Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | 65-1051192 | |
Entity Address, Address Line One | 11 West 42nd Street | |
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 | NY | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 99,169,700 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Security Exchange Name | NYSE | |
Trading Symbol | CIT | |
5.625% Non-Cumulative Perpetual Preferred Stock, Series B | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.625% Non-Cumulative Perpetual Preferred Stock, Series B, par value $0.01 per share | |
Security Exchange Name | NYSE | |
Trading Symbol | CITPRB |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks, including restricted balances of $34.2 at September 30, 2021 and $41.7 at December 31, 2020 (see Note 8 for amounts pledged) | $ 169.7 | $ 174.6 |
Interest bearing cash, including restricted balances of $59.4 at September 30, 2021 and $2.6 at December 31, 2020 (see Note 8 for amounts pledged) | 4,428.8 | 3,837.1 |
Securities purchased under agreement to resell | 100 | 150 |
Investment securities (see Notes 6 and 8 for amounts pledged) | 5,775.2 | 6,889 |
Assets held for sale | 95.8 | 721.2 |
Loans (see Note 8 for amounts pledged) | 33,461 | 36,144.6 |
Allowance for credit losses | (790.4) | (1,063.8) |
Total loans, net of allowance for credit losses | 32,670.6 | 35,080.8 |
Operating lease equipment, net (see Note 8 for amounts pledged) | 7,937.5 | 7,836.6 |
Bank-owned life insurance | 1,193.4 | 1,168.8 |
Other assets, including $268.5 at September 30, 2021 and $431.6 at December 31, 2020 at fair value | 2,049 | 2,248.5 |
Total Assets | 54,420 | 58,106.6 |
Liabilities | ||
Deposits | 40,237.3 | 43,071.6 |
Credit balances of factoring clients | 1,556.6 | 1,719.9 |
Other liabilities, including $77.9 at September 30, 2021 and $79.2 at December 31, 2020 at fair value | 2,203.9 | 1,754.9 |
Borrowings, including $1,147.0 at September 30, 2021 and $500.0 at December 31, 2020 contractually due within twelve months | 4,247.6 | 5,837.3 |
Total Liabilities | 48,245.4 | 52,383.7 |
Stockholders’ Equity | ||
Preferred Stock: $0.01 par value, 100,000,000 shares authorized, 8,325,000 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 525 | 525 |
Common Stock: $0.01 par value, 600,000,000 shares authorized Issued: 164,106,299 at June 30, 2021 and 163,309,861 at December 31, 2020 Outstanding: 99,143,345 at June 30, 2021 and 98,609,395 at December 31, 2020 | 1.6 | 1.6 |
Paid-in capital | 6,930.1 | 6,892 |
Retained earnings | 2,011 | 1,428.3 |
Accumulated other comprehensive income (loss) | (121.2) | 35.7 |
Treasury stock: 64,967,134 shares at September 30, 2021 and 64,700,466 shares at December 31, 2020 at cost | (3,171.9) | (3,159.7) |
Total Common Stockholders’ Equity | 5,649.6 | 5,197.9 |
Total Equity | 6,174.6 | 5,722.9 |
Total Liabilities and Equity | $ 54,420 | $ 58,106.6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Cash and interest bearing deposits, restricted | $ 34.2 | $ 41.7 |
Restricted interest-bearing deposits | 59.4 | 2.6 |
Other assets at fair value | 268.5 | 431.6 |
Other liabilities at fair value | 77.9 | 79.2 |
Borrowings contractually due within twelve months | $ 1,147 | $ 500 |
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) | 8,325,000 | 8,325,000 |
Preferred Stock, shares outstanding (in shares) | 8,325,000 | 8,325,000 |
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) | 164,134,157 | 163,309,861 |
Common Stock, shares outstanding (in shares) | 99,167,023 | 98,609,395 |
Treasury stock, shares at cost (in shares) | 64,967,134 | 64,700,466 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income | ||||
Interest and fees on loans | $ 341.9 | $ 395.8 | $ 1,061.6 | $ 1,280.6 |
Other interest and dividends | 17.9 | 27.5 | 59.4 | 103.2 |
Interest income | 359.8 | 423.3 | 1,121 | 1,383.8 |
Interest expense | ||||
Interest on deposits | 47.3 | 103.2 | 159.2 | 398.1 |
Interest on borrowings | 55.7 | 62.3 | 170.2 | 195.6 |
Interest expense | 103 | 165.5 | 329.4 | 593.7 |
Net interest revenue | 256.8 | 257.8 | 791.6 | 790.1 |
Provision for credit losses | (67.1) | 63.3 | (256.7) | 800.8 |
