- Pre-tax Income of $148 million –
Pre-tax income rose 20% from the year-ago quarter while net income
declined 12% due to a higher effective tax rate;
- Increase in Effective Tax Rate –
Due to the prior year partial valuation allowance reversals,
earnings reflect a $44 million tax provision while cash taxes were
significantly lower at $14 million;
- Board Authorized Additional $200
Million Share Repurchase in April – Completed existing share
repurchase authorization and returned nearly $360 million of
capital to shareholders through dividends and the repurchase of 7.3
million shares during the first quarter;
- Improved Funding Profile – Grew
deposits to 50% of total funding, reducing weighted average cost of
funds by eight basis points.
CIT Group Inc. (NYSE:CIT), today reported net income of $104
million, $0.59 per diluted share, for the quarter ended March 31,
2015, compared to net income of $117 million, $0.59 per diluted
share, for the first quarter of 2014. First quarter results were
impacted by a higher tax provision resulting from the recognition
of federal income tax expense due to the prior year partial
reversal of the valuation allowance against our net deferred tax
asset.
“During the quarter we completed our existing share repurchase
program and returned nearly $360 million of capital to
shareholders. Our results reflected lower profitability in our
North American Commercial Finance business as well as lower
utilization rates in our transportation business,” said John Thain,
Chairman and Chief Executive Officer. “Looking ahead, we will
continue to execute on our 2015 priorities while positioning CIT
for the long-term. We remain focused on expanding our commercial
banking and deposit franchises through the acquisition of OneWest
Bank, returning excess capital to our shareholders through our
additional $200 million share repurchase, and meeting the financing
needs of our small business, middle market and transportation
customers.”
Summary of First Quarter Financial
Results from Continuing Operations
All references in this section relate to continuing operations
and therefore do not include any of the assets or results of
operations of the discontinued operation.
Net income from continuing operations of $104 million includes a
$44 million tax provision. Net income also reflects the absence of
interest recoveries and lower utilization rates. In addition, net
income includes $6 million of charges related to portfolios that we
are exiting.
Total assets from continuing operations1 at March 31, 2015 were
$46.4 billion, compared to $47.9 billion at December 31, 2014, and
$44.9 billion at March 31, 2014. Financing and leasing assets in
North American Commercial Finance (NACF) and Transportation &
International Finance (TIF) were $35.0 billion, down slightly from
December 31, 2014 reflecting asset sales and up $2.3 billion (7%)
from a year ago reflecting strong origination volumes in 2014 and
the acquisition of Direct Capital. The Non-Strategic Portfolios
declined slightly from December 31, 2014 to $0.3 billion, and by
$0.8 billion from a year ago, reflecting portfolio run off and
asset sales. Total loans of $19.4 billion decreased $0.1 billion
from December 31, 2014 but increased by $0.9 billion from a year
ago. Operating lease equipment of $14.9 billion was relatively
unchanged from December 31, 2014 and increased $0.7 billion from a
year ago. Cash and securities of $8.1 billion were down $1.2
billion from December 31, 2014 and $0.8 billion from March 31,
2014.
Net finance revenue2 was $337 million, improved from $322
million in the year-ago quarter but down from $373 million in the
prior quarter. Average earning assets were $33.8 billion in the
current quarter, up from $32.1 billion in the year-ago quarter and
down from $34.3 billion in the prior quarter. Net finance revenue
as a percentage of average earning assets (“net finance margin”)
was 4.00%, compared to 4.01% in the year-ago quarter and 4.34% in
the prior quarter. The fourth quarter of 2014 reflected stronger
equipment utilization, a higher level of interest recoveries and
the benefits from suspended depreciation on operating lease
equipment held for sale.
Other income of $86 million increased from $71 million in the
year-ago quarter and decreased from $116 million in the prior
quarter. The current quarter benefited from the sale of aircraft
and a benefit on the termination of a defaulted contract, which
were partially offset by a currency translation adjustment (“CTA”)
charge in the UK and additional impairment charges on the
Non-Strategic Portfolios. The prior quarter included elevated
benefits from the sale of portfolio assets and investment
securities, which were partially offset by impairments on assets
held for sale on portfolios we are exiting and a mark-to-market
charge on the TRS derivative.
Operating expenses were $242 million compared to $234 million in
the year-ago quarter and $249 million in the prior quarter.
Adjusting for restructuring costs3, operating expenses were $243
million, or 2.87% of average earning assets (AEA), compared to $224
million (2.79%) in the year-ago quarter and $242 million (2.82%) in
the prior quarter. The increase from the year-ago quarter reflects
higher compensation costs, primarily related to the addition of
Direct Capital in August of 2014, as well as costs related to the
pending acquisition of OneWest. Headcount at March 31, 2015 was
approximately 3,360, unchanged from year end and up from 3,200 a
year ago, driven by the Direct Capital acquisition.
The provision for income taxes was $44 million compared to cash
taxes of $14 million. As a result of the partial valuation
allowance reversal in 2014 on our Federal Net Deferred Tax Asset,
the tax provision for 2015 will reflect a 35% statutory Federal tax
rate on our U.S. income. Our global effective tax rate is
approximately 30% in the current quarter, up from 11% in the
year-ago quarter. Our cash tax rate remains relatively low at 9%.
Income tax expense in the year-ago quarter was $13 million compared
to a benefit of $28 million in the prior quarter, the latter of
which was driven by the reversal of a $44 million valuation
allowance on certain International deferred tax assets.
Credit and Allowance for Loan
Losses
Credit metrics remain at or near cycle lows. Non-accrual loans
were $179 million, or 0.92% of finance receivables, at March 31,
2015 compared to $161 million (0.82%) at December 31, 2014 and $218
million (1.18%) at March 31, 2014. The increase over the prior
quarter is primarily due to one energy-related account in NACF
while the improvement from the year-ago quarter reflects reductions
in both NACF and Non-Strategic Portfolios.
The provision for credit losses was $35 million, compared to $37
million in the year-ago quarter and $15 million in the prior
quarter, which included a $12 million reversal of a specific
reserve. The increase over the prior quarter is due to higher
reserves related to a small number of accounts in TIF and NACF as
well as changes in portfolio composition. Net charge-offs were $21
million, or 0.43% of average finance receivables (AFR), versus $36
million (0.76%) in the year-ago quarter and $23 million (0.47%) in
the prior quarter.
