Price Graph
Price
Yield
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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38-0572512
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
þ
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Page
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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PART I — FINANCIAL INFORMATION
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Three months ended June 30,
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Six months ended June 30,
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||||||||||||
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($ in millions)
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2013
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2012
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2013
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2012
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||||||||
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Financing revenue and other interest income
|
|
|
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|
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|
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||||||||
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Interest and fees on finance receivables and loans
|
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$
|
1,139
|
|
|
$
|
1,140
|
|
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$
|
2,274
|
|
|
$
|
2,233
|
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Interest on loans held-for-sale
|
|
3
|
|
|
20
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|
|
19
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|
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51
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|
||||
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Interest on trading assets
|
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—
|
|
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1
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|
|
—
|
|
|
10
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|
||||
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Interest and dividends on available-for-sale investment securities
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|
76
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|
|
77
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|
|
144
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|
|
151
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||||
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Interest-bearing cash
|
|
2
|
|
|
9
|
|
|
5
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|
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11
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|
||||
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Operating leases
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788
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|
|
561
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|
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1,522
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|
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1,068
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||||
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Total financing revenue and other interest income
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|
2,008
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|
1,808
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3,964
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|
|
3,524
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||||
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Interest expense
|
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|
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|
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||||||||
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Interest on deposits
|
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162
|
|
|
160
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|
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326
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|
|
323
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||||
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Interest on short-term borrowings
|
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16
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|
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19
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|
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32
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|
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36
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||||
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Interest on long-term debt
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703
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|
|
837
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|
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1,404
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|
|
1,717
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||||
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Total interest expense
|
|
881
|
|
|
1,016
|
|
|
1,762
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|
|
2,076
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||||
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Depreciation expense on operating lease assets
|
|
499
|
|
|
335
|
|
|
934
|
|
|
640
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|
||||
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Net financing revenue
|
|
628
|
|
|
457
|
|
|
1,268
|
|
|
808
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||||
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Other revenue
|
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|
|
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||||||||
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Servicing fees
|
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19
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|
|
113
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|
|
101
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|
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235
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|
||||
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Servicing asset valuation and hedge activities, net
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(12
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)
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46
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|
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(213
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)
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(60
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)
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||||
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Total servicing income, net
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7
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159
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(112
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)
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175
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||||
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Insurance premiums and service revenue earned
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258
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261
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517
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|
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531
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|
||||
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(Loss) gain on mortgage and automotive loans, net
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(1
|
)
|
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86
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|
37
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|
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106
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||||
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Other gain on investments, net
|
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64
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|
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64
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|
115
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|
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153
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||||
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Other income, net of losses
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74
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|
|
144
|
|
|
231
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|
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354
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|
||||
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Total other revenue
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402
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|
|
714
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|
|
788
|
|
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1,319
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||||
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Total net revenue
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1,030
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|
|
1,171
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|
|
2,056
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|
|
2,127
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||||
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Provision for loan losses
|
|
89
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|
|
33
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|
|
220
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|
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131
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|
||||
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Noninterest expense
|
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||||||||
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Compensation and benefits expense
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252
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270
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|
537
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573
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||||
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Insurance losses and loss adjustment expenses
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146
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|
|
149
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261
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|
|
247
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|
||||
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Other operating expenses
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403
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|
552
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|
961
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1,006
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||||
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Total noninterest expense
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801
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|
971
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1,759
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1,826
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||||
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Income from continuing operations before income tax expense (benefit)
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|
140
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|
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167
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|
|
77
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|
|
170
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|
||||
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Income tax expense (benefit) from continuing operations
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40
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(16
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)
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(83
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)
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(15
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)
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||||
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Net income from continuing operations
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100
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|
183
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160
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|
|
185
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|
||||
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(Loss) income from discontinued operations, net of tax
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(1,027
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)
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(1,081
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)
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6
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(773
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)
|
||||
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Net (loss) income
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|
(927
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)
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(898
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)
|
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166
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|
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(588
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)
|
||||
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Other comprehensive loss, net of tax
|
|
(181
|
)
|
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(206
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)
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(498
|
)
|
|
(19
|
)
|
||||
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Comprehensive loss
|
|
$
|
(1,108
|
)
|
|
$
|
(1,104
|
)
|
|
$
|
(332
|
)
|
|
$
|
(607
|
)
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
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($ in millions except per share data)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Net loss attributable to common shareholders
|
|
|
|
|
|
|
|
|
||||||||
|
Net income from continuing operations
|
|
$
|
100
|
|
|
$
|
183
|
|
|
$
|
160
|
|
|
$
|
185
|
|
|
Preferred stock dividends — U.S. Department of Treasury
|
|
(133
|
)
|
|
(134
|
)
|
|
(267
|
)
|
|
(267
|
)
|
||||
|
Preferred stock dividends
|
|
(67
|
)
|
|
(67
|
)
|
|
(134
|
)
|
|
(134
|
)
|
||||
|
Net loss from continuing operations attributable to common shareholders
|
|
(100
|
)
|
|
(18
|
)
|
|
(241
|
)
|
|
(216
|
)
|
||||
|
(Loss) income from discontinued operations, net of tax
|
|
(1,027
|
)
|
|
(1,081
|
)
|
|
6
|
|
|
(773
|
)
|
||||
|
Net loss attributable to common shareholders
|
|
$
|
(1,127
|
)
|
|
$
|
(1,099
|
)
|
|
$
|
(235
|
)
|
|
$
|
(989
|
)
|
|
Basic weighted-average common shares outstanding
|
|
1,330,970
|
|
|
1,330,970
|
|
|
1,330,970
|
|
|
1,330,970
|
|
||||
|
Diluted weighted-average common shares outstanding (a)
|
|
1,330,970
|
|
|
1,330,970
|
|
|
1,330,970
|
|
|
1,330,970
|
|
||||
|
Basic earnings per common share
|
|
|
|
|
|
|
|
|
||||||||
|
Net loss from continuing operations
|
|
$
|
(75
|
)
|
|
$
|
(13
|
)
|
|
$
|
(180
|
)
|
|
$
|
(162
|
)
|
|
(Loss) income from discontinued operations, net of tax
|
|
(772
|
)
|
|
(812
|
)
|
|
4
|
|
|
(581
|
)
|
||||
|
Net loss
|
|
$
|
(847
|
)
|
|
$
|
(825
|
)
|
|
$
|
(176
|
)
|
|
$
|
(743
|
)
|
|
Diluted earnings per common share (a)
|
|
|
|
|
|
|
|
|
||||||||
|
Net loss from continuing operations
|
|
$
|
(75
|
)
|
|
$
|
(13
|
)
|
|
$
|
(180
|
)
|
|
$
|
(162
|
)
|
|
(Loss) income from discontinued operations, net of tax
|
|
(772
|
)
|
|
(812
|
)
|
|
4
|
|
|
(581
|
)
|
||||
|
Net loss
|
|
$
|
(847
|
)
|
|
$
|
(825
|
)
|
|
$
|
(176
|
)
|
|
$
|
(743
|
)
|
|
(a)
|
Due to the antidilutive effect of converting the Fixed Rate Cumulative Mandatorily Convertible Preferred Stock into common shares and the net loss from continuing operations attributable to common shareholders for the
three months and six months ended
June 30, 2013
and
2012
, respectively, loss from continuing operations attributable to common shareholders and basic weighted-average common shares outstanding were used to calculate basic and diluted earnings per share.
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Assets
|
|
|
|
|
||||
|
Cash and cash equivalents
|
|
|
|
|
||||
|
Noninterest-bearing
|
|
$
|
1,292
|
|
|
$
|
1,073
|
|
|
Interest-bearing
|
|
6,482
|
|
|
6,440
|
|
||
|
Total cash and cash equivalents
|
|
7,774
|
|
|
7,513
|
|
||
|
Investment securities
|
|
17,015
|
|
|
14,178
|
|
||
|
Loans held-for-sale, net ($56 and $2,490 fair value-elected)
|
|
102
|
|
|
2,576
|
|
||
|
Finance receivables and loans, net
|
|
|
|
|
||||
|
Finance receivables and loans, net
|
|
96,993
|
|
|
99,055
|
|
||
|
Allowance for loan losses
|
|
(1,183
|
)
|
|
(1,170
|
)
|
||
|
Total finance receivables and loans, net
|
|
95,810
|
|
|
97,885
|
|
||
|
Investment in operating leases, net
|
|
16,085
|
|
|
13,550
|
|
||
|
Mortgage servicing rights
|
|
—
|
|
|
952
|
|
||
|
Premiums receivable and other insurance assets
|
|
1,611
|
|
|
1,609
|
|
||
|
Other assets
|
|
6,701
|
|
|
11,908
|
|
||
|
Assets of operations held-for-sale
|
|
5,529
|
|
|
32,176
|
|
||
|
Total assets
|
|
$
|
150,627
|
|
|
$
|
182,347
|
|
|
Liabilities
|
|
|
|
|
||||
|
Deposit liabilities
|
|
|
|
|
||||
|
Noninterest-bearing
|
|
$
|
72
|
|
|
$
|
1,977
|
|
|
Interest-bearing
|
|
50,053
|
|
|
45,938
|
|
||
|
Total deposit liabilities
|
|
50,125
|
|
|
47,915
|
|
||
|
Short-term borrowings
|
|
4,197
|
|
|
7,461
|
|
||
|
Long-term debt
|
|
64,534
|
|
|
74,561
|
|
||
|
Interest payable
|
|
999
|
|
|
932
|
|
||
|
Unearned insurance premiums and service revenue
|
|
2,301
|
|
|
2,296
|
|
||
|
Accrued expenses and other liabilities
|
|
5,043
|
|
|
6,585
|
|
||
|
Liabilities of operations held-for-sale
|
|
4,263
|
|
|
22,699
|
|
||
|
Total liabilities
|
|
131,462
|
|
|
162,449
|
|
||
|
Equity
|
|
|
|
|
||||
|
Common stock and paid-in capital
|
|
19,668
|
|
|
19,668
|
|
||
|
Mandatorily convertible preferred stock held by U.S. Department of Treasury
|
|
5,685
|
|
|
5,685
|
|
||
|
Preferred stock
|
|
1,255
|
|
|
1,255
|
|
||
|
Accumulated deficit
|
|
(7,256
|
)
|
|
(7,021
|
)
|
||
|
Accumulated other comprehensive (loss) income
|
|
(187
|
)
|
|
311
|
|
||
|
Total equity
|
|
19,165
|
|
|
19,898
|
|
||
|
Total liabilities and equity
|
|
$
|
150,627
|
|
|
$
|
182,347
|
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Assets
|
|
|
|
|
||||
|
Finance receivables and loans, net
|
|
|
|
|
||||
|
Finance receivables and loans, net
|
|
$
|
29,001
|
|
|
$
|
31,510
|
|
|
Allowance for loan losses
|
|
(144
|
)
|
|
(144
|
)
|
||
|
Total finance receivables and loans, net
|
|
28,857
|
|
|
31,366
|
|
||
|
Investment in operating leases, net
|
|
5,956
|
|
|
6,060
|
|
||
|
Other assets
|
|
1,479
|
|
|
2,868
|
|
||
|
Assets of operations held-for-sale
|
|
155
|
|
|
12,139
|
|
||
|
Total assets
|
|
$
|
36,447
|
|
|
$
|
52,433
|
|
|
Liabilities
|
|
|
|
|
||||
|
Short-term borrowings
|
|
$
|
500
|
|
|
$
|
400
|
|
|
Long-term debt
|
|
25,398
|
|
|
26,461
|
|
||
|
Interest payable
|
|
1
|
|
|
1
|
|
||
|
Accrued expenses and other liabilities
|
|
24
|
|
|
16
|
|
||
|
Liabilities of operations held-for-sale
|
|
155
|
|
|
9,686
|
|
||
|
Total liabilities
|
|
$
|
26,078
|
|
|
$
|
36,564
|
|
|
($ in millions)
|
Common
stock and
paid-in
capital
|
|
Mandatorily
convertible
preferred
stock held by U.S.
Department
of Treasury
|
|
Preferred
stock
|
|
Accumulated deficit
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Total
equity
|
||||||||||||
|
Balance at January 1, 2012
|
$
|
19,668
|
|
|
$
|
5,685
|
|
|
$
|
1,255
|
|
|
$
|
(7,415
|
)
|
|
$
|
87
|
|
|
$
|
19,280
|
|
|
Net loss
|
|
|
|
|
|
|
(588
|
)
|
|
|
|
(588
|
)
|
||||||||||
|
Preferred stock dividends — U.S. Department of Treasury
|
|
|
|
|
|
|
(267
|
)
|
|
|
|
(267
|
)
|
||||||||||
|
Preferred stock dividends
|
|
|
|
|
|
|
(134
|
)
|
|
|
|
(134
|
)
|
||||||||||
|
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
(19
|
)
|
|
(19
|
)
|
||||||||||
|
Balance at June 30, 2012
|
$
|
19,668
|
|
|
$
|
5,685
|
|
|
$
|
1,255
|
|
|
$
|
(8,404
|
)
|
|
$
|
68
|
|
|
$
|
18,272
|
|
|
Balance at January 1, 2013
|
$
|
19,668
|
|
|
$
|
5,685
|
|
|
$
|
1,255
|
|
|
$
|
(7,021
|
)
|
|
$
|
311
|
|
|
$
|
19,898
|
|
|
Net income
|
|
|
|
|
|
|
166
|
|
|
|
|
166
|
|
||||||||||
|
Preferred stock dividends — U.S. Department of Treasury
|
|
|
|
|
|
|
(267
|
)
|
|
|
|
(267
|
)
|
||||||||||
|
Preferred stock dividends
|
|
|
|
|
|
|
(134
|
)
|
|
|
|
(134
|
)
|
||||||||||
|
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
(498
|
)
|
|
(498
|
)
|
||||||||||
|
Balance at June 30, 2013
|
$
|
19,668
|
|
|
$
|
5,685
|
|
|
$
|
1,255
|
|
|
$
|
(7,256
|
)
|
|
$
|
(187
|
)
|
|
$
|
19,165
|
|
|
Six months ended June 30,
($ in millions)
|
|
2013
|
|
2012
|
||||
|
Operating activities
|
|
|
|
|
||||
|
Net income (loss)
|
|
$
|
166
|
|
|
$
|
(588
|
)
|
|
Reconciliation of net income to net cash provided by operating activities
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
1,346
|
|
|
1,151
|
|
||
|
Changes in fair value of mortgage servicing rights
|
|
102
|
|
|
401
|
|
||
|
Provision for loan losses
|
|
270
|
|
|
169
|
|
||
|
Gain on sale of loans, net
|
|
(37
|
)
|
|
(252
|
)
|
||
|
Net gain on investment securities
|
|
(116
|
)
|
|
(162
|
)
|
||
|
Originations and purchases of loans held-for-sale
|
|
(6,221
|
)
|
|
(15,801
|
)
|
||
|
Proceeds from sales and repayments of loans held-for-sale
|
|
8,577
|
|
|
17,499
|
|
||
|
Impairment and settlement related to Residential Capital, LLC
|
|
1,350
|
|
|
1,192
|
|
||
|
Gain on sale of subsidiaries, net
|
|
(930
|
)
|
|
(28
|
)
|
||
|
Net change in
|
|
|
|
|
||||
|
Trading assets
|
|
—
|
|
|
595
|
|
||
|
Deferred income taxes
|
|
(617
|
)
|
|
(85
|
)
|
||
|
Interest payable
|
|
61
|
|
|
130
|
|
||
|
Other assets
|
|
1,377
|
|
|
1,028
|
|
||
|
Other liabilities
|
|
(1,240
|
)
|
|
(528
|
)
|
||
|
Other, net
|
|
(675
|
)
|
|
219
|
|
||
|
Net cash provided by operating activities
|
|
3,413
|
|
|
4,940
|
|
||
|
Investing activities
|
|
|
|
|
||||
|
Purchases of available-for-sale securities
|
|
(9,305
|
)
|
|
(6,758
|
)
|
||
|
Proceeds from sales of available-for-sale securities
|
|
3,700
|
|
|
5,636
|
|
||
|
Proceeds from maturities and repayment of available-for-sale securities
|
|
3,125
|
|
|
2,792
|
|
||
|
Net decrease (increase) in finance receivables and loans
|
|
1,591
|
|
|
(7,475
|
)
|
||
|
Proceeds from sales of finance receivables and loans
|
|
—
|
|
|
1,978
|
|
||
|
Purchases of operating lease assets
|
|
(4,786
|
)
|
|
(3,350
|
)
|
||
|
Disposals of operating lease assets
|
|
1,318
|
|
|
892
|
|
||
|
Sale of mortgage servicing rights
|
|
911
|
|
|
—
|
|
||
|
Proceeds from sale of business units, net (a)
|
|
6,933
|
|
|
516
|
|
||
|
Net cash effect from deconsolidation of Residential Capital, LLC
|
|
—
|
|
|
(539
|
)
|
||
|
Net change in restricted cash
|
|
2,319
|
|
|
69
|
|
||
|
Other, net
|
|
(140
|
)
|
|
96
|
|
||
|
Net cash provided by (used in) investing activities
|
|
5,666
|
|
|
(6,143
|
)
|
||
|
Six months ended June 30, (
$ in millions
)
|
|
2013
|
|
2012
|
||||
|
Financing activities
|
|
|
|
|
||||
|
Net change in short-term borrowings
|
|
(2,832
|
)
|
|
(1,485
|
)
|
||
|
Net increase in deposits
|
|
2,151
|
|
|
2,973
|
|
||
|
Proceeds from issuance of long-term debt
|
|
8,037
|
|
|
19,123
|
|
||
|
Repayments of long-term debt
|
|
(17,765
|
)
|
|
(15,916
|
)
|
||
|
Dividends paid
|
|
(401
|
)
|
|
(401
|
)
|
||
|
Net cash (used in) provided by financing activities
|
|
(10,810
|
)
|
|
4,294
|
|
||
|
Effect of exchange-rate changes on cash and cash equivalents
|
|
50
|
|
|
(39
|
)
|
||
|
Net (decrease) increase in cash and cash equivalents
|
|
(1,681
|
)
|
|
3,052
|
|
||
|
Adjustment for change in cash and cash equivalents of operations held-for-sale (a) (b)
|
|
1,942
|
|
|
39
|
|
||
|
Cash and cash equivalents at beginning of year
|
|
7,513
|
|
|
13,035
|
|
||
|
Cash and cash equivalents at June 30,
|
|
$
|
7,774
|
|
|
$
|
16,126
|
|
|
Supplemental disclosures
|
|
|
|
|
||||
|
Cash paid for
|
|
|
|
|
||||
|
Interest
|
|
$
|
1,998
|
|
|
$
|
2,563
|
|
|
Income taxes
|
|
47
|
|
|
273
|
|
||
|
Other disclosures
|
|
|
|
|
||||
|
Proceeds from sales and repayments of mortgage loans held-for-investment originally designated as held-for-sale
|
|
24
|
|
|
104
|
|
||
|
(a)
|
The amounts are net of cash and cash equivalents of
$1,418 million
at
June 30, 2013
and
$147 million
at
June 30, 2012
of business units at the time of disposition.
|
|
(b)
|
Cash flows of discontinued operations are reflected within operating, investing, and financing activities in the
Condensed Consolidated Statement of Cash Flows
. The cash balance of these operations is reported as assets of operations held-for-sale on the
Condensed Consolidated Balance Sheet
.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
($ in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Select Mortgage operations
|
|
|
|
|
|
|
|
||||||||
|
Total net revenue
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
440
|
|
|
Pretax loss including direct costs to transact a sale (a) (b)
|
(1,584
|
)
|
|
(1,298
|
)
|
|
(1,604
|
)
|
|
(1,165
|
)
|
||||
|
Tax (benefit) expense (c)
|
(549
|
)
|
|
8
|
|
|
(533
|
)
|
|
24
|
|
||||
|
Select Insurance operations
|
|
|
|
|
|
|
|
||||||||
|
Total net revenue
|
$
|
42
|
|
|
$
|
149
|
|
|
$
|
190
|
|
|
$
|
305
|
|
|
Pretax income (loss) including direct costs to transact a sale (a)
|
286
|
|
(d)
|
(3
|
)
|
|
314
|
|
(d)
|
35
|
|
||||
|
Tax (benefit) expense (c)
|
(16
|
)
|
|
9
|
|
|
(15
|
)
|
|
18
|
|
||||
|
Select Automotive Finance operations
|
|
|
|
|
|
|
|
||||||||
|
Total net revenue
|
$
|
83
|
|
|
$
|
385
|
|
|
$
|
369
|
|
|
$
|
772
|
|
|
Pretax (loss) income including direct costs to transact a sale (a)
|
(348
|
)
|
(e)
|
230
|
|
|
694
|
|
(e) (f)
|
426
|
|
||||
|
Tax (benefit) expense (c)
|
(52
|
)
|
|
19
|
|
|
(53
|
)
|
|
58
|
|
||||
|
Select Corporate and Other operations
|
|
|
|
|
|
|
|
||||||||
|
Total net revenue
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
Pretax income
|
2
|
|
|
26
|
|
|
1
|
|
|
32
|
|
||||
|
Tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
|
(a)
|
Includes certain treasury and other corporate activity recognized by Corporate and Other.
|
|
(b)
|
Includes the results of ResCap. Refer to
Note 1
for more information regarding the Debtors' bankruptcy.
|
|
(c)
|
Includes certain income tax activity recognized by Corporate and Other.
|
|
(d)
|
Includes recognized pretax gain of
$274 million
in connection with the sale of our Mexican insurance business, ABA Seguros.
|
|
(e)
|
Includes recognized pretax loss of
$371 million
in connection with the sale of our European and the majority of our Latin American automotive finance operations.
|
|
(f)
|
Includes recognized pretax gain of
$888 million
in connection with the sale of our Canadian automotive finance operations, Ally Credit Canada Limited, and ResMor Trust.
|
|
June 30, 2013
($ in millions)
|
Select
Automotive Finance operations (a) |
||
|
Assets
|
|
||
|
Cash and cash equivalents
|
|
||
|
Noninterest-bearing
|
$
|
30
|
|
|
Interest-bearing
|
174
|
|
|
|
Total cash and cash equivalents
|
204
|
|
|
|
Finance receivables and loans, net
|
|
||
|
Finance receivables and loans, net
|
3,953
|
|
|
|
Allowance for loan losses
|
(90
|
)
|
|
|
Total finance receivables and loans, net
|
3,863
|
|
|
|
Other assets
|
1,462
|
|
|
|
Total assets
|
$
|
5,529
|
|
|
Liabilities
|
|
||
|
Short-term borrowings
|
$
|
379
|
|
|
Long-term debt
|
3,299
|
|
|
|
Interest payable
|
106
|
|
|
|
Accrued expenses and other liabilities
|
479
|
|
|
|
Total liabilities
|
$
|
4,263
|
|
|
(a)
|
Includes Brazil and our joint venture in China that are being sold to GM Financial.
|
|
December 31, 2012
($ in millions)
|
|
Select
Insurance operations (a) |
|
Select
Automotive Finance operations (b) |
|
Total
held-for-sale operations |
||||||
|
Assets
|
|
|
|
|
|
|
||||||
|
Cash and cash equivalents
|
|
|
|
|
|
|
||||||
|
Noninterest-bearing
|
|
$
|
8
|
|
|
$
|
100
|
|
|
$
|
108
|
|
|
Interest-bearing
|
|
119
|
|
|
1,918
|
|
|
2,037
|
|
|||
|
Total cash and cash equivalents
|
|
127
|
|
|
2,018
|
|
|
2,145
|
|
|||
|
Investment securities
|
|
576
|
|
|
424
|
|
|
1,000
|
|
|||
|
Finance receivables and loans, net
|
|
|
|
|
|
|
||||||
|
Finance receivables and loans, net
|
|
—
|
|
|
25,835
|
|
|
25,835
|
|
|||
|
Allowance for loan losses
|
|
—
|
|
|
(208
|
)
|
|
(208
|
)
|
|||
|
Total finance receivables and loans, net
|
|
—
|
|
|
25,627
|
|
|
25,627
|
|
|||
|
Investment in operating leases, net
|
|
—
|
|
|
144
|
|
|
144
|
|
|||
|
Premiums receivable and other insurance assets
|
|
277
|
|
|
—
|
|
|
277
|
|
|||
|
Other assets
|
|
94
|
|
|
2,942
|
|
|
3,036
|
|
|||
|
Impairment on assets of held-for-sale operations
|
|
(53
|
)
|
|
—
|
|
|
(53
|
)
|
|||
|
Total assets
|
|
$
|
1,021
|
|
|
$
|
31,155
|
|
|
$
|
32,176
|
|
|
Liabilities
|
|
|
|
|
|
|
||||||
|
Interest-bearing deposit liabilities
|
|
$
|
—
|
|
|
$
|
3,907
|
|
|
$
|
3,907
|
|
|
Short-term borrowings
|
|
—
|
|
|
2,800
|
|
|
2,800
|
|
|||
|
Long-term debt
|
|
—
|
|
|
13,514
|
|
|
13,514
|
|
|||
|
Interest payable
|
|
—
|
|
|
177
|
|
|
177
|
|
|||
|
Unearned insurance premiums and service revenue
|
|
506
|
|
|
—
|
|
|
506
|
|
|||
|
Accrued expenses and other liabilities
|
|
297
|
|
|
1,498
|
|
|
1,795
|
|
|||
|
Total liabilities
|
|
$
|
803
|
|
|
$
|
21,896
|
|
|
$
|
22,699
|
|
|
(a)
|
Includes our U.K.-based operations and ABA Seguros.
|
|
(b)
|
Includes our Canadian operations sold to Royal Bank of Canada and international entities being sold to GM Financial.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
($ in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Late charges and other administrative fees
|
$
|
23
|
|
|
$
|
21
|
|
|
$
|
46
|
|
|
$
|
42
|
|
|
Remarketing fees
|
19
|
|
|
15
|
|
|
39
|
|
|
32
|
|
||||
|
Fair value adjustment on derivatives (a)
|
10
|
|
|
(46
|
)
|
|
10
|
|
|
(34
|
)
|
||||
|
Mortgage processing fees and other mortgage income
|
2
|
|
|
108
|
|
|
81
|
|
|
230
|
|
||||
|
Other, net
|
20
|
|
|
46
|
|
|
55
|
|
|
84
|
|
||||
|
Total other income, net of losses
|
$
|
74
|
|
|
$
|
144
|
|
|
$
|
231
|
|
|
$
|
354
|
|
|
(a)
|
Refer to
Note 20
for a description of derivative instruments and hedging activities.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
($ in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Insurance commissions
|
$
|
93
|
|
|
$
|
94
|
|
|
$
|
185
|
|
|
$
|
193
|
|
|
Technology and communications
|
92
|
|
|
80
|
|
|
163
|
|
|
169
|
|
||||
|
Professional services
|
54
|
|
|
32
|
|
|
102
|
|
|
70
|
|
||||
|
Lease and loan administration
|
31
|
|
|
57
|
|
|
112
|
|
|
111
|
|
||||
|
Regulatory and licensing fees
|
29
|
|
|
31
|
|
|
62
|
|
|
64
|
|
||||
|
Advertising and marketing
|
28
|
|
|
32
|
|
|
63
|
|
|
67
|
|
||||
|
Premises and equipment depreciation
|
21
|
|
|
19
|
|
|
41
|
|
|
36
|
|
||||
|
Vehicle remarketing and repossession
|
13
|
|
|
12
|
|
|
27
|
|
|
28
|
|
||||
|
Occupancy
|
11
|
|
|
12
|
|
|
22
|
|
|
26
|
|
||||
|
Mortgage representation and warranty obligation, net (a)
|
(2
|
)
|
|
141
|
|
|
81
|
|
|
141
|
|
||||
|
Other
|
33
|
|
|
42
|
|
|
103
|
|
|
101
|
|
||||
|
Total other operating expenses
|
$
|
403
|
|
|
$
|
552
|
|
|
$
|
961
|
|
|
$
|
1,006
|
|
|
(a)
|
Refer to
Note 26
for further details on representation and warranty obligation.
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||||||||||||||||||
|
|
|
Amortized cost
|
|
Gross unrealized
|
|
Fair
value |
|
Amortized cost
|
|
Gross unrealized
|
|
Fair
value |
||||||||||||||||||||
|
($ in millions)
|
|
gains
|
|
losses
|
|
gains
|
|
losses
|
|
|||||||||||||||||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. Treasury and federal agencies
|
|
$
|
1,840
|
|
|
$
|
1
|
|
|
$
|
(51
|
)
|
|
$
|
1,790
|
|
|
$
|
2,212
|
|
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
$
|
2,214
|
|
|
Foreign government
|
|
290
|
|
|
4
|
|
|
(2
|
)
|
|
292
|
|
|
295
|
|
|
8
|
|
|
—
|
|
|
303
|
|
||||||||
|
Mortgage-backed residential (a)
|
|
10,558
|
|
|
39
|
|
|
(269
|
)
|
|
10,328
|
|
|
6,779
|
|
|
130
|
|
|
(3
|
)
|
|
6,906
|
|
||||||||
|
Asset-backed
|
|
2,258
|
|
|
22
|
|
|
(4
|
)
|
|
2,276
|
|
|
2,309
|
|
|
32
|
|
|
(1
|
)
|
|
2,340
|
|
||||||||
|
Corporate debt
|
|
1,297
|
|
|
24
|
|
|
(12
|
)
|
|
1,309
|
|
|
1,209
|
|
|
57
|
|
|
(3
|
)
|
|
1,263
|
|
||||||||
|
Total debt securities
|
|
16,243
|
|
|
90
|
|
|
(338
|
)
|
|
15,995
|
|
|
12,804
|
|
|
230
|
|
|
(8
|
)
|
|
13,026
|
|
||||||||
|
Equity securities
|
|
1,051
|
|
|
40
|
|
|
(71
|
)
|
|
1,020
|
|
|
1,193
|
|
|
32
|
|
|
(73
|
)
|
|
1,152
|
|
||||||||
|
Total available-for-sale securities (b)
|
|
$
|
17,294
|
|
|
$
|
130
|
|
|
$
|
(409
|
)
|
|
$
|
17,015
|
|
|
$
|
13,997
|
|
|
$
|
262
|
|
|
$
|
(81
|
)
|
|
$
|
14,178
|
|
|
(a)
|
Residential mortgage-backed securities include agency-backed bonds totaling
$7,720 million
and
$4,983 million
at
June 30, 2013
, and
December 31, 2012
, respectively.
|
|
(b)
|
Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled
$15 million
and
$15 million
at
June 30, 2013
, and
December 31, 2012
, respectively.
|
|
|
|
Total
|
|
Due in
one year
or less
|
|
Due after
one year
through
five years
|
|
Due after
five years
through
ten years
|
|
Due after
ten years (a)
|
|||||||||||||||||||||||||
|
($ in millions)
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
|
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Fair value of available-for-sale debt securities (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
U.S. Treasury and federal agencies
|
|
$
|
1,790
|
|
|
1.1
|
%
|
|
$
|
349
|
|
|
0.1
|
%
|
|
$
|
507
|
|
|
1.2
|
%
|
|
$
|
934
|
|
|
1.3
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
Foreign government
|
|
292
|
|
|
3.9
|
|
|
10
|
|
|
7.4
|
|
|
111
|
|
|
4.3
|
|
|
171
|
|
|
3.5
|
|
|
—
|
|
|
—
|
|
|||||
|
Mortgage-backed residential
|
|
10,328
|
|
|
2.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
|
2.1
|
|
|
10,215
|
|
|
2.6
|
|
|||||
|
Asset-backed
|
|
2,276
|
|
|
1.9
|
|
|
—
|
|
|
—
|
|
|
1,700
|
|
|
1.9
|
|
|
484
|
|
|
1.8
|
|
|
92
|
|
|
2.6
|
|
|||||
|
Corporate debt
|
|
1,309
|
|
|
5.0
|
|
|
25
|
|
|
6.6
|
|
|
593
|
|
|
4.0
|
|
|
608
|
|
|
5.6
|
|
|
83
|
|
|
5.9
|
|
|||||
|
Total available-for-sale debt securities
|
|
$
|
15,995
|
|
|
2.5
|
|
|
$
|
384
|
|
|
0.7
|
|
|
$
|
2,911
|
|
|
2.2
|
|
|
$
|
2,310
|
|
|
2.7
|
|
|
$
|
10,390
|
|
|
2.6
|
|
|
Amortized cost of available-for-sale debt securities
|
|
$
|
16,243
|
|
|
|
|
$
|
384
|
|
|
|
|
$
|
2,898
|
|
|
|
|
$
|
2,342
|
|
|
|
|
$
|
10,619
|
|
|
|
|||||
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Fair value of available-for-sale debt securities (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
U.S. Treasury and federal agencies
|
|
$
|
2,214
|
|
|
0.9
|
%
|
|
$
|
422
|
|
|
—
|
%
|
|
$
|
682
|
|
|
0.7
|
%
|
|
$
|
1,110
|
|
|
1.4
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
Foreign government
|
|
303
|
|
|
2.5
|
|
|
1
|
|
|
2.2
|
|
|
136
|
|
|
1.8
|
|
|
166
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|||||
|
Mortgage-backed residential
|
|
6,906
|
|
|
2.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
4.3
|
|
|
6,871
|
|
|
2.7
|
|
|||||
|
Asset-backed
|
|
2,340
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
1,543
|
|
|
2.0
|
|
|
510
|
|
|
1.7
|
|
|
287
|
|
|
3.3
|
|
|||||
|
Corporate debt
|
|
1,263
|
|
|
5.1
|
|
|
9
|
|
|
3.2
|
|
|
560
|
|
|
4.0
|
|
|
596
|
|
|
6.0
|
|
|
98
|
|
|
5.8
|
|
|||||
|
Total available-for-sale debt securities
|
|
$
|
13,026
|
|
|
2.4
|
|
|
$
|
432
|
|
|
0.1
|
|
|
$
|
2,921
|
|
|
2.0
|
|
|
$
|
2,417
|
|
|
2.6
|
|
|
$
|
7,256
|
|
|
2.6
|
|
|
Amortized cost of available-for-sale debt securities
|
|
$
|
12,804
|
|
|
|
|
$
|
431
|
|
|
|
|
$
|
2,880
|
|
|
|
|
$
|
2,369
|
|
|
|
|
$
|
7,124
|
|
|
|
|||||
|
(a)
|
Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment options.
|
|
(b)
|
Yields on tax-exempt obligations are computed on a tax-equivalent basis.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
($ in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Gross realized gains
|
$
|
67
|
|
|
$
|
68
|
|
|
$
|
137
|
|
|
$
|
165
|
|
|
Gross realized losses
|
(3
|
)
|
|
(4
|
)
|
|
(14
|
)
|
|
(12
|
)
|
||||
|
Other-than-temporary impairment
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
||||
|
Net realized gains
|
$
|
64
|
|
|
$
|
64
|
|
|
$
|
115
|
|
|
$
|
153
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
($ in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Taxable interest
|
$
|
69
|
|
|
$
|
70
|
|
|
$
|
132
|
|
|
$
|
139
|
|
|
Taxable dividends
|
7
|
|
|
7
|
|
|
12
|
|
|
12
|
|
||||
|
Interest and dividends on available-for-sale securities
|
$
|
76
|
|
|
$
|
77
|
|
|
$
|
144
|
|
|
$
|
151
|
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||||||||||||||||||
|
|
|
Less than
12 months |
|
12 months
or longer |
|
Less than
12 months |
|
12 months
or longer |
||||||||||||||||||||||||
|
($ in millions)
|
|
Fair
value |
|
Unrealized
loss |
|
Fair
value |
|
Unrealized
loss |
|
Fair
value |
|
Unrealized
loss |
|
Fair
value |
|
Unrealized
loss |
||||||||||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. Treasury and federal agencies
|
|
$
|
1,648
|
|
|
$
|
(51
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
244
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Foreign government
|
|
113
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Mortgage-backed residential
|
|
7,326
|
|
|
(269
|
)
|
|
13
|
|
|
—
|
|
|
493
|
|
|
(2
|
)
|
|
23
|
|
|
(1
|
)
|
||||||||
|
Asset-backed
|
|
426
|
|
|
(4
|
)
|
|
1
|
|
|
—
|
|
|
143
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
||||||||
|
Corporate debt
|
|
501
|
|
|
(12
|
)
|
|
2
|
|
|
—
|
|
|
120
|
|
|
(2
|
)
|
|
15
|
|
|
(1
|
)
|
||||||||
|
Total temporarily impaired debt securities
|
|
10,014
|
|
|
(338
|
)
|
|
16
|
|
|
—
|
|
|
1,011
|
|
|
(6
|
)
|
|
39
|
|
|
(2
|
)
|
||||||||
|
Temporarily impaired equity securities
|
|
327
|
|
|
(42
|
)
|
|
146
|
|
|
(29
|
)
|
|
380
|
|
|
(39
|
)
|
|
218
|
|
|
(34
|
)
|
||||||||
|
Total temporarily impaired available-for-sale securities
|
|
$
|
10,341
|
|
|
$
|
(380
|
)
|
|
$
|
162
|
|
|
$
|
(29
|
)
|
|
$
|
1,391
|
|
|
$
|
(45
|
)
|
|
$
|
257
|
|
|
$
|
(36
|
)
|
|
(
$ in millions
)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Consumer mortgage
|
|
|
|
|
||||
|
1st Mortgage
|
|
$
|
56
|
|
|
$
|
2,490
|
|
|
Total consumer mortgage (a)
|
|
56
|
|
|
2,490
|
|
||
|
Commercial and industrial
|
|
|
|
|
||||
|
Other
|
|
46
|
|
|
86
|
|
||
|
Total loans held-for-sale (b)
|
|
$
|
102
|
|
|
$
|
2,576
|
|
|
(a)
|
Fair value option-elected domestic consumer mortgages were
$56 million
and
$2.5 billion
at
June 30, 2013
, and
December 31, 2012
, respectively. Refer to
Note 22
for additional information.
|
|
(b)
|
Totals are net of unamortized premiums and discounts and deferred fees and costs. Included in the totals are net unamortized discounts of
$58 million
at
June 30, 2013
, and net unamortized premiums of
$26 million
at
December 31, 2012
.
|
|
(
$ in millions
)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
High original loan-to-value (greater than 100%) mortgage loans
|
|
$
|
2
|
|
|
$
|
378
|
|
|
Interest-only mortgage loans
|
|
—
|
|
|
10
|
|
||
|
Total higher-risk mortgage loans held-for-sale
|
|
$
|
2
|
|
|
$
|
388
|
|
|
(
$ in millions
)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Consumer automobile
|
|
$
|
56,028
|
|
|
$
|
53,715
|
|
|
Consumer mortgage
|
|
|
|
|
||||
|
1st Mortgage
|
|
6,774
|
|
|
7,173
|
|
||
|
Home equity
|
|
2,496
|
|
|
2,648
|
|
||
|
Total consumer mortgage
|
|
9,270
|
|
|
9,821
|
|
||
|
Commercial
|
|
|
|
|
||||
|
Commercial and industrial
|
|
|
|
|
||||
|
Automobile
|
|
27,518
|
|
|
30,270
|
|
||
|
Mortgage
|
|
—
|
|
|
—
|
|
||
|
Other
|
|
1,502
|
|
|
2,697
|
|
||
|
Commercial real estate
|
|
|
|
|
||||
|
Automobile
|
|
2,675
|
|
|
2,552
|
|
||
|
Mortgage
|
|
—
|
|
|
—
|
|
||
|
Total commercial
|
|
31,695
|
|
|
35,519
|
|
||
|
Total finance receivables and loans (a) (b)
|
|
$
|
96,993
|
|
|
$
|
99,055
|
|
|
(a)
|
Totals are net of unearned income, unamortized premiums and discounts, and deferred fees and costs of
$781 million
and
$895 million
at
June 30, 2013
, and
December 31, 2012
, respectively.