Net interest revenue, after credit provision | 323.9 | 194.5 | 1,048.3 | (10.7) |
Non-interest income | ||||
Rental income on operating leases | 186.2 | 201.3 | 569.1 | 612 |
Other non-interest income | 124.7 | 146 | 515.3 | 379.2 |
Total non-interest income | 310.9 | 347.3 | 1,084.4 | 991.2 |
Total revenue, net of interest expense and credit provision | 634.8 | 541.8 | 2,132.7 | 980.5 |
Non-interest expenses | ||||
Depreciation on operating lease equipment | 85.1 | 82.5 | 252.6 | 241.9 |
Maintenance and other operating lease expenses | 50.5 | 48.6 | 156.9 | 158.3 |
Operating expenses | 268.2 | 295.5 | 793.4 | 990.3 |
Goodwill impairment | 344.7 | |||
(Gain) loss on debt extinguishment and deposit redemption | 0.1 | (14.8) | ||
Total non-interest expenses | 403.8 | 426.6 | 1,203 | 1,720.4 |
Income (loss) before provision (benefit) for income taxes | 231 | 115.2 | 929.7 | (739.9) |
Provision (benefit) for income taxes | 55.5 | 29.5 | 223.5 | (116) |
Net income (loss) | 175.5 | 85.7 | 706.2 | (623.9) |
Preferred stock dividends | 2.8 | 2.8 | 17.9 | 18.9 |
Net income (loss) available to common shareholders | $ 172.7 | $ 82.9 | $ 688.3 | $ (642.8) |
Income (loss) per common share | ||||
Basic | $ 1.74 | $ 0.84 | $ 6.95 | $ (6.54) |
Diluted | $ 1.72 | $ 0.84 | $ 6.89 | $ (6.54) |
Average number of common shares (thousands) | ||||
Basic | 99,168 | 98,523 | 99,031 | 98,350 |
Diluted | 100,432 | 98,556 | 99,950 | 98,350 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | ||||
Net income (loss) | $ 175.5 | $ 85.7 | $ 706.2 | $ (623.9) |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments | 10.3 | 0.6 | 10.2 | (0.4) |
Net unrealized (losses) gains on available for sale securities | (16.5) | (20.1) | (168.2) | 95.9 |
Changes in benefit plans net gains and prior service (cost)/credit | 0.4 | 0.1 | 1.1 | 3 |
Other comprehensive (loss) income, net of tax | (5.8) | (19.4) | (156.9) | 98.5 |
Comprehensive income (loss) | $ 169.7 | $ 66.3 | $ 549.3 | $ (525.4) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Common Stock | Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Treasury Stock, at Cost |
Beginning balance at Dec. 31, 2019 | $ 6,339 | $ (82.4) | $ 525 | $ 1.6 | $ 6,853.7 | $ 2,307.6 | $ (82.4) | $ (52.1) | $ (3,296.8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update Extensible List | us-gaap:AccountingStandardsUpdate201613Member | ||||||||
Net income (loss) | $ (623.9) | (623.9) | |||||||
Other comprehensive income (loss), net of tax | 98.5 | 98.5 | |||||||
Dividends paid | (124.1) | (124.1) | |||||||
Issuance of common stock - acquisition | 141.2 | (10.1) | 151.3 | ||||||
Amortization of stock compensation expenses | 12.6 | 25.3 | (12.7) | ||||||
Employee stock purchase plan | 3.1 | 3.1 | |||||||
Ending balance at Sep. 30, 2020 | 5,764 | 525 | 1.6 | 6,882.1 | 1,467.1 | 46.4 | (3,158.2) | ||
Beginning balance at Jun. 30, 2020 | 5,739.3 | 525 | 1.6 | 6,885.5 | 1,419.4 | 65.8 | (3,158) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 85.7 | 85.7 | |||||||
Other comprehensive income (loss), net of tax | (19.4) | (19.4) | |||||||
Dividends paid | (38) | (38) | |||||||
Amortization of stock compensation expenses | (4.8) | (4.6) | (0.2) | ||||||
Employee stock purchase plan | 1.2 | 1.2 | |||||||
Ending balance at Sep. 30, 2020 | 5,764 | 525 | 1.6 | 6,882.1 | 1,467.1 | 46.4 | (3,158.2) | ||
Beginning balance at Dec. 31, 2020 | 5,722.9 | 525 | 1.6 | 6,892 | 1,428.3 | 35.7 | (3,159.7) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 706.2 | 706.2 | |||||||
Other comprehensive income (loss), net of tax | (156.9) | (156.9) | |||||||
Dividends paid | (123.5) | (123.5) | |||||||
Amortization of stock compensation expenses | 23 | 35.2 | (12.2) | ||||||
Employee stock purchase plan | 2.9 | 2.9 | |||||||
Ending balance at Sep. 30, 2021 | 6,174.6 | 525 | 1.6 | 6,930.1 | 2,011 | (121.2) | (3,171.9) | ||
Beginning balance at Jun. 30, 2021 | 6,035.8 | 525 | 1.6 | 6,922.5 | 1,873.7 | (115.4) | (3,171.6) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 175.5 | 175.5 | |||||||
Other comprehensive income (loss), net of tax | (5.8) | (5.8) | |||||||
Dividends paid | (38.2) | (38.2) | |||||||
