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (36) | (36) | (65) | ||
Asset-backed securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 5,614 | 5,614 | 18,668 | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate loss accumulated in investments | (5) | (5) | (57) | ||
Fair value, 12 months or more | 0 | 0 | 0 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss, accumulated in investments | 0 | 0 | 0 | ||
Total fair value | 5,614 | 5,614 | 18,668 | ||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | $ (5) | $ (5) | $ (57) |
Investment Securities - Maturit
Investment Securities - Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Amortized cost | ||
Due in one year or less | $ 48,893 | |
Due after one year through five years | 13,217 | |
Due after five years through ten years | 67 | |
Due after ten years | 996 | |
Mortgage and asset-backed securities | 143,693 | |
Total investment securities | 206,866 | |
Fair value | ||
Due in one year or less | 48,914 | |
Due after one year through five years | 13,271 | |
Due after five years through ten years | 68 | |
Due after ten years | 960 | |
Mortgage and asset-backed securities | 144,137 | |
Fair value | $ 207,350 | $ 181,539 |
Accounts Receivable - Accounts
Accounts Receivable - Accounts receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Reserve for uncollectible overdrawn accounts | $ (14,506) | $ (11,088) | $ (7,999) | $ (12,039) | $ (12,580) | $ (11,196) |
Accounts receivable current and noncurrent, net | 28,449 | 42,153 | ||||
Receivables due from card issuing banks [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, gross | 9,732 | 8,852 | ||||
Overdrawn Account Balances due from Cardholders [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, gross | 17,209 | 10,198 | ||||
Reserve for uncollectible overdrawn accounts | (14,506) | (7,999) | ||||
Accounts receivable current and noncurrent, net | 2,703 | 2,199 | ||||
Trade receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, gross | 3,795 | 10,644 | ||||
Reserve for uncollectible overdrawn accounts | (244) | (58) | ||||
Accounts receivable current and noncurrent, net | 3,551 | 10,586 | ||||
Fee advances [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, gross | 796 | 11,621 | ||||
Other receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, gross | $ 11,667 | $ 8,895 |
Accounts Receivable - Reserve f
Accounts Receivable - Reserve for uncollectible overdrawn accounts activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Uncollectible Overdrawn Accounts [Roll Forward] | ||||
Balance, beginning of period | $ 11,088 | $ 12,580 | $ 7,999 | $ 11,196 |
Provision for uncollectible overdrawn accounts | 39,787 | 31,566 | ||
Charge-offs | (19,603) | (16,915) | (33,280) | (30,723) |
Balance, end of period | 14,506 | 12,039 | 14,506 | 12,039 |
Fees [Member] | ||||
Uncollectible Overdrawn Accounts [Roll Forward] | ||||
Provision for uncollectible overdrawn accounts | 20,854 | 13,737 | 35,705 | 27,381 |
Purchase transactions [Member] | ||||
Uncollectible Overdrawn Accounts [Roll Forward] | ||||
Provision for uncollectible overdrawn accounts | $ 2,167 | $ 2,637 | $ 4,082 | $ 4,185 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Impairment of capitalized software | $ 5,000 | $ 136 | $ 4,997 |
Loans to Bank Customers - Loan
Loans to Bank Customers - Loan Summary (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | $ 120 | $ 21 |
Total Outstanding Loans to Bank Customers | $ 6,160 | $ 6,705 |
Percentage of outstanding loans | 100.00% | 100.00% |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | $ 120 | $ 2 |
Percentage of outstanding loans | 2.00% | 0.00% |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | $ 0 | $ 0 |
Percentage of outstanding loans | 0.00% | 0.00% |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | $ 0 | $ 19 |
Percentage of outstanding loans | 0.00% | 0.30% |
Financing Receivables, Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of outstanding loans | 2.00% | 0.30% |
Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due, current | $ 6,040 | $ 6,684 |
Percentage of outstanding loans | 98.00% | 99.70% |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | $ 120 | $ 0 |
Total Outstanding Loans to Bank Customers | 3,837 | 3,863 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | 120 | 0 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | 0 | 0 |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | 0 | 0 |
Residential Portfolio Segment [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due, current | 3,717 | 3,863 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | 0 | 19 |
Total Outstanding Loans to Bank Customers | 357 | 313 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | 0 | 0 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | 0 | 0 |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | 0 | 19 |
Commercial Portfolio Segment [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due, current | 357 | 294 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | 0 | 2 |