|
|
(b)
|
Includes
$1 million
and
$2 million
of international consumer automobile loans, and
$15 million
and
$18 million
of international commercial other loans at
June 30, 2013
, and
December 31, 2012
, respectively.
|
|
Three months ended June 30, 2013
(
$ in millions
)
|
|
Consumer
automobile |
|
Consumer
mortgage |
|
Commercial
|
|
Total
|
||||||||
|
Allowance at April 1, 2013
|
|
$
|
599
|
|
|
$
|
451
|
|
|
$
|
147
|
|
|
$
|
1,197
|
|
|
Charge-offs (a)
|
|
(133
|
)
|
|
(31
|
)
|
|
(2
|
)
|
|
(166
|
)
|
||||
|
Recoveries
|
|
53
|
|
|
5
|
|
|
5
|
|
|
63
|
|
||||
|
Net charge-offs
|
|
(80
|
)
|
|
(26
|
)
|
|
3
|
|
|
(103
|
)
|
||||
|
Provision for loan losses
|
|
92
|
|
|
6
|
|
|
(9
|
)
|
|
89
|
|
||||
|
Other
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
|
Allowance at June 30, 2013
|
|
$
|
610
|
|
|
$
|
431
|
|
|
$
|
142
|
|
|
$
|
1,183
|
|
|
(a)
|
Includes international commercial charge-offs of
$1 million
.
|
|
Three months ended June 30, 2012 (
$ in millions
)
|
|
Consumer
automobile |
|
Consumer
mortgage |
|
Commercial
|
|
Total
|
||||||||
|
Allowance at April 1, 2012
|
|
$
|
832
|
|
|
$
|
501
|
|
|
$
|
213
|
|
|
$
|
1,546
|
|
|
Charge-offs (a)
|
|
(130
|
)
|
|
(41
|
)
|
|
(3
|
)
|
|
(174
|
)
|
||||
|
Recoveries (b)
|
|
60
|
|
|
4
|
|
|
22
|
|
|
86
|
|
||||
|
Net charge-offs
|
|
(70
|
)
|
|
(37
|
)
|
|
19
|
|
|
(88
|
)
|
||||
|
Provision for loan losses
|
|
18
|
|
|
21
|
|
|
(6
|
)
|
|
33
|
|
||||
|
Other (c)
|
|
(2
|
)
|
|
(13
|
)
|
|
(49
|
)
|
|
(64
|
)
|
||||
|
Allowance at June 30, 2012
|
|
$
|
778
|
|
|
$
|
472
|
|
|
$
|
177
|
|
|
$
|
1,427
|
|
|
(a)
|
Includes international consumer automobile and international commercial charge-offs of
$45 million
and
$2 million
, respectively.
|
|
(b)
|
Includes international consumer automobile and international commercial recoveries of
$18 million
and
$20 million
, respectively.
|
|
(c)
|
Includes negative provision for loan losses relating to discontinued operations of
$4 million
.
|
|
Six months ended June 30, 2013
(
$ in millions
)
|
|
Consumer
automobile |
|
Consumer
mortgage |
|
Commercial
|
|
Total
|
||||||||
|
Allowance at January 1, 2013
|
|
$
|
575
|
|
|
$
|
452
|
|
|
$
|
143
|
|
|
$
|
1,170
|
|
|
Charge-offs (a)
|
|
(275
|
)
|
|
(55
|
)
|
|
(3
|
)
|
|
(333
|
)
|
||||
|
Recoveries
|
|
102
|
|
|
8
|
|
|
6
|
|
|
116
|
|
||||
|
Net charge-offs
|
|
(173
|
)
|
|
(47
|
)
|
|
3
|
|
|
(217
|
)
|
||||
|
Provision for loan losses
|
|
199
|
|
|
26
|
|
|
(5
|
)
|
|
220
|
|
||||
|
Other
|
|
9
|
|
|
—
|
|
|
1
|
|
|
10
|
|
||||
|
Allowance at June 30, 2013
|
|
$
|
610
|
|
|
$
|
431
|
|
|
$
|
142
|
|
|
$
|
1,183
|
|
|
Allowance for loan losses
|
|
|
|
|
|
|
|
|
||||||||
|
Individually evaluated for impairment
|
|
$
|
22
|
|
|
$
|
214
|
|
|
$
|
26
|
|
|
$
|
262
|
|
|
Collectively evaluated for impairment
|
|
588
|
|
|
217
|
|
|
116
|
|
|
921
|
|
||||
|
Loans acquired with deteriorated credit quality
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Finance receivables and loans at historical cost
|
|
|
|
|
|
|
|
|
||||||||
|
Ending balance
|
|
56,028
|
|
|
9,270
|
|
|
31,695
|
|
|
96,993
|
|
||||
|
Individually evaluated for impairment
|
|
268
|
|
|
936
|
|
|
305
|
|
|
1,509
|
|
||||
|
Collectively evaluated for impairment
|
|
55,744
|
|
|
8,334
|
|
|
31,390
|
|
|
95,468
|
|
||||
|
Loans acquired with deteriorated credit quality
|
|
16
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||
|
(a)
|
Includes international commercial charge-offs of
$1 million
.
|
|
Six months ended June 30, 2012 (
$ in millions
)
|
|
Consumer
automobile |
|
Consumer
mortgage |
|
Commercial
|
|
Total
|
||||||||
|
Allowance at January 1, 2012
|
|
$
|
766
|
|
|
$
|
516
|
|
|
$
|
221
|
|
|
$
|
1,503
|
|
|
Charge-offs (a)
|
|
(266
|
)
|
|
(86
|
)
|
|
(5
|
)
|
|
(357
|
)
|
||||
|
Recoveries (b)
|
|
122
|
|
|
6
|
|
|
34
|
|
|
162
|
|
||||
|
Net charge-offs
|
|
(144
|
)
|
|
(80
|
)
|
|
29
|
|
|
(195
|
)
|
||||
|
Provision for loan losses
|
|
101
|
|
|
48
|
|
|
(18
|
)
|
|
131
|
|
||||
|
Other (c)
|
|
55
|
|
|
(12
|
)
|
|
(55
|
)
|
|
(12
|
)
|
||||
|
Allowance at June 30, 2012
|
|
$
|
778
|
|
|
$
|
472
|
|
|
$
|
177
|
|
|
$
|
1,427
|
|
|
Allowance for loan losses
|
|
|
|
|
|
|
|
|
||||||||
|
Individually evaluated for impairment
|
|
$
|
9
|
|
|
$
|
166
|
|
|
$
|
32
|
|
|
$
|
207
|
|
|
Collectively evaluated for impairment
|
|
763
|
|
|
306
|
|
|
145
|
|
|
1,214
|
|
||||
|
Loans acquired with deteriorated credit quality
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||
|
Finance receivables and loans at historical cost
|
|
|
|
|
|
|
|
|
||||||||
|
Ending balance
|
|
68,136
|
|
|
9,823
|
|
|
41,954
|
|
|
119,913
|
|
||||
|
Individually evaluated for impairment
|
|
97
|
|
|
688
|
|
|
1,525
|
|
|
2,310
|
|
||||
|
Collectively evaluated for impairment
|
|
67,980
|
|
|
9,135
|
|
|
40,429
|
|
|
117,544
|
|
||||
|
Loans acquired with deteriorated credit quality
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
||||
|
(a)
|
Includes international consumer automobile and international commercial charge-offs of
$81 million
and
$2 million
, respectively.
|
|
(b)
|
Includes international consumer automobile and international commercial recoveries of
$34 million
and
$25 million
, respectively.
|
|
(c)
|
Includes provision for loan losses relating to discontinued operations of
$37 million
.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Consumer automobile
|
|
$
|
—
|
|
|
$
|
1,960
|
|
|
$
|
—
|
|
|
$
|
1,960
|
|
|
Consumer mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
||||
|
Commercial
|
|
27
|
|
|
—
|
|
|
45
|
|
|
—
|
|
||||
|
Total sales and transfers
|
|
$
|
27
|
|
|
$
|
1,960
|
|
|
$
|
45
|
|
|
$
|
2,000
|
|
|
(
$ in millions
)
|
|
30-59 days
past due |
|
60-89 days
past due |
|
90 days
or more past due |
|
Total
past due |
|
Current
|
|
Total finance
receivables and loans |
||||||||||||
|
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer automobile
|
|
$
|
868
|
|
|
$
|
193
|
|
|
$
|
134
|
|
|
$
|
1,195
|
|
|
$
|
54,833
|
|
|
$
|
56,028
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
|
79
|
|
|
28
|
|
|
131
|
|
|
238
|
|
|
6,536
|
|
|
6,774
|
|
||||||
|
Home equity
|
|
12
|
|
|
5
|
|
|
12
|
|
|
29
|
|
|
2,467
|
|
|
2,496
|
|
||||||
|
Total consumer mortgage
|
|
91
|
|
|
33
|
|
|
143
|
|
|
267
|
|
|
9,003
|
|
|
9,270
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
|
—
|
|
|
—
|
|
|
20
|
|
|
20
|
|
|
27,498
|
|
|
27,518
|
|
||||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,502
|
|
|
1,502
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
2,667
|
|
|
2,675
|
|
||||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total commercial
|
|
—
|
|
|
—
|
|
|
28
|
|
|
28
|
|
|
31,667
|
|
|
31,695
|
|
||||||
|
Total consumer and commercial
|
|
$
|
959
|
|
|
$
|
226
|
|
|
$
|
305
|
|
|
$
|
1,490
|
|
|
$
|
95,503
|
|
|
$
|
96,993
|
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer automobile
|
|
$
|
920
|
|
|
$
|
213
|
|
|
$
|
138
|
|
|
$
|
1,271
|
|
|
$
|
52,444
|
|
|
$
|
53,715
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
|
66
|
|
|
37
|
|
|
156
|
|
|
259
|
|
|
6,914
|
|
|
7,173
|
|
||||||
|
Home equity
|
|
15
|
|
|
6
|
|
|
18
|
|
|
39
|
|
|
2,609
|
|
|
2,648
|
|
||||||
|
Total consumer mortgage
|
|
81
|
|
|
43
|
|
|
174
|
|
|
298
|
|
|
9,523
|
|
|
9,821
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
|
30,254
|
|
|
30,270
|
|
||||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Other
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
2,696
|
|
|
2,697
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
2,544
|
|
|
2,552
|
|
||||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total commercial
|
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
|
35,494
|
|
|
35,519
|
|
||||||
|
Total consumer and commercial
|
|
$
|
1,001
|
|
|
$
|
256
|
|
|
$
|
337
|
|
|
$
|
1,594
|
|
|
$
|
97,461
|
|
|
$
|
99,055
|
|
|
(
$ in millions
)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Consumer automobile
|
|
$
|
277
|
|
|
$
|
260
|
|
|
Consumer mortgage
|
|
|
|
|
||||
|
1st Mortgage
|
|
388
|
|
|
342
|
|
||
|
Home equity
|
|
36
|
|
|
40
|
|
||
|
Total consumer mortgage
|
|
424
|
|
|
382
|
|
||
|
Commercial
|
|
|
|
|
||||
|
Commercial and industrial
|
|
|
|
|
||||
|
Automobile
|
|
186
|
|
|
146
|
|
||
|
Mortgage
|
|
—
|
|
|
—
|
|
||
|
Other
|
|
88
|
|
|
33
|
|
||
|
Commercial real estate
|
|
|
|
|
||||
|
Automobile
|
|
31
|
|
|
37
|
|
||
|
Mortgage
|
|
—
|
|
|
—
|
|
||
|
Total commercial
|
|
305
|
|
|
216
|
|
||
|
Total consumer and commercial finance receivables and loans
|
|
$
|
1,006
|
|
|
$
|
858
|
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
|
(
$ in millions
)
|
|
Performing
|
|
Nonperforming
|
|
Total
|
|
Performing
|
|
Nonperforming
|
|
Total
|
||||||||||||
|
Consumer automobile
|
|
$
|
55,751
|
|
|
$
|
277
|
|
|
$
|
56,028
|
|
|
$
|
53,455
|
|
|
$
|
260
|
|
|
$
|
53,715
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
|
6,386
|
|
|
388
|
|
|
6,774
|
|
|
6,831
|
|
|
342
|
|
|
7,173
|
|
||||||
|
Home equity
|
|
2,460
|
|
|
36
|
|
|
2,496
|
|
|
2,608
|
|
|
40
|
|
|
2,648
|
|
||||||
|
Total consumer mortgage
|
|
$
|
8,846
|
|
|
$
|
424
|
|
|
$
|
9,270
|
|
|
$
|
9,439
|
|
|
$
|
382
|
|
|
$
|
9,821
|
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
|
(
$ in millions
)
|
|
Pass
|
|
Criticized (a)
|
|
Total
|
|
Pass
|
|
Criticized (a)
|
|
Total
|
||||||||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
|
$
|
26,118
|
|
|
$
|
1,400
|
|
|
$
|
27,518
|
|
|
$
|
28,978
|
|
|
$
|
1,292
|
|
|
$
|
30,270
|
|
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Other
|
|
1,212
|
|
|
290
|
|
|
1,502
|
|
|
2,417
|
|
|
280
|
|
|
2,697
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
|
2,593
|
|
|
82
|
|
|
2,675
|
|
|
2,440
|
|
|
112
|
|
|
2,552
|
|
||||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total commercial
|
|
$
|
29,923
|
|
|
$
|
1,772
|
|
|
$
|
31,695
|
|
|
$
|
33,835
|
|
|
$
|
1,684
|
|
|
$
|
35,519
|
|
|
(a)
|
Includes loans classified as special mention, substandard, or doubtful. These classifications are based on regulatory definitions and generally represent loans within our portfolio that have a higher default risk or have already defaulted.
|
|
(
$ in millions
)
|
|
Unpaid principal balance
|
|
Carrying value before allowance
|
|
Impaired with no allowance
|
|
Impaired with an allowance
|
|
Allowance for impaired loans
|
||||||||||
|
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Consumer automobile
|
|
$
|
268
|
|
|
$
|
268
|
|
|
$
|
—
|
|
|
$
|
268
|
|
|
$
|
22
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
1st Mortgage
|
|
795
|
|
|
789
|
|
|
126
|
|
|
663
|
|
|
162
|
|
|||||
|
Home equity
|
|
146
|
|
|
147
|
|
|
2
|
|
|
145
|
|
|
52
|
|
|||||
|
Total consumer mortgage
|
|
941
|
|
|
936
|
|
|
128
|
|
|
808
|
|
|
214
|
|
|||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
186
|
|
|
186
|
|
|
69
|
|
|
117
|
|
|
9
|
|
|||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other
|
|
88
|
|
|
88
|
|
|
17
|
|
|
71
|
|
|
7
|
|
|||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
31
|
|
|
31
|
|
|
8
|
|
|
23
|
|
|
10
|
|
|||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total commercial
|
|
305
|
|
|
305
|
|
|
94
|
|
|
211
|
|
|
26
|
|
|||||
|
Total consumer and commercial finance receivables and loans
|
|
$
|
1,514
|
|
|
$
|
1,509
|
|
|
$
|
222
|
|
|
$
|
1,287
|
|
|
$
|
262
|
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Consumer automobile
|
|
$
|
260
|
|
|
$
|
260
|
|
|
$
|
90
|
|
|
$
|
170
|
|
|
$
|
16
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
1st Mortgage
|
|
811
|
|
|
725
|
|
|
123
|
|
|
602
|
|
|
137
|
|
|||||
|
Home equity
|
|
147
|
|
|
148
|
|
|
1
|
|
|
147
|
|
|
49
|
|
|||||
|
Total consumer mortgage
|
|
958
|
|
|
873
|
|
|
124
|
|
|
749
|
|
|
186
|
|
|||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
146
|
|
|
146
|
|
|
54
|
|
|
92
|
|
|
7
|
|
|||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other
|
|
33
|
|
|
33
|
|
|
9
|
|
|
24
|
|
|
7
|
|
|||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
37
|
|
|
37
|
|
|
9
|
|
|
28
|
|
|
12
|
|
|||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total commercial
|
|
216
|
|
|
216
|
|
|
72
|
|
|
144
|
|
|
26
|
|
|||||
|
Total consumer and commercial finance receivables and loans
|
|
$
|
1,434
|
|
|
$
|
1,349
|
|
|
$
|
286
|
|
|
$
|
1,063
|
|
|
$
|
228
|
|
|
|
|
2013
|
|
2012
|
||||||||||||
|
Three months ended June 30, (
$ in millions
)
|
|
Average
balance |
|
Interest
income |
|
Average
balance |
|
Interest
income |
||||||||
|
Consumer automobile
|
|
$
|
275
|
|
|
$
|
5
|
|
|
$
|
94
|
|
|
$
|
3
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
||||||||
|
1st Mortgage
|
|
781
|
|
|
5
|
|
|
574
|
|
|
7
|
|
||||
|
Home equity
|
|
147
|
|
|
2
|
|
|
96
|
|
|
1
|
|
||||
|
Total consumer mortgage
|
|
928
|
|
|
7
|
|
|
670
|
|
|
8
|
|
||||
|
Commercial
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
|
177
|
|
|
1
|
|
|
185
|
|
|
3
|
|
||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
||||
|
Other
|
|
68
|
|
|
1
|
|
|
25
|
|
|
5
|
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
|
35
|
|
|
1
|
|
|
54
|
|
|
1
|
|
||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||
|
Total commercial
|
|
280
|
|
|
3
|
|
|
286
|
|
|
9
|
|
||||
|
Total consumer and commercial finance receivables and loans
|
|
$
|
1,483
|
|
|
$
|
15
|
|
|
$
|
1,050
|
|
|
$
|
20
|
|
|
|
|
2013
|
|
2012
|
||||||||||||
|
Six months ended June 30, (
$ in millions
)
|
|
Average
balance |
|
Interest
income |
|
Average
balance |
|
Interest
income |
||||||||
|
Consumer automobile
|
|
$
|
273
|
|
|
$
|
9
|
|
|
$
|
88
|
|
|
$
|
5
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
||||||||
|
1st Mortgage
|
|
760
|
|
|
12
|
|
|
546
|
|
|
11
|
|
||||
|
Home equity
|
|
139
|
|
|
3
|
|
|
97
|
|
|
2
|
|
||||
|
Total consumer mortgage
|
|
899
|
|
|
15
|
|
|
643
|
|
|
13
|
|
||||
|
Commercial
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
|
167
|
|
|
3
|
|
|
197
|
|
|
5
|
|
||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||
|
Other
|
|
63
|
|
|
1
|
|
|
29
|
|
|
5
|
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
|
35
|
|
|
1
|
|
|
58
|
|
|
1
|
|
||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
||||
|
Total commercial
|
|
265
|
|
|
5
|
|
|
303
|
|
|
11
|
|
||||
|
Total consumer and commercial finance receivables and loans
|
|
$
|
1,437
|
|
|
$
|
29
|
|
|
$
|
1,034
|
|
|
$
|
29
|
|
|
|
|
2013 (a)
|
|
2012
|
||||||||||||||||||
|
Three months ended June 30, (
$ in millions
)
|
|
Number of
loans |
|
Pre-modification
carrying value before allowance |
|
Post-modification
carrying value before allowance |
|
Number of
loans |
|
Pre-modification
carrying value before allowance |
|
Post-modification
carrying value before allowance |
||||||||||
|
Consumer automobile
|
|
4,414
|
|
|
$
|
68
|
|
|
$
|
57
|
|
|
1,980
|
|
|
$
|
25
|
|
|
$
|
25
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
1st Mortgage
|
|
144
|
|
|
42
|
|
|
35
|
|
|
845
|
|
|
231
|
|
|
161
|
|
||||
|
Home equity
|
|
43
|
|
|
2
|
|
|
2
|
|
|
54
|
|
|
3
|
|
|
3
|
|
||||
|
Total consumer mortgage
|
|
187
|
|
|
44
|
|
|
37
|
|
|
899
|
|
|
234
|
|
|
164
|
|
||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
2
|
|
|
7
|
|
|
7
|
|
|
3
|
|
|
5
|
|
|
5
|
|
||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Other
|
|
2
|
|
|
20
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
1
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
7
|
|
|
6
|
|
||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total commercial
|
|
5
|
|
|
29
|
|
|
29
|
|
|
6
|
|
|
12
|
|
|
11
|
|
||||
|
Total consumer and commercial finance receivables and loans
|
|
4,606
|
|
|
$
|
141
|
|
|
$
|
123
|
|
|
2,885
|
|
|
$
|
271
|
|
|
$
|
200
|
|
|
(a)
|
Due to recent industry practice, bankruptcy loans that have not been reaffirmed have been included within our TDR population beginning in the fourth quarter of 2012.
|
|
|
|
2013 (a)
|
|
2012
|
||||||||||||||||||
|
Six months ended June 30, (
$ in millions
)
|
|
Number of
loans |
|
Pre-modification
carrying value before allowance |
|
Post-modification
carrying value before allowance |
|
Number of
loans |
|
Pre-modification
carrying value before allowance |
|
Post-modification
carrying value before allowance |
||||||||||
|
Consumer automobile
|
|
9,699
|
|
|
$
|
147
|
|
|
$
|
125
|
|
|
4,772
|
|
|
$
|
58
|
|
|
$
|
58
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
1st Mortgage
|
|
618
|
|
|
207
|
|
|
165
|
|
|
922
|
|
|
259
|
|
|
188
|
|
||||
|
Home equity
|
|
114
|
|
|
6
|
|
|
6
|
|
|
227
|
|
|
13
|
|
|
12
|
|
||||
|
Total consumer mortgage
|
|
732
|
|
|
213
|
|
|
171
|
|
|
1,149
|
|
|
272
|
|
|
200
|
|
||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
6
|
|
|
32
|
|
|
32
|
|
|
6
|
|
|
8
|
|
|
8
|
|
||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Other
|
|
3
|
|
|
53
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
4
|
|
|
13
|
|
|
13
|
|
|
4
|
|
|
9
|
|
|
8
|
|
||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total commercial
|
|
13
|
|
|
98
|
|
|
96
|
|
|
10
|
|
|
17
|
|
|
16
|
|
||||
|
Total consumer and commercial finance receivables and loans
|
|
10,444
|
|
|
$
|
458
|
|
|
$
|
392
|
|
|
5,931
|
|
|
$
|
347
|
|
|
$
|
274
|
|
|
(a)
|
Due to recent industry practice, bankruptcy loans that have not been reaffirmed have been included within our TDR population beginning in the fourth quarter of 2012.
|
|
|
|
2013 (a)
|
|
2012
|
||||||||||||||||||
|
Three months ended June 30, (
$ in millions
)
|
|
Number of
loans |
|
Carrying value
before allowance |
|
Charge-off amount
|
|
Number of
loans |
|
Carrying value
before allowance |
|
Charge-off amount
|
||||||||||
|
Consumer automobile
|
|
1,414
|
|
|
$
|
18
|
|
|
$
|
9
|
|
|
161
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
1st Mortgage
|
|
2
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
2
|
|
|
1
|
|
||||
|
Home equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
||||
|
Total consumer mortgage
|
|
2
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
2
|
|
|
1
|
|
||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
—
|
|
||||
|
Total commercial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
||||
|
Total consumer and commercial finance receivables and loans
|
|
1,416
|
|
|
$
|
18
|
|
|
$
|
9
|
|
|
180
|
|
|
$
|
6
|
|
|
$
|
2
|
|
|
(a)
|
Due to recent industry practice, bankruptcy loans that have not been reaffirmed have been included within our TDR population beginning in the fourth quarter of 2012.
|
|
|
|
2013 (a)
|
|
2012
|
||||||||||||||||||
|
Six months ended June 30, (
$ in millions
)
|
|
Number of
loans |
|
Carrying value
before allowance |
|
Charge-off amount
|
|
Number of
loans |
|
Carrying value
before allowance |
|
Charge-off amount
|
||||||||||
|
Consumer automobile
|
|
2,747
|
|
|
$
|
34
|
|
|
$
|
17
|
|
|
369
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
1st Mortgage
|
|
10
|
|
|
2
|
|
|
—
|
|
|
12
|
|
|
3
|
|
|
1
|
|
||||
|
Home equity
|
|
2
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
1
|
|
|
1
|
|
||||
|
Total consumer mortgage
|
|
12
|
|
|
2
|
|
|
—
|
|
|
25
|
|
|
4
|
|
|
2
|
|
||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
3
|
|
|
—
|
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automobile
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
—
|
|
||||
|
Total commercial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
||||
|
Total consumer and commercial finance receivables and loans
|
|
2,759
|
|
|
$
|
36
|
|
|
$
|
17
|
|
|
399
|
|
|
$
|
12
|
|
|
$
|
4
|
|
|
(a)
|
Due to recent industry practice, bankruptcy loans that have not been reaffirmed have been included within our TDR population beginning in the fourth quarter of 2012.
|
|
(
$ in millions
)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Interest-only mortgage loans (a)
|
|
$
|
1,746
|
|
|
$
|
2,063
|
|
|
Below-market rate (teaser) mortgages
|
|
177
|
|
|
192
|
|
||
|
Total higher-risk mortgage finance receivables and loans
|
|
$
|
1,923
|
|
|
$
|
2,255
|
|
|
(a)
|
The majority of the interest-only mortgage loans are expected to start principal amortization in 2015 or beyond.
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Vehicles and other equipment
|
|
$
|
19,072
|
|
|
$
|
16,009
|
|
|
Accumulated depreciation
|
|
(2,987
|
)
|
|
(2,459
|
)
|
||
|
Investment in operating leases, net
|
|
$
|
16,085
|
|
|
$
|
13,550
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
($ in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Depreciation expense on operating lease assets (excluding remarketing gains)
|
$
|
590
|
|
|
$
|
359
|
|
|
$
|
1,089
|
|
|
$
|
687
|
|
|
Remarketing gains, net
|
(91
|
)
|
|
(24
|
)
|
|
(155
|
)
|
|
(47
|
)
|
||||
|
Depreciation expense on operating lease assets
|
$
|
499
|
|
|
$
|
335
|
|
|
$
|
934
|
|
|
$
|
640
|
|
|
($ in millions)
|
|
Consolidated
involvement with VIEs (a) |
Assets of
nonconsolidated VIEs (a) |
Maximum exposure to
loss in nonconsolidated VIEs |
|||||||||
|
June 30, 2013
|
|
|
|
|
|
|
|
||||||
|
On-balance sheet variable interest entities
|
|
|
|
|
|
|
|
||||||
|
Consumer automobile
|
|
$
|
20,488
|
|
|
|
|
|
|
||||
|
Commercial automobile
|
|
15,148
|
|
|
|
|
|
|
|||||
|
Commercial other
|
|
811
|
|
|
|
|
|
|
|||||
|
Off-balance sheet variable interest entities
|
|
|
|
|
|
|
|
||||||
|
Consumer automobile
|
|
—
|
|
|
$
|
1,183
|
|
|
$
|
1,183
|
|
(b)
|
|
|
Commercial other
|
|
(26
|
)
|
(c)
|
—
|
|
(d)
|
65
|
|
|
|||
|
Total
|
|
$
|
36,421
|
|
|
$
|
1,183
|
|
|
$
|
1,248
|
|
|
|
December 31, 2012
|
|
|
|
|
|
|
|
||||||
|
On-balance sheet variable interest entities
|
|
|
|
|
|
|
|
||||||
|
Consumer automobile
|
|
$
|
28,566
|
|
|
|
|
|
|
||||
|
Commercial automobile
|
|
23,139
|
|
|
|
|
|
|
|||||
|
Commercial other
|
|
728
|
|
|
|
|
|
|
|||||
|
Off-balance sheet variable interest entities
|
|
|
|
|
|
|
|
||||||
|
Consumer automobile
|
|
—
|
|
|
$
|
1,495
|
|
|
$
|
1,495
|
|
(b)
|
|
|
Consumer mortgage — other
|
|
—
|
|
|
—
|
|
(d)
|
12
|
|
(e)
|
|||
|
Commercial other
|
|
(28
|
)
|
(c)
|
—
|
|
(d)
|
85
|
|
|
|||
|
Total
|
|
$
|
52,405
|
|
|
$
|
1,495
|
|
|
$
|
1,592
|
|
|
|
(a)
|
Asset values represent the current unpaid principal balance of outstanding consumer and commercial finance receivables and loans within the VIEs.
|
|
(b)
|
Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all of the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss.
|
|
(c)
|
Amounts classified as accrued expenses and other liabilities.
|
|
(d)
|
Includes a VIE for which we have no management oversight and therefore we are not able to provide the total assets of the VIE.
|
|
(e)
|
Our maximum exposure to loss in this VIE is a component of servicer advances made that are allocated to the trust. The maximum exposure to loss presented represents the unlikely event that every loan underlying the excess servicing rights sold defaults, and we, as servicer, are required to advance the entire excess service fee to the trust for the contractually established period. This required disclosure is not an indication of our expected loss.
|
|
Six months ended June 30, (
$ in millions
)
|
|
Consumer automobile
|
|
Consumer
mortgage GSEs
|
|
Consumer mortgage
private-label |
||||||
|
2013
|
|
|
|
|
|
|
||||||
|
Cash proceeds from transfers completed during the period
|
|
$
|
—
|
|
|
$
|
8,674
|
|
|
$
|
—
|
|
|
Servicing fees
|
|
7
|
|
|
66
|
|
|
—
|
|
|||
|
Representations and warranties obligations
|
|
—
|
|
|
(62
|
)
|
|
—
|
|
|||
|
Other cash flows
|
|
—
|
|
|
71
|
|
|
—
|
|
|||
|
2012
|
|
|
|
|
|
|
||||||
|
Cash proceeds from transfers completed during the period
|
|
$
|
1,978
|
|
|
$
|
16,645
|
|
|
$
|
—
|
|
|
Cash flows received on retained interests in securitization entities
|
|
—
|
|
|
—
|
|
|
71
|
|
|||
|
Servicing fees
|
|
—
|
|
|
434
|
|
|
63
|
|
|||
|
Purchases of previously transferred financial assets
|
|
—
|
|
|
(876
|
)
|
|
(12
|
)
|
|||
|
Representations and warranties obligations
|
|
—
|
|
|
(30
|
)
|
|
(7
|
)
|
|||
|
Other cash flows
|
|
—
|
|
|
(84
|
)
|
|
255
|
|
|||
|
|
|
Total Amount
|
|
Amount 60 days or more past due
|
||||||||||||
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||
|
On-balance sheet loans
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile
|
|
$
|
56,028
|
|
|
$
|
53,715
|
|
|
$
|
327
|
|
|
$
|
351
|
|
|
Consumer mortgage
|
|
9,326
|
|
|
12,311
|
|
|
201
|
|
|
241
|
|
||||
|
Commercial automobile
|
|
30,193
|
|
|
32,822
|
|
|
28
|
|
|
24
|
|
||||
|
Commercial mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Commercial other
|
|
1,548
|
|
|
2,783
|
|
|
—
|
|
|
1
|
|
||||
|
Total on-balance sheet loans
|
|
97,095
|
|
|
101,631
|
|
|
556
|
|
|
617
|
|
||||
|
Off-balance sheet securitization entities
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile
|
|
1,183
|
|
|
1,495
|
|
|
3
|
|
|
4
|
|
||||
|
Consumer mortgage - GSEs (a)
|
|
131
|
|
|
119,384
|
|
|
n/m
|
|
|
1,892
|
|
||||
|
Total off-balance sheet securitization entities
|
|
1,314
|
|
|
120,879
|
|
|
3
|
|
|
1,896
|
|
||||
|
Whole-loan transactions (b)
|
|
4,509
|
|
|
6,756
|
|
|
94
|
|
|
129
|
|
||||
|
Total
|
|
$
|
102,918
|
|
|
$
|
229,266
|
|
|
$
|
653
|
|
|
$
|
2,642
|
|
|
(a)
|
Decrease due to the sales of agency MSRs. Refer to
Note 10
for additional information.
|
|
(b)
|
Whole-loan transactions are not part of a securitization transaction, but represent consumer automobile and consumer mortgage pools of loans sold to third-party investors.
|
|
|
|
Net credit losses
|
||||||||||||||
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
($ in millions)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
On-balance sheet loans
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile
|
|
$
|
80
|
|
|
$
|
70
|
|
|
$
|
173
|
|
|
$
|
144
|
|
|
Consumer mortgage
|
|
26
|
|
|
(8
|
)
|
|
47
|
|
|
10
|
|
||||
|
Commercial automobile
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
|
Commercial mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
|
Commercial other
|
|
(2
|
)
|
|
(18
|
)
|
|
(3
|
)
|
|
(27
|
)
|
||||
|
Total on-balance sheet loans
|
|
103
|
|
|
43
|
|
|
217
|
|
|
125
|
|
||||
|
Off-balance sheet securitization entities
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
|
Consumer mortgage - GSEs (a)
|
|
n/m
|
|
|
n/m
|
|
|
n/m
|
|
|
n/m
|
|
||||
|
Total off-balance sheet securitization entities
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
|
Whole-loan transactions
|
|
5
|
|
|
2
|
|
|
5
|
|
|
10
|
|
||||
|
Total
|
|
$
|
109
|
|
|
$
|
45
|
|
|
$
|
224
|
|
|
$
|
135
|
|
|
(a)
|
Anticipated credit losses are not meaningful due to the GSE guarantees.
|
|
Three months ended June 30,
($ in millions)
|
|
2013
|
|
2012 (a)
|
||||
|
Estimated fair value at April 1,
|
|
$
|
917
|
|
|
$
|
2,595
|
|
|
Additions
|
|
6
|
|
|
42
|
|
||
|
Sales (b)
|
|
(911
|
)
|
|
—
|
|
||
|
Changes in fair value
|
|
|
|
|
||||
|
Due to changes in valuation inputs or assumptions used in the valuation model
|
|
(4
|
)
|
|
(301
|
)
|
||
|
Other changes in fair value
|
|
(8
|
)
|
|
(101
|
)
|
||
|
Deconsolidation of ResCap
|
|
—
|
|
|
(1,130
|
)
|
||
|
Estimated fair value at June 30,
|
|
$
|
—
|
|
|
$
|
1,105
|
|
|
(a)
|
Includes activities of our discontinued operations.
|
|
(b)
|
Includes the sales of agency MSRs to Ocwen an
d Quicken Loans, Inc. (Quicken) on A
pril 1, 2013 and April 16, 2013.
|
|
Six months ended June 30,
($ in millions)
|
|
2013
|
|
2012 (a)
|
||||
|
Estimated fair value at January 1,
|
|
$
|
952
|
|
|
$
|
2,519
|
|
|
Additions
|
|
60
|
|
|
117
|
|
||
|
Sales (b)
|
|
(911
|
)
|
|
—
|
|
||
|
Changes in fair value
|
|
|
|
|
||||
|
Due to changes in valuation inputs or assumptions used in the valuation model
|
|
(32
|
)
|
|
(138
|
)
|
||
|
Other changes in fair value
|
|
(69
|
)
|
|
(263
|
)
|
||
|
Deconsolidation of ResCap
|
|
—
|
|
|
(1,130
|
)
|
||
|
Estimated fair value at June 30,
|
|
$
|
—
|
|
|
$
|
1,105
|
|
|
(a)
|
Includes activities of our discontinued operations.
|
|
(b)
|
Includes the sales of agency MSRs to Ocwen and Quicken on April 1, 2013 and April 16, 2013.
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
($ in millions)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Change in estimated fair value of mortgage servicing rights
|
$
|
(12
|
)
|
|
$
|
(275
|
)
|
|
$
|
(101
|
)
|
|
$
|
(285
|
)
|
|
Change in fair value of derivative financial instruments
|
—
|
|
|
321
|
|
|
(112
|
)
|
|
225
|
|
||||
|
Servicing asset valuation and hedge activities, net
|
$
|
(12
|
)
|
|
$
|
46
|
|
|
$
|
(213
|
)
|
|
$
|
(60
|
)
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(
$ in millions
)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Contractual servicing fees, net of guarantee fees and including subservicing
|
$
|
3
|
|
|
$
|
78
|
|
|
$
|
61
|
|
|
$
|
164
|
|
|
Late fees
|
—
|
|
|
3
|
|
|
1
|
|
|
5
|
|
||||
|
Ancillary fees
|
—
|
|
|
2
|
|
|
4
|
|
|
6
|
|
||||
|
Total mortgage servicing fees
|
$
|
3
|
|
|
$
|
83
|
|
|
$
|
66
|
|
|
$
|
175
|
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
On-balance sheet mortgage loans
|
|
|
|
|
||||
|
Held-for-sale and investment
|
|
$
|
8,243
|
|
|
$
|
10,938
|
|
|
Off-balance sheet mortgage loans
|
|
|
|
|
||||
|
Loans sold to third-party investors
|
|
|
|
|
||||
|
GSEs
|
|
131
|
|
|
119,384
|
|
||
|
Whole-loan
|
|
—
|
|
|
2
|
|
||
|
Total primary serviced mortgage loans
|
|
$
|
8,374
|
|
|
$
|
130,324
|
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
On-balance sheet automobile finance loans and leases
|
|
|
|
|
||||
|
Consumer automobile
|
|
$
|
56,028
|
|
|
$
|
53,715
|
|
|
Commercial automobile
|
|
30,193
|
|
|
32,822
|
|
||
|
Operating leases
|
|
16,085
|
|
|
13,550
|
|
||
|
Operations held-for-sale
|
|
3,953
|
|
|
25,979
|
|
||
|
Other
|
|
50
|
|
|
41
|
|
||
|
Off-balance sheet automobile finance loans
|
|
|
|
|
||||
|
Loans sold to third-party investors
|
|
|
|
|
||||
|
Securitizations
|
|
1,167
|
|
|
1,474
|
|
||
|
Whole-loan
|
|
4,359
|
|
|
6,541
|
|
||
|
Other (a)
|
|
6,062
|
|
|
—
|
|
||
|
Total serviced automobile finance loans and leases
|
|
$
|
117,897
|
|
|
$
|
134,122
|
|
|
(a)
|
Consists of serviced assets sold in conjunction with the divestiture of our Canadian automotive finance operations.
