Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CIT | |
Entity Registrant Name | CIT GROUP INC. | |
Entity Central Index Key | 0001171825 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity File Number | 001-31369 | |
Entity Tax Identification Number | 651051192 | |
Entity Address, Address Line One | 11 West 42nd Street New York | |
Entity Address, City or Town | New York | |
Entity Address, Postal Zip Code | 10036 | |
City Area Code | 212 | |
Local Phone Number | 461-5200 | |
Entity Address, State or Province | New York | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 94,684,642 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks, including restricted balances of $23.3 at June 30, 2019 and $25.5 at December 31, 2018 (see Note 8 for amounts pledged) | $ 116.8 | $ 198.8 |
Interest bearing cash, including restricted balances of $2.2 at June 30, 2019 and $2.5 at December 31, 2018 (see Note 8 for amounts pledged) | 1,555.6 | 1,596.8 |
Securities purchased under agreement to resell | 850 | 400 |
Investment securities, including securities carried at fair value with changes recorded in net income of $46.4 at June 30, 2019 and $44.6 at December 31, 2018 (see Note 8 for amounts pledged) | 6,571.7 | 6,233.8 |
Assets held for sale | 190.8 | 88.4 |
Loans (see Note 8 for amounts pledged) | 31,322.8 | 30,795.4 |
Allowance for loan losses | (487.4) | (489.7) |
Total loans, net of allowance for loan losses | 30,835.4 | 30,305.7 |
Operating lease equipment, net (see Note 8 for amounts pledged) | 7,056.1 | 6,970.6 |
Bank-owned life insurance | 1,027.7 | 814.1 |
Goodwill | 369.9 | 369.9 |
Other assets, including $205.8 at June 30, 2019 and $119.9 at December 31, 2018, at fair value | 1,828.2 | 1,309.5 |
Assets of discontinued operations | 155.4 | 249.8 |
Total Assets | 50,557.6 | 48,537.4 |
Liabilities | ||
Deposits | 35,324.4 | 31,239.5 |
Credit balances of factoring clients | 1,175.8 | 1,674.4 |
Other liabilities, including $227.4 at June 30, 2019 and $146.6 at December 31, 2018, at fair value | 1,562.6 | 1,261.1 |
Borrowings, including $0.9 at June 30, 2019 and $0.9 at December 31, 2018 contractually due within twelve months | 6,326.4 | 8,118.8 |
Liabilities of discontinued operations | 252.4 | 297 |
Total Liabilities | 44,641.6 | 42,590.8 |
Stockholders’ Equity | ||
Preferred Stock: $0.01 par value, 100,000,000 shares authorized, 325,000 shares issued and outstanding | 325 | 325 |
Common Stock: $0.01 par value, 600,000,000 shares authorized. Issued: 162,116,252 at June 30, 2019 and 161,073,078 at December 31, 2018 Outstanding: 94,745,441 at June 30, 2019 and 100,919,707 at December 31, 2018 | 1.6 | 1.6 |
Paid-in capital | 6,836.2 | 6,810.8 |
Retained earnings | 2,111.4 | 1,924.4 |
Accumulated other comprehensive loss | (65.1) | (178.3) |
Treasury stock: 67,370,811 shares at June 30, 2019 and 60,153,371 shares at December 31, 2018 at cost | (3,293.1) | (2,936.9) |
Total Common Stockholders’ Equity | 5,591 | 5,621.6 |
Total Equity | 5,916 | 5,946.6 |
Total Liabilities and Equity | $ 50,557.6 | $ 48,537.4 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Cash and interest bearing deposits, restricted | $ 23.3 | $ 25.5 |
Restricted interest-bearing deposits | 2.2 | 2.5 |
Securities carried at fair value with changes recorded in net income | 46.4 | 44.6 |
Other assets at fair value | 205.8 | 119.9 |
Other liabilities at fair value | 227.4 | 146.6 |
Borrowings contractually due within twelve months | $ 0.9 | $ 0.9 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred Stock, shares issued (in shares) | 325,000 | 325,000 |
Preferred Stock, shares outstanding (in shares) | 325,000 | 325,000 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common Stock, shares issued (in shares) | 162,116,252 | 161,073,078 |
Common Stock, shares outstanding (in shares) | 94,745,441 | 100,919,707 |
Treasury stock, shares at cost (in shares) | 67,370,811 | 60,153,371 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income | ||||
Interest and fees on loans | $ 457 | $ 415.5 | $ 908.3 | $ 816.4 |
Other interest and dividends | 58.5 | 58.1 | 123.7 | 108.4 |
Interest income | 515.5 | 473.6 | 1,032 | 924.8 |
Interest expense | ||||
Interest on deposits | 173.9 | 110.6 | 327.7 | 207.7 |
Interest on borrowings | 68.8 | 94.6 | 150.6 | 178 |
Interest expense | 242.7 | 205.2 | 478.3 | 385.7 |
Net interest revenue | 272.8 | 268.4 | 553.7 | 539.1 |
Provision for credit losses | 28.6 | 32.9 | 61.6 | 101.7 |
Net interest revenue, after credit provision | 244.2 | 235.5 | 492.1 | 437.4 |
Non-interest income | ||||
Rental income on operating leases | 213 | 261.3 | 430.7 | 514.9 |
Other non-interest income | 106.1 | 135.4 | 202.9 | 240.1 |
Total non-interest income | 319.1 | 396.7 | 633.6 | 755 |
Total revenue, net of interest expense and credit provision | 563.3 | 632.2 | 1,125.7 | 1,192.4 |
Non-interest expenses | ||||
Depreciation on operating lease equipment | 76.8 | 77.2 | 156.2 | 153.6 |
Maintenance and other operating lease expenses | 48.3 | 63.5 | 98.1 | 120.9 |
Operating expenses | 267.8 | 267.5 | 543.9 | 548.8 |
Loss on debt extinguishment and deposit redemption | 0.2 | 19.3 | 0.3 | 19.4 |
Total non-interest expenses | 393.1 | 427.5 | 798.5 | 842.7 |
Income from continuing operations before provision for income taxes | 170.2 | 204.7 | 327.2 | 349.7 |
Provision for income taxes | 33.4 | 57.4 | 71.2 | 98.7 |
Income from continuing operations | 136.8 | 147.3 | 256 | 251 |
Discontinued operations | ||||
Total income (loss) from discontinued operations, net of taxes | 0.8 | (20.5) | 0.5 | (27.2) |
Net income | 137.6 | 126.8 | 256.5 | 223.8 |
Preferred dividends | 9.4 | 9.4 | 9.4 | 9.4 |
Net income available to common shareholders | 128.2 | 117.4 | 247.1 | 214.4 |
Income from continuing operations available to common shareholders | $ 127.4 | $ 137.9 | $ 246.6 | $ 241.6 |
Basic income per common share | ||||
Income from continuing operations | $ 1.32 | $ 1.12 | $ 2.51 | $ 1.90 |
Income (loss) from discontinued operations | 0.01 | (0.17) | (0.21) | |
Basic income per share | 1.33 | 0.95 | 2.51 | 1.69 |
Diluted income per common share | ||||
Income from continuing operations | 1.32 | 1.11 | 2.50 | 1.88 |
Income (loss) from discontinued operations | 0.01 | (0.17) | (0.21) | |
Diluted income per share | $ 1.33 | $ 0.94 | $ 2.50 | $ 1.67 |
Average number of common shares (thousands) | ||||
Basic | 96,173 | 123,499 | 98,287 | 126,964 |
Diluted | 96,483 | 124,686 | 98,780 | 128,110 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | ||||
Net income | $ 137.6 | $ 126.8 | $ 256.5 | $ 223.8 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 4.5 | (4.2) | 10.2 | (6.6) |
Net unrealized gains (losses) on available for sale securities | 55.6 | (22.4) | 100.8 | (86.3) |
Changes in benefit plans net gain (loss) and prior service (cost)/credit | 0.4 | 2.2 | 3.8 | |
Other comprehensive income (loss), net of tax | 60.1 | (26.2) | 113.2 | (89.1) |
Comprehensive income | $ 197.7 | $ 100.6 | $ 369.7 | $ 134.7 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock, at Cost |
Beginning balance at Dec. 31, 2017 | $ 7,320 | $ 325 | $ 2.1 | $ 8,798.1 | $ 1,906.5 | $ (86.5) | $ (3,625.2) |
Adoption of Accounting Standard Update at Dec. 31, 2017 | 0.2 | 0.7 | (0.5) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 223.8 | 223.8 | |||||
Other comprehensive income (loss), net of tax | (89.1) | (89.1) | |||||
Dividends paid | (51.6) | (51.6) | |||||
Share repurchases | (876.3) | (876.3) | |||||
Amortization of stock compensation expenses | (2.7) | 22.5 | (25.2) | ||||
Employee stock purchase plan | 1.4 | 1.4 | |||||
Ending balance at Jun. 30, 2018 | 6,525.7 | 325 | 2.1 | 8,822 | 2,079.4 | (176.1) | (4,526.7) |
Beginning balance at Mar. 31, 2018 | 7,126.8 | 325 | 2.1 | 8,811.8 | 1,982.7 | (149.9) | (3,844.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 126.8 | 126.8 | |||||
Other comprehensive income (loss), net of tax | (26.2) | (26.2) | |||||
Dividends paid | (30.1) | (30.1) | |||||
Share repurchases | (681.4) | (681.4) | |||||
Amortization of stock compensation expenses | 9.1 | 9.5 | (0.4) | ||||
Employee stock purchase plan | 0.7 | 0.7 | |||||
Ending balance at Jun. 30, 2018 | 6,525.7 | 325 | 2.1 | 8,822 | 2,079.4 | (176.1) | (4,526.7) |
Beginning balance at Dec. 31, 2018 | 5,946.6 | 325 | 1.6 | 6,810.8 | 1,924.4 | (178.3) | (2,936.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 256.5 | 256.5 | |||||
Other comprehensive income (loss), net of tax | 113.2 | 113.2 | |||||
Dividends paid | (69.5) | (69.5) | |||||
Share repurchases | (337.9) | (337.9) | |||||
Amortization of stock compensation expenses | 5.6 | 23.9 | (18.3) | ||||
Employee stock purchase plan | 1.5 | 1.5 | |||||
Ending balance at Jun. 30, 2019 | 5,916 | 325 | 1.6 | 6,836.2 | 2,111.4 | (65.1) | (3,293.1) |
Beginning balance at Mar. 31, 2019 | 5,909.5 | 325 | 1.6 | 6,825.2 | 2,017.6 | (125.2) | (3,134.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 137.6 | 137.6 | |||||
Other comprehensive income (loss), net of tax | 60.1 | 60.1 | |||||
Dividends paid | (43.8) | (43.8) | |||||
Share repurchases | (158.2) | (158.2) | |||||
Amortization of stock compensation expenses | 10 | 10.2 | (0.2) | ||||
Employee stock purchase plan | 0.8 | 0.8 | |||||
Ending balance at Jun. 30, 2019 | $ 5,916 | $ 325 | $ 1.6 | $ 6,836.2 | $ 2,111.4 | $ (65.1) | $ (3,293.1) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||
Dividends paid per common share | $ 0.35 | $ 0.16 | $ 0.60 | $ 0.32 |
Dividends paid per preferred share | $ 29 | $ 29 | $ 29 | $ 29 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows From Operations | ||
Net income | $ 256.5 | $ 223.8 |
Adjustments to reconcile net income to net cash flows from operations: | ||
Provision for credit losses | 61.6 | 101.7 |
Depreciation on operating lease equipment | 156.2 | 153.6 |
Amortization of stock compensation expenses | 23.9 | 22.5 |
Net gain on asset sales and impairments on assets held for sale | (45.9) | (46) |
Loss on debt extinguishment and deposit redemption | 0.3 | 19.4 |
Provision for deferred income taxes | 38.7 | 57.6 |
Increase in finance receivables held for sale | (64.7) | (13) |
Increase in other assets | (300) | (136.5) |
Increase (decrease) in other liabilities | 28 | (21.6) |
Other operating activities | 37 | 139.4 |
Net cash flows provided by operations | 191.6 | 500.9 |
Cash Flows From Investing Activities | ||
Changes in loans, net | (1,348.5) | (470.7) |
Purchases of investment securities | (5,012.7) | (1,055.4) |
Proceeds from sales and maturities of investment securities | 4,341.9 | 1,502.3 |
Proceeds from asset and receivable sales | 307.9 | 1,093 |
Purchases of assets to be leased and other equipment | (271.3) | (304.6) |
Proceeds from sale of OREO, net of repurchases | 22.3 | 46.9 |
Purchase of bank owned life insurance | (200) | |
Other investing activities | 22.9 | 20.9 |
Net cash flows (used in) provided by investing activities | (2,137.5) | 832.4 |
Cash Flows From Financing Activities | ||
Proceeds from the issuance of term debt and FHLB advances | 600 | 3,065.7 |
Repayments of term debt, FHLB advances, and net settlements | (2,405.5) | (3,237.1) |
Net increase in deposits | 4,061.5 | 1,606.2 |
Repurchase of common stock | (337.9) | (876.3) |
Dividends paid | (69.5) | (51.6) |
Other financing activities | (28.4) | (81.8) |
Net cash flows provided by financing activities | 1,820.2 | 425.1 |
Effect of exchange rate changes on cash and cash equivalents | 2.5 | (8.8) |
(Decrease) increase in cash, cash equivalents and restricted cash | (123.2) | 1,749.6 |
Cash, cash equivalents, and restricted cash beginning of period | 1,795.6 | 1,726.4 |
Cash, cash equivalents, and restricted cash end of period | 1,672.4 | 3,476 |
Supplementary Cash Flow Disclosures | ||
Interest paid | (481.4) | (376.8) |
Federal, foreign, state and local income taxes refunded (paid), net | (16.8) | (18.2) |
Supplementary Non Cash Flow Disclosure | ||
Transfer of assets from held for investment to held for sale | 251.9 | 219.4 |
Transfer of assets from held for sale to held for investment | 5.7 | 20.8 |
Transfers of assets to OREO | 15.6 | 24.1 |
Commitments extended during the period on affordable housing investment credits | $ 63 | $ 38.1 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Reconciliation of cash, cash equivalents and restricted cash | ||
Cash and due from banks, including restricted balances of $23.3 and $26.5 at June 30, 2019 and June 30, 2018, respectively | $ 116.8 | $ 208.6 |
Interest bearing deposits, including restricted balances of $2.2 and $81.1 at June 30, 2019 and June 30, 2018, respectively | 1,555.6 | 3,267 |
Cash included in assets of discontinued operations | 0 | 0.4 |
Total cash, cash equivalents, and restricted cash shown in the Statements of Cash Flows | 1,672.4 | 3,476 |
Cash and due from banks, restricted | 23.3 | 26.5 |
Restricted interest-bearing deposits | $ 2.2 | $ 81.1 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
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 "we", "our", "CIT" or the "Company"), is a bank holding company ("BHC") and a financial holding company ("FHC"). CIT was formed in 1908 and provides financing, leasing and advisory services principally to middle-market companies in a wide variety of industries, primarily in North America. We also provide banking and related services to commercial and individual customers through our banking subsidiary, CIT Bank, N.A. ("CIT Bank" or the "Bank"), which includes over 60 branches located in Southern California and its online bank, cit.com/cit-bank/ 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, as amended. CIT Bank is regulated by the Office of the Comptroller of the Currency of the 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 statement 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2018 ("2018 Form 10-K"). The accounting and financial reporting policies of CIT conform to GAAP and the preparation of the consolidated financial statements is in conformity with GAAP, which requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates and assumptions. Some of the more significant estimates include: allowance for loan losses and loan impairment, realizability of deferred tax assets, and goodwill. Additionally, where applicable, the policies conform to accounting and reporting guidelines prescribed by bank regulatory authorities. Principles of Consolidation The accompanying consolidated financial statements include financial information related to CIT and its majority-owned subsidiaries and those variable interest entities (“VIEs”) where the Company is the primary beneficiary (“PB”). 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 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 as of June 30, 2019 and December 31, 2018 included certain assets and liabilities of (i) the Business Air business and (ii) the Financial Freedom reverse mortgage servicing business. Income (loss) from discontinued operations reflects the activities of the Business Air and Financial Freedom businesses for the quarters and six months ended June 30, 2019 and 2018. The Financial Freedom business (“Financial Freedom”) was acquired in conjunction with the acquisition of OneWest Bank, N.A. (the “OneWest Transaction”) in 2015. Financial Freedom was sold on May 31, 2018 and the economic benefit and risk of the business was transferred to the buyer. The sale included all the operations, mortgage servicing rights, and related servicing assets and liabilities. At June 30, 2019, certain assets and liabilities of the Financial Freedom business remained in discontinued operations pending CIT’s receipt of the required investor consent. CIT received the required investor consent in July 2019. See further discussion in Note 2 — Discontinued Operations . SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies are included in the Company's 2018 Form 10-K. Effective January 1, 2019, CIT changed its accounting policy for leases resulting from the adoption of Accounting Standards Codification ("ASC") 842, Leases . Other Newly Adopted Accounting Standards Leases On January 1, 2019, CIT adopted ASU 2016-02, Leases (Topic 842), Leases Lessee Topic 842 Accounting The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use (“ROU”) assets and lease liabilities. ROU assets represent our right to use underlying assets for the lease terms and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. CIT recognized lease liabilities, with corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months as of January 1, 2019. The ROU assets were adjusted per Topic 842 transition guidance for existing lease-related balances of accrued and prepaid rent, unamortized lease incentives provided by lessors, and restructuring liabilities. As a result, CIT recognized ROU assets of approximately $210 million in Other Assets and corresponding lease liabilities of approximately $260 million in Other liabilities as of January 1, 2019. The January 1, 2019 incremental borrowing rates determined on a collateralized basis for the remaining lease terms were utilized when determining the present value of lease payments at the date of initial adoption. The Company elected the lessee practical expedient to not separate lease and non-lease components. The Company also elected the short-term lease recognition exemption and will not recognize ROU assets or lease liabilities for leases with a term less than 12 months. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term and is recorded in Operating Expenses. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur. Lessee Accounting for Periods Prior to Adoption of Topic 842 (Prior to January 1, 2019) Under ASC 840, lessee operating lease arrangements were recorded off balance sheet and ROU assets and lease liabilities were not recognized. Operating lease rent expense was recognized on a straight-line basis over the lease term and recorded in Operating Expenses. Common area maintenance, property taxes, and other operating expenses related to leased premises were also recognized in Operating Expenses, consistent with similar costs for owned locations. Lessor Topic 842 Accounting We determine lease classification at commencement date. Leases not classified as sales-type or direct financing leases are classified as operating leases. The primary accounting criteria we use for lease classification are (a) review to determine if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, (b) review to determine if the lease grants the lessee a purchase option that the lessee is reasonably certain to exercise, (c) determine, using a seventy-five percent or more threshold, if the lease term is for a major part of the remaining economic life of the underlying asset (however, we do not use this classification criterion when the lease commencement date falls within the last 25 percent of the total economic life of the underlying asset) and (d) determine, using a ninety percent or more threshold, if the present value of the sum of the lease payments and any residual value guarantees equal or exceeds substantially all of the fair value of the underlying asset. We do not lease equipment of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Lease components are separated from non-lease components that transfer a good or service to the customer; and the non-lease components in our lease contracts are accounted for in accordance with loan accounting guidance. However, the Company elected the operating lease practical expedient for its Rail portfolio leases to not separate non-lease components of railcar maintenance services from associated lease components. This practical expedient is available when both of the following are met: (i) the timing and pattern of transfer of the non-lease components and associated lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease. At the inception of each lease, we record a residual value for the leased equipment based on our estimate of the future value of the equipment at the end of the lease term or end of the equipment’s estimated useful life. The residual realization risk varies by transaction type. Finance leases bear the least risk because contractual payments usually cover approximately 90% of the equipment's cost at the inception of the lease. A significant portion of our leasing portfolios are comprised of operating leases which have higher risk because a smaller percentage of the equipment's value is covered by contractual cash flows over the term of the lease. If the market value of leased equipment decreases at a rate greater than we projected, whether due to rapid technological or economic obsolescence, unusual wear and tear on the equipment, excessive use of the equipment, recession or other adverse economic conditions, or other factors, it could adversely affect the current values or the residual values of such equipment. CIT seeks to mitigate these risks by maintaining relatively young fleet assets with wide operator bases, which can facilitate attractive lease and utilization rates. CIT manages and evaluates residual risk by performing periodic reviews of estimated residual values and monitoring levels of residual realizations. A change in estimated operating lease residual values would result in a change in future depreciation expense. A change in estimated finance lease residual values during the lease term impacts the loss allowance as the lessor considers both the lease receivable and the unguaranteed residual asset when determining the finance lease net investment loss allowance. Incremental costs of a lease that would not have been incurred if the lease had not been obtained are capitalized as initial direct costs. Property taxes paid by the lessor which are reimbursed by the lessee are considered to be lessor costs of owning the asset, and are recorded gross with revenue included in Other non-interest income and expense recorded in Operating expenses. The Company elected a lessor accounting policy election to exclude from revenue and expenses sales taxes and other similar taxes assessed by a governmental authority on lease revenue-producing transactions and collected by the lessor from a lessee. Operating Leases - Operating lease equipment is carried at cost less accumulated depreciation. Operating lease equipment is depreciated to its estimated residual value using the straight-line method over the lease term or estimated useful life of the asset. Equipment received at the end of the lease, which will be sold, is marked to the lower of cost or fair value with the adjustment recorded in other noninterest income. Initial direct costs are amortized over the lease term. Rental revenue on operating leases is recognized on a straight line basis over the lease term and is included in Non-interest Income. Intangible assets related to acquisitions completed by the Company, and to Fresh Start Accounting (“FSA”) adjustments that were applied as of December 31, 2009 (the “FSA Convenience Date”), to adjust the carrying value of above or below market operating lease contracts to their fair value are amortized into rental income on a straight line basis over the remaining term of the respective lease. Finance Leases - CIT’s finance leases are classified as sales-type leases; other than instances when a third party residual value guarantee is obtained causing the lease to be classified as a direct financing lease under ASC 842. CIT’s finance lease activity primarily relates to leasing of new equipment with the equipment purchase price equal to fair value and therefore there is no selling profit or loss at lease commencement. When there is no selling profit or loss, initial direct costs are deferred at the commencement date and included in the measurement of the net investment in the lease. A lease receivable and unguaranteed residual asset, if any, are recorded for finance leases at present value discounted using the rate implicit in the lease. The lease receivable includes lease payments not yet paid and guarantee of the residual value by the lessee or unrelated third party. Interest income is recognized over the lease term at a constant periodic discount rate on the remaining balance of the lease net investment using the rate implicit in the lease. After the commencement date, lease payments collected are applied to reduce net investment, and net investment is increased for interest income recorded. Variable lease payments that are not included in the lease net investment are recognized as income in profit or loss in the period when the changes in facts and circumstances on which the variable lease payments are based occur. The recognition of interest income is suspended and an account is placed on non-accrual status when, in the opinion of management, full collection of all principal and interest due is doubtful. All future interest income accruals, as well as amortization of deferred fees, costs, and purchase premiums or discounts are suspended. To the extent the estimated cash flows, including fair value of collateral, does not satisfy the net investment balance, accrued but uncollected interest at the date an account is placed on non-accrual status is reversed and charged against interest income. Subsequent lease payments received are applied to the outstanding net investment balance until such time as the account is collected, charged-off or returned to accrual status. Finance leases that are on cash basis nonaccrual do not accrue interest income; however, payments designated by the borrower as interest payments may be recorded as interest income. To qualify for this treatment, the remaining recorded investment in the lease must be deemed fully collectable. The recognition of interest income (including accretion) on small ticket finance leases is suspended, and all previously accrued but uncollected revenue is reversed, when lease payments are contractually delinquent for 90 days or more. Accounts, including accounts that have been modified, are returned to accrual status when, in the opinion of management, collection of remaining lease receivables are reasonably assured, and there is a sustained period of repayment performance, generally for a minimum of six months. Lessor Accounting for Periods Prior to Adoption of Topic 842 (Prior to January 1, 2019) Lessor accounting was not fundamentally changed by ASC 842 and remains similar to the prior accounting model, with updates 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. The new rules did not have a significant impact on our classification of leases as finance or operating. Under ASC 840 our finance leases typically met criteria for classification as direct financings leases; however, due to a change in lease guidance similar leases are classified as sales-type leases under ASC 842 although there continues to be no selling profit or loss at lease commencement. The primary impact to the Company related to initial direct costs and certain property taxes. The new lease guidance has a narrower definition of initial direct costs that may be capitalized and allocated internal costs and professional fees to negotiate and arrange the lease agreement that would have been incurred regardless of lease execution no longer qualify as initial direct cost. On January 1, 2019, we began to record gross operating expenses and other non-interest income for property taxes paid by CIT as lessor that are reimbursed by the lessees. Revenue Recognition ASC 606, Revenue from Contracts with Customers Other Newly Adopted Accounting Standards In addition to ASC 842, Leases • ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. • ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Base Payment Accounting. • ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting. Recent Accounting Pronouncements The following accounting pronouncements were issued by the FASB but are not yet effective for CIT. Standard Summary of Guidance Effect on CIT's Financial Statements ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, Issued June 2016 with Updates through May 2019 • ASU 2016-13 introduces a forward-looking “expected loss” model (the “Current Expected Credit Losses” (“CECL”) model) to estimate credit losses over the full remaining expected life of the portfolio upon adoption, rather than the incurred loss model under current U.S. GAAP. Estimates of expected credit losses under the new model will be based on relevant information about past events, current conditions, and reasonable and supportable forecasts regarding the collectability of reported amounts. Generally, the new model requires that an allowance for credit losses (“ACL”) be estimated and recognized for financial assets measured at amortized cost within its scope. • The amendments in this standard eliminates existing guidance for Purchase Credit Impaired ("PCI") loans, and requires recognition of an allowance for expected credit losses on financial assets purchased with more than insignificant credit deterioration since origination (purchased credit deteriorated (“PCD”) loans). • Loans previously classified as PCI will be considered PCD at adoption, with credit related discount reflected in the ACL and loan balance. • ASU 2016-13 amends existing impairment guidance for Available-for-sale ("AFS") securities to incorporate an allowance, which will allow for reversals of impairment losses in the event that the credit of an issuer improves. • In addition, ASU 2016-13 expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the ACL. • ASU 2018-19, clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 and should be accounted for in accordance with Topic 842, Leases . • ASU 2019-04 clarifies certain aspects of the credit losses standard and addresses issues related to accrued interest receivable balances, recoveries, as well as extension and renewal options, among other items. • ASU 2019-05 allows companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. • Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted (modified-retrospective approach). • Effective for CIT as of January 1, 2020. Early adoption is permitted; however, CIT does not intend to early adopt the guidance. • CIT is developing, validating and implementing models and methodologies used to develop the CECL allowance. The parallel run in advance of the January 1, 2020 effective date will focus on technical functionality of the CECL calculation, operational execution of the end-to-end process as well as disclosure requirements. CIT management has established a project team and a steering committee to provide cross-functional governance over, and make key decisions relating to, the project plan and the parallel run. • Although CIT is currently in the process of evaluating the impact of the amended guidance on its Consolidated Financial Statements, it currently expects the ACL to increase upon adoption because the allowance will be required to cover the full remaining expected life of the portfolio, rather than the incurred loss model under current U.S. GAAP. In addition, a significant portion of the increase will be due to PCI loans that will be reclassified as PCD loans with the credit related discount resulting in an increase to both allowance and loan balance, but not retained earnings. The extent of the overall increase, including the portion related to the current PCI portfolio, is still being evaluated and will depend on economic conditions and the composition of CIT’s loan and lease portfolios at adoption date. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities Issued October 2018 • The amendments in this guidance change how entities that apply the VIE guidance evaluate decision-making fees. To determine whether decision-making fees represent a variable interest, an entity will consider indirect interests held through related parties under common control on a proportional basis rather than in their entirety, as currently required by GAAP. • Entities should adopt this standard retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. • Effective for CIT as of January 1, 2020. Early adoption is permitted. • The adoption of this standard is not expected to have a material impact on CIT’s consolidated financial statements and disclosures. ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Issued April 2019 • The FASB amended its standards on credit losses, hedging, and recognizing and measuring financial instruments to clarify them and address implementation issues. • Refer to ASU 2016-13 above for the amendments that clarify the scope of the credit losses standard. • With respect to codification improvements to Update 2017-12 and other hedge accounting, the amendments address partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, among other items. • Codification Improvements to Update 2017-12 and Other Hedging Items is effective for CIT as of January 1, 2020. Early adoption is permitted. • Codification Improvements to Update 2016-01 is effective as of January 1, 2020. Early adoption is permitted in any interim period following the issuance of this Update. • CIT is currently evaluating the impact of this ASU on CIT’s consolidated financial statements and disclosures but does not expect the adoption of this standard to have a material impact on CIT’s consolidated financial statements and disclosures. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 2 — DISCONTINUED OPERATIONS Discontinued operations was comprised of Business Air and residual activity of the Financial Freedom servicing business (“Financial Freedom”), a former division of CIT Bank that serviced reverse mortgage loans, which was sold in May 2018. The following condensed financial information includes the combination of the Company’s discontinued operations for the quarters and six months ended June 30, 2019 and 2018, and as of June 30, 2019 and December 31, 2018. See the Company’s 2018 Form 10-K, Note 2 – Discontinued Operations, for further information. Condensed Combined Balance Sheet (dollars in millions) June 30, 2019 December 31, 2018 Net loans (1) $ 153.8 $ 248.1 Other assets 1.6 1.7 Assets of discontinued operations $ 155.4 $ 249.8 Secured borrowings (1) $ 152.6 $ 195.0 Other liabilities (2) 99.8 102.0 Liabilities of discontinued operations $ 252.4 $ 297.0 (1) (2) Condensed Combined Statement of Income (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest income (1) $ 1.6 $ 4.1 $ 3.4 $ 8.3 Interest expense (1 ) 1.2 2.9 2.8 6.0 Rental income on operating leases - - - 0.5 Other income 1.3 4.5 3.0 10.2 Operating expenses (2) 0.6 11.3 2.9 27.8 Income (loss) from discontinued operations before provision (benefit) for income taxes 1.1 (5.6 ) 0.7 (14.8 ) Provision (benefit) for income taxes (3) 0.3 (1.4 ) 0.2 (3.9 ) Loss on sale of discontinued operation, net of taxes - (16.3 ) - (16.3 ) Income (loss) from discontinued operations, net of taxes $ 0.8 $ (20.5 ) $ 0.5 $ (27.2 ) (1) (2) For the quarter and six months ended , operating expenses are insignificant. For the quarter and six months ended June 30, 2018, operating expense is comprised of salaries and benefits, professional and legal services, and other expenses such as data processing, premises and equipment, and miscellaneous charges. (3) For the quarters ended June 30, 2019 and 2018, the Company's tax rate for discontinued operations was 25.7% and 27%, respectively. For the six months ended June 30, 2019 and 2018, the Company’s tax rate for discontinued operations was 25.7% and 27%, respectively. Condensed Combined Statement of Cash Flows (dollars in millions) Six Months Ended June 30, 2019 2018 Net cash flows (used in) provided by operations $ (4.4 ) $ 17.5 Net cash flows provided by investing activities 54.9 55.8 Reverse Mortgage Servicing Certain assets and liabilities of Financial Freedom remained in discontinued operations as a financing transaction due to the pending investor consent from the Government National Mortgage Association (“GNMA”). As the servicer of home equity conversion mortgage (“HECM”) loans, the Company is obligated to fund future borrower advances for taxes and insurance, and line of credit draws. In addition, the Company is required to repurchase the HECM loans out of GNMA HECM mortgage-backed securities (“HMBS”) securitization pools 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. Because the economic benefit and risk of Financial Freedom was transferred to the buyer, the servicing of the loans and payments for servicer advances and required repurchase are performed by the buyer with title transfer from CIT to the buyer. HECM loan commitments associated with the servicer obligation to fund future advances totaled $20 million at June 30, 2019 and $23 million at December 31, 2018 (included as part of the Financing commitments table presented in Note 13 – Commitments). Additionally, the Company services $110.1 million and $122.5 million of HMBS outstanding principal balance at June 30, 2019 and December 31, 2018, respectively, for transferred loans securitized by IndyMac for which OneWest Bank had purchased the mortgage servicing rights (“MSRs”) prior to the FDIC-assisted acquisition of IndyMac. Because the HECM loans are federally insured by the FHA and the secured borrowing guaranteed to the investors by GNMA, the Company does not believe maximum loss exposure as a result of its involvement is material. In July 2019, CIT obtained the required investor consent to transfer the servicer obligation to a third party. Accordingly, CIT will no longer have this servicer obligation and the related assets and liabilities are expected to qualify for derecognition in the third quarter. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