The allowance for loan losses was $357 million (1.83% of finance
receivables) at March 31, 2015, compared to $346 million (1.78%) at
December 31, 2014 and $353 million (1.90%) at March 31, 2014.
Specific reserves were $15 million at March 31, 2015, compared to
$12 million at December 31, 2014 and $26 million at March 31,
2014.
Capital and Funding
In July 2013, federal banking regulators published the final
Basel III capital framework for U.S. banking organizations (“the
Regulatory Capital Rules”). While the Regulatory Capital Rules
became effective January 1, 2014, the mandatory compliance date for
CIT as a “standardized approach” banking organization began on
January 1, 2015, subject to transitional provisions extending to
January 1, 2019. Our estimated Common Equity Tier 1 and Total
Capital ratios at March 31, 2015 were 14.1% and 14.8%4, as
calculated under the fully phased-in Regulatory Capital Rules. The
changes to our capital ratios under the previously effective
regulatory capital rules are minimal, and compare to the previously
reported Tier 1 and Total Capital ratios of 14.5% and 15.2% at
December 31, 2014 and 16.1% and 16.8% at March 31, 2014. The change
from prior quarter reflects the share repurchases while the change
from the year-ago quarter also reflects an increase in
risk-weighted assets due to higher order book commitments and asset
growth and, to a lesser extent, a decline in regulatory capital
resulting from goodwill and intangibles recorded with the Direct
Capital acquisition. Preliminary fully phased-in risk-weighted
assets totaled $56.3 billion at March 31, 2015, up from $55.5
billion in the prior quarter and from $51.8 billion at March 31,
2014.
Book value per share at March 31, 2015 grew to $50.26 from
$50.13 at December 31, 2014 and $45.10 at March 31, 2014. Tangible
book value per share5 at March 31, 2015 increased to $46.89 from
$46.83 at December 31, 2014 and $42.94 at March 31, 2014. The
increases in book value and tangible book value per share primarily
reflected our net income, including the partial reversals of the
valuation allowance in the second half of 2014.
Cash and investment securities totaled $7.7 billion at March 31,
2015, and were comprised of $6.3 billion of cash, $0.5 billion of
reverse repurchase securities, $0.5 billion of short-term
investments and $0.4 billion of debt securities held for sale,
compared to $8.9 billion at December 31, 2014 and $8.5 billion at
March 31, 2014. The sequential decline reflected the $1.2 billion
repayment of the 4.75% unsecured notes that matured in February
2015. Cash and investment securities at March 31, 2015 consisted of
$2.4 billion related to the bank holding company and $3.7 billion
at CIT Bank (excluding $0.1 billion of restricted cash), with the
remainder comprised of cash at operating subsidiaries and other
restricted balances of approximately $0.8 billion each. CIT had
approximately $1.4 billion of unused and committed liquidity under
a $1.5 billion revolving credit facility at March 31, 2015.
Deposits grew to $16.8 billion from $15.8 billion at December
31, 2014, and $13.2 billion at March 31, 2014. At March 31, 2015,
deposits represented approximately 50% of CIT Group funding, with
unsecured and secured borrowings comprising 32% and 18% of the
funding mix, respectively, reflecting the ongoing shift from
unsecured borrowings to deposit funding. The weighted average
coupon rate on outstanding deposits and long-term borrowings in
continuing operations improved to 3.04% at March 31, 2015, compared
to 3.11% at December 31, 2014 and 3.33% at March 31, 2014.
During the quarter, we returned nearly $360 million in capital
to our shareholders including $27 million in dividends and $332
million from repurchases of 7.3 million common shares at an average
price of $45.43, which represented the remaining amount under the
previously authorized repurchase plan.
During April 2015, the Board approved a $0.15 cash dividend
payable on May 28, 2015 and authorized an additional share
repurchase of up to $200 million in 2015.
Discontinued Operation
There was no activity from discontinued operations in the
current quarter compared to $1 million loss in the prior quarter
and $2 million in income in the year-ago quarter. The discontinued
operation reflected our Student Lending business that was sold in
the second quarter of 2014.
Segment Highlights
Transportation & International Finance
Pre-tax earnings for the quarter were $157 million, up from $118
million in the year-ago quarter and down from $185 million in the
prior quarter. The increase from the year-ago quarter primarily
reflected higher gains on asset sales and asset growth, while the
decrease from the prior quarter largely reflected lower finance
revenue due to asset sales and lower equipment utilization.
Financing and leasing assets at March 31, 2015 were $18.8
billion compared to $19.0 billion at year-end and $17.6 billion at
March 31, 2014. The increase from the prior year reflected growth
in all transportation divisions including $0.9 billion in
Aerospace, $0.5 billion in Rail, and $0.6 billion in Maritime,
partially offset by a reduction in International Finance, largely
reflecting the sale of our UK corporate lending portfolio in the
fourth quarter of 2014. The sequential decline was driven by $0.4
billion of asset sales, including approximately $0.2 billion of
aircraft to TC-CIT Aviation, our recently formed joint venture with
Century Tokyo Leasing. Assets Held for Sale totaled $0.6 billion
and largely consists of the U.K. equipment finance portfolio and
commercial aircraft. New business volume for the quarter was $0.5
billion and consisted of $0.3 billion of operating lease equipment,
including the delivery of 3 new aircraft and approximately 800 new
railcars, and the funding of $0.2 billion of finance receivables.
Additionally, our European rail business acquired a portfolio of
nearly 1,000 railcars in the first quarter.
Net finance revenue was $215 million, up from $202 million from
the year-ago quarter, primarily due to growth in earning assets,
and down from $233 million in the prior quarter due to asset sales
and lower equipment utilization. Net finance margin was 4.57%
compared to 4.73% in the year-ago quarter and 4.88% in the prior
quarter. The decreases from prior periods were driven primarily by
lower net rental yields in Aerospace. Gross yields in Aerospace
decreased from 11.5% in the prior period to 11.4%, reflecting lower
equipment utilization, while gross yields in Rail remain strong but
declined from an elevated level in the prior quarter of 15.3% to
14.8%.
Other income was $34 million, up from $7 million in the year-ago
quarter largely reflecting higher gains on asset sales and flat
sequentially.
