Company: GDOT
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001386278-25-000064
Chunk: 76

Company: GREEN DOT CORP
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 76
---
 "2019 Revolving Facility"), which matured in October 2024. In September 2024, the then-outstanding balance on the 2019 Revolving Facility was repaid in full, and the 2019 Revolving Facility terminated at its maturity date.

We incurred total cash interest expense on our debt of approximately $1.4 million and $1.2 million during the three months ended June 30, 2025 and 2024, respectively, and $2.7 million during each of the six months ended June 30, 2025 and 2024.

Note 10—Income Taxes

Our income tax benefit for the six months ended June 30, 2025 and income tax expense for the six months ended June 30, 2024 differs from the amount computed by applying the statutory federal income tax rate to income before income taxes. The sources and tax effects of the differences are as follows: Six Months Ended June 30, 20252024U.S. federal statutory tax rate21.0 %21.0 %State income taxes, net of federal tax benefit5.7 11.5 Foreign tax rate differential0.3 2.9 General business credits1.6 24.9 IRC 162(m) limitation2.3 7.5 Stock-based compensation(4.9)(12.6)Bank-owned life insurance income2.0 8.7 Bank-owned life insurance surrender— (3.1)Nondeductible expenses and penalties(0.3)(65.5)Global intangible low-tax income tax(0.2)(3.2)Other(0.1)(0.1)Effective tax rate27.4 %(8.0)%

15

Table of ContentsGREEN DOT CORPORATIONNOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Note 10—Income Taxes (continued)The effective tax rate for the six months ended June 30, 2025 and 2024 differs from the statutory federal income tax rate of 21%, primarily due to state income taxes, net of federal tax benefits, general business credits, stock-based compensation, and the Internal Revenue Code (the "IRC") 162(m) limitation on the deductibility of executive compensation. The net increase in the effective tax rate for the six months ended June 30, 2025 from the prior year comparable period was due to several factors, including