Exhibit 99.1
| FINANCIAL DATA PACKAGE |
The data provided herein has not been examined by independent accountants and may not be presented in accordance with generally accepted accounting principles (“GAAP”). As such, the data may vary from comparable data reported in CIT’s Forms 10-K & 10-Q. Modifications include, but are not limited to, the presentation of revised and restated financials, the reclassification of certain prior period data to conform to the current period presentation and differences due to rounding.
Please refer to the Company’s SEC filings on Forms 10-K and 10-Q for consolidated financial results prepared in accordance with GAAP.
Amounts shown are as of or for the period ending as applicable.
| As of April 22, 2014 |
Effective January 1, 2014 CIT began managing its businesses and reporting its financial results in three operating segments:
| - | Transportation and International Finance |
| - | North American Commercial Finance |
| - | Non-Strategic Portfolios |
These new segments will consist of the following divisions:
Transportation and International Finance
| - | Aerospace - Includes Commercial Air (operating leases and loans) and Business Aircraft Finance |
| - | Rail |
| - | Maritime Finance |
| - | International Finance - Includes the corporate lending business in the U.K. ( formerly part of the Corporate Finance Segment) and the equipment financing businesses in the U.K. and China (formerly part of the Vendor Finance Segment) |
North American Commercial Finance
| - | Real Estate Finance (formerly in Corporate Finance) |
| - | Corporate Finance - Includes lending to the Aerospace and Defense sector (formerly Transportation Lending in Transportation Finance) |
| - | Equipment Finance – Consists of Equipment Finance (formerly in Corporate Finance) and the U.S. and Canadian businesses formerly in Vendor Finance |
| - | Commercial Services (formerly Trade Finance) |
Non-Strategic Portfolios
| - | Student Lending (formerly in Consumer Finance) |
| - | Small Business Lending (formerly in Corporate Finance) |
| - | Non-Strategic portfolios from the former Vendor Finance business including: |
Asia (excluding China)
Europe (excluding the U.K.)
Latin America (including Mexico)
The Dell Canada portfolio (sold in May 2011)
| CIT Group Inc. | ||
| Financial Data Package | ||
| Table of Contents | ||
| Item | Page | |
| Balance Sheet | 4 | |
| Average Balance Sheet | 5 | |
| Average Balance Sheet - Full Year | 6 | |
| Income Statement - Consolidated | 7 | |
| Income Statement - Segment | 8 | |
| Income Statement - Division | 9 | |
| Financing and Leasing Assets | 10 | |
| Financing and Leasing Assets - Division | 11 | |
| Credit Metrics | 12 | |
| Select Data and Ratios | 13 | |
| CIT Bank | 14 | |
| Non-GAAP Disclosures | 15 | |
| Fresh Start Accounting | 16 | |
| Financial Terms | 17 | |
| 3
|
| CIT Group Inc. Balance Sheet Data | |||||||||||||
| (dollars in millions) |
| 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2013 | 12/31/2012 | 12/31/2011 | ||||||||||||||
| Assets | ||||||||||||||||||||||||
| Cash and interest bearing deposits | $ | 6,139.2 | $ | 5,974.3 | $ | 5,718.2 | $ | 5,540.8 | $ | 6,821.3 | $ | 6,455.5 | $ | 6,094.3 | $ | 6,337.2 | $ | 6,139.2 | $ | 6,821.3 | $ | 7,436.8 | ||
| Investment securities | 2,630.7 | 2,498.9 | 1,558.0 | 1,724.1 | 1,065.5 | 1,016.2 | 1,194.1 | 1,343.0 | 2,630.7 | 1,065.5 | 1,257.8 | |||||||||||||
| Assets held for sale | 4,377.9 | 1,122.2 | 1,186.6 | 646.8 | 646.4 | 1,421.1 | 1,434.0 | 1,701.9 | 4,377.9 | 646.4 | 2,332.3 | |||||||||||||
| Loans | 18,629.2 | 21,822.7 | 21,678.3 | 22,120.4 | 20,847.6 | 20,383.4 | 20,097.9 | 20,511.5 | 18,629.2 | 20,847.6 | 19,905.9 | |||||||||||||
| Allowance for loan losses | (356.1) | (356.1) | (367.2) | (386.0) | (379.3) | (397.9) | (414.2) | (420.0) | (356.1) | (379.3) | (407.8) | |||||||||||||
| Total loans, net of allowance for loan losses | 18,273.1 | 21,466.6 | 21,311.1 | 21,734.4 | 20,468.3 | 19,985.5 | 19,683.7 | 20,091.5 | 18,273.1 | 20,468.3 | 19,498.1 | |||||||||||||
| Operating lease equipment, net | 13,035.4 | 12,577.1 | 12,326.2 | 12,290.6 | 12,411.7 | 12,086.7 | 11,911.2 | 11,918.9 | 13,035.4 | 12,411.7 | 12,006.4 | |||||||||||||
| Unsecured counterparty receivable | 584.1 | 626.2 | 642.6 | 630.8 | 649.1 | 584.4 | 629.8 | 697.4 | 584.1 | 649.1 | 729.5 | |||||||||||||
| Goodwill | 334.6 | 338.3 | 344.5 | 345.9 | 345.9 | 345.9 | 345.9 | 345.9 | 334.6 | 345.9 | 345.9 | |||||||||||||
| Other assets (1) | 1,764.0 | 1,620.4 | 1,543.8 | 1,650.0 | 1,603.8 | 1,704.8 | 1,513.2 | 1,745.8 | 1,764.0 | 1,603.8 | 1,656.6 | |||||||||||||
| Total Assets | $ | 47,139.0 | $ | 46,224.0 | $ | 44,631.0 | $ | 44,563.4 | $ | 44,012.0 | $ | 43,600.1 | $ | 42,806.2 | $ | 44,181.6 | $ | 47,139.0 | $ | 44,012.0 | $ | 45,263.4 | ||
| Liabilities | ||||||||||||||||||||||||
| Deposits | $ | 12,526.5 | $ | 11,806.1 | $ | 11,171.3 | $ | 10,701.9 | $ | 9,684.5 | $ | 8,709.3 | $ | 7,163.6 | $ | 6,814.7 | $ | 12,526.5 | $ | 9,684.5 | $ | 6,193.7 | ||
| Credit balances of factoring clients | 1,336.1 | 1,278.4 | 1,205.0 | 1,237.7 | 1,256.5 | 1,224.9 | 1,164.1 | 1,109.8 | 1,336.1 | 1,256.5 | 1,225.5 | |||||||||||||
| Other liabilities (2) | 2,676.4 | 2,895.6 | 2,567.5 | 2,544.7 | 2,769.7 | 2,626.6 | 2,527.1 | 2,665.8 | 2,676.4 | 2,769.7 | 2,650.4 | |||||||||||||
| Long-term borrowings (3) | 21,750.0 | 21,390.2 | 21,001.7 | 21,577.0 | 21,961.8 | 22,925.5 | 23,553.5 | 25,120.6 | 21,750.0 | 21,961.8 | 26,307.7 | |||||||||||||
| Total Liabilities | $ | 38,289.0 | $ | 37,370.3 | $ | 35,945.5 | $ | 36,061.3 | $ | 35,672.5 | $ | 35,486.3 | $ | 34,408.3 | $ | 35,710.9 | $ | 38,289.0 | $ | 35,672.5 | $ | 36,377.3 | ||
| Stockholders' Equity | ||||||||||||||||||||||||
| Common stock | $ | 2.0 | $ | 2.0 | $ | 2.0 | $ | 2.0 | $ | 2.0 | $ | 2.0 | $ | 2.0 | $ | 2.0 | $ | 2.0 | $ | 2.0 | $ | 2.0 | ||
| Paid-in capital | 8,555.4 | 8,543.1 | 8,530.2 | 8,514.4 | 8,501.8 | 8,491.0 | 8,481.5 | 8,471.7 | 8,555.4 | 8,501.8 | 8,459.3 | |||||||||||||
| (Accumulated deficit) / Retained earnings | 581.0 | 471.2 | 271.6 | 88.0 | (74.6) | (281.4) | 17.8 | 90.7 | 581.0 | (74.6) | 517.7 | |||||||||||||
| Accumulated other comprehensive income (loss) | (73.6) | (88.0) | (85.5) | (83.3) | (77.7) | (86.0) | (91.0) | (80.3) | (73.6) | (77.7) | (82.6) | |||||||||||||
| Treasury stock, at cost | (226.0) | (83.3) | (41.1) | (26.7) | (16.7) | (16.7) | (16.5) | (16.5) | (226.0) | (16.7) | (12.8) | |||||||||||||
| Total Common Stockholders' Equity | 8,838.8 | 8,845.0 | 8,677.2 | 8,494.4 | 8,334.8 | 8,108.9 | 8,393.8 | 8,467.6 | 8,838.8 | 8,334.8 | 8,883.6 | |||||||||||||
| Noncontrolling minority interests | 11.2 | 8.7 | 8.3 | 7.7 | 4.7 | 4.9 | 4.1 | 3.1 | 11.2 | 4.7 | 2.5 | |||||||||||||
| Total Equity | $ | 8,850.0 | $ | 8,853.7 | $ | 8,685.5 | $ | 8,502.1 | $ | 8,339.5 | $ | 8,113.8 | $ | 8,397.9 | $ | 8,470.7 | $ | 8,850.0 | $ | 8,339.5 | $ | 8,886.1 | ||
| Total Liabilities and Equity | $ | 47,139.0 | $ | 46,224.0 | $ | 44,631.0 | $ | 44,563.4 | $ | 44,012.0 | $ | 43,600.1 | $ | 42,806.2 | $ | 44,181.6 | $ | 47,139.0 | $ | 44,012.0 | $ | 45,263.4 | ||
| (1) | Other Assets | |||||||||||||||||||||||
| Deposits on commercial aerospace equipment | $ | 831.3 | $ | 693.0 | $ | 612.9 | $ | 685.2 | $ | 615.3 | $ | 558.3 | $ | 495.8 | $ | 495.9 | $ | 831.3 | $ | 615.3 | $ | 463.7 | ||
| Other counterparty receivables | 45.9 | 57.0 | 5.6 | 57.4 | 115.7 | 138.4 | 32.2 | 170.0 | 45.9 | 115.7 | 94.1 | |||||||||||||
| Deferred debt costs and other deferred charges | 158.5 | 153.0 | 156.4 | 164.4 | 172.2 | 169.9 | 146.4 | 138.1 | 158.5 | 172.2 | 124.2 | |||||||||||||
| Tax receivable, other than income taxes | 132.2 | 110.0 | 99.4 | 84.1 | 81.7 | 128.8 | 68.0 | 54.5 | 132.2 | 81.7 | 57.5 | |||||||||||||
| Executive retirement plan and deferred compensation | 101.3 | 100.4 | 104.0 | 104.1 | 109.7 | 109.4 | 110.1 | 114.7 | 101.3 | 109.7 | 110.2 | |||||||||||||
| Accrued interest and dividends | 96.8 | 94.1 | 95.3 | 96.1 | 93.9 | 106.4 | 102.1 | 130.8 | 96.8 | 93.9 | 143.8 | |||||||||||||
| Prepaid expenses | 64.3 | 63.4 | 66.1 | 75.9 | 73.8 | 79.6 | 85.2 | 74.2 | 64.3 | 73.8 | 84.3 | |||||||||||||
| Furniture and fixtures | 85.3 | 84.9 | 79.5 | 77.7 | 75.4 | 79.0 | 77.0 | 78.1 | 85.3 | 75.4 | 79.5 | |||||||||||||
| Other | 248.4 | 264.6 | 324.6 | 305.1 | 266.1 | 335.0 | 396.4 | 489.5 | 248.4 | 266.1 | 499.3 | |||||||||||||
| Total Other Assets | $ | 1,764.0 | $ | 1,620.4 | $ | 1,543.8 | $ | 1,650.0 | $ | 1,603.8 | $ | 1,704.8 | $ | 1,513.2 | $ | 1,745.8 | $ | 1,764.0 | $ | 1,603.8 | $ | 1,656.6 | ||
| (2) | Other Liabilities | |||||||||||||||||||||||
| Valuation adjustment relating to aerospace commitments | $ | 137.5 | $ | 142.4 | $ | 158.9 | $ | 184.9 | $ | 188.1 | $ | 207.6 | $ | 210.9 | $ | 239.7 | $ | 137.5 | $ | 188.1 | $ | 252.8 | ||
| Equipment maintenance reserves | 904.2 | 879.8 | 862.6 | 860.9 | 850.0 | 804.5 | 756.0 | 719.1 | 904.2 | 850.0 | 690.6 | |||||||||||||
| Accrued expenses and accounts payable | 490.1 | 513.6 | 467.7 | 475.1 | 570.2 | 538.7 | 586.3 | 677.2 | 490.1 | 570.2 | 653.5 | |||||||||||||
| Accrued interest payable | 247.1 | 199.6 | 225.8 | 199.3 | 236.9 | 209.1 | 223.4 | 156.9 | 247.1 | 236.9 | 189.9 | |||||||||||||
| Security and other deposits | 227.4 | 219.0 | 263.4 | 231.5 | 231.6 | 226.1 | 208.7 | 211.6 | 227.4 | 231.6 | 199.8 | |||||||||||||
| Current taxes payable and deferred taxes | 179.8 | 158.8 | 134.1 | 157.4 | 185.5 | 125.2 | 121.1 | 87.4 | 179.8 | 185.5 | 38.7 | |||||||||||||
| Other liabilities | 490.3 | 782.4 | 455.0 | 435.6 | 507.4 | 515.4 | 420.7 | 573.9 | 490.3 | 507.4 | 625.1 | |||||||||||||
| Total Other Liabilities | $ | 2,676.4 | $ | 2,895.6 | $ | 2,567.5 | $ | 2,544.7 | $ | 2,769.7 | $ | 2,626.6 | $ | 2,527.1 | $ | 2,665.8 | $ | 2,676.4 | $ | 2,769.7 | $ | 2,650.4 | ||
| (3) | Long-term Borrowings | |||||||||||||||||||||||
| Secured borrowings | $ | 9,218.4 | $ | 8,858.7 | $ | 9,212.2 | $ | 9,775.3 | $ | 10,137.8 | $ | 10,590.6 | $ | 10,123.0 | $ | 10,289.1 | $ | 9,218.4 | $ | 10,137.8 | $ | 26,307.7 | ||
| Credit facility | - | - | - | - | - | 500.0 | 500.0 | - | - | - | - | |||||||||||||
| Senior unsecured | 12,531.6 | 12,531.5 | 11,789.5 | 11,801.7 | 11,824.0 | 11,834.9 | 12,930.5 | 14,831.5 | 12,531.6 | 11,824.0 | - | |||||||||||||
| Total Long-term Borrowings | $ | 21,750.0 | $ | 21,390.2 | $ | 21,001.7 | $ | 21,577.0 | $21,961.8 | $22,925.5 | $23,553.5 | $25,120.6 | $21,750.0 | $21,961.8 | $26,307.7 | |||||||||
| 4
|
CIT Group Inc.