Non-accrual loans of $39 million (1.10% of finance receivables)
increased slightly from $37 million (1.05%) at December 31, 2014,
and from $36 million (1.01%) a year ago. Provision for credit
losses was $11 million, compared to $12 million in the year-ago
quarter and $9 million sequentially, with the current quarter
provision largely reflecting reserve build in Business Air and
China as charge-offs were minimal. Net charge-offs were $2 million
(0.17% of average finance receivables), compared to $13 million
(1.47%) in the year-ago quarter and $8 million (0.84%) in the prior
quarter. Net charge-offs include $3 million in the year ago quarter
and $6 million in the prior quarter due to assets moved to held for
sale.
Operating expenses were $82 million, up from $80 million a year
ago and $73 million sequentially reflecting seasonally higher
employee expenses.
Utilization declined from peak levels with 98% of rail equipment
and 97% of aircraft leased or under a commitment at quarter-end.
During the quarter we ordered five new aircraft delivering in 2016
and 2,200 rail cars delivering in 2016 and 2017. All but 1 new
aircraft scheduled for delivery in the next 12 months and
approximately 65% of total railcars on order, have lease
commitments.
North American Commercial Finance
Pre-tax earnings were $36 million, down from $43 million in the
year-ago quarter and from $122 million in the prior quarter. The
decrease from the year-ago quarter reflects portfolio repricing
across businesses partially offset by the addition of Direct
Capital, while the decrease from the prior quarter reflects lower
gains on asset sales of approximately $40 million as well as a
reduced level of interest recoveries. The prior quarter also
benefited from a reversal in specific reserves of which $12 million
related to a resolution of a problem loan.
Financing and leasing assets were $16.2 billion, essentially
unchanged from December 31, 2014, and up 7% from $15.2 billion at
March 31, 2014. The increase from the year-ago quarter reflected
solid new business volumes in 2014 and the acquisition of Direct
Capital in the third quarter of 2014. New lending and leasing
volume was $1.4 billion, in line with the year-ago quarter and down
from $1.6 billion in the prior quarter, and factored volume rose 4%
from year-ago levels. Strong volume in Equipment Finance was offset
by lower originations in Corporate Finance, in line with trends in
middle-market lending.
Net finance revenue of $128 million increased from $125 million
in the year-ago quarter reflecting higher average earning assets,
and decreased from $145 million in the prior quarter due to a lower
levels of interest recoveries in Corporate Finance. Net finance
margin was 3.52% compared to 3.64% in the year-ago quarter and
3.94% in the prior quarter. The reduction from the prior periods
reflects lower levels of interest recoveries while the decrease
from a year ago also reflects portfolio repricing. Other income of
$66 million was up from $62 million in the year-ago quarter,
reflecting higher capital markets fees, and down from $115 million
in the prior quarter which included several gains on asset sales.
Operating expenses were $135 million, up from $122 million in the
year-ago quarter, largely due to the acquisition of Direct Capital
in the third quarter, and up $3 million from the prior quarter.
The $24 million provision for credit losses is up from $23
million in the year-ago period and $6 million in the prior quarter.
The increase from the prior quarter is due mainly to the reversal
in specific reserves of which $12 million related to a resolution
of a problem loan in the prior quarter. Credit metrics remained at
or near cycle lows. Non-accrual loans of $116 million (0.73% of
finance receivables) rose from $101 million (0.63%) at December 31,
2014, but were improved from $131 million (0.88%) a year ago.
The sequential quarter increase was primarily attributable to one
energy related account. Net charge-offs were $19 million (0.49% of
average finance receivables), compared to $16 million (0.43%) in
the year-ago quarter and $15 million (0.38%) in the prior quarter.
Net charge-offs include $11 million from assets moved to held for
sale in the current quarter compared to $4 million in the year ago
quarter and $1 million in the prior quarter.
Non-Strategic Portfolios
Pre-tax losses for the quarter were $13 million, compared to $8
million in the year-ago quarter and $28 million in the prior
quarter, which included higher impairment charges on held-for-sale
portfolios. The higher losses from the year-ago quarter reflects
the decline in asset levels and lower non spread revenue primarily
due to impairment charges in the current quarter.
Financing and leasing assets declined to $0.3 billion at March
31, 2015, down from $0.4 billion at December 31, 2014 and from $1.1
billion a year-ago, which reflects sales of international
portfolios and the Small Business Lending portfolio, as well as
portfolio runoff.
In the fourth quarter of 2014 we signed separate definitive
agreements to sell equipment leasing platforms in Mexico
(approximately $0.2 billion in assets at March 31, 2015), and
Brazil (approximately $0.1 billion in assets at March 31, 2015).
Both are expected to close in 2015 and are subject to regulatory
approval in their respective countries.
Corporate and Other
Certain items are not allocated to operating segments and are
included in Corporate and Other, including interest expense,
primarily related to corporate liquidity costs, mark-to-market on
certain derivatives, restructuring charges, certain legal costs and
other operating expenses. Operating expenses included a $1 million
reversal of restructuring provisions in the current quarter,
compared to charges of approximately $10 million in the year-ago
quarter and $7 million in the prior quarter.
CIT Bank
Total assets were $21.5 billion at March 31, 2015, up from $21.1
billion at December 31, 2014, reflecting new business volumes, and
$16.8 billion at March 31, 2014, also reflecting the Direct Capital
acquisition in the 2014 third quarter. CIT Bank funded $1.5 billion
of new business volume in the current quarter. Loans totaled $15.1
billion, up from $15.0 billion at December 31, 2014 and $12.6
billion at March 31, 2014. Operating lease equipment was $2.0
billion, primarily railcars and some aircraft, consistent with the
prior quarter and up from $1.5 billion at March 31, 2014. Cash and
investment securities totaled $3.8 billion at March 31, 2015 and
comprised of $3.4 billion of cash and $0.4 billion of investment
securities, up from $3.7 billion at December 31, 2014, and from
$2.4 billion at March 31, 2014.
Preliminary estimated Common Equity Tier 1 and Total Capital
ratios were 12.9% and 14.1%, respectively, as calculated under the
fully phased-in Regulatory Capital Rules. The change to CIT Bank’s
capital ratios under the previously effective regulatory capital
rules are minimal and, compares to Tier 1 and Total Capital ratios
of 13.0% and 14.2% at December 31, 2014, reflecting increased risk
weighted assets, and 16.1% and 17.4% at March 31, 2014, also
reflecting a decline in regulatory capital resulting from goodwill
and other intangibles recorded from the acquisition of Direct
Capital.