Total Outstanding Loans to Bank Customers | 1,966 | 2,529 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | 0 | 2 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | 0 | 0 |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 30 days or more | 0 | 0 |
Consumer Portfolio Segment [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due, current | $ 1,966 | $ 2,527 |
Loans to Bank Customers - Nonpe
Loans to Bank Customers - Nonperforming Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Nonperforming Loans [Line Items] | ||
Nonperforming loans | $ 655 | $ 664 |
Residential Portfolio Segment [Member] | ||
Nonperforming Loans [Line Items] | ||
Nonperforming loans | 411 | 366 |
Commercial Portfolio Segment [Member] | ||
Nonperforming Loans [Line Items] | ||
Nonperforming loans | 0 | 19 |
Consumer Portfolio Segment [Member] | ||
Nonperforming Loans [Line Items] | ||
Nonperforming loans | $ 244 | $ 279 |
Loans to Bank Customers - Credi
Loans to Bank Customers - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | $ 5,894 | $ 6,279 |
Non-Classified | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 5,313 | 5,871 |
Classified | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 847 | 834 |
Residential Portfolio Segment [Member] | Non-Classified | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 3,334 | 3,404 |
Residential Portfolio Segment [Member] | Classified | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 503 | 459 |
Commercial Portfolio Segment [Member] | Non-Classified | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 357 | 294 |
Commercial Portfolio Segment [Member] | Classified | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 0 | 19 |
Consumer Portfolio Segment [Member] | Non-Classified | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 1,622 | 2,173 |
Consumer Portfolio Segment [Member] | Classified | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | $ 344 | $ 356 |
Loans to Bank Customers - Troub
Loans to Bank Customers - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, unpaid principal balance | $ 351 | $ 24 |
Financing receivable, modifications, recorded investment | 286 | 19 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, unpaid principal balance | 0 | 257 |
Financing receivable, modifications, recorded investment | 0 | 19 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, unpaid principal balance | 242 | 241 |
Financing receivable, modifications, recorded investment | $ 110 | $ 128 |
Loans to Bank Customers - Allow
Loans to Bank Customers - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Allowance for Loan Losses [Roll Forward] | ||||
Allowance for loan losses, beginning of period | $ 278 | $ 340 | $ 426 | $ 444 |
Provision for loans | 0 | 39 | (151) | (34) |
Loans charged off | (22) | (9) | (22) | (44) |
Recoveries of loans previously charged off | 10 | 7 | 13 | 11 |
Allowance for loan losses, end of period | $ 266 | $ 377 | $ 266 | $ 377 |
Employee Stock-Based Compensa51
Employee Stock-Based Compensation - Share-based Compensation Equity Granted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee stock-based compensation | $ 7,400 | $ 6,400 | $ 13,052 | $ 11,623 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units granted (shares) | 236,973 | 242,587 | ||
2010 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted in period (shares) | 0 | 0 | 0 | 0 |
2010 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units granted (shares) | 792,000 | 1,070,000 | 1,210,000 | 1,650,000 |
Weighted-average grant-date fair value (in usd per share) | $ 23.10 | $ 15.07 | $ 22.65 | $ 16.10 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
GPR deposits | $ 430,726 | $ 610,652 |
Other demand deposits | 106,251 | 23,644 |
Total non-interest bearing deposit accounts | 536,977 | 634,296 |
Negotiable order of withdrawal (NOW) | 1,008 | 851 |
Savings | 11,723 | 8,848 |
Time deposits, denominations greater than or equal to $100 | 6,505 | 6,268 |
Time deposits, denominations less than $100 | 1,833 | 1,882 |
Total interest-bearing deposit accounts | 21,069 | 17,849 |
Total deposits | $ 558,046 | $ 652,145 |
Deposits - Contractual Maturiti
Deposits - Contractual Maturities (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
Due in 2016 | $ 1,720 |
Due in 2017 | 3,765 |
Due in 2018 | 606 |
Due in 2019 | 365 |
Due in 2020 | 1,320 |
Thereafter | 562 |
Total time deposits | $ 8,338 |
Note Payable - Narrative (Detai
Note Payable - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||||
Deferred financing costs | $ 5,100,000 | $ 5,100,000 | $ 5,800,000 | |||
Repayments of notes payable | $ 11,250,000 | $ 11,250,000 | ||||
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 225,000,000 | |||||
Potential maximum borrowing capacity increase | 50,000,000 | |||||
Effective interest rate (percent) | 3.21% | 3.21% | ||||
Interest expense | $ 1,000,000 | $ 1,100,000 | $ 2,100,000 | 2,200,000 | ||
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Line of Credit [Member] | Base Rate, Condition One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread on interest rate (percent) | 0.50% | |||||