LOANS | NOTE 3 — LOANS Loans, excluding those reflected as discontinued operations, consist of the following: Loans by Product (dollars in millions) June 30, 2019 December 31, 2018 Commercial loans $ 22,831.3 $ 22,285.7 Financing Leases and Leverage Leases 2,324.1 2,489.4 Total commercial 25,155.4 24,775.1 Consumer loans 6,167.4 6,020.3 Total loans 31,322.8 30,795.4 Loans held for sale (1) 190.8 88.4 Loans and held for sale loans (1) $ 31,513.6 $ 30,883.8 (1) The following table presents loans, excluding loans held for sale, by segment, based on obligor location: Loans (dollars in millions) June 30, 2019 December 31, 2018 Domestic Foreign Total Domestic Foreign Total Commercial Banking $ 22,945.3 $ 1,632.6 $ 24,577.9 $ 22,732.8 $ 1,530.6 $ 24,263.4 Consumer Banking (1) 6,744.9 - 6,744.9 6,532.0 - 6,532.0 Total $ 29,690.2 $ 1,632.6 $ 31,322.8 $ 29,264.8 $ 1,530.6 $ 30,795.4 (1) The following table presents selected components of the net investment in loans: Components of Net Investment (1) (dollars in millions) June 30, December 31, 2019 2018 Unearned income $ (446.3 ) $ (778.8 ) Unamortized premiums / (discounts) 27.2 20.6 Accretable yield on PCI loans (827.0 ) (903.8 ) Net unamortized deferred costs and (fees) 39.8 85.7 (1) Certain of the following tables present credit-related information at the “class” level. A class is generally a disaggregation of a portfolio segment. In determining the classes, CIT considered the loan characteristics and methods it applies in monitoring and assessing credit risk and performance. Credit Quality Information The following table summarizes commercial loans 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 Loans Including Held for Sale Loans — Risk Rating by Class / Segment (dollars in millions) Grade: Pass Special Mention Classified- accrual Classified- non-accrual PCI Loans Total June 30, 2019 Commercial Banking Commercial Finance $ 9,490.1 $ 525.7 $ 751.5 $ 185.0 $ — $ 10,952.3 Real Estate Finance 5,181.4 291.6 50.1 3.2 31.4 5,557.7 Business Capital 7,253.1 488.4 371.1 47.2 — 8,159.8 Rail 62.2 — — — — 62.2 Total Commercial Banking 21,986.8 1,305.7 1,172.7 235.4 31.4 24,732.0 Consumer Banking Other Consumer Banking - Primarily SBA Loans 524.0 4.3 47.1 0.4 1.7 577.5 Total Consumer Banking 524.0 4.3 47.1 0.4 1.7 577.5 Non- Strategic Portfolios 3.5 0.5 2.0 1.9 — 7.9 Total $ 22,514.3 $ 1,310.5 $ 1,221.8 $ 237.7 $ 33.1 $ 25,317.4 December 31, 2018 Commercial Banking Commercial Finance $ 8,637.7 $ 559.5 $ 1,096.3 $ 190.0 $ 4.7 $ 10,488.2 Real Estate Finance 5,023.2 162.2 225.5 2.2 32.2 5,445.3 Business Capital 7,550.1 415.3 299.3 45.7 — 8,310.4 Rail 82.7 0.5 0.6 — — 83.8 Total Commercial Banking 21,293.7 1,137.5 1,621.7 237.9 36.9 24,327.7 Consumer Banking Other Consumer Banking - Primarily SBA Loans 446.4 7.1 55.8 0.4 1.8 511.5 Total Consumer Banking 446.4 7.1 55.8 0.4 1.8 511.5 Non- Strategic Portfolios 5.7 1.0 7.4 6.1 — 20.2 Total $ 21,745.8 $ 1,145.6 $ 1,684.9 $ 244.4 $ 38.7 $ 24,859.4 The following table provides a summary of the consumer loan LTV distribution and the covered loans held for investment balances for primarily single-family residential (“SFR”) mortgage loans. The average LTV was 64% for the Total Consumer Loans included below at both June 30, 2019 and December 31, 2018. The table below excludes loans that are held for sale. Consumer Loan LTV Distribution (dollars in millions) Covered Loans (2) Non-covered Loans Total Consumer LTV Range Non-PCI PCI Non-PCI PCI Loans June 30, 2019 Greater than 125% $ — $ 3.7 $ 5.9 $ 86.4 $ 96.0 101% – 125% — 14.1 5.8 146.6 166.5 80% – 100% 0.8 71.4 211.2 321.3 604.7 Less than 80% 352.3 263.1 4,040.7 643.1 5,299.2 Not Applicable (1) — — 1.0 — 1.0 Total $ 353.1 $ 352.3 $ 4,264.6 $ 1,197.4 $ 6,167.4 December 31, 2018 Greater than 125% $ 1.3 $ 105.6 $ 4.9 $ — $ 111.8 101% – 125% 5.3 186.1 4.7 — 196.1 80% – 100% 27.3 446.8 220.3 — 694.4 Less than 80% 1,068.5 916.0 3,032.6 — 5,017.1 Not Applicable (1) — — 0.9 — 0.9 Total $ 1,102.4 $ 1,654.5 $ 3,263.4 $ — $ 6,020.3 (1) (2) The SFR 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. Certain consumer SFR loans are “covered loans” which relate to loans acquired from the OneWest Bank acquisition with indemnifications provided by the FDIC under the loss sharing agreements for certain future losses. The covered loans are limited to the Legacy Consumer Mortgage (“ LCM ”) division. The loss share agreements with the FDIC relates to the IndyMac Transaction in March 2009 and the FDIC-assisted transactions of First Federal Bank of California in December 2009 (“First Federal Transaction”) and La Jolla Bank, FSB in February 2010 (“La Jolla Transaction”) with the indemnification period ending in March 2019, December 2019 and February 2020, respectively. No indemnification asset was recognized in connection with the First Federal Transaction and La Jolla Transaction. The Company separately recognizes a net receivable (recorded in other assets) for the claim submissions filed with the FDIC. As of June 30, 2019, there is no remaining amount of negative amortization contractually permitted on consumer loans. Past Due and Non-accrual Loans The table that follows presents portfolio delinquency status, regardless of accrual/non-accrual classification: Loans Including Held for Sale Loans - Delinquency Status (dollars in millions) Past Due Total 30-59 60-89 90 or more Past Due Current PCI Loans (1) Total June 30, 2019 Commercial Banking Commercial Finance $ 0.4 $ — $ 87.9 $ 88.3 $ 10,864.0 $ — $ 10,952.3 Real Estate Finance — 1.7 3.6 5.3 5,521.0 31.4 5,557.7 Business Capital 87.6 32.6 17.5 137.7 8,022.1 — 8,159.8 Rail — — — — 62.2 — 62.2 Total Commercial Banking 88.0 34.3 109.0 231.3 24,469.3 31.4 24,732.0 Consumer Banking Legacy Consumer Mortgage 28.4 6.2 33.3 67.9 948.9 1,549.7 2,566.5 Other Consumer Banking 23.6 6.5 3.4 33.5 4,172.0 1.7 4,207.2 Total Consumer Banking 52.0 12.7 36.7 101.4 5,120.9 1,551.4 6,773.7 Non-Strategic Portfolios — 1.5 1.9 3.4 4.5 — 7.9 Total $ 140.0 $ 48.5 $ 147.6 $ 336.1 $ 29,594.7 $ 1,582.8 $ 31,513.6 December 31, 2018 Commercial Banking Commercial Finance $ — $ — $ 70.3 $ 70.3 $ 10,413.2 $ 4.7 $ 10,488.2 Real Estate Finance 8.9 12.0 5.1 26.0 5,387.1 32.2 5,445.3 Business Capital 146.7 35.4 17.5 199.6 8,110.8 — 8,310.4 Rail 2.8 0.9 1.5 5.2 78.6 — 83.8 Total Commercial Banking 158.4 48.3 94.4 301.1 23,989.7 36.9 24,327.7 Consumer Banking Legacy Consumer Mortgage 25.9 5.9 37.6 69.4 1,063.5 1,654.5 2,787.4 Other Consumer Banking 25.3 3.1 2.1 30.5 3,716.2 1.8 3,748.5 Total Consumer Banking 51.2 9.0 39.7 99.9 4,779.7 1,656.3 6,535.9 Non-Strategic Portfolios 0.1 1.3 5.8 7.2 13.0 — 20.2 Total $ 209.7 $ 58.6 $ 139.9 $ 408.2 $ 28,782.4 $ 1,693.2 $ 30,883.8 ( 1 ) The following table sets forth non-accrual loans, assets received in satisfaction of loans (OREO and repossessed assets) and loans 90 days or more past due and still accruing. Loans on Non-Accrual Status (dollars in millions) (1) June 30, 2019 December 31, 2018 Held for Investment Held for Sale Total Held for Investment Held for Sale Total Commercial Banking Commercial Finance $ 185.0 $ - $ 185.0 $ 190.0 $ - $ 190.0 Business Capital 47.2 - 47.2 45.7 - 45.7 Real Estate Finance 3.2 - 3.2 2.2 - 2.2 Total Commercial Banking 235.4 - 235.4 237.9 - 237.9 Consumer Banking Other Consumer Banking 5.0 - 5.0 6.1 - 6.1 Legacy Consumer Mortgages 9.7 18.9 28.6 32.2 - 32.2 Total Consumer Banking 14.7 18.9 33.6 38.3 - 38.3 Non-Strategic Portfolios - 1.9 1.9 - 6.1 6.1 Total $ 250.1 $ 20.8 $ 270.9 $ 276.2 $ 6.1 $ 282.3 Repossessed assets and OREO 30.8 33.0 Total non-performing assets $ 301.7 $ 315.3 Commercial loans past due 90 days or more accruing $ 40.1 $ 21.9 Consumer loans past due 90 days or more accruing 15.2 13.7 Total accruing loans past due 90 days or more $ 55.3 $ 35.6 (1) Payments received on non-accrual loans 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. The table below summarizes the residential mortgage loans in the process of foreclosure and OREO: Loans in Process of Foreclosure and OREO (dollars in millions) June 30, 2019 December 31, 2018 PCI $ 119.6 $ 122.6 Non-PCI (1) 21.4 24.1 Loans in process of foreclosure $ 141.0 $ 146.7 OREO $ 30.0 $ 32.0 (1) Impaired Loans The following table contains information about impaired loans and the related allowance for loan losses by class. Impaired loans exclude PCI loans. Loans that were identified as impaired at the date of the OneWest Transaction (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 Loans Acquired with Deteriorated Credit Quality Impaired Loans (dollars in millions) Average Recorded Investment (2) Quarters Ended June 30, Six Months Ended June 30, Recorded Investment Unpaid Principal Balance Related Allowance 2019 2018 2019 2018 June 30, 2019 With no related allowance recorded: Commercial Banking Commercial Finance $ 83.9 $ 116.4 $ — $ 78.9 $ 75.1 $ 82.3 $ 67.4 Business Capital 5.9 6.8 — 5.9 9.5 6.3 10.2 Real Estate Finance 0.6 0.7 — 2.8 1.2 2.7 0.8 Consumer Banking Other Consumer Banking 4.5 4.5 — 4.2 — 4.2 — LCM 20.7 22.1 — 26.1 — 27.9 — With an allowance recorded: Commercial Banking Commercial Finance 154.0 201.8 58.0 142.0 109.6 128.6 105.1 Business Capital 8.2 8.2 1.7 9.2 9.3 9.9 9.7 Real Estate Finance 2.1 2.8 2.1 1.0 — 0.7 0.9 Consumer Banking LCM — — — 0.3 — 0.2 — Total Impaired Loans (1) 279.9 363.3 61.8 270.4 204.7 262.8 194.1 Total Loans Impaired at Acquisition Date 1,582.8 2,327.4 18.4 1,611.6 1,866.2 1,638.8 1,897.9 Total $ 1,862.7 $ 2,690.7 $ 80.2 $ 1,882.0 $ 2,070.9 $ 1,901.6 $ 2,092.0 December 31, 2018 Year Ended December 31, 2018 With no related allowance recorded: Commercial Banking Commercial Finance $ 89.4 $ 112.1 $ — $ 83.7 Business Capital 7.1 9.5 — 11.0 Real Estate Finance 2.3 2.3 — 1.4 Consumer Banking Other Consumer Banking 4.4 4.4 — 1.8 LCM 31.5 34.8 — 26.4 With an allowance recorded: Commercial Banking Commercial Finance 101.8 120.9 43.5 102.6 Business Capital 11.2 11.1 3.9 9.6 Real Estate Finance — — — 0.5 Consumer Banking Other Consumer Banking — — — 0.1 Total Impaired Loans (1) 247.7 295.1 47.4 237.1 Total Loans Impaired at Acquisition Date 1,693.2 2,489.9 18.4 1,829.2 Total $ 1,940.9 $ 2,785.0 $ 65.8 $ 2,066.3 (1) ( 2 ) Loans Acquired with Deteriorated Credit Quality The Company applied the income recognition and disclosure guidance in ASC 310-30 to loans that were identified as PCI as of the Acquisition Date. 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 (dollars in millions) June 30, 2019 Carrying Value Unpaid Principal Balance Allowance for Loan Losses Commercial Banking Real Estate Finance $ 31.4 $ 35.1 $ 10.7 Consumer Banking Other Consumer Banking 1.7 2.1 0.1 Legacy Consumer Mortgages 1,549.7 2,290.2 7.6 $ 1,582.8 $ 2,327.4 $ 18.4 December 31, 2018 Commercial Banking Commercial Finance $ 4.7 $ 9.0 $ 0.4 Real Estate Finance 32.2 37.7 8.8 Consumer Banking Other Consumer Banking 1.8 2.3 — Legacy Consumer Mortgages 1,654.5 2,440.9 9.2 $ 1,693.2 $ 2,489.9 $ 18.4 The following table summarizes the carrying value of commercial PCI loans, which are monitored for credit quality based on internal risk classifications. See previous table Consumer Loan LTV Distribution for credit quality metrics on consumer PCI loans. Carrying Value of Commercial PCI Loans (dollars in millions) June 30, 2019 December 31, 2018 (dollars in millions) Non- criticized Criticized Total Non- criticized Criticized Total Commercial Finance $ — $ — $ — $ — $ 4.7 $ 4.7 Real Estate Finance 11.4 20.0 31.4 14.6 17.6 32.2 Total $ 11.4 $ 20.0 $ 31.4 $ 14.6 $ 22.3 $ 36.9 Non-criticized loans generally include loans that are expected to be repaid in accordance with contractual loan terms. Criticized loans are risk rated as special mention or classified. Accretable Yield See the Company’s 2018 Form 10-K, Note 1 — Business and Summary of Significant Accounting Policies Change in Accretable Yield (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance, beginning of period $ 863.6 $ 1,016.3 $ 903.8 $ 1,063.7 Accretion into interest income (39.6 ) (41.6 ) (80.3 ) (85.6 ) Reclassification from non-accretable difference 4.3 0.3 6.7 0.8 Disposals and Other (1.3 ) (2.2 ) (3.2 ) (6.1 ) Balance, end of period $ 827.0 $ 972.8 $ 827.0 $ 972.8 Troubled Debt Restructuring The Company periodically modifies the terms of loans in response to borrowers’ difficulties. Modifications that include a financial concession to the borrower are accounted for as troubled debt restructurings (“TDRs”). A restructuring of a debt constitutes a TDR for purposes of ASC 310-40 when CIT, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. A concession may be either by agreement between CIT and the debtor or imposed by law or a court of law. See the Company's 2018 Form 10-K for discussion of policies on TDRs. Modified loans that meet the definition of a TDR are subject to the Company's impaired loan policy. The following table presents recorded investment of TDRs, excluding those within a trial modification period, and those classified as PCI as of and during the periods ended June 30, 2019 and December 31, 2018: TDRs (1) (dollars in millions) June 30, 2019 December 31, 2018 Recorded Investment % Total TDR Recorded Investment % Total TDR Commercial Banking $ 131.6 87 % $ 70.2 80 % Consumer Banking 20.1 13 % 17.7 20 % Total $ 151.7 100 % $ 87.9 100 % Percent non-accrual 53 % 79 % (1) Modifications (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Recorded investment related to modifications qualifying as TDRs that occurred during the quarters and the six months ended $ 76.9 $ 25.8 $ 79.4 $ 48.4 Recorded investment at the time of default of TDRs that experienced a payment default (payment default is one missed payment) during the quarters and six months ended and for which the payment default occurred within one year of the modification $ 15.9 $ 8.1 $ 16.5 $ 8.6 There were $9.8 million and $6.1 million as of June 30, 2019 and December 31, 2018, respectively, of commitments to lend additional funds to borrowers whose loan terms have been modified in TDRs. The financial impact of the various modification strategies that the Company employs in response to borrower difficulties is presented below. Although the focus is on the June 30, 2019 amounts, the overall nature and impact of modification programs were comparable in the prior year or period. Modifications qualifying as TDRs based upon recorded investment at June 30, 2019 were comprised of payment deferrals (51%) and covenant relief and/or other (49%). At December 31, 2018, TDR recorded investment was comprised of payment deferrals (50%) and covenant relief and/or other (50%). ▪ 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. The weighted average change in interest rates for all TDRs occurring during the quarters ended June 30, 2019 and 2018 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 June 30, 2019 and 2018 was not significant, as debt forgiveness is a relatively small component of the Company’s modification programs. ▪ 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. |
Allowance For Loan Losses
Allowance For Loan Losses | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [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. Allowance for Loan Losses and Recorded Investment in Loans (dollars in millions) Commercial Banking Consumer Banking Total Commercial Banking Consumer Banking Total Quarter Ended June 30, 2019 Quarter Ended June 30, 2018 Balance - beginning of period $ 460.8 $ 26.7 $ 487.5 $ 417.2 $ 30.4 $ 447.6 Provision for credit losses 30.5 (1.9 ) 28.6 33.2 (0.3 ) 32.9 Other (1) 2.4 (0.4 ) 2.0 2.1 - 2.1 Gross charge-offs (40.3 ) (1.5 ) (41.8 ) (24.6 ) (0.8 ) (25.4 ) Recoveries 10.2 0.9 11.1 9.9 0.2 10.1 Balance - end of period $ 463.6 $ 23.8 $ 487.4 $ 437.8 $ 29.5 $ 467.3 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Balance - beginning of period $ 460.2 $ 29.5 $ 489.7 $ 402.2 $ 28.9 $ 431.1 Provision for credit losses 65.6 (4.0 ) 61.6 100.4 1.3 101.7 Other (1) 1.1 (0.7 ) 0.4 (0.3 ) - (0.3 ) Gross charge-offs (79.2 ) (2.2 ) (81.4 ) (79.2 ) (1.3 ) (80.5 ) Recoveries 15.9 1.2 17.1 14.7 0.6 15.3 Balance - end of period $ 463.6 $ 23.8 $ 487.4 $ 437.8 $ 29.5 $ 467.3 Allowance Balance at June 30, 2019 Allowance Balance at June 30, 2018 Loans individually evaluated for impairment $ 61.8 $ - $ 61.8 $ 36.8 $ - $ 36.8 Loans collectively evaluated for impairment 391.1 16.1 407.2 392.3 18.1 410.4 Loans acquired with deteriorated credit quality (2) 10.7 7.7 18.4 8.7 11.4 20.1 Allowance for loan losses $ 463.6 $ 23.8 $ 487.4 $ 437.8 $ 29.5 $ 467.3 Other reserves (1) $ 40.3 $ 0.8 $ 41.1 $ 44.7 $ - $ 44.7 Loans at June 30, 2019 Loans at June 30, 2018 Loans individually evaluated for impairment $ 254.7 $ 25.2 $ 279.9 $ 225.0 $ - $ 225.0 Loans collectively evaluated for impairment 24,291.8 5,168.3 29,460.1 22,766.6 4,523.4 27,290.0 Loans acquired with deteriorated credit quality (2) 31.4 1,551.4 1,582.8 48.1 1,785.3 1,833.4 Ending balance $ 24,577.9 $ 6,744.9 $ 31,322.8 $ 23,039.7 $ 6,308.7 $ 29,348.4 Percent of loans to total loans 78.5 % 21.5 % 100.0 % 78.5 % 21.5 % 100.0 % (1) (2) |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
LEASES | NOTE 5 — LEASES Lessee CIT leases primarily include office space and bank branches; and substantially all of our lease liabilities relate to United States real estate leases under operating lease arrangements. Our lessee finance leases are not significant. Our real estate leases have remaining lease terms of up to 15 years. Our lease terms may include options to extend or terminate the lease. The options are included in the lease term when it is determined that it is reasonably certain the option will be exercised. The following tables present supplemental balance sheet and cash flow information related to operating leases. ROU assets are included in Other assets and lease liabilities are included in Other liabilities. Supplemental Lease Balance Sheet Information (dollars in millions) June 30, 2019 ROU assets $ 195.3 Lease liabilities 245.5 Weighted-average remaining lease terms 10 years Weighted-average discount rate 4.89 % Supplemental Cash Flow Information (dollars in millions): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 21.7 ROU assets obtained in exchange for new lease liabilities 1.6 The following table presents maturities of lease liabilities: Maturity of Lease Liabilities (dollars in millions) Years Ended December 31, Remainder of 2019 $ 23.4 2020 43.8 2021 33.5 2022 26.6 2023 26.2 Thereafter 162.9 Total undiscounted lease payments 316.4 Difference between undiscounted cash flows and discounted cash flows (70.9 ) Lease liabilities, at present value $ 245.5 The following table presents components of operating lease expense, which are included in operating expenses: Components of Operating Lease Expense (dollars in millions) Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (1) $ 10.7 $ 21.5 Variable lease cost 2.6 5.7 Sublease income (4.2 ) (8.3 ) Total operating lease expense $ 9.1 $ 18.9 (1) The components of lease expense are recorded in Operating expenses. Variable lease cost includes common area maintenance, property taxes, and other operating expenses related to leased premises. Sublease income results from leasing excess building space that CIT is no longer utilizing under operating leases which have remaining lease terms of up to 3 years. Lessor The Company leases equipment to commercial end-users under operating lease and finance lease arrangements. The majority of operating lease equipment is long-lived rail equipment which is typically leased several times over the equipment’s life. We also lease technology and office equipment and large and small industrial, medical, and transportation equipment under both finance leases and operating leases. Our Rail operating leases typically do not include purchase options. Many of our finance lease, and other equipment operating leases, offer the lessee the option to purchase the equipment at fair market value or for a nominal fixed purchase option; and many of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual term. Our leases typically do not include early termination options; and continued rent payments are due if leased equipment is not returned at the end of the lease. The following table provides the net book value of operating lease equipment, by equipment type. Operating Lease Equipment (dollars in millions) June 30, December 31, 2019 2018 Railcars and locomotives $ 6,486.5 $ 6,420.7 Other equipment 569.6 549.9 Total (1) $ 7,056.1 $ 6,970.6 (1) The following table presents components of finance lease net investment on a discounted basis at June 30, 2019: Components of Net Investment in Finance Leases (dollars in millions) June 30, 2019 Lease receivables $ 1,966.6 Unguaranteed residual assets 319.4 Total net investment in finance leases 2,286.0 Leveraged lease net investment (1) 38.1 Total $ 2,324.1 (1) The table that follows presents lease income related to the Company’s operating and finance leases: Lease Income (dollars in millions) Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Lease income – Operating leases $ 200.2 $ 403.5 Variable lease income – Operating leases (1) 12.8 27.2 Rental income on operating leases 213.0 430.7 Interest income - Sales type and direct financing leases 49.9 99.1 Variable lease income included in Other non-interest income (2) 11.5 23.0 Leveraged lease income 2.3 4.2 Total lease income $ 276.7 $ 557.0 (1) (2) The following tables present lease payments due on non-cancellable operating leases and lease receivables due on finance leases at June 30, 2019. Excluded from these tables are variable lease payments, including rentals calculated based on asset usage levels, rentals from future renewal and re-leasing activity, and expected sales proceeds from remarketing equipment at lease expiration, all of which are components of lease profitability. Maturity Analysis of Operating Lease Payments (dollars in millions) Years Ended December 31, Remainder of 2019 $ 349.8 2020 572.6 2021 392.3 2022 241.5 2023 130.3 Thereafter 90.7 Total $ 1,777.2 Maturity Analysis of Lease Receivables - Sales Type and Direct Financing Leases (dollars in millions) Years Ended December 31, Remainder of 2019 $ 459.1 2020 720.2 2021 501.8 2022 274.3 2023 143.5 Thereafter 58.0 Total undiscounted lease receivables 2,156.9 Difference between undiscounted cash flows and discounted cash flows 190.3 Lease receivables, at present value $ 1,966.6 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 6 — INVESTMENT SECURITIES Investments include debt and equity securities. Investment Securities (dollars in millions) June 30, December 31, 2019 2018 AFS Securities Debt securities $ 6,308.8 $ 5,931.3 Securities carried at FV with changes in net income Equity securities 46.4 44.6 Non-marketable securities (1) 216.5 257.9 Total investment securities $ 6,571.7 $ 6,233.8 (1 ) Non-marketable investments include restricted stock of the FRB and Federal Home Loan Bank ("FHLB") carried at cost of $194.6 million at June 30, 2019, and $242.5 million at December 31, 2018. The remaining non-marketable investments without readily determinable fair values measured under the measurement exception totaled $21.9 million as of June 30, 2019 and $15.4 million as of December 31, 2018. Realized investment gains totaled $1.3 million and $4.1 million for the quarters ended June 30, 2019 and 2018, respectively, and $2.4 million and $8.2 million for the six months ended June 30, 2019 and 2018, respectively, and exclude losses from other than temporary impairment (“OTTI”). In addition, the Company had $1.6 billion T he following table presents interest and dividends on interest bearing deposits and investments: Interest and Dividend Income (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest income - debt securities (1) $ 48.0 $ 38.8 $ 96.0 $ 79.4 Interest income - interest-bearing cash 8.3 16.0 22.8 23.0 Dividends - equity securities 2.2 3.3 4.9 6.0 Total interest and dividends $ 58.5 $ 58.1 $ 123.7 $ 108.4 (1) Includes interest income on securities purchased under agreement to resell The following table presents amortized cost and fair value of securities available for sale (“AFS”). Amortized Cost and Fair Value (dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2019 Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 4,879.5 $ 29.1 $ (26.1 ) 4,882.5 Commercial agency 511.7 13.2 (0.4 ) 524.5 U.S. government agency obligations 10.0 0.0 — 10.0 U.S. Treasury securities 727.2 1.6 — 728.8 Supranational securities 85.9 0.1 — 86.0 State & municipal bonds 9.8 0.1 (0.2 ) 9.7 Corporate bonds - foreign 65.8 1.5 — 67.3 Total debt securities AFS $ 6,289.9 $ 45.6 $ (26.7 ) $ 6,308.8 December 31, 2018 Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 5,341.2 $ 6.7 $ (122.7 ) $ 5,225.2 Commercial agency 291.8 3.2 (0.4 ) 294.6 U.S. government agency obligations 34.9 — (0.4 ) 34.5 U.S. Treasury securities 253.9 — (2.4 ) 251.5 Supranational securities 50.0 — (0.6 ) 49.4 State & municipal bonds 10.9 — (0.7 ) 10.2 Corporate bonds - foreign 65.8 0.1 — 65.9 Total debt securities AFS $ 6,048.5 $ 10.0 $ (127.2 ) $ 5,931.3 The following table presents the debt securities AFS by contractual maturity dates: Maturities - (dollars in millions) June 30, 2019 Amortized Cost Fair Value Weighted Average Yield Mortgage-backed securities — U.S. government agency securities After 5 but within 10 years $ 78.8 $ 78.2 1.89 % Due after 10 years 4,800.7 4,804.3 2.67 % Total 4,879.5 4,882.5 2.66 % Mortgage-backed securities — Commercial agency After 1 but within 5 years 17.7 18.0 3.13 % After 5 but within 10 years 474.2 486.6 3.12 % Due after 10 years 19.8 19.9 2.74 % Total 511.7 524.5 3.11 % U.S. government agency obligations Due in 1 year or less 10.0 10.0 2.72 % Total 10.0 10.0 2.72 % U.S. Treasury securities Due in 1 year or less 725.3 726.8 2.46 % After 5 but within 10 years 1.9 2.0 2.60 % Total 727.2 728.8 2.46 % Supranational securities After 1 but within 5 years 85.9 86.0 2.30 % Total 85.9 86.0 2.30 % State & municipal bonds Due in 1 year or less 0.1 0.1 2.55 % After 5 but within 10 years 0.2 0.2 2.70 % Due after 10 years 9.5 9.4 2.44 % Total 9.8 9.7 2.45 % Corporate bonds — foreign Due in 1 year or less 25.9 26.4 6.02 % After 1 but within 5 years 39.9 40.9 6.15 % Total 65.8 67.3 6.10 % Total debt securities AFS $ 6,289.9 $ 6,308.8 2.70 % At June 30, 2019 and December 31, 2018, certain securities AFS were in unrealized loss positions. The following table summarizes by investment category the gross unrealized losses, respective fair value and length of time that those securities have been in a continuous unrealized loss position. Gross Unrealized Loss (dollars in millions) June 30, 2019 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 270.4 $ (0.9 ) $ 2,164.4 $ (25.2 ) Commercial agency 133.9 (0.4 ) — — State & municipal bonds — — 7.4 (0.2 ) Total debt securities AFS $ 404.3 $ (1.3 ) $ 2,171.8 $ (25.4 ) Gross Unrealized Loss (dollars in millions) December 31, 2018 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 582.1 $ (7.4 ) $ 3,842.7 $ (115.3 ) Commercial agency 102.6 (0.4 ) — — U.S. government agency obligations — — 24.6 (0.4 ) U.S. Treasury securities 247.5 (2.4 ) — — State & municipal bonds — — 8.1 (0.7 ) Supranational securities — — 49.4 (0.6 ) Total debt securities AFS $ 932.2 $ (10.2 ) $ 3,924.8 $ (117.0 ) Purchased Credit-Impaired AFS Securities As of June 30, 2019 and December 31, 2018 there were no PCI securities. For the quarter and six months ended June 30, 2018, the accretable yield on PCI securities had a beginning balance of $75.7 million and $101.7 million, respectively, and ending balance of $30.0 million. Adjustments to accretable yield primarily included accretion into interest income of $2.8 million and $6.6 million and disposals of $41.9 million and $64.2 million for the quarter and six months ended June 30, 2018, respectively. Securities Carried at Fair Value with Changes Recorded in Net Income As of June 30, 2019, equity securities were carried at a fair value of $46.4 million with an amortized cost of $47.5 million and unrealized losses of $1.1 million. As of December 31, 2018, the fair value and amortized cost of equity securities was $44.6 million and $46.9 million, respectively, and unrealized losses of $2.3 million. Other Than Temporary Impairment 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. The Company reviews the AFS securities with unrealized losses and determines whether the unrealized losses were credit-related and, accordingly, recognizes OTTI losses. There were For AFS debt securities with unrealized losses that were neither OTTI nor credit-related, the Company believes it is not more-likely-than-not that it will have to sell such securities with unrealized losses prior to the recovery of the amortized cost basis. There were no adjustments related to impairment for securities without readily determinable fair values measured under the measurement exception. There were immaterial unrealized losses on non-marketable investments. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 7 — VARIABLE INTEREST ENTITIES Variable Interest Entities Described below are the results of the Company’s assessment of its variable interests in order to determine its current status with regards to being the VIE PB. See Note 1 — Business and Summary of Significant Accounting Policies Consolidated VIEs At June 30, 2019 and December 31, 2018, there were no consolidated VIEs. Unconsolidated VIEs Unconsolidated VIEs include government-sponsored enterprise securitization structures, private-label securitizations and limited partnership interests where the Company’s involvement is limited to an investor interest in which 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. Although the economic benefit and risk was transferred to the buyer in connection with the sale of Financial Freedom in 2018, CIT was the master servicer for the HECM loans and the GNMA HMBS securitizations as of June 30, 2019 , pending receipt of the required investor consent from GNMA . The required consent was received from GNMA in July 2019. These are VIEs for which CIT is not the PB and which are reported in discontinued operations. See Note 2 — Discontinued Operations 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 assuming no 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) June 30, 2019 December 31, 2018 Securities Partnership Investment Securities Partnership Investment Agency securities $ 5,407.0 $ — $ 5,519.9 $ — Tax credit equity investments — 280.2 — 233.4 Equity investments — 75.8 — 73.5 Total Assets $ 5,407.0 $ 356.0 $ 5,519.9 $ 306.9 Commitments to tax credit investments $ — $ 143.9 $ — $ 97.8 Total Liabilities $ — $ 143.9 $ — $ 97.8 Maximum loss exposure (1) $ 5,407.0 $ 356.0 $ 5,519.9 $ 306.9 (1) |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 8 — BORROWINGS The following table presents the carrying value of outstanding borrowings. Borrowings (dollars in millions) June 30, 2019 December 31, 2018 CIT Group Inc. Subsidiaries Total Total Unsecured borrowings: Senior $ 3,420.1 $ - $ 3,420.1 $ 3,413.0 Subordinated debt 395.6 - 395.6 395.4 Secured borrowings: FHLB advances - 1,900.0 1,900.0 3,600.0 Other secured and structured financings - 610.7 610.7 710.4 Total borrowings $ 3,815.7 $ 2,510.7 $ 6,326.4 $ 8,118.8 Unsecured Borrowings Revolving Credit Facility The Revolving Credit Facility had a total commitment amount of $400 million at June 30, 2019, which was reduced from a total commitment amount of $500 million at December 31, 2018. The applicable margin charged under the facility is 2.00% for LIBOR Rate loans and 1.00% for Base Rate loans. The amendment in the first quarter extended the final maturity date of the lenders’ commitments from February 29, 2020 to March 1, 2021. The Revolving Credit Facility includes a covenant that requires that the Company maintain a minimum Tier 1 capital ratio of 9.0%. At June 30, 2019, the Revolving Credit Facility was unsecured and was guaranteed by three of the Company’s domestic operating subsidiaries. In addition, the applicable required minimum guarantor asset coverage ratio ranged from 1.0:1.0 to 1.5:1.0, and was 1.25:1.00 at June 30, 2019. The Revolving Senior Unsecured Notes and Subordinated Unsecured Notes The principal amounts and maturity dates of the senior unsecured notes and subordinated unsecured notes remained unchanged from December 31, 2018. See Note 9 – Borrowings Secured Borrowings At June 30, 2019, the Company had pledged $11.5 billion of assets (including collateral for the FRB discount window that is currently not drawn). Effective April 5, 2019, the FHLB released its blanket lien covering approximately $18.9 billion (book value) of CIT Bank assets. At June 30, 2019, the collateral specifically identified and used to calculate available borrowings was $11.5 billion, FHLB Advances As of June 30, 2019, the Company had $5,750.8 million of financing availability with the FHLB, of which $3,848.5 million was unused and available. FHLB Advances at June 30, 2019 and December 31, 2018 had weighted average rates of 2.46% and 2.79%, respectively. FHLB Advances, letters of credit and the respective pledged assets at June 30, 2019, were $1,900.0 million, $2.3 million and $6,684.6 million, respectively. FHLB Advances, letters of credit and the respective pledged assets at December 31, 2018, were $3,600.0 million, $2.3 million and $6,712.4 million, respectively. Pledged assets mean the assets required under the collateral maintenance requirement in connection with FHLB advances at each of the dates. Other Secured and Structured Financings Other secured (other than FHLB) and structured financings of CIT-owned subsidiaries totaled $610.7 million and $710.4 million at June 30, 2019 and December 31, 2018, respectively. Pledged assets related to these borrowings totaled $2,354.2 million and $2,851.5 million at June 30, 2019 and December 31, 2018, respectively. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings. The secured and structured financings as of June 30, 2019 had a weighted average rate of 3.64%, with rates ranging from 3.49% to 3.65%, compared to a weighted average rate of 3.75% at December 31, 2018. Not included are secured borrowings of discontinued operations of $152.6 million and $195.0 million at June 30, 2019 and December 31, 2018, respectively. See Note 2 — Discontinued Operations FRB There were no outstanding borrowings with the FRB Discount Window at June 30, 2019 and December 31, 2018. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 9 — DERIVATIVE FINANCIAL INSTRUMENTS See Note 1 — Business and Summary of Significant Accounting Policies The following table presents fair values and notional values of derivative financial instruments, 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 Fair and Notional Values of Derivative Financial Instruments (1) (dollars in millions) June 30, 2019 December 31, 2018 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives designated as hedging instruments Foreign exchange contracts $ 695.5 $ - $ (7.3 ) $ 646.1 $ 26.9 $ (0.3 ) Interest rate swap - fair value hedge (2) 750.0 5.0 - 250.0 1.9 - Total derivatives designated as hedging instruments 1,445.5 5.0 (7.3 ) 896.1 28.8 (0.3 ) Derivatives not designated as hedging instruments Interest rate contracts (2) 17,318.2 186.4 (148.0 ) 15,889.5 87.8 (59.7 ) Foreign exchange contracts 996.1 14.3 (4.2 ) 832.5 3.1 (19.7 ) Other contracts (3) 497.3 0.1 (0.1 ) 436.6 0.2 - Total derivatives not designated as hedging instruments 18,811.6 200.8 (152.3 ) 17,158.6 91.1 (79.4 ) Gross derivatives fair values presented in the Consolidated Balance Sheets $ 20,257.1 205.8 (159.6 ) $ 18,054.7 119.9 (79.7 ) Less: gross amounts offset in the Consolidated Balance Sheets - - - - Net amount presented in the Consolidated Balance Sheets 205.8 (159.6 ) 119.9 (79.7 ) Derivative financial instruments (4) (11.5 ) 11.5 (49.2 ) 49.2 Cash collateral pledged (received) (4)(5)(6) (8.2 ) 143.5 (15.4 ) 0.3 Total net derivative fair value $ 186.1 $ (4.6 ) $ 55.3 $ (30.2 ) (1) (2) (3) (4) (5) (6) Qualifying Hedges CIT enters into interest rate swap agreements to manage interest rate exposure on its fixed-rate borrowings. The agreements that qualify for hedge accounting are designated as a fair value hedge. The following table represents the impact of fair value hedges on the condensed consolidated statements of income. Qualifying Hedges (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, Amounts Recognized in: 2019 2018 2019 2018 Recognized on derivatives Interest Expense $ 3.6 $ (0.9 ) $ 4.6 $ (1.5 ) Recognized on hedged item Interest Expense (3.6 ) 0.9 (4.6 ) 1.5 Net amount recognized on fair value hedges (No ineffectiveness) $ - $ - $ - $ - Non Qualifying Hedges The following table presents the impact of non-qualifying hedges on the condensed consolidated statements of income: Non Qualifying Hedges (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, Amounts Recognized in: 2019 2018 2019 2018 Interest rate contracts Other non-interest income $ 4.5 $ 5.2 $ 4.6 $ 9.4 Foreign currency forward contracts Other non-interest income 11.3 32.8 24.6 2.9 Other contracts Other non-interest income 0.2 1.4 0.3 (0.8 ) Total non-qualifying hedges - income statement impact $ 16.0 $ 39.4 $ 29.5 $ 11.5 The following table presents the changes in AOCI relating to derivatives: Changes in AOCI Relating to Derivatives (dollars in millions) Derivatives - effective portion reclassified from Total income Total change in AOCI to income statement impact OCI for period Contract Type Quarter Ended June 30, 2019 Foreign currency forward contracts - net investment hedges $ - $ - $ (10.5 ) Quarter Ended June 30, 2018 Foreign currency forward contracts - net investment hedges $ - $ - $ 32.2 Six Months Ended June 30, 2019 Foreign currency forward contracts - net investment hedges $ - $ - $ (23.8 ) Six Months Ended June 30, 2018 Foreign currency forward contracts - net investment hedges $ - $ - $ 39.4 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 10 — FAIR VALUE Fair Value Hierarchy The Company measures certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. See Note 1 — Business and Summary of Significant Accounting Policies Disclosures that follow in this note exclude assets and liabilities classified as discontinued operations. The following table summarizes the Company’s assets and liabilities measured at estimated fair value on a recurring basis. Assets and Liabilities Measured at Fair Value on a Recurring Basis (dollars in millions) Total Level 1 Level 2 Level 3 June 30, 2019 Assets U.S. government agency securities $ 4,882.5 $ — $ 4,882.5 $ — U.S. treasury securities 728.8 572.9 155.9 — Other securities 697.5 — 630.2 67.3 Total debt securities AFS 6,308.8 572.9 5,668.6 67.3 Securities carried at fair value with changes recorded in net income 46.4 0.1 46.3 — Interest rate contracts — non-qualifying hedges 186.4 — 186.1 0.3 Other derivative — non-qualifying hedges 14.4 — 14.3 0.1 Total derivative assets at fair value — non-qualifying hedges (1) 200.8 — 200.4 0.4 Foreign currency forward contracts — net investment qualifying hedges — — — — Interest rate contracts —fair value hedges 5.0 — 5.0 — Total Derivative assets at fair value — qualifying hedges (1) 5.0 — 5.0 — Total $ 6,561.0 $ 573.0 $ 5,920.3 $ 67.7 Liabilities Interest rate contracts — non-qualifying hedges $ (148.0 ) $ — $ (148.0 ) $ — Other derivative— non-qualifying hedges (4.3 ) — (4.2 ) (0.1 ) Total derivative liabilities at fair value — non-qualifying hedges (1) (152.3 ) — (152.2 ) (0.1 ) Foreign currency forward contracts — net investment qualifying hedges (7.3 ) — (7.3 ) — Total derivative liabilities at fair value — qualifying hedges (7.3 ) — (7.3 ) — FDIC True-up liability (67.8 ) — — (67.8 ) Total $ (227.4 ) $ — $ (159.5 ) $ (67.9 ) December 31, 2018 Assets U.S. government agency securities $ 5,225.2 $ — $ 5,225.2 $ — U.S. treasury securities 251.5 53.9 197.6 — Other securities 454.6 — 388.7 65.9 Total debt securities AFS 5,931.3 53.9 5,811.5 65.9 Securities carried at fair value with changes recorded in net income 44.6 0.1 44.5 — Interest rate contracts — non-qualifying hedges 87.8 — 87.6 0.2 Other derivative — non-qualifying hedges 3.3 — 3.1 0.2 Total derivative assets at fair value — non-qualifying hedges (1) 91.1 — 90.7 0.4 Foreign currency forward contracts — net investment qualifying hedges 26.9 — 26.9 — Interest rate contracts —fair value hedges 1.9 — 1.9 — Total Derivative assets at fair value — qualifying hedges (1) 28.8 — 28.8 — Total $ 6,095.8 $ 54.0 $ 5,975.5 $ 66.3 Liabilities Interest rate contracts — non-qualifying hedges $ (59.7 ) $ — $ (59.7 ) $ — Other derivative— non-qualifying hedges (19.7 ) — (19.7 ) — Total derivative liabilities at fair value — non-qualifying hedges (1) (79.4 ) — (79.4 ) — Interest rate contracts —fair value hedge — — — — Foreign currency forward contracts — net investment qualifying hedges (0.3 ) — (0.3 ) — Total derivative liabilities at fair value — qualifying hedges (0.3 ) — (0.3 ) — FDIC True-up liability (66.9 ) — — (66.9 ) Total $ (146.6 ) $ — $ (79.7 ) $ (66.9 ) (1) See Fair Value of Financial Instruments Debt and Equity Securities Classified as AFS, Securities carried at fair value with changes recorded in net income Derivative Assets and Liabilities FDIC True-up Liability — The FDIC True-up liability was recorded at estimated fair value as of the date of the OneWest Transaction and is measured at fair value at each reporting date until the contingency is resolved. Due to the significant unobservable inputs used, these measurements were 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 June 30, 2019 and December 31, 2018. 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 June 30, 2019 Assets Debt Securities — AFS $ 67.3 Discounted cash flow Discount Rate 6.0% - 6.2% 6.0% Derivative assets — non qualifying 0.4 Internal valuation model Borrower Rate 2.8%-4.8% 3.7% Total Assets $ 67.7 Liabilities FDIC True-up liability $ (67.8 ) Discounted cash flow Discount Rate 2.7% 2.7% Derivative liabilities — non-qualifying (0.1 ) Internal valuation model Total Liabilities $ (67.9 ) December 31, 2018 Assets Debt Securities — AFS $ 65.9 Discounted cash flow Discount Rate 6.0% - 6.2% 6.1% Derivative assets — non qualifying 0.4 Internal valuation model Borrower Rate 3.3% - 5.7% 4.4% Total Assets $ 66.3 Liabilities FDIC True-up liability $ (66.9 ) Discounted cash flow Discount Rate 4.5% 4.5% Total Liabilities $ (66.9 ) 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 Derivative Assets- Non- Qualifying (1) Derivative Liabilities- Non- Qualifying (2) FDIC True-up Liability Consideration Holdback Liability Balance as of December 31, 2018 $ 65.9 $ — $ 0.4 $ — $ (66.9 ) $ — Included in earnings — — — (0.1 ) (0.9 ) — Included in comprehensive income 1.4 — — — — — Balance as of June 30, 2019 $ 67.3 $ — $ 0.4 $ (0.1 ) $ (67.8 ) $ — Balance as of December 31, 2017 $ 385.8 $ 0.4 $ — $ (14.1 ) $ (65.1 ) $ (46.0 ) Included in earnings 8.1 — — (0.6 ) (0.9 ) 8.0 Included in comprehensive income (13.3 ) — — — — — Sales, paydowns, and adjustments (212.5 ) (0.4 ) — — — 38.0 Balance as of June 30, 2018 $ 168.1 $ — $ — $ (14.7 ) $ (66.0 ) $ — (1) (2) 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 non-recurring basis subsequent to initial recognition. Generally, these adjustments are the result of LOCOM or other impairment accounting. In determining the estimated fair values, 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 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) Carrying Value Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 Total Gains (Losses) June 30, 2019 Assets held for sale $ 15.1 $ — $ 0.9 $ 14.2 $ 0.7 Impaired loans 148.7 — — 148.7 (25.0 ) Total $ 163.8 $ — $ 0.9 $ 162.9 $ (24.3 ) December 31, 2018 Assets held for sale $ 30.4 $ — $ 1.4 $ 29.0 $ 14.2 Impaired loans 111.5 — — 111.5 (42.6 ) Total $ 141.9 $ — $ 1.4 $ 140.5 $ (28.4 ) Assets Held for Sale and — See later in this note for fair value measurements of AHFS and impaired loans. Carrying value of AHFS with impairment and impaired loans approximate fair value at June 30, 2019 and December 31, 2018. 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 were not required for disclosure. Financial Instruments (dollars in millions) Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total June 30, 2019 Financial Assets Cash and interest bearing deposits $ 1,672.4 $ 1,672.4 $ — $ — $ 1,672.4 Derivative assets at fair value — non-qualifying hedges 200.8 — 200.4 0.4 200.8 Derivative assets at fair value — qualifying hedges 5.0 — 5.0 — 5.0 Assets held for sale (excluding leases) 182.9 — 18.8 165.9 184.7 Loans (excluding leases) 28,998.7 — 1,172.2 27,930.8 29,103.0 Securities purchased under agreement to resell 850.0 — 850.1 — 850.1 Investment securities (1) 6,571.7 573.0 5,714.9 283.8 6,571.7 Other assets subject to fair value disclosure (2) 546.6 — — 546.6 546.6 Financial Liabilities Deposits (4) (35,339.9 ) — — (35,417.6 ) (35,417.6 ) Derivative liabilities at fair value — non-qualifying hedges (152.3 ) — (152.2 ) (0.1 ) (152.3 ) Derivative liabilities at fair value — qualifying hedges (7.3 ) — (7.3 ) — (7.3 ) Borrowings (4) (6,397.9 ) — (6,091.1 ) (615.0 ) (6,706.2 ) Credit balances of factoring clients (1,175.8 ) — — (1,175.8 ) (1,175.8 ) Other liabilities subject to fair value disclosure (5) (560.9 ) — — (560.9 ) (560.9 ) December 31, 2018 Financial Assets Cash and interest bearing deposits $ 1,795.6 $ 1,795.6 $ — $ — $ 1,795.6 Derivative assets at fair value — non-qualifying hedges 91.1 — 90.7 0.4 91.1 Derivative assets at fair value — qualifying hedges 28.8 — 28.8 — 28.8 Assets held for sale (excluding leases) 68.2 — 5.0 63.3 68.3 Loans (excluding leases) 28,306.0 — 983.4 26,893.4 27,876.8 Securities purchased under agreement to resell 400.0 — 400.0 — 400.0 Investment securities (1) 6,233.8 54.0 5,856.0 323.8 6,233.8 Other assets subject to fair value disclosure (2)(3) 419.7 — — 423.9 423.9 Financial Liabilities Deposits (4) (31,255.8 ) — — (31,245.0 ) (31,245.0 ) Derivative liabilities at fair value — non-qualifying hedges (79.4 ) — (79.4 ) — (79.4 ) Derivative liabilities at fair value — qualifying hedges (0.3 ) — (0.3 ) — (0.3 ) Borrowings (4) (8,194.2 ) — (7,463.0 ) (721.5 ) (8,184.5 ) Credit balances of factoring clients (1,674.4 ) — — (1,674.4 ) (1,674.4 ) Other liabilities subject to fair value disclosure (5) (657.0 ) — — (657.0 ) (657.0 ) (1) (2) (3) (4) The methods and assumptions used to estimate the fair value of each class of financial instruments were: Derivative Assets and Liabilities —Derivatives were valued using models that incorporate inputs depending on the type of derivative. Besides the fair value of written options on certain CIT Bank time deposits and credit derivatives, which were estimated using Level 3 inputs, most derivative instruments were valued using Level 2 inputs based on quoted prices for similar assets and liabilities and model-based valuation techniques for which all significant assumptions are observable in the market. See for notional principal amounts and fair values. Investment Securities — ▪ Debt securities classified as AFS —Investments in U.S. federal government agency securities, U.S. Treasury Notes, agency pass-through and supranational securities were valued using Level 2 inputs. ▪ Non-marketable securities - utilize Level 3 inputs to estimate fair value and were generally recorded under the cost or equity method of accounting. FHLB and FRB stock carrying values approximate fair value. Of the remaining non-marketable securities, the fair value is determined based on techniques that use significant assumptions that are not observable in the market. ▪ Securities carried at fair value with changes recorded in net income — included equity securities AFS that were reclassified to securities carried at fair value with changes recorded in net income. A majority were valued using Level 2 inputs based on published net asset value, with the remaining securities being valued using Level 1 inputs. Assets held for sale — As there was no liquid secondary market for most AHFS, the fair value was estimated based on Level 3 inputs. Loans — Within the Loans category, there are several types of loans as follows: ▪ Commercial and Consumer Loans — Commercial and consumer loans are generally valued individually, while small ticket commercial loans and equipment loans are valued on an aggregate portfolio basis. As there is no liquid secondary market for most loans, the fair value was estimated based on analyses that used Level 3 inputs at both June 30, 2019 and December 31, 2018. ▪ Impaired Loans — The value of impaired loans was assessed through the evaluation of aggregate carrying values of impaired loans relative to contractual amounts owed (unpaid principal balance) from customers. See Note 3 — Loans . ▪ PCI loans — These loans were valued by grouping the loans into performing and non-performing groups and stratifying the loans based on common risk characteristics such as product type, FICO score and other economic attributes. Due to the significance of the unobservable inputs, these loans are classified as Level 3. Deposits — The estimated fair value of deposits with no stated maturity, such as demand deposit accounts, money market accounts, and savings accounts was the amount payable on demand at the reporting date. The fair value of time deposits is estimated using Level 3 inputs. Borrowings The Level 2 fair value of borrowings were valued using market inputs and discounted value of the contractual cash flows using current estimated market discount rates for borrowings with similar terms, remaining maturities and put dates and did not require significant judgment . ▪ Unsecured debt — Unsecured debt, which included both senior debt and subordinated debt, totaled $3.8 billion par value at June 30, 2019 and December 31, 2018. ▪ Secured borrowings — Secured borrowings included both FHLB advances and structured financings. Of the total estimated fair value of secured borrowings, approximately $1.9 billion par value at June 30, 2019 and $3.6 billion at December 31, 2018 were Level 2. The estimated fair value of FHLB advances was based on the discounted cash flow model. The cash flows were calculated using the contractual features of the advance and then discounted using observable rates. The Level 3 fair value of borrowings included: ▪ Secured borrowings Credit balances of factoring clients — The impact of the time value of money from the unobservable discount rate for credit balances of factoring clients is inconsequential due to the short term nature of these balances (typically 90 days or less), therefore, the carrying value approximated fair value, and the credit balances were classified as Level 3. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 11 — STOCKHOLDERS' EQUITY A roll forward of common stock is presented in the following table. Number of Shares of Common Stock Issued Less Treasury Outstanding Common stock - December 31, 2018 161,073,078 (60,153,371 ) 100,919,707 Restricted stock issued 1,012,715 - 1,012,715 Repurchase of common stock - (6,840,775 ) (6,840,775 ) Shares held to cover taxes on vesting restricted shares and other - (376,665 ) (376,665 ) Employee stock purchase plan participation 30,459 - 30,459 Common stock - June 30, 2019 162,116,252 (67,370,811 ) 94,745,441 During the quarter ended June 30, 2019, CIT repurchased a total of $158.2 million in common shares via open market repurchases of 3,186,775 common shares. During the six months ended June 30, 2019 , CIT repurchased a total of $337.8 million in common shares via open market repurchases of 6,840,775 common shares. Accumulated Other Comprehensive Income (Loss) ("AOCI") The following table details the components of AOCI, net of tax: Components of Accumulated Other Comprehensive Loss (dollars in millions) June 30, 2019 December 31, 2018 Gross Unrealized Income Taxes Net Unrealized Gross Unrealized Income Taxes Net Unrealized Foreign currency translation adjustments $ (2.6 ) $ (8.1 ) $ (10.7 ) $ (6.7 ) $ (14.2 ) $ (20.9 ) Changes in benefit plan net loss and prior service (cost)/credit (72.0 ) 4.0 (68.0 ) (74.9 ) 4.7 (70.2 ) Unrealized net gains (losses) on securities AFS 18.9 (5.3 ) 13.6 (117.1 ) 29.9 (87.2 ) Total accumulated other comprehensive loss $ (55.7 ) $ (9.4 ) $ (65.1 ) $ (198.7 ) $ 20.4 $ (178.3 ) The following table details the changes in the components of AOCI, net of income taxes: Changes in Accumulated Other Comprehensive Income (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, 2018 $ (20.9 ) $ (70.2 ) $ (87.2 ) $ (178.3 ) AOCI activity before reclassifications 10.2 2.2 102.6 115.0 Amounts reclassified from AOCI — — (1.8 ) (1.8 ) Net current period AOCI 10.2 2.2 100.8 113.2 Balance as of June 30, 2019 $ (10.7 ) $ (68.0 ) $ 13.6 $ (65.1 ) Balance as of December 31, 2017 $ (8.0 ) $ (54.5 ) $ (24.0 ) $ (86.5 ) Adoption of ASUs 2016-01 and 2018-02 3.3 0.3 (4.1 ) (0.5 ) AOCI activity before reclassifications (6.6 ) 3.3 (77.0 ) (80.3 ) Amounts reclassified from AOCI — 0.5 (9.3 ) (8.8 ) Net current period AOCI (6.6 ) 3.8 (86.3 ) (89.1 ) Balance as of June 30, 2018 $ (11.3 ) $ (50.4 ) $ (114.4 ) $ (176.1 ) Other Comprehensive Income ( Loss ) The amounts included in the Condensed Consolidated Statements of Comprehensive Income are net of income taxes. The following table presents the pretax and after-tax components of other comprehensive income (loss). Before- and After-Tax components of OCI (dollars in millions) Quarters Ended June 30, 2019 2018 Gross Amount Tax Net Amount Gross Amount Tax Net Amount Income Statement Line Item Foreign currency translation adjustments losses AOCI activity before reclassification $ 1.8 $ 2.7 $ 4.5 $ 0.7 $ (4.9 ) $ (4.2 ) Net change 1.8 2.7 4.5 0.7 (4.9 ) (4.2 ) Changes in benefit plan net gain/(loss) and prior service (cost)/credit losses AOCI activity before reclassification — — — 0.1 (0.1 ) — Reclassifications Out of AOCI — — — 0.4 — 0.4 Operating expenses Net change — — — 0.5 (0.1 ) 0.4 Unrealized net gains on securities AFS AOCI activity before reclassification 76.4 (19.8 ) 56.6 (23.0 ) 6.1 (16.9 ) Reclassifications Out of AOCI (1.3 ) 0.3 (1.0 ) (7.5 ) 2.0 (5.5 ) Other non-interest income Net change 75.1 (19.5 ) 55.6 (30.5 ) 8.1 (22.4 ) Net current period AOCI $ 76.9 $ (16.8 ) $ 60.1 $ (29.3 ) $ 3.1 $ (26.2 ) Six Months Ended June 30, 2019 2018 Foreign currency translation adjustments gains AOCI activity before reclassification $ 4.1 $ 6.1 $ 10.2 $ 1.7 $ (8.3 ) $ (6.6 ) Net change 4.1 6.1 10.2 1.7 (8.3 ) (6.6 ) Changes in benefit plan net loss and prior service (cost)/credit losses AOCI activity before reclassification 2.9 (0.7 ) 2.2 4.5 (1.2 ) 3.3 Reclassifications Out of AOCI — — — 0.5 — 0.5 Operating expenses Net change 2.9 (0.7 ) 2.2 5.0 (1.2 ) 3.8 Unrealized net gains on securities AFS AOCI activity before reclassification 138.4 (35.8 ) 102.6 (104.3 ) 27.3 (77.0 ) Reclassifications Out of AOCI (2.4 ) 0.6 (1.8 ) (12.7 ) 3.4 (9.3 ) Other non-interest income Net change 136.0 (35.2 ) 100.8 (117.0 ) 30.7 (86.3 ) Net current period AOCI $ 143.0 $ (29.8 ) $ 113.2 $ (110.3 ) $ 21.2 $ (89.1 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 12 — INCOME TAXES The Company’s global effective income tax rate from continuing operations for the quarter and six months ended June 30, 2019 was 19.6% and 21.8%, respectively, down from 28.0% and 28.2% for the quarter and six months ended June 30, 2018, respectively. The 19.6% rate for the quarter ended June 30, 2019 was primarily driven by the favorable settlement of various State and Local tax audits resulting in a net benefit of $9.6 million. The quarterly income tax expense is based on a projection of the Company’s annual effective tax rate. This 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 effective tax rate each period is also impacted by a number of factors, including the relative mix of domestic and international earnings, effects of changes in enacted tax laws, adjustments to the valuation allowances, and discrete items. The currently forecasted effective tax rate may vary from the actual year-end 2019 effective tax rate due to the changes in these factors. Uncertain Tax Benefits The Company recognizes tax benefits when it is more likely than not that the position will prevail, based solely on the technical merits under the tax law of the relevant jurisdiction. The Company will recognize the tax benefit if the position meets this recognition threshold determined based on the largest amount of the benefit that is more than likely to be realized. Management believes that it is reasonably possible the total potential liability before interest and penalties may be increased or decreased by $ 10 million within the twelve months of the reporting date because of anticipated settlement with taxing authorities, resolution of open tax matters, and the expiration of various statutes of limitations . |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 13 — COMMITMENTS The accompanying table summarizes credit-related commitments and other purchase and funding commitments: Commitments (dollars in millions) June 30, 2019 December 31, 2018 Due to Expire Within One Year After One Year Total Outstanding Total Outstanding Financing Commitments Financing assets (1) $ 3,478.1 $ 4,119.5 $ 7,597.6 $ 7,136.3 Letters of credit Standby letters of credit 29.2 197.8 227.0 226.2 Other letters of credit 5.7 1.5 7.2 12.0 Deferred purchase agreements 1,484.8 — 1,484.8 1,959.5 Purchase and Funding Commitments Rail and other purchase commitments 440.7 — 440.7 344.8 (1) Financing Commitments Commercial Financing commitments, referred to as loan commitments or lines of credit, primarily reflect CIT’s agreements to lend to its customers, subject to the customers’ compliance with contractual obligations. Financing commitments also include credit line agreements to Business Capital 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 $619 million and $318 million at June 30, 2019 and At June 30, 2019, 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 Business Capital to its clients for working capital purposes. In connection with these facilities, Business Capital 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. 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 Condensed 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 90 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 $1,422 million and $1,895 million of DPA credit protection at June 30, 2019 and December 31, 2018, 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 $63 million and $64 million available under DPA credit line agreements, net of the amount of DPA credit protection provided at June 30, 2019 and December 31, 2018, 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 ALLL associated with the finance loans, 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 $5.1 million and $5.2 million at June 30, 2019 and December 31, 2018, respectively. Purchase and Funding Commitments CIT’s purchase commitments primarily relate to the Rail and Equipment Finance businesses. Other Commitments The Company has commitments to invest in affordable housing investments, and other investments qualifying for community reinvestment tax credits. These commitments were $144 million at June 30, 2019 and $98 million at December 31, 2018. These commitments are payable on demand and are recorded in other liabilities. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Loss Contingency [Abstract] | |