Deposits at quarter-end were $16.8 billion, up from $15.9
billion at December 31, 2014 and $13.1 billion at March 31, 2014.
The weighted average rate on outstanding deposits was 1.66%,
compared to 1.63% at December 31, 2014 and 1.58% at March 31,
2014.
Conference Call and Webcast
Chairman and Chief Executive Officer John A. Thain and Chief
Financial Officer Scott T. Parker will discuss these results on a
conference call and audio webcast today, April 28, 2015, at 8:00
a.m. (EDT). Interested parties may access the conference call live
by dialing 888-317-6003 for U.S., 866-284-3684 for Canadian callers
or 412-317-6061 for international callers and reference access code
“9624935” or access the audio webcast at cit.com/investor. An audio
replay of the call will be available until 11:59 p.m. (EDT) on May
12, 2015, by dialing 877-344-7529 for U.S. callers, 855-669-9658
for Canadian callers or 412-317-0088 for international callers with
the access code “10062613”, or at cit.com/investor.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $35 billion in financing and leasing assets. It
provides financing, leasing and advisory services principally to
middle market companies across more than 30 industries primarily in
North America, and equipment financing and leasing solutions to the
transportation industry worldwide. Its U.S. commercial bank
subsidiary, CIT Bank (Member FDIC), BankOnCIT.com, offers a variety
of savings options designed to help customers achieve their
financial goals. cit.com
Forward-Looking Statements
This press release contains forward-looking statements
within the meaning of applicable federal securities laws that are
based upon our current expectations and assumptions concerning
future events, which are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those anticipated. The words “expect,” “anticipate,”
“estimate,” “forecast,” “initiative,” “objective,” “plan,” “goal,”
“project,” “outlook,” “priorities,” “target,” “intend,” “evaluate,”
“pursue,” “commence,” “seek,” “may,” “would,” “could,” “should,”
“believe,” “potential,” “continue,” or the negative of any of those
words or similar expressions is intended to identify
forward-looking statements. All statements contained in this press
release, other than statements of historical fact, including
without limitation, statements about our plans, strategies,
prospects and expectations regarding future events and our
financial performance, are forward-looking statements that involve
certain risks and uncertainties. While these statements represent
our current judgment on what the future may hold, and we believe
these judgments are reasonable, these statements are not guarantees
of any events or financial results, and our actual results may
differ materially. Important factors that could cause our actual
results to be materially different from our expectations include,
among others, the risk that CIT is unsuccessful in implementing its
strategy and business plan, the risk that CIT is unable to react to
and address key business and regulatory issues, the risk that CIT
is unable to achieve the projected revenue growth from its new
business initiatives or the projected expense reductions from
efficiency improvements, and the risk that CIT becomes subject to
liquidity constraints and higher funding costs. We describe these
and other risks that could affect our results in Item 1A, “Risk
Factors,” of our latest Annual Report on Form 10-K for the year
ended December 31, 2014, which was filed with the Securities and
Exchange Commission. Accordingly, you should not place undue
reliance on the forward-looking statements contained in this press
release. These forward-looking statements speak only as of the date
on which the statements were made. CIT undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except where expressly required by law.
Non-GAAP Measurements
Net finance revenue, net operating lease revenue, adjusted net
finance revenue and average earning assets are non-GAAP
measurements used by management to gauge portfolio performance.
Operating expenses excluding restructuring costs is a non-GAAP
measurement used by management to compare period over period
expenses. Total assets from continuing operations is a non-GAAP
measurement used by management to analyze the total asset change on
a more consistent basis. Tangible book value and tangible book
value per share are non-GAAP metrics used to analyze banks.
1 Total assets from continuing operations is a non-GAAP measure.
See “Non-GAAP Measurements” at the end of this press release and
page 18 for reconciliation of non-GAAP to GAAP financial
information.
2 Net finance revenue, finance margin and net operating lease
revenue are non-GAAP measures. See “Non-GAAP Measurements” at the
end of this press release and page 18 for reconciliation of
non-GAAP to GAAP financial information.
3 Operating expenses excluding restructuring costs or benefit is
a non-GAAP measure. See “Non-GAAP Measurements” at the end of this
press release and page 18 for reconciliation of non-GAAP to GAAP
financial information.
4 Preliminary ratios are based on a preliminary fully phased-in
Basel III estimate
5 Tangible book value and tangible book value per share are
non-GAAP measures. See “Non-GAAP Measurements” at the end of this
press release and page 18 for reconciliation of non-GAAP to GAAP
financial information.