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Line of Credit [Member] | Base Rate, Condition Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread on interest rate (percent) | 1.00% | |||||
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Line of Credit [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Description of variable rate basis | one-month LIBOR | |||||
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Minimum [Member] | Line of Credit [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percent) | 2.50% | |||||
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Minimum [Member] | Line of Credit [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percent) | 1.50% | |||||
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Maximum [Member] | Line of Credit [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percent) | 3.00% | |||||
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Maximum [Member] | Line of Credit [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percent) | 2.00% | |||||
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Revolving Facility [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 75,000,000 | |||||
Debt term | 5 years | |||||
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Term Facility [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 150,000,000 | |||||
Debt term | 5 years | |||||
Quarterly principal payment | $ 5,600,000 | |||||
Repayments of notes payable | $ 11,300,000 | $ 11,300,000 |
Note Payable - Schedule of Debt
Note Payable - Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total notes payable | $ 111,169 | $ 121,652 |
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Total notes payable | 111,169 | 121,652 |
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Line of Credit [Member] | Term Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total notes payable | 111,169 | 121,652 |
Bank Of America, N.A., Wells Fargo Bank, National Association, And Other Lenders [Member] | Line of Credit [Member] | Revolving Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total notes payable | $ 0 | $ 0 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
U.S. federal statutory tax rate | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 3.10% | 2.50% |
General business credits | (2.60%) | (1.10%) |
Employee stock-based compensation | 0.60% | 1.00% |
Other | 1.00% | 1.30% |
Effective tax rate | 37.10% | 38.70% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||
U.S. federal statutory tax rate (percent) | 35.00% | 35.00% | |
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate | $ 8,260 | $ 7,044 | $ 7,400 |
Unrecognized tax benefits, income tax penalties and interest accrued | 900 | ||
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 46,200 | ||
State Tax [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 31,900 | ||
State Tax [Member] | Tax Year 2025 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 900 | ||
State Tax [Member] | Latest Tax Year [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 5,800 | ||
Minimum [Member] | Internal Revenue Service (IRS) [Member] | State Tax [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax examination period | 4 years | ||
Maximum [Member] | Internal Revenue Service (IRS) [Member] | State Tax [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax examination period | 5 years |
Income Taxes - Rollforward of U
Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Beginning balance | $ 7,371 | $ 6,190 | |
Increases related to positions taken during prior years | 0 | 0 | |
Increases related to positions taken during the current year | 889 | 854 | |
Ending balance | 8,260 | 7,044 | |
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate | $ 8,260 | $ 7,044 | $ 7,400 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 1 Months Ended | 6 Months Ended | |
Dec. 31, 2015USD ($) | Jun. 30, 2016USD ($)transaction$ / shares | Jun. 30, 2015USD ($) | |
Class of Stock [Line Items] | |||
Up-front payment for common stock | $ 59,013,000 | $ 0 | |
ASR [Member] | |||
Class of Stock [Line Items] | |||
Stock repurchase program, number of transactions | transaction | 2 | ||
December 2015 Repurchase Plan [Member] | |||
Class of Stock [Line Items] | |||
Up-front payment for common stock | $ 10,000,000 | ||
Stock repurchased during period, value | $ 600,000 | ||
Stock repurchased during period, average cost per share (in USD per share) | $ / shares | $ 16.15 | ||
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Share repurchase program authorized amount | $ 150,000,000 | ||
ASR transaction accounted for as a treasury stock repurchase | $ 100,000,000 |
Stockholders' Equity ASR Activi
Stockholders' Equity ASR Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Apr. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||
Up-front payment for common stock | $ 59,013 | $ 0 | |
April 2016 ASR [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury stock, shares acquired | 1,900 | ||
Up-front payment for common stock | $ 50,000 | ||