CONTINGENCIES | NOTE 14 — CONTINGENCIES Litigation and other Contingencies 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 as well as proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies. These matters arise in connection with the conduct of CIT’s business. At any given time, CIT may also be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters (all of the foregoing collectively being referred to as “Litigation”). While most Litigation relates to individual claims, CIT is also subject to putative class action claims and similar broader claims. 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 outcome of Litigation that is currently pending 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 and other matters where losses are reasonably possible, management currently estimates the aggregate range of reasonably possible losses as up to $65 million in excess of any established reserves and any insurance we reasonably believe we will collect related to those matters. 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 June 30, 2019. The Litigation 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 significant 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 Imposto Sobre Circulaco de Mercadorias e Servicos (“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 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 taxes for tax years 2006 - 2009 because Banco CIT, the purchaser, was located in São Paulo. Instead, the ICMS taxes were paid to the state 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 São Paulo’s recognition of the taxes paid to Espirito Santo were also filed in a general amnesty program. In the first quarter of 2018, CIT was advised that the larger of the two amnesty petitions had been granted and dismissal of that matter is pending with the court. Hawaiian Foreclosure Litigation Claims Based on recent rulings of the Hawaii Supreme Court, lawsuits have been filed against CIT in Hawaii alleging technical violations in non-judicial foreclosures. Similar cases have been filed against other mortgage lenders in Hawaii. The Hawaii Supreme Court did not establish a clear methodology for calculating alleged damages if a violation is proven and there is substantial dispute in this regard. In many instances the borrower had no equity in the home at the time of foreclosure. Damages sought in these cases include any lost equity, compensation for loss of use of the house and, in some cases, treble or punitive damages under Hawaii's unfair practices law. The Company has settled a majority of the individual lawsuits alleging foreclosure violations and has reached agreements in principle to settle the remaining individual lawsuits. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT INFORMATION | NOTE 15 — BUSINESS SEGMENT INFORMATION Segment Profit and Assets The following table presents segment data related to continuing operations. Refer to Note 24 — Business Segment Information Segment Pre-tax Income (Loss) (dollars in millions) Commercial Banking Consumer Banking Non-Strategic Portfolios Corporate and Other Total CIT Quarter Ended June 30, 2019 Interest income $ 365.0 $ 93.8 $ 1.0 $ 55.7 $ 515.5 Interest expense (benefit) 193.6 (34.9 ) 0.9 83.1 242.7 Provision (benefit) for credit losses 30.5 (1.9 ) - - 28.6 Rental income on operating leases 213.0 - - - 213.0 Other non-interest income 85.1 6.9 2.7 11.4 106.1 Depreciation on operating lease equipment 76.8 - - - 76.8 Maintenance and other operating lease expenses 48.3 - - - 48.3 Operating expenses/loss on debt extinguishment and deposit redemption 178.5 88.2 1.1 0.2 268.0 Income (loss) from continuing operations before provision (benefit) for income taxes $ 135.4 $ 49.3 $ 1.7 $ (16.2 ) $ 170.2 Select Period End Balances Loans $ 24,577.9 $ 6,744.9 $ - $ - $ 31,322.8 Credit balances of factoring clients (1,175.8 ) - - - (1,175.8 ) Assets held for sale 154.1 28.8 7.9 - 190.8 Operating lease equipment, net 7,056.1 - - - 7,056.1 Quarter Ended June 30, 2018 Interest income $ 330.4 $ 85.0 $ 1.9 $ 56.3 $ 473.6 Interest expense (benefit) 177.0 (37.3 ) 1.8 63.7 205.2 Provision (benefit) for credit losses 33.2 (0.3 ) - - 32.9 Rental income on operating leases 261.3 - - - 261.3 Other non-interest income 73.1 37.5 0.7 24.1 135.4 Depreciation on operating lease equipment 77.2 - - - 77.2 Maintenance and other operating lease expenses 63.5 - - - 63.5 Operating expenses/loss on debt extinguishment and deposit redemption 171.4 93.7 2.2 19.5 286.8 Income (loss) from continuing operations before provision (benefit) for income taxes $ 142.5 $ 66.4 $ (1.4 ) $ (2.8 ) $ 204.7 Select Period End Balances Loans $ 23,039.7 $ 6,308.7 $ - $ - $ 29,348.4 Credit balances of factoring clients (1,430.8 ) - - - (1,430.8 ) Assets held for sale 1,286.8 19.3 29.7 - 1,335.8 Operating lease equipment, net 6,833.9 - - - 6,833.9 Six Months Ended June 30, 2019 Interest income $ 721.6 $ 189.3 $ 2.1 $ 119.0 $ 1,032.0 Interest expense (benefit) 393.0 (74.2 ) 1.7 157.8 478.3 Provision (benefit) for credit losses 65.6 (4.0 ) - - 61.6 Rental income on operating leases 430.7 - - - 430.7 Other non-interest income 162.7 11.6 8.3 20.3 202.9 Depreciation on operating lease equipment 156.2 - - - 156.2 Maintenance and other operating lease expenses 98.1 - - - 98.1 Operating expenses/loss on debt extinguishment and deposit redemption 359.2 182.0 2.7 0.3 544.2 Income (loss) from continuing operations before provision (benefit) for income taxes $ 242.9 $ 97.1 $ 6.0 $ (18.8 ) $ 327.2 Six Months Ended June 30, 2018 Interest income $ 645.3 $ 170.2 $ 4.3 $ 105.0 $ 924.8 Interest expense (benefit) 333.3 (61.6 ) 3.5 110.5 385.7 Provision for credit losses 100.4 1.3 - - 101.7 Rental income on operating leases 514.9 - - - 514.9 Other non-interest income 151.1 49.0 1.9 38.1 240.1 Depreciation on operating lease equipment 153.6 - - - 153.6 Maintenance and other operating lease expenses 120.9 - - - 120.9 Operating expenses/loss on debt extinguishment and deposit redemption 354.5 189.7 4.4 19.6 568.2 Income (loss) from continuing operations before provision (benefit) for income taxes $ 248.6 $ 89.8 $ (1.7 ) $ 13.0 $ 349.7 |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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 statement 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2018 ("2018 Form 10-K"). The accounting and financial reporting policies of CIT conform to GAAP and the preparation of the consolidated financial statements is in conformity with GAAP, which requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates and assumptions. Some of the more significant estimates include: allowance for loan losses and loan impairment, realizability of deferred tax assets, and goodwill. Additionally, where applicable, the policies conform to accounting and reporting guidelines prescribed by bank regulatory authorities. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include financial information related to CIT and its majority-owned subsidiaries and those variable interest entities (“VIEs”) where the Company is the primary beneficiary (“PB”). 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 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 Discontinued Operations as of June 30, 2019 and December 31, 2018 included certain assets and liabilities of (i) the Business Air business and (ii) the Financial Freedom reverse mortgage servicing business. Income (loss) from discontinued operations reflects the activities of the Business Air and Financial Freedom businesses for the quarters and six months ended June 30, 2019 and 2018. The Financial Freedom business (“Financial Freedom”) was acquired in conjunction with the acquisition of OneWest Bank, N.A. (the “OneWest Transaction”) in 2015. Financial Freedom was sold on May 31, 2018 and the economic benefit and risk of the business was transferred to the buyer. The sale included all the operations, mortgage servicing rights, and related servicing assets and liabilities. At June 30, 2019, certain assets and liabilities of the Financial Freedom business remained in discontinued operations pending CIT’s receipt of the required investor consent. CIT received the required investor consent in July 2019. See further discussion in Note 2 — Discontinued Operations . |
Leases | Leases On January 1, 2019, CIT adopted ASU 2016-02, Leases (Topic 842), Leases Lessee Topic 842 Accounting The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use (“ROU”) assets and lease liabilities. ROU assets represent our right to use underlying assets for the lease terms and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. CIT recognized lease liabilities, with corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months as of January 1, 2019. The ROU assets were adjusted per Topic 842 transition guidance for existing lease-related balances of accrued and prepaid rent, unamortized lease incentives provided by lessors, and restructuring liabilities. As a result, CIT recognized ROU assets of approximately $210 million in Other Assets and corresponding lease liabilities of approximately $260 million in Other liabilities as of January 1, 2019. The January 1, 2019 incremental borrowing rates determined on a collateralized basis for the remaining lease terms were utilized when determining the present value of lease payments at the date of initial adoption. The Company elected the lessee practical expedient to not separate lease and non-lease components. The Company also elected the short-term lease recognition exemption and will not recognize ROU assets or lease liabilities for leases with a term less than 12 months. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term and is recorded in Operating Expenses. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur. Lessee Accounting for Periods Prior to Adoption of Topic 842 (Prior to January 1, 2019) Under ASC 840, lessee operating lease arrangements were recorded off balance sheet and ROU assets and lease liabilities were not recognized. Operating lease rent expense was recognized on a straight-line basis over the lease term and recorded in Operating Expenses. Common area maintenance, property taxes, and other operating expenses related to leased premises were also recognized in Operating Expenses, consistent with similar costs for owned locations. Lessor Topic 842 Accounting We determine lease classification at commencement date. Leases not classified as sales-type or direct financing leases are classified as operating leases. The primary accounting criteria we use for lease classification are (a) review to determine if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, (b) review to determine if the lease grants the lessee a purchase option that the lessee is reasonably certain to exercise, (c) determine, using a seventy-five percent or more threshold, if the lease term is for a major part of the remaining economic life of the underlying asset (however, we do not use this classification criterion when the lease commencement date falls within the last 25 percent of the total economic life of the underlying asset) and (d) determine, using a ninety percent or more threshold, if the present value of the sum of the lease payments and any residual value guarantees equal or exceeds substantially all of the fair value of the underlying asset. We do not lease equipment of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Lease components are separated from non-lease components that transfer a good or service to the customer; and the non-lease components in our lease contracts are accounted for in accordance with loan accounting guidance. However, the Company elected the operating lease practical expedient for its Rail portfolio leases to not separate non-lease components of railcar maintenance services from associated lease components. This practical expedient is available when both of the following are met: (i) the timing and pattern of transfer of the non-lease components and associated lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease. At the inception of each lease, we record a residual value for the leased equipment based on our estimate of the future value of the equipment at the end of the lease term or end of the equipment’s estimated useful life. The residual realization risk varies by transaction type. Finance leases bear the least risk because contractual payments usually cover approximately 90% of the equipment's cost at the inception of the lease. A significant portion of our leasing portfolios are comprised of operating leases which have higher risk because a smaller percentage of the equipment's value is covered by contractual cash flows over the term of the lease. If the market value of leased equipment decreases at a rate greater than we projected, whether due to rapid technological or economic obsolescence, unusual wear and tear on the equipment, excessive use of the equipment, recession or other adverse economic conditions, or other factors, it could adversely affect the current values or the residual values of such equipment. CIT seeks to mitigate these risks by maintaining relatively young fleet assets with wide operator bases, which can facilitate attractive lease and utilization rates. CIT manages and evaluates residual risk by performing periodic reviews of estimated residual values and monitoring levels of residual realizations. A change in estimated operating lease residual values would result in a change in future depreciation expense. A change in estimated finance lease residual values during the lease term impacts the loss allowance as the lessor considers both the lease receivable and the unguaranteed residual asset when determining the finance lease net investment loss allowance. Incremental costs of a lease that would not have been incurred if the lease had not been obtained are capitalized as initial direct costs. Property taxes paid by the lessor which are reimbursed by the lessee are considered to be lessor costs of owning the asset, and are recorded gross with revenue included in Other non-interest income and expense recorded in Operating expenses. The Company elected a lessor accounting policy election to exclude from revenue and expenses sales taxes and other similar taxes assessed by a governmental authority on lease revenue-producing transactions and collected by the lessor from a lessee. Operating Leases - Operating lease equipment is carried at cost less accumulated depreciation. Operating lease equipment is depreciated to its estimated residual value using the straight-line method over the lease term or estimated useful life of the asset. Equipment received at the end of the lease, which will be sold, is marked to the lower of cost or fair value with the adjustment recorded in other noninterest income. Initial direct costs are amortized over the lease term. Rental revenue on operating leases is recognized on a straight line basis over the lease term and is included in Non-interest Income. Intangible assets related to acquisitions completed by the Company, and to Fresh Start Accounting (“FSA”) adjustments that were applied as of December 31, 2009 (the “FSA Convenience Date”), to adjust the carrying value of above or below market operating lease contracts to their fair value are amortized into rental income on a straight line basis over the remaining term of the respective lease. Finance Leases - CIT’s finance leases are classified as sales-type leases; other than instances when a third party residual value guarantee is obtained causing the lease to be classified as a direct financing lease under ASC 842. CIT’s finance lease activity primarily relates to leasing of new equipment with the equipment purchase price equal to fair value and therefore there is no selling profit or loss at lease commencement. When there is no selling profit or loss, initial direct costs are deferred at the commencement date and included in the measurement of the net investment in the lease. A lease receivable and unguaranteed residual asset, if any, are recorded for finance leases at present value discounted using the rate implicit in the lease. The lease receivable includes lease payments not yet paid and guarantee of the residual value by the lessee or unrelated third party. Interest income is recognized over the lease term at a constant periodic discount rate on the remaining balance of the lease net investment using the rate implicit in the lease. After the commencement date, lease payments collected are applied to reduce net investment, and net investment is increased for interest income recorded. Variable lease payments that are not included in the lease net investment are recognized as income in profit or loss in the period when the changes in facts and circumstances on which the variable lease payments are based occur. The recognition of interest income is suspended and an account is placed on non-accrual status when, in the opinion of management, full collection of all principal and interest due is doubtful. All future interest income accruals, as well as amortization of deferred fees, costs, and purchase premiums or discounts are suspended. To the extent the estimated cash flows, including fair value of collateral, does not satisfy the net investment balance, accrued but uncollected interest at the date an account is placed on non-accrual status is reversed and charged against interest income. Subsequent lease payments received are applied to the outstanding net investment balance until such time as the account is collected, charged-off or returned to accrual status. Finance leases that are on cash basis nonaccrual do not accrue interest income; however, payments designated by the borrower as interest payments may be recorded as interest income. To qualify for this treatment, the remaining recorded investment in the lease must be deemed fully collectable. The recognition of interest income (including accretion) on small ticket finance leases is suspended, and all previously accrued but uncollected revenue is reversed, when lease payments are contractually delinquent for 90 days or more. Accounts, including accounts that have been modified, are returned to accrual status when, in the opinion of management, collection of remaining lease receivables are reasonably assured, and there is a sustained period of repayment performance, generally for a minimum of six months. Lessor Accounting for Periods Prior to Adoption of Topic 842 (Prior to January 1, 2019) Lessor accounting was not fundamentally changed by ASC 842 and remains similar to the prior accounting model, with updates 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. The new rules did not have a significant impact on our classification of leases as finance or operating. Under ASC 840 our finance leases typically met criteria for classification as direct financings leases; however, due to a change in lease guidance similar leases are classified as sales-type leases under ASC 842 although there continues to be no selling profit or loss at lease commencement. The primary impact to the Company related to initial direct costs and certain property taxes. The new lease guidance has a narrower definition of initial direct costs that may be capitalized and allocated internal costs and professional fees to negotiate and arrange the lease agreement that would have been incurred regardless of lease execution no longer qualify as initial direct cost. On January 1, 2019, we began to record gross operating expenses and other non-interest income for property taxes paid by CIT as lessor that are reimbursed by the lessees. |
Revenue Recognition | Revenue Recognition ASC 606, Revenue from Contracts with Customers |
Other Newly Adopted Accounting Standards | Other Newly Adopted Accounting Standards In addition to ASC 842, Leases • ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. • ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Base Payment Accounting. • ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following accounting pronouncements were issued by the FASB but are not yet effective for CIT. Standard Summary of Guidance Effect on CIT's Financial Statements ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, Issued June 2016 with Updates through May 2019 • ASU 2016-13 introduces a forward-looking “expected loss” model (the “Current Expected Credit Losses” (“CECL”) model) to estimate credit losses over the full remaining expected life of the portfolio upon adoption, rather than the incurred loss model under current U.S. GAAP. Estimates of expected credit losses under the new model will be based on relevant information about past events, current conditions, and reasonable and supportable forecasts regarding the collectability of reported amounts. Generally, the new model requires that an allowance for credit losses (“ACL”) be estimated and recognized for financial assets measured at amortized cost within its scope. • The amendments in this standard eliminates existing guidance for Purchase Credit Impaired ("PCI") loans, and requires recognition of an allowance for expected credit losses on financial assets purchased with more than insignificant credit deterioration since origination (purchased credit deteriorated (“PCD”) loans). • Loans previously classified as PCI will be considered PCD at adoption, with credit related discount reflected in the ACL and loan balance. • ASU 2016-13 amends existing impairment guidance for Available-for-sale ("AFS") securities to incorporate an allowance, which will allow for reversals of impairment losses in the event that the credit of an issuer improves. • In addition, ASU 2016-13 expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the ACL. • ASU 2018-19, clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 and should be accounted for in accordance with Topic 842, Leases . • ASU 2019-04 clarifies certain aspects of the credit losses standard and addresses issues related to accrued interest receivable balances, recoveries, as well as extension and renewal options, among other items. • ASU 2019-05 allows companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. • Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted (modified-retrospective approach). • Effective for CIT as of January 1, 2020. Early adoption is permitted; however, CIT does not intend to early adopt the guidance. • CIT is developing, validating and implementing models and methodologies used to develop the CECL allowance. The parallel run in advance of the January 1, 2020 effective date will focus on technical functionality of the CECL calculation, operational execution of the end-to-end process as well as disclosure requirements. CIT management has established a project team and a steering committee to provide cross-functional governance over, and make key decisions relating to, the project plan and the parallel run. • Although CIT is currently in the process of evaluating the impact of the amended guidance on its Consolidated Financial Statements, it currently expects the ACL to increase upon adoption because the allowance will be required to cover the full remaining expected life of the portfolio, rather than the incurred loss model under current U.S. GAAP. In addition, a significant portion of the increase will be due to PCI loans that will be reclassified as PCD loans with the credit related discount resulting in an increase to both allowance and loan balance, but not retained earnings. The extent of the overall increase, including the portion related to the current PCI portfolio, is still being evaluated and will depend on economic conditions and the composition of CIT’s loan and lease portfolios at adoption date. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities Issued October 2018 • The amendments in this guidance change how entities that apply the VIE guidance evaluate decision-making fees. To determine whether decision-making fees represent a variable interest, an entity will consider indirect interests held through related parties under common control on a proportional basis rather than in their entirety, as currently required by GAAP. • Entities should adopt this standard retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. • Effective for CIT as of January 1, 2020. Early adoption is permitted. • The adoption of this standard is not expected to have a material impact on CIT’s consolidated financial statements and disclosures. ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Issued April 2019 • The FASB amended its standards on credit losses, hedging, and recognizing and measuring financial instruments to clarify them and address implementation issues. • Refer to ASU 2016-13 above for the amendments that clarify the scope of the credit losses standard. • With respect to codification improvements to Update 2017-12 and other hedge accounting, the amendments address partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, among other items. • Codification Improvements to Update 2017-12 and Other Hedging Items is effective for CIT as of January 1, 2020. Early adoption is permitted. • Codification Improvements to Update 2016-01 is effective as of January 1, 2020. Early adoption is permitted in any interim period following the issuance of this Update. • CIT is currently evaluating the impact of this ASU on CIT’s consolidated financial statements and disclosures but does not expect the adoption of this standard to have a material impact on CIT’s consolidated financial statements and disclosures. |
Litigation and other Contingencies | Litigation and other Contingencies 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 as well as proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies. These matters arise in connection with the conduct of CIT’s business. At any given time, CIT may also be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters (all of the foregoing collectively being referred to as “Litigation”). While most Litigation relates to individual claims, CIT is also subject to putative class action claims and similar broader claims. 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 outcome of Litigation that is currently pending 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 and other matters where losses are reasonably possible, management currently estimates the aggregate range of reasonably possible losses as up to $65 million in excess of any established reserves and any insurance we reasonably believe we will collect related to those matters. 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 June 30, 2019. The Litigation 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. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Condensed Balance Sheet, Statement of Operations, and Cash Flows from Discontinued Operations | Discontinued operations was comprised of Business Air and residual activity of the Financial Freedom servicing business (“Financial Freedom”), a former division of CIT Bank that serviced reverse mortgage loans, which was sold in May 2018. The following condensed financial information includes the combination of the Company’s discontinued operations for the quarters and six months ended June 30, 2019 and 2018, and as of June 30, 2019 and December 31, 2018. See the Company’s 2018 Form 10-K, Note 2 – Discontinued Operations, for further information. Condensed Combined Balance Sheet (dollars in millions) June 30, 2019 December 31, 2018 Net loans (1) $ 153.8 $ 248.1 Other assets 1.6 1.7 Assets of discontinued operations $ 155.4 $ 249.8 Secured borrowings (1) $ 152.6 $ 195.0 Other liabilities (2) 99.8 102.0 Liabilities of discontinued operations $ 252.4 $ 297.0 (1) (2) Condensed Combined Statement of Income (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest income (1) $ 1.6 $ 4.1 $ 3.4 $ 8.3 Interest expense (1 ) 1.2 2.9 2.8 6.0 Rental income on operating leases - - - 0.5 Other income 1.3 4.5 3.0 10.2 Operating expenses (2) 0.6 11.3 2.9 27.8 Income (loss) from discontinued operations before provision (benefit) for income taxes 1.1 (5.6 ) 0.7 (14.8 ) Provision (benefit) for income taxes (3) 0.3 (1.4 ) 0.2 (3.9 ) Loss on sale of discontinued operation, net of taxes - (16.3 ) - (16.3 ) Income (loss) from discontinued operations, net of taxes $ 0.8 $ (20.5 ) $ 0.5 $ (27.2 ) (1) (2) For the quarter and six months ended , operating expenses are insignificant. For the quarter and six months ended June 30, 2018, operating expense is comprised of salaries and benefits, professional and legal services, and other expenses such as data processing, premises and equipment, and miscellaneous charges. (3) For the quarters ended June 30, 2019 and 2018, the Company's tax rate for discontinued operations was 25.7% and 27%, respectively. For the six months ended June 30, 2019 and 2018, the Company’s tax rate for discontinued operations was 25.7% and 27%, respectively. Condensed Combined Statement of Cash Flows (dollars in millions) Six Months Ended June 30, 2019 2018 Net cash flows (used in) provided by operations $ (4.4 ) $ 17.5 Net cash flows provided by investing activities 54.9 55.8 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule Of Loans By Product | Loans, excluding those reflected as discontinued operations, consist of the following: Loans by Product (dollars in millions) June 30, 2019 December 31, 2018 Commercial loans $ 22,831.3 $ 22,285.7 Financing Leases and Leverage Leases 2,324.1 2,489.4 Total commercial 25,155.4 24,775.1 Consumer loans 6,167.4 6,020.3 Total loans 31,322.8 30,795.4 Loans held for sale (1) 190.8 88.4 Loans and held for sale loans (1) $ 31,513.6 $ 30,883.8 (1) |
Schedule Of Loans By Segment, Based On Obligor Location | The following table presents loans, excluding loans held for sale, by segment, based on obligor location: Loans (dollars in millions) June 30, 2019 December 31, 2018 Domestic Foreign Total Domestic Foreign Total Commercial Banking $ 22,945.3 $ 1,632.6 $ 24,577.9 $ 22,732.8 $ 1,530.6 $ 24,263.4 Consumer Banking (1) 6,744.9 - 6,744.9 6,532.0 - 6,532.0 Total $ 29,690.2 $ 1,632.6 $ 31,322.8 $ 29,264.8 $ 1,530.6 $ 30,795.4 (1) |
Components Of Net Investment | The following table presents selected components of the net investment in loans: Components of Net Investment (1) (dollars in millions) June 30, December 31, 2019 2018 Unearned income $ (446.3 ) $ (778.8 ) Unamortized premiums / (discounts) 27.2 20.6 Accretable yield on PCI loans (827.0 ) (903.8 ) Net unamortized deferred costs and (fees) 39.8 85.7 (1) |
Loans Including Loans Held-For-Sale - By Risk Rating | The following table summarizes commercial loans 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 Loans Including Held for Sale Loans — Risk Rating by Class / Segment (dollars in millions) Grade: Pass Special Mention Classified- accrual Classified- non-accrual PCI Loans Total June 30, 2019 Commercial Banking Commercial Finance $ 9,490.1 $ 525.7 $ 751.5 $ 185.0 $ — $ 10,952.3 Real Estate Finance 5,181.4 291.6 50.1 3.2 31.4 5,557.7 Business Capital 7,253.1 488.4 371.1 47.2 — 8,159.8 Rail 62.2 — — — — 62.2 Total Commercial Banking 21,986.8 1,305.7 1,172.7 235.4 31.4 24,732.0 Consumer Banking Other Consumer Banking - Primarily SBA Loans 524.0 4.3 47.1 0.4 1.7 577.5 Total Consumer Banking 524.0 4.3 47.1 0.4 1.7 577.5 Non- Strategic Portfolios 3.5 0.5 2.0 1.9 — 7.9 Total $ 22,514.3 $ 1,310.5 $ 1,221.8 $ 237.7 $ 33.1 $ 25,317.4 December 31, 2018 Commercial Banking Commercial Finance $ 8,637.7 $ 559.5 $ 1,096.3 $ 190.0 $ 4.7 $ 10,488.2 Real Estate Finance 5,023.2 162.2 225.5 2.2 32.2 5,445.3 Business Capital 7,550.1 415.3 299.3 45.7 — 8,310.4 Rail 82.7 0.5 0.6 — — 83.8 Total Commercial Banking 21,293.7 1,137.5 1,621.7 237.9 36.9 24,327.7 Consumer Banking Other Consumer Banking - Primarily SBA Loans 446.4 7.1 55.8 0.4 1.8 511.5 Total Consumer Banking 446.4 7.1 55.8 0.4 1.8 511.5 Non- Strategic Portfolios 5.7 1.0 7.4 6.1 — 20.2 Total $ 21,745.8 $ 1,145.6 $ 1,684.9 $ 244.4 $ 38.7 $ 24,859.4 |
Schedule Of Consumer Loan LTV Distributions | The following table provides a summary of the consumer loan LTV distribution and the covered loans held for investment balances for primarily single-family residential (“SFR”) mortgage loans. The average LTV was 64% for the Total Consumer Loans included below at both June 30, 2019 and December 31, 2018. The table below excludes loans that are held for sale. Consumer Loan LTV Distribution (dollars in millions) Covered Loans (2) Non-covered Loans Total Consumer LTV Range Non-PCI PCI Non-PCI PCI Loans June 30, 2019 Greater than 125% $ — $ 3.7 $ 5.9 $ 86.4 $ 96.0 101% – 125% — 14.1 5.8 146.6 166.5 80% – 100% 0.8 71.4 211.2 321.3 604.7 Less than 80% 352.3 263.1 4,040.7 643.1 5,299.2 Not Applicable (1) — — 1.0 — 1.0 Total $ 353.1 $ 352.3 $ 4,264.6 $ 1,197.4 $ 6,167.4 December 31, 2018 Greater than 125% $ 1.3 $ 105.6 $ 4.9 $ — $ 111.8 101% – 125% 5.3 186.1 4.7 — 196.1 80% – 100% 27.3 446.8 220.3 — 694.4 Less than 80% 1,068.5 916.0 3,032.6 — 5,017.1 Not Applicable (1) — — 0.9 — 0.9 Total $ 1,102.4 $ 1,654.5 $ 3,263.4 $ — $ 6,020.3 (1) (2) |
Loans Including Held For Sale Loans - Delinquency Status | Past Due and Non-accrual Loans The table that follows presents portfolio delinquency status, regardless of accrual/non-accrual classification: Loans Including Held for Sale Loans - Delinquency Status (dollars in millions) Past Due Total 30-59 60-89 90 or more Past Due Current PCI Loans (1) Total June 30, 2019 Commercial Banking Commercial Finance $ 0.4 $ — $ 87.9 $ 88.3 $ 10,864.0 $ — $ 10,952.3 Real Estate Finance — 1.7 3.6 5.3 5,521.0 31.4 5,557.7 Business Capital 87.6 32.6 17.5 137.7 8,022.1 — 8,159.8 Rail — — — — 62.2 — 62.2 Total Commercial Banking 88.0 34.3 109.0 231.3 24,469.3 31.4 24,732.0 Consumer Banking Legacy Consumer Mortgage 28.4 6.2 33.3 67.9 948.9 1,549.7 2,566.5 Other Consumer Banking 23.6 6.5 3.4 33.5 4,172.0 1.7 4,207.2 Total Consumer Banking 52.0 12.7 36.7 101.4 5,120.9 1,551.4 6,773.7 Non-Strategic Portfolios — 1.5 1.9 3.4 4.5 — 7.9 Total $ 140.0 $ 48.5 $ 147.6 $ 336.1 $ 29,594.7 $ 1,582.8 $ 31,513.6 December 31, 2018 Commercial Banking Commercial Finance $ — $ — $ 70.3 $ 70.3 $ 10,413.2 $ 4.7 $ 10,488.2 Real Estate Finance 8.9 12.0 5.1 26.0 5,387.1 32.2 5,445.3 Business Capital 146.7 35.4 17.5 199.6 8,110.8 — 8,310.4 Rail 2.8 0.9 1.5 5.2 78.6 — 83.8 Total Commercial Banking 158.4 48.3 94.4 301.1 23,989.7 36.9 24,327.7 Consumer Banking Legacy Consumer Mortgage 25.9 5.9 37.6 69.4 1,063.5 1,654.5 2,787.4 Other Consumer Banking 25.3 3.1 2.1 30.5 3,716.2 1.8 3,748.5 Total Consumer Banking 51.2 9.0 39.7 99.9 4,779.7 1,656.3 6,535.9 Non-Strategic Portfolios 0.1 1.3 5.8 7.2 13.0 — 20.2 Total $ 209.7 $ 58.6 $ 139.9 $ 408.2 $ 28,782.4 $ 1,693.2 $ 30,883.8 ( 1 ) |
