Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
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 | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 50,820,326 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Unrestricted cash and cash equivalents | $ 708,265 | $ 732,676 |
Restricted cash | 62,374 | 12,085 |
Investment securities available-for-sale, at fair value | 22,333 | 46,686 |
Settlement assets | 163,866 | 137,083 |
Accounts receivable, net | 21,456 | 40,150 |
Prepaid expenses and other assets | 36,111 | 32,186 |
Income tax receivable | 0 | 12,570 |
Total current assets | 1,014,405 | 1,013,436 |
Investment securities available-for-sale, at fair value | 156,513 | 161,740 |
Loans to bank customers, net of allowance for loan losses of $237 and $277 as of September 30, 2017 and December 31, 2016, respectively | 19,791 | 6,059 |
Prepaid expenses and other assets | 7,088 | 4,142 |
Property and equipment, net | 91,623 | 82,621 |
Deferred expenses | 10,668 | 16,647 |
Net deferred tax assets | 4,651 | 4,648 |
Goodwill and intangible assets | 590,561 | 451,051 |
Total assets | 1,895,300 | 1,740,344 |
Current liabilities: | ||
Accounts payable | 26,688 | 22,856 |
Deposits | 834,684 | 737,414 |
Obligations to customers | 60,715 | 46,043 |
Settlement obligations | 5,153 | 4,877 |
Amounts due to card issuing banks for overdrawn accounts | 1,301 | 1,211 |
Other accrued liabilities | 92,856 | 102,426 |
Deferred revenue | 14,171 | 25,005 |
Note payable | 20,906 | 20,966 |
Income tax payable | 2,201 | 0 |
Total current liabilities | 1,058,675 | 960,798 |
Other accrued liabilities | 28,995 | 12,330 |
Note payable | 63,931 | 79,720 |
Net deferred tax liabilities | 3,683 | 3,763 |
Total liabilities | 1,155,284 | 1,056,611 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity: | ||
Class A common stock, $0.001 par value; 100,000 shares authorized as of September 30, 2017 and December 31, 2016; 50,659 and 50,513 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively | 51 | 51 |
Additional paid-in capital | 342,770 | 358,155 |
Retained earnings | 397,582 | 325,708 |
Accumulated other comprehensive loss | (387) | (181) |
Total stockholders’ equity | 740,016 | 683,733 |
Total liabilities and stockholders’ equity | $ 1,895,300 | $ 1,740,344 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Allowance For Loan Losses | $ 237 | $ 277 |
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 | 50,659,000 | 50,513,000 |
Common stock, shares outstanding | 50,659,000 | 50,513,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating revenues: | ||||
Card revenues and other fees | $ 100,781 | $ 79,056 | $ 309,090 | $ 255,484 |
Processing and settlement service revenues | 36,681 | 29,898 | 179,031 | 152,801 |
Interchange revenues | 64,151 | 45,540 | 189,041 | 147,721 |
Total operating revenues | 201,613 | 154,494 | 677,162 | 556,006 |
Operating expenses: | ||||
Sales and marketing expenses | 65,586 | 56,668 | 207,415 | 183,609 |
Compensation and benefits expenses | 47,271 | 37,900 | 139,355 | 122,079 |
Processing expenses | 34,027 | 25,703 | 119,723 | 80,760 |
Other general and administrative expenses | 41,677 | 34,740 | 116,050 | 102,720 |
Total operating expenses | 188,561 | 155,011 | 582,543 | 489,168 |
Operating income (loss) | 13,052 | (517) | 94,619 | 66,838 |
Interest income | 2,635 | 1,637 | 7,812 | 5,471 |
Interest expense | (1,397) | (1,430) | (4,595) | (7,619) |
Income (loss) before income taxes | 14,290 | (310) | 97,836 | 64,690 |
Income tax expense (benefit) | 651 | (2,347) | 24,177 | 21,745 |
Net income | 13,639 | 2,037 | 73,659 | 42,945 |
Income attributable to preferred stock | 0 | (35) | 0 | (1,102) |
Net income available to common stockholders | $ 13,639 | $ 2,002 | $ 73,659 | $ 41,843 |
Basic earnings per common share (in dollars per share) | $ 0.27 | $ 0.04 | $ 1.46 | $ 0.85 |
Diluted earnings per common share (in dollars per share) | $ 0.26 | $ 0.04 | $ 1.40 | $ 0.83 |
Basic weighted-average common shares issued and outstanding (shares) | 50,519 | 49,439 | 50,330 | 49,258 |
Diluted weighted-average common shares issued and outstanding (shares) | 52,923 | 50,709 | 52,788 | 50,510 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 13,639 | $ 2,037 | $ 73,659 | $ 42,945 |
Other comprehensive (loss) income | ||||
Unrealized holding (losses) gains, net of tax | (199) | (56) | (206) | 618 |
Comprehensive income | $ 13,440 | $ 1,981 | $ 73,453 | $ 43,563 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities | ||
Net income | $ 73,659 | $ 42,945 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property and equipment | 25,282 | 30,794 |
Amortization of intangible assets | 22,926 | 17,272 |
Provision for uncollectible overdrawn accounts | 58,505 | 58,694 |
Employee stock-based compensation | 27,384 | 20,941 |
Amortization of premium on available-for-sale investment securities | 1,157 | 1,000 |
Change in fair value of contingent consideration | (7,500) | (5,500) |
Amortization of deferred financing costs | 1,191 | 1,151 |
Impairment of capitalized software | 1,066 | 137 |
Deferred income tax expense (benefit) | 0 | (389) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (35,866) | (43,267) |
Prepaid expenses and other assets | (4,775) | (1,699) |
Deferred expenses | 9,025 | 8,299 |
Accounts payable and other accrued liabilities | (12,541) | (17,609) |
Deferred revenue | (12,764) | (12,555) |
Income tax receivable/payable | 14,711 | (569) |
Other, net | 1,888 | 2,389 |
Net cash provided by operating activities | 163,348 | 102,034 |
Investing activities | ||
Purchases of available-for-sale investment securities | (58,665) | (123,447) |
Proceeds from maturities of available-for-sale securities | 57,784 | 83,031 |
Proceeds from sales of available-for-sale securities | 29,074 | 1,322 |
Increase in restricted cash | (50,284) | (34,344) |
Payments for acquisition of property and equipment | (32,373) | (33,266) |
Net (increase) decrease in loans | (13,732) | 582 |
Acquisition, net of cash acquired | (141,498) | 0 |
Net cash used in investing activities | (209,694) | (106,122) |
Financing activities | ||
Borrowings from notes payable | 20,000 | 0 |
Repayments of borrowings from notes payable | (36,875) | (16,875) |
Borrowings on revolving line of credit | 335,000 | 25,000 |
Repayments on revolving line of credit | (335,000) | (25,000) |
Proceeds from exercise of options | 18,183 | 9,410 |
Taxes paid related to net share settlement of equity awards | (12,737) | (6,325) |
Net increase (decrease) in deposits | 97,270 | (59,170) |
Net decrease in obligations to customers | (11,835) | (35,981) |
Contingent consideration payments | (1,907) | (2,555) |
Repurchase of Class A common stock | (50,000) | (59,013) |
Deferred financing costs | (164) | 0 |
Net cash provided by (used in) financing activities | 21,935 | (170,509) |
Net decrease in unrestricted cash and cash equivalents | (24,411) | (174,597) |
Unrestricted cash and cash equivalents, beginning of year | 732,676 | 772,129 |
Unrestricted cash and cash equivalents, end of year | 708,265 | 597,532 |
Cash paid for interest | 3,404 | 6,467 |
Cash paid for income taxes | $ 9,408 | $ 22,626 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Green Dot Corporation (“we,” “our,” or “us” refer to Green Dot Corporation and its consolidated subsidiaries) is a technology-centric United States Bank Holding Company, regulated by the Board of Governors of the Federal Reserve System and the State of Utah Department of Financial Institutions. Our mission is to reinvent personal banking for the masses. We deploy a “Product and Platform” business strategy whereby we use our subsidiary bank, Green Dot Bank, and our high-scale and robust product and technology capabilities to create, design, develop and distribute our branded financial products and services through a large omni-channel consumer distribution network. Additionally, we enable other qualified and leading consumer, retail, technology and financial services companies to utilize our integrated banking and technology platform, known as our “Banking as a Service,” or “BaaS Platform,” to enable those “platform partners” to create, design, develop and distribute their own innovative and bespoke banking and financial products to satisfy their own business strategies. As the regulated entity and issuing bank for all products and services we issue, whether our own or those of a platform partner, we are directly accountable for all aspects of the program’s integrity, inclusive of ensuring the program’s compliance with all applicable banking regulations, applicable federal and state law and our various internal governance policies and procedures related to all areas of risk and compliance, in addition to deploying enterprise-class risk management practices and procedures to ensure the program’s initial and ongoing safety and soundness. Inclusive of our approximately 100,000 retail distribution locations, plus our direct, corporate, tax preparation (ERO), online, app store and platform partner channels, we believe that our omni-channel distribution network makes us one of the most widely distributed financial services and banking franchises in the United States. Our products and services: We offer consumers a broad collection of financial products and services managed through several diverse business lines which are then made available to consumers through a widely-available “branchless" distribution network in the United States. Most, but not all, of the products and services we internally create and distribute are marketed under the Green Dot brand name, which we believe is both a well-known and highly trusted brand name for millions of consumers. Our branchless network consists of: • distribution arrangements with approximately 100,000 mostly major chain retail locations, which we refer to as “retail distributors” and thousands of neighborhood Financial Service Center locations; • several differently branded, Green Dot-owned and operated direct-to-consumer online and direct mail customer acquisition platforms; • corporate distribution partnerships with businesses that provide payroll cards to their employees to receive wage disbursements; • more than 25,000 small and large tax preparation companies and individual tax preparers, known as electronic return originators, or “EROs”, who are able to offer our products and services to their customers through the use of various tax preparation industry software packages with which our products are integrated; • apps compatible with the iOS and Android operating systems downloaded through the corresponding app store; and • platform partners’ distribution channels that those partners use to acquire customers for their bespoke products and services that are powered by our BaaS Platform. Our products and services include several deposit account programs, such as network-branded reloadable prepaid debit cards marketed under several leading consumer brand names, collectively referred to as "GPR cards," consumer checking accounts, small business checking accounts, network-branded gift cards (known as open-loop), secured credit cards and other financial services. We also offer several products and services that specialize in facilitating the movement cash on behalf of consumers and businesses. These products and services include: our proprietary swipe reload system for crediting cash onto an enabled payment card by swiping the payment card at the point of sale at any Green Dot Network participating retailer; MoneyPak, a product that allows a consumer to add funds to accounts we issue or accounts issued by affiliated United States chartered and regulated third party banks; and e-cash, a remittance product that allows a consumer to send or receive cash using a Green Dot generated bar code or claim Note 1—Organization (continued) number sent to the recipient’s smartphone that is then fulfilled at a Green Dot participating retailer. We refer to these services collectively as our cash transfer products. Our BaaS Platform: Through our BaaS Platform, we currently power the following types of products and services on behalf of several of America’s largest retail, consumer, technology and financial services companies: • Mobile banking; • Loan disbursement accounts; • Spend-based Mobile P2P services; • Money transfer services; • General purpose reloadable prepaid cards; • Network branded "open loop" gift cards; • Instant payment and wage disbursement through our Simply Paid platform; • Small business checking accounts and debit cards; and • Consumer checking accounts. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