Amortization of stock compensation expenses | 6.4 | 6.7 | (0.3) | ||||||
Employee stock purchase plan | 0.9 | 0.9 | |||||||
Ending balance at Sep. 30, 2021 | $ 6,174.6 | $ 525 | $ 1.6 | $ 6,930.1 | $ 2,011 | $ (121.2) | $ (3,171.9) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Dividends paid per common share | $ 0.35 | $ 0.35 | $ 1.05 | $ 1.05 |
Series B Preferred Stock | ||||
Dividends paid per preferred share | $ 0.35 | $ 0.35 | 1.05 | 1.18 |
Series A Preferred Stock | ||||
Dividends paid per preferred share | $ 29 | $ 29 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operations | ||
Net income (loss) | $ 706.2 | $ (623.9) |
Adjustments to reconcile net income (loss) to net cash flows from operations: | ||
Provision for credit losses | (256.7) | 800.8 |
Depreciation on operating lease equipment | 252.6 | 241.9 |
Amortization of stock compensation expenses | 35.2 | 25.3 |
Net gain on asset sales and impairments on assets held for sale | (284.6) | (150.2) |
Loss on debt extinguishment and deposit redemption | 0.1 | (14.8) |
Provision (benefit) for deferred income taxes | 193.4 | (115.9) |
Increase in loans held for sale | (24.5) | (25.4) |
Goodwill impairment | 344.7 | |
Decrease (increase) in other assets | 240 | (285.8) |
Decrease in other liabilities | (286.6) | (44.9) |
Other operating activities | 72.2 | 52.7 |
Net cash flows provided by operations | 647.3 | 204.5 |
Cash Flows from Investing Activities | ||
Changes in loans, net | 2,009.2 | (203.6) |
Purchases of investment securities and securities purchased under agreement to resell | (2,643.3) | (4,147.8) |
Proceeds from sales and maturities of investment securities and securities purchased under agreement to resell | 4,185.7 | 6,619.9 |
Proceeds from asset and receivable sales | 1,505 | 494.5 |
Purchases of assets to be leased and other equipment | (550.9) | (857.7) |
Proceeds from sale of OREO, net of repurchases | 1.6 | 11.9 |
Purchase of bank owned life insurance | (100) | |
Acquisition, net of cash received | (720.1) | |
Other investing activities | 5.6 | (67.4) |
Net cash flows provided by investing activities | 4,512.9 | 1,029.7 |
Cash Flows from Financing Activities | ||
Proceeds from the issuance of term debt and FHLB advances | 604.8 | 2,204.8 |
Repayments of term debt and FHLB advances | (2,212.5) | (1,675.9) |
Net (decrease) increase in deposits | (2,835.1) | 2,581.6 |
Dividends paid | (123.5) | (124.1) |
Other financing activities | (7) | (199.1) |
Net cash flows (used in) provided by financing activities | (4,573.3) | 2,787.3 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.1) | (1.5) |
Increase (decrease) in cash, cash equivalents and restricted cash | 586.8 | 4,020 |
Cash, cash equivalents and restricted cash beginning of period | 4,011.7 | 2,685.6 |
Cash, cash equivalents and restricted cash end of period | 4,598.5 | 6,705.6 |
Supplementary Cash Flow Disclosures | ||
Interest paid | (355) | (630.1) |
Federal, foreign, state and local income taxes (paid) refunded, net | (12.4) | 72.1 |
Supplementary Non Cash Flow Disclosure | ||
Transfer of assets from held for investment to held for sale | 495.5 | 190.8 |
Transfer of assets from held for sale to held for investment | 11.2 | 25.7 |
Transfers of assets to OREO | 4.3 | 0.3 |
Commitments extended during the period on affordable housing investment credits | $ 80.4 | 84.9 |
Issuance of common stock - acquisition | $ 141.2 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Reconciliation of cash, cash equivalents and restricted cash | ||||
Cash and due from banks, including restricted balances of $34.2 and $27.8 at September 30, 2021 and 2020, respectively | $ 169.7 | $ 174.6 | $ 175.7 | |
Interest-bearing cash, including restricted balances of $59.4 and $2.0 at September 30, 2021 and 2020, respectively | 4,428.8 | 3,837.1 | 6,529.9 | |
Total cash, cash equivalents, and restricted cash shown in the Statement of Cash Flows | 4,598.5 | 4,011.7 | 6,705.6 | $ 2,685.6 |
Cash and due from banks, restricted | 34.2 | 41.7 | 27.8 | |