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Property and equipment at cost
|
|
$
|
675
|
|
|
$
|
693
|
|
|
Accumulated depreciation
|
|
(441
|
)
|
|
(411
|
)
|
||
|
Net property and equipment
|
|
234
|
|
|
282
|
|
||
|
Deferred tax assets
|
|
1,967
|
|
|
1,190
|
|
||
|
Restricted cash collections for securitization trusts (a)
|
|
1,213
|
|
|
2,983
|
|
||
|
Cash reserve deposits held-for-securitization trusts (b)
|
|
432
|
|
|
442
|
|
||
|
Unamortized debt issuance costs
|
|
392
|
|
|
425
|
|
||
|
Other accounts receivable
|
|
345
|
|
|
525
|
|
||
|
Fair value of derivative contracts in receivable position
|
|
310
|
|
|
2,298
|
|
||
|
Restricted cash and cash equivalents
|
|
237
|
|
|
889
|
|
||
|
Collateral placed with counterparties
|
|
224
|
|
|
1,290
|
|
||
|
Nonmarketable equity securities
|
|
204
|
|
|
303
|
|
||
|
Other assets
|
|
1,143
|
|
|
1,281
|
|
||
|
Total other assets
|
|
$
|
6,701
|
|
|
$
|
11,908
|
|
|
(a)
|
Represents cash collections from customer payments on securitized receivables. These funds are distributed to investors as payments on the related secured debt.
|
|
(b)
|
Represents credit enhancement in the form of cash reserves for various securitization transactions.
|
|
(
$ in millions
)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Deposits
|
|
|
|
|
||||
|
Noninterest-bearing deposits
|
|
$
|
72
|
|
|
$
|
1,977
|
|
|
Interest-bearing deposits
|
|
|
|
|
||||
|
Savings and money market checking accounts
|
|
18,297
|
|
|
13,871
|
|
||
|
Certificates of deposit
|
|
31,114
|
|
|
31,084
|
|
||
|
Dealer deposits
|
|
642
|
|
|
983
|
|
||
|
Total deposit liabilities
|
|
$
|
50,125
|
|
|
$
|
47,915
|
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
|
($ in millions)
|
|
Unsecured
|
|
Secured (a)
|
|
Total
|
|
Unsecured
|
|
Secured (a)
|
|
Total
|
||||||||||||
|
Demand notes
|
|
$
|
3,197
|
|
|
$
|
—
|
|
|
$
|
3,197
|
|
|
$
|
3,094
|
|
|
$
|
—
|
|
|
$
|
3,094
|
|
|
Bank loans and overdrafts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
167
|
|
|
—
|
|
|
167
|
|
||||||
|
Federal Home Loan Bank
|
|
—
|
|
|
500
|
|
|
500
|
|
|
—
|
|
|
3,800
|
|
|
3,800
|
|
||||||
|
Other (b)
|
|
—
|
|
|
500
|
|
|
500
|
|
|
—
|
|
|
400
|
|
|
400
|
|
||||||
|
Total short-term borrowings
|
|
$
|
3,197
|
|
|
$
|
1,000
|
|
|
$
|
4,197
|
|
|
$
|
3,261
|
|
|
$
|
4,200
|
|
|
$
|
7,461
|
|
|
(a)
|
Refer to
Note 14
for further details on assets restricted as collateral for payment of the related debt.
|
|
(b)
|
Other relates to secured borrowings at our Commercial Finance Group at
June 30, 2013
and
December 31, 2012
.
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
|
($ in millions)
|
|
Unsecured
|
|
Secured
|
|
Total
|
|
Unsecured
|
|
Secured
|
|
Total
|
||||||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Due within one year
|
|
$
|
4,494
|
|
|
$
|
10,879
|
|
|
$
|
15,373
|
|
|
$
|
1,070
|
|
|
$
|
11,503
|
|
|
$
|
12,573
|
|
|
Due after one year (a)
|
|
27,749
|
|
|
20,720
|
|
|
48,469
|
|
|
31,486
|
|
|
29,408
|
|
|
60,894
|
|
||||||
|
Fair value adjustment
|
|
692
|
|
|
—
|
|
|
692
|
|
|
1,094
|
|
|
—
|
|
|
1,094
|
|
||||||
|
Total long-term debt
|
|
$
|
32,935
|
|
|
$
|
31,599
|
|
|
$
|
64,534
|
|
|
$
|
33,650
|
|
|
$
|
40,911
|
|
|
$
|
74,561
|
|
|
(a)
|
Includes $
2.6 billion
and $
2.6 billion
of trust preferred securities at both
June 30, 2013
and
December 31, 2012
, respectively.
|
|
Year ended December 31,
($ in millions)
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018 and
thereafter |
|
Fair value
adjustment |
|
Total
|
||||||||||||||||
|
Unsecured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Long-term debt
|
|
$
|
896
|
|
|
$
|
5,588
|
|
|
$
|
5,123
|
|
|
$
|
1,970
|
|
|
$
|
3,687
|
|
|
$
|
16,695
|
|
|
$
|
692
|
|
|
$
|
34,651
|
|
|
Original issue discount
|
|
(137
|
)
|
|
(188
|
)
|
|
(56
|
)
|
|
(63
|
)
|
|
(75
|
)
|
|
(1,197
|
)
|
|
—
|
|
|
(1,716
|
)
|
||||||||
|
Total unsecured
|
|
759
|
|
|
5,400
|
|
|
5,067
|
|
|
1,907
|
|
|
3,612
|
|
|
15,498
|
|
|
692
|
|
|
32,935
|
|
||||||||
|
Secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Long-term debt
|
|
4,204
|
|
|
11,935
|
|
|
8,308
|
|
|
3,959
|
|
|
2,490
|
|
|
703
|
|
|
—
|
|
|
31,599
|
|
||||||||
|
Total long-term debt
|
|
$
|
4,963
|
|
|
$
|
17,335
|
|
|
$
|
13,375
|
|
|
$
|
5,866
|
|
|
$
|
6,102
|
|
|
$
|
16,201
|
|
|
$
|
692
|
|
|
$
|
64,534
|
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
($ in millions)
|
|
Total
|
|
Ally Bank (a)
|
|
Total
|
|
Ally Bank (a)
|
||||||||
|
Investment securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,911
|
|
|
$
|
1,911
|
|
|
Mortgage finance receivables and loans
|
|
9,353
|
|
|
9,353
|
|
|
9,866
|
|
|
9,866
|
|
||||
|
Consumer automobile finance receivables
|
|
21,190
|
|
|
12,628
|
|
|
29,557
|
|
|
14,833
|
|
||||
|
Commercial automobile finance receivables
|
|
17,371
|
|
|
17,371
|
|
|
19,606
|
|
|
19,606
|
|
||||
|
Investment in operating leases, net
|
|
7,661
|
|
|
4,178
|
|
|
6,058
|
|
|
1,691
|
|
||||
|
Other assets
|
|
982
|
|
|
175
|
|
|
999
|
|
|
272
|
|
||||
|
Total assets restricted as collateral (b)
|
|
$
|
56,557
|
|
|
$
|
43,705
|
|
|
$
|
67,997
|
|
|
$
|
48,179
|
|
|
Secured debt (c)
|
|
$
|
32,599
|
|
|
$
|
22,304
|
|
|
$
|
45,111
|
|
|
$
|
29,162
|
|
|
(a)
|
Ally Bank is a component of the total column.
|
|
(b)
|
Ally Bank has an advance agreement with the Federal Home Loan Bank of Pittsburgh (FHLB) and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling
$12.1 billion
and
$12.6 billion
at
June 30, 2013
, and
December 31, 2012
, respectively. These assets were composed primarily of consumer and commercial mortgage finance receivables and loans, net. Ally Bank has access to the Federal Reserve Bank Discount Window. Ally Bank had assets pledged and restricted as collateral to the Federal Reserve Bank totaling
$3.4 billion
and
$1.9 billion
at
June 30, 2013
, and
December 31, 2012
, respectively. These assets were composed of consumer automobile finance receivables and loans, net and investment securities. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its subsidiaries.
|
|
(c)
|
Includes
$1.0 billion
and
$4.2 billion
of short-term borrowings at
June 30, 2013
, and
December 31, 2012
, respectively.
|
|
|
|
Outstanding
|
|
Unused Capacity (a)
|
|
Total Capacity
|
||||||||||||||||||
|
($ in billions)
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
Bank funding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Secured
|
|
$
|
1.7
|
|
|
$
|
3.8
|
|
|
$
|
1.8
|
|
|
$
|
4.7
|
|
|
$
|
3.5
|
|
|
$
|
8.5
|
|
|
Parent funding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unsecured (b)
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||||
|
Secured (c) (d) (e)
|
|
9.0
|
|
|
22.5
|
|
|
11.7
|
|
|
7.8
|
|
|
20.7
|
|
|
30.3
|
|
||||||
|
Total Parent funding
|
|
9.0
|
|
|
22.6
|
|
|
11.7
|
|
|
7.8
|
|
|
20.7
|
|
|
30.4
|
|
||||||
|
Shared capacity (f) (g)
|
|
—
|
|
|
1.1
|
|
|
4.1
|
|
|
3.0
|
|
|
4.1
|
|
|
4.1
|
|
||||||
|
Total committed facilities
|
|
$
|
10.7
|
|
|
$
|
27.5
|
|
|
$
|
17.6
|
|
|
$
|
15.5
|
|
|
$
|
28.3
|
|
|
$
|
43.0
|
|
|
(a)
|
Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or is available to the extent incremental collateral is available and contributed to the facilities.
|
|
(b)
|
Total unsecured parent funding capacity represents committed funding for our discontinued international automobile financing business.
|
|
(c)
|
Total secured parent funding capacity includes committed funding for our discontinued international automobile financing business of
$2.5 billion
and
$12.0 billion
as of
June 30, 2013
and
December 31, 2012
, respectively, with outstanding debt of
$2.0 billion
and
$9.6 billion
, respectively.
|
|
(d)
|
Total unused capacity includes
$1.5 billion
and
$2.2 billion
as of
June 30, 2013
and
December 31, 2012
, respectively, from certain committed funding arrangements that are generally reliant upon the origination of future automotive receivables and that are available in 2013.
|
|
(e)
|
Includes the secured facilities of our Commercial Finance Group.
|
|
(f)
|
Funding is generally available for assets originated by Ally Bank or the parent company, Ally Financial Inc.
|
|
(g)
|
Total shared facilities includes committed funding for our discontinued international automobile financing business of
$0.1 billion
as of
December 31, 2012
, with outstanding debt of
$0.1 billion
.
|
|
|
|
Outstanding
|
|
Unused Capacity
|
|
Total Capacity
|
||||||||||||||||||
|
($ in billions)
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
Bank funding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Secured
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Federal Reserve funding programs
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.8
|
|
|
$
|
1.8
|
|
|
$
|
1.8
|
|
|
$
|
1.8
|
|
|
FHLB advances
|
|
1.5
|
|
|
4.8
|
|
|
4.0
|
|
|
0.4
|
|
|
5.5
|
|
|
5.2
|
|
||||||
|
Total bank funding
|
|
1.5
|
|
|
4.8
|
|
|
5.8
|
|
|
2.2
|
|
|
7.3
|
|
|
7.0
|
|
||||||
|
Parent funding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unsecured
|
|
1.3
|
|
|
2.1
|
|
|
—
|
|
|
0.4
|
|
|
1.3
|
|
|
2.5
|
|
||||||
|
Secured
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
||||||
|
Total parent funding (a)
|
|
1.3
|
|
|
2.2
|
|
|
—
|
|
|
0.5
|
|
|
1.3
|
|
|
2.7
|
|
||||||
|
Total uncommitted facilities
|
|
$
|
2.8
|
|
|
$
|
7.0
|
|
|
$
|
5.8
|
|
|
$
|
2.7
|
|
|
$
|
8.6
|
|
|
$
|
9.7
|
|
|
(a)
|
Total parent funding capacity represents uncommitted funding for our discontinued international automobile financing business
.
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Accrual related to ResCap Settlement (a)
|
|
$
|
1,950
|
|
|
$
|
750
|
|
|
Accounts payable
|
|
906
|
|
|
565
|
|
||
|
Employee compensation and benefits
|
|
455
|
|
|
494
|
|
||
|
Reserves for insurance losses and loss adjustment expenses
|
|
314
|
|
|
341
|
|
||
|
Fair value of derivative contracts in payable position
|
|
220
|
|
|
2,468
|
|
||
|
Collateral received from counterparties
|
|
177
|
|
|
941
|
|
||
|
Other liabilities (b)
|
|
1,021
|
|
|
1,026
|
|
||
|
Total accrued expenses and other liabilities
|
|
$
|
5,043
|
|
|
$
|
6,585
|
|
|
(a)
|
Refer to
Note 1
for more information regarding the Debtors' bankruptcy, deconsolidation, and this accrual.
|
|
(b)
|
Includes
$150 million
accrual for insurance proceeds to be contributed to the ResCap estate at June 30, 2013. Refer to Note 1 for more information regarding the Debtors' bankruptcy, deconsolidation, and this accrual.
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Mandatorily convertible preferred stock held by U.S. Department of Treasury
|
|
|
|
|
||||
|
Series F-2 preferred stock (a)
|
|
|
|
|
||||
|
Carrying value
($ in millions)
|
|
$
|
5,685
|
|
|
$
|
5,685
|
|
|
Par value
(per share)
|
|
0.01
|
|
|
0.01
|
|
||
|
Liquidation preference
(per share)
|
|
50
|
|
|
50
|
|
||
|
Number of shares authorized
|
|
228,750,000
|
|
|
228,750,000
|
|
||
|
Number of shares issued and outstanding
|
|
118,750,000
|
|
|
118,750,000
|
|
||
|
Dividend/coupon
|
|
9
|
%
|
|
9
|
%
|
||
|
Redemption/call feature
|
|
Perpetual (b)
|
|
|
Perpetual (b)
|
|
||
|
Preferred stock
|
|
|
|
|
||||
|
Series A preferred stock
|
|
|
|
|
||||
|
Carrying value
($ in millions)
|
|
$
|
1,021
|
|
|
$
|
1,021
|
|
|
Par value
(per share)
|
|
0.01
|
|
|
0.01
|
|
||
|
Liquidation preference
(per share)
|
|
25
|
|
|
25
|
|
||
|
Number of shares authorized
|
|
160,870,560
|
|
|
160,870,560
|
|
||
|
Number of shares issued and outstanding
|
|
40,870,560
|
|
|
40,870,560
|
|
||
|
Dividend/coupon
|
|
|
|
|
||||
|
Prior to May 15, 2016
|
|
8.5
|
%
|
|
8.5
|
%
|
||
|
On and after May 15, 2016
|
|
three month LIBOR + 6.243%
|
|
|
three month LIBOR + 6.243%
|
|
||
|
Redemption/call feature
|
|
Perpetual (c)
|
|
|
Perpetual (c)
|
|
||
|
Series G preferred stock (d)
|
|
|
|
|
||||
|
Carrying value
($ in millions)
|
|
$
|
234
|
|
|
$
|
234
|
|
|
Par value
(per share)
|
|
0.01
|
|
|
0.01
|
|
||
|
Liquidation preference
(per share)
|
|
1,000
|
|
|
1,000
|
|
||
|
Number of shares authorized
|
|
2,576,601
|
|
|
2,576,601
|
|
||
|
Number of shares issued and outstanding
|
|
2,576,601
|
|
|
2,576,601
|
|
||
|
Dividend/coupon
|
|
7
|
%
|
|
7
|
%
|
||
|
Redemption/call feature
|
|
Perpetual (e)
|
|
|
Perpetual (e)
|
|
||
|
(a)
|
Mandatorily convertible to common equity on December 30, 2016 at a conversion rate of
0.00432
common shares for each preferred share, which equates to a common share value of
$11,574
.
|
|
(b)
|
Convertible prior to mandatory conversion date either with consent of Treasury or in the event the Federal Reserve compels a conversion.
|
|
(c)
|
Nonredeemable prior to May 15, 2016.
|
|
(d)
|
Pursuant to a registration rights agreement, we are required to maintain an effective shelf registration statement. In the event we fail to meet this obligation, we may be required to pay additional interest to the holders of the Series G Preferred Stock.
|
|
(e)
|
Redeemable beginning at December 31, 2011.
|
|
($ in millions)
|
Unrealized gains (losses) on investment securities
|
|
Translation adjustments and net investment hedges
|
|
Cash flow hedges
|
|
Defined benefit pension plans
|
|
Accumulated other comprehensive income (loss)
|
||||||||||
|
Balance at December 31, 2012
|
$
|
76
|
|
|
$
|
368
|
|
|
$
|
2
|
|
|
$
|
(135
|
)
|
|
$
|
311
|
|
|
2013 net change
|
(335
|
)
|
|
(211
|
)
|
|
6
|
|
|
42
|
|
|
(498
|
)
|
|||||
|
Balance at June 30, 2013
|
$
|
(259
|
)
|
|
$
|
157
|
|
|
$
|
8
|
|
|
$
|
(93
|
)
|
|
$
|
(187
|
)
|
|
Three months ended June 30, 2013
($ in millions)
|
Before Tax
|
|
Tax Effect
|
|
After Tax
|
||||||
|
Unrealized losses on investment securities
|
|
|
|
|
|
||||||
|
Net unrealized losses arising during the period
|
$
|
(404
|
)
|
|
$
|
122
|
|
|
$
|
(282
|
)
|
|
Less: Net realized gains reclassified to income from continuing operations
|
64
|
|
(a)
|
—
|
|
(b)
|
64
|
|
|||
|
Less: Net realized gains reclassified to income from discontinued operations, net of tax
|
2
|
|
|
(1
|
)
|
|
1
|
|
|||
|
Net change
|
(470
|
)
|
|
123
|
|
|
(347
|
)
|
|||
|
Translation adjustments
|
|
|
|
|
|
||||||
|
Net unrealized losses arising during the period
|
(54
|
)
|
|
21
|
|
|
(33
|
)
|
|||
|
Less: Net realized losses reclassified to income from discontinued operations, net of tax
|
(87
|
)
|
|
(1
|
)
|
|
(88
|
)
|
|||
|
Net change
|
33
|
|
|
22
|
|
|
55
|
|
|||
|
Net investment hedges
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
46
|
|
|
(17
|
)
|
|
29
|
|
|||
|
Less: Net realized losses reclassified to income from discontinued operations, net of tax
|
(112
|
)
|
|
57
|
|
|
(55
|
)
|
|||
|
Net change
|
158
|
|
|
(74
|
)
|
|
84
|
|
|||
|
Cash flow hedges
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
3
|
|
|
(1
|
)
|
|
2
|
|
|||
|
Defined benefit pension plans
|
|
|
|
|
|
||||||
|
Net unrealized gains, prior service costs, and transition obligation arising during the period
|
2
|
|
|
—
|
|
|
2
|
|
|||
|
Less: Net losses, prior service costs, and transition obligations reclassified to income from discontinued operations, net of tax
|
(32
|
)
|
|
9
|
|
|
(23
|
)
|
|||
|
Net change
|
34
|
|
|
(9
|
)
|
|
25
|
|
|||
|
Other comprehensive loss
|
$
|
(242
|
)
|
|
$
|
61
|
|
|
$
|
(181
|
)
|
|
(a)
|
Includes gains reclassified to other gain on investments, net in our
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(b)
|
Includes amounts reclassified to income tax (benefit) expense from continuing operations in our
Condensed Consolidated Statement of Comprehensive Income
.
|
|
Six months ended June 30, 2013
($ in millions)
|
Before Tax
|
|
Tax Effect
|
|
After Tax
|
||||||
|
Unrealized losses on investment securities
|
|
|
|
|
|
||||||
|
Net unrealized losses arising during the period
|
$
|
(335
|
)
|
|
$
|
121
|
|
|
$
|
(214
|
)
|
|
Less: Net realized gains reclassified to income from continuing operations
|
115
|
|
(a)
|
(2
|
)
|
(b)
|
113
|
|
|||
|
Less: Net realized gains reclassified to income from discontinued operations, net of tax
|
10
|
|
|
(2
|
)
|
|
8
|
|
|||
|
Net change
|
(460
|
)
|
|
125
|
|
|
(335
|
)
|
|||
|
Translation adjustments
|
|
|
|
|
|
||||||
|
Net unrealized losses arising during the period
|
(103
|
)
|
|
23
|
|
|
(80
|
)
|
|||
|
Less: Net realized gains reclassified to income from discontinued operations, net of tax
|
345
|
|
|
2
|
|
|
347
|
|
|||
|
Net change
|
(448
|
)
|
|
21
|
|
|
(427
|
)
|
|||
|
Net investment hedges
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
66
|
|
|
(25
|
)
|
|
41
|
|
|||
|
Less: Net realized losses reclassified to income from discontinued operations, net of tax
|
(261
|
)
|
|
86
|
|
|
(175
|
)
|
|||
|
Net change
|
327
|
|
|
(111
|
)
|
|
216
|
|
|||
|
Cash flow hedges
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
3
|
|
|
(1
|
)
|
|
2
|
|
|||
|
Less: Net realized losses reclassified to income from continuing operations
|
(7
|
)
|
(c)
|
3
|
|
(b)
|
(4
|
)
|
|||
|
Net change
|
10
|
|
|
(4
|
)
|
|
6
|
|
|||
|
Defined benefit pension plans
|
|
|
|
|
|
||||||
|
Net unrealized gains, prior service costs, and transition obligation arising during the period
|
2
|
|
|
—
|
|
|
2
|
|
|||
|
Less: Net losses, prior service costs, and transition obligations reclassified to income from continuing operations
|
(2
|
)
|
(d)
|
—
|
|
(b)
|
(2
|
)
|
|||
|
Less: Net losses, prior service costs, and transition obligations reclassified to income from discontinued operations, net of tax
|
(49
|
)
|
|
11
|
|
|
(38
|
)
|
|||
|
Net change
|
53
|
|
|
(11
|
)
|
|
42
|
|
|||
|
Other comprehensive loss
|
$
|
(518
|
)
|
|
$
|
20
|
|
|
$
|
(498
|
)
|
|
(a)
|
Includes gains reclassified to other gain on investments, net in our
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(b)
|
Includes amounts reclassified to income tax (benefit) expense from continuing operations in our
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(c)
|
Includes losses reclassified to interest on long-term debt in our
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(d)
|
Includes losses reclassified to compensation and benefits expense in our
Condensed Consolidated Statement of Comprehensive Income
.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(
$ in millions except per share data
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Net income from continuing operations
|
|
$
|
100
|
|
|
$
|
183
|
|
|
$
|
160
|
|
|
$
|
185
|
|
|
Preferred stock dividends — U.S. Department of Treasury
|
|
(133
|
)
|
|
(134
|
)
|
|
(267
|
)
|
|
(267
|
)
|
||||
|
Preferred stock dividends
|
|
(67
|
)
|
|
(67
|
)
|
|
(134
|
)
|
|
(134
|
)
|
||||
|
Net loss from continuing operations attributable to common shareholders
|
|
(100
|
)
|
|
(18
|
)
|
|
(241
|
)
|
|
(216
|
)
|
||||
|
(Loss) income from discontinued operations, net of tax
|
|
(1,027
|
)
|
|
(1,081
|
)
|
|
6
|
|
|
(773
|
)
|
||||
|
Net loss attributable to common shareholders
|
|
$
|
(1,127
|
)
|
|
$
|
(1,099
|
)
|
|
$
|
(235
|
)
|
|
$
|
(989
|
)
|
|
Basic weighted-average common shares outstanding
|
|
1,330,970
|
|
|
1,330,970
|
|
|
1,330,970
|
|
|
1,330,970
|
|
||||
|
Diluted weighted-average common shares outstanding (a)
|
|
1,330,970
|
|
|
1,330,970
|
|
|
1,330,970
|
|
|
1,330,970
|
|
||||
|
Basic earnings per common share
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net loss from continuing operations
|
|
$
|
(75
|
)
|
|
$
|
(13
|
)
|
|
$
|
(180
|
)
|
|
$
|
(162
|
)
|
|
(Loss) income from discontinued operations, net of tax
|
|
(772
|
)
|
|
(812
|
)
|
|
4
|
|
|
(581
|
)
|
||||
|
Net loss
|
|
$
|
(847
|
)
|
|
$
|
(825
|
)
|
|
$
|
(176
|
)
|
|
$
|
(743
|
)
|
|
Diluted earnings per common share (a)
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net loss from continuing operations
|
|
$
|
(75
|
)
|
|
$
|
(13
|
)
|
|
$
|
(180
|
)
|
|
$
|
(162
|
)
|
|
(Loss) income from discontinued operations, net of tax
|
|
(772
|
)
|
|
(812
|
)
|
|
4
|
|
|
(581
|
)
|
||||
|
Net loss
|
|
$
|
(847
|
)
|
|
$
|
(825
|
)
|
|
$
|
(176
|
)
|
|
$
|
(743
|
)
|
|
(a)
|
Due to the antidilutive effect of converting the Fixed Rate Cumulative Mandatorily Convertible Preferred Stock into common shares and the net loss from continuing operations attributable to common shareholders for the
three months and six months ended
June 30, 2013
and
2012
, respectively, loss from continuing operations attributable to common shareholders and basic weighted-average common shares outstanding were used to calculate basic and diluted earnings per share.
|
|
|
June 30, 2013
|
|
December 31, 2012
|
|
Required
minimum |
|
Well-capitalized
minimum |
|||||||||||
|
(
$ in millions
)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
||||||||||
|
Risk-based capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Tier 1 (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Ally Financial Inc.
|
$
|
19,659
|
|
|
15.45
|
%
|
|
$
|
20,232
|
|
|
13.13
|
%
|
|
4.00
|
%
|
|
6.00%
|
|
Ally Bank
|
14,682
|
|
|
17.59
|
|
|
14,136
|
|
|
16.26
|
|
|
4.00
|
|
|
6.00
|
||
|
Total (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Ally Financial Inc.
|
$
|
20,968
|
|
|
16.48
|
%
|
|
$
|
21,669
|
|
|
14.07
|
%
|
|
8.00
|
%
|
|
10.00%
|
|
Ally Bank
|
15,368
|
|
|
18.42
|
|
|
14,827
|
|
|
17.06
|
|
|
8.00
|
|
|
10.00
|
||
|
Tier 1 leverage (to adjusted quarterly average assets) (a)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Ally Financial Inc.
|
$
|
19,659
|
|
|
13.16
|
%
|
|
$
|
20,232
|
|
|
11.16
|
%
|
|
3.00–4.00%
|
|
(b)
|
|
|
Ally Bank
|
14,682
|
|
|
15.93
|
|
|
14,136
|
|
|
15.30
|
|
|
15.00
|
|
(c)
|
5.00%
|
||
|
Tier 1 common (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Ally Financial Inc.
|
$
|
10,175
|
|
|
8.00
|
%
|
|
$
|
10,749
|
|
|
6.98
|
%
|
|
n/a
|
|
n/a
|
|
|
Ally Bank
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
n/a
|
|||
|
(a)
|
Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.
|
|
(b)
|
There is no Tier 1 leverage component in the definition of a well-capitalized bank holding company.
|
|
(c)
|
Ally Bank, in accordance with the CLMA, is required to maintain a Tier 1 leverage ratio of at least
15%
.
|
|
•
|
MSRs
— We completed the sale of our agency MSRs during the second quarter of 2013 and no longer hedge this activity. In the past, our MSRs were generally subject to loss in value when mortgage rates declined. Declining mortgage rates generally result in an increase in refinancing activity that increases prepayments and results in a decline in the value of MSRs. To mitigate the impact of this risk, we maintained a portfolio of financial instruments, primarily derivative instruments that increased in value when interest rates declined. The primary objective was to minimize the overall risk of loss in the value of MSRs due to the change in fair value caused by interest rate changes.
|
|
•
|
Mortgage loan commitments and mortgage loans held-for-sale
— We have no mortgage loan commitments as of
June 30, 2013
and, therefore, no longer hedge interest rate lock commitments (IRLC). In the past, we were exposed to interest rate risk from the time an IRLC was made until the time the mortgage loan was sold. We have an immaterial amount of mortgage loans held-for-sale that are exposed to interest rate risk. Changes in interest rates impact the market price for our loans; as market interest rates decline, the value of loans held-for-sale increase and vice versa. Our primary objective in risk management activities related to these items is to eliminate or greatly reduce any interest rate risk.
|
|
•
|
Debt
— With the exception of a portion of our fixed-rate debt and a portion of our outstanding floating-rate borrowings associated with Ally Bank's secured credit facilities, we do not apply hedge accounting to our derivative portfolio held to mitigate interest rate risk associated with our debt portfolio. Typically, the significant terms of the interest rate swaps match the significant terms of the underlying debt resulting in an effective conversion of the rate of the related debt.
|
|
•
|
Net fixed versus variable interest rate exposure and equity investments
— We enter into futures, options, and swaptions to economically hedge our net fixed versus variable interest rate exposure. The primary derivative instruments used to hedge the interest rate exposure of our fixed-rate automotive loans are short-dated, exchange-traded Eurodollar futures. We also enter into equity options to economically hedge our exposure to the equity markets.
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
|
|
|
Derivative contracts in a
|
|
Notional
amount |
|
Derivative contracts in a
|
|
Notional
amount |
||||||||||||||||
|
(
$ in millions
)
|
|
receivable
position (a) |
|
payable
position (b) |
|
receivable position (a)
|
|
payable
position (b) |
|
|||||||||||||||
|
Derivatives qualifying for hedge accounting
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate risk
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Fair value accounting hedges
|
|
$
|
124
|
|
|
$
|
83
|
|
|
$
|
7,018
|
|
|
$
|
411
|
|
|
$
|
—
|
|
|
$
|
7,248
|
|
|
Cash flow accounting hedges
|
|
—
|
|
|
—
|
|
|
698
|
|
|
—
|
|
|
10
|
|
|
2,580
|
|
||||||
|
Total interest rate risk
|
|
124
|
|
|
83
|
|
|
7,716
|
|
|
411
|
|
|
10
|
|
|
9,828
|
|
||||||
|
Foreign exchange risk
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net investment accounting hedges
|
|
48
|
|
|
10
|
|
|
3,037
|
|
|
35
|
|
|
53
|
|
|
8,693
|
|
||||||
|
Total derivatives qualifying for hedge accounting
|
|
172
|
|
|
93
|
|
|
10,753
|
|
|
446
|
|
|
63
|
|
|
18,521
|
|
||||||
|
Economic hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate risk
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
MSRs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,616
|
|
|
2,299
|
|
|
146,405
|
|
||||||
|
Mortgage loan commitments and mortgage loans held-for-sale
|
|
—
|
|
|
—
|
|
|
4
|
|
|
49
|
|
|
23
|
|
|
9,617
|
|
||||||
|
Debt
|
|
48
|
|
|
27
|
|
|
10,112
|
|
|
28
|
|
|
29
|
|
|
17,716
|
|
||||||
|
Net fixed versus variable interest rate exposure and equity investments (c)
|
|
89
|
|
|
89
|
|
|
51,500
|
|
|
154
|
|
|
27
|
|
|
41,514
|
|
||||||
|
Total interest rate risk
|
|
137
|
|
|
116
|
|
|
61,616
|
|
|
1,847
|
|
|
2,378
|
|
|
215,252
|
|
||||||
|
Foreign exchange risk
|
|
1
|
|
|
11
|
|
|
1,545
|
|
|
5
|
|
|
27
|
|
|
2,464
|
|
||||||
|
Total economic hedges
|
|
138
|
|
|
127
|
|
|
63,161
|
|
|
1,852
|
|
|
2,405
|
|
|
217,716
|
|
||||||
|
Total derivatives
|
|
$
|
310
|
|
|
$
|
220
|
|
|
$
|
73,914
|
|
|
$
|
2,298
|
|
|
$
|
2,468
|
|
|
$
|
236,237
|
|
|
(a)
|
Includes accrued interest of
$65 million
and
$175 million
at
June 30, 2013
and
December 31, 2012
, respectively.
|
|
(b)
|
Includes accrued interest of
$8 million
and
$144 million
at
June 30, 2013
and
December 31, 2012
, respectively.
|
|
(c)
|
Primarily consists of exchange-traded Eurodollar futures with
$13 million
and
$32 million
in a receivable position,
$13 million
and
$5 million
in a payable position, and of a
$34.7 billion
and
$24.2 billion
notional amount at
June 30, 2013
and
December 31, 2012
, respectively. Also includes equity options with
$0 million
and
$1 million
in a receivable position,
$9 million
and
$8 million
in a payable position, and of a
$212 million
and
$554 million
notional amount at
June 30, 2013
and
December 31, 2012
, respectively.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Derivatives qualifying for hedge accounting
|
|
|
|
|
|
|
|
|
||||||||
|
(Loss) gain recognized in earnings on derivatives (a)
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate contracts
|
|
|
|
|
|
|
|
|
||||||||
|
Interest on long-term debt
|
|
$
|
(215
|
)
|
|
$
|
268
|
|
|
$
|
(313
|
)
|
|
$
|
199
|
|
|
Gain (loss) recognized in earnings on hedged items (b)
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate contracts
|
|
|
|
|
|
|
|
|
||||||||
|
Interest on long-term debt
|
|
225
|
|
|
(259
|
)
|
|
326
|
|
|
(208
|
)
|
||||
|
Total derivatives qualifying for hedge accounting
|
|
10
|
|
|
9
|
|
|
13
|
|
|
(9
|
)
|
||||
|
Economic derivatives
|
|
|
|
|
|
|
|
|
||||||||
|
Gain (loss) recognized in earnings on derivatives
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate contracts
|
|
|
|
|
|
|
|
|
||||||||
|
Servicing asset valuation and hedge activities, net
|
|
—
|
|
|
321
|
|
|
(112
|
)
|
|
225
|
|
||||
|
(Loss) gain on mortgage and automotive loans, net
|
|
(5
|
)
|
|
(59
|
)
|
|
(37
|
)
|
|
24
|
|
||||
|
Other income, net of losses
|
|
7
|
|
|
(45
|
)
|
|
6
|
|
|
(27
|
)
|
||||
|
Total interest rate contracts
|
|
2
|
|
|
217
|
|
|
(143
|
)
|
|
222
|
|
||||
|
Foreign exchange contracts (c)
|
|
|
|
|
|
|
|
|
||||||||
|
Interest on long-term debt
|
|
(20
|
)
|
|
8
|
|
|
19
|
|
|
(1
|
)
|
||||
|
Other income, net of losses
|
|
1
|
|
|
50
|
|
|
29
|
|
|
25
|
|
||||
|
Total foreign exchange contracts
|
|
(19
|
)
|
|
58
|
|
|
48
|
|
|
24
|
|
||||
|
(Loss) gain recognized in earnings on derivatives
|
|
$
|
(7
|
)
|
|
$
|
284
|
|
|
$
|
(82
|
)
|
|
$
|
237
|
|
|
(a)
|
Amounts exclude gains related to interest for qualifying accounting hedges of debt, which are primarily offset by the fixed coupon payment on the long-term debt. The gains were
$28 million
and
$29 million
for the
three months ended
June 30, 2013
and
2012
, respectively, and
$61 million
and
$55 million
for the
six months ended
June 30, 2013
and
2012
, respectively.
|
|
(b)
|
Amounts exclude gains related to amortization of deferred basis adjustments on the hedged items. The gains were
$38 million
and
$59 million
for the
three months ended
June 30, 2013
and
2012
, respectively, and
$76 million
and
$119 million
for the
six months ended
June 30, 2013
and
2012
, respectively.
|
|
(c)
|
Amounts exclude gains and losses related to the revaluation of the related foreign-denominated debt or receivable. Gains of
$18 million
and losses of
$56 million
were recognized for the
three months ended
June 30, 2013
and
2012
, respectively. Losses of
$47 million
and
$25 million
were recognized for the
six months ended
June 30, 2013
and
2012
, respectively.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Cash flow hedges
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate contracts
|
|
|
|
|
|
|
|
|
||||||||
|
Loss reclassified from accumulated other comprehensive income to interest on long-term debt (a)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(7
|
)
|
|
$
|
—
|
|
|
Gain (loss) recorded directly to interest on long-term debt
|
|
1
|
|
|
—
|
|
|
1
|
|
|
(5
|
)
|
||||
|
Total interest on long-term debt
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
(6
|
)
|
|
$
|
(5
|
)
|
|
Gain (loss) recognized in other comprehensive income
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
10
|
|
|
$
|
(2
|
)
|
|
Net investment hedges
|
|
|
|
|
|
|
|
|
||||||||
|
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
||||||||
|
Loss reclassified from accumulated other comprehensive income (loss) to income (loss) from discontinued operations, net
|
|
$
|
(112
|
)
|
|
$
|
(1
|
)
|
|
$
|
(261
|
)
|
|
$
|
(1
|
)
|
|
Total other income, net of losses
|
|
$
|
(112
|
)
|
|
$
|
(1
|
)
|
|
$
|
(261
|
)
|
|
$
|
(1
|
)
|
|
Gain recognized in other comprehensive income (b)
|
|
$
|
158
|
|
|
$
|
249
|
|
|
$
|
327
|
|
|
$
|
46
|
|
|
(a)
|
The amount represents losses reclassified from other comprehensive income (OCI) into earnings as a result of the discontinuance of hedge accounting because it is probable that the forecasted transaction will not occur.
|
|
(b)
|
The amounts represent the effective portion of net investment hedges. There are offsetting amounts recognized in accumulated other comprehensive income related to the revaluation of the related net investment in foreign operations. There were losses of
$20 million
and
$343 million
for the
three months ended
June 30, 2013
and
2012
, respectively. There were losses of
$539 million
and
$43 million
for the
six months ended
June 30, 2013
and
2012
, respectively.
|
|
Level 1
|
Inputs are quoted prices in active markets for identical assets or liabilities at the measurement date. Additionally, the entity must have the ability to access the active market and the quoted prices cannot be adjusted by the entity.
|
|
Level 2
|
Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.
|
|
Level 3
|
Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management's best assumptions of how market participants would price the assets or liabilities. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation.
|
|
Transfers
|
Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfer occurred. There were no transfers between any levels during the
six months ended
June 30, 2013
.
|
|
•
|
Available-for-sale securities
— Available-for-sale securities are carried at fair value based on observable market prices, when available. If observable market prices are not available, our valuations are based on internally developed discounted cash flow models (an income approach) that use a market-based discount rate and consider recent market transactions, experience with similar securities, current business conditions, and analysis of the underlying collateral, as available. To estimate cash flows, we are required to utilize various significant assumptions including market observable inputs (e.g., forward interest rates) and internally developed inputs (including prepayment speeds, delinquency levels, and credit losses).
|
|
•
|
Mortgage loans held-for-sale, net
— Our mortgage loans held-for-sale are accounted for at fair value because of fair value option elections. Mortgage loans held-for-sale are typically pooled together and sold into certain exit markets depending on underlying attributes of the loan, such as GSE eligibility, product type, interest rate, and credit quality. Mortgage loans classified as Level 2 were mainly GSE-eligible mortgage loans carried at fair value due to fair value option election, which are valued predominantly using published forward agency prices. It also includes any domestic loans where recently negotiated market prices for the loan pool exist with a counterparty (which approximates fair value) or quoted market prices for similar loans are available.
|
|
•
|
MSRs
— MSRs are classified as Level 3, management estimates fair value using our transaction data and other market data or, in periods when there are limited MSRs market transactions that are directly observable, internally developed discounted cash flow models (an income approach) are used to estimate the fair value. These internal valuation models estimate net cash flows based on internal operating assumptions that we believe would be used by market participants in orderly transactions combined with market-based assumptions for loan prepayment rates, interest rates, and discount rates that we believe approximate yields required by investors in this asset. Cash flows primarily include servicing fees, float income, and late fees in each case less operating costs to service the loans. The estimated cash flows are discounted using an option-adjusted spread-derived discount rate.
