Exhibit 99.2 Ally Financial Inc. 4Q 2020 Earnings Review January 22,
2021 Contact Ally Investor Relations at (866) 710-4623 or [email protected] 4Q 2020 Preliminary Results 1Exhibit 99.2 Ally Financial Inc. 4Q 2020 Earnings Review January 22, 2021 Contact Ally Investor Relations at (866) 710-4623 or
[email protected] 4Q 2020 Preliminary Results 1
Forward-Looking Statements and Additional Information This presentation
and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is
preliminary and based on company and third-party data available at the time of the presentation or related communication. This presentation and related communications contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about future effects of COVID-19 and our ability to navigate them, the outlook for
financial and operating metrics and performance, and future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,”
“pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,”
“trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,”
“should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are
subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives,
strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from
those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2019, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or
furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any
forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including
disclosures of a forward-looking nature) that we may make in any subsequent SEC filings. This presentation and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported
according to U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-
GAAP financial measures and comparable GAAP financial measures are reconciled in the presentation. Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial
products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and
commercial- vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,”
“finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases, as applicable. The term “consumer” means all consumer
products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail
installment sales contracts. The term “partnerships” means business arrangements rather than partnerships as defined by law. 4Q 2020 Preliminary Results 2Forward-Looking Statements and Additional Information This presentation and related
communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary
and based on company and third-party data available at the time of the presentation or related communication. This presentation and related communications contain forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about future effects of COVID-19 and our ability to navigate them, the outlook for financial
and operating metrics and performance, and future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,”
“seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,”
“plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,”
“would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions,
risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans,
prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in
forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2019, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished
with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking
statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of
a forward-looking nature) that we may make in any subsequent SEC filings. This presentation and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to U.S.
generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non- GAAP financial
measures and comparable GAAP financial measures are reconciled in the presentation. Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated
with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial- vehicle
lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and
“originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases, as applicable. The term “consumer” means all consumer products associated with our loan
and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts. The
term “partnerships” means business arrangements rather than partnerships as defined by law. 4Q 2020 Preliminary Results 2
GAAP and Core Results: Annual ($ millions except per share data) 2020
2019 2018 2017 2016 2015 2014 GAAP net income (loss) attributable to common shareholders ( NIAC ) $ 1,085 $ 1,715 $ 1,263 $ 929 $ 1,037 $ (1,282) $ 882 (1)(2) Core net income attributable to common shareholders $ 1,141 $ 1,472 $ 1,427 $ 1,091 $
1,043 $ 967 $ 812 GAAP earnings per common share ( EPS ) (diluted, NIAC) $ 2.88 $ 4.34 $ 2.95 $ 2.04 $ 2.15 $ (2.66) $ 1.83 (1)(3) Adjusted EPS $ 3.03 $ 3.72 $ 3.34 $ 2.39 $ 2.16 $ 2.00 $ 1.68 Return (net income) on GAAP shareholder's equity 7.7%
12.4% 9.4% 6.9% 8.0% 8.9% 7.8% (1)(4) Core ROTCE 9.1% 12.0% 12.3% 9.8% 10.0% 9.4% 7.9% GAAP common shareholder's equity per share $ 39.2 $ 38.5 $ 32.8 $ 30.9 $ 28.5 $ 26.4 $ 29.5 (1)(5) Adjusted tangible book value per share $ 36.1 $ 35.1 $ 29.9 $
28.1 $ 26.2 $ 24.6 $ 22.7 Efficiency Ratio 57.3% 53.6% 56.2% 53.9% 54.1% 56.8% 63.4% (1)(6) Adjusted Efficiency Ratio 50.3% 47.4% 47.6% 45.8% 45.4% 45.3% 50.8% GAAP total net revenue $ 6,686 $ 6,394 $ 5,804 $ 5,765 $ 5,437 $ 4,861 $ 4,651 (1)(7)
Adjusted total net revenue $ 6,692 $ 6,334 $ 6,011 $ 5,836 $ 5,498 $ 5,262 $ 4,985 Effective Tax Rate 23.2% 12.5% 22.1% 38.6% 29.7% 35.6% 25.7% (1) The following are non-GAAP financial measures which Ally believes are important to the reader of the
Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Adjusted earnings per share (Adjusted EPS), Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Core return
on tangible common equity (Core ROTCE), Adjusted efficiency ratio, Adjusted total net revenue, Net financing revenue (excluding Core OID), Adjusted other revenue, Core original issue discount (Core OID) amortization expense, Core outstanding
original issue discount balance (Core OID balance), and Adjusted tangible book value per share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing thecompany’s operating performance and
capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document. (2) Core net income (loss) attributable to common shareholders is a non-GAAP financial measure that serves as
the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings.
See page 30 and 32 for calculation methodology and details. (3) Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management
otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See page
32 for calculation methodology and details. (4) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate
returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and the net deferred tax asset. See page 36 for calculation methodology and details. (5) Adjusted
tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if tax-effected Core OID balance were accelerated immediately through the financial statements.
As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. See page 34 for calculation methodology and details. (6) Adjusted
efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. Adjusted efficiency ratio generally adjusts for Insurance
segment revenue and expense, rep and warrant expense, Core OID, and repositioning and other. See page 38 for calculation methodology and details. (7) Adjusted total net revenue is a non-GAAP financial measure that adjusts GAAP total net revenue for
Core OID and for change in the fair value of equity securities due to the implementation of ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18
in which such adjustments were recognized through other comprehensive income, a component of equity. See page 40 for calculation methodology and details. 4Q 2020 Preliminary Results 3GAAP and Core Results: Annual ($ millions except per share data)
2020 2019 2018 2017 2016 2015 2014 GAAP net income (loss) attributable to common shareholders ( NIAC ) $ 1,085 $ 1,715 $ 1,263 $ 929 $ 1,037 $ (1,282) $ 882 (1)(2) Core net income attributable to common shareholders $ 1,141 $ 1,472 $ 1,427 $ 1,091 $
1,043 $ 967 $ 812 GAAP earnings per common share ( EPS ) (diluted, NIAC) $ 2.88 $ 4.34 $ 2.95 $ 2.04 $ 2.15 $ (2.66) $ 1.83 (1)(3) Adjusted EPS $ 3.03 $ 3.72 $ 3.34 $ 2.39 $ 2.16 $ 2.00 $ 1.68 Return (net income) on GAAP shareholder's equity 7.7%
12.4% 9.4% 6.9% 8.0% 8.9% 7.8% (1)(4) Core ROTCE 9.1% 12.0% 12.3% 9.8% 10.0% 9.4% 7.9% GAAP common shareholder's equity per share $ 39.2 $ 38.5 $ 32.8 $ 30.9 $ 28.5 $ 26.4 $ 29.5 (1)(5) Adjusted tangible book value per share $ 36.1 $ 35.1 $ 29.9 $
28.1 $ 26.2 $ 24.6 $ 22.7 Efficiency Ratio 57.3% 53.6% 56.2% 53.9% 54.1% 56.8% 63.4% (1)(6) Adjusted Efficiency Ratio 50.3% 47.4% 47.6% 45.8% 45.4% 45.3% 50.8% GAAP total net revenue $ 6,686 $ 6,394 $ 5,804 $ 5,765 $ 5,437 $ 4,861 $ 4,651 (1)(7)
Adjusted total net revenue $ 6,692 $ 6,334 $ 6,011 $ 5,836 $ 5,498 $ 5,262 $ 4,985 Effective Tax Rate 23.2% 12.5% 22.1% 38.6% 29.7% 35.6% 25.7% (1) The following are non-GAAP financial measures which Ally believes are important to the reader of the
Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Adjusted earnings per share (Adjusted EPS), Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Core return
on tangible common equity (Core ROTCE), Adjusted efficiency ratio, Adjusted total net revenue, Net financing revenue (excluding Core OID), Adjusted other revenue, Core original issue discount (Core OID) amortization expense, Core outstanding
original issue discount balance (Core OID balance), and Adjusted tangible book value per share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing thecompany’s operating performance and
capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document. (2) Core net income (loss) attributable to common shareholders is a non-GAAP financial measure that serves as
the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings.
See page 30 and 32 for calculation methodology and details. (3) Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management
otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See page
32 for calculation methodology and details. (4) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate
returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and the net deferred tax asset. See page 36 for calculation methodology and details. (5) Adjusted
tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if tax-effected Core OID balance were accelerated immediately through the financial statements.
As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. See page 34 for calculation methodology and details. (6) Adjusted
efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. Adjusted efficiency ratio generally adjusts for Insurance
segment revenue and expense, rep and warrant expense, Core OID, and repositioning and other. See page 38 for calculation methodology and details. (7) Adjusted total net revenue is a non-GAAP financial measure that adjusts GAAP total net revenue for
Core OID and for change in the fair value of equity securities due to the implementation of ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18
in which such adjustments were recognized through other comprehensive income, a component of equity. See page 40 for calculation methodology and details. 4Q 2020 Preliminary Results 3
GAAP and Core Results: Quarterly ($ millions except per share data) 4Q
20 3Q 20 2Q 20 1Q 20 4Q 19 GAAP net income (loss) attributable to common shareholders (NIAC) $ 687 $ 476 $ 241 $ (319) $ 378 (1)(2) Core net income (loss) attributable to common shareholders $ 606 $ 473 $ 228 $ (166) $ 364 GAAP earnings per common
share (EPS) (basic or diluted as applicable, NIAC) $ 1.82 $ 1.26 $ 0.64 $ (0.85) $ 0.99 (1)(3) Adjusted EPS $ 1.60 $ 1.25 $ 0.61 $ (0.44) $ 0.95 Return (NIAC) on GAAP shareholder's equity 19.1% 13.6% 7.1% -9.1% 10.5% (1)(4) Core ROTCE 18.7% 15.2%
7.6% -5.4% 11.2% GAAP common shareholder's equity per share $ 39.2 $ 37.8 $ 37.0 $ 36.2 $ 38.5 (1)(5) Adjusted tangible book value per share (Adjusted TBVPS) $ 36.1 $ 34.6 $ 33.7 $ 32.8 $ 35.1 Efficiency Ratio 51.6% 53.7% 61.2% 65.2% 53.6% (1)(6)
Adjusted Efficiency Ratio 49.8% 47.3% 52.5% 52.3% 49.4% GAAP total net revenue $ 1,981 $ 1,684 $ 1,609 $ 1,412 $ 1,643 (1)(7) Adjusted total net revenue $ 1,879 $ 1,680 $ 1,528 $ 1,606 $ 1,622 Effective Tax Rate 19.7% 24.8% 28.2% 22.5% 21.7% (1) The
following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Adjusted earnings per share (Adjusted EPS),
Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Core return on tangible common equity (Core ROTCE), Adjusted efficiency ratio, Adjusted total net revenue, Net financing revenue (excluding Core OID), Adjusted
other revenue, Core original issue discount (Core OID) amortization expense, Core outstanding original issue discount balance (Core OID balance), and Adjusted tangible book value per share (Adjusted TBVPS). These measures are used by management and
we believe are useful to investors in assessing thecompany’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document. (2) Core net income
(loss) attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand
the operating performance of the core businesses and their ability to generate earnings. See page 30 and 33 for calculation methodology and details. (3) Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS
for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the
operating performance of the core businesses and their ability to generate earnings. See page 33 for calculation methodology and details. (4) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes
is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and the
net deferred tax asset. See page 37 for calculation methodology and details. (5) Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if
tax-effected Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common
shareholder’s equity per share. See page 35 for calculation methodology and details. (6) Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking
and lending businesses with those of its peers. Adjusted efficiency ratio generally adjusts for Insurance segment revenue and expense, rep and warrant expense, Core OID, and repositioning and other. See page 39 for calculation methodology and
details. (7) Adjusted total net revenue is a non-GAAP financial measure that adjusts GAAP total net revenue for Core OID and for change in the fair value of equity securities due to the implementation of ASU 2016-01 which requires change in the fair
value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 44 for calculation
methodology and details. 4Q 2020 Preliminary Results 4GAAP and Core Results: Quarterly ($ millions except per share data) 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 GAAP net income (loss) attributable to common shareholders (NIAC) $ 687 $ 476 $ 241 $ (319) $ 378
(1)(2) Core net income (loss) attributable to common shareholders $ 606 $ 473 $ 228 $ (166) $ 364 GAAP earnings per common share (EPS) (basic or diluted as applicable, NIAC) $ 1.82 $ 1.26 $ 0.64 $ (0.85) $ 0.99 (1)(3) Adjusted EPS $ 1.60 $ 1.25 $
0.61 $ (0.44) $ 0.95 Return (NIAC) on GAAP shareholder's equity 19.1% 13.6% 7.1% -9.1% 10.5% (1)(4) Core ROTCE 18.7% 15.2% 7.6% -5.4% 11.2% GAAP common shareholder's equity per share $ 39.2 $ 37.8 $ 37.0 $ 36.2 $ 38.5 (1)(5) Adjusted tangible book
value per share (Adjusted TBVPS) $ 36.1 $ 34.6 $ 33.7 $ 32.8 $ 35.1 Efficiency Ratio 51.6% 53.7% 61.2% 65.2% 53.6% (1)(6) Adjusted Efficiency Ratio 49.8% 47.3% 52.5% 52.3% 49.4% GAAP total net revenue $ 1,981 $ 1,684 $ 1,609 $ 1,412 $ 1,643 (1)(7)
Adjusted total net revenue $ 1,879 $ 1,680 $ 1,528 $ 1,606 $ 1,622 Effective Tax Rate 19.7% 24.8% 28.2% 22.5% 21.7% (1) The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial
Statements, but which are supplemental to and not a substitute for GAAP measures: Adjusted earnings per share (Adjusted EPS), Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Core return on tangible common
equity (Core ROTCE), Adjusted efficiency ratio, Adjusted total net revenue, Net financing revenue (excluding Core OID), Adjusted other revenue, Core original issue discount (Core OID) amortization expense, Core outstanding original issue discount
balance (Core OID balance), and Adjusted tangible book value per share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing thecompany’s operating performance and capital. Refer to the
Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document. (2) Core net income (loss) attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the
calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See page 30 and 33 for
calculation methodology and details. (3) Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view
as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See page 33 for calculation
methodology and details. (4) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity
base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and the net deferred tax asset. See page 37 for calculation methodology and details. (5) Adjusted tangible book value per
share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if tax-effected Core OID balance were accelerated immediately through the financial statements. As a result, management
believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. See page 35 for calculation methodology and details. (6) Adjusted efficiency ratio is a non-GAAP
financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. Adjusted efficiency ratio generally adjusts for Insurance segment revenue and expense,
rep and warrant expense, Core OID, and repositioning and other. See page 39 for calculation methodology and details. (7) Adjusted total net revenue is a non-GAAP financial measure that adjusts GAAP total net revenue for Core OID and for change in
the fair value of equity securities due to the implementation of ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments
were recognized through other comprehensive income, a component of equity. See page 44 for calculation methodology and details. 4Q 2020 Preliminary Results 4
Ally Priorities and 2020 Focus ‘Do It Right’ Culture and
Values. Prioritize our people, our customers and our communities Leading, Growing Businesses, Accelerating Momentum. ‘Be Even Better’ through innovative products and leading service levels Strong Foundations, Balanced Approach.
Disciplined, dynamic management of risk, liquidity and capital Build for the Long-term. Position for sustainable growth and ongoing value accretion 4Q 2020 Preliminary Results 5Ally Priorities and 2020 Focus ‘Do It Right’ Culture and
Values. Prioritize our people, our customers and our communities Leading, Growing Businesses, Accelerating Momentum. ‘Be Even Better’ through innovative products and leading service levels Strong Foundations, Balanced Approach.
Disciplined, dynamic management of risk, liquidity and capital Build for the Long-term. Position for sustainable growth and ongoing value accretion 4Q 2020 Preliminary Results 5
2020 Full-Year Highlights Do It Right Culture | Relentless Customer
Focus | Steady Execution (1) (1) • Adjusted EPS of $3.03 | Core ROTCE of 9.1% | CET1 capital ratio of 10.6% (1) • Adjusted Total Net Revenue of $6.69 billion, +6% YoY | Strong credit performance across all portfolios • Combined
result of leading Auto, Insurance, Direct-bank and digitally-driven consumer offerings • Established Ally Charitable Foundation, enhancing Ally’s ability to drive lasting and positive change Auto & Insurance | Proven, Adaptable
Businesses ▪ Consumer auto originations of $35.1 billion | Sourced from 12.1 million applications (2) ▪ 7.01% estimated retail auto originated yield | 0.96% retail net charge-offs ▪ Insurance written premiums of $1.2 billion |
Continued strong investment income trends Digitally-driven, Direct-bank | Consumer and Commercial Products ▪ $124.4B Retail Deposit Balances | $20.6B FY‘20 growth, +20% YoY | 2.25M Deposit customers, up 14% YoY ▪ Ally Home®:
$4.7B direct-to-consumer originations increased 74% YoY ▪ Ally Invest: 406k self-directed accounts, up 17% YoY | $13.4 billion net customer assets, up over 70% YoY ▪ Ally Lending: $503 million originations, up 75% YoY ▪ Corporate
Finance: $6.0 billion portfolio, up 6% YoY | Stable credit, disciplined risk management approach (1) Represents a non-GAAP financial measure. See page 32, 36, and 40 for calculation methodology and details. (2) Estimated Retail Auto Originated Yield
is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. See page 30 for details. 4Q 2020 Preliminary Results 62020 Full-Year Highlights Do It Right
Culture | Relentless Customer Focus | Steady Execution (1) (1) • Adjusted EPS of $3.03 | Core ROTCE of 9.1% | CET1 capital ratio of 10.6% (1) • Adjusted Total Net Revenue of $6.69 billion, +6% YoY | Strong credit performance across all
portfolios • Combined result of leading Auto, Insurance, Direct-bank and digitally-driven consumer offerings • Established Ally Charitable Foundation, enhancing Ally’s ability to drive lasting and positive change Auto &
Insurance | Proven, Adaptable Businesses ▪ Consumer auto originations of $35.1 billion | Sourced from 12.1 million applications (2) ▪ 7.01% estimated retail auto originated yield | 0.96% retail net charge-offs ▪ Insurance written
premiums of $1.2 billion | Continued strong investment income trends Digitally-driven, Direct-bank | Consumer and Commercial Products ▪ $124.4B Retail Deposit Balances | $20.6B FY‘20 growth, +20% YoY | 2.25M Deposit customers, up 14% YoY
▪ Ally Home®: $4.7B direct-to-consumer originations increased 74% YoY ▪ Ally Invest: 406k self-directed accounts, up 17% YoY | $13.4 billion net customer assets, up over 70% YoY ▪ Ally Lending: $503 million originations, up
75% YoY ▪ Corporate Finance: $6.0 billion portfolio, up 6% YoY | Stable credit, disciplined risk management approach (1) Represents a non-GAAP financial measure. See page 32, 36, and 40 for calculation methodology and details. (2) Estimated
Retail Auto Originated Yield is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. See page 30 for details. 4Q 2020 Preliminary Results 6
Ally’s Sustainable Competitive Advantages Auto & Insurance:
Established, Leading Platforms Integrated Dealer Partner + Broad-Market Reach 18,700+ Dealers | 10-years of Growth | 4M+ Auto Customers | 2.6M U.S. Insurance Customers Full-Product Suite + Real-time Market Insights Tech, Digital Tools & Data
Analytics | Modern Servicing System | Digital, Self-service Portals Expert Field Teams + Innovative Tech & Tools 100-years in Auto | Dynamic Underwriting + Disciplined Servicer | Anticipating & Evolving with Market Ally Bank: Early-Disruptor
with Expanding Digital Consumer Platform Digital, Award-winning Products & Services Built for the Customer | Scalable | 0 Branches | Differentiated by Digital | Industry Leading Retention High Customer Growth + Deepening Relationships + Smart,
Informed Tools 10-years of Expanding Customer Base | Millennial-driven Account Openings | Save, Pay, Borrow & Invest Innovative Tech, Data-driven Approach Leveraging Digital Model for Insights & Trends 4Q 2020 Preliminary Results
7Ally’s Sustainable Competitive Advantages Auto & Insurance: Established, Leading Platforms Integrated Dealer Partner + Broad-Market Reach 18,700+ Dealers | 10-years of Growth | 4M+ Auto Customers | 2.6M U.S. Insurance Customers
Full-Product Suite + Real-time Market Insights Tech, Digital Tools & Data Analytics | Modern Servicing System | Digital, Self-service Portals Expert Field Teams + Innovative Tech & Tools 100-years in Auto | Dynamic Underwriting + Disciplined
Servicer | Anticipating & Evolving with Market Ally Bank: Early-Disruptor with Expanding Digital Consumer Platform Digital, Award-winning Products & Services Built for the Customer | Scalable | 0 Branches | Differentiated by Digital |
Industry Leading Retention High Customer Growth + Deepening Relationships + Smart, Informed Tools 10-years of Expanding Customer Base | Millennial-driven Account Openings | Save, Pay, Borrow & Invest Innovative Tech, Data-driven Approach
Leveraging Digital Model for Insights & Trends 4Q 2020 Preliminary Results 7
CECL Day 1 Impact: $2.7/share Quarterly Core Metric Trends (1) (2)
Adjusted Earnings Per Share Adjusted Total Net Revenue ($ millions) $1,879 $1.60 $1.25 $1,680 $567 $1,620 $1,622 $1,606 $1.01 $0.97 $0.95 $0.92 $1,556 $1,557 $0.91 $1,535 $1,528 $1,521 $0.83 $471 $0.80 $1,492 $424 $1,471 $1,463 $458 $0.70 $0.68 $451
$0.61 $393 $393 $396 $392 $379 $465 $356 $394 $1,312 $1,209 $1,195 $1,163 $1,164 $1,164 $1,154 $1,139 $1,129 $1,113 $1,115 $1,069 $1,063 ($0.44) 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 4Q 17 1Q 18 2Q 18 3Q 18 4Q
18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Net financing revenue (ex. Core OID) Adjusted other revenue (1) Represents a non-GAAP financial measure. See page 33 for calculation methodology and details. (2) Represents a non-GAAP financial
measure. See page 44 for calculation methodology and details. (3) Adjusted Tangible Book Value per Share Total Deposits ($ billions) $36.1 $137B $135B $35.1 $131B $34.7 $34.6 $121B$122B $33.7 $12.7 $33.6 $119B $14.1 $116B $32.8 $15.2 $113B $106B
$16.3 $31.4 $17.0 $101B $17.9 $99B $17.7 $17.9 $97B $93B $29.9 $17.1 $16.8 $28.6 $15.8 $17.0 $28.1 $28.1 $15.3 $27.4 $124.4 $120.8 $115.8 $106.1 $103.7 $101.3 $98.6 $95.4 $89.1 $84.6 $81.7 $81.7 $77.9 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19
4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Retail Deposits Brokered / Other (3) Represents a non-GAAP financial measure. See page 35 for calculation methodology and details. Note:
Brokered includes sweep deposits. Other includes mortgage escrow and other deposits. 4Q 2020 Preliminary Results 8CECL Day 1 Impact: $2.7/share Quarterly Core Metric Trends (1) (2) Adjusted Earnings Per Share Adjusted Total Net Revenue ($ millions)
$1,879 $1.60 $1.25 $1,680 $567 $1,620 $1,622 $1,606 $1.01 $0.97 $0.95 $0.92 $1,556 $1,557 $0.91 $1,535 $1,528 $1,521 $0.83 $471 $0.80 $1,492 $424 $1,471 $1,463 $458 $0.70 $0.68 $451 $0.61 $393 $393 $396 $392 $379 $465 $356 $394 $1,312 $1,209 $1,195
$1,163 $1,164 $1,164 $1,154 $1,139 $1,129 $1,113 $1,115 $1,069 $1,063 ($0.44) 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Net financing
revenue (ex. Core OID) Adjusted other revenue (1) Represents a non-GAAP financial measure. See page 33 for calculation methodology and details. (2) Represents a non-GAAP financial measure. See page 44 for calculation methodology and details. (3)
Adjusted Tangible Book Value per Share Total Deposits ($ billions) $36.1 $137B $135B $35.1 $131B $34.7 $34.6 $121B$122B $33.7 $12.7 $33.6 $119B $14.1 $116B $32.8 $15.2 $113B $106B $16.3 $31.4 $17.0 $101B $17.9 $99B $17.7 $17.9 $97B $93B $29.9 $17.1
$16.8 $28.6 $15.8 $17.0 $28.1 $28.1 $15.3 $27.4 $124.4 $120.8 $115.8 $106.1 $103.7 $101.3 $98.6 $95.4 $89.1 $84.6 $81.7 $81.7 $77.9 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q
19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Retail Deposits Brokered / Other (3) Represents a non-GAAP financial measure. See page 35 for calculation methodology and details. Note: Brokered includes sweep deposits. Other includes mortgage escrow and
other deposits. 4Q 2020 Preliminary Results 8
Revenue and Customer Evolution Ongoing Revenue Expansion | 10+ Years of
Customer Growth (1) Adjusted Total Net Revenue ($ billions) (1) (1) Net financing revenue (ex. Core OID) Adj. other revenue $6.7B $6.0B $5.5B $2.0 $5.0B $1.5 $1.5 $1.4 $4.7 $4.5 $4.0 $3.5 2014 2016 2018 2020 (1) Represents a non-GAAP financial
measure. See page 43 for calculation methodology and details. Ally Auto Dealer Relationship & Application Trends Ally Bank Customer Trends Active U.S. Dealer Relationships U.S. Consumer Applications Retail Deposit Customers % Multi-Product
Customers 2.25M 18.7K 15.6K 12.1M 8% 12.4K 9.1M 0.91M 3.7M 0.39M 0% 2010 2014 2020 2010 2014 2020 Note: Active U.S. Dealer Relationships include Ally active dealers, excluding RV Commercial and Consumer Note: Multi-product Customers represent
Deposit Customers with an Ally Invest or Ally Home relationship. lines of business exited in 2Q 18. 4Q 2020 Preliminary Results 9Revenue and Customer Evolution Ongoing Revenue Expansion | 10+ Years of Customer Growth (1) Adjusted Total Net Revenue
($ billions) (1) (1) Net financing revenue (ex. Core OID) Adj. other revenue $6.7B $6.0B $5.5B $2.0 $5.0B $1.5 $1.5 $1.4 $4.7 $4.5 $4.0 $3.5 2014 2016 2018 2020 (1) Represents a non-GAAP financial measure. See page 43 for calculation methodology and
details. Ally Auto Dealer Relationship & Application Trends Ally Bank Customer Trends Active U.S. Dealer Relationships U.S. Consumer Applications Retail Deposit Customers % Multi-Product Customers 2.25M 18.7K 15.6K 12.1M 8% 12.4K 9.1M 0.91M 3.7M
0.39M 0% 2010 2014 2020 2010 2014 2020 Note: Active U.S. Dealer Relationships include Ally active dealers, excluding RV Commercial and Consumer Note: Multi-product Customers represent Deposit Customers with an Ally Invest or Ally Home relationship.
lines of business exited in 2Q 18. 4Q 2020 Preliminary Results 9
Balance Sheet Growth and Optimization Sustained Asset Growth |
Optimization Across the Balance Sheet Balance Sheet Trends $176B (EOP Assets, $ billions) $171B Ally Lending $0.4 Corp Finance $156B $6.0 Mortgage $15.1 $143B $1.9 Inv. Securities $7.5 $33.0 (1) & Other $18.0 $4.2 $14.9 Cash Auto: Comm’l
$34.0 $23.1 Auto: Lease $9.6 $19.5 Auto: Retail $73.4 $58.1 2014 2016 2018 2020 Funding Profile Retail Auto: Portfolio Yield & NCO % (2) Portfolio Yield (ex. hedge) Est. Retail Auto Originated Yield NCO % FHLB FHLB Unsec. Oth 7.07% 7.01% Oth 7%
5% Sec. 8% 6.77% 3% 5.82% 6.14% Unsecured 5.28% Deposits 5.52% 17% 5.26% 44% Deposits Secured 85% 31% 1.33% 1.24% 0.96% 0.87% 2014 2020 2014 2016 2018 2020 Note: Retail auto loans exclude fair value adjustments for loans in hedge accounting
relationship. Earning Assets excludes FHLB and FRB investments and restricted cash. (1) ‘Other’ includes held-for-sale loans & Consumer & Commercial loans at Corp/Other. (2) Estimated Retail Auto Originated Yield is a
forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. See page 31 for details. 4Q 2020 Preliminary Results 10Balance Sheet Growth and Optimization
Sustained Asset Growth | Optimization Across the Balance Sheet Balance Sheet Trends $176B (EOP Assets, $ billions) $171B Ally Lending $0.4 Corp Finance $156B $6.0 Mortgage $15.1 $143B $1.9 Inv. Securities $7.5 $33.0 (1) & Other $18.0 $4.2 $14.9
Cash Auto: Comm’l $34.0 $23.1 Auto: Lease $9.6 $19.5 Auto: Retail $73.4 $58.1 2014 2016 2018 2020 Funding Profile Retail Auto: Portfolio Yield & NCO % (2) Portfolio Yield (ex. hedge) Est. Retail Auto Originated Yield NCO % FHLB FHLB Unsec.
Oth 7.07% 7.01% Oth 7% 5% Sec. 8% 6.77% 3% 5.82% 6.14% Unsecured 5.28% Deposits 5.52% 17% 5.26% 44% Deposits Secured 85% 31% 1.33% 1.24% 0.96% 0.87% 2014 2020 2014 2016 2018 2020 Note: Retail auto loans exclude fair value adjustments for loans in
hedge accounting relationship. Earning Assets excludes FHLB and FRB investments and restricted cash. (1) ‘Other’ includes held-for-sale loans & Consumer & Commercial loans at Corp/Other. (2) Estimated Retail Auto Originated Yield
is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. See page 31 for details. 4Q 2020 Preliminary Results 10
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4Q and Full-Year 2020 Financial Results ($ millions; except per share data) 4Q 20 3Q 20 4Q 19 2020 2019 Net financing revenue (ex. Core
OID) (1) $ 1,312 $ 1,209 $ 1,164 $ 4,739 $ 4,662 Core OID (9) (9) (8) (36) (29) Net financing revenue $ 1,303 $ 1,200 $ 1,156 $ 4,703 $ 4,633 Adjusted other revenue (2) 567 471 458 1,954 1,672 Change in fair value of equity securities (2) 111 13 29
29 89 Other revenue 678 484 487 1,983 1,761 Provision for credit losses 102 147 276 1,439 998 Noninterest expense 1,023 905 880 3,833 3,429 Pre-tax income $ 856 $ 632 $ 487 $ 1,414 $ 1,967 Income tax expense
169 156 106 328 246 Net income from discontinued operations —— (3) (1) (6) Net income $ 687 $ 476 $ 378 $ 1,085 $ 1,715 4Q 20 3Q 20 4Q 19 2020 2019 GAAP EPS (diluted) $ 1.82 $ 1.26 $ 0.99 $ 2.88 $ 4.34 Core OID, net of tax 0.02 0.02 0.02
0.07 0.06 Change in fair value of equity securities, net of tax (0.23) (0.03) (0.06) (0.06) (0.18) Repositioning, discontinued ops., and other, net of tax (3) —— 0.01 0.14 (0.49) Adjusted EPS (4) $ 1.60 $ 1.25 $ 0.95 $ 3.03 $ 3.72
Significant Items—Pretax Impact 4Q 20 3Q 20 4Q 19 2020 2019 Other revenue: Liability Management $ (52) $ (49) $—$ (101) $— Corporate Investment Gains 129 16 — 145 —Noninterest expense: Legal Settlement Accrual 78 10 —
89 — Contribution to Ally Charitable Foundation 34 —— 34 —Pretax (Loss) / Income of Significant Items $ (35) $ (43) $—$ (79) $—(1) Represents a non-GAAP financial measure. For
calculation methodology and details see pages 43 and 44. (2) Represents a non-GAAP financial measure. Adjusted for change in the fair value of equity securities due to the implementation of ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other
comprehensive income, a component of equity. For Non-GAAP calculation methodology and details see page 43 and 44. (3) Repositioning, Discontinued Ops., and Other, Net of Tax includes a $50 million
goodwill impairment within the Ally Invest business in 2020 and a discrete tax item in 2019, whereby the 2019 effective tax rate was significantly impacted by the release of valuation allowance on foreign tax credit carryforwards. See page 32 and 33
for calculation methodology and details. (4) Represents a non-GAAP financial measure. For calculation methodology and details see page 32 and 33. 4Q 2020 Preliminary Results 11
Balance Sheet and Net Interest Margin 4Q 20 3Q 20 4Q 19 2020 2019 ($
millions) Average Average Average Average Average Balance Balance Balance Balance Balance Yield Yield Yield Yield Yield Retail Auto Loan $ 73,401 6.57% $ 72,999 6.56% $ 72,626 6.68% $ 72,805 6.54% $ 72,268 6.60% Retail Auto Loan (ex. hedge impact)
6.83% 6.83% 6.74% 6.77% 6.61% Auto Lease (net of depreciation) 9,587 7.82% 9,317 7.89% 8,749 5.19% 9,264 6.30% 8,509 5.74% Commercial Auto 22,418 3.34% 21,265 3.30% 31,921 4.25% 2 5,048 3.62% 3 3,886 4.61% Corporate Finance 6,203 5.69% 6,188 5.40%
5,526 6.65% 6,265 5.74% 5,162 7.23% (1) Mortgage 15,445 2.74% 17,096 3.00% 17,140 3.46% 16,812 3.09% 1 7,473 3.63% (2) Cash, Securities and Other 51,455 1.25% 53,248 1.43% 37,867 2.71% 46,961 1.73% 36,434 2.88% Total Earning Assets $ 178,509 4.34% $
180,113 4.35% $ 1 73,829 4.97% $ 177,155 4.49% $ 173,732 5.11% (3)(6) Unsecured Debt $ 12,735 5.45% $ 12,315 5.74% $ 12,741 6.20% $ 12,216 5.89% $ 12,831 6.26% Secured Debt 5,289 3.07% 6,154 2.94% 9,563 2.92% 7,181 2.84% 1 2,302 3.07% (4) 135,642
1.08% 132,964 1.35% 120,057 2.11% 129,238 1.51% 115,385 2.20% Deposits (5) Other Borrowings 9,462 2.18% 14,427 2.36% 18,000 2.42% 14,426 2.29% 2 0,097 2.47% (3) Total Funding Sources $ 163,128 1.55% $ 165,860 1.82% $ 1 60,361 2.51% $ 163,061 1.97% $
160,615 2.62% (3) NIM (ex. Core OID) 2.92% 2.67% 2.66% 2.67% 2.68% NIM (as reported) 2.90% 2.65% 2.64% 2.65% 2.67% (1) Mortgage includes held-for-investment (HFI) loans from the Mortgage Finance segment and the HFI legacy mortgage portfolio in
run-off at the Corporate and Other segment. (2) ‘Other’ includes Ally Lending held-for-investment consumer loans. (3) Represents a non-GAAP financial measure. Excludes Core OID and Core OID balance. See page 43 and 44 for calculation
methodology and details. (4) Includes retail, brokered (inclusive of sweep deposits) and other deposits (inclusive of mortgage escrow and other deposits). (5) Includes Demand Notes, FHLB borrowings and Repurchase Agreements. (6) Includes trust
preferred securities. 4Q 2020 Preliminary Results 12Balance Sheet and Net Interest Margin 4Q 20 3Q 20 4Q 19 2020 2019 ($ millions) Average Average Average Average Average Balance Balance Balance Balance Balance Yield Yield Yield Yield Yield Retail
Auto Loan $ 73,401 6.57% $ 72,999 6.56% $ 72,626 6.68% $ 72,805 6.54% $ 72,268 6.60% Retail Auto Loan (ex. hedge impact) 6.83% 6.83% 6.74% 6.77% 6.61% Auto Lease (net of depreciation) 9,587 7.82% 9,317 7.89% 8,749 5.19% 9,264 6.30% 8,509 5.74%
Commercial Auto 22,418 3.34% 21,265 3.30% 31,921 4.25% 2 5,048 3.62% 3 3,886 4.61% Corporate Finance 6,203 5.69% 6,188 5.40% 5,526 6.65% 6,265 5.74% 5,162 7.23% (1) Mortgage 15,445 2.74% 17,096 3.00% 17,140 3.46% 16,812 3.09% 1 7,473 3.63% (2) Cash,
Securities and Other 51,455 1.25% 53,248 1.43% 37,867 2.71% 46,961 1.73% 36,434 2.88% Total Earning Assets $ 178,509 4.34% $ 180,113 4.35% $ 1 73,829 4.97% $ 177,155 4.49% $ 173,732 5.11% (3)(6) Unsecured Debt $ 12,735 5.45% $ 12,315 5.74% $ 12,741
6.20% $ 12,216 5.89% $ 12,831 6.26% Secured Debt 5,289 3.07% 6,154 2.94% 9,563 2.92% 7,181 2.84% 1 2,302 3.07% (4) 135,642 1.08% 132,964 1.35% 120,057 2.11% 129,238 1.51% 115,385 2.20% Deposits (5) Other Borrowings 9,462 2.18% 14,427 2.36% 18,000
2.42% 14,426 2.29% 2 0,097 2.47% (3) Total Funding Sources $ 163,128 1.55% $ 165,860 1.82% $ 1 60,361 2.51% $ 163,061 1.97% $ 160,615 2.62% (3) NIM (ex. Core OID) 2.92% 2.67% 2.66% 2.67% 2.68% NIM (as reported) 2.90% 2.65% 2.64% 2.65% 2.67% (1)
Mortgage includes held-for-investment (HFI) loans from the Mortgage Finance segment and the HFI legacy mortgage portfolio in run-off at the Corporate and Other segment. (2) ‘Other’ includes Ally Lending held-for-investment consumer
loans. (3) Represents a non-GAAP financial measure. Excludes Core OID and Core OID balance. See page 43 and 44 for calculation methodology and details. (4) Includes retail, brokered (inclusive of sweep deposits) and other deposits (inclusive of
mortgage escrow and other deposits). (5) Includes Demand Notes, FHLB borrowings and Repurchase Agreements. (6) Includes trust preferred securities. 4Q 2020 Preliminary Results 12
Deposits • Deposits of $137.0 billion, up $16.3 billion or 13%
YoY Retail Deposit Balances – Retail deposits of $124.4 billion, up $3.6 billion QoQ and ($ billions, EoP) Retail Brokered / Other Customer Retention Rate $20.6 billion YoY – Existing customers drove 56% of growth in 2020 –
Industry- $137.0 $134.9 $131.0 $122.3 leading customer retention rate remained at 96% $120.8 $12.7 $14.1 $15.2 $16.3 $17.0 • 2.25 million retail deposit customers, up 14% YoY 96% 96% 96% 96% 96% st – 41 consecutive quarter of customer
growth $124.4 $120.8 $115.8 $106.1 $103.7 – New customers: 39k in 4Q | 282k in 2020 (1) – Multi-product customers up 51% YoY 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 • Ally Bank named MONEY Magazine's Best Online th Note: Brokered includes
sweep deposits. Other includes mortgage escrow and other deposits. See page Bank for 2020-2021 – 8 time over past 10 years 30 for Customer Retention Rate definition. Deposit Mix & Retail Portfolio Rate Retail Deposit Customers (thousands)
2,250 Brokered / Other Retail CD MMA/OSA/Checking Avg. Retail Portfolio Interest Rate 39 78 94 3.00% 71 30 72 100 2.50% 58% 49% 49% 56% 53% 120 72 2.02% 2.00% 57 1.88% 41 59 1.64% 41 52 1.50% 49 28 56 1,105 1.26% 41 43 37% 1.00% 38% 0.97% 36% 34%
33% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 0.50% 2016 2017 2018 2019 2020 14% 13% 11% 10% 9% (1) 0.00% Ally Bank: Multi-product Customers 0% 3% 4% 6% 8% 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
19 20 (1) Multi-product customers represent Deposit Customers with an Ally Invest or Ally Home relationship. Note: Brokered includes sweep deposits. Other includes mortgage escrow and other deposits. 4Q 2020 Preliminary Results 13Deposits •
Deposits of $137.0 billion, up $16.3 billion or 13% YoY Retail Deposit Balances – Retail deposits of $124.4 billion, up $3.6 billion QoQ and ($ billions, EoP) Retail Brokered / Other Customer Retention Rate $20.6 billion YoY – Existing
customers drove 56% of growth in 2020 – Industry- $137.0 $134.9 $131.0 $122.3 leading customer retention rate remained at 96% $120.8 $12.7 $14.1 $15.2 $16.3 $17.0 • 2.25 million retail deposit customers, up 14% YoY 96% 96% 96% 96% 96% st
– 41 consecutive quarter of customer growth $124.4 $120.8 $115.8 $106.1 $103.7 – New customers: 39k in 4Q | 282k in 2020 (1) – Multi-product customers up 51% YoY 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 • Ally Bank named MONEY
Magazine's Best Online th Note: Brokered includes sweep deposits. Other includes mortgage escrow and other deposits. See page Bank for 2020-2021 – 8 time over past 10 years 30 for Customer Retention Rate definition. Deposit Mix & Retail
Portfolio Rate Retail Deposit Customers (thousands) 2,250 Brokered / Other Retail CD MMA/OSA/Checking Avg. Retail Portfolio Interest Rate 39 78 94 3.00% 71 30 72 100 2.50% 58% 49% 49% 56% 53% 120 72 2.02% 2.00% 57 1.88% 41 59 1.64% 41 52 1.50% 49 28
56 1,105 1.26% 41 43 37% 1.00% 38% 0.97% 36% 34% 33% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 0.50% 2016 2017 2018 2019 2020 14% 13% 11% 10% 9% (1) 0.00% Ally Bank: Multi-product Customers 0% 3% 4% 6% 8% 4Q 19 1Q 20 2Q 20 3Q 20 4Q
20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 (1) Multi-product customers represent Deposit Customers with an Ally Invest or Ally Home relationship. Note: Brokered includes sweep deposits. Other includes mortgage escrow and other deposits.