Restricted interest-bearing deposits | $ 59.4 | $ 2.6 | $ 2 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 — BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CIT Group Inc. is a bank holding company ("BHC") and a financial holding company ("FHC"). CIT Group Inc., together with its subsidiaries (collectively "we", "our", "CIT" or the "Company"), 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 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 a regional branch network of approximately . CIT Bank is regulated by the Office of the Comptroller of the Currency of the U.S. Department of the Treasury ("OCC"). In addition, CIT Bank, as an insured depository institution, is supervised by the Federal Deposit Insurance Corporation (“FDIC”). 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. In the opinion of management, the financial statements in this Form 10-Q 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, 2020 ("2020 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 Credit Losses (“ACL”) and the realizability of deferred tax assets. 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”), if any. In preparing the consolidated financial statements, 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. Announcement of Definitive Merger Agreement On October 16, 2020, First Citizens BancShares, Inc. ("First Citizens"), the parent company of First-Citizens Bank & Trust Company, and CIT, the parent company of CIT Bank, N.A., jointly announced that they had entered into a definitive agreement under which the companies will combine in an all-stock merger. On July 14, 2021, CIT and First Citizens jointly announced that the proposal to merge the two companies received regulatory approval from the FDIC. The merger had already received approval from the Office of the North Carolina Commissioner of Banks. Completion of the proposed merger remains subject to approval from the FRB, and the satisfaction or waiver of other customary closing conditions. On September 30, 2021, CIT Group Inc. and First Citizens jointly announced that the two companies agreed to extend the merger agreement from October 15, 2021, to March 1, 2022. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and Interagency Statement On March 27, 2020, the CARES Act was signed into law. The CARES Act gives financial institutions temporary relief from the accounting and disclosure requirements related to troubled debt restructurings (“TDRs”) under ASC 310-40 and past due and non-accrual reporting in certain situations relating to the COVID-19 pandemic. With respect to past due and non-accrual loans, the CARES Act provides that financial institutions are not expected to designate loans with payment accommodations granted due to COVID-19 as past due or non-accrual if they were current on the date used to determine the borrower’s delinquency status for the purpose of providing the deferment. Additionally, on April 7, 2020, a group of federal and state government banking agencies issued an Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (the “Interagency Statement”) that offers some practical expedients for evaluating whether loan modifications that occur in response to the COVID-19 pandemic are TDRs. The Interagency Statement interprets, but does not suspend, ASC 310-40. Under the Interagency Statement, any loan modification that meets either of these practical expedients would not automatically be considered a TDR because the borrower is presumed not to be experiencing financial difficulty at the time of the loan modification. CIT applies the TDR provisions of the CARES Act on a product-type basis, or on a loan-by-loan basis, for eligible loan modifications. For eligible loans for which the CARES Act is not applied, CIT follows the applicable guidance of the Interagency Statement. For payment deferrals granted to borrowers impacted by COVID-19, CIT has elected to continue to recognize interest income (at a modified effective rate) subject to consideration of whether the loan should be placed on non-accrual status. In addition, CIT monitors deferred amounts and establishes a credit loss reserve for the estimated amount of any balances that will not be recovered for COVID-19 loans. After the initial payment deferral period granted due to COVID-19, on a case by case basis where requested, borrowers may be offered an additional deferral of up to 90 days pursuant to the CARES Act or Interagency Statement guidance outlined above. After the deferral period, amounts deferred must be repaid based on modified terms, including adding the unpaid amounts to the end of the contract term, spread throughout the remaining term, or other arrangements made on a case by case basis. Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic On April 10, 2020, the FASB Staff issued a question-and-answer document (the “Lease Concessions Q&A”) on Topic 842: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic. The Lease Concessions Q&A provides that entities may elect to apply or not apply the lease modification guidance in ASC 842, Leases SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies are included in the Company's 2020 Form 10-K. There were no material changes to these policies during the nine months ended September 30, 2021. Financial Accounting Standards Adopted as of January 1, 2021 The following pronouncements were issued by the Financial Accounting Standards Board (“FASB”) and adopted by CIT as of January 1, 2021. Refer to Note 1 – Business and Summary of Significant Accounting Policies • ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The adoption of this standard did not have a material impact on CIT’s consolidated financial statements and disclosures. • ASU 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762. The adoption of this standard did not have a material impact on CIT’s consolidated financial statements and disclosures. • ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs. The adoption of this standard did not have a significant impact on CIT’s consolidated financial statements and disclosures. 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 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting, Issued March 2020 with Updates through January 2021 • The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. • The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. • For contract modifications, the amendments provide the optional relief of accounting for the modification as a continuation of the existing contract without additional analysis. In addition, companies can consider embedded features to be clearly and closely related to the host contract without reassessment. • For hedge accounting, entities can continue hedge accounting when certain critical terms of a hedging relationship change. Moreover, companies can perform some effectiveness assessments in ways that disregard certain potential sources of ineffectiveness. • Entities may make a one-time election to sell and/or transfer debt securities classified as held-to-maturity (“HTM”), that both reference an eligible reference rate and were classified as HTM before January 1, 2020. This one-time election may be made at any time after March 12, 2020 but no later than December 31, 2022. • The ASU applies prospectively to contract modifications and hedging relationships. • ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. • An entity may elect to apply the amendments in this update on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. • The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. • In the fourth quarter of 2020, CIT elected to apply the contract modification relief to the interest rate swap contracts for which the discount rate changed from the Federal Funds Rates to the Secured Overnight Financing Rate (“SOFR”) due to discounting transition by the Central Counterparties (i.e., Chicago Mercantile Exchange and LCH Clearnet). In addition, CIT elected to apply the hedge accounting relief to interest rate hedge swaps, which allows the Company to not consider a change in the interest rate used for the discounting of a derivative hedging instrument as a change to the critical terms of the hedging relationship. • On October 23, 2020, the International Swaps and Derivatives Association ("ISDA") published the Interbank offered rate ("IBOR") Fallbacks Supplement and IBOR Fallbacks Protocol, effective January 25, 2021. The supplement incorporates the fallbacks into new covered IBOR derivatives referencing the 2006 ISDA Definitions unless the parties specifically agree to exclude them. CIT adhered to the protocol beginning in January 2021. • The HTM one-time election was not applicable to CIT as the Company did not have any HTM debt securities as of January 1, 2020. • CIT is currently evaluating the impact of the optional expedients on the Company’s consolidated financial statements and disclosures. ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Issued August 2020 • The amendments in this update reduce the number of models used to account for convertible instruments, amend diluted earnings per share calculations for convertible instruments, amend the requirements for a contract (or embedded derivative) that is potentially settled in an entity’s own shares to be classified in equity, and expand disclosure requirements for convertible instruments. • Effective for CIT as of January 1, 2022. Early adoption is permitted. • This ASU is not expected to have a material impact on CIT’s consolidated statements and disclosures as the Company currently does not have any convertible instrument within the scope of this ASU. ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options Issued May 2021 • The amendments in this update clarifies an issuer's accounting for certain modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The ASU requires that such modifications or exchanges be treated as an exchange of the original instrument for a new instrument. An issuer should measure the effect of such modifications or exchanges based on analysis of the difference between the fair value of the modified instrument and the fair value of that instrument immediately before modification or exchange. Recognition of a modification or an exchange of a freestanding equity-classified written call option is then based upon the substance of the transaction. • Effective for CIT as of January 1, 2022. Early adoption is permitted. • This ASU is not expected to have a material impact on CIT’s consolidated statements and disclosures as the Company currently does not have any freestanding equity-classified written call options within the scope of this ASU. ASU 2021-05, Leases, (Topic 842), Lessors - Certain Leases with Variable Lease Payments Issued July 2021 • The amendments in this update improve lessor accounting for certain leases with variable lease payments so that lessors are no longer required to recognize a day-one selling loss upon lease commencement when specified criteria are met. Specifically this ASU requires a lessor to classify a lease with variable payments that do not depend on a reference index or a rate as an operating lease if classifying the lease as a sales-type lease or a direct financing lease would result in the recognition of a day-one selling loss at lease commencement. A day-one selling loss is not recognized under operating lease accounting. • Effective for CIT as of January 1, 2022. Early adoption is permitted. • This ASU is not expected to have a material impact on CIT’s consolidated statements and disclosures as the Company has not originated finance leases which required a day-one selling loss at lease commencement. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
ACQUISITIONS | NOTE 2 — ACQUISITIONS On January 1, 2020, CIT Bank acquired Mutual of Omaha Bank (“MOB”), the savings bank subsidiary of Mutual of Omaha Insurance Company and Omaha Financial Holdings, Inc., for approximately $1 billion in exchange for 100% of all outstanding shares of MOB common stock. The original consideration was comprised of approximately $850 million in cash and approximately 3.1 million shares of CIT Group Inc. common stock (valued at approximately $141 million based on the closing market price on December 31, 2019, the last trading price before the acquisition). The acquisition enhances CIT’s deposit and commercial banking capabilities by adding a new channel of deposits related to homeowners’ associations (“HOA”) and enhances CIT’s middle-market commercial banking business through the addition of relationship banking teams and expanded product and technology solutions. The acquisition