Loans On Non-accrual Status | The following table sets forth non-accrual loans, assets received in satisfaction of loans (OREO and repossessed assets) and loans 90 days or more past due and still accruing. Loans on Non-Accrual Status (dollars in millions) (1) June 30, 2019 December 31, 2018 Held for Investment Held for Sale Total Held for Investment Held for Sale Total Commercial Banking Commercial Finance $ 185.0 $ - $ 185.0 $ 190.0 $ - $ 190.0 Business Capital 47.2 - 47.2 45.7 - 45.7 Real Estate Finance 3.2 - 3.2 2.2 - 2.2 Total Commercial Banking 235.4 - 235.4 237.9 - 237.9 Consumer Banking Other Consumer Banking 5.0 - 5.0 6.1 - 6.1 Legacy Consumer Mortgages 9.7 18.9 28.6 32.2 - 32.2 Total Consumer Banking 14.7 18.9 33.6 38.3 - 38.3 Non-Strategic Portfolios - 1.9 1.9 - 6.1 6.1 Total $ 250.1 $ 20.8 $ 270.9 $ 276.2 $ 6.1 $ 282.3 Repossessed assets and OREO 30.8 33.0 Total non-performing assets $ 301.7 $ 315.3 Commercial loans past due 90 days or more accruing $ 40.1 $ 21.9 Consumer loans past due 90 days or more accruing 15.2 13.7 Total accruing loans past due 90 days or more $ 55.3 $ 35.6 (1) |
Schedule Of Loans In Process Of Foreclosure | The table below summarizes the residential mortgage loans in the process of foreclosure and OREO: Loans in Process of Foreclosure and OREO (dollars in millions) June 30, 2019 December 31, 2018 PCI $ 119.6 $ 122.6 Non-PCI (1) 21.4 24.1 Loans in process of foreclosure $ 141.0 $ 146.7 OREO $ 30.0 $ 32.0 (1) |
Impaired Loans | The following table contains information about impaired loans and the related allowance for loan losses by class. Impaired loans exclude PCI loans. Loans that were identified as impaired at the date of the OneWest Transaction (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 Loans Acquired with Deteriorated Credit Quality Impaired Loans (dollars in millions) Average Recorded Investment (2) Quarters Ended June 30, Six Months Ended June 30, Recorded Investment Unpaid Principal Balance Related Allowance 2019 2018 2019 2018 June 30, 2019 With no related allowance recorded: Commercial Banking Commercial Finance $ 83.9 $ 116.4 $ — $ 78.9 $ 75.1 $ 82.3 $ 67.4 Business Capital 5.9 6.8 — 5.9 9.5 6.3 10.2 Real Estate Finance 0.6 0.7 — 2.8 1.2 2.7 0.8 Consumer Banking Other Consumer Banking 4.5 4.5 — 4.2 — 4.2 — LCM 20.7 22.1 — 26.1 — 27.9 — With an allowance recorded: Commercial Banking Commercial Finance 154.0 201.8 58.0 142.0 109.6 128.6 105.1 Business Capital 8.2 8.2 1.7 9.2 9.3 9.9 9.7 Real Estate Finance 2.1 2.8 2.1 1.0 — 0.7 0.9 Consumer Banking LCM — — — 0.3 — 0.2 — Total Impaired Loans (1) 279.9 363.3 61.8 270.4 204.7 262.8 194.1 Total Loans Impaired at Acquisition Date 1,582.8 2,327.4 18.4 1,611.6 1,866.2 1,638.8 1,897.9 Total $ 1,862.7 $ 2,690.7 $ 80.2 $ 1,882.0 $ 2,070.9 $ 1,901.6 $ 2,092.0 December 31, 2018 Year Ended December 31, 2018 With no related allowance recorded: Commercial Banking Commercial Finance $ 89.4 $ 112.1 $ — $ 83.7 Business Capital 7.1 9.5 — 11.0 Real Estate Finance 2.3 2.3 — 1.4 Consumer Banking Other Consumer Banking 4.4 4.4 — 1.8 LCM 31.5 34.8 — 26.4 With an allowance recorded: Commercial Banking Commercial Finance 101.8 120.9 43.5 102.6 Business Capital 11.2 11.1 3.9 9.6 Real Estate Finance — — — 0.5 Consumer Banking Other Consumer Banking — — — 0.1 Total Impaired Loans (1) 247.7 295.1 47.4 237.1 Total Loans Impaired at Acquisition Date 1,693.2 2,489.9 18.4 1,829.2 Total $ 1,940.9 $ 2,785.0 $ 65.8 $ 2,066.3 (1) ( 2 ) |
Purchased Credit Impaired Loans With Deteriorated Credit Quality | Purchased Credit Impaired Loans (dollars in millions) June 30, 2019 Carrying Value Unpaid Principal Balance Allowance for Loan Losses Commercial Banking Real Estate Finance $ 31.4 $ 35.1 $ 10.7 Consumer Banking Other Consumer Banking 1.7 2.1 0.1 Legacy Consumer Mortgages 1,549.7 2,290.2 7.6 $ 1,582.8 $ 2,327.4 $ 18.4 December 31, 2018 Commercial Banking Commercial Finance $ 4.7 $ 9.0 $ 0.4 Real Estate Finance 32.2 37.7 8.8 Consumer Banking Other Consumer Banking 1.8 2.3 — Legacy Consumer Mortgages 1,654.5 2,440.9 9.2 $ 1,693.2 $ 2,489.9 $ 18.4 |
Summary of Carrying Value of Commercial PCI Loans | The following table summarizes the carrying value of commercial PCI loans, which are monitored for credit quality based on internal risk classifications. See previous table Consumer Loan LTV Distribution for credit quality metrics on consumer PCI loans. Carrying Value of Commercial PCI Loans (dollars in millions) June 30, 2019 December 31, 2018 (dollars in millions) Non- criticized Criticized Total Non- criticized Criticized Total Commercial Finance $ — $ — $ — $ — $ 4.7 $ 4.7 Real Estate Finance 11.4 20.0 31.4 14.6 17.6 32.2 Total $ 11.4 $ 20.0 $ 31.4 $ 14.6 $ 22.3 $ 36.9 |
Schedule Of Changes To The Accretable Yield For PCI Loans | Change in Accretable Yield (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance, beginning of period $ 863.6 $ 1,016.3 $ 903.8 $ 1,063.7 Accretion into interest income (39.6 ) (41.6 ) (80.3 ) (85.6 ) Reclassification from non-accretable difference 4.3 0.3 6.7 0.8 Disposals and Other (1.3 ) (2.2 ) (3.2 ) (6.1 ) Balance, end of period $ 827.0 $ 972.8 $ 827.0 $ 972.8 |
Schedule Of Recorded Investments For TDRs | The following table presents recorded investment of TDRs, excluding those within a trial modification period, and those classified as PCI as of and during the periods ended June 30, 2019 and December 31, 2018: TDRs (1) (dollars in millions) June 30, 2019 December 31, 2018 Recorded Investment % Total TDR Recorded Investment % Total TDR Commercial Banking $ 131.6 87 % $ 70.2 80 % Consumer Banking 20.1 13 % 17.7 20 % Total $ 151.7 100 % $ 87.9 100 % Percent non-accrual 53 % 79 % (1) Modifications (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Recorded investment related to modifications qualifying as TDRs that occurred during the quarters and the six months ended $ 76.9 $ 25.8 $ 79.4 $ 48.4 Recorded investment at the time of default of TDRs that experienced a payment default (payment default is one missed payment) during the quarters and six months ended and for which the payment default occurred within one year of the modification $ 15.9 $ 8.1 $ 16.5 $ 8.6 |
Allowance For Loan Losses (Tabl
Allowance For Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses and Recorded Investment in Finance Receivables | Allowance for Loan Losses and Recorded Investment in Loans (dollars in millions) Commercial Banking Consumer Banking Total Commercial Banking Consumer Banking Total Quarter Ended June 30, 2019 Quarter Ended June 30, 2018 Balance - beginning of period $ 460.8 $ 26.7 $ 487.5 $ 417.2 $ 30.4 $ 447.6 Provision for credit losses 30.5 (1.9 ) 28.6 33.2 (0.3 ) 32.9 Other (1) 2.4 (0.4 ) 2.0 2.1 - 2.1 Gross charge-offs (40.3 ) (1.5 ) (41.8 ) (24.6 ) (0.8 ) (25.4 ) Recoveries 10.2 0.9 11.1 9.9 0.2 10.1 Balance - end of period $ 463.6 $ 23.8 $ 487.4 $ 437.8 $ 29.5 $ 467.3 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Balance - beginning of period $ 460.2 $ 29.5 $ 489.7 $ 402.2 $ 28.9 $ 431.1 Provision for credit losses 65.6 (4.0 ) 61.6 100.4 1.3 101.7 Other (1) 1.1 (0.7 ) 0.4 (0.3 ) - (0.3 ) Gross charge-offs (79.2 ) (2.2 ) (81.4 ) (79.2 ) (1.3 ) (80.5 ) Recoveries 15.9 1.2 17.1 14.7 0.6 15.3 Balance - end of period $ 463.6 $ 23.8 $ 487.4 $ 437.8 $ 29.5 $ 467.3 Allowance Balance at June 30, 2019 Allowance Balance at June 30, 2018 Loans individually evaluated for impairment $ 61.8 $ - $ 61.8 $ 36.8 $ - $ 36.8 Loans collectively evaluated for impairment 391.1 16.1 407.2 392.3 18.1 410.4 Loans acquired with deteriorated credit quality (2) 10.7 7.7 18.4 8.7 11.4 20.1 Allowance for loan losses $ 463.6 $ 23.8 $ 487.4 $ 437.8 $ 29.5 $ 467.3 Other reserves (1) $ 40.3 $ 0.8 $ 41.1 $ 44.7 $ - $ 44.7 Loans at June 30, 2019 Loans at June 30, 2018 Loans individually evaluated for impairment $ 254.7 $ 25.2 $ 279.9 $ 225.0 $ - $ 225.0 Loans collectively evaluated for impairment 24,291.8 5,168.3 29,460.1 22,766.6 4,523.4 27,290.0 Loans acquired with deteriorated credit quality (2) 31.4 1,551.4 1,582.8 48.1 1,785.3 1,833.4 Ending balance $ 24,577.9 $ 6,744.9 $ 31,322.8 $ 23,039.7 $ 6,308.7 $ 29,348.4 Percent of loans to total loans 78.5 % 21.5 % 100.0 % 78.5 % 21.5 % 100.0 % (1) (2) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet and Cash Flow Information Related to Leases | The following tables present supplemental balance sheet and cash flow information related to operating leases. ROU assets are included in Other assets and lease liabilities are included in Other liabilities. Supplemental Lease Balance Sheet Information (dollars in millions) June 30, 2019 ROU assets $ 195.3 Lease liabilities 245.5 Weighted-average remaining lease terms 10 years Weighted-average discount rate 4.89 % Supplemental Cash Flow Information (dollars in millions): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 21.7 ROU assets obtained in exchange for new lease liabilities 1.6 |
Maturities of Lease Liabilities | The following table presents maturities of lease liabilities: Maturity of Lease Liabilities (dollars in millions) Years Ended December 31, Remainder of 2019 $ 23.4 2020 43.8 2021 33.5 2022 26.6 2023 26.2 Thereafter 162.9 Total undiscounted lease payments 316.4 Difference between undiscounted cash flows and discounted cash flows (70.9 ) Lease liabilities, at present value $ 245.5 |
Components of Operating Lease Expense Included in Operating Expenses | The following table presents components of operating lease expense, which are included in operating expenses: Components of Operating Lease Expense (dollars in millions) Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (1) $ 10.7 $ 21.5 Variable lease cost 2.6 5.7 Sublease income (4.2 ) (8.3 ) Total operating lease expense $ 9.1 $ 18.9 (1) |
Schedule of Net Book Value of Operating Lease Equipment by Equipment Type | The following table provides the net book value of operating lease equipment, by equipment type. Operating Lease Equipment (dollars in millions) June 30, December 31, 2019 2018 Railcars and locomotives $ 6,486.5 $ 6,420.7 Other equipment 569.6 549.9 Total (1) $ 7,056.1 $ 6,970.6 (1) |
Components of Finance Lease Net Investment on Discounted Basis | The following table presents components of finance lease net investment on a discounted basis at June 30, 2019: Components of Net Investment in Finance Leases (dollars in millions) June 30, 2019 Lease receivables $ 1,966.6 Unguaranteed residual assets 319.4 Total net investment in finance leases 2,286.0 Leveraged lease net investment (1) 38.1 Total $ 2,324.1 (1) |
Schedule of Lease Income Related to Company's Operating and Finance Leases | The table that follows presents lease income related to the Company’s operating and finance leases: Lease Income (dollars in millions) Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Lease income – Operating leases $ 200.2 $ 403.5 Variable lease income – Operating leases (1) 12.8 27.2 Rental income on operating leases 213.0 430.7 Interest income - Sales type and direct financing leases 49.9 99.1 Variable lease income included in Other non-interest income (2) 11.5 23.0 Leveraged lease income 2.3 4.2 Total lease income $ 276.7 $ 557.0 (1) (2) |
Maturity Analysis of Operating Lease Payments | The following tables present lease payments due on non-cancellable operating leases and lease receivables due on finance leases at June 30, 2019. Excluded from these tables are variable lease payments, including rentals calculated based on asset usage levels, rentals from future renewal and re-leasing activity, and expected sales proceeds from remarketing equipment at lease expiration, all of which are components of lease profitability. Maturity Analysis of Operating Lease Payments (dollars in millions) Years Ended December 31, Remainder of 2019 $ 349.8 2020 572.6 2021 392.3 2022 241.5 2023 130.3 Thereafter 90.7 Total $ 1,777.2 |
Maturity Analysis of Lease Receivables - Sales Type and Direct Financing Leases | Maturity Analysis of Lease Receivables - Sales Type and Direct Financing Leases (dollars in millions) Years Ended December 31, Remainder of 2019 $ 459.1 2020 720.2 2021 501.8 2022 274.3 2023 143.5 Thereafter 58.0 Total undiscounted lease receivables 2,156.9 Difference between undiscounted cash flows and discounted cash flows 190.3 Lease receivables, at present value $ 1,966.6 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule Of Investment Securities | Investment Securities (dollars in millions) June 30, December 31, 2019 2018 AFS Securities Debt securities $ 6,308.8 $ 5,931.3 Securities carried at FV with changes in net income Equity securities 46.4 44.6 Non-marketable securities (1) 216.5 257.9 Total investment securities $ 6,571.7 $ 6,233.8 (1 ) Non-marketable investments include restricted stock of the FRB and Federal Home Loan Bank ("FHLB") carried at cost of $194.6 million at June 30, 2019, and $242.5 million at December 31, 2018. The remaining non-marketable investments without readily determinable fair values measured under the measurement exception totaled $21.9 million as of June 30, 2019 and $15.4 million as of December 31, 2018. |
Schedule Of Interest And Dividend Income | T he following table presents interest and dividends on interest bearing deposits and investments: Interest and Dividend Income (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest income - debt securities (1) $ 48.0 $ 38.8 $ 96.0 $ 79.4 Interest income - interest-bearing cash 8.3 16.0 22.8 23.0 Dividends - equity securities 2.2 3.3 4.9 6.0 Total interest and dividends $ 58.5 $ 58.1 $ 123.7 $ 108.4 (1) Includes interest income on securities purchased under agreement to resell |
Amortized Cost And Fair Value Of Securities Available-For-Sale | The following table presents amortized cost and fair value of securities available for sale (“AFS”). Amortized Cost and Fair Value (dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2019 Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 4,879.5 $ 29.1 $ (26.1 ) 4,882.5 Commercial agency 511.7 13.2 (0.4 ) 524.5 U.S. government agency obligations 10.0 0.0 — 10.0 U.S. Treasury securities 727.2 1.6 — 728.8 Supranational securities 85.9 0.1 — 86.0 State & municipal bonds 9.8 0.1 (0.2 ) 9.7 Corporate bonds - foreign 65.8 1.5 — 67.3 Total debt securities AFS $ 6,289.9 $ 45.6 $ (26.7 ) $ 6,308.8 December 31, 2018 Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 5,341.2 $ 6.7 $ (122.7 ) $ 5,225.2 Commercial agency 291.8 3.2 (0.4 ) 294.6 U.S. government agency obligations 34.9 — (0.4 ) 34.5 U.S. Treasury securities 253.9 — (2.4 ) 251.5 Supranational securities 50.0 — (0.6 ) 49.4 State & municipal bonds 10.9 — (0.7 ) 10.2 Corporate bonds - foreign 65.8 0.1 — 65.9 Total debt securities AFS $ 6,048.5 $ 10.0 $ (127.2 ) $ 5,931.3 |
Amortized Cost And Fair Value Of Debt Securities By Contractual Maturity Dates | The following table presents the debt securities AFS by contractual maturity dates: Maturities - (dollars in millions) June 30, 2019 Amortized Cost Fair Value Weighted Average Yield Mortgage-backed securities — U.S. government agency securities After 5 but within 10 years $ 78.8 $ 78.2 1.89 % Due after 10 years 4,800.7 4,804.3 2.67 % Total 4,879.5 4,882.5 2.66 % Mortgage-backed securities — Commercial agency After 1 but within 5 years 17.7 18.0 3.13 % After 5 but within 10 years 474.2 486.6 3.12 % Due after 10 years 19.8 19.9 2.74 % Total 511.7 524.5 3.11 % U.S. government agency obligations Due in 1 year or less 10.0 10.0 2.72 % Total 10.0 10.0 2.72 % U.S. Treasury securities Due in 1 year or less 725.3 726.8 2.46 % After 5 but within 10 years 1.9 2.0 2.60 % Total 727.2 728.8 2.46 % Supranational securities After 1 but within 5 years 85.9 86.0 2.30 % Total 85.9 86.0 2.30 % State & municipal bonds Due in 1 year or less 0.1 0.1 2.55 % After 5 but within 10 years 0.2 0.2 2.70 % Due after 10 years 9.5 9.4 2.44 % Total 9.8 9.7 2.45 % Corporate bonds — foreign Due in 1 year or less 25.9 26.4 6.02 % After 1 but within 5 years 39.9 40.9 6.15 % Total 65.8 67.3 6.10 % Total debt securities AFS $ 6,289.9 $ 6,308.8 2.70 % |
Schedule Of Debt Securities AFS - Estimated Unrealized Losses | The following table summarizes by investment category the gross unrealized losses, respective fair value and length of time that those securities have been in a continuous unrealized loss position. Gross Unrealized Loss (dollars in millions) June 30, 2019 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 270.4 $ (0.9 ) $ 2,164.4 $ (25.2 ) Commercial agency 133.9 (0.4 ) — — State & municipal bonds — — 7.4 (0.2 ) Total debt securities AFS $ 404.3 $ (1.3 ) $ 2,171.8 $ (25.4 ) Gross Unrealized Loss (dollars in millions) December 31, 2018 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 582.1 $ (7.4 ) $ 3,842.7 $ (115.3 ) Commercial agency 102.6 (0.4 ) — — U.S. government agency obligations — — 24.6 (0.4 ) U.S. Treasury securities 247.5 (2.4 ) — — State & municipal bonds — — 8.1 (0.7 ) Supranational securities — — 49.4 (0.6 ) Total debt securities AFS $ 932.2 $ (10.2 ) $ 3,924.8 $ (117.0 ) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Assets and Liabilities in Unconsolidated 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 assuming no 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) June 30, 2019 December 31, 2018 Securities Partnership Investment Securities Partnership Investment Agency securities $ 5,407.0 $ — $ 5,519.9 $ — Tax credit equity investments — 280.2 — 233.4 Equity investments — 75.8 — 73.5 Total Assets $ 5,407.0 $ 356.0 $ 5,519.9 $ 306.9 Commitments to tax credit investments $ — $ 143.9 $ — $ 97.8 Total Liabilities $ — $ 143.9 $ — $ 97.8 Maximum loss exposure (1) $ 5,407.0 $ 356.0 $ 5,519.9 $ 306.9 (1) |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Borrowings | The following table presents the carrying value of outstanding borrowings. Borrowings (dollars in millions) June 30, 2019 December 31, 2018 CIT Group Inc. Subsidiaries Total Total Unsecured borrowings: Senior $ 3,420.1 $ - $ 3,420.1 $ 3,413.0 Subordinated debt 395.6 - 395.6 395.4 Secured borrowings: FHLB advances - 1,900.0 1,900.0 3,600.0 Other secured and structured financings - 610.7 610.7 710.4 Total borrowings $ 3,815.7 $ 2,510.7 $ 6,326.4 $ 8,118.8 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair and Notional Values of Derivative Financial Instruments | The following table presents fair values and notional values of derivative financial instruments, 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 Fair and Notional Values of Derivative Financial Instruments (1) (dollars in millions) June 30, 2019 December 31, 2018 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives designated as hedging instruments Foreign exchange contracts $ 695.5 $ - $ (7.3 ) $ 646.1 $ 26.9 $ (0.3 ) Interest rate swap - fair value hedge (2) 750.0 5.0 - 250.0 1.9 - Total derivatives designated as hedging instruments 1,445.5 5.0 (7.3 ) 896.1 28.8 (0.3 ) Derivatives not designated as hedging instruments Interest rate contracts (2) 17,318.2 186.4 (148.0 ) 15,889.5 87.8 (59.7 ) Foreign exchange contracts 996.1 14.3 (4.2 ) 832.5 3.1 (19.7 ) Other contracts (3) 497.3 0.1 (0.1 ) 436.6 0.2 - Total derivatives not designated as hedging instruments 18,811.6 200.8 (152.3 ) 17,158.6 91.1 (79.4 ) Gross derivatives fair values presented in the Consolidated Balance Sheets $ 20,257.1 205.8 (159.6 ) $ 18,054.7 119.9 (79.7 ) Less: gross amounts offset in the Consolidated Balance Sheets - - - - Net amount presented in the Consolidated Balance Sheets 205.8 (159.6 ) 119.9 (79.7 ) Derivative financial instruments (4) (11.5 ) 11.5 (49.2 ) 49.2 Cash collateral pledged (received) (4)(5)(6) (8.2 ) 143.5 (15.4 ) 0.3 Total net derivative fair value $ 186.1 $ (4.6 ) $ 55.3 $ (30.2 ) (1) (2) (3) (4) (5) (6) |
Derivative Instrument Gains And Losses on Qualifying Hedges | Qualifying Hedges (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, Amounts Recognized in: 2019 2018 2019 2018 Recognized on derivatives Interest Expense $ 3.6 $ (0.9 ) $ 4.6 $ (1.5 ) Recognized on hedged item Interest Expense (3.6 ) 0.9 (4.6 ) 1.5 Net amount recognized on fair value hedges (No ineffectiveness) $ - $ - $ - $ - |
Derivative Instrument Gains And Losses on Non Qualifying Hedges | The following table presents the impact of non-qualifying hedges on the condensed consolidated statements of income: Non Qualifying Hedges (dollars in millions) Quarters Ended June 30, Six Months Ended June 30, Amounts Recognized in: 2019 2018 2019 2018 Interest rate contracts Other non-interest income $ 4.5 $ 5.2 $ 4.6 $ 9.4 Foreign currency forward contracts Other non-interest income 11.3 32.8 24.6 2.9 Other contracts Other non-interest income 0.2 1.4 0.3 (0.8 ) Total non-qualifying hedges - income statement impact $ 16.0 $ 39.4 $ 29.5 $ 11.5 |
Changes In AOCI Relating To Derivatives | The following table presents the changes in AOCI relating to derivatives: Changes in AOCI Relating to Derivatives (dollars in millions) Derivatives - effective portion reclassified from Total income Total change in AOCI to income statement impact OCI for period Contract Type Quarter Ended June 30, 2019 Foreign currency forward contracts - net investment hedges $ - $ - $ (10.5 ) Quarter Ended June 30, 2018 Foreign currency forward contracts - net investment hedges $ - $ - $ 32.2 Six Months Ended June 30, 2019 Foreign currency forward contracts - net investment hedges $ - $ - $ (23.8 ) Six Months Ended June 30, 2018 Foreign currency forward contracts - net investment hedges $ - $ - $ 39.4 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at 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. Assets and Liabilities Measured at Fair Value on a Recurring Basis (dollars in millions) Total Level 1 Level 2 Level 3 June 30, 2019 Assets U.S. government agency securities $ 4,882.5 $ — $ 4,882.5 $ — U.S. treasury securities 728.8 572.9 155.9 — Other securities 697.5 — 630.2 67.3 Total debt securities AFS 6,308.8 572.9 5,668.6 67.3 Securities carried at fair value with changes recorded in net income 46.4 0.1 46.3 — Interest rate contracts — non-qualifying hedges 186.4 — 186.1 0.3 Other derivative — non-qualifying hedges 14.4 — 14.3 0.1 Total derivative assets at fair value — non-qualifying hedges (1) 200.8 — 200.4 0.4 Foreign currency forward contracts — net investment qualifying hedges — — — — Interest rate contracts —fair value hedges 5.0 — 5.0 — Total Derivative assets at fair value — qualifying hedges (1) 5.0 — 5.0 — Total $ 6,561.0 $ 573.0 $ 5,920.3 $ 67.7 Liabilities Interest rate contracts — non-qualifying hedges $ (148.0 ) $ — $ (148.0 ) $ — Other derivative— non-qualifying hedges (4.3 ) — (4.2 ) (0.1 ) Total derivative liabilities at fair value — non-qualifying hedges (1) (152.3 ) — (152.2 ) (0.1 ) Foreign currency forward contracts — net investment qualifying hedges (7.3 ) — (7.3 ) — Total derivative liabilities at fair value — qualifying hedges (7.3 ) — (7.3 ) — FDIC True-up liability (67.8 ) — — (67.8 ) Total $ (227.4 ) $ — $ (159.5 ) $ (67.9 ) December 31, 2018 Assets U.S. government agency securities $ 5,225.2 $ — $ 5,225.2 $ — U.S. treasury securities 251.5 53.9 197.6 — Other securities 454.6 — 388.7 65.9 Total debt securities AFS 5,931.3 53.9 5,811.5 65.9 Securities carried at fair value with changes recorded in net income 44.6 0.1 44.5 — Interest rate contracts — non-qualifying hedges 87.8 — 87.6 0.2 Other derivative — non-qualifying hedges 3.3 — 3.1 0.2 Total derivative assets at fair value — non-qualifying hedges (1) 91.1 — 90.7 0.4 Foreign currency forward contracts — net investment qualifying hedges 26.9 — 26.9 — Interest rate contracts —fair value hedges 1.9 — 1.9 — Total Derivative assets at fair value — qualifying hedges (1) 28.8 — 28.8 — Total $ 6,095.8 $ 54.0 $ 5,975.5 $ 66.3 Liabilities Interest rate contracts — non-qualifying hedges $ (59.7 ) $ — $ (59.7 ) $ — Other derivative— non-qualifying hedges (19.7 ) — (19.7 ) — Total derivative liabilities at fair value — non-qualifying hedges (1) (79.4 ) — (79.4 ) — Interest rate contracts —fair value hedge — — — — Foreign currency forward contracts — net investment qualifying hedges (0.3 ) — (0.3 ) — Total derivative liabilities at fair value — qualifying hedges (0.3 ) — (0.3 ) — FDIC True-up liability (66.9 ) — — (66.9 ) Total $ (146.6 ) $ — $ (79.7 ) $ (66.9 ) (1) |
Quantitative Information about Level 3 Fair Value Measurements-Recurring | 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 June 30, 2019 and December 31, 2018. 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 June 30, 2019 Assets Debt Securities — AFS $ 67.3 Discounted cash flow Discount Rate 6.0% - 6.2% 6.0% Derivative assets — non qualifying 0.4 Internal valuation model Borrower Rate 2.8%-4.8% 3.7% Total Assets $ 67.7 Liabilities FDIC True-up liability $ (67.8 ) Discounted cash flow Discount Rate 2.7% 2.7% Derivative liabilities — non-qualifying (0.1 ) Internal valuation model Total Liabilities $ (67.9 ) December 31, 2018 Assets Debt Securities — AFS $ 65.9 Discounted cash flow Discount Rate 6.0% - 6.2% 6.1% Derivative assets — non qualifying 0.4 Internal valuation model Borrower Rate 3.3% - 5.7% 4.4% Total Assets $ 66.3 Liabilities FDIC True-up liability $ (66.9 ) Discounted cash flow Discount Rate 4.5% 4.5% Total Liabilities $ (66.9 ) |
Changes in Estimated Fair Value for Financial Assets and Liabilities Measured on Recurring Basis | 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 Derivative Assets- Non- Qualifying (1) Derivative Liabilities- Non- Qualifying (2) FDIC True-up Liability Consideration Holdback Liability Balance as of December 31, 2018 $ 65.9 $ — $ 0.4 $ — $ (66.9 ) $ — Included in earnings — — — (0.1 ) (0.9 ) — Included in comprehensive income 1.4 — — — — — Balance as of June 30, 2019 $ 67.3 $ — $ 0.4 $ (0.1 ) $ (67.8 ) $ — Balance as of December 31, 2017 $ 385.8 $ 0.4 $ — $ (14.1 ) $ (65.1 ) $ (46.0 ) Included in earnings 8.1 — — (0.6 ) (0.9 ) 8.0 Included in comprehensive income (13.3 ) — — — — — Sales, paydowns, and adjustments (212.5 ) (0.4 ) — — — 38.0 Balance as of June 30, 2018 $ 168.1 $ — $ — $ (14.7 ) $ (66.0 ) $ — (1) (2) |
Carrying Value of Assets Measured at Fair Value on a Non-Recurring Basis | The following table presents 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) Carrying Value Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 Total Gains (Losses) June 30, 2019 Assets held for sale $ 15.1 $ — $ 0.9 $ 14.2 $ 0.7 Impaired loans 148.7 — — 148.7 (25.0 ) Total $ 163.8 $ — $ 0.9 $ 162.9 $ (24.3 ) December 31, 2018 Assets held for sale $ 30.4 $ — $ 1.4 $ 29.0 $ 14.2 Impaired loans 111.5 — — 111.5 (42.6 ) Total $ 141.9 $ — $ 1.4 $ 140.5 $ (28.4 ) |
Carrying and Estimated 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 were not required for disclosure. Financial Instruments (dollars in millions) Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total June 30, 2019 Financial Assets Cash and interest bearing deposits $ 1,672.4 $ 1,672.4 $ — $ — $ 1,672.4 Derivative assets at fair value — non-qualifying hedges 200.8 — 200.4 0.4 200.8 Derivative assets at fair value — qualifying hedges 5.0 — 5.0 — 5.0 Assets held for sale (excluding leases) 182.9 — 18.8 165.9 184.7 Loans (excluding leases) 28,998.7 — 1,172.2 27,930.8 29,103.0 Securities purchased under agreement to resell 850.0 — 850.1 — 850.1 Investment securities (1) 6,571.7 573.0 5,714.9 283.8 6,571.7 Other assets subject to fair value disclosure (2) 546.6 — — 546.6 546.6 Financial Liabilities Deposits (4) (35,339.9 ) — — (35,417.6 ) (35,417.6 ) Derivative liabilities at fair value — non-qualifying hedges (152.3 ) — (152.2 ) (0.1 ) (152.3 ) Derivative liabilities at fair value — qualifying hedges (7.3 ) — (7.3 ) — (7.3 ) Borrowings (4) (6,397.9 ) — (6,091.1 ) (615.0 ) (6,706.2 ) Credit balances of factoring clients (1,175.8 ) — — (1,175.8 ) (1,175.8 ) Other liabilities subject to fair value disclosure (5) (560.9 ) — — (560.9 ) (560.9 ) December 31, 2018 Financial Assets Cash and interest bearing deposits $ 1,795.6 $ 1,795.6 $ — $ — $ 1,795.6 Derivative assets at fair value — non-qualifying hedges 91.1 — 90.7 0.4 91.1 Derivative assets at fair value — qualifying hedges 28.8 — 28.8 — 28.8 Assets held for sale (excluding leases) 68.2 — 5.0 63.3 68.3 Loans (excluding leases) 28,306.0 — 983.4 26,893.4 27,876.8 Securities purchased under agreement to resell 400.0 — 400.0 — 400.0 Investment securities (1) 6,233.8 54.0 5,856.0 323.8 6,233.8 Other assets subject to fair value disclosure (2)(3) 419.7 — — 423.9 423.9 Financial Liabilities Deposits (4) (31,255.8 ) — — (31,245.0 ) (31,245.0 ) Derivative liabilities at fair value — non-qualifying hedges (79.4 ) — (79.4 ) — (79.4 ) Derivative liabilities at fair value — qualifying hedges (0.3 ) — (0.3 ) — (0.3 ) Borrowings (4) (8,194.2 ) — (7,463.0 ) (721.5 ) (8,184.5 ) Credit balances of factoring clients (1,674.4 ) — — (1,674.4 ) (1,674.4 ) Other liabilities subject to fair value disclosure (5) (657.0 ) — — (657.0 ) (657.0 ) (1) (2) (3) (4) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders Equity Note [Abstract] | |
Schedule of Common Stock Activity | A roll forward of common stock is presented in the following table. Number of Shares of Common Stock Issued Less Treasury Outstanding Common stock - December 31, 2018 161,073,078 (60,153,371 ) 100,919,707 Restricted stock issued 1,012,715 - 1,012,715 Repurchase of common stock - (6,840,775 ) (6,840,775 ) Shares held to cover taxes on vesting restricted shares and other - (376,665 ) (376,665 ) Employee stock purchase plan participation 30,459 - 30,459 Common stock - June 30, 2019 162,116,252 (67,370,811 ) 94,745,441 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table details the components of AOCI, net of tax: Components of Accumulated Other Comprehensive Loss (dollars in millions) June 30, 2019 December 31, 2018 Gross Unrealized Income Taxes Net Unrealized Gross Unrealized Income Taxes Net Unrealized Foreign currency translation adjustments $ (2.6 ) $ (8.1 ) $ (10.7 ) $ (6.7 ) $ (14.2 ) $ (20.9 ) Changes in benefit plan net loss and prior service (cost)/credit (72.0 ) 4.0 (68.0 ) (74.9 ) 4.7 (70.2 ) Unrealized net gains (losses) on securities AFS 18.9 (5.3 ) 13.6 (117.1 ) 29.9 (87.2 ) Total accumulated other comprehensive loss $ (55.7 ) $ (9.4 ) $ (65.1 ) $ (198.7 ) $ 20.4 $ (178.3 ) The following table details the changes in the components of AOCI, net of income taxes: Changes in Accumulated Other Comprehensive Income (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, 2018 $ (20.9 ) $ (70.2 ) $ (87.2 ) $ (178.3 ) AOCI activity before reclassifications 10.2 2.2 102.6 115.0 Amounts reclassified from AOCI — — (1.8 ) (1.8 ) Net current period AOCI 10.2 2.2 100.8 113.2 Balance as of June 30, 2019 $ (10.7 ) $ (68.0 ) $ 13.6 $ (65.1 ) Balance as of December 31, 2017 $ (8.0 ) $ (54.5 ) $ (24.0 ) $ (86.5 ) Adoption of ASUs 2016-01 and 2018-02 3.3 0.3 (4.1 ) (0.5 ) AOCI activity before reclassifications (6.6 ) 3.3 (77.0 ) (80.3 ) Amounts reclassified from AOCI — 0.5 (9.3 ) (8.8 ) Net current period AOCI (6.6 ) 3.8 (86.3 ) (89.1 ) Balance as of June 30, 2018 $ (11.3 ) $ (50.4 ) $ (114.4 ) $ (176.1 ) |
