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Section 1: 10-Q (10-Q)

cit-10q_20200331.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 March 31, 2020

 

 

 

 

 

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 24, 2020, there were 98,366,723 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 Income (Unaudited)

 

3

 

 

Condensed Consolidated Statements of Comprehensive Income (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

 

46

 

 

and

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

46

Item 4.

 

Controls and Procedures

 

98

 

 

 

 

 

Part Two — Other Information:

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

99

Item 1A.

 

Risk Factors

 

99

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

100

Item 4.

 

Mine Safety Disclosures

 

100

Item 6.

 

Exhibits

 

101

Signatures

 

103

 

 

 

 


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,

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

Cash and due from banks, including restricted balances of $29.6 at March 31, 2020 and $875.2 at December 31, 2019 (see Note 9 for amounts pledged)

$

220.7

 

 

$

990.1

 

Interest bearing cash, including restricted balances of $2.1 at March 31, 2020 and $2.2 at December 31, 2019 (see Note 9 for amounts pledged)

 

3,477.8

 

 

 

1,695.5

 

Securities purchased under agreement to resell

 

-

 

 

 

950.0

 

Investment securities, including securities carried at fair value with changes recorded in net income of $0.0 at March 31, 2020 and $47.2 at December 31, 2019 (see Notes 6 and 9 for amounts pledged)

 

6,128.6

 

 

 

6,276.8

 

Assets held for sale

 

73.2

 

 

 

32.1

 

Loans (see Note 9 for amounts pledged)

 

38,530.4

 

 

 

30,998.9

 

Allowance for credit losses

 

(1,111.1

)

 

 

(482.6

)

Total loans, net of allowance for credit losses

 

37,419.3

 

 

 

30,516.3

 

Operating lease equipment, net (see Note 9 for amounts pledged)

 

7,488.1

 

 

 

7,319.7

 

Bank-owned life insurance

 

1,100.9

 

 

 

1,043.2

 

Goodwill

 

146.8

 

 

 

369.9

 

Other assets, including $546.5 at March 31, 2020 and $190.7 at December 31, 2019, at fair value

 

2,881.3

 

 

 

1,639.2

 

Total Assets

$

58,936.7

 

 

$

50,832.8

 

Liabilities

 

 

 

 

 

 

 

Deposits

$

42,162.1

 

 

$

35,139.5

 

Credit balances of factoring clients

 

1,023.7

 

 

 

1,176.2

 

Other liabilities, including $164.4 at March 31, 2020 and $100.8 at December 31, 2019, at fair value

 

1,795.8

 

 

 

1,704.7

 

Borrowings, including $514.0 at March 31, 2020 and $14.3 at December 31, 2019 contractually due within twelve months

 

8,094.3

 

 

 

6,473.4

 

Total Liabilities

 

53,075.9

 

 

 

44,493.8

 

Stockholders’ Equity

 

 

 

 

 

 

 

Preferred Stock: $0.01 par value, 100,000,000 shares authorized, 8,325,000 shares issued and outstanding at March 31, 2020 and December 31, 2019

 

525.0

 

 

 

525.0

 

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

 

 

 

 

 

 

 

Issued: 163,014,943 at March 31, 2020 and 162,188,287 at December 31, 2019

 

1.6

 

 

 

1.6

 

Outstanding: 98,366,114 at March 31, 2020 and 94,742,564 at December 31, 2019

 

 

 

 

 

 

 

Paid-in capital

 

6,873.3

 

 

 

6,853.7

 

Retained earnings

 

1,552.1

 

 

 

2,307.6

 

Accumulated other comprehensive income (loss)

 

66.8

 

 

 

(52.1

)

Treasury stock: 64,648,829 shares at March 31, 2020 and 67,445,723 shares at December 31, 2019 at cost

 

(3,158.0

)

 

 

(3,296.8

)

Total Common Stockholders’ Equity

 

5,335.8

 

 

 