4Q 2020 Preliminary Results 13
Capital Ratios and Shareholder Distributions • Preliminary 4Q
2020 CET1 ratio of 10.6% Capital Ratios and Risk-Weighted Assets – Capital position reflects earnings growth, lower commercial 14.1% 14.1% 13.8% floorplan and suspension of share repurchase program 12.8% 12.8% 12.4% 12.1% 11.9% 11.2% 10.9%
10.6% 10.4% 10.1% 9.5% 9.3% • Ally Board of Directors approved 1Q 2021 common dividend of $0.19 per share and authorized 2021 $146 $145 $140 $137 $138 share repurchase program of up to $1.6 billion • Federal Reserve to provide banks
>$100B in assets 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 with applicable changes to SCB by March 31, 2021 Risk-Weighted Assets ($B) Total Capital Ratio Tier 1 Ratio CET1 Ratio Note: For more details on the final rule to address the impact of CECL on
regulatory capital by allowing BHCs and banks, including Ally, to delay and subsequently phase-in its impact, see page 35 for definition. Capital Deployment Actions Outstanding Shares (# millions) Dividend Per Share $0.19 $0.19 $0.19 $0.19 $0.17
$0.17 $0.17 $0.17 $0.15 $0.15 $0.13 $0.13 $0.12 $0.12 484 475 467 462 452 $0.08 $0.08 $0.08 $0.08 444 437 433 426 417 405 400 393 384 374 373 374 374 375 $- 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2Q 3Q 4Q 1Q 2Q 3Q 4Q 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 4Q 2020 Preliminary Results 14Capital Ratios and Shareholder Distributions • Preliminary 4Q 2020 CET1 ratio of 10.6% Capital Ratios and Risk-Weighted Assets – Capital
position reflects earnings growth, lower commercial 14.1% 14.1% 13.8% floorplan and suspension of share repurchase program 12.8% 12.8% 12.4% 12.1% 11.9% 11.2% 10.9% 10.6% 10.4% 10.1% 9.5% 9.3% • Ally Board of Directors approved 1Q 2021 common
dividend of $0.19 per share and authorized 2021 $146 $145 $140 $137 $138 share repurchase program of up to $1.6 billion • Federal Reserve to provide banks >$100B in assets 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 with applicable changes to SCB by
March 31, 2021 Risk-Weighted Assets ($B) Total Capital Ratio Tier 1 Ratio CET1 Ratio Note: For more details on the final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, to delay and subsequently
phase-in its impact, see page 35 for definition. Capital Deployment Actions Outstanding Shares (# millions) Dividend Per Share $0.19 $0.19 $0.19 $0.19 $0.17 $0.17 $0.17 $0.17 $0.15 $0.15 $0.13 $0.13 $0.12 $0.12 484 475 467 462 452 $0.08 $0.08 $0.08
$0.08 444 437 433 426 417 405 400 393 384 374 373 374 374 375 $- 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 4Q 2020 Preliminary
Results 14
Asset Quality: Key Metrics Consolidated Net Charge-Offs Net Charge-Off
Activity Allowance as % of Annualized NCOs Annualized NCO Rate ($ millions) Variance 700% 650% Net Charge-Offs 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 600% 550% Retail Auto $ 253 $ 271 $ 262 $ 137 $ 117 $ 186 0.91% 500% 0.84% 0.83% 450% Commercial Auto
1 10 2 1 4 7 0.73% 400% 0.67% Mortgage Finance - - - - 1 2 350% 0.58% 0.56% 691% 300% 0.41% Corporate Finance 15 6 - 38 - (1) 250% 471% 200% 414% Ally Lending - 5 4 4 2 4 150% 305% 100% 176% (1) 136% 119% Corp/Other (2) (2) (2) (2) (2) - 50% 109% 0%
Total $ 267 $ 290 $ 266 $ 178 $ 122 $ 198 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Note: Above loans are classified as held-for-investment and recorded at gross carrying value. (1) Corp/Other includes legacy Mortgage HFI portfolio. Retail
Auto Net Charge-Offs Retail Auto Delinquencies (60+ DPD) 1.00% $500 $480 1.49% $460 1.44% $440 1.38% $420 0.75% $400 1.32% $380 0.66% 0.66% $360 $340 0.58% 0.56% $320 0.50% $300 0.48% 0.47% 0.47% 1.01% $280 $260 $540 0.95% $240 $480 $478 $271 $262
$220 $428 $253 $405 $200 $234 $345 $341 $350 $180 0.76% $160 $140 0.64% $172 $120 0.00% $100 $137 $186 $80 $117 $60 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 $40 $20 $0 Delinquent Contracts ($M) Delinquency Rate 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20
2Q 20 3Q 20 4Q 20 30+ DPD ($M and %) Net Charge-Offs ($M) Annualized NCO Rate 2.56% 2.90% 3.32% 3.61% 3.19% 2.20% 2.25% 2.49% $1,833 $2,113 $2,428 $2,616 $2,322 $1,599 $1,658 $1,834 Note: Includes accruing contracts only. Days-past-due
(“DPD”) Note: See page 30 for definition. 4Q 2020 Preliminary Results 15Asset Quality: Key Metrics Consolidated Net Charge-Offs Net Charge-Off Activity Allowance as % of Annualized NCOs Annualized NCO Rate ($ millions) Variance 700% 650%
Net Charge-Offs 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 600% 550% Retail Auto $ 253 $ 271 $ 262 $ 137 $ 117 $ 186 0.91% 500% 0.84% 0.83% 450% Commercial Auto 1 10 2 1 4 7 0.73% 400% 0.67% Mortgage Finance - - - - 1 2 350% 0.58% 0.56% 691% 300% 0.41%
Corporate Finance 15 6 - 38 - (1) 250% 471% 200% 414% Ally Lending - 5 4 4 2 4 150% 305% 100% 176% (1) 136% 119% Corp/Other (2) (2) (2) (2) (2) - 50% 109% 0% Total $ 267 $ 290 $ 266 $ 178 $ 122 $ 198 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20
Note: Above loans are classified as held-for-investment and recorded at gross carrying value. (1) Corp/Other includes legacy Mortgage HFI portfolio. Retail Auto Net Charge-Offs Retail Auto Delinquencies (60+ DPD) 1.00% $500 $480 1.49% $460 1.44%
$440 1.38% $420 0.75% $400 1.32% $380 0.66% 0.66% $360 $340 0.58% 0.56% $320 0.50% $300 0.48% 0.47% 0.47% 1.01% $280 $260 $540 0.95% $240 $480 $478 $271 $262 $220 $428 $253 $405 $200 $234 $345 $341 $350 $180 0.76% $160 $140 0.64% $172 $120 0.00%
$100 $137 $186 $80 $117 $60 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 $40 $20 $0 Delinquent Contracts ($M) Delinquency Rate 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 30+ DPD ($M and %) Net Charge-Offs ($M) Annualized NCO Rate 2.56% 2.90%
3.32% 3.61% 3.19% 2.20% 2.25% 2.49% $1,833 $2,113 $2,428 $2,616 $2,322 $1,599 $1,658 $1,834 Note: Includes accruing contracts only. Days-past-due (“DPD”) Note: See page 30 for definition. 4Q 2020 Preliminary Results 15
Asset Quality: Coverage and Reserves Consolidated Coverage Ratio Retail
Auto Coverage Ratio ($ billions) ($ billions) Reserve - $ Reserve - % Reserve - $ Reserve - % 4.09% 4.06% 2.85% 2.87% 2.78% 3.95% 3.91% 2.54% 2.03% 3.34% 0.99% $3.0B $3.0B $2.9B $2.8B $3.4B $3.4B $3.2B $3.3B 1.49% $2.4B $2.6B $1.1B $1.3B 4Q 19 CECL
1Q 20 2Q 20 3Q 20 4Q 20 4Q 19 CECL 1Q 20 2Q 20 3Q 20 4Q 20 Day 1 Day 1 Note: coverage rate calculations exclude fair value adjustment for loans in hedge accounting relationships. Note: coverage rate calculations exclude fair value adjustment for
loans in hedge accounting relationships. Consolidated QoQ Reserve Walk ($ millions) Net charge-off ∆ in portfolio All other, incl. 1 2 3 3Q‘20 4Q‘20 Activity Size macroeconomic Reserve Reserve 4Q‘20 NCOs ($198) $18 ($114)
$3,283 $3,379 ↑ Auto (Retail & Comm’l), Primarily Favorable Replenished $198 ↑ Ally Lending ↑ Corp Finance Macro-economic Trends 4Q 2020 Preliminary Results 16Asset Quality: Coverage and Reserves Consolidated Coverage
Ratio Retail Auto Coverage Ratio ($ billions) ($ billions) Reserve - $ Reserve - % Reserve - $ Reserve - % 4.09% 4.06% 2.85% 2.87% 2.78% 3.95% 3.91% 2.54% 2.03% 3.34% 0.99% $3.0B $3.0B $2.9B $2.8B $3.4B $3.4B $3.2B $3.3B 1.49% $2.4B $2.6B $1.1B
$1.3B 4Q 19 CECL 1Q 20 2Q 20 3Q 20 4Q 20 4Q 19 CECL 1Q 20 2Q 20 3Q 20 4Q 20 Day 1 Day 1 Note: coverage rate calculations exclude fair value adjustment for loans in hedge accounting relationships. Note: coverage rate calculations exclude fair value
adjustment for loans in hedge accounting relationships. Consolidated QoQ Reserve Walk ($ millions) Net charge-off ∆ in portfolio All other, incl. 1 2 3 3Q‘20 4Q‘20 Activity Size macroeconomic Reserve Reserve 4Q‘20 NCOs ($198)
$18 ($114) $3,283 $3,379 ↑ Auto (Retail & Comm’l), Primarily Favorable Replenished $198 ↑ Ally Lending ↑ Corp Finance Macro-economic Trends 4Q 2020 Preliminary Results 16
Auto Finance • Pre-tax income of $563 million, up $162 million
YoY Increase/(Decrease) vs. and down $3 million QoQ Key Financials ($ millions) 4Q 20 3Q 20 4Q 19 Net financing revenue $ 1,153 $ 51 $ 92 – Net financing revenue up YoY due to higher gains from off- Total other revenue 56 (5) (5) lease
vehicles and higher retail revenue Total net revenue 1,209 46 87 Provision for credit losses 86 ( 42) ( 169) (1) Noninterest expense 560 91 94 ▪ QoQ increase primarily from higher commercial balances Pre-tax income $ 563 $ (3) $ 162 –
Provision expense decline reflects strong consumer and U.S. auto earning assets (EOP) $ 106,223 $ 1,431 $ (7,385) commercial performance and improved economic trends Key Statistics Remarketing gains ($ millions) $ (5) $ 63 $ 66 – 4Q
noninterest expense includes $78 million legal accrual Average gain per vehicle $ (287) $ 2,051 $ 2,150 Off-lease vehicles terminated 30,480 1 ,563 2,648 • Earning assets of $106.2 billion, down $7.4 billion (On-balance sheet - # in units) YoY
and up $1.4 billion QoQ Application Volume (# thousands) 2,804 (436) (95) (1) Noninterest expense includes corporate allocations of $209 million in 4Q 2020, $190 million in 3Q – Commercial balances up $1.3 billion QoQ as industry inventory
2020, and $186 million in 4Q 2019. level grew steadily throughout the period ▪ YoY decline reflects lower overall industry inventory levels Lease: Average Gain / (Loss) per Vehicle 2019 2020 • Market-leading, adaptable auto franchise
delivered $3.0k innovative solutions for dealers and customers $2.0k (2) – Dealer relationships of 18.7k, highest in Ally’s history $1.0k nd – Decisioned 12.1 million applications - 2 highest FY level; increased auto-decisioning
and use of advanced data analytics $0.0k – Pricing and credit trends reflect steady underwriting and ($1.0k) disciplined servicing approach Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (2) Dealer relationships include Ally active dealers,
excluding RV Commercial & Consumer lines of business exited in 2Q 18. 4Q 2020 Preliminary Results 17 ThousandsAuto Finance • Pre-tax income of $563 million, up $162 million YoY Increase/(Decrease) vs. and down $3 million QoQ Key Financials
($ millions) 4Q 20 3Q 20 4Q 19 Net financing revenue $ 1,153 $ 51 $ 92 – Net financing revenue up YoY due to higher gains from off- Total other revenue 56 (5) (5) lease vehicles and higher retail revenue Total net revenue 1,209 46 87 Provision
for credit losses 86 ( 42) ( 169) (1) Noninterest expense 560 91 94 ▪ QoQ increase primarily from higher commercial balances Pre-tax income $ 563 $ (3) $ 162 – Provision expense decline reflects strong consumer and U.S. auto earning
assets (EOP) $ 106,223 $ 1,431 $ (7,385) commercial performance and improved economic trends Key Statistics Remarketing gains ($ millions) $ (5) $ 63 $ 66 – 4Q noninterest expense includes $78 million legal accrual Average gain per vehicle $
(287) $ 2,051 $ 2,150 Off-lease vehicles terminated 30,480 1 ,563 2,648 • Earning assets of $106.2 billion, down $7.4 billion (On-balance sheet - # in units) YoY and up $1.4 billion QoQ Application Volume (# thousands) 2,804 (436) (95) (1)
Noninterest expense includes corporate allocations of $209 million in 4Q 2020, $190 million in 3Q – Commercial balances up $1.3 billion QoQ as industry inventory 2020, and $186 million in 4Q 2019. level grew steadily throughout the period
▪ YoY decline reflects lower overall industry inventory levels Lease: Average Gain / (Loss) per Vehicle 2019 2020 • Market-leading, adaptable auto franchise delivered $3.0k innovative solutions for dealers and customers $2.0k (2) –
Dealer relationships of 18.7k, highest in Ally’s history $1.0k nd – Decisioned 12.1 million applications - 2 highest FY level; increased auto-decisioning and use of advanced data analytics $0.0k – Pricing and credit trends reflect
steady underwriting and ($1.0k) disciplined servicing approach Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (2) Dealer relationships include Ally active dealers, excluding RV Commercial & Consumer lines of business exited in 2Q 18. 4Q 2020
Preliminary Results 17 Thousands
Auto Finance Key Metrics Consumer Originations Consumer Origination Mix
($ billions; % of $ originations) (% of $ originations) 688 691 690 686 685 687 $9.8 $9.3 $9.1 $9.1 49% 50% 51% 55% 55% 60% $8.1 $7.2 46% 50% 48% 50% 44% 14% 14% 13% 50% 13% 14% 12% 28% 37% 36% 29% 29% 36% 29% 26% 32% 31% 28% 28% 12% 11% 12% 12% 26%
11% 27% 24% 23% 9% 21% 22% 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 New Retail Lease Used Nonprime % of Total Retail GM Chrysler Growth Retail Auto - Weighted average FICO Note: See page 30 for definition. Note: See
page 30 for definition. Consumer Assets Commercial Assets (Average balance, $ billions) (End of period, $ billions) $82.9 $83.1 $81.5 $81.1 $81.5 $81.5 $33.3 $31.9 $9.5 $9.6 $8.7 $9.1 $30.5 $8.9 $9.1 $5.8 $26.1 $5.6 $5.3 $22.4 $21.3 $5.9 $5.8 $5.9
$72.9 $72.3 $72.5 $72.4 $73.5 $73.4 $27.5 $26.3 $25.1 $20.2 $16.6 $15.4 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Retail Lease Dealer Floorplan Other Dealer Loans Note: Held-for-investment (HFI) asset balances reflect
the average daily balance for the quarter. 4Q 2020 Preliminary Results 18Auto Finance Key Metrics Consumer Originations Consumer Origination Mix ($ billions; % of $ originations) (% of $ originations) 688 691 690 686 685 687 $9.8 $9.3 $9.1 $9.1 49%
50% 51% 55% 55% 60% $8.1 $7.2 46% 50% 48% 50% 44% 14% 14% 13% 50% 13% 14% 12% 28% 37% 36% 29% 29% 36% 29% 26% 32% 31% 28% 28% 12% 11% 12% 12% 26% 11% 27% 24% 23% 9% 21% 22% 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 New
Retail Lease Used Nonprime % of Total Retail GM Chrysler Growth Retail Auto - Weighted average FICO Note: See page 30 for definition. Note: See page 30 for definition. Consumer Assets Commercial Assets (Average balance, $ billions) (End of period, $
billions) $82.9 $83.1 $81.5 $81.1 $81.5 $81.5 $33.3 $31.9 $9.5 $9.6 $8.7 $9.1 $30.5 $8.9 $9.1 $5.8 $26.1 $5.6 $5.3 $22.4 $21.3 $5.9 $5.8 $5.9 $72.9 $72.3 $72.5 $72.4 $73.5 $73.4 $27.5 $26.3 $25.1 $20.2 $16.6 $15.4 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20
3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Retail Lease Dealer Floorplan Other Dealer Loans Note: Held-for-investment (HFI) asset balances reflect the average daily balance for the quarter. 4Q 2020 Preliminary Results 18
Insurance • Pre-tax income of $183 million, up $69 million YoY
Increase/(Decrease) vs. and up $105 million QoQ Key Financials ($ millions) 4Q 20 3Q 20 4Q 19 Premiums, service revenue earned and other $ 290 $ 11 $ 2 – Results positively impacted by favorable performance of the Losses and loss adjustment
expenses 62 (23) 1 equity securities portfolio YoY and QoQ (2) Acquisition and underwriting expenses 184 1 7 Total underwriting income (loss) 44 33 (6) (1) • Core pre-tax income of $72 million, down $13 (1) Investment income and other
(adjusted) 28 (26) (7) million YoY and up $7 million QoQ (1) Core pre-tax income $ 72 $ 7 $ ( 13) (1) Change in fair value of equity securities 111 98 82 – Earned premiums up QoQ from higher P&C exposure Pre-tax income $ 183 $ 105 $ 69
– Losses down QoQ reflecting seasonally lower weather losses Total assets (EOP) $ 9,137 $ 193 $ 590 Key Statistics - Insurance Ratios 4Q 20 3Q 20 4Q 19 – Investment income decrease reflecting lower investment yields Loss ratio 21.6%
30.3% 21.2% YoY and lower realized investment gains QoQ Underwriting expense ratio 63.5% 65.8% 61.5% Combined ratio 85.1% 96.1% 82.7% • Written premiums of $312 million in 4Q 2020 (1) Represents a non-GAAP financial measure. Excludes equity
fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current – Reflects YoY COVID-19 impact on lower vehicle inventories period net income as compared to periods prior
to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 42 for details. and seasonal decline QoQ from retail business (2) Noninterest expense includes corporate allocations of $15
million in 4Q 2020, $17 million in 3Q 2020, and $13 million in 4Q 2019. Insurance Losses Insurance Written Premiums ($ millions) ($ millions) $142 $357 $335 $333 $323 $317 $127 $314 $312 $305 $298 $28 $267 $25 $85 $74 $74 $62 $61 $25 $86 $69 $24 $27
$24 $28 $26 $17 $15 $6 $2 $32 $33 $33 $31 $28 $34 $32 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 VSC Losses Weather Losses Other Losses 4Q 2020 Preliminary Results 19Insurance •
Pre-tax income of $183 million, up $69 million YoY Increase/(Decrease) vs. and up $105 million QoQ Key Financials ($ millions) 4Q 20 3Q 20 4Q 19 Premiums, service revenue earned and other $ 290 $ 11 $ 2 – Results positively impacted by
favorable performance of the Losses and loss adjustment expenses 62 (23) 1 equity securities portfolio YoY and QoQ (2) Acquisition and underwriting expenses 184 1 7 Total underwriting income (loss) 44 33 (6) (1) • Core pre-tax income of $72
million, down $13 (1) Investment income and other (adjusted) 28 (26) (7) million YoY and up $7 million QoQ (1) Core pre-tax income $ 72 $ 7 $ ( 13) (1) Change in fair value of equity securities 111 98 82 – Earned premiums up QoQ from higher
P&C exposure Pre-tax income $ 183 $ 105 $ 69 – Losses down QoQ reflecting seasonally lower weather losses Total assets (EOP) $ 9,137 $ 193 $ 590 Key Statistics - Insurance Ratios 4Q 20 3Q 20 4Q 19 – Investment income decrease
reflecting lower investment yields Loss ratio 21.6% 30.3% 21.2% YoY and lower realized investment gains QoQ Underwriting expense ratio 63.5% 65.8% 61.5% Combined ratio 85.1% 96.1% 82.7% • Written premiums of $312 million in 4Q 2020 (1)
Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current – Reflects YoY COVID-19 impact on lower vehicle
inventories period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 42 for details. and seasonal decline QoQ from retail business (2)
Noninterest expense includes corporate allocations of $15 million in 4Q 2020, $17 million in 3Q 2020, and $13 million in 4Q 2019. Insurance Losses Insurance Written Premiums ($ millions) ($ millions) $142 $357 $335 $333 $323 $317 $127 $314 $312 $305
$298 $28 $267 $25 $85 $74 $74 $62 $61 $25 $86 $69 $24 $27 $24 $28 $26 $17 $15 $6 $2 $32 $33 $33 $31 $28 $34 $32 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 VSC Losses Weather Losses Other
Losses 4Q 2020 Preliminary Results 19
Corporate Finance • Pre-tax income of $64 million, up $14 million
YoY and Increase/(Decrease) vs. up $4 million QoQ Key Financials ($ millions) 4Q 20 3Q 20 4Q 19 Net financing revenue $ 79 $ 4 $ 15 – Net financing revenue increase YoY reflects higher loan balances (1) Adjusted total other revenue 16 8 2 (1)
Adjusted total net revenue 95 12 17 – Other revenue up QoQ from higher investment and fee income Provision for credit losses 9 8 2 (2) Noninterest expense 23 - 1 – Provision increase driven primarily by modest increase in reserves (1)
Core pre-tax income $ 63 $ 4 $ 14 (1) Change in fair value of equity securities 1 (0) 0 • $6.0 billion held-for-investment portfolio, up 6% YoY Pre-tax income $ 64 $ 4 $ 14 Total assets (EOP) $ 6,108 $ 113 $ 321 – Asset-based lending
products comprise 50% of total portfolio, up 7 pts YoY (1) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in
current period net income as compared to periods prior to 1/1/18 in which such adjustments were – Credit continues to perform well given adverse economic recognized through other comprehensive income, a component of equity. See page 42 for
details. (2) Noninterest expense includes corporate allocations of $8 million in 4Q 2020, $8 million in 3Q 2020, environment – criticized and non-accrual loans below historic avg. and $7 million in 4Q 2019. – Growth in commitments
reflects steady origination activities – utilization levels remain low, supporting future loan growth Corporate Finance Outstandings Loan Portfolio by Industry - 12/31/2020 Corporate Finance HFI Loans and Unfunded Commitments (end of period
balances, $ billions) Chemicals & Construction Wholesale Services Paper Printing & Metals 1% 2% Other Publishing 6% 3% 1% Other Manufactured Prod. Food And $4.1 $3.8 3% $2.5 $3.5 Beverages $2.6 2% Machinery. Equip. Manufacturing Elect. 6%
Financial Services Auto & 23% $6.5 Transportation $6.0 $5.9 $6.0 $5.7 10% Other Retail Trade 1% 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Health Services Other Services 22% Held-for-investment loans Unfunded Commitments 20% 4Q 2020 Preliminary Results
20Corporate Finance • Pre-tax income of $64 million, up $14 million YoY and Increase/(Decrease) vs. up $4 million QoQ Key Financials ($ millions) 4Q 20 3Q 20 4Q 19 Net financing revenue $ 79 $ 4 $ 15 – Net financing revenue increase YoY
reflects higher loan balances (1) Adjusted total other revenue 16 8 2 (1) Adjusted total net revenue 95 12 17 – Other revenue up QoQ from higher investment and fee income Provision for credit losses 9 8 2 (2) Noninterest expense 23 - 1 –
Provision increase driven primarily by modest increase in reserves (1) Core pre-tax income $ 63 $ 4 $ 14 (1) Change in fair value of equity securities 1 (0) 0 • $6.0 billion held-for-investment portfolio, up 6% YoY Pre-tax income $ 64 $ 4 $ 14
Total assets (EOP) $ 6,108 $ 113 $ 321 – Asset-based lending products comprise 50% of total portfolio, up 7 pts YoY (1) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01 which requires
change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were – Credit continues to perform well given adverse economic recognized through
other comprehensive income, a component of equity. See page 42 for details. (2) Noninterest expense includes corporate allocations of $8 million in 4Q 2020, $8 million in 3Q 2020, environment – criticized and non-accrual loans below historic
avg. and $7 million in 4Q 2019. – Growth in commitments reflects steady origination activities – utilization levels remain low, supporting future loan growth Corporate Finance Outstandings Loan Portfolio by Industry - 12/31/2020
Corporate Finance HFI Loans and Unfunded Commitments (end of period balances, $ billions) Chemicals & Construction Wholesale Services Paper Printing & Metals 1% 2% Other Publishing 6% 3% 1% Other Manufactured Prod. Food And $4.1 $3.8 3% $2.5
$3.5 Beverages $2.6 2% Machinery. Equip. Manufacturing Elect. 6% Financial Services Auto & 23% $6.5 Transportation $6.0 $5.9 $6.0 $5.7 10% Other Retail Trade 1% 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Health Services Other Services 22% Held-for-investment
loans Unfunded Commitments 20% 4Q 2020 Preliminary Results 20
Mortgage Finance • Pre-tax income of $7 million, up $5 million
YoY and Increase/(Decrease) vs. down $19 million QoQ Key Financials ($ millions) 4Q 20 3Q 20 4Q 19 Net financing revenue $ 20 $ (10) $ ( 16) Total other revenue 37 1 31 – Net financing revenue declined QoQ and YoY reflecting Total net revenue
$ 57 $ (9) $ 15 ongoing elevated prepayment activity Provision for credit losses 3 3 - (1) Noninterest expense 47 7 10 – Other revenue up YoY reflecting strong gain-on-sale activity Pre-tax income $ 7 $ (19) $ 5 Total assets (EOP) $ 14,889 $
(614) $ (1,390) • Direct-to-consumer originations of $1.4 billion in Mortgage Finance HFI Portfolio 4Q 20 3Q 20 4Q 19 4Q, up 43% YoY Net Carry Value ($ billions) $ 14.6 $ 15.1 $ 16.2 (2) 60.1% 60.3% 60.3% Wtd. Avg. LTV/CLTV Refreshed FICO 776
776 774 – 52% of 4Q originations from Ally Bank deposit customers (1) Noninterest expense includes corporate allocations of $22 million in 4Q 2020, $19 million in 3Q 2020, and $19 million in 4Q 2019. – 70% of originations from refinance
activity, up 18% YoY (2) 1st lien only. Updated home values derived using a combination of appraisals, Broker price opinion (BPOs), Automated Valuation Models (AVMs) and Metropolitan Statistical Area (MSA) level house price indices. Mortgage Finance
Direct-to-Consumer (DTC) Originations Mortgage Finance Held-for-Investment Assets ($ billions) ($ billions) $1.4 $1.3 Bulk Purchase Activity $1.2 $0.7 $0.5 $1.9 $0.7 $1.2 $1.0 62% $0.7 55% 27% 66% $16.4 $16.2 $15.9 $15.2 41% $14.6 73% 45% 38% 59%
34% 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 HFI HFS 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 4Q 2020 Preliminary Results 21Mortgage Finance • Pre-tax income of $7 million, up $5 million YoY and Increase/(Decrease) vs. down $19 million QoQ Key Financials ($
millions) 4Q 20 3Q 20 4Q 19 Net financing revenue $ 20 $ (10) $ ( 16) Total other revenue 37 1 31 – Net financing revenue declined QoQ and YoY reflecting Total net revenue $ 57 $ (9) $ 15 ongoing elevated prepayment activity Provision for
credit losses 3 3 - (1) Noninterest expense 47 7 10 – Other revenue up YoY reflecting strong gain-on-sale activity Pre-tax income $ 7 $ (19) $ 5 Total assets (EOP) $ 14,889 $ (614) $ (1,390) • Direct-to-consumer originations of $1.4
billion in Mortgage Finance HFI Portfolio 4Q 20 3Q 20 4Q 19 4Q, up 43% YoY Net Carry Value ($ billions) $ 14.6 $ 15.1 $ 16.2 (2) 60.1% 60.3% 60.3% Wtd. Avg. LTV/CLTV Refreshed FICO 776 776 774 – 52% of 4Q originations from Ally Bank deposit
customers (1) Noninterest expense includes corporate allocations of $22 million in 4Q 2020, $19 million in 3Q 2020, and $19 million in 4Q 2019. – 70% of originations from refinance activity, up 18% YoY (2) 1st lien only. Updated home values
derived using a combination of appraisals, Broker price opinion (BPOs), Automated Valuation Models (AVMs) and Metropolitan Statistical Area (MSA) level house price indices. Mortgage Finance Direct-to-Consumer (DTC) Originations Mortgage Finance
Held-for-Investment Assets ($ billions) ($ billions) $1.4 $1.3 Bulk Purchase Activity $1.2 $0.7 $0.5 $1.9 $0.7 $1.2 $1.0 62% $0.7 55% 27% 66% $16.4 $16.2 $15.9 $15.2 41% $14.6 73% 45% 38% 59% 34% 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 HFI HFS 4Q 19 1Q 20 2Q
20 3Q 20 4Q 20 4Q 2020 Preliminary Results 21
Financial Outlook Steady execution, delivering against our long-term
strategic objectives (1) Progression of Core ROTCE Sustainable, Organic Growth ~15% ✓ Expanding NIM (Lo/Mid 3%) and Net Financing Revenue ✓ Steadily Expanding Other Revenue Ongoing Optimization ✓ Positive Operating Leverage
~12%+ ✓ Expanding NIM (3%+) and ✓ Stabilized Credit Trends Net Financing Revenue ✓ Consistent Tax Rate (23-24%) ✓ Other Revenue (Lo/Mid $400 / qtr) ✓ Positive Operating Leverage 9.1% ✓ Elevated, but
Stabilizing Credit ✓ Consistent Tax Rate (23-24%) 2022-2023 2020 2021 (1) Represents a non-GAAP financial measure. See page 36 for details. 4Q 2020 Preliminary Results 22Financial Outlook Steady execution, delivering against our long-term
strategic objectives (1) Progression of Core ROTCE Sustainable, Organic Growth ~15% ✓ Expanding NIM (Lo/Mid 3%) and Net Financing Revenue ✓ Steadily Expanding Other Revenue Ongoing Optimization ✓ Positive Operating Leverage
~12%+ ✓ Expanding NIM (3%+) and ✓ Stabilized Credit Trends Net Financing Revenue ✓ Consistent Tax Rate (23-24%) ✓ Other Revenue (Lo/Mid $400 / qtr) ✓ Positive Operating Leverage 9.1% ✓ Elevated, but
Stabilizing Credit ✓ Consistent Tax Rate (23-24%) 2022-2023 2020 2021 (1) Represents a non-GAAP financial measure. See page 36 for details. 4Q 2020 Preliminary Results 22
Strategic Priorities ‘Do It Right’ culture | Relentless
focus on employees, customer & communities Leading, adaptable Auto and Insurance Consumer businesses and digitally-based bank platform & Commercial Lender Ongoing customer growth & relationship Savings & deepening across scalable
platforms Insurance Checking Sustainable, organic growth in expanded product offerings Servicing Efficient, disciplined risk management & capital & Customer Investing deployment Solutions Payments Long-term execution & sustainable
results Delivering against our long-term strategic objectives 4Q 2020 Preliminary Results 23Strategic Priorities ‘Do It Right’ culture | Relentless focus on employees, customer & communities Leading, adaptable Auto and Insurance
Consumer businesses and digitally-based bank platform & Commercial Lender Ongoing customer growth & relationship Savings & deepening across scalable platforms Insurance Checking Sustainable, organic growth in expanded product offerings
Servicing Efficient, disciplined risk management & capital & Customer Investing deployment Solutions Payments Long-term execution & sustainable results Delivering against our long-term strategic objectives 4Q 2020 Preliminary Results
23
Supplemental 4Q 2020 Preliminary Results 24Supplemental 4Q 2020
Preliminary Results 24
Supplemental Results by Segment Pre-Tax Income ($ millions) 2020 2019
4Q 20 3Q 20 4Q 19 Automotive Finance $ 1 ,285 $ 1,618 $ 563 $ 566 $ 401 Insurance 284 315 183 78 114 Dealer Financial Services $ 1,569 $ 1 ,933 $ 746 $ 644 $ 515 Corporate Finance 88 153 64 60 50 Mortgage Finance 53 40 7 26 2 Corporate and Other (2
96) (159) 39 (9 8) (8 0) Pre-tax income from continuing operations $ 1 ,414 $ 1 ,967 $ 856 $ 632 $ 487 (1) 36 29 9 9 8 Core OID (2) (2 9) (89) (111) (13) (29) Change in fair value of equity securities (3) 50 - - - - Repositioning and other (4) $ 1
,470 $ 1,907 $ 754 $ 628 $ 466 Core pre-tax income (1) Core OID for all periods shown is applied to the pre-tax income of the Corporate and Other segment. (2) Change in fair value of equity securities impacts the Insurance and Corporate Finance
segments. Reflects equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were
recognized through other comprehensive income, a component of equity. See page 40 and 42 for details. (3) Repositioning and other includes a $50 million goodwill impairment within the Ally Invest business in 2020 and a discrete tax item in 2019,
whereby the 2019 effective tax rate was significantly impacted by the release of valuation allowance on foreign tax credit carryforwards. See page 43 for calculation methodology and details. (4) Core pre-tax income is a non-GAAP financial measure
that adjusts pre-tax income from continuing operations for Core OID, equity fair value adjustments related to ASU 2016-01, and, repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities
and significant other one-time items. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See page 40 and 42 for calculation
methodology and details. 4Q 2020 Preliminary Results 25Supplemental Results by Segment Pre-Tax Income ($ millions) 2020 2019 4Q 20 3Q 20 4Q 19 Automotive Finance $ 1 ,285 $ 1,618 $ 563 $ 566 $ 401 Insurance 284 315 183 78 114 Dealer Financial
Services $ 1,569 $ 1 ,933 $ 746 $ 644 $ 515 Corporate Finance 88 153 64 60 50 Mortgage Finance 53 40 7 26 2 Corporate and Other (2 96) (159) 39 (9 8) (8 0) Pre-tax income from continuing operations $ 1 ,414 $ 1 ,967 $ 856 $ 632 $ 487 (1) 36 29 9 9 8
Core OID (2) (2 9) (89) (111) (13) (29) Change in fair value of equity securities (3) 50 - - - - Repositioning and other (4) $ 1 ,470 $ 1,907 $ 754 $ 628 $ 466 Core pre-tax income (1) Core OID for all periods shown is applied to the pre-tax income
of the Corporate and Other segment. (2) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Reflects equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity
securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 40 and 42 for details. (3) Repositioning
and other includes a $50 million goodwill impairment within the Ally Invest business in 2020 and a discrete tax item in 2019, whereby the 2019 effective tax rate was significantly impacted by the release of valuation allowance on foreign tax credit
carryforwards. See page 43 for calculation methodology and details. (4) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations for Core OID, equity fair value adjustments related to ASU 2016-01,
and, repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items. Management believes core pre-tax income can help the reader better understand the
operating performance of the core businesses and their ability to generate earnings. See page 40 and 42 for calculation methodology and details. 4Q 2020 Preliminary Results 25
Supplemental Funding • Strong deposit portfolio growth has
continued to Ally Financial Ratings Details reduce reliance on wholesale funding markets LT Debt ST Debt Outlook Date – In 4Q, Ally paid down $1.75 billion of fixed-rate FHLB Fitch BBB- F3 Negative 8/12/2020 borrowings at a weighted average
coupon of ~2.9%; Moody's Ba1 Not Prime Stable 5/12/2020 In addition to 3Q‘20 pay-down of $2.5 billion, 2.8% FHLB debt S&P BBB- A-3 Negative 5/4/2020 DBRS BBB (Low) R-3 Negative 4/21/2020 – 2020 unsecured maturities of $2.2 billion
with a weighted Note: Ratings and Outlook as of 12/31/2020. Our borrowing costs and access to the capital markets average coupon of 6.6% | Issued $2.75 billion of unsecured could be negatively impacted if our credit ratings are downgraded or
otherwise fail to meet investor expectations or demands. debt in 2020 at a weighted average coupon of 3.10% – No term ABS issuance during 2020 (1) Unsecured Long-Term Debt Maturities Wholesale Funding Issuance Term ABS and Term Unsecured
Issuance Principal Amount (2) ($ billions) AART (Ally Bank - Retail Auto) AMOT (Ally Bank - Floorplan) Maturity Date Coupon Outstanding AFIN (AFI-Retail Auto) AART-SN (Ally Bank - Lease) ($ billions) $7.9 $7.3 $0.8 4/15/2021 4.25 $0.60 $6.5 $1.8
$0.5 $4.9 2022 4.32 $1.05 $1.4 $4.0 $2.6 $3.5 $2.5 2023 2.09 $2.00 $1.3 $4.6 (3) $3.5 2024+ 6.27 $6.24 $3.0 $2.4 $1.8 (1) Excludes retail notes, demand notes and trust preferred securities; as of 12/31/2020. 2015 2016 2017 2018 2019 2020 (2)
Reflects notional value of outstanding bond. Excludes total GAAP OID and capitalized transaction costs. (3) Weighted average coupon based on notional value and corresponding coupon for all unsecured bonds Term Unsecured Issuance as of January 1st of
the respective year. Does not reflect weighted average interest expense for the respective year. 2024+ excludes ~$2.6 billion Trust Preferred securities (excluding OID/issuance costs). $5.4 $0.9 $0.0 $0.0 $0.8 $2.8 Note: Term ABS shown includes
funding amounts (notes sold) at new issue and does not include private offerings sold at a later date. 4Q 2020 Preliminary Results 26Supplemental Funding • Strong deposit portfolio growth has continued to Ally Financial Ratings Details reduce
reliance on wholesale funding markets LT Debt ST Debt Outlook Date – In 4Q, Ally paid down $1.75 billion of fixed-rate FHLB Fitch BBB- F3 Negative 8/12/2020 borrowings at a weighted average coupon of ~2.9%; Moody's Ba1 Not Prime Stable
5/12/2020 In addition to 3Q‘20 pay-down of $2.5 billion, 2.8% FHLB debt S&P BBB- A-3 Negative 5/4/2020 DBRS BBB (Low) R-3 Negative 4/21/2020 – 2020 unsecured maturities of $2.2 billion with a weighted Note: Ratings and Outlook as of
12/31/2020. Our borrowing costs and access to the capital markets average coupon of 6.6% | Issued $2.75 billion of unsecured could be negatively impacted if our credit ratings are downgraded or otherwise fail to meet investor expectations or
demands. debt in 2020 at a weighted average coupon of 3.10% – No term ABS issuance during 2020 (1) Unsecured Long-Term Debt Maturities Wholesale Funding Issuance Term ABS and Term Unsecured Issuance Principal Amount (2) ($ billions) AART (Ally
Bank - Retail Auto) AMOT (Ally Bank - Floorplan) Maturity Date Coupon Outstanding AFIN (AFI-Retail Auto) AART-SN (Ally Bank - Lease) ($ billions) $7.9 $7.3 $0.8 4/15/2021 4.25 $0.60 $6.5 $1.8 $0.5 $4.9 2022 4.32 $1.05 $1.4 $4.0 $2.6 $3.5 $2.5 2023
2.09 $2.00 $1.3 $4.6 (3) $3.5 2024+ 6.27 $6.24 $3.0 $2.4 $1.8 (1) Excludes retail notes, demand notes and trust preferred securities; as of 12/31/2020. 2015 2016 2017 2018 2019 2020 (2) Reflects notional value of outstanding bond. Excludes total
GAAP OID and capitalized transaction costs. (3) Weighted average coupon based on notional value and corresponding coupon for all unsecured bonds Term Unsecured Issuance as of January 1st of the respective year. Does not reflect weighted average
interest expense for the respective year. 2024+ excludes ~$2.6 billion Trust Preferred securities (excluding OID/issuance costs). $5.4 $0.9 $0.0 $0.0 $0.8 $2.8 Note: Term ABS shown includes funding amounts (notes sold) at new issue and does not
include private offerings sold at a later date. 4Q 2020 Preliminary Results 26
Supplemental Corporate and Other • Corporate and Other activity
reflects: Increase/(Decrease) vs. Key Financials ($ millions) 4Q 20 3Q 20 4Q 19 – Centralized asset and liability management Net financing revenue $ 43 $ 58 $ 61 Total other revenue 147 107 81 – Corporate allocation activities Total net
revenue $ 190 $ 165 $ 142 Provision for credit losses 4 (14) (7) – Legacy mortgage portfolio Noninterest expense 147 42 30 Pre-tax income $ 39 $ 137 $ 119 (1) Core OID 9 0 2 – Ally Invest and Ally Lending activities (2) Repositioning and
other - - - - - (2) Core pre-tax income $ 48 $ 137 $ 121 • Pre-tax income of $39 million, up $119 million YoY and up $137 million QoQ Cash & securities $ 42,324 $ (3,451) $ 12,074 (3) Held-for-investment loans, net 1,225 ( 327) ( 356)
– Net financing revenue up QoQ and YoY from deposit pricing (4) Intercompany loan ( 830) (830) ( 830) actions (5) Other 4,518 383 181 Total assets $ 47,237 $ (4,225) $ 11,069 – Total other revenue up QoQ and YoY driven by Ally (1)
Represents a non-GAAP financial measure. See page 44 for details. Ventures gain and Legacy mortgage portfolio gain on sale, (2) Represents a non-GAAP financial measure. See page 42 for calculation methodology and details. partially offset by FHLB
early retirement expense (3) HFI legacy mortgage portfolio and HFI Ally Lending portfolio (4) Intercompany loan related to activity between Insurance and Corporate for liquidity purposes from – Provision expense decrease from lower Legacy
Mortgage the wind down of the Demand Notes program. held-for-investment loans (5) Includes loans held-for-sale. – Noninterest expense up QoQ and YoY primarily from the establishment of the Ally Charitable Foundation Ally Invest Details
(brokerage) 4Q 20 3Q 20 4Q 19 Net Funded Accounts (thousands) 405.9 399.8 346.7 • Total assets of $47.2 billion, up $11.1 billion YoY, Average Customer Trades Per Day (thousands) 60.1 58.7 21.2 driven by elevated cash balances Total Customer
Cash Balances ($ millions) $ 2,085 $ 1,882 $ 1,376 Total Net Customer Assets ($ millions) $ 13,445 $ 11,061 $ 7,850 4Q 2020 Preliminary Results 27Supplemental Corporate and Other • Corporate and Other activity reflects: Increase/(Decrease) vs.
