Ally Bank 2014 Annual Report Download - page 120
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Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
108
8. Finance Receivables and Loans, Net
The composition of finance receivables and loans, net, reported at carrying value before allowance for loan losses was as follows.
December 31, ($ in millions)2014 2013
Consumer automotive (a) $ 56,570 $ 56,417
Consumer mortgage (b) (c) 7,474 8,444
Commercial
Commercial and industrial
Automotive 30,871 30,948
Other 1,882 1,664
Commercial real estate — Automotive 3,151 2,855
Total commercial 35,904 35,467
Total finance receivables and loans (d) $ 99,948 $ 100,328
(a) Includes $35 million and $1 million of fair value adjustment for loans in hedge accounting relationships at December 31, 2014 and December 31, 2013,
respectively. Refer to Note 22 for additional information.
(b) Includes loans originated as interest-only mortgage loans of $1.2 billion and $1.5 billion at December 31, 2014, and December 31, 2013, respectively,
17% of which are expected to start principal amortization in 2015, 32% in 2016, 21% in 2017, 1% in 2018, and 5% thereafter.
(c) Includes consumer mortgages at a fair value of $1 million at both December 31, 2014 and December 31, 2013 as a result of fair value option election.
(d) Totals are net of unearned income, unamortized premiums and discounts, and deferred fees and costs of $266 million and $595 million at December 31,
2014, and December 31, 2013, respectively.
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans.
($ in millions)
Consumer
automotive
Consumer
mortgage Commercial Total
Allowance at January 1, 2014 $ 673 $ 389 $ 146 $ 1,208
Charge-offs (720) (51) (5) (776)
Recoveries 219 8 12 239
Net charge-offs (501) (43) 7 (537)
Provision for loan losses 540 (69) (14) 457
Other (a) (27) (125) 1 (151)
Allowance at December 31, 2014 $ 685 $ 152 $ 140 $ 977
Allowance for loan losses
Individually evaluated for impairment $ 23 $ 62 $ 21 $ 106
Collectively evaluated for impairment 662 90 119 871
Loans acquired with deteriorated credit quality —— ——
Finance receivables and loans at historical cost
Ending balance 56,570 7,473 35,904 99,947
Individually evaluated for impairment 282 336 82 700
Collectively evaluated for impairment 56,287 7,137 35,822 99,246
Loans acquired with deteriorated credit quality 1— — 1
(a) Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale.