Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CIT GROUP INC | |
Entity Central Index Key | 1,171,825 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 201,705,273 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and due from banks, including restricted balances of $210.1 and $601.4 at March 31, 2016 and December 31, 2015(1), respectively (see Note 8 for amounts pledged) | [1] | $ 1,006.8 | $ 1,481.2 |
Interest bearing deposits, including restricted balance of $613.2 and $229.5 at March 31, 2016 and December 31, 2015(1), respectively (see Note 8 for amounts pledged) | [1] | 7,135 | 6,820.3 |
Investment securities, including securities carried at fair value with changes recorded in net income of $323.0 and $339.7 at March 31, 2016 and December 31, 2015, respectively (see Note 8 for amounts pledged) | 2,896.8 | 2,953.8 | |
Assets held for sale | [1] | 2,211.2 | 2,092.4 |
Loans (see Note 8 for amounts pledged) | 31,408.6 | 31,671.7 | |
Allowance for loan losses | (404.6) | (360.2) | |
Total loans, net of allowance for loan losses(1) | [1] | 31,004 | 31,311.5 |
Operating lease equipment, net (see Note 8 for amounts pledged)(1) | [1] | 16,665.7 | 16,617 |
Indemnification assets | 389.4 | 414.8 | |
Unsecured counterparty receivable | 556.3 | 537.8 | |
Goodwill | 1,195.1 | 1,198.3 | |
Intangible assets | 170.3 | 176.3 | |
Other assets, including $152.8 and $195.9 at March 31, 2016 and December 31, 2015, respectively, at fair value | 3,377.5 | 3,297.6 | |
Assets of discontinued operations | 489.5 | 500.5 | |
Total Assets | 67,097.6 | 67,401.5 | |
Liabilities | |||
Deposits | 32,892.7 | 32,782.2 | |
Credit balances of factoring clients | 1,361 | 1,344 | |
Other liabilities, including $316.9 and $221.3 at March 31, 2016 and December 31, 2015, respectively, at fair value | 3,020.2 | 3,158.7 | |
Borrowings, including $2,668.5 and $3,361.2 contractually due within twelve months at March 31, 2016 and December 31, 2015, respectively | 18,012.6 | 18,441.8 | |
Liabilities of discontinued operations | 684.8 | 696.2 | |
Total Liabilities | 55,971.3 | 56,422.9 | |
Stockholders' Equity | |||
Common stock: $0.01 par value, 600,000,000 authorized Issued: 205,608,267 and 204,447,769 at March 31, 2016 and December 31, 2015, respectively Outstanding: 201,701,876 and 201,021,508 at March 31, 2016 and December 31, 2015, respectively | 2.1 | 2 | |
Paid-in capital | 8,739.4 | 8,718.1 | |
Retained earnings | 2,673.7 | 2,557.4 | |
Accumulated other comprehensive loss | (117.4) | (142.1) | |
Treasury stock: 3,906,391 and 3,426,261 shares at March 31, 2016 and December 31, 2015 at cost, respectively | (172) | (157.3) | |
Total Common Stockholders' Equity | 11,125.8 | 10,978.1 | |
Noncontrolling minority interests | 0.5 | 0.5 | |
Total Equity | 11,126.3 | 10,978.6 | |
Total Liabilities and Equity | 67,097.6 | 67,401.5 | |
Variable Interest Entities [Member] | |||
Assets | |||
Cash and due from banks, including restricted balances of $210.1 and $601.4 at March 31, 2016 and December 31, 2015(1), respectively (see Note 8 for amounts pledged) | 283.1 | 314.2 | |
Assets held for sale | 240.5 | 279.7 | |
Total loans, net of allowance for loan losses(1) | 2,284.4 | 2,218.6 | |
Operating lease equipment, net (see Note 8 for amounts pledged)(1) | 3,918.5 | 3,985.9 | |
Other assets, including $152.8 and $195.9 at March 31, 2016 and December 31, 2015, respectively, at fair value | 11.1 | 11.2 | |
Total Assets | 6,737.6 | 6,809.6 | |
Liabilities | |||
Beneficial interests issued by consolidated VIEs (classified as long-term borrowings) | 3,718.3 | 4,084.8 | |
Total Liabilities | $ 3,718.3 | $ 4,084.8 | |
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (VIEs) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company's interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company's interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Restricted cash and due from banks | $ 210.1 | $ 601.4 |
Restricted interest-bearing deposits | 613.2 | 229.5 |
Securities carried at fair value with changes recorded in net income | 323 | 339.7 |
Other assets at fair value | 152.8 | 195.9 |
Other liabilities at fair value | 316.9 | 221.3 |
Borrowings contractually due within twelve months | $ 2,668.5 | $ 3,361.2 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 205,608,267 | 204,447,769 |
Common stock, shares outstanding | 201,701,876 | 201,021,508 |
Treasury stock, shares at cost | 3,906,391 | 3,426,261 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income | ||
Interest and fees on loans | $ 464.5 | $ 272.4 |
Other interest and dividends | 30.9 | 8.6 |
Interest income | 495.4 | 281 |
Interest expense | ||
Interest on borrowings | (186.9) | (202.3) |
Interest on deposits | (99.5) | (69) |
Interest expense | (286.4) | (271.3) |
Net interest revenue | 209 | 9.7 |
Provision for credit losses | (99.3) | (34.6) |
Net interest revenue, after credit provision | 109.7 | (24.9) |
Non-interest income | ||
Rental income on operating leases | 575.4 | 530.6 |
Other income | 100.9 | 86.4 |
Total non-interest income | 676.3 | 617 |
Total revenue, net of interest expense and credit provision | 786 | 592.1 |
Non-interest expenses | ||
Depreciation on operating lease equipment | (175.3) | (156.8) |
Maintenance and other operating lease expenses | (56.2) | (46.1) |
Operating expenses | (348.5) | (241.6) |
Loss on debt extinguishment | (1.6) | |
Total non-interest expenses | (581.6) | (444.5) |
Income from continuing operations before provision for income taxes | 204.4 | 147.6 |
Provision for income taxes | (52.7) | (44) |
Income from continuing operations before attribution of noncontrolling interests | 151.7 | 103.6 |
Net loss attributable to noncontrolling interests, after tax | 0.1 | |
Income from continuing operations | 151.7 | 103.7 |
Discontinued Operations | ||
Loss from discontinued operation, net of taxes | (4.8) | |
Net income (loss) | $ 146.9 | $ 103.7 |
Basic income per common share | ||
Income from continuing operations | $ 0.75 | $ 0.59 |
Loss from discontinued operation | (0.02) | |
Basic income per share | 0.73 | 0.59 |
Diluted income per common share | ||
Income from continuing operations | 0.75 | 0.59 |
Loss from discontinued operation | (0.02) | |
Diluted income per share | $ 0.73 | $ 0.59 |
Average number of common shares (thousands) | ||
Basic | 201,394 | 176,260 |
Diluted | 202,136 | 177,072 |
Dividends declared per common share | $ 0.15 | $ 0.15 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||
Income from continuing operations, before attribution of noncontrolling interests | $ 151.7 | $ 103.6 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 21.2 | (28.4) |
Net unrealized gains (losses) on available for sale securities | 2.6 | (0.4) |
Changes in benefit plans net gain (loss) and prior service (cost)/credit | 0.9 | (0.4) |
Other comprehensive income (loss), net of tax | 24.7 | (29.2) |
Comprehensive income before noncontrolling interests and discontinued operation | 176.4 | 74.4 |
Comprehensive loss attributable to noncontrolling interests | 0.1 | |
Loss from discontinued operation, net of taxes | (4.8) | |
Comprehensive income | $ 171.6 | $ 74.5 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Millions | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Minority Interests [Member] | Total |
Beginning balance at Dec. 31, 2014 | $ 2 | $ 8,603.6 | $ 1,615.7 | $ (133.9) | $ (1,018.5) | $ (5.4) | $ 9,063.5 |
Net income | 103.7 | (0.1) | 103.6 | ||||
Other comprehensive income (loss), net of tax | (29.2) | (29.2) | |||||
Dividends paid | (27.1) | (27.1) | |||||
Amortization of restricted stock, stock option and performance shares expenses | 20.5 | (20.4) | 0.1 | ||||
Repurchase of common stock | (331.7) | (331.7) | |||||
Employee stock purchase plan | 0.4 | 0.4 | |||||
Purchase of noncontrolling interest and distribution of earnings and capital | (26.5) | 6 | (20.5) | ||||
Ending balance at Mar. 31, 2015 | 2 | 8,598 | 1,692.3 | (163.1) | (1,370.6) | 0.5 | 8,759.1 |
Beginning balance at Dec. 31, 2015 | 2 | 8,718.1 | 2,557.4 | (142.1) | (157.3) | 0.5 | 10,978.6 |
Net income | 146.9 | 146.9 | |||||
Other comprehensive income (loss), net of tax | 24.7 | 24.7 | |||||
Dividends paid | (30.6) | (30.6) | |||||
Amortization of restricted stock, stock option and performance shares expenses | 20.8 | (14.7) | 6.1 | ||||
Issuance of common stock | 0.1 | 0.1 | |||||
Employee stock purchase plan | 0.5 | 0.5 | |||||
Ending balance at Mar. 31, 2016 | $ 2.1 | $ 8,739.4 | $ 2,673.7 | $ (117.4) | $ (172) | $ 0.5 | $ 11,126.3 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | |
Cash Flows From Operations | |||
Net income | $ 146.9 | $ 103.7 | |
Adjustments to reconcile net income to net cash flows from operations: | |||
Provision for credit losses | 99.3 | 34.6 | |
Net depreciation, amortization and (accretion) | 176.9 | 165.5 | |
Net gains on asset sales | (8.5) | (29.2) | |
Provision for deferred income taxes | 67.3 | 21.2 | |
(Increase) decrease in finance receivables held for sale | 347.1 | (74.7) | |
Reimbursement of OREO expense from FDIC | 4.6 | ||
Increase in other assets | (77.2) | (46.8) | |
Decrease in other liabilities | (190.4) | (41.7) | |
Net cash flows provided by operations | 566 | 132.6 | |
Cash Flows From Investing Activities | |||
Loans originated and purchased | (3,230.7) | (2,518) | |
Principal collections of loans | 2,793 | 2,465.7 | |
Purchases of investment securities | (492.5) | (3,094.3) | |
Proceeds from maturities of investment securities | 541.5 | 3,482.3 | |
Proceeds from asset and receivable sales | 455.9 | 544.9 | |
Purchases of assets to be leased and other equipment | (298.4) | (408.2) | |
Net decrease in short-term factoring receivables | (209.9) | (112.3) | |
Proceeds from redemption of restricted stock | 2.2 | 1.7 | |
Payments to the FDIC under loss share agreements | (3.1) | ||
Proceeds from the FDIC under loss share agreements and pariticpation agreements | 25.4 | ||
Proceeds from the sale of OREO, net of repurchases | 36.6 | ||
Net change in restricted cash | 7.6 | 143.8 | |
Net cash flows (used in) provided by investing activities | (372.4) | 505.6 | |
Cash Flows From Financing Activities | |||
Proceeds from the issuance of term debt | 7.2 | 519.8 | |
Repayments of term debt | (470.2) | (2,126.9) | |
Proceeds from FHLB advances | 551 | ||
Repayments of FHLB debt | (552.3) | (167.9) | |
Net increase in deposits | 114.2 | 908.4 | |
Collection of security deposits and maintenance funds | 70.1 | 255.5 | |
Use of security deposits and maintenance funds | (30.8) | (316.7) | |
Repurchase of common stock | (331.7) | ||
Dividends paid | (30.6) | (27.1) | |
Purchase of noncontrolling interest | (20.5) | ||
Payments on affordable housing investment credits | (4.3) | ||
Net cash flows provided by (used in) financing activities | (345.7) | (1,307.1) | |
Decrease in unrestricted cash and cash equivalents | (152.1) | (668.9) | |
Unrestricted cash and cash equivalents, beginning of period | 7,470.6 | 6,155.5 | $ 6,155.5 |
Unrestricted cash and cash equivalents, end of period | 7,318.5 | 5,486.6 | $ 7,318.5 |
Supplementary Cash Flow Disclosure | |||
Interest paid | (335.9) | (324.3) | |
Federal, foreign, state and local income taxes (paid) collected, net | (0.2) | (14) | |
Supplementary Non Cash Flow Disclosure | |||
Transfer of assets from held for investment to held for sale | 833.4 | 239.4 | |
Transfer of assets from held for sale to held for investment | 61.1 | $ 0.7 | |
Transfer of assets from held for investment to OREO | $ 19.9 |
Business And Summary Of Signifi
Business And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Business And Summary Of Significant Accounting Policies [Abstract] | |
Business And Summary Of Significant Accounting Policies | NOTE 1 — BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CIT Group Inc., together with its subsidiaries (collectively “CIT” or the “Company”), has provided financial solutions to its clients since its formation in 1908. The Company provides financing, leasing and advisory services principally to middle market companies in a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation industry worldwide. CIT is a bank holding company (“BHC”) and a financial holding company (“FHC”). Through its bank subsidiary, CIT Bank, N.A., CIT provides a full range of commercial and consumer banking and related services to customers through 70 branches located in S outhern California and its online bank, bankoncit.com. CIT is regulated by the Board of Governors of the Federal Reserve System (“FRB”) and the Federal Reserve Bank of New York (“FRBNY”) under the U.S. Bank Holding Company Act of 1956. CIT Bank, N.A. is regulated by the Office of the Comptroller of the Currency, U.S. Department of the Treasury (“OCC”). BASIS OF PRESENTATION Basis of Financial Information These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial information and accordingly do not include all information and note disclosures required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. The financial statements in this Form 10-Q, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of CIT’s financial position, results of operations and cash flows in accordance with GAAP. These consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2015, which is on file with the U.S. Securities and Exchange Commission. For the quarterly period ended March 31, 2016, CIT re-organized its reportable operating segments to Commercial Banking, Transportation Finance, Consumer and Community Banking and Non-Strategic Portfolios. Refer to Note 17—Business Segment Information for further discussion. The accounting and financial reporting policies of CIT Group Inc. conform to GAAP and the preparation of the consolidated financial statements requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates and assumptions. Som e o f th e mo re signifi can t estimate s include : allowanc e fo r loa n losses , loan impairment , fai r valu e determination , leas e r esidua l values , liabili tie s fo r uncertai n ta x positions , r ealizabilit y o f defer r e d ta x assets, pu r chas e accountin g adjustments , indemnificatio n assets , good will , intangibl e assets , an d contingen t liabilities . Additionally whe re applicable , th e policie s confor m t o accountin g an d r eportin g guideline s p r escribe d b y ban k r egulator y authorities. Principles of Consolidation The accompanying consolidated financial statements include financial information related to CIT Group Inc. and its majority-owned subsidiaries and those variable interest entities (“VIEs”) where the Company is the primary beneficiary. In preparing the consolidated financial statements, all significant inter-company accounts and transactions have been eliminated. Assets held in an agency or fiduciary capacity are not included in the consolidated financial statements. The results for the quarter ended March 31, 2016 contain activity of OneWest Bank, National Association (“OneWest Bank”) , acquired on August 3, 2015 , whereas no OneWest Bank activity for the comparable March 31, 2015 quarter is included. See Note 2 – Acquisition and Disposition Activities for details. The current period’s results of operations do not necessarily indicate the results that may be expected for any other interim period or for the full year as a whole. Discontinued Operations The Financial Freedom business, a division of CIT Bank (formerly a division of OneWest Bank) that services reverse mortgage loans, was acquired in conjunction with the OneWest Transaction. Pursuant to ASC 205-20, as amended by ASU 2014-08, the Financial Freedom business is reflected as discontinued operations as of the August 3, 2015 acquisition date and in the subsequent periods until ultimate disposition. The business includes the entire third party servicing of reverse mortgage operations, which consist of personnel, systems and servicing assets. The assets of discontinued operations primarily include Home Equity Conversion Mortgage (“HECM”) loans and servicing advances. The liabilities of discontinued operations include reverse mortgage servicing liabilities, which relates primarily to loans serviced for Fannie Mae, secured borrowings and contingent liabilities. Unrelated to the Financial Freedom business, continuing operations includes a portfolio of reverse mortgages, which is maintained in the Consumer and Community Banking segment. In addition to the servicing rights, discontinued operations reflect HECM loans, which were pooled and securitized in the form of GNMA HMBS and sold into the secondary market with servicing retained. These HECM loans are insured by the Federal Housing Administration (“FHA”). Based upon the structure of the GNMA HMBS securitization program, the Company has determined that the HECM loans transferred into the program had not met all of the requirements for sale accounting and therefore, has accounted for these transfers as a financing transaction. Under a financing transaction, the transferred loans remain on the Company’s statement of financial position and the proceeds received are recorded as a secured borrowing. Discontinued Operations are discussed in Note 2 — Acquisition and Disposition Activities. Revisions In preparing the financial statements for the year ended December 31, 2015, the Comp any discovered and corrected immaterial error s impacting the classification of certain balances between line items and categories presented in the Consolidated Statements of Cash Flows. The amounts presented comparatively for the quarter ended March 31, 2015 have been revised for these misclassifications. For the quarter ended March 31, 2015, the errors resulted in an understatement of net cash flows provided by operations of $65.4 million, an overstatement of net cash flow provided by investing activities of $12.0 million, and an understatement of net cash flows used in financing activities of $53.4 million. The errors had no impact on the Company’s reported “Increase (decrease) in u nrestricted cash and cash equivalents” or “Unrestricted cash and cash equivalents” for any period. SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies are included with the current Form 10-K on file. There were no material changes to these policies in first quarter of 2016 except for applicable updates to reflect the change in segment and classes. Accounting Pronouncements Adopted During the quarter ended March 31, 2016, the Company adopted the following Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”): · ASU 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ; · ASU 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items ; · ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ; · ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ; and · ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30 ): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting Stock Compensation ASU 2014-12 directs that a performance target that affects vesting and can be achieved after the requisite service period is a performance condition. That is, compensation cost would be recognized over the required service period if it is probable that the performance condition would be achieved. The total amount of compensation cost recognized during and after the requisite service period would reflect the number of awards that are expected to vest and would be adjusted to reflect those awards that ultimately vest. The ASU does not require additional disclosures. CIT adopted this ASU effective January 1, 2016 to all awards granted or modified after the effective date. Adoption of this guidance did not have a significant impact on CIT’s financial statements or disclosures. Extraordinary and Unusual Items ASU 2015-01 eliminates the concept of extraordinary item and the need for entities to evaluate whether transactions or events are both unusual in nature and infrequently occurring. The ASU precludes (1) segregating an extraordinary item from the results of ordinary operations; (2) presenting separately an extraordinary item on the income statement, net of tax, after income from continuing operations; and (3) disclosing income taxes and earnings-per-share data applicable to an extraordinary item. However, the ASU does not affect the reporting and disclosure requirements for an event or transaction that is unusual in nature or that occurs infrequently. Consequently, although the Company will no longer need to determine whether a transaction or event is both unusual in nature and infrequently occurring, CIT will still need to assess whether items are unusual in nature or infrequent to determine if the additional presentation and disclosure requirements for these items apply. CIT adopted this ASU effective January 1, 2016 . Adoption of this guidance did not have a significant impact on CIT’s financial statements or disclosures. Consolidation ASU 2015-02 amended the current consolidation guidance to change the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (“VIE”), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. The Board changed the way the voting rights characteristic in the VIE scope determination is evaluated for corporations, which may significantly impact entities for which decision making rights are conveyed though a contractual arrangement. Under ASU 2015-02: · More limited partnerships and similar entities will be evaluated for consolidation under the revised consolidation requirements that apply to VIEs. · Fees paid to a decision maker or service provider are less likely to be considered a variable interest in a VIE. · Variable interests in a VIE held by related parties of a reporting enterprise are less likely to require the reporting enterprise to consolidate the VIE. · There is a new approach for determining whether equity at-risk holders of entities that are not similar to limited partnerships have power to direct the entity’s key activities when the entity has an outsourced manager whose fee is a variable interest. · The deferral of consolidation requirements for certain investment companies and similar entities of the VIE in ASU 2009-17 is eliminated. The impacts of the update include: · A new consolidation analysis is required for VIEs, including many limited partnerships and similar entities that previously were not considered VIEs. · It is less likely that the general partner or managing member of limited partnerships and similar entities will be required to consolidate the entity when the other investors in the entity lack both participating rights and kick-out rights. · Limited partnerships and similar entities that are not VIEs will not be consolidated by the general partner. · It is less likely that decision makers or service providers involved with a VIE will be required to consolidate the VIE. · Entities for which decision making rights are conveyed through a contractual arrangement are less likely to be considered VIEs. · Reporting enterprises with interests in certain investment companies and similar entities that are considered VIEs will no longer evaluate those entities for consolidation based on majority exposure to variability. CIT adopted ASU 2015-02 effective January 1, 2016 under the modified retrospective approach. Based on CIT’s re-assessment of its VIEs under the amended guidance, the adoption of this ASU did not have a significant impact on CIT’s financial statements or disclosures. Debt Issuance Costs ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Debt issuance costs are specific incremental costs, other than those paid to the lender, that are directly attributable to issuing a debt instrument (i.e., third party costs). Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as a deferred charge (i.e., an asset). ASU 2015-15 clarified ASU 2015-03, which did not address the balance sheet presentation of debt issuance costs that are either (1) incurred before a debt liability is recognized (e.g. before the debt proceeds are received), or (2) associated with revolving debt arrangements. ASU 2015-15 states that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing deferred debt issuance costs ratably over the term of the LOC arrangement, regardless of whether there are outstanding borrowings under that LOC arrangement. In accordance with the new guidance, CIT reclassified deferred debt costs previously included in other assets to borrowings in the first quarter of 2016 and conformed prior periods. The adoption of this guidance did not have a significant impact on CIT’s financial statements or disclosures. Recent Accounting Pronouncements The following accounting pronouncements have been issued by the FASB but are not yet effective: · ASU 2014-09, Revenue from contracts with customers (Topic 606) · ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern · ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date · ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ; · ASU 2016-02, Leases (Topic 842) ; · ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships ; · ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments ; · ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting ; · ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ; · ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting; and · ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing . Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ASU 2014-15 describes how entities should assess their ability to meet their obligations and sets disclosure requirements about how this information should be communicated. The standard will be used along with existing auditing standards, and provides the following key guidance: 1. Entities must perform a going concern assessment by evaluating their ability to meet their obligations for a look-forward period of one year from the financial statement issuance date (or date the financial statements are available to be issued). 2. Disclosures are required if it is probable an entity will be unable to meet its obligations within the look-forward period. Incremental substantial doubt disclosure is required if the probability is not mitigated by management’s plans. 3. Pursuant to the ASU, substantial doubt about an entity’s ability to continue as a going concern exists if it is probable that the entity will be unable to meet its obligations as they become due within one year after the date the annual or interim financial statements are issued or available to be issued (assessment date). The new standard applies to all entities for the first annual period ending after December 15, 2016. Company management is responsible for assessing going concern uncertainties at each annual and interim reporting period thereafter. The adoption of this guidance is not expected to have a significant impact on CIT’s financial statements or disclosures. Financial Instruments ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The main objective is enhancing the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The amendments to current GAAP are summarized as follows: · Supersede current guidance to classify equity securities into different categories (i.e. trading or available-for-sale); · Require equity investments to be measured at fair value with changes in fair value recognized in net income, rather than other comprehensive income. This excludes those investments accounted for under the equity method, or those that result in consolidation of the investee; · Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (similar to goodwill); · Eliminate the requirement to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost; · Require the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; · Require an entity to present separately in other comprehensive income the portion of the change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with fair value option for financial instruments; · Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities, or loans and receivables) on the balance sheet or accompanying notes to the financial statements; · Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. CIT is currently evaluating the impact of adopting this amendment on its financial instruments. Leases ASU 2016-02, which is intended to increase transparency and comparability of accounting for lease transactions, will require all leases to be recognized on the balance sheet as lease assets and lease liabilities. Lessor accounting remains similar to the current model, but updated to align with certain changes to the lessee model (e.g., certain definitions, such as initial direct costs, have been updated) and the new revenue recognition standard. Lease classifications by lessors are similar; operating, direct financing, or sales-type. Lessees will need to recognize a right-of-use asset and a lease liability for virtually all of their leases. The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit thresholds. The ASU will require both quantitative and qualitative disclosures regarding key information about leasing arrangements. The standard is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. CIT is currently evaluating the effect of this ASU on its financial statements and disclosures. Derivatives and Hedge Accounting ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. An entity will, however, still need to evaluate whether it is probable that the counterparty will perform under the contract as part of its ongoing effectiveness assessment for hedge accounting. Therefore, a novation (replacing one counterparty to a derivative instrument with a new counterparty) of a derivative to a counterparty with a sufficiently high credit risk could still result in the dedesignation of the hedging relationship. The new guidance, which may be applied either on a prospective basis or a modified retrospective basis, is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. CIT is currently reviewing the impact of adopting this guidance on CIT’s financial statement or disclosures. ASU 2016-06 clarifies that in assessing whether an embedded contingent put or call option is clearly and closely related to the debt host, an entity is required to perform only the four-step decision sequence in ASC 815, as amended by the ASU. Accordingly, when a call (put) option is contingently exercisable, there is no requirement that an entity must assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. The new guidance is effective for public business entities in interim and annual periods in fiscal years beginning after December 15, 2016. Early adoption is permitted in any interim period for which the entity’s financial statements have not been issued but would be retroactively applied to the beginning of the year that includes that interim period. CIT is currently evaluating the effect of this ASU on its financial statements and disclosures. Equity method and joint ventures ASU 2016-07 eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. For available-for-sale securities that become eligible for the equity method of accounting, any unrealized gain or loss recorded within accumulated other comprehensive income should be recognized in earnings at the date the investment initially qualifies for the use of the equity method. The new standard should be applied prospectively for investments that qualify for the equity method of accounting after the effective date. For all entities, public and nonpublic, the new standard is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. CIT is currently evaluating the effect of this ASU on its financial statements and disclosures. Revenue Recognition ASU 2014-09 will supersede virtually all of the revenue recognition guidance in GAAP, except as it relates to lease accounting. The core principle of the five-step model is that a company will recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. In doing so, many companies will have to make more estimates and use more judgment than they do under current GAAP. The five-step analysis of transactions, to determine when and how revenue is recognized, includes: 1. Identify the contract with the customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations. 5. Recognize revenue when or as each performance obligation is satisfied. Companies can choose to apply the standard using either the full retrospective approach or a modified retrospective approach. Under the modified approach, financial statements will be prepared for the year of adoption using the new standard, but prior periods will not be adjusted. Instead, companies will recognize a cumulative catch-up adjustment to the opening balance of retained earnings at the effective date for contracts that still require performance by the company and disclose all line items in the year of adoption as if they were prepared under today’s revenue guidance. ASU 2015-14 deferred the effective date one year for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period, which means CIT would apply the standard in their SEC filings for the first quarter of 2018. Public companies that choose full retrospective application will need to apply the standard to amounts they report for 2016 and 2017 on the face of their full year 2018 financial statements. ASU 2016-08 clarifies that when another party, along with the entity, is involved in providing a good or service to a customer, the entity must determine if the nature of its obligation is to provide a good or service to a customer (that is, to be a principal) or is to arrange for the good or service to be provided to the customer (that is, to act as an agent). When (or as) an entity that is a principal satisfies a performance obligation, the entity recognizes revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. ASU 2016-08 also amends the principal-versus agent implementation guidance and illustrations in ASU 2014-09. ASU 2016-10 clarifies identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. For identifying performance obligations, the ASU specifies that an entity is not required to assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract. In addition, an entity is permitted to account for shipping and handling activities that occur after the customer has obtained control of a good as an activity to fulfill the promise to transfer the good rather than as an additional promised service. The ASU also improves the guidance on assessing whether promises to transfer goods or services are separately identifiable. For licensing implementation, the ASU clarifies the timing of revenue recognition from a license to intellectual property. In addition, a sales-based or usage-based royalty is promised in exchange for a license and, therefore, the royalty’s recognition constraint applies whenever a license is the sole or predominant item to which the royalty relates. The effective date and transition of ASU 2016-08 and 2016-10 aligns with ASU 2014-09, effective for fiscal years beginning after December 15, 2017. CIT is currently reviewing the impact of adoption of these ASUs and has not determined the method of adoption or the effect of the standard on its ongoing financial reporting. Stock Compensation ASU 2016-09 simplifies several aspects of the accounting for share-based payment award transactions to employees, including: · Require companies to record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement; a Company would account for excess tax benefits and deficiencies as discrete items in the period in which they occur (i.e. they would be excluded from the estimated annual effective tax rate). · Eliminate the requirement that excess tax benefits be realized (i.e. reduce income taxes payable) before being recognized, and to require excess tax benefits to be presented as an operating activity in the statement of cash flows. · Use employee’s shares to satisfy the employers’ statutory income tax withholding obligation. The threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions. Cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. · An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. For the amendments that change the recognition and measurement of share-based payment awards, the new guidance requires transition under a modified retrospective approach, with a cumulative-effect adjustment made to retained earnings as of the beginning of the fiscal period in which the guidance is adopted. Prospective application is required for the accounting for excess tax benefits and tax deficiencies and for use of the practical expedient for estimating the expected term. An entity should apply the new guidance retrospectively for all periods presented related to the classification of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirements. It can elect to apply the new guidance either prospectively or retrospectively, however, to the presentation of excess tax benefits on the statement of cash flows. The guidance would be effective for public entities for annual reporting periods beginning after December 15, 2016. Early adoption would be permitted. CIT is currently evaluating the effect of this ASU on its financial statements and disclosures. |
Acquisition And Disposition Act
Acquisition And Disposition Activities | 3 Months Ended |
Mar. 31, 2016 | |
Acquisition And Disposition Activities [Abstract] | |
Acquisition And Disposition Activities | NOTE 2 — ACQUISITION AND DISPOSITION ACTIVITIES ACQUISITIONS During 2015, the Company completed the following significant business acquisition. OneWest Transaction Effective as of August 3, 2015 , CIT acquired IMB HoldCo, LLC (“IMB”) , the parent company of OneWest Bank . CIT Bank, a Utah-state chartered bank and a wholly owned subsidiary of CIT, merged with and into OneWest Bank, with OneWest Bank surviving as a wholly owned subsidiary of CIT with the name CIT Bank, National Association. CIT paid approximately $3.4 billion as consideration, comprised of approximately $1.9 billion in cash proceeds, approximately 30.9 million shares of CIT Group Inc. common stock (valued at approximately $1.5 billion at the time of closing), and approximately 168,000 restricted stock units of CIT (valued at approximately $8 million at the time of closing). Total consideration also included $116 million of cash retained by CIT as a holdback for certain potential liabilities relating to IMB and $2 million of cash for expenses of the holders’ representative. The acquisition was accounted for as a business combination, subject to the provisions of ASC 805-10-50, Business Combinations. The acquisition added approximately $21.8 billion of assets, and $18.4 billion of liabilities to CIT’s Consolidated Balance Sheet and 70 branches in Southern California. Primary reasons for the acquisition included advancing CIT’s bank deposit strategy, expanding the Company’s products and services offered to small and middle market customers, and improving CIT’s competitive position in the financial services industry. DISCONTINUED OPERATIONS Reverse Mortgage Servicing The Financial Freedom business, a division of CIT Bank (formerly a division of OneWest Bank) that services reverse mortgage loans, was acquired in conjunction with the OneWest Transaction. Pursuant to ASC 205-20, the Financial Freedom business is reflected as discontinued operations. The business includes the entire third party servicing of reverse mortgage operations, which consist of personnel, systems and servicing assets. The assets of discontinued operations primarily include Home Equity Conversion Mortgage (“HECM”) loans and servicing advances. The liabilities of discontinued operations include reverse mortgage servicing liabilities, which relates primarily to loans serviced for Fannie Mae, secured borrowings and contingent liabilities. In addition, continuing operations includes a portfolio of reverse mortgages, which are maintained in the Legacy Consumer Mortgage division of the Consumer and Community Banking segment , which are serviced by Financial Freedom. Based on the Company’s continuing assessment of market participants costs to service and contemplation of recent industry servicing practice changes, the Company’s value for the reverse MSRs was a negative $10 million at March 31, 2016, which is unchanged from December 31, 2015. As a mortgage servicer of residential reverse mortgage loans, the Company is exposed to contingent liabilities for breaches of servicer obligations as set forth in industry regulations established by HUD and FHA and in servicing agreements with the applicable counterparties, such as Fannie Mae and other investors. Under these agreements, the servicer may be liable for failure to perform its servicing obligations, which could include fees imposed for failure to comply with foreclosure timeframe requirements established by servicing guides and agreements to which CIT is a party as the servicer of the loans. The Company has established reserves for contingent servicing-related liabilities associated with discontinued operations. While the Company believes that such accrued liabilities are adequate, it is reasonably possible that such liabilities could ultimately exceed the Company’s reserve for probable and reasonably estimable losses by up to $40 million as of March 31, 2016, which is unchanged from December 31, 2015. Separately, a corresponding indemnification receivable from the FDIC of $65 million and $66 m illion at March 31, 2016 and December 31, 2015, respectively, was recognized for the loans covered by indemnification agreements with the FDIC reported in continuing operations . The indemnification receivable is measured using the same assumptions used to measure the indemnified item (contingent liability) subject to management’s assessment of the collectability of the indemnification asset and any contractual limitations on the indemnified amount . Condensed Balance Sheet of Discontinued Operations (dollars in millions) March 31, 2016 December 31, 2015 Net Finance Receivables (1) $ 434.5 $ 449.5 Other assets (2) 55.0 51.0 Assets of discontinued operations $ 489.5 $ 500.5 Secured borrowings (1) $ 425.8 $ 440.6 Other liabilities (3) 259.0 255.6 Liabilities of discontinued operations $ 684.8 $ 696.2 (1) Net finance receivables include $424.4 million and $440.2 million of securitized balances at March 31, 2016 and December 31, 2015, respectively, and $10.1 million and $9.3 million of additional draws awaiting securitization respectively. Secured borrowings relate to those receivables. (2) Amount includes servicing advances, servicer receivables and property and equipment, net of accumulated depreciation. (3) Other liabilities include contingent liabilities and other accrued liabilities. The results from discontinued operations, net of tax, for the quarters ended March 31, 2016 is presented below. There was no activity from discontinued operations in the prior year quarter. Condensed Statements of Operation (dollars in millions) Quarter Ended March 31, 2016 Interest income (1) $ 3.0 Interest expense (1) (3.0) Other income 8.8 Operating expenses (2) (16.2) Loss from discontinued operation before benefit (provision) for income taxes (7.4) Benefit for income taxes (3) 2.6 Loss from discontinued operation, net of taxes $ (4.8) (1) Includes amortization for the premium associated with the HECM loans and related secured borrowings. (2) For the quarter ended March 31, 2016 , operating expense is comprised of $0.8 million in salaries and benefits, $3.9 million in professional and legal services and $11.5 million for other expenses such as data proc essing, premises and equipment, and miscellaneous charges. (3) The Company’s tax rate for discontinued operations is 35% for the quarter ended March 31, 2016 . Condensed Statement of Cash Flows (dollars in millions) Quarter Ended March 31, 2016 Net cash flows used for operations $ (10.2) Net cash flows provided by investing activities 19.8 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Loans [Abstract] | |
Loans | NOTE 3 — LOANS The following tables and data as of March 31, 2016 include the loan balances acquired in the OneWest Transaction, which were recorded at fair value at the time of the acquisition ( August 3, 2015 ). See Note 2 — Acquisition and Disposition Activities in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015 for details of the OneWest Transaction. Finance receivables, excluding those reflected as discontinued operations, consist of the following: Finance Receivables by Product (dollars in millions) March 31, December 31, 2016 2015 Commercial Loans $ 21,340.3 $ 21,380.9 Direct financing leases and leveraged leases 3,210.3 3,427.5 Total commercial 24,550.6 24,808.4 Consumer Loans 6,858.0 6,863.3 Total finance receivables 31,408.6 31,671.7 Finance receivables held for sale 2,051.9 1,985.1 Finance receivables and held for sale receivables (1) $ 33,460.5 $ 33,656.8 (1) Assets held for sale on the Balance Sheet includes finance receivables and operating lease equipment primarily related to portfolios in Canada, China, international business air and the U.K. As discussed in subsequent tables, since the Company manages the credit risk and collections of finance receivables held for sale consistently with its finance receivables held for investment, the aggregate amount is presented in this table. The following table presents finance receivables by segment, based on obligor location: Finance Receivables (dollars in millions) March 31, 2016 December 31, 2015 Domestic Foreign Total Domestic Foreign Total Transportation Finance $ 776.2 $ 2,010.5 $ 2,786.7 $ 815.1 $ 2,727.0 $ 3,542.1 Commercial Banking 21,088.8 348.4 21,437.2 20,607.9 321.3 20,929.2 Consumer and Community Banking (1) 7,184.7 – 7,184.7 7,200.4 – 7,200.4 Total $ 29,049.7 $ 2,358.9 $ 31,408.6 $ 28,623.4 $ 3,048.3 $ 31,671.7 (2) The Consumer and Community Banking segment includes certain commercial loans, primarily consisting of a portfolio of SBA loans. These loans are excluded from the Consumer loan balance and included in the Commercial loan balances in the tables throughout this note. The following table presents selected components of the net investment in finance receivables: Components of Net Investment in Finance Receivables (dollars in millions) March 31, December 31, 2016 2015 Unearned income $ (844.5) $ (870.4) Unamortized premiums / (discounts) (22.9) (34.0) Accretable yield on Purchased Credit-Impaired ("PCI") loans 1,279.7 1,294.0 Net unamortized deferred costs and (fees) (1) 47.5 42.9 (1) Balance relates to Commercial Banking and Transportation Finance segments. Certain of the following tables present credit-related information at the “class” level in accordance with ASC 310-10-50, Disclosures about the Credit Quality of Finance Receivables and the Allowance for Credit Losses . A class is generally a disaggregation of a portfolio segment. In determining the classes, CIT considered the finance receivable characteristics and methods it applies in monitoring and assessing credit risk and performance. Credit Quality Information Commercial obligor risk ratings are reviewed on a regular basis by Credit Risk Management and are adjusted as necessary for updated information affecting the borrowers’ ability to fulfill their obligations. The definitions of the commercial loan ratings are as follows: Pass – finance receivables in this category do not meet the criteria for classification in one of the categories below. Special mention – a special mention asset exhibits potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects. Classified – a classified asset ranges from: (1) assets that exhibit a well-defined weakness and are inadequately protected by the current sound worth and paying capacity of the borrower, and are characterized by the distinct possibility that some loss will be sustained if the deficiencies are not corrected to (2) assets with weaknesses that make collection or liquidation in full unlikely on the basis of current facts, conditions, and values. Assets in this classification can be accruing or on non-accrual depending on the evaluation of these factors. The following table summarizes commercial finance receivables by the risk ratings that bank regulatory agencies utilize to classify credit exposure and which are consistent with indicators the Company monitors. The consumer loan risk profiles are different from commercial loans, and use loan-to-value (“ LTV ”) ratios in rating the credit quality, and therefore are presented separately below. Commercial Finance and Held for Sale Receivables – Risk Rating by Class / Segment (dollars in millions) Grade: Pass Special Mention Classified- accruing Classified- non-accrual PCI Loans Total March 31, 2016 Transportation Finance Aerospace $ 1,507.5 $ 84.1 $ 34.8 $ 21.7 $ – $ 1,648.1 Rail 114.4 2.8 0.9 – – 118.1 Maritime Finance 914.9 383.2 369.1 – – 1,667.2 Total Transportation 2,536.8 470.1 404.8 21.7 – 3,433.4 Commercial Banking Commercial Finance 8,020.9 748.8 554.3 148.9 51.7 9,524.6 Real Estate Finance 4,939.4 277.6 53.4 7.3 85.2 5,362.9 Business Capital 5,678.9 437.8 595.5 59.0 – 6,771.2 Total Commercial Banking 18,639.2 1,464.2 1,203.2 215.2 136.9 21,658.7 Consumer & Community Banking Other Consumer Banking 303.4 10.8 16.0 – 4.7 334.9 Non- Strategic Portfolios 943.3 72.7 57.7 51.1 – 1,124.8 Total $ 22,422.7 $ 2,017.8 $ 1,681.7 $ 288.0 $ 141.6 $ 26,551.8 December 31, 2015 Transportation Finance Aerospace $ 1,635.7 $ 65.0 $ 46.2 $ 15.4 $ – $ 1,762.3 Rail 118.9 1.4 0.6 – – 120.9 Maritime Finance 1,309.0 162.0 207.4 – – 1,678.4 Total Transportation Finance 3,063.6 228.4 254.2 15.4 – 3,561.6 Commercial Banking Commercial Finance 8,215.0 626.4 389.9 131.5 69.4 9,432.2 Real Estate Finance 5,143.2 97.6 18.6 3.6 94.6 5,357.6 Business Capital 5,649.0 517.0 320.1 56.0 – 6,542.1 Total Commercial Banking 19,007.2 1,241.0 728.6 191.1 164.0 21,331.9 Consumer & Community Banking Other Consumer Banking 300.6 12.1 18.3 – 5.3 336.3 Non- Strategic Portfolios 1,286.3 115.4 60.1 56.0 – 1,517.8 Total $ 23,657.7 $ 1,596.9 $ 1,061.2 $ 262.5 $ 169.3 $ 26,747.6 For consumer loans, the Company monitors credit risk based on indicators such as delinquencies and LTV, which the Company believes are relevant credit quality indicators. LTV refers to the ratio comparing the loan’s unpaid principal balance to the property’s collateral value. We examine LTV migration and stratify LTV into categories to monitor the risk in the loan classes. The following table provides a summary of the consumer portfolio credit quality. The amounts represent the carrying value, which differ from unpaid principal balances, and include the premiums or discounts and the accretable yield and non-accretable difference for PCI loans recorded in purchase accounting. Included in the consumer finance receivables are “covered loans” for which the Company can be reimbursed for a substantial portion of future losses under the terms of loss sharing agreements with the FDIC. Covered loans are discussed further in Note 5 – Indemnif ication Assets . Included in the consumer loan balances as of March 31, 2016 and December 31, 2015, were loans with terms that permitted negative amortization with an unpaid principal balance of $925 million and $966 million, respectively. Single Family Residential Reverse Mortgage March 31, 2016 Covered Loans Non-covered Loans Total Single Family Covered Loans Non-covered loans Total Reverse Total Consumer Non- PCI PCI Non- PCI PCI Residential Non- PCI Non- PCI PCI Mortgages Loans Greater than 125% $ 1.6 $ 356.7 $ 12.2 $ 2.0 $ 372.5 $ 0.8 $ 5.0 $ 36.5 $ 42.3 $ 414.8 101% - 125% 2.8 562.6 12.2 – 577.6 1.8 8.1 13.6 23.5 601.1 80% - 100% 385.4 574.4 23.6 – 983.4 26.0 41.4 8.8 76.2 1,059.6 Less than 80% 1,618.2 847.0 1,546.3 6.9 4,018.4 432.9 311.1 10.8 754.8 4,773.2 Not Applicable (1) – – 9.3 – 9.3 – – – – 9.3 Total $ 2,008.0 $ 2,340.7 $ 1,603.6 $ 8.9 $ 5,961.2 $ 461.5 $ 365.6 $ 69.7 $ 896.8 $ 6,858.0 Single Family Residential Reverse Mortgage December 31, 2015 Covered Loans Non-covered Loans Total Single Family Covered Loans Non-covered loans Total Reverse Total Consumer Non- PCI PCI Non- PCI PCI Residential Non- PCI Non- PCI PCI Mortgages Loans Greater than 125% $ 1.1 $ 395.6 $ 0.8 $ 15.7 $ 413.2 $ 1.0 $ 3.9 $ 39.3 $ 44.2 $ 457.4 101% - 125% 3.6 619.9 0.2 14.9 638.6 2.5 6.5 17.0 26.0 664.6 80% - 100% 449.3 552.1 14.3 11.4 1,027.1 26.5 37.4 7.0 70.9 1,098.0 Less than 80% 1,621.0 829.3 1,416.1 12.9 3,879.3 432.6 312.5 11.1 756.2 4,635.5 Not Applicable (1) – – 7.8 – 7.8 – – – – 7.8 Total $ 2,075.0 $ 2,396.9 $ 1,439.2 $ 54.9 $ 5,966.0 $ 462.6 $ 360.3 $ 74.4 $ 897.3 $ 6,863.3 (1) Certain Consumer Loans do not have LTV’s, including the Credit Card portfolio. Covered loans are limited to the Consumer and Community Ban king segment. The following table summarizes the covered loans (single family residential and reverse mortgages) as of March 31, 2016 : Covered Loans (dollars in millions) PCI Non-PCI Total Consumer and Community Banking loans HFI at carrying value $ 2,340.7 $ 2,469.5 $ 4,810.2 Past Due and Non-accrual Loans The table that follows presents portfolio delinquency status, regardless of accrual/non-accrual classification: Past Due Loans (dollars in millions) Past Due 30–59 Days 60–89 Days 90 Days or Total PCI Loans Past Due Past Due Greater Past Due Current (1) (2) Total Finance Receivables March 31, 2016 Transportation Finance Aerospace $ 7.1 $ – $ 20.8 $ 27.9 $ 1,620.2 $ – $ 1,648.1 Rail 5.0 0.8 7.0 12.8 105.3 – 118.1 Maritime Finance – – – – 1,667.2 – 1,667.2 Total Transportation Finance 12.1 0.8 27.8 40.7 3,392.7 – 3,433.4 Commercial Banking Commercial Finance 3.8 43.7 16.1 63.6 9,417.6 51.7 9,532.9 Real Estate Finance 1.0 – – 1.0 5,276.7 85.2 5,362.9 Business Capital 117.7 18.6 19.8 156.1 6,615.1 – 6,771.2 Total Commercial Banking 122.5 62.3 35.9 220.7 21,309.4 136.9 21,667.0 Consumer & Community Banking Legacy Consumer Mortgages 18.0 8.2 35.2 61.4 2,872.5 2,419.3 5,353.2 Other Consumer Banking 2.3 0.5 2.1 4.9 1,872.5 4.7 1,882.1 Total Consumer & Community Banking 20.3 8.7 37.3 66.3 4,745.0 2,424.0 7,235.3 Non-Strategic Portfolios 24.3 5.9 21.6 51.8 1,073.0 – 1,124.8 Total $ 179.2 $ 77.7 $ 122.6 $ 379.5 $ 30,520.1 $ 2,560.9 $ 33,460.5 December 31, 2015 Transportation Finance Aerospace $ 1.4 $ – $ 15.4 $ 16.8 $ 1,745.5 $ – $ 1,762.3 Rail 8.5 2.0 2.1 12.6 108.3 – 120.9 Maritime Finance – – – – 1,678.4 – 1,678.4 Total Transportation Finance 9.9 2.0 17.5 29.4 3,532.2 – 3,561.6 Commercial Banking Commercial Finance – – 20.5 20.5 9,342.3 69.4 9,432.2 Real Estate Finance 1.9 – 0.7 2.6 5,260.4 94.6 5,357.6 Business Capital 131.1 32.8 26.8 190.7 6,351.4 – 6,542.1 Total Commercial Banking 133.0 32.8 48.0 213.8 20,954.1 164.0 21,331.9 Consumer & Community Banking Legacy Consumer Mortgages 15.8 1.7 4.1 21.6 2,923.8 2,526.2 5,471.6 Other Consumer Banking 2.7 0.3 0.4 3.4 1,765.2 5.3 1,773.9 Total Consumer & Community Banking 18.5 2.0 4.5 25.0 4,689.0 2,531.5 7,245.5 Non-Strategic Portfolios 18.7 22.1 33.7 74.5 1,443.3 – 1,517.8 Total $ 180.1 $ 58.9 $ 103.7 $ 342.7 $ 30,618.6 $ 2,695.5 $ 33,656.8 (1) Due to their nature, reverse mortgage loans are included in Current, as they do not have contractual payments due at a specified time. (2) PCI loans are written down at acquisition to their fair value using an estimate of cash flows deemed to be collectible. Accordingly, such loans are no longer classified as past due or non-accrual even though they may be contractually past due as we expect to fully collect the new carrying values of these loans. Non-accrual loans include loans that are individually evaluated and determined to be impaired (generally loans with balances greater than $500,000 ), as well as other, smaller balance loans placed on non-accrual due to delinquency (generally 90 days or more for smaller commercial loans and 120 or more days regarding real estate mortgage loans). Certain loans 90 days or more past due as to interest or principal are still accruing, because they are (1) well-secured and in the process of collection or (2) real estate mortgage loans or consumer loans exempt under regulatory rules from being classified as nonaccrual until later delinquency, usually 120 days past due. The following table sets forth non-accrual loans, assets received in satisfaction of loans (repossessed assets and OREO) and loans 90 days or more past due and still accruing. Finance Receivables on Non-Accrual Status (dollars in millions) March 31, 2016 December 31, 2015 Held for Investment Held for Sale Total Held for Investment Held for Sale Total Transportation Finance Aerospace $ 0.9 $ 20.8 $ 21.7 $ 15.4 $ – $ 15.4 Total Transportation Finance 0.9 20.8 21.7 15.4 – 15.4 Commercial Banking Commercial Finance 148.9 – 148.9 120.5 11.0 131.5 Real Estate Finance 7.3 – 7.3 3.6 – 3.6 Business Capital 59.0 – 59.0 56.0 – 56.0 Total Commercial Banking 215.2 – 215.2 180.1 11.0 191.1 Consumer & Community Banking Legacy Consumer Mortgages 6.7 – 6.7 4.2 0.6 4.8 Other Consumer Banking – 0.4 0.4 – 0.4 0.4 Total Consumer & Community Banking 6.7 0.4 7.1 4.2 1.0 5.2 Non-Strategic Portfolios – 51.1 51.1 – 56.0 56.0 Total $ 222.8 $ 72.3 $ 295.1 $ 199.7 $ 68.0 $ 267.7 Repossessed assets and OREO 105.4 127.3 Total non-performing assets $ 400.5 $ 395.0 Commercial loans past due 90 days or more accruing $ 15.2 $ 15.6 Consumer loans past due 90 days or more accruing 29.9 0.2 Total Accruing loans past due 90 days or more $ 45.1 $ 15.8 Payments received on non-accrual financing receivables are generally applied first against outstanding principal, though in certain instances where the remaining recorded investment is deemed fully collectible, interest income is recognized on a cash basis. Reverse mortgages are not included in the non-accrual balances. The table below summarizes the residential mortgage loans in the process of foreclosure and OREO : Loans in Process of Foreclosure (dollars in millions) (dollars in millions) March 31, 2016 December 31, 2015 PCI $ 275.3 $ 320.0 Non-PCI 112.3 71.0 Loans in process of foreclosure 387.6 391.0 OREO $ 95.5 $ 118.0 Impaired Loans The Company’s policy is to review for impairment finance receivables greater than $500,000 that are on non-accrual status. Consumer and small-ticket loan and lease receivables t hat have not been modified in a restructuring, as well as short-term factoring receivables, are included (if appropriate) in the reported non-accrual balances above, but are excluded from the impaired finance receivables disclosure below as charge-offs are typically determined and recorded for such loans when they are more than 90 – 150 days past due. The following table contains information about impaired finance receivables and the related allowance for loan losses by class, exclusive of finance receivables that were identified as impaired at the Acquisition Date for which the Company is applying the income recognition and disclosure guidance in ASC 310-30 ( Loans and Debt Securities Acquired with Deteriorated Credit Quality ), which are disclosed further below in this note. Impaired loans exclude PCI loans. Impaired Loans (dollars in millions) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (3) March 31, 2016 With no related allowance recorded: Transportation Finance Aerospace $ 0.9 $ 6.7 $ – $ 0.2 Commercial Banking Commercial Finance 10.3 18.5 – 8.3 Business Capital 7.6 13.6 – 6.1 Real Estate Finance 4.1 4.2 – 1.5 Non-Strategic Portfolios – – – 4.7 With an allowance recorded: Transportation Finance Aerospace – – – 5.0 Commercial Banking Commercial Finance 138.4 152.5 33.6 74.9 Business Capital 13.0 13.0 6.2 8.0 Real Estate Finance 3.2 3.2 0.4 0.6 Non-Strategic Portfolios – – – 6.1 Total Impaired Loans (1) 177.5 211.7 40.2 115.4 Total Loans Impaired at Acquisition Date and Convenience Date (2) 2,560.9 3,769.4 4.3 1,619.9 Total $ 2,738.4 $ 3,981.1 $ 44.5 $ 1,735.3 December 31, 2015 With no related allowance recorded: Commercial Banking Commercial Finance 15.4 22.8 – 6.5 Business Capital 6.3 9.7 – 5.9 Real Estate Finance 0.2 0.8 – 0.7 Non-Strategic Portfolios – – – 7.3 With an allowance recorded: Transportation Finance Aerospace 15.4 15.4 0.4 5.0 Commercial Banking Commercial Finance 102.6 112.1 22.7 53.2 Business Capital 9.7 11.7 4.7 5.4 Non-Strategic Portfolios – – – 7.3 Total Impaired Loans (1) 149.6 172.5 27.8 91.3 Total Loans Impaired at Acquisition Date and Convenience Date (2) 2,695.5 3,977.3 4.9 1,108.0 Total $ 2,845.1 $ 4,149.8 $ 32.7 $ 1,199.3 (1) Interest income recorded for the three months ended March 31, 2016 and the year ended December 31, 2015 while the loans were impaired were $0.4 million and $1. 5 million of which $0. 2 million and $0.5 million was interest recognized using cash-basis method of accounting, respectively. (2) Details of finance receivables that were identified as impaired at the Acquisition Date are presented under Loans Acquired with Deteriorated Credit Quality. (3) Average recorded investment for the three months ended March 31, 2016 and year ended December 31, 2015. Impairment occurs when, based on current information and events, it is probable that CIT will be unable to collect all amounts due according to contractual terms of the agreement. For commercial loans, the Company has established review and monitoring procedures designed to identify, as early as possible, customers that are experiencing financial difficulty. Credit risk is captured and analyzed based on the Company’s internal probability of obligor default (PD) and loss given default (LGD) ratings. A PD rating is determined by evaluating borrower credit-worthiness, including analyzing credit history, financial condition, cash flow adequacy, financial performance and management quality. An LGD rating is predicated on transaction structure, collateral valuation and related guarantees or recourse. Further, related considerations in determining probability of collection include the following: Instances where the primary source of payment is no longer sufficient to repay the loan in accordance with terms of the loan document; Lack of current financial data related to the borrower or guarantor; Delinquency status of the loan; Borrowers experiencing problems, such as operating losses, marginal working capital, inadequate cash flow, excessive financial leverage or business interruptions; Loans secured by collateral that is not readily marketable or that has experienced or is susceptible to deterioration in realizable value; and Loans to borrowers in industries or countries experiencing severe economic instability. Impairment is measured as the shortfall between estimated value and recorded investment in the finance receivable. A specific allowance or charge-off is recorded for the shortfall. In instances where the estimated value exceeds the recorded investment, no specific allowance is recorded. The estimated value is determined using fair value of collateral and other cash flows if the finance receivable is collateralized, the present value of expected future cash flows discounted at the contract’s effective interest rate, or market price. A shortfall between the estimated value and recorded investment in the finance receivable is reported in the provision for credit losses. In instances when the Company measures impairment based on the present value of expected future cash flows, the change in present value is reported in the provision for credit losses. The following summarizes key elements of the Company’s policy regarding the determination of collateral fair value in the measurement of impairment: “Orderly liquidation value” is the basis for collateral valuation; Appraisals are updated annually or more often as market conditions warrant; and Appraisal values are discounted in the determination of impairment if the: appraisal does not reflect current market conditions; or collateral consists of inventory, accounts receivable, or other forms of collateral that may become difficult to locate, or collect or may be subject to pilferage in a liquidation. Loans Acquired with Deteriorated Credit Quality For purposes of this presentation, the Company is applying the income recognition and disclosure guidance in ASC 310-30 ( Loans and Debt Securities Acquired with Deteriorated Credit Quality ) to loans that were identified as impaired as of the acquisition date of OneWest Bank. PCI loans were initially recorded at estimated fair value with no allowance for loan losses carried over, since the initial fair values reflected credit losses expected to be incurred over the remaining lives of the loans. The acquired loans are subject to the Company’s internal credit review. See Note 4 — Allowance for Loan Losses. Purchased Credit Impaired Loans (1) (dollars in millions) March 31, 2016 Unpaid Principal Balance Carrying Value Allowance for Loan Losses Commercial Banking Commercial Finance $ 88.2 $ 51.7 $ 2.5 Real Estate Finance 144.8 85.2 0.5 Consumer & Community Banking Other Consumer Banking 6.2 4.7 – Legacy Consumer Mortgages 3,530.2 2,419.3 1.3 $ 3,769.4 $ 2,560.9 $ 4.3 December 31, 2015 Unpaid Principal Balance Carrying Value Allowance for Loan Losses Commercial Banking Commercial Finance $ 115.5 $ 69.4 $ 2.5 Real Estate Finance 161.1 94.6 0.6 Consumer & Community Banking Other Consumer Banking 6.8 5.3 – Legacy Consumer Mortgages 3,693.9 2,526.2 1.8 $ 3,977.3 $ 2,695.5 $ 4.9 (1) PCI loans from prior transactions were not significant and are not included. The following table summarizes commercial PCI loans, which are monitored for credit quality based on internal risk classifications. See previous table Consumer Loan LTV Distributions for credit quality metrics on consumer PCI loans. March 31, 2016 (dollars in millions) Non- criticized Criticized Total Commercial Banking $ 5.4 $ 46.3 $ 51.7 Commercial Real Estate 37.1 48.1 85.2 Total $ 42.5 $ 94.4 $ 136.9 December 31, 2015 Non- criticized Criticized Total Commercial Banking $ 5.3 $ 64.1 $ 69.4 Commercial Real Estate 33.2 61.4 94.6 Total $ 38.5 $ 125.5 $ 164.0 Accretable Yield The excess of cash flows expected to be collected over the recorded investment (estimated fair value at acquisition) of the PCI loans represents the accretable yield and is reco gnized in interest income on an effective yield basis over the remaining life of the loan, or pools of loans. The accretable yield is adjusted for changes in interest rate indices for variable rate PCI loans, changes in prepayment assumptions and changes in expected principal and interest payments and collateral values. Further, if a loan within a pool of loans is modified, the modified loan remains part of the pool of loans. The difference between the cash flows contractually required to be paid, measured as of the acquisition date, over the expected cash flows is referred to as the non-accretable difference. Subsequent to acquisition, we evaluate our estimates of the cash flows expected to be collected on a quarterly basis. Probable and significant d ecreases in expected cash flows as a result of further credit deterioration result in a charge to the provision for credit losses and a corresponding increase to the allowance for credit losses. Probable and significant i ncreases in expected cash flows due to improved credit quality result in re versal of any previously recorded allowance for loan losses, to the extent applicable, and an increase in the accretable yield applied prospectively for any remaining increase. Changes in expected cash flows caused by changes in market interest rates or by prepayments are recognized as adjustments to the accretable yield on a prospective basis. Changes in the accretable yield for PCI loans are summarized below for the quarter ended March 31, 2016 : (dollars in millions) Accretable Yield Balance at December 31, 2015 $ 1,294.0 Accretion into interest income (49.6) Reclassification from non-accretable difference 45.0 Disposals and Other (9.7) Balance at March 31, 2016 $ 1,279.7 Troubled Debt Restructurings The Company periodically modifies the terms of finance receivables in response to borrowers’ difficulties. Modifications that include a financial concession to the borrower are accounted for as troubled debt restructurings (TDRs). CIT uses a consistent methodology across all loans to determine if a modification is with a borrower that has been determined to be in financial difficulty and was granted a concession. Specifically, the Company’s policies on TDR identification include the following examples of indicators used to determine whether the borrower is in financial difficulty: Borrower is in default with CIT or other material creditor Borrower has declared bankruptcy Growing doubt about the borrower’s ability to continue as a going concern Borrower has (or is expected to have) insufficient cash flow to service debt Borrower is de-listing securities Borrower’s inability to obtain funds from other sources Breach of financial covenants by the borrower. If the borrower is determined to be in financial difficulty, then CIT utilizes the following criteria to determine whether a concession has been granted to the borrower: Assets used to satisfy debt are less than CIT’s recorded investment in the receivable Modification of terms – interest rate changed to below market rate Maturity date extension at an interest rate less than market rate The borrower does not otherwise have access to funding for debt with similar risk characteristics in the market at the restructured rate and terms Capitalization of interest Increase in interest reserves Conversion of credit to Payment-In-Kind (PIK) Delaying principal and/or interest for a period of three months or more Partial forgiveness of the balance. Modified loans that meet the definition of a TDR are subject to the Company’s standard impaired loan policy, namely that non-accrual loans in excess of $500,000 are individually reviewed for impairment, while non-accrual loans less than $500,000 are considered as part of homogenous pools and are included in the determination of the non-specific allowance. We may require some consumer borrowers experiencing financial difficulty to make trial payments generally for a period of three to four months, according to the terms of a planned permanent modification, to determine if they can perform according to those terms. These arrangements represent trial modifications, which we classify and account for as TDRs. While loans are in trial payment programs, their original terms are not considered modified and they continue to advance through delinquency status and accrue interest according to their original terms. The planned modifications for these arrangements predominantly involve interest rate reductions or other interest rate concessions; however, the exact concession type and resulting financial effect are usually not finalized and do not take effect until the loan is permanently modified. The trial period terms are developed in accordance with our proprietary programs or the U.S. Treasury’s Making Homes Affordable programs for real estate 1-4 family first lien (i.e. Home Affordable Modification Program – HAMP) and junior lien (i.e. Second Lien Modification Program – 2MP) mortgage loans. At March 31, 2016, the loans in trial modification period were $89.1 million under HAMP, $0.1 million under 2MP and $2.8 million under proprietary programs. A new Streamline HAMP Program was launched in the first quarter of 2016 , which resulted in an increase in HAMP modifications during the quarter, which had a balance of $26.2 million at December 31, 2015. Trial modifications with a recorded investment of $92.0 million at March 31, 2016 were accruing loans and there were no non-accruing loans. Our experience is that substantially all of the mortgages that enter a trial payment period program are successful in completing the program requirements and are then permanently modified at the end of the trial period. Our allowance process considers the impact of those modifications that are probable to occur. The recorded investment of TDRs, excluding those classified as PCI, at March 31, 2016 and December 31, 2015 was $44.3 million and $40.2 million, of which 81% and 63% , respectively, were on non-accrual. Commercial Finance, NSP and Consumer and Community Banking receivables accounted for 69% , 13% and 12% o f the total TDRs, respectively, at March 31, 2016. Commercial Banking and Transportation Finance receivables accounted for 61% and 26% of the total TDRs, respe ctively at December 31, 2015 , and t here w ere $2.5 million and $1.4 million , respectively, of commitments to lend additional funds to borrowers whose loan terms have been modified in TDRs. The r ecorded investment related to modifications qualifying as TDRs that occurred during the quarters ended March 31, 2016 and 2015 were $16.1 million and $0.7 million, respectively. The recorded investment at the time of default of TDRs that experience a payment default (payment default is one missed payment), during the quarters ended March 31, 2016 and 2015, and for which the payment default occurred within one year of the modification totaled $5.9 million and $0.3 million, respectively. The March 31, 2016 defaults related primarily to Commercial Finance and the March 31, 2015 defaults related primarily to Non-Strategic Portfolios. The financial impact of the various modification strategies that the Company employs in response to borrower difficulties is described below. While the discussion focuses on the 2015 amounts, the overall nature and impact of modification programs were comparable in the prior year. • The nature of modifications qualifying as TDR’s based upon recorded investment at March 31, 2016 was com prised of payment deferrals for 15% and covenant relief and/or other for 85% . December 31, 2015 TDR recorded investment was comprised of payment deferrals for 1 3% and covenant relief and/or other for 87% . • Payment deferrals result in lower net present value of cash flows, if not accompanied by additional interest or fees, and increased provision for credit losses to the extent applicable. The financial impact of these modifications is not significant given the moderate length of deferral periods; • Interest rate reductions result in lower amounts of interest being charged to the customer, but are a relatively small part of the Company’s restructuring programs. Additionally, in some instances, modifications improve the Company’s economic return through increased interest rates and fees, but are reported as TDRs due to assessments regarding the borrowers’ ability to independently obtain similar funding in the market and assessments of the relationship between modified rates and terms and comparable market rates and terms. The weighted average change in interest rates for all TDRs occurring during the quarters ended March 31, 2016 and 2015 was not significant; • Debt forgiveness, or the reduction in amount owed by borrower, results in incremental provision for credit losses, in the form of higher charge-offs. While these types of modifications have the greatest individual impact on the allowance, the amounts of principal forgiveness for TDRs occurring during quarters ended March 31, 2016 and 2015 was not significant, as debt forgiveness is a relatively small component of the Company’s modification programs; and • The other elements of the Company’s modification programs that are not TDRs, do not have a significant impact on financial results given their relative size, or do not have a direct financial impact, as in the case of covenant changes. Reverse Mortgages Consumer loans within continuing operations include the outstanding balance of $89 6.8 million and $897.3 million at March 31, 2016 and December 31, 2015, respectively, related to the reverse mortgage portfolio, of which $8 09.5 million and $812.6 million at March 31, 201 |
Allowance For Loan Losses
Allowance For Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Allowance For Loan Losses [Abstract] | |
Allowance For Loan Losses | NOTE 4 — ALLOWANCE FOR LOAN LOSSES The Company maintains an allowance for loan losses for estimated credit losses in its HFI loan portfolio. The allowance is adjusted through a provision for credit losses, which is charged against current period earnings, and reduced by any charge-offs for losses, net of recoveries. The Company maintains a separate reserve for credit losses on off-balance sheet commitments, which is reported in Other Liabilities. Off-balance sheet credit exposures include items such as unfunded loan commitments, issued standby letters of credit and deferred purchase agreements. The Company’s methodology for assessing the appropriateness of this reserve is similar to the allowance process for outstanding loans. Allowance for Loan Losses and Recorded Investment in Finance Receivables (dollars in millions) Transportation Finance Commercial Banking Consumer & Community Banking Non-Strategic Portfolios Corporate and Other Total Quarter Ended March 31, 2016 Balance - December 31, 2015 $ 39.4 $ 310.5 $ 10.3 $ – $ – $ 360.2 Provision for credit losses 22.7 73.5 3.1 – – 99.3 Other (1) 0.2 (5.1) 1.3 – – (3.6) Gross charge-offs (2) (19.6) (35.8) (0.7) – – (56.1) Recoveries – 4.0 0.8 – – 4.8 Balance - March 31, 2016 $ 42.7 $ 347.1 $ 14.8 $ – $ – $ 404.6 Allowance balance at March 31, 2016 Loans individually evaluated for impairment $ – $ 40.2 $ – $ – $ – $ 40.2 Loans collectively evaluated for impairment 42.7 303.9 13.5 – – 360.1 Loans acquired with deteriorated credit quality (3) – 3.0 1.3 – – 4.3 Allowance for loan losses $ 42.7 $ 347.1 $ 14.8 $ – $ – $ 404.6 Other reserves (1) $ – $ 48.1 $ 0.1 $ – $ – $ 48.2 Finance receivables at March 31, 2016 Loans individually evaluated for impairment $ 0.9 $ 176.6 $ – $ – $ – $ 177.5 Loans collectively evaluated for impairment 2,785.8 21,123.7 4,760.7 – – 28,670.2 Loans acquired with deteriorated credit quality (3) – 136.9 2,424.0 – – 2,560.9 Ending balance $ 2,786.7 $ 21,437.2 $ 7,184.7 $ – $ – $ 31,408.6 Percent of loans to total loans 8.9% 68.3% 22.9% 100% Transportation Finance Commercial Banking Consumer & Community Banking Non-Strategic Portfolios Corporate and Other Total Quarter Ended March 31, 2015 Balance - December 31, 2014 $ 26.5 $ 282.4 $ – $ 37.5 $ – $ 346.4 Provision for credit losses 6.4 24.4 – 3.8 – 34.6 Other (1) (0.2) (1.8) – (1.6) – (3.6) Gross charge-offs (2) – (22.6) – (4.0) – (26.6) Recoveries – 3.3 – 2.4 – 5.7 Balance - March 31, 2015 $ 32.7 $ 285.7 $ – $ 38.1 $ – $ 356.5 Allowance balance at March 31, 2015 Loans individually evaluated for impairment $ – $ 13.4 $ – $ 1.4 $ – $ 14.8 Loans collectively evaluated for impairment 32.7 272.3 – 36.7 – 341.7 Loans acquired with deteriorated credit quality (3) – – – – – – Allowance for loan losses $ 32.7 $ 285.7 $ – $ 38.1 $ – $ 356.5 Other reserves (1) $ 0.5 $ 36.6 $ – $ 0.2 $ – $ 37.3 Finance receivables at March 31, 2015 Loans individually evaluated for impairment $ – $ 48.3 $ – $ 19.4 $ – $ 67.7 Loans collectively evaluated for impairment 2,944.1 15,010.5 – 1,406.9 – 19,361.5 Loans acquired with deteriorated credit quality (3) – 0.1 – – – 0.1 Ending balance $ 2,944.1 $ 15,058.9 $ – $ 1,426.3 $ – $ 19,429.3 Percentage of loans to total loans 15.2% 77.5% 0% 7% 0% 100% (1) “Other reserves” represents additional credit loss reserves for unfunded lending commitments, letters of credit and for deferred purchase agreements, all of which is recorded in Other liabilities. “Other” also includes changes relating to loans that were charged off and reimbursed by the FDIC under the indemnification provided by the FDIC, sales and foreign currency translations. (2) Gross charge-offs of amounts specifically reserved in prior periods included $7 million charged directly to the Allowance for loan losses for the quarter to date March 31, 2016 related to Commercial Banking. Gross charge-offs included $21 million charged directly to the Allowance for loan losses for the year ended December 31, 2015. $1 million related to TF, $15 million related to Commercial Finance and $5 million related to NSP. (3) Represents loans considered impaired as part of the OneWest transaction and are accounted for under the guidance in ASC 310-30 (Loans and Debt Securities Acquired with Deteriorated Credit Quality). |
Idemnification Assets
Idemnification Assets | 3 Months Ended |
Mar. 31, 2016 | |
Idemnification Assets [Abstract] | |
Idemnification Assets | NOTE 5 – INDEMNIFICATION ASSETS The Company acquired the indemnifications provided by the FDIC under the loss sharing agreements from previous transactions entered into by OneWest Bank. The loss share agreements with the FDIC relates to the FDIC-assisted transactions of IndyMac in March 2009 (“IndyMac Transaction”), First Federal in December 2009 (“First Federal Transaction”) and La Jolla in February 2010 (“La Jolla Transaction”). Eligible losses are submitted to the FDIC for reimbursement when a qualifying loss event occurs (e.g., loan modification, charge-off of loan balance or liquidation of collateral). Reimbursements approved by the FDIC are received usually within 60 days of submission. In connection with the lndyMac, First Federal and La Jolla Transactions, the FDIC indemnified the Company against certain future losses for covered loans. In addition, in connection with the IndyMac Transaction, the Company recorded an indemnification receivable for estimated reimbursements due from the FDIC for loss exposure arising from breach in origination and servicing obligations associated with covered reverse mortgage loans sold to the Agencies prior to March 2009 pursuant to the loss share agreement with the FDIC. Below provides the carrying value of the recognized indemnification assets and related receivable/payable balance with the FDIC associated with indemnified losses under the IndyMac and La Jolla Transactions as of March 31, 2016 and December 31, 2015, respectively. Indemnification Assets (dollars in millions) March 31, 2016 IndyMac La Jolla Transaction Transaction Total Loan indemnification $ 310.8 $ 2.5 $ 313.3 Reverse mortgage indemnification 10.7 – 10.7 Agency claims indemnification 65.4 – 65.4 Total $ 386.9 $ 2.5 $ 389.4 Receivable from (Payable to) the FDIC $ 19.8 $ (1.6) $ 18.2 December 31, 2015 IndyMac La Jolla Transaction Transaction Total Loan indemnification $ 338.6 $ 0.3 $ 338.9 Reverse mortgage indemnification 10.3 – 10.3 Agency claims indemnification 65.6 – 65.6 Total $ 414.5 $ 0.3 $ 414.8 Receivable from (Payable to) the FDIC $ 18.6 $ (1.9) $ 16.7 The Company separately recognizes a net receivable (recorded in other assets) for the claim submissions filed with the FDIC and a net payable (recorded in other liabilities) for the remittances due to the FDIC for previously submitted claims that were later recovered by investor (e.g., guarantor payments, recoveries). IndyMac Transaction There are three components to the IndyMac indemnification program described below: 1. Single family residential (“SFR”) Mortgages, 2. Reverse Mortgages, and 3. Certain Servicing Obligations. SFR Mortgages Indemnification Asset The FDIC indemnifies the Company against certain credit losses on SFR mortgage loans based on specified thresholds. Prior to the OneWest acquisition, the cumulative losses of the SFR portfolio exceeded the First Loss Tranche ( $2.551 billion) with the excess losses reimbursed 80% by the FDIC. As of March 31, 2016, the Company projects the cumulative losses will reach the final loss threshold of “meets or exceeds stated threshold” ( $3.826 billion) in May 2017 at which time the excess losses will be reimbursed 95% by the FDIC. The following table summarizes the submission of qualifying losses (net of recoveries) for reimbursement from the FDIC since inception of the loss share agreement as of March 31, 2016 and December 31, 2015, respectively: Submission of Qualifying Losses for Reimbursement (dollars in millions) March 31, 2016 December 31, 2015 Unpaid principal balance $ 4,232.8 $ 4,372.8 Cumulative losses incurred 3,662.2 3,623.4 Cumulative claims 3,647.0 3,608.4 Cumulative reimbursement 838.5 802.6 Reverse Mortgages Indemnification Asset The FDIC indemnifies the Company against losses on the first $200.0 million of funds advanced post March 2009, and to fund any advances above $200.0 million. As of December 31, 2015, $152.4 million had been advanced on the reverse mortgage loans. No additional advances were made for the quarter ended March 31, 2016. Prior to the OneWest acquisition, the cumulative loss submissions and reimbursements totaled $1.8 million from the FDIC. From August 3, 2015 (the acquisition date of OneWest Bank) through March 31, 2016, the Company was reimbursed $0.7 million from the FDIC for the cumulative losses incurred. Indemnification from Certain Servicing Obligations Subject to certain requirements and limitations, the FDIC agreed to indemnify the Company, among other things, for third party claims from the Agencies related to the selling representations and warranties of Indy Mac as well as liabilities arising from the acts or omissions, including, without limitation, breaches of servicer obligations of IndyMac for SFR mortgage loans and reverse mortgage loans as follows: SFR mortgage loans sold to the Agencies The FDIC indemnification for third party claims by the Agencies for servicer obligations expired as of the acquisition date; however, for any claims, issues or matters relating to the servicing obligations that are known or identified as of the end of the expired term, the FDIC indemnification protection continues until resolution of such claims, issues or matters. The Company had no submitted claims from acquisition date through March 31, 2016. Prior to the OneWest acquisition, the cumulative loss submissions and reimbursements totaled $5.7 million from the FDIC to cover third party claims made by the Agencies for SFR loans. Reverse mortgage loans sold to the Agencies The FDIC indemnifies the Company through March 2019 for third party claims made by the Agencies relating to any liabilities or obligations imposed on the seller of HECM loans acquired by the Agencies from IndyMac resulting from servicing errors or servicing obligations prior to March 2009. The Company had no submitted claims from acquisition date through March 31, 2016. Prior to the OneWest acquisition, the cumulative loss submissions totaled $11.2 million and reimbursements totaled $10.7 million from the FDIC to cover third party claims made by the Agencies for reverse mortgage loans. First Federal Transaction The FDIC agreed to indemnify the Company against certain losses on SFR, and commercial loans based on established thresholds. As of March 31, 2016, the loss share agreements covering the SFR mortgage loans remain in effect (expiring in December 2019 ) while the agreement covering commercial loans expired (in December 2014 ). However, pursuant to the terms of the shared-loss agreement, the loss recovery provisions for commercial loans extend for three years past the expiration date ( December 2017 ). The loss thresholds apply to the covered loans collectively. Pursuant to the loss share agreement, the first $932 million (First Loss Tranche) of cumulative losses are borne by the Company without reimbursement by the FDIC. The following table summarizes the submission of qualifying losses for reimbursement from the FDIC since inception of the loss share agreement: Submission of Qualifying Losses for Reimbursement (dollars in millions) March 31, 2016 SFR Commercial (1) Total Unpaid principal balance $ 1,407.3 $ – $ 1,407.3 Cumulative losses incurred 411.5 9.0 420.5 Cumulative claims 411.0 9.0 420.0 Cumulative reimbursement – – - December 31, 2015 SFR Commercial (1) Total Unpaid principal balance $ 1,456.8 $ – $ 1,456.8 Cumulative losses incurred 408.5 9.0 417.5 Cumulative claims 407.2 9.0 416.2 Cumulative reimbursement - - - (1) Due to the expiration of the loss share agreement covering commercial loans in December 2014, the outstanding unpaid principal balance eligible for reimbursement is zero . As provided by the loss share agreement, the loss recoveries for commercial loans extend for three years from expiration date (December 201 7 ). As such, the cumulative losses incurred, claim submissions and reimbursements for commercial loans are reduced by the reported recoveries. As reflected above, the cumulative losses incurred have not reached the specified level ( $932 million) for FDIC reimbursement and the Company does not project to reach the specified level of losses. Accordingly, no indemnification asset was recognized in connection with the First Federal Transaction. Separately, as part of the loss sharing agreement, the Company is required to make a true-up payment to the FDIC in the event that losses do not exceed a specified level by December 2019. As the Company does not project to reach the First Loss Tranche ($932 million) for FDIC reimbursement, the Company does not expect that such true-up payment will be required for the First Federal portfolio. La Jolla Transaction The FDIC agreed to indemnify the Company against certain losses on SFR, and commercial loans HFI based on established thresholds. As of March 31, 2016, the loss share agreement covering the SFR mortgage loans remain in effect (expiring in February 2020 ) while the agreement covering commercial loans expired (in March 2015 ). However, pursuant to the terms of the loss share agreement, the loss recovery provisions for commercial loans extend for three years past the expiration date ( March 2018 ). The loss thresholds apply to the covered loans collectively. Pursuant to the loss share agreement, the Company’s cumulative losses since the acquisition date by OneWest Bank are reimbursed by the FDIC at 80% until the stated threshold ( $1.007 billion) is met. The following table summarizes the submission of cumulative qualifying losses for reimbursement from the FDIC since inception of the loss share agreement: Submission of Qualifying Losses for Reimbursement (dollars in millions) March 31, 2016 SFR Commercial (1) Total Unpaid principal balance $ 82.4 $ – $ 82.4 Cumulative losses incurred 56.2 355.6 411.8 Cumulative claims 56.2 355.6 411.8 Cumulative reimbursement 45.0 284.5 329.5 December 31, 2015 SFR Commercial (1) Total Unpaid principal balance $ 89.3 $ – $ 89.3 Cumulative losses incurred 56.2 359.5 415.7 Cumulative claims 56.2 359.5 415.7 Cumulative reimbursement 45.0 287.6 332.6 (1) Due to the expiration of the loss share agreement covering commercial loans in March 2015, the outstanding unpaid principal balance eligible for reimbursement is zero. As provided by the loss share agreement, the loss recoveries for commercial loans extend for three years from expiration date (March 2018). As such, the cumulative losses incurred, claim submissions and reimbursements for commercial loans are reduced by the reported recoveries. As part of the loss share agreement with La Jolla, the Company is required to make a true-up payment to the FDIC in the event that losses do not exceed a specified level by the tenth anniversary of the agreement (February 2020). The Company currently expects that such payment will be required based upon its forecasted loss estimates for the La Jolla portfolio as the actual and estimated cumulative losses of the acquired covered assets are projected to be lower than the cumulative losses. As of March 31, 2016 and December 31, 2015, an obligation of $58.0 million and $56.9 million, respectively, has been recorded as a FDIC true-up liability for the contingent paym ent measured at estimated fair value. Refer to Note 10 — Fair Value for further discussion . |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investment Securities [Abstract] | |
Investment Securities | NOTE 6— INVESTMENT SECURITIES Investments include debt and equity securities. The Company’s debt securities include U.S. Government Agency securities, U.S. Treasury securities, residential mortgage-backed securities (“MBS”), and supranational and foreign government securities. Equity securities include common stock and warrants, along with restricted stock in the FHLB and FRB. Investment Securities (dollars in millions) March 31, December 31, 2016 2015 Available-for-sale securities Debt securities $ 1,983.3 $ 2,007.8 Equity securities 14.5 14.3 Held-to-maturity securities Debt securities (1) 291.1 300.1 Securities carried at fair value with changes recorded in net income Debt securities 323.0 339.7 Non-marketable investments (2) 284.9 291.9 Total investment securities $ 2,896.8 $ 2,953.8 (1) Recorded at amortized cost. (2) Non-marketable investments include securities of the FRB and FHLB carried at cost of $261.3 million at March 31, 2016 and $263.5 million at December 31, 2015. The remaining non-marketable investments include ownership interests greater than 3% in limited partnership investments that are accounted for under the equity method, other investments carried at cost, which include qualified Community Reinvestment Act (CRA) investments, equity fund holdings and shares issued by customers during loan work out situations or as part of an original loan investment, totaling $23.6 million and $28.4 million in March 31, 2016 and December 31, 2015, respectively. Realized investment gains totaled $0.7 million and $0.7 million for the quarter s ended March 31, 2016 and 2015, respectively, and exclude losses from OTTI. In addition, the Company maintained $ 7.1 billion and $6. 8 billion of interest bearing deposits at March 31, 2016 and December 31, 2015 , respectively, which are cash equivalents and are classified separately on the balance sheet. The following table presents interest and dividends on interest bearing deposits and investments: Interest and Dividend Income (dollars in millions) Quarters Ended March 31, 2016 2015 Interest income - investments / reverse repos $ 19.2 $ 4.1 Interest income - interest bearing deposits 8.4 4.0 Dividends - investments 3.3 0.5 Total interest and dividends $ 30.9 $ 8.6 Securities Available-for-Sale The following table presents amortized cost and fair value of securities AFS. Securities AFS — Amortized Cost and Fair Value (dollars in millions) Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value Debt securities AFS Mortgage-backed Securities U.S. government agency securities $ 144.0 $ 1.4 $ (0.1) $ 145.3 Non-agency securities 549.6 1.0 (10.0) 540.6 U.S. government agency obligations 996.7 0.4 – 997.1 Supranational and foreign government securities 300.3 – – 300.3 Total debt securities AFS 1,990.6 2.8 (10.1) 1,983.3 Equity securities AFS 14.4 0.3 (0.2) 14.5 Total securities AFS $ 2,005.0 $ 3.1 $ (10.3) $ 1,997.8 December 31, 2015 Debt securities AFS Mortgage-backed Securities U.S. government agency securities $ 148.4 $ – $ (0.9) $ 147.5 Non-agency securities 573.9 0.4 (7.2) 567.1 U.S. government agency obligations 996.8 – (3.7) 993.1 Supranational and foreign government securities 300.1 – – 300.1 Total debt securities AFS 2,019.2 0.4 (11.8) 2,007.8 Equity securities AFS 14.4 0.1 (0.2) 14.3 Total securities AFS $ 2,033.6 $ 0.5 $ (12.0) $ 2,022.1 The following table presents the debt securities AFS by contractual maturity dates: Securities AFS – Maturities (dollars in millions) March 31, 2016 Amortized Fair Weighted Average Cost Value Yield Mortgage-backed securities - U.S. government agency securities Due after 10 years $ 144.0 $ 145.3 3.27% Total 144.0 145.3 3.27% Mortgage-backed securities - non agency securities After 5 but within 10 years 25.7 25.4 4.92% Due after 10 years 523.9 515.2 5.75% Total 549.6 540.6 5.71% U.S. government agency obligations After 1 but within 5 years 996.7 997.1 1.20% Total 996.7 997.1 1.20% Supranational and foreign government securities Due within 1 year 300.3 300.3 0.33% Total 300.3 300.3 0.33% Total debt securities available-for-sale $ 1,990.6 $ 1,983.3 2.47% The following table summarizes the gross unrealized losses and estimated fair value of AFS securities aggregated by investment category and length of time that the securities have been in a continuous unrealized loss position. Securities AFS – Gross Unrealized Loss ( dollars in millions) March 31, 2016 Less than 12 months 12 months or greater Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 27.4 $ (0.1) $ – $ – Non-agency securities 454.0 (10.0) – – Total debt securities AFS 481.4 (10.1) – – Equity securities AFS 0.2 (0.2) – – Total securities available-for-sale $ 481.6 $ (10.3) $ – $ – December 31, 2015 Less than 12 months 12 months or greater Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 147.0 $ (0.9) $ – $ – Non-agency securities 495.5 (7.2) – – U.S. government agency obligations 943.0 (3.7) – – Total debt securities AFS 1,585.5 (11.8) – – Equity securities AFS 0.2 (0.2) – – Total securities available-for-sale $ 1,585.7 $ (12.0) $ – $ – Purchased Credit-Impaired AFS Securities In connection with the OneWest acquisition, the Company classified AFS mortgage-backed securities as PCI due to evidence of credit deterioration since issuance and for which it is probable that the Company will not collect all principal and interest payments contractually required at the time of purchase. Accounting for these adjustments is discussed in Note 1 — Business and Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Changes in the accretable yield for PCI securities are summarized below for the quarter ended March 3 1 , 201 6 : Changes in Accretable Yield (dollars in millions) Total Balance at December 31, 2015 $ 189.0 Accretion into interest income (7.8) Reclassifications from non-accretable difference 3.9 Balance at March 31, 2016 $ 185.1 The estimated fair value of PCI securities was $532.9 million and $559.6 m ill ion with a par value of $692.9 m illion and $717.1 million as of March 31, 2016, and December 31, 2015, respectively . Securities Carried at Fair Value with Changes Recorded in Net Income (dollars in millions) Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value Mortgage-backed Securities - Non-agency $ 328.5 $ 0.3 $ (5.8) $ 323.0 Total securities held at fair value with changes recorded in net income $ 328.5 $ 0.3 $ (5.8) $ 323.0 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Mortgage-backed Securities - Non-agency $ 343.8 $ 0.3 $ (4.4) $ 339.7 Total securities held at fair value with changes recorded in net income $ 343.8 $ 0.3 $ (4.4) $ 339.7 Securities Carried at Fair Value with changes Recorded in Net Income – Amortized Cost and Fair Value Maturities (dollars in millions) March 31, 2016 Amortized Fair Weighted Average Cost Value Yield Mortgage-backed securities - non agency securities After 5 but within 10 years $ 0.2 $ 0.2 9.80% Due after 10 years 328.3 322.8 4.86% Total $ 328.5 323.0 4.86% Debt Securities Held-to-Maturity The carrying value and fair value of securities HTM at March 31, 2016 and December 31, 2015 were as follows: Debt Securities HTM — Carrying Value and Fair Value (dollars in millions) Gross Gross Carrying Unrealized Unrealized Fair Value Gains Losses Value March 31, 2016 Mortgage-backed securities U.S. government agency securities $ 141.6 $ 1.7 $ (0.9) $ 142.4 State and municipal 31.5 – (0.9) 30.6 Foreign government 2.4 0.1 – 2.5 Corporate - foreign 115.6 4.4 (2.0) 118.0 Total debt securities held-to-maturity $ 291.1 $ 6.2 $ (3.8) $ 293.5 December 31, 2015 Mortgage-backed securities U.S. government agency securities $ 147.2 $ 1.1 $ (2.6) $ 145.7 State and municipal 37.1 – (1.6) 35.5 Foreign government 13.5 – – 13.5 Corporate - foreign 102.3 4.5 – 106.8 Total debt securities held-to-maturity $ 300.1 $ 5.6 $ (4.2) $ 301.5 The following table presents the debt securities HTM by contractual maturity dates: Debt Securities HTM — Amortized Cost and Fair Value Maturities (dollars in millions) March 31, 2016 Amortized Fair Weighted Average Cost Value Yield Mortgage-backed securities - U.S. government agency securities After 5 but within 10 years $ 1.3 $ 1.3 2.15% Due after 10 years 140.3 141.1 2.43% Total 141.6 142.4 2.42% State and municipal Due within 1 year $ 0.6 $ 0.6 1.81% After 1 but within 5 years 1.2 1.2 2.25% After 5 but within 10 years 0.6 0.6 2.70% Due after 10 years 29.1 28.2 2.29% Total 31.5 30.6 2.29% Foreign government After 1 but within 5 years $ 2.4 $ 2.5 2.43% Total 2.4 2.5 2.43% Corporate - Foreign securities Due within 1 year $ 11.6 $ 11.6 0.76% After 1 but within 5 years 104.0 106.4 4.54% Total 115.6 118.0 4.16% Total debt securities held-to-maturity $ 291.1 $ 293.5 3.10% The following table summarizes the gross unrealized losses and estimated fair value of HTM securities aggregated by investment category and length of time that the securities have been in a continuous unrealized loss position. Debt Securities HTM – Gross Unrealized Loss (dollars in millions) March 31, 2016 Less than 12 months 12 months or greater Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Mortgage-backed securities U.S. government agency securities $ 19.3 $ (0.1) $ 42.7 $ (0.8) State and municipal – – 24.5 (0.9) Corporate - Foreign 64.0 (2.0) Total securities held-to-maturity $ 83.3 $ (2.1) $ 67.2 $ (1.7) December 31, 2015 Less than 12 months 12 months or greater Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Mortgage-backed securities U.S. government agency securities $ 62.2 $ (0.9) $ 40.7 $ (1.7) State and municipal 3.1 (0.1) 28.2 (1.5) Total securities held-to-maturity $ 65.3 $ (1.0) $ 68.9 $ (3.2) Other Than Temporary Impairment (“OTTI”) The Company conducted and documented its periodic review of all securities with unrealized losses, which it performs to evaluate whether the impairment is other than temporary. For PCI securities, management determined certain PCI securities with unrealized losses were deemed credit-related and recognized OTTI credit-related losses of $2.0 million as permanent write-downs for the quarter ended March 31, 2016. There were no PCI securities for the quarter ended March 31, 2015. The Company reviewed debt securities AFS and HTM with unrealized losses and determined that the unrealized losses were not OTTI. The unrealized losses were not credit-related and the Company does not have an intent to sell and believes it is not more-likely-than-not that the Company will have to sell prior to the recovery of the amortized cost basis. The Company reviewed equity securities classified as AFS with unrealized losses and determined that the unrealized losses were not OTTI. The unrealized losses were not credit-related. There were no unrealized losses on non-marketable investments. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Deposits | NOTE 7 – DEPOSITS The following table presents detail on the type, maturities and weighted average interest rates of deposits. Deposits (dollars in millions) March 31, December 31, 2016 2015 Deposits Outstanding $ 32,892.7 $ 32,782.2 Weighted average contractual interest rate 1.26% 1.26% Weighted average remaining number of days to maturity 827 days 864 days March 31, 2016 December 31, 2015 Daily average deposits $ 32,888.3 $ 23,277.8 Maximum amount outstanding 33,152.8 32,899.6 Weighted average contractual interest rate for the year 1.27% 1.45% The following table provides further detail of deposit. Deposits – Rates and Maturities (dollars in millions) March 31, 2016 Amount Average Rate Deposits – no stated maturity Non-interest-bearing checking $ 948.0 – Interest-bearing checking 3,034.0 0.53% Money market 5,572.0 0.82% Savings 4,751.9 0.84% Other 147.4 NM (1) Total checking and savings deposits $ 14,453.3 Certificates of deposit, remaining contractual maturity: Within one year $ 8,125.0 1.16% One to two years 3,248.2 1.39% Two to three years 1,402.1 1.86% Three to four years 2,285.7 2.32% Four to five years 1,329.8 2.34% Over five years 2,032.8 3.17% Total certificates of deposit 18,423.6 Premium / discount (0.9) Purchase accounting adjustments 16.7 Total Deposits $ 32,892.7 1.26% (1) Not Meaningful – includes certain deposits such as escrow accounts, security deposits and other similar accounts. The following table presents the maturity profile of other time deposits with a denomination of $100,000 or more. Certificates of Deposit $100 Thousand or More (dollars in millions) March 31, December 31, 2016 2015 U.S. certificates of deposit: Three months or less $ 1,465.9 $ 1,476.5 After three months through six months 1,166.7 1,462.6 After six months through twelve months 3,322.8 2,687.2 After twelve months 9,131.2 9,245.8 Total U.S. certificates of deposit $100 thousand or more $ 15,086.6 $ 14,872.1 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Borrowings [Abstract] | |
Borrowings | NOTE 8 —BORROWINGS \ The following table presents the carrying value of outstanding borrowings. Borrowings (dollars in millions) March 31, 2016 December 31, 2015 CIT Group Inc. Subsidiaries Total Total (1) Senior Unsecured $ 10,587.3 $ – $ 10,587.3 $ 10,636.3 Secured borrowings: Structured financings – 4,309.0 4,309.0 4,687.9 FHLB advances – 3,116.3 3,116.3 3,117.6 Total Borrowings $ 10,587.3 $ 7,425.3 $ 18,012.6 $ 18,441.8 (2) December 31, 2015 balances for Senior Unsecured and Structured Financing were adjusted to include deferred debt issuance costs of $41.4 million and $55.9 million, respectively, compared to balances presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 , upon adoption and in accordance with the provision in ASU 2015-03. Previously these were included in other assets. Unsecure d Borrowings Revolving Credit Facility There were no outstanding borrowings under the Second Amended and Restated Revolving Credit and Guaranty Agreement (the “Revolving Credit Facility ”) at March 31, 2016 and December 31, 2015 . The amount available to draw upon at March 31, 2016 was approximately $1.4 billion, with the remaining amount of approximately $0.1 billion being utilized for issuance of letters of credit to customers . The Revolving Credit Facility has a total commitment amount of $1.5 billion and the maturity date of the commitment is January 26, 2018 . The total commitment amount consists of a $1.15 billion revolving loan tranche and a $350 million revolving loan tranche that can also be utilized for issuance of letters of credit to customers . The applicable margin charged under the facility is 2.25% for LIBOR Rate loans and 1.25% for Base Rate loans. The Revolving Credit Facility may be drawn and prepaid at the option of CIT. The unutilized portion of any commitment under the Revolving Credit Facility may be reduced permanently or terminated by CIT at any time without penalty. The Revolving Credit Facility is unsecured and is guaranteed by nine of the Company’s domestic operating subsidiaries. The facility was amended in February 2016 to extend the final maturity date of the lenders’ commitments and modify the applicable margin, which depends on the Company’s long-term senior unsecured, non-credit enhanced debt rating used to calculate the interest rate for LIBOR Rate and Base Rate loans . The applicable required minimum guarantor asset coverage ratio ranges from 1.50 : 1. 00 to 1.0 :1.0 and was 1.375 : 1. 00 0 at March 31, 2016. The amendment also added Fitch Ratings Ltd. as a provider of the Company’s long-term senior unsecured, non-credit enhanced debt rating. The Revolving Credit Facility is subject to a $6 billion minimum consolidated net worth covenant of the Company, tested quarterly, and also limits the Company’s ability to create liens, merge or consolidate, sell, transfer, lease or dispose of all or substantially all of its assets, grant a negative pledge or make certain restricted payments during the occurrence and continuance of an event of default. Senior Unsecured Notes Senior unsecured notes include notes issued under the “shelf” registration that expires in January 2018. The following tables present the principal amounts by maturity date. Senior Unsecured Notes (dollars in millions) Maturity Date Rate (%) Date of Issuance Par Value May 2017 5.000% May 2012 $ 1,208.7 August 2017 4.250% August 2012 1,725.8 March 2018 5.250% March 2012 1,465.0 April 2018 6.625% March 2011 695.0 February 2019 5.500% February 2012 1,750.0 February 2019 3.875% February 2014 1,000.0 May 2020 5.375% May 2012 750.0 August 2022 5.000% August 2012 1,250.0 August 2023 5.000% August 2013 750.0 Weighted average rate and total 5.02% $ 10,594.5 The Indentures for the s enior u nsecured n otes limit the Company’s ability to create liens, merge or consolidate, or sell, transfer, lease or dispose of all or substantially all of its assets. Upon a Change of Control Triggering Event as defined in the Indentures for the s enior u nsecured n otes, holders of the s enior u nsecured n otes will have the right to require the Company, as applicable, to repurchase all or a portion of the s enior u nsecured n otes at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest to the date of such repurchase. Secured Borrowings FHLB Advances As a member of the FHLB of San Francisco, CIT Bank, N.A. can access financing based on an evaluation of its creditworthiness, statement of financial position, size and eligibility of collateral. The interest rates charged by the FHLB for advances typically vary depending upon maturity, the cost of funds of the FHLB, and the collateral provided for the borrowing and t he advances are secured by certain Bank assets and bear either a fixed or floating interest rate. The FHL B advances are collateralized by a variety of consumer and commercial loans and leases, including SFR mortgage loans, reverse mortgage loans, multi-family mortgage loans, commercial real estate loans, certain foreclosed properties and certain amounts receivable under a loss sharing agreement with the FDIC, commercial loans, leases and/or equipment. As of March 31, 2016 , the Company had $5.6 billion of financing availability with the FHL B, of which $2.5 billion was unused and available. FHLB Advances as of March 31, 2016 have a weighted average rate of 0.90% . The following table includes the total outstanding FHLB Advances, and respective pledged assets. FHLB Advances with Pledged Assets Summary (dollars in millions) March 31, 2016 December 31, 2015 FHLB Advances Pledged Assets FHLB Advances Pledged Assets Total $ 3,116.3 $ 6,649.0 $ 3,117.6 $ 6,783.1 Structured Financings Set forth in the following table are amounts primarily related to and owned by consolidated VIEs. Creditors of these VIEs received ownership and/or security interests in the assets. These entities are intended to be bankruptcy remote so that such assets are not available to creditors of CIT or any affiliates of CIT until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings. Structured financings as of March 31, 2016 had a weighted average rate of 3.48% , which ranged from 0.75% to 6.11% . Structured Financings and Pledged Assets Summary (1) (dollars in millions) March 31, 2016 December 31, 2015 Secured Borrowing Pledged Assets Secured Borrowing Pledged Assets Rail (2) $ 885.4 $ 1,351.5 $ 917.0 $ 1,336.1 Aerospace (2) 2,031.0 3,676.9 2,091.5 3,732.2 Subtotal - Transportation Finance 2,916.4 5,028.4 3,008.5 5,068.3 Commercial Finance – 0.2 – 0.2 Business Capiital 925.5 2,479.3 1,128.6 2,434.1 Subtotal - Commercial Banking 925.5 2,479.5 1,128.6 2,434.3 Non-Strategic Portfolios 467.1 631.7 550.8 712.5 Total $ 4,309.0 $ 8,139.6 $ 4,687.9 $ 8,215.1 (1) As part of our liquidity management strategy, the Company pledges assets to secure financing transactions (which include securitizations), and for other purposes as required or permitted by law while CIT Bank, N.A. also pledges assets to secure borrowings from the FHLB and FRB. (2) At March 31, 2016, the GSI TRS related borrowings and pledged assets, respectively, of $1.1 billion and $1.7 billion were included in Transportation Finance. The GSI TRS is described in Note 9 — Derivative Financial Instruments. Not included in the above table , are liabilities of discontinued operations consisting of $425.8 million of secured borrowings related to HECM loans securitized in the form of GNMA HMBS. See Note 2 – Acquisitions and Disposition Activities . FRB The Company has a borrowing facility with the FRB Discount Window that can be used for short-term, typically overnight, borrowings. The borrowing capacity is determined by the FRB based on the collateral pledged. There were no outstanding borrowings with the FRB Discount Window as of March 31, 2016 or December 31, 2015. At March 31, 2016 we had pledged assets (including collateral for the FRB discount window ) of $17.4 billion, which included $12.0 billion of loans (including amounts held for sale), $4.5 billion of operating lease assets, $0.8 billion of cash and $0.1 billion of investment securities . Variable Interest Entities (“VIEs”) Below describes the results of the Company’s assessment of its variable interests to determine its current status with regards to being the primary beneficiary of a VIE. Consolidated VIEs The Company utilizes VIEs in the ordinary course of business to support its own and its customers’ financing needs. Each VIE is a separate legal entity and maintains its own books and records. The most significant types of VIEs that CIT utilizes are ‘on balance sheet’ secured financings of pools of leases and loans originated by the Company where the Company is the primary beneficiary. The Company originates pools of assets and sells these to special purpose entities, which, in turn, issue debt instruments backed by the asset pools or sells individual interests in the assets to investors. CIT retains the servicing rights and participates in certain cash flows. These VIEs are typically organized as trusts or limited liability companies, and are intended to be bankruptcy remote, from a legal standpoint. The main risks inherent in structured financings are deterioration in the credit performance of the vehicle’s underlying asset portfolio and risk associated with the servicing of the underlying assets. Lenders typically have recourse to the assets in the VIEs and may benefit from other credit enhancements, such as: (1) a reserve or cash collateral account that requires the Company to deposit cash in an account, which will first be used to cover any defaulted obligor payments, (2) over-collateralization in the form of excess assets in the VIE, or (3) subordination, whereby the Company retains a subordinate position in the secured borrowing which would absorb losses due to defaulted obligor payments before the senior certificate holders. The VIE may also enter into derivative contracts in order to convert the debt issued by the VIEs to match the underlying assets or to limit or change the risk of the VIE. With respect to events or circumstances that could expose CIT to a loss, as these are accounted for as on balance sheet, the Company records an allowance for loan losses for the credit risks associated with the underlying leases and loans. The VIE has an obligation to pay the debt in accordance with the terms of the underlying agreements. Generally, third-party investors in the obligations of the consolidated VIEs have legal recourse only to the assets of the VIEs and do not have recourse to the Company beyond certain specific provisions that are customary for secured financing transactions, such as asset repurchase obligations for breaches of representations and warranties. In addition, the assets are generally restricted to pay only such liabilities. Unconsolidated VIEs Unconsolidated VIEs include GSE securitization structures, private-label securitizations and limited partnership interests where the Company’s involvement is limited to an investor interest where the Company does not have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE and limited partnership interests. As a result of the OneWest Transaction, the Company has certain contractual obligations related to the HECM loans and the GNMA HMBS securitizations. The Company, as servicer of these HECM loans, is currently obligated to fund future borrower advances, which include fees paid to taxing authorities for borrowers’ unpaid taxes and insurance, mortgage insurance premiums and payments made to borrowers for line of credit draws on HECM loans. In addition, the Company capitalizes the servicing fees and interest income earned and is obligated to fund guarantee fees associated with the GNMA HMBS. The Company periodically pools and securitizes certain of these funded advances through issuance of HMBS to third-party security holders, which did not qualify for sale accounting and rather, are treated as financing transactions. As a financing transaction, the HECM loans and related proceeds from the issuance of the HMBS recognized as secured borrowings remain on the Company’s Consolidated Balance Sheet. Due to the Company’s planned exit of third party servicing, HECM loans of $434.5 million and $ 449.5 million were included in Assets of discontinued operations and the associated secured borrowing of $425.8 million and $ 440.6 million (including an unamortized premium balance of $11.9 million and $13.2 million) were included in Liabilities of discontinued operations at March 31, 2016 and December 31, 2015, respectively. As servicer, the Company is required to repurchase the HECM loans once the outstanding principal balance is equal to or greater than 98% of the maximum claim amount or when the property forecloses to OREO, which reduces the secured borrowing balance. Additionally the Company services $180.8 million and $189.6 million of HMBS outstanding principal balance at March 31, 2016 and December 31, 2015, respectively, for transferred loans securitized by IndyMac for which OneWest Bank prior to the acquisition had purchased the mortgage servicing rights (“MSRs”) in connection with the IndyMac Transaction. The carrying value of the MSRs was not significant at March 31, 2016 and December 31, 2015. As the HECM loans are federally insured by the FHA and the secured borrowings guaranteed to the investors by GNMA, the Company does not believe maximum loss exposure as a result of its involvement is material or quantifiable. For Agency and private label securitizations where the Company is not the servicer, the maximum exposure to loss represents the recorded investment based on the Company’s beneficial interests held in the securitized assets. These interests are not expected to absorb losses or receive benefits that are significant to the VIE. As a limited partner, the nature of the Company’s ownership interest in tax credit equity investments is limited in its ability to direct the activities that drive the economic performance of the entity, as these entities are managed by the general or managing partner. As a result, the Company was not deemed to be the primary beneficiary of these VIEs. The table below presents potential losses that would be incurred under hypothetical circumstances, such that the value of its interests and any associated collateral declines to zero and at the same time assuming no consideration of recovery or offset from any economic hedges. The Company believes the possibility is remote under this hypothetical scenario; accordingly, this required disclosure is not an indication of expected loss. Unconsolidated VIEs (dollars in millions) Unconsolidated VIEs Carrying Value Unconsolidated VIEs Carrying Value March 31, 2016 December 31, 2015 Partnership Partnership Securities Investment Securities Investment Agency securities $ 145.3 $ – $ 147.5 $ – Non agency securities—Other servicer 863.6 – 906.8 – Tax credit equity investments – 121.8 – 125.0 Total Assets $ 1,008.9 $ 121.8 $ 1,054.3 $ 125.0 Commitments to tax credit investments $ – $ 11.4 $ – $ 15.7 Total Liabilities $ – $ 11.4 $ – $ 15.7 Maximum loss exposure (1) $ 1,008.9 $ 121.8 $ 1,054.3 $ 125.0 (1) Maximum loss exposure to the unconsolidated VIEs excludes the liability for representations and warranties, corporate guarantees and also excludes servicing advances. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | NOTE 9 — DERIVATIVE FINANCIAL INSTRUMENTS As part of managing economic risk and exposure to interest rate and foreign currency risk, the Company primarily enters into derivative transactions in over-the-counter markets with other financial institutions. The Company does not enter into derivative financial instruments for speculative purposes. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) includes measures to broaden the scope of derivative instruments subject to regulation by requiring clearing and exchange trading of certain derivatives, and imposing margin, reporting and registration requirements for certain market participants. Since the Company does not meet the definition of a Swap Dealer or Major Swap Participant under the Act, the reporting and clearing obligations apply to a limited number of derivative transactions executed with its lending customers in order to manage their interest rate risk. See Note 1 — Business and Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for further description of its derivative transaction policies. The following table presents fair values and notional values of derivative financial instruments: Fair and Notional Values of Derivative Financial Instruments (1) (dollars in millions) March 31, 2016 December 31, 2015 Notional Asset Liability Notional Asset Liability Qualifying Hedges Amount Fair Value Fair Value Amount Fair Value Fair Value Foreign currency forward contracts – net investment hedges $ 790.3 0.2 (31.1) 787.6 45.5 (0.3) Total Qualifying Hedges 790.3 0.2 (31.1) 787.6 45.5 (0.3) Non-Qualifying Hedges Interest rate swaps (2) 4,739.4 91.2 (87.6) 4,645.7 45.1 (38.9) Written options 3,028.9 0.3 (1.5) 3,346.1 0.1 (2.5) Purchased options 2,363.3 1.5 (0.3) 2,342.5 2.2 (0.1) Foreign currency forward contracts 1,106.7 5.0 (40.0) 1,624.2 47.8 (6.6) Total Return Swap (TRS) 1,168.2 – (36.7) 1,152.8 – (54.9) Equity Warrants 1.0 – – 1.0 0.3 – Interest Rate Lock Commitments 8.5 0.2 – 9.9 0.1 – Credit derivatives 194.3 – (0.3) 37.6 – (0.3) Total Non-qualifying Hedges 12,610.3 98.2 (166.4) 13,159.8 95.6 (103.3) Total Hedges $ 13,400.6 $ 98.4 $ (197.5) $ 13,947.4 $ 141.1 $ (103.6) (1) Presented on a gross basis . (2) Fair value balances include accrued interest. Total Return Swaps (“TRS”) Two financing facilities between two wholly-owned subsidiaries of CIT and Goldman Sachs International (“GSI”) are structured as total return swaps (“TRS”), under which amounts available for advances are accounted for as derivatives. Pursuant to applicable accounting guidance, the unutilized portion of the TRS is accounted for as a derivative and recorded at its estimated fair value. The CIT Financial Ltd. (“CFL”) facility is $1.5 billion and the CIT TRS Funding B.V. (“BV”) facility is $625 million. The aggregate “notional amounts” of the total return swaps derivative of $1,168.2 million at March 31, 2016 and $1,152.8 million at December 31, 2015 represent the aggregate unused portions under the CFL and BV facilities and constitute derivative financial instruments. These notional amounts are calculated as the maximum aggregate facility commitment amounts, currently $2,125.0 million, less the aggregate actual adjusted qualifying borrowing base outstanding of $956.8 million at March 31, 2016 and $972.2 million at December 31, 2015 under the CFL and BV Facilities . The notional amounts of the derivatives will increase as the adjusted qualifying borrowing base decreases due to repayment of the under lying asset-backed securities (ABS ) to investors. If CIT funds additional ABS under the CFL and BV Facilities , the aggregate adjusted qualifying borrowing base of the total return swaps will increase and the notional amount of the derivatives will decrease accordingly. Valuation of the derivatives related to the GSI facilities is based on several factors using a discounted cash flow (“DCF”) methodology, including: CIT’s funding costs for similar financings based on current market conditions; Forecasted usage of the long-dated facilities through the final maturity date in 2028; and Forecasted amortization, due to principal payments on the underlying ABS, which impacts the amount of the unutilized portion. Based on the Company’s valuation, a liability of $36.7 million and $54.9 million was recorded at March 31, 2016 and December 31, 2015 , respectively. The decrease in the liability of $18.2 million was recognized as a n increase to Other Income for the quarter ended March 31, 2016. The change in value of $1.0 million in the quarter ended March 31, 2015, was recognized as a reduction to Other Income. Impact of Collateral and Netting Arrangements on the Total Derivative Portfolio The following tables present a summary of our derivative portfolio, which includes the gross amounts of recognized financial assets and liabilities; the amounts offset in the consolidated balance sheet; the net amounts presented in the consolidated balance sheet; the amounts subject to an enforceable master netting arrangement or similar agreement that were not included in the offset amount above, and the amount of cash collateral received or pledged. D erivative transactions are documented under an International Swaps and Derivatives Association (“ISDA”) agreement. Offsetting of Derivative Assets and Liabilities (dollars in millions) Gross Amounts not offset in the Consolidated Balance Sheet Gross Amount of Recognized Assets (Liabilities) Gross Amount Offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet Derivative Financial Instruments (1) Cash Collateral Pledged/ (Received) (1)(2) Net Amount March 31, 2016 Derivative assets $ 98.4 $ – $ 98.4 $ (7.5) $ (0.1) $ 90.8 Derivative liabilities (197.5) – (197.5) 7.5 145.2 (44.8) December 31, 2015 Derivative assets $ 141.1 $ – $ 141.1 $ (9.7) $ (82.7) $ 48.7 Derivative liabilities (103.6) – (103.6) 9.7 31.8 (62.1) (1) The Company’s derivative transactions are governed by ISDA agreements that allow for net settlements of certain payments as well as offsetting of all contracts (“Derivative Financial Instruments”) with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. We believe our ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure. In conjunction with the ISDA agreements, the Company has entered into collateral arrangements with its counterparties which provide for the exchange of cash depending on change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties . (2) Collateral pledged or received is included in Other assets or Other liabilities, respectively. Derivative Instrument Gains and Losses (dollars in millions) Quarters Ended March 31, Derivative Instruments Gain / (Loss) Recognized 2016 2015 Non Qualifying Hedges Interest rate swaps Other income (2.9) (0.2) Interest rate options Other income 0.4 0.5 Foreign currency forward contracts Other income (33.9) 86.2 Equity warrants Other income (0.3) – Total Return Swap (TRS) Other income 18.2 (1.0) Credit Derivatives Other income 0.9 – Total Non-qualifying Hedges (17.6) 85.5 Total derivatives-income statement impact $ (17.6) $ 85.5 The following table presents the changes in AOCI relating to derivatives: Changes in AOCI Relating to Derivatives (dollars in millions) Contract Type Derivatives - effective portion reclassified from AOCI to income Hedge ineffectiveness recorded directly in income Total income statement impact Derivatives - effective portion recorded in OCI Total change in OCI for period Quarter Ended March 31, 2016 Foreign currency forward contracts - net investment hedges $ 1.8 $ – $ 1.8 $ (38.0) $ (39.8) Total $ 1.8 $ – $ 1.8 $ (38.0) $ (39.8) Quarter Ended March 31, 2015 Foreign currency forward contracts - net investment hedges $ 4.2 $ – $ 4.2 $ 83.8 $ 79.6 Total $ 4.2 $ – $ 4.2 $ 83.8 $ 79.6 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value [Abstract] | |
Fair Value | NOTE 1 0 — FAIR VALUE Fair Value Hierarchy The Company is required to report fair value measurements for specified classes of assets and liabilities. See Note 1 — “Business and Summary of Significant Accounting Policies” for fair value measurement policy. The Company characterizes inputs in the determination of fair value according to the fair value hierarchy. The fair value of the Company’s assets and liabilities where the measurement objective specifically requires the use of fair value are set forth in the tables below. Disclosures that follow in this note exclude assets and liabilities classified as discontinued operations. Financial Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis The following table summarizes the Company’s assets and liabilities measured at estimated fair value on a recurring basis, including those management elected under the fair value option. March 31, 2016 Total Level 1 Level 2 Level 3 Assets Debt Securities AFS $ 1,983.3 $ – $ 1,442.7 $ 540.6 Securities carried at fair value with changes recorded in net income 323.0 – – 323.0 Equity Securities AFS 14.5 0.2 14.3 – FDIC receivable 54.4 – – 54.4 Derivative assets at fair value -non-qualifying hedges (1) 98.2 – 98.0 0.2 Derivative assets at fair value - qualifying hedges 0.2 – 0.2 – Total $ 2,473.6 $ 0.2 $ 1,555.2 $ 918.2 Liabilities Derivative liabilities at fair value - non-qualifying hedges (1) $ (166.4) $ – $ (129.4) $ (37.0) Derivative liabilities at fair value - qualifying hedges (31.1) – (31.1) – Consideration holdback liability (61.4) – – (61.4) FDIC True-up Liability (58.0) – – (58.0) Total $ (316.9) $ – $ (160.5) $ (156.4) December 31, 2015 Assets Debt Securities AFS $ 2,007.8 $ – $ 1,440.7 $ 567.1 Securities carried at fair value with changes recorded in net income 339.7 – – 339.7 Equity Securities AFS (2) 14.3 0.3 14.0 – FDIC receivable 54.8 – – 54.8 Derivative assets at fair value -non-qualifying hedges (1) 95.6 – 95.6 – Derivative assets at fair value - qualifying hedges 45.5 – 45.5 – Total $ 2,557.7 $ 0.3 $ 1,595.8 $ 961.6 Liabilities Derivative liabilities at fair value - non-qualifying hedges (1) $ (103.3) $ – $ (47.8) $ (55.5) Derivative liabilities at fair value - qualifying hedges (0.3) – (0.3) – Consideration holdback liability (60.8) – – (60.8) FDIC True-up Liability (56.9) – – (56.9) Total $ (221.3) $ – $ (48.1) $ (173.2) (1) Derivative fair values include accrued interest Debt and Equity Securities Classified as AFS and Securities carried at fair value with changes recorded in net income - Debt and equity securities classified as AFS are carried at fair value, as determined either by Level 1, L evel 2 or Level 3 inputs. Debt securities classified as AFS included investments in U.S. federal government agency and supranational securities and were valued using Level 2 inputs, primarily quoted prices for similar securities. Certain equity securities classified as AFS were valued using Level 1 inputs, primarily quoted prices in active markets . For Agency pass-through MBS, which are classified as Level 2, the Company generally determines estimated fair value utilizing prices obtained from independent broker dealers and recent trading activity for similar assets. Debt securities classified as AFS and securities carried at fair value with changes recorded in net income represent non-Agency MBS, the market for such securities is not active and the estimated fair value was determined using a discounted cash flow technique. The significant unobservable assumptions, which are verified to the extent possible using broker dealer quotes, are estimated by type of underlying collateral, including credit loss assumptions, estimated prepayment speeds and appropriate discount rates. Given the lack of observable market data, the estimated fair value of the non-agency MBS is classified as Level 3. FDIC Receivable —The Company elected to measure its receivable under a participation agreement with the FDIC in connection with the IndyMac Transaction at estimated fair value under the fair value option. The participation agreement provides the Company a secured interest in certain homebuilder, home construction and lot loans, which entitle the Company to a 40% share of the underlying loan cash flows. The receivable is valued by first grouping the loans into similar asset types and stratifying the loans based on their underlying key features such as product type, current payment status and other economic attributes in order to project future cash flows. Projected future cash flows are estimated by taking the Company’s share (40%) of the future cash flows from the underlying loans and real estate properties that include proceeds and interest offset by servicing expenses and servicing fees. Estimated fair value of the FDIC receivable is based on a discounted cash flow technique using significant unobservable inputs, including prepayment rates, default rates, loss severities and liquidation assumptions. To determine the estimated fair value, the cash flows are discounted using a market interest rate that represents an overall weighted average discount rate based on the underlying collateral specific discount rates. Due to the reduced liquidity that exists for such loans and lack of observable market data available, this requires the use of significant unobservable inputs; as a result these measurements are classified as Level 3. Derivative Assets and Liabilities —The Company’s financial derivatives include interest rate swaps, floors, caps, forwards and credit derivatives. These derivatives are valued using models that incorporate inputs depending on the type of derivative, such as, interest rate curves, foreign exchange rates and volatility. Readily observable market inputs to models can be validated to external sources, including industry pricing services, or corroborated through recent trades, broker dealer quotes, yield curves, or other market-related data. As such, these derivative instruments are valued using a Level 2 methodology. In addition, these derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk. For certain customer-related positions and credit derivatives, the risk of nonperformance cannot be observed in the market, therefore the credit valuation adjustments require the derivative measurement to be classified as Level 3. The credit valuation adjustment for nonperformance risk is determined by referring to credit risk adjustments for similar positions in the marketplace and then comparing to actual results quarterly and recalibrating as appropriate. FDIC True-up Liability — In connection with the La Jolla Transaction, the Company recognized a FDIC True-up liability due to the FDIC 45 days after the tenth anniversary of the loss shar e agreement (the maturity) because the actual and estimated cumulative losses on the acquired covered PCI loans are lower than the cumulative losses originally estimated by the FDIC at the time of acquisition. The FDIC True-up liability was recorded at estimated fair value as of the acquisition date and is remeasured to fair value at each reporting date until the contingency is resolved. The FDIC True-up liability was valued using the discounted cash flow method based on the terms specified in the loss shar e agreement with the FDIC, the actual FDIC payments collected and significant unobservable inputs, including a risk-adjusted discount rate (reflecting the Company’s credit risk plus a liquidity premium), prepayment and default rates. Due to the significant unobservable inputs used to calculate the estimated fair value, these measurements are classified as Level 3. Consideration Holdback Liability — In connection with the OneWest acquisition, the parties negotiated 4 separate holdbacks related to select ed trailing risks, totaling $116 million, which reduced the cash consideration paid at closing. Any unapplied Holdback funds at the end of the respective holdback periods, which range from 1 – 5 years, are payable to the former OneWest shareholders. Unused funds for any of the four holdbacks cannot be applied against another holdback amount. The range of potential holdback to be paid is from $0 to $116 million. Based on management’s estimate of the probability of each holdback it was determined that the probable amount of holdback to be paid was $ 62.4 million. The amount expected to be paid was discounted based on CIT’s cost of funds. This contingent consideration was measured at fair value at the acquisition date and is re-measured at fair value in subsequent accounting periods, with the changes in fair value recorded in the statement of income, until the related contingent issues are resolved. Gross payments, which are determined based on the Company’s probability assessment, are discounted at a rate approximating the Company’s aver age coupon rate on deposits and borrowings. Due to the significant unobservable inputs used to calculate the estimated fair value, these measurements are classified as Level 3. The following tables summarize information about significant unobservable inputs related to the Company’s categories of Level 3 financial assets and liabilities measured on a recurring basis as of March 31, 2016 . Quantitative Information about Level 3 Fair Value Measurements—Recurring (dollars in millions) Financial Instrument Estimated Fair Value Valuation Technique(s) Significant Unobservable Inputs Range of Inputs Weighted Average March 31, 2016 Assets Securities—AFS $ 540.6 Discounted cash flow Discount Rate 0.0% - 61.4% 6.5% Prepayment Rate 2.4% - 21.4% 9.3% Default Rate 0.0% - 9.7% 4.0% Loss Severity 0.2% - 83.5% 36.5% Securities carried at fair value with changes recorded in net income $ 323.0 Discounted cash flow Discount Rate 0.0% - 70-5% 6.2% Prepayment Rate 5.1% - 23.5% 12.1% Default Rate 0.0% - 6.0% 4.40% Loss Severity 7.4% - 38.9% 25.6% FDIC Receivable 54.4 Discounted cash flow Discount Rate 7.8% - 18.4% 9.4% Prepayment Rate 2.0% - 14.0% 3.4% Default Rate 6.0% - 36.0% 10.8% Loss Severity 20.0% - 65.0% 31.1% Derivative assets - non qualifyng 0.2 Internal valuation model Borrower Rate 3.125% - 4.375% 3.824% Total Assets $ 918.2 Liabilities FDIC True-up liability $ (58.0) Discounted cash flow Discount Rate 4.2 % - 4.2% 4.2% Consideration holdback liability (61.4) Discounted cash flow Payment Probability 0% - 100% 53.8% Discount Rate 3.0% - 3.0% 3.0% Derivative liabilities - non qualifying (37.0) Market Comparables (1) Total Liabilities $ (156.4) Financial Instrument Estimated Fair Value Valuation Technique(s) Significant Unobservable Inputs Range of Inputs Weighted Average December 31, 2015 Assets Securities—AFS $ 567.1 Discounted cash flow Discount Rate 0.0% - 94.5% 6.4% Prepayment Rate 2.7% - 20.8% 9.2% Default Rate 0.0% - 9.5% 4.1% Loss Severity 0.2% - 83.5% 36.4% Securities carried at fair value with changes recorded in net income $ 339.7 Discounted cash flow Discount Rate 0.0% - 19.9% 6.3% Prepayment Rate 2.5% - 22.4% 11.5% Default Rate 0.0% - 5.9% 4.1% Loss Severity 3.8% - 39.0% 25.1% FDIC Receivable 54.8 Discounted cash flow Discount Rate 7.8% - 18.4% 9.4% Prepayment Rate 2.0% - 14.0% 3.6% Default Rate 6.0% - 36.0% 10.8% Loss Severity 20.0% - 65.0% 31.6% Total Assets $ 961.6 Liabilities FDIC True-up liability $ (56.9) Discounted cash flow Discount Rate 4.1 % - 4.1% 4.1% Consideration holdback liability (60.8) Discounted cash flow Payment Probability 0% - 100% 53.8% Discount Rate 3.0% - 3.0% 3.0% Derivative liabilities - non qualifying (55.5) Market Comparables (1) Total Liabilities $ (173.2) (1) The valuation of these derivatives is primarily related to the GSI facilities which is based on several factors using a discounted cash flow methodology, including a) funding costs for similar financings based on current market conditions; b) forecasted usage of long-dated facilities through the final maturity date in 2028; and c) forecasted amortization, due to principal payments on the underlying ABS, which impacts the amount of the unutilized portion. The level of aggregation and diversity within the products disclosed in the tables results in certain ranges of inputs being wide and unevenly distributed across asset and liability categories. For instruments backed by residential real estate, diversity in the portfolio is reflected in a wide range for loss severity due to varying levels of default. The lower end of the range represents high performing loans with a low probability of default while the higher end of the range relates to more distressed loans with a greater risk of default. The valuation techniques used for the Company’s Level 3 assets and liabilities, as presented in the previous tables, are described as follows: • Discounted cash flow —Discounted cash flow valuation techniques generally consist of developing an estimate of future cash flows that are expected to occur over the life of an instrument and then discounting those cash flows at a rate of return that results in the estimated fair value amount. The Company utilizes both the direct and indirect valuation methods. Under the direct method, contractual cash flows are adjusted for expected losses. The adjusted cash flows are discounted at a rate which considers other costs and risks, such as market risk and liquidity. Under the indirect method, contractual cash flows are discounted at a rate which reflects the costs and risks associated with the likelihood of generating the contractual cash flows. • Market comparables —Market comparable(s) pricing valuation techniques are used to determine the estimated fair value of certain instruments by incorporating known inputs such as recent transaction prices, pending transactions, or prices of other similar investments which require significant adjustment to reflect differences in instrument characteristics. " Internal valuation model – The internal model for rate lock valuation uses the spread on borrower mortgage rate and the Fannie Mae pass through rate and applies a conversion factor to assess the derivative value. Significant unobservable inputs presented in the previous tables are those the Company considers significant to the estimated fair value of the Level 3 asset or liability. The Company considers unobservable inputs to be significant if, by their exclusion, the estimated fair value of the Level 3 asset or liability would be significantly impacted based on qualitative factors such as nature of the instrument, type of valuation technique used, and the significance of the unobservable inputs on the values relative to other inputs used within the valuation. Following is a description of the significant unobservable inputs provided in the tables. • Default rate —is an estimate of the likelihood of not collecting contractual amounts owed expressed as a constant default rate. • Discount rate —is a rate of return used to present value the future expected cash flows to arrive at the estimated fair value of an instrument. The discount rate consists of a benchmark rate component and a risk premium component. The benchmark rate component, for example, LIBOR or U.S. Treasury rates, is generally observable within the market and is necessary to appropriately reflect the time value of money. The risk premium component reflects the amount of compensation market participants require due to the uncertainty inherent in the instruments’ cash flows resulting from risks such as credit and liquidity. • Loss severity —is the percentage of contractual cash flows lost in the event of a default. • Prepayment rate —is the estimated rate at which forecasted prepayments of principal of the related loan or debt instrument are expected to occur, expressed as a constant prepayment rate (“CPR”). " Payment Probability – is an estimate of the likelihood the consideration holdback amount will be required to be paid expressed as a percentage. " Borrower rate – Mortgage rate committed to the borrower by CIT Bank. Effective for up to 90 days. As reflected above, the Company generally uses discounted cash flow technique s to determine the estimated fair value of Level 3 assets and liabilities. Use of these techniques requires determination of relevant inputs and assumptions, some of which represent significant unobservable inputs and assumptions and as a result, changes in these unobservable inputs (in isolation) may have a significant impact to the estimated fair value. Increases in the probability of default and loss severities will result in lower estimated fair values, as these increases reduce expected cash flows. Increases in the discount rate will result in lower estimated fair values, as these increases reduce the present value of the expected cash flows. Alternatively a change in one unobservable input may result in a change to another unobservable input due to the interrelationship among inputs, which may counteract or magnify the estimated fair value impact from period to period. Generally, the value of the Level 3 assets and liabilities estimated using a discounted cash flow technique would decrease (increase) upon an increase (decrease) in discount rate, default rate, loss severity or weighted average life inputs. Discount rates are influenced by market expectations for the underlying collateral performance, and therefore may directionally move with probability and severity of default; however, discount rates are also impacted by broader market forces, such as competing investment yields, sector liquidity, economic news, and other macroeconomic factors. There is no direct interrelationship between prepayments and discount rate. Prepayment rates generally move in the opposite direction of market interest rates. Increase in the probability of default will generally be accompanied with an increase in loss severity, as both are impacted by underlying collateral values. The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3): Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities Measured on a Recurring Basis (dollars in millions) Securities- AFS Securities carried at fair value with changes recorded in net income FDIC Receivable Derivative assets - non qualifying (1) Derivative liabilities - non-qualifying (2) FDIC True-up Liability Consideration holdback Liability December 31, 2015 $ 567.1 $ 339.7 $ 54.8 $ – $ (55.5) $ (56.9) $ (60.8) Included in earnings (1.5) (1.0) 2.8 0.2 18.5 (1.1) (0.6) Included in comprehensive income (2.1) – – – – – – Impairment (2.0) – – – – – – Paydowns (20.9) (15.7) (3.2) – – – – Balance as of March 31, 2016 $ 540.6 $ 323.0 $ 54.4 $ 0.2 $ (37.0) $ (58.0) $ (61.4) December 31, 2014 $ – $ – $ – $ – $ (26.6) $ – $ – Included in earnings – – – – (0.5) – – Balance as of March 31, 2015 $ – $ – $ – $ – $ (27.1) $ – $ – (1) Valuation of Interest Rate Lock Commitments. (2) Primarily includes the valuation of the derivatives related to the GSI facilities and written options on certain CIT Bank CDs. The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in the observability of key inputs to a fair value measurement may result in a transfer of assets or liabilities between Level 1, 2 and 3. The Company’s policy is to recognize transfers in and transfers out as of the end of the reporting period. For the quarter s ended March 31, 2016 and 201 5 , there were no transfers into or out of Level 3. Financial Assets Measured at Estimated Fair Value on a Non - recurring Basis Certain assets or liabilities are required to be measured at estimated fair value on a nonrecurring basis subsequent to initial recognition. Generally, these adjustments are the result of LOCOM or other impairment accounting. In determining the estimated fair values during the period, the Company determined that substantially all the changes in estimated fair value were due to declines in market conditions versus instrument specific credit risk. This was determined by examining the changes in market factors relative to instrument specific factors. The following table presents financial assets measured at estimated fair value on a non-recurring basis for which a non-recurring change in fair value has been recorded in the current year: Carrying Value of Assets Measured at Fair Value on a Non-recurring Basis (dollars in millions) Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 Total (Losses) Assets March 31, 2016 Assets held for sale $ 1,871.0 $ – $ 18.3 $ 1,852.7 $ (21.5) Impaired loans 88.3 – – 88.3 (27.0) Total $ 1,959.3 $ – $ 18.3 $ 1,941.0 $ (48.5) December 31, 2015 Assets held for sale $ 1,648.3 $ – $ 31.0 $ 1,617.3 $ (32.0) Other real estate owned and repossessed assets 127.3 – – 127.3 (5.7) Impaired loans 127.6 – – 127.6 (21.9) Total $ 1,903.2 $ – $ 31.0 $ 1,872.2 $ (59.6) Assets of continuing operations that are measured at fair value on a non-recurring basis are as follows: Loans are transferred from held for investment to AHFS at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as a charge-off, if applicable. Once classified as AHFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance. Assets Held for Sale — – Assets held for sale are recorded at the lower of cost or fair value on the balance sheet . As there is no liquid secondary market for the other assets held for sale in the Company’s portfolio, the fair value is estimated based on a binding contract, current letter of intent or other third-party valuation, or using internally generated valuations or discounted cash flow technique , all of which are Level 3 inputs. In those instances where third party valuations were utilized, the most significant assumptions were the discount rates which ranged from 4.4% to 13.6% . The estimated fair value of asset s held for sale with impairment at the reporting date was $1,871.0 million. Other Real Estate Owned — Other real estate owned represents collateral acquired from the foreclosure of secured real estate loans. Other real estate owned is measured at LOCOM less disposition costs. Estimated fair values of other real estate owned are reviewed on a quarterly basis and any decline in value below cost is recorded as impairment. Estimated fair value is generally based upon broker price opinions or independent appraisals, adjusted for costs to sell. The estimated costs to sell are incremental direct costs to transact a sale, such as broker commissions , legal fees, closing costs and title transfer fees. The costs must be essential to the sale and would not have been incurred if the decision to sell had not been made. The significant unobservable input is the appraised value or the sales price and thus is classified as Level 3. As of the reporting date, OREO carry ing value approximates fair value. Impaired Loans — Impaired finance receivables of $500,000 or greater that are placed on non-accrual status are subject to periodic individual review in conjunction with the Company’s ongoing problem loan management (PLM) function. Impairment occurs when, based on current information and events, it is probable that CIT will be unable to collect all amounts due according to contractual terms of the agreement. Impairment is measured as the shortfall between estimated value and recorded investment in the finance receivable, with the estimated value determined using fair value of collateral and other cash flows if the finance r eceivable is collateralized, the present value of expected future cash flows discounted at the co ntract’s effective interest rate, or observable market prices. The significant unobservable inputs result in the Level 3 classification. As of the reporting date, the carry ing value of impaired loans approximates fair value. Fair Value Option The Company has an irrevocable option to elect fair value for the initial and subsequent measurement of the FDIC receivable acquired by OneWest Bank in the IndyMac Transaction, as it was determined at the time of election that this treatment would allow a better economic offset of the changes in estimated fair values of the loans. The following table summarizes the differences between the carrying value of the FDIC Receivable based upon the Bank’s contractual right to 40% of the cash flows of the underlying collateral measured at estimated fair value under the fair value option and the aggregate unpaid principal amount of the underlying collateral . March 31, 2016 (dollars in millions) Estimated Fair Value Carrying Amount Aggregate Unpaid Principal Difference Between Estimated Fair Value and 100% Aggregate Unpaid Principal Balance FDIC Receivable $ 54.4 $ 196.4 $ 142.0 December 31, 2015 (dollars in millions) Estimated Fair Value Carrying Amount Aggregate Unpaid Principal Difference Between Estimated Fair Value and 100% Aggregate Unpaid Principal Balance FDIC Receivable $ 54.8 $ 204.5 $ 149.7 The gains and losses due to changes in the estimated fair value of the FDIC receivable under the fair value option are included in earnings for the quarter ended March 31, 2016 and shown in the Financial Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis section of this Note. Fair Values of Financial Instruments The carrying values and estimated fair values of financial instruments presented below exclude leases and certain other assets and liabilities, which are not required for disclosure. Financial Instruments (dollars in millions) Estimated Fair Value Carrying March 31, 2016 Value Level 1 Level 2 Level 3 Total Financial Assets Cash and interest bearing deposits $ 8,141.8 $ 8,141.8 $ – $ – $ 8,141.8 Derivative assets at fair value - non-qualifying hedges 98.2 – 98.0 0.2 98.2 Derivative assets at fair value - qualifying hedges 0.2 – 0.2 – 0.2 Assets held for sale (excluding leases) 1,018.1 20.6 28.2 976.7 1,025.5 Loans (excluding leases) 28,198.3 – 982.9 26,222.3 27,205.2 Investment securities (1) 2,896.8 0.3 1,686.4 1,212.5 2,899.2 Indemnification assets (2) 323.3 – – 284.1 284.1 Other assets subject to fair value disclosure and unsecured counterparty receivables (3) 1,149.2 – – 1,149.2 1,149.2 Financial Liabilities Deposits (4) (32,934.0) – – (33,254.9) (33,254.9) Derivative liabilities at fair value - non-qualifying hedges (166.4) – (129.4) (37.0) (166.4) Derivative liabilities at fair value - qualifying hedges (31.1) – (31.1) – (31.1) Borrowings (4) (18,132.3) – (16,049.3) (2,541.3) (18,590.6) Credit balances of factoring clients (1,361.0) – – (1,361.0) (1,361.0) Other liabilities subject to fair value disclosure (5) (1,825.6) – – (1,825.6) (1,825.6) December 31, 2015 Financial Assets Cash and interest bearing deposits $ 8,301.5 $ 8,301.5 $ – $ – $ 8,301.5 Derivative assets at fair value - non-qualifying hedges 95.6 – 95.6 – 95.6 Derivative assets at fair value - qualifying hedges 45.5 – 45.5 – 45.5 Assets held for sale (excluding leases) 738.8 21.8 55.8 669.1 746.7 Loans (excluding leases) 28,244.2 – 975.5 26,509.1 27,484.6 Investment securities (1) 2,953.8 11.5 1,678.7 1,265.0 2,955.2 Indemnification assets (2) 348.4 – – 323.2 323.2 Other assets subject to fair value disclosure and unsecured counterparty receivables (3) 1,004.5 – – 1,004.5 1,004.5 Financial Liabilities Deposits (4) (32,813.8) – – (32,972.2) (32,972.2) Derivative liabilities at fair value - non-qualifying hedges (103.3) – (47.8) (55.5) (103.3) Derivative counterparty liabilities at fair value (0.3) – (0.3) – (0.3) Borrowings (4) (18,717.1) – (16,358.2) (2,808.8) (19,167.0) Credit balances of factoring clients (1,344.0) – – (1,344.0) (1,344.0) Other liabilities subject to fair value disclosure (5) (1,943.5) – – (1,943.5) (1,943.5) (1) Level 3 estimated fair value at March 31, 2016, includes debt securities AFS ( $540.6 million), debt securities carried at fair value with changes recorded in net income ( $323.0 million), non-marketable investments ( $285.0 million), and debt securities HTM ( $64.0 million). Level 3 estimated fair value at December 31, 2015 included debt securities AFS ( $567.1 million), debt securities carried at fair value with changes recorded in net income ( $339.7 million), non-marketable investments ( $291.9 million), and debt securities HTM ( $66.3 million). (2) The indemnification assets at March 31, 2016, included in the above table does not include Agency claims indemnification ( $65.4 million) and Loan indemnification ( $0.7 million), as they are not considered financial instruments. The indemnification assets at December 31, 2015 included in the above table does not include Agency claims indemnification ( $65.6 million) and Loan indemnification ( $0.7 ) million, as they are not considered financial instruments. (3) O ther assets subject to fair value disclosure primarily include accrued interest receivable and miscellaneous receivables. These assets have carrying values that approximate fair value generally due to the short-term nature and are classified as Level 3. The unsecured counterparty receivables primarily consist of amounts owed to CIT from GSI for debt discount, return of collateral posted to GSI and settlements resulting from market value changes to asset-backed securities underlying the GSI Facilities (4) Deposits and borrowings include accrued interest, which is included in "Other liabilities" in the Balance Sheet. (5) Other liabilities subject to fair value disclosure include accounts payable, accrued liabilities, customer security and maintenance deposits and miscellaneous liabilities. The fair value of these approximate carrying value and are classified as level 3. The methods and assumptions used to estimate the fair value of each class of financial instruments are explained below: Cash and interest bearing deposits —The carrying values of cash and cash equivalents are at face amount. The impact of the time value of money from the unobservable discount rate for restricted cash is inconsequential as of March 31, 2016 and December 31, 2015 . Accordingly cash and cash equivalents and restricted cash approximate estimated fair value and are classified as Level 1. Derivatives —The estimated fair values of derivatives were calculated using observable market data and represent the gross amount receivable or payable to terminate, taking into account current market rates, which represent Level 2 inputs, except for the TRS derivative and written options on certain CIT Bank CDs that utilized Level 3 inputs. See Note 9 — Derivative Financial Instruments for notional principal amounts and fair values. Investment Securities —Debt and equity securities classified as AFS are carried at fair value, as determined either by Level 1 , Level 2 or Level 3 inputs. Debt securities classified as AFS included investments in U.S. Treasury and federal government agency securities and were valued using Level 2 inputs, primarily quoted prices for similar securities. Certain equity securities classified as AFS were valued using Level 1 inputs, primarily quoted prices in active markets . Debt securities classified as HTM include government agency securities and were valued using Level 2 inputs, primarily quoted prices for similar securities. For debt securities HTM where no market rate was available, Level 3 inputs were utilized. Debt securities HTM are securities that the Company has both the ability and the intent to hold until maturity and are carried at amortized cost and periodically assessed for OTTI, with the cost basis reduced when impairment is deemed to be other-than-temporary. Non-marketable equity investments utilize Level 3 inputs to estimate fair value and are generally recorded under the cost or equity method of accounting and are periodically assessed for OTTI, with the net asset values reduced when impairment is deemed to be other-than-temporary. For investments in limited partnership equity interests, we use the net asset value provided by the fund manager as an appropriate measure of fair value. Assets held for sale —Assets held for sale are recorded at the lower |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 1 1 — STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Income/(Loss) The following table details the components of Accumulated Other Comprehensive Loss, net of tax: Components of Accumulated Other Comprehensive Income (Loss) (dollars in millions) March 31, 2016 December 31, 2015 Gross Unrealized Income Taxes Net Unrealized Gross Unrealized Income Taxes Net Unrealized Foreign currency translation adjustments $ (24.2) $ (20.3) $ (44.5) $ (29.8) $ (35.9) $ (65.7) Changes in benefit plan net gain (loss) and prior service (cost)/credit (75.4) 7.0 (68.4) (76.3) 7.0 (69.3) Unrealized net gains (losses) on available for sale securities (7.2) 2.7 (4.5) (11.4) 4.3 (7.1) Total accumulated other comprehensive loss $ (106.8) $ (10.6) $ (117.4) $ (117.5) $ (24.6) $ (142.1) The following table details the changes in the components of Accumulated Other Comprehensive Income (Loss), net of income taxes: Changes in Accumulated Other Comprehensive Loss by Component (dollars in millions) Foreign currency translation adjustments Changes in benefit plan net gain (loss) and prior service (cost) credit Unrealized net gains (losses) on available for sale securities Total AOCI Balance as of December 31, 2015 $ (65.7) $ (69.3) $ (7.1) $ (142.1) AOCI activity before reclassifications 16.5 (0.1) 2.6 19.0 Amounts reclassified from AOCI 4.7 1.0 – 5.7 Net current period AOCI 21.2 0.9 2.6 24.7 Balance as of March 31, 2016 $ (44.5) $ (68.4) $ (4.5) $ (117.4) Balance as of December 31, 2014 $ (75.4) $ (58.5) $ – $ (133.9) AOCI activity before reclassifications (31.9) (0.4) (0.4) (32.7) Amounts reclassified from AOCI 3.5 – – 3.5 Net current period AOCI (28.4) (0.4) (0.4) (29.2) Balance as of March 31, 2015 $ (103.8) $ (58.9) $ (0.4) $ (163.1) Other Comprehensive Income/(Loss) The amounts included in the Statement of Comprehensive Income (Loss) are net of income taxes. Foreign currency translation reclassification adjustments impacting net income were $4.7 million and $3.5 million for the quarters ended March 31, 2016 and 201 5 , respectively . The change in income taxes associated with foreign currency translation adjustments was $15.6 million and $(19.1) million for the quarter s ended March 31, 2016 and 2015, respectively. The changes in benefit plans net gain/(loss) and prior service (cost)/credit reclassification adjustments impacting net income was $1.0 million for the three months ended March 31, 2016 and was insignificant in the prior year quarter. The change in income taxes associated with changes in benefit plans net gain/(loss) and prior service (cost)/credit was insignificant for the quarter ended March 31, 2016 and was approximately $0.3 million for the quarter ended March 31, 2015. There were no reclassification adjustments impacting net income for unrealized gains (losses) on available for sale securities for the quarters ended March 31, 2016 and 2015. The change in income taxes associated with net unrealized gains on available for sale securities was $(1.6) million a nd approximately $0.2 million for the quarter s ended March 31, 2016 and 2015, respectively. The Company has operations in Canada and other countries. The functional currency for foreign operations is generally the local currency. The value of assets and liabilities of these operations is translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Revenue and expense items are translated at the average exchange rates during the year. The resulting foreign currency translation gains and losses, as well as offsetting gains and losses on hedges of net investments in foreign operations, are reflected in AOCI. Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency are recorded in Other Income. Reclassifications Out of Accumulated Other Comprehensive Income (dollars in millions) Quarters Ended March 31, Affected 2016 2015 Income Gross Amount Tax Net Amount Gross Amount Tax Net Amount Statement line item Foreign currency translation adjustments gains (losses) $ 3.6 $ 1.1 $ 4.7 $ 3.5 $ – $ 3.5 Other Income Changes in benefit plan net gain/(loss) and prior service (cost)/credit gains (losses) 1.1 (0.1) 1.0 – – – Operating Expenses Total Reclassifications out of AOCI $ 4.7 $ 1.0 $ 5.7 $ 3.5 $ – $ 3.5 |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital [Abstract] | |
Regulatory Capital | NOTE 1 2 — REGULATORY CAPITAL The Company and the Bank are each subject to various regulatory capital requirements administered by the FRB and the OCC. Quantitative measures established by regulation to ensure capital adequacy require that the Company and the Bank each maintain minimum amounts and ratios of Total, Tier 1 and Common Equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. We compute capital ratios in accordance with Federal Reserve capital guidelines and OCC capital guidelines for assessing adequacy of capital for the Company and CIT Bank, respectively . At March 31, 2016 and December 31, 2015 , the regulatory capital guidelines applicable to the Company were based on the Basel III Final Rule. The calculation of the Company’s regulatory capital ratios are subject to review and consultation with the FRB, which may result in refinements to amounts reported at March 31, 2016 . The following table summarizes the actual and minimum required capital ratios: Tier 1 Capital and Total Capital Components (dollars in millions) CIT CIT Bank, N.A. March 31, December 31, March 31, December 31, Tier 1 Capital 2016 2015 2016 2015 Total stockholders’ equity (1) $ 11,125.8 $ 10,978.1 $ 5,598.2 $ 5,606.4 Effect of certain items in accumulated other comprehensive loss excluded from Tier 1 Capital and qualifying noncontrolling interests 73.4 76.9 4.4 7.0 Adjusted total equity 11,199.2 11,055.0 5,602.6 5,613.4 Less: Goodwill (2) (1,126.3) (1,130.8) (824.6) (830.8) Disallowed deferred tax assets (873.9) (904.5) – – Disallowed intangible assets (2) (76.7) (53.6) (84.3) (58.3) Other Tier 1 components – (0.1) – – Common Equity Tier 1 Capital 9,122.3 8,966.0 4,693.7 4,724.3 Tier 1 Capital 9,122.3 8,966.0 4,693.7 4,724.3 Tier 2 Capital Qualifying allowance for credit losses and other reserves (3) 452.9 403.3 423.6 374.7 Total qualifying capital $ 9,575.2 $ 9,369.3 $ 5,117.3 $ 5,099.0 Risk-weighted assets $ 68,495.8 $ 69,563.6 $ 36,475.5 $ 36,809.5 Common Equity Tier 1 Capital (to risk-weighted assets): Actual 13.3% 12.9% 12.9% 12.8% Effective minimum ratios under Basel III guidelines (4) 5.125% 4.5% 5.125% 4.5% Tier 1 Capital (to risk-weighted assets): Actual 13.3% 12.9% 12.9% 12.8% Effective minimum ratios under Basel III guidelines (4) 6.625% 6.0% 6.625% 6.0% Total Capital (to risk-weighted assets): Actual 14.0% 13.5% 14.0% 13.9% Effective minimum ratios under Basel III guidelines (4) 8.625% 8.0% 8.625% 8.0% Tier 1 Leverage Ratio: Actual 13.9% 13.5% 10.8% 10.9% Required minimum ratio for capital adequacy purposes 4.0% 4.0% 4.0% 4.0% (1) See Consolidated Balance Sheets for the components of Total stockholders’ equity. (2) Goodwill and disallowed intangible assets adjustments also reflect the portion included within assets held for sale. (3) “Other reserves” represents additional credit loss reserves for unfunded lending commitments, letters of credit, and deferred purchase agreements, all of which are recorded in Other Liabilities. (4) Required ratios under Basel III Final Rule in effect as of the reporting date . As it currently applies to CIT, the Basel III Final Rule: (i) introduces a new capital measure called “Common Equity Tier 1” (“CET1”) and related regulatory capital ratio of CET1 to risk-weighted assets; (ii) specifies that Tier 1 capital consists of CET1 and “Additional Tier 1 capital” instruments meeting certain revised requirements; (iii) mandates that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital; and (iv) expands the scope of the deductions from and adjustments to capital as compared to the prior regulations. Prior to 2015, the Company had been subject to the guidelines under Basel I. The Basel III Final Rule also prescribed new approaches for risk weightings. Of these, CIT will calculate risk weightings using the Standardized Approach. This approach expands the risk-weighting categories from the former four Basel I-derived categories ( 0% , 20% , 50% and 100% ) to a larger and more risk-sensitive number of categories, depending on the nature of the exposure, ranging from 0% for U.S. government and agency securities to as high as 1,250% for such exposures as mortgage backed securities, credit-enhancing interest-only strips or unsettled security/commodity transactions. The Basel III Final Rule established new minimum capital ratios for CET1, Tier 1 capital, and Total capital of 4.5% , 6.0% and 8.0% , respectively. In addition, the Basel III Final Rule also introduced a new “capital conservation buffer”, composed entirely of CET1, on top of these minimum risk-weighted asset ratios. The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum but below the capital conservation buffer will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. This buffer will be implemented beginning January 1, 2016 at the 0.625% level and increase by 0.625% on each subsequent January 1, until it reaches 2.5% on January 1, 2019. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 13 – INCOME TAXES The Company’s global effective income tax rate from continuing operations for the first quarter was 26% and excluding discrete tax items was 31% , driven by the geographic mix of earnings. The net discrete tax benefit of $11.1 million for the current quarter include d a $13.9 million tax benefit, including interest and penalties, from favorable actions taken by the tax authorities related to uncertain tax positions taken on certain prior year non-U.S. tax returns, which were partially offset by other miscellaneous net tax expense items. The quarterly income tax expense is based on an updated projection of the Company’s annual effective tax rate. This updated annual effective tax rate is applied to the year-to-date consolidated pre-tax income to determine the interim provision for income taxes before discrete items. The impact of any change in the projected annual effective tax rate from the prior quarter is reflected in the quarterly income tax expense. The change in the effective tax rate each period is impacted by a number of factors, including the relative mix of domestic and international earnings, adjustments to the valuation allowances, and discrete items. The actual year-end 2016 effective tax rate may vary from the currently projected tax rate due to changes in these factors. As of December 31, 2015, CIT had cumulative U.S. federal net operating loss carry-forwards (“NOLs”) of $5.7 billion, of which $2.9 billion was related to pre-emergence losses. These NOLs will expire between 2027 and 2033 . Pursuant to Section 382 of the Internal Revenue Code, the Company is generally subject to a $265 million annual limitation on the use of its $2.9 billion of pre-emergence NOLs, of which approximately $1.2 billion is no longer subject to the limitation. NOLs arising in post-emergence years are not subject to this limitation absent an ownership change as defined by the Internal Revenue Service (IRS) for U.S. tax purposes. As noted in our 2015 Annual Report on Form 10-K, management concluded that it was more likely than not that the Company would generate sufficient taxable income based on management’s long-term forecast of future U.S. taxable income within the applicable carry-forward periods to support full utilization of the U.S. federal net operating loss carry-forwards (“NOLs”) and partial utilization of the U.S. state NOLs. The forecast of future taxable income for the Company reflected a long-term view of growth and returns that management believed is more likely than not of being realized. The Company retained a valuation allowance of $250 million against the U.S. state deferred tax assets (“DTAs”) on NOLs at December 31, 2015. The Company maintained a valuation allowance of $21 million against certain non-U.S. reporting entities’ net DTAs at March 31, 2016, down from $91 million at December 31, 2015. In January 2016, the Company sold its U.K. equipment finance business. Thus, in the first quarter of 2016, there was a reduction of approximately $70 million to the respective U.K. reporting entities’ net DTAs along with their associated valuation allowances. In the evaluation process related to the net DTAs of the Company’s other international reporting entities, uncertainties surrounding the future international business operations have made it challenging to reliably project future taxable income. Management will continue to assess the forecast of future taxable income as the business plans for these international reporting entities evolve and evaluate potential tax planning strategies to utilize these net DTAs. The Company’s ability to recognize DTAs will be evaluated on a quarterly basis to determine if there are any significant events that would affect our ability to utilize existing DTAs. If events are identified that affect our ability to utilize our DTAs, valuation allowances may be adjusted accordingly. While GAAP equity increased as a result of the recognition of net DTAs corresponding to the release of the aforementioned valuation allowances, there was minimal benefit on regulatory capital. Liabilities for Uncertain Tax Positions The Company’s potential liability for uncertain tax positions before interest and penalties totaled $41.1 million at March 31, 2016 and $46.7 million at December 31, 2015. The decrease in the balance this quarter is mainly associated with favorable tax actions taken by the tax authorities related to uncertain tax positions taken on certain prior year non-U.S. income tax returns. The Company anticipates changes to its uncertain tax positions from resolution of open tax matters and closure of statutes. Management estimates that the total potential liability before interest and penalties may be reduced by up to $5 million within the next twelve months. If these amounts are resolved in favor of the Company, they will have a favorable impact on the effective tax rate in future periods. The Company’s accrued liability for interest and penalties totaled $12 million at March 31, 2016 and $18 million at December 31, 2015. The change in balance is mainly related to the interest and penalties associated with the decrease in the above mentioned uncertain tax position taken on certain prior-year non-U.S. income tax returns. The Company recognizes accrued interest and penalties on unrecognized tax benefits in income tax expense. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2016 | |
Commitments [Abstract] | |
Commitments | NOTE 14 — COMMITMENTS The accompanying table summarizes credit-related commitments , as well as purchase and funding commitments: Commitments (dollars in millions) March 31, 2016 December 31, Due to Expire 2015 Within After Total Total One Year One Year Outstanding Outstanding Financing Commitments Financing assets $ 1,450.4 5,373.9 $ 6,824.3 $ 7,385.6 Letters of credit Standby letters of credit 49.1 275.2 324.3 315.3 Other letters of credit 24.6 – 24.6 18.3 Guarantees Deferred purchase agreements 1,583.5 – 1,583.5 1,806.5 Guarantees, acceptances and other recourse obligations 1.3 – 1.3 0.7 Purchase and Funding Commitments Aerospace purchase commitments 571.2 8,937.6 9,508.8 9,618.1 Rail and other purchase commitments 720.8 90.1 810.9 898.2 Financing Commitments Commercial Financing commitments, referred to as loan commitments or lines of credit, reflect CIT’s agreements to lend to its customers, subject to the customers’ compliance with contractual obligations. Included in the table above are commitments that have been extended to and accepted by customers, clients or agents, but on which the criteria for funding have not been completed of $764 million at March 31, 2016 and $859 million at December 31, 2015 . Financing commitments also include credit line agreements to Commercial Services clients that are cancellable by us only after a notice period. The notice period is typically 90 days or less. The amount available under these credit lines, net of the amount of receivables assigned to us, was $411 million at March 31, 2016 and $406 million at December 31, 2015 . As financing commitments may not be fully drawn, may expire unused, may be reduced or cancelled at the customer’s request, and may require the customer to be in compliance with certain conditions, total commitment amounts do not necessarily reflect actual future cash flow requirements. The table above includes approximately $1.7 billion of undrawn financing commitments at March 31, 2016 and $1.7 billion at December 31, 2015 for instances where the customer is not in compliance with contractual obligations, and therefore CIT does not have the contractual obligation to lend. At March 31, 2016 , substantially all undrawn financing commitments were senior facilities. Most of the Company’s undrawn and available financing commitments are in the Commercial Banking segment . The table above excludes uncommitted revolving credit facilities extended by Commercial Services to its clients for working capital purposes. In connection with these facilities, Commercial Services has the sole discretion throughout the duration of these facilities to determine the amount of credit that may be made available to its clients at any time and whether to honor any specific advance requests made by its clients under these credit facilities. Consumer Financing commitments in the table above include $48 million associated with discontinued operations at March 31, 2016 consisting of HECM reverse mortgage loan commitments. In conjunction with the OneWest Transaction, the Company is committed to fund draws on certain reverse mortgages in conjunction with loss sharing agreements with the FDIC. The FDIC agreed to indemnify the Company for losses on the first $200 million of draws that occur subsequent to the purchase date. In addition, the FDIC agreed to fund any other draws in excess of the $200 million. The Company’s net exposure for loan commitments on the reverse mortgage draws on those purchased loans was $48 million at March 31, 2016 . See Note 5 – Indemnification Assets for further discussion on loss sharing agreements with the FDIC. In addition, as servicer of HECM loans, the Company is required to repurchase the loan out of the GNMA HMBS securitization pools once the outstanding principal balance is equal to or greater than 98% of the maximum claim amount. Also included was the Company’s commitment to fund draws on certain home equity lines of credit (“HELOCs”). Under the HELOC participation and servicing agreement entered into with the FDIC, the FDIC agreed to reimburse the Company for a portion of the draws that the Company made on the purchased HELOCs. Letters of Credit In the normal course of meeting the needs of clients, CIT sometimes enters into agreements to provide financing and letters of credit. Standby letters of credit obligate the issuer of the letter of credit to pay the beneficiary if a client on whose behalf the letter of credit was issued does not meet its obligation. These financial instruments generate fees and involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Consolidated Balance Sheets. To minimize potential credit risk, CIT generally requires collateral and in some cases additional forms of credit support from the client. Deferred Purchase Agreements A Deferred Purchase Agreement (“DPA”) is provided in conjunction with factoring, whereby CIT provides a client with credit protection for trade receivables without purchasing the receivables. The trade receivable terms are generally ninety days or less. If the client’s customer is unable to pay an undisputed receivable solely as the result of credit risk, then CIT purchases the receivable from the client. The outstanding amount in the table above is the maximum potential exposure that CIT would be required to pay under all DPAs. This maximum amount would only occur if all receivables subject to DPAs default in the manner described above, thereby requiring CIT to purchase all such receivables from the DPA clients. The table above includes $1,498 million and $1,720 million of DPA credit protection at March 31, 2016 and December 31, 2015 , respectively, related to receivables which have been presented to us for credit protection after shipment of goods has occurred and the customer has been invoiced. The table also includes $86 million and $87 million available under DPA credit line agreements, net of the amount of DPA credit protection provided at March 31, 2016 and December 31, 2015 , respectively. The DPA credit line agreements specify a contractually committed amount of DPA credit protection and are cancellable by us only after a notice period. The notice period is typically 90 days or less. The methodology used to determine the DPA liability is similar to the methodology used to determine the allowance for loan losses associated with the finance receivables, which reflects embedded losses based on various factors, including expected losses reflecting the Company’s internal customer and facility credit ratings. The liability recorded in Other Liabilities related to the DPAs totaled $4.5 million and $4.4 million at March 31, 2016 and December 31, 2015 , respectively. Purchase and Funding Commitments CIT’s purchase commitments relate primarily to purchases of commercial aircraft and rail equipment. Commitments to purchase new commercial aircraft are predominantly wit h Airbus Industries (“Airbus”) and The Boeing Company (“Boeing ”) . CIT may also commit to purchase an aircraft directly from an airline. Aerospace equipment purchases are contracted for specific models, using baseline aircraft specifications at fixed prices, which reflect discounts from fair market purchase prices prevailing at the time of commitment. The delivery price of an aircraft may change depending on final specifications. Equipment purchases are recorded at the delivery date. The estimated commitment amounts in the preceding table are based on contracted purchase prices reduced for pre-delivery payments to date and exclude buyer furnished equipment selected by the lessee. Pursuant to existing contractual commitments, 138 aircraft remain to be purchased from Airbus, Boeing and Embraer at March 31, 2016 . Aircraft deliveries are scheduled periodically through 2020. Commitments exclude unexercised options to order additional aircraft. The Company’s rail business entered into commitments to purchase railcars from multiple manufacturers. At March 31, 2016 , approximately 6,200 railcars remain to be purchased from manufacturers with deliveries through 201 8 . Rail equipment purchase commitments are at fixed prices subject to price increases for certain materials. Other vendor purchase commitments primarily relate to Equipment Finance. Other Commitments The Company has commitments to invest in affordable housing investments, and other investments qualifying for community reinvestment tax credits. These commitments are payable on demand. As of March 31, 2016 , these commitments were [$20 million ] . These commitments are recorded in accrued expenses and Other liabilities in the condensed Consolidated Statement of Financial Position . |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Contingencies [Abstract] | |
Contingencies | NOTE 15 — CONTINGENCIES Litigation CIT is involved, and from time to time in the future may be involved, in a number of pending and threatened judicial, regulatory, and arbitration proceedings relating to matters that arise in connection with the conduct of its business (collectively, “Litigation”). In view of the inherent difficulty of predicting the outcome of Litigation matters, particularly when such matters are in their early stages or where the claimants seek indeterminate damages, CIT cannot state with confidence what the eventual outcome of the pending Litigation will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines, or penalties related to each pending matter will be, if any. In accordance with applicable accounting guidance, CIT establishes reserves for Litigation when those matters present loss contingencies as to which it is both probable that a loss will occur and the amount of such loss can be reasonably estimated. Based on currently available information, CIT believes that the results of Litigation that is currently pending, taken together, will not have a material adverse effect on the Company’s financial condition, but may be material to the Company’s operating results or cash flows for any particular period, depending in part on its operating results for that period. The actual results of resolving such matters may be substantially higher than the amounts reserved. For certain Litigation matters in which the Company is involved, the Company is able to estimate a range of reasonably possible losses in excess of established reserves and insurance. For other matters for which a loss is probable or reasonably possible, such an estimate cannot be determined. For Litigation where losses are reasonably possible, management currently estimates the aggregate range of reasonably possible losses as up to $190 million in excess of established reserves and insurance related to those matters, if any. This estimate represents reasonably possible losses (in excess of established reserves and insurance) over the life of such Litigation, which may span a currently indeterminable number of years, and is based on information currently available as of March 31, 2016 . The matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those Litigation matters for which an estimate is not reasonably possible or as to which a loss does not appear to be reasonably possible, based on current information, are not included within this estimated range and, therefore, this estimated range does not represent the Company’s maximum loss exposure. The foregoing statements about CIT’s Litigation are based on the Company’s judgments, assumptions, and estimates and are necessarily subjective and uncertain. The Company has several hundred threatened and pending judicial, regulatory and arbitration proceedings at various stages. Several of the Company’s Litigation matters are described below. BRAZILIAN TAX MATTER Banco Commercial Investment Trust do Brasil S.A. (“Banco CIT”), CIT’s Brazilian bank subsidiary, was sold in a stock sale in the fourth quarter of 2015, thereby transferring the legal liabilities of Banco CIT to the buyer. Under the terms of the stock sale, CIT remains liable for indemnification to the buyer for any losses resulting from certain ICMS tax appeals relating to disputed local tax assessments on leasing services and importation of equipment (the “ICMS Tax Appeals”). Notices of infraction were issued to Banco CIT relating to the payment of Imposto sobre Circulaco de Mercadorias e Servicos (“ICMS”) taxes charged by Brazilian states in connection with the importation of equipment. The state of São Paulo claims that Banco CIT should have paid it ICMS tax for tax years 2006 — 2009 because Banco CIT, the purchaser, was located in São Paulo. Instead, Banco CIT paid ICMS tax to the states of Espirito Santo where the imported equipment arrived. A regulation issued by São Paulo in December 2013 reaffirms a 2009 agreement by São Paulo to conditionally recognize ICMS tax payments made to Espirito Santo. An assessment related to taxes paid to Espirito Santo was upheld in a ruling issued by the administrative court in May 2014. That ruling has been appealed. Another assessment related to taxes paid to Espirito Santo remains pending. Petitions seeking recognition of the taxes paid to Espirito Santo have been filed in a general amnesty program . In conjunction with the stock sale, the Company posted a letter of credit in the amount of 76 million Reais ( $21 million USD ) to secure the indemnity obligation for the ICMS Tax Appeals. HUD OIG INVESTIGATION In 2009, OneWest Bank acquired the reverse mortgage loan portfolio and related servicing rights of Financial Freedom Senior Funding Corporation , including HECM loans from the FDIC as Receiver for Indy M ac Federal Bank. HECM loans are insured by the Federal Housing Administration (“FHA”), administered by the Department of Housing and Urban Development (“HUD”). Subject to certain requirements, the loans acquired from the FDIC are covered by indemnification agreements. In addition, Financial Freedom is the servicer of HECM loans owned by the Federal National Mortgage Association (FNMA) and other third party investors . Beginning i n the third quarter of 2015, HUD’s Office of Inspector General (“OIG”), served a series of subpoenas on the Company regarding HECM loans. The subpoenas request documents and other information related to the HECM loan business and the curtailment of interest payments on HECM insurance claims . The Company is responding to the subpoenas and does not have sufficient information to make an assessment of the outcome or the impact of the HUD OIG investigation. Servicer Obligations As a servicer of residential mortgage loans, the Company is exposed to contingent obligations for breaches of servicer obligations as set forth in industry regulations established by HUD and FHA and in servicing agreements with the applicable counterparties, such as Fannie Mae and other investors, which could include fees imposed for failure to comply with foreclosure timeframe requirements. The Company has established reserves for contingent servicing-related liabilities associated with continuing operations. While the Company believes that such accrued liabilities are adequate, it is reasonably possible that such losses could ultimately exceed the Company’s liability for probable and reasonably estimable losses by up to approximately $5 million as of March 31, 2016, which is unchanged from December 31, 2015. Indemnification Obligations In connection with the OneWest acquisition, CIT assumed the obligation to indemnify Ocwen Loan Servicing, LLC (“Ocwen”) against certain claims that may arise from servicing errors which are deemed attributable to the period prior to June 2013, when OneWest sold its servicing business to Ocwen, such as repurchase demands, non-recoverable servicing advances and compensatory fees imposed by the GSEs for servicer delays in completing the foreclosure process within the prescribed timeframe established by the servicer guides or agreements, exclusive of losses or repurchase obligations and certain Agency fees, and which are limited to an aggregate amount of $150.0 million and expire three years from closing (February 2017). Ocwen is responsible for liabilities arising from servicer obligations following the service transfer date because substantially all risks and rewards of ownership have been transferred; except for certain Agency fees or loan repurchase amounts on foreclosures completed on or before 90 days following the applicable transfer date. As of March 31, 2016, the cumulative indemnification obligation totaled approximately $49.0 million, which reduced the Company’s $150.0 million maximum potential indemnity obligation to Ocwen. Because of the uncertainty in the ultimate resolution and estimated amount of the indemnification obligation, it is reasonably possible that the obligation could exceed the Company’s recorded liability by up to approximately $15 million as of March 31, 2016, which is unchanged from December 31, 2015. In addition, CIT assumed OneWest Bank’s obligations to indemnify Specialized Loan Servicing, LLC (“SLS”) against certain claims that may arise that are attributable to the period prior to September 2013, the servicing transfer date, when OneWest sold a portion of its servicing business to SLS, such as repurchase demands and non-recoverable servicing advances. SLS is responsible for substantially all liabilities arising from servicer obligations following the service transfer date . |
Certain Relationships And Relat
Certain Relationships And Related Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Certain Relationships And Related Transactions [Abstract] | |
Certain Relationships And Related Transactions | NOTE 16 — CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS St even Mnuchin, a Director, and through March 31, 2016, Vice Chairman of CIT and CIT Bank and previously the Chairman and CEO of IMB and Chairman of OneWest Bank, is also Chairman, CEO, and principal owner of Dune Capital Management LP, a privately owned investment firm (“Dune Capital”). Through Dune Capital, Mr. Mnuchin owns or controls interests in several entities that have made various investments in the media and entertainment industry, including Relativity Media LLC, a media production and distribution company (“Relativity”). On October 2, 2014, Mr. Mnuchin purchased certain classes of equity interests in and was appointed as co-chairman of the Board of Relativity Holdings LLC (“Relativity"). As a result, several revolving credit facilities and term loan facilities that previously existed among OneWest Bank and certain other banks, as lenders, and certain subsidiaries and affiliates of Relativity (the “Borrowers”), including one revolving credit facility that was increased in size after October 2, 2014, and certain deposits of the Borrowers with OneWest Bank, were considered to be related party transactions. Prior to October 2, 2014, James Wiatt, a director of both IMB and OneWest Bank, was also a director of Relativity. After Mr. Mnuchin joined the Board of Relativity on October 2, 2014, all subsequent actions between OneWest Bank and the Borrowers were approved by the full Board of OneWest Bank, excluding Mr. Mnuchin and Mr. Wiatt. As of March 31, 2016 and December 31, 2015, the contractual loan commitments by CIT Bank, N.A. (formerly OneWest Bank) to the Borrowers were $32.1 million and $39.9 million, of which $30.7 million and $38.5 million were outstanding, and the deposits totaled $ 25.2 million and $ 40.7 million, respectively. Effective as of May 29, 2015, Mr. Mnuchin ceased to be co-chairman of the Board of Relativity. Relativity filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code on July 30, 2015 seeking protection for itself and certain of its subsidiaries. On April 14, 2016, Relativity emerged from bankruptcy. Mr. Mnuchin holds no equity in Relativity. During the third quarter of 2015, Strategic Credit Partners Holdings LLC (the “JV”), a joint venture between CIT Group Inc. (“CIT”) and TPG Special Situations Partners (“TSSP”), was formed. The JV extends credit in senior-secured, middle-market corporate term loans, and, in certain circumstances, is a participant to such loans. Participation could be in corporate loans originated by CIT. The JV may acquire other types of loans, such as subordinate corporate loans, second lien loans, revolving loans, asset backed loans and real estate loans. Through March 31, 2016, loans of $85 million were sold to the joint venture, while our investment was $6.3 million and $4.6 million at March 31, 2016 and December 31, 2015, respectively. CIT also maintains an equity interest of 10% in the JV. During 2014, the Company formed two joint ventures (collectively “TC-CIT Aviation”) between CIT Aerospace and Century Tokyo Leasing Corporation (“CTL”). CIT records its net investment under the equity method of accounting. Under the terms of the agreements, TC-CIT Aviation will acquire commercial aircraft that will be leased to airlines around the globe. CIT Aerospace is responsible for arranging future aircraft acquisitions, negotiating leases, servicing the portfolio and administering the entities. Initially, CIT Aerospace sold 14 commercial aircraft to TC-CIT Aviation in transactions with an aggregate value of approximately $0.6 billion; including nine aircraft sold in 2014 and five aircraft sold in the first quarter of 2015 (these five aircraft were sold at an aggregate amount of $240 million). In addition to the initial 14 commercial aircraft, CIT sold 5 commercial aircraft with an aggregate value of $226 million in the year ended December 31, 2015. There were no aircraft sold to TC-CIT Aviation in the first quarter of 2016. CIT also made and maintains a minority equity investment in TC-CIT Aviation in the amount of approximately $5 7 million. CTL made and maintains a majority equity interest in the joint venture and is a lender to the companies. CIT invests in various trusts, partnerships, and limited liability corporations established in conjunction with structured financing transactions of equipment, power and infrastructure projects. CIT’s interests in these entities were entered into in the ordinary course of business. Other assets included approximately $238 million and $224 million at March 31, 2016 and December 31, 2015, respectively, of investments in non-consolidated entities relating to such transactions that are accounted for under the equity or cost methods. The combination of investments in and loans to non-consolidated entities represents the Company’s maximum exposure to loss, as the Company does not provide guarantees or other forms of indemnification to non-consolidated entities. As of March 31, 2016 and December 31, 2015, a wholly-owned subsidiary of the Company subserviced loans for a related party with unpaid principal balances of $196.4 million and $204.5 million, respectively. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Business Segment Information [Abstract] | |
Business Segment Information | NOTE 17 — BUSINESS SEGMENT INFORMATION We changed our segment reporting effective January 1, 2016, following the previously announced reorganized management structure. CIT manages its business and reports its financial results in four operating segments: Commercial Banking, Transportation Finance, Consumer and Community Banking, and Non-Strategic Portfolios (“NSP”), and a fifth non-operating segment, Corporate and Other. The following summarizes changes to our segment presentation from December 31, 2015: · Commercial Banking (formerly North America Banking, or “NAB”) no longer includes the Consumer Banking division or the Canadian lending and equipment finance business. Commercial Banking is comprised of three divisions, Commercial Finance, Real Estate Finance, and Business Capital. Business Capital includes the former Equipment Finance and Commercial Services divisions. · Transportation Finance (formerly Transportation & International Finance or “TIF”) no longer includes the China and the U.K. businesses. Transportation Finance is comprised of three divisions, Aerospace, Rail, and Maritime Finance. · Consumer and Community Banking is a new segment that includes Legacy Consumer Mortgages (the former LCM segment) and other banking divisions that were included in the former NAB segment (Consumer Banking, Mortgage Lending, Wealth Management, and SBA Lending). · NSP includes businesses that we no longer consider strategic, including those in Canada and China and recently exited U.K., that had been included in the former NAB and TIF segments. Historic data will also include other businesses and portfolios that have been sold, such as Mexico and Brazil. All prior period comparisons are conformed to the current period presentation. Management’s Policy in Identifying Reportable Segments CIT’s reportable segments are comprised of divisions that are primarily based upon industry categories, geography, target markets and customers served, and, to a lesser extent, the core competencies relating to product origination, distribution methods, operations and servicing and the nature of their regulatory environment. The Board of Directors and executive management receive and review financial data at the segment level . Types of Products and Services CIT manages its business and report its financial results in four operating segments: Commercial Banking, Transportation Finance, Consumer and Community Banking, and Non-Strategic Portfolios (“NSP”) and a fifth non-operating segment, Corporate and Other. Commercial Banking provides a range of lending, leasing and deposit products, as well as ancillary products and services, including factoring, cash management and advisory services, to small and medium- sized companies and consumers in the U.S. Lending products include revolving lines of credit and term loans and, depending on the nature and quality of the collateral, may be referred to as asset-based loans or cash flow loans. These are primarily composed of senior secured loans collateralized by accounts receivable, inventory, machinery & equipment, real estate, and intangibles, to finance the various needs of our customers, such as working capital, plant expansion, acquisitions and recapitalizations. Loans are originated through direct relationships with borrowers or through relationships with private equity sponsors. Revenues generated by Commercial Banking include interest earned on loans, rents collected on leased assets, fees and other revenue from banking and leasing activities and capital markets transactions, and commissions earned on factoring and related activities. Transportation Finance offers secured lending and leasing products to midsize and larger companies across the aerospace, rail and maritime industries. Revenues are generated by rents collected on leased assets, interest on loans, fees, and gains from assets sold. Consumer and Community Banking, through its 70 branches and on-line channel, offers deposits and lending to borrowers who are buying or refinancing homes and custom loan products tailored to the clients’ financial needs. Products include checking, savings, certificates of deposit, residential mortgage loans, and investment advisory services. The segment includes a wealth management group that offers banking services to high net worth individuals. The segment also originates qualified Small Business Administration (”SBA“) 504 and 7(a) loans. Consumer and Community Banking also consists of legacy portfolios of single family residential mortgages and reverse mortgages, certain of which are covered by loss sharing agreements with the FDIC. Certain Covered Loans in this segment were previously acquired by OneWest Bank in connection with the lndyMac, First Federal and La Jolla transactions. The FDIC indemnified OneWest Bank against certain future losses sustained on these loans. CIT may now be reimbursed for losses under the terms of the loss shar e agreements with the FDIC. Eligible losses are submitted to the FDIC for reimbursement when a qualifying loss event occurs (e.g., due to foreclosure, short-sale, charge-offs or a restructuring of a single family residential mortgage loan pursuant to an agreed upon loan modification framework). Reimbursements approved by the FDIC are usually received within 60 days of submission. NSP consists of portfolios that we no longer consider strategic. The 2016 balances reflect activity from portfolios in Canada and China, as well as from the sale of a U.K portfolio. These portfolios include equipment financing, secured lending and leasing to small and middle-market businesses. The prior periods also include activity from other international portfolios in Mexico and Brazil, which were sold in August and December 2015, respectively , and the U.K., which was sold in January 2016. Corporate and Other Certain items are not allocated to operating segments and are included in Corporate & Other. Some of the more significant items include interest income on investment securities, a portion of interest expense, primarily related to corporate liquidity costs (interest expense), mark-to-market adjustments on non-qualifying derivatives (Other Income), restructuring charges for severance and facilities exit activities (operating expenses), certain intangible asset amortization expenses (other expenses) and loss on debt extinguishments. Segment Profit and Assets The following table presents segment data. Results and period end balances as of and for the quarter ended March 31, 2015 do not contain any activity of OneWest Bank . For the quarter ended March 31, 2016 Corporate Total Transportation Finance Commercial Banking Consumer and Community Banking Non-Strategic Portfolios Corporate & Other Total CIT Interest income $ 52.7 $ 287.1 $ 103.2 $ 25.0 $ 27.4 $ 495.4 Interest expense (148.1) (73.6) (8.9) (14.5) (41.3) (286.4) Provision for credit losses (22.7) (73.5) (3.1) – – (99.3) Rental income on operating leases 544.5 27.1 – 3.8 – 575.4 Other income 18.8 55.5 8.1 14.5 4.0 100.9 Depreciation on operating lease equipment (155.3) (20.0) – – – (175.3) Maintenance and other operating lease expenses (56.2) – – – – (56.2) Operating expenses / loss on debt extinguishment (60.7) (158.4) (82.2) (12.2) (36.6) (350.1) Income (loss) from continuing operations before (provision) benefit for income taxes $ 173.0 $ 44.2 $ 17.1 $ 16.6 $ (46.5) $ 204.4 Select Period End Balances Loans $ 2,786.7 $ 21,437.2 $ 7,184.7 $ – $ – $ 31,408.6 Credit balances of factoring clients – (1,361.0) – – – (1,361.0) Assets held for sale 754.7 229.7 50.6 1,176.2 – 2,211.2 Operating lease equipment, net 16,373.1 292.6 – – – 16,665.7 For the quarter ended March 31, 2015 Interest income $ 42.7 $ 181.3 $ – $ 52.8 $ 4.2 $ 281.0 Interest expense (150.6) (64.8) – (38.0) (17.9) (271.3) Provision for credit losses (6.4) (24.4) – (3.8) – (34.6) Rental income on operating leases 496.7 23.1 – 10.8 – 530.6 Other income 35.4 63.6 – (6.2) (6.4) 86.4 Depreciation on operating lease equipment (136.0) (17.2) – (3.6) – (156.8) Maintenance and other operating lease expenses (46.1) – – – – (46.1) Operating expenses / loss on debt extinguishment (67.2) (131.3) – (37.0) (6.1) (241.6) Income (loss) from continuing operations before (provision) benefit for income taxes $ 168.5 $ 30.3 $ – $ (25.0) $ (26.2) $ 147.6 Select Period End Balances Loans $ 2,944.1 $ 15,058.9 $ – $ 1,426.3 $ – $ 19,429.3 Credit balances of factoring clients – (1,505.3) – – – (1,505.3) Assets held for sale 254.6 87.6 – 709.7 – 1,051.9 Operating lease equipment, net 14,622.8 225.4 – 39.6 – 14,887.8 |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill [Abstract] | |
Goodwill | NOTE 18 – GOODWILL The following table summarize s the goodwill balance by segment: Transportation Finance Commercial Banking Consumer & Community Banking Total December 31, 2015 $ 245.0 $ 602.3 $ 351.0 $ 1,198.3 Additions, Other activity (1) 3.0 (22.2) 16.0 (3.2) March 31, 2016 $ 248.0 $ 580.1 $ 367.0 $ 1,195.1 (1) Includes purchase accounting measurement period and foreign exchange translation adjustments in Transportation Finance. The December 31, 2015 goodwill included amounts from CIT’s emerge nce from bankruptcy in 2009, its 2014 acquisitions of Capital Direct Group and its subsidiaries (“Direct Capital”), and Nacco, an independent full service railcar lessor , and its 2015 acquisition of OneWest . On January 31, 2014, CIT acquired 100% of the outstanding shares of Paris-based Nacco, an independent full service railcar lessor in Europe. The purchase price was approximately $250 million and the acquired assets and liabilities were recorded at their estimated fair values as of the acquisition date, resulting in $77 million of goodwill. On August 1, 2014, CIT Bank acquired 100% of Direct Capital, a U.S. based lender providing equipment financing to small and mid-sized businesses operating across a range of industries. The purchase price was approximately $230 million and the acquired assets and liabilities were recorded at their estimated fair values as of the acquisition date resulting in approximately $170 million of goodwill. In addition, intangible assets of approximately $12 million were recorded relating mainly to the valuation of existing customer relationships and trade names. On August 3, 2015 , CIT acquired 100% of IMB HoldCo LLC, the parent company of OneWest Bank. The purchase price was approximately $3.4 billion and the acquired assets and liabilities were recorded at their estimated fair value as of the acquisition date resulting in $663.0 million of goodwill recorded as of December 31, 2015 . The determination of estimated fair values required management to make certain estimates about discount rates, future expected cash flows (that may reflect collateral values), market conditions and other future events that are highly subjective in nature and may require adjustments, which can be updated throughout the year following the acquisition. Subsequent to the acquisition, management continued to review information relating to events or circumstances existing at the acquisition date. This review resulted in adjustments to the acquisition date valuation amounts, which decreased the goodwill balance to $656.8 million. $367.0 million of the goodwill balance is associated with the Consumer and Community Banking business segment. The remaining goodwill was all ocated to the Commercial Finance a nd Commercial Real Estate reporting units in Commercial Banking . Once goodwill has been assigned, it no longer retains its association with a particular event or acquisition, and all of the activities within a reporting unit, whether acquired or internally generated, are available to support the value of goodwill. |
Business And Summary Of Signi26
Business And Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Business And Summary Of Significant Accounting Policies [Abstract] | |
Basis of Financial Information | Basis of Financial Information These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial information and accordingly do not include all information and note disclosures required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. The financial statements in this Form 10-Q, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of CIT’s financial position, results of operations and cash flows in accordance with GAAP. These consolidated financial statements should be read in conjunction with our Form 10-K for the year ended December 31, 2015, which is on file with the U.S. Securities and Exchange Commission. For the quarterly period ended March 31, 2016, CIT re-organized its reportable operating segments to Commercial Banking, Transportation Finance, Consumer and Community Banking and Non-Strategic Portfolios. Refer to Note 17—Business Segment Information for further discussion. The accounting and financial reporting policies of CIT Group Inc. conform to GAAP and the preparation of the consolidated financial statements requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates and assumptions. Som e o f th e mo re signifi can t estimate s include : allowanc e fo r loa n losses , loan impairment , fai r valu e determination , leas e r esidua l values , liabili tie s fo r uncertai n ta x positions , r ealizabilit y o f defer r e d ta x assets, pu r chas e accountin g adjustments , indemnificatio n assets , good will , intangibl e assets , an d contingen t liabilities . Additionally whe re applicable , th e policie s confor m t o accountin g an d r eportin g guideline s p r escribe d b y ban k r egulator y authorities. |
Principles Of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include financial information related to CIT Group Inc. and its majority-owned subsidiaries and those variable interest entities (“VIEs”) where the Company is the primary beneficiary. In preparing the consolidated financial statements, all significant inter-company accounts and transactions have been eliminated. Assets held in an agency or fiduciary capacity are not included in the consolidated financial statements. The results for the quarter ended March 31, 2016 contain activity of OneWest Bank, National Association (“OneWest Bank”) , acquired on August 3, 2015 , whereas no OneWest Bank activity for the comparable March 31, 2015 quarter is included. See Note 2 – Acquisition and Disposition Activities for details. The current period’s results of operations do not necessarily indicate the results that may be expected for any other interim period or for the full year as a whole. |
Discontinued Operations | Discontinued Operations The Financial Freedom business, a division of CIT Bank (formerly a division of OneWest Bank) that services reverse mortgage loans, was acquired in conjunction with the OneWest Transaction. Pursuant to ASC 205-20, as amended by ASU 2014-08, the Financial Freedom business is reflected as discontinued operations as of the August 3, 2015 acquisition date and in the subsequent periods until ultimate disposition. The business includes the entire third party servicing of reverse mortgage operations, which consist of personnel, systems and servicing assets. The assets of discontinued operations primarily include Home Equity Conversion Mortgage (“HECM”) loans and servicing advances. The liabilities of discontinued operations include reverse mortgage servicing liabilities, which relates primarily to loans serviced for Fannie Mae, secured borrowings and contingent liabilities. Unrelated to the Financial Freedom business, continuing operations includes a portfolio of reverse mortgages, which is maintained in the Consumer and Community Banking segment. In addition to the servicing rights, discontinued operations reflect HECM loans, which were pooled and securitized in the form of GNMA HMBS and sold into the secondary market with servicing retained. These HECM loans are insured by the Federal Housing Administration (“FHA”). Based upon the structure of the GNMA HMBS securitization program, the Company has determined that the HECM loans transferred into the program had not met all of the requirements for sale accounting and therefore, has accounted for these transfers as a financing transaction. Under a financing transaction, the transferred loans remain on the Company’s statement of financial position and the proceeds received are recorded as a secured borrowing. Discontinued Operations are discussed in Note 2 — Acquisition and Disposition Activities. |
Revisions | Revisions In preparing the financial statements for the year ended December 31, 2015, the Comp any discovered and corrected immaterial error s impacting the classification of certain balances between line items and categories presented in the Consolidated Statements of Cash Flows. The amounts presented comparatively for the quarter ended March 31, 2015 have been revised for these misclassifications. For the quarter ended March 31, 2015, the errors resulted in an understatement of net cash flows provided by operations of $65.4 million, an overstatement of net cash flow provided by investing activities of $12.0 million, and an understatement of net cash flows used in financing activities of $53.4 million. The errors had no impact on the Company’s reported “Increase (decrease) in u nrestricted cash and cash equivalents” or “Unrestricted cash and cash equivalents” for any period. |
Accounting Pronouncements Adopted | Accounting Pronouncements Adopted During the quarter ended March 31, 2016, the Company adopted the following Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”): · ASU 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ; · ASU 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items ; · ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ; · ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ; and · ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30 ): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting Stock Compensation ASU 2014-12 directs that a performance target that affects vesting and can be achieved after the requisite service period is a performance condition. That is, compensation cost would be recognized over the required service period if it is probable that the performance condition would be achieved. The total amount of compensation cost recognized during and after the requisite service period would reflect the number of awards that are expected to vest and would be adjusted to reflect those awards that ultimately vest. The ASU does not require additional disclosures. CIT adopted this ASU effective January 1, 2016 to all awards granted or modified after the effective date. Adoption of this guidance did not have a significant impact on CIT’s financial statements or disclosures. Extraordinary and Unusual Items ASU 2015-01 eliminates the concept of extraordinary item and the need for entities to evaluate whether transactions or events are both unusual in nature and infrequently occurring. The ASU precludes (1) segregating an extraordinary item from the results of ordinary operations; (2) presenting separately an extraordinary item on the income statement, net of tax, after income from continuing operations; and (3) disclosing income taxes and earnings-per-share data applicable to an extraordinary item. However, the ASU does not affect the reporting and disclosure requirements for an event or transaction that is unusual in nature or that occurs infrequently. Consequently, although the Company will no longer need to determine whether a transaction or event is both unusual in nature and infrequently occurring, CIT will still need to assess whether items are unusual in nature or infrequent to determine if the additional presentation and disclosure requirements for these items apply. CIT adopted this ASU effective January 1, 2016 . Adoption of this guidance did not have a significant impact on CIT’s financial statements or disclosures. Consolidation ASU 2015-02 amended the current consolidation guidance to change the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (“VIE”), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. The Board changed the way the voting rights characteristic in the VIE scope determination is evaluated for corporations, which may significantly impact entities for which decision making rights are conveyed though a contractual arrangement. Under ASU 2015-02: · More limited partnerships and similar entities will be evaluated for consolidation under the revised consolidation requirements that apply to VIEs. · Fees paid to a decision maker or service provider are less likely to be considered a variable interest in a VIE. · Variable interests in a VIE held by related parties of a reporting enterprise are less likely to require the reporting enterprise to consolidate the VIE. · There is a new approach for determining whether equity at-risk holders of entities that are not similar to limited partnerships have power to direct the entity’s key activities when the entity has an outsourced manager whose fee is a variable interest. · The deferral of consolidation requirements for certain investment companies and similar entities of the VIE in ASU 2009-17 is eliminated. The impacts of the update include: · A new consolidation analysis is required for VIEs, including many limited partnerships and similar entities that previously were not considered VIEs. · It is less likely that the general partner or managing member of limited partnerships and similar entities will be required to consolidate the entity when the other investors in the entity lack both participating rights and kick-out rights. · Limited partnerships and similar entities that are not VIEs will not be consolidated by the general partner. · It is less likely that decision makers or service providers involved with a VIE will be required to consolidate the VIE. · Entities for which decision making rights are conveyed through a contractual arrangement are less likely to be considered VIEs. · Reporting enterprises with interests in certain investment companies and similar entities that are considered VIEs will no longer evaluate those entities for consolidation based on majority exposure to variability. CIT adopted ASU 2015-02 effective January 1, 2016 under the modified retrospective approach. Based on CIT’s re-assessment of its VIEs under the amended guidance, the adoption of this ASU did not have a significant impact on CIT’s financial statements or disclosures. Debt Issuance Costs ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Debt issuance costs are specific incremental costs, other than those paid to the lender, that are directly attributable to issuing a debt instrument (i.e., third party costs). Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as a deferred charge (i.e., an asset). ASU 2015-15 clarified ASU 2015-03, which did not address the balance sheet presentation of debt issuance costs that are either (1) incurred before a debt liability is recognized (e.g. before the debt proceeds are received), or (2) associated with revolving debt arrangements. ASU 2015-15 states that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing deferred debt issuance costs ratably over the term of the LOC arrangement, regardless of whether there are outstanding borrowings under that LOC arrangement. In accordance with the new guidance, CIT reclassified deferred debt costs previously included in other assets to borrowings in the first quarter of 2016 and conformed prior periods. The adoption of this guidance did not have a significant impact on CIT’s financial statements or disclosures. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following accounting pronouncements have been issued by the FASB but are not yet effective: · ASU 2014-09, Revenue from contracts with customers (Topic 606) · ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern · ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date · ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ; · ASU 2016-02, Leases (Topic 842) ; · ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships ; · ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments ; · ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting ; · ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ; · ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting; and · ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing . Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ASU 2014-15 describes how entities should assess their ability to meet their obligations and sets disclosure requirements about how this information should be communicated. The standard will be used along with existing auditing standards, and provides the following key guidance: 1. Entities must perform a going concern assessment by evaluating their ability to meet their obligations for a look-forward period of one year from the financial statement issuance date (or date the financial statements are available to be issued). 2. Disclosures are required if it is probable an entity will be unable to meet its obligations within the look-forward period. Incremental substantial doubt disclosure is required if the probability is not mitigated by management’s plans. 3. Pursuant to the ASU, substantial doubt about an entity’s ability to continue as a going concern exists if it is probable that the entity will be unable to meet its obligations as they become due within one year after the date the annual or interim financial statements are issued or available to be issued (assessment date). The new standard applies to all entities for the first annual period ending after December 15, 2016. Company management is responsible for assessing going concern uncertainties at each annual and interim reporting period thereafter. The adoption of this guidance is not expected to have a significant impact on CIT’s financial statements or disclosures. Financial Instruments ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The main objective is enhancing the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The amendments to current GAAP are summarized as follows: · Supersede current guidance to classify equity securities into different categories (i.e. trading or available-for-sale); · Require equity investments to be measured at fair value with changes in fair value recognized in net income, rather than other comprehensive income. This excludes those investments accounted for under the equity method, or those that result in consolidation of the investee; · Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (similar to goodwill); · Eliminate the requirement to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost; · Require the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; · Require an entity to present separately in other comprehensive income the portion of the change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with fair value option for financial instruments; · Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities, or loans and receivables) on the balance sheet or accompanying notes to the financial statements; · Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. CIT is currently evaluating the impact of adopting this amendment on its financial instruments. Leases ASU 2016-02, which is intended to increase transparency and comparability of accounting for lease transactions, will require all leases to be recognized on the balance sheet as lease assets and lease liabilities. Lessor accounting remains similar to the current model, but updated to align with certain changes to the lessee model (e.g., certain definitions, such as initial direct costs, have been updated) and the new revenue recognition standard. Lease classifications by lessors are similar; operating, direct financing, or sales-type. Lessees will need to recognize a right-of-use asset and a lease liability for virtually all of their leases. The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit thresholds. The ASU will require both quantitative and qualitative disclosures regarding key information about leasing arrangements. The standard is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. CIT is currently evaluating the effect of this ASU on its financial statements and disclosures. Derivatives and Hedge Accounting ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. An entity will, however, still need to evaluate whether it is probable that the counterparty will perform under the contract as part of its ongoing effectiveness assessment for hedge accounting. Therefore, a novation (replacing one counterparty to a derivative instrument with a new counterparty) of a derivative to a counterparty with a sufficiently high credit risk could still result in the dedesignation of the hedging relationship. The new guidance, which may be applied either on a prospective basis or a modified retrospective basis, is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. CIT is currently reviewing the impact of adopting this guidance on CIT’s financial statement or disclosures. ASU 2016-06 clarifies that in assessing whether an embedded contingent put or call option is clearly and closely related to the debt host, an entity is required to perform only the four-step decision sequence in ASC 815, as amended by the ASU. Accordingly, when a call (put) option is contingently exercisable, there is no requirement that an entity must assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. The new guidance is effective for public business entities in interim and annual periods in fiscal years beginning after December 15, 2016. Early adoption is permitted in any interim period for which the entity’s financial statements have not been issued but would be retroactively applied to the beginning of the year that includes that interim period. CIT is currently evaluating the effect of this ASU on its financial statements and disclosures. Equity method and joint ventures ASU 2016-07 eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. For available-for-sale securities that become eligible for the equity method of accounting, any unrealized gain or loss recorded within accumulated other comprehensive income should be recognized in earnings at the date the investment initially qualifies for the use of the equity method. The new standard should be applied prospectively for investments that qualify for the equity method of accounting after the effective date. For all entities, public and nonpublic, the new standard is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. CIT is currently evaluating the effect of this ASU on its financial statements and disclosures. Revenue Recognition ASU 2014-09 will supersede virtually all of the revenue recognition guidance in GAAP, except as it relates to lease accounting. The core principle of the five-step model is that a company will recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. In doing so, many companies will have to make more estimates and use more judgment than they do under current GAAP. The five-step analysis of transactions, to determine when and how revenue is recognized, includes: 1. Identify the contract with the customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations. 5. Recognize revenue when or as each performance obligation is satisfied. Companies can choose to apply the standard using either the full retrospective approach or a modified retrospective approach. Under the modified approach, financial statements will be prepared for the year of adoption using the new standard, but prior periods will not be adjusted. Instead, companies will recognize a cumulative catch-up adjustment to the opening balance of retained earnings at the effective date for contracts that still require performance by the company and disclose all line items in the year of adoption as if they were prepared under today’s revenue guidance. ASU 2015-14 deferred the effective date one year for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period, which means CIT would apply the standard in their SEC filings for the first quarter of 2018. Public companies that choose full retrospective application will need to apply the standard to amounts they report for 2016 and 2017 on the face of their full year 2018 financial statements. ASU 2016-08 clarifies that when another party, along with the entity, is involved in providing a good or service to a customer, the entity must determine if the nature of its obligation is to provide a good or service to a customer (that is, to be a principal) or is to arrange for the good or service to be provided to the customer (that is, to act as an agent). When (or as) an entity that is a principal satisfies a performance obligation, the entity recognizes revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. ASU 2016-08 also amends the principal-versus agent implementation guidance and illustrations in ASU 2014-09. ASU 2016-10 clarifies identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. For identifying performance obligations, the ASU specifies that an entity is not required to assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract. In addition, an entity is permitted to account for shipping and handling activities that occur after the customer has obtained control of a good as an activity to fulfill the promise to transfer the good rather than as an additional promised service. The ASU also improves the guidance on assessing whether promises to transfer goods or services are separately identifiable. For licensing implementation, the ASU clarifies the timing of revenue recognition from a license to intellectual property. In addition, a sales-based or usage-based royalty is promised in exchange for a license and, therefore, the royalty’s recognition constraint applies whenever a license is the sole or predominant item to which the royalty relates. The effective date and transition of ASU 2016-08 and 2016-10 aligns with ASU 2014-09, effective for fiscal years beginning after December 15, 2017. CIT is currently reviewing the impact of adoption of these ASUs and has not determined the method of adoption or the effect of the standard on its ongoing financial reporting. Stock Compensation ASU 2016-09 simplifies several aspects of the accounting for share-based payment award transactions to employees, including: · Require companies to record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement; a Company would account for excess tax benefits and deficiencies as discrete items in the period in which they occur (i.e. they would be excluded from the estimated annual effective tax rate). · Eliminate the requirement that excess tax benefits be realized (i.e. reduce income taxes payable) before being recognized, and to require excess tax benefits to be presented as an operating activity in the statement of cash flows. · Use employee’s shares to satisfy the employers’ statutory income tax withholding obligation. The threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions. Cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. · An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. For the amendments that change the recognition and measurement of share-based payment awards, the new guidance requires transition under a modified retrospective approach, with a cumulative-effect adjustment made to retained earnings as of the beginning of the fiscal period in which the guidance is adopted. Prospective application is required for the accounting for excess tax benefits and tax deficiencies and for use of the practical expedient for estimating the expected term. An entity should apply the new guidance retrospectively for all periods presented related to the classification of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirements. It can elect to apply the new guidance either prospectively or retrospectively, however, to the presentation of excess tax benefits on the statement of cash flows. The guidance would be effective for public entities for annual reporting periods beginning after December 15, 2016. Early adoption would be permitted. CIT is currently evaluating the effect of this ASU on its financial statements and disclosures. |
Acquisition And Disposition A27
Acquisition And Disposition Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Acquisition And Disposition Activities [Abstract] | |
Condensed Balance Sheet, Statement Of Operations, And Cash Flows From Discontinued Operations | Condensed Balance Sheet of Discontinued Operations (dollars in millions) March 31, 2016 December 31, 2015 Net Finance Receivables (1) $ 434.5 $ 449.5 Other assets (2) 55.0 51.0 Assets of discontinued operations $ 489.5 $ 500.5 Secured borrowings (1) $ 425.8 $ 440.6 Other liabilities (3) 259.0 255.6 Liabilities of discontinued operations $ 684.8 $ 696.2 (1) Net finance receivables include $424.4 million and $440.2 million of securitized balances at March 31, 2016 and December 31, 2015, respectively, and $10.1 million and $9.3 million of additional draws awaiting securitization respectively. Secured borrowings relate to those receivables. (2) Amount includes servicing advances, servicer receivables and property and equipment, net of accumulated depreciation. (3) Other liabilities include contingent liabilities and other accrued liabilities. The results from discontinued operations, net of tax, for the quarters ended March 31, 2016 is presented below. There was no activity from discontinued operations in the prior year quarter. Condensed Statements of Operation (dollars in millions) Quarter Ended March 31, 2016 Interest income (1) $ 3.0 Interest expense (1) (3.0) Other income 8.8 Operating expenses (2) (16.2) Loss from discontinued operation before benefit (provision) for income taxes (7.4) Benefit for income taxes (3) 2.6 Loss from discontinued operation, net of taxes $ (4.8) (1) Includes amortization for the premium associated with the HECM loans and related secured borrowings. (2) For the quarter ended March 31, 2016 , operating expense is comprised of $0.8 million in salaries and benefits, $3.9 million in professional and legal services and $11.5 million for other expenses such as data proc essing, premises and equipment, and miscellaneous charges. (3) The Company’s tax rate for discontinued operations is 35% for the quarter ended March 31, 2016 . Condensed Statement of Cash Flows (dollars in millions) Quarter Ended March 31, 2016 Net cash flows used for operations $ (10.2) Net cash flows provided by investing activities 19.8 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans [Abstract] | |
Schedule Of Finance Receivables By Product | Finance Receivables by Product (dollars in millions) March 31, December 31, 2016 2015 Commercial Loans $ 21,340.3 $ 21,380.9 Direct financing leases and leveraged leases 3,210.3 3,427.5 Total commercial 24,550.6 24,808.4 Consumer Loans 6,858.0 6,863.3 Total finance receivables 31,408.6 31,671.7 Finance receivables held for sale 2,051.9 1,985.1 Finance receivables and held for sale receivables (1) $ 33,460.5 $ 33,656.8 (1) Assets held for sale on the Balance Sheet includes finance receivables and operating lease equipment primarily related to portfolios in Canada, China, international business air and the U.K. As discussed in subsequent tables, since the Company manages the credit risk and collections of finance receivables held for sale consistently with its finance receivables held for investment, the aggregate amount is presented in this table. |
Schedule Of Finance Receivables By Segment, Based On Obligor Location | Finance Receivables (dollars in millions) March 31, 2016 December 31, 2015 Domestic Foreign Total Domestic Foreign Total Transportation Finance $ 776.2 $ 2,010.5 $ 2,786.7 $ 815.1 $ 2,727.0 $ 3,542.1 Commercial Banking 21,088.8 348.4 21,437.2 20,607.9 321.3 20,929.2 Consumer and Community Banking (1) 7,184.7 – 7,184.7 7,200.4 – 7,200.4 Total $ 29,049.7 $ 2,358.9 $ 31,408.6 $ 28,623.4 $ 3,048.3 $ 31,671.7 The Consumer and Community Banking segment includes certain commercial loans, primarily consisting of a portfolio of SBA loans. These loans are excluded from the Consumer loan balance and included in the Commercial loan balances in the tables throughout this note. |
Components Of Net Investment In Finance Receivables | Components of Net Investment in Finance Receivables (dollars in millions) March 31, December 31, 2016 2015 Unearned income $ (844.5) $ (870.4) Unamortized premiums / (discounts) (22.9) (34.0) Accretable yield on Purchased Credit-Impaired ("PCI") loans 1,279.7 1,294.0 Net unamortized deferred costs and (fees) (1) 47.5 42.9 (1) Balance relates to Commercial Banking and Transportation Finance segments. |
Finance And Held-For-Sale Receivables - By Risk Rating | Commercial Finance and Held for Sale Receivables – Risk Rating by Class / Segment (dollars in millions) Grade: Pass Special Mention Classified- accruing Classified- non-accrual PCI Loans Total March 31, 2016 Transportation Finance Aerospace $ 1,507.5 $ 84.1 $ 34.8 $ 21.7 $ – $ 1,648.1 Rail 114.4 2.8 0.9 – – 118.1 Maritime Finance 914.9 383.2 369.1 – – 1,667.2 Total Transportation 2,536.8 470.1 404.8 21.7 – 3,433.4 Commercial Banking Commercial Finance 8,020.9 748.8 554.3 148.9 51.7 9,524.6 Real Estate Finance 4,939.4 277.6 53.4 7.3 85.2 5,362.9 Business Capital 5,678.9 437.8 595.5 59.0 – 6,771.2 Total Commercial Banking 18,639.2 1,464.2 1,203.2 215.2 136.9 21,658.7 Consumer & Community Banking Other Consumer Banking 303.4 10.8 16.0 – 4.7 334.9 Non- Strategic Portfolios 943.3 72.7 57.7 51.1 – 1,124.8 Total $ 22,422.7 $ 2,017.8 $ 1,681.7 $ 288.0 $ 141.6 $ 26,551.8 December 31, 2015 Transportation Finance Aerospace $ 1,635.7 $ 65.0 $ 46.2 $ 15.4 $ – $ 1,762.3 Rail 118.9 1.4 0.6 – – 120.9 Maritime Finance 1,309.0 162.0 207.4 – – 1,678.4 Total Transportation Finance 3,063.6 228.4 254.2 15.4 – 3,561.6 Commercial Banking Commercial Finance 8,215.0 626.4 389.9 131.5 69.4 9,432.2 Real Estate Finance 5,143.2 97.6 18.6 3.6 94.6 5,357.6 Business Capital 5,649.0 517.0 320.1 56.0 – 6,542.1 Total Commercial Banking 19,007.2 1,241.0 728.6 191.1 164.0 21,331.9 Consumer & Community Banking Other Consumer Banking 300.6 12.1 18.3 – 5.3 336.3 Non- Strategic Portfolios 1,286.3 115.4 60.1 56.0 – 1,517.8 Total $ 23,657.7 $ 1,596.9 $ 1,061.2 $ 262.5 $ 169.3 $ 26,747.6 |
Schedule Of Consumer Loan LTV Distributions | Single Family Residential Reverse Mortgage March 31, 2016 Covered Loans Non-covered Loans Total Single Family Covered Loans Non-covered loans Total Reverse Total Consumer Non- PCI PCI Non- PCI PCI Residential Non- PCI Non- PCI PCI Mortgages Loans Greater than 125% $ 1.6 $ 356.7 $ 12.2 $ 2.0 $ 372.5 $ 0.8 $ 5.0 $ 36.5 $ 42.3 $ 414.8 101% - 125% 2.8 562.6 12.2 – 577.6 1.8 8.1 13.6 23.5 601.1 80% - 100% 385.4 574.4 23.6 – 983.4 26.0 41.4 8.8 76.2 1,059.6 Less than 80% 1,618.2 847.0 1,546.3 6.9 4,018.4 432.9 311.1 10.8 754.8 4,773.2 Not Applicable (1) – – 9.3 – 9.3 – – – – 9.3 Total $ 2,008.0 $ 2,340.7 $ 1,603.6 $ 8.9 $ 5,961.2 $ 461.5 $ 365.6 $ 69.7 $ 896.8 $ 6,858.0 Single Family Residential Reverse Mortgage December 31, 2015 Covered Loans Non-covered Loans Total Single Family Covered Loans Non-covered loans Total Reverse Total Consumer Non- PCI PCI Non- PCI PCI Residential Non- PCI Non- PCI PCI Mortgages Loans Greater than 125% $ 1.1 $ 395.6 $ 0.8 $ 15.7 $ 413.2 $ 1.0 $ 3.9 $ 39.3 $ 44.2 $ 457.4 101% - 125% 3.6 619.9 0.2 14.9 638.6 2.5 6.5 17.0 26.0 664.6 80% - 100% 449.3 552.1 14.3 11.4 1,027.1 26.5 37.4 7.0 70.9 1,098.0 Less than 80% 1,621.0 829.3 1,416.1 12.9 3,879.3 432.6 312.5 11.1 756.2 4,635.5 Not Applicable (1) – – 7.8 – 7.8 – – – – 7.8 Total $ 2,075.0 $ 2,396.9 $ 1,439.2 $ 54.9 $ 5,966.0 $ 462.6 $ 360.3 $ 74.4 $ 897.3 $ 6,863.3 (1) Certain Consumer Loans do not have LTV’s, including the Credit Card portfolio. |
Schedule Of Covered Loans By Segment | Covered Loans (dollars in millions) PCI Non-PCI Total Consumer and Community Banking loans HFI at carrying value $ 2,340.7 $ 2,469.5 $ 4,810.2 |
Finance And Held For Sale Receivables - Delinquency Status | Past Due Loans (dollars in millions) Past Due 30–59 Days 60–89 Days 90 Days or Total PCI Loans Past Due Past Due Greater Past Due Current (1) (2) Total Finance Receivables March 31, 2016 Transportation Finance Aerospace $ 7.1 $ – $ 20.8 $ 27.9 $ 1,620.2 $ – $ 1,648.1 Rail 5.0 0.8 7.0 12.8 105.3 – 118.1 Maritime Finance – – – – 1,667.2 – 1,667.2 Total Transportation Finance 12.1 0.8 27.8 40.7 3,392.7 – 3,433.4 Commercial Banking Commercial Finance 3.8 43.7 16.1 63.6 9,417.6 51.7 9,532.9 Real Estate Finance 1.0 – – 1.0 5,276.7 85.2 5,362.9 Business Capital 117.7 18.6 19.8 156.1 6,615.1 – 6,771.2 Total Commercial Banking 122.5 62.3 35.9 220.7 21,309.4 136.9 21,667.0 Consumer & Community Banking Legacy Consumer Mortgages 18.0 8.2 35.2 61.4 2,872.5 2,419.3 5,353.2 Other Consumer Banking 2.3 0.5 2.1 4.9 1,872.5 4.7 1,882.1 Total Consumer & Community Banking 20.3 8.7 37.3 66.3 4,745.0 2,424.0 7,235.3 Non-Strategic Portfolios 24.3 5.9 21.6 51.8 1,073.0 – 1,124.8 Total $ 179.2 $ 77.7 $ 122.6 $ 379.5 $ 30,520.1 $ 2,560.9 $ 33,460.5 December 31, 2015 Transportation Finance Aerospace $ 1.4 $ – $ 15.4 $ 16.8 $ 1,745.5 $ – $ 1,762.3 Rail 8.5 2.0 2.1 12.6 108.3 – 120.9 Maritime Finance – – – – 1,678.4 – 1,678.4 Total Transportation Finance 9.9 2.0 17.5 29.4 3,532.2 – 3,561.6 Commercial Banking Commercial Finance – – 20.5 20.5 9,342.3 69.4 9,432.2 Real Estate Finance 1.9 – 0.7 2.6 5,260.4 94.6 5,357.6 Business Capital 131.1 32.8 26.8 190.7 6,351.4 – 6,542.1 Total Commercial Banking 133.0 32.8 48.0 213.8 20,954.1 164.0 21,331.9 Consumer & Community Banking Legacy Consumer Mortgages 15.8 1.7 4.1 21.6 2,923.8 2,526.2 5,471.6 Other Consumer Banking 2.7 0.3 0.4 3.4 1,765.2 5.3 1,773.9 Total Consumer & Community Banking 18.5 2.0 4.5 25.0 4,689.0 2,531.5 7,245.5 Non-Strategic Portfolios 18.7 22.1 33.7 74.5 1,443.3 – 1,517.8 Total $ 180.1 $ 58.9 $ 103.7 $ 342.7 $ 30,618.6 $ 2,695.5 $ 33,656.8 (1) Due to their nature, reverse mortgage loans are included in Current, as they do not have contractual payments due at a specified time. PCI loans are written down at acquisition to their fair value using an estimate of cash flows deemed to be collectible. Accordingly, such loans are no longer classified as past due or non-accrual even though they may be contractually past due as we expect to fully collect the new carrying values of these loans. |
Finance Receivables On Non-accrual Status | Finance Receivables on Non-Accrual Status (dollars in millions) March 31, 2016 December 31, 2015 Held for Investment Held for Sale Total Held for Investment Held for Sale Total Transportation Finance Aerospace $ 0.9 $ 20.8 $ 21.7 $ 15.4 $ – $ 15.4 Total Transportation Finance 0.9 20.8 21.7 15.4 – 15.4 Commercial Banking Commercial Finance 148.9 – 148.9 120.5 11.0 131.5 Real Estate Finance 7.3 – 7.3 3.6 – 3.6 Business Capital 59.0 – 59.0 56.0 – 56.0 Total Commercial Banking 215.2 – 215.2 180.1 11.0 191.1 Consumer & Community Banking Legacy Consumer Mortgages 6.7 – 6.7 4.2 0.6 4.8 Other Consumer Banking – 0.4 0.4 – 0.4 0.4 Total Consumer & Community Banking 6.7 0.4 7.1 4.2 1.0 5.2 Non-Strategic Portfolios – 51.1 51.1 – 56.0 56.0 Total $ 222.8 $ 72.3 $ 295.1 $ 199.7 $ 68.0 $ 267.7 Repossessed assets and OREO 105.4 127.3 Total non-performing assets $ 400.5 $ 395.0 Commercial loans past due 90 days or more accruing $ 15.2 $ 15.6 Consumer loans past due 90 days or more accruing 29.9 0.2 Total Accruing loans past due 90 days or more $ 45.1 $ 15.8 |
Schedule Of Loans In Process Of Foreclosure | Loans in Process of Foreclosure (dollars in millions) (dollars in millions) March 31, 2016 December 31, 2015 PCI $ 275.3 $ 320.0 Non-PCI 112.3 71.0 Loans in process of foreclosure 387.6 391.0 OREO $ 95.5 $ 118.0 |
Impaired Loans | Impaired Loans (dollars in millions) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (3) March 31, 2016 With no related allowance recorded: Transportation Finance Aerospace $ 0.9 $ 6.7 $ – $ 0.2 Commercial Banking Commercial Finance 10.3 18.5 – 8.3 Business Capital 7.6 13.6 – 6.1 Real Estate Finance 4.1 4.2 – 1.5 Non-Strategic Portfolios – – – 4.7 With an allowance recorded: Transportation Finance Aerospace – – – 5.0 Commercial Banking Commercial Finance 138.4 152.5 33.6 74.9 Business Capital 13.0 13.0 6.2 8.0 Real Estate Finance 3.2 3.2 0.4 0.6 Non-Strategic Portfolios – – – 6.1 Total Impaired Loans (1) 177.5 211.7 40.2 115.4 Total Loans Impaired at Acquisition Date and Convenience Date (2) 2,560.9 3,769.4 4.3 1,619.9 Total $ 2,738.4 $ 3,981.1 $ 44.5 $ 1,735.3 December 31, 2015 With no related allowance recorded: Commercial Banking Commercial Finance 15.4 22.8 – 6.5 Business Capital 6.3 9.7 – 5.9 Real Estate Finance 0.2 0.8 – 0.7 Non-Strategic Portfolios – – – 7.3 With an allowance recorded: Transportation Finance Aerospace 15.4 15.4 0.4 5.0 Commercial Banking Commercial Finance 102.6 112.1 22.7 53.2 Business Capital 9.7 11.7 4.7 5.4 Non-Strategic Portfolios – – – 7.3 Total Impaired Loans (1) 149.6 172.5 27.8 91.3 Total Loans Impaired at Acquisition Date and Convenience Date (2) 2,695.5 3,977.3 4.9 1,108.0 Total $ 2,845.1 $ 4,149.8 $ 32.7 $ 1,199.3 (1) Interest income recorded for the three months ended March 31, 2016 and the year ended December 31, 2015 while the loans were impaired were $0.4 million and $1. 5 million of which $0. 2 million and $0.5 million was interest recognized using cash-basis method of accounting, respectively. (2) Details of finance receivables that were identified as impaired at the Acquisition Date are presented under Loans Acquired with Deteriorated Credit Quality. (3) Average recorded investment for the three months ended March 31, 2016 and year ended December 31, 2015. |
Purchased Credit Impaired Loans With Deteriorated Credit Quality | Purchased Credit Impaired Loans (1) (dollars in millions) March 31, 2016 Unpaid Principal Balance Carrying Value Allowance for Loan Losses Commercial Banking Commercial Finance $ 88.2 $ 51.7 $ 2.5 Real Estate Finance 144.8 85.2 0.5 Consumer & Community Banking Other Consumer Banking 6.2 4.7 – Legacy Consumer Mortgages 3,530.2 2,419.3 1.3 $ 3,769.4 $ 2,560.9 $ 4.3 December 31, 2015 Unpaid Principal Balance Carrying Value Allowance for Loan Losses Commercial Banking Commercial Finance $ 115.5 $ 69.4 $ 2.5 Real Estate Finance 161.1 94.6 0.6 Consumer & Community Banking Other Consumer Banking 6.8 5.3 – Legacy Consumer Mortgages 3,693.9 2,526.2 1.8 $ 3,977.3 $ 2,695.5 $ 4.9 (1) PCI loans from prior transactions were not significant and are not included. |
Summary Of Commercial PCI Loans | March 31, 2016 (dollars in millions) Non- criticized Criticized Total Commercial Banking $ 5.4 $ 46.3 $ 51.7 Commercial Real Estate 37.1 48.1 85.2 Total $ 42.5 $ 94.4 $ 136.9 December 31, 2015 Non- criticized Criticized Total Commercial Banking $ 5.3 $ 64.1 $ 69.4 Commercial Real Estate 33.2 61.4 94.6 Total $ 38.5 $ 125.5 $ 164.0 |
Schedule Of Changes To The Accretable Yield For PCI Loans | (dollars in millions) Accretable Yield Balance at December 31, 2015 $ 1,294.0 Accretion into interest income (49.6) Reclassification from non-accretable difference 45.0 Disposals and Other (9.7) Balance at March 31, 2016 $ 1,279.7 |
Estimated Future Advances To Reverse Mortgages | Future Advances (dollars in millions) Year Ending: 2016 $ 12.7 2017 14.4 2018 11.8 2019 9.7 2020 7.9 Years 2021 - 2025 21.7 Years 2026 - 2030 6.6 Years 2031 - 2035 1.7 Thereafter 0.4 Total (1), (2) $ 86.9 (1) This table does not take into consideration cash inflows including payments from mortgagors or payoffs based on contractual terms. (2) This table includes the reverse mortgages supported by the Company as a result of the IndyMac loss-share agreements with the FDIC. As of March 31, 2016, the Company is responsible for funding up to a remaining $48 million of the total amount. Refer to the Indemnification Asset footnote for more information on this agreement and the Company’s responsibilities toward this reverse mortgage portfolio. |
Allowance For Loan Losses (Tabl
Allowance For Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Allowance For Loan Losses [Abstract] | |
Schedule Of Allowance For Loan Losses And Recorded Investment In Finance Receivables | Allowance for Loan Losses and Recorded Investment in Finance Receivables (dollars in millions) Transportation Finance Commercial Banking Consumer & Community Banking Non-Strategic Portfolios Corporate and Other Total Quarter Ended March 31, 2016 Balance - December 31, 2015 $ 39.4 $ 310.5 $ 10.3 $ – $ – $ 360.2 Provision for credit losses 22.7 73.5 3.1 – – 99.3 Other (1) 0.2 (5.1) 1.3 – – (3.6) Gross charge-offs (2) (19.6) (35.8) (0.7) – – (56.1) Recoveries – 4.0 0.8 – – 4.8 Balance - March 31, 2016 $ 42.7 $ 347.1 $ 14.8 $ – $ – $ 404.6 Allowance balance at March 31, 2016 Loans individually evaluated for impairment $ – $ 40.2 $ – $ – $ – $ 40.2 Loans collectively evaluated for impairment 42.7 303.9 13.5 – – 360.1 Loans acquired with deteriorated credit quality (3) – 3.0 1.3 – – 4.3 Allowance for loan losses $ 42.7 $ 347.1 $ 14.8 $ – $ – $ 404.6 Other reserves (1) $ – $ 48.1 $ 0.1 $ – $ – $ 48.2 Finance receivables at March 31, 2016 Loans individually evaluated for impairment $ 0.9 $ 176.6 $ – $ – $ – $ 177.5 Loans collectively evaluated for impairment 2,785.8 21,123.7 4,760.7 – – 28,670.2 Loans acquired with deteriorated credit quality (3) – 136.9 2,424.0 – – 2,560.9 Ending balance $ 2,786.7 $ 21,437.2 $ 7,184.7 $ – $ – $ 31,408.6 Percent of loans to total loans 8.9% 68.3% 22.9% 100% Transportation Finance Commercial Banking Consumer & Community Banking Non-Strategic Portfolios Corporate and Other Total Quarter Ended March 31, 2015 Balance - December 31, 2014 $ 26.5 $ 282.4 $ – $ 37.5 $ – $ 346.4 Provision for credit losses 6.4 24.4 – 3.8 – 34.6 Other (1) (0.2) (1.8) – (1.6) – (3.6) Gross charge-offs (2) – (22.6) – (4.0) – (26.6) Recoveries – 3.3 – 2.4 – 5.7 Balance - March 31, 2015 $ 32.7 $ 285.7 $ – $ 38.1 $ – $ 356.5 Allowance balance at March 31, 2015 Loans individually evaluated for impairment $ – $ 13.4 $ – $ 1.4 $ – $ 14.8 Loans collectively evaluated for impairment 32.7 272.3 – 36.7 – 341.7 Loans acquired with deteriorated credit quality (3) – – – – – – Allowance for loan losses $ 32.7 $ 285.7 $ – $ 38.1 $ – $ 356.5 Other reserves (1) $ 0.5 $ 36.6 $ – $ 0.2 $ – $ 37.3 Finance receivables at March 31, 2015 Loans individually evaluated for impairment $ – $ 48.3 $ – $ 19.4 $ – $ 67.7 Loans collectively evaluated for impairment 2,944.1 15,010.5 – 1,406.9 – 19,361.5 Loans acquired with deteriorated credit quality (3) – 0.1 – – – 0.1 Ending balance $ 2,944.1 $ 15,058.9 $ – $ 1,426.3 $ – $ 19,429.3 Percentage of loans to total loans 15.2% 77.5% 0% 7% 0% 100% (1) “Other reserves” represents additional credit loss reserves for unfunded lending commitments, letters of credit and for deferred purchase agreements, all of which is recorded in Other liabilities. “Other” also includes changes relating to loans that were charged off and reimbursed by the FDIC under the indemnification provided by the FDIC, sales and foreign currency translations. (2) Gross charge-offs of amounts specifically reserved in prior periods included $7 million charged directly to the Allowance for loan losses for the quarter to date March 31, 2016 related to Commercial Banking. Gross charge-offs included $21 million charged directly to the Allowance for loan losses for the year ended December 31, 2015. $1 million related to TF, $15 million related to Commercial Finance and $5 million related to NSP. (3) Represents loans considered impaired as part of the OneWest transaction and are accounted for under the guidance in ASC 310-30 (Loans and Debt Securities Acquired with Deteriorated Credit Quality). |
Indemnification Assets (Tables)
Indemnification Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Indemnification Assets [Line Items] | |
Carrying Value Of Recognized Indemnification Assets And Related Receivables/Payables | Indemnification Assets (dollars in millions) March 31, 2016 IndyMac La Jolla Transaction Transaction Total Loan indemnification $ 310.8 $ 2.5 $ 313.3 Reverse mortgage indemnification 10.7 – 10.7 Agency claims indemnification 65.4 – 65.4 Total $ 386.9 $ 2.5 $ 389.4 Receivable from (Payable to) the FDIC $ 19.8 $ (1.6) $ 18.2 December 31, 2015 IndyMac La Jolla Transaction Transaction Total Loan indemnification $ 338.6 $ 0.3 $ 338.9 Reverse mortgage indemnification 10.3 – 10.3 Agency claims indemnification 65.6 – 65.6 Total $ 414.5 $ 0.3 $ 414.8 Receivable from (Payable to) the FDIC $ 18.6 $ (1.9) $ 16.7 |
Submission Of Qualifying Losses For Reimbursement From FDIC | March 31, 2016 SFR Commercial (1) Total Unpaid principal balance $ 82.4 $ – $ 82.4 Cumulative losses incurred 56.2 355.6 411.8 Cumulative claims 56.2 355.6 411.8 Cumulative reimbursement 45.0 284.5 329.5 December 31, 2015 SFR Commercial (1) Total Unpaid principal balance $ 89.3 $ – $ 89.3 Cumulative losses incurred 56.2 359.5 415.7 Cumulative claims 56.2 359.5 415.7 Cumulative reimbursement 45.0 287.6 332.6 (1) Due to the expiration of the loss share agreement covering commercial loans in March 2015, the outstanding unpaid principal balance eligible for reimbursement is zero. As provided by the loss share agreement, the loss recoveries for commercial loans extend for three years from expiration date (March 2018). As such, the cumulative losses incurred, claim submissions and reimbursements for commercial loans are reduced by the reported recoveries. |
IndyMac Transaction [Member] | |
Indemnification Assets [Line Items] | |
Submission Of Qualifying Losses For Reimbursement From FDIC | March 31, 2016 December 31, 2015 Unpaid principal balance $ 4,232.8 $ 4,372.8 Cumulative losses incurred 3,662.2 3,623.4 Cumulative claims 3,647.0 3,608.4 Cumulative reimbursement 838.5 802.6 |
First Federal Transaction [Member] | |
Indemnification Assets [Line Items] | |
Submission Of Qualifying Losses For Reimbursement From FDIC | March 31, 2016 SFR Commercial (1) Total Unpaid principal balance $ 1,407.3 $ – $ 1,407.3 Cumulative losses incurred 411.5 9.0 420.5 Cumulative claims 411.0 9.0 420.0 Cumulative reimbursement – – - December 31, 2015 SFR Commercial (1) Total Unpaid principal balance $ 1,456.8 $ – $ 1,456.8 Cumulative losses incurred 408.5 9.0 417.5 Cumulative claims 407.2 9.0 416.2 Cumulative reimbursement - - - (1) Due to the expiration of the loss share agreement covering commercial loans in December 2014, the outstanding unpaid principal balance eligible for reimbursement is zero . As provided by the loss share agreement, the loss recoveries for commercial loans extend for three years from expiration date (December 201 7 ). As such, the cumulative losses incurred, claim submissions and reimbursements for commercial loans are reduced by the reported recoveries. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Gain (Loss) on Investments [Line Items] | |
Schedule Of Investment Securities | Investment Securities (dollars in millions) March 31, December 31, 2016 2015 Available-for-sale securities Debt securities $ 1,983.3 $ 2,007.8 Equity securities 14.5 14.3 Held-to-maturity securities Debt securities (1) 291.1 300.1 Securities carried at fair value with changes recorded in net income Debt securities 323.0 339.7 Non-marketable investments (2) 284.9 291.9 Total investment securities $ 2,896.8 $ 2,953.8 (1) Recorded at amortized cost. (2) Non-marketable investments include securities of the FRB and FHLB carried at cost of $261.3 million at March 31, 2016 and $263.5 million at December 31, 2015. The remaining non-marketable investments include ownership interests greater than 3% in limited partnership investments that are accounted for under the equity method, other investments carried at cost, which include qualified Community Reinvestment Act (CRA) investments, equity fund holdings and shares issued by customers during loan work out situations or as part of an original loan investment, totaling $23.6 million and $28.4 million in March 31, 2016 and December 31, 2015, respectively. |
Schedule Of Interest And Dividend Income | Interest and Dividend Income (dollars in millions) Quarters Ended March 31, 2016 2015 Interest income - investments / reverse repos $ 19.2 $ 4.1 Interest income - interest bearing deposits 8.4 4.0 Dividends - investments 3.3 0.5 Total interest and dividends $ 30.9 $ 8.6 |
Amortized Cost And Fair Value Of Securities Available-For-Sale | Securities AFS — Amortized Cost and Fair Value (dollars in millions) Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value Debt securities AFS Mortgage-backed Securities U.S. government agency securities $ 144.0 $ 1.4 $ (0.1) $ 145.3 Non-agency securities 549.6 1.0 (10.0) 540.6 U.S. government agency obligations 996.7 0.4 – 997.1 Supranational and foreign government securities 300.3 – – 300.3 Total debt securities AFS 1,990.6 2.8 (10.1) 1,983.3 Equity securities AFS 14.4 0.3 (0.2) 14.5 Total securities AFS $ 2,005.0 $ 3.1 $ (10.3) $ 1,997.8 December 31, 2015 Debt securities AFS Mortgage-backed Securities U.S. government agency securities $ 148.4 $ – $ (0.9) $ 147.5 Non-agency securities 573.9 0.4 (7.2) 567.1 U.S. government agency obligations 996.8 – (3.7) 993.1 Supranational and foreign government securities 300.1 – – 300.1 Total debt securities AFS 2,019.2 0.4 (11.8) 2,007.8 Equity securities AFS 14.4 0.1 (0.2) 14.3 Total securities AFS $ 2,033.6 $ 0.5 $ (12.0) $ 2,022.1 |
Schedule Of Debt Securities AFS - Estimated Unrealized Losses | Securities AFS – Gross Unrealized Loss ( dollars in millions) March 31, 2016 Less than 12 months 12 months or greater Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 27.4 $ (0.1) $ – $ – Non-agency securities 454.0 (10.0) – – Total debt securities AFS 481.4 (10.1) – – Equity securities AFS 0.2 (0.2) – – Total securities available-for-sale $ 481.6 $ (10.3) $ – $ – December 31, 2015 Less than 12 months 12 months or greater Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 147.0 $ (0.9) $ – $ – Non-agency securities 495.5 (7.2) – – U.S. government agency obligations 943.0 (3.7) – – Total debt securities AFS 1,585.5 (11.8) – – Equity securities AFS 0.2 (0.2) – – Total securities available-for-sale $ 1,585.7 $ (12.0) $ – $ – |
Schedule Of Securities Carried At Fair Value With Changes Recorded In Net Income | Securities Carried at Fair Value with Changes Recorded in Net Income (dollars in millions) Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value Mortgage-backed Securities - Non-agency $ 328.5 $ 0.3 $ (5.8) $ 323.0 Total securities held at fair value with changes recorded in net income $ 328.5 $ 0.3 $ (5.8) $ 323.0 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Mortgage-backed Securities - Non-agency $ 343.8 $ 0.3 $ (4.4) $ 339.7 Total securities held at fair value with changes recorded in net income $ 343.8 $ 0.3 $ (4.4) $ 339.7 |
Schedule Of Amortized Cost And Fair Value Maturities With Changes Recorded In Net Income | Securities Carried at Fair Value with changes Recorded in Net Income – Amortized Cost and Fair Value Maturities (dollars in millions) March 31, 2016 Amortized Fair Weighted Average Cost Value Yield Mortgage-backed securities - non agency securities After 5 but within 10 years $ 0.2 $ 0.2 9.80% Due after 10 years 328.3 322.8 4.86% Total $ 328.5 323.0 4.86% |
Carrying Value And Fair Value Of Securities Held-To-Maturity | Debt Securities HTM — Carrying Value and Fair Value (dollars in millions) Gross Gross Carrying Unrealized Unrealized Fair Value Gains Losses Value March 31, 2016 Mortgage-backed securities U.S. government agency securities $ 141.6 $ 1.7 $ (0.9) $ 142.4 State and municipal 31.5 – (0.9) 30.6 Foreign government 2.4 0.1 – 2.5 Corporate - foreign 115.6 4.4 (2.0) 118.0 Total debt securities held-to-maturity $ 291.1 $ 6.2 $ (3.8) $ 293.5 December 31, 2015 Mortgage-backed securities U.S. government agency securities $ 147.2 $ 1.1 $ (2.6) $ 145.7 State and municipal 37.1 – (1.6) 35.5 Foreign government 13.5 – – 13.5 Corporate - foreign 102.3 4.5 – 106.8 Total debt securities held-to-maturity $ 300.1 $ 5.6 $ (4.2) $ 301.5 |
Schedule Of Debt Securities Held-To-Maturity, Amortized Cost And Fair Value Maturities | Debt Securities HTM — Amortized Cost and Fair Value Maturities (dollars in millions) March 31, 2016 Amortized Fair Weighted Average Cost Value Yield Mortgage-backed securities - U.S. government agency securities After 5 but within 10 years $ 1.3 $ 1.3 2.15% Due after 10 years 140.3 141.1 2.43% Total 141.6 142.4 2.42% State and municipal Due within 1 year $ 0.6 $ 0.6 1.81% After 1 but within 5 years 1.2 1.2 2.25% After 5 but within 10 years 0.6 0.6 2.70% Due after 10 years 29.1 28.2 2.29% Total 31.5 30.6 2.29% Foreign government After 1 but within 5 years $ 2.4 $ 2.5 2.43% Total 2.4 2.5 2.43% Corporate - Foreign securities Due within 1 year $ 11.6 $ 11.6 0.76% After 1 but within 5 years 104.0 106.4 4.54% Total 115.6 118.0 4.16% Total debt securities held-to-maturity $ 291.1 $ 293.5 3.10% |
Schedule Of Debt Securities HTM - Estimated Unrealized Losses | Debt Securities HTM – Gross Unrealized Loss (dollars in millions) March 31, 2016 Less than 12 months 12 months or greater Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Mortgage-backed securities U.S. government agency securities $ 19.3 $ (0.1) $ 42.7 $ (0.8) State and municipal – – 24.5 (0.9) Corporate - Foreign 64.0 (2.0) Total securities held-to-maturity $ 83.3 $ (2.1) $ 67.2 $ (1.7) December 31, 2015 Less than 12 months 12 months or greater Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Mortgage-backed securities U.S. government agency securities $ 62.2 $ (0.9) $ 40.7 $ (1.7) State and municipal 3.1 (0.1) 28.2 (1.5) Total securities held-to-maturity $ 65.3 $ (1.0) $ 68.9 $ (3.2) |
Available-For-Sale Securities [Member] | |
Gain (Loss) on Investments [Line Items] | |
Amortized Cost And Fair Value Of Debt Securities By Contractual Maturity Dates | Securities AFS – Maturities (dollars in millions) March 31, 2016 Amortized Fair Weighted Average Cost Value Yield Mortgage-backed securities - U.S. government agency securities Due after 10 years $ 144.0 $ 145.3 3.27% Total 144.0 145.3 3.27% Mortgage-backed securities - non agency securities After 5 but within 10 years 25.7 25.4 4.92% Due after 10 years 523.9 515.2 5.75% Total 549.6 540.6 5.71% U.S. government agency obligations After 1 but within 5 years 996.7 997.1 1.20% Total 996.7 997.1 1.20% Supranational and foreign government securities Due within 1 year 300.3 300.3 0.33% Total 300.3 300.3 0.33% Total debt securities available-for-sale $ 1,990.6 $ 1,983.3 2.47% |
OneWest Bank [Member] | Mortgage-Backed Securities [Member] | |
Gain (Loss) on Investments [Line Items] | |
Changes In Accretable Yield For Purchased Credit-Impaired Securities | Changes in Accretable Yield (dollars in millions) Total Balance at December 31, 2015 $ 189.0 Accretion into interest income (7.8) Reclassifications from non-accretable difference 3.9 Balance at March 31, 2016 $ 185.1 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Schedule Of Deposits | Deposits (dollars in millions) March 31, December 31, 2016 2015 Deposits Outstanding $ 32,892.7 $ 32,782.2 Weighted average contractual interest rate 1.26% 1.26% Weighted average remaining number of days to maturity 827 days 864 days March 31, 2016 December 31, 2015 Daily average deposits $ 32,888.3 $ 23,277.8 Maximum amount outstanding 33,152.8 32,899.6 Weighted average contractual interest rate for the year 1.27% 1.45% |
Schedule Of Rates And Maturities Of Deposits | Deposits – Rates and Maturities (dollars in millions) March 31, 2016 Amount Average Rate Deposits – no stated maturity Non-interest-bearing checking $ 948.0 – Interest-bearing checking 3,034.0 0.53% Money market 5,572.0 0.82% Savings 4,751.9 0.84% Other 147.4 NM (1) Total checking and savings deposits $ 14,453.3 Certificates of deposit, remaining contractual maturity: Within one year $ 8,125.0 1.16% One to two years 3,248.2 1.39% Two to three years 1,402.1 1.86% Three to four years 2,285.7 2.32% Four to five years 1,329.8 2.34% Over five years 2,032.8 3.17% Total certificates of deposit 18,423.6 Premium / discount (0.9) Purchase accounting adjustments 16.7 Total Deposits $ 32,892.7 1.26% (1) Not Meaningful – includes certain deposits such as escrow accounts, security deposits and other similar accounts. |
Schedule Of Certificates Of Deposit $100 Thousand Or More | Certificates of Deposit $100 Thousand or More (dollars in millions) March 31, December 31, 2016 2015 U.S. certificates of deposit: Three months or less $ 1,465.9 $ 1,476.5 After three months through six months 1,166.7 1,462.6 After six months through twelve months 3,322.8 2,687.2 After twelve months 9,131.2 9,245.8 Total U.S. certificates of deposit $100 thousand or more $ 15,086.6 $ 14,872.1 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Instrument [Line Items] | |
Schedule Of Long-Term Borrowings | Borrowings (dollars in millions) March 31, 2016 December 31, 2015 CIT Group Inc. Subsidiaries Total Total (1) Senior Unsecured $ 10,587.3 $ – $ 10,587.3 $ 10,636.3 Secured borrowings: Structured financings – 4,309.0 4,309.0 4,687.9 FHLB advances – 3,116.3 3,116.3 3,117.6 Total Borrowings $ 10,587.3 $ 7,425.3 $ 18,012.6 $ 18,441.8 (2) December 31, 2015 balances for Senior Unsecured and Structured Financing were adjusted to include deferred debt issuance costs of $41.4 million and $55.9 million, respectively, compared to balances presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 , upon adoption and in accordance with the provision in ASU 2015-03. Previously these were included in other assets. |
Schedule Of FHLB Advances | FHLB Advances with Pledged Assets Summary (dollars in millions) March 31, 2016 December 31, 2015 FHLB Advances Pledged Assets FHLB Advances Pledged Assets Total $ 3,116.3 $ 6,649.0 $ 3,117.6 $ 6,783.1 |
Schedule Of Secured Financings And Pledged Assets | Structured Financings and Pledged Assets Summary (1) (dollars in millions) March 31, 2016 December 31, 2015 Secured Borrowing Pledged Assets Secured Borrowing Pledged Assets Rail (2) $ 885.4 $ 1,351.5 $ 917.0 $ 1,336.1 Aerospace (2) 2,031.0 3,676.9 2,091.5 3,732.2 Subtotal - Transportation Finance 2,916.4 5,028.4 3,008.5 5,068.3 Commercial Finance – 0.2 – 0.2 Business Capiital 925.5 2,479.3 1,128.6 2,434.1 Subtotal - Commercial Banking 925.5 2,479.5 1,128.6 2,434.3 Non-Strategic Portfolios 467.1 631.7 550.8 712.5 Total $ 4,309.0 $ 8,139.6 $ 4,687.9 $ 8,215.1 (1) As part of our liquidity management strategy, the Company pledges assets to secure financing transactions (which include securitizations), and for other purposes as required or permitted by law while CIT Bank, N.A. also pledges assets to secure borrowings from the FHLB and FRB. (2) At March 31, 2016, the GSI TRS related borrowings and pledged assets, respectively, of $1.1 billion and $1.7 billion were included in Transportation Finance. The GSI TRS is described in Note 9 — Derivative Financial Instruments. |
Assets and Liabilities in Unconsolidated VIEs | Unconsolidated VIEs (dollars in millions) Unconsolidated VIEs Carrying Value Unconsolidated VIEs Carrying Value March 31, 2016 December 31, 2015 Partnership Partnership Securities Investment Securities Investment Agency securities $ 145.3 $ – $ 147.5 $ – Non agency securities—Other servicer 863.6 – 906.8 – Tax credit equity investments – 121.8 – 125.0 Total Assets $ 1,008.9 $ 121.8 $ 1,054.3 $ 125.0 Commitments to tax credit investments $ – $ 11.4 $ – $ 15.7 Total Liabilities $ – $ 11.4 $ – $ 15.7 Maximum loss exposure (1) $ 1,008.9 $ 121.8 $ 1,054.3 $ 125.0 (1) Maximum loss exposure to the unconsolidated VIEs excludes the liability for representations and warranties, corporate guarantees and also excludes servicing advances. |
Senior Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Long-Term Borrowings | Senior Unsecured Notes (dollars in millions) Maturity Date Rate (%) Date of Issuance Par Value May 2017 5.000% May 2012 $ 1,208.7 August 2017 4.250% August 2012 1,725.8 March 2018 5.250% March 2012 1,465.0 April 2018 6.625% March 2011 695.0 February 2019 5.500% February 2012 1,750.0 February 2019 3.875% February 2014 1,000.0 May 2020 5.375% May 2012 750.0 August 2022 5.000% August 2012 1,250.0 August 2023 5.000% August 2013 750.0 Weighted average rate and total 5.02% $ 10,594.5 |
Derivative Financial Instrume34
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Financial Instruments [Abstract] | |
Fair And Notional Values Of Derivative Financial Instruments | Fair and Notional Values of Derivative Financial Instruments (1) (dollars in millions) March 31, 2016 December 31, 2015 Notional Asset Liability Notional Asset Liability Qualifying Hedges Amount Fair Value Fair Value Amount Fair Value Fair Value Foreign currency forward contracts – net investment hedges $ 790.3 0.2 (31.1) 787.6 45.5 (0.3) Total Qualifying Hedges 790.3 0.2 (31.1) 787.6 45.5 (0.3) Non-Qualifying Hedges Interest rate swaps (2) 4,739.4 91.2 (87.6) 4,645.7 45.1 (38.9) Written options 3,028.9 0.3 (1.5) 3,346.1 0.1 (2.5) Purchased options 2,363.3 1.5 (0.3) 2,342.5 2.2 (0.1) Foreign currency forward contracts 1,106.7 5.0 (40.0) 1,624.2 47.8 (6.6) Total Return Swap (TRS) 1,168.2 – (36.7) 1,152.8 – (54.9) Equity Warrants 1.0 – – 1.0 0.3 – Interest Rate Lock Commitments 8.5 0.2 – 9.9 0.1 – Credit derivatives 194.3 – (0.3) 37.6 – (0.3) Total Non-qualifying Hedges 12,610.3 98.2 (166.4) 13,159.8 95.6 (103.3) Total Hedges $ 13,400.6 $ 98.4 $ (197.5) $ 13,947.4 $ 141.1 $ (103.6) (1) Presented on a gross basis . (2) Fair value balances include accrued interest. |
Offsetting Of Derivative Assets And Liabilities | Offsetting of Derivative Assets and Liabilities (dollars in millions) Gross Amounts not offset in the Consolidated Balance Sheet Gross Amount of Recognized Assets (Liabilities) Gross Amount Offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet Derivative Financial Instruments (1) Cash Collateral Pledged/ (Received) (1)(2) Net Amount March 31, 2016 Derivative assets $ 98.4 $ – $ 98.4 $ (7.5) $ (0.1) $ 90.8 Derivative liabilities (197.5) – (197.5) 7.5 145.2 (44.8) December 31, 2015 Derivative assets $ 141.1 $ – $ 141.1 $ (9.7) $ (82.7) $ 48.7 Derivative liabilities (103.6) – (103.6) 9.7 31.8 (62.1) (1) The Company’s derivative transactions are governed by ISDA agreements that allow for net settlements of certain payments as well as offsetting of all contracts (“Derivative Financial Instruments”) with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. We believe our ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure. In conjunction with the ISDA agreements, the Company has entered into collateral arrangements with its counterparties which provide for the exchange of cash depending on change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties . (2) Collateral pledged or received is included in Other assets or Other liabilities, respectively. |
Derivative Instrument Gains And Losses | income. Derivative Instrument Gains and Losses (dollars in millions) Quarters Ended March 31, Derivative Instruments Gain / (Loss) Recognized 2016 2015 Non Qualifying Hedges Interest rate swaps Other income (2.9) (0.2) Interest rate options Other income 0.4 0.5 Foreign currency forward contracts Other income (33.9) 86.2 Equity warrants Other income (0.3) – Total Return Swap (TRS) Other income 18.2 (1.0) Credit Derivatives Other income 0.9 – Total Non-qualifying Hedges (17.6) 85.5 Total derivatives-income statement impact $ (17.6) $ 85.5 |
Changes In AOCI Relating To Derivatives | Changes in AOCI Relating to Derivatives (dollars in millions) Contract Type Derivatives - effective portion reclassified from AOCI to income Hedge ineffectiveness recorded directly in income Total income statement impact Derivatives - effective portion recorded in OCI Total change in OCI for period Quarter Ended March 31, 2016 Foreign currency forward contracts - net investment hedges $ 1.8 $ – $ 1.8 $ (38.0) $ (39.8) Total $ 1.8 $ – $ 1.8 $ (38.0) $ (39.8) Quarter Ended March 31, 2015 Foreign currency forward contracts - net investment hedges $ 4.2 $ – $ 4.2 $ 83.8 $ 79.6 Total $ 4.2 $ – $ 4.2 $ 83.8 $ 79.6 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | March 31, 2016 Total Level 1 Level 2 Level 3 Assets Debt Securities AFS $ 1,983.3 $ – $ 1,442.7 $ 540.6 Securities carried at fair value with changes recorded in net income 323.0 – – 323.0 Equity Securities AFS 14.5 0.2 14.3 – FDIC receivable 54.4 – – 54.4 Derivative assets at fair value -non-qualifying hedges (1) 98.2 – 98.0 0.2 Derivative assets at fair value - qualifying hedges 0.2 – 0.2 – Total $ 2,473.6 $ 0.2 $ 1,555.2 $ 918.2 Liabilities Derivative liabilities at fair value - non-qualifying hedges (1) $ (166.4) $ – $ (129.4) $ (37.0) Derivative liabilities at fair value - qualifying hedges (31.1) – (31.1) – Consideration holdback liability (61.4) – – (61.4) FDIC True-up Liability (58.0) – – (58.0) Total $ (316.9) $ – $ (160.5) $ (156.4) December 31, 2015 Assets Debt Securities AFS $ 2,007.8 $ – $ 1,440.7 $ 567.1 Securities carried at fair value with changes recorded in net income 339.7 – – 339.7 Equity Securities AFS (2) 14.3 0.3 14.0 – FDIC receivable 54.8 – – 54.8 Derivative assets at fair value -non-qualifying hedges (1) 95.6 – 95.6 – Derivative assets at fair value - qualifying hedges 45.5 – 45.5 – Total $ 2,557.7 $ 0.3 $ 1,595.8 $ 961.6 Liabilities Derivative liabilities at fair value - non-qualifying hedges (1) $ (103.3) $ – $ (47.8) $ (55.5) Derivative liabilities at fair value - qualifying hedges (0.3) – (0.3) – Consideration holdback liability (60.8) – – (60.8) FDIC True-up Liability (56.9) – – (56.9) Total $ (221.3) $ – $ (48.1) $ (173.2) (1) Derivative fair values include accrued interest |
Quantitative Information About Level 3 Fair Value Measurements-Recurring | Quantitative Information about Level 3 Fair Value Measurements—Recurring (dollars in millions) Financial Instrument Estimated Fair Value Valuation Technique(s) Significant Unobservable Inputs Range of Inputs Weighted Average March 31, 2016 Assets Securities—AFS $ 540.6 Discounted cash flow Discount Rate 0.0% - 61.4% 6.5% Prepayment Rate 2.4% - 21.4% 9.3% Default Rate 0.0% - 9.7% 4.0% Loss Severity 0.2% - 83.5% 36.5% Securities carried at fair value with changes recorded in net income $ 323.0 Discounted cash flow Discount Rate 0.0% - 70-5% 6.2% Prepayment Rate 5.1% - 23.5% 12.1% Default Rate 0.0% - 6.0% 4.40% Loss Severity 7.4% - 38.9% 25.6% FDIC Receivable 54.4 Discounted cash flow Discount Rate 7.8% - 18.4% 9.4% Prepayment Rate 2.0% - 14.0% 3.4% Default Rate 6.0% - 36.0% 10.8% Loss Severity 20.0% - 65.0% 31.1% Derivative assets - non qualifyng 0.2 Internal valuation model Borrower Rate 3.125% - 4.375% 3.824% Total Assets $ 918.2 Liabilities FDIC True-up liability $ (58.0) Discounted cash flow Discount Rate 4.2 % - 4.2% 4.2% Consideration holdback liability (61.4) Discounted cash flow Payment Probability 0% - 100% 53.8% Discount Rate 3.0% - 3.0% 3.0% Derivative liabilities - non qualifying (37.0) Market Comparables (1) Total Liabilities $ (156.4) Financial Instrument Estimated Fair Value Valuation Technique(s) Significant Unobservable Inputs Range of Inputs Weighted Average December 31, 2015 Assets Securities—AFS $ 567.1 Discounted cash flow Discount Rate 0.0% - 94.5% 6.4% Prepayment Rate 2.7% - 20.8% 9.2% Default Rate 0.0% - 9.5% 4.1% Loss Severity 0.2% - 83.5% 36.4% Securities carried at fair value with changes recorded in net income $ 339.7 Discounted cash flow Discount Rate 0.0% - 19.9% 6.3% Prepayment Rate 2.5% - 22.4% 11.5% Default Rate 0.0% - 5.9% 4.1% Loss Severity 3.8% - 39.0% 25.1% FDIC Receivable 54.8 Discounted cash flow Discount Rate 7.8% - 18.4% 9.4% Prepayment Rate 2.0% - 14.0% 3.6% Default Rate 6.0% - 36.0% 10.8% Loss Severity 20.0% - 65.0% 31.6% Total Assets $ 961.6 Liabilities FDIC True-up liability $ (56.9) Discounted cash flow Discount Rate 4.1 % - 4.1% 4.1% Consideration holdback liability (60.8) Discounted cash flow Payment Probability 0% - 100% 53.8% Discount Rate 3.0% - 3.0% 3.0% Derivative liabilities - non qualifying (55.5) Market Comparables (1) Total Liabilities $ (173.2) (1) The valuation of these derivatives is primarily related to the GSI facilities which is based on several factors using a discounted cash flow methodology, including a) funding costs for similar financings based on current market conditions; b) forecasted usage of long-dated facilities through the final maturity date in 2028; and c) forecasted amortization, due to principal payments on the underlying ABS, which impacts the amount of the unutilized portion. |
Changes In Estimated Fair Value For Financial Assets And Liabilities Measured On Recurring Basis | Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities Measured on a Recurring Basis (dollars in millions) Securities- AFS Securities carried at fair value with changes recorded in net income FDIC Receivable Derivative assets - non qualifying (1) Derivative liabilities - non-qualifying (2) FDIC True-up Liability Consideration holdback Liability December 31, 2015 $ 567.1 $ 339.7 $ 54.8 $ – $ (55.5) $ (56.9) $ (60.8) Included in earnings (1.5) (1.0) 2.8 0.2 18.5 (1.1) (0.6) Included in comprehensive income (2.1) – – – – – – Impairment (2.0) – – – – – – Paydowns (20.9) (15.7) (3.2) – – – – Balance as of March 31, 2016 $ 540.6 $ 323.0 $ 54.4 $ 0.2 $ (37.0) $ (58.0) $ (61.4) December 31, 2014 $ – $ – $ – $ – $ (26.6) $ – $ – Included in earnings – – – – (0.5) – – Balance as of March 31, 2015 $ – $ – $ – $ – $ (27.1) $ – $ – (1) Valuation of Interest Rate Lock Commitments. (2) Primarily includes the valuation of the derivatives related to the GSI facilities and written options on certain CIT Bank CDs. |
Carrying Value Of Assets Measured At Fair Value On A Non-Recurring Basis | Carrying Value of Assets Measured at Fair Value on a Non-recurring Basis (dollars in millions) Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 Total (Losses) Assets March 31, 2016 Assets held for sale $ 1,871.0 $ – $ 18.3 $ 1,852.7 $ (21.5) Impaired loans 88.3 – – 88.3 (27.0) Total $ 1,959.3 $ – $ 18.3 $ 1,941.0 $ (48.5) December 31, 2015 Assets held for sale $ 1,648.3 $ – $ 31.0 $ 1,617.3 $ (32.0) Other real estate owned and repossessed assets 127.3 – – 127.3 (5.7) Impaired loans 127.6 – – 127.6 (21.9) Total $ 1,903.2 $ – $ 31.0 $ 1,872.2 $ (59.6) |
Summary Of Fair Value Option | March 31, 2016 (dollars in millions) Estimated Fair Value Carrying Amount Aggregate Unpaid Principal Difference Between Estimated Fair Value and 100% Aggregate Unpaid Principal Balance FDIC Receivable $ 54.4 $ 196.4 $ 142.0 December 31, 2015 (dollars in millions) Estimated Fair Value Carrying Amount Aggregate Unpaid Principal Difference Between Estimated Fair Value and 100% Aggregate Unpaid Principal Balance FDIC Receivable $ 54.8 $ 204.5 $ 149.7 |
Carrying And Estimated Fair Values Of Financial Instruments | Financial Instruments (dollars in millions) Estimated Fair Value Carrying March 31, 2016 Value Level 1 Level 2 Level 3 Total Financial Assets Cash and interest bearing deposits $ 8,141.8 $ 8,141.8 $ – $ – $ 8,141.8 Derivative assets at fair value - non-qualifying hedges 98.2 – 98.0 0.2 98.2 Derivative assets at fair value - qualifying hedges 0.2 – 0.2 – 0.2 Assets held for sale (excluding leases) 1,018.1 20.6 28.2 976.7 1,025.5 Loans (excluding leases) 28,198.3 – 982.9 26,222.3 27,205.2 Investment securities (1) 2,896.8 0.3 1,686.4 1,212.5 2,899.2 Indemnification assets (2) 323.3 – – 284.1 284.1 Other assets subject to fair value disclosure and unsecured counterparty receivables (3) 1,149.2 – – 1,149.2 1,149.2 Financial Liabilities Deposits (4) (32,934.0) – – (33,254.9) (33,254.9) Derivative liabilities at fair value - non-qualifying hedges (166.4) – (129.4) (37.0) (166.4) Derivative liabilities at fair value - qualifying hedges (31.1) – (31.1) – (31.1) Borrowings (4) (18,132.3) – (16,049.3) (2,541.3) (18,590.6) Credit balances of factoring clients (1,361.0) – – (1,361.0) (1,361.0) Other liabilities subject to fair value disclosure (5) (1,825.6) – – (1,825.6) (1,825.6) December 31, 2015 Financial Assets Cash and interest bearing deposits $ 8,301.5 $ 8,301.5 $ – $ – $ 8,301.5 Derivative assets at fair value - non-qualifying hedges 95.6 – 95.6 – 95.6 Derivative assets at fair value - qualifying hedges 45.5 – 45.5 – 45.5 Assets held for sale (excluding leases) 738.8 21.8 55.8 669.1 746.7 Loans (excluding leases) 28,244.2 – 975.5 26,509.1 27,484.6 Investment securities (1) 2,953.8 11.5 1,678.7 1,265.0 2,955.2 Indemnification assets (2) 348.4 – – 323.2 323.2 Other assets subject to fair value disclosure and unsecured counterparty receivables (3) 1,004.5 – – 1,004.5 1,004.5 Financial Liabilities Deposits (4) (32,813.8) – – (32,972.2) (32,972.2) Derivative liabilities at fair value - non-qualifying hedges (103.3) – (47.8) (55.5) (103.3) Derivative counterparty liabilities at fair value (0.3) – (0.3) – (0.3) Borrowings (4) (18,717.1) – (16,358.2) (2,808.8) (19,167.0) Credit balances of factoring clients (1,344.0) – – (1,344.0) (1,344.0) Other liabilities subject to fair value disclosure (5) (1,943.5) – – (1,943.5) (1,943.5) (1) Level 3 estimated fair value at March 31, 2016, includes debt securities AFS ( $540.6 million), debt securities carried at fair value with changes recorded in net income ( $323.0 million), non-marketable investments ( $285.0 million), and debt securities HTM ( $64.0 million). Level 3 estimated fair value at December 31, 2015 included debt securities AFS ( $567.1 million), debt securities carried at fair value with changes recorded in net income ( $339.7 million), non-marketable investments ( $291.9 million), and debt securities HTM ( $66.3 million). (2) The indemnification assets at March 31, 2016, included in the above table does not include Agency claims indemnification ( $65.4 million) and Loan indemnification ( $0.7 million), as they are not considered financial instruments. The indemnification assets at December 31, 2015 included in the above table does not include Agency claims indemnification ( $65.6 million) and Loan indemnification ( $0.7 ) million, as they are not considered financial instruments. (3) O ther assets subject to fair value disclosure primarily include accrued interest receivable and miscellaneous receivables. These assets have carrying values that approximate fair value generally due to the short-term nature and are classified as Level 3. The unsecured counterparty receivables primarily consist of amounts owed to CIT from GSI for debt discount, return of collateral posted to GSI and settlements resulting from market value changes to asset-backed securities underlying the GSI Facilities (4) Deposits and borrowings include accrued interest, which is included in "Other liabilities" in the Balance Sheet. (5) Other liabilities subject to fair value disclosure include accounts payable, accrued liabilities, customer security and maintenance deposits and miscellaneous liabilities. The fair value of these approximate carrying value and are classified as level 3. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) | Components of Accumulated Other Comprehensive Income (Loss) (dollars in millions) March 31, 2016 December 31, 2015 Gross Unrealized Income Taxes Net Unrealized Gross Unrealized Income Taxes Net Unrealized Foreign currency translation adjustments $ (24.2) $ (20.3) $ (44.5) $ (29.8) $ (35.9) $ (65.7) Changes in benefit plan net gain (loss) and prior service (cost)/credit (75.4) 7.0 (68.4) (76.3) 7.0 (69.3) Unrealized net gains (losses) on available for sale securities (7.2) 2.7 (4.5) (11.4) 4.3 (7.1) Total accumulated other comprehensive loss $ (106.8) $ (10.6) $ (117.4) $ (117.5) $ (24.6) $ (142.1) |
Changes In Accumulated Other Comprehensive Loss By Component | Changes in Accumulated Other Comprehensive Loss by Component (dollars in millions) Foreign currency translation adjustments Changes in benefit plan net gain (loss) and prior service (cost) credit Unrealized net gains (losses) on available for sale securities Total AOCI Balance as of December 31, 2015 $ (65.7) $ (69.3) $ (7.1) $ (142.1) AOCI activity before reclassifications 16.5 (0.1) 2.6 19.0 Amounts reclassified from AOCI 4.7 1.0 – 5.7 Net current period AOCI 21.2 0.9 2.6 24.7 Balance as of March 31, 2016 $ (44.5) $ (68.4) $ (4.5) $ (117.4) Balance as of December 31, 2014 $ (75.4) $ (58.5) $ – $ (133.9) AOCI activity before reclassifications (31.9) (0.4) (0.4) (32.7) Amounts reclassified from AOCI 3.5 – – 3.5 Net current period AOCI (28.4) (0.4) (0.4) (29.2) Balance as of March 31, 2015 $ (103.8) $ (58.9) $ (0.4) $ (163.1) |
Reclassifications Out Of Accumulated Other Comprehensive Income | Reclassifications Out of Accumulated Other Comprehensive Income (dollars in millions) Quarters Ended March 31, Affected 2016 2015 Income Gross Amount Tax Net Amount Gross Amount Tax Net Amount Statement line item Foreign currency translation adjustments gains (losses) $ 3.6 $ 1.1 $ 4.7 $ 3.5 $ – $ 3.5 Other Income Changes in benefit plan net gain/(loss) and prior service (cost)/credit gains (losses) 1.1 (0.1) 1.0 – – – Operating Expenses Total Reclassifications out of AOCI $ 4.7 $ 1.0 $ 5.7 $ 3.5 $ – $ 3.5 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital [Abstract] | |
Tier 1 Capital And Total Capital Components | Tier 1 Capital and Total Capital Components (dollars in millions) CIT CIT Bank, N.A. March 31, December 31, March 31, December 31, Tier 1 Capital 2016 2015 2016 2015 Total stockholders’ equity (1) $ 11,125.8 $ 10,978.1 $ 5,598.2 $ 5,606.4 Effect of certain items in accumulated other comprehensive loss excluded from Tier 1 Capital and qualifying noncontrolling interests 73.4 76.9 4.4 7.0 Adjusted total equity 11,199.2 11,055.0 5,602.6 5,613.4 Less: Goodwill (2) (1,126.3) (1,130.8) (824.6) (830.8) Disallowed deferred tax assets (873.9) (904.5) – – Disallowed intangible assets (2) (76.7) (53.6) (84.3) (58.3) Other Tier 1 components – (0.1) – – Common Equity Tier 1 Capital 9,122.3 8,966.0 4,693.7 4,724.3 Tier 1 Capital 9,122.3 8,966.0 4,693.7 4,724.3 Tier 2 Capital Qualifying allowance for credit losses and other reserves (3) 452.9 403.3 423.6 374.7 Total qualifying capital $ 9,575.2 $ 9,369.3 $ 5,117.3 $ 5,099.0 Risk-weighted assets $ 68,495.8 $ 69,563.6 $ 36,475.5 $ 36,809.5 Common Equity Tier 1 Capital (to risk-weighted assets): Actual 13.3% 12.9% 12.9% 12.8% Effective minimum ratios under Basel III guidelines (4) 5.125% 4.5% 5.125% 4.5% Tier 1 Capital (to risk-weighted assets): Actual 13.3% 12.9% 12.9% 12.8% Effective minimum ratios under Basel III guidelines (4) 6.625% 6.0% 6.625% 6.0% Total Capital (to risk-weighted assets): Actual 14.0% 13.5% 14.0% 13.9% Effective minimum ratios under Basel III guidelines (4) 8.625% 8.0% 8.625% 8.0% Tier 1 Leverage Ratio: Actual 13.9% 13.5% 10.8% 10.9% Required minimum ratio for capital adequacy purposes 4.0% 4.0% 4.0% 4.0% (1) See Consolidated Balance Sheets for the components of Total stockholders’ equity. (2) Goodwill and disallowed intangible assets adjustments also reflect the portion included within assets held for sale. (3) “Other reserves” represents additional credit loss reserves for unfunded lending commitments, letters of credit, and deferred purchase agreements, all of which are recorded in Other Liabilities. (4) Required ratios under Basel III Final Rule in effect as of the reporting date . |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments [Abstract] | |
Summary Of Commitments | Commitments (dollars in millions) March 31, 2016 December 31, Due to Expire 2015 Within After Total Total One Year One Year Outstanding Outstanding Financing Commitments Financing assets $ 1,450.4 5,373.9 $ 6,824.3 $ 7,385.6 Letters of credit Standby letters of credit 49.1 275.2 324.3 315.3 Other letters of credit 24.6 – 24.6 18.3 Guarantees Deferred purchase agreements 1,583.5 – 1,583.5 1,806.5 Guarantees, acceptances and other recourse obligations 1.3 – 1.3 0.7 Purchase and Funding Commitments Aerospace purchase commitments 571.2 8,937.6 9,508.8 9,618.1 Rail and other purchase commitments 720.8 90.1 810.9 898.2 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Segment Information [Abstract] | |
Segment Pre-Tax Income (Loss) | Segment Pre-tax Income (Loss) (dollars in millions) For the quarter ended March 31, 2016 Corporate Total Transportation Finance Commercial Banking Consumer and Community Banking Non-Strategic Portfolios Corporate & Other Total CIT Interest income $ 52.7 $ 287.1 $ 103.2 $ 25.0 $ 27.4 $ 495.4 Interest expense (148.1) (73.6) (8.9) (14.5) (41.3) (286.4) Provision for credit losses (22.7) (73.5) (3.1) – – (99.3) Rental income on operating leases 544.5 27.1 – 3.8 – 575.4 Other income 18.8 55.5 8.1 14.5 4.0 100.9 Depreciation on operating lease equipment (155.3) (20.0) – – – (175.3) Maintenance and other operating lease expenses (56.2) – – – – (56.2) Operating expenses / loss on debt extinguishment (60.7) (158.4) (82.2) (12.2) (36.6) (350.1) Income (loss) from continuing operations before (provision) benefit for income taxes $ 173.0 $ 44.2 $ 17.1 $ 16.6 $ (46.5) $ 204.4 Select Period End Balances Loans $ 2,786.7 $ 21,437.2 $ 7,184.7 $ – $ – $ 31,408.6 Credit balances of factoring clients – (1,361.0) – – – (1,361.0) Assets held for sale 754.7 229.7 50.6 1,176.2 – 2,211.2 Operating lease equipment, net 16,373.1 292.6 – – – 16,665.7 For the quarter ended March 31, 2015 Interest income $ 42.7 $ 181.3 $ – $ 52.8 $ 4.2 $ 281.0 Interest expense (150.6) (64.8) – (38.0) (17.9) (271.3) Provision for credit losses (6.4) (24.4) – (3.8) – (34.6) Rental income on operating leases 496.7 23.1 – 10.8 – 530.6 Other income 35.4 63.6 – (6.2) (6.4) 86.4 Depreciation on operating lease equipment (136.0) (17.2) – (3.6) – (156.8) Maintenance and other operating lease expenses (46.1) – – – – (46.1) Operating expenses / loss on debt extinguishment (67.2) (131.3) – (37.0) (6.1) (241.6) Income (loss) from continuing operations before (provision) benefit for income taxes $ 168.5 $ 30.3 $ – $ (25.0) $ (26.2) $ 147.6 Select Period End Balances Loans $ 2,944.1 $ 15,058.9 $ – $ 1,426.3 $ – $ 19,429.3 Credit balances of factoring clients – (1,505.3) – – – (1,505.3) Assets held for sale 254.6 87.6 – 709.7 – 1,051.9 Operating lease equipment, net 14,622.8 225.4 – 39.6 – 14,887.8 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill [Abstract] | |
Summary Of Goodwill | Transportation Finance Commercial Banking Consumer & Community Banking Total December 31, 2015 $ 245.0 $ 602.3 $ 351.0 $ 1,198.3 Additions, Other activity (1) 3.0 (22.2) 16.0 (3.2) March 31, 2016 $ 248.0 $ 580.1 $ 367.0 $ 1,195.1 (1) Includes purchase accounting measurement period and foreign exchange translation adjustments in Transportation Finance. |
Business And Summary Of Signi41
Business And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | Aug. 03, 2015store | Mar. 31, 2016USD ($)store | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($) |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Number of branches acquired | store | 70 | |||
Increase (decrease) in unrestricted cash and cash equivalents | $ (152.1) | $ (668.9) | ||
OneWest Bank [Member] | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Number of branches acquired | store | 70 | |||
Acquisition date | Aug. 3, 2015 | |||
Restatement Adjustment [Member] | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Overstatement of net cash flows by operations | 65.4 | |||
Overstatement of net cash flows used in investing activities | 12 | |||
Understatement of net cash flows provided by financing activities | $ 53.4 | |||
Increase (decrease) in unrestricted cash and cash equivalents | $ 0 |
Acquisition And Disposition A42
Acquisition And Disposition Activities (Narrative) (Details) $ in Millions | Aug. 03, 2015USD ($)storeshares | Aug. 01, 2014USD ($) | Jan. 31, 2014USD ($) | Mar. 31, 2016USD ($)store | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of branches | store | 70 | |||||
Allowance for loan losses | $ 99.3 | $ 34.6 | ||||
Goodwill | 1,195.1 | $ 1,198.3 | ||||
Deposits | 32,892.7 | 32,782.2 | ||||
Time Deposits | 18,423.6 | |||||
Student Loan portfolio assets held for sale | 434.5 | 449.5 | ||||
Reverse MSRs | (10) | (10) | ||||
Idemnification receivable | 65.4 | 65.6 | ||||
Indemnification Agreements [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Idemnification receivable | $ 65 | 66 | ||||
Minimum [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discount rate | 4.40% | |||||
Maximum [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discount rate | 13.60% | |||||
Nacco [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration amount | $ 250 | |||||
Percentage of outstanding shares acquired | 100.00% | |||||
Purchase price | $ 250 | |||||
Direct Capital [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration amount | $ 230 | |||||
Percentage of outstanding shares acquired | 100.00% | |||||
Purchase price | $ 230 | |||||
IMB Holdco LLC [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash for expenses | $ 2 | |||||
OneWest Bank [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Acquisition date | Aug. 3, 2015 | |||||
Consideration amount | 3,400 | |||||
Cash consideration paid | 1,900 | |||||
Amount of cash held retained for potential liabilities | 116 | |||||
Assets acquired | 21,800 | |||||
Liabilities assumed | $ 18,400 | |||||
Number of branches | store | 70 | |||||
Percentage of outstanding shares acquired | 100.00% | |||||
Purchase price | $ 3,400 | |||||
IndyMac Transaction [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Idemnification receivable | $ 65.4 | $ 65.6 | ||||
Student Loan Business [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Maximum estimable losses of contingent servicing-related liabilities | $ 40 | |||||
Common Stock [Member] | OneWest Bank [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Equity shares paid | shares | 30,900,000 | |||||
Value of equity shares paid | $ 1,500 | |||||
Restricted Stock Units (RSUs) [Member] | OneWest Bank [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Equity shares paid | shares | 168,000 | |||||
Value of equity shares paid | $ 8 |
Acquisition And Disposition A43
Acquisition And Disposition Activities (Schedule Of Condensed Balance Sheet Discontinued Operations) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Acquisition And Disposition Activities [Abstract] | ||
Net Finance Receivable | $ 434.5 | $ 449.5 |
Other assets | 55 | 51 |
Assets of discontinued operations | 489.5 | 500.5 |
Secured borrowings | 425.8 | 440.6 |
Other liabilities | 259 | 255.6 |
Liabilities of discontinued operations | 684.8 | 696.2 |
Net finance receivables of securitized balances | 424.4 | 440.2 |
Net finance receivables awaiting securitization | $ 10.1 | $ 9.3 |
Acquisition And Disposition A44
Acquisition And Disposition Activities (Schedule Of Condensed Statements of Operations Discontinued Operations And Cash Flows) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Acquisition And Disposition Activities [Abstract] | |
Interest income | $ 3 |
Interest expense | (3) |
Other income | 8.8 |
Operating expenses | (16.2) |
Loss from discontinued operation before benefit (provision) for income taxes | (7.4) |
Benefit for income taxes | 2.6 |
Loss from discontinued operation, net of taxes | (4.8) |
Income (loss) from discontinued operation, net of taxes | (4.8) |
Salaries and benefits expense | 0.8 |
Professional services expense | 3.9 |
Other expenses | $ 11.5 |
Tax rate for discontinued operations | 35.00% |
Net cash flows used for operations | $ (10.2) |
Net cash flows used for investing activities | $ 19.8 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of reverse mortgages uninsured | $ 809,500,000 | $ 812,600,000 | |
Percentage of TDRs non-accrual | 81.00% | 63.00% | |
Recorded investment of TDRs | $ 44,300,000 | $ 40,200,000 | |
Troubled debt restructuring related to modifications | 16,100,000 | $ 700,000 | |
Troubled debt restructurings that defaulted within one year | $ 5,900,000 | $ 300,000 | |
Troubled debt restructuring, payment deferral rate | 15.00% | 13.00% | |
Troubled debt restructuring, covenant relief rate, other | 85.00% | 87.00% | |
Repurchase of reverse mortgage loans | $ 24,600,000 | ||
Repurchased reverse mortgages, balance amount | 114,800,000 | ||
Valuation allowance | $ 250,000,000 | ||
Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired loan threshold for individual review for impairment | $ 500,000 | ||
Period threshold at which impaired finance receivables that are placed on non-accrual status are subject to individual review, days | 90 days | ||
Percent required of claim amount for loan service | 98.00% | ||
Reverse Mortgages Portfolio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reverse mortgages | $ 896,800,000 | $ 897,300,000 | |
Number of loans in portfolio | loan | 1,900 | ||
Average borrower age in portfolio | 82 years | ||
Unpaid principal balance | $ 1,099,700,000 | ||
Accruing Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded investment of TDRs | $ 92,000,000 | ||
Transportation Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of investments in Troubled Debt Restructurings ("TDR") | 26.00% | ||
Commitments to lend additional funds to borrowers | $ 1,400,000 | ||
Commercial Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of investments in Troubled Debt Restructurings ("TDR") | 69.00% | ||
Commercial Banking [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of investments in Troubled Debt Restructurings ("TDR") | 61.00% | ||
Commitments to lend additional funds to borrowers | $ 2,500,000 | ||
Non-Strategic Portfolios [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of investments in Troubled Debt Restructurings ("TDR") | 13.00% | ||
Consumer And Community Banking [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans with terms that permitted negative amortization, unpaid principal balance | $ 925,000,000 | 966,000,000 | |
Percentage of investments in Troubled Debt Restructurings ("TDR") | 12.00% | ||
Real Estate Mortgage Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Period threshold at which impaired finance receivables that are placed on non-accrual status are subject to individual review, days | 120 days | ||
Home Affordable Modification Program (HAMP) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans in trial modification period | $ 89,100,000 | $ 26,200,000 | |
Second Lien Modification Program (2MP) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans in trial modification period | 100,000 | ||
Proprietary Programs [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans in trial modification period | $ 2,800,000 | ||
OneWest Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquisition date | Aug. 3, 2015 | ||
Assets Held-For-Sale (AHFS) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Repurchase of reverse mortgage loans | $ 16,800,000 | ||
Valuation allowance | 100,000 | ||
Assets Held-For-Investment (HFI) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Repurchase of reverse mortgage loans | 7,800,000 | ||
Valuation allowance | 81,700,000 | ||
Associated purchased accounting discount | 12,000,000 | ||
Serviced loans accounted for under effective yield method | 17,700,000 | ||
Ginnie Mae (GNMA) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Repurchase of reverse mortgage loans | $ 27,600,000 |
Loans (Schedule Of Finance Rece
Loans (Schedule Of Finance Receivables By Product) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Loans [Abstract] | ||
Commercial Loans | $ 21,340.3 | $ 21,380.9 |
Direct financing leases and leveraged leases | 3,210.3 | 3,427.5 |
Total commercial | 24,550.6 | 24,808.4 |
Consumer Loans | 6,858 | 6,863.3 |
Total finance receivables | 31,408.6 | 31,671.7 |
Finance receivables held for sale | 2,051.9 | 1,985.1 |
Finance receivables and held for sale receivables | $ 33,460.5 | $ 33,656.8 |
Loans (Schedule Of Finance Re47
Loans (Schedule Of Finance Receivables By Segment, Based On Obligor Location) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | $ 31,408.6 | $ 31,671.7 | $ 19,429.3 |
Transportation Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 2,786.7 | 3,542.1 | 2,944.1 |
Commercial Banking [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 21,437.2 | 20,929.2 | $ 15,058.9 |
Consumer And Community Banking [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 7,184.7 | 7,200.4 | |
Domestic [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 29,049.7 | 28,623.4 | |
Domestic [Member] | Transportation Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 776.2 | 815.1 | |
Domestic [Member] | Commercial Banking [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 21,088.8 | 20,607.9 | |
Domestic [Member] | Consumer And Community Banking [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 7,184.7 | 7,200.4 | |
Foreign [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 2,358.9 | 3,048.3 | |
Foreign [Member] | Transportation Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 2,010.5 | 2,727 | |
Foreign [Member] | Commercial Banking [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | $ 348.4 | $ 321.3 |
Loans (Components Of Net Invest
Loans (Components Of Net Investment In Finance Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Loans [Abstract] | ||
Unearned income | $ (844.5) | $ (870.4) |
Unamortized premiums / (discounts) | (22.9) | (34) |
Accretable yield on Purchased Credit-Impaired ("PCI") loans | 1,279.7 | 1,294 |
Net unamortized deferred costs and (fees) | $ 47.5 | $ 42.9 |
Loans (Finance And Held-For-Sal
Loans (Finance And Held-For-Sale Receivables - By Risk Rating) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 26,551.8 | $ 26,747.6 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 22,422.7 | 23,657.7 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,017.8 | 1,596.9 |
Classified - Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,681.7 | 1,061.2 |
Classified- Non-accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 288 | 262.5 |
PCI Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 141.6 | 169.3 |
Transportation Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,433.4 | 3,561.6 |
Transportation Finance [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,536.8 | 3,063.6 |
Transportation Finance [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 470.1 | 228.4 |
Transportation Finance [Member] | Classified - Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 404.8 | 254.2 |
Transportation Finance [Member] | Classified- Non-accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 21.7 | 15.4 |
Transportation Finance [Member] | Aerospace [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,648.1 | 1,762.3 |
Transportation Finance [Member] | Aerospace [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,507.5 | 1,635.7 |
Transportation Finance [Member] | Aerospace [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 84.1 | 65 |
Transportation Finance [Member] | Aerospace [Member] | Classified - Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 34.8 | 46.2 |
Transportation Finance [Member] | Aerospace [Member] | Classified- Non-accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 21.7 | 15.4 |
Transportation Finance [Member] | Rail [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 118.1 | 120.9 |
Transportation Finance [Member] | Rail [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 114.4 | 118.9 |
Transportation Finance [Member] | Rail [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2.8 | 1.4 |
Transportation Finance [Member] | Rail [Member] | Classified - Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0.9 | 0.6 |
Transportation Finance [Member] | Maritime Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,667.2 | 1,678.4 |
Transportation Finance [Member] | Maritime Finance [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 914.9 | 1,309 |
Transportation Finance [Member] | Maritime Finance [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 383.2 | 162 |
Transportation Finance [Member] | Maritime Finance [Member] | Classified - Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 369.1 | 207.4 |
Commercial Banking [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 21,658.7 | 21,331.9 |
Commercial Banking [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 18,639.2 | 19,007.2 |
Commercial Banking [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,464.2 | 1,241 |
Commercial Banking [Member] | Classified - Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,203.2 | 728.6 |
Commercial Banking [Member] | Classified- Non-accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 215.2 | 191.1 |
Commercial Banking [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 136.9 | 164 |
Commercial Banking [Member] | Commercial Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 9,524.6 | 9,432.2 |
Commercial Banking [Member] | Commercial Finance [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8,020.9 | 8,215 |
Commercial Banking [Member] | Commercial Finance [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 748.8 | 626.4 |
Commercial Banking [Member] | Commercial Finance [Member] | Classified - Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 554.3 | 389.9 |
Commercial Banking [Member] | Commercial Finance [Member] | Classified- Non-accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 148.9 | 131.5 |
Commercial Banking [Member] | Commercial Finance [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 51.7 | 69.4 |
Commercial Banking [Member] | Real Estate Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 5,362.9 | 5,357.6 |
Commercial Banking [Member] | Real Estate Finance [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,939.4 | 5,143.2 |
Commercial Banking [Member] | Real Estate Finance [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 277.6 | 97.6 |
Commercial Banking [Member] | Real Estate Finance [Member] | Classified - Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 53.4 | 18.6 |
Commercial Banking [Member] | Real Estate Finance [Member] | Classified- Non-accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 7.3 | 3.6 |
Commercial Banking [Member] | Real Estate Finance [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 85.2 | 94.6 |
Commercial Banking [Member] | Business Capital [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 6,771.2 | 6,542.1 |
Commercial Banking [Member] | Business Capital [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 5,678.9 | 5,649 |
Commercial Banking [Member] | Business Capital [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 437.8 | 517 |
Commercial Banking [Member] | Business Capital [Member] | Classified - Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 595.5 | 320.1 |
Commercial Banking [Member] | Business Capital [Member] | Classified- Non-accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 59 | 56 |
Consumer And Community Banking [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 334.9 | 336.3 |
Consumer And Community Banking [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 303.4 | 300.6 |
Consumer And Community Banking [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 10.8 | 12.1 |
Consumer And Community Banking [Member] | Classified - Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 16 | 18.3 |
Consumer And Community Banking [Member] | PCI Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4.7 | 5.3 |
Non-Strategic Portfolios [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,124.8 | 1,517.8 |
Non-Strategic Portfolios [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 943.3 | 1,286.3 |
Non-Strategic Portfolios [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 72.7 | 115.4 |
Non-Strategic Portfolios [Member] | Classified - Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 57.7 | 60.1 |
Non-Strategic Portfolios [Member] | Classified- Non-accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 51.1 | $ 56 |
Loans (Schedule Of Consumer Loa
Loans (Schedule Of Consumer Loan LTV Distributions) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 26,551.8 | $ 26,747.6 |
Consumer Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 6,858 | 6,863.3 |
Consumer Portfolio [Member] | Greater than 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 414.8 | 457.4 |
Consumer Portfolio [Member] | 101% - 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 601.1 | 664.6 |
Consumer Portfolio [Member] | 80% - 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,059.6 | 1,098 |
Consumer Portfolio [Member] | Less than 80% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,773.2 | 4,635.5 |
Consumer Portfolio [Member] | N/A [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 9.3 | 7.8 |
Consumer Portfolio [Member] | Single Family Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 5,961.2 | 5,966 |
Consumer Portfolio [Member] | Single Family Residential Mortgages [Member] | Greater than 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 372.5 | 413.2 |
Consumer Portfolio [Member] | Single Family Residential Mortgages [Member] | 101% - 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 577.6 | 638.6 |
Consumer Portfolio [Member] | Single Family Residential Mortgages [Member] | 80% - 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 983.4 | 1,027.1 |
Consumer Portfolio [Member] | Single Family Residential Mortgages [Member] | Less than 80% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,018.4 | 3,879.3 |
Consumer Portfolio [Member] | Single Family Residential Mortgages [Member] | N/A [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 9.3 | 7.8 |
Consumer Portfolio [Member] | Reverse Mortgages Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 896.8 | 897.3 |
Consumer Portfolio [Member] | Reverse Mortgages Portfolio [Member] | Greater than 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 42.3 | 44.2 |
Consumer Portfolio [Member] | Reverse Mortgages Portfolio [Member] | 101% - 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 23.5 | 26 |
Consumer Portfolio [Member] | Reverse Mortgages Portfolio [Member] | 80% - 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 76.2 | 70.9 |
Consumer Portfolio [Member] | Reverse Mortgages Portfolio [Member] | Less than 80% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 754.8 | 756.2 |
PCI Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 141.6 | 169.3 |
PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Single Family Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,340.7 | 2,396.9 |
PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Single Family Residential Mortgages [Member] | Greater than 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 356.7 | 395.6 |
PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Single Family Residential Mortgages [Member] | 101% - 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 562.6 | 619.9 |
PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Single Family Residential Mortgages [Member] | 80% - 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 574.4 | 552.1 |
PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Single Family Residential Mortgages [Member] | Less than 80% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 847 | 829.3 |
PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Single Family Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8.9 | 54.9 |
PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Single Family Residential Mortgages [Member] | Greater than 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2 | 15.7 |
PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Single Family Residential Mortgages [Member] | 101% - 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 14.9 | |
PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Single Family Residential Mortgages [Member] | 80% - 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 11.4 | |
PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Single Family Residential Mortgages [Member] | Less than 80% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 6.9 | 12.9 |
PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Reverse Mortgages Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 69.7 | 74.4 |
PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Reverse Mortgages Portfolio [Member] | Greater than 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 36.5 | 39.3 |
PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Reverse Mortgages Portfolio [Member] | 101% - 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 13.6 | 17 |
PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Reverse Mortgages Portfolio [Member] | 80% - 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8.8 | 7 |
PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Reverse Mortgages Portfolio [Member] | Less than 80% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 10.8 | 11.1 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Single Family Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,008 | 2,075 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Single Family Residential Mortgages [Member] | Greater than 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1.6 | 1.1 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Single Family Residential Mortgages [Member] | 101% - 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2.8 | 3.6 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Single Family Residential Mortgages [Member] | 80% - 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 385.4 | 449.3 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Single Family Residential Mortgages [Member] | Less than 80% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,618.2 | 1,621 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Reverse Mortgages Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 461.5 | 462.6 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Reverse Mortgages Portfolio [Member] | Greater than 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0.8 | 1 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Reverse Mortgages Portfolio [Member] | 101% - 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1.8 | 2.5 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Reverse Mortgages Portfolio [Member] | 80% - 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 26 | 26.5 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Covered Loans [Member] | Reverse Mortgages Portfolio [Member] | Less than 80% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 432.9 | 432.6 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Single Family Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,603.6 | 1,439.2 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Single Family Residential Mortgages [Member] | Greater than 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 12.2 | 0.8 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Single Family Residential Mortgages [Member] | 101% - 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 12.2 | 0.2 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Single Family Residential Mortgages [Member] | 80% - 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 23.6 | 14.3 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Single Family Residential Mortgages [Member] | Less than 80% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,546.3 | 1,416.1 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Single Family Residential Mortgages [Member] | N/A [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 9.3 | 7.8 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Reverse Mortgages Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 365.6 | 360.3 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Reverse Mortgages Portfolio [Member] | Greater than 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 5 | 3.9 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Reverse Mortgages Portfolio [Member] | 101% - 125% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8.1 | 6.5 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Reverse Mortgages Portfolio [Member] | 80% - 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 41.4 | 37.4 |
Non-PCI Loans [Member] | Consumer Portfolio [Member] | Non-covered Loans [Member] | Reverse Mortgages Portfolio [Member] | Less than 80% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 311.1 | $ 312.5 |
Loans (Schedule Of Covered Loan
Loans (Schedule Of Covered Loans By Segment) (Details) - Consumer And Community Banking [Member] $ in Millions | Mar. 31, 2016USD ($) |
Covered Loans [Line Items] | |
LCM loans HFI at carrying value | $ 4,810.2 |
PCI Loans [Member] | |
Covered Loans [Line Items] | |
LCM loans HFI at carrying value | 2,340.7 |
Non-PCI Loans [Member] | |
Covered Loans [Line Items] | |
LCM loans HFI at carrying value | $ 2,469.5 |
Loans (Finance And Held For Sal
Loans (Finance And Held For Sale Receivables - Delinquency Status) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 379.5 | $ 342.7 |
Current | 30,520.1 | 30,618.6 |
Total Finance Receivables | 33,460.5 | 33,656.8 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 179.2 | 180.1 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 77.7 | 58.9 |
90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 122.6 | 103.7 |
Transportation Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 40.7 | 29.4 |
Current | 3,392.7 | 3,532.2 |
Total Finance Receivables | 3,433.4 | 3,561.6 |
Transportation Finance [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12.1 | 9.9 |
Transportation Finance [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0.8 | 2 |
Transportation Finance [Member] | 90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 27.8 | 17.5 |
Commercial Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 220.7 | 213.8 |
Current | 21,309.4 | 20,954.1 |
Total Finance Receivables | 21,667 | 21,331.9 |
Commercial Banking [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 122.5 | 133 |
Commercial Banking [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 62.3 | 32.8 |
Commercial Banking [Member] | 90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 35.9 | 48 |
Consumer And Community Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 66.3 | 25 |
Current | 4,745 | 4,689 |
Total Finance Receivables | 7,235.3 | 7,245.5 |
Consumer And Community Banking [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20.3 | 18.5 |
Consumer And Community Banking [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8.7 | 2 |
Consumer And Community Banking [Member] | 90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 37.3 | 4.5 |
Non-Strategic Portfolios [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 51.8 | 74.5 |
Current | 1,073 | 1,443.3 |
Total Finance Receivables | 1,124.8 | 1,517.8 |
Non-Strategic Portfolios [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 24.3 | 18.7 |
Non-Strategic Portfolios [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5.9 | 22.1 |