Key Financials ($ millions) 4Q 20 3Q 20 4Q 19 – Centralized asset and liability management Net financing revenue $ 43 $ 58 $ 61 Total other revenue 147 107 81 – Corporate allocation activities Total net revenue $ 190 $ 165 $ 142
Provision for credit losses 4 (14) (7) – Legacy mortgage portfolio Noninterest expense 147 42 30 Pre-tax income $ 39 $ 137 $ 119 (1) Core OID 9 0 2 – Ally Invest and Ally Lending activities (2) Repositioning and other - - - - - (2) Core
pre-tax income $ 48 $ 137 $ 121 • Pre-tax income of $39 million, up $119 million YoY and up $137 million QoQ Cash & securities $ 42,324 $ (3,451) $ 12,074 (3) Held-for-investment loans, net 1,225 ( 327) ( 356) – Net financing revenue
up QoQ and YoY from deposit pricing (4) Intercompany loan ( 830) (830) ( 830) actions (5) Other 4,518 383 181 Total assets $ 47,237 $ (4,225) $ 11,069 – Total other revenue up QoQ and YoY driven by Ally (1) Represents a non-GAAP financial
measure. See page 44 for details. Ventures gain and Legacy mortgage portfolio gain on sale, (2) Represents a non-GAAP financial measure. See page 42 for calculation methodology and details. partially offset by FHLB early retirement expense (3) HFI
legacy mortgage portfolio and HFI Ally Lending portfolio (4) Intercompany loan related to activity between Insurance and Corporate for liquidity purposes from – Provision expense decrease from lower Legacy Mortgage the wind down of the Demand
Notes program. held-for-investment loans (5) Includes loans held-for-sale. – Noninterest expense up QoQ and YoY primarily from the establishment of the Ally Charitable Foundation Ally Invest Details (brokerage) 4Q 20 3Q 20 4Q 19 Net Funded
Accounts (thousands) 405.9 399.8 346.7 • Total assets of $47.2 billion, up $11.1 billion YoY, Average Customer Trades Per Day (thousands) 60.1 58.7 21.2 driven by elevated cash balances Total Customer Cash Balances ($ millions) $ 2,085 $ 1,882
$ 1,376 Total Net Customer Assets ($ millions) $ 13,445 $ 11,061 $ 7,850 4Q 2020 Preliminary Results 27
Supplemental Interest Rate Sensitivity (1) Net Financing Revenue
Impacts : Baseline vs. Forward Curve 4Q 20 3Q 20 (2) (2) ($ millions) Gradual Instantaneous Gradual Instantaneous (3) -25 bps $ ( 3) $ ( 40) $ (1) $ (36) +100 bps $ 32 $ 68 $ 88 $ 181 Stable rate environment n/m $ (8) n/m $ 3 (1) Net financing
revenue impacts reflect a rolling 12-month view. See page 30 for additional details. (2) Gradual changes in interest rates are recognized over 12 months. (3) The -100bps shock has been replaced with a -25bps shock, given low interest rate
environment. 4Q 2020 Preliminary Results 28Supplemental Interest Rate Sensitivity (1) Net Financing Revenue Impacts : Baseline vs. Forward Curve 4Q 20 3Q 20 (2) (2) ($ millions) Gradual Instantaneous Gradual Instantaneous (3) -25 bps $ ( 3) $ ( 40)
$ (1) $ (36) +100 bps $ 32 $ 68 $ 88 $ 181 Stable rate environment n/m $ (8) n/m $ 3 (1) Net financing revenue impacts reflect a rolling 12-month view. See page 30 for additional details. (2) Gradual changes in interest rates are recognized over 12
months. (3) The -100bps shock has been replaced with a -25bps shock, given low interest rate environment. 4Q 2020 Preliminary Results 28
Supplemental Deferred Tax Asset and Tax Rate (1) Deferred Tax Asset /
(Liability) 4Q 20 3Q 20 Gross DTA/(DTL) Valuation Net DTA/(DTL) Net DTA/(DTL) ($ millions) Balance Allowance Balance Balance Net Operating Loss (Federal) $ 7 $ - $ 7 $ 7 Tax Credit Carryforwards 1,786 ( 734) 1,052 1,085 State/Local Tax Carryforwards
163 (101) 62 42 (2) Other Deferred Tax Liabilities, net (1,119) - ( 1,119) ( 1,057) Net Deferred Tax Asset / (Liability) $ 837 $ (835) $ 2 $ 77 (1) GAAP does not prescribe a method for calculating individual elements of deferred taxes for interim
periods; therefore, these balances are estimates. (2) Primarily book / tax timing differences, including loan loss reserves impact of ~$0.3 billion related to CECL implementation. Deferred Tax Asset / (Liability) Utilization Effective Tax Rate
Details 2020 2019 ($ millions) Net GAAP DTA / (DTL) Balance Disallowed DTA Adjusted Effective Tax Rate 23.2% 22.8% $215 Discrete Tax Items 0.0% -10.2% GAAP Effective Tax Rate 23.2% 12.5% Note: Significant discrete tax items do not relate to the
operating performance $137 of the core businesses. 2019 effective tax rate was significantly impacted by the release of valuation allowance on foreign tax credit carryforwards. $77 $25 $20 $20 $18 $17 $2 -$9 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Note: 4Q19
to 1Q20 DTA build was significantly impacted by CECL adoption on 1-1-2020. 4Q 2020 Preliminary Results 29Supplemental Deferred Tax Asset and Tax Rate (1) Deferred Tax Asset / (Liability) 4Q 20 3Q 20 Gross DTA/(DTL) Valuation Net DTA/(DTL) Net
DTA/(DTL) ($ millions) Balance Allowance Balance Balance Net Operating Loss (Federal) $ 7 $ - $ 7 $ 7 Tax Credit Carryforwards 1,786 ( 734) 1,052 1,085 State/Local Tax Carryforwards 163 (101) 62 42 (2) Other Deferred Tax Liabilities, net (1,119) - (
1,119) ( 1,057) Net Deferred Tax Asset / (Liability) $ 837 $ (835) $ 2 $ 77 (1) GAAP does not prescribe a method for calculating individual elements of deferred taxes for interim periods; therefore, these balances are estimates. (2) Primarily book /
tax timing differences, including loan loss reserves impact of ~$0.3 billion related to CECL implementation. Deferred Tax Asset / (Liability) Utilization Effective Tax Rate Details 2020 2019 ($ millions) Net GAAP DTA / (DTL) Balance Disallowed DTA
Adjusted Effective Tax Rate 23.2% 22.8% $215 Discrete Tax Items 0.0% -10.2% GAAP Effective Tax Rate 23.2% 12.5% Note: Significant discrete tax items do not relate to the operating performance $137 of the core businesses. 2019 effective tax rate was
significantly impacted by the release of valuation allowance on foreign tax credit carryforwards. $77 $25 $20 $20 $18 $17 $2 -$9 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 Note: 4Q19 to 1Q20 DTA build was significantly impacted by CECL adoption on 1-1-2020. 4Q
2020 Preliminary Results 29
Supplemental Notes on Non-GAAP and Other Financial Measures The
following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to, and not a substitute for, GAAP measures: Adjusted Earnings per Share (Adjusted EPS),
Core pre-tax income, Core net income attributable to common shareholders, Core return on tangible common equity (Core ROTCE), Adjusted efficiency ratio, Adjusted total net revenue, Adjusted other revenue, Adjusted noninterest expense, Core original
issue discount (Core OID) amortization expense and Core outstanding original issue discount balance (Core OID balance), Net financing revenue (excluding Core OID), and Adjusted tangible book value per share (Adjusted TBVPS). These measures are used
by management and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document.
1) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity
securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, and (3) Repositioning and other which are primarily
related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods. Management believes core pre-tax income can help the reader better understand the operating
performance of the core businesses and their ability to generate earnings. See pages 40-42 for calculation methodology and details. 2) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator
in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income
attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, tax-effected repositioning and other primarily related to the extinguishment of
high-cost legacy debt and strategic activities and significant other, preferred stock capital actions, significant discrete tax items and tax-effected changes in equity investments measured at fair value, as applicable for respective periods. See
page 32 and 33 for calculation methodology and details. 3) Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID and is believed by management to help the reader better understand the activity removed
from: Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Adjusted EPS, Core ROTCE, Adjusted efficiency ratio, Adjusted total net revenue, and Net financing revenue (excluding Core OID). Core OID is primarily
related to bond exchange OID which excludes international operations and future issuances. See page 43 and 44 for calculation methodology and details. 4) Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial
measure for outstanding OID and is believed by management to help the reader better understand the balance removed from Core ROTCE and Adjusted TBVPS. Core OID balance is primarily related to bond exchange OID which excludes international operations
and future issuances. See page 43 for calculation methodology and details 5) Accelerated issuance expense (Accelerated OID) is the recognition of issuance expenses related to calls of redeemable debt. 6) Interest rate risk modeling – We
prepare our forward-looking baseline forecasts of net financing revenue taking into consideration anticipated future business growth, asset/liability positioning, and interest rates based on the implied forward curve. The analysis is highly
dependent upon a variety of assumptions including the repricing characteristics of retail deposits with both contractual and non-contractual maturities. We continually monitor industry and competitive repricing activity along with other market
factors when contemplating deposit pricing actions. Please see the 10-K for more details. 7) 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. 8) Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers
various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of
this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further
adjusted for Core OID balance and net deferred tax asset. See page 33 and 34 for more details. 9) U.S. consumer auto originations ▪ New Retail – standard and subvented rate new vehicle loans ▪ Lease – new vehicle lease
originations ▪ Used – used vehicle loans ▪ Growth – total originations from non-GM/Chrysler dealers and direct-to-consumer loans ▪ Nonprime – originations with a FICO® score of less than 620 10) Customer
retention rate is the annualized 3-month rolling average of 1 minus the monthly attrition rate; excludes escheatment. 4Q 2020 Preliminary Results 30Supplemental Notes on Non-GAAP and Other Financial Measures The following are non-GAAP financial
measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to, and not a substitute for, GAAP measures: Adjusted Earnings per Share (Adjusted EPS), Core pre-tax income, Core net
income attributable to common shareholders, Core return on tangible common equity (Core ROTCE), Adjusted efficiency ratio, Adjusted total net revenue, Adjusted other revenue, Adjusted noninterest expense, Core original issue discount (Core OID)
amortization expense and Core outstanding original issue discount balance (Core OID balance), Net financing revenue (excluding Core OID), and Adjusted tangible book value per share (Adjusted TBVPS). These measures are used by management and we
believe are useful to investors in assessing the company’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document. 1) Core pre-tax
income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be
recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, and (3) Repositioning and other which are primarily related to the
extinguishment of high cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods. Management believes core pre-tax income can help the reader better understand the operating performance of the
core businesses and their ability to generate earnings. See pages 40-42 for calculation methodology and details. 2) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations
of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to
common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, tax-effected repositioning and other primarily related to the extinguishment of high-cost legacy
debt and strategic activities and significant other, preferred stock capital actions, significant discrete tax items and tax-effected changes in equity investments measured at fair value, as applicable for respective periods. See page 32 and 33 for
calculation methodology and details. 3) Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID and is believed by management to help the reader better understand the activity removed from: Core pre-tax
income (loss), Core net income (loss) attributable to common shareholders, Adjusted EPS, Core ROTCE, Adjusted efficiency ratio, Adjusted total net revenue, and Net financing revenue (excluding Core OID). Core OID is primarily related to bond
exchange OID which excludes international operations and future issuances. See page 43 and 44 for calculation methodology and details. 4) Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial measure for
outstanding OID and is believed by management to help the reader better understand the balance removed from Core ROTCE and Adjusted TBVPS. Core OID balance is primarily related to bond exchange OID which excludes international operations and future
issuances. See page 43 for calculation methodology and details 5) Accelerated issuance expense (Accelerated OID) is the recognition of issuance expenses related to calls of redeemable debt. 6) Interest rate risk modeling – We prepare our
forward-looking baseline forecasts of net financing revenue taking into consideration anticipated future business growth, asset/liability positioning, and interest rates based on the implied forward curve. The analysis is highly dependent upon a
variety of assumptions including the repricing characteristics of retail deposits with both contractual and non-contractual maturities. We continually monitor industry and competitive repricing activity along with other market factors when
contemplating deposit pricing actions. Please see the 10-K for more details. 7) 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. 8) Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various
measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this
measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further
adjusted for Core OID balance and net deferred tax asset. See page 33 and 34 for more details. 9) U.S. consumer auto originations ▪ New Retail – standard and subvented rate new vehicle loans ▪ Lease – new vehicle lease
originations ▪ Used – used vehicle loans ▪ Growth – total originations from non-GM/Chrysler dealers and direct-to-consumer loans ▪ Nonprime – originations with a FICO® score of less than 620 10) Customer
retention rate is the annualized 3-month rolling average of 1 minus the monthly attrition rate; excludes escheatment. 4Q 2020 Preliminary Results 30
Supplemental Notes on Non-GAAP and Other Financial Measures 11)
Estimated Retail Auto Originated Yield is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. At this time there currently is no comparable GAAP
financial measure for Estimated Retail Auto Originated Yield and therefore this forecasted estimate of yield at the time of origination cannot be quantitatively reconciled to comparable GAAP information. 12) Estimated impact of CECL on regulatory
capital per final rule issued by U.S. banking agencies - In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to
phase in the day-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective on March 31, 2020 and provided an alternative option for banks to temporarily
delay the impacts of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. A final rule that was largely unchanged from the March 2020 interim final rule was issued by the FRB and other
U.S. banking agencies in August 2020, and became effective in September 2020. For regulatory capital purposes, these rules permitted us to delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period,
which for us extends through December 31, 2021. Beginning on January 1, 2022, we will be required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent
year until fully phased in by the first quarter of 2025. Under these rules, firms that adopt CECL and elect the five-year transition will calculate the estimated impact of CECL on regulatory capital as the day-one impact of adoption plus 25% of the
subsequent change in allowance during the two-year deferral period, which according to the final rule approximates the impact of CECL relative to an incurred loss model. We adopted this transition option during the first quarter of 2020, and plan to
phase in the regulatory capital impacts of CECL based on this five-year transition period. 4Q 2020 Preliminary Results 31Supplemental Notes on Non-GAAP and Other Financial Measures 11) Estimated Retail Auto Originated Yield is a forward-looking
non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. At this time there currently is no comparable GAAP financial measure for Estimated Retail Auto Originated Yield and
therefore this forecasted estimate of yield at the time of origination cannot be quantitatively reconciled to comparable GAAP information. 12) Estimated impact of CECL on regulatory capital per final rule issued by U.S. banking agencies - In
December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to phase in the day-one impact of CECL over a three-year period.
In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective on March 31, 2020 and provided an alternative option for banks to temporarily delay the impacts of CECL, relative to the incurred loss
methodology for estimating the allowance for loan losses, on regulatory capital. A final rule that was largely unchanged from the March 2020 interim final rule was issued by the FRB and other U.S. banking agencies in August 2020, and became
effective in September 2020. For regulatory capital purposes, these rules permitted us to delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extends through December 31, 2021.
Beginning on January 1, 2022, we will be required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter
of 2025. Under these rules, firms that adopt CECL and elect the five-year transition will calculate the estimated impact of CECL on regulatory capital as the day-one impact of adoption plus 25% of the subsequent change in allowance during the
two-year deferral period, which according to the final rule approximates the impact of CECL relative to an incurred loss model. We adopted this transition option during the first quarter of 2020, and plan to phase in the regulatory capital impacts
of CECL based on this five-year transition period. 4Q 2020 Preliminary Results 31
Supplemental GAAP to Core Results: Adjusted EPS - Annual Adjusted
Earnings per Share ( Adjusted EPS ) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Numerator ($ millions) GAAP net income attributable to common shareholders $ 1,085 $ 1,715 $ 1,263 $ 929 $ 1,037 $ (1,282) $ 882 Discontinued operations, net
of tax 1 6 - (3) 44 (392) ( 225) Core OID 36 29 86 71 59 59 186 Repositioning items 50 - - - 11 349 187 Change in fair value of equity securities (29) (89) 121 - - - - Tax on Core OID, repositioning items, & change in fair value of equity
securities (tax rate 21% starting 1Q18, 35% starting 1Q16; 34% prior) (1) 13 (43) (25) (24) (139) (127) Significant discrete tax items - (201) - 119 (84) - (91) Series G actions - - - - - 2,350 - Series A actions - - - - 1 22 - Core net income
attributable to common shareholders [a] $ 1,141 $ 1,472 $ 1,427 $ 1,091 $ 1,043 $ 967 $ 812 Denominator Weighted-average common shares outstanding - (Diluted, thousands) [b] 377,101 395,395 427,680 455,350 482,182 483,934 481,934 Adjusted EPS [a] /
[b] $ 3.03 $ 3.72 $ 3.34 $ 2.39 $ 2.16 $ 2.00 $ 1.68 Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise
does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of
Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other
discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy
debt, strategic activities and significant other one-time items, (4) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net
income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, (5) excludes significant discrete tax items that do not relate to the operating performance of the
core businesses, and adjusts for preferred stock capital actions (e.g., Series A and Series G) that have been taken by the company to normalize its capital structure, as applicable for respective periods. 4Q 2020 Preliminary Results 32Supplemental
GAAP to Core Results: Adjusted EPS - Annual Adjusted Earnings per Share ( Adjusted EPS ) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Numerator ($ millions) GAAP net income attributable to common shareholders $ 1,085 $ 1,715 $ 1,263 $ 929
$ 1,037 $ (1,282) $ 882 Discontinued operations, net of tax 1 6 - (3) 44 (392) ( 225) Core OID 36 29 86 71 59 59 186 Repositioning items 50 - - - 11 349 187 Change in fair value of equity securities (29) (89) 121 - - - - Tax on Core OID,
repositioning items, & change in fair value of equity securities (tax rate 21% starting 1Q18, 35% starting 1Q16; 34% prior) (1) 13 (43) (25) (24) (139) (127) Significant discrete tax items - (201) - 119 (84) - (91) Series G actions - - - - -
2,350 - Series A actions - - - - 1 22 - Core net income attributable to common shareholders [a] $ 1,141 $ 1,472 $ 1,427 $ 1,091 $ 1,043 $ 967 $ 812 Denominator Weighted-average common shares outstanding - (Diluted, thousands) [b] 377,101 395,395
427,680 455,350 482,182 483,934 481,934 Adjusted EPS [a] / [b] $ 3.03 $ 3.72 $ 3.34 $ 2.39 $ 2.16 $ 2.00 $ 1.68 Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are
typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses
and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic
company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are
primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, (4) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of
equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, (5) excludes significant discrete tax items
that do not relate to the operating performance of the core businesses, and adjusts for preferred stock capital actions (e.g., Series A and Series G) that have been taken by the company to normalize its capital structure, as applicable for
respective periods. 4Q 2020 Preliminary Results 32
Supplemental GAAP to Core Results: Adjusted EPS - Quarterly Adjusted
Earnings per Share ( Adjusted EPS ) QUARTERLY TREND 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 Numerator ($ millions) GAAP net income attributable to common shareholders $ 687 $ 476 $ 241 $ (319) $ 378 $ 381 $ 582
$ 374 $ 290 $ 374 $ 349 $ 250 $ 181 Discontinued operations, net of tax - - 1 - 3 - 2 1 (1) - (1) 2 (2) Core OID 9 9 9 8 8 7 7 7 23 22 21 20 19 Repositioning items - - 50 - - - - - - - - - - Change in fair value of equity securities (111) (13) (90)
185 (29) 11 (2) (70) 95 (6) (8) 40 - Tax on Core OID, repositioning items, & change in fair value of equity securities 21 1 17 (41) 4 (4) (1) 13 (25) (3) (3) (13) (7) (assumes 21% tax rate starting in 1Q18, 35% prior) Significant discrete tax
items - - - - - - ( 201) - - - - - 119 Core net income attributable to common shareholders [a] $ 606 $ 473 $ 228 $ (166) $ 364 $ 396 $ 387 $ 325 $ 382 $ 386 $ 358 $ 300 $ 310 Denominator Weighted-average common shares outstanding - (Diluted,
thousands) [b] 378,424 377,011 375,762 375,723 383,391 392,604 399,916 405,959 414,750 424,784 432,554 438,931 444,985 0 Metric GAAP EPS $ 1.82 $ 1.26 $ 0.64 $ (0.85) $ 0.99 $ 0.97 $ 1.46 $ 0.92 $ 0.70 $ 0.88 $ 0.81 $ 0.57 $ 0.41 Discontinued
operations, net of tax - - 0.00 - 0.01 - 0.01 0 .00 (0.00) - (0.00) 0 .00 (0.00) Core OID 0 .02 0 .02 0.02 0.02 0 .02 0 .02 0 .02 0 .02 0.06 0.05 0 .05 0.05 0 .04 Repositioning items - - 0 .13 - - - - - - - - - - Change in fair value of equity
securities ( 0.29) ( 0.04) (0.24) 0.49 (0.08) 0.03 ( 0.01) ( 0.17) 0 .23 ( 0.01) ( 0.02) 0 .09 - Tax on Core OID, repositioning items, & change in fair value of equity securities 0 .06 0 .00 0 .05 (0.11) 0 .01 (0.01) (0.00) 0 .03 ( 0.06) (0.01)
( 0.01) ( 0.03) ( 0.02) (assumes 21% tax rate starting in 1Q18, 35% prior) Significant discrete tax items - - - - - - (0.50) - - - - - 0 .27 Adjusted EPS [a] / [b] $ 1.60 $ 1.25 $ 0.61 $ (0.44) $ 0.95 $ 1.01 $ 0.97 $ 0.80 $ 0.92 $ 0.91 $ 0.83 $ 0.68
$ 0.70 Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating
performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income
attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past
have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and
significant other one-time items, (4) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior
to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses, and adjusts for
preferred stock capital actions (e.g., Series A and Series G) that have been taken by the company to normalize its capital structure, as applicable for respective periods. 4Q 2020 Preliminary Results 33Supplemental GAAP to Core Results: Adjusted EPS
- Quarterly Adjusted Earnings per Share ( Adjusted EPS ) QUARTERLY TREND 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 Numerator ($ millions) GAAP net income attributable to common shareholders $ 687 $ 476 $ 241 $
(319) $ 378 $ 381 $ 582 $ 374 $ 290 $ 374 $ 349 $ 250 $ 181 Discontinued operations, net of tax - - 1 - 3 - 2 1 (1) - (1) 2 (2) Core OID 9 9 9 8 8 7 7 7 23 22 21 20 19 Repositioning items - - 50 - - - - - - - - - - Change in fair value of equity
securities (111) (13) (90) 185 (29) 11 (2) (70) 95 (6) (8) 40 - Tax on Core OID, repositioning items, & change in fair value of equity securities 21 1 17 (41) 4 (4) (1) 13 (25) (3) (3) (13) (7) (assumes 21% tax rate starting in 1Q18, 35% prior)
Significant discrete tax items - - - - - - ( 201) - - - - - 119 Core net income attributable to common shareholders [a] $ 606 $ 473 $ 228 $ (166) $ 364 $ 396 $ 387 $ 325 $ 382 $ 386 $ 358 $ 300 $ 310 Denominator Weighted-average common shares
outstanding - (Diluted, thousands) [b] 378,424 377,011 375,762 375,723 383,391 392,604 399,916 405,959 414,750 424,784 432,554 438,931 444,985 0 Metric GAAP EPS $ 1.82 $ 1.26 $ 0.64 $ (0.85) $ 0.99 $ 0.97 $ 1.46 $ 0.92 $ 0.70 $ 0.88 $ 0.81 $ 0.57 $
0.41 Discontinued operations, net of tax - - 0.00 - 0.01 - 0.01 0 .00 (0.00) - (0.00) 0 .00 (0.00) Core OID 0 .02 0 .02 0.02 0.02 0 .02 0 .02 0 .02 0 .02 0.06 0.05 0 .05 0.05 0 .04 Repositioning items - - 0 .13 - - - - - - - - - - Change in fair
value of equity securities ( 0.29) ( 0.04) (0.24) 0.49 (0.08) 0.03 ( 0.01) ( 0.17) 0 .23 ( 0.01) ( 0.02) 0 .09 - Tax on Core OID, repositioning items, & change in fair value of equity securities 0 .06 0 .00 0 .05 (0.11) 0 .01 (0.01) (0.00) 0 .03
( 0.06) (0.01) ( 0.01) ( 0.03) ( 0.02) (assumes 21% tax rate starting in 1Q18, 35% prior) Significant discrete tax items - - - - - - (0.50) - - - - - 0 .27 Adjusted EPS [a] / [b] $ 1.60 $ 1.25 $ 0.61 $ (0.44) $ 0.95 $ 1.01 $ 0.97 $ 0.80 $ 0.92 $
0.91 $ 0.83 $ 0.68 $ 0.70 Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting
the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net
income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the
past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and
significant other one-time items, (4) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior
to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses, and adjusts for
preferred stock capital actions (e.g., Series A and Series G) that have been taken by the company to normalize its capital structure, as applicable for respective periods. 4Q 2020 Preliminary Results 33
Supplemental GAAP to Core Results: Adjusted TBVPS - Annual Adjusted
Tangible Book Value per Share ( Adjusted TBVPS ) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Numerator ($ billions) GAAP shareholder's equity $ 14.7 $ 14.4 $ 13.3 $ 13.5 $ 13.3 $ 13.4 $ 15.4 Preferred equity - - - - - (0.7) (1.3) GAAP
common shareholder's equity $ 14.7 $ 14.4 $ 13.3 $ 13.5 $ 13.3 $ 12.7 $ 14.1 Goodwill and identifiable intangibles, net of DTLs (0.4) (0.5) (0.3) (0.3) (0.3) (0.0) (0.0) Tangible common equity 14.3 1 4.0 13.0 13.2 13.0 1 2.7 1 4.1 Tax-effected Core
OID balance (21% tax rate starting 4Q17, 35% starting 1Q16; 34% prior) (0.8) (0.8) (0.9) (0.9) (0.8) (0.9) (0.9) Series G discount - - - - - - (2.3) Adjusted tangible book value [a] $ 13.5 $ 13.1 $ 12.1 $ 12.3 $ 12.2 $ 11.9 $ 10.9 Denominator Issued
shares outstanding (period-end, thousands) [b] 374,674 374,332 404,900 437,054 467,000 481,980 480,095 Metric GAAP shareholder's equity per share $ 39.2 $ 38.5 $ 32.8 $ 30.9 $ 28.5 $ 27.9 $ 32.1 Preferred equity per share - - - - - (1.4) (2.6) GAAP
common shareholder's equity per share $ 39.2 $ 38.5 $ 32.8 $ 30.9 $ 28.5 $ 26.4 $ 29.5 Goodwill and identifiable intangibles, net of DTLs per share (1.0) (1.2) (0.7) (0.7) (0.6) (0.1) (0.1) Tangible common equity per share 3 8.2 3 7.3 32.1 3 0.2 2
7.9 26.4 29.4 Tax-effected Core OID balance (21% tax rate starting 4Q17, 35% starting 1Q16; 34% prior) per share (2.2) (2.2) (2.1) (2.1) (1.7) (1.8) (1.9) Series G discount per share - - - - - - (4.9) Adjusted tangible book value per share [a] / [b]
$ 36.1 $ 35.1 $ 29.9 $ 28.1 $ 26.2 $ 24.6 $ 22.7 Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated
immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally
adjusts common equity for: (1) goodwill and identifiable intangibles, net of DTLs, and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered and (3) Series G discount
which reduces tangible common equity as the company has normalized its capital structure. Note: In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21% (“rate”) as a result of
changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a
21% rate versus a previously modeled 35% rate. 4Q 2020 Preliminary Results 34Supplemental GAAP to Core Results: Adjusted TBVPS - Annual Adjusted Tangible Book Value per Share ( Adjusted TBVPS ) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014
Numerator ($ billions) GAAP shareholder's equity $ 14.7 $ 14.4 $ 13.3 $ 13.5 $ 13.3 $ 13.4 $ 15.4 Preferred equity - - - - - (0.7) (1.3) GAAP common shareholder's equity $ 14.7 $ 14.4 $ 13.3 $ 13.5 $ 13.3 $ 12.7 $ 14.1 Goodwill and identifiable
intangibles, net of DTLs (0.4) (0.5) (0.3) (0.3) (0.3) (0.0) (0.0) Tangible common equity 14.3 1 4.0 13.0 13.2 13.0 1 2.7 1 4.1 Tax-effected Core OID balance (21% tax rate starting 4Q17, 35% starting 1Q16; 34% prior) (0.8) (0.8) (0.9) (0.9) (0.8)
(0.9) (0.9) Series G discount - - - - - - (2.3) Adjusted tangible book value [a] $ 13.5 $ 13.1 $ 12.1 $ 12.3 $ 12.2 $ 11.9 $ 10.9 Denominator Issued shares outstanding (period-end, thousands) [b] 374,674 374,332 404,900 437,054 467,000 481,980
480,095 Metric GAAP shareholder's equity per share $ 39.2 $ 38.5 $ 32.8 $ 30.9 $ 28.5 $ 27.9 $ 32.1 Preferred equity per share - - - - - (1.4) (2.6) GAAP common shareholder's equity per share $ 39.2 $ 38.5 $ 32.8 $ 30.9 $ 28.5 $ 26.4 $ 29.5 Goodwill
and identifiable intangibles, net of DTLs per share (1.0) (1.2) (0.7) (0.7) (0.6) (0.1) (0.1) Tangible common equity per share 3 8.2 3 7.3 32.1 3 0.2 2 7.9 26.4 29.4 Tax-effected Core OID balance (21% tax rate starting 4Q17, 35% starting 1Q16; 34%
prior) per share (2.2) (2.2) (2.1) (2.1) (1.7) (1.8) (1.9) Series G discount per share - - - - - - (4.9) Adjusted tangible book value per share [a] / [b] $ 36.1 $ 35.1 $ 29.9 $ 28.1 $ 26.2 $ 24.6 $ 22.7 Adjusted tangible book value per share
(Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted
TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of DTLs, and
(2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered and (3) Series G discount which reduces tangible common equity as the company has normalized its capital
structure. Note: In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected
Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate. 4Q 2020 Preliminary Results
34
Supplemental GAAP to Core Results: Adjusted TBVPS - Quarterly Adjusted
Tangible Book Value per Share ( Adjusted TBVPS ) QUARTERLY TREND 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 Numerator ($ billions) GAAP common shareholder's equity $ 14.7 $ 14.1 $ 13.8 $ 13.5 $ 14.4 $ 14.5 $ 14.3 $
13.7 $ 13.3 $ 13.1 $ 13.1 $ 13.1 $ 13.5 Goodwill and identifiable intangibles, net of DTLs (0.4) (0.4) (0.4) (0.4) (0.5) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) Tangible common equity 14.3 1 3.7 1 3.4 1 3.1 14.0 1 4.2 14.0 13.4 13.0 1 2.8 1
2.8 12.8 1 3.2 Tax-effected Core OID balance (assumes 21% tax rate starting in 4Q17, 35% prior) (0.8) (0.8) (0.8) (0.8) (0.8) (0.8) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) Adjusted tangible book value [a] $ 13.5 $ 12.9 $ 12.6 $ 12.2 $ 13.1 $ 13.3
$ 13.2 $ 12.6 $ 12.1 $ 11.9 $ 12.0 $ 11.9 $ 12.3 Denominator Issued shares outstanding (period-end, thousands) [b] 374,674 373,857 373,837 373,155 374,332 383,523 392,775 399,761 404,900 416,591 425,752 432,691 437,054 Metric GAAP common
shareholder's equity per share $ 39.2 $ 37.8 $ 37.0 $ 36.2 $ 38.5 $ 37.7 $ 36.4 $ 34.3 $ 32.8 $ 31.4 $ 30.9 $ 30.2 $ 30.9 Goodwill and identifiable intangibles, net of DTLs per share (1.0) (1.0) (1.0) (1.2) (1.2) (0.7) (0.7) (0.7) (0.7) (0.7) (0.7)
(0.7) (0.7) Tangible common equity per share 3 8.2 3 6.7 3 5.9 3 5.0 3 7.3 3 7.0 3 5.7 3 3.6 32.1 30.7 3 0.2 2 9.6 30.2 Tax-effected Core OID balance (assumes 21% tax rate starting in 4Q17, 35% prior) per share (2.2) (2.2) (2.2) (2.2) (2.2) (2.2)
(2.2) (2.1) (2.1) (2.1) (2.1) (2.1) (2.1) Adjusted tangible book value per share [a] / [b] $ 36.1 $ 34.6 $ 33.7 $ 32.8 $ 35.1 $ 34.7 $ 33.6 $ 31.4 $ 29.9 $ 28.6 $ 28.1 $ 27.4 $ 28.1 Adjusted tangible book value per share (Adjusted TBVPS) is a
non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the
reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of DTLs, (2) tax-effected Core OID
balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered, and (3) Series G discount which reduces tangible common equity as the company has normalized its capital structure, as applicable for
respective periods. Note: In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the
tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate. Calculated Impact to
Adjusted TBVPS from CECL Day-1 1Q 20 Numerator ($ billions) Adjusted tangible book value $ 12.2 CECL Day-1 impact to retained earnings, net of tax 1.0 Adjusted tangible book value less CECL Day-1 impact [a] $ 13.3 Denominator Issued shares
outstanding (period-end, thousands) [b] 373,155 Metric Adjusted TBVPS $ 32.8 CECL Day-1 impact to retained earnings, net of tax per share 2.7 Adjusted tangible book value, less CECL Day-1 impact per share [a] / [b] $ 35.5 Ally adopted CECL on
January 1, 2020. Upon implementation of CECL Ally recognized a reduction to our opening retained earnings balance of approximately $1.0 billion, net of income tax, which reflects a pre-tax increase to the allowance for loan losses of approximately
$1.3 billion. This increase is almost exclusively driven by our consumer automotive loan portfolio. 4Q 2020 Preliminary Results 35Supplemental GAAP to Core Results: Adjusted TBVPS - Quarterly Adjusted Tangible Book Value per Share ( Adjusted TBVPS )
QUARTERLY TREND 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 Numerator ($ billions) GAAP common shareholder's equity $ 14.7 $ 14.1 $ 13.8 $ 13.5 $ 14.4 $ 14.5 $ 14.3 $ 13.7 $ 13.3 $ 13.1 $ 13.1 $ 13.1 $ 13.5 Goodwill
and identifiable intangibles, net of DTLs (0.4) (0.4) (0.4) (0.4) (0.5) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) Tangible common equity 14.3 1 3.7 1 3.4 1 3.1 14.0 1 4.2 14.0 13.4 13.0 1 2.8 1 2.8 12.8 1 3.2 Tax-effected Core OID balance
(assumes 21% tax rate starting in 4Q17, 35% prior) (0.8) (0.8) (0.8) (0.8) (0.8) (0.8) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) Adjusted tangible book value [a] $ 13.5 $ 12.9 $ 12.6 $ 12.2 $ 13.1 $ 13.3 $ 13.2 $ 12.6 $ 12.1 $ 11.9 $ 12.0 $ 11.9 $
12.3 Denominator Issued shares outstanding (period-end, thousands) [b] 374,674 373,857 373,837 373,155 374,332 383,523 392,775 399,761 404,900 416,591 425,752 432,691 437,054 Metric GAAP common shareholder's equity per share $ 39.2 $ 37.8 $ 37.0 $
36.2 $ 38.5 $ 37.7 $ 36.4 $ 34.3 $ 32.8 $ 31.4 $ 30.9 $ 30.2 $ 30.9 Goodwill and identifiable intangibles, net of DTLs per share (1.0) (1.0) (1.0) (1.2) (1.2) (0.7) (0.7) (0.7) (0.7) (0.7) (0.7) (0.7) (0.7) Tangible common equity per share 3 8.2 3
6.7 3 5.9 3 5.0 3 7.3 3 7.0 3 5.7 3 3.6 32.1 30.7 3 0.2 2 9.6 30.2 Tax-effected Core OID balance (assumes 21% tax rate starting in 4Q17, 35% prior) per share (2.2) (2.2) (2.2) (2.2) (2.2) (2.2) (2.2) (2.1) (2.1) (2.1) (2.1) (2.1) (2.1) Adjusted
tangible book value per share [a] / [b] $ 36.1 $ 34.6 $ 33.7 $ 32.8 $ 35.1 $ 34.7 $ 33.6 $ 31.4 $ 29.9 $ 28.6 $ 28.1 $ 27.4 $ 28.1 Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value
of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative
than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of DTLs, (2) tax-effected Core OID balance to reduce tangible common equity in the event the
corresponding discounted bonds are redeemed/tendered, and (3) Series G discount which reduces tangible common equity as the company has normalized its capital structure, as applicable for respective periods. Note: In December 2017, tax-effected Core
OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted
TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate. Calculated Impact to Adjusted TBVPS from CECL Day-1 1Q 20 Numerator ($ billions)
Adjusted tangible book value $ 12.2 CECL Day-1 impact to retained earnings, net of tax 1.0 Adjusted tangible book value less CECL Day-1 impact [a] $ 13.3 Denominator Issued shares outstanding (period-end, thousands) [b] 373,155 Metric Adjusted TBVPS
$ 32.8 CECL Day-1 impact to retained earnings, net of tax per share 2.7 Adjusted tangible book value, less CECL Day-1 impact per share [a] / [b] $ 35.5 Ally adopted CECL on January 1, 2020. Upon implementation of CECL Ally recognized a reduction to
our opening retained earnings balance of approximately $1.0 billion, net of income tax, which reflects a pre-tax increase to the allowance for loan losses of approximately $1.3 billion. This increase is almost exclusively driven by our consumer
automotive loan portfolio. 4Q 2020 Preliminary Results 35
Supplemental GAAP to Core Results: Core ROTCE - Annual Core Return on
Tangible Common Equity ( Core ROTCE ) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Numerator ($ millions) GAAP net income attributable to common shareholders $ 1,085 $ 1,715 $ 1,263 $ 929 $ 1,037 $ (1,282) $ 882 Discontinued operations,
net of tax 1 6 - (3) 44 ( 392) ( 225) Core OID 36 29 86 71 59 59 186 Repositioning items 50 - - - 11 349 187 Change in fair value of equity securities (29) (89) 121 - - - - Tax on Core OID & change in fair value of equity securities (tax rate
21% starting in 1Q18, 35% prior) (1) 13 (43) (25) (24) ( 139) ( 127) Significant Discrete tax items & other - ( 201) - 119 (84) 22 (103) Series G actions - - - - - 2,350 - Series A actions - - - - 1 22 - Core net income attributable to common
shareholders [a] $ 1,141 $ 1,472 $ 1,427 $ 1,091 $ 1,043 $ 990 $ 800 Denominator (Average, $ billions) GAAP shareholder's equity $ 14.1 $ 13.8 $ 13.4 $ 13.4 $ 13.4 $ 14.4 $ 14.8 Preferred equity - - - - (0.3) (1.0) (1.3) Goodwill & identifiable
intangibles, net of deferred tax liabilities ( DTLs ) (0.4) (0.4) (0.3) (0.3) (0.2) (0.0) (0.0) Tangible common equity $ 13.7 $ 13.5 $ 13.1 $ 13.1 $ 12.9 $ 13.4 $ 13.5 Core OID balance (1.0) (1.1) (1.1) (1.2) (1.3) (1.3) (1.4) Net deferred tax asset
( DTA ) (0.1) (0.2) (0.4) (0.7) (1.2) (1.6) (1.9) Normalized common equity [b] $ 12.6 $ 12.2 $ 11.6 $ 11.2 $ 10.4 $ 10.5 $ 10.2 Core Return on Tangible Common Equity [a] / [b] 9.1% 12.0% 12.3% 9.8% 10.0% 9.4% 7.9% Core return on tangible common
equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this
calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period
adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share. (1) In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is
adjusted for discontinued operations net of tax, tax-effected Core OID, tax- effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, fair
value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through
other comprehensive income, a component of equity, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods. (2) In the denominator, GAAP shareholder’s equity is adjusted for goodwill and
identifiable intangibles net of DTL, Core OID balance, and net DTA. 4Q 2020 Preliminary Results 36Supplemental GAAP to Core Results: Core ROTCE - Annual Core Return on Tangible Common Equity ( Core ROTCE ) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY
2015 FY 2014 Numerator ($ millions) GAAP net income attributable to common shareholders $ 1,085 $ 1,715 $ 1,263 $ 929 $ 1,037 $ (1,282) $ 882 Discontinued operations, net of tax 1 6 - (3) 44 ( 392) ( 225) Core OID 36 29 86 71 59 59 186 Repositioning
items 50 - - - 11 349 187 Change in fair value of equity securities (29) (89) 121 - - - - Tax on Core OID & change in fair value of equity securities (tax rate 21% starting in 1Q18, 35% prior) (1) 13 (43) (25) (24) ( 139) ( 127) Significant
Discrete tax items & other - ( 201) - 119 (84) 22 (103) Series G actions - - - - - 2,350 - Series A actions - - - - 1 22 - Core net income attributable to common shareholders [a] $ 1,141 $ 1,472 $ 1,427 $ 1,091 $ 1,043 $ 990 $ 800 Denominator
(Average, $ billions) GAAP shareholder's equity $ 14.1 $ 13.8 $ 13.4 $ 13.4 $ 13.4 $ 14.4 $ 14.8 Preferred equity - - - - (0.3) (1.0) (1.3) Goodwill & identifiable intangibles, net of deferred tax liabilities ( DTLs ) (0.4) (0.4) (0.3) (0.3)
(0.2) (0.0) (0.0) Tangible common equity $ 13.7 $ 13.5 $ 13.1 $ 13.1 $ 12.9 $ 13.4 $ 13.5 Core OID balance (1.0) (1.1) (1.1) (1.2) (1.3) (1.3) (1.4) Net deferred tax asset ( DTA ) (0.1) (0.2) (0.4) (0.7) (1.2) (1.6) (1.9) Normalized common equity
[b] $ 12.6 $ 12.2 $ 11.6 $ 11.2 $ 10.4 $ 10.5 $ 10.2 Core Return on Tangible Common Equity [a] / [b] 9.1% 12.0% 12.3% 9.8% 10.0% 9.4% 7.9% Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is
helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA.
Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns
with the methodology used in calculating adjusted earnings per share. (1) In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, tax- effected
repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the
fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, significant discrete tax items,
and preferred stock capital actions, as applicable for respective periods. (2) In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA. 4Q 2020 Preliminary
Results 36
Supplemental GAAP to Core Results: Core ROTCE - Quarterly Core Return
on Tangible Common Equity ( Core ROTCE ) QUARTERLY TREND 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 Numerator ($ millions) GAAP net income attributable to common shareholders $ 687 $ 476 $ 241 $ (319) $ 378 Discontinued operations, net of tax - - 1 - 3 Core OID
9 9 9 8 8 Repositioning Items - - 50 - - Change in fair value of equity securities (111) (13) (90) 185 (29) Tax on Core OID & change in fair value of equity securities (assumes 21% tax rate) 21 1 17 (41) 4 Significant discrete tax items &
other - - - - - Core net income attributable to common shareholders [a] $ 606 $ 473 $ 228 $ (166) $ 364 Denominator (Average, $ billions) GAAP shareholder's equity $ 14.4 $ 14.0 $ 13.7 $ 14.0 $ 14.4 Goodwill & identifiable intangibles, net of
deferred tax liabilities ( DTLs ) (0.4) (0.4) (0.4) (0.4) (0.4) Tangible common equity $ 14.0 $ 13.6 $ 13.3 $ 13.5 $ 14.1 Core OID balance (1.0) (1.0) (1.1) (1.1) (1.1) Net deferred tax asset ( DTA ) (0.1) (0.1) (0.2) (0.1) (0.0) Normalized common
equity [b] $ 12.9 $ 12.4 $ 12.0 $ 12.3 $ 13.0 Core Return on Tangible Common Equity [a] / [b] 18.7% 15.2% 7.6% -5.4% 11.2% Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for
readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s
Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the
methodology used in calculating adjusted earnings per share. (1) In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, tax- effected
repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the
fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, significant discrete tax items,
and preferred stock capital actions, as applicable for respective periods. (2) In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA. 4Q 2020 Preliminary
Results 37Supplemental GAAP to Core Results: Core ROTCE - Quarterly Core Return on Tangible Common Equity ( Core ROTCE ) QUARTERLY TREND 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 Numerator ($ millions) GAAP net income attributable to common shareholders $ 687 $
476 $ 241 $ (319) $ 378 Discontinued operations, net of tax - - 1 - 3 Core OID 9 9 9 8 8 Repositioning Items - - 50 - - Change in fair value of equity securities (111) (13) (90) 185 (29) Tax on Core OID & change in fair value of equity
securities (assumes 21% tax rate) 21 1 17 (41) 4 Significant discrete tax items & other - - - - - Core net income attributable to common shareholders [a] $ 606 $ 473 $ 228 $ (166) $ 364 Denominator (Average, $ billions) GAAP shareholder's equity
$ 14.4 $ 14.0 $ 13.7 $ 14.0 $ 14.4 Goodwill & identifiable intangibles, net of deferred tax liabilities ( DTLs ) (0.4) (0.4) (0.4) (0.4) (0.4) Tangible common equity $ 14.0 $ 13.6 $ 13.3 $ 13.5 $ 14.1 Core OID balance (1.0) (1.0) (1.1) (1.1)
(1.1) Net deferred tax asset ( DTA ) (0.1) (0.1) (0.2) (0.1) (0.0) Normalized common equity [b] $ 12.9 $ 12.4 $ 12.0 $ 12.3 $ 13.0 Core Return on Tangible Common Equity [a] / [b] 18.7% 15.2% 7.6% -5.4% 11.2% Core return on tangible common equity
(Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this
calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period
adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share. (1) In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is
adjusted for discontinued operations net of tax, tax-effected Core OID, tax- effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, fair
value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through
other comprehensive income, a component of equity, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods. (2) In the denominator, GAAP shareholder’s equity is adjusted for goodwill and
identifiable intangibles net of DTL, Core OID balance, and net DTA. 4Q 2020 Preliminary Results 37
Supplemental GAAP to Core Results: Adjusted Efficiency Ratio - Annual
Adjusted Efficiency Ratio FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Numerator ($ millions) GAAP noninterest expense $ 3,833 $ 3,429 $ 3,264 $ 3,110 $ 2,939 $ 2,761 $ 2,948 Rep and warrant expense (0) (0) 3 0 6 13 10 Insurance expense
(1,092) (1,013) ( 955) ( 950) (940) (879) ( 988) Repositioning items (50) - - - (9) (7) (39) Adjusted noninterest expense for efficiency ratio [a] $ 2,691 $ 2,416 $ 2,312 $ 2,160 $ 1,997 $ 1,888 $ 1,932 Denominator ($ millions) Total net revenue $
6,686 $ 6,394 $ 5,804 $ 5,765 $ 5,437 $ 4,861 $ 4,651 Core OID 36 29 86 71 59 59 186 Insurance revenue (1,376) (1,328) (1,035) (1,118) (1,097) (1,090) (1,185) Repositioning items - - - - 3 342 148 Adjusted net revenue for efficiency ratio [b] $
5,346 $ 5,095 $ 4,855 $ 4,718 $ 4,401 $ 4,172 $ 3,800 Adjusted Efficiency Ratio [a] / [b] 50.3% 47.4% 47.6% 45.8% 45.4% 45.3% 50.8% Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing
the efficiency of its core banking and lending businesses with those of its peers. (1) In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Rep and warrant expense, Insurance segment expense, and repositioning and
other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods. (2) In the denominator, total net revenue is adjusted for Core OID and
Insurance segment revenue. See page 19 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance segment. 4Q 2020 Preliminary Results 38Supplemental GAAP to Core
Results: Adjusted Efficiency Ratio - Annual Adjusted Efficiency Ratio FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Numerator ($ millions) GAAP noninterest expense $ 3,833 $ 3,429 $ 3,264 $ 3,110 $ 2,939 $ 2,761 $ 2,948 Rep and warrant
expense (0) (0) 3 0 6 13 10 Insurance expense (1,092) (1,013) ( 955) ( 950) (940) (879) ( 988) Repositioning items (50) - - - (9) (7) (39) Adjusted noninterest expense for efficiency ratio [a] $ 2,691 $ 2,416 $ 2,312 $ 2,160 $ 1,997 $ 1,888 $ 1,932
Denominator ($ millions) Total net revenue $ 6,686 $ 6,394 $ 5,804 $ 5,765 $ 5,437 $ 4,861 $ 4,651 Core OID 36 29 86 71 59 59 186 Insurance revenue (1,376) (1,328) (1,035) (1,118) (1,097) (1,090) (1,185) Repositioning items - - - - 3 342 148
Adjusted net revenue for efficiency ratio [b] $ 5,346 $ 5,095 $ 4,855 $ 4,718 $ 4,401 $ 4,172 $ 3,800 Adjusted Efficiency Ratio [a] / [b] 50.3% 47.4% 47.6% 45.8% 45.4% 45.3% 50.8% Adjusted efficiency ratio is a non-GAAP financial measure that
management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. (1) In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Rep and warrant
expense, Insurance segment expense, and repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods. (2) In the
denominator, total net revenue is adjusted for Core OID and Insurance segment revenue. See page 19 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance segment.
4Q 2020 Preliminary Results 38
Supplemental GAAP to Core Results: Adjusted Efficiency Ratio -
Quarterly Adjusted Efficiency Ratio QUARTERLY TREND 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 Numerator ($ millions) GAAP noninterest expense $ 1,023 $ 905 $ 985 $ 920 $ 880 Rep and warrant expense (0) - - - - Insurance expense (246) ( 268) (322) ( 256) ( 238)
Repositioning items - - (50) - - Adjusted noninterest expense for efficiency ratio [a] $ 777 $ 637 $ 613 $ 664 $ 642 Denominator ($ millions) Total net revenue $ 1,981 $ 1,684 $ 1,609 $ 1,412 $ 1,643 Core OID 9 9 9 8 8 Insurance revenue (429) ( 346)
(450) (151) (352) Adjusted net revenue for the efficiency ratio [b] $ 1,561 $ 1,347 $ 1,168 $ 1,269 $ 1,299 Adjusted Efficiency Ratio [a] / [b] 49.8% 47.3% 52.5% 52.3% 49.4% Adjusted efficiency ratio is a non-GAAP financial measure that management
believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. (1) In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Rep and warrant expense,
Insurance segment expense, and repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods. (2) In the
denominator, total net revenue is adjusted for Core OID and Insurance segment revenue. See page 19 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance segment.
4Q 2020 Preliminary Results 39Supplemental GAAP to Core Results: Adjusted Efficiency Ratio - Quarterly Adjusted Efficiency Ratio QUARTERLY TREND 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 Numerator ($ millions) GAAP noninterest expense $ 1,023 $ 905 $ 985 $ 920
$ 880 Rep and warrant expense (0) - - - - Insurance expense (246) ( 268) (322) ( 256) ( 238) Repositioning items - - (50) - - Adjusted noninterest expense for efficiency ratio [a] $ 777 $ 637 $ 613 $ 664 $ 642 Denominator ($ millions) Total net
revenue $ 1,981 $ 1,684 $ 1,609 $ 1,412 $ 1,643 Core OID 9 9 9 8 8 Insurance revenue (429) ( 346) (450) (151) (352) Adjusted net revenue for the efficiency ratio [b] $ 1,561 $ 1,347 $ 1,168 $ 1,269 $ 1,299 Adjusted Efficiency Ratio [a] / [b] 49.8%
47.3% 52.5% 52.3% 49.4% Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. (1) In the numerator of
Adjusted efficiency ratio, total noninterest expense is adjusted for Rep and warrant expense, Insurance segment expense, and repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and
significant other one-time items, as applicable for respective periods. (2) In the denominator, total net revenue is adjusted for Core OID and Insurance segment revenue. See page 19 for the combined ratio for the Insurance segment which management
uses as a primary measure of underwriting profitability for the Insurance segment. 4Q 2020 Preliminary Results 39
Supplemental Notes on Non-GAAP and Other Financial Measures ($
millions) FY 2020 FY 2019 FY 2018 Core OID & Change in fair Core OID & Change in fair Core OID & Change in fair (1) (1) (1) GAAP Repositioning value of equity Non-GAAP GAAP Repositioning value of equity Non-GAAP GAAP Repositioning value
of equity Non-GAAP Items securities Items securities Items securities Consolidated Ally Net financing revenue $ 4,703 $ 36 $ - $ 4,739 $ 4,633 $ 29 $ - $ 4,662 $ 4,390 $ 86 $ - $ 4,476 Total other revenue 1,983 - (29) 1 ,954 1,761 - (89) 1,672 1,414
- 121 1,535 Provision for loan losses 1 ,439 - - 1,439 998 - - 998 918 - - 918 Noninterest expense 3,833 (50) - 3 ,783 3,429 - - 3,429 3,264 - - 3 ,264 Pre-tax income from continuing operations $ 1,414 $ 86 $ (29) $ 1,470 $ 1,967 $ 29 $ (89) $ 1,907
$ 1,622 $ 86 $ 121 $ 1,829 Corporate / Other Net financing revenue $ (40) $ 36 $ - $ (4) $ 28 $ 29 $ - $ 57 $ 184 $ 86 $ - $ 270 Total other revenue 298 - - 298 171 - - 171 119 - - 119 Provision for loan losses 47 - - 47 (5) - - (5) (15) - - (15)
Noninterest expense 507 (50) - 457 363 - - 363 333 - - 333 Pre-tax income from continuing operations $ ( 296) $ 86 $ - $ (210) $ ( 159) $ 29 $ - $ ( 130) $ (15) $ 86 $ - $ 71 Insurance Premiums, service revenue earned and other $ 1,114 $ - $ - $
1,114 $ 1,099 $ - $ - $ 1,099 $ 1,032 $ - $ - $ 1,032 Losses and loss adjustment expenses 363 - - 363 321 - - 321 295 - - 295 Acquisition and underwriting expenses 729 - - 729 692 - - 692 660 - - 660 Investment income and other 262 - (31) 231 229 -
(88) 141 3 - 112 115 Pre-tax income from continuing operations $ 284 $ - $ (31) $ 253 $ 315 $ - $ (88) $ 227 $ 80 $ - $ 112 $ 192 Corporate Finance Net financing revenue $ 299 $ - $ - $ 299 $ 239 $ - $ - $ 239 $ 204 $ - $ - $ 204 Total other revenue
45 - 1 46 45 - ( 2) 43 38 - 9 47 Provision for loan losses 149 - - 149 36 - - 36 12 - - 12 Noninterest expense 107 - - 107 95 - - 95 86 - - 86 Pre-tax income from continuing operations $ 88 $ - $ 1 $ 89 $ 153 $ - $ (2) $ 151 $ 144 $ - $ 9 $ 153 (1)
Non-GAAP line items walk to Core pre-tax income, a non-GAAP financial measure that adjusts pre-tax income. See page 30 for definitions. 4Q 2020 Preliminary Results 40Supplemental Notes on Non-GAAP and Other Financial Measures ($ millions) FY 2020 FY
2019 FY 2018 Core OID & Change in fair Core OID & Change in fair Core OID & Change in fair (1) (1) (1) GAAP Repositioning value of equity Non-GAAP GAAP Repositioning value of equity Non-GAAP GAAP Repositioning value of equity Non-GAAP
Items securities Items securities Items securities Consolidated Ally Net financing revenue $ 4,703 $ 36 $ - $ 4,739 $ 4,633 $ 29 $ - $ 4,662 $ 4,390 $ 86 $ - $ 4,476 Total other revenue 1,983 - (29) 1 ,954 1,761 - (89) 1,672 1,414 - 121 1,535
Provision for loan losses 1 ,439 - - 1,439 998 - - 998 918 - - 918 Noninterest expense 3,833 (50) - 3 ,783 3,429 - - 3,429 3,264 - - 3 ,264 Pre-tax income from continuing operations $ 1,414 $ 86 $ (29) $ 1,470 $ 1,967 $ 29 $ (89) $ 1,907 $ 1,622 $
86 $ 121 $ 1,829 Corporate / Other Net financing revenue $ (40) $ 36 $ - $ (4) $ 28 $ 29 $ - $ 57 $ 184 $ 86 $ - $ 270 Total other revenue 298 - - 298 171 - - 171 119 - - 119 Provision for loan losses 47 - - 47 (5) - - (5) (15) - - (15) Noninterest
expense 507 (50) - 457 363 - - 363 333 - - 333 Pre-tax income from continuing operations $ ( 296) $ 86 $ - $ (210) $ ( 159) $ 29 $ - $ ( 130) $ (15) $ 86 $ - $ 71 Insurance Premiums, service revenue earned and other $ 1,114 $ - $ - $ 1,114 $ 1,099 $
- $ - $ 1,099 $ 1,032 $ - $ - $ 1,032 Losses and loss adjustment expenses 363 - - 363 321 - - 321 295 - - 295 Acquisition and underwriting expenses 729 - - 729 692 - - 692 660 - - 660 Investment income and other 262 - (31) 231 229 - (88) 141 3 - 112
115 Pre-tax income from continuing operations $ 284 $ - $ (31) $ 253 $ 315 $ - $ (88) $ 227 $ 80 $ - $ 112 $ 192 Corporate Finance Net financing revenue $ 299 $ - $ - $ 299 $ 239 $ - $ - $ 239 $ 204 $ - $ - $ 204 Total other revenue 45 - 1 46 45 - (
2) 43 38 - 9 47 Provision for loan losses 149 - - 149 36 - - 36 12 - - 12 Noninterest expense 107 - - 107 95 - - 95 86 - - 86 Pre-tax income from continuing operations $ 88 $ - $ 1 $ 89 $ 153 $ - $ (2) $ 151 $ 144 $ - $ 9 $ 153 (1) Non-GAAP line
items walk to Core pre-tax income, a non-GAAP financial measure that adjusts pre-tax income. See page 30 for definitions. 4Q 2020 Preliminary Results 40
Supplemental Notes on Non-GAAP and Other Financial Measures ($
millions) FY 2017 FY 2016 FY 2015 FY 2014 Core OID & Change in fair Core OID & Change in fair Core OID & Change in fair Core OID & Change in fair (1) (1) (1) (1) GAAP Repositioning value of equity Non-GAAP GAAP Repositioning value of
equity Non-GAAP GAAP Repositioning value of equity Non-GAAP GAAP Repositioning value of equity Non-GAAP Items securities Items securities Items securities Items securities Consolidated Ally Net financing revenue $ 4,221 $ 71 $ - $ 4,292 $ 3,907 $ 57
$ - $ 3,964 $ 3,719 $ 45 $ - $ 3,764 $ 3,375 $ 172 $ - $ 3,547 Total other revenue 1 ,544 - - 1,544 1,530 4 - 1,534 1,142 356 - 1,498 1,276 162 - 1 ,438 Provision for loan losses 1 ,148 - - 1,148 917 - - 917 707 - - 707 457 - - 457 Noninterest
expense 3,110 - - 3,110 2 ,939 (9) - 2 ,931 2,761 (7) - 2,754 2,948 (39) - 2,909 Pre-tax income from continuing operations $ 1,507 $ 71 $ - $ 1,578 $ 1,581 $ 70 $ - $ 1,651 $ 1,393 $ 408 $ - $ 1,801 $ 1,246 $ 373 $ - $ 1,619 Corporate / Other Net
financing revenue $ 150 $ 71 $ - $ 221 $ (37) $ 57 $ - $ 20 $ 87 $ 45 $ - $ 132 $ (97) $ 172 $ - $ 75 Total other revenue 81 - - 81 162 4 - 166 (151) 356 - 205 (149) 162 - 13 Provision for loan losses (16) - - (16) (13) - - (13) (5) - - (5) (72) - -
(72) Noninterest expense 262 - - 262 199 (9) - 190 155 (7) - 148 282 (39) - 243 Pre-tax income from continuing operations $ (15) $ 71 $ - $ 56 $ (61) $ 70 $ - $ 9 $ ( 214) $ 408 $ - $ 194 $ (456) $ 373 $ - $ (83) Insurance Premiums, service revenue
earned and other $ 981 $ - $ - $ 981 $ 952 $ - $ - $ 952 $ 948 $ - $ - $ 948 $ 986 $ - $ - $ 986 Losses and loss adjustment expenses 332 - - 332 342 - - 342 293 - - 293 410 - - 410 Acquisition and underwriting expenses 618 - - 618 598 - - 598 586 -
- 586 578 - - 578 Investment income and other 137 - - 137 145 - - 145 142 - - 142 199 - - 199 Pre-tax income from continuing operations $ 168 $ - $ - $ 168 $ 157 $ - $ - $ 157 $ 211 $ - $ - $ 211 $ 197 $ - $ - $ 197 Corporate Finance Net financing
revenue $ 167 $ - $ - $ 167 $ 121 $ - $ - $ 121 $ 89 $ - $ - $ 89 $ 59 $ - $ - $ 59 Total other revenue 45 - - 45 26 - - 26 25 - - 25 32 - - 32 Provision for loan losses 22 - - 22 10 - - 10 9 - - 9 (16) - - (16) Noninterest expense 76 - - 76 66 - -
66 55 - - 55 43 - - 43 Pre-tax income from continuing operations $ 114 $ - $ - $ 114 $ 71 $ - $ - $ 71 $ 50 $ - $ - $ 50 $ 64 $ - $ - $ 64 (1) Non-GAAP line items walk to Core pre-tax income, a non-GAAP financial measure that adjusts pre-tax income.
See page 30 for definitions. 4Q 2020 Preliminary Results 41Supplemental Notes on Non-GAAP and Other Financial Measures ($ millions) FY 2017 FY 2016 FY 2015 FY 2014 Core OID & Change in fair Core OID & Change in fair Core OID & Change in
fair Core OID & Change in fair (1) (1) (1) (1) GAAP Repositioning value of equity Non-GAAP GAAP Repositioning value of equity Non-GAAP GAAP Repositioning value of equity Non-GAAP GAAP Repositioning value of equity Non-GAAP Items securities Items
securities Items securities Items securities Consolidated Ally Net financing revenue $ 4,221 $ 71 $ - $ 4,292 $ 3,907 $ 57 $ - $ 3,964 $ 3,719 $ 45 $ - $ 3,764 $ 3,375 $ 172 $ - $ 3,547 Total other revenue 1 ,544 - - 1,544 1,530 4 - 1,534 1,142 356
- 1,498 1,276 162 - 1 ,438 Provision for loan losses 1 ,148 - - 1,148 917 - - 917 707 - - 707 457 - - 457 Noninterest expense 3,110 - - 3,110 2 ,939 (9) - 2 ,931 2,761 (7) - 2,754 2,948 (39) - 2,909 Pre-tax income from continuing operations $ 1,507
$ 71 $ - $ 1,578 $ 1,581 $ 70 $ - $ 1,651 $ 1,393 $ 408 $ - $ 1,801 $ 1,246 $ 373 $ - $ 1,619 Corporate / Other Net financing revenue $ 150 $ 71 $ - $ 221 $ (37) $ 57 $ - $ 20 $ 87 $ 45 $ - $ 132 $ (97) $ 172 $ - $ 75 Total other revenue 81 - - 81
162 4 - 166 (151) 356 - 205 (149) 162 - 13 Provision for loan losses (16) - - (16) (13) - - (13) (5) - - (5) (72) - - (72) Noninterest expense 262 - - 262 199 (9) - 190 155 (7) - 148 282 (39) - 243 Pre-tax income from continuing operations $ (15) $
71 $ - $ 56 $ (61) $ 70 $ - $ 9 $ ( 214) $ 408 $ - $ 194 $ (456) $ 373 $ - $ (83) Insurance Premiums, service revenue earned and other $ 981 $ - $ - $ 981 $ 952 $ - $ - $ 952 $ 948 $ - $ - $ 948 $ 986 $ - $ - $ 986 Losses and loss adjustment
expenses 332 - - 332 342 - - 342 293 - - 293 410 - - 410 Acquisition and underwriting expenses 618 - - 618 598 - - 598 586 - - 586 578 - - 578 Investment income and other 137 - - 137 145 - - 145 142 - - 142 199 - - 199 Pre-tax income from continuing
operations $ 168 $ - $ - $ 168 $ 157 $ - $ - $ 157 $ 211 $ - $ - $ 211 $ 197 $ - $ - $ 197 Corporate Finance Net financing revenue $ 167 $ - $ - $ 167 $ 121 $ - $ - $ 121 $ 89 $ - $ - $ 89 $ 59 $ - $ - $ 59 Total other revenue 45 - - 45 26 - - 26 25
- - 25 32 - - 32 Provision for loan losses 22 - - 22 10 - - 10 9 - - 9 (16) - - (16) Noninterest expense 76 - - 76 66 - - 66 55 - - 55 43 - - 43 Pre-tax income from continuing operations $ 114 $ - $ - $ 114 $ 71 $ - $ - $ 71 $ 50 $ - $ - $ 50 $ 64 $
- $ - $ 64 (1) Non-GAAP line items walk to Core pre-tax income, a non-GAAP financial measure that adjusts pre-tax income. See page 30 for definitions. 4Q 2020 Preliminary Results 41
Supplemental Notes on Non-GAAP and Other Financial Measures ($
millions) 4Q 20 3Q 20 4Q 19 Change in fair Change in fair Change in fair (1) (1) (1) GAAP Core OID value of equity Repositioning Non-GAAP GAAP Core OID value of equity Repositioning Non-GAAP GAAP Core OID value of equity Repositioning Non-GAAP
securities securities securities Consolidated Ally Net financing revenue $ 1,303 $ 9 $ - $ - $ 1,312 $ 1,200 $ 9 $ - $ - $ 1,209 $ 1,156 $ 8 $ - $ - $ 1,164 Total other revenue 678 - (111) - 567 484 - ( 13) - 471 487 - ( 29) - 458 Provision for
credit losses 102 - - - 102 147 - - - 147 276 - - - 276 Noninterest expense 1,023 - - - 1,023 905 - - - 905 880 - - - 880 Pre-tax income $ 856 $ 9 $ (111) $ - $ 754 $ 632 $ 9 $ (13) $ - $ 628 $ 487 $ 8 $ (29) $ - $ 466 Corporate / Other Net
financing revenue $ 43 $ 9 $ - $ - $ 52 $ (15) $ 9 $ - $ - $ (6) $ (18) $ 8 $ - $ - $ (10) Total other revenue 147 - - - 147 40 - - - 40 66 - - - 66 Provision for credit losses 4 - - - 4 18 - - - 18 11 - - - 11 Noninterest expense 147 - - - 147 105
- - - 105 117 - - - 117 Pre-tax income $ 39 $ 9 $ - $ - $ 48 $ (98) $ 9 $ - $ - $ (89) $ (80) $ 8 $ - $ - $ (72) Insurance Premiums, service revenue earned and other $ 290 $ - $ - $ - $ 290 $ 279 $ - $ - $ - $ 279 $ 288 $ - $ - $ - $ 288 Losses and
loss adjustment expenses 62 - - - 62 85 - - - 85 61 - - - 61 Acquisition and underwriting expenses 184 - - - 184 183 - - - 183 177 - - - 177 Investment income and other 139 - (111) - 28 67 - (13) - 54 64 - (28) - 36 Pre-tax income $ 183 $ - $ (111)
$ - $ 72 $ 78 $ - $ (13) $ - $ 65 $ 114 $ - $ (28) $ - $ 86 Corporate Finance Net financing revenue $ 79 $ - $ - $ - $ 79 $ 75 $ - $ - $ - $ 75 $ 64 $ - $ - $ - $ 64 Total other revenue 17 - ( 1) - 16 9 - ( 1) - 8 15 - (0) - 15 Provision for credit
losses 9 - - - 9 1 - - - 1 7 - - - 7 Noninterest expense 23 - - - 23 23 - - - 23 22 - - - 22 Pre-tax income $ 64 $ - $ (1) $ - $ 63 $ 60 $ - $ (1) $ - $ 59 $ 50 $ - $ (0) $ - $ 50 (1) Non-GAAP line items walk to Core pre-tax income, a non-GAAP
financial measure that adjusts pre-tax income. See page 30 for definitions. 4Q 2020 Preliminary Results 42Supplemental Notes on Non-GAAP and Other Financial Measures ($ millions) 4Q 20 3Q 20 4Q 19 Change in fair Change in fair Change in fair (1) (1)
(1) GAAP Core OID value of equity Repositioning Non-GAAP GAAP Core OID value of equity Repositioning Non-GAAP GAAP Core OID value of equity Repositioning Non-GAAP securities securities securities Consolidated Ally Net financing revenue $ 1,303 $ 9 $
- $ - $ 1,312 $ 1,200 $ 9 $ - $ - $ 1,209 $ 1,156 $ 8 $ - $ - $ 1,164 Total other revenue 678 - (111) - 567 484 - ( 13) - 471 487 - ( 29) - 458 Provision for credit losses 102 - - - 102 147 - - - 147 276 - - - 276 Noninterest expense 1,023 - - -
1,023 905 - - - 905 880 - - - 880 Pre-tax income $ 856 $ 9 $ (111) $ - $ 754 $ 632 $ 9 $ (13) $ - $ 628 $ 487 $ 8 $ (29) $ - $ 466 Corporate / Other Net financing revenue $ 43 $ 9 $ - $ - $ 52 $ (15) $ 9 $ - $ - $ (6) $ (18) $ 8 $ - $ - $ (10) Total
other revenue 147 - - - 147 40 - - - 40 66 - - - 66 Provision for credit losses 4 - - - 4 18 - - - 18 11 - - - 11 Noninterest expense 147 - - - 147 105 - - - 105 117 - - - 117 Pre-tax income $ 39 $ 9 $ - $ - $ 48 $ (98) $ 9 $ - $ - $ (89) $ (80) $ 8
$ - $ - $ (72) Insurance Premiums, service revenue earned and other $ 290 $ - $ - $ - $ 290 $ 279 $ - $ - $ - $ 279 $ 288 $ - $ - $ - $ 288 Losses and loss adjustment expenses 62 - - - 62 85 - - - 85 61 - - - 61 Acquisition and underwriting expenses
184 - - - 184 183 - - - 183 177 - - - 177 Investment income and other 139 - (111) - 28 67 - (13) - 54 64 - (28) - 36 Pre-tax income $ 183 $ - $ (111) $ - $ 72 $ 78 $ - $ (13) $ - $ 65 $ 114 $ - $ (28) $ - $ 86 Corporate Finance Net financing revenue
$ 79 $ - $ - $ - $ 79 $ 75 $ - $ - $ - $ 75 $ 64 $ - $ - $ - $ 64 Total other revenue 17 - ( 1) - 16 9 - ( 1) - 8 15 - (0) - 15 Provision for credit losses 9 - - - 9 1 - - - 1 7 - - - 7 Noninterest expense 23 - - - 23 23 - - - 23 22 - - - 22 Pre-tax
income $ 64 $ - $ (1) $ - $ 63 $ 60 $ - $ (1) $ - $ 59 $ 50 $ - $ (0) $ - $ 50 (1) Non-GAAP line items walk to Core pre-tax income, a non-GAAP financial measure that adjusts pre-tax income. See page 30 for definitions. 4Q 2020 Preliminary Results
42
Supplemental Notes on Non-GAAP and Other Financial Measures Net
Financing Revenue (ex. Core OID) ($ millions) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 GAAP Net Financing Revenue $ 4 ,703 $ 4,633 $ 4,390 $ 4 ,221 $ 3,907 $ 3,719 $ 3 ,375 Core OID 36 29 86 71 57 45 172 Net Financing Revenue (ex.