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, 2016 for additional disclosures, including a summary of our significant accounting policies. There have been no changes to our significant accounting policies during the nine months ended September 30, 2017 . 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 Recently issued accounting pronouncements not yet adopted In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other ("ASU 2017-04") : Simplifying the Test for Goodwill Impairment , which simplifies the existing two-step guidance for goodwill impairment testing by eliminating the second step resulting in a write-down to goodwill equal to the initial amount of impairment determined in step one. The ASU is to be applied prospectively for reporting periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. We are currently evaluating the impact of the provisions of ASU 2017-04 on our consolidated financial statements, however, we do not anticipate it will have a material impact upon adoption. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash ("ASU 2016-18"), to require that restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts shown on the statement of cash flows. Consequently, transfers between cash and restricted cash will not be presented as a separate line item in the operating, investing or financing sections of the cash flow statement. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments should be applied retrospectively to each period presented. Early adoption is permitted, including adoption in an interim period. We currently plan to adopt ASU 2016-18 on January 1, 2018, the effect of which will result in a change in presentation on our statement of cash flows, but not on our consolidated financial results. Note 2—Summary of Significant Accounting Policies (continued) 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 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 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 ASU 2016-01 on our consolidated financial statements, however, we do not anticipate it will have a material impact upon adoption. 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. The FASB has also issued a number of additional technical corrections since the initial ASU, all of which follow the effective dates of the new revenue recognition guidance under Topic 606. The amendment allows companies to use either a full retrospective or a modified retrospective approach to adopt this ASU. We have formed a cross-functional project team and are currently assessing the impact of the adoption of this principle on our consolidated financial statements. We have performed a review of the requirements under the new revenue standard and are monitoring the activity of the FASB for applicable updates. We are continuing with our assessments of our customer contracts, but have not yet quantified the effect, if any, the new guidance will have on our consolidated financial statements, the related disclosures or our internal controls over financial reporting. However, based on the nature of our most significant revenue streams, our preliminary view is that our current revenue policies and accounting practices under which the amounts and timing of revenue are recorded is overall consistent with the core principles of the new revenue standard and therefore management does not anticipate significant changes to our current policies. We anticipate adopting this ASU on January 1, 2018 using the modified retrospective approach, however, may opt for the full retrospective method depending on the final outcome of our evaluation. 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 ASU 2016-08 on our consolidated financial statements in conjunction with ASU 2014-09, as discussed above. 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. Based on our current accounting policy, we do not expect the adoption of ASU 2016-04 to have a material impact on our consolidated financial statements. Recently adopted accounting pronouncements 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 simplifies 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. We adopted the provisions of ASU 2016-09 effective January 1, 2017. Under ASU 2016-09, all excess tax benefits and tax deficiencies related to stock compensation are now recognized as income tax expense or benefit in the income statement instead of additional paid-in capital on the consolidated balance sheets. Since we did not have any previously unrecognized excess tax benefits, no cumulative-effect adjustment to retained earnings was required upon adoption pertaining to unrecognized excess tax benefits. Excess tax benefits are also now classified as operating activities in the consolidated statements of cash flows instead of in financing activities. The presentation of excess tax benefits on our consolidated statements of cash flows was adopted retrospectively, and accordingly, we reclassified $1.9 million of excess tax benefits under financing activities to operating activities for the nine months ended September 30, 2016 on our consolidated statements of cash flows to conform to the current year presentation. Additionally, upon adoption of ASU 2016-09, we elected to account for forfeitures on stock-based compensation as they occur, rather than estimate future expected forfeitures. As a result of this accounting change, we recognized a net cumulative effect adjustment to reduce retained earnings as of January 1, 2017 for approximately $1.8 million . See Note 7 — Employee Stock-Based Compensation and Note 10 — Income Taxes for additional information on the impact of the adoption on our consolidated financial statements. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combination | Business Combination On February 28, 2017, we completed our acquisition of all the membership interests of UniRush, LLC ("UniRush"), an online direct-to-consumer GPR card and corporate payroll card provider. The fair value of the total consideration in connection with the acquisition was approximately $163.7 million , which included cash and contingent consideration in the form of an earn-out. We financed the transaction with $142.2 million in cash, of which $95 million was raised from a combination of our Revolving Facility, as discussed in Note 9 — Note Payable , and subordinated notes payable of $20 million to the selling shareholders of UniRush. The subordinated notes were repaid during the three months ended March 31, 2017. The transaction terms include an earn-out equal to the greater of (i) a specified percentage of the revenue generated by the online direct-to-consumer GPR card portfolio for the five-year period following the closing or (ii) $20 million , payable quarterly over the five years. Note 3—Business Combination (continued) The following table summarizes the preliminary fair value of consideration transferred: Consideration (In thousands) Cash, including proceeds from notes payable $ 142,154 Fair value of contingent consideration 21,500 Total consideration $ 163,654 The preliminary allocation of the purchase price is as follows: February 28, 2017 (In thousands) Assets: Cash and cash equivalents $ 656 Accounts receivable, net 5,745 Prepaid expenses and other assets 5,147 Property and equipment, net 4,233 Intangible assets 69,000 Goodwill 93,434 Total assets: 178,215 Liabilities: Accounts payable 10,861 Other liabilities 3,700 Total liabilities: 14,561 Net assets acquired $ 163,654 We have not yet completed our final allocation of the total purchase price to the assets acquired and liabilities assumed. We have made a preliminary allocation of the estimated purchase price to the assets acquired and liabilities assumed based on their estimated fair value at the date of purchase. During the measurement period, we may adjust the provisional allocation of the estimated purchase price for new information obtained about facts and circumstances that existed as of the acquisition date, that if known, would have affected the measurements of the amounts recognized at that date. Upon completion of our purchase accounting, we may make additional adjustments, and the valuations for the assets and liabilities may change. Goodwill of approximately $93.4 million represents the excess of the purchase price over the preliminary estimate of the fair value of the underlying identifiable tangible and intangible assets acquired and liabilities assumed. The goodwill arises from the opportunity for synergies and economies of scale from the combined companies, and expanding our reach into the online direct-to-consumer and corporate payroll distribution channels. Although the goodwill will not be amortized for financial reporting purposes, it is anticipated that substantially all of the goodwill will be deductible for federal tax purposes over the statutory period of 15 years. Intangible assets consist primarily of customer relationships and trade name of approximately $58.5 million and $5.5 million , respectively. The customer relationships will be amortized over its estimated useful life of 5 - 10 years and the trade name will be amortized over a period of 15 years . Our acquisition of UniRush was accounted for under the acquisition method of accounting, with the operating results of UniRush included in our consolidated statements of operations from March 1, 2017 to September 30, 2017 . Transaction costs incurred in connection with the acquisition were not material. Note 3—Business Combination (continued) Unaudited pro forma financial information The following unaudited pro forma summary financial results present the consolidated results of operations as if the acquisition of UniRush had occurred as of January 1, 2016, after the effect of certain adjustments, including interest expense on the debt used to fund the purchase, amortization of certain identifiable intangible assets, income and expense items not attributable to ongoing operations and related tax effects. The unaudited pro forma condensed consolidated statements of operations does not include any adjustments for any restructuring activities, operating efficiencies or cost savings. The pro forma results have been presented for comparative purposes only and are not indicative of what would have occurred had the UniRush acquisition been made as of January 1, 2016, or of any potential results which may occur in the future. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Net revenues $ 201,613 $ 179,703 $ 696,447 $ 633,679 Net income (loss) attributable to common stock $ 13,639 $ (1,722 ) $ 66,026 $ 47,412 Basic earnings (loss) per common share $ 0.27 $ (0.03 ) $ 1.31 $ 0.96 Diluted earnings (loss) per common share $ 0.26 $ (0.03 ) $ 1.25 $ 0.94 Basic weighted-average common shares issued and outstanding 50,519 49,439 50,330 49,258 Diluted weighted-average common shares issued and outstanding 52,923 50,709 52,788 50,510 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2017 | |
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) September 30, 2017 Corporate bonds $ 8,231 $ 1 $ (4 ) $ 8,228 Commercial paper 399 — — 399 U.S. Treasury notes 17,014 — (46 ) 16,968 Mortgage-backed securities 130,016 63 (895 ) 129,184 Municipal bonds 1,179 2 (4 ) 1,177 Asset-backed securities 22,956 1 (67 ) 22,890 Total investment securities $ 179,795 $ 67 $ (1,016 ) $ 178,846 December 31, 2016 Corporate bonds $ 21,533 $ 9 $ (7 ) $ 21,535 Commercial paper 12,427 4 (1 ) 12,430 U.S. Treasury notes 21,603 1 (41 ) 21,563 Agency securities 4,002 — (1 ) 4,001 Mortgage-backed securities 117,990 242 (741 ) 117,491 Municipal bonds 1,460 1 (31 ) 1,430 Asset-backed securities 30,131 1 (156 ) 29,976 Total investment securities $ 209,146 $ 258 $ (978 ) $ 208,426 Note 4—Investment Securities (continued) As of September 30, 2017 and December 31, 2016 , 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) September 30, 2017 Corporate bonds $ 6,503 $ (4 ) $ — $ — $ 6,503 $ (4 ) U.S. Treasury notes 9,020 (18 ) 7,949 (28 ) 16,969 (46 ) Mortgage-backed securities 86,545 (628 ) 31,882 (267 ) 118,427 (895 ) Municipal bonds — — 196 (4 ) 196 (4 ) Asset-backed securities 17,373 (51 ) 4,811 (16 ) 22,184 (67 ) Total investment securities $ 119,441 $ (701 ) $ 44,838 $ (315 ) $ 164,279 $ (1,016 ) December 31, 2016 Corporate bonds $ 8,739 $ (7 ) $ 1,999 $ — $ 10,738 $ (7 ) Commercial paper 2,672 (1 ) — — 2,672 (1 ) U.S. Treasury notes 16,211 (41 ) — — 16,211 (41 ) Agency securities 4,002 (1 ) — — 4,002 (1 ) Mortgage-backed securities 23,300 (236 ) 61,383 (505 ) 84,683 (741 ) Municipal bonds — — 937 (31 ) 937 (31 ) Asset-backed securities 25,501 (156 ) — — 25,501 (156 ) Total investment securities $ 80,425 $ (442 ) $ 64,319 $ (536 ) $ 144,744 $ (978 ) We did not record any other-than-temporary impairment losses during the three and nine months ended September 30, 2017 or 2016 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. As of September 30, 2017 , 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 $ 22,374 $ 22,333 Due after one year through five years 3,877 3,870 Due after five years through ten years 57 58 Due after ten years 728 724 Mortgage and asset-backed securities 152,759 151,861 Total investment securities $ 179,795 $ 178,846 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 | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable, net consisted of the following: September 30, 2017 December 31, 2016 (In thousands) Overdrawn account balances due from cardholders $ 18,668 $ 14,773 Reserve for uncollectible overdrawn accounts (15,387 ) (11,932 ) Net overdrawn account balances due from cardholders 3,281 2,841 Trade receivables 5,656 1,941 Reserve for uncollectible trade receivables (29 ) (372 ) Net trade receivables 5,627 1,569 Receivables due from card issuing banks 5,620 8,497 Fee advances 2,765 16,708 Other receivables 4,163 10,535 Accounts receivable, net $ 21,456 $ 40,150 Activity in the reserve for uncollectible overdrawn accounts consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance, beginning of period $ 13,619 $ 14,506 $ 11,932 $ 7,999 Provision for uncollectible overdrawn accounts: Fees 19,124 17,299 53,393 53,003 Purchase transactions 1,943 1,609 5,112 5,691 Charge-offs (19,299 ) (21,623 ) (55,050 ) (54,902 ) Balance, end of period $ 15,387 $ 11,791 $ 15,387 $ 11,791 |
