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Table of Contents

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended March 31, 2021

 

 

 

 

 

Commission File Number: 001-31369

CIT GROUP INC.

 

(Exact name of Registrant as specified in its charter)

 

 

Delaware

(State or other jurisdiction of incorporation or organization)

 

65-1051192

(IRS Employer Identification Number)

 

 

 

11 West 42nd Street New York, New York

(Address of Registrant’s principal executive offices)

 

10036

(Zip Code)

 

 

 

(212) 461-5200

(Registrant’s telephone number)

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

CIT

New York Stock Exchange

5.625% Non-Cumulative Perpetual Preferred Stock, Series B, par value $0.01 per share

CITPRB

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      

Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of ‘large accelerated filer,’ ‘accelerated filer’, ‘smaller reporting company’ and ‘emerging growth company’ in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

 

As of April 22, 2021, there were 99,066,261 shares of the registrant’s common stock outstanding.

 

 

 

 


Table of Contents

 

 


 


Table of Contents

 

 

 

CONTENTS

 

 

 

 

 

Part One — Financial Information:

 

 

 

 

 

Item 1.

 

Financial Statements

 

2

 

 

Condensed Consolidated Balance Sheets (Unaudited)

 

2

 

 

Condensed Consolidated Statements of Operations (Unaudited)

 

3

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

 

4

 

 

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

 

5

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

6

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

7

Item 2.

 

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

 

37

 

 

and

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

37

Item 4.

 

Controls and Procedures

 

75

 

 

 

 

 

Part Two — Other Information:

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

76

Item 1A.

 

Risk Factors

 

76

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

76

Item 4.

 

Mine Safety Disclosures

 

76

Item 6.

 

Exhibits

 

77

Signatures

 

79

 

 

 

 


Table of Contents

 

 

Part One — Financial Information

 

 

Item 1. Financial Statements

 

 

CIT GROUP INC. AND SUBSIDIARIES

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (dollars in millions — except share data)

 

 

 

March 31,

 

 

December 31,

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

Cash and due from banks, including restricted balances of $31.8 at March 31, 2021 and $41.7 at December 31, 2020 (see Note 8 for amounts pledged)

$

157.6

 

 

$

174.6

 

Interest bearing cash (see Note 8 for amounts pledged)

 

5,191.0

 

 

 

3,837.1

 

Securities purchased under agreement to resell

 

75.0

 

 

 

150.0

 

Investment securities (see Notes 6 and 8 for amounts pledged)

 

4,937.9

 

 

 

6,889.0

 

Assets held for sale

 

757.4

 

 

 

721.2

 

Loans (see Note 8 for amounts pledged)

 

34,957.5

 

 

 

36,144.6

 

Allowance for credit losses

 

(942.3

)

 

 

(1,063.8

)

Total loans, net of allowance for credit losses

 

34,015.2

 

 

 

35,080.8

 

Operating lease equipment, net (see Note 8 for amounts pledged)

 

7,733.4

 

 

 

7,836.6

 

Bank-owned life insurance

 

1,176.9

 

 

 

1,168.8

 

Other assets, including $278.1 at March 31, 2021 and $431.6 at December 31, 2020, at fair value

 

2,004.7

 

 

 

2,248.5

 

Total Assets

$

56,049.1

 

 

$

58,106.6

 

Liabilities

 

 

 

 

 

 

 

Deposits

$

42,024.7

 

 

$

43,071.6

 

Credit balances of factoring clients

 

1,471.1

 

 

 

1,719.9

 

Other liabilities, including $99.9 at March 31, 2021 and $79.2 at December 31, 2020, at fair value

 

1,897.9

 

 

 

1,754.9

 

Borrowings, including $0.0 at March 31, 2021 and $500.0 at December 31, 2020 contractually due within twelve months

 

4,839.7

 

 

 

5,837.3

 

Total Liabilities

 

50,233.4

 

 

 

52,383.7

 

Stockholders’ Equity

 

 

 

 

 

 

 

Preferred Stock: $0.01 par value, 100,000,000 shares authorized, 8,325,000 shares issued and outstanding at March 31, 2021 and December 31, 2020