CIT GROUP INC. AND SUBSIDIARIES Unaudited
Consolidated Statements of Operations (dollars in millions,
except per share data)
Quarters Ended March 31, December
31, March 31, 2015
2014 2014 Interest income Interest and fees on
loans $ 272.4 $ 296.3 $ 293.4 Other Interest and dividends
8.6 9.9 8.8 Total interest
income 281.0 306.2 302.2
Interest expense Interest on long-term borrowings (202.3 ) (213.1 )
(220.0 ) Interest on deposits (69.0 ) (63.8 )
(51.9 ) Total interest expense (271.3 ) (276.9 )
(271.9 ) Net interest revenue 9.7 29.3 30.3 Provision for
credit losses (34.6 ) (15.0 ) (36.7 ) Net
interest revenue, after credit provision (24.9 ) 14.3
(6.4 ) Non-interest income Rental income on operating
leases 530.6 546.5 491.9 Other income 86.4
116.4 71.1 Total non-interest income
617.0 662.9 563.0 Other expenses
Depreciation on operating lease equipment (156.8 ) (153.2 ) (148.8
) Maintenance and other operating lease expenses (46.1 ) (49.7 )
(51.6 ) Operating expenses (241.6 ) (248.8 ) (233.5 ) Loss on debt
extinguishment - (3.1 ) - Total
other expenses (444.5 ) (454.8 ) (433.9 )
Income from continuing operations before (provision) benefit for
income taxes 147.6 222.4 122.7 (Provision) benefit for income taxes
(44.0 ) 28.3 (13.5 ) Income from
continuing operations, before attribution of noncontrolling
interests 103.6 250.7 109.2 Net (income) loss attributable to
noncontrolling interests, after tax 0.1 1.3
5.7 Income from continuing operations 103.7
252.0 114.9 Discontinued operation Income (loss) from discontinued
operation, net of taxes - (1.0 ) 2.3
Net income $ 103.7 $ 251.0 $ 117.2
Basic income per common share Income from continuing
operations $ 0.59 $ 1.38 $ 0.59 Income from discontinued operation,
net of taxes - (0.01 ) 0.01
Basic income per common share $ 0.59 $ 1.37 $ 0.60
Average number of common shares - basic (thousands) 176,260
182,623 196,089 Diluted income per common share Income from
continuing operations $ 0.59 $ 1.37 $ 0.58 Income from discontinued
operation, net of taxes - - 0.01
Diluted income per common share $ 0.59 $ 1.37
$ 0.59 Average number of common shares - diluted (thousands)
177,072 183,605 197,047
CIT GROUP INC. AND
SUBSIDIARIES Unaudited Consolidated Balance Sheets
(dollars in millions, except per share data)
March 31, December
31, March 31, 2015* 2014
2014 Assets Total cash and deposits $ 6,306.9
$ 7,119.7 $ 6,693.9 Securities purchased under agreements to resell
450.0 650.0 - Investment securities 1,347.4 1,550.3 2,255.0 Assets
held for sale 1,051.9 1,218.1 1,119.4 Loans 19,429.3
19,495.0 18,571.7 Allowance for loan losses (356.5 )
(346.4 ) (352.6 ) Loans, net of allowance for loan losses
19,072.8 19,148.6 18,219.1 Operating lease equipment, net
14,887.8 14,930.4 14,182.4 Goodwill 563.6 571.3 403.5 Unsecured
counterparty receivable 537.1 559.2 279.5 Other assets 2,198.5
2,132.4 1,704.1 Assets of discontinued operation -
- 3,721.2 Total assets $ 46,416.0
$ 47,880.0 $ 48,578.1
Liabilities Deposits $ 16,758.1 $ 15,849.8 $ 13,189.3 Credit
balances of factoring clients 1,505.3 1,622.1 1,213.5 Other
liabilities 2,735.2 2,888.8 2,692.6 Long-term borrowings Unsecured
borrowings 10,732.6 11,932.4 13,532.3 Secured borrowings
5,925.7 6,523.4 5,976.5 Total
long-term borrowings 16,658.3 18,455.8
19,508.8 Liabilities of discontinued operation
- - 3,172.1 Total liabilities
37,656.9 38,816.5 39,776.3
Equity Stockholders' equity Common stock 2.0 2.0 2.0
Paid-in capital 8,598.0 8,603.6 8,569.7 Retained earnings 1,692.3
1,615.7 678.4 Accumulated other comprehensive loss (163.1 ) (133.9
) (76.0 ) Treasury stock, at cost (1,370.6 ) (1,018.5
) (378.1 ) Total common stockholders' equity 8,758.6 9,068.9
8,796.0 Noncontrolling interests 0.5 (5.4 )
5.8 Total equity 8,759.1 9,063.5
8,801.8 Total liabilities and equity $
46,416.0 $ 47,880.0 $ 48,578.1
Book
Value Per Common Share Book value per common share $ 50.26 $
50.13 $ 45.10 Tangible book value per common share $ 46.89 $ 46.83
$ 42.94 Outstanding common shares (in thousands) 174,280 180,921
195,030
* Preliminary
CIT GROUP INC. AND SUBSIDIARIES Average
Balances and Rates (dollars in millions)
Quarters Ended March 31, 2015
December 31, 2014 March 31,
2014
Average
Balance
Rate
Average
Balance
Rate
Average
Balance
Rate Assets Interest bearing
deposits $ 5,951.6 0.27 % $ 5,848.3 0.29 % $ 5,188.9 0.35 %
Securities purchased under agreements to resell 575.0 0.49 % 675.0
0.53 % - - Investments 1,497.2 1.04 % 991.4 1.94 % 2,499.7 0.67 %
Loans (including held for sale) U.S. 17,908.2 5.36 % 17,829.9 5.76
% 15,816.3 5.90 % Non-U.S. 2,235.3 9.38 %
2,687.2 9.18 % 3,736.7 8.46 % Total Loans
20,143.5 5.84 % 20,517.1 6.24 %
19,553.0 6.42 % Total interest earning assets / interest
income 28,167.3 4.22 % 28,031.8 4.62 %
27,241.6 4.66 % Operating lease equipment, net
(including held for sale) U.S. 7,769.5 9.15 % 8,018.0 9.21 %
7,349.6 8.50 % Non-U.S. 7,420.0 8.08 % 7,414.2
8.58 % 6,551.2 8.26 % Total operating lease
equipment, net 15,189.5 8.63 % 15,432.2
8.91 % 13,900.8 8.39 % Total earning assets
43,356.8 5.82 % 43,464.0 6.20 %
41,142.4 5.96 % Non-interest earning assets Cash and due
from banks 903.6 858.2 1,055.0 Allowance for loan losses (347.7 )
(345.5 ) (357.8 ) All other non-interest bearing assets 3,317.1
3,176.0 2,357.3 Assets of discontinued operation -
- 3,792.3
Total Average Assets $
47,229.8 $ 47,152.7 $ 47,989.2
Liabilities Borrowings Deposits $ 16,382.2 1.68 % $ 15,115.0
1.69 % $ 12,812.2 1.62 % Long-term borrowings 17,603.9
4.60 % 18,707.5 4.56 % 19,022.1
4.63 % Total interest-bearing liabilities 33,986.1
3.19 % 33,822.5 3.27 % 31,834.3 3.42 %
Credit balances of factoring clients 1,501.4 1,528.2 1,276.3 Other
non-interest bearing liabilities 2,870.6 2,733.4 2,819.6
Liabilities of discontinued operation - - 3,240.1 Noncontrolling
interests (3.9 ) (2.6 ) 11.1 Stockholders' equity 8,875.6
9,071.2 8,807.8
Total Average
Liabilities and Stockholders' Equity $ 47,229.8 $
47,152.7 $ 47,989.2
CIT GROUP INC.
