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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
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Emerging growth company
o
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
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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 March 31,
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($ in millions)
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2017
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2016
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||||
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Financing revenue and other interest income
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||||
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Interest and fees on finance receivables and loans
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$
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1,368
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$
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1,235
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Interest and dividends on investment securities and other earning assets
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134
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102
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Interest on cash and cash equivalents
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5
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3
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Operating leases
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543
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769
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Total financing revenue and other interest income
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2,050
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2,109
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Interest expense
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||||
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Interest on deposits
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231
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|
|
193
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|
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Interest on short-term borrowings
|
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27
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|
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13
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Interest on long-term debt
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424
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442
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Total interest expense
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682
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648
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Net depreciation expense on operating lease assets
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389
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510
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Net financing revenue and other interest income
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979
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951
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Other revenue
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||||
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Insurance premiums and service revenue earned
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241
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|
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230
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|
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Gain on mortgage and automotive loans, net
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14
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1
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Loss on extinguishment of debt
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(1
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)
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(4
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)
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Other gain on investments, net
|
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27
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54
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Other income, net of losses
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115
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|
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95
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|
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Total other revenue
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396
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|
|
376
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Total net revenue
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1,375
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|
|
1,327
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|
||
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Provision for loan losses
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|
271
|
|
|
220
|
|
||
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Noninterest expense
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|
|
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||||
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Compensation and benefits expense
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285
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|
|
252
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|
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Insurance losses and loss adjustment expenses
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88
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73
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|
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Other operating expenses
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405
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385
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Total noninterest expense
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778
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710
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Income from continuing operations before income tax expense
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326
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397
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Income tax expense from continuing operations
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113
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150
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Net income from continuing operations
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213
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247
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Income from discontinued operations, net of tax
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1
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3
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Net income
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214
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250
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|
||
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Other comprehensive income, net of tax
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20
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|
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146
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|
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Comprehensive income
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$
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234
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$
|
396
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Three months ended March 31,
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(in dollars)
(a)
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2017
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2016
|
||||
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Basic earnings per common share
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||||
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Net income from continuing operations
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$
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0.46
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$
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0.48
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Income from discontinued operations, net of tax
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—
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0.01
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||
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Net income
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$
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0.46
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$
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0.49
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Diluted earnings per common share
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||||
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Net income from continuing operations
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$
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0.46
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$
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0.48
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Income from discontinued operations, net of tax
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—
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0.01
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Net income
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$
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0.46
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$
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0.49
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Cash dividends per common share
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$
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0.08
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$
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—
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(a)
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Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
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($ in millions, except share data)
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March 31, 2017
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December 31, 2016
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||||
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Assets
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||||
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Cash and cash equivalents
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Noninterest-bearing
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$
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1,513
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$
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1,547
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Interest-bearing
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2,789
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4,387
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Total cash and cash equivalents
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4,302
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5,934
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Available-for-sale securities (refer to Note 7 for discussion of investment securities pledged as collateral)
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20,308
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18,926
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Held-to-maturity securities (fair value of $1,063 and $789)
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1,104
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839
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Loans held-for-sale, net
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1
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—
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Finance receivables and loans, net
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||||
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Finance receivables and loans, net of unearned income
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119,002
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118,944
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Allowance for loan losses
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(1,155
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)
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(1,144
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)
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||
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Total finance receivables and loans, net
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117,847
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117,800
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||
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Investment in operating leases, net
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10,461
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11,470
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Premiums receivable and other insurance assets
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1,944
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|
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1,905
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|
||
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Other assets
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6,134
|
|
|
6,854
|
|
||
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Total assets
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$
|
162,101
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$
|
163,728
|
|
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Liabilities
|
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|
||||
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Deposit liabilities
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|
|
|
||||
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Noninterest-bearing
|
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$
|
102
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$
|
84
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|
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Interest-bearing
|
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84,384
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|
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78,938
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|
||
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Total deposit liabilities
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84,486
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79,022
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|
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Short-term borrowings
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8,371
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12,673
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|
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Long-term debt
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51,061
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54,128
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|
||
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Interest payable
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382
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|
|
351
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|
||
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Unearned insurance premiums and service revenue
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2,514
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|
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2,500
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|
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Accrued expenses and other liabilities
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1,922
|
|
|
1,737
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|
||
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Total liabilities
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148,736
|
|
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150,411
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|
||
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Contingencies (refer to Note 25)
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|
||||
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Equity
|
|
|
|
|
||||
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Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 488,997,931 and 485,707,644; and outstanding 462,193,424 and 467,000,306)
|
|
21,187
|
|
|
21,166
|
|
||
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Accumulated deficit
|
|
(6,975
|
)
|
|
(7,151
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)
|
||
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Accumulated other comprehensive loss
|
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(321
|
)
|
|
(341
|
)
|
||
|
Treasury stock, at cost (26,804,507 and 18,707,338 shares)
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|
(526
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)
|
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(357
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)
|
||
|
Total equity
|
|
13,365
|
|
|
13,317
|
|
||
|
Total liabilities and equity
|
|
$
|
162,101
|
|
|
$
|
163,728
|
|
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
Assets
|
|
|
|
|
||||
|
Finance receivables and loans, net
|
|
|
|
|
||||
|
Finance receivables and loans, net of unearned income
|
|
$
|
22,550
|
|
|
$
|
24,630
|
|
|
Allowance for loan losses
|
|
(154
|
)
|
|
(173
|
)
|
||
|
Total finance receivables and loans, net
|
|
22,396
|
|
|
24,457
|
|
||
|
Investment in operating leases, net
|
|
1,273
|
|
|
1,745
|
|
||
|
Other assets
|
|
914
|
|
|
1,390
|
|
||
|
Total assets
|
|
$
|
24,583
|
|
|
$
|
27,592
|
|
|
Liabilities
|
|
|
|
|
||||
|
Long-term debt
|
|
$
|
13,331
|
|
|
$
|
13,259
|
|
|
Accrued expenses and other liabilities
|
|
12
|
|
|
12
|
|
||
|
Total liabilities
|
|
$
|
13,343
|
|
|
$
|
13,271
|
|
|
($ in millions)
|
|
Common stock and paid-in capital
|
|
Preferred stock
|
|
Accumulated deficit
|
|
Accumulated other comprehensive loss
|
|
Treasury stock
|
|
Total equity
|
||||||||||||
|
Balance at January 1, 2016
|
|
$
|
21,100
|
|
|
$
|
696
|
|
|
$
|
(8,110
|
)
|
|
$
|
(231
|
)
|
|
$
|
(16
|
)
|
|
$
|
13,439
|
|
|
Net income
|
|
|
|
|
|
250
|
|
|
|
|
|
|
|
250
|
|
|||||||||
|
Preferred stock dividends
|
|
|
|
|
|
(15
|
)
|
|
|
|
|
|
|
(15
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)
|
|||||||||
|
Share-based compensation
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17
|
|
|||||||
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Other comprehensive income
|
|
|
|
|
|
|
|
|
146
|
|
|
|
|
|
146
|
|
||||||||
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Share repurchases related to employee stock-based compensation awards
|
|
|
|
|
|
|
|
|
|
|
|
(14
|
)
|
|
(14
|
)
|
||||||||
|
Balance at March 31, 2016
|
|
$
|
21,117
|
|
|
$
|
696
|
|
|
$
|
(7,875
|
)
|
|
$
|
(85
|
)
|
|
$
|
(30
|
)
|
|
$
|
13,823
|
|
|
Balance at January 1, 2017
|
|
$
|
21,166
|
|
|
$
|
—
|
|
|
$
|
(7,151
|
)
|
|
$
|
(341
|
)
|
|
$
|
(357
|
)
|
|
$
|
13,317
|
|
|
Net income
|
|
|
|
|
|
214
|
|
|
|
|
|
|
|
214
|
|
|||||||||
|
Share-based compensation
|
|
21
|
|
|
|
|
|
|
|
|
|
|
21
|
|
||||||||||
|
Other comprehensive income
|
|
|
|
|
|
|
|
20
|
|
|
|
|
20
|
|
||||||||||
|
Common stock repurchases (a)
|
|
|
|
|
|
|
|
|
|
(169
|
)
|
|
(169
|
)
|
||||||||||
|
Common stock dividends ($0.08 per share)
|
|
|
|
|
|
(38
|
)
|
|
|
|
|
|
|
(38
|
)
|
|||||||||
|
Balance at March 31, 2017
|
|
$
|
21,187
|
|
|
$
|
—
|
|
|
$
|
(6,975
|
)
|
|
$
|
(321
|
)
|
|
$
|
(526
|
)
|
|
$
|
13,365
|
|
|
(a)
|
Includes shares repurchased related to employee stock-based compensation awards.
|
|
Three months ended March 31,
($ in millions)
|
|
2017
|
|
2016
|
||||
|
Operating activities
|
|
|
|
|
||||
|
Net income
|
|
$
|
214
|
|
|
$
|
250
|
|
|
Reconciliation of net income to net cash provided by operating activities
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
534
|
|
|
653
|
|
||
|
Provision for loan losses
|
|
271
|
|
|
220
|
|
||
|
Gain on mortgage and automotive loans, net
|
|
(14
|
)
|
|
(1
|
)
|
||
|
Other gain on investments, net
|
|
(27
|
)
|
|
(54
|
)
|
||
|
Loss on extinguishment of debt
|
|
1
|
|
|
4
|
|
||
|
Originations and purchases of loans held-for-sale
|
|
(21
|
)
|
|
(44
|
)
|
||
|
Proceeds from sales and repayments of loans originated as held-for-sale
|
|
20
|
|
|
104
|
|
||
|
Net change in
|
|
|
|
|
||||
|
Deferred income taxes
|
|
91
|
|
|
147
|
|
||
|
Interest payable
|
|
31
|
|
|
24
|
|
||
|
Other assets
|
|
60
|
|
|
46
|
|
||
|
Other liabilities
|
|
(20
|
)
|
|
(122
|
)
|
||
|
Other, net
|
|
35
|
|
|
(25
|
)
|
||
|
Net cash provided by operating activities
|
|
1,175
|
|
|
1,202
|
|
||
|
Investing activities
|
|
|
|
|
||||
|
Purchases of available-for-sale securities
|
|
(2,833
|
)
|
|
(4,870
|
)
|
||
|
Proceeds from sales of available-for-sale securities
|
|
1,045
|
|
|
4,175
|
|
||
|
Proceeds from maturities and repayment of available-for-sale securities
|
|
589
|
|
|
409
|
|
||
|
Purchases of held-to-maturity securities
|
|
(215
|
)
|
|
(118
|
)
|
||
|
Proceeds from maturities and repayments of held-to-maturity securities
|
|
5
|
|
|
—
|
|
||
|
Purchases of loans held-for-investment
|
|
(405
|
)
|
|
(1,402
|
)
|
||
|
Proceeds from sales of finance receivables and loans originated as held-for-investment
|
|
1,164
|
|
|
2,594
|
|
||
|
Originations and repayments of loans held-for-investment and other, net
|
|
(1,174
|
)
|
|
(684
|
)
|
||
|
Purchases of operating lease assets
|
|
(893
|
)
|
|
(701
|
)
|
||
|
Disposals of operating lease assets
|
|
1,545
|
|
|
1,535
|
|
||
|
Net change in restricted cash
|
|
355
|
|
|
48
|
|
||
|
Net change in nonmarketable equity investments
|
|
213
|
|
|
(315
|
)
|
||
|
Other, net
|
|
(59
|
)
|
|
(20
|
)
|
||
|
Net cash (used in) provided by investing activities
|
|
(663
|
)
|
|
651
|
|
||
|
Three months ended March 31,
($ in millions)
|
|
2017
|
|
2016
|
||||
|
Financing activities
|
|
|
|
|
||||
|
Net change in short-term borrowings
|
|
(4,303
|
)
|
|
(2,739
|
)
|
||
|
Net increase in deposits
|
|
5,451
|
|
|
3,780
|
|
||
|
Proceeds from issuance of long-term debt
|
|
4,488
|
|
|
4,244
|
|
||
|
Repayments of long-term debt
|
|
(7,573
|
)
|
|
(8,490
|
)
|
||
|
Repurchases of common stock
|
|
(169
|
)
|
|
(14
|
)
|
||
|
Dividends paid
|
|
(38
|
)
|
|
(15
|
)
|
||
|
Net cash used in financing activities
|
|
(2,144
|
)
|
|
(3,234
|
)
|
||
|
Effect of exchange-rate changes on cash and cash equivalents
|
|
—
|
|
|
2
|
|
||
|
Net decrease in cash and cash equivalents
|
|
(1,632
|
)
|
|
(1,379
|
)
|
||
|
Cash and cash equivalents at beginning of year
|
|
5,934
|
|
|
6,380
|
|
||
|
Cash and cash equivalents at March 31,
|
|
$
|
4,302
|
|
|
$
|
5,001
|
|
|
Supplemental disclosures
|
|
|
|
|
||||
|
Cash paid for
|
|
|
|
|
||||
|
Interest
|
|
$
|
648
|
|
|
$
|
626
|
|
|
Income taxes
|
|
2
|
|
|
—
|
|
||
|
Noncash items
|
|
|
|
|
||||
|
Held-to-maturity securities received in consideration for loans sold
|
|
56
|
|
|
—
|
|
||
|
Finance receivables and loans transferred to loans held-for-sale
|
|
1,213
|
|
|
2,599
|
|
||
|
Other disclosures
|
|
|
|
|
||||
|
Proceeds from repayments of mortgage loans held-for-investment originally designated as held-for-sale
|
|
8
|
|
|
9
|
|
||
|
($ in millions)
|
|
||
|
Purchase price
|
|
||
|
Cash consideration
|
$
|
298
|
|
|
Allocation of purchase price to net assets acquired
|
|
||
|
Intangible assets (a)
|
82
|
|
|
|
Cash and short-term investments (b)
|
50
|
|
|
|
Other assets
|
14
|
|
|
|
Deferred tax asset, net
|
4
|
|
|
|
Employee compensation and benefits
|
(41
|
)
|
|
|
Other liabilities
|
(4
|
)
|
|
|
Goodwill
|
$
|
193
|
|
|
(a)
|
We recorded
$3 million
of amortization on these intangible assets during the three months ended March 31, 2017.
|
|
(b)
|
Includes
$40 million
in cash proceeds from the acquisition transaction in order to pay employee compensation and benefits that vested upon acquisition as a result of the change in control.
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
2017
|
|
2016
|
||||
|
Pretax income
|
$
|
1
|
|
|
$
|
4
|
|
|
Tax expense
|
—
|
|
|
1
|
|
||
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
|
2017
|
|
2016
|
||||
|
Remarketing fees
|
|
$
|
29
|
|
|
$
|
28
|
|
|
Late charges and other administrative fees
|
|
27
|
|
|
25
|
|
||
|
Servicing fees
|
|
16
|
|
|
13
|
|
||
|
Income from equity-method investments
|
|
—
|
|
|
6
|
|
||
|
Other, net
|
|
43
|
|
|
23
|
|
||
|
Total other income, net of losses
|
|
$
|
115
|
|
|
$
|
95
|
|
|
($ in millions)
|
2017
|
2016
|
||||
|
Total gross reserves for insurance losses and loss adjustment expenses at January 1,
|
$
|
149
|
|
$
|
169
|
|
|
Less: Reinsurance recoverable
|
108
|
|
120
|
|
||
|
Net reserves for insurance losses and loss adjustment expenses at January 1,
|
41
|
|
49
|
|
||
|
Net insurance losses and loss adjustment expenses incurred related to:
|
|
|
||||
|
Current year
|
89
|
|
77
|
|
||
|
Prior years (a)
|
(1
|
)
|
(4
|
)
|
||
|
Total net insurance losses and loss adjustment expenses incurred
|
88
|
|
73
|
|
||
|
Net insurance losses and loss adjustment expenses paid or payable related to:
|
|
|
||||
|
Current year
|
(45
|
)
|
(37
|
)
|
||
|
Prior years
|
(23
|
)
|
(22
|
)
|
||
|
Total net insurance losses and loss adjustment expenses paid or payable
|
(68
|
)
|
(59
|
)
|
||
|
Foreign exchange and other
|
2
|
|
3
|
|
||
|
Net reserves for insurance losses and loss adjustment expenses at March 31,
|
63
|
|
66
|
|
||
|
Plus: Reinsurance recoverable
|
112
|
|
118
|
|
||
|
Total gross reserves for insurance losses and loss adjustment expenses at March 31,
|
$
|
175
|
|
$
|
184
|
|
|
(a)
|
There have been no material adverse changes to the reserve for prior years.
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
2017
|
|
2016
|
||||
|
Insurance commissions
|
$
|
99
|
|
|
$
|
94
|
|
|
Technology and communications
|
69
|
|
|
66
|
|
||
|
Lease and loan administration
|
36
|
|
|
32
|
|
||
|
Advertising and marketing
|
30
|
|
|
27
|
|
||
|
Vehicle remarketing and repossession
|
28
|
|
|
24
|
|
||
|
Regulatory and licensing fees
|
27
|
|
|
21
|
|
||
|
Professional services
|
26
|
|
|
24
|
|
||
|
Premises and equipment depreciation
|
22
|
|
|
21
|
|
||
|
Occupancy
|
12
|
|
|
13
|
|
||
|
Non-income taxes
|
8
|
|
|
9
|
|
||
|
Other
|
48
|
|
|
54
|
|
||
|
Total other operating expenses
|
$
|
405
|
|
|
$
|
385
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
|
|
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
|
|
$
|
2,276
|
|
|
$
|
1
|
|
|
$
|
(52
|
)
|
|
$
|
2,225
|
|
|
$
|
1,680
|
|
|
$
|
—
|
|
|
$
|
(60
|
)
|
|
$
|
1,620
|
|
|
U.S. States and political subdivisions
|
|
803
|
|
|
9
|
|
|
(17
|
)
|
|
795
|
|
|
794
|
|
|
7
|
|
|
(19
|
)
|
|
782
|
|
||||||||
|
Foreign government
|
|
143
|
|
|
3
|
|
|
—
|
|
|
146
|
|
|
157
|
|
|
5
|
|
|
—
|
|
|
162
|
|
||||||||
|
Agency mortgage-backed residential
|
|
12,054
|
|
|
31
|
|
|
(223
|
)
|
|
11,862
|
|
|
10,473
|
|
|
29
|
|
|
(212
|
)
|
|
10,290
|
|
||||||||
|
Mortgage-backed residential
|
|
2,053
|
|
|
4
|
|
|
(61
|
)
|
|
1,996
|
|
|
2,162
|
|
|
5
|
|
|
(70
|
)
|
|
2,097
|
|
||||||||
|
Mortgage-backed commercial
|
|
533
|
|
|
2
|
|
|
(1
|
)
|
|
534
|
|
|
537
|
|
|
2
|
|
|
(2
|
)
|
|
537
|
|
||||||||
|
Asset-backed
|
|
1,046
|
|
|
6
|
|
|
(1
|
)
|
|
1,051
|
|
|
1,396
|
|
|
6
|
|
|
(2
|
)
|
|
1,400
|
|
||||||||
|
Corporate debt
|
|
1,262
|
|
|
6
|
|
|
(13
|
)
|
|
1,255
|
|
|
1,452
|
|
|
7
|
|
|
(16
|
)
|
|
1,443
|
|
||||||||
|
Total debt securities (a) (b)
|
|
20,170
|
|
|
62
|
|
|
(368
|
)
|
|
19,864
|
|
|
18,651
|
|
|
61
|
|
|
(381
|
)
|
|
18,331
|
|
||||||||
|
Equity securities
|
|
481
|
|
|
9
|
|
|
(46
|
)
|
|
444
|
|
|
642
|
|
|
7
|
|
|
(54
|
)
|
|
595
|
|
||||||||
|
Total available-for-sale securities
|
|
$
|
20,651
|
|
|
$
|
71
|
|
|
$
|
(414
|
)
|
|
$
|
20,308
|
|
|
$
|
19,293
|
|
|
$
|
68
|
|
|
$
|
(435
|
)
|
|
$
|
18,926
|
|
|
Held-to-maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Agency mortgage-backed residential (c)
|
|
$
|
1,052
|
|
|
$
|
2
|
|
|
$
|
(43
|
)
|
|
$
|
1,011
|
|
|
$
|
839
|
|
|
$
|
—
|
|
|
$
|
(50
|
)
|
|
$
|
789
|
|
|
Asset-backed retained notes
|
|
52
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Total held-to-maturity securities (d)
|
|
$
|
1,104
|
|
|
$
|
2
|
|
|
$
|
(43
|
)
|
|
$
|
1,063
|
|
|
$
|
839
|
|
|
$
|
—
|
|
|
$
|
(50
|
)
|
|
$
|
789
|
|
|
(a)
|
Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled
$12 million
and
$14 million
at
March 31, 2017
, and
December 31, 2016
, respectively.
|
|
(b)
|
Investment securities with a fair value of
$3,235 million
and
$4,881 million
at
March 31, 2017
, and
December 31, 2016
, respectively, were pledged to secure advances from the Federal Home Loan Bank (FHLB), short-term borrowings or repurchase agreements and for other purposes as required by contractual obligation or law. Under these agreements, Ally has granted the counterparty the right to sell or pledge
$1,257 million
and
$737 million
of the underlying investment securities at
March 31, 2017
, and
December 31, 2016
, respectively.
|
|
(c)
|
Agency-backed residential mortgage-backed debt securities are held for liquidity purposes.
|
|
(d)
|
Held-to-maturity securities are recorded at amortized cost. Held-to-maturity securities with a fair value of
$0 million
and
$87 million
at March 31, 2017, and
December 31, 2016
, respectively, were pledged to secure advances from the FHLB.
|
|
|
|
Total
|
|
Due in one year or less
|
|
Due after one year through five years
|
|
Due after five years through ten years
|
|
Due after ten years
|
|||||||||||||||||||||||||
|
($ in millions)
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
|
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Fair value of available-for-sale debt securities (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
U.S. Treasury
|
|
$
|
2,225
|
|
|
1.8
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
262
|
|
|
1.8
|
%
|
|
$
|
1,963
|
|
|
1.8
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
U.S. States and political subdivisions
|
|
795
|
|
|
3.1
|
|
|
66
|
|
|
2.4
|
|
|
34
|
|
|
2.5
|
|
|
175
|
|
|
2.9
|
|
|
520
|
|
|
3.3
|
|
|||||
|
Foreign government
|
|
146
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|
2.7
|
|
|
80
|
|
|
2.4
|
|
|
—
|
|
|
—
|
|
|||||
|
Agency mortgage-backed residential
|
|
11,862
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2.9
|
|
|
11,859
|
|
|
3.0
|
|
|||||
|
Mortgage-backed residential
|
|
1,996
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,996
|
|
|
2.9
|
|
|||||
|
Mortgage-backed commercial
|
|
534
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2.8
|
|
|
531
|
|
|
2.8
|
|
|||||
|
Asset-backed
|
|
1,051
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
829
|
|
|
2.9
|
|
|
59
|
|
|
3.2
|
|
|
163
|
|
|
2.6
|
|
|||||
|
Corporate debt
|
|
1,255
|
|
|
2.9
|
|
|
99
|
|
|
2.1
|
|
|
642
|
|
|
2.6
|
|
|
468
|
|
|
3.2
|
|
|
46
|
|
|
4.7
|
|
|||||
|
Total available-for-sale debt securities
|
|
$
|
19,864
|
|
|
2.8
|
|
|
$
|
165
|
|
|
2.2
|
|
|
$
|
1,833
|
|
|
2.6
|
|
|
$
|
2,751
|
|
|
2.2
|
|
|
$
|
15,115
|
|
|
3.0
|
|
|
Amortized cost of available-for-sale debt securities
|
|
$
|
20,170
|
|
|
|
|
$
|
165
|
|
|
|
|
$
|
1,826
|
|
|
|
|
$
|
2,806
|
|
|
|
|
$
|
15,373
|
|
|
|
|||||
|
Amortized cost of held-to-maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Agency mortgage-backed residential
|
|
1,052
|
|
|
3.0
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
1,052
|
|
|
3.0
|
%
|
|||||
|
Asset-backed retained notes
|
|
52
|
|
|
1.5
|
|
|
10
|
|
|
0.8
|
|
|
40
|
|
|
1.6
|
|
|
2
|
|
|
2.7
|
|
|
—
|
|
|
—
|
|
|||||
|
Total held-to-maturity securities
|
|
$
|
1,104
|
|
|
2.9
|
|
|
$
|
10
|
|
|
0.8
|
|
|
$
|
40
|
|
|
1.6
|
|
|
$
|
2
|
|
|
2.7
|
|
|
$
|
1,052
|
|
|
3.0
|
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Fair value of available-for-sale debt securities (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
U.S. Treasury
|
|
$
|
1,620
|
|
|
1.7
|
%
|
|
$
|
2
|
|
|
4.6
|
%
|
|
$
|
60
|
|
|
1.6
|
%
|
|
$
|
1,558
|
|
|
1.7
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
U.S. States and political subdivisions
|
|
782
|
|
|
3.1
|
|
|
64
|
|
|
1.7
|
|
|
29
|
|
|
2.3
|
|
|
172
|
|
|
2.8
|
|
|
517
|
|
|
3.4
|
|
|||||
|
Foreign government
|
|
162
|
|
|
2.6
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
2.8
|
|
|
104
|
|
|
2.4
|
|
|
—
|
|
|
—
|
|
|||||
|
Agency mortgage-backed residential
|
|
10,290
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
2.6
|
|
|
10,261
|
|
|
2.9
|
|
|||||
|
Mortgage-backed residential
|
|
2,097
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,097
|
|
|
2.9
|
|
|||||
|
Mortgage-backed commercial
|
|
537
|
|
|
2.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2.8
|
|
|
534
|
|
|
2.6
|
|
|||||
|
Asset-backed
|
|
1,400
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
1,059
|
|
|
2.8
|
|
|
143
|
|
|
3.2
|
|
|
198
|
|
|
2.6
|
|
|||||
|
Corporate debt
|
|
1,443
|
|
|
2.8
|
|
|
72
|
|
|
2.2
|
|
|
840
|
|
|
2.6
|
|
|
489
|
|
|
3.2
|
|
|
42
|
|
|
4.7
|
|
|||||
|
Total available-for-sale debt securities
|
|
$
|
18,331
|
|
|
2.8
|
|
|
$
|
138
|
|
|
2.0
|
|
|
$
|
2,046
|
|
|
2.7
|
|
|
$
|
2,498
|
|
|
2.2
|
|
|
$
|
13,649
|
|
|
2.9
|
|
|
Amortized cost of available-for-sale debt securities
|
|
$
|
18,651
|
|
|
|
|
|
$
|
138
|
|
|
|
|
|
$
|
2,040
|
|
|
|
|
|
$
|
2,563
|
|
|
|
|
|
$
|
13,910
|
|
|
|
|
|
Amortized cost of held-to-maturity securities
|
|
$
|
839
|
|
|
2.9
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
839
|
|
|
2.9
|
%
|
|
(a)
|
Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses.