 

525.0

 

 

 

525.0

 

Common Stock: $0.01 par value, 600,000,000 shares authorized

 

 

 

 

 

 

 

Issued: 164,026,067 at March 31, 2021 and 163,309,861 at December 31, 2020

 

1.6

 

 

 

1.6

 

Outstanding: 99,066,261 at March 31, 2021 and 98,609,395 at December 31, 2020

 

 

 

 

 

 

 

Paid-in capital

 

6,914.3

 

 

 

6,892.0

 

Retained earnings

 

1,694.5

 

 

 

1,428.3

 

Accumulated other comprehensive income (loss)

 

(148.2

)

 

 

35.7

 

Treasury stock: 64,959,806 shares at March 31, 2021 and 64,700,466 shares at December 31, 2020 at cost

 

(3,171.5

)

 

 

(3,159.7

)

Total Common Stockholders’ Equity

 

5,290.7

 

 

 

5,197.9

 

Total Equity

 

5,815.7

 

 

 

5,722.9

 

Total Liabilities and Equity

$

56,049.1

 

 

$

58,106.6

 

 

The accompanying notes are an integral part of these consolidated financial statements.

2


Table of Contents

 

CIT GROUP INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (dollars in millions — except per share data)

 

 

 

Quarters Ended March 31,

 

 

2021

 

 

2020

 

Interest income

 

 

 

 

 

 

 

Interest and fees on loans

$

364.0

 

 

$

467.6

 

Other interest and dividends

 

24.1

 

 

 

46.0

 

Interest income

 

388.1

 

 

 

513.6

 

Interest expense

 

 

 

 

 

 

 

Interest on deposits

 

61.2

 

 

 

156.6

 

Interest on borrowings

 

58.4

 

 

 

69.1

 

Interest expense

 

119.6

 

 

 

225.7

 

Net interest revenue

 

268.5

 

 

 

287.9

 

Provision for credit losses

 

(117.4

)

 

 

513.9

 

Net interest revenue, after credit provision

 

385.9

 

 

 

(226.0

)

Non-interest income

 

 

 

 

 

 

 

Rental income on operating leases

 

194.7

 

 

 

209.8

 

Other non-interest income

 

229.9

 

 

 

130.6

 

Total non-interest income

 

424.6

 

 

 

340.4

 

Total revenue, net of interest expense and credit provision

 

810.5

 

 

 

114.4

 

Non-interest expenses

 

 

 

 

 

 

 

Depreciation on operating lease equipment

 

84.7

 

 

 

78.3

 

Maintenance and other operating lease expenses

 

51.6

 

 

 

53.6

 

Operating expenses

 

274.0

 

 

 

334.4

 

Goodwill impairment

 

-

 

 

 

344.7

 

Loss on debt extinguishment and deposit redemption

 

0.1

 

 

 

-

 

Total non-interest expenses

 

410.4

 

 

 

811.0

 

Income (loss) before provision (benefit) for income taxes

 

400.1

 

 

 

(696.6

)

Provision (benefit) for income taxes

 

96.3

 

 

 

(72.3

)

Net income (loss)

$

303.8

 

 

$

(624.3

)

Preferred stock dividends

 

2.8

 

 

 

3.8

 

Net income (loss) available to common shareholders

$

301.0

 

 

$

(628.1

)

Income (loss) per common share

 

 

 

 

 

 

 

Basic

$

3.05

 

 

$

(6.40

)

Diluted

$

3.04

 

 

$

(6.40

)

Average number of common shares (thousands)

 

 

 

 

 

 

 

Basic

 

98,812

 

 

 

98,089

 

Diluted

 

99,076

 

 

 

98,089

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3


Table of Contents

 

 

CIT GROUP INC. AND SUBSIDIARIES

 

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(dollars in millions)

 

 

 

 

 

Quarters Ended March 31,

 

 

2021

 

 

2020

 

Net income (loss)

$

303.8

 

 

$

(624.3

)

Other comprehensive (loss) income, net of tax

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(0.1

)

 

 

(0.9

)

Net unrealized (losses) gains on available for sale securities

 

(184.1

)

 

 

117.0

 

Changes in benefit plans net gains and prior service credit

 

0.3

 

 

 

2.8

 

Other comprehensive (loss) income, net of tax

$

(183.9

)

 

$

118.9

 

Comprehensive income (loss)

$

119.9

 

 

$

(505.4

)

The accompanying notes are an integral part of these consolidated financial statements.