Non-Strategic Portfolios [Member] | 90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21.6 | 33.7 |
Aerospace [Member] | Transportation Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 27.9 | 16.8 |
Current | 1,620.2 | 1,745.5 |
Total Finance Receivables | 1,648.1 | 1,762.3 |
Aerospace [Member] | Transportation Finance [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7.1 | 1.4 |
Aerospace [Member] | Transportation Finance [Member] | 90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20.8 | 15.4 |
Rail [Member] | Transportation Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12.8 | 12.6 |
Current | 105.3 | 108.3 |
Total Finance Receivables | 118.1 | 120.9 |
Rail [Member] | Transportation Finance [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | 8.5 |
Rail [Member] | Transportation Finance [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0.8 | 2 |
Rail [Member] | Transportation Finance [Member] | 90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7 | 2.1 |
Maritime Finance [Member] | Transportation Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,667.2 | 1,678.4 |
Total Finance Receivables | 1,667.2 | 1,678.4 |
Commercial Finance [Member] | Commercial Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 63.6 | 20.5 |
Current | 9,417.6 | 9,342.3 |
Total Finance Receivables | 9,532.9 | 9,432.2 |
Commercial Finance [Member] | Commercial Banking [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3.8 | |
Commercial Finance [Member] | Commercial Banking [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 43.7 | |
Commercial Finance [Member] | Commercial Banking [Member] | 90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 16.1 | 20.5 |
Real Estate Finance [Member] | Commercial Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | 2.6 |
Current | 5,276.7 | 5,260.4 |
Total Finance Receivables | 5,362.9 | 5,357.6 |
Real Estate Finance [Member] | Commercial Banking [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | 1.9 |
Real Estate Finance [Member] | Commercial Banking [Member] | 90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0.7 | |
Business Capital [Member] | Commercial Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 156.1 | 190.7 |
Current | 6,615.1 | 6,351.4 |
Total Finance Receivables | 6,771.2 | 6,542.1 |
Business Capital [Member] | Commercial Banking [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 117.7 | 131.1 |
Business Capital [Member] | Commercial Banking [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18.6 | 32.8 |
Business Capital [Member] | Commercial Banking [Member] | 90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19.8 | 26.8 |
Legacy Consumer Mortgages [Member] | Consumer And Community Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 61.4 | 21.6 |
Current | 2,872.5 | 2,923.8 |
Total Finance Receivables | 5,353.2 | 5,471.6 |
Legacy Consumer Mortgages [Member] | Consumer And Community Banking [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18 | 15.8 |
Legacy Consumer Mortgages [Member] | Consumer And Community Banking [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8.2 | 1.7 |
Legacy Consumer Mortgages [Member] | Consumer And Community Banking [Member] | 90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 35.2 | 4.1 |
Other Consumer Banking [Member] | Consumer And Community Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4.9 | 3.4 |
Current | 1,872.5 | 1,765.2 |
Total Finance Receivables | 1,882.1 | 1,773.9 |
Other Consumer Banking [Member] | Consumer And Community Banking [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2.3 | 2.7 |
Other Consumer Banking [Member] | Consumer And Community Banking [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0.5 | 0.3 |
Other Consumer Banking [Member] | Consumer And Community Banking [Member] | 90 Days Or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2.1 | 0.4 |
PCI Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Finance Receivables | 2,560.9 | 2,695.5 |
PCI Loans [Member] | Commercial Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Finance Receivables | 136.9 | 164 |
PCI Loans [Member] | Consumer And Community Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Finance Receivables | 2,424 | 2,531.5 |
PCI Loans [Member] | Commercial Finance [Member] | Commercial Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Finance Receivables | 51.7 | 69.4 |
PCI Loans [Member] | Real Estate Finance [Member] | Commercial Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Finance Receivables | 85.2 | 94.6 |
PCI Loans [Member] | Legacy Consumer Mortgages [Member] | Consumer And Community Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Finance Receivables | 2,419.3 | 2,526.2 |
PCI Loans [Member] | Other Consumer Banking [Member] | Consumer And Community Banking [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Finance Receivables | $ 4.7 | $ 5.3 |
Loans (Finance Receivables On N
Loans (Finance Receivables On Non-accrual Status) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | $ 295.1 | $ 267.7 |
Repossessed assets and OREO | 105.4 | 127.3 |
Total non-performing assets | 400.5 | 395 |
Commercial loans past due 90 days or more accruing | 15.2 | 15.6 |
Consumer loans past due 90 days or more accruing | 29.9 | 0.2 |
Total Accruing loans past due 90 days or more | 45.1 | 15.8 |
Held For Investment [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 222.8 | 199.7 |
Held For Sale [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 72.3 | 68 |
Transportation Finance [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 21.7 | 15.4 |
Transportation Finance [Member] | Held For Investment [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0.9 | 15.4 |
Transportation Finance [Member] | Held For Sale [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 20.8 | |
Transportation Finance [Member] | Aerospace [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 21.7 | 15.4 |
Transportation Finance [Member] | Aerospace [Member] | Held For Investment [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0.9 | 15.4 |
Transportation Finance [Member] | Aerospace [Member] | Held For Sale [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 20.8 | |
Commercial Banking [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 215.2 | 191.1 |
Commercial Banking [Member] | Held For Investment [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 215.2 | 180.1 |
Commercial Banking [Member] | Held For Sale [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 11 | |
Commercial Banking [Member] | Commercial Finance [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 148.9 | 131.5 |
Commercial Banking [Member] | Commercial Finance [Member] | Held For Investment [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 148.9 | 120.5 |
Commercial Banking [Member] | Commercial Finance [Member] | Held For Sale [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 11 | |
Commercial Banking [Member] | Real Estate Finance [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 7.3 | 3.6 |
Commercial Banking [Member] | Real Estate Finance [Member] | Held For Investment [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 7.3 | 3.6 |
Commercial Banking [Member] | Business Capital [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 59 | 56 |
Commercial Banking [Member] | Business Capital [Member] | Held For Investment [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 59 | 56 |
Consumer And Community Banking [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 7.1 | 5.2 |
Consumer And Community Banking [Member] | Held For Investment [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 6.7 | 4.2 |
Consumer And Community Banking [Member] | Held For Sale [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0.4 | 1 |
Consumer And Community Banking [Member] | Legacy Consumer Mortgages [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 6.7 | 4.8 |
Consumer And Community Banking [Member] | Legacy Consumer Mortgages [Member] | Held For Investment [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 6.7 | 4.2 |
Consumer And Community Banking [Member] | Legacy Consumer Mortgages [Member] | Held For Sale [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0.6 | |
Consumer And Community Banking [Member] | Other Consumer Banking [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0.4 | 0.4 |
Consumer And Community Banking [Member] | Other Consumer Banking [Member] | Held For Sale [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0.4 | 0.4 |
Non-Strategic Portfolios [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 51.1 | 56 |
Non-Strategic Portfolios [Member] | Held For Sale [Member] | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | $ 51.1 | $ 56 |
Loans (Schedule Of Loans In Pro
Loans (Schedule Of Loans In Process Of Foreclosure) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure, amount | $ 387.6 | $ 391 |
PCI Loans [Member] | ||
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure, amount | 275.3 | 320 |
Non-PCI Loans [Member] | ||
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure, amount | 112.3 | 71 |
OREO [Member] | ||
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure, amount | $ 95.5 | $ 118 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded investment, total | $ 2,738.4 | $ 2,845.1 |
Unpaid principal balance, total | 3,981.1 | 4,149.8 |
Related allowance | 44.5 | 32.7 |
Average recorded investment, total | 1,735.3 | 1,199.3 |
Interest income recorded | 0.4 | 1.5 |
Interest income recognized using cash basis method | 0.2 | 0.5 |
Impaired Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment, total | 177.5 | 149.6 |
Unpaid principal balance, total | 211.7 | 172.5 |
Related allowance | 40.2 | 27.8 |
Average recorded investment, total | 115.4 | 91.3 |
Loans Impaired At Acquisition Date And Convenience Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment, total | 2,560.9 | 2,695.5 |
Unpaid principal balance, total | 3,769.4 | 3,977.3 |
Related allowance | 4.3 | 4.9 |
Average recorded investment, total | 1,619.9 | 1,108 |
Non-Strategic Portfolios [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance, average recorded investment | 4.7 | 7.3 |
With related allowance, average recorded investment | 6.1 | 7.3 |
Aerospace [Member] | Transportation Finance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance, recorded investment | 0.9 | |
With related allowance, recorded investment | 15.4 | |
With no related allowance, unpaid principal balance | 6.7 | |
With related allowance, unpaid principal balance | 15.4 | |
Related allowance | 0.4 | |
With no related allowance, average recorded investment | 0.2 | |
With related allowance, average recorded investment | 5 | 5 |
Commercial Finance [Member] | Commercial Banking [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance, recorded investment | 10.3 | 15.4 |
With related allowance, recorded investment | 138.4 | 102.6 |
With no related allowance, unpaid principal balance | 18.5 | 22.8 |
With related allowance, unpaid principal balance | 152.5 | 112.1 |
Related allowance | 33.6 | 22.7 |
With no related allowance, average recorded investment | 8.3 | 6.5 |
With related allowance, average recorded investment | 74.9 | 53.2 |
Business Capital [Member] | Commercial Banking [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance, recorded investment | 7.6 | 6.3 |
With related allowance, recorded investment | 13 | 9.7 |
With no related allowance, unpaid principal balance | 13.6 | 9.7 |
With related allowance, unpaid principal balance | 13 | 11.7 |
Related allowance | 6.2 | 4.7 |
With no related allowance, average recorded investment | 6.1 | 5.9 |
With related allowance, average recorded investment | 8 | 5.4 |
Real Estate Finance [Member] | Commercial Banking [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance, recorded investment | 4.1 | 0.2 |
With related allowance, recorded investment | 3.2 | |
With no related allowance, unpaid principal balance | 4.2 | 0.8 |
With related allowance, unpaid principal balance | 3.2 | |
Related allowance | 0.4 | |
With no related allowance, average recorded investment | 1.5 | $ 0.7 |
With related allowance, average recorded investment | $ 0.6 |
Loans (Purchased Credit Impaire
Loans (Purchased Credit Impaired Loans With Deteriorated Credit Quality) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 3,981.1 | $ 4,149.8 |
Allowance for Loan Losses | 44.5 | 32.7 |
Deteriorated Credit Quality [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 3,769.4 | 3,977.3 |
Carrying Value | 2,560.9 | 2,695.5 |
Allowance for Loan Losses | 4.3 | 4.9 |
Commercial Banking [Member] | Commercial Finance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for Loan Losses | 33.6 | 22.7 |
Commercial Banking [Member] | Real Estate Finance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for Loan Losses | 0.4 | |
Commercial Banking [Member] | Deteriorated Credit Quality [Member] | Commercial Finance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 88.2 | 115.5 |
Carrying Value | 51.7 | 69.4 |
Allowance for Loan Losses | 2.5 | 2.5 |
Commercial Banking [Member] | Deteriorated Credit Quality [Member] | Real Estate Finance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 144.8 | 161.1 |
Carrying Value | 85.2 | 94.6 |
Allowance for Loan Losses | 0.5 | 0.6 |
Consumer And Community Banking [Member] | Deteriorated Credit Quality [Member] | Other Consumer Banking [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 6.2 | 6.8 |
Carrying Value | 4.7 | 5.3 |
Consumer And Community Banking [Member] | Deteriorated Credit Quality [Member] | Legacy Consumer Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 3,530.2 | 3,693.9 |
Carrying Value | 2,419.3 | 2,526.2 |
Allowance for Loan Losses | $ 1.3 | $ 1.8 |
Loans (Summary Of Commercial PC
Loans (Summary Of Commercial PCI Loans By Credit Quality) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 26,551,800,000 | $ 26,747,600,000 |
Commercial PCI Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 136,900 | 164,000,000 |
Commercial PCI Loans [Member] | Non-Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 42,500 | 38,500,000 |
Commercial PCI Loans [Member] | Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 94,400 | 125,500,000 |
Commercial Banking [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 21,658,700,000 | 21,331,900,000 |
Commercial Banking [Member] | Commercial PCI Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 51,700,000 | 69,400,000 |
Commercial Banking [Member] | Commercial PCI Loans [Member] | Non-Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 5,400,000 | 5,300,000 |
Commercial Banking [Member] | Commercial PCI Loans [Member] | Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 46,300,000 | 64,100,000 |
Commercial Real Estate [Member] | Commercial PCI Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 85,200,000 | 94,600,000 |
Commercial Real Estate [Member] | Commercial PCI Loans [Member] | Non-Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 37,100,000 | 33,200,000 |
Commercial Real Estate [Member] | Commercial PCI Loans [Member] | Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 48,100,000 | $ 61,400,000 |
Loans (Schedule Of Changes To T
Loans (Schedule Of Changes To The Accretable Yield For PCI Loans) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Loans [Abstract] | |
Balance at December 31, 2015 | $ 1,294 |
Accretion into interest income | (49.6) |
Reclassfication from non-accretable difference | 45 |
Disposals and Other | (9.7) |
Balance at March 31, 2016 | $ 1,279.7 |
Loans (Estimated Future Advance
Loans (Estimated Future Advances To Reverse Mortgages) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Summary Of Estimated Future Advances To Reverse Mortgages [Line Items] | |
FDIC required funding amount of reverse mortgages | $ 48 |
Reverse Mortgages Portfolio [Member] | |
Summary Of Estimated Future Advances To Reverse Mortgages [Line Items] | |
2,016 | 12.7 |
2,017 | 14.4 |
2,018 | 11.8 |
2,019 | 9.7 |
2,020 | 7.9 |
Years 2021 - 2025 | 21.7 |
Years 2026 - 2030 | 6.6 |
Years 2031 - 2035 | 1.7 |
Thereafter | 0.4 |
Total | $ 86.9 |
Allowance For Loan Losses (Sche
Allowance For Loan Losses (Schedule Of Allowance For Loan Losses And Recorded Investment In Finance Receivables) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 360.2 | $ 346.4 | $ 346.4 |
Provision for credit losses | 99.3 | 34.6 | |
Other | (3.6) | (3.6) | |
Gross charge-offs | (56.1) | (26.6) | |
Recoveries | 4.8 | 5.7 | |
Allowance balance - end of period | 404.6 | 356.5 | 360.2 |
Allowance balance: Loans individually evaluated for impairment | 40.2 | 14.8 | |
Allowance balance: Loans collectively evaluated for impairment | 360.1 | 341.7 | |
Allowance for loan losses | 404.6 | 356.5 | |
Other reserves | 48.2 | 37.3 | |
Finance receivables: Loans individually evaluated for impairment | 177.5 | 67.7 | |
Finance receivables: Loans collectively evaluated for impairment | 28,670.2 | 19,361.5 | |
Finance receivables: Loans acquired with deteriorated credit quality | 26,551.8 | 26,747.6 | |
Ending balance | $ 31,408.6 | $ 19,429.3 | 31,671.7 |
Percent of loans to total loans | 100.00% | 100.00% | |
Gross charge-offs charged directly into specific allowance for loan losses | 21 | ||
Loans Acquired with Deteriorated Credit Quality [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans acquired with deteriorated credit quality--Allowance | $ 4.3 | ||
Finance receivables: Loans acquired with deteriorated credit quality | 2,560.9 | $ 0.1 | |
Transportation Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 39.4 | 26.5 | 26.5 |
Provision for credit losses | 22.7 | 6.4 | |
Other | 0.2 | $ (0.2) | |
Gross charge-offs | $ (19.6) | ||
Recoveries | |||
Allowance balance - end of period | $ 42.7 | $ 32.7 | 39.4 |
Allowance balance: Loans individually evaluated for impairment | |||
Allowance balance: Loans collectively evaluated for impairment | $ 42.7 | $ 32.7 | |
Allowance for loan losses | $ 42.7 | 32.7 | |
Other reserves | $ 0.5 | ||
Finance receivables: Loans individually evaluated for impairment | $ 0.9 | ||
Finance receivables: Loans collectively evaluated for impairment | 2,785.8 | $ 2,944.1 | |
Finance receivables: Loans acquired with deteriorated credit quality | 3,433.4 | 3,561.6 | |
Ending balance | $ 2,786.7 | $ 2,944.1 | 3,542.1 |
Percent of loans to total loans | 8.90% | 15.20% | |
Gross charge-offs charged directly into specific allowance for loan losses | 1 | ||
Transportation Finance [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans acquired with deteriorated credit quality--Allowance | |||
Finance receivables: Loans acquired with deteriorated credit quality | |||
Commercial Banking [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 310.5 | $ 282.4 | 282.4 |
Provision for credit losses | 73.5 | 24.4 | |
Other | (5.1) | (1.8) | |
Gross charge-offs | (35.8) | (22.6) | |
Recoveries | 4 | 3.3 | |
Allowance balance - end of period | 347.1 | 285.7 | 310.5 |
Allowance balance: Loans individually evaluated for impairment | 40.2 | 13.4 | |
Allowance balance: Loans collectively evaluated for impairment | 303.9 | 272.3 | |
Allowance for loan losses | 347.1 | 285.7 | |
Other reserves | 48.1 | 36.6 | |
Finance receivables: Loans individually evaluated for impairment | 176.6 | 48.3 | |
Finance receivables: Loans collectively evaluated for impairment | 21,123.7 | 15,010.5 | |
Finance receivables: Loans acquired with deteriorated credit quality | 21,658.7 | 21,331.9 | |
Ending balance | $ 21,437.2 | $ 15,058.9 | 20,929.2 |
Percent of loans to total loans | 68.30% | 77.50% | |
Gross charge-offs charged directly into specific allowance for loan losses | $ 7 | 15 | |
Commercial Banking [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans acquired with deteriorated credit quality--Allowance | 3 | ||
Finance receivables: Loans acquired with deteriorated credit quality | 136.9 | $ 0.1 | |
Consumer And Community Banking [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 10.3 | ||
Provision for credit losses | 3.1 | ||
Other | 1.3 | ||
Gross charge-offs | (0.7) | ||
Recoveries | 0.8 | ||
Allowance balance - end of period | $ 14.8 | 10.3 | |
Allowance balance: Loans individually evaluated for impairment | |||
Allowance balance: Loans collectively evaluated for impairment | $ 13.5 | ||
Allowance for loan losses | 14.8 | ||
Other reserves | $ 0.1 | ||
Finance receivables: Loans individually evaluated for impairment | |||
Finance receivables: Loans collectively evaluated for impairment | $ 4,760.7 | ||
Finance receivables: Loans acquired with deteriorated credit quality | 334.9 | 336.3 | |
Ending balance | $ 7,184.7 | 7,200.4 | |
Percent of loans to total loans | 22.90% | 0.00% | |
Consumer And Community Banking [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans acquired with deteriorated credit quality--Allowance | $ 1.3 | ||
Finance receivables: Loans acquired with deteriorated credit quality | $ 2,424 | ||
Non-Strategic Portfolios [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 37.5 | 37.5 | |
Provision for credit losses | 3.8 | ||
Other | (1.6) | ||
Gross charge-offs | (4) | ||
Recoveries | 2.4 | ||
Allowance balance - end of period | 38.1 | ||
Allowance balance: Loans individually evaluated for impairment | 1.4 | ||
Allowance balance: Loans collectively evaluated for impairment | 36.7 | ||
Allowance for loan losses | 38.1 | ||
Other reserves | 0.2 | ||
Finance receivables: Loans individually evaluated for impairment | 19.4 | ||
Finance receivables: Loans collectively evaluated for impairment | 1,406.9 | ||
Finance receivables: Loans acquired with deteriorated credit quality | $ 1,124.8 | 1,517.8 | |
Ending balance | $ 1,426.3 | ||
Percent of loans to total loans | 7.00% | ||
Gross charge-offs charged directly into specific allowance for loan losses | $ 5 | ||
Non-Strategic Portfolios [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans acquired with deteriorated credit quality--Allowance | |||
Finance receivables: Loans acquired with deteriorated credit quality | |||
Corporate And Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for credit losses | |||
Other | |||
Gross charge-offs | |||
Recoveries | |||
Allowance balance: Loans individually evaluated for impairment | |||
Allowance balance: Loans collectively evaluated for impairment | |||
Allowance for loan losses | |||
Other reserves | |||
Finance receivables: Loans individually evaluated for impairment | |||
Finance receivables: Loans collectively evaluated for impairment | |||
Ending balance | |||
Percent of loans to total loans | 0.00% | ||
Corporate And Other [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans acquired with deteriorated credit quality--Allowance | |||
Finance receivables: Loans acquired with deteriorated credit quality |
Indemnification Assets (Narrati
Indemnification Assets (Narrative) (Details) $ in Millions | Aug. 02, 2015USD ($) | May. 31, 2017USD ($) | Mar. 31, 2016USD ($)claimsegment | Dec. 31, 2015USD ($) |
Indemnification Assets [Line Items] | ||||
Number of days before reimbursement approval by FDIC | 60 days | |||
FDIC Indemnification Asset | $ 389.4 | $ 414.8 | ||
Advance on reverse mortgage loan | 152.4 | |||
Cumulative loss submissions and reimbursements | $ 1.8 | |||
Number of submitted claims | claim | 0 | |||
Amount reinbursed by FDIC | $ 5.7 | |||
Threshold of reimbused cumulative losses since acquisition date | $ 1,007 | |||
FDIC true-up liability | $ 58 | 56.9 | ||
Commercial Loan [Member] | ||||
Indemnification Assets [Line Items] | ||||
FDIC coverage expiration date | Dec. 1, 2014 | |||
Extendable period | 3 years | |||
Single-family Residential Portfolio (SFR) [Member] | ||||
Indemnification Assets [Line Items] | ||||
First loss tranche | $ 2,551 | |||
Excess losses reimbursed by FDIC, percent | 80.00% | |||
FDIC coverage expiration date | Dec. 1, 2019 | |||
Single-family Residential Portfolio (SFR) [Member] | Future [Member] | ||||
Indemnification Assets [Line Items] | ||||
First loss tranche | $ 3,826 | |||
Excess losses reimbursed by FDIC, percent | 95.00% | |||
Reverse Mortgage Indemnification Assets [Member] | ||||
Indemnification Assets [Line Items] | ||||
Cumulative loss submissions | 11.2 | |||
Cumulative reimbursements related to reverse mortgage loans sold to agencies | $ 10.7 | |||
Reverse Mortgage Indemnification Assets [Member] | Maximum [Member] | ||||
Indemnification Assets [Line Items] | ||||
FDIC Indemnification Asset | $ 200 | |||
OneWest Bank [Member] | ||||
Indemnification Assets [Line Items] | ||||
Acquisition date | Aug. 3, 2015 | |||
Amount reinbursed by FDIC | $ 0.7 | |||
OneWest Bank [Member] | Minimum [Member] | ||||
Indemnification Assets [Line Items] | ||||
FDIC Indemnification Asset, Period Increase (Decrease) | $ 200 | |||
IndyMac Transaction [Member] | ||||
Indemnification Assets [Line Items] | ||||
Number of components to indemnification program | segment | 3 | |||
FDIC Indemnification Asset | $ 386.9 | 414.5 | ||
First Federal Transaction [Member] | ||||
Indemnification Assets [Line Items] | ||||
FDIC Indemnification Asset | 0 | |||
La Jolla Transaction [Member] | ||||
Indemnification Assets [Line Items] | ||||
FDIC Indemnification Asset | 2.5 | $ 0.3 | ||
FDIC [Member] | ||||
Indemnification Assets [Line Items] | ||||
First loss tranche | $ 932 |
Indemnification Assets (Carryin
Indemnification Assets (Carrying Value Of Recognized Indemnification Assets And Related Receivables/Payables) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Estimated Fair Value And Range Of Value For Indemnification Assets [Line Items] | ||
Loan indemnification | $ 313.3 | $ 338.9 |
Reverse mortgage indemnification | 10.7 | 10.3 |
Agency claims indemnification | 65.4 | 65.6 |
Total | 389.4 | 414.8 |
Receivable from (Payable to) the FDIC | 18.2 | 16.7 |
IndyMac Transaction [Member] | ||
Schedule Of Estimated Fair Value And Range Of Value For Indemnification Assets [Line Items] | ||
Loan indemnification | 310.8 | 338.6 |
Reverse mortgage indemnification | 10.7 | 10.3 |
Agency claims indemnification | 65.4 | 65.6 |
Total | 386.9 | 414.5 |
Receivable from (Payable to) the FDIC | 19.8 | 18.6 |
La Jolla Transaction [Member] | ||
Schedule Of Estimated Fair Value And Range Of Value For Indemnification Assets [Line Items] | ||
Loan indemnification | 2.5 | 0.3 |
Total | 2.5 | 0.3 |
Receivable from (Payable to) the FDIC | $ (1.6) | $ (1.9) |
Indemnification Assets (Submiss
Indemnification Assets (Submission Of Qualifying Losses For Reimbursement From FDIC) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Qualifying Losses For Reimbursement [Line Items] | |||
Cumulative reimbursement | $ 0 | ||
IndyMac Transaction [Member] | |||
Schedule Of Qualifying Losses For Reimbursement [Line Items] | |||
Unpaid principal balance | $ 4,232.8 | $ 4,372.8 | |
Cumulative losses incurred | 3,662.2 | 3,623.4 | |
Cumulative claims | 3,647 | 3,608.4 | |
Cumulative reimbursement | 838.5 | 802.6 | |
First Federal Transaction [Member] | |||
Schedule Of Qualifying Losses For Reimbursement [Line Items] | |||
Unpaid principal balance | 1,407.3 | 1,456.8 | |
Cumulative losses incurred | 420.5 | 417.5 | |
Cumulative claims | 420 | 416.2 | |
First Federal Transaction [Member] | Single-family Residential Portfolio (SFR) [Member] | |||
Schedule Of Qualifying Losses For Reimbursement [Line Items] | |||
Unpaid principal balance | 1,407.3 | 1,456.8 | |
Cumulative losses incurred | 411.5 | 408.5 | |
Cumulative claims | 411 | 407.2 | |
First Federal Transaction [Member] | Commercial Loans Portfolio [Member] | |||
Schedule Of Qualifying Losses For Reimbursement [Line Items] | |||
Cumulative losses incurred | 9 | 9 | |
Cumulative claims | 9 | 9 | |
La Jolla Transaction [Member] | |||
Schedule Of Qualifying Losses For Reimbursement [Line Items] | |||
Unpaid principal balance | 82.4 | 89.3 | |
Cumulative losses incurred | 411.8 | 415.7 | |
Cumulative claims | 411.8 | 415.7 | |
Cumulative reimbursement | 329.5 | 332.6 | |
La Jolla Transaction [Member] | Single-family Residential Portfolio (SFR) [Member] | |||
Schedule Of Qualifying Losses For Reimbursement [Line Items] | |||
Unpaid principal balance | 82.4 | 89.3 | |
Cumulative losses incurred | 56.2 | 56.2 | |
Cumulative claims | 56.2 | 56.2 | |
Cumulative reimbursement | 45 | 45 | |
La Jolla Transaction [Member] | Commercial Loans Portfolio [Member] | |||
Schedule Of Qualifying Losses For Reimbursement [Line Items] | |||
Cumulative losses incurred | 355.6 | 359.5 | |
Cumulative claims | 355.6 | 359.5 | |
Cumulative reimbursement | $ 284.5 | $ 287.6 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Realized investment gains excluding losses from OTTI | $ 0.7 | $ 0.7 | ||
Interest bearing deposits | [1] | 7,135 | $ 6,820.3 | |
OTTI credit-related losses, PCI securities | 2 | $ 0 | ||
OTTI unrealized losses on non-marketable investments | $ 0 | |||
OneWest Bank [Member] | ||||
Acquisition date | Aug. 3, 2015 | |||
OneWest Bank [Member] | Mortgage-Backed Securities [Member] | ||||
Estimated fair value of purchased credit-impaired securities | $ 532.9 | 559.6 | ||
Par value of purchased credit-impaired securities | $ 692,900 | $ 717.1 | ||
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (VIEs) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company's interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company's interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale securities | $ 1,997.8 | $ 2,022.1 |
Held-to-maturity securities | 291.1 | |
Securities carried at fair value with changes recorded in net income | 323 | 339.7 |
Total investment securities | 2,896.8 | 2,953.8 |
Debt Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale securities | 1,983.3 | 2,007.8 |
Held-to-maturity securities | 291.1 | 300.1 |
Securities carried at fair value with changes recorded in net income | 323 | 339.7 |
Equity Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale securities | 14.5 | 14.3 |
Equity fund holdings and shares issued by customres during loan work out situations | 23.6 | 28.4 |
Non-marketable Investments [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities carried at fair value with changes recorded in net income | 284.9 | 291.9 |
FRB and FHLB Securities [Member] | Equity Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 261.3 | $ 263.5 |
Minimum [Member] | Equity Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Percentage of non-marketable equity method ownership interets | 3.00% | 3.00% |
Investment Securities (Schedu66
Investment Securities (Schedule Of Interest And Dividend Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Dividends - investments | $ 3.3 | $ 0.5 |
Total interest and dividends | 30.9 | 8.6 |
Investments / Reverse Repos [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Interest income | 19.2 | 4.1 |
Interest Bearing Deposits [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Interest income | $ 8.4 | $ 4 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Securities Available-For-Sale) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 2,005 | $ 2,033.6 |
Gross Unrealized Gains | 3.1 | 0.5 |
Gross Unrealized Losses | (10.3) | (12) |
Fair Value | 1,997.8 | 2,022.1 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 144 | 148.4 |
Gross Unrealized Gains | 1.4 | |
Gross Unrealized Losses | (0.1) | (0.9) |
Fair Value | 145.3 | 147.5 |
Non-Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 549.6 | 573.9 |
Gross Unrealized Gains | 1 | 0.4 |
Gross Unrealized Losses | (10) | (7.2) |
Fair Value | 540.6 | 567.1 |
U.S. Government Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 996.7 | 996.8 |
Gross Unrealized Gains | 0.4 | |
Gross Unrealized Losses | (3.7) | |
Fair Value | 997.1 | 993.1 |
Foreign Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 300.3 | 300.1 |
Fair Value | 300.3 | 300.1 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,990.6 | 2,019.2 |
Gross Unrealized Gains | 2.8 | 0.4 |
Gross Unrealized Losses | (10.1) | (11.8) |
Fair Value | 1,983.3 | 2,007.8 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14.4 | 14.4 |
Gross Unrealized Gains | 0.3 | 0.1 |
Gross Unrealized Losses | (0.2) | (0.2) |
Fair Value | $ 14.5 | $ 14.3 |
Investment Securities (Amorti68
Investment Securities (Amortized Cost And Fair Value Of Debt Securities Available-For-Sale By Contractual Maturity Dates) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Total debt securities available-for-sale, Amortized Cost | $ 1,990.6 |
Total debt securities available-for-sale, Fair Value | $ 1,983.3 |
Average Yield | 2.47% |
U.S. Government Agency Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Due after 10 years, Amortized Cost | $ 144 |
Total debt securities available-for-sale, Amortized Cost | 144 |
Due after 10 years, Fair Value | 145.3 |
Total debt securities available-for-sale, Fair Value | $ 145.3 |
Due after 10 years, Average Yield | 3.27% |
Average Yield | 3.27% |
Non-Agency Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
After 5 but within 10 years, Amortized Cost | $ 25.7 |
Due after 10 years, Amortized Cost | 523.9 |
Total debt securities available-for-sale, Amortized Cost | 549.6 |
After 5 but within 10 years, Fair Value | 25.4 |
Due after 10 years, Fair Value | 515.2 |
Total debt securities available-for-sale, Fair Value | $ 540.6 |
After 5 but within 10 years, Average Yield | 4.92% |
Due after 10 years, Average Yield | 5.75% |
Average Yield | 5.71% |
U.S. Government Agency Obligations [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
After 1 but within 5 years, Amortized Cost | $ 996.7 |
Total debt securities available-for-sale, Amortized Cost | 996.7 |
After 1 but within 5 years, Fair Value | 997.1 |
Total debt securities available-for-sale, Fair Value | $ 997.1 |
After 1 but within 5 years, Average Yield | 1.20% |
Average Yield | 1.20% |
Foreign Government [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Due within 1 year, Amortized Cost | $ 300.3 |
Total debt securities available-for-sale, Amortized Cost | 300.3 |
Due within 1 year, Fair Value | 300.3 |
Total debt securities available-for-sale, Fair Value | $ 300.3 |
Due within 1 year, Average Yield | 0.33% |
Average Yield | 0.33% |
Investment Securities (Debt Sec
Investment Securities (Debt Securities AFS - Estimated Unrealized Losses) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Fair Value | $ 481.6 | $ 1,585.7 |
Total securities available-for-sale, Less than 12 months, Gross Unrealized Loss | (10.3) | (12) |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Fair Value | 27.4 | 147 |
Total securities available-for-sale, Less than 12 months, Gross Unrealized Loss | (0.1) | (0.9) |
Non-Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Fair Value | 454 | 495.5 |
Total securities available-for-sale, Less than 12 months, Gross Unrealized Loss | (10) | (7.2) |
U.S. Government Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Fair Value | 943 | |
Total securities available-for-sale, Less than 12 months, Gross Unrealized Loss | (3.7) | |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Fair Value | 481.4 | 1,585.5 |
Total securities available-for-sale, Less than 12 months, Gross Unrealized Loss | (10.1) | (11.8) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Fair Value | 0.2 | 0.2 |
Total securities available-for-sale, Less than 12 months, Gross Unrealized Loss | $ (0.2) | $ (0.2) |
Investment Securities (Changes
Investment Securities (Changes In Accretable Yield For Purchased Credit-Impaired Securities) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Investment Securities [Abstract] | |
Beginning Balance | $ 189 |
Accretion into interest income | (7.8) |
Reclassification from nonaccretable difference for loans due to improving cash flows | 3.9 |
Ending Balance | $ 185.1 |
Investment Securities (Schedu71
Investment Securities (Schedule Of Securities Carried At Fair Value With Changes Recorded In Net Income) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 328.5 | $ 343.8 |
Gross Unrealized Gains | 0.3 | 0.3 |
Gross Unrealized Losses | (5.8) | (4.4) |
Fair Value | 323 | 339.7 |
Mortgage-Backed Securities - Non-Agency [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 328.5 | 343.8 |
Gross Unrealized Gains | 0.3 | 0.3 |
Gross Unrealized Losses | (5.8) | (4.4) |
Fair Value | $ 323 | $ 339.7 |
Investment Securities (Schedu72
Investment Securities (Schedule Of Amortized Cost And Fair Value Maturities With Changes Recorded In Net Income) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total debt securities carried at fair value with changes recorded in net income, Amortized Cost | $ 328.5 | $ 343.8 |
Total debt securities carried at fair value with changes recorded in net income, Fair Value | 323 | $ 339.7 |
Non-Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
After 5 but within 10 years, Amortized Cost | 0.2 | |
Due after 10 years, Amortized Cost | 328.3 | |
Total debt securities carried at fair value with changes recorded in net income, Amortized Cost | 328.5 | |
After 5 but within 10 years, Fair Value | 0.2 | |
Due after 10 years, Fair Value | 322.8 | |
Total debt securities carried at fair value with changes recorded in net income, Fair Value | $ 323 | |
After 5 but within 10 years, Average Yield | 9.80% | |
Due after 10 years, Average Yield | 4.86% | |
Average Yield | 4.86% |
Investment Securities (Carrying
Investment Securities (Carrying Value And Fair Value Of Securities Held-To-Maturity) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying Value | $ 291.1 | |
Fair Value | 293.5 | |
U.S. Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying Value | 141.6 | $ 147.2 |
Gross Unrealized Gains | 1.7 | 1.1 |
Gross Unrealized Losses | (0.9) | (2.6) |
Fair Value | 142.4 | 145.7 |
State And Municipal [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying Value | 31.5 | 37.1 |
Gross Unrealized Losses | (0.9) | (1.6) |
Fair Value | 30.6 | 35.5 |
Foreign Government [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying Value | 2.4 | 13.5 |
Gross Unrealized Gains | 0.1 | |
Fair Value | 2.5 | 13.5 |
Corporate - Foreign [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying Value | 115.6 | 102.3 |
Gross Unrealized Gains | 4.4 | 4.5 |
Gross Unrealized Losses | (2) | |
Fair Value | 118 | 106.8 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying Value | 291.1 | 300.1 |
Gross Unrealized Gains | 6.2 | 5.6 |
Gross Unrealized Losses | (3.8) | (4.2) |
Fair Value | $ 293.5 | $ 301.5 |
Investment Securities (Amorti74
Investment Securities (Amortized Cost And Fair Value Of Debt Securities Held-To-Maturity By Contractual Maturity Dates) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 291.1 | |
Fair Value | $ 293.5 | |
Average Yield | 3.10% | |
U.S. Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
After 5 but within 10 years, Amortized Cost | $ 1.3 | |
Due after 10 years, Amortized Cost | 140.3 | |
Amortized Cost | 141.6 | $ 147.2 |
After 5 but within 10 years, Fair Value | 1.3 | |
Due after 10 years, Fair Value | 141.1 | |
Fair Value | $ 142.4 | 145.7 |
After 5 but within 10 years, Average Yield | 2.15% | |
Due after 10 years, Average Yield | 2.43% | |
Average Yield | 2.42% | |
State And Municipal [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due within 1 year, Amortized Cost | $ 0.6 | |
After 1 but within 5 years, Amortized Cost | 1.2 | |
After 5 but within 10 years, Amortized Cost | 0.6 | |
Due after 10 years, Amortized Cost | 29.1 | |
Amortized Cost | 31.5 | 37.1 |
Due within 1 year, Fair Value | 0.6 | |
After 1 but within 5 years, Fair Value | 1.2 | |
After 5 but within 10 years, Fair Value | 0.6 | |
Due after 10 years, Fair Value | 28.2 | |
Fair Value | $ 30.6 | 35.5 |
Due within 1 year, Average Yield | 1.81% | |
After 1 but within 5 years, Average Yield | 2.25% | |
After 5 but within 10 years, Average Yield | 2.70% | |
Due after 10 years, Average Yield | 2.29% | |
Average Yield | 2.29% | |
Foreign Government [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
After 1 but within 5 years, Amortized Cost | $ 2.4 | |
Amortized Cost | 2.4 | 13.5 |
After 1 but within 5 years, Fair Value | 2.5 | |
Fair Value | $ 2.5 | 13.5 |
After 1 but within 5 years, Average Yield | 2.43% | |
Average Yield | 2.43% | |
Corporate - Foreign [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due within 1 year, Amortized Cost | $ 11.6 | |
After 1 but within 5 years, Amortized Cost | 104 | |
Amortized Cost | 115.6 | 102.3 |
Due within 1 year, Fair Value | 11.6 | |
After 1 but within 5 years, Fair Value | 106.4 | |
Fair Value | $ 118 | 106.8 |
Due within 1 year, Average Yield | 0.76% | |
After 1 but within 5 years, Average Yield | 4.54% | |
Average Yield | 4.16% | |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 291.1 | 300.1 |
Fair Value | $ 293.5 | $ 301.5 |
Investment Securities (Schedu75
Investment Securities (Schedule Of Debt Securities HTM - Estimated Unrealized Losses) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities held-to-maturity, Less than 12 months, Fair Value | $ 83.3 | $ 65.3 |
Total securities held-to-maturity, 12 months or greater, Fair Value | 67.2 | 68.9 |
Total securities held-to-maturity, Less than 12 months, Gross Unrealized Loss | (2.1) | (1) |
Total securities held-to-maturity, 12 months or greater, Gross Unrealized Loss | (1.7) | (3.2) |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities held-to-maturity, Less than 12 months, Fair Value | 19.3 | 62.2 |
Total securities held-to-maturity, 12 months or greater, Fair Value | 42.7 | 40.7 |
Total securities held-to-maturity, Less than 12 months, Gross Unrealized Loss | (0.1) | (0.9) |
Total securities held-to-maturity, 12 months or greater, Gross Unrealized Loss | (0.8) | (1.7) |
State And Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities held-to-maturity, Less than 12 months, Fair Value | 3.1 | |
Total securities held-to-maturity, 12 months or greater, Fair Value | 24.5 | 28.2 |
Total securities held-to-maturity, Less than 12 months, Gross Unrealized Loss | (0.1) | |
Total securities held-to-maturity, 12 months or greater, Gross Unrealized Loss | (0.9) | $ (1.5) |
Corporate - Foreign [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities held-to-maturity, Less than 12 months, Fair Value | 64 | |
Total securities held-to-maturity, Less than 12 months, Gross Unrealized Loss | $ (2) |
Deposits (Schedule Of Deposits)
Deposits (Schedule Of Deposits) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Deposits [Abstract] | ||
Deposits Outstanding | $ 32,892.7 | $ 32,782.2 |
Weighted average contractual interest rate | 1.26% | 1.26% |
Weighted average remaining number of days to maturity | 827 days | 864 days |
Daily average deposits | $ 32,888.3 | $ 23,277.8 |
Maximum amount outstanding | $ 33,152.8 | $ 32,899.6 |
Weighted average contractual interest rate for the year | 1.27% | 1.45% |
Deposits (Schedule Of Rates And
Deposits (Schedule Of Rates And Maturities Of Deposits) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Non-interest-bearing checking, Amount | $ 948 | |
Interest-bearing checking, Amount | 3,034 | |
Money market, Amount | 5,572 | |
Savings, Amount | 4,751.9 | |
Other, Amount | 147.4 | |
Total checking and savings deposits, Amount | 14,453.3 | |
Certificates of deposit, remaining contractual maturity: Within one year, Amount | 8,125 | |
Certificates of deposit, remaining contractual maturity: One to two years, Amount | 3,248.2 | |
Certificates of deposit, remaining contractual maturity: Two to three years, Amount | 1,402.1 | |
Certificates of deposit, remaining contractual maturity: Three to four years, Amount | 2,285.7 | |
Certificates of deposit, remaining contractual maturity: Four to five years, Amount | 1,329.8 | |
Certificates of deposit, remaining contractual maturity: Over five years, Amount | 2,032.8 | |
Total certificates of deposit, Amount | 18,423.6 | |
Premium / discount, Amount | (0.9) | |
Purchase accounting adjustments, Amount | 16.7 | |
Total Deposits, Amount | $ 32,892.7 | $ 32,782.2 |
Interest-bearing checking, Average Rate | 0.53% | |
Money market, Average Rate | 0.82% | |
Savings, Average Rate | 0.84% | |
Certificates of deposit, remaining contractual maturity: Within one year, Average Rate | 1.16% | |
Certificates of deposit, remaining contractual maturity: One to two years, Average Rate | 1.39% | |
Certificates of deposit, remaining contractual maturity: Two to three years, Average Rate | 1.86% | |
Certificates of deposit, remaining contractual maturity: Three to four years, Average Rate | 2.32% | |
Certificates of deposit, remaining contractual maturity: Four to five years, Average Rate | 2.34% | |
Certificates of deposit, remaining contractual maturity: Over five years, Average Rate | 3.17% | |
Total Deposits, Average Rate | 1.26% | 1.26% |
Deposits (Schedule Of Certifica
Deposits (Schedule Of Certificates Of Deposit $100 Thousand Or More) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
U.S. certificates of deposits: Three months or less | $ 1,465.9 | $ 1,476.5 |
U.S. certificates of deposits: After three months through six months | 1,166.7 | 1,462.6 |
U.S. certificates of deposits: After six months through twelve months | 3,322.8 | 2,687.2 |
U.S. certificates of deposits: After twelve months | 9,131.2 | 9,245.8 |
Total U.S. certificates of deposit $100 thousand or more | $ 15,086.6 | $ 14,872.1 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Revolving Credit Facility, available draw amount | $ 1,400 | |
Revolving Credit Facility, total commitment amount | $ 1,500 | |
Revolving Credit Facility, maturity date | Jan. 26, 2018 | |
Revolving Credit Facility, domestic operating subsidiary guarantors | item | 9 | |
Revolving Credit Facility, minimum guarantor asset coverage ratio | 1.375 | |
Revolving Credit Facility, minimum consolidated net worth covenant | $ 6,000 | |
Senior Unsecured Notes, percent of purchase price to principal amount | 101.00% | |
FHLB Advances, financing availability | $ 5,600 | |
FHLB Advances, unused and available | $ 2,500 | |
FHLB Advances, weighted average rate | 0.90% | |
Premium purchase accounting adjustment | $ 6,649 | $ 6,783.1 |
Secured borrowings | 4,309 | 4,687.9 |
HECM loans | 434.5 | 449.5 |
Secured borrowings - HECM loans | 425.8 | 440.6 |
Pledged assets | 17,400 | |
Pledged assets, loans | 12,000 | |
Pledged assets, operating lease assets | 4,500 | |
Pledged assets, cash | 800 | |
Pledged assets, investments | 100 | |
HMBS [Member] | ||
Debt Instrument [Line Items] | ||
HECM loans | 434.5 | 449.5 |
Secured borrowings - HECM loans | $ 425.8 | 440.6 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Credit Facility, minimum guarantor asset coverage ratio | 1 | |
Senior Unsecured Notes, percent of purchase price to principal amount | 98.00% | |
Percent required of claim amount for loan service | 98.00% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Credit Facility, minimum guarantor asset coverage ratio | 1.50 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Credit Facility, outstanding | $ 0 | 0 |
Revolving Credit Facility, total commitment amount | 1,150 | |
Letters of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Credit Facility, available draw amount | 100 | |
Revolving Credit Facility, total commitment amount | $ 350 | |
Structured Financings [Member] | ||
Debt Instrument [Line Items] | ||
Secured Borrowings, weighted average rate | 3.48% | |
Structured Financings [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Secured Borrowings, weighted average rate | 0.75% | |
Structured Financings [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Secured Borrowings, weighted average rate | 6.11% | |
LIBOR [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Credit Facility, applicable margin | 2.25% | |
Base Rate [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Credit Facility, applicable margin | 1.25% | |
OneWest Bank [Member] | Variable Interest Entities [Member] | ||
Debt Instrument [Line Items] | ||
unamortized premium balance | $ 11.9 | 13.2 |
OneWest Bank [Member] | Variable Interest Entities [Member] | HMBS [Member] | ||
Debt Instrument [Line Items] | ||
Secured borrowings | 180.8 | $ 189.6 |
OneWest Bank [Member] | Discontinued Operations [Member] | ||
Debt Instrument [Line Items] | ||
Secured borrowings | $ 425.8 |
Borrowings (Schedule Of Long-Te
Borrowings (Schedule Of Long-Term Borrowings) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 18,012.6 | $ 18,441.8 |
CIT Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 10,587.3 | |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 7,425.3 | |
Senior Unsecured Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 10,587.3 | 10,636.3 |
Deferred debt issuance costs | 41.4 | |
Senior Unsecured Borrowings [Member] | CIT Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 10,587.3 | |
Structured Financings [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 4,309 | 4,687.9 |
Deferred debt issuance costs | 55.9 | |
Structured Financings [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 4,309 | |
FHLB Advances [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 3,116.3 | $ 3,117.6 |
FHLB Advances [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 3,116.3 |
Borrowings (Schedule Of Senior
Borrowings (Schedule Of Senior Unsecured Notes) (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Par Value | $ 10,594,500,000 |
Senior Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Rate (%) | 5.02% |
Senior Unsecured Notes [Member] | May 2017 - 5.000% [Member] | |
Debt Instrument [Line Items] | |
Maturity Date | May 1, 2017 |
Rate (%) | 5.00% |
Date of Issuance | May 1, 2012 |
Par Value | $ 1,208,700,000 |
Senior Unsecured Notes [Member] | August 2017 - 4.250% [Member] | |
Debt Instrument [Line Items] | |
Maturity Date | Aug. 1, 2017 |
Rate (%) | 4.25% |
Date of Issuance | Aug. 1, 2012 |
Par Value | $ 1,725,800,000 |
Senior Unsecured Notes [Member] | March 2018 - 5.250% [Member] | |
Debt Instrument [Line Items] | |
Maturity Date | Mar. 1, 2018 |
Rate (%) | 5.25% |
Date of Issuance | Mar. 1, 2012 |
Par Value | $ 1,465,000,000 |
Senior Unsecured Notes [Member] | April 2018 - 6.625% [Member] | |
Debt Instrument [Line Items] | |
Rate (%) | 6.625% |
Date of Issuance | Mar. 1, 2011 |
Senior Unsecured Notes [Member] | February - 2019 - 5.500% [Member] | |
Debt Instrument [Line Items] | |
Rate (%) | 5.50% |
Date of Issuance | Feb. 1, 2012 |
Senior Unsecured Notes [Member] | February 2019 - 3.875% [Member] | |
Debt Instrument [Line Items] | |
Maturity Date | Feb. 1, 2019 |
Rate (%) | 3.875% |
Date of Issuance | Feb. 1, 2014 |
Par Value | $ 1,000,000,000 |
Senior Unsecured Notes [Member] | May 2020 - 5.375% [Member] | |
Debt Instrument [Line Items] | |
Maturity Date | May 1, 2020 |
Rate (%) | 5.375% |
Date of Issuance | May 1, 2012 |
Par Value | $ 750,000,000 |
Senior Unsecured Notes [Member] | August 2022 - 5.000% [Member] | |
Debt Instrument [Line Items] | |
Maturity Date | Aug. 1, 2022 |
Rate (%) | 5.00% |
Date of Issuance | Aug. 1, 2012 |
Par Value | $ 1,250,000,000 |
Senior Unsecured Notes [Member] | August 2023 - 5.000% [Member] | |
Debt Instrument [Line Items] | |
Maturity Date | Aug. 1, 2023 |
Rate (%) | 5.00% |
Date of Issuance | Aug. 1, 2013 |
Par Value | $ 750,000,000 |
Series C Notes [Member] | April 2018 - 6.625% [Member] | |
Debt Instrument [Line Items] | |
Maturity Date | Apr. 1, 2018 |
Par Value | $ 695,000,000 |
Series C Notes [Member] | February - 2019 - 5.500% [Member] | |
Debt Instrument [Line Items] | |
Maturity Date | Feb. 1, 2019 |
Par Value | $ 1,750,000,000 |
Borrowings (Schedule Of FHLB Ad
Borrowings (Schedule Of FHLB Advances With Pledged Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Borrowings [Abstract] | ||
FHLB Advances | $ 3,116.3 | $ 3,117.6 |
Pledged Assets | $ 6,649 | $ 6,783.1 |
Borrowings (Schedule Of Secured
Borrowings (Schedule Of Secured Financings And Pledged Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | $ 4,309 | $ 4,687.9 |
Pledged Assets | 8,139.6 | 8,215.1 |
TRS [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | 1,100 | |
Pledged Assets | 1,700 | |
Transportation Finance [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | 2,916.4 | 3,008.5 |
Pledged Assets | 5,028.4 | 5,068.3 |
Transportation Finance [Member] | Rail [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | 885.4 | 917 |
Pledged Assets | 1,351.5 | 1,336.1 |
Transportation Finance [Member] | Aerospace [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | 2,031 | 2,091.5 |
Pledged Assets | 3,676.9 | 3,732.2 |
Commercial Banking [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | 925.5 | 1,128.6 |
Pledged Assets | 2,479.5 | 2,434.3 |
Commercial Banking [Member] | Commercial Finance [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Pledged Assets | 0.2 | 0.2 |
Commercial Banking [Member] | Business Capital [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | 925.5 | 1,128.6 |
Pledged Assets | 2,479.3 | 2,434.1 |
Non-Strategic Portfolios [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | 467.1 | 550.8 |
Pledged Assets | $ 631.7 | $ 712.5 |
Borrowings (Assets and Liabilit
Borrowings (Assets and Liabilities in Unconsolidated VIEs) (Details) - Unconsolidated Variable Interest Entities (VIEs) [Member] - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Total Assets | $ 1,008.9 | $ 1,054.3 |
