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Business Segment Information
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION

NOTE 17 — BUSINESS SEGMENT INFORMATION

Segment Profit and Assets

After closing the MOB Acquisition, we reported the acquired businesses within our existing business segments. The transaction diversifies and enhances CIT’s funding profile with stable, lower-cost deposits from MOB’s leading HOA banking business, which extends CIT’s commercial banking capabilities. Refer to Note 24 — Business Segment Information in our 2019 Form 10-K for detail on the segments.

The following table presents segment data related to continuing operations.

Segment Pre-tax Income (Loss) (dollars in millions)

 

Commercial

Banking

 

 

Consumer

Banking

 

 

Corporate

 

 

Total CIT

 

Quarter Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

367.9

 

 

$

101.6

 

 

$

44.1

 

 

$

513.6

 

Interest expense (benefit)

 

163.5

 

 

 

(10.1

)

 

 

72.3

 

 

 

225.7

 

Provision for credit losses

 

508.9

 

 

 

5.0

 

 

 

-

 

 

 

513.9

 

Rental income on operating leases

 

209.8

 

 

 

-

 

 

 

-

 

 

 

209.8

 

Other non-interest income

 

87.3

 

 

 

14.0

 

 

 

29.3

 

 

 

130.6

 

Depreciation on operating lease equipment

 

78.3

 

 

 

-

 

 

 

-

 

 

 

78.3

 

Maintenance and other operating lease expenses

 

53.6

 

 

 

-

 

 

 

-

 

 

 

53.6

 

Goodwill impairment

 

301.5

 

 

 

43.2

 

 

 

-

 

 

 

344.7

 

Operating expenses/loss on debt extinguishment and deposit redemption

 

213.3

 

 

 

102.1

 

 

 

19.0

 

 

 

334.4

 

(Loss) income from continuing operations before provision (benefit) for income taxes

$

(654.1

)

 

$

(24.6

)

 

$

(17.9

)

 

$

(696.6

)

Select Period End Balances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

30,022.7

 

 

$

8,507.7

 

 

$

-

 

 

$

38,530.4

 

Credit balances of factoring clients

 

(1,023.7

)

 

 

-

 

 

 

-

 

 

 

(1,023.7

)

Assets held for sale

 

48.3

 

 

 

24.9

 

 

 

-

 

 

 

73.2

 

Operating lease equipment, net

 

7,488.1

 

 

 

-

 

 

 

-

 

 

 

7,488.1

 

Quarter Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

356.6

 

 

$

95.5

 

 

$

64.4

 

 

$

516.5

 

Interest expense (benefit)

 

199.4

 

 

 

(39.3

)

 

 

75.5

 

 

 

235.6

 

Provision (benefit) for credit losses

 

35.1

 

 

 

(2.1

)

 

 

-

 

 

 

33.0

 

Rental income on operating leases

 

217.7

 

 

 

-

 

 

 

-

 

 

 

217.7

 

Other non-interest income

 

77.6

 

 

 

4.7

 

 

 

14.5

 

 

 

96.8

 

Depreciation on operating lease equipment

 

79.4

 

 

 

-

 

 

 

-

 

 

 

79.4

 

Maintenance and other operating lease expenses

 

49.8

 

 

 

-

 

 

 

-

 

 

 

49.8

 

Operating expenses/loss on debt extinguishment and deposit redemption

 

180.7

 

 

 

93.8

 

 

 

1.7

 

 

 

276.2

 

Income from continuing operations before provision (benefit) for income taxes

$

107.5

 

 

$

47.8

 

 

$

1.7

 

 

$

157.0

 

Select Period End Balances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

24,641.3

 

 

$

6,605.7

 

 

$

-

 

 

$

31,247.0

 

Credit balances of factoring clients

 

(1,651.3

)

 

 

-

 

 

 

-

 

 

 

(1,651.3

)

Assets held for sale

 

56.1

 

 

 

4.5

 

 

 

18.8

 

 

 

79.4

 

Operating lease equipment, net

 

6,989.5

 

 

 

-

 

 

 

-

 

 

 

6,989.5