0001564590-21-039379.txt : 20210730 0001564590-21-039379.hdr.sgml : 20210730 20210730120155 ACCESSION NUMBER: 0001564590-21-039379 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 113 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210730 DATE AS OF CHANGE: 20210730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIT GROUP INC CENTRAL INDEX KEY: 0001171825 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 651051192 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-31369 FILM NUMBER: 211131177 BUSINESS ADDRESS: STREET 1: 1 CIT DRIVE CITY: LIVINGSTON STATE: NJ ZIP: 07039 BUSINESS PHONE: 9737405000 MAIL ADDRESS: STREET 1: 1 CIT DRIVE CITY: LIVINGSTON STATE: NJ ZIP: 07039 FORMER COMPANY: FORMER CONFORMED NAME: CIT GROUP INC DEL DATE OF NAME CHANGE: 20020422 10-Q 1 cit-10q_20210630.htm 10-Q cit-10q_20210630.htm
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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 June 30, 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 July 22, 2021, there were 99,144,200 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

 

38

 

 

and

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

38

Item 4.

 

Controls and Procedures

 

77

 

 

 

 

 

Part Two — Other Information:

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

78

Item 1A.

 

Risk Factors

 

78

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

78

Item 4.

 

Mine Safety Disclosures

 

78

Item 6.

 

Exhibits

 

79

Signatures

 

81

 

 

 

 


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)

 

 

 

June 30,

 

 

December 31,

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

Cash and due from banks, including restricted balances of $25.4 at June 30, 2021 and $41.7 at December 31, 2020 (see Note 8 for amounts pledged)

$

146.6

 

 

$

174.6

 

Interest bearing cash, including restricted balances of $47.3 at June 30, 2021 and $2.6 at December 31, 2020 (see Note 8 for amounts pledged)

 

5,134.1

 

 

 

3,837.1

 

Securities purchased under agreement to resell

 

150.0

 

 

 

150.0

 

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

 

5,295.8

 

 

 

6,889.0

 

Assets held for sale

 

51.5

 

 

 

721.2

 

Loans (see Note 8 for amounts pledged)

 

33,711.1

 

 

 

36,144.6

 

Allowance for credit losses

 

(850.6

)

 

 

(1,063.8

)

Total loans, net of allowance for credit losses

 

32,860.5

 

 

 

35,080.8

 

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

 

7,781.8

 

 

 

7,836.6

 

Bank-owned life insurance

 

1,185.2

 

 

 

1,168.8

 

Other assets, including $302.1 at June 30, 2021 and $431.6 at December 31, 2020, at fair value

 

2,098.2

 

 

 

2,248.5

 

Total Assets

$

54,703.7

 

 

$

58,106.6

 

Liabilities

 

 

 

 

 

 

 

Deposits

$

41,271.0

 

 

$

43,071.6

 

Credit balances of factoring clients

 

1,530.5

 

 

 

1,719.9

 

Other liabilities, including $71.7 at June 30, 2021 and $79.2 at December 31, 2020, at fair value

 

1,622.3

 

 

 

1,754.9

 

Borrowings, including $0.0 at June 30, 2021 and $500.0 at December 31, 2020 contractually due within twelve months

 

4,244.1

 

 

 

5,837.3

 

Total Liabilities

 

48,667.9

 

 

 

52,383.7

 

Stockholders’ Equity

 

 

 

 

 

 

 

Preferred Stock: $0.01 par value, 100,000,000 shares authorized, 8,325,000 shares issued and outstanding at June 30, 2021 and December 31, 2020

 

525.0

 

 

 

525.0

 

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

 

 

 

 

 

 

 

Issued: 164,106,299 at June 30, 2021 and 163,309,861 at December 31, 2020

 

1.6

 

 

 

1.6

 

Outstanding: 99,143,345 at June 30, 2021 and 98,609,395 at December 31, 2020

 

 

 

 

 

 

 

Paid-in capital

 

6,922.5

 

 

 

6,892.0

 

Retained earnings

 

1,873.7

 

 

 

1,428.3

 

Accumulated other comprehensive income (loss)

 

(115.4

)

 

 

35.7

 

Treasury stock: 64,962,954 shares at June 30, 2021 and 64,700,466 shares at December 31, 2020 at cost

 

(3,171.6

)

 

 

(3,159.7

)

Total Common Stockholders’ Equity

 

5,510.8

 

 

 

5,197.9

 

Total Equity

 

6,035.8

 

 

 

5,722.9

 

Total Liabilities and Equity

$

54,703.7

 

 

$

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 June 30,

 

 

Six Months Ended June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

$

355.7

 

 

$

417.2

 

 

$

719.7

 

 

$

884.8

 

Other interest and dividends

 