Schedule of Pretax and After-tax Components of Other Comprehensive Income (Loss) | The following table presents the pretax and after-tax components of other comprehensive income (loss). Before- and After-Tax components of OCI (dollars in millions) Quarters Ended June 30, 2019 2018 Gross Amount Tax Net Amount Gross Amount Tax Net Amount Income Statement Line Item Foreign currency translation adjustments losses AOCI activity before reclassification $ 1.8 $ 2.7 $ 4.5 $ 0.7 $ (4.9 ) $ (4.2 ) Net change 1.8 2.7 4.5 0.7 (4.9 ) (4.2 ) Changes in benefit plan net gain/(loss) and prior service (cost)/credit losses AOCI activity before reclassification — — — 0.1 (0.1 ) — Reclassifications Out of AOCI — — — 0.4 — 0.4 Operating expenses Net change — — — 0.5 (0.1 ) 0.4 Unrealized net gains on securities AFS AOCI activity before reclassification 76.4 (19.8 ) 56.6 (23.0 ) 6.1 (16.9 ) Reclassifications Out of AOCI (1.3 ) 0.3 (1.0 ) (7.5 ) 2.0 (5.5 ) Other non-interest income Net change 75.1 (19.5 ) 55.6 (30.5 ) 8.1 (22.4 ) Net current period AOCI $ 76.9 $ (16.8 ) $ 60.1 $ (29.3 ) $ 3.1 $ (26.2 ) Six Months Ended June 30, 2019 2018 Foreign currency translation adjustments gains AOCI activity before reclassification $ 4.1 $ 6.1 $ 10.2 $ 1.7 $ (8.3 ) $ (6.6 ) Net change 4.1 6.1 10.2 1.7 (8.3 ) (6.6 ) Changes in benefit plan net loss and prior service (cost)/credit losses AOCI activity before reclassification 2.9 (0.7 ) 2.2 4.5 (1.2 ) 3.3 Reclassifications Out of AOCI — — — 0.5 — 0.5 Operating expenses Net change 2.9 (0.7 ) 2.2 5.0 (1.2 ) 3.8 Unrealized net gains on securities AFS AOCI activity before reclassification 138.4 (35.8 ) 102.6 (104.3 ) 27.3 (77.0 ) Reclassifications Out of AOCI (2.4 ) 0.6 (1.8 ) (12.7 ) 3.4 (9.3 ) Other non-interest income Net change 136.0 (35.2 ) 100.8 (117.0 ) 30.7 (86.3 ) Net current period AOCI $ 143.0 $ (29.8 ) $ 113.2 $ (110.3 ) $ 21.2 $ (89.1 ) |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Commitments | The accompanying table summarizes credit-related commitments and other purchase and funding commitments: Commitments (dollars in millions) June 30, 2019 December 31, 2018 Due to Expire Within One Year After One Year Total Outstanding Total Outstanding Financing Commitments Financing assets (1) $ 3,478.1 $ 4,119.5 $ 7,597.6 $ 7,136.3 Letters of credit Standby letters of credit 29.2 197.8 227.0 226.2 Other letters of credit 5.7 1.5 7.2 12.0 Deferred purchase agreements 1,484.8 — 1,484.8 1,959.5 Purchase and Funding Commitments Rail and other purchase commitments 440.7 — 440.7 344.8 (1) |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Pre-Tax Income (Loss) | The following table presents segment data related to continuing operations. Refer to Note 24 — Business Segment Information Segment Pre-tax Income (Loss) (dollars in millions) Commercial Banking Consumer Banking Non-Strategic Portfolios Corporate and Other Total CIT Quarter Ended June 30, 2019 Interest income $ 365.0 $ 93.8 $ 1.0 $ 55.7 $ 515.5 Interest expense (benefit) 193.6 (34.9 ) 0.9 83.1 242.7 Provision (benefit) for credit losses 30.5 (1.9 ) - - 28.6 Rental income on operating leases 213.0 - - - 213.0 Other non-interest income 85.1 6.9 2.7 11.4 106.1 Depreciation on operating lease equipment 76.8 - - - 76.8 Maintenance and other operating lease expenses 48.3 - - - 48.3 Operating expenses/loss on debt extinguishment and deposit redemption 178.5 88.2 1.1 0.2 268.0 Income (loss) from continuing operations before provision (benefit) for income taxes $ 135.4 $ 49.3 $ 1.7 $ (16.2 ) $ 170.2 Select Period End Balances Loans $ 24,577.9 $ 6,744.9 $ - $ - $ 31,322.8 Credit balances of factoring clients (1,175.8 ) - - - (1,175.8 ) Assets held for sale 154.1 28.8 7.9 - 190.8 Operating lease equipment, net 7,056.1 - - - 7,056.1 Quarter Ended June 30, 2018 Interest income $ 330.4 $ 85.0 $ 1.9 $ 56.3 $ 473.6 Interest expense (benefit) 177.0 (37.3 ) 1.8 63.7 205.2 Provision (benefit) for credit losses 33.2 (0.3 ) - - 32.9 Rental income on operating leases 261.3 - - - 261.3 Other non-interest income 73.1 37.5 0.7 24.1 135.4 Depreciation on operating lease equipment 77.2 - - - 77.2 Maintenance and other operating lease expenses 63.5 - - - 63.5 Operating expenses/loss on debt extinguishment and deposit redemption 171.4 93.7 2.2 19.5 286.8 Income (loss) from continuing operations before provision (benefit) for income taxes $ 142.5 $ 66.4 $ (1.4 ) $ (2.8 ) $ 204.7 Select Period End Balances Loans $ 23,039.7 $ 6,308.7 $ - $ - $ 29,348.4 Credit balances of factoring clients (1,430.8 ) - - - (1,430.8 ) Assets held for sale 1,286.8 19.3 29.7 - 1,335.8 Operating lease equipment, net 6,833.9 - - - 6,833.9 Six Months Ended June 30, 2019 Interest income $ 721.6 $ 189.3 $ 2.1 $ 119.0 $ 1,032.0 Interest expense (benefit) 393.0 (74.2 ) 1.7 157.8 478.3 Provision (benefit) for credit losses 65.6 (4.0 ) - - 61.6 Rental income on operating leases 430.7 - - - 430.7 Other non-interest income 162.7 11.6 8.3 20.3 202.9 Depreciation on operating lease equipment 156.2 - - - 156.2 Maintenance and other operating lease expenses 98.1 - - - 98.1 Operating expenses/loss on debt extinguishment and deposit redemption 359.2 182.0 2.7 0.3 544.2 Income (loss) from continuing operations before provision (benefit) for income taxes $ 242.9 $ 97.1 $ 6.0 $ (18.8 ) $ 327.2 Six Months Ended June 30, 2018 Interest income $ 645.3 $ 170.2 $ 4.3 $ 105.0 $ 924.8 Interest expense (benefit) 333.3 (61.6 ) 3.5 110.5 385.7 Provision for credit losses 100.4 1.3 - - 101.7 Rental income on operating leases 514.9 - - - 514.9 Other non-interest income 151.1 49.0 1.9 38.1 240.1 Depreciation on operating lease equipment 153.6 - - - 153.6 Maintenance and other operating lease expenses 120.9 - - - 120.9 Operating expenses/loss on debt extinguishment and deposit redemption 354.5 189.7 4.4 19.6 568.2 Income (loss) from continuing operations before provision (benefit) for income taxes $ 248.6 $ 89.8 $ (1.7 ) $ 13.0 $ 349.7 |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2019USD ($)branch | Jan. 01, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right of use asset | $ 195,300,000 | $ 210,000,000 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | |
Operating lease liability | $ 245,500,000 | $ 260,000,000 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | |
Economic life of underlying assets, calssification criteria percentage | 25.00% | |
Selling profit or loss at lease commencement | $ 0 | |
Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Number of branches | branch | 60 | |
Threshold percentage to determine if the lease term is for a major part of the remaining economic life | 75.00% | |
Present value of sum of lease payments and residual value exceeds fair value of underlying asset threshold percentage | 90.00% | |
Lease payments delinquent period | 90 days | |
Repayment period when loans are reclassified from non accrual status | 6 months |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Condensed Combined Balance Sheet Discontinued Operations) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of discontinued operations | $ 155.4 | $ 249.8 |
Liabilities of discontinued operations | 252.4 | 297 |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net loans | 153.8 | 248.1 |
Other assets | 1.6 | 1.7 |
Assets of discontinued operations | 155.4 | 249.8 |
Secured borrowings | 152.6 | 195 |
Other liabilities | 99.8 | 102 |
Liabilities of discontinued operations | $ 252.4 | $ 297 |
Discontinued Operations (Sche_2
Discontinued Operations (Schedule of Condensed Combined Balance Sheet Discontinued Operations) (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Securitized balance of net loans | $ 139.8 | $ 175.9 |
Discontinued Operations (Sche_3
Discontinued Operations (Schedule of Condensed Combined Statements of Income and Cash Flow of Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of taxes | $ 0.8 | $ (20.5) | $ 0.5 | $ (27.2) |
Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest income | 1.6 | 4.1 | 3.4 | 8.3 |
Interest expense | 1.2 | 2.9 | 2.8 | 6 |
Rental income on operating leases | 0.5 | |||
Other income | 1.3 | 4.5 | 3 | 10.2 |
Operating expenses | 0.6 | 11.3 | 2.9 | 27.8 |
Income (loss) from discontinued operations before provision (benefit) for income taxes | 1.1 | (5.6) | 0.7 | (14.8) |
Provision (benefit) for income taxes | 0.3 | (1.4) | 0.2 | (3.9) |
Loss on sale of discontinued operation, net of taxes | (16.3) | (16.3) | ||
Income (loss) from discontinued operations, net of taxes | $ 0.8 | $ (20.5) | 0.5 | (27.2) |
Net cash flows (used in) provided by operations | (4.4) | 17.5 | ||
Net cash flows provided by investing activities | $ 54.9 | $ 55.8 |
Discontinued Operations (Sche_4
Discontinued Operations (Schedule of Condensed Combined Statements of Income and Cash Flow of Discontinued Operations) (Parenthetical) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Tax rate for discontinued operations | 25.70% | 27.00% | 25.70% | 27.00% |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Secured borrowings | $ 152.6 | $ 195 |
Reverse Mortgage | Discontinued Operations | Service Obligation | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Servicer obligation to fund future advances | $ 20 | 23 |
Reverse Mortgage | Minimum | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Senior unsecured notes, percent of purchase price to principal amount | 98.00% | |
Reverse Mortgage | One West Transaction | Variable Interest Entities | HMBS Sensitizations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Secured borrowings | $ 110.1 | $ 122.5 |
Loans (Schedule of Loans by Pro
Loans (Schedule of Loans by Product) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 31,322.8 | $ 30,795.4 | $ 29,348.4 |
Loans held for sale | 190.8 | 88.4 | |
Loans and held for sale loans | 31,513.6 | 30,883.8 | |
Commercial Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 25,155.4 | 24,775.1 | |
Loans and held for sale loans | 25,317.4 | 24,859.4 | |
Commercial Banking | Commercial loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 22,831.3 | 22,285.7 | |
Commercial Banking | Financing Leases and Leverage Leases | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,324.1 | 2,489.4 | |
Consumer Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 6,167.4 | $ 6,020.3 |
Loans (Schedule of Loans by Seg
Loans (Schedule of Loans by Segment, Based on Obligor Location) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 31,322.8 | $ 30,795.4 | $ 29,348.4 |
Commercial Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 24,577.9 | 24,263.4 | 23,039.7 |
Consumer Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 6,744.9 | 6,532 | $ 6,308.7 |
Domestic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 29,690.2 | 29,264.8 | |
Domestic | Commercial Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 22,945.3 | 22,732.8 | |
Domestic | Consumer Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 6,744.9 | 6,532 | |
Foreign | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 1,632.6 | 1,530.6 | |
Foreign | Commercial Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 1,632.6 | $ 1,530.6 |
Loans (Components of Net Invest
Loans (Components of Net Investment) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Unearned income | $ (446.3) | $ (778.8) |
Unamortized premiums / (discounts) | 27.2 | 20.6 |
Accretable yield on PCI loans | (827) | (903.8) |
Net unamortized deferred costs and (fees) | $ 39.8 | $ 85.7 |
Loans (Commercial Loans Includi
Loans (Commercial Loans Including Held-For-Sale Loans - By Risk Rating) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 31,513.6 | $ 30,883.8 |
Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 24,732 | 24,327.7 |
Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,952.3 | 10,488.2 |
Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,557.7 | 5,445.3 |
Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,159.8 | 8,310.4 |
Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 62.2 | 83.8 |
Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,773.7 | 6,535.9 |
Consumer Banking | Other Consumer Banking - SBA Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,207.2 | 3,748.5 |
Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7.9 | 20.2 |
PCI Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,582.8 | 1,693.2 |
PCI Loans | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31.4 | 36.9 |
PCI Loans | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 4.7 |
PCI Loans | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31.4 | 32.2 |
PCI Loans | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
PCI Loans | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
PCI Loans | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,551.4 | 1,656.3 |
PCI Loans | Consumer Banking | Other Consumer Banking - SBA Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1.7 | 1.8 |
PCI Loans | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 25,317.4 | 24,859.4 |
Commercial Banking | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 24,732 | 24,327.7 |
Commercial Banking | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,952.3 | 10,488.2 |
Commercial Banking | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,557.7 | 5,445.3 |
Commercial Banking | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,159.8 | 8,310.4 |
Commercial Banking | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 62.2 | 83.8 |
Commercial Banking | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 577.5 | 511.5 |
Commercial Banking | Consumer Banking | Other Consumer Banking - SBA Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 577.5 | 511.5 |
Commercial Banking | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7.9 | 20.2 |
Commercial Banking | PCI Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 33.1 | 38.7 |
Commercial Banking | PCI Loans | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31.4 | 36.9 |
Commercial Banking | PCI Loans | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 4.7 |
Commercial Banking | PCI Loans | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31.4 | 32.2 |
Commercial Banking | PCI Loans | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Banking | PCI Loans | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Banking | PCI Loans | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1.7 | 1.8 |
Commercial Banking | PCI Loans | Consumer Banking | Other Consumer Banking - SBA Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1.7 | 1.8 |
Commercial Banking | PCI Loans | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Banking | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 22,514.3 | 21,745.8 |
Commercial Banking | Pass | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 21,986.8 | 21,293.7 |
Commercial Banking | Pass | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,490.1 | 8,637.7 |
Commercial Banking | Pass | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,181.4 | 5,023.2 |
Commercial Banking | Pass | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,253.1 | 7,550.1 |
Commercial Banking | Pass | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 62.2 | 82.7 |
Commercial Banking | Pass | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 524 | 446.4 |
Commercial Banking | Pass | Consumer Banking | Other Consumer Banking - SBA Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 524 | 446.4 |
Commercial Banking | Pass | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3.5 | 5.7 |
Commercial Banking | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,310.5 | 1,145.6 |
Commercial Banking | Special Mention | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,305.7 | 1,137.5 |
Commercial Banking | Special Mention | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 525.7 | 559.5 |
Commercial Banking | Special Mention | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 291.6 | 162.2 |
Commercial Banking | Special Mention | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 488.4 | 415.3 |
Commercial Banking | Special Mention | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0.5 |
Commercial Banking | Special Mention | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4.3 | 7.1 |
Commercial Banking | Special Mention | Consumer Banking | Other Consumer Banking - SBA Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4.3 | 7.1 |
Commercial Banking | Special Mention | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0.5 | 1 |
Commercial Banking | Classified- accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,221.8 | 1,684.9 |
Commercial Banking | Classified- accrual | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,172.7 | 1,621.7 |
Commercial Banking | Classified- accrual | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 751.5 | 1,096.3 |
Commercial Banking | Classified- accrual | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 50.1 | 225.5 |
Commercial Banking | Classified- accrual | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 371.1 | 299.3 |
Commercial Banking | Classified- accrual | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0.6 |
Commercial Banking | Classified- accrual | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 47.1 | 55.8 |
Commercial Banking | Classified- accrual | Consumer Banking | Other Consumer Banking - SBA Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 47.1 | 55.8 |
Commercial Banking | Classified- accrual | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2 | 7.4 |
Commercial Banking | Classified- non-accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 237.7 | 244.4 |
Commercial Banking | Classified- non-accrual | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 235.4 | 237.9 |
Commercial Banking | Classified- non-accrual | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 185 | 190 |
Commercial Banking | Classified- non-accrual | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3.2 | 2.2 |
Commercial Banking | Classified- non-accrual | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 47.2 | 45.7 |
Commercial Banking | Classified- non-accrual | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Banking | Classified- non-accrual | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0.4 | 0.4 |
Commercial Banking | Classified- non-accrual | Consumer Banking | Other Consumer Banking - SBA Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0.4 | 0.4 |
Commercial Banking | Classified- non-accrual | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 1.9 | $ 6.1 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Loans to Value Percentage | 64.00% | 64.00% | |
Troubled debt restructuring, payment deferral rate (percentage) | 51.00% | 50.00% | |
Troubled debt restructuring, covenant relief rate, other (percentage) | 49.00% | 50.00% | |
Consumer Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Remaining amount of negative amortization contractually permitted on loan | $ 0 | ||
Commitments to lend additional funds to borrowers whose loan terms have been modified in TDRs | 9,800,000 | $ 6,100,000 | |
First Federal Transaction and La Jolla Transaction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
FDIC claim in excess of first threshold | $ 0 | ||
IndyMac Transaction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Indemnification receivable from the FDIC | 0 | 10,800,000 | |
Indemnification net receivable from the FDIC | $ 0 | $ 6,400,000 |
Loans (Schedule of Consumer Loa
Loans (Schedule of Consumer Loan LTV Distributions) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 31,322.8 | $ 30,795.4 | $ 29,348.4 |
Single Family Residential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6,167.4 | 6,020.3 | |
Single Family Residential | Greater than 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 96 | 111.8 | |
Single Family Residential | 101% – 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 166.5 | 196.1 | |
Single Family Residential | 80% – 100% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 604.7 | 694.4 | |
Single Family Residential | Less than 80% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,299.2 | 5,017.1 | |
Single Family Residential | Not Applicable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1 | 0.9 | |
Single Family Residential | Covered Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 353.1 | 1,102.4 | |
Single Family Residential | Covered Loans | Greater than 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 1.3 | |
Single Family Residential | Covered Loans | 101% – 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 5.3 | |
Single Family Residential | Covered Loans | 80% – 100% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0.8 | 27.3 | |
Single Family Residential | Covered Loans | Less than 80% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 352.3 | 1,068.5 | |
Single Family Residential | Covered Loans | Not Applicable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Single Family Residential | Covered Loans | PCI Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 352.3 | 1,654.5 | |
Single Family Residential | Covered Loans | PCI Loans | Greater than 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3.7 | 105.6 | |
Single Family Residential | Covered Loans | PCI Loans | 101% – 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 14.1 | 186.1 | |
Single Family Residential | Covered Loans | PCI Loans | 80% – 100% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 71.4 | 446.8 | |
Single Family Residential | Covered Loans | PCI Loans | Less than 80% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 263.1 | 916 | |
Single Family Residential | Covered Loans | PCI Loans | Not Applicable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Single Family Residential | Non-covered Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,264.6 | 3,263.4 | |
Single Family Residential | Non-covered Loans | Greater than 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5.9 | 4.9 | |
Single Family Residential | Non-covered Loans | 101% – 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5.8 | 4.7 | |
Single Family Residential | Non-covered Loans | 80% – 100% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 211.2 | 220.3 | |
Single Family Residential | Non-covered Loans | Less than 80% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,040.7 | 3,032.6 | |
Single Family Residential | Non-covered Loans | Not Applicable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1 | 0.9 | |
Single Family Residential | Non-covered Loans | PCI Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,197.4 | 0 | |
Single Family Residential | Non-covered Loans | PCI Loans | Greater than 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 86.4 | 0 | |
Single Family Residential | Non-covered Loans | PCI Loans | 101% – 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 146.6 | 0 | |
Single Family Residential | Non-covered Loans | PCI Loans | 80% – 100% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 321.3 | 0 | |
Single Family Residential | Non-covered Loans | PCI Loans | Less than 80% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 643.1 | 0 | |
Single Family Residential | Non-covered Loans | PCI Loans | Not Applicable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 0 | $ 0 |
Loans (Schedule of Consumer L_2
Loans (Schedule of Consumer Loan LTV Distributions) (Parenthetical) (Details) - IndyMac Transaction - Covered Loans $ in Billions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | |
FDIC loss share agreement | $ 2 |
Indemnification period expiration date | Mar. 31, 2019 |
Loans (Loans Including Held For
Loans (Loans Including Held For Sale Loans - Delinquency Status) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 336.1 | $ 408.2 |
Current | 29,594.7 | 28,782.4 |
Total | 31,513.6 | 30,883.8 |
30-59 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 140 | 209.7 |
60 to 89 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 48.5 | 58.6 |
90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 147.6 | 139.9 |
Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 231.3 | 301.1 |
Current | 24,469.3 | 23,989.7 |
Total | 24,732 | 24,327.7 |
Commercial Banking | 30-59 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 88 | 158.4 |
Commercial Banking | 60 to 89 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 34.3 | 48.3 |
Commercial Banking | 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 109 | 94.4 |
Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 88.3 | 70.3 |
Current | 10,864 | 10,413.2 |
Total | 10,952.3 | 10,488.2 |
Commercial Banking | Commercial Finance | 30-59 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0.4 | 0 |
Commercial Banking | Commercial Finance | 60 to 89 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Banking | Commercial Finance | 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 87.9 | 70.3 |
Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5.3 | 26 |
Current | 5,521 | 5,387.1 |
Total | 5,557.7 | 5,445.3 |
Commercial Banking | Real Estate Finance | 30-59 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 8.9 |
Commercial Banking | Real Estate Finance | 60 to 89 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1.7 | 12 |
Commercial Banking | Real Estate Finance | 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3.6 | 5.1 |
Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 137.7 | 199.6 |
Current | 8,022.1 | 8,110.8 |
Total | 8,159.8 | 8,310.4 |
Commercial Banking | Business Capital | 30-59 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 87.6 | 146.7 |
Commercial Banking | Business Capital | 60 to 89 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32.6 | 35.4 |
Commercial Banking | Business Capital | 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17.5 | 17.5 |
Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 5.2 |
Current | 62.2 | 78.6 |
Total | 62.2 | 83.8 |
Commercial Banking | Rail | 30-59 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 2.8 |
Commercial Banking | Rail | 60 to 89 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0.9 |
Commercial Banking | Rail | 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 1.5 |
Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 101.4 | 99.9 |
Current | 5,120.9 | 4,779.7 |
Total | 6,773.7 | 6,535.9 |
Consumer Banking | 30-59 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 52 | 51.2 |
Consumer Banking | 60 to 89 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12.7 | 9 |
Consumer Banking | 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 36.7 | 39.7 |
Consumer Banking | Legacy Consumer Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 67.9 | 69.4 |
Current | 948.9 | 1,063.5 |
Total | 2,566.5 | 2,787.4 |
Consumer Banking | Legacy Consumer Mortgage | 30-59 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 28.4 | 25.9 |
Consumer Banking | Legacy Consumer Mortgage | 60 to 89 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6.2 | 5.9 |
Consumer Banking | Legacy Consumer Mortgage | 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33.3 | 37.6 |
Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33.5 | 30.5 |
Current | 4,172 | 3,716.2 |
Total | 4,207.2 | 3,748.5 |
Consumer Banking | Other Consumer Banking | 30-59 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 23.6 | 25.3 |
Consumer Banking | Other Consumer Banking | 60 to 89 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6.5 | 3.1 |
Consumer Banking | Other Consumer Banking | 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3.4 | 2.1 |
Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3.4 | 7.2 |
Current | 4.5 | 13 |
Total | 7.9 | 20.2 |
Non-Strategic Portfolios | 30-59 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0.1 |
Non-Strategic Portfolios | 60 to 89 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1.5 | 1.3 |
Non-Strategic Portfolios | 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1.9 | 5.8 |
PCI Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,582.8 | 1,693.2 |
PCI Loans | Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 31.4 | 36.9 |
PCI Loans | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 4.7 |
PCI Loans | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 31.4 | 32.2 |
PCI Loans | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
PCI Loans | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
PCI Loans | Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,551.4 | 1,656.3 |
PCI Loans | Consumer Banking | Legacy Consumer Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,549.7 | 1,654.5 |
PCI Loans | Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1.7 | 1.8 |
PCI Loans | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 0 | $ 0 |
Loans (Loans on Non-accrual Sta
Loans (Loans on Non-accrual Status) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | $ 270.9 | $ 282.3 |
Repossessed assets and OREO | 30.8 | 33 |
Total non-performing assets | 301.7 | 315.3 |
Total Accruing loans past due 90 days or more | 55.3 | 35.6 |
Non- Strategic Portfolios | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 1.9 | 6.1 |
Commercial Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 235.4 | 237.9 |
Total Accruing loans past due 90 days or more | 40.1 | 21.9 |
Commercial Banking | Commercial Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 185 | 190 |
Commercial Banking | Real Estate Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 3.2 | 2.2 |
Commercial Banking | Business Capital | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 47.2 | 45.7 |
Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 33.6 | 38.3 |
Total Accruing loans past due 90 days or more | 15.2 | 13.7 |
Consumer Banking | Legacy Consumer Mortgages | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 28.6 | 32.2 |
Consumer Banking | Other Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 5 | 6.1 |
Held for Investment | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 250.1 | 276.2 |
Held for Investment | Non- Strategic Portfolios | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Held for Investment | Commercial Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 235.4 | 237.9 |
Held for Investment | Commercial Banking | Commercial Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 185 | 190 |
Held for Investment | Commercial Banking | Real Estate Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 3.2 | 2.2 |
Held for Investment | Commercial Banking | Business Capital | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 47.2 | 45.7 |
Held for Investment | Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 14.7 | 38.3 |
Held for Investment | Consumer Banking | Legacy Consumer Mortgages | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 9.7 | 32.2 |
Held for Investment | Consumer Banking | Other Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 5 | 6.1 |
Held for Sale | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 20.8 | 6.1 |
Held for Sale | Non- Strategic Portfolios | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 1.9 | 6.1 |
Held for Sale | Commercial Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Held for Sale | Commercial Banking | Commercial Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Held for Sale | Commercial Banking | Real Estate Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Held for Sale | Commercial Banking | Business Capital | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Held for Sale | Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 18.9 | 0 |
Held for Sale | Consumer Banking | Legacy Consumer Mortgages | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 18.9 | 0 |
Held for Sale | Consumer Banking | Other Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | $ 0 | $ 0 |
Loans (Schedule of Loans In Pro
Loans (Schedule of Loans In Process of Foreclosure and OREO) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure | $ 141 | $ 146.7 |
Non-PCI | ||
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure | 21.4 | 24.1 |
OREO | ||
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure | 30 | 32 |
PCI Loans | ||
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure | $ 119.6 | $ 122.6 |
Loans (Schedule of Loans In P_2
Loans (Schedule of Loans In Process of Foreclosure and OREO) (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Loans In Process Of Foreclosure [Line Items] | |||
Assets held for sale | $ 190.8 | $ 88.4 | $ 1,335.8 |
Single Family Residential | |||
Loans In Process Of Foreclosure [Line Items] | |||
Assets held for sale | $ 8.7 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | $ 1,862.7 | $ 1,862.7 | $ 1,940.9 | ||
Unpaid principal balance, total | 2,690.7 | 2,690.7 | 2,785 | ||
Related Allowance | 80.2 | 80.2 | 65.8 | ||
Average Recorded Investment, total | 1,882 | $ 2,070.9 | 1,901.6 | $ 2,092 | 2,066.3 |
PCI Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | 1,582.8 | 1,582.8 | 1,693.2 | ||
Unpaid principal balance, total | 2,327.4 | 2,327.4 | 2,489.9 | ||
Related Allowance | 18.4 | 18.4 | 18.4 | ||
Average Recorded Investment, total | 1,611.6 | 1,866.2 | 1,638.8 | 1,897.9 | 1,829.2 |
Impaired Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | 279.9 | 279.9 | 247.7 | ||
Unpaid principal balance, total | 363.3 | 363.3 | 295.1 | ||
Related Allowance | 61.8 | 61.8 | 47.4 | ||
Average Recorded Investment, total | 270.4 | 204.7 | 262.8 | 194.1 | 237.1 |
Commercial Banking | Commercial Finance | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 83.9 | 83.9 | 89.4 | ||
With related allowance, recorded investment | 154 | 154 | 101.8 | ||
With no related allowance, Unpaid Principal Balance | 116.4 | 116.4 | 112.1 | ||
With related allowance, unpaid principal balance | 201.8 | 201.8 | 120.9 | ||
Related Allowance | 58 | 58 | 43.5 | ||
With no related allowance, Average Recorded Investment | 78.9 | 75.1 | 82.3 | 67.4 | 83.7 |
With related allowance, average recorded investment | 142 | 109.6 | 128.6 | 105.1 | 102.6 |
