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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2022, 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:
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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.
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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 April 28, 2022, the number of shares outstanding of the Registrant’s common stock was 323,046,067 shares.
INDEX
Ally Financial Inc. • Form 10-Q
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Item 1. | | | |
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Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
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Item 1. | | | |
Item 1A. | | | |
Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
Item 5. | | | |
Item 6. | | | |
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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.
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Term | | Definition |
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ALCO | | Asset-Liability Committee |
ALM | | Asset Liability Management |
ASC | | Accounting Standards Codification |
ASU | | Accounting Standards Update |
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BHC | | Bank holding company |
BHC Act | | Bank Holding Company Act of 1956 as amended |
BMC | | Better Mortgage Company |
Board | | Ally Board of Directors |
CCAR | | Comprehensive Capital Analysis and Review |
CD | | Certificate of deposit |
CECL | | Accounting Standards Update 2016-13 (and related Accounting Standards Updates), or current expected credit loss |
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CFE | | Cities for Financial Empowerment |
COVID-19 | | Coronavirus disease 2019 |
CRA | | Community Reinvestment Act of 1977 as amended |
CSG | | Commercial Services Group |
CVA | | Credit valuation adjustment |
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Dodd-Frank Act | | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 as amended |
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EGRRCP Act | | Economic Growth, Regulatory Relief, and Consumer Protection Act as amended |
ERMC | | Enterprise Risk Management Committee |
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ESG | | Environmental, social, and governance |
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F&I | | Finance and insurance |
Fair Square | | Fair Square Financial Holdings LLC and its subsidiaries |
FASB | | Financial Accounting Standards Board |
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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 |
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FRB | | Federal Reserve Bank, or Board of Governors of the Federal Reserve System, as the context requires |
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FTP | | Funds-transfer pricing |
GAP | | Guaranteed asset protection |
GDP | | Gross domestic product of the United States of America |
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GM | | General Motors Company |
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IB Finance | | IB Finance Holding Company, LLC |
IRA | | Individual retirement account |
LCR | | Liquidity coverage ratio |
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LIBOR | | London Interbank Offered Rate |
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LMI | | Low-to-moderate income |
LTV | | Loan-to-value |
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MD&A | | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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NYSE | | New York Stock Exchange |
OTC | | Over-the-counter |
P&C | | Property and casualty |
PCA | | Prompt corrective action |
PCD | | Purchased credit deteriorated |
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Index of Defined Terms
Ally Financial Inc. • Form 10-Q
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Term | | Definition |
RC | | Risk Committee of the Ally Board of Directors |
ROU | | Right-of-use |
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RV | | Recreational vehicle |
RWA | | Risk-weighted asset |
SEC | | U.S. Securities and Exchange Commission |
Series 2 TRUPS | | 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I |
SOFR | | Secured Overnight Financing Rate |
SPE | | Special-purpose entity |
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Stellantis | | Stellantis N.V. |
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TDR | | Troubled debt restructuring |
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UPB | | Unpaid principal balance |
U.S. Basel III | | The rules implementing the 2010 Basel III capital framework in the United States as well as related provisions of the Dodd-Frank Act, as amended from time to time |
U.S. GAAP | | Accounting Principles Generally Accepted in the United States of America |
VIE | | Variable interest entity |
VMC | | Vehicle maintenance contract |
VSC | | Vehicle service contract |
WAC | | Weighted-average coupon |
wSTWF | | Weighted short-term wholesale funding |
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| | PART I — FINANCIAL INFORMATION | | | |
Item 1. Financial Statements
Condensed Consolidated Statement of Comprehensive Income (unaudited)
Ally Financial Inc. • Form 10-Q
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| | | | Three months ended March 31, | | |
($ in millions) | | | | | | 2022 | | 2021 | | |
Financing revenue and other interest income | | | | | | | | | | |
Interest and fees on finance receivables and loans | | | | | | $ | 1,714 | | | $ | 1,582 | | | |
Interest on loans held-for-sale | | | | | | 4 | | | 5 | | | |
Interest and dividends on investment securities and other earning assets | | | | | | 188 | | | 131 | | | |
Interest on cash and cash equivalents | | | | | | 2 | | | 4 | | | |
Operating leases | | | | | | 403 | | | 370 | | | |
Total financing revenue and other interest income | | | | | | 2,311 | | | 2,092 | | | |