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
2017
|
|
2016
|
||||
|
Taxable interest
|
$
|
119
|
|
|
$
|
94
|
|
|
Taxable dividends
|
2
|
|
|
4
|
|
||
|
Interest and dividends exempt from U.S. federal income tax
|
5
|
|
|
4
|
|
||
|
Interest and dividends on investment securities
|
$
|
126
|
|
|
$
|
102
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
|
|
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
|
|
$
|
2,070
|
|
|
$
|
(52
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,612
|
|
|
$
|
(60
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
U.S. States and political subdivisions
|
|
435
|
|
|
(16
|
)
|
|
26
|
|
|
(1
|
)
|
|
524
|
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
||||||||
|
Foreign government
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Agency mortgage-backed residential
|
|
8,874
|
|
|
(209
|
)
|
|
531
|
|
|
(14
|
)
|
|
8,052
|
|
|
(196
|
)
|
|
587
|
|
|
(16
|
)
|
||||||||
|
Mortgage-backed residential
|
|
768
|
|
|
(16
|
)
|
|
816
|
|
|
(45
|
)
|
|
813
|
|
|
(17
|
)
|
|
860
|
|
|
(53
|
)
|
||||||||
|
Mortgage-backed commercial
|
|
79
|
|
|
(1
|
)
|
|
77
|
|
|
—
|
|
|
47
|
|
|
(1
|
)
|
|
149
|
|
|
(1
|
)
|
||||||||
|
Asset-backed
|
|
175
|
|
|
—
|
|
|
134
|
|
|
(1
|
)
|
|
375
|
|
|
(2
|
)
|
|
127
|
|
|
—
|
|
||||||||
|
Corporate debt
|
|
565
|
|
|
(11
|
)
|
|
46
|
|
|
(2
|
)
|
|
744
|
|
|
(14
|
)
|
|
46
|
|
|
(2
|
)
|
||||||||
|
Total temporarily impaired debt securities
|
|
12,979
|
|
|
(305
|
)
|
|
1,630
|
|
|
(63
|
)
|
|
12,205
|
|
|
(309
|
)
|
|
1,769
|
|
|
(72
|
)
|
||||||||
|
Temporarily impaired equity securities
|
|
72
|
|
|
(6
|
)
|
|
162
|
|
|
(40
|
)
|
|
151
|
|
|
(8
|
)
|
|
269
|
|
|
(46
|
)
|
||||||||
|
Total temporarily impaired available-for-sale securities
|
|
$
|
13,051
|
|
|
$
|
(311
|
)
|
|
$
|
1,792
|
|
|
$
|
(103
|
)
|
|
$
|
12,356
|
|
|
$
|
(317
|
)
|
|
$
|
2,038
|
|
|
$
|
(118
|
)
|
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
Consumer automotive (a)
|
|
$
|
65,663
|
|
|
$
|
65,793
|
|
|
Consumer mortgage
|
|
|
|
|
||||
|
Mortgage Finance (b)
|
|
8,331
|
|
|
8,294
|
|
||
|
Mortgage — Legacy (c)
|
|
2,606
|
|
|
2,756
|
|
||
|
Total consumer mortgage
|
|
10,937
|
|
|
11,050
|
|
||
|
Total consumer
|
|
76,600
|
|
|
76,843
|
|
||
|
Commercial
|
|
|
|
|
||||
|
Commercial and industrial
|
|
|
|
|
||||
|
Automotive
|
|
34,911
|
|
|
35,041
|
|
||
|
Other
|
|
3,499
|
|
|
3,248
|
|
||
|
Commercial real estate — Automotive
|
|
3,992
|
|
|
3,812
|
|
||
|
Total commercial
|
|
42,402
|
|
|
42,101
|
|
||
|
Total finance receivables and loans (d)
|
|
$
|
119,002
|
|
|
$
|
118,944
|
|
|
(a)
|
Includes
$34 million
and
$43 million
of fair value adjustment for loans in hedge accounting relationships at
March 31, 2017
, and
December 31, 2016
, respectively. Refer to
Note 19
for additional information.
|
|
(b)
|
Includes loans originated as interest-only mortgage loans of
$26 million
and
$30 million
at
March 31, 2017
, and
December 31, 2016
, respectively,
3%
of which are expected to start principal amortization in
2017
, none in
2018
,
37%
in
2019
,
42%
in
2020
, and none thereafter.
|
|
(c)
|
Includes loans originated as interest-only mortgage loans of
$653 million
and
$714 million
at
March 31, 2017
, and
December 31, 2016
, respectively,
17%
of which are expected to start principal amortization in
2017
,
2%
in
2018
, none in
2019
, none in
2020
, and
1%
thereafter.
|
|
(d)
|
Totals include net increases of
$393 million
and
$359 million
at
March 31, 2017
, and
December 31, 2016
, respectively, for unearned income, unamortized premiums and discounts, and deferred fees and costs.
|
|
Three months ended March 31, 2017
($ in millions)
|
|
Consumer automotive
|
|
Consumer mortgage
|
|
Commercial
|
|
Total
|
||||||||
|
Allowance at January 1, 2017
|
|
$
|
932
|
|
|
$
|
91
|
|
|
$
|
121
|
|
|
$
|
1,144
|
|
|
Charge-offs (a)
|
|
(341
|
)
|
|
(9
|
)
|
|
—
|
|
|
(350
|
)
|
||||
|
Recoveries
|
|
90
|
|
|
7
|
|
|
—
|
|
|
97
|
|
||||
|
Net charge-offs
|
|
(251
|
)
|
|
(2
|
)
|
|
—
|
|
|
(253
|
)
|
||||
|
Provision for loan losses
|
|
267
|
|
|
(3
|
)
|
|
7
|
|
|
271
|
|
||||
|
Other (b)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
||||
|
Allowance at March 31, 2017
|
|
$
|
941
|
|
|
$
|
86
|
|
|
$
|
128
|
|
|
$
|
1,155
|
|
|
Allowance for loan losses at March 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
|
Individually evaluated for impairment
|
|
$
|
32
|
|
|
$
|
33
|
|
|
$
|
24
|
|
|
$
|
89
|
|
|
Collectively evaluated for impairment
|
|
909
|
|
|
53
|
|
|
104
|
|
|
1,066
|
|
||||
|
Finance receivables and loans at gross carrying value
|
|
|
|
|
|
|
|
|
||||||||
|
Ending balance
|
|
$
|
65,663
|
|
|
$
|
10,937
|
|
|
$
|
42,402
|
|
|
$
|
119,002
|
|
|
Individually evaluated for impairment
|
|
388
|
|
|
249
|
|
|
120
|
|
|
757
|
|
||||
|
Collectively evaluated for impairment
|
|
65,275
|
|
|
10,688
|
|
|
42,282
|
|
|
118,245
|
|
||||
|
(a)
|
Represents the amount of the gross carrying value directly written-off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to
Note 1
to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for more information regarding our charge-off policies.
|
|
(b)
|
Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale.
|
|
Three months ended March 31, 2016
($ in millions)
|
|
Consumer automotive
|
|
Consumer mortgage
|
|
Commercial
|
|
Total
|
||||||||
|
Allowance at January 1, 2016
|
|
$
|
834
|
|
|
$
|
114
|
|
|
$
|
106
|
|
|
$
|
1,054
|
|
|
Charge-offs (a)
|
|
(253
|
)
|
|
(10
|
)
|
|
—
|
|
|
(263
|
)
|
||||
|
Recoveries
|
|
80
|
|
|
4
|
|
|
—
|
|
|
84
|
|
||||
|
Net charge-offs
|
|
(173
|
)
|
|
(6
|
)
|
|
—
|
|
|
(179
|
)
|
||||
|
Provision for loan losses
|
|
207
|
|
|
7
|
|
|
6
|
|
|
220
|
|
||||
|
Other (b)
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
||||
|
Allowance at March 31, 2016
|
|
$
|
850
|
|
|
$
|
115
|
|
|
$
|
112
|
|
|
$
|
1,077
|
|
|
Allowance for loan losses at March 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
|
Individually evaluated for impairment
|
|
$
|
25
|
|
|
$
|
43
|
|
|
$
|
18
|
|
|
$
|
86
|
|
|
Collectively evaluated for impairment
|
|
825
|
|
|
72
|
|
|
94
|
|
|
991
|
|
||||
|
Finance receivables and loans at gross carrying value
|
|
|
|
|
|
|
|
|
|
|||||||
|
Ending balance
|
|
$
|
63,013
|
|
|
$
|
10,675
|
|
|
$
|
37,188
|
|
|
$
|
110,876
|
|
|
Individually evaluated for impairment
|
|
337
|
|
|
261
|
|
|
90
|
|
|
688
|
|
||||
|
Collectively evaluated for impairment
|
|
62,676
|
|
|
10,414
|
|
|
37,098
|
|
|
110,188
|
|
||||
|
(a)
|
Represents the amount of the gross carrying value directly written-off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to
Note 1
to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for more information regarding our charge-off policies.
|
|
(b)
|
Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale.
|
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
|
2017
|
|
2016
|
||||
|
Consumer automotive
|
|
$
|
1,213
|
|
|
$
|
2,599
|
|
|
Consumer mortgage
|
|
3
|
|
|
2
|
|
||
|
Total sales and transfers
|
|
$
|
1,216
|
|
|
$
|
2,601
|
|
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
|
2017
|
|
2016
|
||||
|
Consumer automotive
|
|
$
|
68
|
|
|
$
|
—
|
|
|
Consumer mortgage
|
|
327
|
|
|
1,370
|
|
||
|
Total purchases of finance receivables and loans
|
|
$
|
395
|
|
|
$
|
1,370
|
|
|
($ 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
|
||||||||||||
|
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer automotive
|
|
$
|
1,346
|
|
|
$
|
308
|
|
|
$
|
263
|
|
|
$
|
1,917
|
|
|
$
|
63,746
|
|
|
$
|
65,663
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Mortgage Finance
|
|
30
|
|
|
2
|
|
|
7
|
|
|
39
|
|
|
8,292
|
|
|
8,331
|
|
||||||
|
Mortgage — Legacy
|
|
33
|
|
|
14
|
|
|
57
|
|
|
104
|
|
|
2,502
|
|
|
2,606
|
|
||||||
|
Total consumer mortgage
|
|
63
|
|
|
16
|
|
|
64
|
|
|
143
|
|
|
10,794
|
|
|
10,937
|
|
||||||
|
Total consumer
|
|
1,409
|
|
|
324
|
|
|
327
|
|
|
2,060
|
|
|
74,540
|
|
|
76,600
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
34,905
|
|
|
34,911
|
|
||||||
|
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,499
|
|
|
3,499
|
|
||||||
|
Commercial real estate — Automotive
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,992
|
|
|
3,992
|
|
||||||
|
Total commercial
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
42,396
|
|
|
42,402
|
|
||||||
|
Total consumer and commercial
|
|
$
|
1,409
|
|
|
$
|
324
|
|
|
$
|
333
|
|
|
$
|
2,066
|
|
|
$
|
116,936
|
|
|
$
|
119,002
|
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer automotive
|
|
$
|
1,850
|
|
|
$
|
428
|
|
|
$
|
302
|
|
|
$
|
2,580
|
|
|
$
|
63,213
|
|
|
$
|
65,793
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Mortgage Finance
|
|
39
|
|
|
6
|
|
|
4
|
|
|
49
|
|
|
8,245
|
|
|
8,294
|
|
||||||
|
Mortgage — Legacy
|
|
45
|
|
|
18
|
|
|
57
|
|
|
120
|
|
|
2,636
|
|
|
2,756
|
|
||||||
|
Total consumer mortgage
|
|
84
|
|
|
24
|
|
|
61
|
|
|
169
|
|
|
10,881
|
|
|
11,050
|
|
||||||
|
Total consumer
|
|
1,934
|
|
|
452
|
|
|
363
|
|
|
2,749
|
|
|
74,094
|
|
|
76,843
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive
|
|
3
|
|
|
—
|
|
|
7
|
|
|
10
|
|
|
35,031
|
|
|
35,041
|
|
||||||
|
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,248
|
|
|
3,248
|
|
||||||
|
Commercial real estate — Automotive
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,812
|
|
|
3,812
|
|
||||||
|
Total commercial
|
|
3
|
|
|
—
|
|
|
7
|
|
|
10
|
|
|
42,091
|
|
|
42,101
|
|
||||||
|
Total consumer and commercial
|
|
$
|
1,937
|
|
|
$
|
452
|
|
|
$
|
370
|
|
|
$
|
2,759
|
|
|
$
|
116,185
|
|
|
$
|
118,944
|
|
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
Consumer automotive
|
|
$
|
573
|
|
|
$
|
598
|
|
|
Consumer mortgage
|
|
|
|
|
||||
|
Mortgage Finance
|
|
10
|
|
|
10
|
|
||
|
Mortgage — Legacy
|
|
95
|
|
|
89
|
|
||
|
Total consumer mortgage
|
|
105
|
|
|
99
|
|
||
|
Total consumer
|
|
678
|
|
|
697
|
|
||
|
Commercial
|
|
|
|
|
||||
|
Commercial and industrial
|
|
|
|
|
||||
|
Automotive
|
|
34
|
|
|
33
|
|
||
|
Other
|
|
81
|
|
|
84
|
|
||
|
Commercial real estate — Automotive
|
|
5
|
|
|
5
|
|
||
|
Total commercial
|
|
120
|
|
|
122
|
|
||
|
Total consumer and commercial finance receivables and loans
|
|
$
|
798
|
|
|
$
|
819
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
($ in millions)
|
|
Performing
|
|
Nonperforming
|
|
Total
|
|
Performing
|
|
Nonperforming
|
|
Total
|
||||||||||||
|
Consumer automotive
|
|
$
|
65,090
|
|
|
$
|
573
|
|
|
$
|
65,663
|
|
|
$
|
65,195
|
|
|
$
|
598
|
|
|
$
|
65,793
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Mortgage Finance
|
|
8,321
|
|
|
10
|
|
|
8,331
|
|
|
8,284
|
|
|
10
|
|
|
8,294
|
|
||||||
|
Mortgage — Legacy
|
|
2,511
|
|
|
95
|
|
|
2,606
|
|
|
2,667
|
|
|
89
|
|
|
2,756
|
|
||||||
|
Total consumer mortgage
|
|
10,832
|
|
|
105
|
|
|
10,937
|
|
|
10,951
|
|
|
99
|
|
|
11,050
|
|
||||||
|
Total consumer
|
|
$
|
75,922
|
|
|
$
|
678
|
|
|
$
|
76,600
|
|
|
$
|
76,146
|
|
|
$
|
697
|
|
|
$
|
76,843
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
($ in millions)
|
|
Pass
|
|
Criticized (a)
|
|
Total
|
|
Pass
|
|
Criticized (a)
|
|
Total
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive
|
|
$
|
32,878
|
|
|
$
|
2,033
|
|
|
$
|
34,911
|
|
|
$
|
33,160
|
|
|
$
|
1,881
|
|
|
$
|
35,041
|
|
|
Other
|
|
2,814
|
|
|
685
|
|
|
3,499
|
|
|
2,597
|
|
|
651
|
|
|
3,248
|
|
||||||
|
Commercial real estate — Automotive
|
|
3,816
|
|
|
176
|
|
|
3,992
|
|
|
3,653
|
|
|
159
|
|
|
3,812
|
|
||||||
|
Total commercial
|
|
$
|
39,508
|
|
|
$
|
2,894
|
|
|
$
|
42,402
|
|
|
$
|
39,410
|
|
|
$
|
2,691
|
|
|
$
|
42,101
|
|
|
(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 (a)
|
|
Gross carrying value
|
|
Impaired with no allowance
|
|
Impaired with an allowance
|
|
Allowance for impaired loans
|
||||||||||
|
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Consumer automotive
|
|
$
|
422
|
|
|
$
|
388
|
|
|
$
|
124
|
|
|
$
|
264
|
|
|
$
|
32
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mortgage Finance
|
|
8
|
|
|
8
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|||||
|
Mortgage — Legacy
|
|
245
|
|
|
241
|
|
|
56
|
|
|
185
|
|
|
33
|
|
|||||
|
Total consumer mortgage
|
|
253
|
|
|
249
|
|
|
60
|
|
|
189
|
|
|
33
|
|
|||||
|
Total consumer
|
|
675
|
|
|
637
|
|
|
184
|
|
|
453
|
|
|
65
|
|
|||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automotive
|
|
34
|
|
|
34
|
|
|
7
|
|
|
27
|
|
|
2
|
|
|||||
|
Other
|
|
98
|
|
|
81
|
|
|
19
|
|
|
62
|
|
|
21
|
|
|||||
|
Commercial real estate — Automotive
|
|
5
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
1
|
|
|||||
|
Total commercial
|
|
137
|
|
|
120
|
|
|
26
|
|
|
94
|
|
|
24
|
|
|||||
|
Total consumer and commercial finance receivables and loans
|
|
$
|
812
|
|
|
$
|
757
|
|
|
$
|
210
|
|
|
$
|
547
|
|
|
$
|
89
|
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Consumer automotive
|
|
$
|
407
|
|
|
$
|
370
|
|
|
$
|
131
|
|
|
$
|
239
|
|
|
$
|
28
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mortgage Finance
|
|
8
|
|
|
8
|
|
|
3
|
|
|
5
|
|
|
—
|
|
|||||
|
Mortgage — Legacy
|
|
243
|
|
|
239
|
|
|
56
|
|
|
183
|
|
|
34
|
|
|||||
|
Total consumer mortgage
|
|
251
|
|
|
247
|
|
|
59
|
|
|
188
|
|
|
34
|
|
|||||
|
Total consumer
|
|
658
|
|
|
617
|
|
|
190
|
|
|
427
|
|
|
62
|
|
|||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automotive
|
|
33
|
|
|
33
|
|
|
7
|
|
|
26
|
|
|
3
|
|
|||||
|
Other
|
|
99
|
|
|
84
|
|
|
—
|
|
|
84
|
|
|
19
|
|
|||||
|
Commercial real estate — Automotive
|
|
5
|
|
|
5
|
|
|
2
|
|
|
3
|
|
|
1
|
|
|||||
|
Total commercial
|
|
137
|
|
|
122
|
|
|
9
|
|
|
113
|
|
|
23
|
|
|||||
|
Total consumer and commercial finance receivables and loans
|
|
$
|
795
|
|
|
$
|
739
|
|
|
$
|
199
|
|
|
$
|
540
|
|
|
$
|
85
|
|
|
(a)
|
Adjusted for charge-offs.
|
|
|
|
2017
|
|
2016
|
||||||||||||
|
Three months ended March 31,
($ in millions)
|
|
Average balance
|
|
Interest income
|
|
Average balance
|
|
Interest income
|
||||||||
|
Consumer automotive
|
|
$
|
379
|
|
|
$
|
5
|
|
|
$
|
326
|
|
|
$
|
4
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
||||||||
|
Mortgage Finance
|
|
8
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||
|
Mortgage — Legacy
|
|
241
|
|
|
2
|
|
|
255
|
|
|
2
|
|
||||
|
Total consumer mortgage
|
|
249
|
|
|
2
|
|
|
264
|
|
|
2
|
|
||||
|
Total consumer
|
|
628
|
|
|
7
|
|
|
590
|
|
|
6
|
|
||||
|
Commercial
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
||||||||
|
Automotive
|
|
33
|
|
|
—
|
|
|
23
|
|
|
—
|
|
||||
|
Other
|
|
83
|
|
|
—
|
|
|
49
|
|
|
1
|
|
||||
|
Commercial real estate — Automotive
|
|
5
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
|
Total commercial
|
|
121
|
|
|
—
|
|
|
78
|
|
|
1
|
|
||||
|
Total consumer and commercial finance receivables and loans
|
|
$
|
749
|
|
|
$
|
7
|
|
|
$
|
668
|
|
|
$
|
7
|
|
|
|
2017
|
|
2016
|
||||||||||||||||||
|
Three months ended March 31,
($ in millions)
|
Number of loans
|
|
Pre-modification gross carrying value
|
|
Post-modification gross carrying value
|
|
Number of loans
|
|
Pre-modification gross carrying value
|
|
Post-modification gross carrying value
|
||||||||||
|
Consumer automotive
|
6,447
|
|
|
$
|
115
|
|
|
$
|
99
|
|
|
5,622
|
|
|
$
|
89
|
|
|
$
|
76
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mortgage Finance
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||
|
Mortgage — Legacy
|
53
|
|
|
12
|
|
|
12
|
|
|
31
|
|
|
4
|
|
|
4
|
|
||||
|
Total consumer mortgage
|
54
|
|
|
12
|
|
|
12
|
|
|
32
|
|
|
5
|
|
|
5
|
|
||||
|
Total consumer
|
6,501
|
|
|
127
|
|
|
111
|
|
|
5,654
|
|
|
94
|
|
|
81
|
|
||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automotive
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Other
|
1
|
|
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Commercial real estate — Automotive
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total commercial
|
1
|
|
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total consumer and commercial finance receivables and loans
|
6,502
|
|
|
$
|
150
|
|
|
$
|
134
|
|
|
5,654
|
|
|
$
|
94
|
|
|
$
|
81
|
|
|
|
|
2017
|
|
2016
|
||||||||||||||||||
|
Three months ended March 31,
($ in millions)
|
|
Number of loans
|
|
Gross carrying value
|
|
Charge-off amount
|
|
Number of loans
|
|
Gross carrying value
|
|
Charge-off amount
|
||||||||||
|
Consumer automotive
|
|
1,989
|
|
|
$
|
24
|
|
|
$
|
16
|
|
|
1,800
|
|
|
$
|
23
|
|
|
$
|
12
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mortgage Finance
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Mortgage — Legacy
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
|
Total consumer finance receivables and loans
|
|
1,990
|
|
|
$
|
25
|
|
|
$
|
16
|
|
|
1,801
|
|
|
$
|
23
|
|
|
$
|
12
|
|
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
Vehicles
|
|
$
|
13,240
|
|
|
$
|
14,584
|
|
|
Accumulated depreciation
|
|
(2,779
|
)
|
|
(3,114
|
)
|
||
|
Investment in operating leases, net
|
|
$
|
10,461
|
|
|
$
|
11,470
|
|
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
|
2017
|
|
2016
|
||||
|
Depreciation expense on operating lease assets (excluding remarketing gains and losses)
|
|
$
|
386
|
|
|
$
|
565
|
|
|
Remarketing losses (gains)
|
|
3
|
|
|
(55
|
)
|
||
|
Net depreciation expense on operating lease assets
|
|
$
|
389
|
|
|
$
|
510
|
|
|
($ in millions)
|
|
Carrying value of total assets
|
Carrying value of total liabilities
|
Assets sold to
nonconsolidated VIEs (a) |
|
Maximum exposure to
loss in nonconsolidated VIEs |
|||||||||||
|
March 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||
|
On-balance sheet variable interest entities
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automotive
|
|
$
|
19,632
|
|
(b)
|
$
|
8,298
|
|
(c)
|
|
|
|
|
||||
|
Commercial automotive
|
|
14,113
|
|
|
5,109
|
|
|
|
|
|
|
||||||
|
Off-balance sheet variable interest entities
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automotive
|
|
79
|
|
(d)
|
—
|
|
|
$
|
3,571
|
|
|
$
|
3,650
|
|
(e)
|
||
|
Commercial other
|
|
505
|
|
(f)
|
205
|
|
(g)
|
—
|
|
|
695
|
|
(h)
|
||||
|
Total
|
|
$
|
34,329
|
|
|
$
|
13,612
|
|
|
$
|
3,571
|
|
|
$
|
4,345
|
|
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||
|
On-balance sheet variable interest entities
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automotive
|
|
$
|
20,869
|
|
(b)
|
$
|
8,557
|
|
(c)
|
|
|
|
|
||||
|
Commercial automotive
|
|
16,278
|
|
|
4,764
|
|
|
|
|
|
|
||||||
|
Off-balance sheet variable interest entities
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automotive
|
|
24
|
|
(d)
|
—
|
|
|
$
|
2,899
|
|
|
$
|
2,923
|
|
(e)
|
||
|
Commercial other
|
|
460
|
|
(f)
|
169
|
|
(g)
|
—
|
|
|
651
|
|
(h)
|
||||
|
Total
|
|
$
|
37,631
|
|
|
$
|
13,490
|
|
|
$
|
2,899
|
|
|
$
|
3,574
|
|
|
|
(a)
|
Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs.
|
|
(b)
|
Includes
$9.2 billion
and
$9.6 billion
of assets that are not encumbered by VIE beneficial interests held by third parties at
March 31, 2017
, and
December 31, 2016
, respectively. Ally or consolidated affiliates hold the interests in these assets, which eliminate in consolidation.
|
|
(c)
|
Includes
$64 million
and
$50 million
of liabilities due to consolidated affiliates at
March 31, 2017
, and
December 31, 2016
, respectively. These liabilities are not obligations to third-party beneficial interest holders. These liabilities are secured by a portion of the unencumbered assets and eliminate in consolidation.
|
|
(d)
|
Includes
$52 million
classified as held-to-maturity securities and
$27 million
classified as other assets at
March 31, 2017
. Of the total amount at
March 31, 2017
,
$53 million
represents retained notes and certificated residual interests. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act,
requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations
, which became effective on December 24, 2016. Amounts at
December 31, 2016
, are classified as other assets.
|
|
(e)
|
Maximum exposure to loss represents the current unpaid principal balance of outstanding loans, retained notes, certificated residual interests, as well as certain noncertificated interests retained from the sale of automotive finance receivables. This measure is based on the very unlikely event that all of our sold loans have defects that would trigger a representation and warranty provision and the underlying collateral supporting the loans becomes worthless. This required disclosure is not an indication of our expected loss.