|
|
•
|
Interests retained in financial asset sales
— The interests retained are in securitization trusts and deferred purchase prices on the sale of whole-loans. Due to inactivity in the market, valuations are based on internally developed discounted cash flow models (an income approach) that use a market-based discount rate; therefore, we classified these assets as Level 3. The valuation considers recent market transactions, experience with similar assets, current business conditions, and analysis of the underlying collateral, as available. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (e.g., forward interest rates) and internally developed inputs (e.g., prepayment speeds, delinquency levels, and credit losses).
|
|
•
|
Derivative instruments
— We enter into a variety of derivative financial instruments as part of our risk management strategies. Certain of these derivatives are exchange traded, such as Eurodollar futures. To determine the fair value of these instruments, we utilize the quoted market prices for the particular derivative contracts; therefore, we classified these contracts as Level 1.
|
|
|
|
Recurring fair value measurements
|
||||||||||||||
|
June 30, 2013
($ in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
|
||||||||
|
Investment securities
|
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. Treasury and federal agencies
|
|
$
|
658
|
|
|
$
|
1,132
|
|
|
$
|
—
|
|
|
$
|
1,790
|
|
|
Foreign government
|
|
4
|
|
|
288
|
|
|
—
|
|
|
292
|
|
||||
|
Mortgage-backed residential
|
|
—
|
|
|
10,328
|
|
|
—
|
|
|
10,328
|
|
||||
|
Asset-backed
|
|
—
|
|
|
2,276
|
|
|
—
|
|
|
2,276
|
|
||||
|
Corporate debt securities
|
|
—
|
|
|
1,309
|
|
|
—
|
|
|
1,309
|
|
||||
|
Total debt securities
|
|
662
|
|
|
15,333
|
|
|
—
|
|
|
15,995
|
|
||||
|
Equity securities (a)
|
|
1,020
|
|
|
—
|
|
|
—
|
|
|
1,020
|
|
||||
|
Total available-for-sale securities
|
|
1,682
|
|
|
15,333
|
|
|
—
|
|
|
17,015
|
|
||||
|
Mortgage loans held-for-sale, net (b)
|
|
—
|
|
|
56
|
|
|
—
|
|
|
56
|
|
||||
|
Mortgage servicing rights
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Other assets
|
|
|
|
|
|
|
|
|
||||||||
|
Interests retained in financial asset sales
|
|
—
|
|
|
—
|
|
|
124
|
|
|
124
|
|
||||
|
Derivative contracts in a receivable position
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate
|
|
15
|
|
|
246
|
|
|
—
|
|
|
261
|
|
||||
|
Foreign currency
|
|
—
|
|
|
49
|
|
|
—
|
|
|
49
|
|
||||
|
Total derivative contracts in a receivable position
|
|
15
|
|
|
295
|
|
|
—
|
|
|
310
|
|
||||
|
Total assets
|
|
$
|
1,697
|
|
|
$
|
15,684
|
|
|
$
|
124
|
|
|
$
|
17,505
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
|
||||||||
|
Derivative contracts in a payable position
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate
|
|
$
|
(24
|
)
|
|
$
|
(175
|
)
|
|
$
|
—
|
|
|
$
|
(199
|
)
|
|
Foreign currency
|
|
—
|
|
|
(12
|
)
|
|
(9
|
)
|
|
(21
|
)
|
||||
|
Total derivative contracts in a payable position
|
|
(24
|
)
|
|
(187
|
)
|
|
(9
|
)
|
|
(220
|
)
|
||||
|
Total liabilities
|
|
$
|
(24
|
)
|
|
$
|
(187
|
)
|
|
$
|
(9
|
)
|
|
$
|
(220
|
)
|
|
(a)
|
Our investment in any one industry did not exceed
17%
.
|
|
(b)
|
Carried at fair value due to fair value option elections.
|
|
|
|
Recurring fair value measurements
|
||||||||||||||
|
December 31, 2012
($ in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
|
||||||||
|
Investment securities
|
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. Treasury and federal agencies
|
|
$
|
697
|
|
|
$
|
1,517
|
|
|
$
|
—
|
|
|
$
|
2,214
|
|
|
Foreign government
|
|
3
|
|
|
300
|
|
|
—
|
|
|
303
|
|
||||
|
Mortgage-backed residential
|
|
—
|
|
|
6,906
|
|
|
—
|
|
|
6,906
|
|
||||
|
Asset-backed
|
|
—
|
|
|
2,340
|
|
|
—
|
|
|
2,340
|
|
||||
|
Corporate debt securities
|
|
—
|
|
|
1,263
|
|
|
—
|
|
|
1,263
|
|
||||
|
Total debt securities
|
|
700
|
|
|
12,326
|
|
|
—
|
|
|
13,026
|
|
||||
|
Equity securities (a)
|
|
1,152
|
|
|
—
|
|
|
—
|
|
|
1,152
|
|
||||
|
Total available-for-sale securities
|
|
1,852
|
|
|
12,326
|
|
|
—
|
|
|
14,178
|
|
||||
|
Mortgage loans held-for-sale, net (b)
|
|
—
|
|
|
2,490
|
|
|
—
|
|
|
2,490
|
|
||||
|
Mortgage servicing rights
|
|
—
|
|
|
—
|
|
|
952
|
|
|
952
|
|
||||
|
Other assets
|
|
|
|
|
|
|
|
|
||||||||
|
Interests retained in financial asset sales
|
|
—
|
|
|
—
|
|
|
154
|
|
|
154
|
|
||||
|
Derivative contracts in a receivable position (c)
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate
|
|
40
|
|
|
2,170
|
|
|
48
|
|
|
2,258
|
|
||||
|
Foreign currency
|
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
||||
|
Total derivative contracts in a receivable position
|
|
40
|
|
|
2,210
|
|
|
48
|
|
|
2,298
|
|
||||
|
Collateral placed with counterparties (d)
|
|
103
|
|
|
99
|
|
|
—
|
|
|
202
|
|
||||
|
Total assets
|
|
$
|
1,995
|
|
|
$
|
17,125
|
|
|
$
|
1,154
|
|
|
$
|
20,274
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
|
||||||||
|
Derivative contracts in a payable position (c)
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate
|
|
$
|
(13
|
)
|
|
$
|
(2,374
|
)
|
|
$
|
(1
|
)
|
|
$
|
(2,388
|
)
|
|
Foreign currency
|
|
—
|
|
|
(78
|
)
|
|
(2
|
)
|
|
(80
|
)
|
||||
|
Total derivative contracts in a payable position
|
|
(13
|
)
|
|
(2,452
|
)
|
|
(3
|
)
|
|
(2,468
|
)
|
||||
|
Total liabilities
|
|
$
|
(13
|
)
|
|
$
|
(2,452
|
)
|
|
$
|
(3
|
)
|
|
$
|
(2,468
|
)
|
|
(a)
|
Our investment in any one industry did not exceed
21%
.
|
|
(b)
|
Carried at fair value due to fair value option elections.
|
|
(c)
|
Includes derivatives classified as trading.
|
|
(d)
|
Represents collateral in the form of investment securities. Cash collateral was excluded.
|
|
June 30, 2013
($ in millions)
|
|
Level 3 recurring measurements
|
|
Valuation technique
|
|
Unobservable input
|
|
Range
|
||
|
Assets
|
|
|
|
|
|
|
|
|
||
|
Other assets
|
|
|
|
|
|
|
|
|
||
|
Interests retained in financial asset sales
|
|
$
|
124
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
5.4-5.6%
|
|
|
|
|
|
|
|
Commercial paper rate
|
|
0-0.1%
|
||
|
|
Level 3 recurring fair value measurements
|
||||||||||||||||||||||||||||
|
|
|
Net realized/unrealized
gains (losses)
|
|
|
|
|
Fair value at June 30, 2013
|
Net unrealized (losses) included in earnings still held at June 30, 2013
|
|
||||||||||||||||||||
|
($ in millions)
|
Fair value at April 1, 2013
|
included
in earnings
|
|
included
in OCI
|
Purchases
|
Sales
|
Issuances
|
Settlements
|
|
||||||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Mortgage servicing rights
|
$
|
917
|
|
$
|
(12
|
)
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(911
|
)
|
$
|
6
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(12
|
)
|
(a)
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interests retained in financial asset sales
|
139
|
|
9
|
|
(b)
|
—
|
|
—
|
|
—
|
|
—
|
|
(24
|
)
|
124
|
|
—
|
|
|
|||||||||
|
Derivative contracts, net
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interest rate
|
5
|
|
(5
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(6
|
)
|
(c)
|
|||||||||
|
Foreign currency
|
—
|
|
(9
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9
|
)
|
(8
|
)
|
(c)
|
|||||||||
|
Total derivative contracts in a receivable position, net
|
5
|
|
(14
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9
|
)
|
(14
|
)
|
|
|||||||||
|
Total assets
|
$
|
1,061
|
|
$
|
(17
|
)
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(911
|
)
|
$
|
6
|
|
$
|
(24
|
)
|
$
|
115
|
|
$
|
(26
|
)
|
|
|
(a)
|
Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(b)
|
Reported as other income, net of losses, in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(c)
|
Refer to
Note 20
for information related to the location of the gains and losses on derivative instruments in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
|
Level 3 recurring fair value measurements
|
||||||||||||||||||||||||||||||||
|
|
Fair value
at
April 1, 2012
|
Net realized/unrealized
gains (losses)
|
Purchases
|
|
Sales
|
|
Issuances
|
Settlements
|
Transfers out due to deconsolidation (a)
|
Fair value
at June 30, 2012
|
Net
unrealized
gains (losses)
included in
earnings still
held at
June 30, 2012
|
|
|||||||||||||||||||||
|
($ in millions)
|
included
in
earnings
|
|
included in OCI
|
|
|||||||||||||||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Trading assets (excluding derivatives)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Mortgage-backed residential securities
|
$
|
32
|
|
$
|
—
|
|
(b)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
(1
|
)
|
$
|
(31
|
)
|
$
|
—
|
|
$
|
—
|
|
(b)
|
|
Investment securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Available-for-sale debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Asset-backed
|
63
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
63
|
|
—
|
|
|
||||||||||
|
Mortgage loans held-for-sale, net (c)
|
30
|
|
—
|
|
|
—
|
|
3
|
|
—
|
|
|
—
|
|
(2
|
)
|
(31
|
)
|
—
|
|
—
|
|
|
||||||||||
|
Consumer mortgage finance receivables and loans, net (c)
|
832
|
|
34
|
|
(c)
|
—
|
|
—
|
|
(245
|
)
|
(d)
|
—
|
|
(34
|
)
|
(587
|
)
|
—
|
|
16
|
|
(c)
|
||||||||||
|
Mortgage servicing rights
|
2,595
|
|
(402
|
)
|
(e)
|
—
|
|
—
|
|
—
|
|
|
42
|
|
—
|
|
(1,130
|
)
|
1,105
|
|
(402
|
)
|
(e)
|
||||||||||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Interests retained in financial asset sales
|
194
|
|
22
|
|
(f)
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(23
|
)
|
—
|
|
193
|
|
—
|
|
|
||||||||||
|
Derivative contracts, net (g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Interest rate
|
44
|
|
297
|
|
(h)
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(247
|
)
|
(1
|
)
|
93
|
|
22
|
|
(h)
|
||||||||||
|
Foreign currency
|
5
|
|
2
|
|
(h)
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
7
|
|
(11
|
)
|
(h)
|
||||||||||
|
Total derivative contracts in a receivable position, net
|
49
|
|
299
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(247
|
)
|
(1
|
)
|
100
|
|
11
|
|
|
||||||||||
|
Total assets
|
$
|
3,795
|
|
$
|
(47
|
)
|
|
$
|
—
|
|
$
|
3
|
|
$
|
(245
|
)
|
|
$
|
42
|
|
$
|
(307
|
)
|
$
|
(1,780
|
)
|
$
|
1,461
|
|
$
|
(375
|
)
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
On-balance sheet securitization debt (c)
|
$
|
(828
|
)
|
$
|
(32
|
)
|
(c)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
304
|
|
$
|
556
|
|
$
|
—
|
|
$
|
(23
|
)
|
(c)
|
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Loan repurchase liabilities (c)
|
(30
|
)
|
—
|
|
|
—
|
|
(2
|
)
|
—
|
|
|
—
|
|
2
|
|
30
|
|
—
|
|
—
|
|
|
||||||||||
|
Total liabilities
|
$
|
(858
|
)
|
$
|
(32
|
)
|
|
$
|
—
|
|
$
|
(2
|
)
|
$
|
—
|
|
|
$
|
—
|
|
$
|
306
|
|
$
|
586
|
|
$
|
—
|
|
$
|
(23
|
)
|
|
|
(a)
|
Represents the amounts transferred out of Level 3 due to the deconsolidation of ResCap during the three months ended June 30, 2012. Refer to Note 1 for additional information related to ResCap.
|
|
(b)
|
The fair value adjustment and the related interest were reported as income from discontinued operations, net of tax, in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(c)
|
Carried at fair value due to fair value option elections. Refer to the next section of this note titled
Fair Value Option for Financial Assets and Liabilities
for the location of the gains and losses in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(d)
|
Represents the sale of consumer mortgage finance receivable and loans sold as part of the sale of a business line during 2012.
|
|
(e)
|
Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, and income from discontinued operations, net of tax, in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(f)
|
Reported as other income, net of losses, and income from discontinued operations, net of tax, in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(g)
|
Includes derivatives classified as trading.
|
|
(h)
|
Refer to
Note 20
for information related to the location of the gains and losses on derivative instruments in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
|
Level 3 recurring fair value measurements
|
||||||||||||||||||||||||||||
|
|
|
Net realized/unrealized
gains (losses)
|
|
|
|
|
Fair value at June 30, 2013
|
Net unrealized (losses) included in earnings still held at June 30, 2013
|
|
||||||||||||||||||||
|
($ in millions)
|
Fair value at Jan. 1, 2013
|
included
in earnings
|
|
included
in OCI
|
Purchases
|
Sales
|
Issuances
|
Settlements
|
|
||||||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Mortgage servicing rights
|
$
|
952
|
|
$
|
(101
|
)
|
(a)
|
$
|
—
|
|
$
|
—
|
|
$
|
(911
|
)
|
$
|
60
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(101
|
)
|
(a)
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interests retained in financial asset sales
|
154
|
|
11
|
|
(b)
|
—
|
|
—
|
|
—
|
|
—
|
|
(41
|
)
|
124
|
|
—
|
|
|
|||||||||
|
Derivative contracts, net
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interest rate
|
47
|
|
(51
|
)
|
(c)
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
|
—
|
|
(15
|
)
|
(c)
|
|||||||||
|
Foreign currency
|
(2
|
)
|
(7
|
)
|
(c)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9
|
)
|
(9
|
)
|
(c)
|
|||||||||
|
Total derivative contracts in a receivable position, net
|
45
|
|
(58
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
|
(9
|
)
|
(24
|
)
|
|
|||||||||
|
Total assets
|
$
|
1,151
|
|
$
|
(148
|
)
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(911
|
)
|
$
|
60
|
|
$
|
(37
|
)
|
$
|
115
|
|
$
|
(125
|
)
|
|
|
(a)
|
Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(b)
|
Reported as other income, net of losses, in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(c)
|
Refer to
Note 20
for information related to the location of the gains and losses on derivative instruments in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
|
Level 3 recurring fair value measurements
|
||||||||||||||||||||||||||||||||
|
|
Fair value
at
Jan. 1, 2012
|
Net realized/unrealized
gains (losses)
|
Purchases
|
|
Sales
|
|
Issuances
|
Settlements
|
Transfers out due to deconsolidation (a)
|
Fair value
at June 30, 2012
|
Net
unrealized
gains (losses)
included in
earnings still
held at
June 30, 2012
|
|
|||||||||||||||||||||
|
($ in millions)
|
included
in
earnings
|
|
included in OCI
|
|
|||||||||||||||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Trading assets (excluding derivatives)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Mortgage-backed residential securities
|
$
|
33
|
|
$
|
2
|
|
(b)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
(4
|
)
|
$
|
(31
|
)
|
$
|
—
|
|
$
|
4
|
|
(b)
|
|
Investment securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Available-for-sale debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Asset-backed
|
62
|
|
—
|
|
|
1
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
63
|
|
—
|
|
|
||||||||||
|
Mortgage loans held-for-sale, net (c)
|
30
|
|
—
|
|
|
—
|
|
12
|
|
—
|
|
|
—
|
|
(11
|
)
|
(31
|
)
|
—
|
|
—
|
|
|
||||||||||
|
Consumer mortgage finance receivables and loans, net (c)
|
835
|
|
121
|
|
(c)
|
—
|
|
—
|
|
(245
|
)
|
(d)
|
—
|
|
(124
|
)
|
(587
|
)
|
—
|
|
51
|
|
(c)
|
||||||||||
|
Mortgage servicing rights
|
2,519
|
|
(401
|
)
|
(e)
|
—
|
|
—
|
|
—
|
|
|
53
|
|
64
|
|
(1,130
|
)
|
1,105
|
|
(401
|
)
|
(e)
|
||||||||||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Interests retained in financial asset sales
|
231
|
|
27
|
|
(f)
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(65
|
)
|
—
|
|
193
|
|
—
|
|
|
||||||||||
|
Derivative contracts, net (g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Interest rate
|
71
|
|
273
|
|
(h)
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(250
|
)
|
(1
|
)
|
93
|
|
(6
|
)
|
(h)
|
||||||||||
|
Foreign currency
|
16
|
|
(9
|
)
|
(h)
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
7
|
|
(22
|
)
|
(h)
|
||||||||||
|
Total derivative contracts in a receivable position, net
|
87
|
|
264
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(250
|
)
|
(1
|
)
|
100
|
|
(28
|
)
|
|
||||||||||
|
Total assets
|
$
|
3,797
|
|
$
|
13
|
|
|
$
|
1
|
|
$
|
12
|
|
$
|
(245
|
)
|
|
$
|
53
|
|
$
|
(390
|
)
|
$
|
(1,780
|
)
|
$
|
1,461
|
|
$
|
(374
|
)
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
On-balance sheet securitization debt (c)
|
$
|
(830
|
)
|
$
|
(115
|
)
|
(c)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
389
|
|
$
|
556
|
|
$
|
—
|
|
$
|
(62
|
)
|
(c)
|
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Loan repurchase liabilities (c)
|
(29
|
)
|
—
|
|
|
—
|
|
(11
|
)
|
—
|
|
|
—
|
|
10
|
|
30
|
|
—
|
|
—
|
|
|
||||||||||
|
Total liabilities
|
$
|
(859
|
)
|
$
|
(115
|
)
|
|
$
|
—
|
|
$
|
(11
|
)
|
$
|
—
|
|
|
$
|
—
|
|
$
|
399
|
|
$
|
586
|
|
$
|
—
|
|
$
|
(62
|
)
|
|
|
(a)
|
Represents the amounts transferred out of Level 3 due to the deconsolidation of ResCap during the three months ended June 30, 2012. Refer to Note 1 for additional information related to ResCap.
|
|
(b)
|
The fair value adjustment and the related interest were reported as income from discontinued operations, net of tax, in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(c)
|
Carried at fair value due to fair value option elections. Refer to the next section of this note titled
Fair Value Option for Financial Assets and Liabilities
for the location of the gains and losses in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(d)
|
Represents the sale of consumer mortgage finance receivable and loans sold as part of the sale of a business line during 2012.
|
|
(e)
|
Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, and income from discontinued operations, net of tax, in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(f)
|
Reported as other income, net of losses, and income from discontinued operations, net of tax, in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(g)
|
Includes derivatives classified as trading.
|
|
(h)
|
Refer to
Note 20
for information related to the location of the gains and losses on derivative instruments in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
|
|
Nonrecurring
fair value measurements
|
|
Lower-of-cost
or
fair value
or valuation
reserve
allowance
|
|
Total loss
included in
earnings for
the three
months ended
|
Total loss
included in
earnings for
the six months ended
|
|
||||||||||||||||
|
June 30, 2013
($ in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Loans held-for-sale
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
n/m
|
n/m
|
(a)
|
|
Commercial finance receivables and loans, net (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automotive
|
|
—
|
|
|
—
|
|
|
123
|
|
|
123
|
|
|
(19
|
)
|
|
n/m (b)
|
n/m
|
(a)
|
|||||
|
Other
|
|
—
|
|
|
—
|
|
|
64
|
|
|
64
|
|
|
(7
|
)
|
|
n/m (b)
|
n/m
|
(a)
|
|||||
|
Total commercial finance receivables and loans, net
|
|
—
|
|
|
—
|
|
|
187
|
|
|
187
|
|
|
(26
|
)
|
|
n/m (b)
|
n/m
|
(a)
|
|||||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Repossessed and foreclosed assets (c)
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
(2
|
)
|
|
n/m (b)
|
n/m
|
(a)
|
|||||
|
Total assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
239
|
|
|
$
|
239
|
|
|
$
|
(28
|
)
|
|
n/m
|
n/m
|
|
|
(a)
|
We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance.
|
|
(b)
|
Represents the portion of the portfolio specifically impaired during
2013
. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables.
|
|
(c)
|
The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
|
|
|
|
Nonrecurring
fair value measurements
|
|
Lower-of-cost
or
fair value
or valuation
reserve
allowance
|
|
Total loss included in
earnings for
the three
months ended
|
Total loss
included in
earnings for
the six months ended
|
|
||||||||||||||||
|
June 30, 2012
($ in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial finance receivables and loans, net (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automotive
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
130
|
|
|
$
|
130
|
|
|
$
|
(27
|
)
|
|
n/m (b)
|
n/m
|
(b)
|
|
Other
|
|
—
|
|
|
—
|
|
|
27
|
|
|
27
|
|
|
(6
|
)
|
|
n/m (b)
|
n/m
|
(b)
|
|||||
|
Total commercial finance receivables and loans, net
|
|
—
|
|
|
—
|
|
|
157
|
|
|
157
|
|
|
(33
|
)
|
|
n/m (b)
|
n/m
|
(b)
|
|||||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Repossessed and foreclosed assets (c)
|
|
—
|
|
|
7
|
|
|
5
|
|
|
12
|
|
|
(1
|
)
|
|
n/m (b)
|
n/m
|
(b)
|
|||||
|
Total assets
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
162
|
|
|
$
|
169
|
|
|
$
|
(34
|
)
|
|
n/m (b)
|
n/m
|
|
|
(a)
|
Represents the portion of the portfolio specifically impaired during
2012
. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables.
|
|
(b)
|
We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance.
|
|
(c)
|
The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
|
|
June 30, 2013
($ in millions)
|
|
Level 3 nonrecurring measurements
|
|
Valuation technique
|
|
Unobservable input
|
|
Range
|
||
|
Assets
|
|
|
|
|
|
|
|
|
||
|
Commercial finance receivables and loans, net
|
|
|
|
|
|
|
|
|
||
|
Automotive
|
|
$
|
123
|
|
|
Fair value of collateral
|
|
Adjusted appraisal value
|
|
65.0-95.0%
|
|
•
|
Conforming and government-insured mortgage loans held-for-sale
— We elected the fair value option for conforming and government-insured mortgage loans held-for-sale funded after July 31, 2009. We elected the fair value option to mitigate earnings volatility by better matching the accounting for the assets with the related hedges.
|
|
|
Changes included in the
|
|
||||||||||||
|
|
Condensed Consolidated Statement of Comprehensive Income
|
|
||||||||||||
|
Three months ended June 30,
($ in millions)
|
|
Interest
on loans
held-for-sale (a)
|
|
(Loss)
gain on mortgage
loans, net
|
|
Total
included in
earnings
|
|
|
||||||
|
2013
|
|
|
|
|
|
|
|
|
||||||
|
Assets
|
|
|
|
|
|
|
|
|
||||||
|
Mortgage loans held-for-sale, net
|
|
$
|
3
|
|
|
$
|
(8
|
)
|
|
$
|
(5
|
)
|
|
(b)
|
|
2012
|
|
|
|
|
|
|
|
|
||||||
|
Assets
|
|
|
|
|
|
|
|
|
||||||
|
Mortgage loans held-for-sale, net
|
|
$
|
14
|
|
|
$
|
12
|
|
|
$
|
26
|
|
|
(b)
|
|
(a)
|
Interest income is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due.
|
|
(b)
|
The credit impact for loans held-for-sale is assumed to be zero because the loans are either suitable for sale or are covered by a government guarantee.
|
|
|
Changes included in the
|
|
||||||||||||
|
|
Condensed Consolidated Statement of Comprehensive Income
|
|
||||||||||||
|
Six months ended June 30,
($ in millions)
|
|
Interest
on loans
held-for-sale (a)
|
|
Loss on
mortgage
loans, net
|
|
Total
included in
earnings
|
|
|
||||||
|
2013
|
|
|
|
|
|
|
|
|
||||||
|
Assets
|
|
|
|
|
|
|
|
|
||||||
|
Mortgage loans held-for-sale, net
|
|
$
|
19
|
|
|
$
|
(49
|
)
|
|
$
|
(30
|
)
|
|
(b)
|
|
2012
|
|
|
|
|
|
|
|
|
||||||
|
Assets
|
|
|
|
|
|
|
|
|
||||||
|
Mortgage loans held-for-sale, net
|
|
$
|
40
|
|
|
$
|
(47
|
)
|
|
$
|
(7
|
)
|
|
(b)
|
|
(a)
|
Interest income is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due.
|
|
(b)
|
The credit impact for loans held-for-sale is assumed to be zero because the loans are either suitable for sale or are covered by a government guarantee.
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
($ in millions)
|
|
Unpaid
principal
balance
|
|
Fair
value (a)
|
|
Unpaid
principal
balance
|
|
Fair
value (a)
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
|
||||||||
|
Mortgage loans held-for-sale, net
|
|
|
|
|
|
|
|
|
||||||||
|
Total loans
|
|
$
|
119
|
|
|
$
|
56
|
|
|
$
|
2,416
|
|
|
$
|
2,490
|
|
|
Nonaccrual loans
|
|
45
|
|
|
22
|
|
|
47
|
|
|
25
|
|
||||
|
Loans 90+ days past due (b)
|
|
43
|
|
|
20
|
|
|
36
|
|
|
19
|
|
||||
|
(a)
|
Excludes accrued interest receivable.
|
|
(b)
|
Loans 90+ days past due are also presented within the nonaccrual loan balance and the total loan balance; however, excludes government-insured loans that are still accruing interest.
|
|
|
|
|
Estimated fair value
|
||||||||||||||||
|
($ in millions)
|
Carrying
value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
|
June 30, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Loans held-for-sale, net (a)
|
$
|
102
|
|
|
$
|
—
|
|
|
$
|
56
|
|
|
$
|
46
|
|
|
$
|
102
|
|
|
Finance receivables and loans, net (a)
|
95,810
|
|
|
—
|
|
|
—
|
|
|
96,685
|
|
|
96,685
|
|
|||||
|
Nonmarketable equity investments
|
204
|
|
|
—
|
|
|
176
|
|
|
34
|
|
|
210
|
|
|||||
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposit liabilities
|
$
|
50,125
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50,872
|
|
|
$
|
50,872
|
|
|
Short-term borrowings
|
4,197
|
|
|
—
|
|
|
—
|
|
|
4,197
|
|
|
4,197
|
|
|||||
|
Long-term debt (a)(b)
|
64,873
|
|
|
—
|
|
|
34,910
|
|
|
33,039
|
|
|
67,949
|
|
|||||
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Loans held-for-sale, net (a)
|
$
|
2,576
|
|
|
$
|
—
|
|
|
$
|
2,490
|
|
|
$
|
86
|
|
|
$
|
2,576
|
|
|
Finance receivables and loans, net (a)
|
97,885
|
|
|
—
|
|
|
—
|
|
|
98,907
|
|
|
98,907
|
|
|||||
|
Nonmarketable equity investments
|
303
|
|
|
—
|
|
|
272
|
|
|
34
|
|
|
306
|
|
|||||
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposit liabilities
|
$
|
47,915
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
48,752
|
|
|
$
|
48,752
|
|
|
Short-term borrowings
|
7,461
|
|
|
6
|
|
|
—
|
|
|
7,454
|
|
|
7,460
|
|
|||||
|
Long-term debt (a)(b)
|
74,882
|
|
|
—
|
|
|
36,018
|
|
|
42,533
|
|
|
78,551
|
|
|||||
|
(a)
|
Includes financial instruments carried at fair value due to fair value option elections. Refer to the previous section of this note titled
Fair Value Option for Financial Assets and Liabilities
for further information about the fair value elections.
|
|
(b)
|
The carrying value includes deferred interest for zero-coupon bonds of
$339 million
and
$321 million
at
June 30, 2013
, and
December 31, 2012
, respectively.
|
|
•
|
Loans held-for-sale, net
— Loans held-for-sale classified as Level 2 included all GSE-eligible mortgage loans valued predominantly using published forward agency prices. It also includes any domestic loans where recently negotiated market prices for the loan pool exist with a counterparty (which approximates fair value) or quoted market prices for similar loans are available. Loans held-for-sale classified as Level 3 include all loans valued using internally developed valuation models because observable market prices were not available. The loans are priced on a discounted cash flow basis utilizing cash flow projections from internally developed models that utilize prepayment, default, and discount rate assumptions. To the extent available, we will utilize market observable inputs such as interest rates and market spreads. If market observable inputs are not available, we are required to utilize internal inputs, such as prepayment speeds, credit losses, and discount rates.
|
|
•
|
Finance receivables and loans, net
— With the exception of mortgage loans held-for-investment, the fair value of finance receivables was based on discounted future cash flows using applicable spreads to approximate current rates applicable to each category of finance receivables (an income approach using Level 3 inputs). The carrying value of commercial receivables in certain markets and certain automotive and other receivables for which interest rates reset on a short-term basis with applicable market indices are assumed to approximate fair value either because of the short-term nature or because of the interest rate adjustment feature. The fair value of commercial receivables in other markets was based on discounted future cash flows using applicable spreads to approximate current rates applicable to similar assets in those markets.
|
|
•
|
Deposit liabilities
— Deposit liabilities represent certain consumer and brokered bank deposits, mortgage escrow deposits, and dealer deposits. The fair value of deposits at Level 3 were estimated by discounting projected cash flows based on discount factors derived from the forward interest rate swap curve.
|
|
•
|
Debt
— Level 2 debt was valued using quoted market prices, when available, or other means for substantiation with observable inputs. Debt valued using internally derived inputs, such as prepayment speeds and discount rates, was classified as Level 3.
|
|
|
|
Gross Amounts of Recognized Assets/(Liabilities)
|
|
Gross Amounts Offset in the Condensed Consolidated Balance Sheet
|
|
Net Amounts of Assets/(Liabilities) Presented in the Condensed Consolidated Balance Sheet
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
|
|
|
|||||||||||||||||
|
June 30, 2013
(
$ in millions
)
|
|
|
|
|
Financial Instruments
|
|
Collateral (a)
|
|
Net Amount
|
|||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Derivative assets in net asset positions
|
|
$
|
233
|
|
|
$
|
—
|
|
|
$
|
233
|
|
|
$
|
(56
|
)
|
|
$
|
(158
|
)
|
|
$
|
19
|
|
|
Derivative assets in net liability positions
|
|
46
|
|
|
—
|
|
|
46
|
|
|
(46
|
)
|
|
—
|
|
|
—
|
|
||||||
|
Derivative assets with no offsetting arrangements
|
|
31
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
31
|
|
||||||
|
Total assets
|
|
$
|
310
|
|
|
$
|
—
|
|
|
$
|
310
|
|
|
$
|
(102
|
)
|
|
$
|
(158
|
)
|
|
$
|
50
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Derivative liabilities in net liability positions
|
|
$
|
(142
|
)
|
|
$
|
—
|
|
|
$
|
(142
|
)
|
|
$
|
46
|
|
|
$
|
80
|
|
|
$
|
(16
|
)
|
|
Derivative liabilities in net asset positions
|
|
(56
|
)
|
|
—
|
|
|
(56
|
)
|
|
56
|
|
|
—
|
|
|
—
|
|
||||||
|
Derivative liabilities with no offsetting arrangements
|
|
(22
|
)
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
||||||
|
Total liabilities
|
|
$
|
(220
|
)
|
|
$
|
—
|
|
|
$
|
(220
|
)
|
|
$
|
102
|
|
|
$
|
80
|
|
|
$
|
(38
|
)
|
|
(a)
|
Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty.
|
|
|
|
Gross Amounts of Recognized Assets/(Liabilities)
|
|
Gross Amounts Offset in the Condensed Consolidated Balance Sheet
|
|
Net Amounts of Assets/(Liabilities) Presented in the Condensed Consolidated Balance Sheet
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
|
|
|
|||||||||||||||||
|
December 31, 2012 (
$ in millions
)
|
|
|
|
|
Financial Instruments
|
|
Collateral (a)
|
|
Net Amount
|
|||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Derivative assets in net asset positions
|
|
$
|
1,395
|
|
|
$
|
—
|
|
|
$
|
1,395
|
|
|
$
|
(503
|
)
|
|
$
|
(841
|
)
|
|
$
|
51
|
|
|
Derivative assets in net liability positions
|
|
788
|
|
|
—
|
|
|
788
|
|
|
(788
|
)
|
|
—
|
|
|
—
|
|
||||||
|
Derivative assets with no offsetting arrangements
|
|
115
|
|
|
—
|
|
|
115
|
|
|
—
|
|
|
—
|
|
|
115
|
|
||||||
|
Total assets
|
|
$
|
2,298
|
|
|
$
|
—
|
|
|
$
|
2,298
|
|
|
$
|
(1,291
|
)
|
|
$
|
(841
|
)
|
|
$
|
166
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Derivative liabilities in net liability positions
|
|
$
|
(1,929
|
)
|
|
$
|
—
|
|
|
$
|
(1,929
|
)
|
|
$
|
788
|
|
|
$
|
1,092
|
|
|
$
|
(49
|
)
|
|
Derivative liabilities in net asset positions
|
|
(503
|
)
|
|
—
|
|
|
(503
|
)
|
|
503
|
|
|
—
|
|
|
—
|
|
||||||
|
Derivative liabilities with no offsetting arrangements
|
|
(36
|
)
|
|
—
|
|
|
(36
|
)
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
||||||
|
Total liabilities
|
|
$
|
(2,468
|
)
|
|
$
|
—
|
|
|
$
|
(2,468
|
)
|
|
$
|
1,291
|
|
|
$
|
1,092
|
|
|
$
|
(85
|
)
|
|
(a)
|
Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty.
|
|
Three months ended June 30,
($ in millions)
|
|
Automotive Finance operations
|
|
Insurance
operations |
|
Mortgage operations
|
|
Corporate
and Other (a) |
|
Consolidated (b)
|
||||||||||
|
2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net financing revenue (loss)
|
|
$
|
777
|
|
|
$
|
15
|
|
|
$
|
15
|
|
|
$
|
(179
|
)
|
|
$
|
628
|
|
|
Other revenue (loss)
|
|
60
|
|
|
325
|
|
|
(6
|
)
|
|
23
|
|
|
402
|
|
|||||
|
Total net revenue (loss)
|
|
837
|
|
|
340
|
|
|
9
|
|
|
(156
|
)
|
|
1,030
|
|
|||||
|
Provision for loan losses
|
|
88
|
|
|
—
|
|
|
6
|
|
|
(5
|
)
|
|
89
|
|
|||||
|
Total noninterest expense
|
|
367
|
|
|
295
|
|
|
46
|
|
|
93
|
|
|
801
|
|
|||||
|
Income (loss) from continuing operations before income tax expense (benefit)
|
|
$
|
382
|
|
|
$
|
45
|
|
|
$
|
(43
|
)
|
|
$
|
(244
|
)
|
|
$
|
140
|
|
|
Total assets
|
|
$
|
107,485
|
|
|
$
|
7,336
|
|
|
$
|
9,061
|
|
|
$
|
26,745
|
|
|
$
|
150,627
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net financing revenue (loss)
|
|
$
|
693
|
|
|
$
|
16
|
|
|
$
|
29
|
|
|
$
|
(281
|
)
|
|
$
|
457
|
|
|
Other revenue (loss)
|
|
112
|
|
|
300
|
|
|
320
|
|
|
(18
|
)
|
|
714
|
|
|||||
|
Total net revenue (loss)
|
|
805
|
|
|
316
|
|
|
349
|
|
|
(299
|
)
|
|
1,171
|
|
|||||
|
Provision for loan losses
|
|
15
|
|
|
—
|
|
|
21
|
|
|
(3
|
)
|
|
33
|
|
|||||
|
Total noninterest expense
|
|
350
|
|
|
296
|
|
|
226
|
|
|
99
|
|
|
971
|
|
|||||
|
Income (loss) from continuing operations before income tax expense (benefit)
|
|
$
|
440
|
|
|
$
|
20
|
|
|
$
|
102
|
|
|
$
|
(395
|
)
|
|
$
|
167
|
|
|
Total assets
|
|
$
|
120,523
|
|
|
$
|
8,237
|
|
|
$
|
17,146
|
|
|
$
|
32,654
|
|
|
$
|
178,560
|
|
|
(a)
|
Total assets for the Commercial Finance Group were
$1.5 billion
and
$1.2 billion
at
June 30, 2013
and
2012
, respectively.
|
|
(b)
|
Net financing revenue after the provision for loan losses totaled
$0.5 billion
and
$0.4 billion
for the
three months ended
June 30, 2013
and
2012
, respectively.
|
|
Six months ended June 30,
($ in millions)
|
|
Automotive Finance operations
|
|
Insurance
operations |
|
Mortgage operations
|
|
Corporate
and Other (a) |
|
Consolidated (b)
|
||||||||||
|
2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net financing revenue (loss)
|
|
$
|
1,550
|
|
|
$
|
27
|
|
|
$
|
49
|
|
|
$
|
(358
|
)
|
|
$
|
1,268
|
|
|
Other revenue (loss)
|
|
142
|
|
|
633
|
|
|
(25
|
)
|
|
38
|
|
|
788
|
|
|||||
|
Total net revenue (loss)
|
|
1,692
|
|
|
660
|
|
|
24
|
|
|
(320
|
)
|
|
2,056
|
|
|||||
|
Provision for loan losses
|
|
200
|
|
|
—
|
|
|
26
|
|
|
(6
|
)
|
|
220
|
|
|||||
|
Total noninterest expense
|
|
767
|
|
|
554
|
|
|
245
|
|
|
193
|
|
|
1,759
|
|
|||||
|
Income (loss) from continuing operations before income tax expense (benefit)
|
|
$
|
725
|
|
|
$
|
106
|
|
|
$
|
(247
|
)
|
|
$
|
(507
|
)
|
|
$
|
77
|
|
|
Total assets
|
|
$
|
107,485
|
|
|
$
|
7,336
|
|
|
$
|
9,061
|
|
|
$
|
26,745
|
|
|
$
|
150,627
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net financing revenue (loss)
|
|
$
|
1,323
|
|
|
$
|
28
|
|
|
$
|
66
|
|
|
$
|
(609
|
)
|
|
$
|
808
|
|
|
Other revenue
|
|
189
|
|
|
638
|
|
|
457
|
|
|
35
|
|
|
1,319
|
|
|||||
|
Total net revenue (loss)
|
|
1,512
|
|
|
666
|
|
|
523
|
|
|
(574
|
)
|
|
2,127
|
|
|||||
|
Provision for loan losses
|
|
93
|
|
|
—
|
|
|
48
|
|
|
(10
|
)
|
|
131
|
|
|||||
|
Total noninterest expense
|
|
738
|
|
|
546
|
|
|
310
|
|
|
232
|
|
|
1,826
|
|
|||||
|
Income (loss) from continuing operations before income tax expense (benefit)
|
|
$
|
681
|
|
|
$
|
120
|
|
|
$
|
165
|
|
|
$
|
(796
|
)
|
|
$
|
170
|
|
|
Total assets
|
|
$
|
120,523
|
|
|
$
|
8,237
|
|
|
$
|
17,146
|
|
|
$
|
32,654
|
|
|
$
|
178,560
|
|
|
(a)
|
Total assets for the Commercial Finance Group were
$1.5 billion
and
$1.2 billion
at
June 30, 2013
and
2012
, respectively.