Loans to Bank Customers
Loans to Bank Customers | 9 Months Ended |
Sep. 30, 2017 | |
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) September 30, 2017 Residential $ — $ — $ 6 $ 6 $ 4,311 $ 4,317 Commercial — — — — 122 122 Installment — — — — 1,436 1,436 Secured credit card — — — — 14,153 14,153 Total loans $ — $ — $ 6 $ 6 $ 20,022 $ 20,028 Percentage of outstanding — % — % — % — % 100.0 % 100.0 % December 31, 2016 Residential $ — $ 6 $ — $ 6 $ 3,718 $ 3,724 Commercial — — — — 366 366 Installment — — 2 2 1,742 1,744 Secured credit card — — — — 502 502 Total loans $ — $ 6 $ 2 $ 8 $ 6,328 $ 6,336 Percentage of outstanding — % 0.1 % — % 0.1 % 99.9 % 100.0 % Note 6—Loans to Bank Customers (continued) Secured Credit Card Loans On August 31, 2017, we completed an asset acquisition of a secured credit card portfolio for approximately $8.1 million . In exchange for the payment, we received approximately $8.2 million of secured credit card receivables, all collateralized by the cardholders' security deposits, which also acts as the cardholders' credit limits. 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, 2016 for further information on the criteria for classification as nonperforming. September 30, 2017 December 31, 2016 (In thousands) Residential $ 540 $ 368 Commercial 32 — Total loans $ 572 $ 368 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: September 30, 2017 December 31, 2016 Non-Classified Classified Non-Classified Classified (In thousands) Residential $ 3,762 $ 555 $ 3,036 $ 688 Commercial 90 32 366 — Installment 1,291 145 1,432 312 Secured credit card 14,153 — 502 — Total loans $ 19,296 $ 732 $ 5,336 $ 1,000 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 September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value (In thousands) Residential $ 555 $ 502 $ 388 $ 316 Commercial 32 32 — — Installment 73 25 220 98 Note 6—Loans to Bank Customers (continued) Allowance for Loan Losses Activity in the allowance for loan losses consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance, beginning of period $ 319 $ 266 $ 277 $ 426 Provision (benefit) for loans 72 — 135 (151 ) Loans charged off (158 ) (2 ) (189 ) (24 ) Recoveries of loans previously charged off 4 8 14 21 Balance, end of period $ 237 $ 272 $ 237 $ 272 |
Employee Stock-Based Compensati
Employee Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
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. Restricted Stock Units The following table summarizes restricted stock units with only service conditions granted under our 2010 Equity Incentive Plan: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Restricted stock units granted 106 381 301 1,360 Weighted-average grant-date fair value $ 47.19 $ 22.72 $ 36.86 $ 22.63 Performance Based Restricted Stock Units During the three and nine months ended September 30, 2017 , we also granted performance-based restricted stock units to certain employees that are subject to the attainment of minimum pre-established annual performance targets. The majority of these awards are tied to the achievement of an annual non-GAAP earnings per share target for the grant year. The actual number of shares subject to the award is determined at the end of the annual performance period and may range from zero to 150% percent of the target shares granted. These awards contain an additional service component after each annual performance period is concluded and the unvested balance of the shares determined at the end of the annual performance period will vest over the remaining requisite service period. Compensation expense related to these awards is recognized using the accelerated attribution method over the four -year vesting period based on the fair value of the closing market price of our Class A common stock on the date of the grant and the estimated performance that is expected to be achieved. In the case of our Chief Executive Officer, vesting of the award is based on the achievement of a total shareholder return ("TSR") relative to the S&P 600 index over the three -year performance period. Compensation expense related to these awards is recognized over the performance period based on the grant date fair value through the use of a Monte Carlo simulation and are not subsequently re-measured. The following table summarizes the performance-based restricted stock units granted under our 2010 Equity Incentive Plan: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Performance based restricted stock units granted 1 175 616 412 Weighted-average grant-date fair value $ 46.28 $ 22.81 $ 36.02 $ 24.46 Note 7—Employee Stock-Based Compensation (continued) The total stock-based compensation expense recognized was $11.0 million and $7.9 million for the three months ended September 30, 2017 and 2016 , respectively, and $27.4 million and $20.9 million for the nine months ended September 30, 2017 and 2016 , respectively. Total stock-based compensation expense includes amounts related to awards of stock options, restricted stock units (including performance-based restricted stock units) and purchases under our 2010 Employee Stock Purchase Plan. Effective January 1, 2017, as a result of the adoption of ASU 2016-09, we account for forfeitures on our stock-based compensation as they occur, rather than estimating expected forfeitures. As a result of this accounting change, we recognized a net cumulative effect adjustment to reduce retained earnings as of January 1, 2017 for approximately $1.8 million . |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2017 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits are categorized as non-interest or interest-bearing deposits as follows: September 30, 2017 December 31, 2016 (In thousands) Non-interest bearing deposit accounts GPR deposits $ 668,080 $ 617,220 Other demand deposits 77,309 103,523 Total non-interest bearing deposit accounts 745,389 720,743 Interest-bearing deposit accounts Checking accounts 73,203 1,209 Savings 9,758 8,832 Time deposits, denominations greater than or equal to $100 4,723 5,132 Time deposits, denominations less than $100 1,611 1,498 Total interest-bearing deposit accounts 89,295 16,671 Total deposits $ 834,684 $ 737,414 The scheduled contractual maturities for total time deposits are presented in the table below: September 30, 2017 (In thousands) Due in 2017 $ 1,682 Due in 2018 2,137 Due in 2019 581 Due in 2020 845 Due in 2021 853 Thereafter 236 Total time deposits $ 6,334 |
Note Payable
Note Payable | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Note Payable | Note Payable In October 2014, we entered into a $225.0 million secured 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 year revolving facility (the "Revolving Facility") and 2) a five year $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 September 30, 2017 and December 31, 2016 , our outstanding debt, net of deferred financing costs of $3.3 million and $4.3 million , respectively, consisted of the following: September 30, 2017 December 31, 2016 (In thousands) Term facility $ 84,837 $ 100,686 Revolving facility — — Total notes payable $ 84,837 $ 100,686 Note 9—Note Payable (continued) Quarterly principal payments of $5.6 million are payable on the loans under the Term Facility. During each of the nine months ended September 30, 2017 and 2016 , we made scheduled quarterly principal payments totaling $16.9 million . The Senior Credit Facility matures on October 23, 2019 and any amounts then outstanding are due upon maturity. 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 September 30, 2017 was 3.99% . Interest expense, excluding the amortization of debt issuance costs, related to our Senior Credit Facility was $1.0 million for each of the three months ended September 30, 2017 and 2016 , and $3.3 million and $3.0 million for the nine months ended September 30, 2017 and 2016 , respectively. Covenants and restrictions The Senior Credit Facility contains customary representations and warranties relating to us and our subsidiaries. Obligations under the Senior Credit Facility are secured by first priority liens on, and security interests in, substantially all of our company assets and each Guarantor, as defined in the agreement. 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 September 30, 2017 , we were in compliance with all such covenants. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the nine months ended September 30, 2017 and 2016 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: Nine Months Ended September 30, 2017 2016 U.S. federal statutory tax rate 35.0 % 35.0 % State income taxes, net of federal tax benefit (0.5 ) 1.6 General business credits (3.0 ) (3.5 ) Employee stock-based compensation (8.2 ) 0.6 Other 1.4 (0.1 ) Effective tax rate 24.7 % 33.6 % The effective tax rate for the nine months ended September 30, 2017 and 2016 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 nine months ended September 30, 2017 as compared to the nine months ended September 30, 2016 is primarily due to excess tax benefits related to stock compensation recognized as an income tax benefit instead of additional paid-in capital in accordance with ASU 2016-09 and the release of reserves for uncertain tax positions upon the completion of tax examinations and the expiration of the statute of limitations with certain taxing jurisdictions. See Note 2 — Summary of Significant Accounting Policies for additional information about our adoption of ASU 2016-09. 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 September 30, 2017 and 2016 , 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. Note 10—Income Taxes (continued) We are subject to examination by the Internal Revenue Service, or IRS, and various state tax authorities. We remain subject to examination of our federal income tax return for the years ended December 31, 2014 through 2016. We generally remain subject to examination of our various state income tax returns for a period of three to four years from the respective dates the returns were filed. As of September 30, 2017 , we have net operating loss carryforwards of approximately $41.2 million and $32.3 million for federal and state tax purposes, respectively, which will be available to offset future income. If not used, these carryforwards will expire between 2020 and 2035. In addition, we have state business tax credits of approximately $7.7 million that can be carried forward indefinitely and other state business tax credits of approximately $1.1 million that will expire 2026. As of September 30, 2017 and December 31, 2016 , we had a liability of $6.3 million and $7.3 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: Nine Months Ended September 30, 2017 2016 (In thousands) Beginning balance $ 7,314 $ 7,371 Increases related to positions taken during prior years 404 135 Increases related to positions taken during the current year 1,119 888 Decreases related to positions settled with tax authorities (1,189 ) (1,106 ) Decreases as a result of a lapse of applicable statute of limitations (1,392 ) (109 ) Ending balance $ 6,256 $ 7,179 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate $ 6,256 $ 7,179 As of September 30, 2017 and 2016 , we recognized accrued interest and penalties related to unrecognized tax benefits of approximately $0.3 million and $0.6 million , respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