Average Balance Sheet, Net Interest Income and Yields / Rates
(dollars in millions)
| 4Q 13 | 3Q 13 | 2Q 13 | 1Q 13 | ||||||||||||||||||||||||||||||
| Average Balance | Revenue / Expense | Average Rate (%) | Average Balance | Revenue / Expense | Average Rate (%) | Average Balance | Revenue / Expense | Average Rate (%) | Average Balance | Revenue / Expense | Average Rate (%) | ||||||||||||||||||||||
| Interest bearing deposits | $ | 5,660.4 | $ | 4.8 | 0.34% | $ | 5,291.9 | $ | 4.0 | 0.30% | $ | 5,394.0 | $ | 4.3 | 0.32% | $ | 5,866.9 | $ | 3.5 | 0.24% | |||||||||||||
| Investments | 2,338.8 | 3.8 | 0.65% | 2,041.3 | 2.8 | 0.55% | 1,658.3 | 2.8 | 0.68% | 1,536.2 | 2.9 | 0.76% | |||||||||||||||||||||
| Loans (including held for sale) | |||||||||||||||||||||||||||||||||
| U.S. | 18,738.9 | 242.0 | 5.56% | 18,429.8 | 241.4 | 5.63% | 18,106.2 | 248.1 | 5.88% | 17,435.4 | 254.5 | 6.27% | |||||||||||||||||||||
| Non-U.S. | 3,982.0 | 88.1 | 8.85% | 4,189.3 | 90.0 | 8.59% | 4,188.6 | 97.1 | 9.27% | 4,182.5 | 95.8 | 9.16% | |||||||||||||||||||||
| Total Loans | 22,720.9 | 330.1 | 6.18% | 22,619.1 | 331.4 | 6.21% | 22,294.8 | 345.2 | 6.55% | 21,617.9 | 350.3 | 6.86% | |||||||||||||||||||||
| Total interest earning assets / interest income | 30,720.1 | 338.7 | 4.61% | 29,952.3 | 338.2 | 4.72% | 29,347.1 | 352.3 | 5.01% | 29,021.0 | 356.7 | 5.13% | |||||||||||||||||||||
| Operating lease equipment, net (including held for sale) | |||||||||||||||||||||||||||||||||
| U.S. | 6,885.6 | 160.7 | 9.34% | 6,497.9 | 148.2 | 9.12% | 6,447.0 | 156.8 | 9.73% | 6,391.2 | 147.4 | 9.23% | |||||||||||||||||||||
| Non-U.S. | 6,033.3 | 124.6 | 8.26% | 6,155.1 | 149.1 | 9.69% | 6,267.5 | 153.6 | 9.80% | 6,343.4 | 153.3 | 9.67% | |||||||||||||||||||||
| Total operating lease equipment, net | 12,918.9 | 285.3 | 8.83% | 12,653.0 | 297.3 | 9.40% | 12,714.5 | 310.4 | 9.77% | 12,734.6 | 300.7 | 9.45% | |||||||||||||||||||||
| Total earning assets | 43,639.0 | 624.0 | 5.90% | 42,605.3 | 635.5 | 6.15% | 42,061.6 | 662.7 | 6.49% | 41,755.6 | 657.4 | 6.48% | |||||||||||||||||||||
| Non-interest earning assets | |||||||||||||||||||||||||||||||||
| Cash and due from banks | 730.5 | 672.8 | 434.0 | 315.5 | |||||||||||||||||||||||||||||
| Allowance for loan losses | (355.2) | (363.4) | (376.0) | (378.1) | |||||||||||||||||||||||||||||
| All other non-interest bearing assets | 2,611.8 | 2,567.2 | 2,565.1 | 2,597.8 | |||||||||||||||||||||||||||||
| Total Average Assets | $ | 46,626.1 | $ | 45,481.9 | $ | 44,684.7 | $ | 44,290.8 | |||||||||||||||||||||||||
| Borrowings | |||||||||||||||||||||||||||||||||
| Deposits | $ | 12,148.5 | $ | 48.5 | 1.60% | $ | 11,501.4 | $ | 44.2 | 1.54% | $ | 11,009.6 | $ | 44.8 | 1.63% | $ | 10,199.7 | $ | 42.3 | 1.66% | |||||||||||||
| Long-term borrowings | 21,558.2 | 238.2 | 4.42% | 21,214.0 | 233.8 | 4.41% | 21,320.7 | 236.6 | 4.44% | 21,794.9 | 249.6 | 4.58% | |||||||||||||||||||||
| Total interest-bearing liabilities | 33,706.7 | 286.7 | 3.40% | 32,715.4 | 278.0 | 3.40% | 32,330.3 | 281.4 | 3.48% | 31,994.6 | 291.9 | 3.65% | |||||||||||||||||||||
| Credit balances of factoring clients | 1,346.5 | 1,264.8 | 1,222.2 | 1,187.3 | |||||||||||||||||||||||||||||
| Other non-interest bearing liabilities | 2,706.7 | 2,712.0 | 2,517.5 | 2,679.8 | |||||||||||||||||||||||||||||
| Noncontrolling interests | 10.6 | 9.8 | 9.1 | 6.7 | |||||||||||||||||||||||||||||
| Stockholders' equity | 8,855.6 | 8,779.9 | 8,605.6 | 8,422.4 | |||||||||||||||||||||||||||||
| Total Average Liabilities and Stockholders' Equity | $ | 46,626.1 | $ | 45,481.9 | $ | 44,684.7 | $ | 44,290.8 | |||||||||||||||||||||||||
| Net revenue spread | 2.50% | 2.75% | 3.01% | 2.83% | |||||||||||||||||||||||||||||
| Impact of non-interest bearing sources | 0.69% | 0.71% | 0.72% | 0.77% | |||||||||||||||||||||||||||||
| Net revenue / yield on earning assets | $ | 337.3 | 3.19% | $ | 357.5 | 3.46% | $ | 381.3 | 3.73% | $ | 365.5 | 3.60% | |||||||||||||||||||||
| 4Q 12 | 3Q 12 | 2Q 12 | 1Q 12 | ||||||||||||||||||||||||||||||
| Average Balance | Revenue / Expense | Average Rate (%) | Average Balance | Revenue / Expense | Average Rate (%) | Average Balance | Revenue / Expense | Average Rate (%) | Average Balance | Revenue / Expense | Average Rate (%) | ||||||||||||||||||||||
| Interest bearing deposits | $ | 6,347.5 | $ | 6.0 | 0.38% | $ | 6,963.6 | $ | 5.8 | 0.33% | $ | 6,483.8 | $ | 5.1 | 0.31% | $ | 5,957.0 | $ | 4.8 | 0.32% | |||||||||||||
| Investments | 1,063.0 | 2.5 | 0.94% | 1,115.3 | 2.2 | 0.79% | 1,287.4 | 2.9 | 0.90% | 1,715.4 | 2.9 | 0.68% | |||||||||||||||||||||
| Loans (including held for sale) | |||||||||||||||||||||||||||||||||
| U.S. | 16,989.9 | 250.4 | 6.37% | 17,067.8 | 260.8 | 6.57% | 16,998.0 | 298.9 | 7.55% | 17,826.2 | 321.7 | 7.71% | |||||||||||||||||||||
| Non-U.S. | 4,108.7 | 98.9 | 9.63% | 3,965.9 | 107.5 | 10.84% | 4,024.7 | 104.2 | 10.36% | 4,017.2 | 97.7 | 9.73% | |||||||||||||||||||||
| Total Loans | 21,098.6 | 349.3 | 7.04% | 21,033.7 | 368.3 | 7.43% | 21,022.7 | 403.1 | 8.12% | 21,843.4 | 419.4 | 8.10% | |||||||||||||||||||||
| Total interest earning assets / interest income | 28,509.1 | 357.8 | 5.25% | 29,112.6 | 376.3 | 5.39% | 28,793.9 | 411.1 | 5.95% | 29,515.8 | 427.1 | 6.02% | |||||||||||||||||||||
| Operating lease equipment, net (including held for sale) | |||||||||||||||||||||||||||||||||
| U.S. | 6,256.6 | 161.2 | 10.31% | 6,302.6 | 147.5 | 9.36% | 6,149.2 | 149.1 | 9.70% | 5,886.1 | 139.1 | 9.45% | |||||||||||||||||||||
| Non-U.S. | 6,362.8 | 159.7 | 10.04% | 6,252.1 | 163.0 | 10.43% | 6,207.0 | 165.5 | 10.67% | 6,334.2 | 163.1 | 10.30% | |||||||||||||||||||||
| Total operating lease equipment, net | 12,619.4 | 320.9 | 10.17% | 12,554.7 | 310.5 | 9.89% | 12,356.2 | 314.6 | 10.18% | 12,220.3 | 302.2 | 9.89% | |||||||||||||||||||||
| Total earning assets | 41,128.5 | 678.7 | 6.81% | 41,667.3 | 686.8 | 6.79% | 41,150.1 | 725.7 | 7.26% | 41,736.1 | 729.3 | 7.19% | |||||||||||||||||||||
| Non-interest earning assets | |||||||||||||||||||||||||||||||||
| Cash and due from banks | 332.3 | 385.5 | 415.4 | 741.1 | |||||||||||||||||||||||||||||
| Allowance for loan losses | (392.4) | (406.6) | (415.1) | (410.6) | |||||||||||||||||||||||||||||
| All other non-interest bearing assets | 2,574.0 | 2,559.5 | 2,684.0 | 2,847.8 | |||||||||||||||||||||||||||||
| Total Average Assets | $ | 43,642.4 | $ | 44,205.7 | $ | 43,834.4 | $ | 44,914.4 | |||||||||||||||||||||||||
| Borrowings | |||||||||||||||||||||||||||||||||
| Deposits | $ | 9,270.1 | $ | 42.5 | 1.83% | $ | 7,977.5 | $ | 38.4 | 1.93% | $ | 6,922.6 | $ | 35.3 | 2.04% | $ | 6,552.5 | $ | 36.3 | 2.22% | |||||||||||||
| Long-term borrowings | 22,193.1 | 324.1 | 5.84% | 24,017.8 | 777.6 | 12.95% | 24,715.2 | 598.9 | 9.69% | 25,739.2 | 1,044.3 | 16.23% | |||||||||||||||||||||
| Total interest-bearing liabilities | 31,463.2 | 366.6 | 4.66% | 31,995.3 | 816.0 | 10.20% | 31,637.8 | 634.2 | 8.02% | 32,291.7 | 1,080.6 | 13.39% | |||||||||||||||||||||
| Credit balances of factoring clients | 1,261.9 | 1,190.7 | 1,160.4 | 1,143.4 | |||||||||||||||||||||||||||||
| Other non-interest bearing liabilities | 2,678.6 | 2,652.7 | 2,591.3 | 2,694.9 | |||||||||||||||||||||||||||||
| Noncontrolling interests | 5.5 | 5.7 | 4.5 | 3.7 | |||||||||||||||||||||||||||||
| Stockholders' equity | 8,233.2 | 8,361.3 | 8,440.4 | 8,780.7 | |||||||||||||||||||||||||||||
| Total Average Liabilities and Stockholders' Equity | $ | 43,642.4 | $ | 44,205.7 | $ | 43,834.4 | $ | 44,914.4 | |||||||||||||||||||||||||
| Net revenue spread | 2.15% | -3.41% | -0.76% | -6.20% | |||||||||||||||||||||||||||||
| Impact of non-interest bearing sources | 0.98% | 2.13% | 1.68% | 2.74% | |||||||||||||||||||||||||||||
| Net revenue / yield on earning assets | $ | 312.1 | 3.13% | $ | (129.2) | -1.28% | $ | 91.5 | 0.92% | $ | (351.3) | -3.46% | |||||||||||||||||||||
| 5
|
| CIT Group Inc. Average Balance Sheet, Net Interest Income and Yields / Rates | |||||||||||||||||||||||||
| (dollars in millions) | |||||||||||||||||||||||||
| 2013 | 2012 | 2011 | |||||||||||||||||||||||
| Average Balance | Revenue / Expense | Average Rate (%) | Average Balance | Revenue / Expense | Average Rate (%) | Average Balance | Revenue / Expense | Average Rate (%) | |||||||||||||||||
| Interest bearing deposits | $ | 5,644.4 | $ | 16.6 | 0.29% | $ | 6,551.7 | $ | 21.8 | 0.33% | $ | 6,626.1 | $ | 24.2 | 0.37% | ||||||||||
| Investments | 1,886.0 | 12.3 | 0.65% | 1,320.9 | 10.5 | 0.79% | 1,962.3 | 10.6 | 0.54% | ||||||||||||||||
| Loans (including held for sale) | |||||||||||||||||||||||||
| U.S. | 18,145.2 | 986.0 | 5.84% | 17,190.7 | 1,131.7 | 7.07% | 19,452.5 | 1,608.3 | 8.76% | ||||||||||||||||
| Non-U.S. | 4,123.6 | 371.0 | 9.00% | 4,029.1 | 408.3 | 10.13% | 4,566.2 | 588.8 | 12.89% | ||||||||||||||||
| Total Loans | 22,268.8 | 1,357.0 | 6.46% | 21,219.8 | 1,540.0 | 7.69% | 24,018.7 | 2,197.1 | 9.59% | ||||||||||||||||
| Total interest earning assets / interest income | 29,799.2 | 1,385.9 | 4.86% | 29,092.4 | 1,572.3 | 5.64% | 32,607.1 | 2,231.9 | 7.08% | ||||||||||||||||
| Operating lease equipment, net (including held for sale) | |||||||||||||||||||||||||
| U.S. | 6,559.0 | 613.1 | 9.35% | 6,139.0 | 596.9 | 9.72% | 5,186.7 | 428.1 | 8.25% | ||||||||||||||||
| Non-U.S. | 6,197.1 | 580.6 | 9.37% | 6,299.0 | 651.3 | 10.34% | 6,220.0 | 661.1 | 10.63% | ||||||||||||||||
| Total operating lease equipment, net | 12,756.1 | 1,193.7 | 9.36% | 12,438.0 | 1,248.2 | 10.04% | 11,406.7 | 1,089.2 | 9.55% | ||||||||||||||||