|
|
(b)
|
Net financing revenue after the provision for loan losses totaled
$1.0 billion
and
$0.7 billion
for the
six months ended
June 30, 2013
and
2012
, respectively.
|
|
Three months ended June 30,
($ in millions)
|
|
Revenue (a)
|
|
Income (loss)
from continuing operations before income tax expense (b) |
|
Net income
(loss) (b)(c) |
||||||
|
2013
|
|
|
|
|
|
|
||||||
|
Canada
|
|
$
|
47
|
|
|
$
|
14
|
|
|
$
|
13
|
|
|
Europe (d)
|
|
—
|
|
|
(1
|
)
|
|
(146
|
)
|
|||
|
Latin America
|
|
—
|
|
|
(1
|
)
|
|
194
|
|
|||
|
Asia-Pacific
|
|
—
|
|
|
—
|
|
|
29
|
|
|||
|
Total foreign
|
|
47
|
|
|
12
|
|
|
90
|
|
|||
|
Total domestic (e)
|
|
983
|
|
|
128
|
|
|
(1,017
|
)
|
|||
|
Total
|
|
$
|
1,030
|
|
|
$
|
140
|
|
|
$
|
(927
|
)
|
|
2012
|
|
|
|
|
|
|
||||||
|
Canada
|
|
$
|
61
|
|
|
$
|
17
|
|
|
$
|
79
|
|
|
Europe (d)
|
|
(4
|
)
|
|
10
|
|
|
41
|
|
|||
|
Latin America
|
|
1
|
|
|
(4
|
)
|
|
62
|
|
|||
|
Asia-Pacific
|
|
1
|
|
|
1
|
|
|
23
|
|
|||
|
Total foreign
|
|
59
|
|
|
24
|
|
|
205
|
|
|||
|
Total domestic (e)
|
|
1,112
|
|
|
143
|
|
|
(1,103
|
)
|
|||
|
Total
|
|
$
|
1,171
|
|
|
$
|
167
|
|
|
$
|
(898
|
)
|
|
(a)
|
Revenue consists of net financing revenue and total other revenue as presented in our
Condensed Consolidated Financial Statements
.
|
|
(b)
|
The domestic amounts include original discount amortization of
$64 million
and
$100 million
for the
three months ended
June 30, 2013
and
2012
, respectively.
|
|
(c)
|
Gain (loss) realized on sale of discontinued operations are allocated to the geographic area in which the business operated.
|
|
(d)
|
Amounts include eliminations between our foreign operations.
|
|
(e)
|
Amounts include eliminations between our domestic and foreign operations.
|
|
Six months ended June 30,
($ in millions)
|
|
Revenue (a)
|
|
Income (loss)
from continuing operations before income tax expense (b) |
|
Net income
(loss) (b)(c) |
||||||
|
2013
|
|
|
|
|
|
|
||||||
|
Canada
|
|
$
|
96
|
|
|
$
|
28
|
|
|
$
|
1,243
|
|
|
Europe (d)
|
|
(10
|
)
|
|
(19
|
)
|
|
(86
|
)
|
|||
|
Latin America
|
|
—
|
|
|
(5
|
)
|
|
274
|
|
|||
|
Asia-Pacific
|
|
1
|
|
|
(2
|
)
|
|
54
|
|
|||
|
Total foreign
|
|
87
|
|
|
2
|
|
|
1,485
|
|
|||
|
Total domestic (e)
|
|
1,969
|
|
|
75
|
|
|
(1,319
|
)
|
|||
|
Total
|
|
$
|
2,056
|
|
|
$
|
77
|
|
|
$
|
166
|
|
|
2012
|
|
|
|
|
|
|
||||||
|
Canada
|
|
$
|
120
|
|
|
$
|
31
|
|
|
$
|
162
|
|
|
Europe (d)
|
|
(14
|
)
|
|
—
|
|
|
67
|
|
|||
|
Latin America
|
|
2
|
|
|
(7
|
)
|
|
108
|
|
|||
|
Asia-Pacific
|
|
2
|
|
|
1
|
|
|
50
|
|
|||
|
Total foreign
|
|
110
|
|
|
25
|
|
|
387
|
|
|||
|
Total domestic (e)
|
|
2,017
|
|
|
145
|
|
|
(975
|
)
|
|||
|
Total
|
|
$
|
2,127
|
|
|
$
|
170
|
|
|
$
|
(588
|
)
|
|
(a)
|
Revenue consists of net financing revenue and total other revenue as presented in our
Condensed Consolidated Financial Statements
.
|
|
(b)
|
The domestic amounts include original discount amortization of
$124 million
and
$211 million
for the
six months ended
June 30, 2013
and
2012
, respectively.
|
|
(c)
|
Gain (loss) realized on sale of discontinued operations are allocated to the geographic area in which the business operated.
|
|
(d)
|
Amounts include eliminations between our foreign operations.
|
|
(e)
|
Amounts include eliminations between our domestic and foreign operations.
|
|
Three months ended June 30, 2013
($ in millions)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally
consolidated |
||||||||||
|
Financing revenue and other interest income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest and fees on finance receivables and loans
|
|
$
|
272
|
|
|
$
|
—
|
|
|
$
|
867
|
|
|
$
|
—
|
|
|
$
|
1,139
|
|
|
Interest and fees on finance receivables and loans — intercompany
|
|
13
|
|
|
—
|
|
|
20
|
|
|
(33
|
)
|
|
—
|
|
|||||
|
Interest on loans held-for-sale
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||
|
Interest and dividends on available-for-sale investment securities
|
|
—
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
76
|
|
|||||
|
Interest-bearing cash
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|||||
|
Interest-bearing cash — intercompany
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|||||
|
Operating leases
|
|
118
|
|
|
—
|
|
|
670
|
|
|
—
|
|
|
788
|
|
|||||
|
Total financing revenue and other interest income
|
|
404
|
|
|
—
|
|
|
1,639
|
|
|
(35
|
)
|
|
2,008
|
|
|||||
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest on deposits
|
|
6
|
|
|
—
|
|
|
156
|
|
|
—
|
|
|
162
|
|
|||||
|
Interest on short-term borrowings
|
|
12
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
16
|
|
|||||
|
Interest on long-term debt
|
|
564
|
|
|
—
|
|
|
139
|
|
|
—
|
|
|
703
|
|
|||||
|
Interest on intercompany debt
|
|
21
|
|
|
—
|
|
|
14
|
|
|
(35
|
)
|
|
—
|
|
|||||
|
Total interest expense
|
|
603
|
|
|
—
|
|
|
313
|
|
|
(35
|
)
|
|
881
|
|
|||||
|
Depreciation expense on operating lease assets
|
|
102
|
|
|
—
|
|
|
397
|
|
|
—
|
|
|
499
|
|
|||||
|
Net financing (loss) revenue
|
|
(301
|
)
|
|
—
|
|
|
929
|
|
|
—
|
|
|
628
|
|
|||||
|
Dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
|
1,864
|
|
|
405
|
|
|
—
|
|
|
(2,269
|
)
|
|
—
|
|
|||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Servicing fees
|
|
38
|
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
19
|
|
|||||
|
Servicing asset valuation and hedge activities, net
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
|||||
|
Total servicing income, net
|
|
38
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
7
|
|
|||||
|
Insurance premiums and service revenue earned
|
|
—
|
|
|
—
|
|
|
258
|
|
|
—
|
|
|
258
|
|
|||||
|
Loss on mortgage and automotive loans, net
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||
|
Other gain on investments, net
|
|
—
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
64
|
|
|||||
|
Other income, net of losses
|
|
26
|
|
|
—
|
|
|
341
|
|
|
(293
|
)
|
|
74
|
|
|||||
|
Total other revenue
|
|
64
|
|
|
—
|
|
|
631
|
|
|
(293
|
)
|
|
402
|
|
|||||
|
Total net revenue
|
|
1,627
|
|
|
405
|
|
|
1,560
|
|
|
(2,562
|
)
|
|
1,030
|
|
|||||
|
Provision for loan losses
|
|
105
|
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
89
|
|
|||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation and benefits expense
|
|
160
|
|
|
—
|
|
|
194
|
|
|
(102
|
)
|
|
252
|
|
|||||
|
Insurance losses and loss adjustment expenses
|
|
—
|
|
|
—
|
|
|
146
|
|
|
—
|
|
|
146
|
|
|||||
|
Other operating expenses
|
|
99
|
|
|
—
|
|
|
496
|
|
|
(192
|
)
|
|
403
|
|
|||||
|
Total noninterest expense
|
|
259
|
|
|
—
|
|
|
836
|
|
|
(294
|
)
|
|
801
|
|
|||||
|
Income from continuing operations before income tax (benefit) expense and undistributed income (loss) of subsidiaries
|
|
1,263
|
|
|
405
|
|
|
740
|
|
|
(2,268
|
)
|
|
140
|
|
|||||
|
Income tax (benefit) expense from continuing operations
|
|
(231
|
)
|
|
—
|
|
|
271
|
|
|
—
|
|
|
40
|
|
|||||
|
Net income from continuing operations
|
|
1,494
|
|
|
405
|
|
|
469
|
|
|
(2,268
|
)
|
|
100
|
|
|||||
|
(Loss) income from discontinued operations, net of tax
|
|
(1,242
|
)
|
|
(47
|
)
|
|
262
|
|
|
—
|
|
|
(1,027
|
)
|
|||||
|
Undistributed income (loss) of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
207
|
|
|
207
|
|
|
—
|
|
|
(414
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
(1,386
|
)
|
|
(348
|
)
|
|
—
|
|
|
1,734
|
|
|
—
|
|
|||||
|
Net (loss) income
|
|
(927
|
)
|
|
217
|
|
|
731
|
|
|
(948
|
)
|
|
(927
|
)
|
|||||
|
Other comprehensive loss, net of tax
|
|
(181
|
)
|
|
(141
|
)
|
|
(253
|
)
|
|
394
|
|
|
(181
|
)
|
|||||
|
Comprehensive (loss) income
|
|
$
|
(1,108
|
)
|
|
$
|
76
|
|
|
$
|
478
|
|
|
$
|
(554
|
)
|
|
$
|
(1,108
|
)
|
|
Three months ended June 30, 2012
($ in millions)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally
consolidated |
||||||||||
|
Financing revenue and other interest income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest and fees on finance receivables and loans
|
|
$
|
198
|
|
|
$
|
—
|
|
|
$
|
938
|
|
|
$
|
4
|
|
|
$
|
1,140
|
|
|
Interest and fees on finance receivables and loans — intercompany
|
|
19
|
|
|
(1
|
)
|
|
5
|
|
|
(23
|
)
|
|
—
|
|
|||||
|
Interest on loans held-for-sale
|
|
6
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
20
|
|
|||||
|
Interest on trading assets
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
|
Interest and dividends on available-for-sale investment securities
|
|
—
|
|
|
—
|
|
|
77
|
|
|
—
|
|
|
77
|
|
|||||
|
Interest-bearing cash
|
|
6
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
9
|
|
|||||
|
Interest-bearing cash - intercompany
|
|
—
|
|
|
—
|
|
|
9
|
|
|
(9
|
)
|
|
—
|
|
|||||
|
Operating leases
|
|
35
|
|
|
—
|
|
|
526
|
|
|
—
|
|
|
561
|
|
|||||
|
Total financing revenue and other interest income
|
|
264
|
|
|
(1
|
)
|
|
1,573
|
|
|
(28
|
)
|
|
1,808
|
|
|||||
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest on deposits
|
|
16
|
|
|
—
|
|
|
144
|
|
|
—
|
|
|
160
|
|
|||||
|
Interest on short-term borrowings
|
|
13
|
|
|
—
|
|
|
2
|
|
|
4
|
|
|
19
|
|
|||||
|
Interest on long-term debt
|
|
664
|
|
|
—
|
|
|
177
|
|
|
(4
|
)
|
|
837
|
|
|||||
|
Interest on intercompany debt
|
|
4
|
|
|
—
|
|
|
22
|
|
|
(26
|
)
|
|
—
|
|
|||||
|
Total interest expense
|
|
697
|
|
|
—
|
|
|
345
|
|
|
(26
|
)
|
|
1,016
|
|
|||||
|
Depreciation expense on operating lease assets
|
|
18
|
|
|
—
|
|
|
317
|
|
|
—
|
|
|
335
|
|
|||||
|
Net financing (loss) revenue
|
|
(451
|
)
|
|
(1
|
)
|
|
911
|
|
|
(2
|
)
|
|
457
|
|
|||||
|
Dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
|
179
|
|
|
—
|
|
|
—
|
|
|
(179
|
)
|
|
—
|
|
|||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Servicing fees
|
|
50
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
113
|
|
|||||
|
Servicing asset valuation and hedge activities, net
|
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
46
|
|
|||||
|
Total servicing income, net
|
|
50
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
159
|
|
|||||
|
Insurance premiums and service revenue earned
|
|
—
|
|
|
—
|
|
|
261
|
|
|
—
|
|
|
261
|
|
|||||
|
(Loss) gain on mortgage and automotive loans, net
|
|
(3
|
)
|
|
—
|
|
|
89
|
|
|
—
|
|
|
86
|
|
|||||
|
Other gain on investments, net
|
|
—
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
64
|
|
|||||
|
Other income, net of losses
|
|
61
|
|
|
110
|
|
|
259
|
|
|
(286
|
)
|
|
144
|
|
|||||
|
Total other revenue
|
|
108
|
|
|
110
|
|
|
782
|
|
|
(286
|
)
|
|
714
|
|
|||||
|
Total net (loss) revenue
|
|
(164
|
)
|
|
109
|
|
|
1,693
|
|
|
(467
|
)
|
|
1,171
|
|
|||||
|
Provision for loan losses
|
|
(20
|
)
|
|
—
|
|
|
53
|
|
|
—
|
|
|
33
|
|
|||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation and benefits expense
|
|
182
|
|
|
109
|
|
|
89
|
|
|
(110
|
)
|
|
270
|
|
|||||
|
Insurance losses and loss adjustment expenses
|
|
—
|
|
|
—
|
|
|
149
|
|
|
—
|
|
|
149
|
|
|||||
|
Other operating expenses
|
|
805
|
|
|
—
|
|
|
(77
|
)
|
|
(176
|
)
|
|
552
|
|
|||||
|
Total noninterest expense
|
|
987
|
|
|
109
|
|
|
161
|
|
|
(286
|
)
|
|
971
|
|
|||||
|
(Loss) income from continuing operations before income tax (benefit) expense and undistributed income (loss) of subsidiaries
|
|
(1,131
|
)
|
|
—
|
|
|
1,479
|
|
|
(181
|
)
|
|
167
|
|
|||||
|
Income tax (benefit) expense from continuing operations
|
|
(280
|
)
|
|
—
|
|
|
264
|
|
|
—
|
|
|
(16
|
)
|
|||||
|
Net (loss) income from continuing operations
|
|
(851
|
)
|
|
—
|
|
|
1,215
|
|
|
(181
|
)
|
|
183
|
|
|||||
|
Income (loss) from discontinued operations, net of tax
|
|
9
|
|
|
3
|
|
|
(1,094
|
)
|
|
1
|
|
|
(1,081
|
)
|
|||||
|
Undistributed income (loss) of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
275
|
|
|
275
|
|
|
—
|
|
|
(550
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
(331
|
)
|
|
114
|
|
|
—
|
|
|
217
|
|
|
—
|
|
|||||
|
Net (loss) income
|
|
(898
|
)
|
|
392
|
|
|
121
|
|
|
(513
|
)
|
|
(898
|
)
|
|||||
|
Other comprehensive loss, net of tax
|
|
(206
|
)
|
|
(155
|
)
|
|
(425
|
)
|
|
580
|
|
|
(206
|
)
|
|||||
|
Comprehensive (loss) income
|
|
$
|
(1,104
|
)
|
|
$
|
237
|
|
|
$
|
(304
|
)
|
|
$
|
67
|
|
|
$
|
(1,104
|
)
|
|
Six months ended June 30, 2013
($ in millions)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally
consolidated |
||||||||||
|
Financing revenue and other interest income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest and fees on finance receivables and loans
|
|
$
|
431
|
|
|
$
|
—
|
|
|
$
|
1,843
|
|
|
$
|
—
|
|
|
$
|
2,274
|
|
|
Interest and fees on finance receivables and loans — intercompany
|
|
37
|
|
|
—
|
|
|
25
|
|
|
(62
|
)
|
|
—
|
|
|||||
|
Interest on loans held-for-sale
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
|||||
|
Interest and dividends on available-for-sale investment securities
|
|
—
|
|
|
—
|
|
|
144
|
|
|
—
|
|
|
144
|
|
|||||
|
Interest-bearing cash
|
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
5
|
|
|||||
|
Interest-bearing cash — intercompany
|
|
—
|
|
|
—
|
|
|
4
|
|
|
(4
|
)
|
|
—
|
|
|||||
|
Operating leases
|
|
214
|
|
|
—
|
|
|
1,308
|
|
|
—
|
|
|
1,522
|
|
|||||
|
Total financing revenue and other interest income
|
|
684
|
|
|
—
|
|
|
3,346
|
|
|
(66
|
)
|
|
3,964
|
|
|||||
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest on deposits
|
|
15
|
|
|
—
|
|
|
311
|
|
|
—
|
|
|
326
|
|
|||||
|
Interest on short-term borrowings
|
|
24
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
32
|
|
|||||
|
Interest on long-term debt
|
|
1,124
|
|
|
—
|
|
|
285
|
|
|
(5
|
)
|
|
1,404
|
|
|||||
|
Interest on intercompany debt
|
|
20
|
|
|
—
|
|
|
40
|
|
|
(60
|
)
|
|
—
|
|
|||||
|
Total interest expense
|
|
1,183
|
|
|
—
|
|
|
644
|
|
|
(65
|
)
|
|
1,762
|
|
|||||
|
Depreciation expense on operating lease assets
|
|
164
|
|
|
—
|
|
|
770
|
|
|
—
|
|
|
934
|
|
|||||
|
Net financing (loss) revenue
|
|
(663
|
)
|
|
—
|
|
|
1,932
|
|
|
(1
|
)
|
|
1,268
|
|
|||||
|
Dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
|
5,163
|
|
|
3,659
|
|
|
—
|
|
|
(8,822
|
)
|
|
—
|
|
|||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Servicing fees
|
|
82
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
101
|
|
|||||
|
Servicing asset valuation and hedge activities, net
|
|
—
|
|
|
—
|
|
|
(213
|
)
|
|
—
|
|
|
(213
|
)
|
|||||
|
Total servicing income, net
|
|
82
|
|
|
—
|
|
|
(194
|
)
|
|
—
|
|
|
(112
|
)
|
|||||
|
Insurance premiums and service revenue earned
|
|
—
|
|
|
—
|
|
|
517
|
|
|
—
|
|
|
517
|
|
|||||
|
Gain on mortgage and automotive loans, net
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
37
|
|
|||||
|
Other gain on investments, net
|
|
—
|
|
|
—
|
|
|
115
|
|
|
—
|
|
|
115
|
|
|||||
|
Other income, net of losses
|
|
77
|
|
|
—
|
|
|
766
|
|
|
(612
|
)
|
|
231
|
|
|||||
|
Total other revenue
|
|
159
|
|
|
—
|
|
|
1,241
|
|
|
(612
|
)
|
|
788
|
|
|||||
|
Total net revenue
|
|
4,659
|
|
|
3,659
|
|
|
3,173
|
|
|
(9,435
|
)
|
|
2,056
|
|
|||||
|
Provision for loan losses
|
|
229
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
220
|
|
|||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation and benefits expense
|
|
352
|
|
|
—
|
|
|
417
|
|
|
(232
|
)
|
|
537
|
|
|||||
|
Insurance losses and loss adjustment expenses
|
|
—
|
|
|
—
|
|
|
261
|
|
|
—
|
|
|
261
|
|
|||||
|
Other operating expenses
|
|
157
|
|
|
—
|
|
|
1,184
|
|
|
(380
|
)
|
|
961
|
|
|||||
|
Total noninterest expense
|
|
509
|
|
|
—
|
|
|
1,862
|
|
|
(612
|
)
|
|
1,759
|
|
|||||
|
Income from continuing operations before income tax (benefit) expense and undistributed income (loss) of subsidiaries
|
|
3,921
|
|
|
3,659
|
|
|
1,320
|
|
|
(8,823
|
)
|
|
77
|
|
|||||
|
Income tax (benefit) expense from continuing operations
|
|
(560
|
)
|
|
—
|
|
|
477
|
|
|
—
|
|
|
(83
|
)
|
|||||
|
Net income from continuing operations
|
|
4,481
|
|
|
3,659
|
|
|
843
|
|
|
(8,823
|
)
|
|
160
|
|
|||||
|
(Loss) income from discontinued operations, net of tax
|
|
(1,507
|
)
|
|
(34
|
)
|
|
1,546
|
|
|
1
|
|
|
6
|
|
|||||
|
Undistributed income (loss) of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
433
|
|
|
433
|
|
|
—
|
|
|
(866
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
(3,241
|
)
|
|
(2,400
|
)
|
|
—
|
|
|
5,641
|
|
|
—
|
|
|||||
|
Net income
|
|
166
|
|
|
1,658
|
|
|
2,389
|
|
|
(4,047
|
)
|
|
166
|
|
|||||
|
Other comprehensive loss, net of tax
|
|
(498
|
)
|
|
(719
|
)
|
|
(854
|
)
|
|
1,573
|
|
|
(498
|
)
|
|||||
|
Comprehensive (loss) income
|
|
$
|
(332
|
)
|
|
$
|
939
|
|
|
$
|
1,535
|
|
|
$
|
(2,474
|
)
|
|
$
|
(332
|
)
|
|
Six months ended June 30, 2012
($ in millions)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally
consolidated |
||||||||||
|
Financing revenue and other interest income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest and fees on finance receivables and loans
|
|
$
|
451
|
|
|
$
|
—
|
|
|
$
|
1,782
|
|
|
$
|
—
|
|
|
$
|
2,233
|
|
|
Interest and fees on finance receivables and loans — intercompany
|
|
57
|
|
|
—
|
|
|
13
|
|
|
(70
|
)
|
|
—
|
|
|||||
|
Interest on loans held-for-sale
|
|
11
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
51
|
|
|||||
|
Interest on trading assets
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||||
|
Interest and dividends on available-for-sale investment securities
|
|
—
|
|
|
—
|
|
|
151
|
|
|
—
|
|
|
151
|
|
|||||
|
Interest-bearing cash
|
|
7
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
11
|
|
|||||
|
Interest-bearing cash - intercompany
|
|
—
|
|
|
—
|
|
|
9
|
|
|
(9
|
)
|
|
—
|
|
|||||
|
Operating leases
|
|
87
|
|
|
—
|
|
|
981
|
|
|
—
|
|
|
1,068
|
|
|||||
|
Total financing revenue and other interest income
|
|
613
|
|
|
—
|
|
|
2,990
|
|
|
(79
|
)
|
|
3,524
|
|
|||||
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest on deposits
|
|
33
|
|
|
—
|
|
|
290
|
|
|
—
|
|
|
323
|
|
|||||
|
Interest on short-term borrowings
|
|
33
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
36
|
|
|||||
|
Interest on long-term debt
|
|
1,387
|
|
|
—
|
|
|
338
|
|
|
(8
|
)
|
|
1,717
|
|
|||||
|
Interest on intercompany debt
|
|
(1
|
)
|
|
1
|
|
|
67
|
|
|
(67
|
)
|
|
—
|
|
|||||
|
Total interest expense
|
|
1,452
|
|
|
1
|
|
|
698
|
|
|
(75
|
)
|
|
2,076
|
|
|||||
|
Depreciation expense on operating lease assets
|
|
31
|
|
|
—
|
|
|
609
|
|
|
—
|
|
|
640
|
|
|||||
|
Net financing (loss) revenue
|
|
(870
|
)
|
|
(1
|
)
|
|
1,683
|
|
|
(4
|
)
|
|
808
|
|
|||||
|
Dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
|
320
|
|
|
—
|
|
|
—
|
|
|
(320
|
)
|
|
—
|
|
|||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Servicing fees
|
|
102
|
|
|
—
|
|
|
133
|
|
|
—
|
|
|
235
|
|
|||||
|
Servicing asset valuation and hedge activities, net
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
|
—
|
|
|
(60
|
)
|
|||||
|
Total servicing income, net
|
|
102
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
175
|
|
|||||
|
Insurance premiums and service revenue earned
|
|
—
|
|
|
—
|
|
|
531
|
|
|
—
|
|
|
531
|
|
|||||
|
(Loss) gain on mortgage and automotive loans, net
|
|
(4
|
)
|
|
—
|
|
|
110
|
|
|
—
|
|
|
106
|
|
|||||
|
Other gain on investments, net
|
|
—
|
|
|
—
|
|
|
153
|
|
|
—
|
|
|
153
|
|
|||||
|
Other income, net of losses
|
|
96
|
|
|
254
|
|
|
604
|
|
|
(600
|
)
|
|
354
|
|
|||||
|
Total other revenue
|
|
194
|
|
|
254
|
|
|
1,471
|
|
|
(600
|
)
|
|
1,319
|
|
|||||
|
Total net (loss) revenue
|
|
(356
|
)
|
|
253
|
|
|
3,154
|
|
|
(924
|
)
|
|
2,127
|
|
|||||
|
Provision for loan losses
|
|
58
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
131
|
|
|||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation and benefits expense
|
|
395
|
|
|
253
|
|
|
179
|
|
|
(254
|
)
|
|
573
|
|
|||||
|
Insurance losses and loss adjustment expenses
|
|
—
|
|
|
—
|
|
|
247
|
|
|
—
|
|
|
247
|
|
|||||
|
Other operating expenses
|
|
891
|
|
|
—
|
|
|
461
|
|
|
(346
|
)
|
|
1,006
|
|
|||||
|
Total noninterest expense
|
|
1,286
|
|
|
253
|
|
|
887
|
|
|
(600
|
)
|
|
1,826
|
|
|||||
|
(Loss) income from continuing operations before income tax (benefit) expense and undistributed income of subsidiaries
|
|
(1,700
|
)
|
|
—
|
|
|
2,194
|
|
|
(324
|
)
|
|
170
|
|
|||||
|
Income tax (benefit) expense from continuing operations
|
|
(548
|
)
|
|
—
|
|
|
533
|
|
|
—
|
|
|
(15
|
)
|
|||||
|
Net (loss) income from continuing operations
|
|
(1,152
|
)
|
|
—
|
|
|
1,661
|
|
|
(324
|
)
|
|
185
|
|
|||||
|
Income (loss) from discontinued operations, net of tax
|
|
19
|
|
|
6
|
|
|
(796
|
)
|
|
(2
|
)
|
|
(773
|
)
|
|||||
|
Undistributed income of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
498
|
|
|
498
|
|
|
—
|
|
|
(996
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
47
|
|
|
199
|
|
|
—
|
|
|
(246
|
)
|
|
—
|
|
|||||
|
Net (loss) income
|
|
(588
|
)
|
|
703
|
|
|
865
|
|
|
(1,568
|
)
|
|
(588
|
)
|
|||||
|
Other comprehensive loss, net of tax
|
|
(19
|
)
|
|
(29
|
)
|
|
(37
|
)
|
|
66
|
|
|
(19
|
)
|
|||||
|
Comprehensive (loss) income
|
|
$
|
(607
|
)
|
|
$
|
674
|
|
|
$
|
828
|
|
|
$
|
(1,502
|
)
|
|
$
|
(607
|
)
|
|
June 30, 2013
($ in millions)
|
|
Parent (a)
|
|
Guarantors
|
|
Nonguarantors (a)
|
|
Consolidating
adjustments |
|
Ally
consolidated |
||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
|
$
|
726
|
|
|
$
|
29
|
|
|
$
|
537
|
|
|
$
|
—
|
|
|
$
|
1,292
|
|
|
Noninterest-bearing — intercompany
|
|
84
|
|
|
—
|
|
|
—
|
|
|
(84
|
)
|
|
—
|
|
|||||
|
Interest-bearing
|
|
3,151
|
|
|
—
|
|
|
3,331
|
|
|
—
|
|
|
6,482
|
|
|||||
|
Interest-bearing — intercompany
|
|
—
|
|
|
—
|
|
|
422
|
|
|
(422
|
)
|
|
—
|
|
|||||
|
Total cash and cash equivalents
|
|
3,961
|
|
|
29
|
|
|
4,290
|
|
|
(506
|
)
|
|
7,774
|
|
|||||
|
Investment securities
|
|
—
|
|
|
—
|
|
|
17,015
|
|
|
—
|
|
|
17,015
|
|
|||||
|
Loans held-for-sale, net
|
|
—
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
102
|
|
|||||
|
Finance receivables and loans, net
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Finance receivables and loans, net
|
|
19,123
|
|
|
—
|
|
|
77,870
|
|
|
—
|
|
|
96,993
|
|
|||||
|
Intercompany loans to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
3,400
|
|
|
—
|
|
|
—
|
|
|
(3,400
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
3,176
|
|
|
—
|
|
|
1,789
|
|
|
(4,965
|
)
|
|
—
|
|
|||||
|
Allowance for loan losses
|
|
(314
|
)
|
|
—
|
|
|
(869
|
)
|
|
—
|
|
|
(1,183
|
)
|
|||||
|
Total finance receivables and loans, net
|
|
25,385
|
|
|
—
|
|
|
78,790
|
|
|
(8,365
|
)
|
|
95,810
|
|
|||||
|
Investment in operating leases, net
|
|
2,910
|
|
|
—
|
|
|
13,175
|
|
|
—
|
|
|
16,085
|
|
|||||
|
Intercompany receivables from
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
82
|
|
|
—
|
|
|
—
|
|
|
(82
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
231
|
|
|
—
|
|
|
470
|
|
|
(701
|
)
|
|
—
|
|
|||||
|
Investment in subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
14,530
|
|
|
14,530
|
|
|
—
|
|
|
(29,060
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
10,869
|
|
|
111
|
|
|
—
|
|
|
(10,980
|
)
|
|
—
|
|
|||||
|
Premiums receivable and other insurance assets
|
|
—
|
|
|
—
|
|
|
1,628
|
|
|
(17
|
)
|
|
1,611
|
|
|||||
|
Other assets
|
|
3,181
|
|
|
—
|
|
|
3,807
|
|
|
(287
|
)
|
|
6,701
|
|
|||||
|
Assets of operations held-for-sale
|
|
620
|
|
|
—
|
|
|
4,909
|
|
|
—
|
|
|
5,529
|
|
|||||
|
Total assets
|
|
$
|
61,769
|
|
|
$
|
14,670
|
|
|
$
|
124,186
|
|
|
$
|
(49,998
|
)
|
|
$
|
150,627
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposit liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
72
|
|
|
$
|
—
|
|
|
$
|
72
|
|
|
Noninterest-bearing — intercompany
|
|
—
|
|
|
—
|
|
|
84
|
|
|
(84
|
)
|
|
—
|
|
|||||
|
Interest-bearing
|
|
642
|
|
|
—
|
|
|
49,411
|
|
|
—
|
|
|
50,053
|
|
|||||
|
Total deposit liabilities
|
|
642
|
|
|
—
|
|
|
49,567
|
|
|
(84
|
)
|
|
50,125
|
|
|||||
|
Short-term borrowings
|
|
3,197
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
4,197
|
|
|||||
|
Long-term debt
|
|
31,640
|
|
|
—
|
|
|
32,894
|
|
|
—
|
|
|
64,534
|
|
|||||
|
Intercompany debt to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
|
2,211
|
|
|
—
|
|
|
6,576
|
|
|
(8,787
|
)
|
|
—
|
|
|||||
|
Intercompany payables to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
100
|
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
462
|
|
|
—
|
|
|
239
|
|
|
(701
|
)
|
|
—
|
|
|||||
|
Interest payable
|
|
806
|
|
|
—
|
|
|
193
|
|
|
—
|
|
|
999
|
|
|||||
|
Unearned insurance premiums and service revenue
|
|
—
|
|
|
—
|
|
|
2,301
|
|
|
—
|
|
|
2,301
|
|
|||||
|
Accrued expenses and other liabilities
|
|
3,546
|
|
|
100
|
|
|
1,684
|
|
|
(287
|
)
|
|
5,043
|
|
|||||
|
Liabilities of operations held-for-sale
|
|
—
|
|
|
—
|
|
|
4,263
|
|
|
—
|
|
|
4,263
|
|
|||||
|
Total liabilities
|
|
42,604
|
|
|
100
|
|
|
98,717
|
|
|
(9,959
|
)
|
|
131,462
|
|
|||||
|
Total equity
|
|
19,165
|
|
|
14,570
|
|
|
25,469
|
|
|
(40,039
|
)
|
|
19,165
|
|
|||||
|
Total liabilities and equity
|
|
$
|
61,769
|
|
|
$
|
14,670
|
|
|
$
|
124,186
|
|
|
$
|
(49,998
|
)
|
|
$
|
150,627
|
|
|
(a)
|
Amounts presented are based upon the legal transfer of the underlying assets to VIEs in order to reflect legal ownership.
|
|
December 31, 2012
($ in millions)
|
|
Parent (a)
|
|
Guarantors
|
|
Nonguarantors (a)
|
|
Consolidating
adjustments |
|
Ally
consolidated |
||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
|
$
|
729
|
|
|
$
|
—
|
|
|
$
|
344
|
|
|
$
|
—
|
|
|
$
|
1,073
|
|
|
Noninterest-bearing — intercompany
|
|
39
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|||||
|
Interest-bearing
|
|
3,204
|
|
|
—
|
|
|
3,236
|
|
|
—
|
|
|
6,440
|
|
|||||
|
Interest-bearing — intercompany
|
|
—
|
|
|
—
|
|
|
452
|
|
|
(452
|
)
|
|
—
|
|
|||||
|
Total cash and cash equivalents
|
|
3,972
|
|
|
—
|
|
|
4,032
|
|
|
(491
|
)
|
|
7,513
|
|
|||||
|
Investment securities
|
|
—
|
|
|
—
|
|
|
14,178
|
|
|
—
|
|
|
14,178
|
|
|||||
|
Loans held-for-sale, net
|
|
—
|
|
|
—
|
|
|
2,576
|
|
|
—
|
|
|
2,576
|
|
|||||
|
Finance receivables and loans, net
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Finance receivables and loans, net
|
|
12,486
|
|
|
—
|
|
|
86,569
|
|
|
—
|
|
|
99,055
|
|
|||||
|
Intercompany loans to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
1,600
|
|
|
—
|
|
|
—
|
|
|
(1,600
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
3,514
|
|
|
—
|
|
|
672
|
|
|
(4,186
|
)
|
|
—
|
|
|||||
|
Allowance for loan losses
|
|
(170
|
)
|
|
—
|
|
|
(1,000
|
)
|
|
—
|
|
|
(1,170
|
)
|
|||||
|
Total finance receivables and loans, net
|
|
17,430
|
|
|
—
|
|
|
86,241
|
|
|
(5,786
|
)
|
|
97,885
|
|
|||||
|
Investment in operating leases, net
|
|
2,003
|
|
|
—
|
|
|
11,547
|
|
|
—
|
|
|
13,550
|
|
|||||
|
Intercompany receivables from
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
677
|
|
|
—
|
|
|
—
|
|
|
(677
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
315
|
|
|
334
|
|
|
378
|
|
|
(1,027
|
)
|
|
—
|
|
|||||
|
Investment in subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
14,288
|
|
|
14,288
|
|
|
—
|
|
|
(28,576
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
19,180
|
|
|
3,723
|
|
|
—
|
|
|
(22,903
|
)
|
|
—
|
|
|||||
|
Mortgage servicing rights
|
|
—
|
|
|
—
|
|
|
952
|
|
|
—
|
|
|
952
|
|
|||||
|
Premiums receivable and other insurance assets
|
|
—
|
|
|
—
|
|
|
1,609
|
|
|
—
|
|
|
1,609
|
|
|||||
|
Other assets
|
|
2,514
|
|
|
—
|
|
|
9,968
|
|
|
(574
|
)
|
|
11,908
|
|
|||||
|
Assets of operations held-for-sale
|
|
855
|
|
|
762
|
|
|
30,582
|
|
|
(23
|
)
|
|
32,176
|
|
|||||
|
Total assets
|
|
$
|
61,234
|
|
|
$
|
19,107
|
|
|
$
|
162,063
|
|
|
$
|
(60,057
|
)
|
|
$
|
182,347
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposit liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,977
|
|
|
$
|
—
|
|
|
$
|
1,977
|
|
|
Noninterest-bearing — intercompany
|
|
—
|
|
|
—
|
|
|
39
|
|
|
(39
|
)
|
|
—
|
|
|||||
|
Interest-bearing
|
|
983
|
|
|
—
|
|
|
44,955
|
|
|
—
|
|
|
45,938
|
|
|||||
|
Total deposit liabilities
|
|
983
|
|
|
—
|
|
|
46,971
|
|
|
(39
|
)
|
|
47,915
|
|
|||||
|
Short-term borrowings
|
|
3,094
|
|
|
—
|
|
|
4,367
|
|
|
—
|
|
|
7,461
|
|
|||||
|
Long-term debt
|
|
32,342
|
|
|
—
|
|
|
42,219
|
|
|
—
|
|
|
74,561
|
|
|||||
|
Intercompany debt to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
|
530
|
|
|
—
|
|
|
5,708
|
|
|
(6,238
|
)
|
|
—
|
|
|||||
|
Intercompany payables to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
752
|
|
|
—
|
|
|
—
|
|
|
(752
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
674
|
|
|
—
|
|
|
278
|
|
|
(952
|
)
|
|
—
|
|
|||||
|
Interest payable
|
|
748
|
|
|
—
|
|
|
184
|
|
|
—
|
|
|
932
|
|
|||||
|
Unearned insurance premiums and service revenue
|
|
—
|
|
|
—
|
|
|
2,296
|
|
|
—
|
|
|
2,296
|
|
|||||
|
Accrued expenses and other liabilities
|
|
2,187
|
|
|
451
|
|
|
4,517
|
|
|
(570
|
)
|
|
6,585
|
|
|||||
|
Liabilities of operations held-for-sale
|
|
26
|
|
|
725
|
|
|
21,948
|
|
|
—
|
|
|
22,699
|
|
|||||
|
Total liabilities
|
|
41,336
|
|
|
1,176
|
|
|
128,488
|
|
|
(8,551
|
)
|
|
162,449
|
|
|||||
|
Total equity
|
|
19,898
|
|
|
17,931
|
|
|
33,575
|
|
|
(51,506
|
)
|
|
19,898
|
|
|||||
|
Total liabilities and equity
|
|
$
|
61,234
|
|
|
$
|
19,107
|
|
|
$
|
162,063
|
|
|
$
|
(60,057
|
)
|
|
$
|
182,347
|
|
|
(a)
|
Amounts presented are based upon the legal transfer of the underlying assets to VIEs in order to reflect legal ownership.