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. As of March 31, 2017, we have repurchased all $150 million of Class A common stock under the repurchase program, subject to final settlement of our open accelerated share repurchase discussed below. Accelerated Share Repurchases We have entered into accelerated share repurchase arrangements (“ASRs”) with a financial institution from time to time under our stock repurchase program. The following table summarizes our ASR activity since inception of the repurchase program: Purchase Period End Date Number of Shares (In thousands) Average repurchase price per share ASR Amount (In thousands) March 2017 ASR November 2017 1,326 (1) (1) $ 50,000 April 2016 ASR October 2016 2,219 $ 22.54 $ 50,000 September 2015 ASR January 2016 2,342 $ 17.08 $ 40,000 (1 ) "Number of Shares" represents 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 Class A common stock during that period. We expect the March 2017 ASR purchase period will end by November 2017. In exchange for an up-front payment in March 2017, the financial institution delivered 1.3 million shares of our Class A common stock. 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 is 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 result in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. Other In connection with our stock 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 depended 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 | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Basic earnings per Class A common share Net income $ 13,639 $ 2,037 $ 73,659 $ 42,945 Income attributable to preferred stock — (35 ) — (1,102 ) Net income allocated to Class A common stockholders $ 13,639 $ 2,002 $ 73,659 $ 41,843 Weighted-average Class A shares issued and outstanding 50,519 49,439 50,330 49,258 Basic earnings per Class A common share $ 0.27 $ 0.04 $ 1.46 $ 0.85 Diluted earnings per Class A common share Net income allocated to Class A common stockholders $ 13,639 $ 2,002 $ 73,659 $ 41,843 Re-allocated earnings — 1 — 27 Diluted net income allocated to Class A common stockholders $ 13,639 $ 2,003 $ 73,659 $ 41,870 Weighted-average Class A shares issued and outstanding 50,519 49,439 50,330 49,258 Dilutive potential common shares: Stock options 790 532 764 508 Restricted stock units 1,292 644 1,404 665 Performance based restricted stock units 306 82 282 72 Employee stock purchase plan 16 12 8 7 Diluted weighted-average Class A shares issued and outstanding 52,923 50,709 52,788 50,510 Diluted earnings per Class A common share $ 0.26 $ 0.04 $ 1.40 $ 0.83 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. Additionally, we have excluded any performance based restricted stock units for which the performance contingency has not been met as of the end of the period. The following table shows the weighted-average number of shares excluded from the diluted EPS calculation: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Class A common stock Options to purchase Class A common stock 56 71 9 142 Restricted stock units — — — 8 Performance based restricted stock units 539 235 301 172 Conversion of convertible preferred stock — 859 — 1,297 Total options, restricted stock units and convertible preferred stock 595 1,165 310 1,619 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
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, 2016 . Note 13—Fair Value Measurements (continued) As of September 30, 2017 and December 31, 2016 , our assets and liabilities carried at fair value on a recurring basis were as follows: Level 1 Level 2 Level 3 Total Fair Value September 30, 2017 (In thousands) Assets Corporate bonds $ — $ 8,228 $ — $ 8,228 Commercial paper — 399 — 399 U.S. Treasury notes — 16,968 — 16,968 Mortgage-backed securities — 129,184 — 129,184 Municipal bonds — 1,177 — 1,177 Asset-backed securities — 22,890 — 22,890 Total assets $ — $ 178,846 $ — $ 178,846 Liabilities Contingent consideration $ — $ — $ 20,727 $ 20,727 December 31, 2016 Assets Corporate bonds $ — $ 21,535 $ — $ 21,535 Commercial paper — 12,430 — 12,430 U.S. Treasury notes — 21,563 — 21,563 Agency securities — 4,001 — 4,001 Mortgage-backed securities — 117,491 — 117,491 Municipal bonds — 1,430 — 1,430 Asset-backed securities — 29,976 — 29,976 Total assets $ — $ 208,426 $ — $ 208,426 Liabilities Contingent consideration $ — $ — $ 8,634 $ 8,634 We based the fair value of our fixed income securities held as of September 30, 2017 and December 31, 2016 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 nine months ended September 30, 2017 or 2016 . The following table presents changes in our contingent consideration payable for the three and nine months ended September 30, 2017 and 2016 , which is categorized in Level 3 of the fair value hierarchy: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance, beginning of period $ 21,911 $ 8,022 $ 8,634 $ 13,889 Issuance — — 18,000 — Payments of contingent consideration (1,184 ) (2,188 ) (1,907 ) (2,555 ) Purchase accounting adjustment — — 3,500 — Change in fair value of contingent consideration — — (7,500 ) (5,500 ) Balance, end of period $ 20,727 $ 5,834 $ 20,727 $ 5,834 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
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, 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. 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, 2016 . 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, such as the earn-outs associated with our acquisitions of TPG and UniRush, 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 September 30, 2017 and December 31, 2016 are presented in the table below. September 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Financial Assets Loans to bank customers, net of allowance $ 19,791 $ 19,128 $ 6,059 $ 5,421 Financial Liabilities Deposits $ 834,684 $ 834,638 $ 737,414 $ 737,356 Note payable $ 84,837 $ 84,837 $ 100,686 $ 100,686 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Claims In the ordinary course of business, we are a party to various legal proceedings, including, from time to time, actions which are asserted to be maintainable as class action suits. 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 provided reserves where necessary for all claims and, based on current knowledge and in part upon the advice of legal counsel, all matters are believed to be adequately covered by insurance, or, if not covered, we do not expect the outcome in any legal proceedings, individually or collectively, to have a material adverse impact on our financial condition or results of operations. 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. As part of the conversion process, a small percentage of our active cardholders experienced limited disruptions in service. As a result of this limited disruption in service, two putative class action complaints were filed during the second quarter of 2016. Any settlement amount paid to resolve the consolidated class actions will be borne equally between us and the third-party card processor. We have recorded an estimated accrual of approximately $2.3 million , which represents our portion of the estimated total settlement amount, all of which our insurance carrier has agreed to reimburse us for. This amount is recorded in other accrued liabilities and accounts receivable on our consolidated balance sheet as of September 30, 2017 . During the six months ended June 30, 2017, we incurred approximately $9.4 million in incremental processing expenses related to the processor conversion challenges encountered in 2016. During the three months ended September 30, 2017 , we received approximately $6.5 million as a partial recovery of these costs, which has been recorded as an offset to processing expenses on our consolidated statement of operations. Other Matters 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. 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 5 — Accounts Receivable . As of September 30, 2017 and December 31, 2016 , we had $0.5 million outstanding in standby letters of credit issued by a financial institution related to our corporate facility lease. We have provided cash collateral for these outstanding letters of credit as of September 30, 2017 and December 31, 2016 . As of September 30, 2017 and December 31, 2016 , we had restricted cash balances of $62.4 million and $12.1 million . The increase in restricted cash during the nine months ended September 30, 2017 was associated with funds required to collateralize a prefunding obligation with a business partner. |
Significant Customer Concentrat
Significant Customer Concentrations | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Walmart 41% 49% 39% 43% Settlement assets derived from our products sold at retail distributors constituting greater than 10% of the settlement assets outstanding on our consolidated balance sheets were as follows: September 30, 2017 December 31, 2016 Walmart 36% 42% |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
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, payroll cards and open-loop gift cards. The Processing and Settlement Services segment consists principally of revenues and expenses derived from reload services through the Green Dot Network, money processing 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 September 30, 2017 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 170,160 $ 39,088 $ (7,635 ) $ 201,613 Operating expenses 135,693 39,606 13,262 188,561 Operating income $ 34,467 $ (518 ) $ (20,897 ) $ 13,052 Three Months Ended September 30, 2016 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 128,196 $ 32,919 $ (6,621 ) $ 154,494 Operating expenses 105,165 32,151 17,695 155,011 Operating income $ 23,031 $ 768 $ (24,316 ) $ (517 ) Note 17—Segment Information (continued) Nine Months Ended September 30, 2017 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 512,967 $ 187,862 $ (23,667 ) $ 677,162 Operating expenses 403,906 123,287 55,350 582,543 Operating income $ 109,061 $ 64,575 $ (79,017 ) $ 94,619 Nine Months Ended September 30, 2016 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 408,445 $ 169,546 $ (21,985 ) $ 556,006 Operating expenses 339,276 104,193 45,699 489,168 Operating income $ 69,169 $ 65,353 $ (67,684 ) $ 66,838 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2016 for additional disclosures, including a summary of our significant accounting policies. There have been no changes to our significant accounting policies during the nine months ended September 30, 2017 . 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 Recently issued accounting pronouncements not yet adopted In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other ("ASU 2017-04") : Simplifying the Test for Goodwill Impairment , which simplifies the existing two-step guidance for goodwill impairment testing by eliminating the second step resulting in a write-down to goodwill equal to the initial amount of impairment determined in step one. The ASU is to be applied prospectively for reporting periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. We are currently evaluating the impact of the provisions of ASU 2017-04 on our consolidated financial statements, however, we do not anticipate it will have a material impact upon adoption. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash ("ASU 2016-18"), to require that restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts shown on the statement of cash flows. Consequently, transfers between cash and restricted cash will not be presented as a separate line item in the operating, investing or financing sections of the cash flow statement. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments should be applied retrospectively to each period presented. Early adoption is permitted, including adoption in an interim period. We currently plan to adopt ASU 2016-18 on January 1, 2018, the effect of which will result in a change in presentation on our statement of cash flows, but not on our consolidated financial results. Note 2—Summary of Significant Accounting Policies (continued) 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 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 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 ASU 2016-01 on our consolidated financial statements, however, we do not anticipate it will have a material impact upon adoption. 