|
|
(f)
|
Amounts are classified as other assets.
|
|
(g)
|
Amounts are classified as accrued expenses and other liabilities.
|
|
(h)
|
For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the underlying properties cease generating yield to investors and the yield delivered to investors in the form of low income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss.
|
|
Three months ended March 31,
($ in millions)
|
|
Consumer automotive
|
||
|
2017
|
|
|
||
|
Cash proceeds from transfers completed during the period
|
|
$
|
1,138
|
|
|
Servicing fees
|
|
9
|
|
|
|
Other cash flows
|
|
2
|
|
|
|
2016
|
|
|
||
|
Cash proceeds from transfers completed during the period
|
|
$
|
1,025
|
|
|
Servicing fees
|
|
8
|
|
|
|
Other cash flows
|
|
2
|
|
|
|
|
|
Total Amount
|
|
Amount 60 days or more
past due |
||||||||||||
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||
|
On-balance sheet loans
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automotive
|
|
$
|
65,663
|
|
|
$
|
65,793
|
|
|
$
|
571
|
|
|
$
|
730
|
|
|
Consumer mortgage
|
|
10,938
|
|
|
11,050
|
|
|
80
|
|
|
85
|
|
||||
|
Commercial automotive
|
|
38,903
|
|
|
38,853
|
|
|
6
|
|
|
7
|
|
||||
|
Commercial other
|
|
3,499
|
|
|
3,248
|
|
|
—
|
|
|
—
|
|
||||
|
Total on-balance sheet loans
|
|
119,003
|
|
|
118,944
|
|
|
657
|
|
|
822
|
|
||||
|
Off-balance sheet securitization entities
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer automotive
|
|
3,067
|
|
|
2,392
|
|
|
12
|
|
|
13
|
|
||||
|
Total off-balance sheet securitization entities
|
|
3,067
|
|
|
2,392
|
|
|
12
|
|
|
13
|
|
||||
|
Whole-loan sales (a)
|
|
2,787
|
|
|
3,164
|
|
|
5
|
|
|
6
|
|
||||
|
Total
|
|
$
|
124,857
|
|
|
$
|
124,500
|
|
|
$
|
674
|
|
|
$
|
841
|
|
|
(a)
|
Whole-loan sales are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors.
|
|
|
|
Net credit losses
|
||||||
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
|
2017
|
|
2016
|
||||
|
On-balance sheet loans
|
|
|
|
|
||||
|
Consumer automotive
|
|
$
|
251
|
|
|
$
|
173
|
|
|
Consumer mortgage
|
|
2
|
|
|
6
|
|
||
|
Total on-balance sheet loans
|
|
253
|
|
|
179
|
|
||
|
Off-balance sheet securitization entities
|
|
|
|
|
||||
|
Consumer automotive
|
|
3
|
|
|
2
|
|
||
|
Total off-balance sheet securitization entities
|
|
3
|
|
|
2
|
|
||
|
Whole-loan sales (a)
|
|
1
|
|
|
—
|
|
||
|
Total
|
|
$
|
257
|
|
|
$
|
181
|
|
|
(a)
|
Whole-loan sales are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors.
|
|
($ in millions)
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
On-balance sheet automotive finance loans and leases
|
|
|
|
||||
|
Consumer automotive
|
$
|
65,464
|
|
|
$
|
65,646
|
|
|
Commercial automotive
|
38,903
|
|
|
38,853
|
|
||
|
Operating leases
|
10,332
|
|
|
11,311
|
|
||
|
Other
|
67
|
|
|
67
|
|
||
|
Off-balance sheet automotive finance loans
|
|
|
|
||||
|
Securitizations
|
3,103
|
|
|
2,412
|
|
||
|
Whole-loan
|
2,824
|
|
|
3,191
|
|
||
|
Total serviced automotive finance loans and leases
|
$
|
120,693
|
|
|
$
|
121,480
|
|
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
Property and equipment at cost
|
|
$
|
939
|
|
|
$
|
901
|
|
|
Accumulated depreciation
|
|
(542
|
)
|
|
(525
|
)
|
||
|
Net property and equipment
|
|
397
|
|
|
376
|
|
||
|
Restricted cash collections for securitization trusts (a)
|
|
1,359
|
|
|
1,694
|
|
||
|
Net deferred tax assets
|
|
900
|
|
|
994
|
|
||
|
Nonmarketable equity investments (b)
|
|
833
|
|
|
1,046
|
|
||
|
Accrued interest and rent receivables
|
|
457
|
|
|
476
|
|
||
|
Goodwill (c)
|
|
240
|
|
|
240
|
|
||
|
Other accounts receivable
|
|
165
|
|
|
100
|
|
||
|
Cash reserve deposits held-for-securitization trusts (d)
|
|
164
|
|
|
184
|
|
||
|
Cash collateral placed with counterparties
|
|
119
|
|
|
167
|
|
||
|
Restricted cash and cash equivalents
|
|
111
|
|
|
111
|
|
||
|
Fair value of derivative contracts in receivable position (e)
|
|
80
|
|
|
95
|
|
||
|
Other assets
|
|
1,309
|
|
|
1,371
|
|
||
|
Total other assets
|
|
$
|
6,134
|
|
|
$
|
6,854
|
|
|
(a)
|
Represents cash collections from customer payments on securitized receivables. These funds are distributed to investors as payments on the related secured debt.
|
|
(b)
|
Includes investments in FHLB stock of
$359 million
and
$577 million
at
March 31, 2017
, and
December 31, 2016
, respectively; and Federal Reserve Bank (FRB) stock of
$435 million
at both
March 31, 2017
, and
December 31, 2016
.
|
|
(c)
|
Includes goodwill of
$27 million
at our Insurance operations at both
March 31, 2017
, and
December 31, 2016
;
$193 million
within Corporate and Other at both
March 31, 2017
, and
December 31, 2016
; and
$20 million
within Automotive Finance operations at both
March 31, 2017
, and
December 31, 2016
. No changes to the carrying amount of goodwill were recorded during the three months ended
March 31, 2017
.
|
|
(d)
|
Represents credit enhancement in the form of cash reserves for various securitization transactions.
|
|
(e)
|
For additional information on derivative instruments and hedging activities, refer to
Note 19
.
|
|
(
$ in millions
)
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
Noninterest-bearing deposits
|
$
|
102
|
|
|
$
|
84
|
|
|
Interest-bearing deposits
|
|
|
|
||||
|
Savings and money market checking accounts
|
51,150
|
|
|
46,976
|
|
||
|
Certificates of deposit
|
33,148
|
|
|
31,795
|
|
||
|
Dealer deposits
|
86
|
|
|
167
|
|
||
|
Total deposit liabilities
|
$
|
84,486
|
|
|
$
|
79,022
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
($ in millions)
|
|
Unsecured
|
|
Secured (a)
|
|
Total
|
|
Unsecured
|
|
Secured (a)
|
|
Total
|
||||||||||||
|
Demand notes
|
|
$
|
3,652
|
|
|
$
|
—
|
|
|
$
|
3,652
|
|
|
$
|
3,622
|
|
|
$
|
—
|
|
|
$
|
3,622
|
|
|
Federal Home Loan Bank
|
|
—
|
|
|
1,850
|
|
|
1,850
|
|
|
—
|
|
|
7,875
|
|
|
7,875
|
|
||||||
|
Financial instruments sold under agreements to repurchase
|
|
—
|
|
|
1,620
|
|
|
1,620
|
|
|
—
|
|
|
1,176
|
|
|
1,176
|
|
||||||
|
Other
|
|
1,249
|
|
(b)
|
—
|
|
|
1,249
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total short-term borrowings
|
|
$
|
4,901
|
|
|
$
|
3,470
|
|
|
$
|
8,371
|
|
|
$
|
3,622
|
|
|
$
|
9,051
|
|
|
$
|
12,673
|
|
|
(a)
|
Refer to the section below titled
Long-term Debt
for further details on assets restricted as collateral for payment of the related debt.
|
|
(b)
|
Balance represents private unsecured committed credit facility and includes debt issuance costs of
$1 million
as of
March 31, 2017
. This debt is scheduled to mature in December 2017.
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
($ in millions)
|
|
Unsecured
|
|
Secured
|
|
Total
|
|
Unsecured
|
|
Secured
|
|
Total
|
||||||||||||
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Due within one year
|
|
$
|
2,329
|
|
|
$
|
9,048
|
|
|
$
|
11,377
|
|
|
$
|
4,274
|
|
|
$
|
10,279
|
|
|
$
|
14,553
|
|
|
Due after one year (a)
|
|
14,893
|
|
|
24,492
|
|
|
39,385
|
|
|
15,450
|
|
|
23,810
|
|
|
39,260
|
|
||||||
|
Fair value adjustment (b)
|
|
308
|
|
|
(9
|
)
|
|
299
|
|
|
326
|
|
|
(11
|
)
|
|
315
|
|
||||||
|
Total long-term debt (c)
|
|
$
|
17,530
|
|
|
$
|
33,531
|
|
|
$
|
51,061
|
|
|
$
|
20,050
|
|
|
$
|
34,078
|
|
|
$
|
54,128
|
|
|
(a)
|
Includes
$2.6 billion
of trust preferred securities at both March 31, 2017, and December 31, 2016.
|
|
(b)
|
Represents the fair value adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to
Note 19
for additional information.
|
|
(c)
|
Includes advances from the FHLB of Pittsburgh of
$6.1 billion
at both March 31, 2017, and December 31, 2016.
|
|
($ in millions)
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022 and thereafter
|
|
Fair value adjustment
|
|
Total
|
||||||||||||||||
|
Unsecured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Long-term debt
|
|
$
|
1,811
|
|
|
$
|
3,700
|
|
|
$
|
1,681
|
|
|
$
|
2,236
|
|
|
$
|
638
|
|
|
$
|
8,460
|
|
|
$
|
308
|
|
|
$
|
18,834
|
|
|
Original issue discount
|
|
(69
|
)
|
|
(101
|
)
|
|
(39
|
)
|
|
(39
|
)
|
|
(42
|
)
|
|
(1,014
|
)
|
|
—
|
|
|
(1,304
|
)
|
||||||||
|
Total unsecured
|
|
1,742
|
|
|
3,599
|
|
|
1,642
|
|
|
2,197
|
|
|
596
|
|
|
7,446
|
|
|
308
|
|
|
17,530
|
|
||||||||
|
Secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Long-term debt
|
|
7,575
|
|
|
8,534
|
|
|
8,080
|
|
|
5,175
|
|
|
2,558
|
|
|
1,618
|
|
|
(9
|
)
|
|
33,531
|
|
||||||||
|
Total long-term debt
|
|
$
|
9,317
|
|
|
$
|
12,133
|
|
|
$
|
9,722
|
|
|
$
|
7,372
|
|
|
$
|
3,154
|
|
|
$
|
9,064
|
|
|
$
|
299
|
|
|
$
|
51,061
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
($ in millions)
|
|
Total (a)
|
|
Ally Bank
|
|
Total (a)
|
|
Ally Bank
|
||||||||
|
Investment securities (b)
|
|
$
|
3,175
|
|
|
$
|
1,978
|
|
|
$
|
4,895
|
|
|
$
|
4,231
|
|
|
Mortgage assets held-for-investment and lending receivables
|
|
10,847
|
|
|
10,847
|
|
|
10,954
|
|
|
10,954
|
|
||||
|
Consumer automotive finance receivables (b)
|
|
26,420
|
|
|
4,523
|
|
|
27,846
|
|
|
5,751
|
|
||||
|
Commercial automotive finance receivables
|
|
17,901
|
|
|
17,709
|
|
|
19,487
|
|
|
19,280
|
|
||||
|
Investment in operating leases, net
|
|
1,412
|
|
|
314
|
|
|
2,040
|
|
|
913
|
|
||||
|
Total assets restricted as collateral (c) (d)
|
|
$
|
59,755
|
|
|
$
|
35,371
|
|
|
$
|
65,222
|
|
|
$
|
41,129
|
|
|
Secured debt
|
|
$
|
37,001
|
|
(e)
|
$
|
15,120
|
|
|
$
|
43,129
|
|
(e)
|
$
|
22,149
|
|
|
(a)
|
Ally Bank is a component of the total column.
|
|
(b)
|
A portion of the restricted investment securities and consumer automotive finance receivables are restricted under repurchase agreements. Refer to the section above titled
Short-term Borrowings
for information on the repurchase agreements.
|
|
(c)
|
Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling
$16.8 billion
and
$19.0 billion
at
March 31, 2017
, and
December 31, 2016
, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans and investment securities. 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
$2.3 billion
and
$2.4 billion
at
March 31, 2017
, and
December 31, 2016
, respectively. These assets were composed of consumer automotive finance receivables and loans and operating lease assets. 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.
|
|
(d)
|
Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the
Condensed Consolidated Balance Sheet
. Refer to
Note 12
for additional information.
|
|
(e)
|
Includes
$3.5 billion
and
$9.1 billion
of short-term borrowings at
March 31, 2017
, and
December 31, 2016
, respectively.
|
|
|
|
Outstanding
|
|
Unused capacity (a)
|
|
Total capacity
|
||||||||||||||||||
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Bank funding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Secured (b)
|
|
$
|
2,050
|
|
|
$
|
3,250
|
|
|
$
|
350
|
|
|
$
|
350
|
|
|
$
|
2,400
|
|
|
$
|
3,600
|
|
|
Parent funding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Secured
|
|
12,123
|
|
|
11,550
|
|
|
652
|
|
|
1,975
|
|
|
12,775
|
|
|
13,525
|
|
||||||
|
Unsecured
|
|
1,250
|
|
|
—
|
|
|
—
|
|
|
1,250
|
|
|
1,250
|
|
|
1,250
|
|
||||||
|
Total committed facilities
|
|
$
|
15,423
|
|
|
$
|
14,800
|
|
|
$
|
1,002
|
|
|
$
|
3,575
|
|
|
$
|
16,425
|
|
|
$
|
18,375
|
|
|
(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)
|
Excludes off-balance sheet credit facility amounts.
|
|
(
$ in millions
)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
Accounts payable
|
|
$
|
851
|
|
|
$
|
649
|
|
|
Reserves for insurance losses and loss adjustment expenses
|
|
175
|
|
|
149
|
|
||
|
Employee compensation and benefits
|
|
156
|
|
|
232
|
|
||
|
Fair value of derivative contracts in payable position (a)
|
|
81
|
|
|
95
|
|
||
|
Deferred revenue
|
|
47
|
|
|
56
|
|
||
|
Cash collateral received from counterparties
|
|
12
|
|
|
10
|
|
||
|
Other liabilities
|
|
600
|
|
|
546
|
|
||
|
Total accrued expenses and other liabilities
|
|
$
|
1,922
|
|
|
$
|
1,737
|
|
|
(a)
|
For additional information on derivative instruments and hedging activities, refer to
Note 19
.
|
|
($ in millions)
|
Unrealized (losses) gains on investment securities (a)
|
|
Translation adjustments and net investment hedges (b)
|
|
Cash flow hedges (b)
|
|
Defined benefit pension plans
|
|
Accumulated other comprehensive loss
|
||||||||||
|
Balance at December 31, 2015
|
$
|
(159
|
)
|
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
(89
|
)
|
|
$
|
(231
|
)
|
|
2016 net change
|
142
|
|
|
5
|
|
|
—
|
|
|
(1
|
)
|
|
146
|
|
|||||
|
Balance at March 31, 2016
|
$
|
(17
|
)
|
|
$
|
14
|
|
|
$
|
8
|
|
|
$
|
(90
|
)
|
|
$
|
(85
|
)
|
|
Balance at December 31, 2016
|
$
|
(273
|
)
|
|
$
|
14
|
|
|
$
|
8
|
|
|
$
|
(90
|
)
|
|
$
|
(341
|
)
|
|
2017 net change
|
21
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
20
|
|
|||||
|
Balance at March 31, 2017
|
$
|
(252
|
)
|
|
$
|
14
|
|
|
$
|
8
|
|
|
$
|
(91
|
)
|
|
$
|
(321
|
)
|
|
(a)
|
Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio.
|
|
(b)
|
For additional information on derivative instruments and hedging activities, refer to
Note 19
.
|
|
Three months ended March 31, 2017
($ in millions)
|
Before tax
|
|
Tax effect
|
|
After tax
|
||||||
|
Investment securities
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
$
|
51
|
|
|
$
|
(5
|
)
|
|
$
|
46
|
|
|
Less: Net realized gains reclassified to income from continuing operations
|
27
|
|
(a)
|
(2
|
)
|
(b)
|
25
|
|
|||
|
Net change
|
24
|
|
|
(3
|
)
|
|
21
|
|
|||
|
Translation adjustments
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
2
|
|
|
(1
|
)
|
|
1
|
|
|||
|
Net investment hedges (c)
|
|
|
|
|
|
||||||
|
Net unrealized losses arising during the period
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
|||
|
Defined benefit pension plans
|
|
|
|
|
|
||||||
|
Net unrealized losses arising during the period
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
|
Other comprehensive income
|
$
|
23
|
|
|
$
|
(3
|
)
|
|
$
|
20
|
|
|
(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 expense from continuing operations in our
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(c)
|
For additional information on derivative instruments and hedging activities, refer to
Note 19
.
|
|
Three months ended March 31, 2016
($ in millions)
|
Before tax
|
|
Tax effect
|
|
After tax
|
||||||
|
Investment securities
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
$
|
280
|
|
|
$
|
(104
|
)
|
|
$
|
176
|
|
|
Less: Net realized gains reclassified to income from continuing operations
|
54
|
|
(a)
|
(20
|
)
|
(b)
|
34
|
|
|||
|
Net change
|
226
|
|
|
(84
|
)
|
|
142
|
|
|||
|
Translation adjustments
|
|
|
|
|
|
||||||
|
Net unrealized gains arising during the period
|
13
|
|
|
(5
|
)
|
|
8
|
|
|||
|
Net investment hedges (c)
|
|
|
|
|
|
||||||
|
Net unrealized losses arising during the period
|
(6
|
)
|
|
3
|
|
|
(3
|
)
|
|||
|
Defined benefit pension plans
|
|
|
|
|
|
||||||
|
Net unrealized losses arising during the period
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
|
Other comprehensive income
|
$
|
232
|
|
|
$
|
(86
|
)
|
|
$
|
146
|
|
|
(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 expense from continuing operations in our
Condensed Consolidated Statement of Comprehensive Income
.
|
|
(c)
|
For additional information on derivative instruments and hedging activities, refer to
Note 19
.
|
|
|
|
Three months ended March 31,
|
||||||
|
(
$ in millions, except per share data; shares in thousands
) (a)
|
|
2017
|
|
2016
|
||||
|
Net income from continuing operations
|
|
$
|
213
|
|
|
$
|
247
|
|
|
Preferred stock dividends
|
|
—
|
|
|
(15
|
)
|
||
|
Net income from continuing operations attributable to common shareholders
|
|
213
|
|
|
232
|
|
||
|
Income from discontinued operations, net of tax
|
|
1
|
|
|
3
|
|
||
|
Net income attributable to common shareholders
|
|
$
|
214
|
|
|
$
|
235
|
|
|
Basic weighted-average common shares outstanding (b)
|
|
465,961
|
|
|
484,233
|
|
||
|
Diluted weighted-average common shares outstanding (b)
|
|
466,829
|
|
|
484,654
|
|
||
|
Basic earnings per common share
|
|
|
|
|
||||
|
Net income from continuing operations
|
|
$
|
0.46
|
|
|
$
|
0.48
|
|
|
Income from discontinued operations, net of tax
|
|
—
|
|
|
0.01
|
|
||
|
Net income
|
|
$
|
0.46
|
|
|
$
|
0.49
|
|
|
Diluted earnings per common share
|
|
|
|
|
||||
|
Net income from continuing operations
|
|
$
|
0.46
|
|
|
$
|
0.48
|
|
|
Income from discontinued operations, net of tax
|
|
—
|
|
|
0.01
|
|
||
|
Net income
|
|
$
|
0.46
|
|
|
$
|
0.49
|
|
|
(a)
|
Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
|
|
(b)
|
Includes shares related to share-based compensation that vested but were not yet issued for the
three months ended
March 31, 2017
, and
2016
, respectively.
|
|
|
March 31, 2017
|
|
December 31, 2016
|
|
Required
minimum |
|
Well-capitalized
minimum |
||||||||||||
|
(
$ in millions
)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
|||||||||||
|
Capital ratios
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Common Equity Tier 1 (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Ally Financial Inc.
|
$
|
12,923
|
|
|
9.40
|
%
|
|
$
|
12,978
|
|
|
9.37
|
%
|
|
4.50
|
%
|
|
(a)
|
|
|
Ally Bank
|
18,562
|
|
|
17.74
|
|
|
17,888
|
|
|
16.70
|
|
|
4.50
|
|
|
6.50
|
%
|
||
|
Tier 1 (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Ally Financial Inc.
|
$
|
15,245
|
|
|
11.09
|
%
|
|
$
|
15,147
|
|
|
10.93
|
%
|
|
6.00
|
%
|
|
6.00
|
%
|
|
Ally Bank
|
18,562
|
|
|
17.74
|
|
|
17,888
|
|
|
16.70
|
|
|
6.00
|
|
|
8.00
|
|
||
|
Total (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Ally Financial Inc.
|
$
|
17,459
|
|
|
12.70
|
%
|
|
$
|
17,419
|
|
|
12.57
|
%
|
|
8.00
|
%
|
|
10.00
|
%
|
|
Ally Bank
|
19,167
|
|
|
18.32
|
|
|
18,458
|
|
|
17.24
|
|
|
8.00
|
|
|
10.00
|
|
||
|
Tier 1 leverage (to adjusted quarterly average assets) (b)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Ally Financial Inc.
|
$
|
15,245
|
|
|
9.51
|
%
|
|
$
|
15,147
|
|
|
9.54
|
%
|
|
4.00
|
%
|
|
(a)
|
|
|
Ally Bank
|
18,562
|
|
|
15.38
|
|
|
17,888
|
|
|
15.21
|
|
|
15.00
|
|
(c)
|
5.00
|
%
|
||
|
(a)
|
Currently, there is no ratio component for determining whether a BHC is "well-capitalized."
|
|
(b)
|
Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.
|
|
(c)
|
Ally Bank has committed to the FRB to maintain a Tier 1 leverage ratio of at least
15%
.
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
|
|
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 designated as accounting hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Swaps (c) (d) (e)
|
|
$
|
18
|
|
|
$
|
17
|
|
|
$
|
3,939
|
|
|
$
|
19
|
|
|
$
|
21
|
|
|
$
|
4,731
|
|
|
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Forwards
|
|
—
|
|
|
1
|
|
|
150
|
|
|
1
|
|
|
—
|
|
|
171
|
|
||||||
|
Total derivatives designated as accounting hedges
|
|
18
|
|
|
18
|
|
|
4,089
|
|
|
20
|
|
|
21
|
|
|
4,902
|
|
||||||
|
Derivatives not designated as accounting hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Swaps
|
|
—
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
137
|
|
||||||
|
Futures and forwards
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Written options
|
|
—
|
|
|
62
|
|
|
13,432
|
|
|
—
|
|
|
73
|
|
|
14,518
|
|
||||||
|
Purchased options
|
|
62
|
|
|
—
|
|
|
13,407
|
|
|
73
|
|
|
—
|
|
|
14,517
|
|
||||||
|
Total interest rate risk
|
|
62
|
|
|
62
|
|
|
26,907
|
|
|
73
|
|
|
73
|
|
|
29,172
|
|
||||||
|
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Futures and forwards
|
|
—
|
|
|
1
|
|
|
94
|
|
|
1
|
|
|
—
|
|
|
92
|
|
||||||
|
Total foreign exchange risk
|
|
—
|
|
|
1
|
|
|
94
|
|
|
1
|
|
|
—
|
|
|
92
|
|
||||||
|
Equity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Written options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||
|
Purchased options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||||
|
Total equity risk
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
||||||
|
Total derivatives not designated as accounting hedges
|
|
62
|
|
|
63
|
|
|
27,001
|
|
|
75
|
|
|
74
|
|
|
29,264
|
|
||||||
|
Total derivatives
|
|
$
|
80
|
|
|
$
|
81
|
|
|
$
|
31,090
|
|
|
$
|
95
|
|
|
$
|
95
|
|
|
$
|
34,166
|
|
|
(a)
|
Derivative contracts in a receivable position are classified as other assets on the
Condensed Consolidated Balance Sheet
, and include accrued interest of
$3 million
and
$7 million
at
March 31, 2017
, and
December 31, 2016
, respectively.
|
|
(b)
|
Derivative contracts in a liability position are classified as accrued expenses and other liabilities on the
Condensed Consolidated Balance Sheet
, and include accrued interest of
$0 million
and
$1 million
at
March 31, 2017
, and
December 31, 2016
, respectively.
|
|
(c)
|
Includes fair value hedges consisting of receive-fixed swaps on fixed-rate unsecured debt obligations with
$11 million
and
$8 million
in a receivable position,
$18 million
and
$14 million
in a payable position, and a
$2.6 billion
and
$1.7 billion
notional amount at
March 31, 2017
, and
December 31, 2016
, respectively. The hedge notional amount of
$2.6 billion
at
March 31, 2017
, is associated with debt maturing in approximately five or more years.
|
|
(d)
|
Includes fair value hedges consisting of receive-fixed swaps on fixed-rate secured debt obligations (FHLB advances) with
$0 million
and
$0 million
in a receivable position,
$0 million
and
$7 million
in a payable position, and a
$0 million
and
$240 million
notional amount at
March 31, 2017
, and
December 31, 2016
, respectively.
|
|
(e)
|
Other fair value hedges include pay-fixed swaps on portfolios of held-for-investment automotive loan assets with
$7 million
and
$10 million
in a receivable position,
$0 million
and
$1 million
in a payable position, and a
$1.4 billion
and
$2.8 billion
notional amount at
March 31, 2017
, and
December 31, 2016
, respectively.