AND SUBSIDIARIES Select Accounts (dollars in
millions) Quarters
Ended March 31, December 31,
March 31, 2015 2014
2014 OTHER INCOME Gains on sales of leasing equipment
$ 32.0 $ 52.0 $ 8.4 Factoring commissions 29.5 32.2 28.6 Fee
revenues 22.6 26.1 21.6 Gains on loan and portfolio sales 6.6 16.5
3.5
Recoveries of loans charged off
pre-emergence and loans
charged off prior to transfer to held for
sale
2.2 6.0 5.2 Gain on investments 0.7 24.6 3.5 Counterparty
receivable accretion - - 2.0 Losses on derivatives and foreign
currency exchange (9.7 ) (16.2 ) (7.1 ) Impairment on assets held
for sale (10.1 ) (31.2 ) (1.1 ) Other revenues 12.6
6.4 6.5 Total other income $ 86.4
$ 116.4 $ 71.1
OPERATING
EXPENSES Compensation and benefits $ (146.5 ) $ (138.9 ) $
(138.9 ) Technology (22.3 ) (22.1 ) (21.1 ) Professional fees (19.5
) (23.7 ) (18.0 ) Net occupancy expense (9.4 ) (8.5 ) (8.9 )
Advertising and marketing (9.1 ) (10.0 ) (7.9 ) Provision for
severance and facilities exiting activities 1.0 (6.7 ) (9.9 ) Other
expenses (35.8 ) (38.9 ) (28.8 ) Total
operating expenses $ (241.6 ) $ (248.8 ) $ (233.5 )
March
31, December 31, March 31, 2015*
2014 2014 INVESTMENT SECURITIES
Short-term investments $ 500.0 $ 1,104.2 $ 1,812.5 Other debt and
equity investments 847.4 446.1
442.5 Total investment securities $ 1,347.4 $ 1,550.3
$ 2,255.0
OTHER ASSETS Deposits on
commercial aerospace equipment $ 750.6 $ 736.3 $ 761.2 Deferred
federal and state tax assets 398.8 422.5 41.2 Fair value of
derivative financial instruments 199.4 168.0 91.1 Deferred costs,
including debt related costs 155.5 148.1 160.8 Furniture and
fixtures 123.4 126.4 85.9 Tax receivables, other than income taxes
101.9 102.0 143.0 Executive retirement plan and deferred
compensation 97.0 96.7 100.0 Other 371.9 332.4
320.9 Total other assets $ 2,198.5 $
2,132.4 $ 1,704.1
OTHER LIABILITIES
Equipment maintenance reserves $ 965.2 $ 960.4 $ 915.2 Accrued
expenses and accounts payable 385.6 478.3 363.1 Security and other
deposits 379.7 368.0 245.4 Current taxes payable and deferred taxes
340.9 319.1 316.6 Accrued interest payable 171.7 243.7 215.2
Valuation adjustment relating to aerospace commitments 117.1 121.2
128.3 Other liabilities 375.0 398.1
508.8 Total other liabilities $ 2,735.2 $
2,888.8 $ 2,692.6 * Preliminary
CIT
GROUP INC. AND SUBSIDIARIES Financing and Leasing Assets
(dollars in millions)
March 31, December 31,
March 31, 2015 2014 2014
Transportation & International Finance Aerospace
Loans $ 1,750.8 $ 1,796.5 $ 1,247.1 Operating lease equipment, net
8,822.7 8,949.5 8,595.5 Assets held for sale 234.5
391.6 24.8 Financing and leasing assets 10,808.0
11,137.6 9,867.4
Rail Loans 126.7 130.0 123.3
Operating lease equipment, net 5,800.1 5,715.2 5,325.0 Assets held
for sale 1.0 1.2 1.4 Financing and leasing
assets 5,927.8 5,846.4 5,449.7
Maritime
Finance Loans 1,066.6 1,006.7 529.8 Assets held for sale
19.1 19.7 - Financing and leasing assets
1,085.7 1,026.4 529.8
International Finance
Loans 624.4 625.7 1,653.3 Operating lease equipment, net 0.5 0.5
6.4 Assets held for sale 379.9 402.7 66.4
Financing and leasing assets 1,004.8 1,028.9
1,726.1
Total Segment Loans 3,568.5 3,558.9 3,553.5
Operating lease equipment, net 14,623.3 14,665.2 13,926.9 Assets
held for sale 634.5 815.2 92.6 Financing and
leasing assets 18,826.3 19,039.3 17,573.0
North American Commercial Finance Real Estate Finance
Loans 1,813.9 1,768.6 1,615.2
Corporate
Finance Loans 6,798.1 6,889.9 6,974.3 Operating lease
equipment, net - - 11.5 Assets held for sale 87.5
22.8 67.0 Financing and leasing assets 6,885.6
6,912.7 7,052.8
Equipment Finance Loans 4,706.1
4,717.3 4,041.6 Operating lease equipment, net 264.5
265.2 198.6 Financing and leasing assets 4,970.6
4,982.5 4,240.2
Commercial Services Loans -
factoring receivables 2,542.7 2,560.2 2,271.7
Total Segment Loans 15,860.8 15,936.0 14,902.8 Operating
lease equipment, net 264.5 265.2 210.1 Assets held for sale
87.5 22.8 67.0 Financing and leasing assets
16,212.8 16,224.0 15,179.9
Non-Strategic
Portfolios Loans - 0.1 115.4 Operating lease equipment, net - -
45.4 Assets held for sale 329.9 380.1 959.8
Financing and leasing assets 329.9 380.2
1,120.6
Total financing and leasing assets $ 35,369.0 $
35,643.5 $ 33,873.5
CIT GROUP INC. AND
SUBSIDIARIES Credit Metrics (dollars in millions)
Quarters Ended March
31, 2015 December 31, 2014
March 31, 2014 Gross Charge-offs to Average
Finance Receivables
Transportation & International Finance(1) $ 3.2 0.36 % $ 10.1
1.10 % $ 14.3 1.61 % North American Commercial Finance(2) 23.4 0.59
% 18.7 0.47 % 22.6 0.61 % Non-Strategic Portfolios(3) -
- - - 7.5 9.94 %
Total CIT $
26.6 0.55 % $ 28.8 0.59 % $ 44.4 0.95 %
Quarters Ended March 31, 2015 December 31,
2014 March 31, 2014 Net Charge-offs to Average
Finance Receivables Transportation & International
Finance(1) $ 1.5 0.17 % $ 7.7 0.84 % $ 13.0 1.47 % North American
Commercial Finance(2) 19.4 0.49 % 15.4 0.38 % 16.0 0.43 %
Non-Strategic Portfolios(3) - - - -
6.6 8.77 %
Total CIT $ 20.9 0.43 % $ 23.1
0.47 % $ 35.6 0.76 %
Non-accruing