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. The FASB has also issued a number of additional technical corrections since the initial ASU, all of which follow the effective dates of the new revenue recognition guidance under Topic 606. The amendment allows companies to use either a full retrospective or a modified retrospective approach to adopt this ASU. We have formed a cross-functional project team and are currently assessing the impact of the adoption of this principle on our consolidated financial statements. We have performed a review of the requirements under the new revenue standard and are monitoring the activity of the FASB for applicable updates. We are continuing with our assessments of our customer contracts, but have not yet quantified the effect, if any, the new guidance will have on our consolidated financial statements, the related disclosures or our internal controls over financial reporting. However, based on the nature of our most significant revenue streams, our preliminary view is that our current revenue policies and accounting practices under which the amounts and timing of revenue are recorded is overall consistent with the core principles of the new revenue standard and therefore management does not anticipate significant changes to our current policies. We anticipate adopting this ASU on January 1, 2018 using the modified retrospective approach, however, may opt for the full retrospective method depending on the final outcome of our evaluation. 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 ASU 2016-08 on our consolidated financial statements in conjunction with ASU 2014-09, as discussed above. 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. Based on our current accounting policy, we do not expect the adoption of ASU 2016-04 to have a material impact on our consolidated financial statements. Recently adopted accounting pronouncements 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 simplifies 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. We adopted the provisions of ASU 2016-09 effective January 1, 2017. Under ASU 2016-09, all excess tax benefits and tax deficiencies related to stock compensation are now recognized as income tax expense or benefit in the income statement instead of additional paid-in capital on the consolidated balance sheets. Since we did not have any previously unrecognized excess tax benefits, no cumulative-effect adjustment to retained earnings was required upon adoption pertaining to unrecognized excess tax benefits. Excess tax benefits are also now classified as operating activities in the consolidated statements of cash flows instead of in financing activities. The presentation of excess tax benefits on our consolidated statements of cash flows was adopted retrospectively, and accordingly, we reclassified $1.9 million of excess tax benefits under financing activities to operating activities for the nine months ended September 30, 2016 on our consolidated statements of cash flows to conform to the current year presentation. Additionally, upon adoption of ASU 2016-09, we elected to account for forfeitures on stock-based compensation as they occur, rather than estimate future expected forfeitures. As a result of this accounting change, we recognized a net cumulative effect adjustment to reduce retained earnings as of January 1, 2017 for approximately $1.8 million . See Note 7 — Employee Stock-Based Compensation and Note 10 — Income Taxes for additional information on the impact of the adoption on our consolidated financial statements. |
Fair Value of Financial Instruments | Short-term Financial Instruments Our short-term financial instruments consist principally of unrestricted and restricted cash and cash equivalents, 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. 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, 2016 . 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, such as the earn-outs associated with our acquisitions of TPG and UniRush, 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. |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the preliminary fair value of consideration transferred: Consideration (In thousands) Cash, including proceeds from notes payable $ 142,154 Fair value of contingent consideration 21,500 Total consideration $ 163,654 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary allocation of the purchase price is as follows: February 28, 2017 (In thousands) Assets: Cash and cash equivalents $ 656 Accounts receivable, net 5,745 Prepaid expenses and other assets 5,147 Property and equipment, net 4,233 Intangible assets 69,000 Goodwill 93,434 Total assets: 178,215 Liabilities: Accounts payable 10,861 Other liabilities 3,700 Total liabilities: 14,561 Net assets acquired $ 163,654 |
Business Acquisition, Pro Forma Information | The pro forma results have been presented for comparative purposes only and are not indicative of what would have occurred had the UniRush acquisition been made as of January 1, 2016, or of any potential results which may occur in the future. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Net revenues $ 201,613 $ 179,703 $ 696,447 $ 633,679 Net income (loss) attributable to common stock $ 13,639 $ (1,722 ) $ 66,026 $ 47,412 Basic earnings (loss) per common share $ 0.27 $ (0.03 ) $ 1.31 $ 0.96 Diluted earnings (loss) per common share $ 0.26 $ (0.03 ) $ 1.25 $ 0.94 Basic weighted-average common shares issued and outstanding 50,519 49,439 50,330 49,258 Diluted weighted-average common shares issued and outstanding 52,923 50,709 52,788 50,510 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities, Available-for-sale | As of September 30, 2017 and December 31, 2016 , 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) September 30, 2017 Corporate bonds $ 6,503 $ (4 ) $ — $ — $ 6,503 $ (4 ) U.S. Treasury notes 9,020 (18 ) 7,949 (28 ) 16,969 (46 ) Mortgage-backed securities 86,545 (628 ) 31,882 (267 ) 118,427 (895 ) Municipal bonds — — 196 (4 ) 196 (4 ) Asset-backed securities 17,373 (51 ) 4,811 (16 ) 22,184 (67 ) Total investment securities $ 119,441 $ (701 ) $ 44,838 $ (315 ) $ 164,279 $ (1,016 ) December 31, 2016 Corporate bonds $ 8,739 $ (7 ) $ 1,999 $ — $ 10,738 $ (7 ) Commercial paper 2,672 (1 ) — — 2,672 (1 ) U.S. Treasury notes 16,211 (41 ) — — 16,211 (41 ) Agency securities 4,002 (1 ) — — 4,002 (1 ) Mortgage-backed securities 23,300 (236 ) 61,383 (505 ) 84,683 (741 ) Municipal bonds — — 937 (31 ) 937 (31 ) Asset-backed securities 25,501 (156 ) — — 25,501 (156 ) Total investment securities $ 80,425 $ (442 ) $ 64,319 $ (536 ) $ 144,744 $ (978 ) Our available-for-sale investment securities were as follows: Amortized cost Gross unrealized gains Gross unrealized losses Fair value (In thousands) September 30, 2017 Corporate bonds $ 8,231 $ 1 $ (4 ) $ 8,228 Commercial paper 399 — — 399 U.S. Treasury notes 17,014 — (46 ) 16,968 Mortgage-backed securities 130,016 63 (895 ) 129,184 Municipal bonds 1,179 2 (4 ) 1,177 Asset-backed securities 22,956 1 (67 ) 22,890 Total investment securities $ 179,795 $ 67 $ (1,016 ) $ 178,846 December 31, 2016 Corporate bonds $ 21,533 $ 9 $ (7 ) $ 21,535 Commercial paper 12,427 4 (1 ) 12,430 U.S. Treasury notes 21,603 1 (41 ) 21,563 Agency securities 4,002 — (1 ) 4,001 Mortgage-backed securities 117,990 242 (741 ) 117,491 Municipal bonds 1,460 1 (31 ) 1,430 Asset-backed securities 30,131 1 (156 ) 29,976 Total investment securities $ 209,146 $ 258 $ (978 ) $ 208,426 |
Investments Classified by Contractual Maturity Date | As of September 30, 2017 , 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 $ 22,374 $ 22,333 Due after one year through five years 3,877 3,870 Due after five years through ten years 57 58 Due after ten years 728 724 Mortgage and asset-backed securities 152,759 151,861 Total investment securities $ 179,795 $ 178,846 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts receivable, net consisted of the following: September 30, 2017 December 31, 2016 (In thousands) Overdrawn account balances due from cardholders $ 18,668 $ 14,773 Reserve for uncollectible overdrawn accounts (15,387 ) (11,932 ) Net overdrawn account balances due from cardholders 3,281 2,841 Trade receivables 5,656 1,941 Reserve for uncollectible trade receivables (29 ) (372 ) Net trade receivables 5,627 1,569 Receivables due from card issuing banks 5,620 8,497 Fee advances 2,765 16,708 Other receivables 4,163 10,535 Accounts receivable, net $ 21,456 $ 40,150 Activity in the reserve for uncollectible overdrawn accounts consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance, beginning of period $ 13,619 $ 14,506 $ 11,932 $ 7,999 Provision for uncollectible overdrawn accounts: Fees 19,124 17,299 53,393 53,003 Purchase transactions 1,943 1,609 5,112 5,691 Charge-offs (19,299 ) (21,623 ) (55,050 ) (54,902 ) Balance, end of period $ 15,387 $ 11,791 $ 15,387 $ 11,791 |
Loans to Bank Customers (Tables
Loans to Bank Customers (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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) September 30, 2017 Residential $ — $ — $ 6 $ 6 $ 4,311 $ 4,317 Commercial — — — — 122 122 Installment — — — — 1,436 1,436 Secured credit card — — — — 14,153 14,153 Total loans $ — $ — $ 6 $ 6 $ 20,022 $ 20,028 Percentage of outstanding — % — % — % — % 100.0 % 100.0 % December 31, 2016 Residential $ — $ 6 $ — $ 6 $ 3,718 $ 3,724 Commercial — — — — 366 366 Installment — — 2 2 1,742 1,744 Secured credit card — — — — 502 502 Total loans $ — $ 6 $ 2 $ 8 $ 6,328 $ 6,336 Percentage of outstanding — % 0.1 % — % 0.1 % 99.9 % 100.0 % 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, 2016 for further information on the criteria for classification as nonperforming. September 30, 2017 December 31, 2016 (In thousands) Residential $ 540 $ 368 Commercial 32 — Total loans $ 572 $ 368 |
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: September 30, 2017 December 31, 2016 Non-Classified Classified Non-Classified Classified (In thousands) Residential $ 3,762 $ 555 $ 3,036 $ 688 Commercial 90 32 366 — Installment 1,291 145 1,432 312 Secured credit card 14,153 — 502 — Total loans $ 19,296 $ 732 $ 5,336 $ 1,000 |
Troubled Debt Restructurings | The following table presents our impaired loans and loans that we modified as TDRs as of September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value (In thousands) Residential $ 555 $ 502 $ 388 $ 316 Commercial 32 32 — — Installment 73 25 220 98 |
Allowance for Loan Losses | Activity in the allowance for loan losses consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance, beginning of period $ 319 $ 266 $ 277 $ 426 Provision (benefit) for loans 72 — 135 (151 ) Loans charged off (158 ) (2 ) (189 ) (24 ) Recoveries of loans previously charged off 4 8 14 21 Balance, end of period $ 237 $ 272 $ 237 $ 272 |
Employee Stock-Based Compensa29
Employee Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options and Restricted Stock Units activity | The following table summarizes restricted stock units with only service conditions granted under our 2010 Equity Incentive Plan: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Restricted stock units granted 106 381 301 1,360 Weighted-average grant-date fair value $ 47.19 $ 22.72 $ 36.86 $ 22.63 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options and Restricted Stock Units activity | The following table summarizes the performance-based restricted stock units granted under our 2010 Equity Incentive Plan: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Performance based restricted stock units granted 1 175 616 412 Weighted-average grant-date fair value $ 46.28 $ 22.81 $ 36.02 $ 24.46 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Deposits [Abstract] | |
Summary of Deposits | Deposits are categorized as non-interest or interest-bearing deposits as follows: September 30, 2017 December 31, 2016 (In thousands) Non-interest bearing deposit accounts GPR deposits $ 668,080 $ 617,220 Other demand deposits 77,309 103,523 Total non-interest bearing deposit accounts 745,389 720,743 Interest-bearing deposit accounts Checking accounts 73,203 1,209 Savings 9,758 8,832 Time deposits, denominations greater than or equal to $100 4,723 5,132 Time deposits, denominations less than $100 1,611 1,498 Total interest-bearing deposit accounts 89,295 16,671 Total deposits $ 834,684 $ 737,414 |