|
|
|
|
Three months ended March 31,
|
||||||
|
(
$ in millions
)
|
|
2017
|
|
2016
|
||||
|
Derivatives qualifying for hedge accounting
|
|
|
|
|
||||
|
Gain (loss) recognized in earnings on derivatives
|
|
|
|
|
||||
|
Interest rate contracts
|
|
|
|
|
||||
|
Interest and fees on finance receivables and loans (a)
|
|
$
|
2
|
|
|
$
|
(28
|
)
|
|
Interest on long-term debt (b) (c)
|
|
4
|
|
|
191
|
|
||
|
(Loss) gain recognized in earnings on hedged items
|
|
|
|
|
||||
|
Interest rate contracts
|
|
|
|
|
||||
|
Interest and fees on finance receivables and loans (d)
|
|
(4
|
)
|
|
28
|
|
||
|
Interest on long-term debt (e) (f)
|
|
(3
|
)
|
|
(196
|
)
|
||
|
Total derivatives qualifying for hedge accounting
|
|
(1
|
)
|
|
(5
|
)
|
||
|
Derivatives not designated as accounting hedges
|
|
|
|
|
||||
|
(Loss) gain recognized in earnings on derivatives
|
|
|
|
|
||||
|
Interest rate contracts
|
|
|
|
|
||||
|
Other income, net of losses
|
|
(2
|
)
|
|
2
|
|
||
|
Total interest rate contracts
|
|
(2
|
)
|
|
2
|
|
||
|
Foreign exchange contracts (g)
|
|
|
|
|
||||
|
Interest on long-term debt
|
|
—
|
|
|
(1
|
)
|
||
|
Other income, net of losses
|
|
(1
|
)
|
|
(4
|
)
|
||
|
Total foreign exchange contracts
|
|
(1
|
)
|
|
(5
|
)
|
||
|
Equity contracts
|
|
|
|
|
||||
|
Compensation and benefits expense
|
|
—
|
|
|
(1
|
)
|
||
|
Total equity contracts
|
|
—
|
|
|
(1
|
)
|
||
|
Loss recognized in earnings on derivatives
|
|
$
|
(4
|
)
|
|
$
|
(9
|
)
|
|
(a)
|
Amounts exclude losses related to interest for qualifying accounting hedges of retail automotive loans held-for-investment, which are primarily offset by the fixed coupon payments of the loans. The losses were
$1 million
and
$7 million
for the
three months ended
March 31, 2017
, and
2016
, respectively.
|
|
(b)
|
Amounts exclude gains related to interest for qualifying accounting hedges of unsecured debt, which are primarily offset by the fixed coupon payment on the long-term debt. The gains were
$5 million
and
$16 million
for the
three months ended
March 31, 2017
, and
2016
, respectively.
|
|
(c)
|
Amounts exclude gains related to interest for qualifying accounting hedges of secured debt (FHLB advances), which are primarily offset by the fixed coupon payment on the long-term debt. The gains were
$0 million
and
$1 million
for the
three months ended
March 31, 2017
, and
2016
, respectively.
|
|
(d)
|
Amounts exclude losses related to amortization of deferred loan basis adjustments on the de-designated hedged item of
$5 million
for both the
three months ended
March 31, 2017
, and
2016
.
|
|
(e)
|
Amounts exclude gains related to amortization of deferred debt basis adjustments on the de-designated hedged item of
$20 million
and
$18 million
for the
three months ended
March 31, 2017
, and
2016
, respectively.
|
|
(f)
|
Amounts exclude losses related to amortization of deferred debt basis adjustments (FHLB advances) on the de-designated hedge item of
$1 million
and
$0 million
for the three months ended March 31, 2017, and 2016, respectively.
|
|
(g)
|
Amounts exclude gains and losses related to the revaluation of the related foreign-denominated debt or receivable. Gains of
$1 million
and
$4 million
were recognized for the
three months ended
March 31, 2017
, and
2016
, 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 for the
three months ended
March 31, 2017
.
|
|
•
|
Available-for-sale securities
— All classes of 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).
|
|
•
|
Interests retained in financial asset sales
— Includes certain noncertificated interests retained from the sale of automotive finance receivables. 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, options of Eurodollar futures, and equity options. 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
|
||||||||||||||
|
March 31, 2017
($ in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
|
||||||||
|
Investment securities
|
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. Treasury
|
|
$
|
2,225
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,225
|
|
|
U.S. States and political subdivisions
|
|
—
|
|
|
795
|
|
|
—
|
|
|
795
|
|
||||
|
Foreign government
|
|
9
|
|
|
137
|
|
|
—
|
|
|
146
|
|
||||
|
Agency mortgage-backed residential
|
|
—
|
|
|
11,862
|
|
|
—
|
|
|
11,862
|
|
||||
|
Mortgage-backed residential
|
|
—
|
|
|
1,996
|
|
|
—
|
|
|
1,996
|
|
||||
|
Mortgage-backed commercial
|
|
—
|
|
|
534
|
|
|
—
|
|
|
534
|
|
||||
|
Asset-backed
|
|
—
|
|
|
1,051
|
|
|
—
|
|
|
1,051
|
|
||||
|
Corporate debt
|
|
—
|
|
|
1,255
|
|
|
—
|
|
|
1,255
|
|
||||
|
Total debt securities
|
|
2,234
|
|
|
17,630
|
|
|
—
|
|
|
19,864
|
|
||||
|
Equity securities (a)
|
|
444
|
|
|
—
|
|
|
—
|
|
|
444
|
|
||||
|
Total available-for-sale securities
|
|
2,678
|
|
|
17,630
|
|
|
—
|
|
|
20,308
|
|
||||
|
Mortgage loans held-for-sale
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
|
Interests retained in financial asset sales
|
|
—
|
|
|
—
|
|
|
31
|
|
|
31
|
|
||||
|
Derivative contracts in a receivable position (b)
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate
|
|
—
|
|
|
80
|
|
|
—
|
|
|
80
|
|
||||
|
Total derivative contracts in a receivable position
|
|
—
|
|
|
80
|
|
|
—
|
|
|
80
|
|
||||
|
Total assets
|
|
$
|
2,678
|
|
|
$
|
17,710
|
|
|
$
|
32
|
|
|
$
|
20,420
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
|
||||||||
|
Derivative contracts in a payable position (b)
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate
|
|
$
|
—
|
|
|
$
|
(80
|
)
|
|
$
|
—
|
|
|
$
|
(80
|
)
|
|
Foreign currency
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
|
Total derivative contracts in a payable position
|
|
—
|
|
|
(81
|
)
|
|
—
|
|
|
(81
|
)
|
||||
|
Total liabilities
|
|
$
|
—
|
|
|
$
|
(81
|
)
|
|
$
|
—
|
|
|
$
|
(81
|
)
|
|
(a)
|
Our investment in any one industry did not exceed
16%
.
|
|
(b)
|
For additional information on derivative instruments and hedging activities, refer to
Note 19
.
|
|
|
|
Recurring fair value measurements
|
||||||||||||||
|
December 31, 2016
($ in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
|
||||||||
|
Investment securities
|
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
|
Debt securities
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. Treasury
|
|
$
|
1,620
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,620
|
|
|
U.S. States and political subdivisions
|
|
—
|
|
|
782
|
|
|
—
|
|
|
782
|
|
||||
|
Foreign government
|
|
11
|
|
|
151
|
|
|
—
|
|
|
162
|
|
||||
|
Agency mortgage-backed residential
|
|
—
|
|
|
10,290
|
|
|
—
|
|
|
10,290
|
|
||||
|
Mortgage-backed residential
|
|
—
|
|
|
2,097
|
|
|
—
|
|
|
2,097
|
|
||||
|
Mortgage-backed commercial
|
|
—
|
|
|
537
|
|
|
—
|
|
|
537
|
|
||||
|
Asset-backed
|
|
—
|
|
|
1,400
|
|
|
—
|
|
|
1,400
|
|
||||
|
Corporate debt
|
|
—
|
|
|
1,443
|
|
|
—
|
|
|
1,443
|
|
||||
|
Total debt securities
|
|
1,631
|
|
|
16,700
|
|
|
—
|
|
|
18,331
|
|
||||
|
Equity securities (a)
|
|
595
|
|
|
—
|
|
|
—
|
|
|
595
|
|
||||
|
Total available-for-sale securities
|
|
2,226
|
|
|
16,700
|
|
|
—
|
|
|
18,926
|
|
||||
|
Other assets
|
|
|
|
|
|
|
|
|
||||||||
|
Interests retained in financial asset sales
|
|
—
|
|
|
—
|
|
|
29
|
|
|
29
|
|
||||
|
Derivative contracts in a receivable position (b)
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate
|
|
—
|
|
|
92
|
|
|
—
|
|
|
92
|
|
||||
|
Foreign currency
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
|
Other
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
|
Total derivative contracts in a receivable position
|
|
1
|
|
|
94
|
|
|
—
|
|
|
95
|
|
||||
|
Total assets
|
|
$
|
2,227
|
|
|
$
|
16,794
|
|
|
$
|
29
|
|
|
$
|
19,050
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
|
||||||||
|
Derivative contracts in a payable position (b)
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate
|
|
$
|
—
|
|
|
$
|
(94
|
)
|
|
$
|
—
|
|
|
$
|
(94
|
)
|
|
Other
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
|
Total derivative contracts in a payable position
|
|
(1
|
)
|
|
(94
|
)
|
|
—
|
|
|
(95
|
)
|
||||
|
Total liabilities
|
|
$
|
(1
|
)
|
|
$
|
(94
|
)
|
|
$
|
—
|
|
|
$
|
(95
|
)
|
|
(a)
|
Our investment in any one industry did not exceed
14%
.
|
|
(b)
|
For additional information on derivative instruments and hedging activities, refer to
Note 19
.
|
|
|
Level 3 recurring fair value measurements
|
|||||||||||||||||||||||||||
|
|
|
Net realized/unrealized
gains |
|
|
|
|
Fair value at
March 31, 2017 |
Net unrealized gains included in earnings
still held at March 31, 2017 |
||||||||||||||||||||
|
($ in millions)
|
Fair value at Jan. 1, 2017
|
included in earnings
|
|
included in OCI
|
Purchases
|
Sales
|
Issuances
|
Settlements
|
||||||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Mortgage loans held-for-sale
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
3
|
|
$
|
(2
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
1
|
|
$
|
—
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interests retained in financial asset sales
|
29
|
|
—
|
|
|
—
|
|
—
|
|
4
|
|
—
|
|
(2
|
)
|
31
|
|
—
|
|
|||||||||
|
Total assets
|
$
|
29
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
3
|
|
$
|
2
|
|
$
|
—
|
|
$
|
(2
|
)
|
$
|
32
|
|
$
|
—
|
|
|
|
Level 3 recurring fair value measurements
|
|||||||||||||||||||||||||||
|
|
Fair value at Jan. 1, 2016
|
Net realized/unrealized
gains |
Purchases
|
Sales
|
Issuances
|
Settlements
|
Fair value at
March 31, 2016 |
Net unrealized gains included in earnings
still held at March 31, 2016 |
||||||||||||||||||||
|
($ in millions)
|
included in earnings
|
|
included in OCI
|
|||||||||||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interests retained in financial asset sales
|
$
|
40
|
|
$
|
2
|
|
(a)
|
$
|
—
|
|
$
|
—
|
|
$
|
4
|
|
$
|
—
|
|
$
|
(15
|
)
|
$
|
31
|
|
$
|
—
|
|
|
Total assets
|
$
|
40
|
|
$
|
2
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
4
|
|
$
|
—
|
|
$
|
(15
|
)
|
$
|
31
|
|
$
|
—
|
|
|
(a)
|
Reported as other income, net of losses, in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
|
|
Nonrecurring
fair value measurements |
|
Lower-of-cost or
fair value or valuation reserve allowance |
|
Total gain (loss) included in earnings for
the three months ended
|
|
||||||||||||||||
|
March 31, 2017
($ in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial finance receivables and loans, net (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automotive
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
29
|
|
|
$
|
(3
|
)
|
|
n/m
|
(b)
|
|
Other
|
|
—
|
|
|
—
|
|
|
61
|
|
|
61
|
|
|
(21
|
)
|
|
n/m
|
(b)
|
|||||
|
Total commercial finance receivables and loans, net
|
|
—
|
|
|
—
|
|
|
90
|
|
|
90
|
|
|
(24
|
)
|
|
n/m
|
(b)
|
|||||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Repossessed and foreclosed assets (c)
|
|
—
|
|
|
—
|
|
|
15
|
|
|
15
|
|
|
(2
|
)
|
|
n/m
|
(b)
|
|||||
|
Other
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
n/m
|
(b)
|
|||||
|
Total assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
109
|
|
|
$
|
109
|
|
|
$
|
(26
|
)
|
|
n/m
|
|
|
(a)
|
Represents the portion of the portfolio specifically impaired during
2017
. 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.
|
|
|
|
Nonrecurring
fair value measurements |
|
Lower-of-cost or
fair value or valuation reserve allowance |
|
Total gain (loss) included in earnings for
the three months ended
|
|
||||||||||||||||
|
March 31, 2016
($ in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Loans held-for-sale, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
n/m
|
(a)
|
|
Commercial finance receivables and loans, net (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Automotive
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
|
(3
|
)
|
|
n/m
|
(a)
|
|||||
|
Other
|
|
—
|
|
|
—
|
|
|
28
|
|
|
28
|
|
|
(15
|
)
|
|
n/m
|
(a)
|
|||||
|
Total commercial finance receivables and loans, net
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
|
(18
|
)
|
|
n/m
|
(a)
|
|||||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Repossessed and foreclosed assets (c)
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
(3
|
)
|
|
n/m
|
(a)
|
|||||
|
Other
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
n/m
|
(a)
|
|||||
|
Total assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102
|
|
|
$
|
102
|
|
|
$
|
(21
|
)
|
|
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
2016
. 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.
|
|
|
|
|
Estimated fair value
|
||||||||||||||||
|
($ in millions)
|
Carrying value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
|
March 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Held-to-maturity securities
|
$
|
1,104
|
|
|
$
|
—
|
|
|
$
|
1,063
|
|
|
$
|
—
|
|
|
$
|
1,063
|
|
|
Finance receivables and loans, net
|
117,847
|
|
|
—
|
|
|
—
|
|
|
119,420
|
|
|
119,420
|
|
|||||
|
Nonmarketable equity investments
|
833
|
|
|
—
|
|
|
795
|
|
|
59
|
|
|
854
|
|
|||||
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposit liabilities
|
$
|
84,486
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
82,715
|
|
|
$
|
82,715
|
|
|
Short-term borrowings
|
8,371
|
|
|
—
|
|
|
—
|
|
|
8,372
|
|
|
8,372
|
|
|||||
|
Long-term debt
|
51,061
|
|
|
—
|
|
|
19,604
|
|
|
33,511
|
|
|
53,115
|
|
|||||
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Held-to-maturity securities
|
$
|
839
|
|
|
$
|
—
|
|
|
$
|
789
|
|
|
$
|
—
|
|
|
$
|
789
|
|
|
Finance receivables and loans, net
|
117,800
|
|
|
—
|
|
|
—
|
|
|
118,750
|
|
|
118,750
|
|
|||||
|
Nonmarketable equity investments
|
1,046
|
|
|
—
|
|
|
1,012
|
|
|
55
|
|
|
1,067
|
|
|||||
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposit liabilities
|
$
|
79,022
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
78,469
|
|
|
$
|
78,469
|
|
|
Short-term borrowings
|
12,673
|
|
|
—
|
|
|
—
|
|
|
12,675
|
|
|
12,675
|
|
|||||
|
Long-term debt
|
54,128
|
|
|
—
|
|
|
22,036
|
|
|
34,084
|
|
|
56,120
|
|
|||||
|
•
|
Cash and cash equivalents
— Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. Classified as Level 1 under the fair value hierarchy, cash and cash equivalents generally expose us to limited credit risk and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates. Accordingly, the carrying value approximates the fair value of these instruments.
|
|
•
|
Held-to-maturity securities
— Held-to-maturity securities, which consist of asset-backed retained notes and residential mortgage-backed debt securities issued by government agencies, are carried at amortized cost. For fair value disclosure purposes, held-to-maturity securities are classified as Level 2, with fair value based on observable market prices, when available.
|
|
•
|
Finance receivables and loans, net
— With the exception of mortgage loans held-for-investment, the fair value of finance receivables and loans was based on discounted future cash flows using applicable spreads to approximate current rates applicable to each category of finance receivables and loans (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
|
|
•
|
Nonmarketable equity investments
— Nonmarketable equity investments primarily include investments in FHLB and FRB stock and other equity investments carried at cost. As a member of the FHLB and FRB, Ally Bank is required to hold FHLB and FRB stock. The stock can be sold only to the FHLB and FRB upon termination of membership, or redeemed at the sole discretion of the FHLB and FRB, respectively. The fair value of FHLB and FRB stock is equal to the stock’s par value since the stock is bought, sold, and/or redeemed at par. FHLB and FRB stock is carried at cost, which generally represents the stock’s par value.
|
|
•
|
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 was estimated by discounting projected cash flows based on discount factors derived from the forward interest rate swap curve.
|
|
•
|
Short-term borrowings and Long-term debt
— Level 2 debt was valued using quoted market prices for similar instruments, when available, or other means for substantiation with observable inputs. Debt valued by discounting projected cash flows using internally derived inputs, such as prepayment speeds and discount rates, was classified as Level 3.
|
|
•
|
Financial instruments for which carrying value approximates fair value
— Certain financial instruments that are not carried at fair value on the consolidated balance sheet are carried at amounts that approximate fair value primarily due to their short term nature and limited credit risk. These instruments include restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, and other short term receivables and payables.
|
|
|
|
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
|
|
|
|||||||||||||||||
|
March 31, 2017
($ in millions)
|
|
|
|
|
Financial instruments
|
|
Collateral
(a) (b) (c) |
|
Net amount
|
|||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Derivative assets in net asset positions
|
|
$
|
78
|
|
|
$
|
—
|
|
|
$
|
78
|
|
|
$
|
(5
|
)
|
|
$
|
(8
|
)
|
|
$
|
65
|
|
|
Derivative assets in net liability positions
|
|
2
|
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||||
|
Total assets (d)
|
|
$
|
80
|
|
|
$
|
—
|
|
|
$
|
80
|
|
|
$
|
(7
|
)
|
|
$
|
(8
|
)
|
|
$
|
65
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Derivative liabilities in net liability positions
|
|
$
|
(76
|
)
|
|
$
|
—
|
|
|
$
|
(76
|
)
|
|
$
|
2
|
|
|
$
|
14
|
|
|
$
|
(60
|
)
|
|
Derivative liabilities in net asset positions
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|
5
|
|
|
—
|
|
|
—
|
|
||||||
|
Total derivative liabilities (d)
|
|
(81
|
)
|
|
—
|
|
|
(81
|
)
|
|
7
|
|
|
14
|
|
|
(60
|
)
|
||||||
|
Securities sold under agreements to repurchase (e)
|
|
(1,146
|
)
|
|
—
|
|
|
(1,146
|
)
|
|
—
|
|
|
1,146
|
|
|
—
|
|
||||||
|
Total liabilities
|
|
$
|
(1,227
|
)
|
|
$
|
—
|
|
|
$
|
(1,227
|
)
|
|
$
|
7
|
|
|
$
|
1,160
|
|
|
$
|
(60
|
)
|
|
(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.
|
|
(b)
|
Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received.
$6 million
of noncash derivative collateral pledged to us was excluded at
March 31, 2017
.
We do not record such collateral received on our
Condensed Consolidated Balance Sheet
unless certain conditions are met.
|
|
(c)
|
Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. Noncash collateral pledged to us where the agreement grants us the right to sell or pledge the underlying assets had a fair value of
$6 million
at
March 31, 2017
. We have not sold or pledged any of the noncash collateral received under these agreements as of
March 31, 2017
.
|
|
(d)
|
For additional information on derivative instruments and hedging activities, refer to
Note 19
.
|
|
(e)
|
For additional information on securities sold under agreements to repurchase, refer to
Note 14
.
|
|
|
|
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, 2016 (
$ in millions
)
|
|
|
|
|
Financial instruments
|
|
Collateral
(a) (b) (c) |
|
Net amount
|
|||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Derivative assets in net asset positions
|
|
$
|
87
|
|
|
$
|
—
|
|
|
$
|
87
|
|
|
$
|
(4
|
)
|
|
$
|
(9
|
)
|
|
$
|
74
|
|
|
Derivative assets in net liability positions
|
|
8
|
|
|
—
|
|
|
8
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
||||||
|
Total assets (d)
|
|
$
|
95
|
|
|
$
|
—
|
|
|
$
|
95
|
|
|
$
|
(12
|
)
|
|
$
|
(9
|
)
|
|
$
|
74
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Derivative liabilities in net liability positions
|
|
$
|
(91
|
)
|
|
$
|
—
|
|
|
$
|
(91
|
)
|
|
$
|
8
|
|
|
$
|
13
|
|
|
$
|
(70
|
)
|
|
Derivative liabilities in net asset positions
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|
4
|
|
|
—
|
|
|
—
|
|
||||||
|
Total derivative liabilities (d)
|
|
(95
|
)
|
|
—
|
|
|
(95
|
)
|
|
12
|
|
|
13
|
|
|
(70
|
)
|
||||||
|
Securities sold under agreements to repurchase (e)
|
|
(676
|
)
|
|
—
|
|
|
(676
|
)
|
|
—
|
|
|
676
|
|
|
—
|
|
||||||
|
Total liabilities
|
|
$
|
(771
|
)
|
|
$
|
—
|
|
|
$
|
(771
|
)
|
|
$
|
12
|
|
|
$
|
689
|
|
|
$
|
(70
|
)
|
|
(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.
|
|
(b)
|
Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received.
$6 million
of noncash derivative collateral pledged to us was excluded at December 31, 2016. We do not record such collateral received on our
Condensed Consolidated Balance Sheet
unless certain conditions are met.
|
|
(c)
|
Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. Noncash collateral pledged to us where the agreement grants us the right to sell or pledge the underlying assets had a fair value of
$6 million
at December 31, 2016. We have not sold or pledged any of the noncash collateral received under these agreements as of December 31, 2016.
|
|
(d)
|
For additional information on derivative instruments and hedging activities, refer to
Note 19
.
|
|
(e)
|
For additional information on securities sold under agreements to repurchase, refer to
Note 14
.
|
|
Three months ended March 31,
($ in millions)
|
|
Automotive Finance operations
|
|
Insurance operations
|
|
Mortgage Finance operations
|
|
Corporate Finance operations
|
|
Corporate and Other
|
|
Consolidated (a)
|
||||||||||||
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net financing revenue and other interest income
|
|
$
|
892
|
|
|
$
|
15
|
|
|
$
|
34
|
|
|
$
|
34
|
|
|
$
|
4
|
|
|
$
|
979
|
|
|
Other revenue
|
|
101
|
|
|
264
|
|
|
—
|
|
|
18
|
|
|
13
|
|
|
396
|
|
||||||
|
Total net revenue
|
|
993
|
|
|
279
|
|
|
34
|
|
|
52
|
|
|
17
|
|
|
1,375
|
|
||||||
|
Provision for loan losses
|
|
268
|
|
|
—
|
|
|
1
|
|
|
6
|
|
|
(4
|
)
|
|
271
|
|
||||||
|
Total noninterest expense
|
|
437
|
|
|
239
|
|
|
24
|
|
|
21
|
|
|
57
|
|
|
778
|
|
||||||
|
Income (loss) from continuing operations before income tax expense
|
|
$
|
288
|
|
|
$
|
40
|
|
|
$
|
9
|
|
|
$
|
25
|
|
|
$
|
(36
|
)
|
|
$
|
326
|
|
|
Total assets
|
|
$
|
115,154
|
|
|
$
|
7,230
|
|
|
$
|
8,362
|
|
|
$
|
3,438
|
|
|
$
|
27,917
|
|
|
$
|
162,101
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net financing revenue and other interest income (loss)
|
|
$
|
896
|
|
|
$
|
14
|
|
|
$
|
20
|
|
|
$
|
28
|
|
|
$
|
(7
|
)
|
|
$
|
951
|
|
|
Other revenue
|
|
77
|
|
|
254
|
|
|
—
|
|
|
6
|
|
|
39
|
|
|
376
|
|
||||||
|
Total net revenue
|
|
973
|
|
|
268
|
|
|
20
|
|
|
34
|
|
|
32
|
|
|
1,327
|
|
||||||
|
Provision for loan losses
|
|
209
|
|
|
—
|
|
|
3
|
|
|
6
|
|
|
2
|
|
|
220
|
|
||||||
|
Total noninterest expense
|
|
427
|
|
|
218
|
|
|
15
|
|
|
17
|
|
|
33
|
|
|
710
|
|
||||||
|
Income (loss) from continuing operations before income tax expense
|
|
$
|
337
|
|
|
$
|
50
|
|
|
$
|
2
|
|
|
$
|
11
|
|
|
$
|
(3
|
)
|
|
$
|
397
|
|
|
Total assets
|
|
$
|
112,289
|
|
|
$
|
7,194
|
|
|
$
|
7,493
|
|
|
$
|
2,839
|
|
|
$
|
26,690
|
|
|
$
|
156,505
|
|
|
(a)
|
Net financing revenue and other interest income after the provision for loan losses totaled
$708 million
and
$731 million
for the
three months ended
March 31, 2017
, and
2016
, respectively.
