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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________________________
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to
Commission file number 001-34819
https://cdn.kscope.io/9bc68e2aae83547c77b7e259df72343d-gdot-20210630_g1.jpg
(Exact name of Registrant as specified in its charter)

Delaware95-4766827
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)

3465 E. Foothill Blvd.
Pasadena,California91107(626)765-2000
(Address of principal executive offices, including zip code)(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbol(s):Name of each exchange on which registered:
Class A Common Stock, $0.001 par valueGDOTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ
There were 54,644,063 shares of Class A common stock outstanding, par value $.001 per share as of July 31, 2021.



GREEN DOT CORPORATION
TABLE OF CONTENTS
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Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.



Table of Contents
PART I
ITEM 1. Financial Statements
GREEN DOT CORPORATION
CONSOLIDATED BALANCE SHEETS
June 30, 2021December 31, 2020
(unaudited)
Assets(In thousands, except par value)
Current assets:  
Unrestricted cash and cash equivalents$1,891,100 $1,491,842 
Restricted cash4,206 4,859 
Settlement assets384,200 782,262 
Accounts receivable, net58,299 67,755 
Prepaid expenses and other assets61,795 66,705 
Income tax receivable611  
Total current assets2,400,211 2,413,423 
Investment securities available-for-sale, at fair value1,090,513 970,969 
Loans to bank customers, net of allowance for loan losses of $6,693 and $757 as of June 30, 2021 and December 31, 2020, respectively
27,355 21,011 
Prepaid expenses and other assets124,563 40,481 
Property, equipment, and internal-use software, net130,821 133,400 
Operating lease right-of-use assets12,024 13,134 
Deferred expenses8,688 18,332 
Net deferred tax assets17,499 12,739 
Goodwill and intangible assets476,890 491,778 
Total assets$4,288,564 $4,115,267 
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accounts payable$39,032 $34,823 
Deposits2,864,782 2,735,116 
Obligations to customers129,641 95,375 
Settlement obligations11,252 17,759 
Amounts due to card issuing banks for overdrawn accounts498 235 
Other accrued liabilities120,427 145,359 
Operating lease liabilities7,329 8,175 
Deferred revenue16,254 28,584 
Income tax payable10,795 12,146 
Total current liabilities3,200,010 3,077,572 
Other accrued liabilities2,333 4,275 
Operating lease liabilities11,329 16,396 
Net deferred tax liabilities7,192 7,192 
Total liabilities3,220,864 3,105,435 
Commitments and contingencies (Note 17)
Stockholders’ equity:  
Class A common stock, $0.001 par value; 100,000 shares authorized as of June 30, 2021 and December 31, 2020; 54,640 and 54,034 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
55 54 
Additional paid-in capital375,551 354,460 
Retained earnings702,558 651,890 
Accumulated other comprehensive (loss) income(10,464)3,428 
Total stockholders’ equity1,067,700 1,009,832 
Total liabilities and stockholders’ equity$4,288,564 $4,115,267 
See notes to unaudited consolidated financial statements
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GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
 (In thousands, except per share data)
Operating revenues:
Card revenues and other fees$197,937 $152,681 $383,949 $294,075 
Cash processing revenues66,825 65,450 157,740 188,516 
Interchange revenues101,115 95,970 212,341 186,836 
Interest income, net3,496 2,139 8,829 8,982 
Total operating revenues369,373 316,240 762,859 678,409 
Operating expenses:
Sales and marketing expenses96,507 106,811 215,410 223,549 
Compensation and benefits expenses59,984 58,867 134,951 111,932 
Processing expenses94,316 71,371 191,985 142,466 
Other general and administrative expenses86,763 73,801 154,725 136,223 
Total operating expenses337,570 310,850 697,071 614,170 
Operating income31,803 5,390 65,788 64,239 
Interest expense, net38 443 75 684 
Other income, net1,633 2,154 547 2,346 
Income before income taxes33,398 7,101 66,260 65,901 
Income tax expense8,465 3,807 15,592 15,762 
Net income $24,933 $3,294 $50,668 $50,139 
Basic earnings per common share:$0.46 $0.06 $0.93 $0.95 
Diluted earnings per common share:$0.45 $0.06 $0.91 $0.93 
Basic weighted-average common shares issued and outstanding:54,005 52,275 53,829 52,084 
Diluted weighted-average common shares issued and outstanding:55,061 53,164 55,059 52,913 
See notes to unaudited consolidated financial statements
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GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
(In thousands)
Net income $24,933 $3,294 $50,668 $50,139 
Other comprehensive income (loss)
Unrealized holding gain (loss), net of tax8,652 (4,006)(13,892)151 
Comprehensive income (loss)$33,585 $(712)$36,776 $50,290 
See notes to unaudited consolidated financial statements
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GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(UNAUDITED)
Three Months Ended June 30, 2021
Class A Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
SharesAmount
(In thousands)
Balance at March 31, 202154,389 $54 $364,926 $677,625 $(19,116)$1,023,489 
Common stock issued under stock plans, net of withholdings and related tax effects251 1 2,259   2,260 
Stock-based compensation  8,366   8,366 
Net income   24,933  24,933 
Other comprehensive income    8,652 8,652 
Balance at June 30, 202154,640 $55 $375,551 $702,558 $(10,464)$1,067,700 
Three Months Ended June 30, 2020
Class A Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeTotal Stockholders' Equity