Core OID) [a] $ 4 ,739 $ 4 ,662 $ 4 ,476 $ 4 ,292 $ 3,964 $ 3 ,764 $ 3 ,547 Adjusted Other Revenue ($ millions) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 GAAP Other Revenue $ 1,983 $ 1,761 $ 1,414 $ 1 ,544 $ 1,530 $ 1 ,142 $ 1,276
Accelerated OID & repositioning items - - - - 4 356 162 Change in fair value of equity securities (29) (89) 121 - - - - Adjusted Other Revenue [b] $ 1 ,954 $ 1 ,672 $ 1 ,535 $ 1,544 $ 1 ,534 $ 1,498 $ 1 ,438 Adjusted Total Net Revenue ($
millions) Adjusted Total Net Revenue [a]+[b] $ 6,692 $ 6 ,334 $ 6 ,011 $ 5,836 $ 5,498 $ 5,262 $ 4,985 Adjusted NIE (ex. Repositioning) ($ millions) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 GAAP Noninterest Expense $ 3,833 $ 3 ,429 $
3,264 $ 3,110 $ 2,939 $ 2,761 $ 2 ,948 Repositioning (50) - - - ( 9) (7) (39) Adjusted NIE (ex. Repositioning) [c] $ 3,783 $ 3,429 $ 3,264 $ 3 ,110 $ 2 ,931 $ 2,754 $ 2 ,909 Original issue discount amortization expense ANNUAL TREND ($ millions) FY
2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 (1) Core original issue discount (Core OID) amortization expense $ 36 $ 29 $ 86 $ 71 $ 57 $ 45 $ 172 Other OID 12 13 15 20 21 16 11 GAAP original issue discount amortization expense $ 48 $ 42 $
101 $ 90 $ 78 $ 61 $ 183 Outstanding original issue discount balance ANNUAL TREND ($ millions) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Core outstanding original issue discount balance (Core OID balance) $ (1,027) $ ( 1,063) $ (1,092)
$ ( 1,178) $ ( 1,249) $ ( 1,304) $ ( 1,351) Other outstanding OID balance (37) (37) (43) (57) (77) (87) (64) GAAP outstanding original issue discount balance $ ( 1,064) $ ( 1,100) $ (1,135) $ ( 1,235) $ (1,326) $ (1,391) $ ( 1,415) (1) Excludes
accelerated OID. See page 30 for definitions. Note: Equity fair value adjustments related to ASU 2016-01 requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in
which such adjustments were recognized through other comprehensive income, a component of equity. See page 30 for definitions. 4Q 2020 Preliminary Results 43Supplemental Notes on Non-GAAP and Other Financial Measures Net Financing Revenue (ex. Core
OID) ($ millions) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 GAAP Net Financing Revenue $ 4 ,703 $ 4,633 $ 4,390 $ 4 ,221 $ 3,907 $ 3,719 $ 3 ,375 Core OID 36 29 86 71 57 45 172 Net Financing Revenue (ex. Core OID) [a] $ 4 ,739 $ 4 ,662
$ 4 ,476 $ 4 ,292 $ 3,964 $ 3 ,764 $ 3 ,547 Adjusted Other Revenue ($ millions) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 GAAP Other Revenue $ 1,983 $ 1,761 $ 1,414 $ 1 ,544 $ 1,530 $ 1 ,142 $ 1,276 Accelerated OID & repositioning
items - - - - 4 356 162 Change in fair value of equity securities (29) (89) 121 - - - - Adjusted Other Revenue [b] $ 1 ,954 $ 1 ,672 $ 1 ,535 $ 1,544 $ 1 ,534 $ 1,498 $ 1 ,438 Adjusted Total Net Revenue ($ millions) Adjusted Total Net Revenue
[a]+[b] $ 6,692 $ 6 ,334 $ 6 ,011 $ 5,836 $ 5,498 $ 5,262 $ 4,985 Adjusted NIE (ex. Repositioning) ($ millions) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 GAAP Noninterest Expense $ 3,833 $ 3 ,429 $ 3,264 $ 3,110 $ 2,939 $ 2,761 $ 2
,948 Repositioning (50) - - - ( 9) (7) (39) Adjusted NIE (ex. Repositioning) [c] $ 3,783 $ 3,429 $ 3,264 $ 3 ,110 $ 2 ,931 $ 2,754 $ 2 ,909 Original issue discount amortization expense ANNUAL TREND ($ millions) FY 2020 FY 2019 FY 2018 FY 2017 FY
2016 FY 2015 FY 2014 (1) Core original issue discount (Core OID) amortization expense $ 36 $ 29 $ 86 $ 71 $ 57 $ 45 $ 172 Other OID 12 13 15 20 21 16 11 GAAP original issue discount amortization expense $ 48 $ 42 $ 101 $ 90 $ 78 $ 61 $ 183
Outstanding original issue discount balance ANNUAL TREND ($ millions) FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 Core outstanding original issue discount balance (Core OID balance) $ (1,027) $ ( 1,063) $ (1,092) $ ( 1,178) $ ( 1,249) $
( 1,304) $ ( 1,351) Other outstanding OID balance (37) (37) (43) (57) (77) (87) (64) GAAP outstanding original issue discount balance $ ( 1,064) $ ( 1,100) $ (1,135) $ ( 1,235) $ (1,326) $ (1,391) $ ( 1,415) (1) Excludes accelerated OID. See page 30
for definitions. Note: Equity fair value adjustments related to ASU 2016-01 requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were
recognized through other comprehensive income, a component of equity. See page 30 for definitions. 4Q 2020 Preliminary Results 43
Supplemental Notes on Non-GAAP and Other Financial Measures Net
Financing Revenue (ex. Core OID) QUARTERLY TREND ($ millions) 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 GAAP Net Financing Revenue $ 1,303 $ 1 ,200 $ 1,054 $ 1 ,146 $ 1,156 $ 1,188 $ 1 ,157 $ 1 ,132 $ 1 ,140 $ 1
,107 $ 1 ,094 $ 1 ,049 $ 1 ,094 Core OID 9 9 9 8 8 7 7 7 23 22 21 20 19 Net Financing Revenue (ex. Core OID) [a] $ 1 ,312 $ 1 ,209 $ 1 ,063 $ 1,154 $ 1,164 $ 1 ,195 $ 1 ,164 $ 1,139 $ 1,163 $ 1,129 $ 1,115 $ 1,069 $ 1 ,113 Adjusted Other Revenue
QUARTERLY TREND ($ millions) 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 GAAP Other Revenue $ 678 $ 484 $ 555 $ 266 $ 487 $ 413 $ 395 $ 466 $ 298 $ 398 $ 364 $ 354 $ 379 Accelerated OID & repositioning items - -
- - - - - - - - - - - Change in fair value of equity securities (111) (13) (90) 185 (29) 11 (2) (70) 95 (6) (8) 40 - Adjusted Other Revenue [b] $ 567 $ 471 $ 465 $ 451 $ 458 $ 424 $ 393 $ 396 $ 393 $ 392 $ 356 $ 394 $ 379 Adjusted Total Net Revenue
($ millions) Adjusted Total Net Revenue [a]+[b] $ 1 ,879 $ 1,680 $ 1,528 $ 1,606 $ 1,622 $ 1,620 $ 1,557 $ 1,535 $ 1 ,556 $ 1 ,521 $ 1,471 $ 1 ,463 $ 1 ,492 Adjusted NIE (ex. Repositioning) QUARTERLY TREND ($ millions) 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19
3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 GAAP Noninterest Expense $ 1,023 $ 905 $ 985 $ 920 $ 880 $ 838 $ 881 $ 830 $ 804 $ 807 $ 839 $ 814 $ 769 Repositioning - - (50) - - - - - - - - - - Adjusted NIE (ex. Repositioning) [c] $ 1,023 $ 905 $
935 $ 920 $ 880 $ 838 $ 881 $ 830 $ 804 $ 807 $ 839 $ 814 $ 769 Original issue discount amortization expense QUARTERLY TREND ($ millions) 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 (1) Core original issue discount
(Core OID) amortization expense $ 9 $ 9 $ 9 $ 8 $ 8 $ 7 $ 7 $ 7 $ 23 $ 22 $ 21 $ 20 $ 19 Other OID 3 3 4 3 3 3 3 3 2 4 4 4 5 GAAP original issue discount amortization expense $ 13 $ 12 $ 12 $ 11 $ 11 $ 11 $ 10 $ 10 $ 26 $ 25 $ 25 $ 24 $ 24
Outstanding original issue discount balance QUARTERLY TREND ($ millions) 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 Core outstanding original issue discount balance (Core OID balance) $ ( 1,027) $ ( 1,037) $ (
1,046) $ ( 1,055) $ ( 1,063) $ (1,071) $ (1,078) $ ( 1,085) $ ( 1,092) $ ( 1,115) $ ( 1,137) $ (1,158) $ ( 1,178) Other outstanding OID balance (37) (48) (46) (34) (37) (40) (44) (39) (43) (46) (49) (53) (57) GAAP outstanding original issue discount
balance $ ( 1,064) $ ( 1,084) $ ( 1,092) $ (1,089) $ ( 1,100) $ ( 1,111) $ ( 1,122) $ ( 1,125) $ (1,135) $ (1,161) $ ( 1,187) $ (1,211) $ ( 1,235) (1) Excludes accelerated OID. See page 30 for definitions. Note: Equity fair value adjustments related
to ASU 2016-01 requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of
equity. ‘Repositioning and other’ are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items. See page 30 for definitions. 4Q 2020 Preliminary Results 44Supplemental
Notes on Non-GAAP and Other Financial Measures Net Financing Revenue (ex. Core OID) QUARTERLY TREND ($ millions) 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 GAAP Net Financing Revenue $ 1,303 $ 1 ,200 $ 1,054 $ 1
,146 $ 1,156 $ 1,188 $ 1 ,157 $ 1 ,132 $ 1 ,140 $ 1 ,107 $ 1 ,094 $ 1 ,049 $ 1 ,094 Core OID 9 9 9 8 8 7 7 7 23 22 21 20 19 Net Financing Revenue (ex. Core OID) [a] $ 1 ,312 $ 1 ,209 $ 1 ,063 $ 1,154 $ 1,164 $ 1 ,195 $ 1 ,164 $ 1,139 $ 1,163 $ 1,129
$ 1,115 $ 1,069 $ 1 ,113 Adjusted Other Revenue QUARTERLY TREND ($ millions) 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 GAAP Other Revenue $ 678 $ 484 $ 555 $ 266 $ 487 $ 413 $ 395 $ 466 $ 298 $ 398 $ 364 $ 354 $
379 Accelerated OID & repositioning items - - - - - - - - - - - - - Change in fair value of equity securities (111) (13) (90) 185 (29) 11 (2) (70) 95 (6) (8) 40 - Adjusted Other Revenue [b] $ 567 $ 471 $ 465 $ 451 $ 458 $ 424 $ 393 $ 396 $ 393 $
392 $ 356 $ 394 $ 379 Adjusted Total Net Revenue ($ millions) Adjusted Total Net Revenue [a]+[b] $ 1 ,879 $ 1,680 $ 1,528 $ 1,606 $ 1,622 $ 1,620 $ 1,557 $ 1,535 $ 1 ,556 $ 1 ,521 $ 1,471 $ 1 ,463 $ 1 ,492 Adjusted NIE (ex. Repositioning) QUARTERLY
TREND ($ millions) 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 GAAP Noninterest Expense $ 1,023 $ 905 $ 985 $ 920 $ 880 $ 838 $ 881 $ 830 $ 804 $ 807 $ 839 $ 814 $ 769 Repositioning - - (50) - - - - - - - - - -
Adjusted NIE (ex. Repositioning) [c] $ 1,023 $ 905 $ 935 $ 920 $ 880 $ 838 $ 881 $ 830 $ 804 $ 807 $ 839 $ 814 $ 769 Original issue discount amortization expense QUARTERLY TREND ($ millions) 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q
18 2Q 18 1Q 18 4Q 17 (1) Core original issue discount (Core OID) amortization expense $ 9 $ 9 $ 9 $ 8 $ 8 $ 7 $ 7 $ 7 $ 23 $ 22 $ 21 $ 20 $ 19 Other OID 3 3 4 3 3 3 3 3 2 4 4 4 5 GAAP original issue discount amortization expense $ 13 $ 12 $ 12 $ 11
$ 11 $ 11 $ 10 $ 10 $ 26 $ 25 $ 25 $ 24 $ 24 Outstanding original issue discount balance QUARTERLY TREND ($ millions) 4Q 20 3Q 20 2Q 20 1Q 20 4Q 19 3Q 19 2Q 19 1Q 19 4Q 18 3Q 18 2Q 18 1Q 18 4Q 17 Core outstanding original issue discount balance
(Core OID balance) $ ( 1,027) $ ( 1,037) $ ( 1,046) $ ( 1,055) $ ( 1,063) $ (1,071) $ (1,078) $ ( 1,085) $ ( 1,092) $ ( 1,115) $ ( 1,137) $ (1,158) $ ( 1,178) Other outstanding OID balance (37) (48) (46) (34) (37) (40) (44) (39) (43) (46) (49) (53)
(57) GAAP outstanding original issue discount balance $ ( 1,064) $ ( 1,084) $ ( 1,092) $ (1,089) $ ( 1,100) $ ( 1,111) $ ( 1,122) $ ( 1,125) $ (1,135) $ (1,161) $ ( 1,187) $ (1,211) $ ( 1,235) (1) Excludes accelerated OID. See page 30 for
definitions. Note: Equity fair value adjustments related to ASU 2016-01 requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were
recognized through other comprehensive income, a component of equity. ‘Repositioning and other’ are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items. See page 30
for definitions. 4Q 2020 Preliminary Results 44
Exhibit 99.3
FOURTH QUARTER 2020
FINANCIAL SUPPLEMENT
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| ALLY FINANCIAL INC.
FORWARD-LOOKING STATEMENTS AND ADDITIONAL INFORMATION |
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This document and related communications should be
read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the presentation or related communication.
This document and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements
can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about future effects of COVID-19, the outlook for financial and operating metrics, and
future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,”
“estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,”
“priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our
expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our
control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in
any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form
10-K for the year ended December 31, 2019, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or
other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was
made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however,
should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings.
This document and related
communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial
measures and comparable GAAP financial measures are reconciled in the presentation.
Unless the context otherwise requires, the following definitions apply. The
term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating
leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at
lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or
acquisition of loans, or our purchase of operating leases, as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The
term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts.
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| 4Q 2020 Preliminary Results |
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| ALLY FINANCIAL INC.
TABLE OF CONTENTS |
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Page(s) |
| Consolidated Results |
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| Consolidated Financial Highlights |
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4 |
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| Consolidated Income Statement |
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5 |
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| Consolidated Period-End Balance Sheet |
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6 |
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| Consolidated Average Balance Sheet |
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7 |
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| Segment Detail |
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| Segment Highlights |
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8 |
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| Automotive Finance |
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9-10 |
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| Insurance |
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11 |
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| Mortgage Finance |
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12 |
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| Corporate Finance |
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13 |
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| Corporate and Other |
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14 |
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| Credit Related Information |
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15-16 |
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| Supplemental Detail |
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| Capital |
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17 |
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| Liquidity |
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18 |
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| Net Interest Margin and Deposits |
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19 |
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| Ally Bank Consumer Mortgage HFI Portfolios |
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20 |
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| Earnings Per Share Related Information |
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21 |
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| Adjusted Tangible Book Per Share Related Information |
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22 |
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| Core ROTCE Related Information |
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23 |
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| Adjusted Efficiency Ratio Related Information |
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24 |
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| 4Q 2020 Preliminary Results |
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3 |
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| ALLY FINANCIAL INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS |
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($ in millions, shares in thousands)
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QUARTERLY TRENDS |
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CHANGE VS. |
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FULL YEAR |
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| Selected Income Statement Data |
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4Q 20 |
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3Q 20 |
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2Q 20 |
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1Q 20 |
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4Q 19 |
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3Q 20 |
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4Q 19 |
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FY 2020 |
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FY 2019 |
|
CHANGE |
| Net financing revenue (excluding Core OID) (1)
|
|
$ |
1,312 |
|
|
$ |
1,209 |
|
|
$ |
1,063 |
|
|
$ |
1,154 |
|
|
$ |
1,164 |
|
|
$ |
103 |
|
|
$ |
149 |
|
|
$ |
4,739 |
|
|
$ |
4,662 |
|
|
$ |
76 |
|
| Core OID |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(8 |
) |
|
|
(8 |
) |
|
|
0 |
|
|
|
(2 |
) |
|
|
(36 |
) |
|
|
(29 |
) |
|
|
(6 |
) |
| Net financing revenue (as reported) |
|
|
1,303 |
|
|
|
1,200 |
|
|
|
1,054 |
|
|
|
1,146 |
|
|
|
1,156 |
|
|
|
103 |
|
|
|
147 |
|
|
|
4,703 |
|
|
|
4,633 |
|
|
|
70 |
|
| Other revenue (excluding change in fair value of equity securities) (2) |
|
|
567 |
|
|
|
471 |
|
|
|
465 |
|
|
|
451 |
|
|
|
458 |
|
|
|
96 |
|
|
|
108 |
|
|
|
1,954 |
|
|
|
1,672 |
|
|
|
282 |
|
| Change in fair value of equity securities (3)
|
|
|
111 |
|
|
|
13 |
|
|
|
90 |
|
|
|
(185 |
) |
|
|
29 |
|
|
|
98 |
|
|
|
83 |
|
|
|
29 |
|
|
|
89 |
|
|
|
(60 |
) |
| Other revenue (as reported) |
|
|
678 |
|
|
|
484 |
|
|
|
555 |
|
|
|
266 |
|
|
|
487 |
|
|
|
194 |
|
|
|
191 |
|
|
|
1,983 |
|
|
|
1,761 |
|
|
|
222 |
|
| Provision for loan losses |
|
|
102 |
|
|
|
147 |
|
|
|
287 |
|
|
|
903 |
|
|
|
276 |
|
|
|
(45 |
) |
|
|
(174 |
) |
|
|
1,439 |
|
|
|
998 |
|
|
|
441 |
|
| Total noninterest expense (4) |
|
|
1,023 |
|
|
|
905 |
|
|
|
985 |
|
|
|
920 |
|
|
|
880 |
|
|
|
118 |
|
|
|
143 |
|
|
|
3,833 |
|
|
|
3,429 |
|
|
|
404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-tax income (loss) from continuing operations |
|
|
856 |
|
|
|
632 |
|
|
|
337 |
|
|
|
(411 |
) |
|
|
487 |
|
|
|
224 |
|
|
|
369 |
|
|
|
1,414 |
|
|
|
1,967 |
|
|
|
(553 |
) |
| Income tax expense / (benefit) |
|
|
169 |
|
|
|
156 |
|
|
|
95 |
|
|
|
(92 |
) |
|
|
106 |
|
|
|
13 |
|
|
|
63 |
|
|
|
328 |
|
|
|
246 |
|
|
|
82 |
|
| (Loss) / income from discontinued operations, net of tax |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
3 |
|
|
|
(1 |
) |
|
|
(6 |
) |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income / (loss) attributable to common shareholders |
|
$ |
687 |
|
|
$ |
476 |
|
|
$ |
241 |
|
|
$ |
(319 |
) |
|
$ |
378 |
|
|
$ |
211 |
|
|
$ |
309 |
|
|
$ |
1,085 |
|
|
$ |
1,715 |
|
|
$ |
(630 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Selected Balance Sheet Data (Period-End) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
182,165 |
|
|
$ |
185,270 |
|
|
$ |
184,061 |
|
|
$ |
182,527 |
|
|
$ |
180,644 |
|
|
$ |
(3,105 |
) |
|
$ |
1,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer loans |
|
|
89,202 |
|
|
|
90,160 |
|
|
|
90,365 |
|
|
|
90,066 |
|
|
|
89,924 |
|
|
|
(958 |
) |
|
|
(722 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial loans |
|
|
29,332 |
|
|
|
27,868 |
|
|
|
27,869 |
|
|
|
38,073 |
|
|
|
38,307 |
|
|
|
1,464 |
|
|
|
(8,975 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
|
(3,283 |
) |
|
|
(3,379 |
) |
|
|
(3,354 |
) |
|
|
(3,245 |
) |
|
|
(1,263 |
) |
|
|
96 |
|
|
|
(2,020 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
137,036 |
|
|
|
134,938 |
|
|
|
131,036 |
|
|
|
122,324 |
|
|
|
120,752 |
|
|
|
2,098 |
|
|
|
16,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total equity |
|
|
14,703 |
|
|
|
14,126 |
|
|
|
13,826 |
|
|
|
13,519 |
|
|
|
14,416 |
|
|
|
577 |
|
|
|
287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Share Count |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average basic (5) |
|
|
376,081 |
|
|
|
375,658 |
|
|
|
375,051 |
|
|
|
375,723 |
|
|
|
380,793 |
|
|
|
423 |
|
|
|
(4,712 |
) |
|
|
375,629 |
|
|
|
393,234 |
|
|
|
(17,605 |
) |
| Weighted average diluted (5) |
|
|
378,424 |
|
|
|
377,011 |
|
|
|
375,762 |
|
|
|
375,723 |
|
|
|
383,391 |
|
|
|
1,412 |
|
|
|
(4,968 |
) |
|
|
377,101 |
|
|
|
395,395 |
|
|
|
(18,294 |
) |
| Issued shares outstanding (period-end) |
|
|
374,674 |
|
|
|
373,857 |
|
|
|
373,837 |
|
|
|
373,155 |
|
|
|
374,332 |
|
|
|
817 |
|
|
|
342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share (basic) (5) |
|
$ |
1.83 |
|
|
$ |
1.27 |
|
|
$ |
0.64 |
|
|
$ |
(0.85 |
) |
|
$ |
0.99 |
|
|
$ |
0.56 |
|
|
$ |
0.83 |
|
|
$ |
2.89 |
|
|
$ |
4.36 |
|
|
$ |
(1.47 |
) |
| Earnings per share (diluted) (5) |
|
|
1.82 |
|
|
|
1.26 |
|
|
|
0.64 |
|
|
|
(0.85 |
) |
|
|
0.99 |
|
|
|
0.55 |
|
|
|
0.83 |
|
|
|
2.88 |
|
|
|
4.34 |
|
|
|
(1.46 |
) |
| Adjusted earnings per share (6) |
|
|
1.60 |
|
|
|
1.25 |
|
|
|
0.61 |
|
|
|
(0.44 |
) |
|
|
0.95 |
|
|
|
0.35 |
|
|
|
0.65 |
|
|
|
3.03 |
|
|
|
3.72 |
|
|
|
(0.70 |
) |
| Book value per share |
|
|
39.2 |
|
|
|
37.8 |
|
|
|
37.0 |
|
|
|
36.2 |
|
|
|
38.5 |
|
|
|
1.5 |
|
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible book value per share (7) |
|
|
38.2 |
|
|
|
36.7 |
|
|
|
35.9 |
|
|
|
35.0 |
|
|
|
37.3 |
|
|
|
1.5 |
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted tangible book value per share (7)
|
|
|
36.1 |
|
|
|
34.6 |
|
|
|
33.7 |
|
|
|
32.8 |
|
|
|
35.1 |
|
|
|
1.5 |
|
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Select Financial Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin (as reported) |
|
|
2.90% |
|
|
|
2.65% |
|
|
|
2.40% |
|
|
|
2.66% |
|
|
|
2.64% |
|
|
|
|
|
|
|
|
|
|
|
2.65% |
|
|
|
2.67% |
|
|
|
|
|
| Net interest margin (ex. Core OID) (8) |
|
|
2.92% |
|
|
|
2.67% |
|
|
|
2.42% |
|
|
|
2.68% |
|
|
|
2.66% |
|
|
|
|
|
|
|
|
|
|
|
2.67% |
|
|
|
2.68% |
|
|
|
|
|
| Cost of funds |
|
|
1.58% |
|
|
|
1.86% |
|
|
|
2.16% |
|
|
|
2.43% |
|
|
|
2.55% |
|
|
|
|
|
|
|
|
|
|
|
2.00% |
|
|
|
2.66% |
|
|
|
|
|
| Cost of funds (ex. Core OID) (8) |
|
|
1.55% |
|
|
|
1.82% |
|
|
|
2.13% |
|
|
|
2.39% |
|
|
|
2.51% |
|
|
|
|
|
|
|
|
|
|
|
1.97% |
|
|
|
2.62% |
|
|
|
|
|
| Efficiency Ratio (9) |
|
|
51.6% |
|
|
|
53.7% |
|
|
|
61.2% |
|
|
|
65.2% |
|
|
|
53.6% |
|
|
|
|
|
|
|
|
|
|
|
57.3% |
|
|
|
53.6% |
|
|
|
|
|
| Adjusted efficiency ratio (8)(9) |
|
|
49.8% |
|
|
|
47.3% |
|
|
|
52.5% |
|
|
|
52.3% |
|
|
|
49.4% |
|
|
|
|
|
|
|
|
|
|
|
50.3% |
|
|
|
47.4% |
|
|
|
|
|
| Return on average assets (10) |
|
|
1.5% |
|
|
|
1.0% |
|
|
|
0.5% |
|
|
|
(0.7)% |
|
|
|
0.8% |
|
|
|
|
|
|
|
|
|
|
|
0.6% |
|
|
|
1.0% |
|
|
|
|
|
| Return on average total equity (10) |
|
|
19.1% |
|
|
|
13.6% |
|
|
|
7.1% |
|
|
|
(9.1)% |
|
|
|
10.5% |
|
|
|
|
|
|
|
|
|
|
|
7.7% |
|
|
|
12.4% |
|
|
|
|
|
| Return on average tangible common equity (10)
|
|
|
19.6% |
|
|
|
14.0% |
|
|
|
7.3% |
|
|
|
(9.4)% |
|
|
|
10.7% |
|
|
|
|
|
|
|
|
|
|
|
7.9% |
|
|
|
12.7% |
|
|
|
|
|
| Core ROTCE (11) |
|
|
18.7% |
|
|
|
15.2% |
|
|
|
7.6% |
|
|
|
(5.4)% |
|
|
|
11.2% |
|
|
|
|
|
|
|
|
|
|
|
9.1% |
|
|
|
12.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Ratios (12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Equity Tier 1 (CET1) capital ratio |
|
|
10.6% |
|
|
|
10.4% |
|
|
|
10.1% |
|
|
|
9.3% |
|
|
|
9.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 capital ratio |
|
|
12.4% |
|
|
|
12.1% |
|
|
|
11.9% |
|
|
|
10.9% |
|
|
|
11.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total capital ratio |
|
|
14.1% |
|
|
|
14.1% |
|
|
|
13.8% |
|
|
|
12.8% |
|
|
|
12.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 leverage ratio |
|
|
9.4% |
|
|
|
9.0% |
|
|
|
8.9% |
|
|
|
8.9% |
|
|
|
9.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.
(2) Represents a non-GAAP financial measure. Adjusted for change in the fair value of equity securities due to the implementation of ASU 2016-01, which requires change in the fair value of
equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. For
Non-GAAP calculation methodology and details see page 21.
(3) Change in fair value of equity securities impacts the
Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net
income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.
(4)
Including but not limited to employee related expenses, commissions and provision for losses and loss adjustment expense related to the insurance business, information technology expenses, servicing expenses, facilities expenses, marketing expenses,
and other professional and legal expenses.
(5) Due to antidilutive effect of the net loss from pre-tax loss from
continuing operations attributable to common shareholders for the first quarter 2020, basic weighted average common shares outstanding were used to calculate diluted earnings per share.
(6) Represents a non-GAAP financial measure. For more details refer to page 21.
(7) Represents a non-GAAP financial measure. For more details refer to page 22.
(8) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.
(9) Represents a non-GAAP financial measure. For more details refer to page 24.
(10) Return metrics are annualized.
(11) Return metrics are annualized.
Represents a non-GAAP financial measure. For more details refer to page 23.
(12) For more details on final rules to
address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, see page 17.
|
|
|
| 4Q 2020 Preliminary Results |
|
4 |
|
|
|
| ALLY FINANCIAL INC.
CONSOLIDATED INCOME STATEMENT |
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Financing revenue and other interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and fees on finance receivables and loans |
|
$ |
1,607 |
|
|
$ |
1,602 |
|
|
$ |
1,630 |
|
|
$ |
1,742 |
|
|
$ |
1,811 |
|
|
$ |
5 |
|
|
$ |
(204 |
) |
|
$ |
6,581 |
|
|
$ |
7,337 |
|
|
$ |
(756 |
) |
| Interest on loans
held-for-sale |
|
|
6 |
|
|
|
5 |
|
|
|
4 |
|
|
|
2 |
|
|
|
4 |
|
|
|
1 |
|
|
|
2 |
|
|
|
17 |
|
|
|
17 |
|
|
|
- |
|
| Total interest and dividends on investment securities |
|
|
130 |
|
|
|
162 |
|
|
|
187 |
|
|
|
213 |
|
|
|
217 |
|
|
|
(32 |
) |
|
|
(87 |
) |
|
|
692 |
|
|
|
887 |
|
|
|
(195 |
) |
| Interest-bearing cash |
|
|
5 |
|
|
|
5 |
|
|
|
4 |
|
|
|
14 |
|
|
|
15 |
|
|
|
- |
|
|
|
(10 |
) |
|
|
28 |
|
|
|
78 |
|
|
|
(50 |
) |
| Other earning assets |
|
|
10 |
|
|
|
11 |
|
|
|
10 |
|
|
|
13 |
|
|
|
17 |
|
|
|
(1 |
) |
|
|
(7 |
) |
|
|
44 |
|
|
|
68 |
|
|
|
(24 |
) |
| Operating leases |
|
|
365 |
|
|
|
360 |
|
|
|
343 |
|
|
|
367 |
|
|
|
378 |
|
|
|
5 |
|
|
|
(13 |
) |
|
|
1,435 |
|
|
|
1,470 |
|
|
|
(35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total financing revenue and other interest income |
|
|
2,123 |
|
|
|
2,145 |
|
|
|
2,178 |
|
|
|
2,351 |
|
|
|
2,442 |
|
|
|
(22 |
) |
|
|
(319 |
) |
|
|
8,797 |
|
|
|
9,857 |
|
|
|
(1,060 |
) |
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest on deposits |
|
|
367 |
|
|
|
452 |
|
|
|
541 |
|
|
|
592 |
|
|
|
637 |
|
|
|
(85 |
) |
|
|
(270 |
) |
|
|
1,952 |
|
|
|
2,538 |
|
|
|
(586 |
) |
| Interest on short-term borrowings |
|
|
3 |
|
|
|
9 |
|
|
|
13 |
|
|
|
17 |
|
|
|
21 |
|
|
|
(6 |
) |
|
|
(18 |
) |
|
|
42 |
|
|
|
135 |
|
|
|
(93 |
) |
| Interest on long-term debt |
|
|
274 |
|
|
|
309 |
|
|
|
318 |
|
|
|
348 |
|
|
|
366 |
|
|
|
(35 |
) |
|
|
(92 |
) |
|
|
1,249 |
|
|
|
1,570 |
|
|
|
(321 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest expense |
|
|
644 |
|
|
|
770 |
|
|
|
872 |
|
|
|
957 |
|
|
|
1,024 |
|
|
|
(126 |
) |
|
|
(380 |
) |
|
|
3,243 |
|
|
|
4,243 |
|
|
|
(1,000 |
) |
| Depreciation expense on operating lease assets |
|
|
176 |
|
|
|
175 |
|
|
|
252 |
|
|
|
248 |
|
|
|
262 |
|
|
|
1 |
|
|
|
(86 |
) |
|
|
851 |
|
|
|
981 |
|
|
|
(130 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net financing revenue (as reported) |
|
$ |
1,303 |
|
|
$ |
1,200 |
|
|
$ |
1,054 |
|
|
$ |
1,146 |
|
|
$ |
1,156 |
|
|
$ |
103 |
|
|
$ |
147 |
|
|
$ |
4,703 |
|
|
$ |
4,633 |
|
|
$ |
70 |
|
| Other revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Servicing fees |
|
|
2 |
|
|
|
2 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
9 |
|
|
|
18 |
|
|
|
(8 |
) |
| Insurance premiums and service revenue earned |
|
|
287 |
|
|
|
276 |
|
|
|
263 |
|
|
|
277 |
|
|
|
285 |
|
|
|
11 |
|
|
|
2 |
|
|
|
1,103 |
|
|
|
1,087 |
|
|
|
16 |
|
| Gain on mortgage and automotive loans, net |
|
|
75 |
|
|
|
33 |
|
|
|
14 |
|
|
|
(12 |
) |
|
|
6 |
|
|
|
42 |
|
|
|
69 |
|
|
|
110 |
|
|
|
28 |
|
|
|
82 |
|
| Loss on extinguishment of debt |
|
|
(52 |
) |
|
|
(49 |
) |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
(52 |
) |
|
|
(102 |
) |
|
|
(2 |
) |
|
|
(100 |
) |
| Other gain/loss on investments, net |
|
|
134 |
|
|
|
64 |
|
|
|
188 |
|
|
|
(79 |
) |
|
|
69 |
|
|
|
70 |
|
|
|
65 |
|
|
|
307 |
|
|
|
243 |
|
|
|
64 |
|
| Other income, net of losses |
|
|
233 |
|
|
|
157 |
|
|
|
89 |
|
|
|
77 |
|
|
|
125 |
|
|
|
76 |
|
|
|
108 |
|
|
|
555 |
|
|
|
386 |
|
|
|
169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total other revenue |
|
|
678 |
|
|
|
484 |
|
|
|
555 |
|
|
|
266 |
|
|
|
487 |
|
|
|
194 |
|
|
|
191 |
|
|
|
1,983 |
|
|
|
1,761 |
|
|
|
222 |
|
| Total net revenue |
|
|
1,981 |
|
|
|
1,684 |
|
|
|
1,609 |
|
|
|
1,412 |
|
|
|
1,643 |
|
|
|
297 |
|
|
|
338 |
|
|
|
6,686 |
|
|
|
6,394 |
|
|
|
292 |
|
| Provision for loan losses |
|
|
102 |
|
|
|
147 |
|
|
|
287 |
|
|
|
903 |
|
|
|
276 |
|
|
|
(45 |
) |
|
|
(174 |
) |
|
|
1,439 |
|
|
|
998 |
|
|
|
441 |
|
| Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits expense |
|
|
340 |
|
|
|
342 |
|
|
|
334 |
|
|
|
360 |
|
|
|
312 |
|
|
|
(2 |
) |
|
|
28 |
|
|
|
1,376 |
|
|
|
1,222 |
|
|
|
154 |
|
| Insurance losses and loss adjustment expenses |
|
|
62 |
|
|
|
85 |
|
|
|
142 |
|
|
|
74 |
|
|
|
61 |
|
|
|
(23 |
) |
|
|
1 |
|
|
|
363 |
|
|
|
321 |
|
|
|
42 |
|
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
50 |
|
| Other operating expenses |
|
|
621 |
|
|
|
478 |
|
|
|
459 |
|
|
|
486 |
|
|
|
507 |
|
|
|
143 |
|
|
|
114 |
|
|
|
2,044 |
|
|
|
1,886 |
|
|
|
158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
|
|
1,023 |
|
|
|
905 |
|
|
|
985 |
|
|
|
920 |
|
|
|
880 |
|
|
|
118 |
|
|
|
143 |
|
|
|
3,833 |
|
|
|
3,429 |
|
|
|
404 |
|
| Pre-tax income (loss) from continuing operations |
|
$ |
856 |
|
|
$ |
632 |
|
|
$ |
337 |
|
|
$ |
(411 |
) |
|
$ |
487 |
|
|
$ |
224 |
|
|
$ |
369 |
|
|
$ |
1,414 |
|
|
$ |
1,967 |
|
|
$ |
(553 |
) |
| Income tax expense / (benefit) from continuing operations |
|
|
169 |
|
|
|
156 |
|
|
|
95 |
|
|
|
(92 |
) |
|
|
106 |
|
|
|
13 |
|
|
|
63 |
|
|
|
328 |
|
|
|
246 |
|
|
|
82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) from continuing operations |
|
|
687 |
|
|
|
476 |
|
|
|
242 |
|
|
|
(319 |
) |
|
|
381 |
|
|
|
211 |
|
|
|
306 |
|
|
|
1,086 |
|
|
|
1,721 |
|
|
|
(635 |
) |
| Income / (Loss) from discontinued operations, net of tax |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
3 |
|
|
|
(1 |
) |
|
|
(6 |
) |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
687 |
|
|
$ |
476 |
|
|
$ |
241 |
|
|
$ |
(319 |
) |
|
$ |
378 |
|
|
$ |
211 |
|
|
$ |
309 |
|
|
$ |
1,085 |
|
|
$ |
1,715 |
|
|
$ |
(630 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Pre-Tax Income Walk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net financing revenue (ex. OID) (1) |
|
$ |
1,312 |
|
|
$ |
1,209 |
|
|
$ |
1,063 |
|
|
$ |
1,154 |
|
|
$ |
1,164 |
|
|
$ |
103 |
|
|
$ |
149 |
|
|
$ |
4,739 |
|
|
$ |
4,662 |
|
|
$ |
76 |
|
| Adjusted other revenue (2) |
|
|
567 |
|
|
|
471 |
|
|
|
465 |
|
|
|
451 |
|
|
|
458 |
|
|
|
96 |
|
|
|
108 |
|
|
|
1,954 |
|
|
|
1,672 |
|
|
|
282 |
|
| Provision for credit losses |
|
|
102 |
|
|
|
147 |
|
|
|
287 |
|
|
|
903 |
|
|
|
276 |
|
|
|
(45 |
) |
|
|
(174 |
) |
|
|
1,439 |
|
|
|
998 |
|
|
|
441 |
|
| Adjusted noninterest expense (3) |
|
|
1,023 |
|
|
|
905 |
|
|
|
935 |
|
|
|
920 |
|
|
|
880 |
|
|
|
118 |
|
|
|
143 |
|
|
|
3,783 |
|
|
|
3,429 |
|
|
|
354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core pre-tax income (loss) (4) |
|
$ |
754 |
|
|
$ |
628 |
|
|
$ |
306 |
|
|
$ |
(217 |
) |
|
$ |
466 |
|
|
$ |
126 |
|
|
$ |
288 |
|
|
$ |
1,470 |
|
|
$ |
1,907 |
|
|
$ |
(437 |
) |
| Core OID |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(8 |
) |
|
|
(8 |
) |
|
|
0 |
|
|
|
(2 |
) |
|
|
(36 |
) |
|
|
(29 |
) |
|
|
(6 |
) |
| Change in the fair value of equity securities (5)
|
|
|
111 |
|
|
|
13 |
|
|
|
90 |
|
|
|
(185 |
) |
|
|
29 |
|
|
|
98 |
|
|
|
83 |
|
|
|
29 |
|
|
|
89 |
|
|
|
(60 |
) |
| Repositioning and other (6) |
|
|
- |
|
|
|
- |
|
|
|
(50 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(50 |
) |
|
|
- |
|
|
|
(50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-tax income (loss) from continuing operations |
|
$ |
856 |
|
|
$ |
632 |
|
|
$ |
337 |
|
|
$ |
(411 |
) |
|
$ |
487 |
|
|
$ |
224 |
|
|
$ |
369 |
|
|
$ |
1,414 |
|
|
$ |
1,967 |
|
|
$ |
(553 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents a non-GAAP financial measure. Excludes Core OID. For more details refer to page 21.
(2) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in
current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. For more details refer to page 21.
(3) Represents a non-GAAP financial measure. Excludes Goodwill impairment at Ally Invest in 2Q 20. For more details refer to
page 21.
(4) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, (2) equity fair value adjustments related to ASU 2016-01, which requires change in the fair
value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity and (3) repositioning and
other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, as applicable for respective periods. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.
(5) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other
comprehensive income, a component of equity.
(6) Repositioning and other includes a $50 million Goodwill impairment at Ally Invest in 2Q 20
|
|
|
| 4Q 2020 Preliminary Results |
|
5 |
|
|
|
| ALLY FINANCIAL INC.
CONSOLIDATED PERIOD-END BALANCE SHEET |
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
|
|
|
|
|
|
|
| |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing |
|
$ |
724 |
|
|
$ |
719 |
|
|
$ |
609 |
|
|
$ |
453 |
|
|
$ |
619 |
|
|
$ |
5 |
|
|
$ |
105 |
|
| Interest-bearing |
|
|
14,897 |
|
|
|
19,220 |
|
|
|
18,522 |
|
|
|
5,708 |
|
|
|
2,936 |
|
|
|
(4,323 |
) |
|
|
11,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash and cash equivalents |
|
|
15,621 |
|
|
|
19,939 |
|
|
|
19,131 |
|
|
|
6,161 |
|
|
|
3,555 |
|
|
|
(4,318 |
) |
|
|
12,066 |
|
| Investment securities (1) |
|
|
32,154 |
|
|
|
31,871 |
|
|
|
31,228 |
|
|
|
31,619 |
|
|
|
32,468 |
|
|
|
283 |
|
|
|
(314 |
) |
| Loans held-for-sale,
net |
|
|
406 |
|
|
|
441 |
|
|
|
404 |
|
|
|
235 |
|
|
|
158 |
|
|
|
(35 |
) |
|
|
248 |
|
| Finance receivables and loans, net |
|
|
118,534 |
|
|
|
118,028 |
|
|
|
118,234 |
|
|
|
128,139 |
|
|
|
128,231 |
|
|
|
506 |
|
|
|
(9,697 |
) |
| Allowance for loan losses |
|
|
(3,283 |
) |
|
|
(3,379 |
) |
|
|
(3,354 |
) |
|
|
(3,245 |
) |
|
|
(1,263 |
) |
|
|
96 |
|
|
|
(2,020 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total finance receivables and loans, net |
|
|
115,251 |
|
|
|
114,649 |
|
|
|
114,880 |
|
|
|
124,894 |
|
|
|
126,968 |
|
|
|
602 |
|
|
|
(11,717 |
) |
| Investment in operating leases, net |
|
|
9,639 |
|
|
|
9,454 |
|
|
|
9,088 |
|
|
|
9,064 |
|
|
|
8,864 |
|
|
|
185 |
|
|
|
775 |
|
| Premiums receivables and other insurance assets |
|
|
2,679 |
|
|
|
2,662 |
|
|
|
2,609 |
|
|
|
2,576 |
|
|
|
2,558 |
|
|
|
17 |
|
|
|
121 |
|
| Other assets |
|
|
6,415 |
|
|
|
6,254 |
|
|
|
6,721 |
|
|
|
7,978 |
|
|
|
6,073 |
|
|
|
161 |
|
|
|
342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
182,165 |
|
|
$ |
185,270 |
|
|
$ |
184,061 |
|
|
$ |
182,527 |
|
|
$ |
180,644 |
|
|
$ |
(3,105 |
) |
|
$ |
1,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposit liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing |
|
$ |
128 |
|
|
$ |
159 |
|
|
$ |
134 |
|
|
$ |
139 |
|
|
$ |
119 |
|
|
$ |
(31 |
) |
|
$ |
9 |
|
| Interest-bearing |
|
|
136,908 |
|
|
|
134,779 |
|
|
|
130,902 |
|
|
|
122,185 |
|
|
|
120,633 |
|
|
|
2,129 |
|
|
|
16,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total deposit liabilities |
|
|
137,036 |
|
|
|
134,938 |
|
|
|
131,036 |
|
|
|
122,324 |
|
|
|
120,752 |
|
|
|
2,098 |
|
|
|
16,284 |
|
| Short-term borrowings |
|
|
2,136 |
|
|
|
3,032 |
|
|
|
3,689 |
|
|
|
9,493 |
|
|
|
5,531 |
|
|
|
(896 |
) |
|
|
(3,395 |
) |
| Long-term debt |
|
|
22,006 |
|
|
|
25,704 |
|
|
|
29,176 |
|
|
|
31,066 |
|
|
|
34,027 |
|
|
|
(3,698 |
) |
|
|
(12,021 |
) |
| Interest payable |
|
|
412 |
|
|
|
748 |
|
|
|
697 |
|
|
|
710 |
|
|
|
641 |
|
|
|
(336 |
) |
|
|
(229 |
) |
| Unearned insurance premiums and service revenue |
|
|
3,438 |
|
|
|
3,401 |
|
|
|
3,338 |
|
|
|
3,305 |
|
|
|
3,305 |
|
|
|
37 |
|
|
|
133 |
|
| Accrued expense and other liabilities |
|
|
2,434 |
|
|
|
3,321 |
|
|
|
2,299 |
|
|
|
2,110 |
|
|
|
1,972 |
|
|
|
(887 |
) |
|
|
462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
$ |
167,462 |
|
|
$ |
171,144 |
|
|
$ |
170,235 |
|
|
$ |
169,008 |
|
|
$ |
166,228 |
|
|
$ |
(3,682 |
) |
|
$ |
1,234 |
|
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock and paid-in capital (2) |
|
$ |
18,350 |
|
|
$ |
18,324 |
|
|
$ |
18,307 |
|
|
$ |
18,278 |
|
|
$ |
18,350 |
|
|
$ |
26 |
|
|
$ |
- |
|
| Accumulated deficit |
|
|
(4,278 |
) |
|
|
(4,893 |
) |
|
|
(5,296 |
) |
|
|
(5,465 |
) |
|
|
(4,057 |
) |
|
|
615 |
|
|
|
(221 |
) |
| Accumulated other comprehensive income / (loss) |
|
|
631 |
|
|
|
695 |
|
|
|
815 |
|
|
|
706 |
|
|
|
123 |
|
|
|
(64 |
) |
|
|
508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total equity |
|
|
14,703 |
|
|
|
14,126 |
|
|
|
13,826 |
|
|
|
13,519 |
|
|
|
14,416 |
|
|
|
577 |
|
|
|
287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities and equity |
|
$ |
182,165 |
|
|
$ |
185,270 |
|
|
$ |
184,061 |
|
|
$ |
182,527 |
|
|
$ |
180,644 |
|
|
$ |
(3,105 |
) |
|
$ |
1,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes held-to-maturity securities.