Loans to Finance Receivables(4) March 31, 2015
December 31, 2014 March 31, 2014 Transportation &
International Finance $ 39.2 1.10 % $ 37.2 1.05 % $ 35.9 1.01 %
North American Commercial Finance 115.6 0.73 % 100.9 0.63 % 131.3
0.88 % Non-Strategic Portfolios 24.4
(4
)
22.4
(4
)
51.2 44.37 %
Total CIT $ 179.2 0.92 % $ 160.5
0.82 % $ 218.4 1.18 %
PROVISION AND ALLOWANCE
COMPONENTS Provision for Credit Losses Quarters
Ended March 31, December 31, March 31,
2015 2014
2014 Specific allowance - impaired loans $ 2.4 $
(13.1 ) $ (4.7 ) Non-specific allowance 11.3 5.0 5.8 Net
charge-offs 20.9 23.1 35.6
Totals $ 34.6 $ 15.0 $ 36.7
Allowance for Loan Losses March 31, December
31, March 31, 2015
2014 2014 Specific allowance -
impaired loans $ 14.8 $ 12.4 $ 25.7 Non-specific allowance
341.7 334.0 326.9 Totals $ 356.5
$ 346.4 $ 352.6 Allowance for loan
losses as a percentage of total loans 1.83 % 1.78 % 1.90 %
NM - Not meaningful 1) TIF charge-offs for the quarters ended March
31, 2014 and December 31, 2014 included $3 million and $6 million,
respectively, related to the transfer of receivables to assets held
for sale. 2) NACF charge-offs for the quarter ended March 31, 2015,
included $11 million related to the transfer of receivables to
assets held for sale and $4 million for the quarter ended March 31,
2014 and $1 million for the quarter ended December 31, 2014. 3) NSP
charge-offs for the quarter ended March 31, 2014 included $7
million related to the transfer of receivables to assets held for
sale. 4) Non-accrual loans include loans held for sale. The March
31, 2015 and December 31, 2014 Non-Strategic Portfolios amount
reflected non-accrual loans held for sale; since portfolio loans
were insignificant, no % is displayed.
CIT GROUP
INC. AND SUBSIDIARIES Segment Results (dollars in
millions) Quarters
Ended March 31, December 31,
March 31, 2015 2014
2014 Transportation & International Finance Total
interest income $ 68.4 $ 71.7 $ 76.7 Total interest expense (168.6
) (169.3 ) (160.7 ) Provision for credit losses (10.6 ) (8.5 )
(12.4 ) Rental income on operating leases 497.5 513.8 459.6 Other
income 34.3 33.5 7.2 Depreciation on operating lease equipment
(136.1 ) (133.5 ) (121.7 ) Maintenance and other operating lease
expenses (46.1 ) (49.7 ) (51.6 ) Operating expenses (81.8 )
(73.1 ) (79.5 ) Income before (provision) benefit for
income taxes $ 157.0 $ 184.9 $ 117.6 Funded
new business volume $ 525.3 $ 1,228.9 $ 1,054.6 Average Earning
Assets $ 18,821.7 $ 19,096.6 $ 17,119.7 Average Finance Receivables
$ 3,546.0 $ 3,688.8 $ 3,555.0
North American Commercial
Finance Total interest income $ 196.1 $ 214.4 $ 193.4 Total
interest expense (74.1 ) (74.2 ) (68.9 ) Provision for credit
losses (24.0 ) (6.5 ) (23.2 ) Rental income on operating leases
27.2 24.8 22.8 Other income 66.3 115.4 61.8 Depreciation on
operating lease equipment (20.7 ) (19.7 ) (21.9 ) Operating
expenses (134.7 ) (132.1 ) (121.5 ) Income
before (provision) benefit for income taxes $ 36.1 $ 122.1
$ 42.5 Funded new business volume $ 1,354.1 $ 1,620.6
$ 1,372.9 Average Earning Assets $ 14,590.3 $ 14,753.6 $ 13,764.7
Average Finance Receivables $ 15,825.9 $ 16,013.1 $ 14,800.1
Non-Strategic Portfolios Total interest income $ 12.3 $ 16.1
$ 28.4 Total interest expense (10.8 ) (15.6 ) (24.9 ) Provision for
credit losses - - (1.0 ) Rental income on operating leases 5.9 7.9
9.5 Other income (7.8 ) (18.8 ) 4.4 Depreciation on operating lease
equipment - - (5.2 ) Operating expenses (12.4 ) (18.0
) (19.2 ) Loss before (provision) benefit for income taxes $
(12.8 ) $ (28.4 ) $ (8.0 ) Funded new business volume $ 37.7 $ 35.9
$ 51.8 Average Earning Assets
$
360.0 $ 496.0
$
1,185.8 Average Finance Receivables $ 0.1 $ 0.1 $ 300.0
Corporate and Other Total interest income $ 4.2 $ 4.0 $ 3.7
Total interest expense (17.8 ) (17.8 ) (17.4 ) Provision for credit
losses - - (0.1 ) Other income (6.4 ) (13.7 ) (2.3 ) Operating
expenses / loss on debt extinguishment (12.7 ) (28.7
) (13.3 ) Loss before (provision) benefit for income taxes $
(32.7 ) $ (56.2 ) $ (29.4 )
Total CIT Total interest income
$ 281.0 $ 306.2 $ 302.2 Total interest expense (271.3 ) (276.9 )
(271.9 ) Provision for credit losses (34.6 ) (15.0 ) (36.7 ) Rental
income on operating leases 530.6 546.5 491.9 Other income 86.4
116.4 71.1 Depreciation on operating lease equipment (156.8 )
(153.2 ) (148.8 ) Maintenance and other operating lease expenses
(46.1 ) (49.7 ) (51.6 ) Operating expenses / loss on debt
extinguishment (241.6 ) (251.9 ) (233.5 )
Income from continuing operations before
(provision)
benefit for income taxes
$ 147.6 $ 222.4 $ 122.7 Funded new business
volume $ 1,917.1 $ 2,885.4 $ 2,479.3 Average Earning Assets $
33,772.0 $ 34,346.2 $ 32,070.2 Average Finance Receivables $
19,372.0 $ 19,702.0 $ 18,655.1
CIT GROUP INC. AND
SUBSIDIARIES Segment Margin (dollars in millions)
Quarters Ended
March 31, December 31,
March 31, 2015 2014 2014
Transportation & International Finance Average
Earning Assets (AEA) Aerospace $ 10,911.0 $ 11,104.8 $ 9,773.9
Rail $ 5,854.2 $ 5,839.8 $ 5,137.9 Maritime Finance $ 1,049.2 $