| Total earning assets | 42,555.3 | 2,579.6 | 6.25% | 41,530.4 | 2,820.5 | 6.99% | 44,013.8 | 3,321.1 | 7.74% | ||||||||||||||||
| Non-interest earning assets | |||||||||||||||||||||||||
| Cash and due from banks | 527.2 | 495.9 | 1,344.8 | ||||||||||||||||||||||
| Allowance for loan losses | (367.8 | ) | (405.1 | ) | (412.0 | ) | |||||||||||||||||||
| All other non-interest bearing assets | 2,586.5 | 2,671.1 | 3,094.0 | ||||||||||||||||||||||
| Total Average Assets | 45,301.2 | 44,292.3 | 48,040.6 | ||||||||||||||||||||||
| Borrowings | |||||||||||||||||||||||||
| Deposits | $ | 11,212.1 | $ | 179.8 | 1.60% | $ | 7,707.9 | $ | 152.5 | 1.98% | $ | 4,796.6 | $ | 111.2 | 2.32% | ||||||||||
| Long-term borrowings | 21,506.4 | 958.2 | 4.46% | 24,235.5 | 2,744.9 | 11.33% | 30,351.5 | 2,683.2 | 8.84% | ||||||||||||||||
| Total interest-bearing liabilities | 32,718.5 | 1,138.0 | 3.48% | 31,943.4 | 2,897.4 | 9.07% | 35,148.1 | 2,794.4 | 7.95% | ||||||||||||||||
| Credit balances of factoring clients | 1,258.6 | 1,194.4 | 1,098.1 | ||||||||||||||||||||||
| Other non-interest bearing liabilities | 2,650.5 | 2,665.5 | 2,834.1 | ||||||||||||||||||||||
| Noncontrolling interests | 9.2 | 5.0 | 1.1 | ||||||||||||||||||||||
| Stockholders' equity | 8,664.4 | 8,484.0 | 8,959.2 | ||||||||||||||||||||||
| Total Average Liabilities and Stockholders' Equity | $ | 45,301.2 | $ | 44,292.3 | $ | 48,040.6 | |||||||||||||||||||
| Net revenue spread | 2.77% | -2.08% | -0.21% | ||||||||||||||||||||||
| Impact of non-interest bearing sources | 0.72% | 1.89% | 1.44% | ||||||||||||||||||||||
| Net revenue / yield on earning assets | $ | 1,441.6 | 3.51% | $ | (76.9 | ) | -0.19% | $ | 526.7 | 1.23% | |||||||||||||||
| 6
|
| CIT Group Inc. | ||||||||||||||||||||||||
| Income Statement | ||||||||||||||||||||||||
| (dollars in millions, except per share data) | ||||||||||||||||||||||||
| 4Q13 | 3Q13 | 2Q13 | 1Q13 | 4Q12 | 3Q12 | 2Q 12 | 1Q 12 | 2013 | 2012 | 2011 | ||||||||||||||
| Interest income | $ | 338.7 | $ | 338.2 | $ | 352.3 | $ | 356.7 | $ | 357.8 | $ | 376.3 | $ | 411.1 | $ | 427.1 | $ | 1,385.9 | $ | 1,572.3 | $ | 2,231.9 | ||
| Rental income on operating leases | 463.8 | 472.9 | 484.3 | 476.4 | 480.3 | 475.1 | 475.5 | 469.9 | 1,897.4 | 1,900.8 | 1,785.6 | |||||||||||||
| Finance Revenue | 802.5 | 811.1 | 836.6 | 833.1 | 838.1 | 851.4 | 886.6 | 897.0 | 3,283.3 | 3,473.1 | 4,017.5 | |||||||||||||
| Interest expense | (286.7) | (278.0) | (281.4) | (291.9) | (366.6) | (816.0) | (634.2) | 1,080.6) | (1,138.0) | 2,897.4) | (2,794.4) | |||||||||||||
| Depreciation on operating lease equipment | (139.5) | (134.2) | (133.6) | (133.3) | (127.5) | (126.5) | (125.3) | (133.9) | (540.6) | (513.2) | (538.6) | |||||||||||||
| Maintenance and other operating lease expenses* | (39.0) | (41.4) | (40.3) | (42.4) | (31.9) | (38.1) | (35.6) | (33.8) | (163.1) | (139.4) | (157.8) | |||||||||||||
| Net Finance Revenue | 337.3 | 357.5 | 381.3 | 365.5 | 312.1 | (129.2) | 91.5 | (351.3) | 1,441.6 | (76.9) | 526.7 | |||||||||||||
| Other income (1) | 127.9 | 104.8 | 79.3 | 70.1 | 171.7 | 86.7 | 139.4 | 255.3 | 382.1 | 653.1 | 952.8 | |||||||||||||
| Total Net Revenues | 465.2 | 462.3 | 460.6 | 435.6 | 483.8 | (42.5) | 230.9 | (96.0) | 1,823.7 | 576.2 | 1,479.5 | |||||||||||||
| Provision for credit losses | (14.4) | (16.4) | (14.6) | (19.5) | (0.1) | - | (8.9) | (42.6) | (64.9) | (51.6) | (269.7) | |||||||||||||
| Net revenue, after credit provision | 450.8 | 445.9 | 446.0 | 416.1 | 483.7 | (42.5) | 222.0 | (138.6) | 1,758.8 | 524.6 | 1,209.8 | |||||||||||||
| Operating expenses (2) | (287.5) | (232.2) | (229.7) | (235.3) | (231.9) | (235.2) | (226.8) | (224.3) | (984.7) | (918.2) | (896.6) | |||||||||||||
| Gain / (Loss) on debt extinguishments | - | - | - | - | - | (16.8) | (21.5) | (22.9) | - | (61.2) | (134.8) | |||||||||||||
| Income / (Loss) before provision for income taxes | 163.3 | 213.7 | 216.3 | 180.8 | 251.8 | (294.5) | (26.3) | (385.8) | 774.1 | (454.8) | 178.4 | |||||||||||||
| Benefit (Provision) for income taxes | (31.2) | (13.9) | (32.2) | (15.2) | (44.2) | (3.9) | (45.4) | (40.3) | (92.5) | (133.8) | (158.6) | |||||||||||||
| Net income / (loss) before noncontrolling interests | 132.1 | 199.8 | 184.1 | 165.6 | 207.6 | (298.4) | (71.7) | (426.1) | 681.6 | (588.6) | 19.8 | |||||||||||||
| Net Income attributable to noncontrolling interests, after tax | (2.2) | (0.2) | (0.5) | (3.0) | (0.8) | (0.8) | (1.2) | (0.9) | (5.9) | (3.7) | (5.0) | |||||||||||||
| Net income / (loss) | $ | 129.9 | $ | 199.6 | $ | 183.6 | $ | 162.6 | $ | 206.8 | $ | (299.2) | $ | (72.9) | $ | (427.0) | $ | 675.7 | $ | (592.3) | $ | 14.8 | ||
| Earnings / (Loss) per common share: | ||||||||||||||||||||||||
| Basic | $ | 0.65 | $ | 0.99 | $ | 0.91 | $ | 0.81 | $ | 1.03 | $ | (1.49) | $ | (0.36) | $ | (2.13) | $ | 3.37 | $ | (2.95) | $ | 0.07 | ||
| Diluted | $ | 0.65 | $ | 0.99 | $ | 0.91 | $ | 0.81 | $ | 1.03 | $ | (1.49) | $ | (0.36) | $ | (2.13) | $ | 3.35 | $ | (2.95) | $ | 0.07 | ||
| (1) | Other Income | |||||||||||||||||||||||
| Factoring commissions | $ | 31.0 | $ | 32.3 | $ | 29.0 | $ | 30.0 | $ | 32.2 | $ | 33.1 | $ | 28.9 | $ | 32.3 | $ | 122.3 | $ | 126.5 | $ | 132.5 | ||
| Gains on sales of leasing equipment | 43.7 | 30.7 | 33.8 | 22.3 | 40.5 | 34.6 | 23.1 | 19.4 | 130.5 | 117.6 | 148.4 | |||||||||||||
| Fee revenue | 28.4 | 25.3 | 27.4 | 20.4 | 22.7 | 18.6 | 22.6 | 22.2 | 101.5 | 86.1 | 97.5 | |||||||||||||
| (Losses) gains on loan and portfolio sales | 24.3 | 23.5 | (4.5) | 5.3 | 19.8 | 4.7 | 24.9 | 142.9 | 48.6 | 192.3 | 305.9 | |||||||||||||
| Counterparty receivable accretion | 3.2 | 1.0 | 2.0 | 3.1 | 43.6 | 3.3 | 39.0 | 10.2 | 9.3 | 96.1 | 109.9 | |||||||||||||
| Recoveries of loans charged off pre-emergence and loans HFS | 5.1 | 6.3 | 6.3 | 4.2 | 17.4 | 8.6 | 18.6 | 10.4 | 21.9 | 55.0 | 124.1 | |||||||||||||
| Gains (Losses) on investment sales | 3.6 | 1.0 | 1.2 | 2.4 | 11.9 | 5.0 | 4.3 | 19.0 | 8.2 | 40.2 | 45.7 | |||||||||||||
| Gains (Losses) on derivatives & foreign exchange | (1.7) | 0.9 | 2.4 | (0.6) | (0.7) | 0.5 | (3.3) | (2.2) | 1.0 | (5.7) | (5.2) | |||||||||||||
| Impairment on assets held for sale | (34.7) | (44.6) | (22.1) | (22.6) | (37.4) | (27.7) | (28.9) | (21.6) | (124.0) | (115.6) | (113.1) | |||||||||||||
| Other revenue | 25.0 | 28.4 | 3.8 | 5.6 | 21.7 | 6.0 | 10.2 | 22.7 | 62.8 | 60.6 | 107.1 | |||||||||||||
| Total Other Income | $ | 127.9 | $ | 104.8 | $ | 79.3 | $ | 70.1 | $ | 171.7 | $ | 86.7 | $ | 139.4 | $ | 255.3 | $ | 382.1 | $ | 653.1 | $ | 952.8 | ||
| (2) | Operating Expenses | |||||||||||||||||||||||
| Compensation and benefits | $ | 130.0 | $ | 133.2 | $ | 135.9 | $ | 137.0 | $ | 129.9 | $ | 138.5 | $ | 136.7 | $ | 133.6 | $ | 536.1 | $ | 538.7 | $ | 494.8 | ||
| Technology | 21.1 | 22.3 | 20.1 | 19.8 | 25.6 | 19.4 | 17.8 | 18.8 | 83.3 | 81.6 | 75.3 | |||||||||||||
| Professional fees | 19.2 | 19.5 | 12.2 | 18.7 | 13.4 | 18.1 | 13.3 | 20.0 | 69.6 | 64.8 | 120.9 | |||||||||||||
| Advertising and marketing | 7.5 | 3.7 | 6.3 | 7.7 | 9.2 | 10.2 | 11.2 | 5.9 | 25.2 | 36.5 | 10.5 | |||||||||||||
| Net occupancy expense | 8.3 | 9.0 | 8.6 | 9.4 | 8.1 | 9.2 | 9.8 | 9.1 | 35.3 | 36.2 | 39.4 | |||||||||||||
| Provision for severance and facilities exiting activities | 18.5 | 3.2 | 9.5 | 5.7 | 11.7 | 5.0 | 1.5 | 4.5 | 36.9 | 22.7 | 13.1 | |||||||||||||
| Other expenses** | 82.9 | 41.3 | 37.1 | 37.0 | 34.0 | 34.8 | 36.5 | 32.4 | 198.3 | 137.7 | 142.6 | |||||||||||||
| Total Operating Expenses | $ | 287.5 | $ | 232.2 | $ | 229.7 | $ | 235.3 | $ | 231.9 | $ | 235.2 | $ | 226.8 | $ | 224.3 | $ | 984.7 | $ | 918.2 | $ | 896.6 | ||
| * | Previously included in rental income on operating leases and depreciation on operating lease equipment. |
| ** | Includes $45 million in 4Q13 and $5 million in 3Q13 related to the Tyco tax settlement. |
| 7
|
| CIT Group Inc. | ||||||||||||||||||||||||
| Segment Data | ||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||
| 4Q 13 | 3Q 13 | 2Q 13 | 1Q 13 | 4Q 12 | 3Q 12 | 2Q 12 | 1Q 12 | 2013 | 2012 | 2011 | ||||||||||||||
| Transportation and International Finance | ||||||||||||||||||||||||
| Interest income | $ | 69.6 | $ | 66.1 | $ | 62.6 | $ | 56.6 | $ | 52.4 | $ | 53.3 | $ | 52.0 | $ | 60.5 | $ | 254.9 | $ | 218.2 | $ | 236.1 | ||
| Rental income on operating leases | 425.7 | 415.5 | 423.8 | 417.4 | 421.7 | 419.4 | 416.6 | 408.6 | 1,682.4 | 1,666.3 | 1,514.3 | |||||||||||||
| Interest expense | (151.1) | (146.4) | (143.9) | (144.1) | (124.4) | (405.0) | (308.8) | (493.3) | (585.5) | (1,331.5) | (965.8) | |||||||||||||
| Depreciation on operating lease equipment | (113.0) | (106.1) | (106.2) | (108.0) | (103.0) | (101.1) | (99.3) | (107.5) | (433.3) | (410.9) | (363.1) | |||||||||||||
| Maintenance and other operating lease expenses* | (39.0) | (41.4) | (40.2) | (42.4) | (31.8) | (38.1) | (35.6) | (33.8) | (163.0) | (139.3) | (157.8) | |||||||||||||
| Net finance revenue | 192.2 | 187.7 | 196.1 | 179.5 | 214.9 | (71.5) | 24.9 | (165.5) | 755.5 | 2.8 | 263.7 | |||||||||||||
| Other income | 7.1 | 31.4 | 26.9 | 16.8 | 11.9 | 19.3 | 19.1 | 15.5 | 82.2 | 65.8 | 118.4 | |||||||||||||
| Provision for credit losses | (14.6) | (6.0) | (3.7) | 5.6 | (3.1) | (13.0) | (5.4) | 7.0 | (18.7) | (14.5) | (20.5) | |||||||||||||
| Other expenses - including gain / (loss) on debt extinguishment | (67.9) | (62.5) | (61.5) | (63.4) | (57.1) | (54.5) | (52.7) | (56.0) | (255.3) | (220.3) | (198.0) | |||||||||||||