(2) Includes Treasury stock.
|
|
|
| 4Q 2020 Preliminary Results |
|
6 |
|
|
|
| ALLY FINANCIAL INC.
CONSOLIDATED AVERAGE BALANCE SHEET (1) |
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing cash and cash equivalents |
|
$ |
17,758 |
|
|
$ |
20,719 |
|
|
$ |
12,496 |
|
|
$ |
4,853 |
|
|
$ |
3,811 |
|
|
$ |
(2,961 |
) |
|
$ |
13,947 |
|
|
$ |
13,985 |
|
|
$ |
3,837 |
|
|
$ |
10,148 |
|
| Investment securities and other earning assets |
|
|
33,107 |
|
|
|
32,059 |
|
|
|
32,201 |
|
|
|
32,694 |
|
|
|
33,680 |
|
|
|
1,048 |
|
|
|
(573 |
) |
|
|
32,516 |
|
|
|
32,357 |
|
|
|
159 |
|
| Loans held-for-sale,
net |
|
|
635 |
|
|
|
472 |
|
|
|
337 |
|
|
|
150 |
|
|
|
405 |
|
|
|
163 |
|
|
|
230 |
|
|
|
399 |
|
|
|
375 |
|
|
|
24 |
|
| Total finance receivables and loans, net (2) |
|
|
117,422 |
|
|
|
117,546 |
|
|
|
122,428 |
|
|
|
126,646 |
|
|
|
127,184 |
|
|
|
(124 |
) |
|
|
(9,762 |
) |
|
|
120,991 |
|
|
|
128,654 |
|
|
|
(7,663 |
) |
| Investment in operating leases, net |
|
|
9,587 |
|
|
|
9,317 |
|
|
|
9,068 |
|
|
|
9,078 |
|
|
|
8,749 |
|
|
|
270 |
|
|
|
838 |
|
|
|
9,264 |
|
|
|
8,509 |
|
|
|
755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest earning assets |
|
|
178,509 |
|
|
|
180,113 |
|
|
|
176,530 |
|
|
|
173,420 |
|
|
|
173,829 |
|
|
|
(1,604 |
) |
|
|
4,680 |
|
|
|
177,155 |
|
|
|
173,732 |
|
|
|
3,423 |
|
| Noninterest-bearing cash and cash equivalents |
|
|
505 |
|
|
|
536 |
|
|
|
432 |
|
|
|
418 |
|
|
|
297 |
|
|
|
(31 |
) |
|
|
208 |
|
|
|
473 |
|
|
|
418 |
|
|
|
55 |
|
| Other assets |
|
|
8,112 |
|
|
|
8,137 |
|
|
|
8,250 |
|
|
|
7,583 |
|
|
|
7,232 |
|
|
|
(25 |
) |
|
|
880 |
|
|
|
8,021 |
|
|
|
6,864 |
|
|
|
1,157 |
|
| Allowance for loan losses |
|
|
(3,363 |
) |
|
|
(3,371 |
) |
|
|
(3,227 |
) |
|
|
(2,629 |
) |
|
|
(1,277 |
) |
|
|
8 |
|
|
|
(2,086 |
) |
|
|
(3,149 |
) |
|
|
(1,274 |
) |
|
|
(1,875 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
183,763 |
|
|
$ |
185,415 |
|
|
$ |
181,985 |
|
|
$ |
178,792 |
|
|
$ |
180,081 |
|
|
$ |
(1,652 |
) |
|
$ |
3,682 |
|
|
$ |
182,500 |
|
|
$ |
179,740 |
|
|
$ |
2,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing deposit liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail deposit liabilities |
|
$ |
122,166 |
|
|
$ |
118,307 |
|
|
$ |
111,152 |
|
|
$ |
104,483 |
|
|
$ |
102,362 |
|
|
$ |
3,859 |
|
|
$ |
19,804 |
|
|
$ |
114,062 |
|
|
$ |
97,777 |
|
|
$ |
16,285 |
|
| Other interest-bearing deposit liabilities (3)
|
|
|
13,327 |
|
|
|
14,500 |
|
|
|
15,726 |
|
|
|
16,593 |
|
|
|
17,553 |
|
|
|
(1,173 |
) |
|
|
(4,227 |
) |
|
|
15,030 |
|
|
|
17,467 |
|
|
|
(2,436 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Interest-bearing deposit liabilities |
|
|
135,493 |
|
|
|
132,807 |
|
|
|
126,878 |
|
|
|
121,076 |
|
|
|
119,915 |
|
|
|
2,686 |
|
|
|
15,578 |
|
|
|
129,092 |
|
|
|
115,244 |
|
|
|
13,848 |
|
| Short-term borrowings |
|
|
2,350 |
|
|
|
3,343 |
|
|
|
4,712 |
|
|
|
4,496 |
|
|
|
4,283 |
|
|
|
(993 |
) |
|
|
(1,933 |
) |
|
|
3,721 |
|
|
|
5,686 |
|
|
|
(1,965 |
) |
| Long-term debt (4) |
|
|
24,103 |
|
|
|
28,512 |
|
|
|
30,554 |
|
|
|
33,122 |
|
|
|
34,954 |
|
|
|
(4,409 |
) |
|
|
(10,851 |
) |
|
|
29,058 |
|
|
|
38,466 |
|
|
|
(9,408 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing liabilities (4) |
|
|
161,946 |
|
|
|
164,662 |
|
|
|
162,144 |
|
|
|
158,694 |
|
|
|
159,152 |
|
|
|
(2,716 |
) |
|
|
2,794 |
|
|
|
161,871 |
|
|
|
159,396 |
|
|
|
2,475 |
|
| Noninterest-bearing deposit liabilities |
|
|
149 |
|
|
|
157 |
|
|
|
136 |
|
|
|
141 |
|
|
|
142 |
|
|
|
(8 |
) |
|
|
7 |
|
|
|
146 |
|
|
|
141 |
|
|
|
5 |
|
| Other liabilities |
|
|
6,819 |
|
|
|
6,472 |
|
|
|
5,343 |
|
|
|
6,137 |
|
|
|
6,352 |
|
|
|
347 |
|
|
|
467 |
|
|
|
6,195 |
|
|
|
6,215 |
|
|
|
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
$ |
168,914 |
|
|
$ |
171,291 |
|
|
$ |
167,623 |
|
|
$ |
164,972 |
|
|
$ |
165,646 |
|
|
$ |
(2,377 |
) |
|
$ |
3,268 |
|
|
$ |
168,212 |
|
|
$ |
165,752 |
|
|
$ |
2,460 |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total equity |
|
$ |
14,849 |
|
|
$ |
14,124 |
|
|
$ |
14,362 |
|
|
$ |
13,820 |
|
|
$ |
14,435 |
|
|
$ |
725 |
|
|
$ |
414 |
|
|
$ |
14,288 |
|
|
$ |
13,988 |
|
|
$ |
300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities and equity |
|
$ |
183,763 |
|
|
$ |
185,415 |
|
|
$ |
181,985 |
|
|
$ |
178,792 |
|
|
$ |
180,081 |
|
|
$ |
(1,652 |
) |
|
$ |
3,682 |
|
|
$ |
182,500 |
|
|
$ |
179,740 |
|
|
$ |
2,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Average balances
are calculated using a combination of monthly and daily average methodologies.
(2) Nonperforming finance receivables and loans are included in the average
balances net of unearned income, unamortized premiums and discounts, and deferred fees and costs.
(3) Includes brokered (inclusive of sweep deposits) and
other deposits (inclusive of mortgage escrow, and other deposits).
(4) Includes average Core OID balance of $1,032 million in 4Q 20, $1,041 million
in 3Q 20, $1,050 million in 2Q 20, $1,059 million in 1Q 20, and $1,067 million in 4Q 19. The average balance was $1,046 for full year 2020 and $1,078 for full year 2019.
|
|
|
| 4Q 2020 Preliminary Results |
|
7 |
|
|
|
| ALLY FINANCIAL INC.
SEGMENT HIGHLIGHTS |
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Pre-tax Income / (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automotive Finance |
|
$ |
563 |
|
|
$ |
566 |
|
|
$ |
329 |
|
|
$ |
(173 |
) |
|
$ |
401 |
|
|
$ |
(3 |
) |
|
$ |
162 |
|
|
$ |
1,285 |
|
|
$ |
1,618 |
|
|
$ |
(333 |
) |
| Insurance |
|
|
183 |
|
|
|
78 |
|
|
|
128 |
|
|
|
(105 |
) |
|
|
114 |
|
|
|
105 |
|
|
|
69 |
|
|
|
284 |
|
|
|
315 |
|
|
|
(31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dealer Financial Services |
|
|
746 |
|
|
|
644 |
|
|
|
457 |
|
|
|
(278 |
) |
|
|
515 |
|
|
|
102 |
|
|
|
231 |
|
|
|
1,569 |
|
|
|
1,933 |
|
|
|
(364 |
) |
| Corporate Finance |
|
|
64 |
|
|
|
60 |
|
|
|
32 |
|
|
|
(68 |
) |
|
|
50 |
|
|
|
4 |
|
|
|
14 |
|
|
|
88 |
|
|
|
153 |
|
|
|
(65 |
) |
| Mortgage Finance |
|
|
7 |
|
|
|
26 |
|
|
|
8 |
|
|
|
12 |
|
|
|
2 |
|
|
|
(19 |
) |
|
|
5 |
|
|
|
53 |
|
|
|
40 |
|
|
|
13 |
|
| Corporate and Other (1) |
|
|
39 |
|
|
|
(98 |
) |
|
|
(160 |
) |
|
|
(77 |
) |
|
|
(80 |
) |
|
|
137 |
|
|
|
119 |
|
|
|
(296 |
) |
|
|
(159 |
) |
|
|
(137 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-tax income from continuing operations |
|
$ |
856 |
|
|
$ |
632 |
|
|
$ |
337 |
|
|
$ |
(411 |
) |
|
$ |
487 |
|
|
$ |
224 |
|
|
$ |
369 |
|
|
$ |
1,414 |
|
|
$ |
1,967 |
|
|
$ |
(553 |
) |
| Core OID (2) |
|
|
9 |
|
|
|
9 |
|
|
|
9 |
|
|
|
8 |
|
|
|
8 |
|
|
|
0 |
|
|
|
2 |
|
|
|
36 |
|
|
|
29 |
|
|
|
6 |
|
| Change in the fair value of equity securities (3)
|
|
|
(111 |
) |
|
|
(13 |
) |
|
|
(90 |
) |
|
|
185 |
|
|
|
(29 |
) |
|
|
(98 |
) |
|
|
(83 |
) |
|
|
(29 |
) |
|
|
(89 |
) |
|
|
60 |
|
| Repositioning and other (4) |
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core pre-tax income (loss) (5) |
|
$ |
754 |
|
|
$ |
628 |
|
|
$ |
306 |
|
|
$ |
(217 |
) |
|
$ |
466 |
|
|
$ |
126 |
|
|
$ |
288 |
|
|
$ |
1,470 |
|
|
$ |
1,907 |
|
|
$ |
(437 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Corporate and
Other includes the impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio, Ally Invest activity, and Ally Lending activity.
(2) Core OID for all periods shown are applied to the pre-tax income of the Corporate and Other segment.
(3) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other
comprehensive income, a component of equity.
(4) Repositioning and other includes a $50 million Goodwill impairment at Ally Invest in 2Q 20
(5) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, (2) equity fair value adjustments related to ASU 2016-01, which requires change in the fair
value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity and (3) repositioning and
other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, as applicable for respective periods. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.
|
|
|
| 4Q 2020 Preliminary Results |
|
8 |
|
|
|
| ALLY FINANCIAL INC.
AUTOMOTIVE FINANCE - CONDENSED FINANCIAL STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ($ in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| Income Statement |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Net financing revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer |
|
$ |
1,261 |
|
|
$ |
1,253 |
|
|
$ |
1,215 |
|
|
$ |
1,202 |
|
|
$ |
1,234 |
|
|
$ |
8 |
|
|
$ |
27 |
|
|
$ |
4,931 |
|
|
$ |
4,775 |
|
|
$ |
156 |
|
| Commercial |
|
|
163 |
|
|
|
153 |
|
|
|
210 |
|
|
|
307 |
|
|
|
342 |
|
|
|
10 |
|
|
|
(179 |
) |
|
|
833 |
|
|
|
1,561 |
|
|
|
(728 |
) |
| Loans held-for-sale |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Operating leases |
|
|
365 |
|
|
|
360 |
|
|
|
343 |
|
|
|
367 |
|
|
|
378 |
|
|
|
5 |
|
|
|
(13 |
) |
|
|
1,435 |
|
|
|
1,470 |
|
|
|
(35 |
) |
| Other interest income |
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
8 |
|
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total financing revenue and other interest income |
|
|
1,790 |
|
|
|
1,767 |
|
|
|
1,770 |
|
|
|
1,877 |
|
|
|
1,954 |
|
|
|
23 |
|
|
|
(164 |
) |
|
|
7,204 |
|
|
|
7,814 |
|
|
|
(610 |
) |
| Interest expense |
|
|
461 |
|
|
|
490 |
|
|
|
529 |
|
|
|
589 |
|
|
|
631 |
|
|
|
(29 |
) |
|
|
(170 |
) |
|
|
2,069 |
|
|
|
2,692 |
|
|
|
(623 |
) |
| Depreciation expense on operating lease assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation expense on operating lease assets (ex. remarketing) |
|
|
242 |
|
|
|
245 |
|
|
|
240 |
|
|
|
251 |
|
|
|
265 |
|
|
|
(4 |
) |
|
|
(24 |
) |
|
|
978 |
|
|
|
1,050 |
|
|
|
(72 |
) |
| Remarketing gains / (losses) |
|
|
66 |
|
|
|
70 |
|
|
|
(11 |
) |
|
|
2 |
|
|
|
3 |
|
|
|
(5 |
) |
|
|
63 |
|
|
|
127 |
|
|
|
69 |
|
|
|
58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total depreciation expense on operating lease assets |
|
|
176 |
|
|
|
175 |
|
|
|
252 |
|
|
|
248 |
|
|
|
262 |
|
|
|
1 |
|
|
|
(86 |
) |
|
|
851 |
|
|
|
981 |
|
|
|
(130 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net financing revenue |
|
|
1,153 |
|
|
|
1,102 |
|
|
|
989 |
|
|
|
1,040 |
|
|
|
1,061 |
|
|
|
51 |
|
|
|
92 |
|
|
|
4,284 |
|
|
|
4,141 |
|
|
|
143 |
|
| Other revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Servicing fees |
|
|
(1 |
) |
|
|
2 |
|
|
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
|
(3 |
) |
|
|
(3 |
) |
|
|
4 |
|
|
|
13 |
|
|
|
(10 |
) |
| Other income |
|
|
58 |
|
|
|
58 |
|
|
|
39 |
|
|
|
46 |
|
|
|
58 |
|
|
|
- |
|
|
|
(1 |
) |
|
|
200 |
|
|
|
228 |
|
|
|
(27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total other revenue |
|
|
56 |
|
|
|
61 |
|
|
|
40 |
|
|
|
47 |
|
|
|
61 |
|
|
|
(5 |
) |
|
|
(5 |
) |
|
|
204 |
|
|
|
249 |
|
|
|
(45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net revenue |
|
|
1,209 |
|
|
|
1,163 |
|
|
|
1,029 |
|
|
|
1,087 |
|
|
|
1,122 |
|
|
|
46 |
|
|
|
87 |
|
|
|
4,488 |
|
|
|
4,390 |
|
|
|
98 |
|
| Provision for credit losses |
|
|
86 |
|
|
|
128 |
|
|
|
256 |
|
|
|
766 |
|
|
|
255 |
|
|
|
(42 |
) |
|
|
(169 |
) |
|
|
1,236 |
|
|
|
962 |
|
|
|
274 |
|
| Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
|
134 |
|
|
|
134 |
|
|
|
133 |
|
|
|
148 |
|
|
|
133 |
|
|
|
- |
|
|
|
1 |
|
|
|
549 |
|
|
|
524 |
|
|
|
25 |
|
| Other operating expenses |
|
|
426 |
|
|
|
335 |
|
|
|
311 |
|
|
|
346 |
|
|
|
333 |
|
|
|
91 |
|
|
|
93 |
|
|
|
1,418 |
|
|
|
1,286 |
|
|
|
132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
|
|
560 |
|
|
|
469 |
|
|
|
444 |
|
|
|
494 |
|
|
|
466 |
|
|
|
91 |
|
|
|
94 |
|
|
|
1,967 |
|
|
|
1,810 |
|
|
|
157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-tax Income / (loss) |
|
$ |
563 |
|
|
$ |
566 |
|
|
$ |
329 |
|
|
$ |
(173 |
) |
|
$ |
401 |
|
|
$ |
(3 |
) |
|
$ |
162 |
|
|
$ |
1,285 |
|
|
$ |
1,618 |
|
|
$ |
(333 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Memo: Net lease revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating lease revenue |
|
$ |
365 |
|
|
$ |
360 |
|
|
$ |
343 |
|
|
$ |
367 |
|
|
$ |
378 |
|
|
$ |
5 |
|
|
$ |
(13 |
) |
|
$ |
1,435 |
|
|
$ |
1,470 |
|
|
$ |
(35 |
) |
| Depreciation expense on operating lease assets (ex. remarketing) |
|
|
242 |
|
|
|
245 |
|
|
|
240 |
|
|
|
251 |
|
|
|
265 |
|
|
|
(4 |
) |
|
|
(24 |
) |
|
|
978 |
|
|
|
1,050 |
|
|
|
(72 |
) |
| Remarketing gains (losses), net of repo valuation |
|
|
66 |
|
|
|
70 |
|
|
|
(11 |
) |
|
|
2 |
|
|
|
3 |
|
|
|
(5 |
) |
|
|
63 |
|
|
|
127 |
|
|
|
69 |
|
|
|
58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total depreciation expense on operating lease assets |
|
|
176 |
|
|
|
175 |
|
|
|
252 |
|
|
|
248 |
|
|
|
262 |
|
|
|
1 |
|
|
|
(86 |
) |
|
|
851 |
|
|
|
981 |
|
|
|
(130 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net lease revenue |
|
$ |
189 |
|
|
$ |
185 |
|
|
$ |
91 |
|
|
$ |
119 |
|
|
$ |
116 |
|
|
$ |
4 |
|
|
$ |
73 |
|
|
$ |
584 |
|
|
$ |
489 |
|
|
$ |
95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance Sheet (Period-End) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash, trading and investment securities |
|
$ |
23 |
|
|
$ |
23 |
|
|
$ |
23 |
|
|
$ |
23 |
|
|
$ |
23 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer loans |
|
|
73,443 |
|
|
|
73,484 |
|
|
|
72,378 |
|
|
|
72,463 |
|
|
|
72,254 |
|
|
|
(41 |
) |
|
|
1,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial loans |
|
|
23,141 |
|
|
|
21,854 |
|
|
|
21,708 |
|
|
|
31,390 |
|
|
|
32,490 |
|
|
|
1,287 |
|
|
|
(9,349 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
|
(2,986 |
) |
|
|
(3,092 |
) |
|
|
(3,084 |
) |
|
|
(2,968 |
) |
|
|
(1,130 |
) |
|
|
106 |
|
|
|
(1,856 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total finance receivables and loans, net |
|
|
93,598 |
|
|
|
92,246 |
|
|
|
91,002 |
|
|
|
100,885 |
|
|
|
103,614 |
|
|
|
1,352 |
|
|
|
(10,016 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Investment in operating leases, net |
|
|
9,639 |
|
|
|
9,454 |
|
|
|
9,088 |
|
|
|
9,064 |
|
|
|
8,864 |
|
|
|
185 |
|
|
|
775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
1,534 |
|
|
|
1,643 |
|
|
|
1,903 |
|
|
|
1,582 |
|
|
|
1,362 |
|
|
|
(109 |
) |
|
|
172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
104,794 |
|
|
$ |
103,366 |
|
|
$ |
102,016 |
|
|
$ |
111,554 |
|
|
$ |
113,863 |
|
|
$ |
1,428 |
|
|
$ |
(9,069 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4Q 2020 Preliminary Results |
|
9 |
|
|
|
| ALLY FINANCIAL INC.
AUTOMOTIVE FINANCE - KEY STATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| U.S. Consumer Originations (1) ($
in billions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail standard - new vehicle GM |
|
$ |
1.1 |
|
|
$ |
1.0 |
|
|
$ |
0.7 |
|
|
$ |
1.0 |
|
|
$ |
1.2 |
|
|
$ |
0.1 |
|
|
$ |
(0.1 |
) |
|
$ |
3.8 |
|
|
$ |
4.7 |
|
|
$ |
(0.9 |
) |
| Retail standard - new vehicle Chrysler |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
0.7 |
|
|
|
0.8 |
|
|
|
0.8 |
|
|
|
0.0 |
|
|
|
0.2 |
|
|
|
3.4 |
|
|
|
3.3 |
|
|
|
0.1 |
|
| Retail standard - new vehicle Growth |
|
|
1.1 |
|
|
|
1.0 |
|
|
|
0.6 |
|
|
|
1.1 |
|
|
|
1.0 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
3.9 |
|
|
|
4.8 |
|
|
|
(0.9 |
) |
| Used vehicle |
|
|
4.7 |
|
|
|
5.4 |
|
|
|
4.3 |
|
|
|
5.0 |
|
|
|
3.9 |
|
|
|
(0.8 |
) |
|
|
0.7 |
|
|
|
19.3 |
|
|
|
19.0 |
|
|
|
0.3 |
|
| Lease |
|
|
1.2 |
|
|
|
1.4 |
|
|
|
0.9 |
|
|
|
1.2 |
|
|
|
1.2 |
|
|
|
(0.2 |
) |
|
|
0.0 |
|
|
|
4.6 |
|
|
|
4.4 |
|
|
|
0.2 |
|
| Retail subvented |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
(0.0 |
) |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total originations |
|
$ |
9.1 |
|
|
$ |
9.8 |
|
|
$ |
7.2 |
|
|
$ |
9.1 |
|
|
$ |
8.1 |
|
|
$ |
(0.7 |
) |
|
$ |
0.9 |
|
|
$ |
35.1 |
|
|
$ |
36.3 |
|
|
$ |
(1.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
| U.S. Consumer Originations - FICO Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Super Prime (740+) |
|
$ |
2.1 |
|
|
$ |
2.3 |
|
|
$ |
1.6 |
|
|
$ |
2.1 |
|
|
$ |
2.1 |
|
|
$ |
(0.2 |
) |
|
$ |
0.0 |
|
|
$ |
8.1 |
|
|
$ |
8.7 |
|
|
$ |
(0.5 |
) |
| Prime (660-739) |
|
|
3.7 |
|
|
|
3.9 |
|
|
|
2.9 |
|
|
|
3.4 |
|
|
|
2.9 |
|
|
|
(0.2 |
) |
|
|
0.8 |
|
|
|
13.8 |
|
|
|
13.3 |
|
|
|
0.5 |
|
| Prime/Near (620-659) |
|
|
2.0 |
|
|
|
2.0 |
|
|
|
1.6 |
|
|
|
1.9 |
|
|
|
1.6 |
|
|
|
(0.1 |
) |
|
|
0.4 |
|
|
|
7.5 |
|
|
|
7.7 |
|
|
|
(0.2 |
) |
| Non Prime (540-619) |
|
|
0.6 |
|
|
|
0.8 |
|
|
|
0.6 |
|
|
|
0.9 |
|
|
|
0.8 |
|
|
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
3.0 |
|
|
|
3.5 |
|
|
|
(0.5 |
) |
| Sub Prime (0-539) |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
0.0 |
|
|
|
0.5 |
|
|
|
0.4 |
|
|
|
0.1 |
|
| Commercial Services Group (2) |
|
|
0.6 |
|
|
|
0.5 |
|
|
|
0.4 |
|
|
|
0.6 |
|
|
|
0.7 |
|
|
|
0.1 |
|
|
|
0.0 |
|
|
|
2.2 |
|
|
|
2.7 |
|
|
|
(0.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total originations |
|
$ |
9.1 |
|
|
$ |
9.8 |
|
|
$ |
7.2 |
|
|
$ |
9.1 |
|
|
$ |
8.1 |
|
|
$ |
(0.7 |
) |
|
$ |
0.9 |
|
|
$ |
35.1 |
|
|
$ |
36.3 |
|
|
$ |
(1.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
| U.S. Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Light vehicle sales (SAAR - units in millions) |
|
|
16.6 |
|
|
|
15.8 |
|
|
|
11.6 |
|
|
|
15.4 |
|
|
|
17.2 |
|
|
|
0.8 |
|
|
|
(0.6 |
) |
|
|
14.8 |
|
|
|
17.1 |
|
|
|
(2.2 |
) |
| Light vehicle sales (quarterly - units in millions) |
|
|
4.2 |
|
|
|
3.9 |
|
|
|
3.0 |
|
|
|
3.5 |
|
|
|
4.3 |
|
|
|
0.3 |
|
|
|
(0.1 |
) |
|
|
14.5 |
|
|
|
17.0 |
|
|
|
(2.5 |
) |
| GM market share |
|
|
18.3% |
|
|
|
16.9% |
|
|
|
16.5% |
|
|
|
17.7% |
|
|
|
17.3% |
|
|
|
|
|
|
|
|
|
|
|
17.4% |
|
|
|
17.0% |
|
|
|
0.5% |
|
| Chrysler market share |
|
|
11.9% |
|
|
|
13.0% |
|
|
|
12.4% |
|
|
|
12.8% |
|
|
|
12.7% |
|
|
|
|
|
|
|
|
|
|
|
12.5% |
|
|
|
13.0% |
|
|
|
(0.4% |
) |
|
|
|
|
|
|
|
|
|
|
|
| Ally U.S. Consumer Penetration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GM |
|
|
4.5% |
|
|
|
4.4% |
|
|
|
4.0% |
|
|
|
6.2% |
|
|
|
5.6% |
|
|
|
|
|
|
|
|
|
|
|
4.5% |
|
|
|
5.6% |
|
|
|
|
|
| Chrysler |
|
|
12.4% |
|
|
|
12.8% |
|
|
|
10.4% |
|
|
|
13.2% |
|
|
|
12.5% |
|
|
|
|
|
|
|
|
|
|
|
12.4% |
|
|
|
12.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ally U.S. Commercial Outstandings EOP ($ in billions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Floorplan outstandings |
|
$ |
17.3 |
|
|
$ |
16.0 |
|
|
$ |
15.8 |
|
|
$ |
26.1 |
|
|
$ |
27.0 |
|
|
$ |
1.3 |
|
|
$ |
(9.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Dealer loans and other |
|
|
5.9 |
|
|
|
5.8 |
|
|
|
5.9 |
|
|
|
5.3 |
|
|
|
5.5 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Commercial outstandings |
|
$ |
23.1 |
|
|
$ |
21.9 |
|
|
$ |
21.7 |
|
|
$ |
31.4 |
|
|
$ |
32.5 |
|
|
$ |
1.3 |
|
|
$ |
(9.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Off-Lease Remarketing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Off-lease vehicles terminated -
on-balance sheet (# in units) |
|
|
30,480 |
|
|
|
28,917 |
|
|
|
26,785 |
|
|
|
20,419 |
|
|
|
27,832 |
|
|
|
1,563 |
|
|
|
2,648 |
|
|
|
106,601 |
|
|
|
113,114 |
|
|
|
(6,513 |
) |
| Average gain / (loss) per vehicle |
|
$ |
2,150 |
|
|
$ |
2,437 |
|
|
$ |
(421 |
) |
|
$ |
121 |
|
|
$ |
99 |
|
|
$ |
(287 |
) |
|
$ |
2,051 |
|
|
$ |
1,193 |
|
|
$ |
607 |
|
|
$ |
586 |
|
| Total gain / (loss) ($ in millions) |
|
$ |
66 |
|
|
$ |
70 |
|
|
$ |
(11 |
) |
|
$ |
2 |
|
|
$ |
3 |
|
|
$ |
(5 |
) |
|
$ |
63 |
|
|
$ |
127 |
|
|
$ |
69 |
|
|
$ |
58 |
|
(1) Some standard
rate loan originations contain manufacturer sponsored cash back rebate incentives. Some lease originations contain rate subvention. While Ally may jointly develop marketing programs for these originations, Ally does not have exclusive rights to such
originations under operating agreements with manufacturers.
(2) Commercial Services Group (CSG) are business customers. Average annualized credit losses of 40-45 bps on CSG loans from 2016 through 2020
|
|
|
| 4Q 2020 Preliminary Results |
|
10 |
|
|
|
| ALLY FINANCIAL INC.
INSURANCE - CONDENSED FINANCIAL STATEMENTS AND KEY STATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ($ in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| Income Statement (GAAP View) |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Net financing revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest and fees on finance receivables and loans(1)
|
|
$ |
1 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
- |
|
|
$ |
1 |
|
| Interest and dividends on investment securities |
|
|
26 |
|
|
|
25 |
|
|
|
27 |
|
|
|
29 |
|
|
|
29 |
|
|
|
1 |
|
|
|
(3 |
) |
|
|
107 |
|
|
|
113 |
|
|
|
(6 |
) |
| Interest bearing cash |
|
|
1 |
|
|
|
4 |
|
|
|
4 |
|
|
|
5 |
|
|
|
5 |
|
|
|
(3 |
) |
|
|
(4 |
) |
|
|
14 |
|
|
|
20 |
|
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total financing revenue and other interest revenue |
|
|
28 |
|
|
|
29 |
|
|
|
31 |
|
|
|
34 |
|
|
|
34 |
|
|
|
(1 |
) |
|
|
(6 |
) |
|
|
122 |
|
|
|
133 |
|
|
|
(11 |
) |
| Interest expense |
|
|
20 |
|
|
|
21 |
|
|
|
19 |
|
|
|
20 |
|
|
|
21 |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
80 |
|
|
|
79 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net financing revenue |
|
|
8 |
|
|
|
8 |
|
|
|
12 |
|
|
|
14 |
|
|
|
13 |
|
|
|
- |
|
|
|
(5 |
) |
|
|
42 |
|
|
|
54 |
|
|
|
(12 |
) |
| Other revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance premiums and service revenue earned |
|
|
287 |
|
|
|
276 |
|
|
|
263 |
|
|
|
277 |
|
|
|
285 |
|
|
|
11 |
|
|
|
2 |
|
|
|
1,103 |
|
|
|
1,087 |
|
|
|
16 |
|
| Other gain / (loss) on investments, net |
|
|
131 |
|
|
|
59 |
|
|
|
172 |
|
|
|
(142 |
) |
|
|
51 |
|
|
|
72 |
|
|
|
80 |
|
|
|
220 |
|
|
|
175 |
|
|
|
45 |
|
| Other income, net of losses |
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
2 |
|
|
|
3 |
|
|
|
- |
|
|
|
- |
|
|
|
11 |
|
|
|
12 |
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total other revenue |
|
|
421 |
|
|
|
338 |
|
|
|
438 |
|
|
|
137 |
|
|
|
339 |
|
|
|
83 |
|
|
|
82 |
|
|
|
1,334 |
|
|
|
1,274 |
|
|
|
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net revenue |
|
|
429 |
|
|
|
346 |
|
|
|
450 |
|
|
|
151 |
|
|
|
352 |
|
|
|
83 |
|
|
|
77 |
|
|
|
1,376 |
|
|
|
1,328 |
|
|
|
48 |
|
| Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits expense |
|
|
20 |
|
|
|
21 |
|
|
|
20 |
|
|
|
21 |
|
|
|
20 |
|
|
|
(1 |
) |
|
|
- |
|
|
|
82 |
|
|
|
80 |
|
|
|
2 |
|
| Insurance losses and loss adjustment expenses |
|
|
62 |
|
|
|
85 |
|
|
|
142 |
|
|
|
74 |
|
|
|
61 |
|
|
|
(23 |
) |
|
|
1 |
|
|
|
363 |
|
|
|
321 |
|
|
|
42 |
|
| Other operating expenses |
|
|
164 |
|
|
|
162 |
|
|
|
160 |
|
|
|
161 |
|
|
|
157 |
|
|
|
2 |
|
|
|
7 |
|
|
|
647 |
|
|
|
612 |
|
|
|
35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
|
|
246 |
|
|
|
268 |
|
|
|
322 |
|
|
|
256 |
|
|
|
238 |
|
|
|
(22 |
) |
|
|
8 |
|
|
|
1,092 |
|
|
|
1,013 |
|
|
|
79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-tax Income / (Loss) |
|
$ |
183 |
|
|
$ |
78 |
|
|
$ |
128 |
|
|
$ |
(105 |
) |
|
$ |
114 |
|
|
$ |
105 |
|
|
$ |
69 |
|
|
$ |
284 |
|
|
$ |
315 |
|
|
$ |
(31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Memo: Income Statement (Managerial View) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance premiums and service revenue earned |
|
$ |
287 |
|
|
$ |
276 |
|
|
$ |
263 |
|
|
$ |
277 |
|
|
$ |
285 |
|
|
$ |
11 |
|
|
$ |
2 |
|
|
$ |
1,103 |
|
|
$ |
1,087 |
|
|
$ |
16 |
|
| Investment income (adjusted) (1) |
|
|
28 |
|
|
|
54 |
|
|
|
95 |
|
|
|
54 |
|
|
|
36 |
|
|
|
(26 |
) |
|
|
(7 |
) |
|
|
231 |
|
|
|
141 |
|
|
|
90 |
|
| Other income |
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
2 |
|
|
|
3 |
|
|
|
- |
|
|
|
- |
|
|
|
11 |
|
|
|
12 |
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total insurance premiums and other income |
|
|
318 |
|
|
|
333 |
|
|
|
361 |
|
|
|
333 |
|
|
|
324 |
|
|
|
(15 |
) |
|
|
(5 |
) |
|
|
1,345 |
|
|
|
1,240 |
|
|
|
105 |
|
| Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance losses and loss adjustment expenses |
|
|
62 |
|
|
|
85 |
|
|
|
142 |
|
|
|
74 |
|
|
|
61 |
|
|
|
(23 |
) |
|
|
1 |
|
|
|
363 |
|
|
|
321 |
|
|
|
42 |
|
| Acquisition and underwriting expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefit expense |
|
|
20 |
|
|
|
21 |
|
|
|
20 |
|
|
|
21 |
|
|
|
20 |
|
|
|
(1 |
) |
|
|
- |
|
|
|
82 |
|
|
|
80 |
|
|
|
2 |
|
| Insurance commission expense |
|
|
133 |
|
|
|
130 |
|
|
|
127 |
|
|
|
126 |
|
|
|
123 |
|
|
|
3 |
|
|
|
10 |
|
|
|
516 |
|
|
|
475 |
|
|
|
41 |
|
| Other expense |
|
|
31 |
|
|
|
32 |
|
|
|
33 |
|
|
|
35 |
|
|
|
34 |
|
|
|
(1 |
) |
|
|
(3 |
) |
|
|
131 |
|
|
|
137 |
|
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total acquistion and underwriting expense |
|
|
184 |
|
|
|
183 |
|
|
|
180 |
|
|
|
182 |
|
|
|
177 |
|
|
|
1 |
|
|
|
7 |
|
|
|
729 |
|
|
|
692 |
|
|
|
37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total expense |
|
|
246 |
|
|
|
268 |
|
|
|
322 |
|
|
|
256 |
|
|
|
238 |
|
|
|
(22 |
) |
|
|
8 |
|
|
|
1,092 |
|
|
|
1,013 |
|
|
|
79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core pre-tax income / (loss) (2) |
|
|
72 |
|
|
|
65 |
|
|
|
39 |
|
|
|
77 |
|
|
|
86 |
|
|
|
7 |
|
|
|
(13 |
) |
|
|
253 |
|
|
|
227 |
|
|
|
26 |
|
| Change in the fair value of equity securities (2)
|
|
|
111 |
|
|
|
13 |
|
|
|
89 |
|
|
|
(182 |
) |
|
|
28 |
|
|
|
98 |
|
|
|
82 |
|
|
|
31 |
|
|
|
88 |
|
|
|
(57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income / (Loss) before income tax expense |
|
$ |
183 |
|
|
$ |
78 |
|
|
$ |
128 |
|
|
$ |
(105 |
) |
|
$ |
114 |
|
|
$ |
105 |
|
|
$ |
69 |
|
|
$ |
284 |
|
|
$ |
315 |
|
|
$ |
(31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance Sheet (Period-End) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash, trading and investment securities |
|
$ |
5,421 |
|
|
$ |
6,006 |
|
|
$ |
5,920 |
|
|
$ |
5,193 |
|
|
$ |
5,742 |
|
|
$ |
(585 |
) |
|
$ |
(321 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Intercompany loans(1) |
|
|
830 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
830 |
|
|
|
830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums receivable and other insurance assets |
|
|
2,693 |
|
|
|
2,674 |
|
|
|
2,621 |
|
|
|
2,594 |
|
|
|
2,576 |
|
|
|
19 |
|
|
|
117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
193 |
|
|
|
264 |
|
|
|
199 |
|
|
|
633 |
|
|
|
229 |
|
|
|
(71 |
) |
|
|
(36 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
9,137 |
|
|
$ |
8,944 |
|
|
$ |
8,740 |
|
|
$ |
8,420 |
|
|
$ |
8,547 |
|
|
$ |
193 |
|
|
$ |
590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Key Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total written premiums and revenue (3) |
|
$ |
312 |
|
|
$ |
333 |
|
|
$ |
267 |
|
|
$ |
317 |
|
|
$ |
335 |
|
|
$ |
(21 |
) |
|
$ |
(23 |
) |
|
$ |
1,229 |
|
|
$ |
1,310 |
|
|
$ |
(81 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Loss ratio (4) |
|
|
21.6% |
|
|
|
30.3% |
|
|
|
53.4% |
|
|
|
26.5% |
|
|
|
21.2% |
|
|
|
|
|
|
|
|
|
|
|
32.6% |
|
|
|
29.2% |
|
|
|
|
|
| Underwriting expense ratio (5) |
|
|
63.5% |
|
|
|
65.8% |
|
|
|
67.4% |
|
|
|
65.1% |
|
|
|
61.5% |
|
|
|
|
|
|
|
|
|
|
|
65.4% |
|
|
|
63.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Combined ratio |
|
|
85.1% |
|
|
|
96.1% |
|
|
|
120.9% |
|
|
|
91.6% |
|
|
|
82.7% |
|
|
|
|
|
|
|
|
|
|
|
98.0% |
|
|
|
92.2% |
|
|
|
|
|
(1) Intercompany
activity represents excess liquidity placed with corporate segment
(2)Represents a non-GAAP financial measure.
Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to
1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.
(3) Written premiums are net of ceded premium
for reinsurance.
(4) Loss Ratio is calculated as Insurance losses and loss adjustment expenses divided by Insurance premiums and service revenue earned and
Other Income, net of losses.
(5) Underwriting Expense Ratio is calculated as Compensation and benefits expense and Other operating expenses divided by
Insurance premiums and service revenue earned and Other Income, net of losses.
|
|
|
| 4Q 2020 Preliminary Results |
|
11 |
|
|
|
| ALLY FINANCIAL INC.
MORTGAGE FINANCE - CONDENSED FINANCIAL STATEMENTS |
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| Income Statement |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Net financing revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total financing revenue and other interest income |
|
$ |
101 |
|
|
$ |
121 |
|
|
$ |
127 |
|
|
$ |
138 |
|
|
$ |
137 |
|
|
$ |
(20 |
) |
|
$ |
(36 |
) |
|
$ |
487 |
|
|
$ |
577 |
|
|
$ |
(90 |
) |
| Interest expense |
|
|
81 |
|
|
|
91 |
|
|
|
97 |
|
|
|
100 |
|
|
|
101 |
|
|
|
(10 |
) |
|
|
(20 |
) |
|
|
369 |
|
|
|
406 |
|
|
|
(37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net financing revenue |
|
|
20 |
|
|
|
30 |
|
|
|
30 |
|
|
|
38 |
|
|
|
36 |
|
|
|
(10 |
) |
|
|
(16 |
) |
|
|
118 |
|
|
|
171 |
|
|
|
(53 |
) |
| Gain on mortgage loans, net |
|
|
33 |
|
|
|
34 |
|
|
|
17 |
|
|
|
9 |
|
|
|
6 |
|
|
|
(1 |
) |
|
|
27 |
|
|
|
93 |
|
|
|
20 |
|
|
|
73 |
|
| Other income, net of losses |
|
|
4 |
|
|
|
2 |
|
|
|
2 |
|
|
|
1 |
|
|
|
- |
|
|
|
2 |
|
|
|
4 |
|
|
|
9 |
|
|
|
2 |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total other revenue |
|
|
37 |
|
|
|
36 |
|
|
|
19 |
|
|
|
10 |
|
|
|
6 |
|
|
|
1 |
|
|
|
31 |
|
|
|
102 |
|
|
|
22 |
|
|
|
80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net revenue |
|
|
57 |
|
|
|
66 |
|
|
|
49 |
|
|
|
48 |
|
|
|
42 |
|
|
|
(9 |
) |
|
|
15 |
|
|
|
220 |
|
|
|
193 |
|
|
|
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
3 |
|
|
|
- |
|
|
|
3 |
|
|
|
1 |
|
|
|
3 |
|
|
|
3 |
|
|
|
- |
|
|
|
7 |
|
|
|
5 |
|
|
|
2 |
|
| Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits expense |
|
|
5 |
|
|
|
6 |
|
|
|
5 |
|
|
|
6 |
|
|
|
7 |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
22 |
|
|
|
31 |
|
|
|
(9 |
) |
| Other operating expense |
|
|
42 |
|
|
|
34 |
|
|
|
33 |
|
|
|
29 |
|
|
|
30 |
|
|
|
8 |
|
|
|
12 |
|
|
|
138 |
|
|
|
117 |
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
|
|
47 |
|
|
|
40 |
|
|
|
38 |
|
|
|
35 |
|
|
|
37 |
|
|
|
7 |
|
|
|
10 |
|
|
|
160 |
|
|
|
148 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-tax Income |
|
$ |
7 |
|
|
$ |
26 |
|
|
$ |
8 |
|
|
$ |
12 |
|
|
$ |
2 |
|
|
$ |
(19 |
) |
|
$ |
5 |
|
|
$ |
53 |
|
|
$ |
40 |
|
|
$ |
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance Sheet (Period-End) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Finance receivables and loans, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer loans |
|
$ |
14,632 |
|
|
$ |
15,168 |
|
|
$ |
16,429 |
|
|
$ |
15,949 |
|
|
$ |
16,181 |
|
|
$ |
(536 |
) |
|
$ |
(1,549 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
|
(21 |
) |
|
|
(20 |
) |
|
|
(21 |
) |
|
|
(18 |
) |
|
|
(19 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total finance receivables and loans, net |
|
|
14,611 |
|
|
|
15,148 |
|
|
|
16,408 |
|
|
|
15,931 |
|
|
|
16,162 |
|
|
|
(537 |
) |
|
|
(1,551 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
278 |
|
|
|
355 |
|
|
|
261 |
|
|
|
204 |
|
|
|
117 |
|
|
|
(77 |
) |
|
|
161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
14,889 |
|
|
$ |
15,503 |
|
|
$ |
16,669 |
|
|
$ |
16,135 |
|
|
$ |
16,279 |
|
|
$ |
(614 |
) |
|
$ |
(1,390 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4Q 2020 Preliminary Results |
|
12 |
|
|
|
| ALLY FINANCIAL INC.
CORPORATE FINANCE - CONDENSED FINANCIAL STATEMENTS |
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| Income Statement |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Net financing revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total financing revenue and other interest income |
|
$ |
89 |
|
|
$ |
84 |
|
|
$ |
92 |
|
|
$ |
95 |
|
|
$ |
93 |
|
|
$ |
5 |
|
|
$ |
(4 |
) |
|
$ |
360 |
|
|
$ |
373 |
|
|
$ |
(13 |
) |
| Interest expense |
|
|
10 |
|
|
|
9 |
|
|
|
15 |
|
|
|
27 |
|
|
|
29 |
|
|
|
1 |
|
|
|
(19 |
) |
|
|
61 |
|
|
|
134 |
|
|
|
(73 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net financing revenue |
|
|
79 |
|
|
|
75 |
|
|
|
77 |
|
|
|
68 |
|
|
|
64 |
|
|
|
4 |
|
|
|
15 |
|
|
|
299 |
|
|
|
239 |
|
|
|
60 |
|
| Total other revenue (adjusted) (1) |
|
|
16 |
|
|
|
8 |
|
|
|
5 |
|
|
|
17 |
|
|
|
15 |
|
|
|
8 |
|
|
|
2 |
|
|
|
46 |
|
|
|
43 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net revenue |
|
|
95 |
|
|
|
83 |
|
|
|
82 |
|
|
|
85 |
|
|
|
79 |
|
|
|
12 |
|
|
|
17 |
|
|
|
345 |
|
|
|
282 |
|
|
|
63 |
|
| Provision for loan losses |
|
|
9 |
|
|
|
1 |
|
|
|
25 |
|
|
|
114 |
|
|
|
7 |
|
|
|
8 |
|
|
|
2 |
|
|
|
149 |
|
|
|
36 |
|
|
|
113 |
|
| Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits expense |
|
|
14 |
|
|
|
13 |
|
|
|
14 |
|
|
|
21 |
|
|
|
13 |
|
|
|
1 |
|
|
|
1 |
|
|
|
62 |
|
|
|
58 |
|
|
|
4 |
|
| Other operating expense |
|
|
9 |
|
|
|
10 |
|
|
|
12 |
|
|
|
14 |
|
|
|
9 |
|
|
|
(1 |
) |
|
|
- |
|
|
|
45 |
|
|
|
37 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
|
|
23 |
|
|
|
23 |
|
|
|
26 |
|
|
|
35 |
|
|
|
22 |
|
|
|
- |
|
|
|
1 |
|
|
|
107 |
|
|
|
95 |
|
|
|
12 |
|
| Core pre-tax income
(1) |
|
|
63 |
|
|
|
59 |
|
|
|
31 |
|
|
|
(64 |
) |
|
|
50 |
|
|
|
4 |
|
|
|
14 |
|
|
|
89 |
|
|
|
151 |
|
|
|
(62 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in the fair value of equity
securities (2)
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
(4 |
) |
|
|
- |
|
|
|
(0 |
) |
|
|
0 |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-tax Income / (loss) |
|
$ |
64 |
|
|
$ |
60 |
|
|
$ |
32 |
|
|
$ |
(68 |
) |
|
$ |
50 |
|
|
$ |
4 |
|
|
$ |
14 |
|
|
$ |
88 |
|
|
$ |
153 |
|
|
$ |
(65 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance Sheet (Period-End) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity securities |
|
$ |
7 |
|
|
$ |
6 |
|
|
$ |
5 |
|
|
$ |
4 |
|
|
$ |
8 |
|
|
$ |
1 |
|
|
$ |
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Loans held for sale |
|
|
205 |
|
|
|
207 |
|
|
|
265 |
|
|
|
133 |
|
|
|
100 |
|
|
|
(2 |
) |
|
|
105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial loans |
|
|
6,006 |
|
|
|
5,883 |
|
|
|
6,031 |
|
|
|
6,549 |
|
|
|
5,688 |
|
|
|
123 |
|
|
|
318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
|
(189 |
) |
|
|
(180 |
) |
|
|
(178 |
) |
|
|
(191 |
) |
|
|
(77 |
) |
|
|
(9 |
) |
|
|
(112 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total finance receivables and loans, net |
|
|
5,817 |
|
|
|
5,703 |
|
|
|
5,853 |
|
|
|
6,358 |
|
|
|
5,611 |
|
|
|
114 |
|
|
|
206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
79 |
|
|
|
79 |
|
|
|
83 |
|
|
|
77 |
|
|
|
68 |
|
|
|
- |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
6,108 |
|
|
$ |
5,995 |
|
|
$ |
6,206 |
|
|
$ |
6,572 |
|
|
$ |
5,787 |
|
|
$ |
113 |
|
|
$ |
321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in
current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. See page 21 for more details.
(2) Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities
to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.
|
|
|
| 4Q 2020 Preliminary Results |
|
13 |
|
|
|
| ALLY FINANCIAL INC.
CORPORATE AND OTHER - CONDENSED FINANCIAL STATEMENTS |
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| Income Statement |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Net financing revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total financing revenue and other interest income |
|
$ |
115 |
|
|
$ |
144 |
|
|
$ |
158 |
|
|
$ |
207 |
|
|
$ |
224 |
|
|
$ |
(29 |
) |
|
$ |
|
(109) |
|
$ |
624 |
|
|
$ |
960 |
|
|
$ |
(336 |
) |
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core original issue discount amortization |
|
|
9 |
|
|
|
9 |
|
|
|
9 |
|
|
|
8 |
|
|
|
8 |
|
|
|
0 |
|
|
|
2 |
|
|
|
36 |
|
|
|
29 |
|
|
|
6 |
|
| Other interest expense |
|
|
63 |
|
|
|
150 |
|
|
|
203 |
|
|
|
213 |
|
|
|
234 |
|
|
|
(87 |
) |
|
|
(172 |
) |
|
|
628 |
|
|
|
903 |
|
|
|
(274 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest expense |
|
|
72 |
|
|
|
159 |
|
|
|
212 |
|
|
|
221 |
|
|
|
242 |
|
|
|
(87 |
) |
|
|
(170 |
) |
|
|
664 |
|
|
|
932 |
|
|
|
(268 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net financing (loss) / revenue |
|
|
43 |
|
|
|
(15 |
) |
|
|
(54 |
) |
|
|
(14 |
) |
|
|
(18 |
) |
|
|
58 |
|
|
|
61 |
|
|
|
(40 |
) |
|
|
28 |
|
|
|
(68 |
) |
| Other revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss on extinguishment of debt |
|
|
(52 |
) |
|
|
(49 |
) |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
(52 |
) |
|
|
(102 |
) |
|
|
(2 |
) |
|
|
(100 |
) |
| Other gain on investments, net |
|
|
1 |
|
|
|
5 |
|
|
|
15 |
|
|
|
67 |
|
|
|
18 |
|
|
|
(4 |
) |
|
|
(17 |
) |
|
|
88 |
|
|
|
63 |
|
|
|
25 |
|
| Gain/(loss) on mortgage and automotive loans, net |
|
|
42 |
|
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(21 |
) |
|
|
- |
|
|
|
43 |
|
|
|
42 |
|
|
|
17 |
|
|
|
- |
|
|
|
17 |
|
| Other income, net of losses (1) |
|
|
156 |
|
|
|
85 |
|
|
|
41 |
|
|
|
13 |
|
|
|
48 |
|
|
|
71 |
|
|
|
108 |
|
|
|
295 |
|
|
|
110 |
|
|
|
185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total other revenue |
|
|
147 |
|
|
|
40 |
|
|
|
52 |
|
|
|
59 |
|
|
|
66 |
|
|
|
107 |
|
|
|
81 |
|
|
|
298 |
|
|
|
171 |
|
|
|
127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net revenue |
|
|
190 |
|
|
|
25 |
|
|
|
(2 |
) |
|
|
45 |
|
|
|
48 |
|
|
|
165 |
|
|
|
142 |
|
|
|
258 |
|
|
|
199 |
|
|
|
59 |
|
| Provision for loan losses |
|
|
4 |
|
|
|
18 |
|
|
|
3 |
|
|
|
22 |
|
|
|
11 |
|
|
|
(14 |
) |
|
|
(7 |
) |
|
|
47 |
|
|
|
(5 |
) |
|
|
52 |
|
| Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits expense |
|
|
167 |
|
|
|
168 |
|
|
|
162 |
|
|
|
164 |
|
|
|
139 |
|
|
|
(1 |
) |
|
|
28 |
|
|
|
661 |
|
|
|
529 |
|
|
|
132 |
|
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
50 |
|
| Other operating expense (2) |
|
|
(20 |
) |
|
|
(63 |
) |
|
|
(57 |
) |
|
|
(64 |
) |
|
|
(22 |
) |
|
|
43 |
|
|
|
2 |
|
|
|
(204 |
) |
|
|
(166 |
) |
|
|
(38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
|
|
147 |
|
|
|
105 |
|
|
|
155 |
|
|
|
100 |
|
|
|
117 |
|
|
|
42 |
|
|
|
30 |
|
|
|
507 |
|
|
|
363 |
|
|
|
144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-tax (loss) income |
|
$ |
39 |
|
|
$ |
(98 |
) |
|
$ |
|
(160) |
|
$ |
(77 |
) |
|
$ |
(80 |
) |
|
$ |
137 |
|
|
$ |
119 |
|
|
$ |
(296 |
) |
|
$ |
(159 |
) |
|
$ |
(137 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance Sheet (Period-End) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash, trading and investment securities |
|
$ |
42,324 |
|
|
$ |
45,775 |
|
|
$ |
44,411 |
|
|
$ |
32,560 |
|
|
$ |
30,250 |
|
|
$ |
(3,451 |
) |
|
$ |
12,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans held-for-sale |
|
|
110 |
|
|
|
78 |
|
|
|
48 |
|
|
|
34 |
|
|
|
30 |
|
|
|
32 |
|
|
|
80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer loans |
|
|
1,127 |
|
|
|
1,508 |
|
|
|
1,558 |
|
|
|
1,654 |
|
|
|
1,489 |
|
|
|
(381 |
) |
|
|
(362 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial loans |
|
|
185 |
|
|
|
131 |
|
|
|
130 |
|
|
|
134 |
|
|
|
129 |
|
|
|
54 |
|
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Intercompany loans (3) |
|
|
(830 |
) |
|
|
- |
|
|
|
-- |
|
|
|
- |
|
|
|
- |
|
|
|
(830 |
) |
|
|
(830 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
|
(87 |
) |
|
|
(87 |
) |
|
|
(71 |
) |
|
|
(68 |
) |
|
|
(37 |
) |
|
|
- |
|
|
|
(50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total finance receivables and loans, net |
|
|
395 |
|
|
|
1,552 |
|
|
|
1,617 |
|
|
|
1,720 |
|
|
|
1,581 |
|
|
|
(1,157 |
) |
|
|
(1,186 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
4,408 |
|
|
|
4,057 |
|
|
|
4,354 |
|
|
|
5,532 |
|
|
|
4,307 |
|
|
|
351 |
|
|
|
101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
47,237 |
|
|
$ |
51,462 |
|
|
$ |
50,430 |
|
|
$ |
39,846 |
|
|
$ |
36,168 |
|
|
$ |
(4,225 |
) |
|
$ |
11,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core OID Amortization
Schedule
(4) |
|
2021 |
|
2022 |
|
2023 |
|
2024 |
|
2025 & After |
|
|
|
|
|
|
|
|
|
|
| Remaining Core OID amortization expense |
|
$ |
41 |
|
|
$ |
47 |
|
|
$ |
54 |
|
|
$ |
62 |
|
|
|
Avg = $51/yr |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes the
impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio, Ally Invest activity, and Ally Lending activity.
(2) Other operating expenses includes corporate overhead allocated to the other business segments. Amounts of corporate overhead allocated were $254 million for
4Q20, $234 million for 3Q20, $242 million for 2Q20, $256 million for 1Q20 and $225 million for 4Q19. Full year amounts were $986 million in 2020 and $899 million in 2019. The receiving business segment records the
allocation of corporate overhead expense within other operating expenses.
(3) Intercompany loan related to activity between Insurance and Corporate for
liquidity purposes.
(4) Represents a non-GAAP financial measure. For more details refer to page 21.
|
|
|
| 4Q 2020 Preliminary Results |
|
14 |
|
|
|
| ALLY FINANCIAL INC.
CREDIT RELATED INFORMATION |
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
| Asset Quality - Consolidated (1)
|
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Ending loan balance |
|
$ |
118,526 |
|
|
$ |
118,020 |
|
|
$ |
118,226 |
|
|
$ |
128,129 |
|
|
$ |
128,220 |
|
|
$ |
506 |
|
|
$ |
(9,694 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| 30+ Accruing DPD |
|
$ |
1,914 |
|
|
$ |
1,840 |
|
|
$ |
1,695 |
|
|
$ |
2,416 |
|
|
$ |
2,709 |
|
|
$ |
74 |
|
|
$ |
(795 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| 30+ Accruing DPD % |
|
|
1.61% |
|
|
|
1.56% |
|
|
|
1.43% |
|
|
|
1.89% |
|
|
|
2.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 60+ Accruing DPD |
|
$ |
438 |
|
|
$ |
366 |
|
|
$ |
349 |
|
|
$ |
489 |
|
|
$ |
553 |
|
|
$ |
72 |
|
|
$ |
(115 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| 60+ Accruing DPD % |
|
|
0.37% |
|
|
|
0.31% |
|
|
|
0.30% |
|
|
|
0.38% |
|
|
|
0.43% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing loans (NPLs) |
|
$ |
1,522 |
|
|
$ |
1,493 |
|
|
$ |
1,532 |
|
|
$ |
1,396 |
|
|
$ |
1,036 |
|
|
$ |
29 |
|
|
$ |
486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net charge-offs (NCOs) |
|
$ |
198 |
|
|
$ |
122 |
|
|
$ |
178 |
|
|
$ |
266 |
|
|
$ |
290 |
|
|
$ |
76 |
|
|
$ |
(92 |
) |
|
$ |
764 |
|
|
$ |
976 |
|
|
$ |
(212 |
) |
| Net charge-off rate
(2) |
|
|
0.67% |
|
|
|
0.41% |
|
|
|
0.58% |
|
|
|
0.84% |
|
|
|
0.91% |
|
|
|
|
|
|
|
|
|
|
|
0.63% |
|
|
|
0.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
$ |
102 |
|
|
$ |
147 |
|
|
$ |
287 |
|
|
$ |
903 |
|
|
$ |
276 |
|
|
$ |
(45 |
) |
|
$ |
(174 |
) |
|
$ |
1,439 |
|
|
$ |
998 |
|
|
$ |
441 |
|
| Allowance for loan losses (ALLL) |
|
$ |
3,283 |
|
|
$ |
3,379 |
|
|
$ |
3,354 |
|
|
$ |
3,245 |
|
|
$ |
1,263 |
|
|
$ |
(96 |
) |
|
$ |
2,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ALLL as % of Loans (3)(4) |
|
|
2.78% |
|
|
|
2.87% |
|
|
|
2.85% |
|
|
|
2.54% |
|
|
|
0.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ALLL as % of NPLs (3) |
|
|
216% |
|
|
|
226% |
|
|
|
219% |
|
|
|
232% |
|
|
|
122% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ALLL as % of NCOs (3) |
|
|
414% |
|
|
|
691% |
|
|
|
471% |
|
|
|
305% |
|
|
|
109% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US Auto Delinquencies - HFI Retail Contract $‘s |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 30+ Delinquent contract $ |
|
$ |
1,834 |
|
|
$ |
1,658 |
|
|
$ |
1,599 |
|
|
$ |
2,322 |
|
|
$ |
2,616 |
|
|
$ |
176 |
|
|
$ |
(782 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| % of retail contract $ outstanding |
|
|
2.49% |
|
|
|
2.25% |
|
|
|
2.20% |
|
|
|
3.19% |
|
|
|
3.61% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 60+ Delinquent contract $ |
|
$ |
428 |
|
|
$ |
350 |
|
|
$ |
341 |
|
|
$ |
478 |
|
|
$ |
540 |
|
|
$ |
78 |
|
|
$ |
(112 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| % of retail contract $ outstanding |
|
|
0.58% |
|
|
|
0.47% |
|
|
|
0.47% |
|
|
|
0.66% |
|
|
|
0.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Auto Annualized Net Charge-Offs - HFI Retail Contract $‘s |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net charge-offs |
|
$ |
186 |
|
|
$ |
117 |
|
|
$ |
137 |
|
|
$ |
262 |
|
|
$ |
271 |
|
|
$ |
69 |
|
|
$ |
(85 |
) |
|
$ |
702 |
|
|
$ |
930 |
|
|
$ |
(228 |
) |
| % of avg. HFI assets (2) |
|
|
1.01% |
|
|
|
0.64% |
|
|
|
0.76% |
|
|
|
1.44% |
|
|
|
1.49% |
|
|
|
|
|
|
|
|
|
|
|
0.96% |
|
|
|
1.29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Auto Annualized Net Charge-Offs - HFI Commercial Contract $‘s |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net charge-offs |
|
$ |
7 |
|
|
$ |
4 |
|
|
$ |
1 |
|
|
$ |
2 |
|
|
$ |
10 |
|
|
$ |
3 |
|
|
$ |
(3 |
) |
|
$ |
14 |
|
|
$ |
12 |
|
|
$ |
2 |
|
| % of avg. HFI assets (2) |
|
|
0.12% |
|
|
|
0.07% |
|
|
|
0.02% |
|
|
|
0.03% |
|
|
|
0.12% |
|
|
|
|
|
|
|
|
|
|
|
0.05% |
|
|
|
0.04% |
|
|
|
|
|
(1) Loans within
this table are classified as held-for-investment recorded at amortized cost as these loans are included in our allowance for loan losses.
(2) Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance recievables and
loans excluding loans measured at fair value, conditional repurchase loans and loans held-for-sale during the year for each loan category.
(3) ALLL coverage ratios are based on the allowance for loan losses related to loans
held-for-investment excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts. (4) Excludes
$225 million of fair value adjustment for loans in hedge accounting relationships in 4Q20, $277 million in 3Q20, $334 million in 2Q20, $370 million in 1Q20 and $135 million in 4Q19.
|
|
|
| 4Q 2020 Preliminary Results |
|
15 |
|
|
|
| ALLY FINANCIAL INC.
CREDIT RELATED INFORMATION, CONTINUED |
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automotive Finance (1)
|
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
|
|
|
|
|
|
|
| Consumer |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
| Allowance for loan losses |
|
$ |
2,902 |
|
|
$ |
2,982 |
|
|
$ |
2,963 |
|
|
$ |
2,833 |
|
|
$ |
1,075 |
|
|
$ |
(80 |
) |
|
$ |
1,827 |
|
| Total consumer loans (2) |
|
$ |
73,668 |
|
|
$ |
73,761 |
|
|
$ |
72,712 |
|
|
$ |
72,832 |
|
|
$ |
72,390 |
|
|
$ |
(93 |
) |
|
$ |
1,278 |
|
| Coverage ratio (3) |
|
|
3.95% |
|
|
|
4.06% |
|
|
|
4.09% |
|
|
|
3.91% |
|
|
|
1.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
$ |
84 |
|
|
$ |
110 |
|
|
$ |
121 |
|
|
$ |
135 |
|
|
$ |
55 |
|
|
$ |
(26 |
) |
|
$ |
29 |
|
| Total commercial loans |
|
$ |
23,141 |
|
|
$ |
21,854 |
|
|
$ |
21,708 |
|
|
$ |
31,390 |
|
|
$ |
32,490 |
|
|
$ |
1,287 |
|
|
$ |
(9,349 |
) |
| Coverage ratio |
|
|
0.36% |
|
|
|
0.51% |
|
|
|
0.56% |
|
|
|
0.43% |
|
|
|
0.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
$ |
21 |
|
|
$ |
20 |
|
|
$ |
21 |
|
|
$ |
18 |
|
|
$ |
19 |
|
|
$ |
1 |
|
|
$ |
2 |
|
| Total consumer loans |
|
$ |
14,632 |
|
|
$ |
15,168 |
|
|
$ |
16,429 |
|
|
$ |
15,949 |
|
|
$ |
16,181 |
|
|
$ |
(536 |
) |
|
$ |
(1,549) |
|
| Coverage ratio |
|
|
0.15% |
|
|
|
0.13% |
|
|
|
0.13% |
|
|
|
0.11% |
|
|
|
0.12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage-Legacy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
$ |
12 |
|
|
$ |
19 |
|
|
$ |
21 |
|
|
$ |
21 |
|
|
$ |
27 |
|
|
$ |
(7) |
|
|
$ |
(15) |
|
| Total consumer loans |
|
$ |
495 |
|
|
$ |
904 |
|
|
$ |
984 |
|
|
$ |
1,061 |
|
|
$ |
1,141 |
|
|
$ |
(409) |
|
|
$ |
(646) |
|
| Coverage ratio |
|
|
2.40% |
|
|
|
2.09% |
|
|
|
2.08% |
|
|
|
1.99% |
|
|
|
2.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Mortgage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
$ |
33 |
|
|
$ |
39 |
|
|
$ |
42 |
|
|
$ |
39 |
|
|
$ |
46 |
|
|
$ |
(6 |
) |
|
$ |
(13 |
) |
| Total consumer loans |
|
$ |
15,127 |
|
|
$ |
16,072 |
|
|
$ |
17,413 |
|
|
$ |
17,010 |
|
|
$ |
17,322 |
|
|
$ |
(945 |
) |
|
$ |
(2,195 |
) |
| Coverage ratio |
|
|
0.22% |
|
|
|
0.24% |
|
|
|
0.24% |
|
|
|
0.23% |
|
|
|
0.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer Other (1)(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
$ |
73 |
|
|
$ |
67 |
|
|
$ |
49 |
|
|
$ |
45 |
|
|
$ |
9 |
|
|
$ |
6 |
|
|
$ |
64 |
|
| Total consumer loans |
|
$ |
399 |
|
|
$ |
319 |
|
|
$ |
232 |
|
|
$ |
214 |
|
|
$ |
201 |
|
|
$ |
80 |
|
|
$ |
197 |
|
| Coverage ratio |
|
|
18.38% |
|
|
|
20.93% |
|
|
|
21.06% |
|
|
|
21.23% |
|
|
|
4.65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Finance (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
$ |
189 |
|
|
$ |
180 |
|
|
$ |
178 |
|
|
$ |
191 |
|
|
$ |
77 |
|
|
$ |
9 |
|
|
$ |
112 |
|
| Total commercial loans |
|
$ |
6,006 |
|
|
$ |
5,883 |
|
|
$ |
6,031 |
|
|
$ |
6,549 |
|
|
$ |
5,688 |
|
|
$ |
123 |
|
|
$ |
318 |
|
| Coverage ratio |
|
|
3.14% |
|
|
|
3.05% |
|
|
|
2.95% |
|
|
|
2.92% |
|
|
|
1.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate and Other (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
$ |
2 |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
2 |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
1 |
|
| Total commercial loans |
|
$ |
185 |
|
|
$ |
131 |
|
|
$ |
130 |
|
|
$ |
134 |
|
|
$ |
129 |
|
|
$ |
54 |
|
|
$ |
56 |
|
| Coverage ratio |
|
|
1.36% |
|
|
|
1.13% |
|
|
|
1.13% |
|
|
|
1.36% |
|
|
|
0.69% |
|
|
|
|
|
|
|
|
|
(1) ALLL coverage
ratios are based on the domestic allowance as a percentage of finance receivables and loans reported at their gross carrying value, which includes the principal amount outstanding, net of unearned income, unamortized deferred fees reduced by costs
on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative
principal charge-offs. Excludes loans held at fair value.
(2) Includes $225 million of fair value adjustment for loans in hedge accounting relationships
in 4Q20, $277 million in 3Q20, $334 million in 2Q20, $370 million in 1Q20 and $135 million in 4Q19.
(3) Excludes $225 million of fair
value adjustment for loans in hedge accounting relationships in 4Q20, $277 million in 3Q20, $334 million in 2Q20, $370 million in 1Q20 and $135 million in 4Q19.
(4) Represents Health Credit Services (HCS) which Ally acquired in 4Q19 (now Ally Lending).
|
|
|
| 4Q 2020 Preliminary Results |
|
16 |
|
|
|
| ALLY FINANCIAL INC.
CAPITAL |
|
|
($ in billions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
|
|
|
|
|
|
|
| Capital |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
| Risk-weighted assets |
|
$ |
139.8 |
|
|
$ |
137.6 |
|
|
$ |
137.0 |
|
|
$ |
146.1 |
|
|
$ |
145.1 |
|
|
$ |
2.2 |
|
|
$ |
(5.3 |
) |
|
|
|
|
|
|
|
|
| Common Equity Tier 1 (CET1) capital ratio |
|
|
10.6% |
|
|
|
10.4% |
|
|
|
10.1% |
|
|
|
9.3% |
|
|
|
9.5% |
|
|
|
|
|
|
|
|
|
| Tier 1 capital ratio |
|
|
12.4% |
|
|
|
12.1% |
|
|
|
11.9% |
|
|
|
10.9% |
|
|
|
11.2% |
|
|
|
|
|
|
|
|
|
| Total capital ratio |
|
|
14.1% |
|
|
|
14.1% |
|
|
|
13.8% |
|
|
|
12.8% |
|
|
|
12.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible common equity / Tangible assets (1)(2)
|
|
|
7.9% |
|
|
|
7.4% |
|
|
|
7.3% |
|
|
|
7.2% |
|
|
|
7.8% |
|
|
|
|
|
|
|
|
|
| Tangible common equity / Risk-weighted assets (1)
|
|
|
10.2% |
|
|
|
10.0% |
|
|
|
9.8% |
|
|
|
9.0% |
|
|
|
9.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’ equity |
|
$ |
14.7 |
|
|
$ |
14.1 |
|
|
$ |
13.8 |
|
|
$ |
13.5 |
|
|
$ |
14.4 |
|
|
$ |
0.6 |
|
|
$ |
0.3 |
|
| add: CECL phase-in adjustment |
|
|
1.2 |
|
|
|
1.2 |
|
|
$ |
1.2 |
|
|
|
1.2 |
|
|
|
- |
|
|
|
0.0 |
|
|
|
- |
|
| less: Certain AOCI items and other adjustments |
|
|
(1.0 |
) |
|
|
(1.1 |
) |
|
|
(1.2 |
) |
|
|
(1.2 |
) |
|
|
(0.6 |
) |
|
|
0.1 |
|
|
|
(0.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Equity Tier 1 capital |
|
$ |
14.9 |
|
|
$ |
14.3 |
|
|
$ |
13.8 |
|
|
$ |
13.5 |
|
|
$ |
13.8 |
|
|
$ |
0.6 |
|
|
$ |
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Equity Tier 1 capital |
|
$ |
14.9 |
|
|
$ |
14.3 |
|
|
$ |
13.8 |
|
|
$ |
13.5 |
|
|
$ |
13.8 |
|
|
$ |
0.6 |
|
|
$ |
1.1 |
|
| add: Trust preferred securities |
|
|
2.5 |
|
|
|
2.5 |
|
|
|
2.5 |
|
|
|
2.5 |
|
|
|
2.5 |
|
|
|
0.0 |
|
|
|
0.0 |
|
| less: Other adjustments |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 capital |
|
$ |
17.3 |
|
|
$ |
16.7 |
|
|
$ |
16.2 |
|
|
$ |
16.0 |
|
|
$ |
16.3 |
|
|
$ |
0.6 |
|
|
$ |
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 capital |
|
$ |
17.3 |
|
|
$ |
16.7 |
|
|
$ |
16.2 |
|
|
$ |
16.0 |
|
|
$ |
16.3 |
|
|
$ |
0.6 |
|
|
$ |
1.0 |
|
| add: Qualifying subordinated debt |
|
|
0.8 |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
(0.2 |
) |
|
|
(0.2 |
) |
| add: Allowance for loan and lease losses includible in Tier 2 capital and other adjustments |
|
|
1.7 |
|
|
|
1.6 |
|
|
|
1.6 |
|
|
|
1.7 |
|
|
|
1.2 |
|
|
|
0.1 |
|
|
|
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total capital |
|
$ |
19.8 |
|
|
$ |
19.3 |
|
|
$ |
18.9 |
|
|
$ |
18.6 |
|
|
$ |
18.5 |
|
|
$ |
0.5 |
|
|
$ |
1.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total shareholders’ equity |
|
$ |
14.7 |
|
|
$ |
14.1 |
|
|
$ |
13.8 |
|
|
$ |
13.5 |
|
|
$ |
14.4 |
|
|
$ |
0.6 |
|
|
$ |
0.3 |
|
| Goodwill and intangible assets, net of deferred tax liabilities |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.5 |
) |
|
|
0.0 |
|
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible common equity (1) |
|
$ |
14.3 |
|
|
$ |
13.7 |
|
|
$ |
13.4 |
|
|
$ |
13.1 |
|
|
$ |
14.0 |
|
|
$ |
0.6 |
|
|
$ |
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
182.2 |
|
|
$ |
185.3 |
|
|
$ |
184.1 |
|
|
$ |
182.5 |
|
|
$ |
180.6 |
|
|
$ |
(3.1 |
) |
|
$ |
1.6 |
|
| less: Goodwill and intangible assets, net of deferred tax liabilities |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.5 |
) |
|
|
0.0 |
|
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible assets (2) |
|
$ |
181.8 |
|
|
$ |
184.9 |
|
|
$ |
183.7 |
|
|
$ |
182.1 |
|
|
$ |
180.2 |
|
|
$ |
(3.1 |
) |
|
$ |
1.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Numbers may
not foot due to rounding
(1) Represents a non-GAAP financial measure. Tangible Common Equity is a non-GAAP financial measure that is defined as common
stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common
equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in
the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted for tax-effected Core OID balance and net deferred tax asset.
(2) Represents a non-GAAP financial measure. Ally defines tangible assets as total assets less goodwill and intangible assets,
net of deferred tax liabilities.
In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory
capital by allowing BHCs and banks, including Ally, the option to phase in the day-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective on March 31,
2020, and provided an alternative option for banks to temporarily delay the impacts of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. A final rule that was largely unchanged from
the March 2020 interim funal rule was issued by the FRB and other U.S. banking agencies in August 2020, and became effective in September 2020. For regulatory capital purposes, these rules permitted us to delay recognizing the estimated impact of
CECL on regulatory capital until after a two-year deferral period, which for us extends through December 31, 2021. Beginning on January 1, 2022, we will be required to phase in 25% of the previously deferred estimated capital impact of CECL, with an
additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. Under these rules, firms that adopt CECL and elect the five-year transition will calculate the estimated impact of CECL on
regulatory capital as the day-one impact of adoption plus 25% of the subsequent change in allowance during the two-year deferral period, which according to the final rule approximates the impact of CECL relative to an incurred loss model. We adopted
this transition option during the first quarter of 2020, and plan to phase in the regulatory capital impacts of CECL based on this five-year transition period.
|
|
|
| 4Q 2020 Preliminary Results |
|
17 |
|
|
|
| ALLY FINANCIAL INC.
LIQUIDITY |
|
|
($ in billions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
|
|
|
|
|
|
|
| Consolidated Available Liquidity |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
| Liquid cash and cash equivalents (1) |
|
$ |
14.9 |
|
|
$ |
19.3 |
|
|
$ |
18.6 |
|
|
$ |
5.7 |
|
|
$ |
3.1 |
|
|
$ |
(4.4 |
) |
|
$ |
11.8 |
|
| Highly liquid securities (2) |
|
|
24.8 |
|
|
|
23.5 |
|
|
|
23.4 |
|
|
|
24.0 |
|
|
|
24.7 |
|
|
|
1.3 |
|
|
|
0.1 |
|
| Current committed unused capacity |
|
|
0.6 |
|
|
|
1.4 |
|
|
|
1.6 |
|
|
|
0.4 |
|
|
|
2.1 |
|
|
|
(0.8 |
) |
|
|
(1.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total current available liquidity |
|
$ |
40.3 |
|
|
$ |
44.2 |
|
|
$ |
43.5 |
|
|
$ |
30.1 |
|
|
$ |
29.9 |
|
|
$ |
(3.9 |
) |
|
$ |
10.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unsecured Long-Term Debt Maturity Profile |
|
2021 |
|
2022 |
|
2023 |
|
2024 |
|
2025 |
|
2026 & After |
|
|
| Consolidated remaining maturities (3) |
|
$ |
0.6 |
|
|
$ |
1.1 |
|
|
$ |
2.0 |
|
|
$ |
1.5 |
|
|
$ |
2.3 |
|
|
$ |
2.5 |
|
|
|
|
|
(1) May include the
restricted cash accumulation for retained notes maturing within the following 30 days and returned to Ally on the distribution date
(2) Includes unencumbered
UST, Agency debt and Agency MBS
(3) Excludes retail notes, demand notes and trust preferred securities; as of 12/31/2020. Reflects notional value of
outstanding bond. Excludes total GAAP OID and capitalized transaction costs.
|
|
|
| 4Q 2020 Preliminary Results |
|
18 |
|
|
|
| ALLY FINANCIAL INC.