|
|
Six months ended June 30, 2013
($ in millions)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating
adjustments |
|
Ally
consolidated |
||||||||||
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net cash provided by operating activities
|
|
$
|
5,085
|
|
|
$
|
3,514
|
|
|
$
|
3,636
|
|
|
$
|
(8,822
|
)
|
|
$
|
3,413
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchases of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
(9,305
|
)
|
|
—
|
|
|
(9,305
|
)
|
|||||
|
Proceeds from sales of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
3,700
|
|
|
—
|
|
|
3,700
|
|
|||||
|
Proceeds from maturities and repayments of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
3,125
|
|
|
—
|
|
|
3,125
|
|
|||||
|
Net (increase) decrease in finance receivables and loans
|
|
(4,708
|
)
|
|
79
|
|
|
6,220
|
|
|
—
|
|
|
1,591
|
|
|||||
|
Net (increase) decrease in loans — intercompany
|
|
(1,463
|
)
|
|
251
|
|
|
(1,368
|
)
|
|
2,580
|
|
|
—
|
|
|||||
|
Net increase in operating lease assets
|
|
(798
|
)
|
|
—
|
|
|
(2,670
|
)
|
|
—
|
|
|
(3,468
|
)
|
|||||
|
Capital contributions to subsidiaries
|
|
(158
|
)
|
|
—
|
|
|
—
|
|
|
158
|
|
|
—
|
|
|||||
|
Returns of contributed capital
|
|
558
|
|
|
150
|
|
|
|
|
|
(708
|
)
|
|
—
|
|
|||||
|
Sales of mortgage servicing rights
|
|
—
|
|
|
—
|
|
|
911
|
|
|
—
|
|
|
911
|
|
|||||
|
Proceeds from sale of business units, net
|
|
1,120
|
|
|
554
|
|
|
5,259
|
|
|
—
|
|
|
6,933
|
|
|||||
|
Net change in restricted cash
|
|
—
|
|
|
(26
|
)
|
|
2,345
|
|
|
—
|
|
|
2,319
|
|
|||||
|
Other, net
|
|
(265
|
)
|
|
—
|
|
|
125
|
|
|
—
|
|
|
(140
|
)
|
|||||
|
Net cash (used in) provided by investing activities
|
|
(5,714
|
)
|
|
1,008
|
|
|
8,342
|
|
|
2,030
|
|
|
5,666
|
|
|||||
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net change in short-term borrowings — third party
|
|
103
|
|
|
36
|
|
|
(2,971
|
)
|
|
—
|
|
|
(2,832
|
)
|
|||||
|
Net (decrease) increase in deposits
|
|
(342
|
)
|
|
—
|
|
|
2,538
|
|
|
(45
|
)
|
|
2,151
|
|
|||||
|
Proceeds from issuance of long-term debt — third party
|
|
39
|
|
|
—
|
|
|
7,998
|
|
|
—
|
|
|
8,037
|
|
|||||
|
Repayments of long-term debt — third party
|
|
(461
|
)
|
|
(70
|
)
|
|
(17,234
|
)
|
|
—
|
|
|
(17,765
|
)
|
|||||
|
Net change in debt — intercompany
|
|
1,680
|
|
|
(271
|
)
|
|
1,140
|
|
|
(2,549
|
)
|
|
—
|
|
|||||
|
Dividends paid — third party
|
|
(401
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(401
|
)
|
|||||
|
Dividends paid and returns of contributed capital — intercompany
|
|
—
|
|
|
(4,217
|
)
|
|
(5,312
|
)
|
|
9,529
|
|
|
—
|
|
|||||
|
Capital contributions from parent
|
|
—
|
|
|
29
|
|
|
129
|
|
|
(158
|
)
|
|
—
|
|
|||||
|
Net cash provided by (used in) financing activities
|
|
618
|
|
|
(4,493
|
)
|
|
(13,712
|
)
|
|
6,777
|
|
|
(10,810
|
)
|
|||||
|
Effect of exchange-rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
50
|
|
|||||
|
Net (decrease) increase in cash and cash equivalents
|
|
(11
|
)
|
|
29
|
|
|
(1,684
|
)
|
|
(15
|
)
|
|
(1,681
|
)
|
|||||
|
Adjustment for change in cash and cash equivalents of operations held-for-sale
|
|
—
|
|
|
—
|
|
|
1,942
|
|
|
—
|
|
|
1,942
|
|
|||||
|
Cash and cash equivalents at beginning of year
|
|
3,972
|
|
|
—
|
|
|
4,032
|
|
|
(491
|
)
|
|
7,513
|
|
|||||
|
Cash and cash equivalents at June 30
|
|
$
|
3,961
|
|
|
$
|
29
|
|
|
$
|
4,290
|
|
|
$
|
(506
|
)
|
|
$
|
7,774
|
|
|
Six months ended June 30, 2012
($ in millions)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating
adjustments |
|
Ally
consolidated |
||||||||||
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net cash (used in) provided by operating activities
|
|
$
|
(453
|
)
|
|
$
|
19
|
|
|
$
|
5,699
|
|
|
$
|
(325
|
)
|
|
$
|
4,940
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchases of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
(6,758
|
)
|
|
—
|
|
|
(6,758
|
)
|
|||||
|
Proceeds from sales of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
5,636
|
|
|
—
|
|
|
5,636
|
|
|||||
|
Proceeds from maturities and repayments of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
2,792
|
|
|
—
|
|
|
2,792
|
|
|||||
|
Net (increase) decrease in finance receivables and loans
|
|
(1,986
|
)
|
|
86
|
|
|
(5,575
|
)
|
|
—
|
|
|
(7,475
|
)
|
|||||
|
Proceeds from sales of finance receivables and loans
|
|
—
|
|
|
—
|
|
|
1,978
|
|
|
—
|
|
|
1,978
|
|
|||||
|
Net decrease in loans — intercompany
|
|
2,741
|
|
|
232
|
|
|
323
|
|
|
(3,296
|
)
|
|
—
|
|
|||||
|
Net decrease (increase) in operating lease assets
|
|
417
|
|
|
—
|
|
|
(2,875
|
)
|
|
—
|
|
|
(2,458
|
)
|
|||||
|
Capital contributions to subsidiaries
|
|
(51
|
)
|
|
—
|
|
|
—
|
|
|
51
|
|
|
—
|
|
|||||
|
Returns of contributed capital
|
|
1,666
|
|
|
—
|
|
|
—
|
|
|
(1,666
|
)
|
|
—
|
|
|||||
|
Net cash effect from deconsolidation of ResCap
|
|
—
|
|
|
—
|
|
|
(539
|
)
|
|
—
|
|
|
(539
|
)
|
|||||
|
Proceeds from sale of business units, net
|
|
29
|
|
|
—
|
|
|
487
|
|
|
—
|
|
|
516
|
|
|||||
|
Net change in restricted cash
|
|
—
|
|
|
—
|
|
|
69
|
|
|
—
|
|
|
69
|
|
|||||
|
Other, net
|
|
(43
|
)
|
|
—
|
|
|
139
|
|
|
—
|
|
|
96
|
|
|||||
|
Net cash provided by (used in) investing activities
|
|
2,773
|
|
|
318
|
|
|
(4,323
|
)
|
|
(4,911
|
)
|
|
(6,143
|
)
|
|||||
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net change in short-term borrowings — third party
|
|
202
|
|
|
8
|
|
|
(1,695
|
)
|
|
—
|
|
|
(1,485
|
)
|
|||||
|
Net (decrease) increase in deposits
|
|
(245
|
)
|
|
—
|
|
|
3,218
|
|
|
—
|
|
|
2,973
|
|
|||||
|
Proceeds from issuance of long-term debt — third party
|
|
2,542
|
|
|
—
|
|
|
16,581
|
|
|
—
|
|
|
19,123
|
|
|||||
|
Repayments of long-term debt — third party
|
|
(1,491
|
)
|
|
(27
|
)
|
|
(14,398
|
)
|
|
—
|
|
|
(15,916
|
)
|
|||||
|
Net change in debt — intercompany
|
|
466
|
|
|
(311
|
)
|
|
(2,972
|
)
|
|
2,817
|
|
|
—
|
|
|||||
|
Dividends paid — third party
|
|
(401
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(401
|
)
|
|||||
|
Dividends paid and returns of contributed capital — intercompany
|
|
—
|
|
|
(11
|
)
|
|
(1,980
|
)
|
|
1,991
|
|
|
—
|
|
|||||
|
Capital contributions from parent
|
|
—
|
|
|
—
|
|
|
51
|
|
|
(51
|
)
|
|
—
|
|
|||||
|
Net cash provided by (used in) financing activities
|
|
1,073
|
|
|
(341
|
)
|
|
(1,195
|
)
|
|
4,757
|
|
|
4,294
|
|
|||||
|
Effect of exchange-rate changes on cash and cash equivalents
|
|
(117
|
)
|
|
—
|
|
|
78
|
|
|
—
|
|
|
(39
|
)
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
|
3,276
|
|
|
(4
|
)
|
|
259
|
|
|
(479
|
)
|
|
3,052
|
|
|||||
|
Adjustment for change in cash and cash equivalents of operations held-for-sale
|
|
—
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
39
|
|
|||||
|
Cash and cash equivalents at beginning of year
|
|
6,261
|
|
|
14
|
|
|
7,276
|
|
|
(516
|
)
|
|
13,035
|
|
|||||
|
Cash and cash equivalents at June 30
|
|
$
|
9,537
|
|
|
$
|
10
|
|
|
$
|
7,574
|
|
|
$
|
(995
|
)
|
|
$
|
16,126
|
|
|
Three months ended June 30, (
$ in millions
)
|
|
2013 (a)
|
|
2012 (b)
|
||||
|
Balance at April 1,
|
|
$
|
170
|
|
|
$
|
811
|
|
|
Provision for mortgage representation and warranty expenses
|
|
|
|
|
||||
|
Loan sales
|
|
1
|
|
|
4
|
|
||
|
Change in estimate — continuing operations
|
|
(2
|
)
|
|
18
|
|
||
|
Total additions
|
|
(1
|
)
|
|
22
|
|
||
|
Resolved claims (c)
|
|
(18
|
)
|
|
(45
|
)
|
||
|
Recoveries
|
|
1
|
|
|
1
|
|
||
|
Other (d)
|
|
(127
|
)
|
|
(665
|
)
|
||
|
Balance at June 30,
|
|
$
|
25
|
|
|
$
|
124
|
|
|
(a)
|
The liabilities are held by Ally Bank and a majority of the previous liability was eliminated as a result of the deconsolidation of ResCap. Refer to
Note 1
for more information regarding the Debtors' Bankruptcy and the deconsolidation of ResCap.
|
|
(b)
|
Includes activities of our discontinued operations.
|
|
(c)
|
Includes principal losses and accrued interest on repurchased loans, indemnification payments, and settlements with counterparties.
|
|
(d)
|
Activity for 2013 includes the impact of the sale of MSRs to Ocwen. Activity for 2012 includes the impact of the deconsolidation of ResCap.
|
|
Six months ended June 30, (
$ in millions
)
|
|
2013 (a)
|
|
2012 (b)
|
||||
|
Balance at January 1,
|
|
$
|
105
|
|
|
$
|
825
|
|
|
Provision for mortgage representation and warranty expenses
|
|
|
|
|
||||
|
Loan sales
|
|
5
|
|
|
8
|
|
||
|
Change in estimate — continuing operations
|
|
81
|
|
|
37
|
|
||
|
Total additions
|
|
86
|
|
|
45
|
|
||
|
Resolved claims (c)
|
|
(41
|
)
|
|
(87
|
)
|
||
|
Recoveries
|
|
2
|
|
|
6
|
|
||
|
Other (d)
|
|
(127
|
)
|
|
(665
|
)
|
||
|
Balance at June 30,
|
|
$
|
25
|
|
|
$
|
124
|
|
|
(a)
|
The liabilities are held by Ally Bank and a majority of the previous liability was eliminated as a result of the deconsolidation of ResCap. Refer to
Note 1
for more information regarding the Debtors' Bankruptcy and the deconsolidation of ResCap.
|
|
(b)
|
Includes activities of our discontinued operations.
|
|
(c)
|
Includes principal losses and accrued interest on repurchased loans, indemnification payments, and settlements with counterparties.
|
|
(d)
|
Activity for 2013 includes the impact of the sale of MSRs to Ocwen. Activity for 2012 includes the impact of the deconsolidation of ResCap.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Total financing revenue and other interest income
|
|
$
|
2,008
|
|
|
$
|
1,808
|
|
|
$
|
3,964
|
|
|
$
|
3,524
|
|
|
Interest expense
|
|
881
|
|
|
1,016
|
|
|
1,762
|
|
|
2,076
|
|
||||
|
Depreciation expense on operating lease assets
|
|
499
|
|
|
335
|
|
|
934
|
|
|
640
|
|
||||
|
Net financing revenue
|
|
628
|
|
|
457
|
|
|
1,268
|
|
|
808
|
|
||||
|
Total other revenue
|
|
402
|
|
|
714
|
|
|
788
|
|
|
1,319
|
|
||||
|
Total net revenue
|
|
1,030
|
|
|
1,171
|
|
|
2,056
|
|
|
2,127
|
|
||||
|
Provision for loan losses
|
|
89
|
|
|
33
|
|
|
220
|
|
|
131
|
|
||||
|
Total noninterest expense
|
|
801
|
|
|
971
|
|
|
1,759
|
|
|
1,826
|
|
||||
|
Income from continuing operations before income tax expense (benefit)
|
|
140
|
|
|
167
|
|
|
77
|
|
|
170
|
|
||||
|
Income tax expense (benefit) from continuing operations
|
|
40
|
|
|
(16
|
)
|
|
(83
|
)
|
|
(15
|
)
|
||||
|
Net income from continuing operations
|
|
100
|
|
|
183
|
|
|
160
|
|
|
185
|
|
||||
|
(Loss) income from discontinued operations, net of tax
|
|
(1,027
|
)
|
|
(1,081
|
)
|
|
6
|
|
|
(773
|
)
|
||||
|
Net (loss) income
|
|
$
|
(927
|
)
|
|
$
|
(898
|
)
|
|
$
|
166
|
|
|
$
|
(588
|
)
|
|
Basic and diluted earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||
|
Net loss from continuing operations
|
|
$
|
(75
|
)
|
|
$
|
(13
|
)
|
|
$
|
(180
|
)
|
|
$
|
(162
|
)
|
|
Net loss
|
|
(847
|
)
|
|
(825
|
)
|
|
(176
|
)
|
|
(743
|
)
|
||||
|
Non-GAAP financial measures (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Net (loss) income
|
|
$
|
(927
|
)
|
|
$
|
(898
|
)
|
|
$
|
166
|
|
|
$
|
(588
|
)
|
|
Add: Original issue discount amortization expense (b)
|
|
61
|
|
|
96
|
|
|
118
|
|
|
204
|
|
||||
|
Add: Income tax expense (benefit) from continuing operations
|
|
40
|
|
|
(16
|
)
|
|
(83
|
)
|
|
(15
|
)
|
||||
|
Less: (Loss) income from discontinued operations, net of tax
|
|
(1,027
|
)
|
|
(1,081
|
)
|
|
6
|
|
|
(773
|
)
|
||||
|
Core pretax income (a)
|
|
$
|
201
|
|
|
$
|
263
|
|
|
$
|
195
|
|
|
$
|
374
|
|
|
(a)
|
Core pretax income is not a financial measure defined by accounting principles generally accepted in the United States of America (GAAP). We define core pretax income as earnings from continuing operations before income taxes, original issue discount amortization expense primarily associated with our 2008 bond exchange, and the gain on extinguishment of debt related to the 2008 bond exchange. We believe that the presentation of core pretax income is useful information for the users of our financial statements in understanding the earnings from our core businesses. In addition, core pretax income is an important measure that management uses to assess the performance of our operations. We believe that core pretax income is a useful alternative measure of our ongoing profitability and performance, when viewed in conjunction with GAAP measures. The presentation of this additional information is not a substitute for net (loss) income determined in accordance with GAAP.
|
|
(b)
|
Primarily represents original issue discount amortization expense associated with the 2008 bond exchange.
|
|
|
|
At and for the
three months ended
June 30,
|
|
At and for the
six months ended
June 30,
|
||||||||||||
|
(
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Selected period-end balance sheet data:
|
|
|
|
|
|
|
|
|
||||||||
|
Total assets
|
|
$
|
150,627
|
|
|
$
|
178,560
|
|
|
$
|
150,627
|
|
|
$
|
178,560
|
|
|
Long-term debt
|
|
$
|
64,534
|
|
|
$
|
91,096
|
|
|
$
|
64,534
|
|
|
$
|
91,096
|
|
|
Preferred stock
|
|
$
|
6,940
|
|
|
$
|
6,940
|
|
|
$
|
6,940
|
|
|
$
|
6,940
|
|
|
Total equity
|
|
$
|
19,165
|
|
|
$
|
18,272
|
|
|
$
|
19,165
|
|
|
$
|
18,272
|
|
|
Financial ratios
|
|
|
|
|
|
|
|
|
||||||||
|
Efficiency ratio (a)
|
|
77.77
|
%
|
|
82.92
|
%
|
|
85.55
|
%
|
|
85.85
|
%
|
||||
|
Core efficiency ratio (a)
|
|
73.42
|
%
|
|
76.64
|
%
|
|
80.91
|
%
|
|
78.34
|
%
|
||||
|
Return on assets
|
|
|
|
|
|
|
|
|
||||||||
|
Net income from continuing operations
|
|
0.26
|
%
|
|
0.40
|
%
|
|
0.20
|
%
|
|
0.20
|
%
|
||||
|
Net (loss) income
|
|
(2.45
|
)%
|
|
(1.96
|
)%
|
|
0.21
|
%
|
|
(0.64
|
)%
|
||||
|
Core pretax income
|
|
0.53
|
%
|
|
0.57
|
%
|
|
0.24
|
%
|
|
0.41
|
%
|
||||
|
Return on equity
|
|
|
|
|
|
|
|
|
||||||||
|
Net income from continuing operations
|
|
2.02
|
%
|
|
3.88
|
%
|
|
1.62
|
%
|
|
1.95
|
%
|
||||
|
Net (loss) income
|
|
(18.76
|
)%
|
|
(19.05
|
)%
|
|
1.68
|
%
|
|
(6.19
|
)%
|
||||
|
Core pretax income
|
|
4.07
|
%
|
|
5.58
|
%
|
|
1.97
|
%
|
|
3.94
|
%
|
||||
|
Equity to assets
|
|
13.07
|
%
|
|
10.27
|
%
|
|
12.23
|
%
|
|
10.35
|
%
|
||||
|
Net interest spread (b)
|
|
1.51
|
%
|
|
1.18
|
%
|
|
1.59
|
%
|
|
1.03
|
%
|
||||
|
Net interest spread excluding original issue discount (b)
|
|
1.75
|
%
|
|
1.54
|
%
|
|
1.82
|
%
|
|
1.42
|
%
|
||||
|
Net yield on interest-earning assets (c)
|
|
1.85
|
%
|
|
1.38
|
%
|
|
1.88
|
%
|
|
1.24
|
%
|
||||
|
Net yield on interest-earning assets excluding original issue discount (c)
|
|
2.04
|
%
|
|
1.67
|
%
|
|
2.05
|
%
|
|
1.56
|
%
|
||||
|
Regulatory capital ratios
|
|
|
|
|
|
|
|
|
||||||||
|
Tier 1 capital (to risk-weighted assets) (d)
|
|
15.45
|
%
|
|
13.62
|
%
|
|
15.45
|
%
|
|
13.62
|
%
|
||||
|
Total risk-based capital (to risk-weighted assets) (e)
|
|
16.48
|
%
|
|
14.64
|
%
|
|
16.48
|
%
|
|
14.64
|
%
|
||||
|
Tier 1 leverage (to adjusted quarterly average assets) (f)
|
|
13.16
|
%
|
|
10.94
|
%
|
|
13.16
|
%
|
|
10.94
|
%
|
||||
|
Total equity
|
|
$
|
19,165
|
|
|
$
|
18,272
|
|
|
$
|
19,165
|
|
|
$
|
18,272
|
|
|
Goodwill and certain other intangibles
|
|
(188
|
)
|
|
(491
|
)
|
|
(188
|
)
|
|
(491
|
)
|
||||
|
Unrealized gains and other adjustments
|
|
(1,862
|
)
|
|
(180
|
)
|
|
(1,862
|
)
|
|
(180
|
)
|
||||
|
Trust preferred securities
|
|
2,544
|
|
|
2,543
|
|
|
2,544
|
|
|
2,543
|
|
||||
|
Tier 1 capital (d)
|
|
19,659
|
|
|
20,144
|
|
|
19,659
|
|
|
20,144
|
|
||||
|
Preferred stock
|
|
(6,940
|
)
|
|
(6,940
|
)
|
|
(6,940
|
)
|
|
(6,940
|
)
|
||||
|
Trust preferred securities
|
|
(2,544
|
)
|
|
(2,543
|
)
|
|
(2,544
|
)
|
|
(2,543
|
)
|
||||
|
Tier 1 common capital (non-GAAP) (g)
|
|
$
|
10,175
|
|
|
$
|
10,661
|
|
|
$
|
10,175
|
|
|
$
|
10,661
|
|
|
Risk-weighted assets (h)
|
|
$
|
127,248
|
|
|
$
|
147,909
|
|
|
$
|
127,248
|
|
|
$
|
147,909
|
|
|
Tier 1 common (to risk-weighted assets) (g)
|
|
8.00
|
%
|
|
7.21
|
%
|
|
8.00
|
%
|
|
7.21
|
%
|
||||
|
(a)
|
The efficiency ratio equals total other noninterest expense divided by total net revenue. The core efficiency ratio equals total other noninterest expense divided by total net revenue excluding original issue discount amortization expense and gain on extinguishment of debt related to the 2008 bond exchange.
|
|
(b)
|
Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities, excluding discontinued operations for the periods shown.
|
|
(c)
|
Net yield on interest-earning assets represents net financing revenue as a percentage of total interest-earning assets.
|
|
(d)
|
Tier 1 capital generally consists of common equity, minority interests, qualifying noncumulative preferred stock, and the fixed rate cumulative preferred stock sold to Treasury under TARP, less goodwill and other adjustments.
|
|
(e)
|
Total risk-based capital is the sum of Tier 1 and Tier 2 capital. Tier 2 capital generally consists of preferred stock not qualifying as Tier 1 capital, limited amounts of subordinated debt and the allowance for loan losses, and other adjustments. The amount of Tier 2 capital may not exceed the amount of Tier 1 capital.
|
|
(f)
|
Tier 1 leverage equals Tier 1 capital divided by adjusted quarterly average total assets (which reflects adjustments for disallowed goodwill and certain intangible assets). The minimum Tier 1 leverage ratio is 3% or 4% depending on factors specified in the regulations.
|
|
(g)
|
We define Tier 1 common as Tier 1 capital less noncommon elements, including qualifying perpetual preferred stock, minority interest in subsidiaries, trust preferred securities, and mandatorily convertible preferred securities. Ally considers various measures when evaluating capital utilization and adequacy, including the Tier 1 common equity ratio, in addition to capital ratios defined by banking regulators. This calculation is intended to complement the capital ratios defined by banking regulators for both absolute and comparative purposes. Because GAAP does not include capital ratio measures, Ally believes there are no comparable GAAP financial measures to these ratios. Tier 1 common equity is not formally defined by GAAP or codified in the federal banking regulations and, therefore, is considered to be a non-GAAP financial measure. Ally believes the Tier 1 common equity ratio is important because we believe analysts and banking regulators may assess our capital adequacy using this ratio. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry.
|
|
(h)
|
Risk-weighted assets are defined by regulation and are determined by allocating assets and specified off-balance sheet financial instruments into several broad risk categories.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||
|
($ in millions)
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
||||||||
|
Total net revenue (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Dealer Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Automotive Finance operations
|
|
$
|
837
|
|
|
$
|
805
|
|
|
4
|
|
$
|
1,692
|
|
|
$
|
1,512
|
|
|
12
|
|
Insurance operations
|
|
340
|
|
|
316
|
|
|
8
|
|
660
|
|
|
666
|
|
|
(1)
|
||||
|
Mortgage operations
|
|
9
|
|
|
349
|
|
|
(97)
|
|
24
|
|
|
523
|
|
|
(95)
|
||||
|
Corporate and Other
|
|
(156
|
)
|
|
(299
|
)
|
|
48
|
|
(320
|
)
|
|
(574
|
)
|
|
44
|
||||
|
Total
|
|
$
|
1,030
|
|
|
$
|
1,171
|
|
|
(12)
|
|
$
|
2,056
|
|
|
$
|
2,127
|
|
|
(3)
|
|
Income (loss) from continuing operations before income tax expense (benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Dealer Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Automotive Finance operations
|
|
$
|
382
|
|
|
$
|
440
|
|
|
(13)
|
|
$
|
725
|
|
|
$
|
681
|
|
|
6
|
|
Insurance operations
|
|
45
|
|
|
20
|
|
|
125
|
|
106
|
|
|
120
|
|
|
(12)
|
||||
|
Mortgage operations
|
|
(43
|
)
|
|
102
|
|
|
(142)
|
|
(247
|
)
|
|
165
|
|
|
n/m
|
||||
|
Corporate and Other
|
|
(244
|
)
|
|
(395
|
)
|
|
38
|
|
(507
|
)
|
|
(796
|
)
|
|
36
|
||||
|
Total
|
|
$
|
140
|
|
|
$
|
167
|
|
|
(16)
|
|
$
|
77
|
|
|
$
|
170
|
|
|
(55)
|
|
•
|
Our Dealer Financial Services operations offer a wide range of financial services and products to retail automotive consumers and automotive dealerships. Our Dealer Financial Services consist of two separate reportable segments — Automotive Finance and Insurance operations. Our automotive finance services include providing retail installment sales financing, loans, and leases, offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers, fleet leasing, and vehicle remarketing services.
|
|
•
|
Our ongoing Mortgage operations include the management of our held-for-investment mortgage portfolio. Our Mortgage operations also consist of noncore businesses that are winding down. On February 28, 2013, we sold our business lending operations to Walter Investment Management Corp. On April 16, 2013, we completed the sales of agency MSRs to Ocwen Financial Corp. (Ocwen) and Quicken Loans, Inc. (Quicken). Also on April 17, 2013, we announced a decision to exit the correspondent lending channel and cease production of any new jumbo mortgage loans.
|
|
•
|
Corporate and Other primarily consists of our centralized corporate treasury activities, such as management of the cash and corporate investment securities portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, the amortization of the discount associated with new debt issuances and bond exchanges, most notably from the December 2008 bond exchange, and the residual impacts of our corporate funds-transfer pricing (FTP) and treasury asset liability management (ALM) activities. Corporate and Other also includes our Commercial Finance Group, certain equity investments, overhead that was previously allocated to operations that have since been sold or classified as discontinued operations, and reclassifications and eliminations between the reportable operating segments. Our Commercial Finance Group provides senior secured commercial-lending products to primarily U.S.-based middle market companies.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||
|
($ in millions)
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
||||||||
|
Net financing revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total financing revenue and other interest income
|
|
$
|
2,008
|
|
|
$
|
1,808
|
|
|
11
|
|
$
|
3,964
|
|
|
$
|
3,524
|
|
|
12
|
|
Interest expense
|
|
881
|
|
|
1,016
|
|
|
13
|
|
1,762
|
|
|
2,076
|
|
|
15
|
||||
|
Depreciation expense on operating lease assets
|
|
499
|
|
|
335
|
|
|
(49)
|
|
934
|
|
|
640
|
|
|
(46)
|
||||
|
Net financing revenue
|
|
628
|
|
|
457
|
|
|
37
|
|
1,268
|
|
|
808
|
|
|
57
|
||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net servicing income (loss)
|
|
7
|
|
|
159
|
|
|
(96)
|
|
(112
|
)
|
|
175
|
|
|
(164)
|
||||
|
Insurance premiums and service revenue earned
|
|
258
|
|
|
261
|
|
|
(1)
|
|
517
|
|
|
531
|
|
|
(3)
|
||||
|
(Loss) gain on mortgage and automotive loans, net
|
|
(1
|
)
|
|
86
|
|
|
(101)
|
|
37
|
|
|
106
|
|
|
(65)
|
||||
|
Other gain on investments, net
|
|
64
|
|
|
64
|
|
|
—
|
|
115
|
|
|
153
|
|
|
(25)
|
||||
|
Other income, net of losses
|
|
74
|
|
|
144
|
|
|
(49)
|
|
231
|
|
|
354
|
|
|
(35)
|
||||
|
Total other revenue
|
|
402
|
|
|
714
|
|
|
(44)
|
|
788
|
|
|
1,319
|
|
|
(40)
|
||||
|
Total net revenue
|
|
1,030
|
|
|
1,171
|
|
|
(12)
|
|
2,056
|
|
|
2,127
|
|
|
(3)
|
||||
|
Provision for loan losses
|
|
89
|
|
|
33
|
|
|
(170)
|
|
220
|
|
|
131
|
|
|
(68)
|
||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
|
252
|
|
|
270
|
|
|
7
|
|
537
|
|
|
573
|
|
|
6
|
||||
|
Insurance losses and loss adjustment expenses
|
|
146
|
|
|
149
|
|
|
2
|
|
261
|
|
|
247
|
|
|
(6)
|
||||
|
Other operating expenses
|
|
403
|
|
|
552
|
|
|
27
|
|
961
|
|
|
1,006
|
|
|
4
|
||||
|
Total noninterest expense
|
|
801
|
|
|
971
|
|
|
18
|
|
1,759
|
|
|
1,826
|
|
|
4
|
||||
|
Income from continuing operations before income tax expense (benefit)
|
|
140
|
|
|
167
|
|
|
(16)
|
|
77
|
|
|
170
|
|
|
(55)
|
||||
|
Income tax expense (benefit) from continuing operations
|
|
40
|
|
|
(16
|
)
|
|
n/m
|
|
(83
|
)
|
|
(15
|
)
|
|
n/m
|
||||
|
Net income from continuing operations
|
|
$
|
100
|
|
|
$
|
183
|
|
|
(45)
|
|
$
|
160
|
|
|
$
|
185
|
|
|
(14)
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||
|
($ in millions)
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
||||||||
|
Net financing revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer
|
|
$
|
750
|
|
|
$
|
708
|
|
|
6
|
|
$
|
1,479
|
|
|
$
|
1,369
|
|
|
8
|
|
Commercial
|
|
268
|
|
|
290
|
|
|
(8)
|
|
549
|
|
|
575
|
|
|
(5)
|
||||
|
Loans held-for-sale
|
|
—
|
|
|
6
|
|
|
(100)
|
|
—
|
|
|
11
|
|
|
(100)
|
||||
|
Operating leases
|
|
788
|
|
|
561
|
|
|
40
|
|
1,522
|
|
|
1,068
|
|
|
43
|
||||
|
Other interest income
|
|
6
|
|
|
15
|
|
|
(60)
|
|
13
|
|
|
30
|
|
|
(57)
|
||||
|
Total financing revenue and other interest income
|
|
1,812
|
|
|
1,580
|
|
|
15
|
|
3,563
|
|
|
3,053
|
|
|
17
|
||||
|
Interest expense
|
|
536
|
|
|
552
|
|
|
3
|
|
1,079
|
|
|
1,090
|
|
|
1
|
||||
|
Depreciation expense on operating lease assets
|
|
499
|
|
|
335
|
|
|
(49)
|
|
934
|
|
|
640
|
|
|
(46)
|
||||
|
Net financing revenue
|
|
777
|
|
|
693
|
|
|
12
|
|
1,550
|
|
|
1,323
|
|
|
17
|
||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Servicing fees
|
|
16
|
|
|
30
|
|
|
(47)
|
|
35
|
|
|
60
|
|
|
(42)
|
||||
|
Gain on automotive loans, net
|
|
—
|
|
|
39
|
|
|
(100)
|
|
—
|
|
|
39
|
|
|
(100)
|
||||
|
Other income
|
|
44
|
|
|
43
|
|
|
2
|
|
107
|
|
|
90
|
|
|
19
|
||||
|
Total other revenue
|
|
60
|
|
|
112
|
|
|
(46)
|
|
142
|
|
|
189
|
|
|
(25)
|
||||
|
Total net revenue
|
|
837
|
|
|
805
|
|
|
4
|
|
1,692
|
|
|
1,512
|
|
|
12
|
||||
|
Provision for loan losses
|
|
88
|
|
|
15
|
|
|
n/m
|
|
200
|
|
|
93
|
|
|
(115)
|
||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
|
104
|
|
|
97
|
|
|
(7)
|
|
217
|
|
|
205
|
|
|
(6)
|
||||
|
Other operating expenses
|
|
263
|
|
|
253
|
|
|
(4)
|
|
550
|
|
|
533
|
|
|
(3)
|
||||
|
Total noninterest expense
|
|
367
|
|
|
350
|
|
|
(5)
|
|
767
|
|
|
738
|
|
|
(4)
|
||||
|
Income from continuing operations before income tax expense (benefit)
|
|
$
|
382
|
|
|
$
|
440
|
|
|
(13)
|
|
$
|
725
|
|
|
$
|
681
|
|
|
6
|
|
Total assets
|
|
$
|
107,485
|
|
|
$
|
120,523
|
|
|
(11)
|
|
$
|
107,485
|
|
|
$
|
120,523
|
|
|
(11)
|
|
|
|
Consumer automotive
financing volume |
|
% Share of
consumer sales |
||||||
|
Three months ended June 30, (
units in thousands
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||
|
GM new vehicles
|
|
161
|
|
|
158
|
|
|
29
|
|
32
|
|
Chrysler new vehicles
|
|
58
|
|
|
89
|
|
|
16
|
|
28
|
|
Other non-GM / Chrysler new vehicles
|
|
21
|
|
|
24
|
|
|
|
|
|
|
Used vehicles
|
|
125
|
|
|
128
|
|
|
|
|
|
|
Total consumer automotive financing volume
|
|
365
|
|
|
399
|
|
|
|
|
|
|
|
|
Consumer automotive
financing volume |
|
% Share of
consumer sales |
||||||
|
Six months ended June 30, (
units in thousands
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||
|
GM new vehicles
|
|
312
|
|
|
299
|
|
|
30
|
|
31
|
|
Chrysler new vehicles
|
|
129
|
|
|
166
|
|
|
19
|
|
28
|
|
Other non-GM / Chrysler new vehicles
|
|
40
|
|
|
44
|
|
|
|
|
|
|
Used vehicles
|
|
251
|
|
|
266
|
|
|
|
|
|
|
Total consumer automotive financing volume
|
|
732
|
|
|
775
|
|
|
|
|
|
|
|
|
Consumer automotive
financing originations
|
|
% Share of
originations
|
||||||||
|
Three months ended June 30, (
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
|
GM new vehicles
|
|
|
|
|
|
|
|
|
||||
|
New retail standard
|
|
$
|
1,608
|
|
|
$
|
1,540
|
|
|
16
|
|
15
|
|
New retail subvented
|
|
1,255
|
|
|
1,910
|
|
|
13
|
|
18
|
||
|
Lease
|
|
2,151
|
|
|
1,435
|
|
|
22
|
|
14
|
||
|
Total GM new vehicle originations
|
|
5,014
|
|
|
4,885
|
|
|
|
|
|
||
|
Chrysler new vehicles
|
|
|
|
|
|
|
|
|
||||
|
New retail standard
|
|
952
|
|
|
1,146
|
|
|
10
|
|
11
|
||
|
New retail subvented
|
|
159
|
|
|
708
|
|
|
2
|
|
7
|
||
|
Lease
|
|
587
|
|
|
592
|
|
|
6
|
|
6
|
||
|
Total Chrysler new vehicle originations
|
|
1,698
|
|
|
2,446
|
|
|
|
|
|
||
|
Other new retail vehicles
|
|
594
|
|
|
625
|
|
|
6
|
|
6
|
||
|
Other lease
|
|
30
|
|
|
26
|
|
|
1
|
|
1
|
||
|
Used vehicles
|
|
2,498
|
|
|
2,560
|
|
|
25
|
|
24
|
||
|
Total consumer automotive financing originations
|
|
$
|
9,834
|
|
|
$
|
10,542
|
|
|
|
|
|
|
|
|
Consumer automotive
financing originations
|
|
% Share of
originations
|
||||||||
|
Six months ended June 30, (
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
|
GM new vehicles
|
|
|
|
|
|
|
|
|
||||
|
New retail standard
|
|
$
|
3,104
|
|
|
$
|
3,137
|
|
|
16
|
|
15
|
|
New retail subvented
|
|
2,546
|
|
|
3,656
|
|
|
13
|
|
18
|
||
|
Lease
|
|
4,034
|
|
|
2,474
|
|
|
21
|
|
12
|
||
|
Total GM new vehicle originations
|
|
9,684
|
|
|
9,267
|
|
|
|
|
|
||
|
Chrysler new vehicles
|
|
|
|
|
|
|
|
|
||||
|
New retail standard
|
|
1,998
|
|
|
2,224
|
|
|
10
|
|
11
|
||
|
New retail subvented
|
|
390
|
|
|
1,214
|
|
|
2
|
|
6
|
||
|
Lease
|
|
1,376
|
|
|
1,153
|
|
|
7
|
|
6
|
||
|
Total Chrysler new vehicle originations
|
|
3,764
|
|
|
4,591
|
|
|
|
|
|
||
|
Other new retail vehicles
|
|
1,102
|
|
|
1,167
|
|
|
6
|
|
6
|
||
|
Other lease
|
|
68
|
|
|
46
|
|
|
1
|
|
1
|
||
|
Used vehicles
|
|
4,948
|
|
|
5,198
|
|
|
25
|
|
26
|
||
|
Total consumer automotive financing originations
|
|
$
|
19,566
|
|
|
$
|
20,269
|
|
|
|
|
|
|
|
|
Average balance
|
|
% Share of
dealer inventory
|
||||||||
|
Three months ended June 30, (
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
|
GM new vehicles (a)
|
|
$
|
15,753
|
|
|
$
|
15,633
|
|
|
68
|
|
71
|
|
Chrysler new vehicles (a)
|
|
6,825
|
|
|
6,547
|
|
|
52
|
|
61
|
||
|
Other non-GM / Chrysler new vehicles
|
|
2,650
|
|
|
2,229
|
|
|
|
|
|
||
|
Used vehicles
|
|
3,021
|
|
|
2,960
|
|
|
|
|
|
||
|
Total commercial wholesale finance receivables
|
|
$
|
28,249
|
|
|
$
|
27,369
|
|
|
|
|
|
|
(a)
|
Share of dealer inventory based on a 4 month average of dealer inventory (excludes in-transit units).
|
|
|
|
Average balance
|
|
% Share of
dealer inventory
|
||||||||
|
Six months ended June 30, (
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
|
GM new vehicles (a)
|
|
$
|
15,950
|
|
|
$
|
14,840
|
|
|
68
|
|
72
|
|
Chrysler new vehicles (a)
|
|
6,965
|
|
|
6,543
|
|
|
53
|
|
61
|
||
|
Other non-GM / Chrysler new vehicles
|
|
2,588
|
|
|
2,176
|
|
|
|
|
|
||
|
Used vehicles
|
|
3,035
|
|
|
2,979
|
|
|
|
|
|
||
|
Total commercial wholesale finance receivables
|
|
$
|
28,538
|
|
|
$
|
26,538
|
|
|
|
|
|
|
(a)
|
Share of dealer inventory based on a 7 month average of dealer inventory (excludes in-transit units).