SharesAmount
(In thousands)
Balance at March 31, 202052,854 $53 $306,151 $675,604 $6,197 $988,005 
Common stock issued under stock plans, net of withholdings and related tax effects443 — 3,330 — — 3,330 
Stock-based compensation— — 13,602 — — 13,602 
Net income— — — 3,294 — 3,294 
Other comprehensive loss— — — — (4,006)(4,006)
Balance at June 30, 202053,297 $53 $323,083 $678,898 $2,191 $1,004,225 
See notes to unaudited consolidated financial statements
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GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (CONTINUED)
(UNAUDITED)
Six Months Ended June 30, 2021
Class A Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
SharesAmount
(In thousands)
Balance at December 31, 202054,034 $54 $354,460 $651,890 $3,428 $1,009,832 
Common stock issued under stock plans, net of withholdings and related tax effects606 1 (4,512)  (4,511)
Stock-based compensation  25,603   25,603 
Net income   50,668  50,668 
Other comprehensive loss    (13,892)(13,892)
Balance at June 30, 202154,640 $55 $375,551 $702,558 $(10,464)$1,067,700 
Six Months Ended June 30, 2020
Class A Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeTotal Stockholders' Equity
SharesAmount
(In thousands)
Balance at December 31, 201951,807 $52 $296,224 $629,040 $2,040 $927,356 
Common stock issued under stock plans, net of withholdings and related tax effects515 — 1,873 — — 1,873 
Stock-based compensation— — 24,987 — — 24,987 
Walmart restricted shares975 1 (1)— —  
Net income— — — 50,139 — 50,139 
Other comprehensive income— — — — 151 151 
Cumulative effect adjustment for adoption of ASU No. 2016-13 (CECL)— — — (281)— (281)
Balance at June 30, 202053,297 $53 $323,083 $678,898 $2,191 $1,004,225 
See notes to unaudited consolidated financial statements
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GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Six Months Ended June 30,
 20212020
 (In thousands)
Operating activities  
Net income$50,668 $50,139 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization of property, equipment and internal-use software27,181 28,175 
Amortization of intangible assets13,887 14,231 
Provision for uncollectible overdrawn accounts from purchase transactions10,213 4,398 
Provision for loan losses10,143 254 
Stock-based compensation25,603 24,987 
(Earnings) losses in equity method investments(578)2,716 
Realized gain on sale of available-for-sale investment securities (5,062)
Amortization of premium on available-for-sale investment securities1,588 432 
Amortization of deferred financing costs84 84 
Impairment of long-lived assets 1,088 
Changes in operating assets and liabilities:
Accounts receivable, net(757)8,583 
Prepaid expenses and other assets6,330 9,285 
Deferred expenses9,644 9,981 
Accounts payable and other accrued liabilities(15,505)13,665 
Deferred revenue(12,542)(15,096)
Income tax receivable/payable(1,958)15,407 
Other, net(4,545)(1,751)
Net cash provided by operating activities119,456 161,516 
Investing activities  
Purchases of available-for-sale investment securities(217,652)(208,502)
Proceeds from maturities of available-for-sale securities72,666 61,717 
Proceeds from sales and calls of available-for-sale securities5,198 187,668 
Payments for acquisition of property and equipment(23,826)(31,395)
Net changes in loans(16,487)1,612 
Investment in TailFin Labs, LLC(35,000)(35,000)
Purchase of bank-owned life insurance policies(50,000) 
Other(599)(832)
Net cash used in investing activities(265,700)(24,732)
Financing activities
Borrowings on revolving line of credit 100,000 
Repayments on revolving line of credit (135,000)
Proceeds from exercise of options and ESPP purchases5,230 4,858 
Taxes paid related to net share settlement of equity awards(9,741)(2,985)
Net changes in deposits125,539 826,203 
Net changes in settlement assets and obligations to customers425,821 (56,603)
Contingent consideration payments(2,000)(2,000)
Net cash provided by financing activities544,849 734,473 
Net increase in unrestricted cash, cash equivalents and restricted cash398,605 871,257 
Unrestricted cash, cash equivalents and restricted cash, beginning of period1,496,701 1,066,154 
Unrestricted cash, cash equivalents and restricted cash, end of period$1,895,306 $1,937,411 
Cash paid for interest$274 $759 
Cash paid for income taxes$17,289 $34 
Reconciliation of unrestricted cash, cash equivalents and restricted cash at end of period:
Unrestricted cash and cash equivalents$1,891,100 $1,931,467 
Restricted cash4,206 5,944 
Total unrestricted cash, cash equivalents and restricted cash, end of period$1,895,306 $1,937,411 
See notes to unaudited consolidated financial statements
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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1—Organization
Green Dot Corporation (“we,” “our,” or “us” refer to Green Dot Corporation and its consolidated subsidiaries) is a financial technology and registered bank holding company focused on making modern banking and money movement accessible for all. Our goal is to deliver trusted, best-in-class money management and payment solutions to our customers and partners, seamlessly connecting people to their money. Our proprietary technology enables faster, more efficient electronic payments and money management, powering intuitive and seamless ways for people to spend, send, control and save their money. Through our bank, we offer a suite of financial products to consumers and businesses including debit, prepaid, checking, credit and payroll cards, as well as robust money processing services, such as cash deposits and disbursements, and tax refund processing.