was accounted for as a business combination. Assets acquired totaled approximately $8.6 billion, including $6.3 billion of loans, $115.2 million of goodwill and $102.6 million of intangible assets and included $7.6 billion of assumed liabilities, including $7.0 billion of deposits, and 25 bank branches. The assets acquired, liabilities assumed, and consideration exchanged were recorded at their estimated fair values. Interest income, non-interest income and net loss of $191.7 million, $27.6 million and $61.8 million, respectively, related to MOB were included in CIT’s Consolidated Statement of Operations for the nine months ended September 30, 2020. The MOB net loss included $44.8 million of MOB day 1 provision for credit losses related to the non-PCD loans. Operating expenses for the nine months ended September 30, 2020 included $49.6 million of merger and integration costs related to MOB. Operations of MOB were fully integrated during 2020. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
LOANS | NOTE 3 — LOANS Unless otherwise noted, loans held for sale are not included in the amounts presented throughout this note. Loans by Product (dollars in millions) September 30, 2021 December 31, 2020 Commercial Loans $ 26,055.9 $ 27,410.9 Financing Leases and Leverage Leases 2,119.4 2,318.0 Total commercial 28,175.3 29,728.9 Consumer Loans 5,285.7 6,415.7 Total loans $ 33,461.0 $ 36,144.6 The following table presents loans by segment, based on obligor location: Loans (dollars in millions) September 30, 2021 December 31, 2020 Domestic International Total Domestic International Total Commercial Banking $ 25,851.9 $ 1,365.2 $ 27,217.1 $ 27,323.4 $ 1,313.1 $ 28,636.5 Consumer Banking (1) 6,243.9 — 6,243.9 7,508.1 — 7,508.1 Total $ 32,095.8 $ 1,365.2 $ 33,461.0 $ 34,831.5 $ 1,313.1 $ 36,144.6 (1) The Consumer Banking segment includes certain commercial loans, primarily consisting of a portfolio of Small Business Administration ("SBA") loans and Community Development Lending loans. These loans are excluded from the Consumer loan balances and included in the Commercial loan balances in product related tables in this note. The following table presents selected components of the net investment in loans: Components of Net Investment (dollars in millions) September 30, December 31, 2021 2020 Unearned income $ (353.8 ) $ (373.9 ) Unamortized (discounts) premiums (284.4 ) (434.4 ) Net unamortized deferred costs 39.8 35.8 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 Indicators Management monitors credit quality of commercial loans and financing leases based upon risk rating classifications consistent with bank regulatory guidance and consumer loans based upon FICO scores and loan-to-value ratios (“LTV”). The definitions of the commercial loan ratings are as follows: • Pass — loans in this category do not meet the criteria for classification in one of the categories below. • Special mention — loans in this category exhibit potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of a loan’s repayment prospects. • Classified — loans in this category range from: (1) loans that exhibit a well-defined weakness and are inadequately protected by the current sound worth and paying capacity of the borrower, and are characterized by the distinct possibility that some loss will be sustained if the deficiencies are not corrected to (2) loans with weaknesses that make collection or liquidation in full unlikely on the basis of current facts, conditions, and values. Classified loans can accrue interest or be placed on non-accrual depending on the Company’s evaluation of these factors. Commercial criticized loans include loans with a rating of special mention or classified. For consumer loans, we monitor credit quality utilizing current LTV of the underlying collateral to assess potential loss severity in the event of default and the borrower FICO scores to evaluate borrowers’ credit payment history. The Company examines LTV migration and stratifies LTV into categories to monitor risk in the loan classes. The Company periodically updates the property values of real estate collateral (for home equity and residential