Interest expense | | | | | | | | | | |
Interest on deposits | | | | | | 211 | | | 306 | | | |
Interest on short-term borrowings | | | | | | 5 | | | 1 | | | |
Interest on long-term debt | | | | | | 185 | | | 250 | | | |
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Total interest expense | | | | | | 401 | | | 557 | | | |
Net depreciation expense on operating lease assets | | | | | | 217 | | | 163 | | | |
Net financing revenue and other interest income | | | | | | 1,693 | | | 1,372 | | | |
Other revenue | | | | | | | | | | |
Insurance premiums and service revenue earned | | | | | | 280 | | | 280 | | | |
Gain on mortgage and automotive loans, net | | | | | | 14 | | | 36 | | | |
Loss on extinguishment of debt | | | | | | — | | | (1) | | | |
Other gain on investments, net | | | | | | 5 | | | 123 | | | |
Other income, net of losses | | | | | | 143 | | | 127 | | | |
Total other revenue | | | | | | 442 | | | 565 | | | |
Total net revenue | | | | | | 2,135 | | | 1,937 | | | |
Provision for credit losses | | | | | | 167 | | | (13) | | | |
Noninterest expense | | | | | | | | | | |
Compensation and benefits expense | | | | | | 493 | | | 395 | | | |
Insurance losses and loss adjustment expenses | | | | | | 58 | | | 63 | | | |
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Other operating expenses | | | | | | 571 | | | 485 | | | |
Total noninterest expense | | | | | | 1,122 | | | 943 | | | |
Income from continuing operations before income tax expense | | | | | | 846 | | | 1,007 | | | |
Income tax expense from continuing operations | | | | | | 191 | | | 211 | | | |
Net income from continuing operations | | | | | | 655 | | | 796 | | | |
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Net income | | | | | | 655 | | | 796 | | | |
Other comprehensive loss, net of tax | | | | | | (1,633) | | | (604) | | | |
Comprehensive (loss) income | | | | | | $ | (978) | | | $ | 192 | | | |
Statement continues on the next page.
The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.
Condensed Consolidated Statement of Comprehensive Income (unaudited)
Ally Financial Inc. • Form 10-Q
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| | | | Three months ended March 31, | | |
($ in millions, except per share data; shares in thousands) (a) | | | | | | 2022 | | 2021 | | |
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Net income from continuing operations attributable to common stockholders | | | | | | $ | 627 | | | $ | 796 | | | |
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Net income attributable to common stockholders | | | | | | $ | 627 | | | $ | 796 | | | |
Basic weighted-average common shares outstanding (b) | | | | | | 335,678 | | | 375,229 | | | |
Diluted weighted-average common shares outstanding (b) | | | | | | 337,812 | | | 377,529 | | | |
Basic earnings per common share | | | | | | | | | | |
Net income from continuing operations | | | | | | $ | 1.87 | | | $ | 2.12 | | | |
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Net income | | | | | | $ | 1.87 | | | $ | 2.12 | | | |
Diluted earnings per common share | | | | | | | | | | |
Net income from continuing operations | | | | | | $ | 1.86 | | | $ | 2.11 | | | |
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Net income | | | | | | $ | 1.86 | | | $ | 2.11 | | | |
Cash dividends declared per common share | | | | | | $ | 0.30 | | | $ | 0.19 | | | |
(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.
Refer to Note 17 for additional earnings per share information. The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.
Condensed Consolidated Balance Sheet (unaudited)
Ally Financial Inc. • Form 10-Q
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($ in millions, except share data) | | March 31, 2022 | | December 31, 2021 |
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Assets | | | | |
Cash and cash equivalents | | | | |
Noninterest-bearing | | $ | 470 | | | $ | 502 | |
Interest-bearing | | 3,462 | | | 4,560 | |
Total cash and cash equivalents (a) | | 3,932 | | | 5,062 | |
Equity securities | | 869 | | | 1,102 | |
Available-for-sale securities (amortized cost of $35,592 and $33,650) (a) | | 33,385 | | | 33,587 | |
Held-to-maturity securities (fair value of $1,106 and $1,204) | | 1,159 | | | 1,170 | |
Loans held-for-sale, net | | 471 | | | 549 | |
Finance receivables and loans, net | | | | |
Finance receivables and loans, net of unearned income | | 125,365 | | | 122,268 | |
Allowance for loan losses | | (3,301) | | | (3,267) | |
Total finance receivables and loans, net | | 122,064 | | | 119,001 | |
Investment in operating leases, net | | 10,730 | | | 10,862 | |
Premiums receivable and other insurance assets | | 2,730 | | | 2,724 | |
Other assets | | 8,957 | | | 8,057 | |
Total assets | | $ | 184,297 | | | $ | 182,114 | |
Liabilities | | | | |
Deposit liabilities | | | | |
Noninterest-bearing | | $ | 175 | | | $ | 150 | |
Interest-bearing | | 142,300 | | | 141,408 | |
Total deposit liabilities | | 142,475 | | | 141,558 | |
Short-term borrowings | | 3,950 | | | — | |
Long-term debt | | 15,885 | | | 17,029 | |
Interest payable | | 302 | | | 210 | |
Unearned insurance premiums and service revenue | | 3,500 | | | 3,514 | |
Accrued expenses and other liabilities | | 2,772 | | | 2,753 | |
Total liabilities | | 168,884 | | | 165,064 | |
Contingencies (refer to Note 24) | | | | |
Equity | | | | |
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 506,435,119 and 504,521,535; and outstanding 327,306,298 and 337,940,636) | | 21,728 | | | 21,671 | |
Preferred stock | | 2,324 | | | 2,324 | |
Accumulated deficit | | (1,076) | | | (1,599) | |
Accumulated other comprehensive loss | | (1,791) | | | (158) | |
Treasury stock, at cost (179,128,821 and 166,580,899 shares) | | (5,772) | | | (5,188) | |
Total equity | | 15,413 | | | 17,050 | |
Total liabilities and equity | | $ | 184,297 | | | $ | 182,114 | |
(a)Refer to Note 7 for discussion of cash and cash equivalents and investment securities pledged as collateral.