| Income (Loss) before taxes & noncontrolling interests | 116.8 | 150.6 | 157.8 | 138.5 | 166.6 | (119.7) | (14.1) | (199.0) | 563.7 | (166.2) | 163.6 | |||||||||||||
| North American Commercial Finance | ||||||||||||||||||||||||
| Interest income | $ | 199.7 | $ | 199.6 | $ | 210.0 | $ | 219.3 | $ | 220.7 | $ | 228.1 | $ | 260.7 | $ | 267.0 | $ | 828.6 | $ | 976.5 | $ | 1,460.9 | ||
| Rental income on operating leases | 27.2 | 27.2 | 25.8 | 23.8 | 24.3 | 22.3 | 25.7 | 27.1 | 104.0 | 99.4 | 101.2 | |||||||||||||
| Interest expense | (67.2) | (66.9) | (71.6) | (78.6) | (85.0) | (188.0) | (173.9) | (304.0) | (284.3) | (750.9) | (954.3) | |||||||||||||
| Depreciation on operating lease equipment | (20.4) | (19.8) | (18.6) | (16.3) | (16.7) | (18.0) | (18.4) | (18.8) | (75.1) | (71.9) | (98.3) | |||||||||||||
| Net finance revenue | 139.3 | 140.1 | 145.6 | 148.2 | 143.3 | 44.4 | 94.1 | (28.7) | 573.2 | 253.1 | 509.5 | |||||||||||||
| Other income | 106.5 | 71.5 | 64.8 | 63.7 | 129.8 | 70.6 | 112.6 | 242.2 | 306.5 | 555.2 | 725.2 | |||||||||||||
| Provision for credit losses | 2.5 | (8.3) | (4.8) | (24.9) | 6.4 | 9.7 | (10.1) | (50.0) | (35.5) | (44.0) | (228.4) | |||||||||||||
| Other expenses - including gain / (loss) on debt extinguishment | (113.3) | (119.7) | (118.4) | (128.1) | (115.9) | (125.3) | (123.3) | (132.5) | (479.5) | (497.0) | (448.5) | |||||||||||||
| Income (Loss) before taxes & noncontrolling interests | 135.0 | 83.6 | 87.2 | 58.9 | 163.6 | (0.6) | 73.3 | 31.0 | 364.7 | 267.3 | 557.8 | |||||||||||||
| Non-Strategic Portfolios | ||||||||||||||||||||||||
| Interest income | $ | 65.0 | $ | 68.8 | $ | 76.0 | $ | 78.1 | $ | 79.7 | $ | 90.0 | $ | 93.9 | $ | 95.0 | $ | 287.9 | $ | 358.6 | $ | 514.2 | ||
| Rental income on operating leases | 10.9 | 30.2 | 34.7 | 35.2 | 34.3 | 33.4 | 33.2 | 34.2 | 111.0 | 135.1 | 170.1 | |||||||||||||
| Interest expense | (49.9) | (51.2) | (51.6) | (54.6) | (127.5) | (117.1) | (87.2) | (162.4) | (207.3) | (494.2) | (549.0) | |||||||||||||
| Depreciation on operating lease equipment | (6.1) | (8.3) | (8.8) | (9.0) | (7.8) | (7.4) | (7.6) | (7.6) | (32.2) | (30.4) | (77.2) | |||||||||||||
| Maintenance and other operating lease expenses* | - | - | (0.1) | - | (0.1) | - | - | - | (0.1) | (0.1) | - | |||||||||||||
| Net finance revenue | 19.9 | 39.5 | 50.2 | 49.7 | (21.4) | (1.1) | 32.3 | (40.8) | 159.3 | (31.0) | 58.1 | |||||||||||||
| Other income | 12.7 | (0.8) | (15.8) | (9.7) | 28.4 | (6.1) | 12.5 | (5.4) | (13.6) | 29.4 | 106.5 | |||||||||||||
| Provision for credit losses | (2.2) | (2.2) | (6.1) | (0.3) | (3.1) | 3.3 | 6.6 | 0.4 | (10.8) | 7.2 | (20.8) | |||||||||||||
| Other expenses - including gain / (loss) on debt extinguishment | (39.5) | (41.9) | (40.0) | (45.1) | (42.5) | (51.9) | (42.1) | (48.6) | (166.5) | (185.1) | (235.5) | |||||||||||||
| Income (Loss) before taxes & noncontrolling interests | (9.1) | (5.4) | (11.7) | (5.4) | (38.6) | (55.8) | 9.3 | (94.4) | (31.6) | (179.5) | (91.7) | |||||||||||||
| Corporate and Other | ||||||||||||||||||||||||
| Interest income | $ | 4.4 | $ | 3.7 | $ | 3.7 | $ | 2.7 | $ | 5.0 | $ | 4.9 | $ | 4.5 | $ | 4.6 | $ | 14.5 | $ | 19.0 | $ | 20.7 | ||
| Interest expense | (18.5) | (13.5) | (14.3) | (14.6) | (29.7) | (105.9) | (64.3) | (120.9) | (60.9) | (320.8) | (325.3) | |||||||||||||
| Net finance revenue | (14.1) | (9.8) | (10.6) | (11.9) | (24.7) | (101.0) | (59.8) | (116.3) | (46.4) | (301.8) | (304.6) | |||||||||||||
| Other income | 1.6 | 2.7 | 3.4 | (0.7) | 1.6 | 2.9 | (4.8) | 3.0 | 7.0 | 2.7 | 2.7 | |||||||||||||
| Provision for credit losses | (0.1) | 0.1 | - | 0.1 | (0.3) | 0.1 | (0.3) | - | ||||||||||||||||
| Other expenses - including gain / (loss) on debt extinguishment | (66.8) | (8.1) | (9.8) | 1.3 | (16.4) | (20.3) | (30.2) | (10.1) | (83.4) | (77.0) | (149.4) | |||||||||||||
| Income (Loss) before taxes & noncontrolling interests | (79.4) | (15.1) | (17.0) | (11.2) | (39.8) | (118.4) | (94.8) | (123.4) | (122.7) | (376.4) | (451.3) | |||||||||||||
| Total | ||||||||||||||||||||||||
| Interest income | $ | 338.7 | $ | 338.2 | $ | 352.3 | $ | 356.7 | $ | 357.8 | $ | 376.3 | $ | 411.1 | $ | 427.1 | $ | 1,385.9 | $ | 1,572.3 | $ | 2,231.9 | ||
| Rental income on operating leases | 463.8 | 472.9 | 484.3 | 476.4 | 480.3 | 475.1 | 475.5 | 469.9 | 1,897.4 | 1,900.8 | 1,785.6 | |||||||||||||
| Interest expense | (286.7) | (278.0) | (281.4) | (291.9) | (366.6) | (816.0) | (634.2) | (1,080.6) | (1,138.0) | (2,897.4) | (2,794.4) | |||||||||||||
| Depreciation on operating lease equipment | (139.5) | (134.2) | (133.6) | (133.3) | (127.5) | (126.5) | (125.3) | (133.9) | (540.6) | (513.2) | (538.6) | |||||||||||||
| Maintenance and other operating lease expenses* | (39.0) | (41.4) | (40.3) | (42.4) | (31.9) | (38.1) | (35.6) | (33.8) | (163.1) | (139.4) | (157.8) | |||||||||||||
| Net finance revenue | 337.3 | 357.5 | 381.3 | 365.5 | 312.1 | (129.2) | 91.5 | (351.3) | 1,441.6 | (76.9) | 526.7 | |||||||||||||
| Other income | 127.9 | 104.8 | 79.3 | 70.1 | 171.7 | 86.7 | 139.4 | 255.3 | 382.1 | 653.1 | 952.8 | |||||||||||||
| Provision for credit losses | (14.4) | (16.4) | (14.6) | (19.5) | (0.1) | - | (8.9) | (42.6) | (64.9) | (51.6) | (269.7) | |||||||||||||
| Other expenses - including gain / (loss) on debt extinguishment | (287.5) | (232.2) | (229.7) | (235.3) | (231.9) | (252.0) | (248.3) | (247.2) | (984.7) | (979.4) | (1,031.4) | |||||||||||||
| Income (Loss) before taxes & noncontrolling interests | 163.3 | 213.7 | 216.3 | 180.8 | 251.8 | (294.5) | (26.3) | (385.8) | 774.1 | (454.8) | 178.4 | |||||||||||||
* Previoulsy included in rental income on operating leases and depreciation on operating lease equipment
| 8
|
| CIT Group Inc. | |||||||||||||
| Division Data | |||||||||||||
| (dollars in millions) | |||||||||||||
| 4Q 13 | 3Q 13 | 2Q 13 | 1Q 13 | 4Q 12 | 3Q 12 | 2Q 12 | 1Q 12 | 2013 | 2012 | 2011 | |||
| Transportation and International Finance | |||||||||||||
| Average Earning Assets (AEA) | |||||||||||||
| Aerospace | 9,346.0 | 9,146.4 | 9,346.6 | 9,400.0 | 9,390.6 | 9,427.8 | 9,372.9 | 9,250.3 | 9,317.9 | 9,358.3 | 8,320.0 | ||
| Rail | 4,515.5 | 4,339.9 | 4,254.2 | 4,212.2 | 4,104.3 | 3,971.1 | 3,839.0 | 3,720.4 | 4,332.4 | 3,905.3 | 3,654.2 | ||
| Maritime | 376.4 | 350.0 | 305.7 | 208.3 | - | - | - | - | 300.1 | - | - | ||
| International Finance | 1,690.9 | 1,581.5 | 1,409.9 | 1,263.5 | 1,172.7 | 1,044.6 | 954.5 | 856.7 | 1,484.2 | 1,005.6 | 717.9 | ||
| Gross Yield(1) | |||||||||||||
| Aerospace | 12.14% | 12.25% | 12.40% | 12.18% | 12.29% | 12.51% | 12.67% | 12.65% | 12.23% | 12.53% | 13.28% | ||
| Rail | 14.67% | 14.77% | 14.75% | 14.58% | 14.91% | 14.74% | 14.90% | 14.87% | 14.69% | 14.87% | 13.98% | ||
| Maritime Finance | 9.53% | 5.97% | 7.12% | 7.44% | - | - | - | - | 7.83% | - | - | ||
| International Finance | 8.81% | 9.13% | 9.77% | 9.58% | 11.11% | 12.08% | 11.98% | 17.82% | 9.30% | 13.01% | 18.79% | ||
| Total | |||||||||||||
| AEA | 15,928.8 | 15,417.8 | 15,316.4 | 15,084.0 | 14,667.6 | 14,443.5 | 14,166.4 | 13,827.4 | 15,434.6 | 14,269.2 | 12,692.1 | ||
| Gross Yield | 12.44% | 12.49% | 12.70% | 12.57% | 12.93% | 13.09% | 13.23% | 13.57% | 12.55% | 13.21% | 13.79% | ||
| Net Finance Margin | 4.83% | 4.87% | 5.12% | 4.76% | 5.86% | -1.98% | 0.70% | -4.79% | 4.89% | 0.02% | 2.08% | ||
| Adjusted Net Finance Margin(2) | 4.83% | 4.87% | 5.24% | 5.02% | 5.94% | 4.29% | 4.31% | 3.16% | 4.99% | 4.45% | 2.74% | ||
| North American Commercial Finance | |||||||||||||
| Average Earning Assets (AEA) | |||||||||||||
| Real Estate Finance | 1,391.9 | 1,291.3 | 1,069.9 | 773.1 | 477.1 | 318.9 | 192.0 | 44.2 | 1,119.0 | 257.5 | 68.7 | ||
| Corporate Finance | 6,916.2 | 6,767.7 | 6,607.4 | 6,538.5 | 6,474.2 | 6,370.8 | 6,128.8 | 5,986.7 | 6,710.2 | 6,229.5 | 5,938.2 | ||
| Equipment Finance | 4,212.4 | 4,141.7 | 4,106.8 | 3,915.3 | 3,745.3 | 3,768.5 | 3,778.0 | 3,861.9 | 4,083.3 | 3,787.8 | 4,317.6 | ||
| Commercial Services | 936.0 | 955.3 | 1,059.1 | 1,065.8 | 996.0 | 1,059.9 | 1,100.6 | 1,196.8 | 1,003.7 | 1,087.9 | 1,383.9 | ||
| Gross Yield(1) | |||||||||||||
| Real Estate Finance | 4.02% | 4.22% | 4.08% | 4.31% | 4.38% | 3.76% | 3.94% | 1.98% | 4.19% | 4.01% | 14.06% | ||
| Corporate Finance | 5.34% | 5.38% | 5.94% | 6.58% | 6.76% | 7.10% | 9.39% | 9.45% | 5.80% | 8.15% | 13.25% | ||
| Equipment Finance | 10.25% | 10.53% | 10.92% | 11.51% | 12.42% | 12.67% | 13.39% | 14.29% | 10.82% | 13.20% | 16.03% | ||
| Commercial Services | 5.39% | 5.50% | 5.51% | 5.47% | 5.63% | 5.63% | 5.14% | 4.85% | 5.47% | 5.30% | 5.29% | ||
| Total | |||||||||||||
| AEA | 13,456.5 | 13,156.0 | 12,843.2 | 12,292.7 | 11,692.6 | 11,518.1 | 11,199.4 | 11,089.6 | 12,916.2 | 11,362.7 | 11,708.4 | ||
| Gross Yield | 6.74% | 6.90% | 7.34% | 7.91% | 8.38% | 8.70% | 10.23% | 10.61% | 7.22% | 9.47% | 13.34% | ||
| Net Finance Margin | 4.14% | 4.26% | 4.53% | 4.82% | 4.90% | 1.54% | 3.36% | -1.04% | 4.44% | 2.23% | 4.35% | ||
| Adjusted Net Finance Margin(2) | 4.14% | 4.26% | 4.61% | 5.02% | 4.99% | 6.23% | 6.40% | 6.66% | 4.50% | 6.06% | 4.89% | ||
| (1) | Gross Yield includes Rental Income plus Interest Income as a % of AEA |
| (2) | Excludes accelerated FSA on debt redemptions and OID |
| 9
|
| CIT Group Inc. | ||||||||||||||||||||||||
| Financing and Leasing Assets | ||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||
| 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2013 | 12/31/2012 | 12/31/2011 | ||||||||||||||