Maximum loss exposure | 1,008.9 | 1,054.3 |
Debt Securities [Member] | Agency Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 145.3 | 147.5 |
Debt Securities [Member] | Non-agency Securities - Other Servicer [Member] | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 863.6 | 906.8 |
Partnership Investment [Member] | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 121.8 | 125 |
Total Liabilities | 11.4 | 15.7 |
Maximum loss exposure | 121.8 | 125 |
Partnership Investment [Member] | Tax Credit Equity Investment [Member] | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 121.8 | 125 |
Partnership Investment [Member] | Commitments To Tax Credit Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Total Liabilities | $ 11.4 | $ 15.7 |
Derivative Financial Instrume85
Derivative Financial Instruments (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016USD ($)item | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||
Notional amount of derivative | $ 13,400.6 | $ 13,947.4 | |
Maximum aggregate facility commitment amounts | 2,125 | ||
Aggregate actual adjusted qualifying borrowing base outstanding | 956.8 | 972.2 | |
Liability recorded based on Company's valuation | 36.7 | 54.9 | |
Recognized reduction to other income | $ 18.2 | $ 1 | |
TRS [Member] | |||
Derivative [Line Items] | |||
Number of derivative financing facilities | item | 2 | ||
Number of wholly owned subsidiaries | item | 2 | ||
Notional amount of derivative | $ 1,168.2 | $ 1,152.8 | |
TRS [Member] | CIT Financial, Ltd. Facility [Member] | |||
Derivative [Line Items] | |||
Unutilized portion of facility accounted for as a derivative | 1,500 | ||
TRS [Member] | CIT TRS Funding B.V. [Member] | |||
Derivative [Line Items] | |||
Unutilized portion of facility accounted for as a derivative | $ 625 |
Derivative Financial Instrume86
Derivative Financial Instruments (Fair And Notional Values Of Derivative Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 13,400.6 | $ 13,947.4 |
Asset Fair Value | 98.4 | 141.1 |
Liability Fair Value | (197.5) | (103.6) |
TRS [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,168.2 | 1,152.8 |
Qualifying Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 790.3 | 787.6 |
Asset Fair Value | 0.2 | 45.5 |
Liability Fair Value | (31.1) | (0.3) |
Qualifying Hedges [Member] | Foreign Currency Forward Contracts - Net Investment Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 790.3 | 787.6 |
Asset Fair Value | 0.2 | 45.5 |
Liability Fair Value | (31.1) | (0.3) |
Non-Qualifying Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 12,610.3 | 13,159.8 |
Asset Fair Value | 98.2 | 95.6 |
Liability Fair Value | (166.4) | (103.3) |
Non-Qualifying Hedges [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 4,739.4 | 4,645.7 |
Asset Fair Value | 91.2 | 45.1 |
Liability Fair Value | (87.6) | (38.9) |
Non-Qualifying Hedges [Member] | Written Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 3,028.9 | 3,346.1 |
Asset Fair Value | 0.3 | 0.1 |
Liability Fair Value | (1.5) | (2.5) |
Non-Qualifying Hedges [Member] | Purchased Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,363.3 | 2,342.5 |
Asset Fair Value | 1.5 | 2.2 |
Liability Fair Value | (0.3) | (0.1) |
Non-Qualifying Hedges [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,106.7 | 1,624.2 |
Asset Fair Value | 5 | 47.8 |
Liability Fair Value | (40) | (6.6) |
Non-Qualifying Hedges [Member] | TRS [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,168.2 | 1,152.8 |
Liability Fair Value | (36.7) | (54.9) |
Non-Qualifying Hedges [Member] | Equity Warrants [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1 | 1 |
Asset Fair Value | 0.3 | |
Non-Qualifying Hedges [Member] | Interest Rate Lock Commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 8.5 | 9.9 |
Asset Fair Value | 0.2 | 0.1 |
Non-Qualifying Hedges [Member] | Credit Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 194.3 | 37.6 |
Liability Fair Value | $ (0.3) | $ (0.3) |
Derivative Financial Instrume87
Derivative Financial Instruments (Offsetting Of Derivative Assets And Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative Financial Instruments [Abstract] | ||
Gross Amount Recognized, Derivative assets | $ 98.4 | $ 141.1 |
Gross Amount Offset on the Statement of Financial Position, Derivative assets | ||
Net Amount Of Asset Presented On The Statement Of Financial Position, Derivative assets | $ 98.4 | $ 141.1 |
Gross Amounts not offset on Statement Of Financial Position, Financial Instruments, Derivative assets | (7.5) | (9.7) |
Gross Amounts not offset on Statement of Financial Position, Cash Collateral Received (Pledged), Derivative assets | (0.1) | (82.7) |
Gross Amounts not offset on Statement of Financial Position, Net Amount, Derivative assets | 90.8 | 48.7 |
Gross Amount Recognized, Derivative liabilities | $ (197.5) | $ (103.6) |
Gross Amount Offset on the Statement of Financial Position, Derivative liabilities | ||
Net Amount of (Liability) Presented on the Statement of Finacial Position, Derivative liabilities | $ (197.5) | $ (103.6) |
Gross Amounts not offset on Statement Of Financial Position, Financial Instruments, Derivative liabilities | 7.5 | 9.7 |
Gross Amounts not offset on Statement of Financial Position, Cash Collateral Received (Pledged), Derivative liabilities | 145.2 | 31.8 |
Gross Amounts not offset on Statement of Financial Position, Net Amount, Derivative liabilities | $ (44.8) | $ (62.1) |
Derivative Financial Instrume88
Derivative Financial Instruments (Derivative Instrument Gains And Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instrument - income statement impact | $ (17.6) | $ 85.5 |
Non-Qualifying Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instrument - income statement impact | (17.6) | 85.5 |
Non-Qualifying Hedges [Member] | Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instrument - income statement impact | (2.9) | (0.2) |
Non-Qualifying Hedges [Member] | Interest Rate Options [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instrument - income statement impact | 0.4 | 0.5 |
Non-Qualifying Hedges [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instrument - income statement impact | (33.9) | 86.2 |
Non-Qualifying Hedges [Member] | Equity Warrants [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instrument - income statement impact | (0.3) | |
Non-Qualifying Hedges [Member] | TRS [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instrument - income statement impact | 18.2 | $ (1) |
Non-Qualifying Hedges [Member] | Credit Derivatives [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instrument - income statement impact | $ 0.9 |
Derivative Financial Instrume89
Derivative Financial Instruments (Changes In AOCI Relating To Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives - effective portion reclassified from AOCI to income | $ 1.8 | $ 4.2 |
Total income statement impact | 1.8 | 4.2 |
Derivatives - effective portion recorded in OCI | (38) | 83.8 |
Total change in OCI for the period | (39.8) | 79.6 |
Foreign Currency Forward Contracts - Net Investment Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives - effective portion reclassified from AOCI to income | 1.8 | 4.2 |
Total income statement impact | 1.8 | 4.2 |
Derivatives - effective portion recorded in OCI | (38) | 83.8 |
Total change in OCI for the period | $ (39.8) | $ 79.6 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | |||
Fair value of loans, percentage | 96.40% | 97.30% | |||
Borrower rate, max effective period | 90 days | ||||
Contractual right to cash flows of underlying collateral measured at estimated fair value | 40.00% | ||||
Classification error, securities held at fair value through net income | $ 323,000,000 | $ 339,700,000 | |||
Unpaid principal balance | 3,981,100,000 | 4,149,800,000 | |||
Impaired loans unpaid principal balance with no specific allowance | 43,000,000 | 33,300,000 | |||
Impaired loans carrying value with no specific allowance | 22,900,000 | 21,900,000 | |||
Carrying value of impaired loans | 2,738,400,000 | 2,845,100,000 | |||
Impaired loans carrying amount | $ 137,300,000 | $ 121,800,000 | |||
Carrying amount of impaired loans percentage of unpaid principal balance | 64.90% | 70.60% | |||
Assets held for sale | $ 2,211,200,000 | [1] | $ 2,092,400,000 | [1] | $ 1,051,900,000 |
Leasing assets acquired | 21,340,300,000 | 21,380,900,000 | |||
Debt Instrument, Face Amount | 10,594,500,000 | ||||
Level 1 [Member] | |||||
Assets held for sale | 20,200,000 | ||||
Level 2 [Member] | |||||
Assets held for sale | 27,800,000 | ||||
Leasing assets acquired | 1,000,000,000 | 1,000,000,000 | |||
Unsecured borrowings | 11,000,000,000 | 10,700,000,000 | |||
Debt Instrument, Face Amount | 5,100,000,000 | 5,100,000,000 | |||
Level 3 [Member] | |||||
Assets held for sale (excluding leases) | 1,871,000,000 | ||||
Debt Instrument, Face Amount | $ 2,500,000,000 | $ 2,700,000,000 | |||
Minimum [Member] | |||||
Discount rate | 4.40% | ||||
Threshold at which impaired finance receivables that are placed on non-accrual status are subject to individual review | $ 500,000 | ||||
Maximum [Member] | |||||
Discount rate | 13.60% | ||||
OneWest Bank [Member] | |||||
Probable amount of holdback to be paid | $ 62,400,000 | ||||
OneWest Bank [Member] | Minimum [Member] | |||||
Range of potential holdback to be paid | 0 | ||||
OneWest Bank [Member] | Maximum [Member] | |||||
Range of potential holdback to be paid | $ 116,000,000 | ||||
Available-For-Sale Securities [Member] | Minimum [Member] | Level 3 [Member] | |||||
Discount rate | 0.00% | 0.00% | |||
Available-For-Sale Securities [Member] | Maximum [Member] | Level 3 [Member] | |||||
Discount rate | 61.40% | 94.50% | |||
Available-For-Sale Securities [Member] | Weighted Average [Member] | Level 3 [Member] | |||||
Discount rate | 6.50% | 6.40% | |||
FDIC Receivable [Member] | |||||
Percent of future cash flows from underlying loans and real estate properties | 40.00% | ||||
FDIC Receivable [Member] | Minimum [Member] | Level 3 [Member] | |||||
Discount rate | 7.80% | 7.80% | |||
FDIC Receivable [Member] | Maximum [Member] | Level 3 [Member] | |||||
Discount rate | 18.40% | 18.40% | |||
FDIC Receivable [Member] | Weighted Average [Member] | Level 3 [Member] | |||||
Discount rate | 9.40% | 9.40% | |||
Securities Carried At Fair Value With Changed Recorded In Net Income [Member] | Minimum [Member] | Level 3 [Member] | |||||
Discount rate | 0.00% | 0.00% | |||
Securities Carried At Fair Value With Changed Recorded In Net Income [Member] | Maximum [Member] | Level 3 [Member] | |||||
Discount rate | 70.50% | 19.90% | |||
Securities Carried At Fair Value With Changed Recorded In Net Income [Member] | Weighted Average [Member] | Level 3 [Member] | |||||
Discount rate | 6.20% | 6.30% | |||
FDIC True-Up Liability [Member] | Minimum [Member] | Level 3 [Member] | |||||
Discount rate | 4.20% | 4.10% | |||
FDIC True-Up Liability [Member] | Maximum [Member] | Level 3 [Member] | |||||
Discount rate | 4.20% | 4.10% | |||
FDIC True-Up Liability [Member] | Weighted Average [Member] | Level 3 [Member] | |||||
Discount rate | 4.20% | 4.10% | |||
FDIC True-Up Liability [Member] | La Jolla Transaction [Member] | |||||
Number of days after the loss sharing agreement maturity | 45 days | ||||
Consideration Holdback Liability [Member] | Minimum [Member] | Level 3 [Member] | |||||
Discount rate | 3.00% | ||||
Consideration Holdback Liability [Member] | Maximum [Member] | Level 3 [Member] | |||||
Discount rate | 3.00% | ||||
Consideration Holdback Liability [Member] | Weighted Average [Member] | Level 3 [Member] | |||||
Discount rate | 3.00% | 3.00% | |||
Consideration Holdback Liability [Member] | OneWest Bank [Member] | |||||
Number of consideration holdback liabilities | item | 4 | ||||
Reduction in cash consideration due to trailing risks | $ 116,000,000 | ||||
Consideration Holdback Liability [Member] | OneWest Bank [Member] | Minimum [Member] | |||||
Holdback periods | 1 year | ||||
Consideration Holdback Liability [Member] | OneWest Bank [Member] | Maximum [Member] | |||||
Holdback periods | 5 years | ||||
Impaired Loans [Member] | |||||
Unpaid principal balance | $ 211,700,000 | $ 172,500,000 | |||
Carrying value of impaired loans | $ 177,500,000 | $ 149,600,000 | |||
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (VIEs) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company's interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company's interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Fair Value (Assets And Liabilit
Fair Value (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities AFS | $ 1,983.3 | |
Securities carried at fair value with changes recorded in net income | 323 | $ 339.7 |
Derivative assets at fair value -non-qualifying hedges | 98.4 | 141.1 |
Derivative liabilities at fair value - non-qualifying hedges | (197.5) | (103.6) |
FDIC true-up liability | (58) | (56.9) |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities AFS | 1,983.3 | 2,007.8 |
Securities carried at fair value with changes recorded in net income | 323 | 339.7 |
Equity Securities AFS | 14.5 | 14.3 |
FDIC receivable | 54.4 | 54.8 |
Derivative assets at fair value -non-qualifying hedges | 98.2 | 95.6 |
Derivative assets at fair value - qualifying hedges | 0.2 | 45.5 |
Total Assets | 2,473.6 | 2,557.7 |
Derivative liabilities at fair value - non-qualifying hedges | (166.4) | (103.3) |
Derivative liabilities at fair value - qualifiying hedges | (31.1) | (0.3) |
Consideration holdback liability | (61.4) | (60.8) |
FDIC true-up liability | (58) | (56.9) |
Total Liabilities | (316.9) | (221.3) |
Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities AFS | 0.2 | 0.3 |
Total Assets | 0.2 | 0.3 |
Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities AFS | $ 1,442.7 | $ 1,440.7 |
Securities carried at fair value with changes recorded in net income | ||
Equity Securities AFS | $ 14.3 | $ 14 |
FDIC receivable | ||
Derivative assets at fair value -non-qualifying hedges | $ 98 | $ 95.6 |
Derivative assets at fair value - qualifying hedges | 0.2 | 45.5 |
Total Assets | 1,555.2 | 1,595.8 |
Derivative liabilities at fair value - non-qualifying hedges | (129.4) | (47.8) |
Derivative liabilities at fair value - qualifiying hedges | $ (31.1) | $ (0.3) |
Consideration holdback liability | ||
FDIC true-up liability | ||
Total Liabilities | $ (160.5) | $ (48.1) |
Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities AFS | 540.6 | 567.1 |
Securities carried at fair value with changes recorded in net income | 323 | 339.7 |
FDIC receivable | 54.4 | 54.8 |
Derivative assets at fair value -non-qualifying hedges | 0.2 | |
Total Assets | 918.2 | 961.6 |
Derivative liabilities at fair value - non-qualifying hedges | (37) | (55.5) |
Consideration holdback liability | (61.4) | (60.8) |
FDIC true-up liability | (58) | (56.9) |
Total Liabilities | (156.4) | (173.2) |
FDIC Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
FDIC receivable | $ 54.4 | $ 54.8 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information About Level 3 Fair Value Measurements-Recurring) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Derivative Assets - Non Qualifying [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Estimated fair value - assets | $ 0.2 | |
Valuation Techniques | Internal valuation model | |
Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 4.40% | |
Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 13.60% | |
Weighted Average [Member] | Derivative Assets - Non Qualifying [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value measurements, borrower rate | 3.824% | |
Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Estimated fair value - assets | $ 918.2 | $ 961.6 |
Estimated fair value - liabilities | (156.4) | (173.2) |
Level 3 [Member] | FDIC True-Up Liability [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Estimated fair value - liabilities | $ (58) | (56.9) |
Valuation Techniques | Discounted cash flow | |
Level 3 [Member] | Consideration Holdback Liability [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Estimated fair value - liabilities | $ (61.4) | (60.8) |
Valuation Techniques | Discounted cash flow | |
Level 3 [Member] | Derivative Liabilities - Non Qualifying [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Estimated fair value - liabilities | $ (37) | (55.5) |
Valuation Techniques | Market Comparables(1) | |
Level 3 [Member] | Available-For-Sale Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Estimated fair value - assets | $ 540.6 | 567.1 |
Valuation Techniques | Discounted cash flow | |
Level 3 [Member] | Securities Carried At Fair Value With Changed Recorded In Net Income [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Estimated fair value - assets | $ 323 | 339.7 |
Valuation Techniques | Discounted cash flow | |
Level 3 [Member] | FDIC Receivable [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Estimated fair value - assets | $ 54.4 | $ 54.8 |
Valuation Techniques | Discounted cash flow | |
Level 3 [Member] | Minimum [Member] | FDIC True-Up Liability [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 4.20% | 4.10% |
Level 3 [Member] | Minimum [Member] | Consideration Holdback Liability [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 3.00% | |
Fair Value Inputs, Probability of Default | 3.00% | |
Fair value measurements, payment probability | 0.00% | 0.00% |
Level 3 [Member] | Minimum [Member] | Available-For-Sale Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 0.00% | 0.00% |
Fair Value Inputs, Prepayment Rate | 2.40% | 2.70% |
Fair Value Inputs, Probability of Default | 0.00% | 0.00% |
Fair Value Inputs, Loss Severity | 0.20% | 0.20% |
Level 3 [Member] | Minimum [Member] | Securities Carried At Fair Value With Changed Recorded In Net Income [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 0.00% | 0.00% |
Fair Value Inputs, Prepayment Rate | 5.10% | 2.50% |
Fair Value Inputs, Probability of Default | 0.00% | 0.00% |
Fair Value Inputs, Loss Severity | 7.40% | 3.80% |
Level 3 [Member] | Minimum [Member] | FDIC Receivable [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 7.80% | 7.80% |
Fair Value Inputs, Prepayment Rate | 2.00% | 2.00% |
Fair Value Inputs, Probability of Default | 6.00% | 6.00% |
Fair Value Inputs, Loss Severity | 20.00% | 20.00% |
Level 3 [Member] | Minimum [Member] | Derivative Assets - Non Qualifying [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value measurements, borrower rate | 3.125% | |
Level 3 [Member] | Maximum [Member] | FDIC True-Up Liability [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 4.20% | 4.10% |
Level 3 [Member] | Maximum [Member] | Consideration Holdback Liability [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 3.00% | |
Fair Value Inputs, Probability of Default | 3.00% | |
Fair value measurements, payment probability | 100.00% | 100.00% |
Level 3 [Member] | Maximum [Member] | Available-For-Sale Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 61.40% | 94.50% |
Fair Value Inputs, Prepayment Rate | 21.40% | 20.80% |
Fair Value Inputs, Probability of Default | 9.70% | 9.50% |
Fair Value Inputs, Loss Severity | 83.50% | 83.50% |
Level 3 [Member] | Maximum [Member] | Securities Carried At Fair Value With Changed Recorded In Net Income [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 70.50% | 19.90% |
Fair Value Inputs, Prepayment Rate | 23.50% | 22.40% |
Fair Value Inputs, Probability of Default | 6.00% | 5.90% |
Fair Value Inputs, Loss Severity | 38.90% | 39.00% |
Level 3 [Member] | Maximum [Member] | FDIC Receivable [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 18.40% | 18.40% |
Fair Value Inputs, Prepayment Rate | 14.00% | 14.00% |
Fair Value Inputs, Probability of Default | 36.00% | 36.00% |
Fair Value Inputs, Loss Severity | 65.00% | 65.00% |
Level 3 [Member] | Maximum [Member] | Derivative Assets - Non Qualifying [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value measurements, borrower rate | 4.375% | |
Level 3 [Member] | Weighted Average [Member] | FDIC True-Up Liability [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 4.20% | 4.10% |
Level 3 [Member] | Weighted Average [Member] | Consideration Holdback Liability [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 3.00% | 3.00% |
Fair value measurements, payment probability | 53.80% | 53.80% |
Level 3 [Member] | Weighted Average [Member] | Available-For-Sale Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 6.50% | 6.40% |
Fair Value Inputs, Prepayment Rate | 9.30% | 9.20% |
Fair Value Inputs, Probability of Default | 4.00% | 4.10% |
Fair Value Inputs, Loss Severity | 36.50% | 36.40% |
Level 3 [Member] | Weighted Average [Member] | Securities Carried At Fair Value With Changed Recorded In Net Income [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 6.20% | 6.30% |
Fair Value Inputs, Prepayment Rate | 12.10% | 11.50% |
Fair Value Inputs, Probability of Default | 4.40% | 4.10% |
Fair Value Inputs, Loss Severity | 25.60% | 25.10% |
Level 3 [Member] | Weighted Average [Member] | FDIC Receivable [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 9.40% | 9.40% |
Fair Value Inputs, Prepayment Rate | 3.40% | 3.60% |
Fair Value Inputs, Probability of Default | 10.80% | 10.80% |
Fair Value Inputs, Loss Severity | 31.10% | 31.60% |
Fair Value (Changes In Estimate
Fair Value (Changes In Estimated Fair Value For Financial Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Liabilities - Non Qualifying [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Impairment | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | $ (55.5) | $ (26.6) |
Included in earnings, liability | $ 18.5 | (0.5) |
Included in comprehensive income, liability | ||
Paydowns, liability | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (37) | $ (27.1) |
FDIC True-Up Liability [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Impairment | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | $ (56.9) | |
Included in earnings, liability | $ (1.1) | |
Included in comprehensive income, liability | ||
Paydowns, liability | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (58) | |
Consideration Holdback Liability [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Impairment | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | $ (60.8) | |
Included in earnings, liability | $ (0.6) | |
Included in comprehensive income, liability | ||
Paydowns, liability | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (61.4) | |
Available-For-Sale Securities [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 567.1 | |
Included in earnings, assets | (1.5) | |
Included in comprehensive income, assets | (2.1) | |
Impairment | (2) | |
Paydowns, assets | (20.9) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 540.6 | |
Securities Carried At Fair Value With Changed Recorded In Net Income [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 339.7 | |
Included in earnings, assets | $ (1) | |
Included in comprehensive income, assets | ||
Impairment | ||
Paydowns, assets | $ (15.7) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 323 | |
FDIC Receivable [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 54.8 | |
Included in earnings, assets | $ 2.8 | |
Included in comprehensive income, assets | ||
Impairment | ||
Paydowns, assets | $ (3.2) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 54.4 | |
Derivative Assets - Non Qualifying [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | ||
Included in earnings, assets | $ 0.2 | |
Included in comprehensive income, assets | ||
Impairment | ||
Paydowns, assets | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 0.2 |
Fair Value (Carrying Value Of A
Fair Value (Carrying Value Of Assets Measured At Fair Value On A Non-Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | $ 1,871 | |
Non-Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 1,871 | $ 1,648.3 |
Other real estate owned and repossessed assets | 127.3 | |
Impaired loans | 88.3 | 127.6 |
Total | 1,959.3 | 1,903.2 |
Assets held for sale, Total (Losses) | (21.5) | (32) |
Other real estate owned and repossessed assets, Total (Losses) | (5.7) | |
Impaired loans, Total (Losses) | (27) | (21.9) |
Total (Losses) | $ (48.5) | $ (59.6) |
Non-Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | ||
Other real estate owned and repossessed assets | ||
Impaired loans | ||
Total | ||
Non-Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | $ 18.3 | $ 31 |
Other real estate owned and repossessed assets | ||
Impaired loans | ||
Total | $ 18.3 | $ 31 |
Non-Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 1,852.7 | 1,617.3 |
Other real estate owned and repossessed assets | 127.3 | |
Impaired loans | 88.3 | 127.6 |
Total | 1,941 | 1,872.2 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | $ 1,018.1 | $ 738.8 |
Fair Value (Summary Of Fair Val
Fair Value (Summary Of Fair Value Option) (Details) - FDIC Receivable [Member] - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
FDIC receivable, estimated fair value carrying amount | $ 54.4 | $ 54.8 |
FDIC receivable, aggregate unpaid principal | 196.4 | 204.5 |
FDIC receivable, difference between estimated fair value and 100% aggregate unpaid principal balance | $ 142 | $ 149.7 |
Fair Value (Carrying And Estima
Fair Value (Carrying And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Credit balances of factoring clients | $ (1,361) | $ (1,344) | $ (1,505.3) |
Unpaid Principal Balance | 3,981.1 | 4,149.8 | |
Impaired loans carrying amount | $ 137.3 | $ 121.8 | |
Carrying amount of impaired loans percentage of unpaid principal balance | 64.90% | 70.60% | |
Fair value of loans, percentage | 96.40% | 97.30% | |
Unpaid Principal Balance | $ 3,981.1 | $ 4,149.8 | |
Available-for-sale debt securities | 1,983.3 | ||
Debt securities carried at fair value with changes recorded in net income | 323 | 339.7 | |
Held-to-maturity securities | 293.5 | ||
Loan indemnification | 313.3 | 338.9 | |
Non-marketable Investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt securities carried at fair value with changes recorded in net income | 284.9 | 291.9 | |
Non-Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets held for sale (excluding leases) | 1,871 | 1,648.3 | |
Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets at fair value - qualifiying hedges | 0.2 | 45.5 | |
Derivative liabilities at fair value - qualifiying hedges | (31.1) | (0.3) | |
Available-for-sale debt securities | 1,983.3 | 2,007.8 | |
Commercial Loan [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans (excluding leases) | 27,200 | 27,500 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and interest bearing deposits | 8,141.8 | 8,301.5 | |
Derivative assets at fair value - non-qualifying hedges | 98.2 | 95.6 | |
Derivative assets at fair value - qualifiying hedges | 0.2 | 45.5 | |
Assets held for sale (excluding leases) | 1,018.1 | 738.8 | |
Loans (excluding leases) | 28,198.3 | 28,244.2 | |
Investment securities | 2,896.8 | 2,953.8 | |
Indemnification assets | 323.3 | 348.4 | |
Other assets subject to fair value disclosure and unsecured counterparty | 1,149.2 | 1,004.5 | |
Deposits | (32,934) | (32,813.8) | |
Derivative liabilities at fair value - non - qualifying hedges | (166.4) | (103.3) | |
Derivative liabilities at fair value - qualifiying hedges | (31.1) | (0.3) | |
Borrowings | (18,132.3) | (18,717.1) | |
Credit balances of factoring clients | (1,361) | (1,344) | |
Other liabilities subject to fair value disclosure | (1,825.6) | (1,943.5) | |
Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and interest bearing deposits | 8,141.8 | 8,301.5 | |
Derivative assets at fair value - non-qualifying hedges | 98.2 | 95.6 | |
Derivative assets at fair value - qualifiying hedges | 0.2 | 45.5 | |
Assets held for sale (excluding leases) | 1,025.5 | 746.7 | |
Loans (excluding leases) | 27,205.2 | 27,484.6 | |
Investment securities | 2,899.2 | 2,955.2 | |
Indemnification assets | 284.1 | 323.2 | |
Other assets subject to fair value disclosure and unsecured counterparty | 1,149.2 | 1,004.5 | |
Deposits | (33,254.9) | (32,972.2) | |
Derivative liabilities at fair value - non - qualifying hedges | (166.4) | (103.3) | |
Derivative liabilities at fair value - qualifiying hedges | (31.1) | (0.3) | |
Borrowings | (18,590.6) | (19,167) | |
Credit balances of factoring clients | (1,361) | (1,344) | |
Other liabilities subject to fair value disclosure | (1,825.6) | (1,943.5) | |
Agency claimed indemnification assets | 65.4 | 65.6 | |
Loan indemnification | $ 0.7 | $ 0.7 | |
Level 1 [Member] | Non-Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets held for sale (excluding leases) | |||
Level 1 [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and interest bearing deposits | $ 8,141.8 | $ 8,301.5 | |
Assets held for sale (excluding leases) | 20.6 | 21.8 | |
Investment securities | 0.3 | 11.5 | |
Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unsecured borrowings | 11,000 | 10,700 | |
Level 2 [Member] | Non-Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets held for sale (excluding leases) | 18.3 | 31 | |
Level 2 [Member] | Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets at fair value - qualifiying hedges | 0.2 | 45.5 | |
Derivative liabilities at fair value - qualifiying hedges | (31.1) | (0.3) | |
Available-for-sale debt securities | 1,442.7 | 1,440.7 | |
Level 2 [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets at fair value - non-qualifying hedges | 98 | 95.6 | |
Derivative assets at fair value - qualifiying hedges | 0.2 | 45.5 | |
Assets held for sale (excluding leases) | 28.2 | 55.8 | |
Loans (excluding leases) | 982.9 | 975.5 | |
Investment securities | 1,686.4 | 1,678.7 | |
Derivative liabilities at fair value - non - qualifying hedges | (129.4) | (47.8) | |
Derivative liabilities at fair value - qualifiying hedges | (31.1) | (0.3) | |
Borrowings | (16,049.3) | (16,358.2) | |
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets held for sale (excluding leases) | 1,871 | ||
Debt securities carried at fair value with changes recorded in net income | 323 | ||
Level 3 [Member] | Non-marketable Investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale debt securities | 291.9 | ||
Level 3 [Member] | Available-For-Sale Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale debt securities | 567.1 | ||
Level 3 [Member] | Securities Carried At Fair Value With Changed Recorded In Net Income [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale debt securities | 339.7 | ||
Level 3 [Member] | Held-To-Maturity Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale debt securities | 66.3 | ||
Level 3 [Member] | Non-Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets held for sale (excluding leases) | 1,852.7 | 1,617.3 | |
Level 3 [Member] | Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale debt securities | 540.6 | 567.1 | |
Level 3 [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets at fair value - non-qualifying hedges | 0.2 | ||
Assets held for sale (excluding leases) | 976.7 | 669.1 | |
Loans (excluding leases) | 26,222.3 | 26,509.1 | |
Investment securities | 1,212.5 | 1,265 | |
Indemnification assets | 284.1 | 323.2 | |
Other assets subject to fair value disclosure and unsecured counterparty | 1,149.2 | 1,004.5 | |
Deposits | (33,254.9) | (32,972.2) | |
Derivative liabilities at fair value - non - qualifying hedges | (37) | (55.5) | |
Borrowings | (2,541.3) | (2,808.8) | |
Credit balances of factoring clients | (1,361) | (1,344) | |
Other liabilities subject to fair value disclosure | (1,825.6) | $ (1,943.5) | |
Available-for-sale debt securities | 540.6 | ||
Non-marketable investments | 285 | ||
Held-to-maturity securities | $ 64 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation reclassification adjustments | $ 4,700,000 | $ 3,500,000 |
Foreign currency translation reclassification adjustments, tax | 15,600,000 | (19,100,000) |
Reclassification adjustments impacting net income for unrealized gains (losses) on AFS securities | 0 | 0 |
Change in income taxes associated with net unrealized gains on available for sale securities | (1,600,000) | 200,000 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net (Gain) Loss Recognized in Net Periodic Benefit Cost, Net of Tax | 1,000,000 | |
Reclassification adjustments impacting net income | 5,700,000 | 3,500,000 |
Change in income taxes associated with changes in benefit plans net gain/(loss) and prior service (cost)/credit | 300,000 | |
Foreign Currency Translation Adjustments Gains (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification adjustments impacting net income | 4,700,000 | $ 3,500,000 |
Changes In Benefit Plan Net Gain (Loss) And Prior Service (Cost) Credit [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification adjustments impacting net income | $ 1,000,000 | |
Unrealized Net Gains (Losses) On Available For Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification adjustments impacting net income |
Stockholders' Equity (Component
Stockholders' Equity (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Unrealized | $ (106.8) | $ (117.5) | ||
Income Taxes | (10.6) | (24.6) | ||
Total accumulated other comprehensive loss, Net Unrealized | (117.4) | (142.1) | $ (163.1) | $ (133.9) |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Unrealized | (24.2) | (29.8) | ||
Income Taxes | (20.3) | (35.9) | ||
Total accumulated other comprehensive loss, Net Unrealized | (44.5) | (65.7) | ||
Changes In Benefit Plan Net Gain (Loss) And Prior Service (Cost) / Credit [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Unrealized | (75.4) | (76.3) | ||
Income Taxes | 7 | 7 | ||
Total accumulated other comprehensive loss, Net Unrealized | (68.4) | (69.3) | ||
Unrealized Net Gains (Losses) On Available For Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Unrealized | (7.2) | (11.4) | ||
Income Taxes | 2.7 | 4.3 | ||
Total accumulated other comprehensive loss, Net Unrealized | $ (4.5) | $ (7.1) |
Stockholders' Equity (Changes I
Stockholders' Equity (Changes In Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ (142.1) | $ (133.9) |
AOCI activity before reclassification | 19 | (32.7) |
Amounts reclassified from AOCI | 5.7 | 3.5 |
Other comprehensive income (loss), net of tax | 24.7 | (29.2) |
Balance | (117.4) | (163.1) |
Foreign Currency Translation Adjustments Gains (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (65.7) | (75.4) |
AOCI activity before reclassification | 16.5 | (31.9) |
Amounts reclassified from AOCI | 4.7 | 3.5 |
Other comprehensive income (loss), net of tax | 21.2 | (28.4) |
Balance | (44.5) | (103.8) |
Changes In Benefit Plan Net Gain (Loss) And Prior Service (Cost) Credit [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (69.3) | (58.5) |
AOCI activity before reclassification | (0.1) | $ (0.4) |
Amounts reclassified from AOCI | 1 | |
Other comprehensive income (loss), net of tax | 0.9 | $ (0.4) |
Balance | (68.4) | $ (58.9) |
Unrealized Net Gains (Losses) On Available For Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (7.1) | |
AOCI activity before reclassification | $ 2.6 | $ (0.4) |
Amounts reclassified from AOCI | ||
Other comprehensive income (loss), net of tax | $ 2.6 | $ (0.4) |
Balance | $ (4.5) | $ (0.4) |
Stockholders' Equity (Reclassif
Stockholders' Equity (Reclassifications Out Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Amount | $ 4.7 | $ 3.5 |
Tax | 1 | |
Net Amount | 5.7 | 3.5 |
Foreign Currency Translation Adjustments Gains (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net Amount | 4.7 | 3.5 |
Foreign Currency Translation Adjustments Gains (Losses) [Member] | Other Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Amount | 3.6 | 3.5 |
Tax | 1.1 | |
Net Amount | 4.7 | $ 3.5 |
Changes In Benefit Plan Net Gain (Loss) And Prior Service (Cost) Credit [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net Amount | 1 | |
Changes In Benefit Plan Net Gain (Loss) And Prior Service (Cost) Credit [Member] | Operating Expenses [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Amount | 1.1 | |
Tax | (0.1) | |
Net Amount | $ 1 | |
Unrealized Net Gains (Losses) On Available For Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net Amount |
Regulatory Capital (Narrative)
Regulatory Capital (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016segment | |
Number of risk-weighting categories | 4 |
CET1 miinimum ratio | 4.50% |
Tier 1 Capital minimum ratio | 6.00% |
Total Capital minimum ratio | 8.00% |
Risk-Weighting Category 1 [Member] | |
Risk rating category percentage | 0.00% |
Risk-Weighting Category 2 [Member] | |
Risk rating category percentage | 20.00% |
Risk-Weighting Category 3 [Member] | |
Risk rating category percentage | 50.00% |
Risk-Weighting Category 4 [Member] | |
Risk rating category percentage | 100.00% |
Minimum [Member] | |
Standardized Approach, risk-sensitive nature of exposure, percentage | 0.00% |
Capital conservation buffer future yearly increase, percentage | 0.625% |
Maximum [Member] | |
Standardized Approach, risk-sensitive nature of exposure, percentage | 1250.00% |
Final future percentage of capital conservation buffer | 2.50% |
Regulatory Capital (Tier 1 Capi
Regulatory Capital (Tier 1 Capital And Total Capital Components) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Total stockholders' equity | $ 11,125.8 | $ 10,978.1 | ||
Less: Goodwill | (1,195.1) | (1,198.3) | ||
Qualifying allowance for credit losses and other reserves | $ 404.6 | 360.2 | $ 356.5 | $ 346.4 |
Common Equity Tier 1 Capital (to risk-weighted assets) | 4.50% | |||
Total Capital (to risk-weighted assets), Actual | 8.00% | |||
Effective minimum ratios under Basel III guidelines | 6.00% | |||
CIT Group Inc [Member] | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Total stockholders' equity | $ 11,125.8 | 10,978.1 | ||
Effect of certain items in accumulated other comprehensive loss excluded from Tier 1 Capital and qualifying noncontrolling interest | 73.4 | 76.9 | ||
Adjusted total equity | 11,199.2 | 11,055 | ||
Less: Goodwill | (1,126.3) | (1,130.8) | ||
Disallowed deferred tax assets | (873.9) | (904.5) | ||
Disallowed intangible assets | (76.7) | (53.6) | ||
Other Tier 1 components | (0.1) | |||
Common Equity Tier One Capital | 9,122.3 | 8,966 | ||
Tier 1 Capital | 9,122.3 | 8,966 | ||
Qualifying allowance for credit losses and other reserves | 452.9 | 403.3 | ||
Total qualifying capital | 9,575.2 | 9,369.3 | ||
Risk-weighted assets | $ 68,495.8 | $ 69,563.6 | ||
Common Equity Tier 1 Capital (to risk-weighted assets) | 13.30% | 12.90% | ||
Effective minimum ratios under Basel III guidelines | 5.125% | 4.50% | ||
Total Capital (to risk-weighted assets), Actual | 13.30% | 12.90% | ||
Effective minimum ratios under Basel III guidelines | 6.625% | 6.00% | ||
Tier 1 Capital (to risk-weighted assets), Actual | 14.00% | 13.50% | ||
Effective minimum ratios under Basel III guidelines | 8.625% | 8.00% | ||
Tier 1 Leverage Ratio, Actual | 13.90% | 13.50% | ||
Required minimum ratio for capital adequacy purposes | 4.00% | 4.00% | ||
CIT Bank [Member] | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Total stockholders' equity | $ 5,598.2 | $ 5,606.4 | ||
Effect of certain items in accumulated other comprehensive loss excluded from Tier 1 Capital and qualifying noncontrolling interest | 4.4 | 7 | ||
Adjusted total equity | 5,602.6 | 5,613.4 | ||
Less: Goodwill | (824.6) | (830.8) | ||
Disallowed intangible assets | (84.3) | (58.3) | ||
Common Equity Tier One Capital | 4,693.7 | 4,724.3 | ||
Tier 1 Capital | 4,693.7 | 4,724.3 | ||
Qualifying allowance for credit losses and other reserves | 423.6 | 374.7 | ||
Total qualifying capital | 5,117.3 | 5,099 | ||
Risk-weighted assets | $ 36,475.5 | $ 36,809.5 | ||
Common Equity Tier 1 Capital (to risk-weighted assets) | 12.90% | 12.80% | ||
Effective minimum ratios under Basel III guidelines | 5.125% | 4.50% | ||
Total Capital (to risk-weighted assets), Actual | 12.90% | 12.80% | ||
Effective minimum ratios under Basel III guidelines | 6.625% | 6.00% | ||
Tier 1 Capital (to risk-weighted assets), Actual | 14.00% | 13.90% | ||
Effective minimum ratios under Basel III guidelines | 8.625% | 8.00% | ||
Tier 1 Leverage Ratio, Actual | 10.80% | 10.90% | ||
Required minimum ratio for capital adequacy purposes | 4.00% | 4.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate, Continuing Operations | 26.00% | ||
Benefit (provision) for income taxes | $ (52.7) | $ (44) | |
Net discrete items | 11.1 | ||
Tax benefit from deferred tax asset valuation allowance | 13.9 | ||
Annual limitation on use of NOLs | $ 265 | ||
Operating Loss Carryforwards | 5,700 | ||
NOL, No longer subject to limitation | 1,200 | ||
Deferred tax assets, valuation allowance | 250 | ||
Decrease to deferred tax assets, foreign reporting entities | 70 | ||
Liability for uncertain tax positions | 41.1 | 46.7 | |
Potential decrease to tax benefits, minimum | 5 | ||
Accrual for interest and penalties | $ 12 | 18 | |
Pre-Emergence [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | 2,900 | ||
Geographic Mix Of Earnings [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate, Continuing Operations | 31.00% | ||
Foreign Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Deferred tax assets, valuation allowance | $ 21 | $ 91 | |
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
NOL expiration year | 2,027 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
NOL expiration year | 2,033 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | |
Commitments [Line Items] | ||
Financing commitments on which criteria for funding have not been completed | $ 764 | $ 859 |
Financing commitments to Trade Finance clients that are cancelable only after a notice period, amount | 411 | 406 |
Additional funding commitments | 1,700 | 1,700 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | |
Other liabilities | 3,020.2 | 3,158.7 |
Commitments and investments that qualify for community reinvestment tax credit | 20 | |
Deferred Purchase Agreements [Member] | ||
Commitments [Line Items] | ||
DPA credit protection provided to clients | 1,498 | 1,720 |
DPA credit line agreements net of Deferred Purchase Agreement credit protection | 86 | 87 |
Other liabilities | $ 4.5 | $ 4.4 |
Contractual Commitments [Member] | ||
Commitments [Line Items] | ||
Railcars | item | 6,200 | |
Purchase and Funding Commitments [Member] | ||
Commitments [Line Items] | ||
Aircraft remaining to be purchased, contractual commitments | item | 138 | |
HECM Reverse Mortgage Loan Commitments [Member] | ||
Commitments [Line Items] | ||
Additional funding commitments | $ 48 | |
Maximum [Member] | ||
Commitments [Line Items] | ||
Typical notice period | 90 days | |
Maximum [Member] | Deferred Purchase Agreements [Member] | ||
Commitments [Line Items] | ||
DPA credit line agreements, cancellation notice period | 90 days | |
Minimum [Member] | ||
Commitments [Line Items] | ||
Percent required of claim amount for loan service | 98.00% | |
OneWest Bank [Member] | ||
Commitments [Line Items] | ||
Net exposure for loan commitments | $ 48 | |
OneWest Bank [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
FDIC Indemnification Asset, Additional Estimated Losses | 200 | |
OneWest Bank [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
FDIC Indemnification Asset, Period Increase (Decrease) | $ 200 |
Commitments (Summary Of Commitm
Commitments (Summary Of Commitments) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Commitments [Abstract] | ||
Financing assets - Due to Expire Within One Year | $ 1,450.4 | |
Financing assets - Due to Expire After One Year | 5,373.9 | |
Financing assets - Total Outstanding | 6,824.3 | $ 7,385.6 |
Standby letters of credit - Due to Expire Within One Year | 49.1 | |
Standby letters of credit - Due to Expire After One Year | 275.2 | |
Standby letters of credit - Total Outstanding | 324.3 | 315.3 |
Other letters of credit - Due to Expire Within One Year | 24.6 | |
Other letters of credit - Total Outstanding | 24.6 | 18.3 |
Deferred purchase credit protection agreements - Due to Expire Within One Year | 1,583.5 | |
Deferred purchase credit protection agreements - Total Outstanding | 1,583.5 | 1,806.5 |
Guarantees, acceptances and other recourse obligations - Due to Expire Within One Year | 1.3 | |
Guarantees, acceptances and other recourse obligations - Total Outstanding | 1.3 | 0.7 |
Aerospace purchase commitments - Due To Expire Within One Year | 571.2 | |
Aerospace purchase commitments - Due To Expire After One Year | 8,937.6 | |
Aerospace purchase commitments - Total Outstanding | 9,508.8 | 9,618.1 |
Rail and other purchase commitments - Due to Expire Within One Year | 720.8 | |
Rail and other purchase commitments - Due to Expire After One Year | 90.1 | |
Rail and other purchase commitments - Total Outstanding | $ 810.9 | $ 898.2 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) - 3 months ended Mar. 31, 2016 BRL in Millions, $ in Millions | USD ($) | BRL | USD ($) |
Contingencies [Line Items] | |||
Reasonably possible litigation losses in excess of established reserves and insurance | $ 190 | ||
Indemnification liability | 15 | ||
Maximum [Member] | |||
Contingencies [Line Items] | |||
Accrued liability estimable losses | $ 5 | ||
Sao Paulo [Member] | Tax Years 2006 to 2009 [Member] | |||
Contingencies [Line Items] | |||
Tax assessments and penalties claimed | BRL 76 | 21 | |
Ocwen Loan Servicing, LLC ("Ocwen") [Member] | Indemnification Agreement [Member] | |||
Contingencies [Line Items] | |||
Indemnifications, aggregate amount | $ 150 | ||
Cumulative payments for claims arising from servicing errors | $ 49 | ||
Indemnification obligation expiration, term | 3 years | ||
Service transfer date, term of liability | 90 days |
Certain Relationships And Re107
Certain Relationships And Related Transactions (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($)property | Mar. 31, 2015USD ($)property | Dec. 31, 2015USD ($)property | Dec. 31, 2014propertysegment | |
Related Party Transaction [Line Items] | ||||
Number of joint ventures | segment | 2 | |||
Other assets | $ 3,377.5 | $ 3,297.6 | ||
Unpaid balance of subserviced loans for related party | $ 196.4 | 204.5 | ||
Strategic Credit Partners Holdings LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity interest percentage | 10.00% | |||
Loans sold in joint venture | $ 85 | |||
Equity investment | 6.3 | 4.6 | ||
TC-CIT Aviation [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity investment | 57 | |||
Revolving Credit Facility [Member] | ||||
Related Party Transaction [Line Items] | ||||
Credit facility, amount | 0 | 0 | ||
Investments In Non-Consolidated Entities [Member] | ||||
Related Party Transaction [Line Items] | ||||
Other assets | $ 238 | $ 224 | ||
TC-CIT Aviation [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of commercial aircrafts sold | property | 0 | 5 | 14 | 9 |
Aggregate value of commercial aircrafts | $ 240 | $ 600 | ||
TC-CIT Aviation, Additional Aircraft Sold In Year [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of commercial aircrafts sold | property | 5 | |||
Aggregate value of commercial aircrafts | $ 226 | |||
OneWest Bank [Member] | Revolving Credit Facility [Member] | ||||
Related Party Transaction [Line Items] | ||||
Commitment amount on facility | $ 32.1 | 39.9 | ||
Amount outstanding in credit facility | 30.7 | 38.5 | ||
Loan commitment deposit | $ 25.2 | $ 40.7 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016segmentstoreitem | |
Number of operating segments | segment | 4 |
Number of branches | store | 70 |
Commercial Banking [Member] | |
Number of divisions | 3 |
Transportation Finance [Member] | |
Number of divisions | 3 |
Business Segment Information (S
Business Segment Information (Segment Pre-Tax Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |||
Interest income | $ 495.4 | $ 281 | |||
Interest expense | (286.4) | (271.3) | |||
Provision for credit losses | (99.3) | (34.6) | |||
Rental income on operating leases | 575.4 | 530.6 | |||
Other income (expense) | 100.9 | 86.4 | |||
Depreciation on operating lease equipment | (175.3) | (156.8) | |||
Maintenance and other operating lease expenses | (56.2) | (46.1) | |||
Operating expenses / loss on debt extinguishment | (350.1) | (241.6) | |||
Income (loss) from continuing operations before (provision) benefit for income taxes | 204.4 | 147.6 | |||
Loans | 31,408.6 | 19,429.3 | $ 31,671.7 | ||
Credit balances of factoring clients | (1,361) | (1,505.3) | (1,344) | ||
Assets held for sale | 2,211.2 | [1] | 1,051.9 | 2,092.4 | [1] |
Operating lease equipment, net | 16,665.7 | [1] | 14,887.8 | $ 16,617 | [1] |
Transportation Finance [Member] | Operating Segments [Member] | |||||
Interest income | 52.7 | 42.7 | |||
Interest expense | (148.1) | (150.6) | |||
Provision for credit losses | (22.7) | (6.4) | |||
Rental income on operating leases | 544.5 | 496.7 | |||
Other income (expense) | 18.8 | 35.4 | |||
Depreciation on operating lease equipment | (155.3) | (136) | |||
Maintenance and other operating lease expenses | (56.2) | (46.1) | |||
Operating expenses / loss on debt extinguishment | (60.7) | (67.2) | |||
Income (loss) from continuing operations before (provision) benefit for income taxes | 173 | 168.5 | |||
Loans | 2,786.7 | 2,944.1 | |||
Assets held for sale | 754.7 | 254.6 | |||
Operating lease equipment, net | 16,373.1 | 14,622.8 | |||
Commercial Banking [Member] | Operating Segments [Member] | |||||
Interest income | 287.1 | 181.3 | |||
Interest expense | (73.6) | (64.8) | |||
Provision for credit losses | (73.5) | (24.4) | |||
Rental income on operating leases | 27.1 | 23.1 | |||
Other income (expense) | 55.5 | 63.6 | |||
Depreciation on operating lease equipment | (20) | (17.2) | |||
Operating expenses / loss on debt extinguishment | (158.4) | (131.3) | |||
Income (loss) from continuing operations before (provision) benefit for income taxes | 44.2 | 30.3 | |||
Loans | 21,437.2 | 15,058.9 | |||
Credit balances of factoring clients | (1,361) | (1,505.3) | |||
Assets held for sale | 229.7 | 87.6 | |||
Operating lease equipment, net | 292.6 | 225.4 | |||
Consumer And Community Banking [Member] | Operating Segments [Member] | |||||
Interest income | 103.2 | ||||
Interest expense | (8.9) | ||||
Provision for credit losses | (3.1) | ||||
Other income (expense) | 8.1 | ||||
Operating expenses / loss on debt extinguishment | (82.2) | ||||
Income (loss) from continuing operations before (provision) benefit for income taxes | 17.1 | ||||
Loans | 7,184.7 | ||||
Assets held for sale | 50.6 | ||||
Non-Strategic Portfolios [Member] | Operating Segments [Member] | |||||
Interest income | 25 | 52.8 | |||
Interest expense | (14.5) | (38) | |||
Provision for credit losses | (3.8) | ||||
Rental income on operating leases | 3.8 | 10.8 | |||
Other income (expense) | 14.5 | (6.2) | |||
Depreciation on operating lease equipment | (3.6) | ||||
Operating expenses / loss on debt extinguishment | (12.2) | (37) | |||
Income (loss) from continuing operations before (provision) benefit for income taxes | 16.6 | (25) | |||
Loans | 1,426.3 | ||||
Assets held for sale | 1,176.2 | 709.7 | |||
Operating lease equipment, net | 39.6 | ||||
Corporate And Other [Member] | Corporate, Non-Segment [Member] | |||||
Interest income | 27.4 | 4.2 | |||
Interest expense | (41.3) | (17.9) | |||
Other income (expense) | 4 | (6.4) | |||
Operating expenses / loss on debt extinguishment | (36.6) | (6.1) | |||
Income (loss) from continuing operations before (provision) benefit for income taxes | $ (46.5) | $ (26.2) | |||
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (VIEs) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company's interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company's interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Millions | Aug. 04, 2015 | Aug. 03, 2015 | Aug. 01, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2016 |
Nacco [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of outstanding shares acquired | 100.00% | 100.00% | ||||
Purchase price | $ 250 | |||||
Goodwill acquired | $ 77 | |||||
Direct Capital [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of outstanding shares acquired | 100.00% | |||||
Purchase price | $ 230 | |||||
Goodwill acquired | 170 | |||||
Intangible assets acquired | $ 12 | |||||
OneWest Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of outstanding shares acquired | 100.00% | |||||
Purchase price | $ 3,400 | |||||
Goodwill acquired | $ 656.8 | 663 | ||||
Acquisition date | Aug. 3, 2015 | |||||
Consumer And Community Banking [Member] | OneWest Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill acquired | $ 367 |
Goodwill (Summary Of Goodwill)
Goodwill (Summary Of Goodwill) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 1,198.3 |
Additions, Other activity | (3.2) |
Goodwill, Ending Balance | 1,195.1 |
Transportation Finance [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 245 |
Additions, Other activity | 3 |
Goodwill, Ending Balance | 248 |
Commercial Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 602.3 |
Additions, Other activity | (22.2) |
Goodwill, Ending Balance | 580.1 |
Consumer And Community Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 351 |
Additions, Other activity | 16 |
Goodwill, Ending Balance | $ 367 |