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||
|
($ in millions)
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
||||||||
|
Insurance premiums and other income
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Insurance premiums and service revenue earned
|
|
$
|
258
|
|
|
$
|
261
|
|
|
(1)
|
|
$
|
517
|
|
|
$
|
531
|
|
|
(3)
|
|
Investment income
|
|
77
|
|
|
38
|
|
|
103
|
|
135
|
|
|
111
|
|
|
22
|
||||
|
Other income
|
|
5
|
|
|
17
|
|
|
(71)
|
|
8
|
|
|
24
|
|
|
(67)
|
||||
|
Total insurance premiums and other income
|
|
340
|
|
|
316
|
|
|
8
|
|
660
|
|
|
666
|
|
|
(1)
|
||||
|
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Insurance losses and loss adjustment expenses
|
|
146
|
|
|
149
|
|
|
2
|
|
261
|
|
|
247
|
|
|
(6)
|
||||
|
Acquisition and underwriting expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
|
16
|
|
|
15
|
|
|
(7)
|
|
31
|
|
|
32
|
|
|
3
|
||||
|
Insurance commissions expense
|
|
93
|
|
|
94
|
|
|
1
|
|
185
|
|
|
193
|
|
|
4
|
||||
|
Other expenses
|
|
40
|
|
|
38
|
|
|
(5)
|
|
77
|
|
|
74
|
|
|
(4)
|
||||
|
Total acquisition and underwriting expense
|
|
149
|
|
|
147
|
|
|
(1)
|
|
293
|
|
|
299
|
|
|
2
|
||||
|
Total expense
|
|
295
|
|
|
296
|
|
|
—
|
|
554
|
|
|
546
|
|
|
(1)
|
||||
|
Income from continuing operations before income tax expense (benefit)
|
|
$
|
45
|
|
|
$
|
20
|
|
|
125
|
|
$
|
106
|
|
|
$
|
120
|
|
|
(12)
|
|
Total assets
|
|
$
|
7,336
|
|
|
$
|
8,237
|
|
|
(11)
|
|
$
|
7,336
|
|
|
$
|
8,237
|
|
|
(11)
|
|
Insurance premiums and service revenue written
|
|
$
|
271
|
|
|
$
|
284
|
|
|
(5)
|
|
$
|
505
|
|
|
$
|
535
|
|
|
(6)
|
|
Combined ratio (a)
|
|
112.9
|
%
|
|
109.0
|
%
|
|
|
|
106.3
|
%
|
|
100.2
|
%
|
|
|
||||
|
(a)
|
Management uses a combined ratio as a primary measure of underwriting profitability with its components measured using accounting principles generally accepted in the United States of America. Underwriting profitability is indicated by a combined ratio under 100% and is calculated as the sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total of premiums and service revenues earned and other income.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
($ in millions)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Vehicle service contracts
|
|
|
|
|
|
|
|
|
||||||||
|
New retail
|
|
$
|
116
|
|
|
$
|
109
|
|
|
$
|
214
|
|
|
$
|
204
|
|
|
Used retail
|
|
133
|
|
|
131
|
|
|
258
|
|
|
264
|
|
||||
|
Reinsurance
|
|
(34
|
)
|
|
(29
|
)
|
|
(67
|
)
|
|
(60
|
)
|
||||
|
Total vehicle service contracts
|
|
215
|
|
|
211
|
|
|
405
|
|
|
408
|
|
||||
|
Wholesale
|
|
45
|
|
|
31
|
|
|
72
|
|
|
51
|
|
||||
|
Other finance and insurance (a)
|
|
11
|
|
|
42
|
|
|
28
|
|
|
76
|
|
||||
|
Total
|
|
$
|
271
|
|
|
$
|
284
|
|
|
$
|
505
|
|
|
$
|
535
|
|
|
(a)
|
Other finance and insurance includes Guaranteed Automobile Protection (GAP) coverage, excess wear and tear, wind-down of Canadian personal lines, and other ancillary products. The wind-down of Canadian personal line totaled $23 million and $38 million for the
three months and six months ended
June 30, 2012
, respectively.
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Cash
|
|
|
|
|
||||
|
Noninterest-bearing cash
|
|
$
|
299
|
|
|
$
|
129
|
|
|
Interest-bearing cash
|
|
437
|
|
|
488
|
|
||
|
Total cash
|
|
736
|
|
|
617
|
|
||
|
Available-for-sale securities
|
|
|
|
|
||||
|
Debt securities
|
|
|
|
|
||||
|
U.S. Treasury and federal agencies
|
|
921
|
|
|
1,090
|
|
||
|
Foreign government
|
|
291
|
|
|
303
|
|
||
|
Mortgage-backed
|
|
1,184
|
|
|
714
|
|
||
|
Asset-backed
|
|
8
|
|
|
8
|
|
||
|
Corporate debt
|
|
1,309
|
|
|
1,264
|
|
||
|
Total debt securities
|
|
3,713
|
|
|
3,379
|
|
||
|
Equity securities
|
|
1,017
|
|
|
1,148
|
|
||
|
Total available-for-sale securities
|
|
4,730
|
|
|
4,527
|
|
||
|
Total cash and securities
|
|
$
|
5,466
|
|
|
$
|
5,144
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||
|
($ in millions)
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
||||||||
|
Net financing revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total financing revenue and other interest income
|
|
$
|
93
|
|
|
$
|
146
|
|
|
(36)
|
|
$
|
215
|
|
|
$
|
312
|
|
|
(31)
|
|
Interest expense
|
|
78
|
|
|
117
|
|
|
33
|
|
166
|
|
|
246
|
|
|
33
|
||||
|
Net financing revenue
|
|
15
|
|
|
29
|
|
|
(48)
|
|
49
|
|
|
66
|
|
|
(26)
|
||||
|
Servicing fees
|
|
3
|
|
|
83
|
|
|
(96)
|
|
66
|
|
|
175
|
|
|
(62)
|
||||
|
Servicing asset valuation and hedge activities, net
|
|
(12
|
)
|
|
46
|
|
|
(126)
|
|
(213
|
)
|
|
(60
|
)
|
|
n/m
|
||||
|
Total servicing (loss) income, net
|
|
(9
|
)
|
|
129
|
|
|
(107)
|
|
(147
|
)
|
|
115
|
|
|
n/m
|
||||
|
(Loss) gain on mortgage loans, net
|
|
(1
|
)
|
|
79
|
|
|
(101)
|
|
37
|
|
|
104
|
|
|
(64)
|
||||
|
Other income, net of losses
|
|
4
|
|
|
112
|
|
|
(96)
|
|
85
|
|
|
238
|
|
|
(64)
|
||||
|
Total other (loss) revenue
|
|
(6
|
)
|
|
320
|
|
|
(102)
|
|
(25
|
)
|
|
457
|
|
|
(105)
|
||||
|
Total net revenue
|
|
9
|
|
|
349
|
|
|
(97)
|
|
24
|
|
|
523
|
|
|
(95)
|
||||
|
Provision for loan losses
|
|
6
|
|
|
21
|
|
|
71
|
|
26
|
|
|
48
|
|
|
46
|
||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
|
3
|
|
|
23
|
|
|
87
|
|
28
|
|
|
42
|
|
|
33
|
||||
|
Representation and warranty expense
|
|
(2
|
)
|
|
141
|
|
|
101
|
|
81
|
|
|
141
|
|
|
43
|
||||
|
Other operating expenses
|
|
45
|
|
|
62
|
|
|
27
|
|
136
|
|
|
127
|
|
|
(7)
|
||||
|
Total noninterest expense
|
|
46
|
|
|
226
|
|
|
80
|
|
245
|
|
|
310
|
|
|
21
|
||||
|
(Loss) income from continuing operations before income tax expense (benefit)
|
|
$
|
(43
|
)
|
|
$
|
102
|
|
|
(142)
|
|
$
|
(247
|
)
|
|
$
|
165
|
|
|
n/m
|
|
Total assets
|
|
$
|
9,061
|
|
|
$
|
17,146
|
|
|
(47)
|
|
$
|
9,061
|
|
|
$
|
17,146
|
|
|
(47)
|
|
|
|
2013
|
|
2012
|
||||||||||
|
Three months ended June 30, (
$ in millions
)
|
|
Number of loans
|
|
Dollar amount of loans
|
|
Number of loans
|
|
Dollar amount of loans
|
||||||
|
Production by product type
|
|
|
|
|
|
|
|
|
||||||
|
Prime conforming
|
|
2,235
|
|
|
$
|
455
|
|
|
23,612
|
|
|
$
|
4,868
|
|
|
Prime nonconforming
|
|
286
|
|
|
232
|
|
|
716
|
|
|
580
|
|
||
|
Government
|
|
1
|
|
|
1
|
|
|
2,232
|
|
|
486
|
|
||
|
Total U.S. production by product type
|
|
2,522
|
|
|
$
|
688
|
|
|
26,560
|
|
|
$
|
5,934
|
|
|
U.S. production by channel
|
|
|
|
|
|
|
|
|
||||||
|
Direct lending
|
|
1,018
|
|
|
$
|
207
|
|
|
15,753
|
|
|
$
|
3,166
|
|
|
Correspondent lender and secondary market purchases
|
|
1,322
|
|
|
415
|
|
|
8,572
|
|
|
2,156
|
|
||
|
Mortgage brokers
|
|
182
|
|
|
66
|
|
|
2,235
|
|
|
612
|
|
||
|
Total U.S. production by channel
|
|
2,522
|
|
|
$
|
688
|
|
|
26,560
|
|
|
$
|
5,934
|
|
|
|
|
2013
|
|
2012
|
||||||||||
|
Six months ended June 30, (
$ in millions
)
|
|
Number of loans
|
|
Dollar amount of loans
|
|
Number of loans
|
|
Dollar amount of loans
|
||||||
|
Production by product type
|
|
|
|
|
|
|
|
|
||||||
|
Prime conforming
|
|
30,107
|
|
|
$
|
6,020
|
|
|
54,362
|
|
|
$
|
11,455
|
|
|
Prime nonconforming
|
|
920
|
|
|
740
|
|
|
1,294
|
|
|
1,044
|
|
||
|
Government
|
|
221
|
|
|
44
|
|
|
9,027
|
|
|
1,970
|
|
||
|
Total U.S. production by product type
|
|
31,248
|
|
|
$
|
6,804
|
|
|
64,683
|
|
|
$
|
14,469
|
|
|
U.S. production by channel
|
|
|
|
|
|
|
|
|
||||||
|
Direct lending
|
|
14,362
|
|
|
$
|
2,631
|
|
|
32,981
|
|
|
$
|
6,752
|
|
|
Correspondent lender and secondary market purchases
|
|
14,102
|
|
|
3,363
|
|
|
25,858
|
|
|
6,152
|
|
||
|
Mortgage brokers
|
|
2,784
|
|
|
810
|
|
|
5,844
|
|
|
1,565
|
|
||
|
Total U.S. production by channel
|
|
31,248
|
|
|
$
|
6,804
|
|
|
64,683
|
|
|
$
|
14,469
|
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
U.S. primary servicing portfolio
|
|
|
|
|
||||
|
Prime conforming
|
|
$
|
401
|
|
|
$
|
117,544
|
|
|
Prime nonconforming
|
|
6,948
|
|
|
11,628
|
|
||
|
Prime second-lien
|
|
1,024
|
|
|
1,136
|
|
||
|
Government
|
|
1
|
|
|
16
|
|
||
|
Total primary servicing portfolio
|
|
$
|
8,374
|
|
|
$
|
130,324
|
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Prime conforming
|
|
$
|
118
|
|
|
$
|
2,407
|
|
|
Government
|
|
1
|
|
|
8
|
|
||
|
Total
|
|
119
|
|
|
2,415
|
|
||
|
Net (discounts) premiums
|
|
(58
|
)
|
|
26
|
|
||
|
Fair value option election adjustment
|
|
(5
|
)
|
|
49
|
|
||
|
Total, net
|
|
$
|
56
|
|
|
$
|
2,490
|
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Prime conforming
|
|
$
|
248
|
|
|
$
|
245
|
|
|
Prime nonconforming
|
|
7,885
|
|
|
8,322
|
|
||
|
Prime second-lien
|
|
1,024
|
|
|
1,137
|
|
||
|
Government
|
|
—
|
|
|
—
|
|
||
|
Total
|
|
9,157
|
|
|
9,704
|
|
||
|
Net premiums
|
|
42
|
|
|
43
|
|
||
|
Allowance for loan losses
|
|
(410
|
)
|
|
(432
|
)
|
||
|
Other
|
|
6
|
|
|
8
|
|
||
|
Total, net
|
|
$
|
8,795
|
|
|
$
|
9,323
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||
|
($ in millions)
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
|
2013
|
|
2012
|
|
Favorable/
(unfavorable)
% change
|
||||||||
|
Net financing loss
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total financing revenue and other interest income
|
|
$
|
71
|
|
|
$
|
45
|
|
|
58
|
|
$
|
124
|
|
|
$
|
89
|
|
|
39
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Original issue discount amortization
|
|
64
|
|
|
100
|
|
|
36
|
|
124
|
|
|
211
|
|
|
41
|
||||
|
Other interest expense
|
|
186
|
|
|
226
|
|
|
18
|
|
358
|
|
|
487
|
|
|
26
|
||||
|
Total interest expense
|
|
250
|
|
|
326
|
|
|
23
|
|
482
|
|
|
698
|
|
|
31
|
||||
|
Net financing loss (a)
|
|
(179
|
)
|
|
(281
|
)
|
|
36
|
|
(358
|
)
|
|
(609
|
)
|
|
41
|
||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other gain on investments, net
|
|
—
|
|
|
36
|
|
|
(100)
|
|
3
|
|
|
60
|
|
|
(95)
|
||||
|
Other income, net of losses
|
|
23
|
|
|
(54
|
)
|
|
143
|
|
35
|
|
|
(25
|
)
|
|
n/m
|
||||
|
Total other revenue
|
|
23
|
|
|
(18
|
)
|
|
n/m
|
|
38
|
|
|
35
|
|
|
9
|
||||
|
Total net loss
|
|
(156
|
)
|
|
(299
|
)
|
|
48
|
|
(320
|
)
|
|
(574
|
)
|
|
44
|
||||
|
Provision for loan losses
|
|
(5
|
)
|
|
(3
|
)
|
|
67
|
|
(6
|
)
|
|
(10
|
)
|
|
(40)
|
||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Compensation and benefits expense
|
|
129
|
|
|
135
|
|
|
4
|
|
261
|
|
|
294
|
|
|
11
|
||||
|
Other operating expense (b)
|
|
(36
|
)
|
|
(36
|
)
|
|
—
|
|
(68
|
)
|
|
(62
|
)
|
|
10
|
||||
|
Total noninterest expense
|
|
93
|
|
|
99
|
|
|
6
|
|
193
|
|
|
232
|
|
|
17
|
||||
|
Loss from continuing operations before income tax expense (benefit)
|
|
$
|
(244
|
)
|
|
$
|
(395
|
)
|
|
38
|
|
$
|
(507
|
)
|
|
$
|
(796
|
)
|
|
36
|
|
Total assets
|
|
$
|
26,745
|
|
|
$
|
32,654
|
|
|
(18)
|
|
$
|
26,745
|
|
|
$
|
32,654
|
|
|
(18)
|
|
(a)
|
Refer to the table that follows for further details on the components of net financing loss.
|
|
(b)
|
Includes a reduction of $178 million and $371 million for the
three months and six months ended
June 30, 2013
, respectively, and $195 million and $402 million for the
three months and six months ended
June 30, 2012
, respectively, related to the allocation of corporate overhead expenses to other segments. The receiving segments record their allocation of corporate overhead expense within other operating expense.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
($ in millions)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Original issue discount amortization
|
|
|
|
|
|
|
|
|
||||||||
|
2008 bond exchange amortization
|
|
$
|
(58
|
)
|
|
$
|
(92
|
)
|
|
$
|
(114
|
)
|
|
$
|
(196
|
)
|
|
Other debt issuance discount amortization
|
|
(6
|
)
|
|
(8
|
)
|
|
(10
|
)
|
|
(15
|
)
|
||||
|
Total original issue discount amortization (a)
|
|
(64
|
)
|
|
(100
|
)
|
|
(124
|
)
|
|
(211
|
)
|
||||
|
Net impact of the funds transfer pricing methodology
|
|
|
|
|
|
|
|
|
||||||||
|
Unallocated liquidity costs (b)
|
|
(129
|
)
|
|
(98
|
)
|
|
(216
|
)
|
|
(207
|
)
|
||||
|
Funds-transfer pricing / cost of funds mismatch (c)
|
|
47
|
|
|
(17
|
)
|
|
111
|
|
|
(65
|
)
|
||||
|
Unassigned equity costs (d)
|
|
(46
|
)
|
|
(81
|
)
|
|
(155
|
)
|
|
(159
|
)
|
||||
|
Total net impact of the funds transfer pricing methodology
|
|
(128
|
)
|
|
(196
|
)
|
|
(260
|
)
|
|
(431
|
)
|
||||
|
Other (including Commercial Finance Group net financing revenue)
|
|
13
|
|
|
15
|
|
|
26
|
|
|
33
|
|
||||
|
Total net financing losses for Corporate and Other
|
|
$
|
(179
|
)
|
|
$
|
(281
|
)
|
|
$
|
(358
|
)
|
|
$
|
(609
|
)
|
|
Outstanding original issue discount balance
|
|
$
|
1,716
|
|
|
$
|
1,992
|
|
|
$
|
1,716
|
|
|
$
|
1,992
|
|
|
(a)
|
Amortization is included as interest on long-term debt in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(b)
|
Represents the unallocated cost of funding our cash and investment portfolio.
|
|
(c)
|
Represents our methodology to assign funding costs to classes of assets and liabilities based on expected duration and the London interbank offer rate (LIBOR) swap curve plus an assumed credit spread. Matching duration allocates interest income and interest expense to the reportable segments so the respective reportable segments results are insulated from interest rate risk. The balance above is the resulting benefit (loss) due to holding interest rate risk at Corporate and Other.
|
|
(d)
|
Primarily represents the unassigned cost of maintaining required capital positions for certain of our regulated entities, primarily Ally Bank and Ally Insurance.
|
|
Year ended December 31,
($ in millions)
|
|
2013 (a)
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018 and thereafter
|
|
Total
|
||||||||||||
|
Original issue discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Outstanding balance
|
|
$
|
1,579
|
|
|
$
|
1,391
|
|
|
$
|
1,335
|
|
|
$
|
1,272
|
|
|
$
|
1,197
|
|
|
$—
|
|
|
||
|
Total amortization (b)
|
|
137
|
|
|
188
|
|
|
56
|
|
|
63
|
|
|
75
|
|
|
1,197
|
|
$
|
1,716
|
|
|||||
|
2008 bond exchange amortization (c)
|
|
127
|
|
|
166
|
|
|
43
|
|
|
53
|
|
|
66
|
|
|
1,059
|
|
1,514
|
|
||||||
|
(a)
|
The maximum annual scheduled amortization for any individual year is $158 million in 2030 of which $152 million is related to 2008 bond exchange amortization.
|
|
(b)
|
The amortization is included as interest on long-term debt on the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(c)
|
2008 bond exchange amortization is included in total amortization.
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Cash
|
|
|
|
|
||||
|
Noninterest-bearing cash
|
|
$
|
993
|
|
|
$
|
944
|
|
|
Interest-bearing cash
|
|
6,035
|
|
|
5,942
|
|
||
|
Total cash
|
|
7,028
|
|
|
6,886
|
|
||
|
Available-for-sale securities
|
|
|
|
|
||||
|
Debt securities
|
|
|
|
|
||||
|
U.S. Treasury and federal agencies
|
|
868
|
|
|
1,124
|
|
||
|
Mortgage-backed
|
|
9,145
|
|
|
6,191
|
|
||
|
Asset-backed
|
|
2,268
|
|
|
2,332
|
|
||
|
Total debt securities
|
|
12,281
|
|
|
9,647
|
|
||
|
Equity securities
|
|
4
|
|
|
4
|
|
||
|
Total available-for-sale securities
|
|
12,285
|
|
|
9,651
|
|
||
|
Total cash and securities
|
|
$
|
19,313
|
|
|
$
|
16,537
|
|
|
(
$ in millions
)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Finance receivables and loans
|
|
|
|
|
||||
|
Dealer Financial Services
|
|
$
|
86,226
|
|
|
$
|
86,542
|
|
|
Mortgage operations
|
|
9,270
|
|
|
9,821
|
|
||
|
Corporate and Other
|
|
1,497
|
|
|
2,692
|
|
||
|
Total finance receivables and loans
|
|
96,993
|
|
|
99,055
|
|
||
|
Held-for-sale loans
|
|
|
|
|
||||
|
Dealer Financial Services
|
|
—
|
|
|
—
|
|
||
|
Mortgage operations
|
|
56
|
|
|
2,490
|
|
||
|
Corporate and Other
|
|
46
|
|
|
86
|
|
||
|
Total held-for-sale loans
|
|
102
|
|
|
2,576
|
|
||
|
Total on-balance sheet loans
|
|
$
|
97,095
|
|
|
$
|
101,631
|
|
|
Off-balance sheet securitized loans
|
|
|
|
|
||||
|
Dealer Financial Services
|
|
$
|
1,183
|
|
|
$
|
1,495
|
|
|
Mortgage operations
|
|
131
|
|
|
119,384
|
|
||
|
Corporate and Other
|
|
—
|
|
|
—
|
|
||
|
Total off-balance sheet securitized loans
|
|
$
|
1,314
|
|
|
$
|
120,879
|
|
|
Operating lease assets
|
|
|
|
|
||||
|
Dealer Financial Services
|
|
$
|
16,085
|
|
|
$
|
13,550
|
|
|
Mortgage operations
|
|
—
|
|
|
—
|
|
||
|
Corporate and Other
|
|
—
|
|
|
—
|
|
||
|
Total operating lease assets
|
|
$
|
16,085
|
|
|
$
|
13,550
|
|
|
Serviced loans and leases
|
|
|
|
|
||||
|
Dealer Financial Services
|
|
$
|
117,897
|
|
|
$
|
134,122
|
|
|
Mortgage operations
|
|
8,374
|
|
|
130,324
|
|
||
|
Corporate and Other
|
|
1,438
|
|
|
1,344
|
|
||
|
Total serviced loans and leases
|
|
$
|
127,709
|
|
|
$
|
265,790
|
|
|
|
|
Outstanding
|
|
Nonperforming (a)
|
|
Accruing past due 90 days or more (b)
|
||||||||||||||||||
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Finance receivables and loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Loans at historical cost
|
|
$
|
65,298
|
|
|
$
|
63,536
|
|
|
$
|
701
|
|
|
$
|
642
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
Loans at fair value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total finance receivables and loans
|
|
65,298
|
|
|
63,536
|
|
|
701
|
|
|
642
|
|
|
1
|
|
|
1
|
|
||||||
|
Loans held-for-sale
|
|
56
|
|
|
2,490
|
|
|
21
|
|
|
25
|
|
|
—
|
|
|
—
|
|
||||||
|
Total consumer loans
|
|
65,354
|
|
|
66,026
|
|
|
722
|
|
|
667
|
|
|
1
|
|
|
1
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Finance receivables and loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Loans at historical cost
|
|
31,695
|
|
|
35,519
|
|
|
305
|
|
|
216
|
|
|
—
|
|
|
—
|
|
||||||
|
Loans at fair value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total finance receivables and loans
|
|
31,695
|
|
|
35,519
|
|
|
305
|
|
|
216
|
|
|
—
|
|
|
—
|
|
||||||
|
Loans held-for-sale
|
|
46
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total commercial loans
|
|
31,741
|
|
|
35,605
|
|
|
305
|
|
|
216
|
|
|
—
|
|
|
—
|
|
||||||
|
Total on-balance sheet loans
|
|
$
|
97,095
|
|
|
$
|
101,631
|
|
|
$
|
1,027
|
|
|
$
|
883
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
(a)
|
Includes nonaccrual troubled debt restructured loans (TDRs) of $518 million and $419 million at
June 30, 2013
, and
December 31, 2012
, respectively.
|
|
(b)
|
Generally, loans that are 90 days past due and still accruing represent loans with government guarantees. There were no troubled debt restructured loans classified as 90 days past due and still accruing at
June 30, 2013
and
December 31, 2012
.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||||||||
|
|
|
Net charge-offs (recoveries)
|
|
Net charge-off ratios (a)
|
|
Net charge-offs (recoveries)
|
|
Net charge-off ratios (a)
|
||||||||||||||||||||
|
(
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||||||
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Finance receivables and loans at historical cost (b)
|
|
$
|
106
|
|
|
$
|
107
|
|
|
0.7
|
%
|
|
0.5
|
%
|
|
$
|
220
|
|
|
$
|
224
|
|
|
0.7
|
%
|
|
0.6
|
%
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Finance receivables and loans at historical cost (c)
|
|
(3
|
)
|
|
(19
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
(3
|
)
|
|
(29
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||
|
Total finance receivables and loans at historical cost
|
|
$
|
103
|
|
|
$
|
88
|
|
|
0.4
|
|
|
0.3
|
|
|
$
|
217
|
|
|
$
|
195
|
|
|
0.4
|
|
|
0.3
|
|
|
(a)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category.
|
|
(b)
|
Includes no international net charge-offs for the three months and six months ended June 30, 2013, and $27 million and $47 million of international net charge-offs for the three months and six months ended June 30, 2012.
|
|
(c)
|
Includes $1 million of international net charge-offs for both the three months and six months ended June 30, 2013, and $18 million and $23 million of international recoveries for the three months and six months ended June 30, 2012.
|
|
|
|
Outstanding
|
|
Nonperforming (a)
|
|
Accruing past due 90 days or more (b)
|
||||||||||||||||||
|
(
$ in millions
)
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
Consumer automobile (c)
|
|
$
|
56,028
|
|
|
$
|
53,715
|
|
|
$
|
277
|
|
|
$
|
260
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
|
6,774
|
|
|
7,173
|
|
|
388
|
|
|
342
|
|
|
1
|
|
|
1
|
|
||||||
|
Home equity
|
|
2,496
|
|
|
2,648
|
|
|
36
|
|
|
40
|
|
|
—
|
|
|
—
|
|
||||||
|
Total consumer finance receivables and loans
|
|
$
|
65,298
|
|
|
$
|
63,536
|
|
|
$
|
701
|
|
|
$
|
642
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
(a)
|
Includes nonaccrual troubled debt restructured loans of $442 million and $373 million at
June 30, 2013
, and
December 31, 2012
, respectively.
|
|
(b)
|
There were no troubled debt restructured loans classified as 90 days past due and still accruing at
June 30, 2013
, and
December 31, 2012
.
|
|
(c)
|
Includes $1 million and $2 million of international consumer automobile loans outstanding at
June 30, 2013
, and
December 31, 2012
, respectively.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||||||||
|
|
|
Net charge-offs
|
|
Net charge-off ratios (a)
|
|
Net charge-offs
|
|
Net charge-off ratios (a)
|
||||||||||||||||||||
|
(
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||||||
|
Consumer automobile (b)
|
|
$
|
80
|
|
|
$
|
70
|
|
|
0.6
|
%
|
|
0.4
|
%
|
|
$
|
173
|
|
|
$
|
144
|
|
|
0.6
|
%
|
|
0.4
|
%
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1st Mortgage
|
|
18
|
|
|
24
|
|
|
1.0
|
|
|
1.4
|
|
|
28
|
|
|
47
|
|
|
0.8
|
|
|
1.4
|
|
||||
|
Home equity
|
|
8
|
|
|
13
|
|
|
1.3
|
|
|
1.8
|
|
|
19
|
|
|
33
|
|
|
1.5
|
|
|
2.2
|
|
||||
|
Total consumer finance receivables and loans
|
|
$
|
106
|
|
|
$
|
107
|
|
|
0.7
|
|
|
0.5
|
|
|
$
|
220
|
|
|
$
|
224
|
|
|
0.7
|
|
|
0.6
|
|
|
(a)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category.
|
|
(b)
|
Includes no international consumer automobile net charge-offs for the
three months and six months ended
June 30, 2013
, and $27 million and $47 million for the
three months and six months ended
June 30, 2012
.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Consumer automobile (a)
|
|
$
|
7,066
|
|
|
$
|
11,257
|
|
|
$
|
14,088
|
|
|
$
|
21,909
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
||||||||
|
1st Mortgage
|
|
688
|
|
|
5,943
|
|
|
6,804
|
|
|
14,539
|
|
||||
|
Home equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total consumer loan originations
|
|
$
|
7,754
|
|
|
$
|
17,200
|
|
|
$
|
20,892
|
|
|
$
|
36,448
|
|
|
(a)
|
Includes no international consumer automobile originations for the
three months and six months ended
June 30, 2013
, and $2.8 billion and $5.3 billion for the
three months and six months ended
June 30, 2012
.
|
|
|
|
June 30, 2013 (a)
|
|
December 31, 2012
|
||||||||
|
|
|
Automobile
|
|
1st Mortgage and home equity
|
|
Automobile
|
|
1st Mortgage and home equity
|
||||
|
Texas
|
|
13.0
|
%
|
|
5.9
|
%
|
|
12.9
|
%
|
|
5.8
|
%
|
|
California
|
|
5.6
|
|
|
29.7
|
|
|
5.6
|
|
|
29.2
|
|
|
Florida
|
|
6.9
|
|
|
3.6
|
|
|
6.7
|
|
|
3.6
|
|
|
Pennsylvania
|
|
5.3
|
|
|
1.6
|
|
|
5.2
|
|
|
1.6
|
|
|
Michigan
|
|
4.7
|
|
|
3.9
|
|
|
5.0
|
|
|
4.1
|
|
|
Illinois
|
|
4.4
|
|
|
4.5
|
|
|
4.3
|
|
|
4.8
|
|
|
New York
|
|
4.4
|
|
|
1.9
|
|
|
4.6
|
|
|
2.0
|
|
|
Ohio
|
|
4.0
|
|
|
0.8
|
|
|
4.0
|
|
|
0.8
|
|
|
Georgia
|
|
3.8
|
|
|
2.0
|
|
|
3.7
|
|
|
1.9
|
|
|
North Carolina
|
|
3.3
|
|
|
1.9
|
|
|
3.3
|
|
|
2.0
|
|
|
Other United States
|
|
44.6
|
|
|
44.2
|
|
|
44.7
|
|
|
44.2
|
|
|
Total consumer loans
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
(a)
|
Presentation is in descending order as a percentage of total consumer finance receivables and loans at
June 30, 2013
.
|
|
|
|
Outstanding
|
|
Nonperforming
|
|
Accruing past due
90 days or more |
||||||||||||||||||
|
(
$ in millions
)
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
Interest-only mortgage loans (a)
|
|
$
|
1,746
|
|
|
$
|
2,063
|
|
|
$
|
126
|
|
|
$
|
125
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Below-market rate (teaser) mortgages
|
|
177
|
|
|
192
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
||||||
|
Total higher-risk mortgage loans
|
|
$
|
1,923
|
|
|
$
|
2,255
|
|
|
$
|
129
|
|
|
$
|
128
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(a)
|
The majority of the interest-only mortgage loans are expected to start principal amortization in 2015 or beyond.
|
|
(
$ in millions
)
|
|
Interest-only
mortgage loans |
|
Below-market
rate (teaser) mortgages |
|
Total
higher-risk mortgage loans |
||||||
|
June 30, 2013
|
|
|
|
|
|
|
||||||
|
California
|
|
$
|
417
|
|
|
$
|
55
|
|
|
$
|
472
|
|
|
Virginia
|
|
192
|
|
|
8
|
|
|
200
|
|
|||
|
Maryland
|
|
153
|
|
|
5
|
|
|
158
|
|
|||
|
Illinois
|
|
91
|
|
|
6
|
|
|
97
|
|
|||
|
Florida
|
|
73
|
|
|
8
|
|
|
81
|
|
|||
|
Other United States
|
|
820
|
|
|
95
|
|
|
915
|
|
|||
|
Total higher-risk mortgage loans
|
|
$
|
1,746
|
|
|
$
|
177
|
|
|
$
|
1,923
|
|
|
December 31, 2012
|
|
|
|
|
|
|
||||||
|
California
|
|
$
|
500
|
|
|
$
|
60
|
|
|
$
|
560
|
|
|
Virginia
|
|
216
|
|
|
9
|
|
|
225
|
|
|||
|
Maryland
|
|
166
|
|
|
5
|
|
|
171
|
|
|||
|
Illinois
|
|
107
|
|
|
6
|
|
|
113
|
|
|||
|
Florida
|
|
90
|
|
|
9
|
|
|
99
|
|
|||
|
Other United States
|
|
984
|
|
|
103
|
|
|
1,087
|
|
|||
|
Total higher-risk mortgage loans
|
|
$
|
2,063
|
|
|
$
|
192
|
|
|
$
|
2,255
|
|
|
|
|
Outstanding
|
|
Nonperforming (a)
|
|
Accruing past due
90 days or more (b)
|
||||||||||||||||||
|
(
$ in millions
)
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
|
$
|
27,518
|
|
|
$
|
30,270
|
|
|
$
|
186
|
|
|
$
|
146
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Other (c)(d)
|
|
1,502
|
|
|
2,697
|
|
|
88
|
|
|
33
|
|
|
—
|
|
|
—
|
|
||||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
|
2,675
|
|
|
2,552
|
|
|
31
|
|
|
37
|
|
|
—
|
|
|
—
|
|
||||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total commercial finance receivables and loans
|
|
$
|
31,695
|
|
|
$
|
35,519
|
|
|
$
|
305
|
|
|
$
|
216
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(a)
|
Includes nonaccrual troubled debt restructured loans of $75 million and $29 million at
June 30, 2013
, and
December 31, 2012
, respectively.
|
|
(b)
|
There were no troubled debt restructured loans classified as 90 days past due and still accruing at
June 30, 2013
and
December 31, 2012
.
|
|
(c)
|
Includes international commercial and industrial other outstanding loans of $15 million and $18 million and no international nonperforming loans at
June 30, 2013
, and
December 31, 2012
, respectively.
|
|
(d)
|
Other commercial primarily includes senior secured commercial lending.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||||||||
|
|
|
Net charge-offs (recoveries)
|
|
Net charge-off ratios (a)
|
|
Net charge-offs (recoveries)
|
|
Net charge-off ratios (a)
|
||||||||||||||||||||
|
(
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile (b)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
—
|
%
|
|
—
|
%
|
|
$
|
—
|
|
|
$
|
1
|
|
|
—
|
%
|
|
—
|
%
|
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Other (c)
|
|
(2
|
)
|
|
(18
|
)
|
|
(0.4
|
)
|
|
(4.0
|
)
|
|
(3
|
)
|
|
(27
|
)
|
|
(0.3
|
)
|
|
(3.4
|
)
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automobile
|
|
(1
|
)
|
|
(2
|
)
|
|
(0.1
|
)
|
|
(0.3
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||
|
Mortgage (d)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(12.4
|
)
|
||||
|
Total commercial finance receivables and loans
|
|
$
|
(3
|
)
|
|
$
|
(19
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
$
|
(3
|
)
|
|
$
|
(29
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(a)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category.
|
|
(b)
|
Includes no international net charge-offs for the
three months and six months ended
June 30, 2013
, and $1 million of international net charge-offs for both the
three months and six months ended
June 30, 2012
.
|
|
(c)
|
Includes $1 million of international net charge-offs for both the
three months and six months ended
June 30, 2013
, respectively, and $19 million and $23 million of international recoveries for the
three months and six months ended
June 30, 2012
, respectively.
|
|
(d)
|
Includes no international net charge-offs for the
three months and six months ended
June 30, 2013
, and no international net charge-offs and $1 million of international recoveries for the
three months and six months ended
June 30, 2012
, respectively.