Contractual Maturities For Total Time Deposits | The scheduled contractual maturities for total time deposits are presented in the table below: September 30, 2017 (In thousands) Due in 2017 $ 1,682 Due in 2018 2,137 Due in 2019 581 Due in 2020 845 Due in 2021 853 Thereafter 236 Total time deposits $ 6,334 |
Note Payable (Tables)
Note Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | As of September 30, 2017 and December 31, 2016 , our outstanding debt, net of deferred financing costs of $3.3 million and $4.3 million , respectively, consisted of the following: September 30, 2017 December 31, 2016 (In thousands) Term facility $ 84,837 $ 100,686 Revolving facility — — Total notes payable $ 84,837 $ 100,686 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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: Nine Months Ended September 30, 2017 2016 U.S. federal statutory tax rate 35.0 % 35.0 % State income taxes, net of federal tax benefit (0.5 ) 1.6 General business credits (3.0 ) (3.5 ) Employee stock-based compensation (8.2 ) 0.6 Other 1.4 (0.1 ) Effective tax rate 24.7 % 33.6 % |
Summary of Income Tax Contingencies | The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is as follows: Nine Months Ended September 30, 2017 2016 (In thousands) Beginning balance $ 7,314 $ 7,371 Increases related to positions taken during prior years 404 135 Increases related to positions taken during the current year 1,119 888 Decreases related to positions settled with tax authorities (1,189 ) (1,106 ) Decreases as a result of a lapse of applicable statute of limitations (1,392 ) (109 ) Ending balance $ 6,256 $ 7,179 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate $ 6,256 $ 7,179 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Class of Treasury Stock | The following table summarizes our ASR activity since inception of the repurchase program: Purchase Period End Date Number of Shares (In thousands) Average repurchase price per share ASR Amount (In thousands) March 2017 ASR November 2017 1,326 (1) (1) $ 50,000 April 2016 ASR October 2016 2,219 $ 22.54 $ 50,000 September 2015 ASR January 2016 2,342 $ 17.08 $ 40,000 (1 ) "Number of Shares" represents 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 Class A common stock during that period. We expect the March 2017 ASR purchase period will end by November 2017. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The calculation of basic and diluted EPS was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Basic earnings per Class A common share Net income $ 13,639 $ 2,037 $ 73,659 $ 42,945 Income attributable to preferred stock — (35 ) — (1,102 ) Net income allocated to Class A common stockholders $ 13,639 $ 2,002 $ 73,659 $ 41,843 Weighted-average Class A shares issued and outstanding 50,519 49,439 50,330 49,258 Basic earnings per Class A common share $ 0.27 $ 0.04 $ 1.46 $ 0.85 Diluted earnings per Class A common share Net income allocated to Class A common stockholders $ 13,639 $ 2,002 $ 73,659 $ 41,843 Re-allocated earnings — 1 — 27 Diluted net income allocated to Class A common stockholders $ 13,639 $ 2,003 $ 73,659 $ 41,870 Weighted-average Class A shares issued and outstanding 50,519 49,439 50,330 49,258 Dilutive potential common shares: Stock options 790 532 764 508 Restricted stock units 1,292 644 1,404 665 Performance based restricted stock units 306 82 282 72 Employee stock purchase plan 16 12 8 7 Diluted weighted-average Class A shares issued and outstanding 52,923 50,709 52,788 50,510 Diluted earnings per Class A common share $ 0.26 $ 0.04 $ 1.40 $ 0.83 |
Antidilutive Shares | The following table shows the weighted-average number of shares excluded from the diluted EPS calculation: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Class A common stock Options to purchase Class A common stock 56 71 9 142 Restricted stock units — — — 8 Performance based restricted stock units 539 235 301 172 Conversion of convertible preferred stock — 859 — 1,297 Total options, restricted stock units and convertible preferred stock 595 1,165 310 1,619 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carried at Fair Value on a Recurring Basis | Note 13—Fair Value Measurements (continued) As of September 30, 2017 and December 31, 2016 , our assets and liabilities carried at fair value on a recurring basis were as follows: Level 1 Level 2 Level 3 Total Fair Value September 30, 2017 (In thousands) Assets Corporate bonds $ — $ 8,228 $ — $ 8,228 Commercial paper — 399 — 399 U.S. Treasury notes — 16,968 — 16,968 Mortgage-backed securities — 129,184 — 129,184 Municipal bonds — 1,177 — 1,177 Asset-backed securities — 22,890 — 22,890 Total assets $ — $ 178,846 $ — $ 178,846 Liabilities Contingent consideration $ — $ — $ 20,727 $ 20,727 December 31, 2016 Assets Corporate bonds $ — $ 21,535 $ — $ 21,535 Commercial paper — 12,430 — 12,430 U.S. Treasury notes — 21,563 — 21,563 Agency securities — 4,001 — 4,001 Mortgage-backed securities — 117,491 — 117,491 Municipal bonds — 1,430 — 1,430 Asset-backed securities — 29,976 — 29,976 Total assets $ — $ 208,426 $ — $ 208,426 Liabilities Contingent consideration $ — $ — $ 8,634 $ 8,634 |
Change in Contingent Consideration Payable | The following table presents changes in our contingent consideration payable for the three and nine months ended September 30, 2017 and 2016 , which is categorized in Level 3 of the fair value hierarchy: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance, beginning of period $ 21,911 $ 8,022 $ 8,634 $ 13,889 Issuance — — 18,000 — Payments of contingent consideration (1,184 ) (2,188 ) (1,907 ) (2,555 ) Purchase accounting adjustment — — 3,500 — Change in fair value of contingent consideration — — (7,500 ) (5,500 ) Balance, end of period $ 20,727 $ 5,834 $ 20,727 $ 5,834 |
Fair Value of Financial Instr36
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and December 31, 2016 are presented in the table below. September 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Financial Assets Loans to bank customers, net of allowance $ 19,791 $ 19,128 $ 6,059 $ 5,421 Financial Liabilities Deposits $ 834,684 $ 834,638 $ 737,414 $ 737,356 Note payable $ 84,837 $ 84,837 $ 100,686 $ 100,686 |
Significant Customer Concentr37
Significant Customer Concentrations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Schedule of 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Walmart 41% 49% 39% 43% Settlement assets derived from our products sold at retail distributors constituting greater than 10% of the settlement assets outstanding on our consolidated balance sheets were as follows: September 30, 2017 December 31, 2016 Walmart 36% 42% |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 170,160 $ 39,088 $ (7,635 ) $ 201,613 Operating expenses 135,693 39,606 13,262 188,561 Operating income $ 34,467 $ (518 ) $ (20,897 ) $ 13,052 Three Months Ended September 30, 2016 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 128,196 $ 32,919 $ (6,621 ) $ 154,494 Operating expenses 105,165 32,151 17,695 155,011 Operating income $ 23,031 $ 768 $ (24,316 ) $ (517 ) Note 17—Segment Information (continued) Nine Months Ended September 30, 2017 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 512,967 $ 187,862 $ (23,667 ) $ 677,162 Operating expenses 403,906 123,287 55,350 582,543 Operating income $ 109,061 $ 64,575 $ (79,017 ) $ 94,619 Nine Months Ended September 30, 2016 Account Services Processing and Settlement Services Corporate and Other Total (In thousands) Operating revenues $ 408,445 $ 169,546 $ (21,985 ) $ 556,006 Operating expenses 339,276 104,193 45,699 489,168 Operating income $ 69,169 $ 65,353 $ (67,684 ) $ 66,838 |
Organization (Details)
Organization (Details) store in Thousands, customer in Thousands | 9 Months Ended |
Sep. 30, 2017customerstore | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores | store | 100 |
Number of customers served (more than) | customer | 25 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Decrease to cash provided by financing activities | $ 21,935 | $ (170,509) | |
Increase to cash provided by operating activities | $ 163,348 | 102,034 | |
Accounting Standards Update 2016-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Decrease to cash provided by financing activities | 1,900 | ||
Increase to cash provided by operating activities | $ 1,900 | ||
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reduction to retained earnings | $ (1,800) |
Business Combination (Details)
Business Combination (Details) - USD ($) $ in Thousands | Feb. 28, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||
Note payable, carrying value | $ 84,837 | $ 84,837 | $ 100,686 | |||
Liabilities: | ||||||
Operating revenues | 201,613 | $ 154,494 | 677,162 | $ 556,006 | ||
Net income | $ 13,639 | $ 2,037 | $ 73,659 | $ 42,945 | ||
UniRush, LLC [Member] | ||||||
Business Combination, Consideration Transferred [Abstract] | ||||||
Cash, including proceeds from notes payable | $ 142,154 | |||||
Fair value of contingent consideration | 21,500 | |||||
Total consideration | 163,654 | |||||
Contingent consideration, earn-out payable | $ 20,000 | |||||
Contingent consideration, earn-out period | 5 years | |||||
Assets: | ||||||
Cash and cash equivalents | $ 656 | |||||
Accounts receivable, net | 5,745 | |||||
Prepaid expenses and other assets | 5,147 | |||||
Property and equipment, net | 4,233 | |||||
Intangible assets | 69,000 | |||||
Goodwill | 93,434 | |||||
Total assets: | 178,215 | |||||
Liabilities: | ||||||
Accounts payable | 10,861 | |||||
Other liabilities | 3,700 | |||||
Total liabilities: | 14,561 | |||||
Net assets acquired | 163,654 | |||||
Subordinated Debt [Member] | UniRush, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash raised from debt | 20,000 | |||||
Term Facility [Member] | Line of Credit [Member] | UniRush, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Note payable, carrying value | 95,000 | |||||
Customer Relationships [Member] | UniRush, LLC [Member] | ||||||
Liabilities: | ||||||
Finite-lived intangibles | 58,500 | |||||
Trade Names [Member] | UniRush, LLC [Member] | ||||||
Liabilities: | ||||||
Finite-lived intangibles | $ 5,500 | |||||
Acquired finite-lived intangible assets, weighted average useful life | 15 years | |||||
Minimum [Member] | Customer Relationships [Member] | UniRush, LLC [Member] | ||||||
Liabilities: | ||||||
Acquired finite-lived intangible assets, weighted average useful life | 5 years | |||||
Maximum [Member] | Customer Relationships [Member] | UniRush, LLC [Member] | ||||||
Liabilities: | ||||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years |
Business Combination Pro Forma
Business Combination Pro Forma (Details) - UniRush, LLC [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | ||||
Net revenues | $ 201,613 | $ 179,703 | $ 696,447 | $ 633,679 |
Net income (loss) attributable to common stock | $ 13,639 | $ (1,722) | $ 66,026 | $ 47,412 |
Common Class A [Member] | ||||
Business Acquisition [Line Items] | ||||
Earnings per share, basic (in dollars per share) | $ 0.27 | $ (0.03) | $ 1.31 | $ 0.96 |
Earnings per share, diluted (in dollars per share) | $ 0.26 | $ (0.03) | $ 1.25 | $ 0.94 |
Basic weighted-average common shares issued and outstanding | 50,519 | 49,439 | 50,330 | 49,258 |
Diluted weighted-average common shares issued and outstanding | 52,923 | 50,709 | 52,788 | 50,510 |
Investment Securities Gross Gai
Investment Securities Gross Gains and Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | $ 179,795 | $ 209,146 |
Gross unrealized gains | 67 | 258 |
Gross unrealized losses | (1,016) | (978) |
Fair value | 178,846 | 208,426 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 8,231 | 21,533 |
Gross unrealized gains | 1 | 9 |
Gross unrealized losses | (4) | (7) |
Fair value | 8,228 | 21,535 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 399 | 12,427 |
Gross unrealized gains | 0 | 4 |
Gross unrealized losses | 0 | (1) |
Fair value | 399 | 12,430 |
US treasury notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 17,014 | 21,603 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | (46) | (41) |
Fair value | 16,968 | 21,563 |
Agencies securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 4,002 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | (1) | |
Fair value | 4,001 | |
Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 130,016 | 117,990 |
Gross unrealized gains | 63 | 242 |
Gross unrealized losses | (895) | (741) |
Fair value | 129,184 | 117,491 |
Municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 1,179 | 1,460 |
Gross unrealized gains | 2 | 1 |
Gross unrealized losses | (4) | (31) |
Fair value | 1,177 | 1,430 |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost basis | 22,956 | 30,131 |