Common Class A [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury stock, value | $ 100,000 | ||
Common Class A [Member] | April 2016 ASR [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury stock, shares acquired | 1,867 | ||
Treasury stock, value | $ 50,000 | ||
Common Class A [Member] | September 2015 ASR [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury stock acquired, average cost per share (in USD per share) | $ 17.08 | ||
Treasury stock, shares acquired | 2,342 | ||
Treasury stock, value | $ 40,000 |
Earnings per Common Share - Bas
Earnings per Common Share - Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 8,026 | $ 3,496 | $ 40,908 | $ 44,309 |
Income attributable to preferred stock | (244) | (99) | (1,226) | (1,263) |
Income attributable to common stock subject to repurchase | 0 | (1) | 0 | (48) |
Net income allocated to Class A common stockholders | $ 7,782 | $ 3,396 | $ 39,682 | $ 42,998 |
Weighted-average Class A shares issued and outstanding | 48,471 | 51,811 | 49,167 | 51,631 |
Basic earnings per Class A common share, in usd per share | $ 0.16 | $ 0.07 | $ 0.81 | $ 0.83 |
Re-allocated earnings | $ 6 | $ 1 | $ 29 | $ 12 |
Diluted net income allocated to Class A common stockholders | $ 7,788 | $ 3,397 | $ 39,711 | $ 43,010 |
Diluted weighted-average Class A shares issued and outstanding | 49,818 | 52,275 | 50,396 | 52,104 |
Diluted earnings per Class A common share, in usd per share | $ 0.16 | $ 0.06 | $ 0.79 | $ 0.83 |
Stock Options [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive potential common shares | 524 | 272 | 482 | 276 |
Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive potential common shares | 820 | 185 | 745 | 189 |
Employee Stock Purchase Plan [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive potential common shares | 3 | 7 | 2 | 8 |
Common Class A [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted-average Class A shares issued and outstanding | 48,471 | 51,811 | 49,167 | 51,631 |
Basic earnings per Class A common share, in usd per share | $ 0.16 | $ 0.07 | $ 0.81 | $ 0.83 |
Diluted weighted-average Class A shares issued and outstanding | 49,818 | 52,275 | 50,396 | 52,104 |
Diluted earnings per Class A common share, in usd per share | $ 0.16 | $ 0.06 | $ 0.79 | $ 0.83 |
Earnings per Common Share - Ant
Earnings per Common Share - Antidilutive Shares (Details) - Common Class A [Member] - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Shares [Line Items] | ||||
Antidilutive shares | 1,642 | 2,397 | 1,706 | 2,401 |
Stock Options [Member] | ||||
Antidilutive Shares [Line Items] | ||||
Antidilutive shares | 118 | 794 | 176 | 789 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Shares [Line Items] | ||||
Antidilutive shares | 5 | 85 | 11 | 96 |
Convertible preferred stock [Member] | ||||
Antidilutive Shares [Line Items] | ||||
Antidilutive shares | 1,519 | 1,518 | 1,519 | 1,516 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 207,350 | $ 181,539 |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 27,091 | 33,154 |
Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 8,408 | 6,505 |
US treasury notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 20,831 | 17,525 |
Agencies securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,018 | 4,015 |
Municipal bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 1,540 | 1,900 |
Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 24,622 | 18,668 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 207,350 | 181,539 |
Contingent consideration, fair value | 8,022 | 13,889 |
Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Contingent consideration, fair value | 0 | 0 |
Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 207,350 | 181,539 |
Contingent consideration, fair value | 0 | 0 |
Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Contingent consideration, fair value | 8,022 | 13,889 |
Recurring [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 27,091 | 33,154 |
Recurring [Member] | Corporate bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | Corporate bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 27,091 | 33,154 |
Recurring [Member] | Corporate bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 8,408 | 6,505 |
Recurring [Member] | Commercial paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | Commercial paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 8,408 | 6,505 |
Recurring [Member] | Commercial paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | US treasury notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 20,831 | 17,525 |
Recurring [Member] | US treasury notes [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | US treasury notes [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 20,831 | 17,525 |
Recurring [Member] | US treasury notes [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | Agencies securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,018 | 4,015 |
Recurring [Member] | Agencies securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | Agencies securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,018 | 4,015 |