| Transportation and International Finance | ||||||||||||||||||||||||
| Loans | $ | 3,494.4 | $ | 3,239.5 | $ | 3,114.6 | $ | 2,958.0 | $ | 2,556.5 | $ | 2,353.6 | $ | 2,224.9 | $ | 2,150.5 | $ | 3,494.4 | $ | 2,556.5 | $ | 1,848.1 | ||
| Operating Lease Equipment, Net | 12,778.5 | 12,303.5 | 12,041.9 | 12,024.6 | 12,178.0 | 11,869.4 | 11,696.8 | 11,697.7 | 12,778.5 | 12,178.0 | 11,770.7 | |||||||||||||
| Assets Held for Sale | 158.5 | 82.4 | 273.4 | 214.1 | 173.6 | 371.4 | 394.5 | 161.6 | 158.5 | 173.6 | 84.0 | |||||||||||||
| Financing and Leasing Assets | 16,431.4 | 15,625.4 | 15,429.9 | 15,196.7 | 14,908.1 | 14,594.4 | 14,316.2 | 14,009.8 | 16,431.4 | 14,908.1 | 13,702.8 | |||||||||||||
| North American Commercial Finance | ||||||||||||||||||||||||
| Loans | 14,693.1 | 14,454.2 | 14,049.1 | 14,094.2 | 13,084.4 | 12,777.7 | 12,499.9 | 12,256.2 | $ | 14,693.1 | $ | 13,084.4 | $ | 11,894.7 | ||||||||||
| Operating Lease Equipment, Net | 240.5 | 228.4 | 218.5 | 183.8 | 150.9 | 145.0 | 147.5 | 150.7 | 240.5 | 150.9 | 169.4 | |||||||||||||
| Assets Held for Sale | 38.2 | 32.2 | 18.1 | 8.5 | 42.1 | 90.8 | 76.1 | 37.8 | 38.2 | 42.1 | 186.6 | |||||||||||||
| Financing and Leasing Assets | 14,971.8 | 14,714.8 | 14,285.7 | 14,286.5 | 13,277.4 | 13,013.5 | 12,723.5 | 12,444.7 | 14,971.8 | 13,277.4 | 12,250.7 | |||||||||||||
| Non-Strategic Portfolios | ||||||||||||||||||||||||
| Loans | 441.7 | 4,129.0 | 4,514.6 | 5,068.2 | 5,206.7 | 5,252.1 | 5,373.1 | 6,104.8 | $ | 441.7 | $ | 5,206.7 | $ | 6,163.1 | ||||||||||
| Operating Lease Equipment, Net | 16.4 | 45.2 | 65.8 | 82.2 | 82.8 | 72.3 | 66.9 | 70.5 | 16.4 | 82.8 | 66.3 | |||||||||||||
| Assets Held for Sale | 4,181.2 | 1,007.6 | 895.1 | 424.2 | 430.7 | 958.9 | 963.4 | 1,502.5 | 4,181.2 | 430.7 | 2,061.7 | |||||||||||||
| Financing and Leasing Assets | 4,639.3 | 5,181.8 | 5,475.5 | 5,574.6 | 5,720.2 | 6,283.3 | 6,403.4 | 7,677.8 | 4,639.3 | 5,720.2 | 8,291.1 | |||||||||||||
| Total | ||||||||||||||||||||||||
| Loans | $ | 18,629.2 | $ | 21,822.7 | $ | 21,678.3 | $ | 22,120.4 | $ | 20,847.6 | $ | 20,383.4 | $ | 20,097.9 | $ | 20,511.5 | $ | 18,629.2 | $ | 20,847.6 | $ | 19,905.9 | ||
| Operating Lease Equipment, Net | 13,035.4 | 12,577.1 | 12,326.2 | 12,290.6 | 12,411.7 | 12,086.7 | 11,911.2 | 11,918.9 | 13,035.4 | 12,411.7 | 12,006.4 | |||||||||||||
| Assets Held for Sale | 4,377.9 | 1,122.2 | 1,186.6 | 646.8 | 646.4 | 1,421.1 | 1,434.0 | 1,701.9 | 4,377.9 | 646.4 | 2,332.3 | |||||||||||||
| Financing and Leasing Assets | 36,042.5 | 35,522.0 | 35,191.1 | 35,057.8 | 33,905.7 | 33,891.2 | 33,443.1 | 34,132.3 | 36,042.5 | 33,905.7 | 34,244.6 | |||||||||||||
| 4Q 13 | 3Q 13 | 2Q 13 | 1Q 13 | 4Q 12 | 3Q 12 | 2Q 12 | 1Q 12 | 2013 | 2012 | 2011 | ||||||||||||||
| Funded New Business Volume (by Segment) | ||||||||||||||||||||||||
| Transportation and International Finance | $ | 1,265.7 | $ | 982.0 | $ | 907.3 | $ | 423.0 | $ | 914.7 | $ | 650.8 | $ | 790.7 | $ | 469.5 | $ | 3,578.0 | $ | 2,825.7 | $ | 2,759.3 | ||
| North American Commercial Finance, excluding factoring | 1,778.7 | 1,423.8 | 1,709.4 | 1,333.0 | 1,891.2 | 1,293.3 | 1,364.7 | 1,313.7 | 6,244.9 | 5,862.9 | 4,135.1 | |||||||||||||
| Non-Strategic Portfolios | 98.1 | 169.6 | 259.9 | 185.4 | 251.5 | 227.1 | 215.8 | 217.2 | 713.0 | 911.6 | 909.3 | |||||||||||||
| New Business Volume, excluding factoring | $ | 3,142.5 | $ | 2,575.4 | $ | 2,876.6 | $ | 1,941.4 | $ | 3,057.4 | $ | 2,171.2 | $ | 2,371.2 | $ | 2,000.4 | $ | 10,535.9 | $ | 9,600.2 | $ | 7,803.7 | ||
| 10
|
| CIT Group Inc. | ||||||||||||||||||||||||
| Financing and Leasing Assets - Division | ||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||
| 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2013 | 12/31/2012 | 12/31/2011 | ||||||||||||||
| Transportation and International Finance | ||||||||||||||||||||||||
| Aerospace | ||||||||||||||||||||||||
| Loans | $ | 1,247.7 | $ | 1,145.6 | $ | 1,233.5 | $ | 1,181.8 | $ | 1,217.6 | $ | 1,104.9 | $ | 1,094.0 | $ | 1,079.8 | $ | 1,247.7 | $ | 1,217.6 | $ | 904.8 | ||
| Operating Lease Equipment, Net | 8,267.9 | 7,963.6 | 7,845.2 | 7,908.2 | 8,105.2 | 7,945.0 | 7,912.2 | 8,073.6 | 8,267.9 | 8,105.2 | 8,234.3 | |||||||||||||
| Assets Held for Sale | 148.8 | 62.7 | 268.6 | 213.9 | 171.8 | 368.7 | 384.2 | 146.4 | 148.8 | 171.8 | 58.5 | |||||||||||||
| Financing and Leasing Assets | 9,664.4 | 9,171.9 | 9,347.3 | 9,303.9 | 9,494.6 | 9,418.6 | 9,390.4 | 9,299.8 | 9,664.4 | 9,494.6 | 9,197.6 | |||||||||||||
| Rail | ||||||||||||||||||||||||
| Loans | 107.2 | 97.2 | 118.4 | 128.2 | 117.0 | 146.9 | 155.2 | 161.1 | $ | 107.2 | $ | 117.0 | $ | 151.6 | ||||||||||
| Operating Lease Equipment, Net | 4,503.9 | 4,332.8 | 4,181.7 | 4,099.5 | 4,060.7 | 3,909.2 | 3,766.9 | 3,602.6 | 4,503.9 | 4,060.7 | 3,511.5 | |||||||||||||
| Assets Held for Sale | 3.3 | 4.4 | 4.8 | 0.2 | 1.8 | 2.7 | 10.3 | 15.2 | 3.3 | 1.8 | 25.5 | |||||||||||||
| Financing and Leasing Assets | 4,614.4 | 4,434.4 | 4,304.9 | 4,227.9 | 4,179.5 | 4,058.8 | 3,932.4 | 3,778.9 | 4,614.4 | 4,179.5 | 3,688.6 | |||||||||||||
| Maritime Finance | ||||||||||||||||||||||||
| Loans | 412.6 | 365.0 | 302.8 | 290.7 | - | - | - | - | $ | 412.6 | $ | - | $ | - | ||||||||||
| Operating Lease Equipment, Net | - | - | 7.2 | 7.5 | - | - | - | - | - | - | - | |||||||||||||
| Financing and Leasing Assets | 412.6 | 365.0 | 310.0 | 298.2 | - | - | - | - | 412.6 | - | - | |||||||||||||
| International Finance | ||||||||||||||||||||||||
| Loans | 1,726.9 | 1,631.7 | 1,459.9 | 1,357.3 | 1,221.9 | 1,101.8 | 975.7 | 909.6 | $ | 1,726.9 | $ | 1,221.9 | $ | 791.7 | ||||||||||
| Operating Lease Equipment, Net | 6.7 | 7.1 | 7.8 | 9.4 | 12.1 | 15.2 | 17.7 | 21.5 | 6.7 | 12.1 | 24.9 | |||||||||||||
| Assets Held for Sale | 6.4 | 15.3 | - | - | - | - | - | - | 6.4 | - | - | |||||||||||||
| Financing and Leasing Assets | 1,740.0 | 1,654.1 | 1,467.7 | 1,366.7 | 1,234.0 | 1,117.0 | 993.4 | 931.1 | 1,740.0 | 1,234.0 | 816.6 | |||||||||||||
| North American Commercial Finance | ||||||||||||||||||||||||
| Real Estate Finance | ||||||||||||||||||||||||
| Loans | 1,554.8 | 1,330.5 | 1,235.1 | 992.2 | 616.1 | 361.1 | 268.9 | 151.8 | $ | 1,554.8 | $ | 616.1 | $ | 1.0 | ||||||||||
| Assets Held for Sale | - | - | - | - | - | - | - | - | - | - | 23.0 | |||||||||||||
| Financing and Leasing Assets | 1,554.8 | 1,330.5 | 1,235.1 | 992.2 | 616.1 | 361.1 | 268.9 | 151.8 | 1,554.8 | 616.1 | 24.0 | |||||||||||||
| Corporate Finance | ||||||||||||||||||||||||
| Loans | 6,831.8 | 6,866.8 | 6,575.8 | 6,650.5 | 6,501.0 | 6,380.1 | 6,207.8 | 6,016.9 | $ | 6,831.8 | $ | 6,501.0 | $ | 5,680.2 | ||||||||||
| Operating Lease Equipment, Net | 6.2 | 6.8 | 7.4 | 8.0 | 16.2 | 18.7 | 22.9 | 23.9 | 6.2 | 16.2 | 37.2 | |||||||||||||
| Assets Held for Sale | 38.2 | 32.2 | 18.1 | 8.5 | 34.1 | 82.8 | 68.1 | 37.8 | 38.2 | 34.1 | 163.6 | |||||||||||||
| Financing and Leasing Assets | 6,876.2 | 6,905.8 | 6,601.3 | 6,667.0 | 6,551.3 | 6,481.6 | 6,298.8 | 6,078.6 | 6,876.2 | 6,551.3 | 5,881.0 | |||||||||||||
| Equipment Finance | ||||||||||||||||||||||||
| Loans | 4,044.1 | 3,961.1 | 3,926.0 | 3,926.3 | 3,662.0 | 3,628.2 | 3,651.9 | 3,699.3 | $ | 4,044.1 | $ | 3,662.0 | $ | 3,782.1 | ||||||||||
| Operating Lease Equipment, Net | 234.3 | 221.6 | 211.1 | 175.8 | 134.7 | 126.3 | 124.6 | 126.8 | 234.3 | 134.7 | 132.2 | |||||||||||||
| Assets Held for Sale | - | - | - | - | 8.0 | 8.0 | 8.0 | - | - | 8.0 | - | |||||||||||||
| Financing and Leasing Assets | 4,278.4 | 4,182.7 | 4,137.1 | 4,102.1 | 3,804.7 | 3,762.5 | 3,784.5 | 3,826.1 | 4,278.4 | 3,804.7 | 3,914.3 | |||||||||||||
| Commercial Services | ||||||||||||||||||||||||
| Loans - Factoring Receivables | 2,262.4 | 2,295.8 | 2,312.2 | 2,525.2 | 2,305.3 | 2,408.3 | 2,371.3 | 2,388.2 | $ | 2,262.4 | $ | 2,305.3 | $ | 2,431.4 | ||||||||||
| Financing and Leasing Assets | 2,262.4 | 2,295.8 | 2,312.2 | 2,525.2 | 2,305.3 | 2,408.3 | 2,371.3 | 2,388.2 | 2,262.4 | 2,305.3 | 2,431.4 | |||||||||||||
| 11
|
| CIT Group Inc. | |||||||||||||||||||||||||||||||||||||||||||
| Credit Metrics | |||||||||||||||||||||||||||||||||||||||||||
| (dollars in millions, % of FR or average FR) | |||||||||||||||||||||||||||||||||||||||||||
| 4Q 13 | 3Q 13 | 2Q 13 | 1Q 13 | 4Q 12 | 3Q 12 | 2Q 12 | 1Q 12 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
| $ | % | $ | % | $ | % | $ | % | $ | % | $ | % | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||
| Gross Charge-offs | |||||||||||||||||||||||||||||||||||||||||||
| Transportation and International Finance | $ | 13.0 | 1.55% | $ | 7.5 | 0.93% | $ | 1.3 | 0.17% | $ | 4.2 | 0.60% | $ | 2.9 | 0.48% | $ | 6.0 | 1.06% | $ | 4.7 | 0.87% | $ | 2.1 | 0.42% | $ | 26.0 | 0.84% | $ | 15.7 | 0.71% | $ | 18.0 | 1.06% | ||||||||||
| North American Commercial Finance | 10.4 | 0.28% | 16.4 | 0.46% | 17.3 | 0.50% | 14.2 | 0.42% | 24.6 | 0.76% | 24.6 | 0.78% | 17.8 | 0.58% | 31.9 | 1.06% | 58.3 | 0.42% | 98.9 | 0.80% | 301.5 | 2.44% | |||||||||||||||||||||
| Non-Strategic Portfolios | 6.2 | 0.62% | 12.7 | 1.15% | 29.5 | 2.36% | 5.9 | 0.46% | 6.6 | 0.51% | 4.9 | 0.37% | 5.5 | 0.36% | 10.2 | 0.66% | 54.3 | 1.17% | 27.2 | 0.48% | 49.3 | 0.56% | |||||||||||||||||||||
| Total CIT | $ | 29.6 | 0.54% | $ | 36.6 | 0.67% | $ | 48.1 | 0.87% | $ | 24.3 | 0.46% | $ | 34.1 | 0.67% | $ | 35.5 | 0.71% | $ | 28.0 | 0.55% | $ | 44.2 | 0.88% | $ | 138.6 | 0.64% | $ | 141.8 | 0.70% | $ | 368.8 | 1.61% | ||||||||||
| Net Charge-offs | |||||||||||||||||||||||||||||||||||||||||||