Gross unrealized gains | 1 | 1 |
Gross unrealized losses | (67) | (156) |
Fair value | $ 22,890 | $ 29,976 |
Investment Securities Continuou
Investment Securities Continuous Unrealized Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | $ 119,441 | $ 119,441 | $ 80,425 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (701) | (701) | (442) | ||
Fair value, 12 months or more | 44,838 | 44,838 | 64,319 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (315) | (315) | (536) | ||
Total fair value | 164,279 | 164,279 | 144,744 | ||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (1,016) | (1,016) | (978) | ||
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 | 6,503 | 6,503 | 8,739 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4) | (4) | (7) | ||
Fair value, 12 months or more | 0 | 0 | 1,999 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | 0 | ||
Total fair value | 6,503 | 6,503 | 10,738 | ||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (4) | (4) | (7) | ||
Commercial paper [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 2,672 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | ||||
Fair value, 12 months or more | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | ||||
Total fair value | 2,672 | ||||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (1) | ||||
US treasury notes [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 9,020 | 9,020 | 16,211 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (18) | (18) | (41) | ||
Fair value, 12 months or more | 7,949 | 7,949 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (28) | (28) | 0 | ||
Total fair value | 16,969 | 16,969 | 16,211 | ||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (46) | (46) | (41) | ||
Agencies securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 4,002 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | ||||
Fair value, 12 months or more | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | ||||
Total fair value | 4,002 | ||||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (1) | ||||
Mortgage-backed securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 86,545 | 86,545 | 23,300 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (628) | (628) | (236) | ||
Fair value, 12 months or more | 31,882 | 31,882 | 61,383 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (267) | (267) | (505) | ||
Total fair value | 118,427 | 118,427 | 84,683 | ||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (895) | (895) | (741) | ||
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, Accumulated Loss | 0 | 0 | 0 | ||
Fair value, 12 months or more | 196 | 196 | 937 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4) | (4) | (31) | ||
Total fair value | 196 | 196 | 937 | ||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | (4) | (4) | (31) | ||
Asset-backed securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value, less than 12 months | 17,373 | 17,373 | 25,501 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (51) | (51) | (156) | ||
Fair value, 12 months or more | 4,811 | 4,811 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (16) | (16) | 0 | ||
Total fair value | 22,184 | 22,184 | 25,501 | ||
Available-for-sale securities, continuous unrealized loss position,aggregate loss, accumulated in investments | $ (67) | $ (67) | $ (156) |
Investment Securities Maturitie
Investment Securities Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Amortized cost | ||
Due in one year or less | $ 22,374 | |
Due after one year through five years | 3,877 | |
Due after five years through ten years | 57 | |
Due after ten years | 728 | |
Mortgage and asset-backed securities | 152,759 | |
Total investment securities | 179,795 | |
Fair value | ||
Due in one year or less | 22,333 | |
Due after one year through five years | 3,870 | |
Due after five years through ten years | 58 | |
Due after ten years | 724 | |
Mortgage and asset-backed securities | 151,861 | |
Fair value | $ 178,846 | $ 208,426 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Reserve for uncollectible overdrawn accounts | $ (15,387) | $ (13,619) | $ (11,791) | $ (14,506) | ||
Accounts receivable current and noncurrent, net | 21,456 | $ 40,150 | ||||
Receivables due from card issuing banks [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, gross | 5,620 | 8,497 | ||||
Overdrawn Account Balances due from Cardholders [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, gross | 18,668 | 14,773 | ||||
Reserve for uncollectible overdrawn accounts | (15,387) | (11,932) | $ (7,999) | |||
Accounts receivable current and noncurrent, net | 3,281 | 2,841 | ||||
Trade Receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, gross | 5,656 | 1,941 | ||||
Reserve for uncollectible overdrawn accounts | (29) | (372) | ||||
Accounts receivable current and noncurrent, net | 5,627 | 1,569 | ||||
Fee advances [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, gross | 2,765 | 16,708 | ||||
Other receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, gross | $ 4,163 | $ 10,535 |
Accounts Receivable Reserve For
Accounts Receivable Reserve For Uncollectible Overdrawn Accounts Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Uncollectible Overdrawn Accounts [Roll Forward] | ||||
Balance, beginning of period | $ 13,619 | $ 14,506 | ||
Provision for uncollectible accounts | $ 58,505 | $ 58,694 | ||
Charge-offs | (19,299) | (21,623) | (55,050) | (54,902) |
Balance, end of period | 15,387 | 11,791 | 15,387 | 11,791 |
Fees [Member] | ||||
Uncollectible Overdrawn Accounts [Roll Forward] | ||||
Provision for uncollectible accounts | 19,124 | 17,299 | 53,393 | 53,003 |
Purchase transactions [Member] | ||||
Uncollectible Overdrawn Accounts [Roll Forward] | ||||
Provision for uncollectible accounts | 1,943 | $ 1,609 | 5,112 | $ 5,691 |
Trade Receivables [Member] | ||||
Uncollectible Overdrawn Accounts [Roll Forward] | ||||
Balance, beginning of period | 372 | |||
Balance, end of period | $ 29 | $ 29 |
Loans to Bank Customers Loan Su
Loans to Bank Customers Loan Summary (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Aug. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due 30 days or more | $ 6 | $ 8 | |
Total outstanding loans to bank customers | $ 20,028 | $ 6,336 | |
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 | $ 0 | $ 0 | |
Percentage of outstanding loans | 0.00% | 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 | $ 6 | |
Percentage of outstanding loans | 0.00% | 0.10% | |
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 | $ 6 | $ 2 | |
Percentage of outstanding loans | 0.00% | 0.00% | |
Financing Receivables, Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of outstanding loans | 0.00% | 0.10% | |
Financing Receivables, 1 to 29 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due, current | $ 20,022 | $ 6,328 | |
Percentage of outstanding loans | 100.00% | 99.90% | |
Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due 30 days or more | $ 6 | $ 6 | |
Total outstanding loans to bank customers | 4,317 | 3,724 | |
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 | 0 | 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 | 6 | |
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 | 6 | 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 | 4,311 | 3,718 | |
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due 30 days or more | 0 | 0 | |
Total outstanding loans to bank customers | 122 | 366 | |
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 | 0 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due, current | 122 | 366 | |
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 | 1,436 | 1,744 | |
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 | 0 | |
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 | 2 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due, current | 1,436 | 1,742 | |
Credit Card Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due 30 days or more | 0 | ||
Total outstanding loans to bank customers | $ 8,200 | ||
Credit Card Receivable [Member] | Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due 30 days or more | 0 | ||
Total outstanding loans to bank customers | 14,153 | 502 | |
Credit Card Receivable [Member] | 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 | 0 | |
Credit Card Receivable [Member] | 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 | |
Credit Card Receivable [Member] | 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 | |
Credit Card Receivable [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due, current | $ 14,153 | $ 502 | |
Collateral Pledged [Member] | Credit Card Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable acquired | $ 8,100 |
Loans to Bank Customers Nonperf
Loans to Bank Customers Nonperforming Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Nonperforming Loans [Line Items] | ||
Nonperforming loans | $ 572 | $ 368 |
Residential Portfolio Segment [Member] | ||
Nonperforming Loans [Line Items] | ||
Nonperforming loans | 540 | 368 |
Commercial Portfolio Segment [Member] | ||
Nonperforming Loans [Line Items] | ||
Nonperforming loans | $ 32 | $ 0 |
Loans to Bank Customers Credit
Loans to Bank Customers Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | $ 19,791 | $ 6,059 |
Non-Classified [Member] | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 19,296 | 5,336 |
Classified [Member] | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 732 | 1,000 |
Residential Portfolio Segment [Member] | Non-Classified [Member] | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 3,762 | 3,036 |
Residential Portfolio Segment [Member] | Classified [Member] | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 555 | 688 |
Commercial Portfolio Segment [Member] | Non-Classified [Member] | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 90 | 366 |
Commercial Portfolio Segment [Member] | Classified [Member] | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 32 | 0 |
Installment Portfolio Segment [Member] | Non-Classified [Member] | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 1,291 | 1,432 |
Installment Portfolio Segment [Member] | Classified [Member] | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 145 | 312 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Credit Card Receivable [Member] | Installment Portfolio Segment [Member] | Non-Classified [Member] | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | 14,153 | 502 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Credit Card Receivable [Member] | Installment Portfolio Segment [Member] | Classified [Member] | ||
Outstanding Loans [Line Items] | ||
Loans to bank customers, carrying amount | $ 0 | $ 0 |
Loans to Bank Customers Trouble
Loans to Bank Customers Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, unpaid principal balance | $ 555 | $ 388 |
Financing receivable, modifications, recorded investment | 502 | 316 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, unpaid principal balance | 32 | 0 |
Financing receivable, modifications, recorded investment | 32 | 0 |
Installment Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, unpaid principal balance | 73 | 220 |
Financing receivable, modifications, recorded investment | $ 25 | $ 98 |
Loans to Bank Customers Allowan
Loans to Bank Customers Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Allowance for Loan Losses [Roll Forward] | ||||
Allowance for loan losses, beginning of period | $ 319 | $ 266 | $ 277 | $ 426 |
Provision (benefit) for loans | 72 | 0 | 135 | (151) |
Loans charged off | (158) | (2) | (189) | (24) |
Recoveries of loans previously charged off | 4 | 8 | 14 | 21 |
Allowance for loan losses, end of period | $ 237 | $ 272 | $ 237 | $ 272 |
Employee Stock-Based Compensa53
Employee Stock-Based Compensation Share-based Compensation Equity Granted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee stock-based compensation | $ 11,000 | $ 7,900 | $ 27,384 | $ 20,941 | |
2010 Equity Incentive Plan [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units granted (shares) | 1 | 175 | 616 | 412 | |
Weighted-average grant-date fair value (in dollars per share) | $ 46.28 | $ 22.81 | $ 36.02 | $ 24.46 | |
Award vesting period (in years) | 4 years | ||||
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) | 106 | 381 | 301 | 1,360 | |
Weighted-average grant-date fair value (in dollars per share) | $ 47.19 | $ 22.72 | $ 36.86 | $ 22.63 | |
2010 Equity Incentive Plan- Executive Employees [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period for recognition (in years) | 3 years | ||||