913.7 $ 473.9 International Finance $ 1,007.3 $ 1,238.3 $ 1,734.0
Gross yield Aerospace 11.36 % 11.52 % 12.56 % Rail 14.81 %
15.33 % 14.56 % Maritime Finance 5.00 % 5.30 % 4.88 % International
Finance 10.51 % 9.63 % 8.46 %
Total AEA $ 18,821.7 $
19,096.6 $ 17,119.7 Gross yield 12.03 % 12.26 % 12.53 % Net Finance
Margin 4.57 % 4.88 % 4.73 %
North American
Commercial Finance Average Earning Assets (AEA) Real
Estate Finance $ 1,777.7 $ 1,772.0 $ 1,592.9 Corporate Finance $
6,910.7 $ 7,097.7 $ 6,991.6 Equipment Finance $ 4,962.7 $ 4,948.9 $
4,239.5 Commercial Services $ 939.2 $ 935.0 $ 940.7
Gross
yield Real Estate Finance 3.94 % 4.19 % 3.99 % Corporate
Finance 4.50 % 5.18 % 5.02 % Equipment Finance 9.45 % 9.49 % 9.54 %
Commercial Services 4.56 % 4.89 % 4.86 %
Total AEA $
14,590.3 $ 14,753.6 $ 13,764.7 Gross yield 6.12 % 6.49 % 6.28 % Net
Finance Margin 3.52 % 3.94 % 3.64 % Gross Yield includes
rental income and interest income as a % of AEA. Net Finance
Margin (NFM) reflects Net Finance Revenue divided by AEA. Adjusted
Net Finance Margin is NFM increased by accelerated fresh start
accounting net discount/(premium) on debt extinguishments and
repurchases and debt related prepayment costs, reduced by
accelerated original issue discount accretion.
CIT GROUP
INC. AND SUBSIDIARIES Non-GAAP Disclosures
(dollars in millions)
Non-GAAP financial measures disclosed by management are meant to
provide additional information and insight relative to business
trends to investors and, in certain cases, to present financial
information as measured by rating agencies and other users of
financial information. These measures are not in accordance with,
or a substitute for, GAAP and may be different from, or
inconsistent with, non-GAAP financial measures used by other
companies.
Quarters Ended March
31, December 31,
March 31, Total Net Revenues(1) 2015
2014 2014 Interest income $ 281.0 $ 306.2 $
302.2 Rental income on operating leases 530.6
546.5 491.9 Finance revenue 811.6 852.7 794.1
Interest expense (271.3 ) (276.9 ) (271.9 ) Depreciation on
operating lease equipment (156.8 ) (153.2 ) (148.8 ) Maintenance
and other operating lease expenses (46.1 ) (49.7 )
(51.6 )
Net finance revenue (NFR) 337.4 372.9 321.8
Other income 86.4 116.4 71.1
Total net revenues $ 423.8 $ 489.3 $
392.9
NFR as a % of AEA 4.00 %
4.34 % 4.01 %
Net Operating Lease
Revenues(2) Rental income on operating leases $ 530.6 $
546.5 $ 491.9 Depreciation on operating lease equipment (156.8 )
(153.2 ) (148.8 ) Maintenance and other operating lease expenses
(46.1 ) (49.7 ) (51.6 )
Net operating lease
revenue $ 327.7 $ 343.6 $ 291.5
March 31, December 31, March 31, Earning
Assets(3) 2015 2014 2014
Loans $ 19,429.3 $ 19,495.0 $ 18,571.7 Operating lease equipment,
net 14,887.8 14,930.4 14,182.4 Assets held for sale 1,051.9 1,218.1
1,119.4 Credit balances of factoring clients (1,505.3 )
(1,622.1 ) (1,213.5 ) Total earning assets $ 33,863.7
$ 34,021.4 $ 32,660.0
Quarters
Ended March 31, December 31, March 31,
Operating Expenses 2015 2014
2014 Operating expenses $ (241.6 ) $ (248.8 ) $ (233.5 )
Provision for severance and facilities exiting activities
(1.0 ) 6.7 9.9 Operating expenses
excluding restructuring costs(4) $ (242.6 ) $ (242.1 ) $ (223.6 )
Continuing Operations Total Assets Total Assets $
46,416.0 $ 47,880.0 $ 48,578.1 Assets of discontinued operation
- - (3,721.2 ) Continuing
operations total assets $ 46,416.0 $ 47,880.0 $
44,856.9
Tangible Book Value(5) Total
common stockholders' equity $ 8,758.6 $ 9,068.9 $ 8,796.0 Less:
Goodwill (563.6 ) (571.3 ) (403.5 ) Intangible assets (23.2
) (25.7 ) (18.2 ) Tangible book value $ 8,171.8
$ 8,471.9 $ 8,374.3 (1) Total
net revenues are the combination of net finance revenue and other
income and is an aggregation of all sources of revenue for the
Company. Total net revenues are used by management to monitor
business performance. (2) Total net operating lease revenues are
the combination of rental income on operating leases less
depreciation on operating lease equipment and maintenance and other
operating lease expenses. Total net operating lease revenues are
used by management to monitor portfolio performance. (3) Earning
assets are utilized in certain revenue and earnings ratios. Earning
assets are net of credit balances of factoring clients. This net
amount represents the amounts we fund. (4) Operating expenses
excluding restructuring costs is a non-GAAP measure used by
management to compare period over period expenses. (5) Tangible
book value is a non-GAAP measure, which represents an adjusted
common shareholders’ equity balance that has been reduced by
goodwill and intangible assets. Tangible book value is used to
compute a per common share amount, which is used to evaluate our
use of equity.
CIT MEDIA RELATIONS:C. Curtis Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, 973-597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
CIT (NYSE:CIT)
Historical Stock Chart
From Mar 2024 to Apr 2024
CIT (NYSE:CIT)
Historical Stock Chart
From Apr 2023 to Apr 2024