 

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Table of Contents

 

 

CIT GROUP INC. AND SUBSIDIARIES

 

 

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (dollars in millions)

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-in Capital

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Treasury Stock, at Cost

 

 

Total Equity

 

December 31, 2020

$

525.0

 

 

$

1.6

 

 

$

6,892.0

 

 

$

1,428.3

 

 

$

35.7

 

 

$

(3,159.7

)

 

$

5,722.9

 

Net income

 

 

 

 

 

 

 

 

 

303.8

 

 

 

 

 

 

 

 

 

303.8

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

(183.9

)

 

 

 

 

 

(183.9

)

Dividends paid ($0.35 per common share and $0.35 per Series B Preferred Share)

 

 

 

 

 

 

 

 

 

(37.6

)

 

 

 

 

 

 

 

 

(37.6

)

Amortization of stock compensation expenses

 

 

 

 

 

 

 

21.3

 

 

 

 

 

 

 

 

 

(11.8

)

 

 

9.5

 

Employee stock purchase plan

 

 

 

 

 

 

 

1.0

 

 

 

 

 

 

 

 

 

 

 

1.0

 

March 31, 2021

$

525.0

 

 

$

1.6

 

 

$

6,914.3

 

 

$

1,694.5

 

 

$

(148.2

)

 

$

(3,171.5

)

 

$

5,815.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

$

525.0

 

 

$

1.6

 

 

$

6,853.7

 

 

$

2,307.6

 

 

$

(52.1

)

 

$

(3,296.8

)

 

$

6,339.0

 

Adoption of ASU 2016-13

 

 

 

 

 

 

 

 

 

 

(82.4

)

 

 

 

 

 

 

 

 

(82.4

)

Net income

 

 

 

 

 

 

 

 

 

 

(624.3

)

 

 

 

 

 

 

 

 

(624.3

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

118.9

 

 

 

 

 

118.9

 

Dividends paid ($0.35 per common share and $0.48 per Series B Preferred Share)

 

 

 

 

 

 

 

 

 

 

(38.7

)

 

 

 

 

 

 

 

 

(38.7

)

Issuance of common stock - acquisition

 

 

 

 

 

 

 

 

 

 

(10.1

)

 

 

 

 

 

151.3

 

 

 

141.2

 

Amortization of stock compensation expenses

 

 

 

 

 

 

 

18.8

 

 

 

 

 

 

 

 

 

(12.5

)

 

 

6.3

 

Employee stock purchase plan

 

 

 

 

 

 

 

0.8

 

 

 

 

 

 

 

 

 

 

 

 

0.8

 

March 31, 2020

$

525.0

 

 

$

1.6

 

 

$

6,873.3

 

 

$

1,552.1

 

 

$

66.8

 

 

$

(3,158.0

)

 

$

5,860.8

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5


Table of Contents

 

 

CIT GROUP INC. AND SUBSIDIARIES

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (dollars in millions)

 

 

 

Quarters Ended March 31,

 

2021

 

 

2020

 

 

Cash Flows from Operations

 

 

 

 

 

 

 

 

Net income (loss)

$

303.8

 

 

$

(624.3

)

 

Adjustments to reconcile net income (loss) to net cash flows from operations:

 

 

 

 

 

 

 

 

Provision for credit losses

 

(117.4

)

 

 

513.9

 

 

Depreciation on operating lease equipment

 

84.7

 

 

 

78.3

 

 

Amortization of stock compensation expenses

 

21.3

 

 

 

18.8

 

 

Net gain on asset sales and impairments on assets held for sale

 

(153.9

)

 

 

(54.6

)