|
|
Three months ended March 31, 2017
($ in millions)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
|
Financing (loss) revenue and other interest income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest and fees on finance receivables and loans
|
|
$
|
(35
|
)
|
|
$
|
—
|
|
|
$
|
1,403
|
|
|
$
|
—
|
|
|
$
|
1,368
|
|
|
Interest and fees on finance receivables and loans — intercompany
|
|
4
|
|
|
—
|
|
|
3
|
|
|
(7
|
)
|
|
—
|
|
|||||
|
Interest and dividends on investment securities and other earning assets
|
|
—
|
|
|
—
|
|
|
135
|
|
|
(1
|
)
|
|
134
|
|
|||||
|
Interest on cash and cash equivalents
|
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
5
|
|
|||||
|
Interest-bearing cash — intercompany
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|||||
|
Operating leases
|
|
3
|
|
|
—
|
|
|
540
|
|
|
—
|
|
|
543
|
|
|||||
|
Total financing (loss) revenue and other interest income
|
|
(26
|
)
|
|
—
|
|
|
2,085
|
|
|
(9
|
)
|
|
2,050
|
|
|||||
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest on deposits
|
|
1
|
|
|
—
|
|
|
230
|
|
|
—
|
|
|
231
|
|
|||||
|
Interest on short-term borrowings
|
|
17
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
27
|
|
|||||
|
Interest on long-term debt
|
|
281
|
|
|
—
|
|
|
143
|
|
|
—
|
|
|
424
|
|
|||||
|
Interest on intercompany debt
|
|
4
|
|
|
—
|
|
|
4
|
|
|
(8
|
)
|
|
—
|
|
|||||
|
Total interest expense
|
|
303
|
|
|
—
|
|
|
387
|
|
|
(8
|
)
|
|
682
|
|
|||||
|
Net depreciation expense on operating lease assets
|
|
2
|
|
|
—
|
|
|
387
|
|
|
—
|
|
|
389
|
|
|||||
|
Net financing revenue
|
|
(331
|
)
|
|
—
|
|
|
1,311
|
|
|
(1
|
)
|
|
979
|
|
|||||
|
Cash dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
|
41
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
—
|
|
|||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Insurance premiums and service revenue earned
|
|
—
|
|
|
—
|
|
|
241
|
|
|
—
|
|
|
241
|
|
|||||
|
(Loss) gain on mortgage and automotive loans, net
|
|
(2
|
)
|
|
—
|
|
|
16
|
|
|
—
|
|
|
14
|
|
|||||
|
Loss on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||
|
Other gain on investments, net
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
|||||
|
Other income, net of losses
|
|
268
|
|
|
—
|
|
|
224
|
|
|
(377
|
)
|
|
115
|
|
|||||
|
Total other revenue
|
|
266
|
|
|
—
|
|
|
507
|
|
|
(377
|
)
|
|
396
|
|
|||||
|
Total net revenue
|
|
(24
|
)
|
|
—
|
|
|
1,818
|
|
|
(419
|
)
|
|
1,375
|
|
|||||
|
Provision for loan losses
|
|
107
|
|
|
—
|
|
|
164
|
|
|
—
|
|
|
271
|
|
|||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation and benefits expense
|
|
122
|
|
|
—
|
|
|
163
|
|
|
—
|
|
|
285
|
|
|||||
|
Insurance losses and loss adjustment expenses
|
|
—
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
88
|
|
|||||
|
Other operating expenses
|
|
288
|
|
|
—
|
|
|
494
|
|
|
(377
|
)
|
|
405
|
|
|||||
|
Total noninterest expense
|
|
410
|
|
|
—
|
|
|
745
|
|
|
(377
|
)
|
|
778
|
|
|||||
|
(Loss) income from continuing operations before income tax (benefit) expense and undistributed income (loss) of subsidiaries
|
|
(541
|
)
|
|
—
|
|
|
909
|
|
|
(42
|
)
|
|
326
|
|
|||||
|
Income tax (benefit) expense from continuing operations
|
|
(134
|
)
|
|
—
|
|
|
247
|
|
|
—
|
|
|
113
|
|
|||||
|
Net (loss) income from continuing operations
|
|
(407
|
)
|
|
—
|
|
|
662
|
|
|
(42
|
)
|
|
213
|
|
|||||
|
Income (loss) from discontinued operations, net of tax
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|||||
|
Undistributed income of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
389
|
|
|
389
|
|
|
—
|
|
|
(778
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
230
|
|
|
—
|
|
|
—
|
|
|
(230
|
)
|
|
—
|
|
|||||
|
Net income
|
|
214
|
|
|
389
|
|
|
661
|
|
|
(1,050
|
)
|
|
214
|
|
|||||
|
Other comprehensive income, net of tax
|
|
20
|
|
|
5
|
|
|
19
|
|
|
(24
|
)
|
|
20
|
|
|||||
|
Comprehensive income
|
|
$
|
234
|
|
|
$
|
394
|
|
|
$
|
680
|
|
|
$
|
(1,074
|
)
|
|
$
|
234
|
|
|
Three months ended March 31, 2016
($ in millions)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
|
Financing (loss) revenue and other interest income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest and fees on finance receivables and loans
|
|
$
|
(38
|
)
|
|
$
|
—
|
|
|
$
|
1,273
|
|
|
$
|
—
|
|
|
$
|
1,235
|
|
|
Interest and fees on finance receivables and loans — intercompany
|
|
3
|
|
|
—
|
|
|
2
|
|
|
(5
|
)
|
|
—
|
|
|||||
|
Interest and dividends on investment securities and other earning assets
|
|
—
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
102
|
|
|||||
|
Interest on cash and cash equivalents
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
3
|
|
|||||
|
Interest-bearing cash — intercompany
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|||||
|
Operating leases
|
|
5
|
|
|
—
|
|
|
764
|
|
|
—
|
|
|
769
|
|
|||||
|
Total financing (loss) revenue and other interest income
|
|
(29
|
)
|
|
—
|
|
|
2,145
|
|
|
(7
|
)
|
|
2,109
|
|
|||||
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest on deposits
|
|
2
|
|
|
—
|
|
|
191
|
|
|
—
|
|
|
193
|
|
|||||
|
Interest on short-term borrowings
|
|
10
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
13
|
|
|||||
|
Interest on long-term debt
|
|
289
|
|
|
—
|
|
|
153
|
|
|
—
|
|
|
442
|
|
|||||
|
Interest on intercompany debt
|
|
4
|
|
|
—
|
|
|
3
|
|
|
(7
|
)
|
|
—
|
|
|||||
|
Total interest expense
|
|
305
|
|
|
—
|
|
|
350
|
|
|
(7
|
)
|
|
648
|
|
|||||
|
Net depreciation expense on operating lease assets
|
|
4
|
|
|
—
|
|
|
506
|
|
|
—
|
|
|
510
|
|
|||||
|
Net financing revenue
|
|
(338
|
)
|
|
—
|
|
|
1,289
|
|
|
—
|
|
|
951
|
|
|||||
|
Cash dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
|
482
|
|
|
—
|
|
|
—
|
|
|
(482
|
)
|
|
—
|
|
|||||
|
Other revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Insurance premiums and service revenue earned
|
|
—
|
|
|
—
|
|
|
230
|
|
|
—
|
|
|
230
|
|
|||||
|
(Loss) gain on mortgage and automotive loans, net
|
|
(3
|
)
|
|
—
|
|
|
4
|
|
|
—
|
|
|
1
|
|
|||||
|
Loss on extinguishment of debt
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(4
|
)
|
|||||
|
Other gain on investments, net
|
|
—
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
54
|
|
|||||
|
Other income, net of losses
|
|
374
|
|
|
—
|
|
|
217
|
|
|
(496
|
)
|
|
95
|
|
|||||
|
Total other revenue
|
|
369
|
|
|
—
|
|
|
503
|
|
|
(496
|
)
|
|
376
|
|
|||||
|
Total net revenue
|
|
513
|
|
|
—
|
|
|
1,792
|
|
|
(978
|
)
|
|
1,327
|
|
|||||
|
Provision for loan losses
|
|
60
|
|
|
—
|
|
|
160
|
|
|
—
|
|
|
220
|
|
|||||
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation and benefits expense
|
|
147
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|
252
|
|
|||||
|
Insurance losses and loss adjustment expenses
|
|
—
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
73
|
|
|||||
|
Other operating expenses
|
|
340
|
|
|
—
|
|
|
542
|
|
|
(497
|
)
|
|
385
|
|
|||||
|
Total noninterest expense
|
|
487
|
|
|
—
|
|
|
720
|
|
|
(497
|
)
|
|
710
|
|
|||||
|
(Loss) income from continuing operations before income tax (benefit) expense and undistributed income (loss) of subsidiaries
|
|
(34
|
)
|
|
—
|
|
|
912
|
|
|
(481
|
)
|
|
397
|
|
|||||
|
Income tax (benefit) expense from continuing operations
|
|
(43
|
)
|
|
—
|
|
|
193
|
|
|
—
|
|
|
150
|
|
|||||
|
Net (loss) income from continuing operations
|
|
9
|
|
|
—
|
|
|
719
|
|
|
(481
|
)
|
|
247
|
|
|||||
|
Income (loss) from discontinued operations, net of tax
|
|
6
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
3
|
|
|||||
|
Undistributed income (loss) of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
270
|
|
|
270
|
|
|
—
|
|
|
(540
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
(35
|
)
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|||||
|
Net income
|
|
250
|
|
|
270
|
|
|
716
|
|
|
(986
|
)
|
|
250
|
|
|||||
|
Other comprehensive income, net of tax
|
|
146
|
|
|
84
|
|
|
151
|
|
|
(235
|
)
|
|
146
|
|
|||||
|
Comprehensive income
|
|
$
|
396
|
|
|
$
|
354
|
|
|
$
|
867
|
|
|
$
|
(1,221
|
)
|
|
$
|
396
|
|
|
March 31, 2017
($ in millions)
|
|
Parent (a)
|
|
Guarantors
|
|
Nonguarantors (a)
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
|
$
|
690
|
|
|
$
|
—
|
|
|
$
|
823
|
|
|
$
|
—
|
|
|
$
|
1,513
|
|
|
Interest-bearing
|
|
800
|
|
|
—
|
|
|
1,989
|
|
|
—
|
|
|
2,789
|
|
|||||
|
Interest-bearing — intercompany
|
|
—
|
|
|
—
|
|
|
641
|
|
|
(641
|
)
|
|
—
|
|
|||||
|
Total cash and cash equivalents
|
|
1,490
|
|
|
—
|
|
|
3,453
|
|
|
(641
|
)
|
|
4,302
|
|
|||||
|
Available-for-sale securities
|
|
6
|
|
|
—
|
|
|
20,308
|
|
|
(6
|
)
|
|
20,308
|
|
|||||
|
Held-to-maturity securities
|
|
—
|
|
|
—
|
|
|
1,155
|
|
|
(51
|
)
|
|
1,104
|
|
|||||
|
Loans held-for-sale, net
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
|
Finance receivables and loans, net
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Finance receivables and loans, net
|
|
4,864
|
|
|
—
|
|
|
114,138
|
|
|
—
|
|
|
119,002
|
|
|||||
|
Intercompany loans to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
425
|
|
|
—
|
|
|
—
|
|
|
(425
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
1,376
|
|
|
—
|
|
|
456
|
|
|
(1,832
|
)
|
|
—
|
|
|||||
|
Allowance for loan losses
|
|
(121
|
)
|
|
—
|
|
|
(1,034
|
)
|
|
—
|
|
|
(1,155
|
)
|
|||||
|
Total finance receivables and loans, net
|
|
6,544
|
|
|
—
|
|
|
113,560
|
|
|
(2,257
|
)
|
|
117,847
|
|
|||||
|
Investment in operating leases, net
|
|
35
|
|
|
—
|
|
|
10,426
|
|
|
—
|
|
|
10,461
|
|
|||||
|
Intercompany receivables from
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
32
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
46
|
|
|
—
|
|
|
255
|
|
|
(301
|
)
|
|
—
|
|
|||||
|
Investment in subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
18,405
|
|
|
18,405
|
|
|
—
|
|
|
(36,810
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
9,680
|
|
|
—
|
|
|
—
|
|
|
(9,680
|
)
|
|
—
|
|
|||||
|
Premiums receivable and other insurance assets
|
|
—
|
|
|
—
|
|
|
1,974
|
|
|
(30
|
)
|
|
1,944
|
|
|||||
|
Other assets
|
|
4,275
|
|
|
—
|
|
|
4,764
|
|
|
(2,905
|
)
|
|
6,134
|
|
|||||
|
Total assets
|
|
$
|
40,513
|
|
|
$
|
18,405
|
|
|
$
|
155,896
|
|
|
$
|
(52,713
|
)
|
|
$
|
162,101
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposit liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102
|
|
|
$
|
—
|
|
|
$
|
102
|
|
|
Interest-bearing
|
|
85
|
|
|
—
|
|
|
84,299
|
|
|
—
|
|
|
84,384
|
|
|||||
|
Total deposit liabilities
|
|
85
|
|
|
—
|
|
|
84,401
|
|
|
—
|
|
|
84,486
|
|
|||||
|
Short-term borrowings
|
|
4,901
|
|
|
—
|
|
|
3,470
|
|
|
—
|
|
|
8,371
|
|
|||||
|
Long-term debt
|
|
20,156
|
|
|
—
|
|
|
30,905
|
|
|
—
|
|
|
51,061
|
|
|||||
|
Intercompany debt to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
51
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
1,097
|
|
|
—
|
|
|
1,807
|
|
|
(2,904
|
)
|
|
—
|
|
|||||
|
Intercompany payables to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
127
|
|
|
—
|
|
|
—
|
|
|
(127
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
180
|
|
|
—
|
|
|
57
|
|
|
(237
|
)
|
|
—
|
|
|||||
|
Interest payable
|
|
231
|
|
|
—
|
|
|
151
|
|
|
—
|
|
|
382
|
|
|||||
|
Unearned insurance premiums and service revenue
|
|
—
|
|
|
—
|
|
|
2,514
|
|
|
—
|
|
|
2,514
|
|
|||||
|
Accrued expenses and other liabilities
|
|
320
|
|
|
—
|
|
|
4,506
|
|
|
(2,904
|
)
|
|
1,922
|
|
|||||
|
Total liabilities
|
|
27,148
|
|
|
—
|
|
|
127,811
|
|
|
(6,223
|
)
|
|
148,736
|
|
|||||
|
Total equity
|
|
13,365
|
|
|
18,405
|
|
|
28,085
|
|
|
(46,490
|
)
|
|
13,365
|
|
|||||
|
Total liabilities and equity
|
|
$
|
40,513
|
|
|
$
|
18,405
|
|
|
$
|
155,896
|
|
|
$
|
(52,713
|
)
|
|
$
|
162,101
|
|
|
(a)
|
Amounts presented are based upon the legal transfer of the underlying assets to VIEs in order to reflect legal ownership.
|
|
December 31, 2016
($ in millions)
|
|
Parent (a)
|
|
Guarantors
|
|
Nonguarantors (a)
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
|
$
|
720
|
|
|
$
|
—
|
|
|
$
|
827
|
|
|
$
|
—
|
|
|
$
|
1,547
|
|
|
Interest-bearing
|
|
100
|
|
|
—
|
|
|
4,287
|
|
|
—
|
|
|
4,387
|
|
|||||
|
Interest-bearing — intercompany
|
|
—
|
|
|
—
|
|
|
401
|
|
|
(401
|
)
|
|
—
|
|
|||||
|
Total cash and cash equivalents
|
|
820
|
|
|
—
|
|
|
5,515
|
|
|
(401
|
)
|
|
5,934
|
|
|||||
|
Trading securities
|
|
—
|
|
|
—
|
|
|
82
|
|
|
(82
|
)
|
|
—
|
|
|||||
|
Available-for-sale securities
|
|
—
|
|
|
—
|
|
|
19,253
|
|
|
(327
|
)
|
|
18,926
|
|
|||||
|
Held-to-maturity securities
|
|
—
|
|
|
—
|
|
|
839
|
|
|
—
|
|
|
839
|
|
|||||
|
Finance receivables and loans, net
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Finance receivables and loans, net
|
|
4,705
|
|
|
—
|
|
|
114,239
|
|
|
—
|
|
|
118,944
|
|
|||||
|
Intercompany loans to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
1,125
|
|
|
—
|
|
|
—
|
|
|
(1,125
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
1,779
|
|
|
—
|
|
|
626
|
|
|
(2,405
|
)
|
|
—
|
|
|||||
|
Allowance for loan losses
|
|
(115
|
)
|
|
—
|
|
|
(1,029
|
)
|
|
—
|
|
|
(1,144
|
)
|
|||||
|
Total finance receivables and loans, net
|
|
7,494
|
|
|
—
|
|
|
113,836
|
|
|
(3,530
|
)
|
|
117,800
|
|
|||||
|
Investment in operating leases, net
|
|
42
|
|
|
—
|
|
|
11,428
|
|
|
—
|
|
|
11,470
|
|
|||||
|
Intercompany receivables from
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
299
|
|
|
—
|
|
|
—
|
|
|
(299
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
107
|
|
|
—
|
|
|
67
|
|
|
(174
|
)
|
|
—
|
|
|||||
|
Investment in subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
17,727
|
|
|
17,727
|
|
|
—
|
|
|
(35,454
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
10,318
|
|
|
—
|
|
|
—
|
|
|
(10,318
|
)
|
|
—
|
|
|||||
|
Premiums receivable and other insurance assets
|
|
—
|
|
|
—
|
|
|
1,936
|
|
|
(31
|
)
|
|
1,905
|
|
|||||
|
Other assets
|
|
4,347
|
|
|
—
|
|
|
5,085
|
|
|
(2,578
|
)
|
|
6,854
|
|
|||||
|
Total assets
|
|
$
|
41,154
|
|
|
$
|
17,727
|
|
|
$
|
158,041
|
|
|
$
|
(53,194
|
)
|
|
$
|
163,728
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposit liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
84
|
|
|
$
|
—
|
|
|
$
|
84
|
|
|
Interest-bearing
|
|
167
|
|
|
—
|
|
|
78,771
|
|
|
—
|
|
|
78,938
|
|
|||||
|
Total deposit liabilities
|
|
167
|
|
|
—
|
|
|
78,855
|
|
|
—
|
|
|
79,022
|
|
|||||
|
Short-term borrowings
|
|
3,622
|
|
|
—
|
|
|
9,051
|
|
|
—
|
|
|
12,673
|
|
|||||
|
Long-term debt
|
|
21,798
|
|
|
—
|
|
|
32,330
|
|
|
—
|
|
|
54,128
|
|
|||||
|
Intercompany debt to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Bank subsidiary
|
|
330
|
|
|
—
|
|
|
—
|
|
|
(330
|
)
|
|
—
|
|
|||||
|
Nonbank subsidiaries
|
|
1,027
|
|
|
—
|
|
|
2,903
|
|
|
(3,930
|
)
|
|
—
|
|
|||||
|
Intercompany payables to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nonbank subsidiaries
|
|
153
|
|
|
—
|
|
|
351
|
|
|
(504
|
)
|
|
—
|
|
|||||
|
Interest payable
|
|
253
|
|
|
—
|
|
|
98
|
|
|
—
|
|
|
351
|
|
|||||
|
Unearned insurance premiums and service revenue
|
|
—
|
|
|
—
|
|
|
2,500
|
|
|
—
|
|
|
2,500
|
|
|||||
|
Accrued expenses and other liabilities
|
|
487
|
|
|
—
|
|
|
3,911
|
|
|
(2,661
|
)
|
|
1,737
|
|
|||||
|
Total liabilities
|
|
27,837
|
|
|
—
|
|
|
129,999
|
|
|
(7,425
|
)
|
|
150,411
|
|
|||||
|
Total equity
|
|
13,317
|
|
|
17,727
|
|
|
28,042
|
|
|
(45,769
|
)
|
|
13,317
|
|
|||||
|
Total liabilities and equity
|
|
$
|
41,154
|
|
|
$
|
17,727
|
|
|
$
|
158,041
|
|
|
$
|
(53,194
|
)
|
|
$
|
163,728
|
|
|
(a)
|
Amounts presented are based upon the legal transfer of the underlying assets to VIEs in order to reflect legal ownership.
|
|
Three months ended March 31, 2017
($ in millions)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net cash (used in) provided by operating activities
|
|
$
|
(149
|
)
|
|
$
|
—
|
|
|
$
|
1,284
|
|
|
$
|
40
|
|
|
$
|
1,175
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Purchases of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
(2,833
|
)
|
|
—
|
|
|
(2,833
|
)
|
|||||
|
Proceeds from sales of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
1,045
|
|
|
—
|
|
|
1,045
|
|
|||||
|
Proceeds from maturities and repayments of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
589
|
|
|
—
|
|
|
589
|
|
|||||
|
Purchases of held-to-maturity securities
|
|
—
|
|
|
—
|
|
|
(215
|
)
|
|
—
|
|
|
(215
|
)
|
|||||
|
Proceeds from maturities and repayments of held-to-maturity securities
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|||||
|
Net change in investment securities
—
intercompany
|
|
1
|
|
|
—
|
|
|
261
|
|
|
(262
|
)
|
|
—
|
|
|||||
|
Purchases of loans held-for-investment
|
|
(15
|
)
|
|
—
|
|
|
(390
|
)
|
|
—
|
|
|
(405
|
)
|
|||||
|
Proceeds from sales of finance receivables and loans originated as held-for-investment
|
|
—
|
|
|
—
|
|
|
1,164
|
|
|
—
|
|
|
1,164
|
|
|||||
|
Originations and repayments of loans held-for-investment and other
|
|
931
|
|
|
—
|
|
|
(1,145
|
)
|
|
(960
|
)
|
|
(1,174
|
)
|
|||||
|
Net change in loans — intercompany
|
|
1,146
|
|
|
—
|
|
|
170
|
|
|
(1,316
|
)
|
|
—
|
|
|||||
|
Purchases of operating lease assets
|
|
—
|
|
|
—
|
|
|
(893
|
)
|
|
—
|
|
|
(893
|
)
|
|||||
|
Disposals of operating lease assets
|
|
1
|
|
|
—
|
|
|
1,544
|
|
|
—
|
|
|
1,545
|
|
|||||
|
Capital contributions to subsidiaries
|
|
(83
|
)
|
|
—
|
|
|
—
|
|
|
83
|
|
|
—
|
|
|||||
|
Returns of contributed capital
|
|
645
|
|
|
—
|
|
|
—
|
|
|
(645
|
)
|
|
—
|
|
|||||
|
Net change in restricted cash
|
|
(27
|
)
|
|
—
|
|
|
385
|
|
|
(3
|
)
|
|
355
|
|
|||||
|
Net change in nonmarketable equity investments
|
|
—
|
|
|
—
|
|
|
213
|
|
|
—
|
|
|
213
|
|
|||||
|
Other, net
|
|
(26
|
)
|
|
—
|
|
|
58
|
|
|
(91
|
)
|
|
(59
|
)
|
|||||
|
Net cash provided by (used in) investing activities
|
|
2,573
|
|
|
—
|
|
|
(42
|
)
|
|
(3,194
|
)
|
|
(663
|
)
|
|||||
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net change in short-term borrowings — third party
|
|
1,278
|
|
|
—
|
|
|
(5,581
|
)
|
|
—
|
|
|
(4,303
|
)
|
|||||
|
Net (decrease) increase in deposits
|
|
(82
|
)
|
|
—
|
|
|
5,533
|
|
|
—
|
|
|
5,451
|
|
|||||
|
Proceeds from issuance of long-term debt — third party
|
|
330
|
|
|
—
|
|
|
3,196
|
|
|
962
|
|
|
4,488
|
|
|||||
|
Repayments of long-term debt — third party
|
|
(2,870
|
)
|
|
—
|
|
|
(4,703
|
)
|
|
—
|
|
|
(7,573
|
)
|
|||||
|
Net change in debt — intercompany
|
|
(203
|
)
|
|
—
|
|
|
(1,146
|
)
|
|
1,349
|
|
|
—
|
|
|||||
|
Repurchase of common stock
|
|
(169
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(169
|
)
|
|||||
|
Dividends paid — third party
|
|
(38
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|||||
|
Dividends paid and returns of contributed capital — intercompany
|
|
—
|
|
|
—
|
|
|
(686
|
)
|
|
686
|
|
|
—
|
|
|||||
|
Capital contributions from parent
|
|
—
|
|
|
—
|
|
|
83
|
|
|
(83
|
)
|
|
—
|
|
|||||
|
Net cash used in financing activities
|
|
(1,754
|
)
|
|
—
|
|
|
(3,304
|
)
|
|
2,914
|
|
|
(2,144
|
)
|
|||||
|
Effect of exchange-rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
|
670
|
|
|
—
|
|
|
(2,062
|
)
|
|
(240
|
)
|
|
(1,632
|
)
|
|||||
|
Cash and cash equivalents at beginning of year
|
|
820
|
|
|
—
|
|
|
5,515
|
|
|
(401
|
)
|
|
5,934
|
|
|||||
|
Cash and cash equivalents at March 31,
|
|
$
|
1,490
|
|
|
$
|
—
|
|
|
$
|
3,453
|
|
|
$
|
(641
|
)
|
|
$
|
4,302
|
|
|
Three months ended March 31, 2016
($ in millions)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net cash (used in) provided by operating activities
|
|
$
|
(24
|
)
|
|
$
|
—
|
|
|
$
|
1,708
|
|
|
$
|
(482
|
)
|
|
$
|
1,202
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchases of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
(4,870
|
)
|
|
—
|
|
|
(4,870
|
)
|
|||||
|
Proceeds from sales of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
4,175
|
|
|
—
|
|
|
4,175
|
|
|||||
|
Proceeds from maturities and repayments of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
409
|
|
|
—
|
|
|
409
|
|
|||||
|
Purchases of held-to-maturity securities
|
|
—
|
|
|
—
|
|
|
(118
|
)
|
|
—
|
|
|
(118
|
)
|
|||||
|
Purchases of loans held-for-investment
|
|
—
|
|
|
—
|
|
|
(1,402
|
)
|
|
—
|
|
|
(1,402
|
)
|
|||||
|
Proceeds from sales of finance receivables and loans originated as held-for-investment
|
|
—
|
|
|
—
|
|
|
2,594
|
|
|
—
|
|
|
2,594
|
|
|||||
|
Originations and repayments of loans held-for-investment and other
|
|
(292
|
)
|
|
—
|
|
|
(392
|
)
|
|
—
|
|
|
(684
|
)
|
|||||
|
Net change in loans — intercompany
|
|
683
|
|
|
—
|
|
|
(44
|
)
|
|
(639
|
)
|
|
—
|
|
|||||
|
Purchases of operating lease assets
|
|
—
|
|
|
—
|
|
|
(701
|
)
|
|
—
|
|
|
(701
|
)
|
|||||
|
Disposals of operating lease assets
|
|
2
|
|
|
—
|
|
|
1,533
|
|
|
—
|
|
|
1,535
|
|
|||||
|
Capital contributions to subsidiaries
|
|
(128
|
)
|
|
—
|
|
|
—
|
|
|
128
|
|
|
—
|
|
|||||
|
Returns of contributed capital
|
|
223
|
|
|
—
|
|
|
—
|
|
|
(223
|
)
|
|
—
|
|
|||||
|
Net change in restricted cash
|
|
—
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|
48
|
|
|||||
|
Net change in nonmarketable equity investments
|
|
—
|
|
|
—
|
|
|
(315
|
)
|
|
—
|
|
|
(315
|
)
|
|||||
|
Other, net
|
|
(32
|
)
|
|
—
|
|
|
12
|
|
|
—
|
|
|
(20
|
)
|
|||||
|
Net cash provided by investing activities
|
|
456
|
|
|
—
|
|
|
929
|
|
|
(734
|
)
|
|
651
|
|
|||||
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net change in short-term borrowings — third party
|
|
187
|
|
|
—
|
|
|
(2,926
|
)
|
|
—
|
|
|
(2,739
|
)
|
|||||
|
Net (decrease) increase in deposits
|
|
(10
|
)
|
|
—
|
|
|
3,790
|
|
|
—
|
|
|
3,780
|
|
|||||
|
Proceeds from issuance of long-term debt — third party
|
|
178
|
|
|
—
|
|
|
4,066
|
|
|
—
|
|
|
4,244
|
|
|||||
|
Repayments of long-term debt — third party
|
|
(580
|
)
|
|
—
|
|
|
(7,910
|
)
|
|
—
|
|
|
(8,490
|
)
|
|||||
|
Net change in debt — intercompany
|
|
(68
|
)
|
|
—
|
|
|
(684
|
)
|
|
752
|
|
|
—
|
|
|||||
|
Repurchase of common stock
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|||||
|
Dividends paid — third party
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|||||
|
Dividends paid and returns of contributed capital — intercompany
|
|
—
|
|
|
—
|
|
|
(705
|
)
|
|
705
|
|
|
—
|
|
|||||
|
Capital contributions from parent
|
|
—
|
|
|
—
|
|
|
128
|
|
|
(128
|
)
|
|
—
|
|
|||||
|
Net cash used in financing activities
|
|
(322
|
)
|
|
—
|
|
|
(4,241
|
)
|
|
1,329
|
|
|
(3,234
|
)
|
|||||
|
Effect of exchange-rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
|
110
|
|
|
—
|
|
|
(1,602
|
)
|
|
113
|
|
|
(1,379
|
)
|
|||||
|
Cash and cash equivalents at beginning of year
|
|
1,635
|
|
|
—
|
|
|
5,595
|
|
|
(850
|
)
|
|
6,380
|
|
|||||
|
Cash and cash equivalents at March 31,
|
|
$
|
1,745
|
|
|
$
|
—
|
|
|
$
|
3,993
|
|
|
$
|
(737
|
)
|
|
$
|
5,001
|
|
|
|
|
Three months ended March 31,
|
||||||
|
(
$ in millions, except per share data; shares in thousands
)
|
|
2017
|
|
2016
|
||||
|
Total financing revenue and other interest income
|
|
$
|
2,050
|
|
|
$
|
2,109
|
|
|
Total interest expense
|
|
682
|
|
|
648
|
|
||
|
Net depreciation expense on operating lease assets
|
|
389
|
|
|
510
|
|
||
|
Net financing revenue and other interest income
|
|
979
|
|
|
951
|
|
||
|
Total other revenue
|
|
396
|
|
|
376
|
|
||
|
Total net revenue
|
|
1,375
|
|
|
1,327
|
|
||
|
Provision for loan losses
|
|
271
|
|
|
220
|
|
||
|
Total noninterest expense
|
|
778
|
|
|
710
|
|
||
|
Income from continuing operations before income tax expense
|
|
326
|
|
|
397
|
|
||
|
Income tax expense from continuing operations
|
|
113
|
|
|
150
|
|
||
|
Net income from continuing operations
|
|
213
|
|
|
247
|
|
||
|
Income from discontinued operations, net of tax
|
|
1
|
|
|
3
|
|
||
|
Net income
|
|
$
|
214
|
|
|
$
|
250
|
|
|
Basic earnings per common share (a):
|
|
|
|
|
||||
|
Net income from continuing operations
|
|
$
|
0.46
|
|
|
$
|
0.48
|
|
|
Net income
|
|
0.46
|
|
|
0.49
|
|
||
|
Weighted-average common shares outstanding
|
|
465,961
|
|
|
484,233
|
|
||
|
Diluted earnings per common share (a):
|
|
|
|
|
||||
|
Net income from continuing operations
|
|
$
|
0.46
|
|
|
$
|
0.48
|
|
|
Net income
|
|
0.46
|
|
|
0.49
|
|
||
|
Weighted-average common shares outstanding
|
|
466,829
|
|
|
484,654
|
|
||
|
Market price per common share:
|
|
|
|
|
||||
|
High closing
|
|
$
|
23.48
|
|
|
$
|
18.88
|
|
|
Low closing
|
|
19.13
|
|
|
15.33
|
|
||
|
Period-end closing
|
|
20.33
|
|
|
18.72
|
|
||
|
Cash dividends per common share
|
|
$
|
0.08
|
|
|
$
|
—
|
|
|
Period-end common shares outstanding
|
|
462,193
|
|
|
483,475
|
|
||
|
(a)
|
Includes shares related to share-based compensation that vested but were not yet issued for the
three months ended
March 31, 2017
, and
2016
, respectively.
