Ally Bank 2014 Annual Report Download - page 172

Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
160
Other Contingencies
We are subject to potential liability under various other exposures including tax, nonrecourse loans, self-insurance, and other
miscellaneous contingencies. We establish reserves for these contingencies when the loss becomes probable and the amount can be reasonably
estimated. The actual costs of resolving these items may be substantially higher or lower than the amounts reserved for any one item. Based
on information currently available, it is the opinion of management that the eventual outcome of these items will not have a material adverse
impact on our results of operations, financial position, or cash flows.
31. Quarterly Financial Statements (unaudited)
($ in millions)
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
2014
Net financing revenue $ 821 $ 866 $ 889 $ 799
Other revenue 321 365 375 215
Total net revenue 1,142 1,231 1,264 1,014
Provision for loan losses 137 63 102 155
Total noninterest expense 713 821 742 672
Income from continuing operations before income tax expense 292 347 420 187
Income tax expense from continuing operations 94 64 127 36
Net income from continuing operations 198 283 293 151
Income from discontinued operations, net of tax 29 40 130 26
Net income $ 227 $ 323 $ 423 $ 177
Basic earnings per common share
Net income from continuing operations $ 0.27 $ 0.45 $ 0.47 $ 0.17
Net income 0.33 0.54 0.74 0.23
Diluted earnings per common share
Net income from continuing operations $ 0.27 $ 0.45 $ 0.47 $ 0.17
Net income 0.33 0.54 0.74 0.23
2013
Net financing revenue $ 640 $ 628 $ 737 $ 774
Other revenue 386 402 371 325
Total net revenue 1,026 1,030 1,108 1,099
Provision for loan losses 131 89 141 140
Total noninterest expense 958 801 762 884
(Loss) income from continuing operations before income tax (benefit) expense (63) 140 205 75
Income tax (benefit) expense from continuing operations (123) 40 28 (4)
Net income from continuing operations 60 100 177 79
Income (loss) from discontinued operations, net of tax 1,033 (1,027) (86) 25
Net income (loss) $ 1,093 $ (927) $ 91 $ 104
Basic earnings per common share
Net loss from continuing operations $ (0.34) $ (0.24) $ (0.06) $ (0.83)
Net income (loss) 2.16 (2.73) (0.27) (0.78)
Diluted earnings per common share
Net loss from continuing operations $ (0.34) $ (0.24) $ (0.06) $ (0.83)
Net income (loss) 2.16 (2.73) (0.27) (0.78)
32. Subsequent Events
Completion of Disposition of Assets
We previously announced that we had reached an agreement to sell our 40% interest in a motor vehicle finance joint venture in China
(JV Interest) pursuant to a Share Transfer Agreement, dated November 21, 2012, as amended, between Ally, GMF, and GMAC UK PLC