| Transportation and International Finance | $ | 11.7 | 1.40% | $ | 5.0 | 0.63% | $ | (0.9) | -0.12% | $ | 1.1 | 0.15% | $ | 1.7 | 0.28% | $ | 5.0 | 0.89% | $ | 3.5 | 0.65% | $ | (3.2) | -0.64% | $ | 16.9 | 0.55% | $ | 7.0 | 0.32% | $ | 12.1 | 0.71% | ||||||||||
| North American Commercial Finance | (2.3) | -0.06% | 10.7 | 0.30% | 4.3 | 0.12% | 5.8 | 0.17% | 11.5 | 0.36% | 11.9 | 0.38% | 10.8 | 0.35% | 18.3 | 0.61% | 18.5 | 0.13% | 52.5 | 0.42% | 221.3 | 1.79% | |||||||||||||||||||||
| Non-Strategic Portfolios | 5.6 | 0.55% | 11.4 | 1.03% | 25.7 | 2.06% | 2.6 | 0.20% | 4.2 | 0.32% | 1.1 | 0.08% | 2.5 | 0.17% | 6.9 | 0.45% | 45.3 | 0.97% | 14.7 | 0.26% | 31.8 | 0.36% | |||||||||||||||||||||
| Total CIT | $ | 15.0 | 0.27% | $ | 27.1 | 0.50% | $ | 29.1 | 0.53% | $ | 9.5 | 0.18% | $ | 17.4 | 0.34% | $ | 18.0 | 0.36% | $ | 16.8 | 0.33% | $ | 22.0 | 0.44% | $ | 80.7 | 0.37% | $ | 74.2 | 0.37% | $ | 265.2 | 1.16% | ||||||||||
| 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2013 | 12/31/2012 | 12/31/2011 | |||||||||||||||||||||||||||||||||
| Non-accrual Loans | |||||||||||||||||||||||||||||||||||||||||||
| Transportation and International Finance | $ | 35.3 | 1.01% | $ | 22.7 | 0.70% | $ | 28.3 | 0.91% | $ | 23.6 | 0.80% | $ | 39.0 | 1.52% | $ | 51.9 | 2.20% | $ | 10.4 | 0.47% | $ | 18.7 | 0.87% | $ | 35.3 | 1.01% | $ | 39.0 | 1.52% | $ | 35.2 | 1.90% | ||||||||||
| North American Commercial Finance | 147.4 | 1.00% | 167.0 | 1.16% | 178.2 | 1.27% | 196.5 | 1.39% | 217.8 | 1.66% | 276.1 | 2.16% | 353.5 | 2.83% | 342.1 | 2.79% | 147.4 | 1.00% | 217.8 | 1.66% | 516.3 | 4.34% | |||||||||||||||||||||
| Non-Strategic Portfolios | 58.0 | 13.14% | 68.6 | 1.66% | 72.0 | 1.59% | 74.0 | 1.46% | 75.0 | 1.44% | 84.0 | 1.60% | 91.0 | 1.69% | 121.1 | 1.98% | 58.0 | 13.14% | 75.0 | 1.44% | 150.5 | 2.44% | |||||||||||||||||||||
| Total CIT | $ | 240.7 | 1.29% | $ | 258.3 | 1.18% | $ | 278.5 | 1.28% | $ | 294.1 | 1.33% | $ | 331.8 | 1.59% | $ | 412.0 | 2.02% | $ | 454.9 | 2.26% | $ | 481.9 | 2.35% | $ | 240.7 | 1.29% | $ | 331.8 | 1.59% | $ | 702.0 | 3.53% | ||||||||||
| 12
|
| CIT Group Inc. | ||||||||||||||||||||||||
| Selected Data & Ratios | ||||||||||||||||||||||||
| (dollars in millions, except per share data) | ||||||||||||||||||||||||
| 4Q 13 | 3Q 13 | 2Q 13 | 1Q 13 | 4Q 12 | 3Q 12 | 2Q 12 | 1Q 12 | 2013 | 2012 | 2011 | ||||||||||||||
| Average Balances: | ||||||||||||||||||||||||
| Average Finance Receivables (AFR) | $ | 21,978.0 | $ | 21,881.4 | $ | 22,004.5 | $ | 21,322.3 | $ | 20,509.5 | $ | 20,079.7 | $ | 20,432.7 | $ | 20,135.6 | $ | 21,774.7 | $ | 20,307.9 | $ | 22,914.1 | ||
| Average Earning Assets (AEA) (3) | 34,168.5 | 33,904.8 | 33,678.1 | 33,022.8 | 32,344.3 | 32,264.0 | 32,337.5 | 33,096.3 | 33,649.6 | 32,522.0 | 34,371.6 | |||||||||||||
| Average Operating Leases (AOL) | 12,757.1 | 12,383.9 | 12,295.8 | 12,369.1 | 12,210.7 | 12,017.3 | 12,014.5 | 11,973.6 | 12,463.8 | 12,072.9 | 11,228.9 | |||||||||||||
| Average Common Stockholders' Equity | 8,855.6 | 8,779.9 | 8,605.6 | 8,422.4 | 8,233.2 | 8,361.3 | 8,440.4 | 8,780.7 | 8,664.4 | 8,484.0 | 8,883.6 | |||||||||||||
| Average number of Common Shares - Basic (000's) | 198,774 | 200,811 | 201,313 | 201,149 | 200,916 | 200,917 | 200,901 | 200,812 | 200,503 | 200,887 | 200,678 | |||||||||||||
| Average number of Common Shares - Diluted (000's) | 200,394 | 202,329 | 202,313 | 201,779 | 201,142 | 200,917 | 200,901 | 200,812 | 201,695 | 200,887 | 200,815 | |||||||||||||
| Profitability Measures: | ||||||||||||||||||||||||
| Gross Yield(1) | 9.39% | 9.57% | 9.94% | 10.09% | 10.36% | 10.56% | 10.97% | 10.84% | 9.76% | 10.68% | 11.69% | |||||||||||||
| Net Yield(2) | 7.30% | 7.50% | 7.87% | 7.96% | 8.39% | 8.51% | 8.98% | 8.81% | 7.67% | 8.67% | 9.66% | |||||||||||||
| Net Finance Revenue as percentage of AEA (Finance Margin) (3) | 3.95% | 4.22% | 4.53% | 4.43% | 3.86% | -1.60% | 1.13% | -4.25% | 4.28% | -0.24% | 1.53% | |||||||||||||
| Adjusted Net Finance Margin | 4.00% | 4.22% | 4.62% | 4.64% | 4.88% | 4.02% | 4.41% | 2.97% | 4.37% | 4.06% | 2.68% | |||||||||||||
| SG&A as percentage of AEA (4) | 3.15% | 2.70% | 2.62% | 2.78% | 2.72% | 2.85% | 2.79% | 2.66% | 2.82% | 2.75% | 2.57% | |||||||||||||
| Efficiency Ratio (5) | 57.8% | 49.5% | 47.8% | 52.7% | 45.5% | -541.6% | 97.6% | -229.0% | 52.0% | 155.4% | 59.7% | |||||||||||||
| Return on Average Earning Assets (ROA) | 1.52% | 2.35% | 2.18% | 1.97% | 2.56% | -3.71% | -0.90% | -5.16% | 2.01% | -1.82% | 0.04% | |||||||||||||
| Return on Average Common Stockholders' Equity (ROE) | 5.9% | 9.1% | 8.5% | 7.7% | 10.0% | -14.3% | -3.5% | -19.5% | 7.8% | -7.0% | 0.2% | |||||||||||||
| 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2013 | 12/31/2012 | 12/31/2011 | ||||||||||||||
| Capital & Leverage: | ||||||||||||||||||||||||
| Risk-weighted Assets | $ | 50,571.2 | $ | 50,533.0 | $ | 50,718.0 | $ | 49,313.4 | $ | 48,616.9 | $ | 45,929.1 | $ | 44,251.2 | $ | 45,531.5 | $ | 50,571.2 | $ | 48,616.9 | $ | 44,824.1 | ||
| Tier 1 Capital | 8,439.5 | 8,451.1 | 8,278.0 | 8,064.3 | 7,894.9 | 7,669.6 | 7,945.9 | 8,009.1 | 8,439.5 | 7,894.9 | 8,425.9 | |||||||||||||
| Total Capital | 8,791.2 | 8,803.2 | 8,639.7 | 8,442.3 | 8,263.6 | 8,055.8 | 8,343.9 | 8,416.3 | 8,791.2 | 8,263.6 | 8,819.2 | |||||||||||||
| Tier 1 Capital Ratio | 16.7% | 16.7% | 16.3% | 16.4% | 16.2% | 16.7% | 18.0% | 17.6% | 16.7% | 16.2% | 18.8% | |||||||||||||
| Total Capital Ratio | 17.4% | 17.4% | 17.0% | 17.1% | 17.0% | 17.5% | 18.9% | 18.5% | 17.4% | 17.0% | 19.7% | |||||||||||||
| Outstanding Common Shares - Basic (000's) | 197,404 | 200,302 | 201,030 | 201,247 | 200,869 | 200,850 | 200,837 | 200,817 | 197,404 | 200,869 | 200,660 | |||||||||||||
| Book Value per Common Share | $ | 44.78 | $ | 44.16 | $ | 43.16 | $ | 42.21 | $ | 41.49 | $ | 40.37 | $ | 41.79 | $ | 42.17 | $ | 44.78 | $ | 41.49 | $ | 44.27 | ||
| Tangible Book Value per Common Share | $ | 42.98 | $ | 42.36 | $ | 41.33 | $ | 40.35 | $ | 39.61 | $ | 38.47 | $ | 39.86 | $ | 40.19 | $ | 42.98 | $ | 39.61 | $ | 42.23 | ||
| (1) | Gross Yield includes Rental Income plus Interest Income as a % of AEA |
| (2) | Net Yield includes Rental Income plus Interest Income less Depreciation and Maintenance & operating lease expenses as a % of AEA |
| (3) | See Non-GAAP Disclosures |
| (4) | Excludes provision for severance and facility exiting activities |
| (5) | Ratio of operating expenses (excluding the provision for severance and facility exiting activities) to Total Net Revenues (see Non-GAAP disclosures). |
| 13
|
| CIT BANK | ||||||||||||||||||||||||
| Select Financial Data | ||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||
| 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2013 | 12/31/2012 | 12/31/2011 | ||||||||||||||
| Balance Sheet | ||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||
| Cash and deposits with banks | $ | 2,528.6 | $ | 2,459.7 | $ | 2,549.4 | $ | 2,795.6 | $ | 3,351.3 | $ | 3,602.7 | $ | 2,976.9 | $ | 2,564.5 | $ | 2,528.6 | $ | 3,351.3 | $ | 2,462.1 | ||
| Investment securities | 234.6 | 170.0 | 174.4 | 126.3 | 123.3 | 85.2 | 80.8 | 162.9 | 234.6 | 123.3 | 166.7 | |||||||||||||
| Assets held for sale | 104.5 | 79.0 | 17.8 | 8.2 | 37.7 | 602.5 | 595.8 | 1,079.5 | 104.5 | 37.7 | 1,627.5 | |||||||||||||
| Loans | 12,032.6 | 10,850.6 | 10,208.1 | 9,583.6 | 8,060.5 | 6,771.1 | 5,996.2 | 5,534.0 | 12,032.6 | 8,060.5 | 4,500.1 | |||||||||||||
| Allowance for loan losses | (212.9) | (189.7) | (165.2) | (151.7) | (134.6) | (86.9) | (75.7) | (60.9) | (212.9) | (134.6) | (49.4) | |||||||||||||
| Loans, net of allowances for loan losses | 11,819.7 | 10,660.9 | 10,042.9 | 9,431.9 | 7,925.9 | 6,684.2 | 5,920.5 | 5,473.1 | 11,819.7 | 7,925.9 | 4,450.7 | |||||||||||||
| Operating lease equipment, net | 1,248.9 | 1,100.4 | 946.8 | 788.4 | 621.6 | 455.5 | 274.6 | 91.1 | 1,248.9 | 621.6 | 9.2 | |||||||||||||
| Other assets | 195.0 | 196.3 | 135.3 | 154.4 | 164.6 | 169.0 | 176.2 | 227.9 | 195.0 | 164.6 | 249.3 | |||||||||||||
| Total Assets | $ | 16,131.3 | $ | 14,666.3 | $ | 13,866.6 | $ | 13,304.8 | $ | 12,224.4 | $ | 11,599.1 | $ | 10,024.8 | $ | 9,599.0 | $ | 16,131.3 | $ | 12,224.4 | $ | 8,965.5 | ||
| Liabilities & Equity | ||||||||||||||||||||||||
| Deposits | $ | 12,496.2 | $ | 11,784.4 | $ | 11,111.1 | $ | 10,627.5 | $ | 9,614.7 | $ | 8,640.2 | $ | 7,080.6 | $ | 6,731.7 | $ | 12,496.2 | $ | 9,614.7 | $ | 6,123.8 | ||
| Long-term borrowings | 854.6 | 147.1 | 49.3 | 47.2 | 49.6 | 487.6 | 504.0 | 511.5 | 854.6 | 49.6 | 576.7 | |||||||||||||
| Other liabilities | 183.9 | 181.5 | 184.5 | 153.3 | 122.7 | 102.0 | 109.1 | 147.1 | 183.9 | 122.7 | 148.0 | |||||||||||||
| Total Liabilities | 13,534.7 | 12,113.0 | 11,344.9 | 10,828.0 | 9,787.0 | 9,229.8 | 7,693.7 | 7,390.3 | 13,534.7 | 9,787.0 | 6,848.5 | |||||||||||||
| Stockholders' Equity | 2,596.6 | 2,553.3 | 2,521.7 | 2,476.8 | 2,437.4 | 2,369.3 | 2,331.1 | 2,208.7 | 2,596.6 | 2,437.4 | 2,117.0 | |||||||||||||
| Total Liabilities and Equity | $ | 16,131.3 | $ | 14,666.3 | $ | 13,866.6 | $ | 13,304.8 | $ | 12,224.4 | $ | 11,599.1 | $ | 10,024.8 | $ | 9,599.0 | $ | 16,131.3 | $ | 12,224.4 | $ | 8,965.5 | ||
| Financing and Leasing Assets by Segment | ||||||||||||||||||||||||
| North American Commercial Finance | $ | 10,701.1 | $ | 9,825.7 | $ | 9,128.8 | $ | 8,586.6 | $ | 7,280.7 | $ | 6,203.8 | $ | 5,472.1 | $ | 4,448.9 | $ | 10,701.1 | $ | 7,280.7 | $ | 3,594.9 | ||
| Transportation and International Finance | 2,606.8 | 2,126.8 | 1,966.7 | 1,721.9 | 1,370.6 | 1,036.1 | 835.5 | 619.6 | 2,606.8 | 1,370.6 | 348.9 | |||||||||||||
