Ally Financial Inc. [ALLY] Filings

10-Q 1 ally-20240630.htm 10-Q ally-20240630

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024, or


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 1-3754

Ally Financial Inc.

(Exact name of registrant as specified in its charter)


Delaware						38-0572512
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

Ally Detroit Center

500 Woodward Avenue, Floor 10

Detroit, Michigan 48226

(Address of principal executive offices)

(Zip Code)

(866) 710-4623

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ALLY

NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

At August 1, 2024, the number of shares outstanding of the Registrant’s common stock was 304,671,884 shares.

Table of Contents

Index

Ally Financial Inc. • Form 10-Q


		Page
	Glossary of Abbreviations and Acronyms	3
Part I — Financial Information
Item 1.	Financial Statements	5
	Condensed Consolidated Statement of Comprehensive Income (unaudited) for the Three Months and Six Months Ended June 3 0 , 2024, and 2023	5
	Condensed Consolidated Balance Sheet (unaudited) at June 3 0 , 2024, and December 31, 2023	7
	Condensed Consolidated Statement of Changes in Equity (unaudited) for the Three Months and Six Months Ended June 3 0 , 2024, and 2023	9
	Condensed Consolidated Statement of Cash Flows (unaudited) for the Six Months Ended June 3 0 , 2024, and 2023	11
	Notes to Condensed Consolidated Financial Statements (unaudited)	13
	Note 1. Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies	13
	Note 2. Held-for-sale Operations	15
	Note 3. Revenue from Contracts with Customers	17
	Note 4. Other Income, Net of Losses	18
	Note 5. Reserves for Insurance Losses and Loss Adjustment Expenses	19
	Note 6. Other Operating Expenses	19
	Note 7. Investment Securities	20
	Note 8. Finance Receivables and Loans, Net	24
	Note 9. Leasing	39
	Note 10. Securitizations and Variable Interest Entities	41
	Note 11. Other Assets	45
	Note 12. Deposit Liabilities	47
	Note 13. Debt	47
	Note 14. Accrued Expenses and Other Liabilities	49
	Note 15. Preferred Stock	49
	Note 16. Accumulated Other Comprehensive Loss	50
	Note 17. Earnings per Common Share	53
	Note 18. Regulatory Capital and Other Regulatory Matters	53
	Note 19. Derivative Instruments and Hedging Activities	57
	Note 20. Income Taxes	63
	Note 21. Fair Value	63
	Note 22. Offsetting Assets and Liabilities	71
	Note 23. Segment Information	72
	Note 24. Contingencies and Other Risks	74
	Note 25. Subsequent Events	75
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	76
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	130
Item 4.	Controls and Procedures	131
Part II — Other Information		132
Item 1.	Legal Proceedings	132
Item 1A.	Risk Factors	132
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	132
Item 3.	Defaults Upon Senior Securities	132
Item 4.	Mine Safety Disclosures	132
Item 5.	Other Information	132
Item 6.	Exhibits	133
Signatures		134

Table of Contents

Index of Defined Terms

Ally Financial Inc. • Form 10-Q

Glossary of Abbreviations and Acronyms

The following is a list of abbreviations and acronyms that are used in this Quarterly Report on Form 10-Q.


Term						Definition


ALCO						Asset-Liability Committee
ALM						Asset Liability Management


AOCI						Accumulated other comprehensive income
ASC						Accounting Standards Codification
ASU						Accounting Standards Update

Basel Committee						Basel Committee on Banking Supervision

BHC						Bank holding company
BHC Act						Bank Holding Company Act of 1956, as amended

BMC						Better Mortgage Company

Board						Ally Board of Directors
BTFP						Bank Term Funding Program


CD						Certificate of deposit

CECL						Accounting Standards Update 2016-13 (and related Accounting Standards Updates), or current expected credit loss






CIDI						Covered insured depository institution
CODM						Chief Operating Decision Maker
COH						Corporate overhead

CRA						Community Reinvestment Act of 1977, as amended

CSG						Commercial Services Group

CVA						Credit valuation adjustment

DIF						Deposit Insurance Fund
Dodd-Frank Act						Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended

DVA						Debit valuation adjustment

EGRRCP Act						Economic Growth, Regulatory Relief, and Consumer Protection Act, as amended

ERMC						Enterprise Risk Management Committee
ESG						Environmental, social, and governance
ETF						Exchange-traded fund

Exchange Act						Securities Exchange Act of 1934, as amended
F&I						Finance and insurance

FASB						Financial Accounting Standards Board
FDI Act						Federal Deposit Insurance Act, as amended
FDIC						Federal Deposit Insurance Corporation
FDICIA						Federal Deposit Insurance Corporation Improvement Act of 1991, as amended
FHC						Financial holding company
FHLB						Federal Home Loan Bank



FRB						Federal Reserve Bank, or Board of Governors of the Federal Reserve System, as the context requires

FTP						Funds-transfer pricing
GAP						Guaranteed asset protection
GDP						Gross domestic product of the United States of America
GLB Act

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10-K	[2016-02-24]
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10-Q	[2015-07-30]
10-Q	[2015-05-01]
10-K	[2015-02-27]
10-Q	[2014-10-31]
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