Company: GDOT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001386278-25-000034
Chunk: 63

Company: GREEN DOT CORP
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 similar accountholder transaction-based fees, and substantially all of our cash processing revenues. Revenues recognized over time consists of new card fees, monthly maintenance fees, revenue earned from gift cards and substantially all BaaS (as defined herein) partner program management service fees.As presented on our consolidated balance sheets, we record deferred revenue for any upfront payments received in advance of our performance obligations being satisfied. These contract liabilities consist principally of unearned new card fees and monthly maintenance fees. We recognized approximately $2.3 million and $2.9 million in revenue for the three months ended March 31, 2025 and 2024, respectively, that were included in deferred revenue at the beginning of the respective periods and did not recognize any revenue during these periods from performance obligations satisfied in previous periods. Substantially all of the deferred revenue balances at the beginning of the respective periods are recognized in the first half of each year. Changes in the deferred revenue balance are driven primarily by the amount of new card fees recognized during the period, and the degree to which these reductions to the deferred revenue balance are offset by the deferral of new card fees associated with cards sold during the period.

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

Note 4—Investment Securities

Our available-for-sale investment securities were as follows:Amortized costGross unrealized gainsGross unrealized lossesFair value(In thousands)March 31, 2025Corporate bonds$10,000 $— $(30)$9,970 Agency bond securities238,184 — (30,208)207,976 Agency mortgage-backed securities2,125,665 12 (262,288)1,863,389 Municipal bonds28,824 — (5,875)22,949 Total investment securities$2,402,673 $12 $(298,401)$2,104,284 December 31, 2024Corporate bonds$10,000 $— $(110)$9,890 Agency bond securities240,628 — (38,132)202,496 Agency mortgage-backed securities2,121,037 3 (323,467)1,797,573 Municipal bonds29,116 — (6,273)22,843 Total investment securities$2,400,781 $3 $(367,982)$2