| Non-Strategic Portfolios | 78.1 | 77.5 | 77.2 | 71.7 | 68.5 | 589.2 | 559.0 | 1,636.1 | 78.1 | 68.5 | 2,193.0 | |||||||||||||
| Total | $ | 13,386.0 | $ | 12,030.0 | $ | 11,172.7 | $ | 10,380.2 | $ | 8,719.8 | $ | 7,829.1 | $ | 6,866.6 | $ | 6,704.6 | $ | 13,386.0 | $ | 8,719.8 | $ | 6,136.8 | ||
| Select Data | ||||||||||||||||||||||||
| Tier 1 Capital to Average Assets (Leverage Ratio) | 16.9% | 17.9% | 18.5% | 19.4% | 20.2% | 21.4% | 23.3% | 23.1% | 16.9% | 20.2% | 24.7% | |||||||||||||
| Tier 1 Capital to Risk Weighted Assets | 16.8% | 18.5% | 19.6% | 20.0% | 21.5% | 26.3% | 28.8% | 32.0% | 16.8% | 21.5% | 36.5% | |||||||||||||
| Total Capital to Risk Weighed Assets | 18.1% | 19.8% | 20.8% | 21.3% | 22.7% | 27.4% | 29.8% | 32.9% | 18.1% | 22.7% | 37.5% | |||||||||||||
| 4Q 13 | 3Q 13 | 2Q 13 | 1Q 13 | 4Q 12 | 3Q 12 | 2Q 12 | 1Q 12 | 2013 | 2012 | 2011 | ||||||||||||||
| Income Statement | ||||||||||||||||||||||||
| Interest income | $ | 149.0 | $ | 143.0 | $ | 135.7 | $ | 122.8 | $ | 111.0 | $ | 98.9 | $ | 87.5 | $ | 83.6 | $ | 550.5 | $ | 381.0 | $ | 273.1 | ||
| Interest expense | (47.4) | (42.6) | (42.8) | (39.3) | (81.5) | (38.0) | (35.1) | (37.1) | (172.1) | (191.7) | (118.6) | |||||||||||||
| Net Finance Revenue | 101.6 | 100.4 | 92.9 | 83.5 | 29.5 | 60.9 | 52.4 | 46.5 | 378.4 | 189.3 | 154.5 | |||||||||||||
| Other income | 68.9 | 60.6 | 56.1 | 48.3 | 54.4 | 40.2 | 49.7 | 27.2 | 233.9 | 171.5 | 70.5 | |||||||||||||
| Provision for credit losses | (25.3) | (29.7) | (17.1) | (21.0) | (48.3) | (12.1) | (20.6) | (12.9) | (93.1) | (93.9) | (42.5) | |||||||||||||
| Other expenses | (90.5) | (89.8) | (86.9) | (74.1) | (50.0) | (56.5) | (47.1) | (32.8) | (341.3) | (186.4) | (69.1) | |||||||||||||
| Income before taxes | 54.7 | 41.5 | 45.0 | 36.7 | (14.4) | 32.5 | 34.4 | 28.0 | 177.9 | 80.5 | 113.4 | |||||||||||||
| Provision for income taxes | (19.9) | (16.6) | (18.3) | (14.6) | (4.6) | (13.1) | (12.1) | (9.6) | (69.4) | (39.4) | (45.8) | |||||||||||||
| Net income | $ | 34.8 | $ | 24.9 | $ | 26.7 | $ | 22.1 | $ | (19.0) | $ | 19.4 | $ | 22.3 | $ | 18.4 | $ | 108.5 | $ | 41.1 | $ | 67.6 | ||
| 14
|
| CIT Group Inc. | ||||||||||||||||||||||||
| Non-GAAP Disclosures(1) | ||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||
| 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2013 | 12/31/2012 | 12/31/2011 | ||||||||||||||
| Earning assets(2): | ||||||||||||||||||||||||
| Loans | $ | 18,629.2 | $ | 21,822.7 | $ | 21,678.3 | $ | 22,120.4 | $ | 20,847.6 | $ | 20,383.4 | $ | 20,097.9 | $ | 20,511.5 | $ | 18,629.2 | $ | 20,847.6 | $ | 19,905.9 | ||
| Operating lease equipment, net | 13,035.4 | 12,577.1 | 12,326.2 | 12,290.6 | 12,411.7 | 12,086.7 | 11,911.2 | 11,918.9 | 13,035.4 | 12,411.7 | 12,006.4 | |||||||||||||
| Assets held-for-sale | 4,377.9 | 1,122.2 | 1,186.6 | 646.8 | 646.4 | 1,421.1 | 1,434.0 | 1,701.9 | 4,377.9 | 646.4 | 2,332.3 | |||||||||||||
| Credit balances of factoring clients | (1,336.1) | (1,278.4) | (1,205.0) | (1,237.7) | (1,256.5) | (1,224.9) | (1,164.1) | (1,109.8) | (1,336.1) | (1,256.5) | (1,225.5) | |||||||||||||
| Earning assets | $ | 34,706.4 | $ | 34,243.6 | $ | 33,986.1 | $ | 33,820.1 | $ | 32,649.2 | $ | 32,666.3 | $ | 32,279.0 | $ | 33,022.5 | $ | 34,706.4 | $ | 32,649.2 | $ | 33,019.1 | ||
| 4Q 13 | 3Q 13 | 2Q 13 | 1Q 13 | 4Q 12 | 3Q 12 | 2Q 12 | 1Q 12 | 2013 | 2012 | 2011 | ||||||||||||||
| Total Net Revenues (3): | ||||||||||||||||||||||||
| Interest income | $ | 338.7 | $ | 338.2 | $ | 352.3 | $ | 356.7 | $ | 357.8 | $ | 376.3 | $ | 411.1 | $ | 427.1 | $ | 1,385.9 | $ | 1,572.3 | $ | 2,231.9 | ||
| Rental income on operating leases | 463.8 | 472.9 | 484.3 | 476.4 | 480.3 | 475.1 | 475.5 | 469.9 | 1,897.4 | 1,900.8 | 1,785.6 | |||||||||||||
| Finance revenue | 802.5 | 811.1 | 836.6 | 833.1 | 838.1 | 851.4 | 886.6 | 897.0 | 3,283.3 | 3,473.1 | 4,017.5 | |||||||||||||
| Interest expense | (286.7) | (278.0) | (281.4) | (291.9) | (366.6) | (816.0) | (634.2) | (1,080.6) | (1,138.0) | (2,897.4) | (2,794.4) | |||||||||||||
| Depreciation on operating lease equipment | (139.5) | (134.2) | (133.6) | (133.3) | (127.5) | (126.5) | (125.3) | (133.9) | (540.6) | (513.2) | (538.6) | |||||||||||||
| Maintenance & Other | (39.0) | (41.4) | (40.3) | (42.4) | (31.9) | (38.1) | (35.6) | (33.8) | (163.1) | (139.4) | (157.8) | |||||||||||||
| Net finance revenue (NFR) | 337.3 | 357.5 | 381.3 | 365.5 | 312.1 | (129.2) | 91.5 | (351.3) | 1,441.6 | (76.9) | 526.7 | |||||||||||||
| Other income | 127.9 | 104.8 | 79.3 | 70.1 | 171.7 | 86.7 | 139.4 | 255.3 | 382.1 | 653.1 | 952.8 | |||||||||||||
| Total net revenue | $ | 465.2 | $ | 462.3 | $ | 460.6 | $ | 435.6 | $ | 483.8 | $ | (42.5) | $ | 230.9 | $ | (96.0) | $ | 1,823.7 | $ | 576.2 | $ | 1,479.5 | ||
| Pre-tax Income ex. Accelerated Debt FSA, OID and Debt Related Transaction Costs | ||||||||||||||||||||||||
| Pre-tax income (loss) | $ | 163.3 | $ | 213.7 | $ | 216.3 | $ | 180.8 | $ | 251.8 | $ | (294.5) | $ | (26.3) | $ | (385.8) | $ | 774.1 | $ | (454.8) | $ | 178.4 | ||
| Accelerated FSA net discount/(premium) on debt extinguishments and repurchases | 9.8 | - | 8.1 | 17.8 | 135.2 | 453.9 | 264.9 | 596.9 | 35.7 | 1,450.9 | 279.2 | |||||||||||||
| Accelerated original issue discount on debt extinguishments related to the TRS facility | (5.2) | - | - | - | (52.6) | - | - | - | (5.2) | (52.6) | - | |||||||||||||
| Debt Related - prepayment penalties | - | - | - | - | - | - | - | - | - | - | 114.2 | |||||||||||||
| Debt Related - loss on debt extinguishments | - | - | - | - | - | 16.8 | 21.5 | 22.9 | - | 61.2 | 134.8 | |||||||||||||
| Pre-tax income (loss) - excluding debt refinancing costs | $ | 167.9 | $ | 213.7 | $ | 224.4 | $ | 198.6 | $ | 334.4 | $ | 176.2 | $ | 260.1 | $ | 234.0 | $ | 804.6 | $ | 1,004.7 | $ | 706.6 | ||
| Pre-tax income (loss) - excluding debt refinancing costs | ||||||||||||||||||||||||
| Transportation and International Finance | $ | 116.9 | $ | 150.6 | $ | 162.4 | $ | 148.5 | $ | 169.4 | $ | 106.6 | $ | 113.8 | $ | 75.7 | 578.4 | 465.5 | 247.9 | |||||
| North American Commercial Finance | 135.0 | 83.6 | 89.7 | 64.8 | 166.1 | 134.4 | 158.5 | 244.3 | 373.1 | 703.3 | 620.5 | |||||||||||||
| Non-Strategic Portfolios | (4.6) | (5.4) | (11.1) | (4.2) | 37.4 | (30.9) | 23.9 | (60.3) | (25.3) | (29.9) | 21.0 | |||||||||||||
| Corporate and Other | (79.4) | (15.1) | (16.6) | (10.5) | (38.5) | (33.9) | (36.1) | (25.7) | (121.6) | (134.2) | (182.8) | |||||||||||||
| Total | $ | 167.9 | $ | 213.7 | $ | 224.4 | $ | 198.6 | $ | 334.4 | $ | 176.2 | $ | 260.1 | $ | 234.0 | $ | 804.6 | $ | 1,004.7 | $ | 706.6 | ||
| NFR excluding accelerated FSA, OID and Debt Prepayment Costs ($ and % of AEA)(4) | ||||||||||||||||||||||||
| Net finance revenue | $ | 337.3 | $ | 357.5 | $ | 381.3 | $ | 365.5 | $ | 312.1 | $ | (129.2) | $ | 91.5 | $ | (351.3) | $ | 1,441.6 | $ | (76.9) | $ | 526.7 | ||
| Accelerated FSA net discount/(premium) on debt extinguishments and repurchases | 9.8 | - | 8.1 | 17.8 | 135.2 | 453.9 | 264.9 | 596.9 | 35.7 | 1,450.9 | 279.2 | |||||||||||||
| Accelerated original issue discount on debt extinguishments related to the TRS facility | (5.2) | - | - | - | (52.6) | - | - | - | (5.2) | (52.6) | - | |||||||||||||
| Debt related - prepayment costs | - | - | - | - | - | - | - | - | - | - | 114.2 | |||||||||||||
| Adjusted net finance revenue | $ | 341.9 | $ | 357.5 | $ | 389.4 | $ | 383.3 | $ | 394.7 | $ | 324.7 | $ | 356.4 | $ | 245.6 | $ | 1,472.1 | $ | 1,321.4 | $ | 920.1 | ||
| Net finance revenue - reported | 3.95% | 4.22% | 4.53% | 4.43% | 3.86% | -1.60% | 1.13% | -4.25% | 4.28% | -0.24% | 1.53% | |||||||||||||
| Accelerated FSA net discount/(premium) on debt extinguishments and repurchases | 0.11% | - | 0.09% | 0.21% | 1.67% | 5.62% | 3.28% | 7.22% | 0.11% | 4.46% | 0.81% | |||||||||||||
| Accelerated original issue discount on debt extinguishments related to the TRS facility | -0.06% | - | - | - | -0.65% | - | - | - | -0.02% | -0.16% | - | |||||||||||||
| Debt related - prepayment costs | - | - | - | - | - | - | - | - | - | - | 0.33% | |||||||||||||
| Adjusted net finance revenue | 4.00% | 4.22% | 4.62% | 4.64% | 4.88% | 4.02% | 4.41% | 2.97% | 4.37% | 4.06% | 2.68% | |||||||||||||
| Tangible book value | ||||||||||||||||||||||||
| Total common stockholders' equity | $ | 8,838.8 | $ | 8,845.0 | $ | 8,677.2 | $ | 8,494.4 | $ | 8,334.8 | $ | 8,108.9 | $ | 8,393.8 | $ | 8,467.6 | $ | 8,838.8 | $ | 8,334.8 | $ | 8,883.6 | ||
| Goodwill and intangible assets, net | 354.9 | 360.7 | 369.3 | 373.6 | 377.8 | 383.2 | 388.2 | 395.9 | $ | 354.9 | $ | 377.8 | 409.5 | |||||||||||
| Tangible book value | $ | 8,483.9 | $ | 8,484.3 | $ | 8,307.9 | $ | 8,120.8 | $ | 7,957.0 | $ | 7,725.7 | $ | 8,005.6 | $ | 8,071.7 | $ | 8,483.9 | $ | 7,957.0 | $ | 8,474.1 | ||
| (1) | Non-GAAP financial measures disclosed by management are meant to provide additional information and insight relative to trends in the business 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 maybe different from, or inconsistent with, non-GAAP financial measures used by other companies. |
| (2) | Earning assets are utilized in certain revenue and earnings ratios. Earning assets are net of credit balances of factoring clients. This net amount, which corresponds to amounts funded, is a basis for revenues earned. |
| (3) | Total net revenues are the combination of net finance revenues and other income. |
