Acquisition and Discontinued Operations (Tables) - MOB

3 Months Ended

Mar. 31, 2020

Consideration and Net Assets Acquired

Consideration and Net Assets Acquired (dollars in millions)

Purchase price	$	993.1
Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value
Assets
Cash and interest-bearing cash	$	123.1
Investment securities		1,717.6
Loans		6,297.9
Other assets		199.5
Total assets	$	8,338.1
Liabilities
Deposits	$	6,992.9
Securities sold under agreements to repurchase		193.2
Other liabilities		93.1
Borrowings		290.0
Total liabilities	$	7,569.2
Total fair value of identifiable net assets		768.9
Intangible assets		102.6
Goodwill	$	121.6

Summary of Loan Valuations by Division in Each Segment

The following table presents the loan valuations by division in each segment.

Loans (dollars in millions)	UPB		Fair Value
Commercial Banking
Commercial Finance	$	2,316.4	$	2,249.4
Real Estate Finance		2,107.3		2,106.4
Consumer Banking
Consumer and Community Banking		1,926.7		1,942.1
Total loans	$	6,350.4	$	6,297.9

Summary of Key Valuation Input Assumptions by Division

The table below summarizes the key valuation input assumptions by division for the acquired loans, excluding the individually impaired loans:

	Discount Rate		Severity Rate		Prepayment Rate		Default Rate
Loan portfolio	Range	Weighted Avg.	Range	Weighted Avg.	Range	Weighted Avg.	Range	Weighted Avg.
Commercial Banking
Commercial Finance	3.25% -15.50%	4.33%	15.00% - 60.00%	18.59%	1.25% - 26.75%	17.99%	0.25% - 7.00%	1.90%
Real Estate Finance	3.25% - 5.50%	3.86%	15.00% - 30.00%	18.37%	0.50% - 26.75%	17.77%	0.10% - 7.00%	2.67%
Consumer Banking
Consumer and Community Banking	2.50% - 6.75%	3.42%	5.00% - 35.00%	9.95%	1.50% - 30.0%	21.93%	0.05% - 7.00%	0.33%

Summary of Intangible Assets Recorded in Conjunction with MOB Transaction

The following table presents the intangible assets recorded in conjunction with the MOB Transaction related to the valuation of core deposits, customer relationships and trade name.  

Intangible Assets (dollars in millions)	Fair Value		Estimated Useful Life	Amortization Method
Core deposit intangibles	$	96.1	10 years	Straight line
Customer relationships		3.5	10 years	Accelerated
Trade name		3.0	10 years	Straight line
Total intangible assets	$	102.6

Selected Unaudited Pro Forma Financial Information

Selected Unaudited Pro Forma Financial Information for Consolidated CIT (dollars in millions)

	Quarters Ended March 31,
	2020			2019
Interest income	$	513.6		$	601.1
Non-interest income		340.4			318.9
Net (loss) income	$	(577.1	)	$	127.0