We were incorporated in Delaware in 1999 and became a bank holding company under the Bank Holding Company Act and a member bank of the Federal Reserve System in December 2011.
Note 2—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, 2020 for additional disclosures, including a summary of our significant accounting policies. There have been no material changes to our significant accounting policies during the six months ended June 30, 2021, other than the adoption of the accounting pronouncements discussed herein. In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal and recurring items, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of June 30, 2021 and through the date of this report. The accounting estimates used in the preparation of our consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained, and as our operating environment changes. Actual results may differ from these estimates due to the uncertainty around the magnitude, duration and effects of the COVID-19 pandemic, as well as other factors.
Recent Accounting Pronouncements    
Recently adopted accounting pronouncements
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies various aspects related to the accounting for income taxes. The standard removes certain exceptions to the general principles in Topic 740 and also clarifies and modifies existing guidance to improve consistent application of Topic 740. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We adopted the provisions of ASU 2019-12 on January 1, 2021, the results of which did not have a material impact on our consolidated financial statements.
Recently issued accounting pronouncements not yet adopted
In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies an issuer’s accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are currently evaluating the provisions of ASU 2020-06, but do not expect any material impact on our consolidated financial statements.
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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
Note 2—Summary of Significant Accounting Policies (continued)
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions to GAAP requirements for modifications of debt instruments, leases, derivatives and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The guidance permits entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The amendments in ASU 2020-04 were effective upon issuance and may be elected over time through December 31, 2022, as reference rate reform activities occur. Upon adoption, the guidance must be applied prospectively for all eligible contract modifications. We do not expect any material impact on our consolidated financial statements as our existing revolving line of credit is based on variable rates available that we elect at the time of borrowing. See Note 9 — Debt, to these consolidated financial statements for additional information.
Note 3—Revenues
As discussed in Note 19 — Segment Information, we determine our operating segments based on how our chief operating decision maker manages our operations, makes operating decisions and evaluates operating performance. Within our segments, we believe that the nature, amount, timing and uncertainty of our revenue and cash flows and how they are affected by economic factors can be further illustrated based on the timing in which revenue for each of our products and services is recognized. Our products and services are offered only to customers within the United States.
The following table disaggregates our revenues earned from external customers by each of our reportable segments:
Three Months Ended June 30, 2021
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$113,924 $43,016 $64,715 $221,655 
Transferred over time62,506 80,412 1,304 144,222 
Operating revenues (1)
$176,430 $123,428 $66,019 $365,877 
Three Months Ended June 30, 2020
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$99,429 $43,517 $63,834 $206,780 
Transferred over time56,763 48,725 1,833 107,321 
Operating revenues (1)
$156,192 $92,242 $65,667 $314,101 
Six Months Ended June 30, 2021
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$226,576 $91,875 $153,835 $472,286 
Transferred over time128,532 150,661 2,551 281,744 
Operating revenues (1)
$355,108 $242,536 $156,386 $754,030 
Six Months Ended June 30, 2020
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$188,730 $90,574 $182,934 $462,238 
Transferred over time113,707 90,697 2,785 207,189 
Operating revenues (1)
$302,437 $181,271 $185,719 $669,427 
(1)
Excludes net interest income, a component of total operating revenues, as it is outside the scope of ASC 606, Revenues. Also excludes the effects of intersegment revenues.
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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
Note 3—Revenues (continued)
Revenues recognized at a point in time are comprised of ATM fees, interchange, and other similar transaction-based fees. Revenues recognized over time consists of new card fees, monthly maintenance fees, revenue earned from gift cards and substantially all BaaS partner program management fees. Substantially all of our money movement services are recognized at a point in time.