|
|
|
|
At and for the
three months ended March 31, |
||||||
|
($ in millions)
|
|
2017
|
|
2016
|
||||
|
Selected period-end balance sheet data:
|
|
|
|
|
||||
|
Total assets
|
|
$
|
162,101
|
|
|
$
|
156,505
|
|
|
Total deposit liabilities
|
|
$
|
84,486
|
|
|
$
|
70,265
|
|
|
Long-term debt
|
|
$
|
51,061
|
|
|
$
|
62,044
|
|
|
Preferred stock
|
|
$
|
—
|
|
|
$
|
696
|
|
|
Total equity
|
|
$
|
13,365
|
|
|
$
|
13,823
|
|
|
Financial ratios:
|
|
|
|
|
||||
|
Return on average assets (a)
|
|
0.54
|
%
|
|
0.64
|
%
|
||
|
Return on average equity (a)
|
|
6.46
|
%
|
|
7.38
|
%
|
||
|
Equity to assets (a)
|
|
8.35
|
%
|
|
8.66
|
%
|
||
|
Common dividend payout ratio
|
|
17.39
|
%
|
|
—
|
%
|
||
|
Net interest spread (a) (b) (c)
|
|
2.47
|
%
|
|
2.48
|
%
|
||
|
Net yield on interest-earning assets (a) (c) (d)
|
|
2.60
|
%
|
|
2.59
|
%
|
||
|
(a)
|
The ratios were based on average assets and average equity using a combination of monthly and daily average methodologies.
|
|
(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)
|
Amounts for the three months ended March 31, 2016, were adjusted to include previously excluded equity investments and related income on equity investments. Refer to the section titled
Statistical Table
for additional information.
|
|
(d)
|
Net yield on interest-earning assets represents net financing revenue and other interest income as a percentage of total interest-earning assets.
|
|
|
|
March 31, 2017
|
|
March 31, 2016
|
||||||||||||
|
($ in millions)
|
|
Transitional
|
|
Fully Phased-in (a)
|
|
Transitional
|
|
Fully Phased-in (a)
|
||||||||
|
Common Equity Tier 1 capital ratio
|
|
9.40
|
%
|
|
9.28
|
%
|
|
9.47
|
%
|
|
9.20
|
%
|
||||
|
Tier 1 capital ratio
|
|
11.09
|
%
|
|
11.05
|
%
|
|
11.57
|
%
|
|
11.54
|
%
|
||||
|
Total capital ratio
|
|
12.70
|
%
|
|
12.66
|
%
|
|
13.00
|
%
|
|
12.96
|
%
|
||||
|
Tier 1 leverage ratio (to adjusted quarterly average assets) (b)
|
|
9.51
|
%
|
|
9.50
|
%
|
|
9.87
|
%
|
|
9.87
|
%
|
||||
|
Total equity
|
|
$
|
13,365
|
|
|
$
|
13,365
|
|
|
$
|
13,823
|
|
|
$
|
13,823
|
|
|
Preferred stock
|
|
—
|
|
|
—
|
|
|
(696
|
)
|
|
(696
|
)
|
||||
|
Goodwill and certain other intangibles
|
|
(281
|
)
|
|
(291
|
)
|
|
(27
|
)
|
|
(27
|
)
|
||||
|
Deferred tax assets arising from net operating loss and tax credit carryforwards (c)
|
|
(493
|
)
|
|
(616
|
)
|
|
(496
|
)
|
|
(826
|
)
|
||||
|
Other adjustments
|
|
332
|
|
|
332
|
|
|
52
|
|
|
52
|
|
||||
|
Common Equity Tier 1 capital
|
|
12,923
|
|
|
12,790
|
|
|
12,656
|
|
|
12,326
|
|
||||
|
Preferred stock
|
|
—
|
|
|
—
|
|
|
696
|
|
|
696
|
|
||||
|
Trust preferred securities
|
|
2,489
|
|
|
2,489
|
|
|
2,487
|
|
|
2,487
|
|
||||
|
Deferred tax assets arising from net operating loss and tax credit carryforwards
|
|
(123
|
)
|
|
—
|
|
|
(330
|
)
|
|
—
|
|
||||
|
Other adjustments
|
|
(44
|
)
|
|
(44
|
)
|
|
(47
|
)
|
|
(47
|
)
|
||||
|
Tier 1 capital
|
|
15,245
|
|
|
15,235
|
|
|
15,462
|
|
|
15,462
|
|
||||
|
Qualifying subordinated debt and other instruments qualifying as Tier 2
|
|
1,103
|
|
|
1,103
|
|
|
871
|
|
|
871
|
|
||||
|
Qualifying allowance for credit losses and other adjustments
|
|
1,111
|
|
|
1,111
|
|
|
1,030
|
|
|
1,030
|
|
||||
|
Total capital
|
|
$
|
17,459
|
|
|
$
|
17,449
|
|
|
$
|
17,363
|
|
|
$
|
17,363
|
|
|
Risk-weighted assets (d)
|
|
$
|
137,438
|
|
|
$
|
137,859
|
|
|
$
|
133,586
|
|
|
$
|
134,018
|
|
|
(a)
|
Our fully phased-in capital ratios are non-GAAP financial measures that management believes are important to the reader of the
Condensed Consolidated Financial Statements
but should be supplemental to, and not a substitute for, primary GAAP measures. The fully phased-in capital ratios are compared to the transitional capital ratios above. We believe these capital ratios are important because we believe investors, analysts, and banking regulators may assess our capital utilization and adequacy using these ratios. Additionally, presentation of these ratios allows readers to compare certain aspects of our capital utilization and adequacy on the same basis to other companies in the industry.
|
|
(b)
|
Tier 1 leverage ratio equals Tier 1 capital divided by adjusted quarterly average total assets (which reflects adjustments for disallowed goodwill, certain intangible assets, and disallowed deferred tax assets).
|
|
(c)
|
Contains deferred tax assets required to be deducted from capital under U.S. Basel III.
|
|
(d)
|
Risk-weighted assets are defined by regulation and are generally determined by allocating assets and specified off-balance sheet exposures into various risk categories.
|
|
|
|
Three months ended March 31,
|
||||||||
|
($ in millions)
|
|
2017
|
|
2016
|
|
Favorable/(unfavorable) % change
|
||||
|
Total net revenue
|
|
|
|
|
|
|
||||
|
Dealer Financial Services
|
|
|
|
|
|
|
||||
|
Automotive Finance
|
|
$
|
993
|
|
|
$
|
973
|
|
|
2
|
|
Insurance
|
|
279
|
|
|
268
|
|
|
4
|
||
|
Mortgage Finance
|
|
34
|
|
|
20
|
|
|
70
|
||
|
Corporate Finance
|
|
52
|
|
|
34
|
|
|
53
|
||
|
Corporate and Other
|
|
17
|
|
|
32
|
|
|
(47)
|
||
|
Total
|
|
$
|
1,375
|
|
|
$
|
1,327
|
|
|
4
|
|
Income (loss) from continuing operations before income tax expense
|
|
|
|
|
|
|
||||
|
Dealer Financial Services
|
|
|
|
|
|
|
||||
|
Automotive Finance
|
|
$
|
288
|
|
|
$
|
337
|
|
|
(15)
|
|
Insurance
|
|
40
|
|
|
50
|
|
|
(20)
|
||
|
Mortgage Finance
|
|
9
|
|
|
2
|
|
|
n/m
|
||
|
Corporate Finance
|
|
25
|
|
|
11
|
|
|
127
|
||
|
Corporate and Other
|
|
(36
|
)
|
|
(3
|
)
|
|
n/m
|
||
|
Total
|
|
$
|
326
|
|
|
$
|
397
|
|
|
(18)
|
|
•
|
Our Dealer Financial Services operations offer a wide range of financial services and insurance products to over 18,000 automotive dealerships and approximately 4.3 million of their customers. Dealer Financial Services consists of two separate reportable segments—Automotive Finance and Insurance operations.
|
|
•
|
Our Mortgage Finance operations primarily consist
of the management of a held-for-investment consumer mortgage finance loan portfolio, which includes bulk purchases of high-quality jumbo and low-to-moderate income (LMI) mortgage loans originated by third parties.
During the three months ended March 31, 2017, we purchased
$327 million
of mortgage loans that were originated by third parties.
In late 2016, we introduced our direct mortgage offering, named Ally Home, consisting of a variety of jumbo and conforming fixed- and adjustable-rate mortgage products through a third-party fulfillment partner. Under our current arrangement, conforming mortgages are originated as held-for-sale and sold, while jumbo mortgages are originated as held-for-investment. Servicing is performed by a third party and no mortgage servicing rights are created.
In addition to our core product offerings through Ally Home, i
n March 2017, we broadened our product suite with the addition of the HomeReady® mortgage loan, a Fannie Mae product designed to serve creditworthy, low- to moderate-income borrowers.
|
|
•
|
Our Corporate Finance operations primarily provide senior secured leveraged cash flow and asset-based loans to mostly U.S.-based middle market companies. The Corporate Finance portfolio is almost entirely comprised of first lien, first out loans. Our primary focus is on businesses owned by private equity sponsors with loans typically used for leveraged buyouts, mergers and acquisitions, debt refinancing, restructurings, and working capital. The portfolio is well diversified across multiple industries including retail, manufacturing, distribution, service companies, and other specialty sectors. These specialty sectors include our Technology Finance and Healthcare verticals. Our Technology Finance vertical provides financing solutions to venture-backed, technology-based companies. The Healthcare vertical provides financing across the healthcare spectrum including services, pharmaceuticals, biotechnology, manufacturing, and medical devices and supplies. In addition, during the first quarter of 2017, we hired an experienced team in the healthcare real estate space in order to continue to make strategic investments in sectors with strong competitive dynamics and attractive returns.
|
|
•
|
Corporate and Other primarily consists of activity related to centralized corporate treasury activities such as management of the cash and corporate investment securities and loan 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, and the residual impacts of our corporate funds-transfer pricing (FTP) and treasury asset liability management (ALM) activities. Corporate and Other also includes activity related to the Ally CashBack Credit Card, certain equity investments which primarily consist of Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, the management of our legacy mortgage portfolio which primarily consists of loans originated prior to January 1, 2009, and reclassifications and eliminations between the reportable operating segments. Additionally, beginning in June 2016 with the acquisition of TradeKing Group, Inc. (TradeKing), financial information related to TradeKing is included within Corporate and Other.
|
|
|
|
Three months ended March 31,
|
||||||||
|
($ in millions)
|
|
2017
|
|
2016
|
|
Favorable/(unfavorable) % change
|
||||
|
Net financing revenue and other interest income
|
|
|
|
|
|
|
||||
|
Total financing revenue and other interest income
|
|
$
|
2,050
|
|
|
$
|
2,109
|
|
|
(3)
|
|
Total interest expense
|
|
682
|
|
|
648
|
|
|
(5)
|
||
|
Net depreciation expense on operating lease assets
|
|
389
|
|
|
510
|
|
|
24
|
||
|
Net financing revenue and other interest income
|
|
979
|
|
|
951
|
|
|
3
|
||
|
Other revenue
|
|
|
|
|
|
|
||||
|
Insurance premiums and service revenue earned
|
|
241
|
|
|
230
|
|
|
5
|
||
|
Gain on mortgage and automotive loans, net
|
|
14
|
|
|
1
|
|
|
n/m
|
||
|
Loss on extinguishment of debt
|
|
(1
|
)
|
|
(4
|
)
|
|
75
|
||
|
Other gain on investments, net
|
|
27
|
|
|
54
|
|
|
(50)
|
||
|
Other income, net of losses
|
|
115
|
|
|
95
|
|
|
21
|
||
|
Total other revenue
|
|
396
|
|
|
376
|
|
|
5
|
||
|
Total net revenue
|
|
1,375
|
|
|
1,327
|
|
|
4
|
||
|
Provision for loan losses
|
|
271
|
|
|
220
|
|
|
(23)
|
||
|
Noninterest expense
|
|
|
|
|
|
|
||||
|
Compensation and benefits expense
|
|
285
|
|
|
252
|
|
|
(13)
|
||
|
Insurance losses and loss adjustment expenses
|
|
88
|
|
|
73
|
|
|
(21)
|
||
|
Other operating expenses
|
|
405
|
|
|
385
|
|
|
(5)
|
||
|
Total noninterest expense
|
|
778
|
|
|
710
|
|
|
(10)
|
||
|
Income from continuing operations before income tax expense
|
|
326
|
|
|
397
|
|
|
(18)
|
||
|
Income tax expense from continuing operations
|
|
113
|
|
|
150
|
|
|
25
|
||
|
Net income from continuing operations
|
|
$
|
213
|
|
|
$
|
247
|
|
|
(14)
|
|
|
|
Three months ended March 31,
|
||||||||
|
($ in millions)
|
|
2017
|
|
2016
|
|
Favorable/(unfavorable) % change
|
||||
|
Net financing revenue and other interest income
|
|
|
|
|
|
|
||||
|
Consumer
|
|
$
|
924
|
|
|
$
|
866
|
|
|
7
|
|
Commercial
|
|
304
|
|
|
252
|
|
|
21
|
||
|
Operating leases
|
|
543
|
|
|
769
|
|
|
(29)
|
||
|
Other interest income
|
|
2
|
|
|
3
|
|
|
(33)
|
||
|
Total financing revenue and other interest income
|
|
1,773
|
|
|
1,890
|
|
|
(6)
|
||
|
Interest expense
|
|
492
|
|
|
484
|
|
|
(2)
|
||
|
Net depreciation expense on operating lease assets
|
|
389
|
|
|
510
|
|
|
24
|
||
|
Net financing revenue and other interest income
|
|
892
|
|
|
896
|
|
|
—
|
||
|
Other revenue
|
|
|
|
|
|
|
||||
|
Gain on automotive loans, net
|
|
24
|
|
|
5
|
|
|
n/m
|
||
|
Other income
|
|
77
|
|
|
72
|
|
|
7
|
||
|
Total other revenue
|
|
101
|
|
|
77
|
|
|
31
|
||
|
Total net revenue
|
|
993
|
|
|
973
|
|
|
2
|
||
|
Provision for loan losses
|
|
268
|
|
|
209
|
|
|
(28)
|
||
|
Noninterest expense
|
|
|
|
|
|
|
||||
|
Compensation and benefits expense
|
|
129
|
|
|
126
|
|
|
(2)
|
||
|
Other operating expenses
|
|
308
|
|
|
301
|
|
|
(2)
|
||
|
Total noninterest expense
|
|
437
|
|
|
427
|
|
|
(2)
|
||
|
Income from continuing operations before income tax expense
|
|
$
|
288
|
|
|
$
|
337
|
|
|
(15)
|
|
Total assets
|
|
$
|
115,154
|
|
|
$
|
112,289
|
|
|
3
|
|
|
|
Three months ended March 31,
|
||||||||
|
($ in millions)
|
|
2017
|
|
2016
|
|
Favorable/(unfavorable) % change
|
||||
|
Net operating lease revenue
|
|
|
|
|
|
|
||||
|
Operating lease revenue
|
|
$
|
543
|
|
|
$
|
769
|
|
|
(29)
|
|
Depreciation expense
|
|
|
|
|
|
|
||||
|
Depreciation expense on operating lease assets (excluding remarketing gains and losses)
|
|
386
|
|
|
565
|
|
|
32
|
||
|
Remarketing losses (gains)
|
|
3
|
|
|
(55
|
)
|
|
(105)
|
||
|
Net depreciation expense on operating lease assets
|
|
389
|
|
|
510
|
|
|
24
|
||
|
Total net operating lease revenue
|
|
$
|
154
|
|
|
$
|
259
|
|
|
(41)
|
|
Investment in operating leases, net
|
|
$
|
10,461
|
|
|
$
|
14,958
|
|
|
(30)
|
|
Credit Tier (a)
|
|
Volume
(
$ in billions
)
|
|
% Share of volume
|
|
Average FICO®
|
|||
|
Three months ended March 31, 2017
|
|
|
|
|
|
|
|||
|
S
|
|
$
|
2.6
|
|
|
33
|
|
762
|
|
|
A
|
|
3.3
|
|
|
42
|
|
666
|
|
|
|
B
|
|
1.7
|
|
|
22
|
|
641
|
|
|
|
C
|
|
0.3
|
|
|
3
|
|
608
|
|
|
|
Total retail originations
|
|
$
|
7.9
|
|
|
100
|
|
689
|
|
|
Three months ended March 31, 2016
|
|
|
|
|
|
|
|||
|
S
|
|
$
|
2.5
|
|
|
30
|
|
758
|
|
|
A
|
|
3.6
|
|
|
44
|
|
667
|
|
|
|
B
|
|
1.6
|
|
|
20
|
|
640
|
|
|
|
C
|
|
0.5
|
|
|
6
|
|
604
|
|
|
|
Total retail originations
|
|
$
|
8.2
|
|
|
100
|
|
684
|
|
|
(a)
|
Represents Ally's internal credit score, incorporating numerous borrower and structure attributes including: FICO® Score; severity and aging of delinquency; number of credit inquiries; loan-to-value ratio; and payment-to-income ratio. We originated an insignificant amount of retail loans classified as Tier D and Tier E during the
three months ended
March 31, 2017
, and March 31, 2016, respectively.
|
|
Three months ended March 31,
|
|
2017
|
|
2016
|
||
|
0
–
71
|
|
20
|
%
|
|
19
|
%
|
|
72
–
75
|
|
67
|
|
|
68
|
|
|
76 +
|
|
13
|
|
|
13
|
|
|
Total retail originations (a)
|
|
100
|
%
|
|
100
|
%
|
|
(a)
|
Excludes RV loans.
|
|
Three months ended March 31,
|
|
2017
|
|
2016
|
||
|
Pre-2013
|
|
3
|
%
|
|
10
|
%
|
|
2013
|
|
6
|
|
|
12
|
|
|
2014
|
|
12
|
|
|
21
|
|
|
2015
|
|
27
|
|
|
44
|
|
|
2016
|
|
40
|
|
|
13
|
|
|
2017
|
|
12
|
|
|
—
|
|
|
Total
|
|
100
|
%
|
|
100
|
%
|
|
|
|
Consumer automotive
financing originations |
|
% Share of
Ally originations |
||||||||
|
Three months ended March 31,
($ in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
New retail standard
|
|
$
|
3,693
|
|
|
$
|
4,040
|
|
|
42
|
|
45
|
|
Used retail
|
|
4,211
|
|
|
4,092
|
|
|
48
|
|
45
|
||
|
Lease
|
|
924
|
|
|
833
|
|
|
10
|
|
9
|
||
|
New retail subvented
|
|
37
|
|
|
76
|
|
|
—
|
|
1
|
||
|
Total consumer automotive financing originations (a)
|
|
$
|
8,865
|
|
|
$
|
9,041
|
|
|
100
|
|
100
|
|
(a)
|
Includes Commercial Services Group (CSG) originations of
$989 million
and
$835 million
for the three months ended
March 31, 2017
, and
2016
, respectively, and RV originations of
$130 million
and $128 million for the three months ended
March 31, 2017
, and
2016
, respectively.
|
|
|
|
Consumer automotive
financing originations |
|
% Share of
Ally originations |
||||||||
|
Three months ended March 31,
($ in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
Growth (a)
|
|
$
|
3,502
|
|
|
$
|
3,367
|
|
|
40
|
|
37
|
|
GM
|
|
2,867
|
|
|
3,329
|
|
|
32
|
|
37
|
||
|
Chrysler
|
|
2,496
|
|
|
2,345
|
|
|
28
|
|
26
|
||
|
Total consumer automotive financing originations
|
|
$
|
8,865
|
|
|
$
|
9,041
|
|
|
100
|
|
100
|
|
(a)
|
Includes Carvana purchased originations of $68 million for the three months ended
March 31, 2017
.
|
|
Three months ended March 31,
|
|
2017
|
|
2016
|
||
|
740 +
|
|
25
|
%
|
|
22
|
%
|
|
739
–
660
|
|
35
|
|
|
36
|
|
|
659
–
620
|
|
24
|
|
|
25
|
|
|
619
–
540
|
|
9
|
|
|
11
|
|
|
< 540
|
|
1
|
|
|
1
|
|
|
Unscored (a)
|
|
6
|
|
|
5
|
|
|
Total consumer automotive financing originations
|
|
100
|
%
|
|
100
|
%
|
|
(a)
|
Unscored are primarily CSG contracts with entities that have no FICO® Score.
|
|
|
|
Average balance
|
||||||
|
Three months ended March 31,
($ in millions)
|
|
2017
|
|
2016
|
||||
|
GM new vehicles
|
|
$
|
17,455
|
|
|
$
|
14,290
|
|
|
Chrysler new vehicles
|
|
9,283
|
|
|
9,217
|
|
||
|
Growth new vehicles
|
|
4,536
|
|
|
4,108
|
|
||
|
Used vehicles
|
|
4,180
|
|
|
3,870
|
|
||
|
Total commercial wholesale finance receivables
|
|
$
|
35,454
|
|
|
$
|
31,485
|
|
|
|
|
Three months ended March 31,
|
|||||||
|
($ in millions)
|
|
2017
|
|
2016
|
Favorable/
(unfavorable) % change |
||||
|
Insurance premiums and other income
|
|
|
|
|
|
||||
|
Insurance premiums and service revenue earned
|
|
$
|
241
|
|
|
$
|
230
|
|
5
|
|
Investment income, net (a)
|
|
35
|
|
|
34
|
|
3
|
||
|
Other income
|
|
3
|
|
|
4
|
|
(25)
|
||
|
Total insurance premiums and other income
|
|
279
|
|
|
268
|
|
4
|
||
|
Expense
|
|
|
|
|
|
||||
|
Insurance losses and loss adjustment expenses
|
|
88
|
|
|
73
|
|
(21)
|
||
|
Acquisition and underwriting expense
|
|
|
|
|
|
||||
|
Compensation and benefits expense
|
|
19
|
|
|
18
|
|
(6)
|
||
|
Insurance commissions expense
|
|
99
|
|
|
94
|
|
(5)
|
||
|
Other expenses
|
|
33
|
|
|
33
|
|
—
|
||
|
Total acquisition and underwriting expense
|
|
151
|
|
|
145
|
|
(4)
|
||
|
Total expense
|
|
239
|
|
|
218
|
|
(10)
|
||
|
Income from continuing operations before income tax expense
|
|
$
|
40
|
|
|
$
|
50
|
|
(20)
|
|
Total assets
|
|
$
|
7,230
|
|
|
$
|
7,194
|
|
1
|
|
Insurance premiums and service revenue written
|
|
$
|
240
|
|
|
$
|
222
|
|
8
|
|
Combined ratio (b)
|
|
98.1
|
%
|
|
94.0
|
%
|
|
||
|
(a)
|
Includes realized gains on investments of
$21 million
and
$22 million
for the
three months ended
March 31, 2017
, and
2016
, respectively; and interest expense of
$11 million
and
$12 million
for the
three months ended
March 31, 2017
, and
2016
, respectively.