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reduction to retained earnings | $ (1,800) | ||||
Minimum [Member] | 2010 Equity Incentive Plan [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Target share percentage for shares issued | 0.00% | ||||
Maximum [Member] | 2010 Equity Incentive Plan [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Target share percentage for shares issued | 150.00% |
Deposits Summary of Deposits (D
Deposits Summary of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
GPR deposits | $ 668,080 | $ 617,220 |
Other demand deposits | 77,309 | 103,523 |
Total non-interest bearing deposit accounts | 745,389 | 720,743 |
Checking accounts | 73,203 | 1,209 |
Savings | 9,758 | 8,832 |
Time deposits, denominations greater than or equal to $100 | 4,723 | 5,132 |
Time deposits, denominations less than $100 | 1,611 | 1,498 |
Total interest-bearing deposit accounts | 89,295 | 16,671 |
Total deposits | $ 834,684 | $ 737,414 |
Deposits Contractual Maturities
Deposits Contractual Maturities (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
Due in 2017 | $ 1,682 |
Due in 2018 | 2,137 |
Due in 2019 | 581 |
Due in 2020 | 845 |
Due in 2021 | 853 |
Thereafter | 236 |
Total time deposits | $ 6,334 |
Note Payable Narrative (Details
Note Payable Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||||
Deferred financing costs | $ 3,300,000 | $ 3,300,000 | $ 4,300,000 | |||
Repayments of notes payable | $ 36,875,000 | $ 16,875,000 | ||||
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) | 3.99% | 3.99% | ||||
Interest expense | $ 1,000,000 | $ 1,000,000 | $ 3,300,000 | 3,000,000 | ||
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 | $ 16,900,000 | $ 16,900,000 |
Note Payable Schedule of Debt (
Note Payable Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total notes payable | $ 84,837 | $ 100,686 |
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 | 84,837 | 100,686 |
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 | 84,837 | 100,686 |
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 Rate
Income Taxes Effective Tax Rate Reconciliation (Details) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
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 | (0.50%) | 1.60% |
General business credits | (3.00%) | (3.50%) |
Employee stock-based compensation | (8.20%) | 0.60% |
Other | 1.40% | (0.10%) |
Effective tax rate | 24.70% | 33.60% |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
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 | $ 6,256 | $ 7,179 | $ 7,300 |
Unrecognized tax benefits, income tax penalties and interest accrued | 300 | $ 600 | |
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 41,200 | ||
State Tax [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 32,300 | ||
State Tax [Member] | Tax Year 2025 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 1,100 | ||
State Tax [Member] | Latest Tax Year [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 7,700 |
Income Taxes Rollforward of Unr
Income Taxes Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Beginning balance | $ 7,314 | $ 7,371 | |
Increases related to positions taken during prior years | 404 | 135 | |
Increases related to positions taken during the current year | 1,119 | 888 | |
Decreases related to positions settled with tax authorities | (1,189) | (1,106) | |
Decreases as a result of a lapse of applicable statute of limitations | (1,392) | (109) | |
Ending balance | 6,256 | 7,179 | |
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate | $ 6,256 | $ 7,179 | $ 7,300 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($)$ / shares | Sep. 30, 2017USD ($)transaction | Sep. 30, 2016USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2015USD ($) | |
Class of Stock [Line Items] | ||||||
Up-front payment for common stock | $ 50,000,000 | $ 59,013,000 | ||||
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 | $ 150,000,000 | |||||
Accelerated Share Repurchase Agreement [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 |
Stockholders' Equity ASR Activi
Stockholders' Equity ASR Activity (Details) - Common Class A [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Sep. 30, 2017 | |
Equity, Class of Treasury Stock [Line Items] | ||
Treasury stock, value | $ 150,000 | |
March 2017 ASR [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Treasury stock, shares acquired | 1,300 | 1,326 |
Treasury stock, value | $ 50,000 | |
April 2016 ASR [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Treasury stock, shares acquired | 2,219 | |
Treasury stock acquired, average cost per share (in USD per share) | $ 22.54 | |
Treasury stock, value | $ 50,000 | |
September 2015 ASR [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Treasury stock, shares acquired | 2,342 | |
Treasury stock acquired, average cost per share (in USD per share) | $ 17.08 | |
Treasury stock, value | $ 40,000 |
Earnings per Common Share Basic
Earnings per Common Share Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 13,639 | $ 2,037 | $ 73,659 | $ 42,945 |
Income attributable to preferred stock | 0 | (35) | 0 | (1,102) |
Net income allocated to Class A common stockholders | $ 13,639 | $ 2,002 | $ 73,659 | $ 41,843 |
Weighted-average Class A shares issued and outstanding | 50,519 | 49,439 | 50,330 | 49,258 |
Basic earnings per Class A common share, in usd per share | $ 0.27 | $ 0.04 | $ 1.46 | $ 0.85 |
Re-allocated earnings | $ 0 | $ 1 | $ 0 | $ 27 |
Diluted net income allocated to Class A common stockholders | $ 13,639 | $ 2,003 | $ 73,659 | $ 41,870 |
Diluted weighted-average Class A shares issued and outstanding | 52,923 | 50,709 | 52,788 | 50,510 |
Diluted earnings per Class A common share, in usd per share | $ 0.26 | $ 0.04 | $ 1.40 | $ 0.83 |
Stock Options [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive potential common shares | 790 | 532 | 764 | 508 |
Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive potential common shares | 1,292 | 644 | 1,404 | 665 |
Performance Shares [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive potential common shares | 306 | 82 | 282 | 72 |
Employee Stock Purchase Plan [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive potential common shares | 16 | 12 | 8 | 7 |
Earnings per Common Share Antid
Earnings per Common Share Antidilutive Shares (Details) - Common Class A [Member] - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Shares [Line Items] | ||||
Antidilutive shares | 595 | 1,165 | 310 | 1,619 |
Stock Options [Member] | ||||
Antidilutive Shares [Line Items] | ||||
Antidilutive shares | 56 | 71 | 9 | 142 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Shares [Line Items] | ||||
Antidilutive shares | 0 | 0 | 0 | 8 |
Performance Shares [Member] | ||||
Antidilutive Shares [Line Items] | ||||
Antidilutive shares | 539 | 235 | 301 | 172 |
Convertible Preferred Stock [Member] | ||||
Antidilutive Shares [Line Items] | ||||
Antidilutive shares | 0 | 859 | 0 | 1,297 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 178,846 | $ 208,426 |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 8,228 | 21,535 |
Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 399 | 12,430 |
US treasury notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 16,968 | 21,563 |
Agencies securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,001 | |
Municipal bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 1,177 | 1,430 |
Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 22,890 | 29,976 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 178,846 | 208,426 |
Contingent consideration, fair value | 20,727 | 8,634 |
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 | 178,846 | 208,426 |
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 | 20,727 | 8,634 |
Recurring [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 8,228 | 21,535 |
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 | 8,228 | 21,535 |
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 | 399 | 12,430 |
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 | 399 | 12,430 |
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 | 16,968 | 21,563 |
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 | 16,968 | 21,563 |
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 | 4,001 | |
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 | |
Recurring [Member] | Agencies securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,001 | |
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 | |
Recurring [Member] | Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 129,184 | 117,491 |
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 | 129,184 | 117,491 |
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 | 1,177 | 1,430 |
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 | 1,177 | 1,430 |
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 | 22,890 | 29,976 |
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 | 22,890 | 29,976 |
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 Conting
Fair Value Measurements Contingent Consideration Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Change in fair value of contingent consideration | $ 7,500 | $ 5,500 | ||
Contingent Consideration [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 21,911 | $ 8,022 | 8,634 | 13,889 |
Issuance | 0 | 0 | 18,000 | 0 |
Payments of contingent consideration | (1,184) | (2,188) | (1,907) | (2,555) |
Purchase accounting adjustment | 0 | 0 | 3,500 | 0 |
Change in fair value of contingent consideration | 0 | 0 | (7,500) | (5,500) |
Balance, end of period | $ 20,727 | $ 5,834 | $ 20,727 | $ 5,834 |
Fair Value of Financial Instr67
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Loans to bank customers, carrying amount | $ 19,791 | $ 6,059 |
Loans to bank customers, fair value | 19,128 | 5,421 |
Deposits, carrying value | 834,684 | 737,414 |
Deposits, fair value | 834,638 | 737,356 |
Note payable, carrying value | 84,837 | 100,686 |
Note payable, fair value | $ 84,837 | $ 100,686 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2016complaint | Jun. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | |||||
Restricted cash | $ 62,374 | $ 12,085 | |||
Change in fair value of contingent consideration | (7,500) | $ (5,500) | |||
Line of Credit [Member] | Standby Letters of Credit [Member] | |||||
Loss Contingencies [Line Items] | |||||
Letters of credit outstanding, amount | 500 | $ 500 | |||
Limited Disruption in Service [Member] | Migration of Third-Party Card Processor [Member] | Pending Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, new claims filed, number | complaint | 2 | ||||
Limited Disruption in Service [Member] | Migration of Third-Party Card Processor [Member] | Other Current Liabilities [Member] | Pending Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | 2,300 | ||||
General and Administrative Expense [Member] | Limited Disruption in Service [Member] | Migration of Third-Party Card Processor [Member] | Settled Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, loss in period | $ 9,400 | ||||
Product liability contingency, third party recovery | $ 6,500 |
Significant Customer Concentr69
Significant Customer Concentrations (Details) - Customer Concentration Risk [Member] - Walmart [Member] | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Total Operating Revenues [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 41.00% | 49.00% | 39.00% | 43.00% | |
Settlement Assets [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage (balance sheet disclosures) | 36.00% | 36.00% | 42.00% |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)segment | Sep. 30, 2016USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 2 | |||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 201,613 | $ 154,494 | $ 677,162 | $ 556,006 |
Operating expenses | 188,561 | 155,011 | 582,543 | 489,168 |
Operating income (loss) | 13,052 | (517) | 94,619 | 66,838 |
Operating Segments [Member] | Account Services Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 170,160 | 128,196 | 512,967 | 408,445 |
Operating expenses | 135,693 | 105,165 | 403,906 | 339,276 |
Operating income (loss) | 34,467 | 23,031 | 109,061 | 69,169 |
Operating Segments [Member] | Processing and Settlement Services Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 39,088 | 32,919 | 187,862 | 169,546 |
Operating expenses | 39,606 | 32,151 | 123,287 | 104,193 |
Operating income (loss) | (518) | 768 | 64,575 | 65,353 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | (7,635) | (6,621) | (23,667) | (21,985) |
Operating expenses | 13,262 | 17,695 | 55,350 | 45,699 |
Operating income (loss) | $ (20,897) | $ (24,316) | $ (79,017) | $ (67,684) |