Commercial Banking | Commercial Finance | PCI Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | 4.7 | ||||
Unpaid principal balance, total | 9 | ||||
Related Allowance | 0.4 | ||||
Commercial Banking | Business Capital | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 5.9 | 5.9 | 7.1 | ||
With related allowance, recorded investment | 8.2 | 8.2 | 11.2 | ||
With no related allowance, Unpaid Principal Balance | 6.8 | 6.8 | 9.5 | ||
With related allowance, unpaid principal balance | 8.2 | 8.2 | 11.1 | ||
Related Allowance | 1.7 | 1.7 | 3.9 | ||
With no related allowance, Average Recorded Investment | 5.9 | 9.5 | 6.3 | 10.2 | 11 |
With related allowance, average recorded investment | 9.2 | 9.3 | 9.9 | 9.7 | 9.6 |
Commercial Banking | Real Estate Finance | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 0.6 | 0.6 | 2.3 | ||
With related allowance, recorded investment | 2.1 | 2.1 | |||
With no related allowance, Unpaid Principal Balance | 0.7 | 0.7 | 2.3 | ||
With related allowance, unpaid principal balance | 2.8 | 2.8 | |||
Related Allowance | 2.1 | 2.1 | |||
With no related allowance, Average Recorded Investment | 2.8 | $ 1.2 | 2.7 | 0.8 | 1.4 |
With related allowance, average recorded investment | 1 | 0.7 | $ 0.9 | 0.5 | |
Commercial Banking | Real Estate Finance | PCI Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | 31.4 | 31.4 | 32.2 | ||
Unpaid principal balance, total | 35.1 | 35.1 | 37.7 | ||
Related Allowance | 10.7 | 10.7 | 8.8 | ||
Consumer Banking | Other Consumer Banking | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 4.5 | 4.5 | 4.4 | ||
With no related allowance, Unpaid Principal Balance | 4.5 | 4.5 | 4.4 | ||
With no related allowance, Average Recorded Investment | 4.2 | 4.2 | 1.8 | ||
With related allowance, average recorded investment | 0.1 | ||||
Consumer Banking | Other Consumer Banking | PCI Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | 1.7 | 1.7 | 1.8 | ||
Unpaid principal balance, total | 2.1 | 2.1 | 2.3 | ||
Related Allowance | 0.1 | 0.1 | 0 | ||
Consumer Banking | LCM | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 20.7 | 20.7 | 31.5 | ||
With no related allowance, Unpaid Principal Balance | 22.1 | 22.1 | 34.8 | ||
With no related allowance, Average Recorded Investment | 26.1 | 27.9 | $ 26.4 | ||
With related allowance, average recorded investment | $ 0.3 | $ 0.2 |
Loans (Impaired Loans) (Parenth
Loans (Impaired Loans) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Interest income recorded | $ 0.1 | $ 0.4 | $ 1 |
Interest income recognized using cash basis method | $ 0.1 | $ 0.1 |
Loans (Purchased Credit Impaire
Loans (Purchased Credit Impaired Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Carrying Value | $ 1,862.7 | $ 1,940.9 |
Unpaid Principal Balance | 2,690.7 | 2,785 |
Allowance for Loan Losses | 80.2 | 65.8 |
Commercial Banking | Real Estate Finance | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for Loan Losses | 2.1 | |
Commercial Banking | Commercial Finance | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for Loan Losses | 58 | 43.5 |
PCI Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying Value | 1,582.8 | 1,693.2 |
Unpaid Principal Balance | 2,327.4 | 2,489.9 |
Allowance for Loan Losses | 18.4 | 18.4 |
PCI Loans | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying Value | 31.4 | 32.2 |
Unpaid Principal Balance | 35.1 | 37.7 |
Allowance for Loan Losses | 10.7 | 8.8 |
PCI Loans | Commercial Banking | Commercial Finance | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying Value | 4.7 | |
Unpaid Principal Balance | 9 | |
Allowance for Loan Losses | 0.4 | |
PCI Loans | Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying Value | 1.7 | 1.8 |
Unpaid Principal Balance | 2.1 | 2.3 |
Allowance for Loan Losses | 0.1 | 0 |
PCI Loans | Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying Value | 1,549.7 | 1,654.5 |
Unpaid Principal Balance | 2,290.2 | 2,440.9 |
Allowance for Loan Losses | $ 7.6 | $ 9.2 |
Loans (Summary of Carrying Valu
Loans (Summary of Carrying Value of Commercial PCI Loans) (Details) - Commercial Banking - PCI Loans - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 31.4 | $ 36.9 |
Non- criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11.4 | 14.6 |
Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 20 | 22.3 |
Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 4.7 |
Commercial Finance | Non- criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Finance | Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 4.7 |
Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31.4 | 32.2 |
Real Estate Finance | Non- criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11.4 | 14.6 |
Real Estate Finance | Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 20 | $ 17.6 |
Loans (Schedule of Changes to t
Loans (Schedule of Changes to the Accretable Yield for PCI Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning Balance | $ 863.6 | $ 1,016.3 | $ 903.8 | $ 1,063.7 |
Accretion into interest income | (39.6) | (41.6) | (80.3) | (85.6) |
Reclassification from non-accretable difference | 4.3 | 0.3 | 6.7 | 0.8 |
Disposals and Other | (1.3) | (2.2) | (3.2) | (6.1) |
Ending Balance | $ 827 | $ 972.8 | $ 827 | $ 972.8 |
Loans (Summary of Recorded Inve
Loans (Summary of Recorded Investments of TDRs (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 151.7 | $ 87.9 |
% Total TDR | 100.00% | 100.00% |
Percent non-accrual | 53.00% | 79.00% |
Commercial Banking | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 131.6 | $ 70.2 |
% Total TDR | 87.00% | 80.00% |
Consumer Banking | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 20.1 | $ 17.7 |
% Total TDR | 13.00% | 20.00% |
Loans (Summary of Recorded In_2
Loans (Summary of Recorded Investments of Modificatrions) (Details) - Commercial Loan - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Recorded investment related to modifications qualifying as TDRs that occurred during the quarters and the six months ended | $ 76.9 | $ 25.8 | $ 79.4 | $ 48.4 |
Recorded investment at the time of default of TDRs that experienced a payment default (payment default is one missed payment) during the quarters and six months ended and for which the payment default occurred within one year of the modification | $ 15.9 | $ 8.1 | $ 16.5 | $ 8.6 |
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 | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | $ 487.5 | $ 447.6 | $ 489.7 | $ 431.1 | |||
Provision for credit losses | 28.6 | 32.9 | 61.6 | 101.7 | |||
Other | 2 | 2.1 | 0.4 | (0.3) | |||
Gross charge-offs | (41.8) | (25.4) | (81.4) | (80.5) | |||
Recoveries | 11.1 | 10.1 | 17.1 | 15.3 | |||
Allowance balance - end of period | 487.4 | 467.3 | 487.4 | 467.3 | |||
Allowance balance | |||||||
Loans individually evaluated for impairment | $ 61.8 | $ 36.8 | |||||
Loans collectively evaluated for impairment | 407.2 | 410.4 | |||||
Allowance for loan losses | 487.4 | 447.6 | 487.4 | 467.3 | 487.4 | $ 489.7 | 467.3 |
Other reserves | 41.1 | 44.7 | |||||
Loans receivables | |||||||
Loans individually evaluated for impairment | 279.9 | 225 | |||||
Loans collectively evaluated for impairment | 29,460.1 | 27,290 | |||||
Ending balance | $ 31,322.8 | 30,795.4 | $ 29,348.4 | ||||
Percent of loans to total loans | 100.00% | 100.00% | |||||
PCI Loans | OneWest Bank | |||||||
Allowance balance | |||||||
Loans acquired with deteriorated credit quality | $ 18.4 | $ 20.1 | |||||
Loans receivables | |||||||
Loans acquired with deteriorated credit quality | 1,582.8 | 1,833.4 | |||||
Commercial Banking | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 460.8 | 417.2 | 460.2 | 402.2 | |||
Provision for credit losses | 30.5 | 33.2 | 65.6 | 100.4 | |||
Other | 2.4 | 2.1 | 1.1 | (0.3) | |||
Gross charge-offs | (40.3) | (24.6) | (79.2) | (79.2) | |||
Recoveries | 10.2 | 9.9 | 15.9 | 14.7 | |||
Allowance balance - end of period | 463.6 | 437.8 | 463.6 | 437.8 | |||
Allowance balance | |||||||
Loans individually evaluated for impairment | 61.8 | 36.8 | |||||
Loans collectively evaluated for impairment | 391.1 | 392.3 | |||||
Allowance for loan losses | 460.8 | 417.2 | 463.6 | 437.8 | 463.6 | 460.2 | 437.8 |
Other reserves | 40.3 | 44.7 | |||||
Loans receivables | |||||||
Loans individually evaluated for impairment | 254.7 | 225 | |||||
Loans collectively evaluated for impairment | 24,291.8 | 22,766.6 | |||||
Ending balance | $ 24,577.9 | 24,263.4 | $ 23,039.7 | ||||
Percent of loans to total loans | 78.50% | 78.50% | |||||
Commercial Banking | PCI Loans | OneWest Bank | |||||||
Allowance balance | |||||||
Loans acquired with deteriorated credit quality | $ 10.7 | $ 8.7 | |||||
Loans receivables | |||||||
Loans acquired with deteriorated credit quality | 31.4 | 48.1 | |||||
Consumer Banking | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 26.7 | 30.4 | 29.5 | 28.9 | |||
Provision for credit losses | (1.9) | (0.3) | (4) | 1.3 | |||
Other | (0.4) | (0.7) | |||||
Gross charge-offs | (1.5) | (0.8) | (2.2) | (1.3) | |||
Recoveries | 0.9 | 0.2 | 1.2 | 0.6 | |||
Allowance balance - end of period | 23.8 | 29.5 | 23.8 | 29.5 | |||
Allowance balance | |||||||
Loans collectively evaluated for impairment | 16.1 | 18.1 | |||||
Allowance for loan losses | $ 26.7 | $ 30.4 | $ 23.8 | $ 29.5 | 23.8 | 29.5 | 29.5 |
Other reserves | 0.8 | ||||||
Loans receivables | |||||||
Loans individually evaluated for impairment | 25.2 | ||||||
Loans collectively evaluated for impairment | 5,168.3 | 4,523.4 | |||||
Ending balance | $ 6,744.9 | $ 6,532 | $ 6,308.7 | ||||
Percent of loans to total loans | 21.50% | 21.50% | |||||
Consumer Banking | PCI Loans | OneWest Bank | |||||||
Allowance balance | |||||||
Loans acquired with deteriorated credit quality | $ 7.7 | $ 11.4 | |||||
Loans receivables | |||||||
Loans acquired with deteriorated credit quality | $ 1,551.4 | $ 1,785.3 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Line Items] | |
Lessee, operating lease, option to extend | true |
Lessee, operating lease, option to terminate | true |
Maximum | |
Leases [Line Items] | |
Lessee, operating lease, remaining lease term | 15 years |
Lessee, operating lease, sublease remaining lease term | 3 years |
Leases (Schedule of Supplementa
Leases (Schedule of Supplemental Balance Sheet and Cash Flow Information Related to Leases) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||
ROU assets | $ 195.3 | $ 210 |
Lease liabilities | $ 245.5 | $ 260 |
Weighted-average remaining lease terms | 10 years | |
Weighted-average discount rate | 4.89% | |
Cash paid for amounts included in the measurement of lease liabilities | $ 21.7 | |
ROU assets obtained in exchange for new lease liabilities | $ 1.6 |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Remainder of 2019 | $ 23.4 | |
2020 | 43.8 | |
2021 | 33.5 | |
2022 | 26.6 | |
2023 | 26.2 | |
Thereafter | 162.9 | |
Total undiscounted lease payments | 316.4 | |
Difference between undiscounted cash flows and discounted cash flows | (70.9) | |
Lease liabilities, at present value | $ 245.5 | $ 260 |
Leases (Components of Operating
Leases (Components of Operating Lease Expense Included in Operating Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | ||
Leases [Abstract] | |||
Operating lease cost | [1] | $ 10.7 | $ 21.5 |
Variable lease cost | 2.6 | 5.7 | |
Sublease income | (4.2) | (8.3) | |
Total operating lease expense | $ 9.1 | $ 18.9 | |
[1] | Includes short-term lease cost which is immaterial. |
Leases (Schedule of Net Book Va
Leases (Schedule of Net Book Value of Operating Lease Equipment by Equipment Type) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Lessor Lease Description [Line Items] | |||
Operating lease equipment, net | [1] | $ 7,056.1 | $ 6,970.6 |
Railcars and Locomotives | |||
Lessor Lease Description [Line Items] | |||
Operating lease equipment, net | 6,486.5 | 6,420.7 | |
Other Equipment | |||
Lessor Lease Description [Line Items] | |||
Operating lease equipment, net | $ 569.6 | $ 549.9 | |
[1] | Includes off-lease Rail equipment of $402.6 million and $380.4 million at June 30, 2019 and December 31, 2018, respectively. |
Leases (Schedule of Net Book _2
Leases (Schedule of Net Book Value of Operating Lease Equipment by Equipment Type) (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Off-lease rail equipment | $ 402.6 | $ 380.4 |
Leases (Components of Finance L
Leases (Components of Finance Lease Net Investment on Discounted Basis) (Details) $ in Millions | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Lease receivables | $ 1,966.6 | |
Unguaranteed residual assets | 319.4 | |
Total net investment in finance leases | 2,286 | |
Leveraged lease net investment | 38.1 | [1] |
Total | $ 2,324.1 | |
[1] | Leveraged leases are reported net of $66.6 million of non-recourse debt. Our leveraged lease arrangements commenced before the ASC 842 effective date and continue to be reported under the leveraged lease accounting model. ASC 842 eliminated leveraged lease accounting for new leases and for existing leases modified on or after the standard’s effective date. |
Leases (Components of Finance_2
Leases (Components of Finance Lease Net Investment on Discounted Basis) (Parenthetical) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Leverage leases, net of non-recourse debt | $ 66.6 |
Leases (Schedule of Lease Incom
Leases (Schedule of Lease Income Related to Company's Operating and Finance Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | ||
Leases [Abstract] | |||
Lease income – Operating leases | $ 200.2 | $ 403.5 | |
Variable lease income – Operating leases | [1] | 12.8 | 27.2 |
Rental income on operating leases | 213 | 430.7 | |
Interest income - Sales type and direct financing leases | 49.9 | 99.1 | |
Variable lease income included in Other non-interest income | [2] | 11.5 | 23 |
Leveraged lease income | 2.3 | 4.2 | |
Total lease income | $ 276.7 | $ 557 | |
[1] | Primarily includes per diem railcar operating lease rental income earned on a time or mileage usage basis. | ||
[2] | Includes leased equipment property tax reimbursements due from customers of $5.8 million and $11.9 million for the quarter and six months ended June 30, 2019, respectively, and revenue related to insurance coverage on Business Capital leased equipment of $5.6 million and $11.0 million for the quarter and six months ended June 30, 2019, respectively. |
Leases (Schedule of Lease Inc_2
Leases (Schedule of Lease Income Related to Company's Operating and Finance Leases) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Leased equipment property tax reimbursements due from customers | $ 5.8 | $ 11.9 |
Revenue related to insurance coverage Commercial Finance leased equipment | $ 5.6 | $ 11 |
Leases (Maturity Analysis of Op
Leases (Maturity Analysis of Operating Lease Payments) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Remainder of 2019 | $ 349.8 |
2020 | 572.6 |
2021 | 392.3 |
2022 | 241.5 |
2023 | 130.3 |
Thereafter | 90.7 |
Total | $ 1,777.2 |
Leases (Maturity Analysis of Le
Leases (Maturity Analysis of Lease Receivables - Sales Type and Direct Financing Leases) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Remainder of 2019 | $ 459.1 |
2020 | 720.2 |
2021 | 501.8 |
2022 | 274.3 |
2023 | 143.5 |
Thereafter | 58 |
Total undiscounted lease receivables | 2,156.9 |
Difference between undiscounted cash flows and discounted cash flows | 190.3 |
Lease receivables, at present value | $ 1,966.6 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Debt securities | $ 6,308.8 | $ 5,931.3 |
Securities carried at fair value with changes recorded in net income | 46.4 | 44.6 |
Total investment securities | 6,571.7 | 6,233.8 |
Equity securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities carried at fair value with changes recorded in net income | 46.4 | 44.6 |
Non-marketable securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total investment securities | $ 216.5 | $ 257.9 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Investment Securities) (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total investment securities | $ 6,571.7 | $ 6,233.8 |
Restricted Stock of FRB and FHLB | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total investment securities | 194.6 | 242.5 |
Remaining Non-Marketable Securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total investment securities | $ 21.9 | $ 15.4 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Investment Holdings [Line Items] | |||||||
Realized investment gains excluding losses from other than temporary impairment ("OTTI") | $ 1,300,000 | $ 4,100,000 | $ 2,400,000 | $ 8,200,000 | |||
Cash and interest bearing deposits | 1,555,600,000 | 3,267,000,000 | 1,555,600,000 | 3,267,000,000 | $ 1,596,800,000 | ||
Accretable yield on PCI securities balance | 0 | 30,000,000 | 0 | 30,000,000 | 0 | $ 75,700,000 | $ 101,700,000 |
Accretion into interest income | 2,800,000 | 6,600,000 | |||||
Disposals | 41,900,000 | 64,200,000 | |||||
OTTI credit-related losses, PCI securities | 0 | $ 100,000 | 0 | $ 100,000 | |||
Equity securities | |||||||
Investment Holdings [Line Items] | |||||||
Equity securities carried at fair value with changes recorded in net income, amortized cost | 47,500,000 | 47,500,000 | 46,900,000 | ||||
Equity securities carried at fair value with changes recorded in net income, fair value | $ 46,400,000 | 46,400,000 | 44,600,000 | ||||
Equity securities carried at fair value with changes recorded in net income, unrealized losses | $ 1,100,000 | $ 2,300,000 |
Investment Securities (Schedu_3
Investment Securities (Schedule of Interest and Dividend Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Investment Income [Line Items] | ||||
Dividends - equity securities | $ 2.2 | $ 3.3 | $ 4.9 | $ 6 |
Total interest and dividends | 58.5 | 58.1 | 123.7 | 108.4 |
Debt Securities | ||||
Net Investment Income [Line Items] | ||||
Interest income | 48 | 38.8 | 96 | 79.4 |
Interest-bearing Cash | ||||
Net Investment Income [Line Items] | ||||
Interest income | $ 8.3 | $ 16 | $ 22.8 | $ 23 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of AFS and HTM Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | $ 6,289.9 | $ 6,048.5 |
Debt securities, Unrealized Gains Gross | 45.6 | 10 |
Debt securities, Unrealized Losses Gross | (26.7) | (127.2) |
Debt securities, Fair Value | 6,308.8 | 5,931.3 |
U.S. government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 4,879.5 | 5,341.2 |
Debt securities, Unrealized Gains Gross | 29.1 | 6.7 |
Debt securities, Unrealized Losses Gross | (26.1) | (122.7) |
Debt securities, Fair Value | 4,882.5 | 5,225.2 |
Commercial agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 511.7 | 291.8 |
Debt securities, Unrealized Gains Gross | 13.2 | 3.2 |
Debt securities, Unrealized Losses Gross | (0.4) | (0.4) |
Debt securities, Fair Value | 524.5 | 294.6 |
U.S. government agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 10 | 34.9 |
Debt securities, Unrealized Gains Gross | 0 | 0 |
Debt securities, Unrealized Losses Gross | 0 | (0.4) |
Debt securities, Fair Value | 10 | 34.5 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 727.2 | 253.9 |
Debt securities, Unrealized Gains Gross | 1.6 | 0 |
Debt securities, Unrealized Losses Gross | 0 | (2.4) |
Debt securities, Fair Value | 728.8 | 251.5 |
Supranational securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 85.9 | 50 |
Debt securities, Unrealized Gains Gross | 0.1 | 0 |
Debt securities, Unrealized Losses Gross | 0 | (0.6) |
Debt securities, Fair Value | 86 | 49.4 |
State & municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 9.8 | 10.9 |
Debt securities, Unrealized Gains Gross | 0.1 | 0 |
Debt securities, Unrealized Losses Gross | (0.2) | (0.7) |
Debt securities, Fair Value | 9.7 | 10.2 |
Corporate bonds - foreign | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 65.8 | 65.8 |
Debt securities, Unrealized Gains Gross | 1.5 | 0.1 |
Debt securities, Unrealized Losses Gross | 0 | 0 |
Debt securities, Fair Value | $ 67.3 | $ 65.9 |
Investment Securities (Schedu_4
Investment Securities (Schedule of Amortized Cost and Fair Value Maturities with Changes Recorded in Net Income) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | $ 6,289.9 | $ 6,048.5 |
Total debt securities available-for-sale, Fair Value | $ 6,308.8 | 5,931.3 |
Weighted Average Yield | 2.70% | |
U.S. government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 5 but within 10 years, Amortized Cost | $ 78.8 | |
Due after 10 years, Amortized Cost | 4,800.7 | |
Debt securities, Amortized Cost | 4,879.5 | 5,341.2 |
After 5 but within 10 years, Fair Value | 78.2 | |
Due after 10 years, Fair Value | 4,804.3 | |
Total debt securities available-for-sale, Fair Value | $ 4,882.5 | 5,225.2 |
After 5 but within 10 years, Weighted Average Yield | 1.89% | |
Due after 10 years, Weighted Average Yield | 2.67% | |
Weighted Average Yield | 2.66% | |
Commercial agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 1 but within 5 years, Amortized Cost | $ 17.7 | |
After 5 but within 10 years, Amortized Cost | 474.2 | |
Due after 10 years, Amortized Cost | 19.8 | |
Debt securities, Amortized Cost | 511.7 | 291.8 |
After 1 but within 5 years, Fair Value | 18 | |
After 5 but within 10 years, Fair Value | 486.6 | |
Due after 10 years, Fair Value | 19.9 | |
Total debt securities available-for-sale, Fair Value | $ 524.5 | 294.6 |
After 1 but within 5 years, Weighted Average Yield | 3.13% | |
After 5 but within 10 years, Weighted Average Yield | 3.12% | |
Due after 10 years, Weighted Average Yield | 2.74% | |
Weighted Average Yield | 3.11% | |
U.S. government agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in 1 year or less, Amortized Cost | $ 10 | |
Debt securities, Amortized Cost | 10 | 34.9 |
Due in 1 year or less, Fair Value | 10 | |
Total debt securities available-for-sale, Fair Value | $ 10 | 34.5 |
Due in 1 year or less, Weighted Average Yield | 2.72% | |
Weighted Average Yield | 2.72% | |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in 1 year or less, Amortized Cost | $ 725.3 | |
After 5 but within 10 years, Amortized Cost | 1.9 | |
Debt securities, Amortized Cost | 727.2 | 253.9 |
Due in 1 year or less, Fair Value | 726.8 | |
After 5 but within 10 years, Fair Value | 2 | |
Total debt securities available-for-sale, Fair Value | $ 728.8 | 251.5 |
Due in 1 year or less, Weighted Average Yield | 2.46% | |
After 5 but within 10 years, Weighted Average Yield | 2.60% | |
Weighted Average Yield | 2.46% | |
Supranational securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 1 but within 5 years, Amortized Cost | $ 85.9 | |
Debt securities, Amortized Cost | 85.9 | 50 |
After 1 but within 5 years, Fair Value | 86 | |
Total debt securities available-for-sale, Fair Value | $ 86 | 49.4 |
After 1 but within 5 years, Weighted Average Yield | 2.30% | |
Weighted Average Yield | 2.30% | |
State & municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in 1 year or less, Amortized Cost | $ 0.1 | |
After 5 but within 10 years, Amortized Cost | 0.2 | |
Due after 10 years, Amortized Cost | 9.5 | |
Debt securities, Amortized Cost | 9.8 | 10.9 |
Due in 1 year or less, Fair Value | 0.1 | |
After 5 but within 10 years, Fair Value | 0.2 | |
Due after 10 years, Fair Value | 9.4 | |
Total debt securities available-for-sale, Fair Value | $ 9.7 | 10.2 |
Due in 1 year or less, Weighted Average Yield | 2.55% | |
After 5 but within 10 years, Weighted Average Yield | 2.70% | |
Due after 10 years, Weighted Average Yield | 2.44% | |
Weighted Average Yield | 2.45% | |
Corporate bonds - foreign | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in 1 year or less, Amortized Cost | $ 25.9 | |
After 1 but within 5 years, Amortized Cost | 39.9 | |
Debt securities, Amortized Cost | 65.8 | 65.8 |
Due in 1 year or less, Fair Value | 26.4 | |
After 1 but within 5 years, Fair Value | 40.9 | |
Total debt securities available-for-sale, Fair Value | $ 67.3 | $ 65.9 |
Due in 1 year or less, Weighted Average Yield | 6.02% | |
After 1 but within 5 years, Weighted Average Yield | 6.15% | |
Weighted Average Yield | 6.10% |
Investment Securities (Schedu_5
Investment Securities (Schedule of AFS and HTM - Estimated Unrealized Losses) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | $ 404.3 | $ 932.2 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (1.3) | (10.2) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 2,171.8 | 3,924.8 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | (25.4) | (117) |
U.S. government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 270.4 | 582.1 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (0.9) | (7.4) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 2,164.4 | 3,842.7 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | (25.2) | (115.3) |
Commercial agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 133.9 | 102.6 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (0.4) | (0.4) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 0 | 0 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | 0 | 0 |
U.S. government agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 0 | |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | 0 | |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 24.6 | |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | (0.4) | |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 247.5 | |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (2.4) | |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 0 | |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | 0 | |
State & municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 0 | 0 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | 0 | 0 |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 7.4 | 8.1 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | $ (0.2) | (0.7) |
Supranational securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 0 | |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | 0 | |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 49.4 | |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | $ (0.6) |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - Entity | Jun. 30, 2019 | Dec. 31, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Consolidated VIEs | 0 | 0 |
Variable Interest Entities (Ass
Variable Interest Entities (Assets and Liabilities in Unconsolidated VIEs) (Details) - Unconsolidated Variable Interest Entities (VIEs) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Partnership Investment | ||
Variable Interest Entity [Line Items] | ||
Total Assets | $ 356 | $ 306.9 |
Total Liabilities | 143.9 | 97.8 |
Maximum loss exposure | 356 | 306.9 |
Commitments to tax credit investments | Partnership Investment | ||
Variable Interest Entity [Line Items] | ||
Total Liabilities | 143.9 | 97.8 |
Debt Securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 5,407 | 5,519.9 |
Maximum loss exposure | 5,407 | 5,519.9 |
Debt Securities | Agency securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 5,407 | 5,519.9 |
Equity securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 75.8 | 73.5 |
Equity securities | Tax credit equity investments | ||
Variable Interest Entity [Line Items] | ||
Total Assets | $ 280.2 | $ 233.4 |
Borrowings (Schedule of Long-Te
Borrowings (Schedule of Long-Term Borrowings) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 6,326.4 | $ 8,118.8 |
CIT Group Inc. | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 3,815.7 | |
Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 2,510.7 | |
Senior | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 3,420.1 | 3,413 |
Senior | CIT Group Inc. | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 3,420.1 | |
Subordinated debt | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 395.6 | 395.4 |
Subordinated debt | CIT Group Inc. | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 395.6 | |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 1,900 | 3,600 |
FHLB advances | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 1,900 | |
Other secured and structured financings | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 610.7 | $ 710.4 |
Other secured and structured financings | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 610.7 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 | Jun. 30, 2019USD ($)subsidiary | Apr. 05, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 04, 2017 | |
Debt Instrument [Line Items] | |||||
Pledged assets | $ 11,500,000,000 | ||||
Collateral specifically identified and used to calculate available borrowings | 11,500,000,000 | ||||
FHLB released blanket lien covering book value of assets | $ 18,900,000,000 | ||||
Pledged assets, loans | 11,400,000,000 | ||||
Pledged assets, investments | 100,000,000 | ||||
FHLB advances, financing availability | 5,750,800,000 | ||||
FHLB advances, unused and available | 3,848,500,000 | ||||
FHLB advances | 1,900,000,000 | $ 3,600,000,000 | |||
Pledged assets | 6,684,600,000 | 6,712,400,000 | |||
Pledged assets | 2,354,200,000 | 2,851,500,000 | |||
Long-term borrowings | 6,326,400,000 | 8,118,800,000 | |||
Federal Reserve System ("FRB") | |||||
Debt Instrument [Line Items] | |||||
Long-term borrowings | 0 | 0 | |||
Discontinued Operations | |||||
Debt Instrument [Line Items] | |||||
Secured borrowings | 152,600,000 | 195,000,000 | |||
CIT-owned Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Secured borrowings | 610,700,000 | $ 710,400,000 | |||
Long-term borrowings | $ 2,510,700,000 | ||||
Other secured and structured financings | |||||
Debt Instrument [Line Items] | |||||
Secured borrowings, weighted average percentage rate | 3.64% | 3.75% | |||
Long-term borrowings | $ 610,700,000 | $ 710,400,000 | |||
Other secured and structured financings | CIT-owned Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Long-term borrowings | $ 610,700,000 | ||||
Maximum | Other secured and structured financings | |||||
Debt Instrument [Line Items] | |||||
Secured borrowings, weighted average percentage rate | 3.65% | ||||
Minimum | Other secured and structured financings | |||||
Debt Instrument [Line Items] | |||||
Secured borrowings, weighted average percentage rate | 3.49% | ||||
Weighted Average | |||||
Debt Instrument [Line Items] | |||||
FHLB advances, weighted average percentage rates | 2.46% | 2.79% | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, total commitment amount | $ 400,000,000 | $ 500,000,000 | |||
Tier 1 Capital minimum ratio | 9.00% | ||||
Revolving credit facility, domestic operating subsidiary guarantors | subsidiary | 3 | ||||
Revolving credit facility, maturity date | Feb. 29, 2020 | ||||
Revolving credit facility, extended maturity date | Mar. 1, 2021 | ||||
Revolving credit facility, minimum guarantor asset coverage ratio | 1.25 | ||||
Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, minimum guarantor asset coverage ratio | 1.5 | ||||
Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, minimum guarantor asset coverage ratio | 1 | ||||
Revolving Credit Facility | LIBOR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, applicable margin (percentage) | 2.00% | ||||
Revolving Credit Facility | Base Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, applicable margin (percentage) | 1.00% | ||||
Revolving Credit Facility, Not Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, total commitment amount | $ 300,000,000 | ||||
Outstanding borrowings | 0 | ||||
Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, total commitment amount | 100,000,000 | ||||
Outstanding borrowings | 44,000,000 | ||||
FHLB advances, utilized for issuance of letters of credit | $ 2,300,000 | $ 2,300,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Fair and Notional Values of Derivative Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | $ 20,257.1 | $ 18,054.7 |
Asset Fair Value | 205.8 | 119.9 |
Liability Fair Value | (159.6) | (79.7) |
Less: gross amounts offset in the Consolidated Balance Sheets, Asset Fair Value | 0 | 0 |
Less: gross amounts offset in the Consolidated Balance Sheets, Liability Fair Value | 0 | 0 |
Derivative financial instruments, Asset Fair Value | (11.5) | (49.2) |
Derivative financial instruments, Liability Fair Value | 11.5 | 49.2 |
Cash collateral pledged/ (received), Asset Fair Value | (8.2) | (15.4) |
Cash collateral pledged/(received), Liability Fair Value | 143.5 | 0.3 |
Total net derivative fair values, Asset Fair Value | 186.1 | 55.3 |
Total net derivative fair values, Liability Fair Value | (4.6) | (30.2) |
Net amount presented in the Consolidated Balance Sheets, Derivative assets | 205.8 | 119.9 |
Net amount presented in the Consolidated Balance Sheets, Derivative liabilities | (159.6) | (79.7) |
Derivatives designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 1,445.5 | 896.1 |
Asset Fair Value | 5 | 28.8 |
Liability Fair Value | (7.3) | (0.3) |