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||
|
Geographic region
|
|
|
|
|
||
|
Texas
|
|
13.8
|
%
|
|
13.0
|
%
|
|
Michigan
|
|
12.3
|
|
|
12.6
|
|
|
Florida
|
|
12.1
|
|
|
11.7
|
|
|
California
|
|
9.4
|
|
|
9.3
|
|
|
New York
|
|
4.5
|
|
|
4.9
|
|
|
North Carolina
|
|
4.1
|
|
|
3.9
|
|
|
Virginia
|
|
3.7
|
|
|
3.9
|
|
|
Pennsylvania
|
|
3.5
|
|
|
3.3
|
|
|
Georgia
|
|
3.1
|
|
|
3.0
|
|
|
Alabama
|
|
2.2
|
|
|
2.2
|
|
|
Other United States
|
|
31.3
|
|
|
32.2
|
|
|
Total commercial real estate finance receivables and loans
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Property type
|
|
|
|
|
||
|
Automotive dealers
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Total commercial real estate finance receivables and loans
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||
|
Industry
|
|
|
|
|
||
|
Automotive
|
|
89.3
|
%
|
|
85.7
|
%
|
|
Services
|
|
4.4
|
|
|
4.9
|
|
|
Electronics
|
|
1.9
|
|
|
1.2
|
|
|
Other
|
|
4.4
|
|
|
8.2
|
|
|
Total commercial criticized finance receivables and loans
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Three months ended June 30, 2013
(
$ in millions
)
|
|
Consumer
automobile |
|
Consumer
mortgage |
|
Total
consumer |
|
Commercial
|
|
Total
|
||||||||||
|
Allowance at April 1, 2013
|
|
$
|
599
|
|
|
$
|
451
|
|
|
$
|
1,050
|
|
|
$
|
147
|
|
|
$
|
1,197
|
|
|
Charge-offs (a)
|
|
(133
|
)
|
|
(31
|
)
|
|
(164
|
)
|
|
(2
|
)
|
|
(166
|
)
|
|||||
|
Recoveries
|
|
53
|
|
|
5
|
|
|
58
|
|
|
5
|
|
|
63
|
|
|||||
|
Net charge-offs
|
|
(80
|
)
|
|
(26
|
)
|
|
(106
|
)
|
|
3
|
|
|
(103
|
)
|
|||||
|
Provision for loan losses
|
|
92
|
|
|
6
|
|
|
98
|
|
|
(9
|
)
|
|
89
|
|
|||||
|
Other
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|||||
|
Allowance at June 30, 2013
|
|
$
|
610
|
|
|
$
|
431
|
|
|
$
|
1,041
|
|
|
$
|
142
|
|
|
$
|
1,183
|
|
|
Allowance for loan losses to finance receivables and loans outstanding at June 30, 2013 (b)
|
|
1.1
|
%
|
|
4.6
|
%
|
|
1.6
|
%
|
|
0.4
|
%
|
|
1.2
|
%
|
|||||
|
Net charge-offs to average finance receivables and loans outstanding at June 30, 2013 (b)
|
|
0.6
|
%
|
|
1.1
|
%
|
|
0.7
|
%
|
|
—
|
%
|
|
0.4
|
%
|
|||||
|
Allowance for loan losses to total nonperforming finance receivables and loans at June 30, 2013 (b)
|
|
220.5
|
%
|
|
101.5
|
%
|
|
148.4
|
%
|
|
46.6
|
%
|
|
117.6
|
%
|
|||||
|
Ratio of allowance for loan losses to net charge-offs at June 30, 2013
|
|
1.9
|
|
|
4.1
|
|
|
2.5
|
|
|
(11.7
|
)
|
|
2.9
|
|
|||||
|
(a)
|
Includes international commercial charge-offs of
$1 million
.
|
|
(b)
|
Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.
|
|
Three months ended June 30, 2012 (
$ in millions
)
|
|
Consumer
automobile |
|
Consumer
mortgage |
|
Total
consumer |
|
Commercial
|
|
Total
|
||||||||||
|
Allowance at April 1, 2012
|
|
$
|
832
|
|
|
$
|
501
|
|
|
$
|
1,333
|
|
|
$
|
213
|
|
|
$
|
1,546
|
|
|
Charge-offs (a)
|
|
(130
|
)
|
|
(41
|
)
|
|
(171
|
)
|
|
(3
|
)
|
|
(174
|
)
|
|||||
|
Recoveries (b)
|
|
60
|
|
|
4
|
|
|
64
|
|
|
22
|
|
|
86
|
|
|||||
|
Net charge-offs
|
|
(70
|
)
|
|
(37
|
)
|
|
(107
|
)
|
|
19
|
|
|
(88
|
)
|
|||||
|
Provision for loan losses
|
|
18
|
|
|
21
|
|
|
39
|
|
|
(6
|
)
|
|
33
|
|
|||||
|
Other (c)
|
|
(2
|
)
|
|
(13
|
)
|
|
(15
|
)
|
|
(49
|
)
|
|
(64
|
)
|
|||||
|
Allowance at June 30, 2012
|
|
$
|
778
|
|
|
$
|
472
|
|
|
$
|
1,250
|
|
|
$
|
177
|
|
|
$
|
1,427
|
|
|
Allowance for loan losses to finance receivables and loans outstanding at June 30, 2012 (d)
|
|
1.1
|
%
|
|
4.8
|
%
|
|
1.6
|
%
|
|
0.4
|
%
|
|
1.2
|
%
|
|||||
|
Net charge-offs to average finance receivables and loans outstanding at June 30, 2012 (d)
|
|
0.4
|
%
|
|
1.5
|
%
|
|
0.5
|
%
|
|
(0.2
|
)%
|
|
0.3
|
%
|
|||||
|
Allowance for loan losses to total nonperforming finance receivables and loans at June 30, 2012 (d)
|
|
262.5
|
%
|
|
114.8
|
%
|
|
176.7
|
%
|
|
61.5
|
%
|
|
143.4
|
%
|
|||||
|
Ratio of allowance for loan losses to net charge-offs at June 30, 2012
|
|
2.8
|
|
|
3.2
|
|
|
2.9
|
|
|
(2.3
|
)
|
|
4.1
|
|
|||||
|
(a)
|
Includes international consumer automobile and international commercial charge-offs of
$45 million
and
$2 million
, respectively.
|
|
(b)
|
Includes international consumer automobile and international commercial recoveries of
$18 million
and
$20 million
, respectively.
|
|
(c)
|
Includes negative provision for loan losses relating to discontinued operations of
$4 million
.
|
|
(d)
|
Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.
|
|
Six months ended June 30, 2013
(
$ in millions
)
|
|
Consumer
automobile |
|
Consumer
mortgage |
|
Total
consumer |
|
Commercial
|
|
Total
|
||||||||||
|
Allowance at January 1, 2013
|
|
$
|
575
|
|
|
$
|
452
|
|
|
$
|
1,027
|
|
|
$
|
143
|
|
|
$
|
1,170
|
|
|
Charge-offs (a)
|
|
(275
|
)
|
|
(55
|
)
|
|
(330
|
)
|
|
(3
|
)
|
|
(333
|
)
|
|||||
|
Recoveries
|
|
102
|
|
|
8
|
|
|
110
|
|
|
6
|
|
|
116
|
|
|||||
|
Net charge-offs
|
|
(173
|
)
|
|
(47
|
)
|
|
(220
|
)
|
|
3
|
|
|
(217
|
)
|
|||||
|
Provision for loan losses
|
|
199
|
|
|
26
|
|
|
225
|
|
|
(5
|
)
|
|
220
|
|
|||||
|
Other
|
|
9
|
|
|
—
|
|
|
9
|
|
|
1
|
|
|
10
|
|
|||||
|
Allowance at June 30, 2013
|
|
$
|
610
|
|
|
$
|
431
|
|
|
$
|
1,041
|
|
|
$
|
142
|
|
|
$
|
1,183
|
|
|
Allowance for loan losses to finance receivables and loans outstanding at June 30, 2013 (b)
|
|
1.1
|
%
|
|
4.6
|
%
|
|
1.6
|
%
|
|
0.4
|
%
|
|
1.2
|
%
|
|||||
|
Net charge-offs to average finance receivables and loans outstanding at June 30, 2013 (b)
|
|
0.6
|
%
|
|
1.0
|
%
|
|
0.7
|
%
|
|
—
|
%
|
|
0.4
|
%
|
|||||
|
Allowance for loan losses to total nonperforming finance receivables and loans at June 30, 2013 (b)
|
|
220.5
|
%
|
|
101.5
|
%
|
|
148.4
|
%
|
|
46.6
|
%
|
|
117.6
|
%
|
|||||
|
Ratio of allowance for loan losses to net charge-offs at June 30, 2013
|
|
1.8
|
|
|
4.6
|
|
|
2.4
|
|
|
(24.2
|
)
|
|
2.7
|
|
|||||
|
(a)
|
Includes international commercial charge-offs of
$1 million
.
|
|
(b)
|
Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.
|
|
Six months ended June 30, 2012 (
$ in millions
)
|
|
Consumer
automobile |
|
Consumer
mortgage |
|
Total
consumer |
|
Commercial
|
|
Total
|
||||||||||
|
Allowance at January 1, 2012
|
|
$
|
766
|
|
|
$
|
516
|
|
|
$
|
1,282
|
|
|
$
|
221
|
|
|
$
|
1,503
|
|
|
Charge-offs (a)
|
|
(266
|
)
|
|
(86
|
)
|
|
(352
|
)
|
|
(5
|
)
|
|
(357
|
)
|
|||||
|
Recoveries (b)
|
|
122
|
|
|
6
|
|
|
128
|
|
|
34
|
|
|
162
|
|
|||||
|
Net charge-offs
|
|
(144
|
)
|
|
(80
|
)
|
|
(224
|
)
|
|
29
|
|
|
(195
|
)
|
|||||
|
Provision for loan losses
|
|
101
|
|
|
48
|
|
|
149
|
|
|
(18
|
)
|
|
131
|
|
|||||
|
Other (c)
|
|
55
|
|
|
(12
|
)
|
|
43
|
|
|
(55
|
)
|
|
(12
|
)
|
|||||
|
Allowance at June 30, 2012
|
|
$
|
778
|
|
|
$
|
472
|
|
|
$
|
1,250
|
|
|
$
|
177
|
|
|
$
|
1,427
|
|
|
Allowance for loan losses to finance receivables and loans outstanding at June 30, 2012 (d)
|
|
1.1
|
%
|
|
4.8
|
%
|
|
1.6
|
%
|
|
0.4
|
%
|
|
1.2
|
%
|
|||||
|
Net charge-offs to average finance receivables and loans outstanding at June 30, 2012 (d)
|
|
0.4
|
%
|
|
1.6
|
%
|
|
0.6
|
%
|
|
(0.1
|
)%
|
|
0.3
|
%
|
|||||
|
Allowance for loan losses to total nonperforming finance receivables and loans at June 30, 2012 (d)
|
|
262.5
|
%
|
|
114.8
|
%
|
|
176.7
|
%
|
|
61.5
|
%
|
|
143.4
|
%
|
|||||
|
Ratio of allowance for loan losses to net charge-offs at June 30, 2012
|
|
2.7
|
|
|
3.0
|
|
|
2.8
|
|
|
(3.1
|
)
|
|
3.7
|
|
|||||
|
(a)
|
Includes international consumer automobile and international commercial charge-offs of
$81 million
and
$2 million
, respectively.
|
|
(b)
|
Includes international consumer automobile and international commercial recoveries of
$34 million
and
$25 million
, respectively.
|
|
(c)
|
Includes provision for loan losses relating to discontinued operations of
$37 million
.
|
|
(d)
|
Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.
|
|
|
|
2013
|
|
2012
|
||||||||||||||||
|
June 30, (
$ in millions
)
|
|
Allowance for
loan losses |
|
Allowance as
a % of loans outstanding |
|
Allowance as
a % of allowance for loan losses |
|
Allowance for
loan losses |
|
Allowance as
a % of loans outstanding |
|
Allowance as
a % of allowance for loan losses |
||||||||
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile (a)
|
|
$
|
610
|
|
|
1.1
|
%
|
|
51.6
|
%
|
|
$
|
778
|
|
|
1.1
|
%
|
|
54.5
|
%
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
1st Mortgage
|
|
276
|
|
|
4.1
|
|
|
23.3
|
|
|
252
|
|
|
3.6
|
|
|
17.7
|
|
||
|
Home equity
|
|
155
|
|
|
6.2
|
|
|
13.1
|
|
|
220
|
|
|
7.9
|
|
|
15.4
|
|
||
|
Total consumer loans
|
|
1,041
|
|
|
1.6
|
|
|
88.0
|
|
|
1,250
|
|
|
1.6
|
|
|
87.6
|
|
||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile (b)
|
|
59
|
|
|
0.2
|
|
|
5.0
|
|
|
89
|
|
|
0.2
|
|
|
6.2
|
|
||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
0.1
|
|
|
0.1
|
|
||
|
Other
|
|
46
|
|
|
3.1
|
|
|
3.9
|
|
|
46
|
|
|
1.9
|
|
|
3.2
|
|
||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile (c)
|
|
37
|
|
|
1.4
|
|
|
3.1
|
|
|
41
|
|
|
1.6
|
|
|
2.9
|
|
||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Total commercial loans
|
|
142
|
|
|
0.4
|
|
|
12.0
|
|
|
177
|
|
|
0.4
|
|
|
12.4
|
|
||
|
Total allowance for loan losses
|
|
$
|
1,183
|
|
|
1.2
|
|
|
100.0
|
%
|
|
$
|
1,427
|
|
|
1.2
|
|
|
100.0
|
%
|
|
(a)
|
Includes no international consumer automobile allowance for loan losses and $189 million at
June 30, 2013
and
June 30, 2012
, respectively.
|
|
(b)
|
Includes no international commercial and industrial automobile allowance for loan losses and $31 million at
June 30, 2013
and
June 30, 2012
, respectively.
|
|
(c)
|
Includes no international commercial real estate automobile allowance for loan losses and $3 million at
June 30, 2013
and
June 30, 2012
, respectively.
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
(
$ in millions
)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Consumer
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automobile
|
|
$
|
92
|
|
|
$
|
18
|
|
|
$
|
199
|
|
|
$
|
101
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
||||||||
|
1st Mortgage
|
|
39
|
|
|
15
|
|
|
58
|
|
|
25
|
|
||||
|
Home equity
|
|
(33
|
)
|
|
6
|
|
|
(32
|
)
|
|
23
|
|
||||
|
Total consumer loans
|
|
98
|
|
|
39
|
|
|
225
|
|
|
149
|
|
||||
|
Commercial
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
|
(1
|
)
|
|
(5
|
)
|
|
4
|
|
|
(5
|
)
|
||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Other
|
|
(5
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
(10
|
)
|
||||
|
Commercial real estate
|
|
|
|
|
|
|
|
|
||||||||
|
Automobile
|
|
(3
|
)
|
|
2
|
|
|
(3
|
)
|
|
(3
|
)
|
||||
|
Mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total commercial loans
|
|
(9
|
)
|
|
(6
|
)
|
|
(5
|
)
|
|
(18
|
)
|
||||
|
Total provision for loan losses
|
|
$
|
89
|
|
|
$
|
33
|
|
|
$
|
220
|
|
|
$
|
131
|
|
|
($ in millions)
|
2nd Quarter 2013
|
1st Quarter 2013
|
4th Quarter 2012
|
3rd Quarter 2012
|
2nd Quarter 2012
|
1st Quarter 2012
|
||||||||||||
|
Number of retail accounts
|
1,389,577
|
|
1,334,483
|
|
1,219,791
|
|
1,142,837
|
|
1,082,753
|
|
1,036,468
|
|
||||||
|
Deposits
|
|
|
|
|
|
|
||||||||||||
|
Retail
|
$
|
39,859
|
|
$
|
38,770
|
|
$
|
35,041
|
|
$
|
32,139
|
|
$
|
30,403
|
|
$
|
29,323
|
|
|
Brokered
|
9,552
|
|
9,877
|
|
9,914
|
|
9,882
|
|
9,905
|
|
9,884
|
|
||||||
|
Other (a)
|
72
|
|
844
|
|
1,977
|
|
2,487
|
|
2,411
|
|
2,314
|
|
||||||
|
Total deposits
|
$
|
49,483
|
|
$
|
49,491
|
|
$
|
46,932
|
|
$
|
44,508
|
|
$
|
42,719
|
|
$
|
41,521
|
|
|
(a)
|
Other deposits include mortgage escrow and other deposits (excluding intercompany deposits).
|
|
•
|
Ally Financial renewed, increased and/or extended $11.1 billion in U.S. credit facilities. The automotive credit facility renewal amount includes the March 2013 refinancing of $11.0 billion in credit facilities at both the parent company and Ally Bank with a syndicate of nineteen lenders. The $11.0 billion capacity is secured by retail, lease, and dealer floorplan automotive assets and is allocated to two separate facilities, one is a $8.5 billion facility maturing in March 2015, which is available to the parent company, while the other is a $2.5 billion facility available to Ally Bank maturing in June 2014.
|
|
•
|
Ally Financial continued to access the public asset-backed securitization markets completing six U.S. transactions that raised $5.5 billion, with $3.4 billion and $2.1 billion raised by Ally Bank and the parent company, respectively.
|
|
•
|
We accessed the unsecured debt capital markets in July 2013 and raised $1.4 billion.
|
|
($ in millions)
|
|
Bank
|
|
Parent
|
|
Total
|
|
%
|
||||||
|
June 30, 2013
|
|
|
|
|
|
|
|
|
||||||
|
Secured financings
|
|
$
|
22,304
|
|
|
$
|
10,295
|
|
|
$
|
32,599
|
|
|
28
|
|
Institutional term debt
|
|
—
|
|
|
22,297
|
|
|
22,297
|
|
|
19
|
|||
|
Retail debt programs (a)
|
|
—
|
|
|
13,143
|
|
|
13,143
|
|
|
11
|
|||
|
Total debt (b)
|
|
22,304
|
|
|
45,735
|
|
|
68,039
|
|
|
58
|
|||
|
Deposits (c)
|
|
49,483
|
|
|
642
|
|
|
50,125
|
|
|
42
|
|||
|
Total on-balance sheet funding
|
|
$
|
71,787
|
|
|
$
|
46,377
|
|
|
$
|
118,164
|
|
|
100
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
||||||
|
Secured financings
|
|
$
|
29,161
|
|
|
$
|
15,950
|
|
|
$
|
45,111
|
|
|
35
|
|
Institutional term debt
|
|
—
|
|
|
22,200
|
|
|
22,200
|
|
|
17
|
|||
|
Retail debt programs (a)
|
|
—
|
|
|
13,451
|
|
|
13,451
|
|
|
10
|
|||
|
Bank loans and other
|
|
2
|
|
|
164
|
|
|
166
|
|
|
—
|
|||
|
Total debt (b)
|
|
29,163
|
|
|
51,765
|
|
|
80,928
|
|
|
62
|
|||
|
Deposits (c)
|
|
46,932
|
|
|
983
|
|
|
47,915
|
|
|
38
|
|||
|
Total on-balance sheet funding
|
|
$
|
76,095
|
|
|
$
|
52,748
|
|
|
$
|
128,843
|
|
|
100
|
|
(a)
|
Primarily includes $7.5 billion and $7.9 billion of Retail Term Notes at
June 30, 2013
and
December 31, 2012
, respectively.
|
|
(b)
|
Excludes fair value adjustment as described in
Note 22
to the
Condensed Consolidated Financial Statements
.
|
|
(c)
|
Bank deposits include retail, brokered, mortgage escrow, and other deposits. Parent deposits include dealer deposits. Intercompany deposits are not included.
|
|
|
|
Outstanding
|
|
Unused Capacity (a)
|
|
Total Capacity
|
||||||||||||||||||
|
($ in billions)
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
Bank funding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Secured
|
|
$
|
1.7
|
|
|
$
|
3.8
|
|
|
$
|
1.8
|
|
|
$
|
4.7
|
|
|
$
|
3.5
|
|
|
$
|
8.5
|
|
|
Parent funding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unsecured (b)
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||||
|
Secured (c) (d) (e)
|
|
9.0
|
|
|
22.5
|
|
|
11.7
|
|
|
7.8
|
|
|
20.7
|
|
|
30.3
|
|
||||||
|
Total Parent funding
|
|
9.0
|
|
|
22.6
|
|
|
11.7
|
|
|
7.8
|
|
|
20.7
|
|
|
30.4
|
|
||||||
|
Shared capacity (f) (g)
|
|
—
|
|
|
1.1
|
|
|
4.1
|
|
|
3.0
|
|
|
4.1
|
|
|
4.1
|
|
||||||
|
Total committed facilities
|
|
$
|
10.7
|
|
|
$
|
27.5
|
|
|
$
|
17.6
|
|
|
$
|
15.5
|
|
|
$
|
28.3
|
|
|
$
|
43.0
|
|
|
(a)
|
Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or is available to the extent incremental collateral is available and contributed to the facilities.
|
|
(b)
|
Total unsecured parent funding capacity represents committed funding for our discontinued international automobile financing business.
|
|
(c)
|
Total secured parent funding capacity includes committed funding for our discontinued international automobile financing business of
$2.5 billion
and
$12.0 billion
as of
June 30, 2013
and
December 31, 2012
, respectively, with outstanding debt of
$2.0 billion
and
$9.6 billion
, respectively.
|
|
(d)
|
Total unused capacity includes
$1.5 billion
and
$2.2 billion
as of
June 30, 2013
and
December 31, 2012
, respectively, from certain committed funding arrangements that are generally reliant upon the origination of future automotive receivables and that are available in 2013.
|
|
(e)
|
Includes the secured facilities of our Commercial Finance Group.
|
|
(f)
|
Funding is generally available for assets originated by Ally Bank or the parent company, Ally Financial Inc.
|
|
(g)
|
Total shared facilities includes committed funding for our discontinued international automobile financing business of
$0.1 billion
as of
December 31, 2012
, with outstanding debt of
$0.1 billion
.
|
|
|
|
Outstanding
|
|
Unused Capacity
|
|
Total Capacity
|
||||||||||||||||||
|
($ in billions)
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
Bank funding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Secured
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Federal Reserve funding programs
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.8
|
|
|
$
|
1.8
|
|
|
$
|
1.8
|
|
|
$
|
1.8
|
|
|
FHLB advances
|
|
1.5
|
|
|
4.8
|
|
|
4.0
|
|
|
0.4
|
|
|
5.5
|
|
|
5.2
|
|
||||||
|
Total bank funding
|
|
1.5
|
|
|
4.8
|
|
|
5.8
|
|
|
2.2
|
|
|
7.3
|
|
|
7.0
|
|
||||||
|
Parent funding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unsecured
|
|
1.3
|
|
|
2.1
|
|
|
—
|
|
|
0.4
|
|
|
1.3
|
|
|
2.5
|
|
||||||
|
Secured
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
||||||
|
Total parent funding (a)
|
|
1.3
|
|
|
2.2
|
|
|
—
|
|
|
0.5
|
|
|
1.3
|
|
|
2.7
|
|
||||||
|
Total uncommitted facilities
|
|
$
|
2.8
|
|
|
$
|
7.0
|
|
|
$
|
5.8
|
|
|
$
|
2.7
|
|
|
$
|
8.6
|
|
|
$
|
9.7
|
|
|
(a)
|
Total parent funding capacity represents uncommitted funding for our discontinued international automobile financing business
.
|
|
Rating agency
|
|
Short-term
|
|
Senior debt
|
|
Outlook
|
|
Date of last action
|
|
Fitch
|
|
B
|
|
BB-
|
|
Stable
|
|
May 24, 2013 (a)
|
|
Moody’s
|
|
Not Prime
|
|
B1
|
|
Positive
|
|
February 25, 2013 (b)
|
|
S&P
|
|
C
|
|
B+
|
|
Watch Positive
|
|
May 16, 2013 (c)
|
|
DBRS
|
|
R-4
|
|
BB
|
|
Stable
|
|
July 3, 2013 (d)
|
|
(a)
|
Fitch affirmed our senior debt rating of BB-, our short term rating of B and changed the outlook to Stable on May 24, 2013.
|
|
(b)
|
Moody's confirmed our senior debt rating of B1 and changed the outlook to Positive on February 25, 2013.
|
|
(c)
|
Standard & Poor's affirmed our senior debt rating of B+, our short term rating of C, and placed our ratings on CreditWatch with positive implications on May 16, 2013.
|
|
(d)
|
DBRS upgraded our senior debt rating to BB, confirmed our short term rating of R-4, and changed the outlook to Stable on July 3, 2013.
|
|
•
|
Fair value measurements
|
|
•
|
Allowance for loan losses
|
|
•
|
Valuation of automobile lease assets and residuals
|
|
•
|
Valuation of mortgage servicing rights
|
|
•
|
Goodwill
|
|
•
|
Legal and regulatory reserves
|
|
•
|
Loan repurchase and obligations related to loan sales
|
|
•
|
Determination of provision for income taxes
|
|
($ in millions)
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
Assets at fair value
|
|
$
|
17,744
|
|
|
$
|
20,408
|
|
|
As a percentage of total assets
|
|
12
|
%
|
|
11
|
%
|
||
|
Liabilities at fair value
|
|
$
|
220
|
|
|
$
|
2,468
|
|
|
As a percentage of total liabilities
|
|
n/m
|
|
|
2
|
%
|
||
|
Assets at fair value using Level 3 inputs
|
|
$
|
363
|
|
|
$
|
1,288
|
|
|
As a percentage of assets at fair value
|
|
2
|
%
|
|
6
|
%
|
||
|
Liabilities at fair value using Level 3 inputs
|
|
$
|
9
|
|
|
$
|
3
|
|
|
As a percentage of liabilities at fair value
|
|
4
|
%
|
|
n/m
|
|
||
|
|
|
2013
|
|
2012
|
|
Increase (decrease) due to (a)
|
||||||||||||||||||||||||||||
|
Three months ended June 30,
(
$ in millions
)
|
|
Average
balance (b) |
|
Interest
income/ interest expense |
|
Yield/
rate |
|
Average
balance (b) |
|
Interest
income/ interest expense |
|
Yield/
rate |
|
Volume
|
|
Yield/rate
|
|
Total
|
||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-bearing cash and cash equivalents
|
|
$
|
6,059
|
|
|
$
|
2
|
|
|
0.13
|
%
|
|
$
|
11,130
|
|
|
$
|
9
|
|
|
0.33
|
%
|
|
$
|
(3
|
)
|
|
$
|
(4
|
)
|
|
$
|
(7
|
)
|
|
Trading assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
1
|
|
|
4.10
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||||
|
Investment securities (c)
|
|
14,580
|
|
|
69
|
|
|
1.90
|
|
|
12,124
|
|
|
70
|
|
|
2.32
|
|
|
12
|
|
|
(13
|
)
|
|
(1
|
)
|
|||||||
|
Loans held-for-sale, net
|
|
297
|
|
|
3
|
|
|
4.05
|
|
|
2,179
|
|
|
20
|
|
|
3.69
|
|
|
(19
|
)
|
|
2
|
|
|
(17
|
)
|
|||||||
|
Finance receivables and loans, net (d) (e)
|
|
97,840
|
|
|
1,139
|
|
|
4.67
|
|
|
95,423
|
|
|
1,140
|
|
|
4.80
|
|
|
29
|
|
|
(30
|
)
|
|
(1
|
)
|
|||||||
|
Investment in operating leases, net (f)
|
|
15,616
|
|
|
289
|
|
|
7.42
|
|
|
10,422
|
|
|
226
|
|
|
8.72
|
|
|
100
|
|
|
(37
|
)
|
|
63
|
|
|||||||
|
Total interest-earning assets
|
|
134,392
|
|
|
1,502
|
|
|
4.48
|
|
|
131,376
|
|
|
1,466
|
|
|
4.49
|
|
|
118
|
|
|
(82
|
)
|
|
36
|
|
|||||||
|
Noninterest-bearing cash and cash equivalents
|
|
1,708
|
|
|
|
|
|
|
2,337
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Other assets (g)
|
|
16,698
|
|
|
|
|
|
|
52,119
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Allowance for loan losses
|
|
(1,197
|
)
|
|
|
|
|
|
(1,250
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total assets
|
|
$
|
151,601
|
|
|
|
|
|
|
$
|
184,582
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-bearing deposit liabilities
|
|
$
|
49,522
|
|
|
$
|
162
|
|
|
1.31
|
%
|
|
$
|
41,583
|
|
|
$
|
160
|
|
|
1.55
|
%
|
|
$
|
28
|
|
|
$
|
(26
|
)
|
|
$
|
2
|
|
|
Short-term borrowings
|
|
3,937
|
|
|
16
|
|
|
1.63
|
|
|
3,718
|
|
|
19
|
|
|
2.06
|
|
|
1
|
|
|
(4
|
)
|
|
(3
|
)
|
|||||||
|
Long-term debt (h) (i) (j)
|
|
65,450
|
|
|
703
|
|
|
4.31
|
|
|
78,053
|
|
|
837
|
|
|
4.31
|
|
|
(135
|
)
|
|
1
|
|
|
(134
|
)
|
|||||||
|
Total interest-bearing liabilities (h) (i) (k)
|
|
118,909
|
|
|
881
|
|
|
2.97
|
|
|
123,354
|
|
|
1,016
|
|
|
3.31
|
|
|
(106
|
)
|
|
(29
|
)
|
|
(135
|
)
|
|||||||
|
Noninterest-bearing deposit liabilities
|
|
274
|
|
|
|
|
|
|
2,279
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total funding sources (i) (l)
|
|
119,183
|
|
|
881
|
|
|
2.96
|
|
|
125,633
|
|
|
1,016
|
|
|
3.25
|
|
|
|
|
|
|
|
||||||||||
|
Other liabilities (m)
|
|
12,600
|
|
|
|
|
|
|
39,991
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total liabilities
|
|
131,783
|
|
|
|
|
|
|
165,624
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total equity
|
|
19,818
|
|
|
|
|
|
|
18,958
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total liabilities and equity
|
|
$
|
151,601
|
|
|
|
|
|
|
$
|
184,582
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net financing revenue
|
|
|
|
$
|
621
|
|
|
|
|
|
|
$
|
450
|
|
|
|
|
$
|
224
|
|
|
$
|
(53
|
)
|
|
$
|
171
|
|
||||||
|
Net interest spread (n)
|
|
|
|
|
|
1.51
|
%
|
|
|
|
|
|
1.18
|
%
|
|
|
|
|
|
|
||||||||||||||
|
Net interest spread excluding original issue discount (n)
|
|
|
|
1.75
|
%
|
|
|
|
|
|
1.54
|
%
|
|
|
|
|
|
|
||||||||||||||||
|
Net interest spread excluding original issue discount and including noninterest-bearing deposit liabilities (n)
|
|
|
|
1.76
|
%
|
|
|
|
|
|
1.59
|
%
|
|
|
|
|
|
|
||||||||||||||||
|
Net yield on interest-earning assets (o)
|
|
|
|
|
|
1.85
|
%
|
|
|
|
|
|
1.38
|
%
|
|
|
|
|
|
|
||||||||||||||
|
Net yield on interest-earning assets excluding original issue discount (o)
|
|
|
|
2.04
|
%
|
|
|
|
|
|
1.67
|
%
|
|
|
|
|
|
|
||||||||||||||||
|
(a)
|
Changes in interest not solely due to volume or yield/rate are allocated in proportion to the absolute dollar amount of change in volume and yield/rate.
|
|
(b)
|
Average balances are calculated using a combination of monthly and daily average methodologies.
|
|
(c)
|
Excludes income on equity investments of
$7 million
during the
three months ended
June 30, 2013
and
2012
, respectively. Yields on available-for-sale debt securities are based on fair value as opposed to historical cost.
|
|
(d)
|
Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to
Note 1
to the
Consolidated Financial Statements
in our
2012
Annual Report.
|
|
(e)
|
Includes other interest income of
$1 million
during the
three months ended
June 30, 2012
.
|
|
(f)
|
Includes gains on sale of
$91 million
and
$24 million
during the
three months ended
June 30, 2013
and
2012
, respectively. Excluding these gains on sale, the annualized yield would be
5.09%
and
7.80%
at
June 30, 2013
and
2012
, respectively.
|
|
(g)
|
Includes average balances of assets of discontinued operations.
|
|
(h)
|
Includes the effects of derivative financial instruments designated as hedges.
|
|
(i)
|
Average balance includes
$1,694 million
and
$1,960 million
related to original issue discount at
June 30, 2013
and
2012
, respectively. Interest expense includes original issue discount amortization of
$61 million
and
$96 million
during the
three months ended
June 30, 2013
and
2012
, respectively.
|
|
(j)
|
Excluding original issue discount the rate on long-term debt was
3.84%
and
3.72%
at
June 30, 2013
and
2012
, respectively.
|
|
(k)
|
Excluding original issue discount the rate on total interest-bearing liabilities was
2.73%
and
2.95%
at
June 30, 2013
and
2012
, respectively.
|
|
(l)
|
Excluding original issue discount the rate on total funding sources was
2.72%
and
2.90%
at
June 30, 2013
and
2012
, respectively.
|
|
(m)
|
Includes average balances of liabilities of discontinued operations.
|
|
(n)
|
Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities.
|
|
(o)
|
Net yield on interest-earning assets represents net financing revenue as a percentage of total interest-earning assets.
|
|
|
|
2013
|
|
2012
|
|
Increase (decrease) due to (a)
|
||||||||||||||||||||||||||||
|
Six months ended June 30,
(
$ in millions
)
|
|
Average
balance (b) |
|
Interest
income/ interest expense |
|
Yield/
rate |
|
Average
balance (b) |
|
Interest
income/ interest expense |
|
Yield/
rate |
|
Volume
|
|
Yield/rate
|
|
Total
|
||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-bearing cash and cash equivalents
|
|
$
|
6,293
|
|
|
$
|
5
|
|
|
0.16
|
%
|
|
$
|
9,920
|
|
|
$
|
11
|
|
|
0.22
|
%
|
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
(6
|
)
|
|
Trading assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
527
|
|
|
10
|
|
|
3.82
|
|
|
(5
|
)
|
|
(5
|
)
|
|
(10
|
)
|
|||||||
|
Investment securities (c)
|
|
14,252
|
|
|
132
|
|
|
1.87
|
|
|
12,395
|
|
|
139
|
|
|
2.26
|
|
|
19
|
|
|
(26
|
)
|
|
(7
|
)
|
|||||||
|
Loans held-for-sale, net
|
|
1,157
|
|
|
19
|
|
|
3.31
|
|
|
2,963
|
|
|
51
|
|
|
3.46
|
|
|
(30
|
)
|
|
(2
|
)
|
|
(32
|
)
|
|||||||
|
Finance receivables and loans, net (d) (e)
|
|
98,321
|
|
|
2,274
|
|
|
4.66
|
|
|
93,038
|
|
|
2,233
|
|
|
4.83
|
|
|
124
|
|
|
(83
|
)
|
|
41
|
|
|||||||
|
Investment in operating leases, net (f)
|
|
14,910
|
|
|
588
|
|
|
7.95
|
|
|
9,886
|
|
|
428
|
|
|
8.71
|
|
|
201
|
|
|
(41
|
)
|
|
160
|
|
|||||||
|
Total interest-earning assets
|
|
134,933
|
|
|
3,018
|
|
|
4.51
|
|
|
128,729
|
|
|
2,872
|
|
|
4.49
|
|
|
306
|
|
|
(160
|
)
|
|
146
|
|
|||||||
|
Noninterest-bearing cash and cash equivalents
|
|
1,826
|
|
|
|
|
|
|
2,049
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Other assets (g)
|
|
27,344
|
|
|
|
|
|
|
55,022
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Allowance for loan losses
|
|
(1,184
|
)
|
|
|
|
|
|
(1,265
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total assets
|
|
$
|
162,919
|
|
|
|
|
|
|
$
|
184,535
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-bearing deposit liabilities
|
|
$
|
48,756
|
|
|
$
|
326
|
|
|
1.35
|
%
|
|
$
|
41,346
|
|
|
$
|
323
|
|
|
1.57
|
%
|
|
$
|
54
|
|
|
$
|
(51
|
)
|
|
$
|
3
|
|
|
Short-term borrowings
|
|
4,321
|
|
|
32
|
|
|
1.49
|
|
|
3,583
|
|
|
36
|
|
|
2.02
|
|
|
6
|
|
|
(10
|
)
|
|
(4
|
)
|
|||||||
|
Long-term debt (h) (i) (j)
|
|
68,642
|
|
|
1,404
|
|
|
4.12
|
|
|
75,631
|
|
|
1,717
|
|
|
4.57
|
|
|
(151
|
)
|
|
(162
|
)
|
|
(313
|
)
|
|||||||
|
Total interest-bearing liabilities (h) (i) (k)
|
|
121,719
|
|
|
1,762
|
|
|
2.92
|
|
|
120,560
|
|
|
2,076
|
|
|
3.46
|
|
|
(91
|
)
|
|
(223
|
)
|
|
(314
|
)
|
|||||||
|
Noninterest-bearing deposit liabilities
|
|
939
|
|
|
|
|
|
|
2,195
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total funding sources (i) (l)
|
|
122,658
|
|
|
1,762
|
|
|
2.90
|
|
|
122,755
|
|
|
2,076
|
|
|
3.40
|
|
|
|
|
|
|
|
||||||||||
|
Other liabilities (m)
|
|
20,334
|
|
|
|
|
|
|
42,682
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total liabilities
|
|
142,992
|
|
|
|
|
|
|
165,437
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total equity
|
|
19,927
|
|
|
|
|
|
|
19,098
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total liabilities and equity
|
|
$
|
162,919
|
|
|
|
|
|
|
$
|
184,535
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net financing revenue
|
|
|
|
$
|
1,256
|
|
|
|
|
|
|
$
|
796
|
|
|
|
|
$
|
397
|
|
|
$
|
63
|
|
|
$
|
460
|
|
||||||
|
Net interest spread (n)
|
|
|
|
|
|
1.59
|
%
|
|
|
|
|
|
1.03
|
%
|
|
|
|
|
|
|
||||||||||||||
|
Net interest spread excluding original issue discount (n)
|
|
|
|
1.82
|
%
|
|
|
|
|
|
1.42
|
%
|
|
|
|
|
|
|
||||||||||||||||
|
Net interest spread excluding original issue discount and including noninterest-bearing deposit liabilities (n)
|
|
|
|
1.84
|
%
|
|
|
|
|
|
1.48
|
%
|
|
|
|
|
|
|
||||||||||||||||
|
Net yield on interest-earning assets (o)
|
|
|
|
|
|
1.88
|
%
|
|
|
|
|
|
1.24
|
%
|
|
|
|
|
|
|
||||||||||||||
|
Net yield on interest-earning assets excluding original issue discount (o)
|
|
|
|
2.05
|
%
|
|
|
|
|
|
1.56
|
%
|
|
|
|
|
|
|
||||||||||||||||
|
(a)
|
Changes in interest not solely due to volume or yield/rate are allocated in proportion to the absolute dollar amount of change in volume and yield/rate.
|
|
(b)
|
Average balances are calculated using a combination of monthly and daily average methodologies.
|
|
(c)
|
Excludes income on equity investments of
$12 million
during the
six months ended
June 30, 2013
and
2012
, respectively. Yields on available-for-sale debt securities are based on fair value as opposed to historical cost.
|
|
(d)
|
Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to
Note 1
to the
Consolidated Financial Statements
in our
2012
Annual Report.
|
|
(e)
|
Includes other interest income of
$1 million
and
$3 million
during the
six months ended
June 30, 2013
and
2012
, respectively.
|
|
(f)
|
Includes gains on sale of
$155 million
and
$47 million
during the
six months ended
June 30, 2013
and
2012
, respectively. Excluding these gains on sale, the annualized yield would be
5.86%
and
7.75%
at
June 30, 2013
and
2012
, respectively.
|
|
(g)
|
Includes average balances of assets of discontinued operations.
|
|
(h)
|
Includes the effects of derivative financial instruments designated as hedges.
|
|
(i)
|
Average balance includes
$1,723 million
and
$2,011 million
related to original issue discount at
June 30, 2013
and
2012
, respectively. Interest expense includes original issue discount amortization of
$118 million
and
$204 million
during the
six months ended
June 30, 2013
and
2012
, respectively.
|
|
(j)
|
Excluding original issue discount the rate on long-term debt was
3.69%
and
3.92%
at
June 30, 2013
and
2012
, respectively.
|
|
(k)
|
Excluding original issue discount the rate on total interest-bearing liabilities was
2.69%
and
3.07%
at
June 30, 2013
and
2012
, respectively.
|
|
(l)
|
Excluding original issue discount the rate on total funding sources was
2.67%
and
3.02%
at
June 30, 2013
and
2012
, respectively.
|
|
(m)
|
Includes average balances of liabilities of discontinued operations.
|
|
(n)
|
Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities.
|
|
(o)
|
Net yield on interest-earning assets represents net financing revenue as a percentage of total interest-earning assets.
|
|
|
|
|
|
Ally Financial Inc.
(Registrant)
|
|
|
|
|
|
/s/ JEFFREY J. BROWN
|
|
|
Jeffrey J. Brown
Senior Executive Vice President of
Finance and Corporate Planning
|
|
|
|
|
|
/s/ DAVID J. DEBRUNNER
|
|
|
David J. DeBrunner
Vice President, Chief Accounting Officer, and
Corporate Controller
|
|
|
|
|
|
Exhibit
|
Description
|
Method of Filing
|
|
|
|
|
|
10.1
|
Plan Support Agreement, dated May 13, 2013
|
Filed herewith.
|
|
|
|
|
|
12
|
Computation of Ratio of Earnings to Fixed Charges
|
Filed herewith.
|
|
|
|
|
|
31.1
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a)
|
Filed herewith.
|
|
|
|
|
|
31.2
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a)
|
Filed herewith.
|
|
|
|
|
|
32
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350
|
Filed herewith.
|
|
|
|
|
|
101
|
Interactive Data File
|
Filed herewith.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|