|
|
(b)
|
Management uses a combined ratio as a primary measure of underwriting profitability. Underwriting profitability is indicated by a combined ratio under 100% and is calculated as the sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total of premiums and service revenues earned and other fee income.
|
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
|
2017
|
|
2016
|
||||
|
Vehicle service contracts
|
|
|
|
|
||||
|
New retail
|
|
$
|
103
|
|
|
$
|
96
|
|
|
Used retail
|
|
113
|
|
|
109
|
|
||
|
Reinsurance (a)
|
|
(49
|
)
|
|
(41
|
)
|
||
|
Total vehicle service contracts (b)
|
|
167
|
|
|
164
|
|
||
|
Vehicle inventory insurance
|
|
52
|
|
|
41
|
|
||
|
Other finance and insurance (c)
|
|
21
|
|
|
17
|
|
||
|
Total
|
|
$
|
240
|
|
|
$
|
222
|
|
|
(a)
|
Reinsurance represents the transfer of premiums and risk from an Ally insurance company to a third-party insurance company.
|
|
(b)
|
VSC revenue is earned over the life of the service contract on a basis proportionate to the anticipated cost pattern.
|
|
(c)
|
Other finance and insurance includes GAP coverage, excess wear and tear, and other ancillary products.
|
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
Cash
|
|
|
|
|
||||
|
Noninterest-bearing cash
|
|
$
|
227
|
|
|
$
|
273
|
|
|
Interest-bearing cash
|
|
970
|
|
|
612
|
|
||
|
Total cash
|
|
1,197
|
|
|
885
|
|
||
|
Available-for-sale securities
|
|
|
|
|
||||
|
Debt securities
|
|
|
|
|
||||
|
U.S. Treasury
|
|
374
|
|
|
299
|
|
||
|
U.S. States and political subdivisions
|
|
762
|
|
|
744
|
|
||
|
Foreign government
|
|
146
|
|
|
162
|
|
||
|
Agency mortgage-backed residential
|
|
622
|
|
|
633
|
|
||
|
Mortgage-backed residential
|
|
209
|
|
|
227
|
|
||
|
Mortgage-backed commercial
|
|
39
|
|
|
39
|
|
||
|
Asset-backed
|
|
—
|
|
|
6
|
|
||
|
Corporate debt
|
|
1,255
|
|
|
1,443
|
|
||
|
Total debt securities
|
|
3,407
|
|
|
3,553
|
|
||
|
Equity securities
|
|
444
|
|
|
595
|
|
||
|
Total available-for-sale securities
|
|
3,851
|
|
|
4,148
|
|
||
|
Total cash and securities
|
|
$
|
5,048
|
|
|
$
|
5,033
|
|
|
|
|
Three months ended March 31,
|
||||||||
|
($ in millions)
|
|
2017
|
|
2016
|
|
Favorable/(unfavorable) % change
|
||||
|
Net financing revenue and other interest income
|
|
|
|
|
|
|
||||
|
Total financing revenue and other interest income
|
|
$
|
71
|
|
|
$
|
57
|
|
|
25
|
|
Interest expense
|
|
37
|
|
|
37
|
|
|
—
|
||
|
Net financing revenue and other interest income
|
|
34
|
|
|
20
|
|
|
70
|
||
|
Provision for loan losses
|
|
1
|
|
|
3
|
|
|
67
|
||
|
Noninterest expense
|
|
|
|
|
|
|
||||
|
Compensation and benefits expense
|
|
5
|
|
|
3
|
|
|
(67)
|
||
|
Other operating expenses
|
|
19
|
|
|
12
|
|
|
(58)
|
||
|
Total noninterest expense
|
|
24
|
|
|
15
|
|
|
(60)
|
||
|
Income from continuing operations before income tax expense
|
|
$
|
9
|
|
|
$
|
2
|
|
|
n/m
|
|
Total assets
|
|
$
|
8,362
|
|
|
$
|
7,493
|
|
|
12
|
|
Product
|
|
Net UPB (a)
($ in millions)
|
|
% of total net UPB
|
|
WAC
|
|
Net premium
($ in millions)
|
|
Average refreshed LTV (b)
|
|
Average refreshed FICO® (c)
|
|||||||
|
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Adjustable-rate
|
|
$
|
2,489
|
|
|
31
|
|
3.34
|
%
|
|
$
|
41
|
|
|
57.22
|
%
|
|
771
|
|
|
Fixed-rate
|
|
5,669
|
|
|
69
|
|
4.01
|
|
|
132
|
|
|
59.89
|
|
|
770
|
|
||
|
Total
|
|
$
|
8,158
|
|
|
100
|
|
3.81
|
|
|
$
|
173
|
|
|
59.08
|
|
|
770
|
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Adjustable-rate
|
|
$
|
2,488
|
|
|
31
|
|
3.34
|
%
|
|
$
|
42
|
|
|
57.94
|
%
|
|
773
|
|
|
Fixed-rate
|
|
5,633
|
|
|
69
|
|
4.02
|
|
|
131
|
|
|
60.47
|
|
|
772
|
|
||
|
Total
|
|
$
|
8,121
|
|
|
100
|
|
3.81
|
|
|
$
|
173
|
|
|
59.69
|
|
|
772
|
|
|
(a)
|
Represents UPB net of charge-offs.
|
|
(b)
|
Updated home values were derived using a combination of appraisals, broker price opinions, automated valuation models, and metropolitan statistical area level house price indices.
|
|
(c)
|
Updated to reflect changes in credit score since loan origination.
|
|
|
|
Three months ended March 31,
|
||||||||
|
($ in millions)
|
|
2017
|
|
2016
|
|
Favorable/(unfavorable) % change
|
||||
|
Net financing revenue and other interest income
|
|
|
|
|
|
|
||||
|
Interest and fees on finance receivables and loans
|
|
$
|
54
|
|
|
$
|
44
|
|
|
23
|
|
Interest expense
|
|
20
|
|
|
16
|
|
|
(25)
|
||
|
Net financing revenue and other interest income
|
|
34
|
|
|
28
|
|
|
21
|
||
|
Total other revenue
|
|
18
|
|
|
6
|
|
|
n/m
|
||
|
Total net revenue
|
|
52
|
|
|
34
|
|
|
53
|
||
|
Provision for loan losses
|
|
6
|
|
|
6
|
|
|
—
|
||
|
Noninterest expense
|
|
|
|
|
|
|
|
|||
|
Compensation and benefits expense
|
|
14
|
|
|
10
|
|
|
(40)
|
||
|
Other operating expenses
|
|
7
|
|
|
7
|
|
|
—
|
||
|
Total noninterest expense
|
|
21
|
|
|
17
|
|
|
(24)
|
||
|
Income from continuing operations before income tax expense
|
|
$
|
25
|
|
|
$
|
11
|
|
|
127
|
|
Total assets
|
|
$
|
3,438
|
|
|
$
|
2,839
|
|
|
21
|
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
Finance receivables and loans
|
|
$
|
3,432
|
|
|
$
|
3,180
|
|
|
Unfunded lending commitments (a)
|
|
$
|
1,485
|
|
|
$
|
1,483
|
|
|
(a)
|
Includes unused revolving credit line commitments for loans held-for-sale and finance receivables and loans, signed commitment letters, and standby letter of credit facilities, which are issued on behalf of clients and may contingently require us to make payments to a third-party beneficiary should the client fail to fulfill a contractual commitment.
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||
|
Industry
|
|
|
|
|
||
|
Services
|
|
28.4
|
%
|
|
27.4
|
%
|
|
Automotive and transportation
|
|
11.7
|
|
|
13.5
|
|
|
Health services
|
|
11.1
|
|
|
12.0
|
|
|
Machinery, equipment, and electronics
|
|
9.0
|
|
|
6.6
|
|
|
Wholesale
|
|
8.7
|
|
|
8.9
|
|
|
Other manufactured products
|
|
8.1
|
|
|
8.8
|
|
|
Chemicals and metals
|
|
5.7
|
|
|
5.8
|
|
|
Retail trade
|
|
4.7
|
|
|
5.1
|
|
|
Food and beverages
|
|
4.0
|
|
|
4.2
|
|
|
Paper, printing, and publishing
|
|
3.0
|
|
|
3.2
|
|
|
Other
|
|
5.6
|
|
|
4.5
|
|
|
Total finance receivables and loans
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
Three months ended March 31,
|
||||||||
|
($ in millions)
|
|
2017
|
|
2016
|
|
Favorable/(unfavorable) % change
|
||||
|
Net financing revenue and other interest income
|
|
|
|
|
|
|
||||
|
Total financing revenue and other interest income
|
|
$
|
126
|
|
|
$
|
92
|
|
|
37
|
|
Interest expense
|
|
|
|
|
|
|
||||
|
Original issue discount amortization
|
|
21
|
|
|
18
|
|
|
(17)
|
||
|
Other interest expense
|
|
101
|
|
|
81
|
|
|
(25)
|
||
|
Total interest expense
|
|
122
|
|
|
99
|
|
|
(23)
|
||
|
Net financing revenue and other interest income (a)
|
|
4
|
|
|
(7
|
)
|
|
157
|
||
|
Other revenue
|
|
|
|
|
|
|
||||
|
Loss on mortgage and automotive loans, net
|
|
(10
|
)
|
|
(4
|
)
|
|
(150)
|
||
|
Loss on extinguishment of debt
|
|
(1
|
)
|
|
(4
|
)
|
|
75
|
||
|
Other gain on investments, net
|
|
6
|
|
|
32
|
|
|
(81)
|
||
|
Other income, net of losses
|
|
18
|
|
|
15
|
|
|
20
|
||
|
Total other revenue
|
|
13
|
|
|
39
|
|
|
(67)
|
||
|
Total net revenue
|
|
17
|
|
|
32
|
|
|
(47)
|
||
|
Provision for loan losses
|
|
(4
|
)
|
|
2
|
|
|
n/m
|
||
|
Total noninterest expense (b)
|
|
57
|
|
|
33
|
|
|
(73)
|
||
|
Loss from continuing operations before income tax expense
|
|
$
|
(36
|
)
|
|
$
|
(3
|
)
|
|
n/m
|
|
Total assets
|
|
$
|
27,917
|
|
|
$
|
26,690
|
|
|
5
|
|
(a)
|
Refer to the table that follows for further details on the components of net financing revenue and other interest income.
|
|
(b)
|
Includes a reduction of
$212 million
and
$202 million
, for the
three months ended
March 31, 2017
, and
2016
, respectively, related to the allocation of corporate overhead expenses to other segments. The receiving segments record their allocation of corporate overhead expense within other operating expense.
|
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
|
2017
|
|
2016
|
||||
|
Original issue discount amortization (a)
|
|
$
|
(21
|
)
|
|
$
|
(18
|
)
|
|
Net impact of the funds-transfer pricing methodology
|
|
15
|
|
|
3
|
|
||
|
Other (including legacy mortgage net financing revenue and other interest income)
|
|
10
|
|
|
8
|
|
||
|
Net financing revenue and other interest income for Corporate and Other
|
|
$
|
4
|
|
|
$
|
(7
|
)
|
|
(a)
|
Amortization is included as interest on long-term debt in the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
Year ended December 31,
($ in millions)
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022 and thereafter (a)
|
|
Total
|
||||||||||||||
|
Original issue discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Outstanding balance at year end
|
|
$
|
1,235
|
|
|
$
|
1,134
|
|
|
$
|
1,095
|
|
|
$
|
1,056
|
|
|
$
|
1,014
|
|
|
$
|
—
|
|
|
|
||
|
Total amortization (b)
|
|
69
|
|
|
101
|
|
|
39
|
|
|
39
|
|
|
42
|
|
|
1,014
|
|
|
$
|
1,304
|
|
||||||
|
(a)
|
The maximum annual scheduled amortization for any individual year is $153 million in 2030.
|
|
(b)
|
The amortization is included as interest on long-term debt on the
Condensed Consolidated Statement of Comprehensive Income
.
|
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
Cash
|
|
|
|
|
||||
|
Noninterest-bearing cash
|
|
$
|
1,261
|
|
|
$
|
1,249
|
|
|
Interest-bearing cash
|
|
1,814
|
|
|
3,770
|
|
||
|
Total cash
|
|
3,075
|
|
|
5,019
|
|
||
|
Available-for-sale securities
|
|
|
|
|
||||
|
Debt securities
|
|
|
|
|
||||
|
U.S. Treasury
|
|
1,851
|
|
|
1,321
|
|
||
|
U.S. States and political subdivisions
|
|
33
|
|
|
38
|
|
||
|
Agency mortgage-backed residential
|
|
11,240
|
|
|
9,657
|
|
||
|
Mortgage-backed residential
|
|
1,787
|
|
|
1,870
|
|
||
|
Mortgage-backed commercial
|
|
495
|
|
|
498
|
|
||
|
Asset-backed
|
|
1,051
|
|
|
1,394
|
|
||
|
Total available-for-sale securities
|
|
16,457
|
|
|
14,778
|
|
||
|
Held-to-maturity securities
|
|
|
|
|
||||
|
Debt securities
|
|
|
|
|
||||
|
Agency mortgage-backed residential
|
|
1,011
|
|
|
789
|
|
||
|
Asset-backed retained notes
|
|
52
|
|
|
—
|
|
||
|
Total held-to-maturity securities
|
|
1,063
|
|
|
789
|
|
||
|
Total cash and securities
|
|
$
|
20,595
|
|
|
$
|
20,586
|
|
|
|
|
1st Quarter 2017
|
|
4th Quarter 2016
|
|
3rd Quarter 2016
|
||||||
|
Trading days (a)
|
|
62
|
|
|
62.5
|
|
|
64
|
|
|||
|
Average customer trades per day (
in thousands
)
|
|
19
|
|
|
18
|
|
|
17
|
|
|||
|
Funded accounts (b) (
in thousands
)
|
|
251
|
|
|
244
|
|
|
240
|
|
|||
|
Total net customer assets
($ in millions)
|
|
$
|
4,987
|
|
|
$
|
4,771
|
|
|
$
|
4,678
|
|
|
Total customer cash balances
($ in millions)
|
|
$
|
1,232
|
|
|
$
|
1,253
|
|
|
$
|
1,177
|
|
|
(a)
|
Represents the number of days the New York Stock Exchange and other U.S. stock exchange markets are open for trading. A half day represents a day when the U.S. markets close early.
|
|
(b)
|
Represents open and funded brokerage accounts.
|
|
(
$ in millions
)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
Finance receivables and loans
|
|
|
|
|
||||
|
Automotive Finance
|
|
$
|
104,566
|
|
|
$
|
104,646
|
|
|
Mortgage Finance
|
|
8,331
|
|
|
8,294
|
|
||
|
Corporate Finance
|
|
3,432
|
|
|
3,180
|
|
||
|
Corporate and Other (a)
|
|
2,673
|
|
|
2,824
|
|
||
|
Total finance receivables and loans
|
|
119,002
|
|
|
118,944
|
|
||
|
Loans held-for-sale
|
|
|
|
|
||||
|
Mortgage Finance (b)
|
|
1
|
|
|
—
|
|
||
|
Total on-balance sheet loans
|
|
119,003
|
|
|
118,944
|
|
||
|
Off-balance sheet securitized loans
|
|
|
|
|
||||
|
Automotive Finance (c)
|
|
3,067
|
|
|
2,392
|
|
||
|
Whole-loan sales
|
|
|
|
|
||||
|
Automotive Finance (c)
|
|
2,787
|
|
|
3,164
|
|
||
|
Operating lease assets
|
|
|
|
|
||||
|
Automotive Finance
|
|
10,461
|
|
|
11,470
|
|
||
|
Total loan and lease exposure
|
|
$
|
135,318
|
|
|
$
|
135,970
|
|
|
Serviced loans and leases
|
|
|
|
|
||||
|
Automotive Finance
|
|
$
|
120,693
|
|
|
$
|
121,480
|
|
|
Mortgage Finance
|
|
8,332
|
|
|
8,294
|
|
||
|
Corporate Finance
|
|
3,231
|
|
|
2,991
|
|
||
|
Corporate and Other
|
|
2,606
|
|
|
2,757
|
|
||
|
Total serviced loans and leases
|
|
$
|
134,862
|
|
|
$
|
135,522
|
|
|
(a)
|
Includes
$2.6 billion
and
$2.8 billion
of consumer mortgage loans in our Mortgage — Legacy portfolio at
March 31, 2017
, and
December 31, 2016
, respectively.
|
|
(b)
|
Represents the current balance of conforming mortgages originated directly to the held-for-sale portfolio.
|
|
(c)
|
Represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions.
|
|
|
|
Outstanding
|
|
Nonperforming (a)
|
|
Accruing past due 90 days or more
|
||||||||||||||||||
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Finance receivables and loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Loans at gross carrying value
|
|
$
|
76,600
|
|
|
$
|
76,843
|
|
|
$
|
678
|
|
|
$
|
697
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Loans held-for-sale
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total consumer loans (b)
|
|
76,601
|
|
|
76,843
|
|
|
678
|
|
|
697
|
|
|
—
|
|
|
—
|
|
||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Finance receivables and loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Loans at gross carrying value
|
|
42,402
|
|
|
42,101
|
|
|
120
|
|
|
122
|
|
|
—
|
|
|
—
|
|
||||||
|
Total commercial loans
|
|
42,402
|
|
|
42,101
|
|
|
120
|
|
|
122
|
|
|
—
|
|
|
—
|
|
||||||
|
Total on-balance sheet loans
|
|
$
|
119,003
|
|
|
$
|
118,944
|
|
|
$
|
798
|
|
|
$
|
819
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(a)
|
Includes nonaccrual TDR loans of
$310 million
and
$286 million
at
March 31, 2017
, and
December 31, 2016
, respectively.
|
|
(b)
|
Includes outstanding CSG loans of
$6.8 billion
and
$6.7 billion
at
March 31, 2017
, and
December 31, 2016
, respectively, and RV loans of
$1.7 billion
at both
March 31, 2017
, and
December 31, 2016
.
|
|
|
|
Three months ended March 31,
|
||||||||||||
|
|
|
Net charge-offs (recoveries)
|
|
Net charge-off ratios (a)
|
||||||||||
|
($ in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||
|
Consumer
|
|
$
|
253
|
|
|
$
|
179
|
|
|
1.3
|
%
|
|
1.0
|
%
|
|
Commercial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Total finance receivables and loans at gross carrying value
|
|
$
|
253
|
|
|
$
|
179
|
|
|
0.9
|
|
|
0.6
|
|
|
(a)
|
Net charge-off ratios are calculated as annualized 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.
|
|
|
|
Outstanding
|
|
Nonperforming (a)
|
|
Accruing past due 90 days or more
|
||||||||||||||||||
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Consumer automotive (b) (c)
|
|
$
|
65,663
|
|
|
$
|
65,793
|
|
|
$
|
573
|
|
|
$
|
598
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Mortgage Finance
|
|
8,331
|
|
|
8,294
|
|
|
10
|
|
|
10
|
|
|
—
|
|
|
—
|
|
||||||
|
Mortgage — Legacy
|
|
2,606
|
|
|
2,756
|
|
|
95
|
|
|
89
|
|
|
—
|
|
|
—
|
|
||||||
|
Total consumer finance receivables and loans
|
|
$
|
76,600
|
|
|
$
|
76,843
|
|
|
$
|
678
|
|
|
$
|
697
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(a)
|
Includes nonaccrual TDR loans of $243 million and $240 million at
March 31, 2017
, and
December 31, 2016
, respectively.
|
|
(b)
|
Includes $34 million and $43 million of fair value adjustment for loans in hedge accounting relationships at
March 31, 2017
, and
December 31, 2016
, respectively. Refer to
Note 19
to the
Condensed Consolidated Financial Statements
for additional information.
|
|
(c)
|
Includes outstanding CSG loans of $6.8 billion and $6.7 billion at
March 31, 2017
, and
December 31, 2016
, respectively, and RV loans of $1.7 billion at both
March 31, 2017
, and
December 31, 2016
.
|
|
|
|
Three months ended March 31,
|
||||||||||||
|
|
|
Net charge-offs
|
|
Net charge-off ratios (a)
|
||||||||||
|
($ in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||
|
Consumer automotive
|
|
$
|
251
|
|
|
$
|
173
|
|
|
1.5
|
%
|
|
1.1
|
%
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
||||||
|
Mortgage Finance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Mortgage — Legacy
|
|
2
|
|
|
6
|
|
|
0.2
|
|
|
0.7
|
|
||
|
Total consumer finance receivables and loans
|
|
$
|
253
|
|
|
$
|
179
|
|
|
1.3
|
|
|
1.0
|
|
|
(a)
|
Net charge-off ratios are calculated as annualized 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.
|
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
|
2017
|
|
2016
|
||||
|
Consumer automotive
|
|
$
|
7,941
|
|
|
$
|
8,208
|
|
|
Consumer mortgage (a)
|
|
3
|
|
|
4
|
|
||
|
Total consumer loan originations
|
|
$
|
7,944
|
|
|
$
|
8,212
|
|
|
(a)
|
Includes $3 million of loans originated as held-for-sale.
|
|
|
|
March 31, 2017 (a)
|
|
December 31, 2016
|
||||||||
|
|
|
Consumer automotive
|
|
Consumer mortgage
|
|
Consumer automotive
|
|
Consumer mortgage
|
||||
|
Texas
|
|
13.5
|
%
|
|
6.6
|
%
|
|
13.6
|
%
|
|
6.6
|
%
|
|
California
|
|
7.9
|
|
|
34.4
|
|
|
7.8
|
|
|
34.2
|
|
|
Florida
|
|
8.2
|
|
|
4.4
|
|
|
8.2
|
|
|
4.4
|
|
|
Pennsylvania
|
|
4.7
|
|
|
1.4
|
|
|
4.7
|
|
|
1.5
|
|
|
Illinois
|
|
4.3
|
|
|
3.4
|
|
|
4.3
|
|
|
3.4
|
|
|
Georgia
|
|
4.3
|
|
|
2.3
|
|
|
4.3
|
|
|
2.2
|
|
|
North Carolina
|
|
3.7
|
|
|
1.5
|
|
|
3.6
|
|
|
1.6
|
|
|
Ohio
|
|
3.5
|
|
|
0.5
|
|
|
3.5
|
|
|
0.5
|
|
|
New York
|
|
3.1
|
|
|
1.9
|
|
|
3.2
|
|
|
1.9
|
|
|
Missouri
|
|
2.8
|
|
|
1.2
|
|
|
2.8
|
|
|
1.2
|
|
|
Other United States
|
|
44.0
|
|
|
42.4
|
|
|
44.0
|
|
|
42.5
|
|
|
Total consumer loans
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
(a)
|
Presentation is in descending order as a percentage of total consumer finance receivables and loans at
March 31, 2017
.
|
|
|
|
Outstanding
|
|
Nonperforming (a)
|
|
Accruing past due 90 days or more
|
||||||||||||||||||
|
($ in millions)
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Automotive
|
|
$
|
34,911
|
|
|
$
|
35,041
|
|
|
$
|
34
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other (b)
|
|
3,499
|
|
|
3,248
|
|
|
81
|
|
|
84
|
|
|
—
|
|
|
—
|
|
||||||
|
Commercial real estate — Automotive
|
|
3,992
|
|
|
3,812
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
||||||
|
Total commercial finance receivables and loans
|
|
$
|
42,402
|
|
|
$
|
42,101
|
|
|
$
|
120
|
|
|
$
|
122
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(a)
|
Includes nonaccrual TDR loans of $67 million and $46 million at
March 31, 2017
, and
December 31, 2016
, respectively.
|
|
(b)
|
Other commercial primarily includes senior secured commercial lending.