Derivatives designated as hedging instruments | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 695.5 | 646.1 |
Asset Fair Value | 0 | 26.9 |
Liability Fair Value | (7.3) | (0.3) |
Derivatives designated as hedging instruments | Fair Value Hedges | Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 750 | 250 |
Asset Fair Value | 5 | 1.9 |
Liability Fair Value | 0 | 0 |
Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 18,811.6 | 17,158.6 |
Asset Fair Value | 200.8 | 91.1 |
Liability Fair Value | (152.3) | (79.4) |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 996.1 | 832.5 |
Asset Fair Value | 14.3 | 3.1 |
Liability Fair Value | (4.2) | (19.7) |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 17,318.2 | 15,889.5 |
Asset Fair Value | 186.4 | 87.8 |
Liability Fair Value | (148) | (59.7) |
Derivatives not designated as hedging instruments | Other contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 497.3 | 436.6 |
Asset Fair Value | 0.1 | 0.2 |
Liability Fair Value | $ (0.1) | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Fair and Notional Values of Derivative Financial Instruments) ((Parenthetical) ) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Variable margin balances, assets | $ 5.6 |
Variable margin balances, liabilities | $ 11.8 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Impact of Fair Value Qualifying Hedges (Details) - Fair Value Hedges - Qualifying Hedges - Interest Expense - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Recognized on Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net recognized on fair value hedges (No Ineffectiveness) | $ 3.6 | $ (0.9) | $ 4.6 | $ (1.5) |
Recognized on Hedged Item | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net recognized on fair value hedges (No Ineffectiveness) | $ (3.6) | $ 0.9 | $ (4.6) | $ 1.5 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Impact of Non-Qualifying Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-qualifying hedges - income statement impact | $ 16 | $ 39.4 | $ 29.5 | $ 11.5 |
Non-Qualifying Hedges | Interest rate contracts | Other Non-Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-qualifying hedges - income statement impact | 4.5 | 5.2 | 4.6 | 9.4 |
Non-Qualifying Hedges | Foreign currency forward contracts | Other Non-Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-qualifying hedges - income statement impact | 11.3 | 32.8 | 24.6 | 2.9 |
Non-Qualifying Hedges | Other contracts | Other Non-Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-qualifying hedges - income statement impact | $ 0.2 | $ 1.4 | $ 0.3 | $ (0.8) |
Derivative Financial Instrume_7
Derivative Financial Instruments (Changes in AOCI Relating to Derivatives) (Details) - Qualifying Hedges - Foreign currency forward contracts - Net Investment Hedges - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives - effective portion reclassified from AOCI to income | $ 0 | $ 0 | $ 0 | $ 0 |
Total income statement impact | 0 | 0 | 0 | 0 |
Total change in OCI for period | $ (10.5) | $ 32.2 | $ (23.8) | $ 39.4 |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | $ 6,308.8 | $ 5,931.3 |
U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 10 | 34.5 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 728.8 | 251.5 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 6,308.8 | 5,931.3 |
Securities carried at fair value with changes recorded in net income | 46.4 | 44.6 |
Total derivative assets at fair value — non-qualifying hedges | 200.8 | 91.1 |
Total Assets | 6,561 | 6,095.8 |
FDIC True-up liability | (67.8) | (66.9) |
Total Liabilities | (227.4) | (146.6) |
Recurring | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | (152.3) | (79.4) |
Recurring | Derivatives designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 5 | 28.8 |
Total derivative liabilities at fair value — non-qualifying hedges | (7.3) | (0.3) |
Recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 186.4 | 87.8 |
Total derivative liabilities at fair value — non-qualifying hedges | (148) | (59.7) |
Recurring | Interest rate contracts | Fair Value Hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 5 | 1.9 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 14.4 | 3.3 |
Total derivative liabilities at fair value — non-qualifying hedges | (4.3) | (19.7) |
Recurring | Foreign Currency Forward Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 26.9 |
Total derivative liabilities at fair value — non-qualifying hedges | (7.3) | (0.3) |
Recurring | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 4,882.5 | 5,225.2 |
Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 728.8 | 251.5 |
Recurring | Other Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 697.5 | 454.6 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 572.9 | 53.9 |
Securities carried at fair value with changes recorded in net income | 0.1 | 0.1 |
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total Assets | 573 | 54 |
FDIC True-up liability | 0 | 0 |
Total Liabilities | 0 | 0 |
Recurring | Level 1 | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 |
Recurring | Level 1 | Derivatives designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 |
Recurring | Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 |
Recurring | Level 1 | Interest rate contracts | Fair Value Hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 1 | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 |
Recurring | Level 1 | Foreign Currency Forward Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 |
Recurring | Level 1 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 0 | 0 |
Recurring | Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 572.9 | 53.9 |
Recurring | Level 1 | Other Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 5,668.6 | 5,811.5 |
Securities carried at fair value with changes recorded in net income | 46.3 | 44.5 |
Total derivative assets at fair value — non-qualifying hedges | 200.4 | 90.7 |
Total Assets | 5,920.3 | 5,975.5 |
FDIC True-up liability | 0 | 0 |
Total Liabilities | (159.5) | (79.7) |
Recurring | Level 2 | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | (152.2) | (79.4) |
Recurring | Level 2 | Derivatives designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 5 | 28.8 |
Total derivative liabilities at fair value — non-qualifying hedges | (7.3) | (0.3) |
Recurring | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 186.1 | 87.6 |
Total derivative liabilities at fair value — non-qualifying hedges | (148) | (59.7) |
Recurring | Level 2 | Interest rate contracts | Fair Value Hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 5 | 1.9 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 2 | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 14.3 | 3.1 |
Total derivative liabilities at fair value — non-qualifying hedges | (4.2) | (19.7) |
Recurring | Level 2 | Foreign Currency Forward Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 26.9 |
Total derivative liabilities at fair value — non-qualifying hedges | (7.3) | (0.3) |
Recurring | Level 2 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 4,882.5 | 5,225.2 |
Recurring | Level 2 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 155.9 | 197.6 |
Recurring | Level 2 | Other Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 630.2 | 388.7 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 67.3 | 65.9 |
Securities carried at fair value with changes recorded in net income | 0 | 0 |
Total derivative assets at fair value — non-qualifying hedges | 0.4 | 0.4 |
Total Assets | 67.7 | 66.3 |
FDIC True-up liability | (67.8) | (66.9) |
Total Liabilities | (67.9) | (66.9) |
Recurring | Level 3 | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | (0.1) | 0 |
Recurring | Level 3 | Derivatives designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0.3 | 0.2 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | Fair Value Hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 3 | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0.1 | 0.2 |
Total derivative liabilities at fair value — non-qualifying hedges | (0.1) | 0 |
Recurring | Level 3 | Foreign Currency Forward Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 |
Recurring | Level 3 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 0 | 0 |
Recurring | Level 3 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 0 | 0 |
Recurring | Level 3 | Other Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | $ 67.3 | $ 65.9 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information about Level 3 Fair Value Measurements-Recurring) (Details) $ in Millions | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | $ 6,561 | $ 6,095.8 |
Estimated fair value liabilities | (227.4) | (146.6) |
Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | 67.7 | 66.3 |
Estimated fair value liabilities | (67.9) | (66.9) |
Level 3 | Derivative Assets — Non-Qualifying | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | $ 0.4 | $ 0.4 |
Level 3 | FDIC True-up Liability | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability measurement input | 2.7 | 4.5 |
Level 3 | FDIC True-up Liability | Weighted Average | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability measurement input | 2.7 | 4.5 |
Level 3 | FDIC True-up Liability | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value liabilities | $ (67.8) | $ (66.9) |
Level 3 | Derivative Liabilities — Non-Qualifying | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value liabilities | $ (0.1) | |
Level 3 | Debt Securities — AFS | Minimum | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 6 | 6 |
Level 3 | Debt Securities — AFS | Maximum | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 6.2 | 6.2 |
Level 3 | Debt Securities — AFS | Weighted Average | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 6 | 6.1 |
Level 3 | Debt Securities — AFS | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | $ 67.3 | $ 65.9 |
Level 3 | Derivative Assets — Non-Qualifying | Minimum | Borrower Rate | Internal Valuation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets — non qualifying, measurement input | 2.8 | 3.3 |
Level 3 | Derivative Assets — Non-Qualifying | Maximum | Borrower Rate | Internal Valuation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets — non qualifying, measurement input | 4.8 | 5.7 |
Level 3 | Derivative Assets — Non-Qualifying | Weighted Average | Borrower Rate | Internal Valuation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets — non qualifying, measurement input | 3.7 | 4.4 |
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 | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Securities — AFS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 65.9 | $ 385.8 |
Included in earnings | 0 | 8.1 |
Included in comprehensive income | 1.4 | (13.3) |
Sales, paydowns, and adjustments | (212.5) | |
Ending Balance | 67.3 | 168.1 |
Securities Carried at Fair Value with Changes Recorded in Net Income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0 | 0.4 |
Included in earnings | 0 | 0 |
Included in comprehensive income | 0 | 0 |
Sales, paydowns, and adjustments | (0.4) | |
Ending Balance | 0 | 0 |
Derivative Assets — Non-Qualifying | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0.4 | 0 |
Included in earnings | 0 | 0 |
Included in comprehensive income | 0 | 0 |
Sales, paydowns, and adjustments | 0 | |
Ending Balance | 0.4 | 0 |
FDIC True-up Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (66.9) | (65.1) |
Included in earnings | (0.9) | (0.9) |
Included in comprehensive income | 0 | 0 |
Sales, paydowns, and adjustments | 0 | |
Ending Balance | (67.8) | (66) |
Consideration Holdback Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0 | (46) |
Included in earnings | 0 | 8 |
Included in comprehensive income | 0 | 0 |
Sales, paydowns, and adjustments | 38 | |
Ending Balance | 0 | 0 |
Derivative Liabilities — Non-Qualifying | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0 | (14.1) |
Included in earnings | (0.1) | (0.6) |
Included in comprehensive income | 0 | 0 |
Sales, paydowns, and adjustments | 0 | |
Ending Balance | $ (0.1) | $ (14.7) |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | $ 182.9 | $ 68.2 |
Carrying Value | Non-Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 15.1 | 30.4 |
Impaired loans | 148.7 | 111.5 |
Total Assets | 163.8 | 141.9 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 184.7 | 68.3 |
Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 0 | 0 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 18.8 | 5 |
Fair Value | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 165.9 | 63.3 |
Fair Value | Non-Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 0 | 0 |
Impaired loans | 0 | 0 |
Total Assets | 0 | 0 |
Fair Value | Non-Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 0.9 | 1.4 |
Impaired loans | 0 | 0 |
Total Assets | 0.9 | 1.4 |
Fair Value | Non-Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 14.2 | 29 |
Impaired loans | 148.7 | 111.5 |
Total Assets | 162.9 | 140.5 |
Total Gains (Losses) | Non-Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 0.7 | 14.2 |
Impaired loans | (25) | (42.6) |
Total Assets | $ (24.3) | $ (28.4) |
Fair Value (Carrying and Estima
Fair Value (Carrying and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financial Assets | |||
Cash and interest bearing deposits | $ 1,555.6 | $ 1,596.8 | $ 3,267 |
Financial Liabilities | |||
Credit balances of factoring clients | (1,175.8) | (1,674.4) | $ (1,430.8) |
Carrying Value | |||
Financial Assets | |||
Cash and interest bearing deposits | 1,672.4 | 1,795.6 | |
Assets held for sale (excluding leases) | 182.9 | 68.2 | |
Loans (excluding leases) | 28,998.7 | 28,306 | |
Securities purchased under agreement to resell | 850 | 400 | |
Investment securities | 6,571.7 | 6,233.8 | |
Other assets subject to fair value disclosure | 546.6 | 419.7 | |
Financial Liabilities | |||
Deposits | (35,339.9) | (31,255.8) | |
Borrowings | (6,397.9) | (8,194.2) | |
Credit balances of factoring clients | (1,175.8) | (1,674.4) | |
Other liabilities subject to fair value disclosure | (560.9) | (657) | |
Carrying Value | Non-Qualifying Hedges | |||
Financial Assets | |||
Total derivative assets at fair value — non-qualifying hedges | 200.8 | 91.1 | |
Financial Liabilities | |||
Total derivative liabilities at fair value — non-qualifying hedges | (152.3) | (79.4) | |
Carrying Value | Qualifying Hedges | |||
Financial Assets | |||
Total derivative assets at fair value — non-qualifying hedges | 5 | 28.8 | |
Financial Liabilities | |||
Total derivative liabilities at fair value — non-qualifying hedges | (7.3) | (0.3) | |
Estimated Fair Value | |||
Financial Assets | |||
Cash and interest bearing deposits | 1,672.4 | 1,795.6 | |
Assets held for sale (excluding leases) | 184.7 | 68.3 | |
Loans (excluding leases) | 29,103 | 27,876.8 | |
Securities purchased under agreement to resell | 850.1 | 400 | |
Investment securities | 6,571.7 | 6,233.8 | |
Other assets subject to fair value disclosure | 546.6 | 423.9 | |
Financial Liabilities | |||
Deposits | (35,417.6) | (31,245) | |
Borrowings | (6,706.2) | (8,184.5) | |
Credit balances of factoring clients | (1,175.8) | (1,674.4) | |
Other liabilities subject to fair value disclosure | (560.9) | (657) | |
Estimated Fair Value | Level 1 | |||
Financial Assets | |||
Cash and interest bearing deposits | 1,672.4 | 1,795.6 | |
Assets held for sale (excluding leases) | 0 | 0 | |
Loans (excluding leases) | 0 | 0 | |
Securities purchased under agreement to resell | 0 | 0 | |
Investment securities | 573 | 54 | |
Other assets subject to fair value disclosure | 0 | 0 | |
Financial Liabilities | |||
Deposits | 0 | 0 | |
Borrowings | 0 | 0 | |
Credit balances of factoring clients | 0 | 0 | |
Other liabilities subject to fair value disclosure | 0 | 0 | |
Estimated Fair Value | Level 2 | |||
Financial Assets | |||
Cash and interest bearing deposits | 0 | 0 | |
Assets held for sale (excluding leases) | 18.8 | 5 | |
Loans (excluding leases) | 1,172.2 | 983.4 | |
Securities purchased under agreement to resell | 850.1 | 400 | |
Investment securities | 5,714.9 | 5,856 | |
Other assets subject to fair value disclosure | 0 | 0 | |
Financial Liabilities | |||
Deposits | 0 | 0 | |
Borrowings | (6,091.1) | (7,463) | |
Credit balances of factoring clients | 0 | 0 | |
Other liabilities subject to fair value disclosure | 0 | 0 | |
Estimated Fair Value | Level 3 | |||
Financial Assets | |||
Cash and interest bearing deposits | 0 | 0 | |
Assets held for sale (excluding leases) | 165.9 | 63.3 | |
Loans (excluding leases) | 27,930.8 | 26,893.4 | |
Securities purchased under agreement to resell | 0 | 0 | |
Investment securities | 283.8 | 323.8 | |
Other assets subject to fair value disclosure | 546.6 | 423.9 | |
Financial Liabilities | |||
Deposits | (35,417.6) | (31,245) | |
Borrowings | (615) | (721.5) | |
Credit balances of factoring clients | (1,175.8) | (1,674.4) | |
Other liabilities subject to fair value disclosure | (560.9) | (657) | |
Estimated Fair Value | Non-Qualifying Hedges | |||
Financial Assets | |||
Total derivative assets at fair value — non-qualifying hedges | 200.8 | 91.1 | |
Financial Liabilities | |||
Total derivative liabilities at fair value — non-qualifying hedges | (152.3) | (79.4) | |
Estimated Fair Value | Non-Qualifying Hedges | Level 1 | |||
Financial Assets | |||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 | |
Financial Liabilities | |||
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 | |
Estimated Fair Value | Non-Qualifying Hedges | Level 2 | |||
Financial Assets | |||
Total derivative assets at fair value — non-qualifying hedges | 200.4 | 90.7 | |
Financial Liabilities | |||
Total derivative liabilities at fair value — non-qualifying hedges | (152.2) | (79.4) | |
Estimated Fair Value | Non-Qualifying Hedges | Level 3 | |||
Financial Assets | |||
Total derivative assets at fair value — non-qualifying hedges | 0.4 | 0.4 | |
Financial Liabilities | |||
Total derivative liabilities at fair value — non-qualifying hedges | (0.1) | 0 | |
Estimated Fair Value | Qualifying Hedges | |||
Financial Assets | |||
Total derivative assets at fair value — non-qualifying hedges | 5 | 28.8 | |
Financial Liabilities | |||
Total derivative liabilities at fair value — non-qualifying hedges | (7.3) | (0.3) | |
Estimated Fair Value | Qualifying Hedges | Level 1 | |||
Financial Assets | |||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 | |
Financial Liabilities | |||
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 | |
Estimated Fair Value | Qualifying Hedges | Level 2 | |||
Financial Assets | |||
Total derivative assets at fair value — non-qualifying hedges | 5 | 28.8 | |
Financial Liabilities | |||
Total derivative liabilities at fair value — non-qualifying hedges | (7.3) | (0.3) | |
Estimated Fair Value | Qualifying Hedges | Level 3 | |||
Financial Assets | |||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 | |
Financial Liabilities | |||
Total derivative liabilities at fair value — non-qualifying hedges | $ 0 | $ 0 |
Fair Value (Carrying and Esti_2
Fair Value (Carrying and Estimated Fair Values of Financial Instruments) (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale debt securities | $ 6,308.8 | $ 5,931.3 |
Estimated Fair Value | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale debt securities | 67.3 | 65.9 |
Non-marketable securities | $ 216.5 | $ 257.9 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Billions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosure [Line Items] | ||
Borrower rate, max effective period | 90 days | |
Level 2 | ||
Fair Value Disclosure [Line Items] | ||
Unsecured borrowings | $ 3.8 | $ 3.8 |
Face amount | 1.9 | 3.6 |
Level 3 | ||
Fair Value Disclosure [Line Items] | ||
Face amount | $ 0.6 | $ 0.7 |
Stockholder's Equity (Schedule
Stockholder's Equity (Schedule of Common Stock Activity) (Details) | 6 Months Ended |
Jun. 30, 2019shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, outstanding (in shares) | 100,919,707 |
Beginning balance, issued (in shares) | 161,073,078 |
Restricted stock issued (in shares) | 1,012,715 |
Repurchase of common stock (in shares) | (6,840,775) |
Shares held to cover taxes on vesting restricted shares and other (in shares) | (376,665) |
Employee stock purchase plan participation (in shares) | 30,459 |
Ending balance, outstanding (in shares) | 94,745,441 |
Ending balance, issued (in shares) | 162,116,252 |
Issued | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, issued (in shares) | 161,073,078 |
Restricted stock issued (in shares) | 1,012,715 |
Employee stock purchase plan participation (in shares) | 30,459 |
Ending balance, issued (in shares) | 162,116,252 |
Less Treasury | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, outstanding (in shares) | (60,153,371) |
Repurchase of common stock (in shares) | (6,840,775) |
Shares held to cover taxes on vesting restricted shares and other (in shares) | (376,665) |
Ending balance, outstanding (in shares) | (67,370,811) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - Open Market Repurchases - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchases | $ 158.2 | $ 337.8 |
Number of shares repurchased (in shares) | 3,186,775 | 6,840,775 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss) ("AOCI")) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | $ (55.7) | $ (198.7) |
Income Taxes | (9.4) | 20.4 |
Net Unrealized | (65.1) | (178.3) |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | (2.6) | (6.7) |
Income Taxes | (8.1) | (14.2) |
Net Unrealized | (10.7) | (20.9) |
Changes in benefit plan net gain (loss) and prior service (cost)/credit | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | (72) | (74.9) |
Income Taxes | 4 | 4.7 |
Net Unrealized | (68) | (70.2) |
Unrealized net gains (losses) on securities AFS | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | 18.9 | (117.1) |
Income Taxes | (5.3) | 29.9 |
Net Unrealized | $ 13.6 | $ (87.2) |
Stockholders' Equity (Changes i
Stockholders' Equity (Changes in Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | $ 5,909.5 | $ 7,126.8 | $ 5,946.6 | $ 7,320 | |
Adoption of ASUs 2016-01 and 2018-02 | $ 0.2 | ||||
Net current period AOCI | 60.1 | (26.2) | 113.2 | (89.1) | |
Ending balance | 5,916 | 6,525.7 | 5,916 | 6,525.7 | |
Foreign currency translation adjustments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (20.9) | (8) | |||
Adoption of ASUs 2016-01 and 2018-02 | 3.3 | ||||
AOCI activity before reclassifications | 10.2 | (6.6) | |||
Net current period AOCI | 4.5 | (4.2) | 10.2 | (6.6) | |
Ending balance | (10.7) | (11.3) | (10.7) | (11.3) | |
Changes in benefit plan net gain (loss) and prior service (cost)/credit | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (70.2) | (54.5) | |||
Adoption of ASUs 2016-01 and 2018-02 | 0.3 | ||||
AOCI activity before reclassifications | 2.2 | 3.3 | |||
Amounts reclassified from AOCI | 0.5 | ||||
Net current period AOCI | 0 | 0.4 | 2.2 | 3.8 | |
Ending balance | (68) | (50.4) | (68) | (50.4) | |
Unrealized net gains (losses) on available for sale securities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (87.2) | (24) | |||
Adoption of ASUs 2016-01 and 2018-02 | (4.1) | ||||
AOCI activity before reclassifications | 102.6 | (77) | |||
Amounts reclassified from AOCI | (1.8) | (9.3) | |||
Net current period AOCI | 55.6 | (22.4) | 100.8 | (86.3) | |
Ending balance | 13.6 | (114.4) | 13.6 | (114.4) | |
Total AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (125.2) | (149.9) | (178.3) | (86.5) | |
Adoption of ASUs 2016-01 and 2018-02 | $ (0.5) | ||||
AOCI activity before reclassifications | 115 | (80.3) | |||
Amounts reclassified from AOCI | (1.8) | (8.8) | |||
Net current period AOCI | 60.1 | (26.2) | 113.2 | (89.1) | |
Ending balance | $ (65.1) | $ (176.1) | $ (65.1) | $ (176.1) |
Stockholders' Equity (Before- a
Stockholders' Equity (Before- and After-Tax components of OCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | $ 76.9 | $ (29.3) | $ 143 | $ (110.3) |
Tax | (16.8) | 3.1 | (29.8) | 21.2 |
Net current period AOCI | 60.1 | (26.2) | 113.2 | (89.1) |
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 1.8 | 0.7 | 4.1 | 1.7 |
Tax | 2.7 | (4.9) | 6.1 | (8.3) |
Net current period AOCI | 4.5 | (4.2) | 10.2 | (6.6) |
Foreign currency translation adjustments | AOCI Activity Before Reclassification | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 1.8 | 0.7 | 4.1 | 1.7 |
Tax | 2.7 | (4.9) | 6.1 | (8.3) |
Net current period AOCI | 4.5 | (4.2) | 10.2 | (6.6) |
Changes in benefit plan net loss and prior service (cost)/credit losses | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 0 | 0.5 | 2.9 | 5 |
Tax | 0 | (0.1) | (0.7) | (1.2) |
Net current period AOCI | 0 | 0.4 | 2.2 | 3.8 |
Changes in benefit plan net loss and prior service (cost)/credit losses | Reclassifications Out of AOCI | Operating Expenses | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 0 | 0.4 | 0 | 0.5 |
Tax | 0 | 0 | 0 | 0 |
Net current period AOCI | 0 | 0.4 | 0 | 0.5 |
Changes in benefit plan net loss and prior service (cost)/credit losses | AOCI Activity Before Reclassification | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 0 | 0.1 | 2.9 | 4.5 |
Tax | 0 | (0.1) | (0.7) | (1.2) |
Net current period AOCI | 0 | 0 | 2.2 | 3.3 |
Unrealized net gains (losses) on securities AFS | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 75.1 | (30.5) | 136 | (117) |
Tax | (19.5) | 8.1 | (35.2) | 30.7 |
Net current period AOCI | 55.6 | (22.4) | 100.8 | (86.3) |
Unrealized net gains (losses) on securities AFS | Reclassifications Out of AOCI | Other Non-Interest Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | (1.3) | (7.5) | (2.4) | (12.7) |
Tax | 0.3 | 2 | 0.6 | 3.4 |
Net current period AOCI | (1) | (5.5) | (1.8) | (9.3) |
Unrealized net gains (losses) on securities AFS | AOCI Activity Before Reclassification | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 76.4 | (23) | 138.4 | (104.3) |
Tax | (19.8) | 6.1 | (35.8) | 27.3 |
Net current period AOCI | $ 56.6 | $ (16.9) | $ 102.6 | $ (77) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Contingency [Line Items] | ||||
Effective income tax rate percentage | 19.60% | 28.00% | 21.80% | 28.20% |
Net benefit resulting from State and Local tax settlements | $ 9,600,000 | |||
Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Potential increased or decreased to tax benefits | $ 10,000,000 | $ 10,000,000 |
Commitments (Summary of Commitm
Commitments (Summary of Commitments) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | ||
Financing assets - Due to Expire Within One Year | $ 3,478.1 | |
Financing assets - Due to Expire After One Year | 4,119.5 | |
Financing assets - Total Outstanding | 7,597.6 | $ 7,136.3 |
Standby letters of credit - Due to Expire Within One Year | 29.2 | |
Standby letters of credit - Due to Expire After One Year | 197.8 | |
Standby letters of credit - Total Outstanding | 227 | 226.2 |
Other letters of credit - Due to Expire Within One Year | 5.7 | |
Other letters of credit - Due to Expire After One Year | 1.5 | |
Other letters of credit - Total Outstanding | 7.2 | 12 |
Deferred purchase credit protection agreements - Due to Expire Within One Year | 1,484.8 | |
Deferred purchase credit protection agreements - Due to Expire After One Year | 0 | |
Deferred purchase credit protection agreements - Total Outstanding | 1,484.8 | 1,959.5 |
Rail and other purchase commitments - Due to Expire Within One Year | 440.7 | |
Rail and other purchase commitments - Due to Expire After One Year | 0 | |
Rail and other purchase commitments - Total Outstanding | $ 440.7 | $ 344.8 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Commitments [Line Items] | ||
Financing commitments to trade finance clients that are cancelable only after a notice period, amount | $ 619 | $ 318 |
Other liabilities | 1,562.6 | 1,261.1 |
Commitments and investments that qualify for community reinvestment tax credit | 144 | 98 |
Deferred Purchase Agreements | ||
Commitments [Line Items] | ||
DPA credit protection provided to clients | 1,422 | 1,895 |
DPA credit line agreements net of deferred purchase agreement credit protection | 63 | 64 |
Other liabilities | $ 5.1 | $ 5.2 |
Maximum | ||
Commitments [Line Items] | ||
Typical notice period | 90 days | |
Maximum | Deferred Purchase Agreements | ||
Commitments [Line Items] | ||
DPA credit line agreements, cancellation notice period | 90 days |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Maximum | |
Contingencies [Line Items] | |
Amount of losses in excess of established reserves and insurance related to those matters | $ 65 |
Business Segment Information (S
Business Segment Information (Segment Pre-Tax Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Pre-tax Income (Loss) | |||||
Interest income | $ 515.5 | $ 473.6 | $ 1,032 | $ 924.8 | |
Interest expense (benefit) | 242.7 | 205.2 | 478.3 | 385.7 | |
Provision (benefit) for credit losses | 28.6 | 32.9 | 61.6 | 101.7 | |
Rental income on operating leases | 213 | 261.3 | 430.7 | 514.9 | |
Other non-interest income | 106.1 | 135.4 | 202.9 | 240.1 | |
Depreciation on operating lease equipment | 76.8 | 77.2 | 156.2 | 153.6 | |
Maintenance and other operating lease expenses | 48.3 | 63.5 | 98.1 | 120.9 | |
Operating expenses/loss on debt extinguishment and deposit redemption | 268 | 286.8 | 544.2 | 568.2 | |
Income from continuing operations before provision for income taxes | 170.2 | 204.7 | 327.2 | 349.7 | |
Select Period End Balances | |||||
Loans | 31,322.8 | 29,348.4 | 31,322.8 | 29,348.4 | $ 30,795.4 |
Credit balances of factoring clients | (1,175.8) | (1,430.8) | (1,175.8) | (1,430.8) | (1,674.4) |
Assets held for sale | 190.8 | 1,335.8 | 190.8 | 1,335.8 | 88.4 |
Operating lease equipment, net | 7,056.1 | 6,833.9 | 7,056.1 | 6,833.9 | 6,970.6 |
Corporate and Other | |||||
Segment Pre-tax Income (Loss) | |||||
Interest income | 55.7 | 56.3 | 119 | 105 | |
Interest expense (benefit) | 83.1 | 63.7 | 157.8 | 110.5 | |
Other non-interest income | 11.4 | 24.1 | 20.3 | 38.1 | |
Operating expenses/loss on debt extinguishment and deposit redemption | 0.2 | 19.5 | 0.3 | 19.6 | |
Income from continuing operations before provision for income taxes | (16.2) | (2.8) | (18.8) | 13 | |
Commercial Banking | |||||
Select Period End Balances | |||||
Loans | 24,577.9 | 23,039.7 | 24,577.9 | 23,039.7 | 24,263.4 |
Commercial Banking | Operating Segments | |||||
Segment Pre-tax Income (Loss) | |||||
Interest income | 365 | 330.4 | 721.6 | 645.3 | |
Interest expense (benefit) | 193.6 | 177 | 393 | 333.3 | |
Provision (benefit) for credit losses | 30.5 | 33.2 | 65.6 | 100.4 | |
Rental income on operating leases | 213 | 261.3 | 430.7 | 514.9 | |
Other non-interest income | 85.1 | 73.1 | 162.7 | 151.1 | |
Depreciation on operating lease equipment | 76.8 | 77.2 | 156.2 | 153.6 | |
Maintenance and other operating lease expenses | 48.3 | 63.5 | 98.1 | 120.9 | |
Operating expenses/loss on debt extinguishment and deposit redemption | 178.5 | 171.4 | 359.2 | 354.5 | |
Income from continuing operations before provision for income taxes | 135.4 | 142.5 | 242.9 | 248.6 | |
Select Period End Balances | |||||
Loans | 24,577.9 | 23,039.7 | 24,577.9 | 23,039.7 | |
Credit balances of factoring clients | (1,175.8) | (1,430.8) | (1,175.8) | (1,430.8) | |
Assets held for sale | 154.1 | 1,286.8 | 154.1 | 1,286.8 | |
Operating lease equipment, net | 7,056.1 | 6,833.9 | 7,056.1 | 6,833.9 | |
Consumer Banking | |||||
Select Period End Balances | |||||
Loans | 6,744.9 | 6,308.7 | 6,744.9 | 6,308.7 | $ 6,532 |
Consumer Banking | Operating Segments | |||||
Segment Pre-tax Income (Loss) | |||||
Interest income | 93.8 | 85 | 189.3 | 170.2 | |
Interest expense (benefit) | (34.9) | (37.3) | (74.2) | (61.6) | |
Provision (benefit) for credit losses | (1.9) | (0.3) | (4) | 1.3 | |
Other non-interest income | 6.9 | 37.5 | 11.6 | 49 | |
Operating expenses/loss on debt extinguishment and deposit redemption | 88.2 | 93.7 | 182 | 189.7 | |
Income from continuing operations before provision for income taxes | 49.3 | 66.4 | 97.1 | 89.8 | |
Select Period End Balances | |||||
Loans | 6,744.9 | 6,308.7 | 6,744.9 | 6,308.7 | |
Assets held for sale | 28.8 | 19.3 | 28.8 | 19.3 | |
Non-Strategic Portfolios | Operating Segments | |||||
Segment Pre-tax Income (Loss) | |||||
Interest income | 1 | 1.9 | 2.1 | 4.3 | |
Interest expense (benefit) | 0.9 | 1.8 | 1.7 | 3.5 | |
Other non-interest income | 2.7 | 0.7 | 8.3 | 1.9 | |
Operating expenses/loss on debt extinguishment and deposit redemption | 1.1 | 2.2 | 2.7 | 4.4 | |
Income from continuing operations before provision for income taxes | 1.7 | (1.4) | 6 | (1.7) | |
Select Period End Balances | |||||
Assets held for sale | $ 7.9 | $ 29.7 | $ 7.9 | $ 29.7 |