5,814.0

 

Total Equity

 

5,860.8

 

 

 

6,339.0

 

Total Liabilities and Equity

$

58,936.7

 

 

$

50,832.8

 

 

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 INCOME (Unaudited) (dollars in millions — except per share data)

 

 

 

Quarters Ended March 31,

 

 

2020

 

 

2019

 

Interest income

 

 

 

 

 

 

 

Interest and fees on loans

$

467.6

 

 

$

451.3

 

Other interest and dividends

 

46.0

 

 

 

65.2

 

Interest income

 

513.6

 

 

 

516.5

 

Interest expense

 

 

 

 

 

 

 

Interest on deposits

 

156.6

 

 

 

153.8

 

Interest on borrowings

 

69.1

 

 

 

81.8

 

Interest expense

 

225.7

 

 

 

235.6

 

Net interest revenue

 

287.9

 

 

 

280.9

 

Provision for credit losses

 

513.9

 

 

 

33.0

 

Net interest revenue, after credit provision

 

(226.0

)

 

 

247.9

 

Non-interest income

 

 

 

 

 

 

 

Rental income on operating leases

 

209.8

 

 

 

217.7

 

Other non-interest income

 

130.6

 

 

 

96.8

 

Total non-interest income

 

340.4

 

 

 

314.5

 

Total revenue, net of interest expense and credit provision

 

114.4

 

 

 

562.4

 

Non-interest expenses

 

 

 

 

 

 

 

Depreciation on operating lease equipment

 

78.3

 

 

 

79.4

 

Maintenance and other operating lease expenses

 

53.6

 

 

 

49.8

 

Operating expenses

 

334.4

 

 

 

276.1

 

Goodwill impairment

 

344.7

 

 

 

-

 

Loss on debt extinguishment and deposit redemption

 

-

 

 

 

0.1

 

Total non-interest expenses

 

811.0

 

 

 

405.4

 

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

 

(696.6

)

 

 

157.0

 

(Benefit) provision for income taxes

 

(72.3

)

 

 

37.8

 

(Loss) income from continuing operations

 

(624.3

)

 

 

119.2

 

Discontinued operations

 

 

 

 

 

 

 

Loss from discontinued operations, net of taxes

 

-

 

 

 

(0.3

)

Net (loss) income

$

(624.3

)

 

$

118.9

 

Preferred stock dividends

 

3.8

 

 

 

-

 

Net (loss) income available to common shareholders

$

(628.1

)

 

$

118.9

 

(Loss) income from continuing operations available to common shareholders

$

(628.1

)

 

$

119.2

 

Basic (loss) income per common share

 

 

 

 

 

 

 

(Loss) income from continuing operations

$

(6.40

)

 

$

1.19

 

Loss from discontinued operations

 

-

 

 

 

(0.01

)

Basic (loss) income per share

$

(6.40

)

 

$

1.18

 

Diluted (loss) income per common share

 

 

 

 

 

 

 

(Loss) income from continuing operations

$

(6.40

)

 

$

1.18

 

Income (loss) from discontinued operations

 

-

 

 

 

-

 

Diluted (loss) income per share

$

(6.40

)

 

$

1.18

 

Average number of common shares (thousands)

 

 

 

 

 

 

 

Basic

 

98,089

 

 

 

100,420

 

Diluted

 

98,089

 

 

 

101,096

 

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 (Unaudited) (dollars in millions)

 

 

 

 

 

Quarters Ended March 31,

 

 

2020

 

 

2019

 

Net (loss) income

$

(624.3

)

 

$

118.9

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(0.9

)

 

 

5.7

 

Net unrealized gains on available for sale securities

 

117.0

 

 

 

45.2

 

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

 

2.8

 

 

 

2.2

 

Other comprehensive income, net of tax

$

118.9

 

 

$

53.1

 

Comprehensive (loss) income

$

(505.4

)

 

$

172.0

 

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

 

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 loss