Ally Financial Inc. Files Q3 2024 10-Q Report

TL;DR

**ALLY Q3 10-Q FILED: Financials detailed for Sept 30, 2024.**

AI Summary

Ally Financial Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position and performance, including assets, liabilities, and equity. Specific financial figures and operational details are presented within the report, which is a standard quarterly disclosure for publicly traded companies.

Why It Matters

This filing provides investors and analysts with a detailed look at Ally Financial's financial health and operational performance as of the end of the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — Quarterly filings like this are standard for public companies and generally indicate ongoing operations, but the specific financial details within can reveal risks.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the specific date for which financial data is reported.)
• 20241105 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• Ally Financial Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241105 (date) — Filing date
• GMAC INC. (company) — Former company name

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share ALLY NYSE Indicate by check

Filing Documents

• ally-20240930.htm (10-Q) — 8681KB
• exhibit311ally202493010-q.htm (EX-31.1) — 10KB
• exhibit312ally202493010-q.htm (EX-31.2) — 10KB
• exhibit32ally202493010-q.htm (EX-32) — 8KB
• 0000040729-24-000023.txt ( ) — 38965KB
• ally-20240930.xsd (EX-101.SCH) — 104KB
• ally-20240930_cal.xml (EX-101.CAL) — 212KB
• ally-20240930_def.xml (EX-101.DEF) — 772KB
• ally-20240930_lab.xml (EX-101.LAB) — 1367KB
• ally-20240930_pre.xml (EX-101.PRE) — 1133KB
• ally-20240930_htm.xml (XML) — 11176KB

— Financial Information

Part I — Financial Information

Financial Statements

Item 1. Financial Statements 5 Condensed Consolidated Statement of Comprehensive Income (Loss) (unaudited) for the Three Months and Nine Months Ended September 30, 2024, and 2023 5 Condensed Consolidated Balance Sheet (unaudited) at September 30, 2024, and December 31, 2023 7 Condensed Consolidated Statement of Changes in Equity (unaudited) for the Three Months and Nine Months Ended September 30, 2024, and 2023 9 Condensed Consolidated Statement of Cash Flows (unaudited) for the Nine Months Ended September 30, 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 42 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

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 76

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 132

Controls and Procedures

Item 4. Controls and Procedures 133

— Other Information

Part II — Other Information 134

Legal Proceedings

Item 1. Legal Proceedings 134

Risk Factors

Item 1A. Risk Factors 134

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 134

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 134

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 134

Other Information

Item 5. Other Information 134

Exhibits

Item 6. Exhibits 135

Signatures

Signatures 136 2 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 EVE Economic value of equity 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 o

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Statement of Comprehensive Income (Loss) (unaudited) Ally Financial Inc. Form 10-Q Three months ended September 30, Nine months ended September 30, ($ in millions) 2024 2023 2024 2023 Financing revenue and other interest income Interest and fees on finance receivables and loans $ 2,889 $ 2,837 $ 8,561 $ 8,133 Interest on loans held-for-sale 5 7 48 29 Interest and dividends on investment securities and other earning assets 262 267 793 752 Interest on cash and cash equivalents 102 99 287 242 Operating leases 316 385 1,005 1,179 Total financing revenue and other interest income 3,574 3,595 10,694 10,335 Interest expense Interest on deposits 1,616 1,563 4,861 4,198 Interest on short-term borrowings 13 13 63 36 Interest on long-term debt 256 274 748 753 Interest on other — — 1 2 Total interest expense 1,885 1,850 5,673 4,989 Net depreciation expense on operating lease assets 201 212 582 638 Net financing revenue and other interest income 1,488 1,533 4,439 4,708 Other revenue Insurance premiums and service revenue earned 359 320 1,045 936 Gain on mortgage and automotive loans, net 6 4 18 13 Other gain (loss) on investments, net 74 ( 41 ) 96 59 Other income, net of losses 176 152 491 431 Total other revenue 615 435 1,650 1,439 Total net revenue 2,103 1,968 6,089 6,147 Provision for credit losses 645 508 1,609 1,381 Noninterest expense Compensation and benefits expense 435 463 1,396 1,448 Insurance losses and loss adjustment expenses 135 107 428 329 Other operating expenses 655 662 1,995 1,970 Total noninterest expense 1,225 1,232 3,819 3,747 Income from continuing operations before income tax (benefit) expense 233 228 661 1,019 Income tax (benefit) expense from continuing operations ( 124 ) ( 68 ) ( 147 ) 74 Net income from continuing operations 357 296 808 945 Loss from discontinued operations, net of tax — — — ( 1 ) Net income 357 296 808 944 Other compreh