NET INTEREST MARGIN AND DEPOSITS |
|
|
($in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| Average Balance Details |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Retail Auto Loans |
|
$ |
73,401 |
|
|
$ |
72,999 |
|
|
$ |
72,262 |
|
|
$ |
72,550 |
|
|
$ |
72,626 |
|
|
$ |
402 |
|
|
$ |
775 |
|
|
$ |
72,805 |
|
|
$ |
72,268 |
|
|
$ |
537 |
|
| Auto Lease (net of dep) |
|
|
9,587 |
|
|
|
9,317 |
|
|
|
9,068 |
|
|
|
9,078 |
|
|
|
8,749 |
|
|
|
270 |
|
|
|
838 |
|
|
|
9,264 |
|
|
|
8,509 |
|
|
|
755 |
|
| Commercial Auto |
|
|
22,418 |
|
|
|
21,265 |
|
|
|
26,106 |
|
|
|
30,472 |
|
|
|
31,921 |
|
|
|
1,153 |
|
|
|
(9,503) |
|
|
|
25,048 |
|
|
|
33,886 |
|
|
|
(8,838) |
|
| Commercial Finance |
|
|
6,203 |
|
|
|
6,188 |
|
|
|
6,580 |
|
|
|
6,088 |
|
|
|
5,526 |
|
|
|
15 |
|
|
|
677 |
|
|
|
6,265 |
|
|
|
5,162 |
|
|
|
1,103 |
|
| Mortgage |
|
|
15,445 |
|
|
|
17,096 |
|
|
|
17,422 |
|
|
|
17,296 |
|
|
|
17,140 |
|
|
|
(1,651) |
|
|
|
(1,695) |
|
|
|
16,812 |
|
|
|
17,473 |
|
|
|
(661) |
|
| Cash and Cash Equivalents |
|
|
17,758 |
|
|
|
20,719 |
|
|
|
12,496 |
|
|
|
4,853 |
|
|
|
3,811 |
|
|
|
(2,961) |
|
|
|
13,947 |
|
|
|
13,985 |
|
|
|
3,837 |
|
|
|
10,148 |
|
| Investment Securities and Other(1) |
|
|
33,697 |
|
|
|
32,529 |
|
|
|
32,596 |
|
|
|
33,083 |
|
|
|
34,056 |
|
|
|
1,168 |
|
|
|
(359) |
|
|
|
32,976 |
|
|
|
32,597 |
|
|
|
379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Earning Assets |
|
$ |
178,509 |
|
|
$ |
180,113 |
|
|
$ |
176,530 |
|
|
$ |
173,420 |
|
|
$ |
173,829 |
|
|
$ |
(1,604) |
|
|
$ |
4,680 |
|
|
$ |
177,155 |
|
|
$ |
173,732 |
|
|
$ |
3,423 |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Revenue |
|
|
1,947 |
|
|
|
1,970 |
|
|
|
1,926 |
|
|
|
2,103 |
|
|
|
2,180 |
|
|
|
(23) |
|
|
|
(233) |
|
|
|
7,946 |
|
|
|
8,876 |
|
|
|
(930) |
|
|
|
|
|
|
|
|
|
|
|
|
| Unsecured Debt (ex. Core OID
balance) (2)(5)
|
|
$ |
12,735 |
|
|
$ |
12,315 |
|
|
$ |
11,627 |
|
|
$ |
12,182 |
|
|
$ |
12,741 |
|
|
$ |
420 |
|
|
$ |
(6) |
|
|
$ |
12,216 |
|
|
$ |
12,831 |
|
|
$ |
(614) |
|
| Secured Debt |
|
|
5,289 |
|
|
|
6,154 |
|
|
|
8,122 |
|
|
|
9,193 |
|
|
|
9,563 |
|
|
|
(866) |
|
|
|
(4,275) |
|
|
|
7,181 |
|
|
|
12,302 |
|
|
|
(5,121) |
|
| Deposits (3) |
|
|
135,642 |
|
|
|
132,964 |
|
|
|
127,014 |
|
|
|
121,217 |
|
|
|
120,057 |
|
|
|
2,679 |
|
|
|
15,585 |
|
|
|
129,238 |
|
|
|
115,385 |
|
|
|
13,853 |
|
| Other Borrowings (4) |
|
|
9,462 |
|
|
|
14,427 |
|
|
|
16,567 |
|
|
|
17,302 |
|
|
|
18,000 |
|
|
|
(4,966) |
|
|
|
(8,538) |
|
|
|
14,426 |
|
|
|
20,097 |
|
|
|
(5,671) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Funding Sources (ex. Core OID balance) (2)
|
|
$ |
163,128 |
|
|
$ |
165,860 |
|
|
$ |
163,330 |
|
|
$ |
159,894 |
|
|
$ |
160,361 |
|
|
$ |
(2,732) |
|
|
$ |
2,767 |
|
|
$ |
163,061 |
|
|
$ |
160,615 |
|
|
$ |
2,446 |
|
| Interest Expense (ex. Core OID) (2) |
|
|
635 |
|
|
|
761 |
|
|
|
863 |
|
|
|
949 |
|
|
|
1,016 |
|
|
|
(126) |
|
|
|
(381) |
|
|
|
3,207 |
|
|
|
4,215 |
|
|
|
(1,008) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Financing Revenue (ex. Core OID) (2)
|
|
$ |
1,312 |
|
|
$ |
1,209 |
|
|
$ |
1,063 |
|
|
$ |
1,154 |
|
|
$ |
1,164 |
|
|
$ |
103 |
|
|
$ |
148 |
|
|
$ |
4,739 |
|
|
$ |
4,661 |
|
|
$ |
78 |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Margin (yield details) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail Auto Loan |
|
|
6.57% |
|
|
|
6.56% |
|
|
|
6.48% |
|
|
|
6.54% |
|
|
|
6.68% |
|
|
|
0.01% |
|
|
|
(0.10)% |
|
|
|
6.54% |
|
|
|
6.60% |
|
|
|
(0.06)% |
|
| Retail Auto Loan (excl. hedge impact) |
|
|
6.83% |
|
|
|
6.83% |
|
|
|
6.77% |
|
|
|
6.66% |
|
|
|
6.74% |
|
|
|
—% |
|
|
|
0.09% |
|
|
|
6.77% |
|
|
|
6.61% |
|
|
|
0.17% |
|
| Auto Lease (net of dep) |
|
|
7.82% |
|
|
|
7.89% |
|
|
|
4.10% |
|
|
|
5.22% |
|
|
|
5.19% |
|
|
|
(0.07)% |
|
|
|
2.64% |
|
|
|
6.30% |
|
|
|
5.74% |
|
|
|
0.56% |
|
| Commercial Auto |
|
|
3.34% |
|
|
|
3.30% |
|
|
|
3.55% |
|
|
|
4.11% |
|
|
|
4.25% |
|
|
|
0.04% |
|
|
|
(0.92)% |
|
|
|
3.62% |
|
|
|
4.61% |
|
|
|
(0.99)% |
|
| Corporate Finance |
|
|
5.69% |
|
|
|
5.40% |
|
|
|
5.64% |
|
|
|
6.27% |
|
|
|
6.65% |
|
|
|
0.30% |
|
|
|
(0.96)% |
|
|
|
5.74% |
|
|
|
7.23% |
|
|
|
(1.49)% |
|
| Mortgage |
|
|
2.74% |
|
|
|
3.00% |
|
|
|
3.15% |
|
|
|
3.45% |
|
|
|
3.46% |
|
|
|
(0.26)% |
|
|
|
(0.72)% |
|
|
|
3.09% |
|
|
|
3.63% |
|
|
|
(0.54)% |
|
| Cash and Cash Equivalents |
|
|
0.10% |
|
|
|
0.11% |
|
|
|
0.12% |
|
|
|
1.16% |
|
|
|
1.61% |
|
|
|
(0.01)% |
|
|
|
(1.52)% |
|
|
|
0.20% |
|
|
|
2.02% |
|
|
|
(1.83)% |
|
| Investment Securities and Other(1) |
|
|
1.86% |
|
|
|
2.28% |
|
|
|
2.55% |
|
|
|
2.85% |
|
|
|
2.83% |
|
|
|
(0.42)% |
|
|
|
(0.97)% |
|
|
|
2.38% |
|
|
|
2.98% |
|
|
|
(0.59)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Earning Assets |
|
|
4.34% |
|
|
|
4.35% |
|
|
|
4.39% |
|
|
|
4.88% |
|
|
|
4.97% |
|
|
|
(0.01)% |
|
|
|
(0.63)% |
|
|
|
4.49% |
|
|
|
5.11% |
|
|
|
(0.62)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Unsecured Debt (ex. Core OID & Core OID balance)
(2)(5) |
|
|
5.45% |
|
|
|
5.74% |
|
|
|
6.11% |
|
|
|
6.32% |
|
|
|
6.20% |
|
|
|
(0.28)% |
|
|
|
(0.75)% |
|
|
|
5.89% |
|
|
|
6.26% |
|
|
|
(0.37)% |
|
| Secured Debt |
|
|
3.07% |
|
|
|
2.94% |
|
|
|
2.64% |
|
|
|
2.82% |
|
|
|
2.92% |
|
|
|
0.11% |
|
|
|
0.14% |
|
|
|
2.84% |
|
|
|
3.07% |
|
|
|
(0.23)% |
|
| Deposits (3) |
|
|
1.08% |
|
|
|
1.35% |
|
|
|
1.72% |
|
|
|
1.97% |
|
|
|
2.11% |
|
|
|
(0.29)% |
|
|
|
(1.03)% |
|
|
|
1.51% |
|
|
|
2.20% |
|
|
|
(0.69)% |
|
| Other Borrowings(4) |
|
|
2.18% |
|
|
|
2.36% |
|
|
|
2.25% |
|
|
|
2.34% |
|
|
|
2.42% |
|
|
|
(0.18)% |
|
|
|
(0.24)% |
|
|
|
2.29% |
|
|
|
2.47% |
|
|
|
(0.18)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Funding Sources (ex. Core OID & Core OID balance) (2) |
|
|
1.55% |
|
|
|
1.82% |
|
|
|
2.13% |
|
|
|
2.39% |
|
|
|
2.51% |
|
|
|
(0.28)% |
|
|
|
(0.96)% |
|
|
|
1.97% |
|
|
|
2.62% |
|
|
|
(0.65)% |
|
|
|
|
|
|
|
|
|
|
|
|
| NIM (as reported) |
|
|
2.90% |
|
|
|
2.65% |
|
|
|
2.40% |
|
|
|
2.66% |
|
|
|
2.64% |
|
|
|
0.25% |
|
|
|
0.26% |
|
|
|
2.65% |
|
|
|
2.67% |
|
|
|
(0.02)% |
|
|
|
|
|
|
|
|
|
|
|
|
| NIM (ex. Core OID & Core OID balance) (2)
|
|
|
2.92% |
|
|
|
2.67% |
|
|
|
2.42% |
|
|
|
2.68% |
|
|
|
2.66% |
|
|
|
0.25% |
|
|
|
0.26% |
|
|
|
2.67% |
|
|
|
2.68% |
|
|
|
(0.01)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Ally Bank Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Key Deposit Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average retail CD maturity (months) |
|
|
19.7 |
|
|
|
19.6 |
|
|
|
19.6 |
|
|
|
19.9 |
|
|
|
20.1 |
|
|
|
0.1 |
|
|
|
(0.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average retail deposit rate |
|
|
0.97% |
|
|
|
1.26% |
|
|
|
1.64% |
|
|
|
1.88% |
|
|
|
2.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| End of Period Deposit Levels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail |
|
$ |
124,357 |
|
|
$ |
120,789 |
|
|
$ |
115,813 |
|
|
$ |
106,068 |
|
|
$ |
103,734 |
|
|
$ |
3,568 |
|
|
$ |
20,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Brokered & other |
|
|
12,680 |
|
|
|
14,149 |
|
|
|
15,223 |
|
|
|
16,256 |
|
|
|
17,018 |
|
|
|
(1,469) |
|
|
|
(4,338) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total deposits |
|
$ |
137,036 |
|
|
$ |
134,938 |
|
|
$ |
131,036 |
|
|
$ |
122,324 |
|
|
$ |
120,752 |
|
|
$ |
2,098 |
|
|
$ |
16,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposit Mix |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail CD |
|
|
33% |
|
|
|
34% |
|
|
|
36% |
|
|
|
38% |
|
|
|
37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MMA/OSA/Checking |
|
|
58% |
|
|
|
56% |
|
|
|
53% |
|
|
|
49% |
|
|
|
49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Brokered |
|
|
9% |
|
|
|
10% |
|
|
|
11% |
|
|
|
13% |
|
|
|
14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
‘Other’ includes held-for-investment consumer loans associated with Health Credit Services (HCS), now Ally Lending.
(2) Represents a non-GAAP financial measure. Excludes Core OID from interest expense and Core OID balance from Unsecured Debt.
(3) Includes retail, brokered, and other deposits. Brokered includes sweep deposits. Other includes mortgage escrow and other deposits.
(4) Includes Demand Notes, FHLB Borrowings and Repurchase Agreements.
(5)
Includes trust preferred securities.
|
|
|
| 4Q 2020 Preliminary Results |
|
19 |
|
|
|
| ALLY FINANCIAL INC.
ALLY BANK CONSUMER MORTGAGE HFI PORTFOLIOS (PERIOD-END) |
|
|
($ in billions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
|
|
|
|
|
| Mortgage Finance HFI Portfolio |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
| Loan Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross carry value |
|
$ |
14.6 |
|
|
$ |
15.2 |
|
|
$ |
16.4 |
|
|
$ |
15.9 |
|
|
$ |
16.2 |
|
| Net carry value |
|
$ |
14.6 |
|
|
$ |
15.1 |
|
|
$ |
16.4 |
|
|
$ |
15.9 |
|
|
$ |
16.2 |
|
|
|
|
|
|
|
| Estimated Pool Characteristics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Second lien |
|
|
0.0% |
|
|
|
0.0% |
|
|
|
0.0% |
|
|
|
0.0% |
|
|
|
0.0% |
|
| % Interest only |
|
|
0.0% |
|
|
|
0.0% |
|
|
|
0.0% |
|
|
|
0.0% |
|
|
|
0.0% |
|
| % 30+ Day delinquent(1)(2) |
|
|
0.8% |
|
|
|
1.3% |
|
|
|
0.6% |
|
|
|
0.5% |
|
|
|
0.5% |
|
| % Low/No documentation |
|
|
0.2% |
|
|
|
0.2% |
|
|
|
0.2% |
|
|
|
0.2% |
|
|
|
0.1% |
|
| % Non-primary residence |
|
|
4.8% |
|
|
|
4.7% |
|
|
|
4.6% |
|
|
|
4.5% |
|
|
|
4.5% |
|
| Refreshed FICO(3) |
|
|
776 |
|
|
|
776 |
|
|
|
774 |
|
|
|
772 |
|
|
|
774 |
|
| Wtd. Avg. LTV/CLTV (4) |
|
|
60.1% |
|
|
|
60.3% |
|
|
|
60.4% |
|
|
|
60.0% |
|
|
|
60.3% |
|
|
|
|
|
|
|
| Corporate Other Legacy Mortgage HFI Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross carry value |
|
$ |
0.5 |
|
|
$ |
0.9 |
|
|
$ |
1.0 |
|
|
$ |
1.1 |
|
|
$ |
1.1 |
|
| Net carry value |
|
$ |
0.5 |
|
|
$ |
0.9 |
|
|
$ |
1.0 |
|
|
$ |
1.0 |
|
|
$ |
1.1 |
|
|
|
|
|
|
|
| Estimated Pool Characteristics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Second lien |
|
|
19.8% |
|
|
|
12.6% |
|
|
|
13.2% |
|
|
|
13.6% |
|
|
|
13.9% |
|
| % Interest only |
|
|
0.1% |
|
|
|
0.1% |
|
|
|
0.1% |
|
|
|
0.1% |
|
|
|
0.1% |
|
| % 30+ Day delinquent(1)(2) |
|
|
7.1% |
|
|
|
4.7% |
|
|
|
4.0% |
|
|
|
5.1% |
|
|
|
5.4% |
|
| % Low/No documentation |
|
|
22.2% |
|
|
|
24.0% |
|
|
|
23.4% |
|
|
|
23.1% |
|
|
|
23.5% |
|
| % Non-primary residence |
|
|
3.6% |
|
|
|
7.1% |
|
|
|
6.9% |
|
|
|
7.1% |
|
|
|
7.2% |
|
| Refreshed FICO(3) |
|
|
733 |
|
|
|
733 |
|
|
|
730 |
|
|
|
730 |
|
|
|
730 |
|
| Wtd. Avg. LTV/CLTV (4) |
|
|
62.8% |
|
|
|
59.2% |
|
|
|
62.1% |
|
|
|
63.0% |
|
|
|
63.8% |
|
1) MBA Delinquency
buckets were used for First Lien products and OTS Delinquency buckets were used for all others
2) %30+ Day Delinquency bucket excludes loans which are current
but are in bankruptcy
3) Refreshed FICO includes the entire Bank HFI portfolio, inclusive of SBO. Previously, SBO loans had been excluded from our reporting
4) 1st lien only. Updated home values derived using a combination of appraisals, BPOs, AVMs and MSA level house price indices
|
|
|
| 4Q 2020 Preliminary Results |
|
20 |
|
|
|
| ALLY FINANCIAL INC.
EARNINGS PER SHARE RELATED INFORMATION |
|
|
($ in millions, shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| Earnings Per Share Data |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| GAAP net income (loss) attributable to common shareholders |
|
$ |
687 |
|
|
$ |
476 |
|
|
$ |
241 |
|
|
$ |
(319 |
) |
|
$ |
378 |
|
|
$ |
211 |
|
|
$ |
309 |
|
|
$ |
1,085 |
|
|
$ |
1,715 |
|
|
$ |
(630 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average common shares outstanding - basic (1)
|
|
|
376,081 |
|
|
|
375,658 |
|
|
|
375,051 |
|
|
|
375,723 |
|
|
|
380,793 |
|
|
|
423 |
|
|
|
(4,712 |
) |
|
|
375,629 |
|
|
|
393,234 |
|
|
|
(17,605 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average common shares outstanding - diluted (1)
|
|
|
378,424 |
|
|
|
377,011 |
|
|
|
375,762 |
|
|
|
375,723 |
|
|
|
383,391 |
|
|
|
1,412 |
|
|
|
(4,968 |
) |
|
|
377,101 |
|
|
|
395,395 |
|
|
|
(18,294 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Issued shares outstanding (period-end) |
|
|
374,674 |
|
|
|
373,857 |
|
|
|
373,837 |
|
|
|
373,155 |
|
|
|
374,332 |
|
|
|
817 |
|
|
|
342 |
|
|
|
374,674 |
|
|
|
374,332 |
|
|
|
342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per share - basic (1)
|
|
$ |
1.83 |
|
|
$ |
1.27 |
|
|
$ |
0.64 |
|
|
$ |
(0.85 |
) |
|
$ |
0.99 |
|
|
$ |
0.56 |
|
|
$ |
0.83 |
|
|
$ |
2.89 |
|
|
$ |
4.36 |
|
|
$ |
(1.47 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per share - diluted (1)
|
|
$ |
1.82 |
|
|
$ |
1.26 |
|
|
$ |
0.64 |
|
|
$ |
(0.85 |
) |
|
$ |
0.99 |
|
|
$ |
0.55 |
|
|
$ |
0.83 |
|
|
$ |
2.88 |
|
|
$ |
4.34 |
|
|
$ |
(1.46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Earnings per Share (“Adjusted EPS”) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net income (loss) attributable to common shareholders |
|
$ |
687 |
|
|
$ |
476 |
|
|
$ |
241 |
|
|
$ |
(319 |
) |
|
$ |
378 |
|
|
$ |
211 |
|
|
$ |
309 |
|
|
$ |
1,085 |
|
|
$ |
1,715 |
|
|
$ |
(630 |
) |
| Discontinued operations, net of tax |
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
3 |
|
|
|
0 |
|
|
|
(3 |
) |
|
|
1 |
|
|
|
6 |
|
|
|
(5 |
) |
| Core OID |
|
|
9 |
|
|
|
9 |
|
|
|
9 |
|
|
|
8 |
|
|
|
8 |
|
|
|
0 |
|
|
|
2 |
|
|
|
36 |
|
|
|
29 |
|
|
|
6 |
|
| Change in the fair value of equity securities (2)
|
|
|
(111 |
) |
|
|
(13 |
) |
|
|
(90 |
) |
|
|
185 |
|
|
|
(29 |
) |
|
|
(98 |
) |
|
|
(83 |
) |
|
|
(29 |
) |
|
|
(89 |
) |
|
|
60 |
|
| Core OID & change in the fair value of equity securities tax (tax rate 21%) |
|
|
21 |
|
|
|
1 |
|
|
|
17 |
|
|
|
(41 |
) |
|
|
4 |
|
|
|
21 |
|
|
|
17 |
|
|
|
(1 |
) |
|
|
13 |
|
|
|
(14 |
) |
| Repositioning and other (3) |
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
50 |
|
| Significant discrete tax items |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(201 |
) |
|
|
201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core net income attributable to common
shareholders (4) |
|
$ |
606 |
|
|
$ |
473 |
|
|
$ |
228 |
|
|
$ |
(166 |
) |
|
$ |
364 |
|
|
$ |
134 |
|
|
$ |
242 |
|
|
$ |
1,141 |
|
|
$ |
1,472 |
|
|
$ |
(331 |
) |
| Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average common shares outstanding - diluted (1)
|
|
|
378,424 |
|
|
|
377,011 |
|
|
|
375,762 |
|
|
|
375,723 |
|
|
|
383,391 |
|
|
|
1,412 |
|
|
|
(4,968 |
) |
|
|
377,101 |
|
|
|
395,395 |
|
|
|
(18,294 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EPS (5) |
|
$ |
1.60 |
|
|
$ |
1.25 |
|
|
$ |
0.61 |
|
|
$ |
(0.44 |
) |
|
$ |
0.95 |
|
|
$ |
0.35 |
|
|
$ |
0.65 |
|
|
$ |
3.03 |
|
|
$ |
3.72 |
|
|
$ |
(0.70 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Memo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Original Issue Discount Amortization Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core original issue discount (Core OID) amortization expense
(6) |
|
$ |
9 |
|
|
$ |
9 |
|
|
$ |
9 |
|
|
$ |
8 |
|
|
$ |
8 |
|
|
$ |
0 |
|
|
$ |
2 |
|
|
$ |
36 |
|
|
$ |
29 |
|
|
$ |
6 |
|
| Other OID |
|
|
3 |
|
|
|
3 |
|
|
|
4 |
|
|
|
3 |
|
|
|
3 |
|
|
|
0 |
|
|
|
0 |
|
|
|
12 |
|
|
|
13 |
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP original issue discount amortization expense |
|
$ |
13 |
|
|
$ |
12 |
|
|
$ |
12 |
|
|
$ |
11 |
|
|
$ |
11 |
|
|
$ |
0 |
|
|
$ |
2 |
|
|
$ |
48 |
|
|
$ |
42 |
|
|
$ |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding Original Issue Discount Balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core outstanding original issue discount balance (Core OID balance) (7) |
|
$ |
(1,027 |
) |
|
$ |
(1,037 |
) |
|
$ |
(1,046 |
) |
|
$ |
(1,055 |
) |
|
$ |
(1,063 |
) |
|
$ |
9 |
|
|
$ |
36 |
|
|
$ |
(1,027 |
) |
|
$ |
(1,063 |
) |
|
$ |
36 |
|
| Other outstanding OID balance |
|
|
(37 |
) |
|
|
(48 |
) |
|
|
(46 |
) |
|
|
(34 |
) |
|
|
(37 |
) |
|
|
11 |
|
|
|
0 |
|
|
|
(37 |
) |
|
|
(37 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP outstanding original issue discount balance |
|
$ |
(1,064 |
) |
|
$ |
(1,084 |
) |
|
$ |
(1,092 |
) |
|
$ |
(1,089 |
) |
|
$ |
(1,100 |
) |
|
$ |
20 |
|
|
$ |
36 |
|
|
$ |
(1,064 |
) |
|
$ |
(1,100 |
) |
|
$ |
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Other Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Other Revenue |
|
$ |
678 |
|
|
$ |
484 |
|
|
$ |
555 |
|
|
$ |
266 |
|
|
$ |
487 |
|
|
$ |
194 |
|
|
$ |
191 |
|
|
$ |
1,983 |
|
|
$ |
1,761 |
|
|
$ |
222 |
|
| Change in the fair value of equity securities (2)
|
|
|
(111 |
) |
|
|
(13 |
) |
|
|
(90 |
) |
|
|
185 |
|
|
|
(29 |
) |
|
|
(98 |
) |
|
|
(83 |
) |
|
|
(29 |
) |
|
|
(89 |
) |
|
|
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Other Revenue |
|
$ |
567 |
|
|
$ |
471 |
|
|
$ |
465 |
|
|
$ |
451 |
|
|
$ |
458 |
|
|
$ |
96 |
|
|
$ |
108 |
|
|
$ |
1,954 |
|
|
$ |
1,672 |
|
|
$ |
282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Financing Revenue (ex. Core OID) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net financing revenue |
|
$ |
1,303 |
|
|
$ |
1,200 |
|
|
$ |
1,054 |
|
|
$ |
1,146 |
|
|
$ |
1,156 |
|
|
$ |
103 |
|
|
$ |
147 |
|
|
$ |
4,703 |
|
|
$ |
4,633 |
|
|
$ |
70 |
|
| Core OID |
|
|
9 |
|
|
|
9 |
|
|
|
9 |
|
|
|
8 |
|
|
|
8 |
|
|
|
0 |
|
|
|
2 |
|
|
|
36 |
|
|
|
29 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Financing Revenue (ex. Core OID) |
|
$ |
1,312 |
|
|
$ |
1,209 |
|
|
$ |
1,063 |
|
|
$ |
1,154 |
|
|
$ |
1,164 |
|
|
$ |
103 |
|
|
$ |
149 |
|
|
$ |
4,739 |
|
|
$ |
4,662 |
|
|
$ |
76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Noninterest expense |
|
$ |
1,023 |
|
|
$ |
905 |
|
|
$ |
985 |
|
|
$ |
920 |
|
|
$ |
880 |
|
|
$ |
118 |
|
|
$ |
143 |
|
|
$ |
3,833 |
|
|
$ |
3,429 |
|
|
$ |
404 |
|
| Repositioning and other (3) |
|
|
- |
|
|
|
- |
|
|
|
(50 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(50 |
) |
|
|
- |
|
|
|
(50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Noninterest Expense |
|
$ |
1,023 |
|
|
$ |
905 |
|
|
$ |
935 |
|
|
$ |
920 |
|
|
$ |
880 |
|
|
$ |
118 |
|
|
$ |
143 |
|
|
$ |
3,783 |
|
|
$ |
3,429 |
|
|
$ |
354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Due to
antidilutive effect of the net loss from pre-tax loss from continuing operations attributable to common shareholders for the first quarter 2020, basic weighted average common shares outstanding were used to
calculate diluted earnings per share
(2) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair
value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such
adjustments were recognized through other comprehensive income, a component of equity.
(3) Repositioning and other includes a $50 million Goodwill
impairment at Ally Invest in 2Q 20
(4) Core net income attributable to common shareholders is a non-GAAP financial
measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability
to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense,
repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, significant discrete tax items and tax-effected changes in equity investments measured at fair value, as applicable for respective periods..
(5) Adjusted
earnings per share (Adjusted EPS) ) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise
does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of
Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other
discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items,
(4) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to
periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, and (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses,
and adjusts for preferred stock capital actions (e.g., Series A and Series G) that have been taken by the company to normalize its capital structure, as applicable for respective periods.
(6) Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID, and is believed by
management to help the reader better understand the activity removed from: Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Adjusted EPS, Core ROTCE, Adjusted efficiency
ratio, Adjusted total net revenue, and Net financing revenue (excluding Core OID). Core OID is primarily related to bond exchange OID which excludes international operations and future issuances.
(7) Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial measure for outstanding OID,
and is believed by management to help the reader better understand the balance removed from Core ROTCE and Adjusted TBVPS. Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances.
|
|
|
| 4Q 2020 Preliminary Results |
|
21 |
|
|
|
| ALLY FINANCIAL INC.
ADJUSTED TANGIBLE BOOK PER SHARE RELATED INFORMATION |
|
|
($ in billions, shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
|
|
|
|
|
|
|
| Adjusted Tangible Book Value Per Share (“Adjusted TBVPS”)
Information |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
|
|
|
|
|
|
|
| Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP common shareholder’s equity |
|
$ |
14.7 |
|
|
$ |
14.1 |
|
|
$ |
13.8 |
|
|
$ |
13.5 |
|
|
$ |
14.4 |
|
|
$ |
0.6 |
|
|
$ |
0.3 |
|
| Goodwill and identifiable intangibles, net of DTLs |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.5 |
) |
|
|
0.0 |
|
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible common equity |
|
|
14.3 |
|
|
|
13.7 |
|
|
|
13.4 |
|
|
|
13.1 |
|
|
|
14.0 |
|
|
|
0.6 |
|
|
|
0.4 |
|
| Tax-effected Core OID balance (21% tax rate) |
|
|
(0.8 |
) |
|
|
(0.8 |
) |
|
|
(0.8 |
) |
|
|
(0.8 |
) |
|
|
(0.8 |
) |
|
|
0.0 |
|
|
|
0.0 |
|
| Adjusted tangible book value (1) |
|
$ |
13.5 |
|
|
$ |
12.9 |
|
|
$ |
12.6 |
|
|
$ |
12.2 |
|
|
$ |
13.1 |
|
|
$ |
0.6 |
|
|
$ |
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issued shares outstanding (period-end, thousands) |
|
|
374,674 |
|
|
|
373,857 |
|
|
|
373,837 |
|
|
|
373,155 |
|
|
|
374,332 |
|
|
|
817 |
|
|
|
342 |
|
|
|
|
|
|
|
|
|
| GAAP common shareholder’s equity per share |
|
$ |
39.2 |
|
|
$ |
37.8 |
|
|
$ |
37.0 |
|
|
$ |
36.2 |
|
|
$ |
38.5 |
|
|
$ |
1.5 |
|
|
$ |
0.7 |
|
| Goodwill and identifiable intangibles, net of DTLs per share |
|
|
(1.0 |
) |
|
|
(1.0 |
) |
|
|
(1.0 |
) |
|
|
(1.2 |
) |
|
|
(1.2 |
) |
|
|
0.0 |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible common equity per share |
|
|
38.2 |
|
|
|
36.7 |
|
|
|
35.9 |
|
|
|
35.0 |
|
|
|
37.3 |
|
|
|
1.5 |
|
|
|
0.9 |
|
| Tax-effected Core OID balance (21% tax rate) per
share |
|
|
(2.2 |
) |
|
|
(2.2 |
) |
|
|
(2.2 |
) |
|
|
(2.2 |
) |
|
|
(2.2 |
) |
|
|
0.0 |
|
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted tangible book value per share (1)
|
|
$ |
36.1 |
|
|
$ |
34.6 |
|
|
$ |
33.7 |
|
|
$ |
32.8 |
|
|
$ |
35.1 |
|
|
$ |
1.5 |
|
|
$ |
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted
tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through
the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity
for (1) goodwill and identifiable intangibles, net of DTLs, and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are
redeemed/tendered and (3) Series G discount which reduces tangible common equity as the company has normalized its capital structure, as applicable for respective periods.
Note: In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21%
(“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate.
|
|
|
| 4Q 2020 Preliminary Results |
|
22 |
|
|
|
| ALLY FINANCIAL INC.
CORE ROTCE RELATED INFORMATION |
|
|
($ in millions) unless noted otherwise
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TRENDS |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| Core Return on Tangible Common Equity
(“Core ROTCE”) |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net income attributable to common shareholders |
|
$ |
687 |
|
|
$ |
476 |
|
|
$ |
241 |
|
|
$ |
(319 |
) |
|
$ |
378 |
|
|
$ |
211 |
|
|
$ |
309 |
|
|
$ |
1,085 |
|
|
$ |
1,715 |
|
|
$ |
(630 |
) |
| Discontinued operations, net of tax |
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
(3 |
) |
|
|
1 |
|
|
|
6 |
|
|
|
(5 |
) |
| Core OID |
|
|
9 |
|
|
|
9 |
|
|
|
9 |
|
|
|
8 |
|
|
|
8 |
|
|
|
- |
|
|
|
2 |
|
|
|
36 |
|
|
|
29 |
|
|
|
6 |
|
| Change in the fair value of equity securities (1)
|
|
|
(111 |
) |
|
|
(13 |
) |
|
|
(90 |
) |
|
|
185 |
|
|
|
(29 |
) |
|
|
(98 |
) |
|
|
(83 |
) |
|
|
(29 |
) |
|
|
(89 |
) |
|
|
60 |
|
| Core OID & change in the fair value of equity securities tax (tax rate 21%) (1) |
|
|
21 |
|
|
|
1 |
|
|
|
17 |
|
|
|
(41 |
) |
|
|
4 |
|
|
|
21 |
|
|
|
17 |
|
|
|
(1 |
) |
|
|
13 |
|
|
|
(14 |
) |
| Repositioning and other (2) |
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
50 |
|
| Significant discrete tax items |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(201 |
) |
|
|
201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core net income attributable to common shareholders (3)
|
|
$ |
606 |
|
|
$ |
473 |
|
|
$ |
228 |
|
|
$ |
(166 |
) |
|
$ |
364 |
|
|
$ |
134 |
|
|
$ |
242 |
|
|
$ |
1,141 |
|
|
$ |
1,472 |
|
|
$ |
(331 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Denominator (average, $ billions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP shareholder’s equity |
|
$ |
14.4 |
|
|
$ |
14.0 |
|
|
$ |
13.7 |
|
|
$ |
14.0 |
|
|
$ |
14.4 |
|
|
$ |
0.4 |
|
|
$ |
0.0 |
|
|
$ |
14.1 |
|
|
$ |
13.8 |
|
|
$ |
0.3 |
|
| Goodwill & identifiable intangibles, net of deferred tax liabilities (“DTLs”) |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
0.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible common equity |
|
$ |
14.0 |
|
|
$ |
13.6 |
|
|
$ |
13.3 |
|
|
$ |
13.5 |
|
|
$ |
14.1 |
|
|
$ |
0.4 |
|
|
$ |
(0.1 |
) |
|
$ |
13.7 |
|
|
$ |
13.5 |
|
|
$ |
0.2 |
|
| Core OID balance |
|
|
(1.0 |
) |
|
|
(1.0 |
) |
|
|
(1.1 |
) |
|
|
(1.1 |
) |
|
|
(1.1 |
) |
|
|
0.0 |
|
|
|
0.1 |
|
|
|
(1.0 |
) |
|
|
(1.1 |
) |
|
|
0.0 |
|
| Net deferred tax asset (“DTA”) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
(0.0 |
) |
|
|
0.0 |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Normalized common equity (4) |
|
$ |
12.9 |
|
|
$ |
12.4 |
|
|
$ |
12.0 |
|
|
$ |
12.3 |
|
|
$ |
13.0 |
|
|
$ |
0.5 |
|
|
$ |
(0.1 |
) |
|
$ |
12.6 |
|
|
$ |
12.2 |
|
|
$ |
0.3 |
|
| Core Return on Tangible Common Equity (5)
|
|
|
18.7% |
|
|
|
15.2% |
|
|
|
7.6% |
|
|
|
(5.4)% |
|
|
|
11.2% |
|
|
|
|
|
|
|
|
|
|
|
9.1% |
|
|
|
12.0% |
|
|
|
|
|
(1) Change in fair
value of equity securities impacts the Insurance and Corporate Finance segments. Excludes equity fair value adjustments related to ASU 2016-01, which requires change in the fair value of equity securities to
be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.
(2) Repositioning and other includes a $50 million Goodwill impairment at Ally Invest in 2Q 20
(3) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the
calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income
attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, repositioning and other which is primarily
related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, significant discrete tax items and tax-effected changes in
equity investments measured at fair value, as applicable for respective periods.
(4) Normalized common equity is a non - GAAP measure
(5) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for
readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s
Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the
methodology used in calculating adjusted earnings per share.
| |
1. |
In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued
operations net of tax, repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant onetime items, tax-effected Core OID, fair value
adjustments (net of tax) related to ASU 2016-01, effective 1/1/2018, which requires change in the fair value of equity securities to be recognized in current period net income as compared to prior periods in
which such adjustments were recognized through other comprehensive income, a component of equity, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods |
| |
2. |
In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL,
Core OID balance, and net DTA. |
|
|
|
| 4Q 2020 Preliminary Results |
|
23 |
|
|
|
| ALLY FINANCIAL INC.
ADJUSTED EFFICIENCY RATIO RELATED INFORMATION |
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
QUARTERLY TREND |
|
CHANGE VS. |
|
FULL YEAR |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Efficiency Ratio Calculation |
|
4Q 20 |
|
3Q 20 |
|
2Q 20 |
|
1Q 20 |
|
4Q 19 |
|
3Q 20 |
|
4Q 19 |
|
FY 2020 |
|
FY 2019 |
|
CHANGE |
| Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Noninterest expense |
|
$ |
1,023 |
|
|
$ |
905 |
|
|
$ |
985 |
|
|
$ |
920 |
|
|
$ |
880 |
|
|
$ |
118 |
|
|
$ |
143 |
|
|
$ |
3,833 |
|
|
$ |
3,429 |
|
|
$ |
404 |
|
| Rep and warrant expense |
|
|
(0 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0 |
) |
|
|
(0 |
) |
|
|
(0 |
) |
|
|
(0 |
) |
|
|
0 |
|
| Insurance expense |
|
|
(246 |
) |
|
|
(268 |
) |
|
|
(322 |
) |
|
|
(256 |
) |
|
|
(238 |
) |
|
|
22 |
|
|
|
(8 |
) |
|
|
(1,092 |
) |
|
|
(1,013 |
) |
|
|
(79 |
) |
| Repositioning |
|
|
- |
|
|
|
- |
|
|
|
(50 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(50 |
) |
|
|
- |
|
|
|
(50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted noninterest expense for the efficiency ratio |
|
$ |
777 |
|
|
$ |
637 |
|
|
$ |
613 |
|
|
$ |
664 |
|
|
$ |
642 |
|
|
$ |
140 |
|
|
$ |
135 |
|
|
$ |
2,691 |
|
|
$ |
2,416 |
|
|
$ |
275 |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net revenue |
|
$ |
1,981 |
|
|
$ |
1,684 |
|
|
$ |
1,609 |
|
|
$ |
1,412 |
|
|
$ |
1,643 |
|
|
$ |
297 |
|
|
$ |
338 |
|
|
$ |
6,686 |
|
|
$ |
6,394 |
|
|
$ |
292 |
|
| Core OID |
|
|
9 |
|
|
|
9 |
|
|
|
9 |
|
|
|
8 |
|
|
|
8 |
|
|
|
0 |
|
|
|
2 |
|
|
|
36 |
|
|
|
29 |
|
|
|
6 |
|
| Insurance revenue |
|
|
(429 |
) |
|
|
(346 |
) |
|
|
(450 |
) |
|
|
(151 |
) |
|
|
(352 |
) |
|
|
(83 |
) |
|
|
(77 |
) |
|
|
(1,376 |
) |
|
|
(1,328 |
) |
|
|
(48 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net revenue for the efficiency ratio |
|
$ |
1,561 |
|
|
$ |
1,347 |
|
|
$ |
1,168 |
|
|
$ |
1,269 |
|
|
$ |
1,299 |
|
|
$ |
214 |
|
|
$ |
263 |
|
|
$ |
5,346 |
|
|
$ |
5,095 |
|
|
$ |
250 |
|
| Adjusted Efficiency Ratio (2) |
|
|
49.8% |
|
|
|
47.3% |
|
|
|
52.5% |
|
|
|
52.3% |
|
|
|
49.4% |
|
|
|
|
|
|
|
|
|
|
|
50.3% |
|
|
|
47.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) Repositioning and
other includes a $50 million Goodwill impairment at Ally Invest in 2Q 20
(2) Adjusted efficiency ratio is a
non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted efficiency
ratio, total noninterest expense is adjusted for Insurance segment expense, Rep and warrant expense, and repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, as applicable for respective periods. In the denominator, total net revenue is adjusted for Insurance segment revenue and Core OID. See page 11 for the combined ratio for the Insurance segment which
management uses as a primary measure of underwriting profitability for the Insurance business.
|
|
|
| 4Q 2020 Preliminary Results |
|
24 |