Recurring [Member] | Agencies securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 120,840 | 99,772 |
Recurring [Member] | Mortgage-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | Mortgage-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 120,840 | 99,772 |
Recurring [Member] | Mortgage-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | Municipal bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 1,540 | 1,900 |
Recurring [Member] | Municipal bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | Municipal bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 1,540 | 1,900 |
Recurring [Member] | Municipal bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 24,622 | 18,668 |
Recurring [Member] | Asset-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring [Member] | Asset-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 24,622 | 18,668 |
Recurring [Member] | Asset-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 0 | $ 0 |
Fair Value Measurements - Conti
Fair Value Measurements - Contingent Consideration Payable (Details) - Contingent Consideration - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 13,700 | $ 15,375 | $ 13,889 | $ 23,160 |
Payments of contingent consideration | (178) | (499) | (367) | (668) |
Change in fair value of contingent consideration | (5,500) | 100 | (5,500) | (7,516) |
Balance, end of period | $ 8,022 | $ 14,976 | $ 8,022 | $ 14,976 |
Fair Value of Financial Instr65
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Loans to bank customers, carrying amount | $ 5,894 | $ 6,279 |
Loans to bank customers, fair value | 5,231 | 5,847 |
Deposits, carrying value | 558,046 | 652,145 |
Deposits, fair value | 557,955 | 652,060 |
Note payable, carrying value | 111,169 | 121,652 |
Note payable, fair value | $ 111,169 | $ 121,652 |
Commitments and Contingencies
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||
Customer credits and transaction losses, reimbursement amount | $ 4.1 | |
Line of Credit [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding, amount | $ 1.5 | $ 1.5 |
Significant Customer Concentr67
Significant Customer Concentrations (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)customer | Jun. 30, 2015USD ($) | Dec. 31, 2015 | |
Concentration Risk [Line Items] | |||||
Stock-based retailer incentive compensation | $ | $ 0 | $ 614 | $ 0 | $ 2,520 | |
Number of major retail distributors | customer | 4 | ||||
Customer Concentration Risk [Member] | Total Operating Revenues [Member] | Walmart [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 46.00% | 48.00% | 41.00% | 42.00% | |
Customer Concentration Risk [Member] | Total Operating Revenues, Excluding Stock-Based Retailer Incentive Compensation [Member] | Walmart [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 46.00% | 48.00% | 41.00% | 43.00% | |
Customer Concentration Risk [Member] | GPR Cards Activated (in units) [Member] | Four Largest Retailers Distributors [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 57.00% | 59.00% | 57.00% | 60.00% | |
Customer Concentration Risk [Member] | Sales of Cash Transfer Products (in units) [Member] | Four Largest Retailers Distributors [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 73.00% | 81.00% | 73.00% | 81.00% | |
Customer Concentration Risk [Member] | Settlement Assets [Member] | Walmart [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage (balance sheet disclosures) | 25.00% | 25.00% | 62.00% | ||
Customer Concentration Risk [Member] | Settlement Assets [Member] | Three Other Largest Retailer Distributors, as a Group [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage (balance sheet disclosures) | 4.00% | 4.00% | 9.00% |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)segment | Jun. 30, 2015USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 2 | |||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 173,488 | $ 170,247 | $ 401,512 | $ 397,412 |
Operating expenses | 160,619 | 163,329 | 334,157 | 324,598 |
Operating income | 12,869 | 6,918 | 67,355 | 72,814 |
Account Services Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 135,109 | 134,772 | 280,249 | 282,631 |
Operating expenses | 114,959 | 112,827 | 234,111 | 230,980 |
Operating income | 20,150 | 21,945 | 46,138 | 51,651 |
Processing and Settlement Services Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 45,257 | 42,631 | 136,627 | 132,807 |
Operating expenses | 33,020 | 30,363 | 72,042 | 67,220 |
Operating income | 12,237 | 12,268 | 64,585 | 65,587 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | (6,878) | (7,156) | (15,364) | (18,026) |
Operating expenses | 12,640 | 20,139 | 28,004 | 26,398 |
Operating income | $ (19,518) | $ (27,295) | $ (43,368) | $ (44,424) |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Millions | 1 Months Ended | |
Jul. 31, 2016 | Nov. 30, 2011 | |
Subsequent Event [Line Items] | ||
Period in which no dividends paid (in years) | 3 years | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Cash dividends | $ 27 |