Statement continues on the next page.
The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.
Condensed Consolidated Balance Sheet (unaudited)
Ally Financial Inc. • Form 10-Q
The assets of consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and the liabilities of these entities for which creditors (or beneficial interest holders) do not have recourse to our general credit were as follows.
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($ in millions) | | March 31, 2022 | | December 31, 2021 |
Assets | | | | |
Finance receivables and loans, net | | | | |
Consumer automotive | | $ | 7,818 | | | $ | 6,871 | |
Consumer other (a) | | — | | | 353 | |
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Allowance for loan losses | | (263) | | | (278) | |
Total finance receivables and loans, net | | 7,555 | | | 6,946 | |
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Other assets | | 633 | | | 563 | |
Total assets | | $ | 8,188 | | | $ | 7,509 | |
Liabilities | | | | |
Long-term debt | | $ | 797 | | | $ | 1,337 | |
Accrued expenses and other liabilities | | 2 | | | 2 | |
Total liabilities | | $ | 799 | | | $ | 1,339 | |
(a)Composed of credit card finance receivables and loans, net.
The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.
Condensed Consolidated Statement of Changes in Equity (unaudited)
Ally Financial Inc. • Form 10-Q
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($ in millions) | | Common stock and paid-in capital | | Preferred stock | | Accumulated deficit | | Accumulated other comprehensive income (loss) | | Treasury stock | | Total equity |
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Balance at January 1, 2021 | | $ | 21,544 | | | $ | — | | | $ | (4,278) | | | $ | 631 | | | $ | (3,194) | | | $ | 14,703 | |
Net income | | | | | | 796 | | | | | | | 796 | |
Share-based compensation | | 22 | | | | | | | | | | | 22 | |
Other comprehensive loss | | | | | | | | (604) | | | | | (604) | |
Common stock repurchases | | | | | | | | | | (219) | | | (219) | |
Common stock dividends ($0.19 per share) | | | | | | (73) | | | | | | | (73) | |
Balance at March 31, 2021 | | $ | 21,566 | | | $ | — | | | $ | (3,555) | | | $ | 27 | | | $ | (3,413) | | | $ | 14,625 | |
Balance at January 1, 2022 | | $ | 21,671 | | | $ | 2,324 | | | $ | (1,599) | | | $ | (158) | | | $ | (5,188) | | | $ | 17,050 | |
Net income | | | | | | 655 | | | | | | | 655 | |
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Preferred stock dividends — Series B | | | | | | (16) | | | | | | | (16) | |
Preferred stock dividends — Series C | | | | | | (12) | | | | | | | (12) | |
Share-based compensation | | 57 | | | | | | | | | | | 57 | |
Other comprehensive loss | | | | | | | | (1,633) | | | | | (1,633) | |
Common stock repurchases | | | | | | | | | | (584) | | | (584) | |
Common stock dividends ($0.30 per share) | | | | | | (104) | | | | | | | (104) | |
Balance at March 31, 2022 | | $ | 21,728 | | | $ | 2,324 | | | $ | (1,076) | | | $ | (1,791) | | | $ | (5,772) | | | $ | 15,413 | |
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The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.
Condensed Consolidated Statement of Cash Flows (unaudited)
Ally Financial Inc. • Form 10-Q
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Three months ended March 31, ($ in millions) | |