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||
|
Texas
|
|
15.7
|
%
|
|
16.1
|
%
|
|
Florida
|
|
10.4
|
|
|
10.2
|
|
|
California
|
|
8.3
|
|
|
7.9
|
|
|
Michigan
|
|
7.6
|
|
|
7.6
|
|
|
New Jersey
|
|
3.9
|
|
|
4.2
|
|
|
South Carolina
|
|
3.9
|
|
|
2.7
|
|
|
North Carolina
|
|
3.6
|
|
|
3.6
|
|
|
Georgia
|
|
3.5
|
|
|
3.6
|
|
|
Pennsylvania
|
|
3.0
|
|
|
3.1
|
|
|
Missouri
|
|
2.6
|
|
|
2.5
|
|
|
Other United States
|
|
37.5
|
|
|
38.5
|
|
|
Total commercial real estate finance receivables and loans
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||
|
Industry
|
|
|
|
|
||
|
Automotive
|
|
81.6
|
%
|
|
81.2
|
%
|
|
Services
|
|
6.6
|
|
|
6.3
|
|
|
Electronics
|
|
2.5
|
|
|
4.2
|
|
|
Other
|
|
9.3
|
|
|
8.3
|
|
|
Total commercial criticized finance receivables and loans
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Three months ended March 31, 2017
($ in millions)
|
|
Consumer automotive
|
|
Consumer mortgage
|
|
Total consumer
|
|
Commercial
|
|
Total
|
||||||||||
|
Allowance at January 1, 2017
|
|
$
|
932
|
|
|
$
|
91
|
|
|
$
|
1,023
|
|
|
$
|
121
|
|
|
$
|
1,144
|
|
|
Charge-offs (a)
|
|
(341
|
)
|
|
(9
|
)
|
|
(350
|
)
|
|
—
|
|
|
(350
|
)
|
|||||
|
Recoveries
|
|
90
|
|
|
7
|
|
|
97
|
|
|
—
|
|
|
97
|
|
|||||
|
Net charge-offs
|
|
(251
|
)
|
|
(2
|
)
|
|
(253
|
)
|
|
—
|
|
|
(253
|
)
|
|||||
|
Provision for loan losses
|
|
267
|
|
|
(3
|
)
|
|
264
|
|
|
7
|
|
|
271
|
|
|||||
|
Other (b)
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|||||
|
Allowance at March 31, 2017
|
|
$
|
941
|
|
|
$
|
86
|
|
|
$
|
1,027
|
|
|
$
|
128
|
|
|
$
|
1,155
|
|
|
Allowance for loan losses to finance receivables and loans outstanding at March 31, 2017 (c)
|
|
1.4
|
%
|
|
0.8
|
%
|
|
1.3
|
%
|
|
0.3
|
%
|
|
1.0
|
%
|
|||||
|
Net charge-offs to average finance receivables and loans outstanding for the three months ended March 31, 2017
|
|
1.5
|
%
|
|
0.1
|
%
|
|
1.3
|
%
|
|
—
|
%
|
|
0.9
|
%
|
|||||
|
Allowance for loan losses to total nonperforming finance receivables and loans at March 31, 2017 (c)
|
|
164.3
|
%
|
|
82.2
|
%
|
|
151.6
|
%
|
|
106.2
|
%
|
|
144.8
|
%
|
|||||
|
Ratio of allowance for loan losses to net charge-offs at March 31, 2017
|
|
0.9
|
|
|
10.2
|
|
|
1.0
|
|
|
n/m
|
|
|
1.1
|
|
|||||
|
(a)
|
Represents the amount of the gross carrying value directly written-off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to
Note 1
to the
Consolidated Financial Statements included in our 2016 Annual Report on Form 10-K
for more information regarding our charge-off policies.
|
|
(b)
|
Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale.
|
|
(c)
|
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 gross carrying value.
|
|
Three months ended March 31, 2016
($ in millions)
|
|
Consumer automotive
|
|
Consumer mortgage
|
|
Total consumer
|
|
Commercial
|
|
Total
|
||||||||||
|
Allowance at January 1, 2016
|
|
$
|
834
|
|
|
$
|
114
|
|
|
$
|
948
|
|
|
$
|
106
|
|
|
$
|
1,054
|
|
|
Charge-offs (a)
|
|
(253
|
)
|
|
(10
|
)
|
|
(263
|
)
|
|
—
|
|
|
(263
|
)
|
|||||
|
Recoveries
|
|
80
|
|
|
4
|
|
|
84
|
|
|
—
|
|
|
84
|
|
|||||
|
Net charge-offs
|
|
(173
|
)
|
|
(6
|
)
|
|
(179
|
)
|
|
—
|
|
|
(179
|
)
|
|||||
|
Provision for loan losses
|
|
207
|
|
|
7
|
|
|
214
|
|
|
6
|
|
|
220
|
|
|||||
|
Other (b)
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
|||||
|
Allowance at March 31, 2016
|
|
$
|
850
|
|
|
$
|
115
|
|
|
$
|
965
|
|
|
$
|
112
|
|
|
$
|
1,077
|
|
|
Allowance for loan losses to finance receivables and loans outstanding at March 31, 2016 (c)
|
|
1.3
|
%
|
|
1.1
|
%
|
|
1.3
|
%
|
|
0.3
|
%
|
|
1.0
|
%
|
|||||
|
Net charge-offs to average finance receivables and loans outstanding for the three months ended March 31, 2016
|
|
1.1
|
%
|
|
0.3
|
%
|
|
1.0
|
%
|
|
—
|
%
|
|
0.6
|
%
|
|||||
|
Allowance for loan losses to total nonperforming finance receivables and loans at March 31, 2016 (c)
|
|
172.9
|
%
|
|
99.0
|
%
|
|
158.8
|
%
|
|
123.3
|
%
|
|
154.2
|
%
|
|||||
|
Ratio of allowance for loan losses to net charge-offs at March 31, 2016
|
|
1.2
|
|
|
4.4
|
|
|
1.3
|
|
|
n/m
|
|
|
1.5
|
|
|||||
|
(a)
|
Represents the amount of the gross carrying value directly written-off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to
Note 1
to the
Consolidated Financial Statements included in our 2016 Annual Report on Form 10-K
for more information regarding our charge-off policies.
|
|
(b)
|
Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale.
|
|
(c)
|
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 gross carrying value.
|
|
|
|
2017
|
|
2016
|
||||||||||||||||
|
March 31,
($ in millions)
|
|
Allowance for loan losses
|
|
Allowance as a % of loans outstanding
|
|
Allowance as a % of total allowance for loan losses
|
|
Allowance for loan losses
|
|
Allowance as a % of loans outstanding
|
|
Allowance as a % of total allowance for loan losses
|
||||||||
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Consumer automotive
|
|
$
|
941
|
|
|
1.4
|
%
|
|
81.5
|
%
|
|
$
|
850
|
|
|
1.3
|
%
|
|
78.9
|
%
|
|
Consumer mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Mortgage Finance
|
|
11
|
|
|
0.1
|
|
|
1.0
|
|
|
18
|
|
|
0.2
|
|
|
1.7
|
|
||
|
Mortgage — Legacy
|
|
75
|
|
|
2.9
|
|
|
6.4
|
|
|
97
|
|
|
3.0
|
|
|
9.0
|
|
||
|
Total consumer mortgage
|
|
86
|
|
|
0.8
|
|
|
7.4
|
|
|
115
|
|
|
1.1
|
|
|
10.7
|
|
||
|
Total consumer loans
|
|
1,027
|
|
|
1.3
|
|
|
88.9
|
|
|
965
|
|
|
1.3
|
|
|
89.6
|
|
||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Automotive
|
|
33
|
|
|
0.1
|
|
|
2.8
|
|
|
31
|
|
|
0.1
|
|
|
2.9
|
|
||
|
Other
|
|
70
|
|
|
2.0
|
|
|
6.1
|
|
|
57
|
|
|
2.0
|
|
|
5.3
|
|
||
|
Commercial real estate — Automotive
|
|
25
|
|
|
0.6
|
|
|
2.2
|
|
|
24
|
|
|
0.7
|
|
|
2.2
|
|
||
|
Total commercial loans
|
|
128
|
|
|
0.3
|
|
|
11.1
|
|
|
112
|
|
|
0.3
|
|
|
10.4
|
|
||
|
Total allowance for loan losses
|
|
$
|
1,155
|
|
|
1.0
|
|
|
100.0
|
%
|
|
$
|
1,077
|
|
|
1.0
|
|
|
100.0
|
%
|
|
|
|
Three months ended March 31,
|
||||||
|
($ in millions)
|
|
2017
|
|
2016
|
||||
|
Consumer
|
|
|
|
|
||||
|
Consumer automotive
|
|
$
|
267
|
|
|
$
|
207
|
|
|
Consumer mortgage
|
|
|
|
|
||||
|
Mortgage Finance
|
|
1
|
|
|
3
|
|
||
|
Mortgage — Legacy
|
|
(4
|
)
|
|
4
|
|
||
|
Total consumer mortgage
|
|
(3
|
)
|
|
7
|
|
||
|
Total consumer loans
|
|
264
|
|
|
214
|
|
||
|
Commercial
|
|
|
|
|
||||
|
Commercial and industrial
|
|
|
|
|
||||
|
Automotive
|
|
—
|
|
|
1
|
|
||
|
Other
|
|
6
|
|
|
4
|
|
||
|
Commercial real estate — Automotive
|
|
1
|
|
|
1
|
|
||
|
Total commercial loans
|
|
7
|
|
|
6
|
|
||
|
Total provision for loan losses
|
|
$
|
271
|
|
|
$
|
220
|
|
|
|
|
Three months ended March 31,
|
||||||
|
|
|
2017
|
|
2016
|
||||
|
Off-lease vehicles terminated (
in units
)
|
|
77,761
|
|
|
78,820
|
|
||
|
Average (loss) gain per vehicle (
$ per unit
)
|
|
$
|
(45
|
)
|
|
$
|
700
|
|
|
Method of vehicle sales
|
|
|
|
|
||||
|
Auction
|
|
|
|
|
||||
|
Internet
|
|
57
|
%
|
|
57
|
%
|
||
|
Physical
|
|
13
|
|
|
13
|
|
||
|
Sale to dealer, lessee, and other
|
|
30
|
|
|
30
|
|
||
|
March 31,
|
|
2017
|
|
2016
|
||
|
Car
|
|
28
|
%
|
|
37
|
%
|
|
Truck
|
|
19
|
|
|
14
|
|
|
Sport utility vehicle
|
|
53
|
|
|
49
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Change in interest rates, (
$ in millions
)
|
|
Instantaneous
|
|
Gradual (a)
|
|
Instantaneous
|
|
Gradual (a)
|
||||||||
|
-100 basis points
|
|
$
|
3
|
|
|
$
|
(21
|
)
|
|
$
|
46
|
|
|
$
|
(14
|
)
|
|
+100 basis points
|
|
(52
|
)
|
|
(21
|
)
|
|
(62
|
)
|
|
(2
|
)
|
||||
|
+200 basis points
|
|
(171
|
)
|
|
(67
|
)
|
|
(153
|
)
|
|
(19
|
)
|
||||
|
(a)
|
Gradual changes in interest rates are recognized over 12 months.
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Change in interest rates,
($ in millions)
|
|
Instantaneous
|
|
Gradual (a)
|
|
Instantaneous
|
|
Gradual (a)
|
||||||||
|
+100 basis points
|
|
$
|
45
|
|
|
$
|
22
|
|
|
$
|
77
|
|
|
$
|
50
|
|
|
+200 basis points
|
|
57
|
|
|
39
|
|
|
119
|
|
|
88
|
|
||||
|
(a)
|
Gradual changes in interest rates are recognized over 12 months.
|
|
March 31, 2017
($ in millions)
|
|
|
||
|
Unencumbered highly liquid U.S. federal government and U.S. agency securities
|
|
$
|
13,128
|
|
|
Liquid cash and equivalents
|
|
3,811
|
|
|
|
Committed funding facilities (a)
|
|
|
||
|
Total capacity
|
|
16,935
|
|
|
|
Outstanding
|
|
15,930
|
|
|
|
Unused capacity (b)
|
|
1,005
|
|
|
|
Total available liquidity
|
|
$
|
17,944
|
|
|
(a)
|
Committed funding facilities include both on- and off-balance sheet facilities.
|
|
(b)
|
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.
|
|
|
1st Quarter 2017
|
4th Quarter 2016
|
3rd Quarter 2016
|
2nd Quarter 2016
|
1st Quarter 2016
|
||||||||||
|
Number of retail bank accounts
(in thousands)
|
2,366
|
|
2,269
|
|
2,203
|
|
2,134
|
|
2,062
|
|
|||||
|
Deposits
($ in millions)
|
|
|
|
|
|
||||||||||
|
Retail
|
$
|
69,971
|
|
$
|
66,584
|
|
$
|
63,880
|
|
$
|
61,239
|
|
$
|
58,977
|
|
|
Brokered (a)
|
14,327
|
|
12,187
|
|
11,570
|
|
11,269
|
|
10,979
|
|
|||||
|
Other (b)
|
188
|
|
251
|
|
294
|
|
294
|
|
309
|
|
|||||
|
Total deposits
|
$
|
84,486
|
|
$
|
79,022
|
|
$
|
75,744
|
|
$
|
72,802
|
|
$
|
70,265
|
|
|
(a)
|
Includes a deposit at Ally Bank related to TradeKing customer cash balances.
|
|
(b)
|
Other deposits include mortgage escrow, dealer, and other deposits.
|
|
•
|
We closed, renewed, increased, and/or extended
$1.3 billion
in U.S. secured credit facilities during the three months ended
March 31, 2017
.
|
|
•
|
We continued to access the public and private term asset-backed securitization markets raising
$3.0 billion
during the three months ended
March 31, 2017
. During the quarter, we raised approximately $1.3 billion through securitizations backed by retail automotive loans. We also raised $650 million through a public securitization backed by dealer floorplan automotive assets, which represented our first floorplan securitization since 2015. Additionally, we raised approximately $1.1 billion through an off-balance sheet public securitization backed by retail automotive loans.
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||
|
($ in millions)
|
|
On-balance sheet funding
|
|
% Share of funding
|
|
On-balance sheet funding
|
|
% Share of funding
|
||||
|
Secured financings
|
|
$
|
37,010
|
|
|
26
|
|
$
|
43,140
|
|
|
30
|
|
Institutional term debt and unsecured bank funding
|
|
18,022
|
|
|
12
|
|
19,276
|
|
|
13
|
||
|
Retail debt programs (a)
|
|
4,101
|
|
|
3
|
|
4,070
|
|
|
3
|
||
|
Total debt (b)
|
|
59,133
|
|
|
41
|
|
66,486
|
|
|
46
|
||
|
Deposits
|
|
84,486
|
|
|
59
|
|
79,022
|
|
|
54
|
||
|
Total on-balance sheet funding
|
|
$
|
143,619
|
|
|
100
|
|
$
|
145,508
|
|
|
100
|
|
(a)
|
Includes
$450 million
and $448 million of retail term notes at
March 31, 2017
, and December 31, 2016, respectively.
|
|
(b)
|
Excludes fair value adjustment as described in
Note 19
to the
Condensed Consolidated Financial Statements
.
|
|
Rating agency
|
|
Short-term
|
|
Senior unsecured debt
|
|
Outlook
|
|
Date of last action
|
|
Fitch
|
|
B
|
|
BB+
|
|
Stable
|
|
September 28, 2016 (a)
|
|
Moody’s
|
|
Not Prime
|
|
Ba3
|
|
Stable
|
|
October 20, 2015 (b)
|
|
S&P
|
|
B
|
|
BB+
|
|
Stable
|
|
October 12, 2016 (c)
|
|
DBRS
|
|
R-3
|
|
BBB (Low)
|
|
Stable
|
|
May 3, 2017 (d)
|
|
(a)
|
Fitch affirmed our senior unsecured debt rating of BB+, affirmed our short-term rating of B, and maintained a Stable outlook on September 28, 2016.
|
|
(b)
|
Moody's upgraded our senior unsecured debt rating to Ba3 from B1, affirmed our short-term rating of Not Prime, and changed the outlook to Stable on October 20, 2015. Effective December 1, 2014, we determined to not renew our contractual arrangement with Moody's related to their providing of our corporate family, senior debt, and short-term ratings. Notwithstanding this, Moody's has determined to continue to provide these ratings on a discretionary basis. However, Moody's has no obligation to continue to provide these ratings, and could cease doing so at any time.
|
|
(c)
|
Standard & Poor's affirmed our senior unsecured debt rating of BB+, affirmed our short-term rating of B, and changed the outlook from Positive to Stable on October 12, 2016.
|
|
(d)
|
DBRS affirmed our short-term rating of R-3, affirmed our senior unsecured debt rating of BBB (Low), and maintained a Stable outlook on all ratings on May 3, 2017.
|
|
•
|
Allowance for loan losses
|
|
•
|
Valuation of automotive lease assets and residuals
|
|
•
|
Fair value of financial instruments
|
|
•
|
Legal and regulatory reserves
|
|
•
|
Determination of provision for income taxes
|
|
|
|
2017
|
|
2016
|
|
Increase (decrease) due to
|
||||||||||||||||||||||||||||
|
Three months ended March 31,
($ in millions)
|
|
Average
balance (a) |
|
Interest income/
Interest expense |
|
Yield/rate
|
|
Average
balance (a) |
|
Interest income/
Interest expense |
|
Yield/rate
|
|
Volume
|
|
Yield/rate
|
|
Total
|
||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-bearing cash and cash equivalents
|
|
$
|
2,674
|
|
|
$
|
5
|
|
|
0.76
|
%
|
|
$
|
2,867
|
|
|
$
|
3
|
|
|
0.42
|
%
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
Investment securities (b)
|
|
20,481
|
|
|
126
|
|
|
2.49
|
|
|
17,594
|
|
|
102
|
|
|
2.33
|
|
|
17
|
|
|
7
|
|
|
24
|
|
|||||||
|
Loans held-for-sale, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Finance receivables and loans, net (c) (d)
|
|
117,974
|
|
|
1,368
|
|
|
4.70
|
|
|
111,525
|
|
|
1,235
|
|
|
4.45
|
|
|
71
|
|
|
62
|
|
|
133
|
|
|||||||
|
Investment in operating leases, net (e)
|
|
10,931
|
|
|
154
|
|
|
5.71
|
|
|
15,638
|
|
|
259
|
|
|
6.66
|
|
|
(78
|
)
|
|
(27
|
)
|
|
(105
|
)
|
|||||||
|
Other earning assets
|
|
817
|
|
|
8
|
|
|
3.97
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|||||||
|
Total interest-earning assets
|
|
152,877
|
|
|
1,661
|
|
|
4.41
|
|
|
147,659
|
|
|
1,599
|
|
|
4.36
|
|
|
|
|
|
|
|
|
62
|
|
|||||||
|
Noninterest-bearing cash and cash equivalents
|
|
1,100
|
|
|
|
|
|
|
1,841
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Other assets
|
|
8,013
|
|
|
|
|
|
|
8,929
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Allowance for loan losses
|
|
(1,145
|
)
|
|
|
|
|
|
(1,060
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total assets
|
|
$
|
160,845
|
|
|
|
|
|
|
$
|
157,369
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-bearing deposit liabilities
|
|
$
|
82,160
|
|
|
$
|
231
|
|
|
1.14
|
%
|
|
$
|
68,148
|
|
|
$
|
193
|
|
|
1.14
|
%
|
|
$
|
40
|
|
|
$
|
(2
|
)
|
|
$
|
38
|
|
|
Short-term borrowings
|
|
8,223
|
|
|
27
|
|
|
1.33
|
|
|
5,609
|
|
|
13
|
|
|
0.93
|
|
|
6
|
|
|
8
|
|
|
14
|
|
|||||||
|
Long-term debt (d)
|
|
52,549
|
|
|
424
|
|
|
3.27
|
|
|
64,841
|
|
|
442
|
|
|
2.74
|
|
|
(84
|
)
|
|
66
|
|
|
(18
|
)
|
|||||||
|
Total interest-bearing liabilities
|
|
142,932
|
|
|
682
|
|
|
1.94
|
|
|
138,598
|
|
|
648
|
|
|
1.88
|
|
|
|
|
|
|
|
|
34
|
|
|||||||
|
Noninterest-bearing deposit liabilities
|
|
93
|
|
|
|
|
|
|
92
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total funding sources
|
|
143,025
|
|
|
682
|
|
|
1.93
|
|
|
138,690
|
|
|
648
|
|
|
1.88
|
|
|
|
|
|
|
|
||||||||||
|
Other liabilities
|
|
4,383
|
|
|
|
|
|
|
5,053
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total liabilities
|
|
147,408
|
|
|
|
|
|
|
143,743
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total equity
|
|
13,437
|
|
|
|
|
|
|
13,626
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total liabilities and equity
|
|
$
|
160,845
|
|
|
|
|
|
|
$
|
157,369
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net financing revenue and other interest income
|
|
|
|
$
|
979
|
|
|
|
|
|
|
$
|
951
|
|
|
|
|
|
|
|
|
|
|
$
|
28
|
|
||||||||
|
Net interest spread (f)
|
|
|
|
|
|
2.47
|
%
|
|
|
|
|
|
2.48
|
%
|
|
|
|
|
|
|
||||||||||||||
|
Net yield on interest-earning assets (g)
|
|
|
|
|
|
2.60
|
%
|
|
|
|
|
|
2.59
|
%
|
|
|
|
|
|
|
||||||||||||||
|
(a)
|
Average balances are calculated using a combination of monthly and daily average methodologies.
|
|
(b)
|
Amounts for the
three months ended
March 31, 2016, were adjusted to include previously excluded equity investments with an average balance of
$738 million
and related income on equity investments of
$4 million
. Yields on available-for-sale debt securities are based on fair value as opposed to amortized cost. Yields on held-to-maturity securities are based on amortized cost.
|
|
(c)
|
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 2016 Annual Report on Form 10-K.
|
|
(d)
|
Includes the effects of derivative financial instruments designated as hedges.
|
|
(e)
|
Includes loss on sale of
$3 million
and gain on sale of
$55 million
for the
three months ended
March 31, 2017
, and
2016
, respectively. Excluding these losses or gains on sale, the annualized yield would be
5.82%
and
5.25%
at
March 31, 2017
, and
2016
, respectively.
|
|
(f)
|
Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities.
|
|
(g)
|
Net yield on interest-earning assets represents annualized net financing revenue and other interest income as a percentage of total interest-earning assets.
|
|
•
|
evolving local, regional, national, or international business, economic, or political conditions, including the residual effects of the recent global economic crisis and responses to that crisis by governments, businesses, and households;
|
|
•
|
changes in laws or the regulatory or supervisory environment, including as a result of recent financial services legislation, regulation, or policies or changes in government officials or other personnel;
|
|
•
|
changes in monetary, fiscal, or trade laws or policies, including as a result of actions by government agencies, central banks, or supranational authorities;
|
|
•
|
changes in accounting standards or policies;
|
|
•
|
changes in the automotive industry or the markets for new or used vehicles;
|
|
•
|
disruptions or shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations;
|
|
•
|
changes in business or consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;
|
|
•
|
changes in our corporate or business strategies, the composition of our assets, or the way in which we fund those assets;
|
|
•
|
our ability to execute our business strategy for Ally Bank, including its regulatory normalization;
|
|
•
|
our ability to optimize our automotive finance and insurance businesses and to continue diversifying into and growing other lines of business, including consumer finance, corporate finance, brokerage, and wealth management;
|
|
•
|
our ability to develop capital plans that will be approved by the FRB and our ability to implement them, including any payment of dividends or share repurchases;
|
|
•
|
our ability to effectively manage capital or liquidity consistent with evolving business or operational needs, risk management standards, and regulatory or supervisory requirements;
|
|
•
|
our ability to cost-effectively fund our business and operations, including through deposits and the capital markets;
|
|
•
|
changes in any credit rating assigned to Ally, including Ally Bank;
|
|
•
|
adverse publicity or other reputational harm to us;
|
|
•
|
our ability to develop, maintain, or market our products or services or to absorb unanticipated costs or liabilities associated with those products or services;
|
|
•
|
our ability to innovate, to anticipate the needs of current or future customers, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures;
|
|
•
|
the continuing profitability and viability of our dealer-centric automotive finance and insurance businesses, especially in the face of competition from captive finance companies and their automotive manufacturing sponsors;
|
|
•
|
our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk;
|
|
•
|
changes in the credit, liquidity, or other financial condition of our customers, counterparties, service providers, or competitors;
|
|
•
|
our ability to effectively deal with economic, business, or market slowdowns or disruptions;
|
|
•
|
judicial, regulatory, or administrative investigations, proceedings, disputes, or rulings that create uncertainty for, or are adverse to, us or the financial services industry;
|
|
•
|
our ability to address stricter or heightened regulatory or supervisory requirements;
|
|
•
|
our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or facilities, including our capacity to withstand cyber-attacks;
|
|
•
|
the adequacy of our corporate governance, risk management framework, compliance programs, or internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting or to effectively mitigate or manage operational risk;
|
|
•
|
the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;
|
|
•
|
our ability to keep pace with changes in technology that affect us or our customers, counterparties, service providers, or competitors;
|
|
•
|
our ability to successfully make and integrate acquisitions;
|
|
•
|
the adequacy of our succession planning for key executives or other personnel and to attract or retain qualified employees;
|
|
•
|
natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics; or
|
|
•
|
other assumptions, risks, or uncertainties described in the Risk Factors (Part II, Item 1A herein), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Part I, Item 2 herein), or the Notes to the Condensed Consolidated Financial Statements (Part I, Item 1 herein) in this Quarterly Report on Form 10-Q or described in any of the Company’s annual, quarterly or current reports.
|
|
Three months ended March 31, 2017
|
|
Total number
of shares
repurchased (a)
(in thousands)
|
|
Weighted-average price paid per share (a) (b)
(in dollars)
|
|
Total number of shares repurchased as part of publicly announced program (a) (c)
(in thousands)
|
|
Maximum approximate dollar value of shares that may yet be repurchased under the program (a) (b) (c)
($ in millions)
|
||||||
|
January 2017
|
|
3,289
|
|
|
$
|
19.68
|
|
|
3,289
|
|
|
$
|
309
|
|
|
February 2017
|
|
1,845
|
|
|
22.76
|
|
|
1,845
|
|
|
267
|
|
||
|
March 2017
|
|
2,963
|
|
|
21.02
|
|
|
2,963
|
|
|
205
|
|
||
|
Total
|
|
8,097
|
|
|
20.87
|
|
|
8,097
|
|
|
|
|||
|
(a)
|
Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.
|
|
(b)
|
Excludes brokerage commissions.
|
|
(c)
|
On July 19, 2016, we announced a common stock repurchase program of up to $700 million. The program commenced in the third quarter of 2016 and will expire on June 30, 2017.
|
|
|
|
|
|
Ally Financial Inc.
(Registrant)
|
|
|
|
|
|
/
S
/
C
HRISTOPHER
A.
H
ALMY
|
|
|
Christopher A. Halmy
Chief Financial Officer
|
|
|
|
|
|
/
S
/
D
AVID
J
.
D
E
B
RUNNER
|
|
|
David J. DeBrunner
Vice President, Chief Accounting Officer, and
Corporate Controller
|
|
|
|
|
|
Exhibit
|
Description
|
Method of Filing
|
|
|
|
|
|
12
|
Computation of Ratio of Earnings to Fixed Charges
|
Filed herewith.
|
|
|
|
|
|
31.1
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a)
|
Filed herewith.
|
|
|
|
|
|
31.2
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a)
|
Filed herewith.
|
|
|
|
|
|
32
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350
|
Filed herewith.
|
|
|
|
|
|
101
|
Interactive Data File
|
Filed herewith.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | 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 |
|---|