| (4) | NFR excluding FSA and debt prepay costs is used in the analysis of operating margin. |
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| CIT Group Inc. | ||||||||||||||||||||||||
| APPENDIX - Fresh Start Accounting | ||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||
| 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2013 | 12/31/2012 | 12/31/2011 | ||||||||||||||
| Accretable Discount (by balance sheet line item) | ||||||||||||||||||||||||
| Loans | $ | (35.0) | $ | (238.3) | $ | (261.1) | $ | (326.0) | $ | (355.3) | $ | (401.0) | $ | (452.5) | $ | (543.5) | $ | (35.0) | $ | (355.3) | $ | (621.8) | ||
| Operating Lease Equipment, Net | (2,276.9) | (2,350.2) | (2,398.3) | (2,475.3) | (2,550.6) | (2,610.6) | (2,670.9) | (2,743.3) | (2,276.9) | (2,550.6) | (2,803.1) | |||||||||||||
| Intangible Assets | 20.3 | 22.4 | 24.8 | 27.7 | 31.9 | 37.3 | 42.3 | 50.0 | 20.3 | 31.9 | 63.6 | |||||||||||||
| Other Assets | (11.6) | (14.7) | (15.7) | (17.7) | (20.8) | (64.5) | (67.7) | (106.8) | (11.6) | (20.8) | (117.1) | |||||||||||||
| Total Assets | (2,303.2) | (2,580.8) | (2,650.3) | (2,791.3) | (2,894.8) | (3,038.8) | (3,148.8) | (3,343.6) | (2,303.2) | (2,894.8) | (3,478.4) | |||||||||||||
| Deposits | (0.8) | (0.1) | 0.7 | 1.9 | 3.5 | 5.2 | 7.1 | 10.1 | (0.8) | 3.5 | 14.5 | |||||||||||||
| Long-term Borrowings | (283.6) | (303.5) | (313.7) | (333.9) | (369.4) | (519.8) | (1,016.3) | (1,327.8) | (283.6) | (369.4) | (2,018.9) | |||||||||||||
| Other Liabilities | - | 0.3 | 0.4 | 1.3 | 1.7 | 4.4 | 6.5 | 12.7 | - | 1.7 | 25.7 | |||||||||||||
| Total Liabilities | (284.4) | (303.3) | (312.6) | (330.7) | (364.2) | (510.2) | (1,002.7) | (1,305.0) | (284.4) | (364.2) | (1,978.7) | |||||||||||||
| Net Accretable Discount | $ | (2,018.8) | $ | (2,277.5) | $ | (2,337.7) | $ | (2,460.6) | $ | (2,530.6) | $ | (2,528.6) | $ | (2,146.1) | $ | (2,038.6) | $(2,018.8) | $ | (2,530.6) | $ | (1,499.7) | |||
| 4Q 13 | 3Q 13 | 2Q 13 | 1Q 13 | 4Q 12 | 3Q 12 | 2Q 12 | 1Q 12 | 2013 | 2012 | 2011 | ||||||||||||||
| Income Statement Accretion / (Amortization): | ||||||||||||||||||||||||
| Interest Income | $ | 40.7 | $ | 59.1 | $ | 76.7 | $ | 91.1 | $ | 267.6 | $ | 745.4 | ||||||||||||
| Interest Expense | (148.6) | (494.7) | (308.4) | (686.8) | (1,638.5) | (904.0) | ||||||||||||||||||
| Rental Income on Operating Leases | (5.4) | (4.9) | (6.4) | (8.1) | (24.8) | (56.1) | ||||||||||||||||||
| Depreciation Expense (1) | 52.6 | 49.8 | 54.0 | 57.5 | 213.9 | 240.0 | ||||||||||||||||||
| Other Income (2) | 43.6 | 3.3 | 39.0 | 10.2 | 96.1 | 109.9 | ||||||||||||||||||
| Total Impact (pre-tax) | $ | (17.1) | $ | (387.4) | $ | (145.1) | $ | (536.1) | $ | (1,085.7) | $ | 135.2 | ||||||||||||
| (1) | Represents additional depreciation expense that would have been recognized had the equipment values not been written down as part of FSA. |
| (2) | Other Income impact excludes recoveries on amounts charged off pre-FSA which are recorded in and shown as a separate component of other income. The amounts represent the accretion of a fair value mark on a counterparty receivable related to a secured borrowing facility. |
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| APPENDIX - Select Financial Terms |
Accretable / Non-accretable fresh start accounting adjustments reflect components of the fair value adjustments to assets and liabilities. Accretable adjustments flow through the related line items on the statement of operations (interest income, interest expense, non-interest income and depreciation expense) on a regular basis over the remaining life of the asset or liability. These primarily relate to interest adjustments on loans and leases, as well as debt. Non-accretable adjustments, for instance credit related write-downs on loans, become adjustments to the basis of the asset and flow back through the statement of operations only upon the occurrence of certain events, such as repayment or sale.
Average Earning Assets (AEA) is computed using month end balances and is the average of finance receivables (defined below), operating lease equipment, and financing and leasing assets held for sale, less the credit balances of factoring clients. We use this average for certain key profitability ratios, including Gross Yield, Net Yield, Net Finance Margin and return on AEA.
Average Finance Receivables (AFR) is computed using month end balances and is the average of finance receivables (defined below). It excludes operating lease equipment. We use this average to measure the rate of net charge-offs for the period.
Book value per common share and tangible book value per common share are measurements of shareholder value.
Efficiency Ratio is the percentage of operating expenses to Total Net Revenue (defined below). We use the efficiency ratio to measure the level of expenses in relation to revenue earned.
Finance receivables include loans, capital lease receivables and factoring receivables. In certain instances, we use the term “Loans” synonymously, as presented on the balance sheet.
Financing and Leasing Assets include finance receivables, operating lease equipment and assets held for sale.
Fresh Start Accounting (“FSA”) was adopted upon emergence from bankruptcy. FSA recognizes that CIT has a new enterprise value following its emergence from bankruptcy and required asset values to be remeasured using fair value in accordance with accounting requirements for business combinations. The excess of reorganization value over the fair value of tangible and intangible assets was recorded as goodwill. In addition, FSA also required all liabilities, other than deferred taxes, be stated at fair value. Deferred taxes were determined in conformity with accounting requirements for Income Taxes.
Gross Yield includes rental income and interest income as a % of AEA.
Held for Sale describes assets that we intend to sell in the near-term. These are carried at the lower of cost or market.
Interest income includes interest and fees earned on finance receivables and interest and dividends on interest bearing deposits and investments.
Lease – operating is a lease in which we retain ownership of the asset, collect rental payments, recognize depreciation on the asset, and retain the risks of ownership, including obsolescence.
Net Finance Margin (NFM) reflects Net Finance Revenue divided by AEA.
Net Finance Margin (adjusted) (Adjusted NFM) is NFM increased by accelerated FSA net discount/(premium) on debt extinguishments and repurchases and debt related prepayment costs, reduced by accelerated OID accretion.
Net Finance Revenue reflects Net Interest Revenue (defined below) plus rental income on operating leases less depreciation on operating lease equipment and maintenance & operating lease expenses, which are direct costs of equipment ownership.
Net Interest Revenue reflects reflects interest and fees on finance receivables and interest/dividends on investments less interest expense on deposits and long term borrowings.
Net Yield includes rental income and interest income, reduced by depreciation and maintenance and other operating lease expenses as a % of AEA.
Non-accruing Assets include loans placed on non-accrual status, typically after becoming 90 days delinquent or prior to that time due to doubt of collectability of principal and interest.
Other Income includes gains on equipment sales, factoring commissions, and fee revenue from activities such as loan servicing and loan syndications. Also included are gains on loan sales and investment sales and, as a result of FSA, recoveries on pre-FSA loan charge-offs. Other income combined with rental income on operating leases is defined as Non-interest income.
Return on Common Equity (ROE) is net income available to common stockholders, expressed as a percentage of average common equity, and is a key measurement of profitability.
Risk Weighted Assets (RWA) is the denominator to which Total Capital and Tier 1 Capital is compared to derive the respective ratios. RWA is comprised of both on-balance sheet assets and certain off-balance sheet items (for example loan commitments, purchase commitments or derivative contracts), all of which are adjusted by certain risk-weightings as defined by the regulators, which are based upon, among other things, the relative credit risk of the counterparty.
Tier 1 Capital and Tier 2 Capital are regulatory capital as defined in the capital adequacy guidelines issued by the Federal Reserve. Tier 1 Capital is Total Stockholders Equity reduced by goodwill and intangibles and adjusted by elements of other comprehensive income and other items. Tier 2 Capital consists of, among other things, other preferred stock that does not qualify as Tier 1, mandatory convertible debt, limited amounts of subordinated debt, other qualifying term debt, and allowance for credit losses up to 1.25% of risk weighted assets.
Total Capital is the sum of Tier 1 and Tier 2 capital, subject to certain adjustments, as applicable.
Total Net Revenue is the combination of net finance revenue and non-interest income. This amount excludes provision for credit losses from total revenue and is a measurement of our revenue growth.
Yield-related Fees are collected in connection with our assumption of underwriting risk in certain transactions in addition to interest income. We recognize yield-related fees, which include prepayment fees and certain origination fees, in Interest Income over the life of the lending transaction.
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