As disclosed 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 $9.1 million and $8.9 million in revenue for the three months ended June 30, 2021 and 2020, respectively, and $26.6 million and $25.9 million for the six months ended June 30, 2021 and 2020, respectively, that were included in deferred revenue at the beginning of the periods and did not recognize any revenue during these periods from performance obligations satisfied in previous periods. 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.
Note 4—Investment Securities
Our available-for-sale investment securities were as follows:
Amortized costGross unrealized gainsGross unrealized lossesFair value
(In thousands)
June 30, 2021
Corporate bonds$10,000 $7 $ $10,007 
Agency bond securities230,840  (6,260)224,580 
Agency mortgage-backed securities826,446 1,339 (10,014)817,771 
Municipal bonds29,770 310 (42)30,038 
Asset-backed securities7,985 135 (3)8,117 
Total investment securities$1,105,041 $1,791 $(16,319)$1,090,513 
December 31, 2020
Corporate bonds$10,000 $110 $ $10,110 
Agency bond securities235,839 31 (1,713)234,157 
Agency mortgage-backed securities686,108 5,258 (337)691,029 
Municipal bonds29,977 524  30,501 
Asset-backed securities4,917 255  5,172 
Total investment securities$966,841 $6,178 $(2,050)$970,969 
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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
Note 4—Investment Securities (continued)
As of June 30, 2021 and December 31, 2020, 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 months12 months or moreTotal fair valueTotal unrealized loss
Fair valueUnrealized lossFair valueUnrealized loss
(In thousands)
June 30, 2021
Agency bond securities$224,579 $(6,260)$ $ $224,579 $(6,260)
Agency mortgage-backed securities720,761 (10,014)  720,761 (10,014)
Municipal bonds13,638 (42)  13,638 (42)
Asset-backed securities3,043 (3)  3,043 (3)
Total investment securities$962,021 $(16,319)$ $ $962,021 $(16,319)
December 31, 2020
Agency bond securities$189,127 $(1,713)$ $ $189,127 $(1,713)
Agency mortgage-backed securities162,579 (337)  162,579 (337)
Total investment securities$351,706 $(2,050)$ $ $351,706 $(2,050)
Our investments generally consist of highly rated securities, substantially all of which are directly or indirectly backed by the U.S. federal government. Our investment policy restricts our investments to highly liquid, low credit risk assets. As such, we have not recorded any significant credit-related impairment losses during the three and six months ended June 30, 2021 or 2020 on our available-for-sale investment securities. Unrealized losses as of June 30, 2021 are the result of recent fluctuations in interest rates as our investment portfolio is comprised predominantly of fixed rate securities. We do not intend to sell our investments, and we have determined that it is more likely than not that we will not be required to sell our investments before recovery of their amortized cost bases, which may be at maturity.
As of June 30, 2021, the contractual maturities of our available-for-sale investment securities were as follows:
Amortized costFair value
(In thousands)
Due after one year through five years$10,000 $10,007 
Due after five years through ten years190,840 185,766 
Due after ten years69,770 68,852 
Mortgage and asset-backed securities834,431 825,888 
Total investment securities$1,105,041 $1,090,513 
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.
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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
Note 5—Accounts Receivable
Accounts receivable, net consisted of the following:
June 30, 2021December 31, 2020
 (In thousands)
Trade receivables$23,966 $25,279 
Reserve for uncollectible trade receivables(315)(315)
Net trade receivables23,651 24,964 
Overdrawn cardholder balances from purchase transactions8,216 3,229 
Reserve for uncollectible overdrawn accounts from purchase transactions(5,512)(1,653)
Net overdrawn cardholder balances from purchase transactions2,704 1,576 
Overdrawn cardholder balances from maintenance fees3,637 3,165 
Total net overdrawn account balances due from cardholders6,341 4,741 
Receivables due from card issuing banks5,278 4,377 
Fee advances, net2,098 21,424 
Other receivables20,931 12,249 
Accounts receivable, net$58,299 $67,755 
Our net overdrawn account balances due from cardholders are a result of purchase transactions that we may honor or maintenance fee assessments, in each case, in excess of the funds in the cardholder’s account. While we decline authorization attempts for amounts that exceed the available balance in a cardholder’s account, the application of card association rules, and the timing of the settlement of transactions, among other things, can result in overdrawn accounts. Overdrawn cardholder balances from maintenance fee assessments are presented net of the consideration we expect to receive and are recorded as contra-revenue within card revenues and other fees.
Activity in the reserve for uncollectible overdrawn accounts from purchase transactions consisted of the following:
 Three Months Ended June 30,Six Months Ended June 30,
 202120202021