Ally Bank 2011 Annual Report Download - page 216

Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10−K
Condensed Consolidating Statement of Income
Year ended December 31, 2011 ($ in millions) Parent Guarantors Nonguarantors Consolidating Adjustments Ally Consolidated
Financing revenue and other interest income
Interest and fees on finance receivables and loans $ 1,071 $ 28 $ 5,546 $ (10) $ 6,635
Interest and fees on finance receivables and loans — intercompany 287 23 25 (335) —
Interest on loans held−for−sale 5 — 327 — 332
Interest on trading assets — — 19 — 19
Interest and dividends on available−for−sale investment securities 4 — 394 — 398
Interest−bearing cash 4 — 50 — 54
Operating leases 713 — 1,585 — 2,298
Total financing revenue and other interest income 2,084 51 7,946 (345) 9,736
Interest expense
Interest on deposits 65 — 635 — 700
Interest on short−term borrowings 56 3 255 — 314
Interest on long−term debt 3,479 10 1,720 — 5,209
Interest on intercompany debt (14) 27 332 (345) —
Total interest expense 3,586 40 2,942 (345) 6,223
Depreciation expense on operating lease assets 250 — 788 — 1,038
Net financing (loss) revenue (1,752) 11 4,216 — 2,475
Dividends from subsidiaries
Nonbank subsidiaries 1,383 — — (1,383) —
Other revenue
Servicing fees 270 — 1,089 (1) 1,358
Servicing asset valuation and hedge activities, net — — (789) — (789)
Total servicing income, net 270 — 300 (1) 569
Insurance premiums and service revenue earned — — 1,573 — 1,573
Gain on mortgage and automotive loans, net 22 — 448 — 470
Loss on extinguishment of debt (64) — — — (64)
Other gain on investments, net 9 — 285 — 294
Other income, net of losses (106) 38 1,486 (664) 754
Total other revenue 131 38 4,092 (665) 3,596
Total net revenue (238) 49 8,308 (2,048) 6,071
Provision for loan losses 58 1 160 — 219
Noninterest expense
Compensation and benefits expense 694 47 870 (37) 1,574
Insurance losses and loss adjustment expenses — — 713 — 713
Other operating expenses 558 7 3,561 (628) 3,498
Total noninterest expense 1,252 54 5,144 (665) 5,785
(Loss) income from continuing operations before income tax (benefit) expense
and undistributed income (loss) of subsidiaries (1,548) (6) 3,004 (1,383) 67
Income tax (benefit) expense from continuing operations (610) 3 786 — 179
Net (loss) income from continuing operations (938) (9) 2,218 (1,383) (112)
Loss from discontinued operations, net of tax (38) — (7) — (45)
Undistributed income of subsidiaries
Bank subsidiary 1,222 1,222 — (2,444) —
Nonbank subsidiaries (403) 477 — (74) —
Net (loss) income $ (157) $ 1,690 $ 2,211 $ (3,901) $ (157)
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