17.4

 

 

 

29.7

 

 

 

41.5

 

 

 

75.7

 

Interest income

 

373.1

 

 

 

446.9

 

 

 

761.2

 

 

 

960.5

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

50.7

 

 

 

138.3

 

 

 

111.9

 

 

 

294.9

 

Interest on borrowings

 

56.1

 

 

 

64.2

 

 

 

114.5

 

 

 

133.3

 

Interest expense

 

106.8

 

 

 

202.5

 

 

 

226.4

 

 

 

428.2

 

Net interest revenue

 

266.3

 

 

 

244.4

 

 

 

534.8

 

 

 

532.3

 

Provision for credit losses

 

(72.2

)

 

 

223.6

 

 

 

(189.6

)

 

 

737.5

 

Net interest revenue, after credit provision

 

338.5

 

 

 

20.8

 

 

 

724.4

 

 

 

(205.2

)

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income on operating leases

 

188.2

 

 

 

200.9

 

 

 

382.9

 

 

 

410.7

 

Other non-interest income

 

160.7

 

 

 

102.6

 

 

 

390.6

 

 

 

233.2

 

Total non-interest income

 

348.9

 

 

 

303.5

 

 

 

773.5

 

 

 

643.9

 

Total revenue, net of interest expense and credit provision

 

687.4

 

 

 

324.3

 

 

 

1,497.9

 

 

 

438.7

 

Non-interest expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation on operating lease equipment

 

82.8

 

 

 

81.1

 

 

 

167.5

 

 

 

159.4

 

Maintenance and other operating lease expenses

 

54.8

 

 

 

56.1

 

 

 

106.4

 

 

 

109.7

 

Operating expenses

 

251.2

 

 

 

360.4

 

 

 

525.2

 

 

 

694.8

 

Goodwill impairment

 

-

 

 

 

-

 

 

 

-

 

 

 

344.7

 

(Gain) loss on debt extinguishment and deposit redemption

 

-

 

 

 

(14.8

)

 

 

0.1

 

 

 

(14.8

)

Total non-interest expenses

 

388.8

 

 

 

482.8

 

 

 

799.2

 

 

 

1,293.8

 

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

 

298.6

 

 

 

(158.5

)

 

 

698.7

 

 

 

(855.1

)

Provision (benefit) for income taxes

 

71.7

 

 

 

(73.2

)

 

 

168.0

 

 

 

(145.5

)

Net income (loss)

$

226.9

 

 

$

(85.3

)

 

$

530.7

 

 

$

(709.6

)

Preferred stock dividends

 

12.3

 

 

 

12.3

 

 

 

15.1

 

 

 

16.1

 

Net income (loss) available to common shareholders

$

214.6

 

 

$

(97.6

)

 

$

515.6

 

 

$

(725.7

)

Income (loss) per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

2.17

 

 

$

(0.99

)

 

$

5.21

 

 

$

(7.39

)

Diluted

$

2.14

 

 

$

(0.99

)

 

$

5.17

 

 

$

(7.39

)

Average number of common shares (thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

99,110

 

 

 

98,438

 

 

 

98,961

 

 

 

98,263

 

Diluted

 

100,340

 

 

 

98,438

 

 

 

99,708

 

 

 

98,263

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss)

$

226.9

 

 

$

(85.3

)

 

$

530.7

 

 

$

(709.6

)

Other comprehensive (loss) income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

-

 

 

 

(0.1

)

 

 

(0.1

)

 

 

(1.0

)

Net unrealized (losses) gains on available for sale securities

 

32.4

 

 

 

(1.0

)

 

 

(151.7

)

 

 

116.0

 

Changes in benefit plans net gains and prior service (cost)/credit

 

0.4

 

 

 

0.1

 

 

 

0.7

 

 

 

2.9

 

Other comprehensive (loss) income, net of tax

$

32.8

 

 

$

(1.0

)

 

$

(151.1

)

 

$

117.9

 

Comprehensive income (loss)

$

259.7

 

 

$

(86.3

)

 

$

379.6

 

 

$

(591.7

)

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

 

4


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

 

March 31, 2021

$

525.0

 

 

$

1.6

 

 

$

6,914.3

 

 

$

1,694.5

 

 

$

(148.2

)

 

$

(3,171.5

)

 

$

5,815.7

 

Net income

 

 

 

 

 

 

 

 

 

226.9

 

 

 

 

 

 

 

 

 

226.9

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

32.8

 

 

 

 

 

 

32.8

 

Dividends paid ($0.35 per common share and $29.00 per preferred A share and $0.35 per preferred B share)

 

 

 

 

 

 

 

 

 

(47.7

)

 

 

 

 

 

 

 

 

(