mortgages) to calculate current LTV ratios, adjusted based on the Case-Shiller Home Price Indices. A loan to a borrower with a low FICO score (less than 660) is considered to be of higher risk than a loan to a borrower with a higher FICO score. Generally, a loan to a borrower with a high LTV ratio and a low FICO score is at greater risk of default than a loan to a borrower that has both a high LTV ratio and a high FICO score. The following table summarizes commercial loans disaggregated by year of origination and by risk rating, while the consumer loan LTV ratios and FICO scores tables summarize loans by year of origination. These tables reflect the amortized cost basis of the respective commercial and consumer loans. Accrued interest receivable is not reported with the loan’s amortized cost basis and is reported in other assets. Commercial Loans — Risk Rating by Class (1) (dollars in millions) Term Loans by Origination Year Revolving Loans Converted Grade 2021 2020 2019 2018 2017 2016 & Prior Revolving Loans to Term Loans Total September 30, 2021 Commercial Finance Pass $ 4,518.2 $ 2,426.7 $ 1,984.6 $ 1,414.5 $ 460.9 $ 943.5 $ 2,486.0 $ 60.6 $ 14,295.0 Special Mention 22.3 69.4 185.8 146.7 3.0 72.4 147.7 0.5 647.8 Classified-accrual 35.7 71.2 237.0 132.7 108.4 184.5 158.8 2.8 931.1 Classified-non-accrual — — 1.3 24.4 10.8 112.5 76.3 — 225.3 Total Commercial Finance 4,576.2 2,567.3 2,408.7 1,718.3 583.1 1,312.9 2,868.8 63.9 16,099.2 Real Estate Finance Pass 457.0 1,112.9 1,824.6 666.9 335.6 797.6 2.8 — 5,197.4 Special Mention — 87.1 100.3 79.5 58.9 13.3 — — 339.1 Classified-accrual — 0.3 411.5 240.7 96.4 82.0 — — 830.9 Classified-non-accrual — — — 0.2 1.9 61.3 — — 63.4 Total Real Estate Finance 457.0 1,200.3 2,336.4 987.3 492.8 954.2 2.8 — 6,430.8 Business Capital Pass 1,437.9 1,263.1 957.1 465.2 154.5 33.0 7.8 — 4,318.6 Special Mention 12.7 25.2 36.9 18.7 10.7 2.9 — — 107.1 Classified-accrual 21.7 33.3 58.9 31.4 10.2 1.4 — — 156.9 Classified-non-accrual 2.6 9.5 12.5 10.5 2.9 2.8 — — 40.8 Total Business Capital 1,474.9 1,331.1 1,065.4 525.8 178.3 40.1 7.8 — 4,623.4 Rail Pass — — 0.6 — — 63.1 — — 63.7 Total Rail — — 0.6 — — 63.1 — — 63.7 Commercial Banking Pass 6,413.1 4,802.7 4,766.9 2,546.6 951.0 1,837.2 2,496.6 60.6 23,874.7 Special Mention 35.0 181.7 323.0 244.9 72.6 88.6 147.7 0.5 1,094.0 Classified-accrual 57.4 104.8 707.4 404.8 215.0 267.9 158.8 2.8 1,918.9 Classified-non-accrual 2.6 9.5 13.8 35.1 15.6 176.6 76.3 — 329.5 Total Commercial Banking 6,508.1 5,098.7 5,811.1 3,231.4 1,254.2 2,370.3 2,879.4 63.9 27,217.1 Consumer Banking - Consumer and Community Banking (2) Pass 166.1 274.1 145.3 97.7 47.0 82.0 2.4 — 814.6 Special Mention — — 10.0 3.2 4.4 3.7 — — 21.3 Classified-accrual — 7.4 27.3 26.9 12.0 16.8 — — 90.4 Classified-non-accrual — — 17.0 3.6 4.2 7.1 — — 31.9 Total Consumer Banking 166.1 281.5 199.6 131.4 67.6 109.6 2.4 — 958.2 Commercial Loans Pass 6,579.2 5,076.8 4,912.2 2,644.3 998.0 1,919.2 2,499.0 60.6 24,689.3 Special Mention 35.0 181.7 333.0 248.1 77.0 92.3 147.7 0.5 1,115.3 Classified-accrual 57.4 112.2 734.7 431.7 227.0 284.7 158.8 2.8 2,009.3 Classified-non-accrual 2.6 9.5 30.8 38.7 19.8 183.7 76.3 — 361.4 Total Commercial Loans $ 6,674.2 $ 5,380.2 $ 6,010.7 $ 3,362.8 $ 1,321.8 $ 2,479.9 $ 2,881.8 $ 63.9 $ 28,175.3 (1), (2) See footnotes below table on the next page. Commercial Loans — Risk Rating by Class (1) (dollars in millions) (continued) Term Loans by Origination Year Revolving Loans Converted Grade 2020 2019 2018 2017 2016 2015 & Prior Revolving Loans to Term Loans Total December 31, 2020 Commercial Finance Pass $ 4,819.9 $ 2,132.5 $ 2,000.1 $ 678.0 $ 181.1 $ 745.6 $ 3,329.4 $ 61.1 $ 13,947.7 Special Mention 81.2 206.4 210.8 18.4 30.8 119.9 313.3 2.8 983.6 Classified-accrual 82.4 161.7 49.8 169.2 107.2 183.1 314.2 5.6 1,073.2 Classified-non-accrual 0.5 9.0 53.9 9.6 22.1 60.7 83.6 — 239.4 Total Commercial Finance 4,984.0 2,509.6 2,314.6 875.2 341.2 1,109.3 4,040.5 69.5 16,243.9 Real Estate Finance Pass 1,075.9 2,089.2 1,212.3 663.5 480.3 493.0 28.1 — 6,042.3 Special Mention 65.9 333.7 126.4 225.5 93.5 46.3 — — 891.3 Classified-accrual 0.3 184.4 124.2 74.6 78.0 75.8 — — 537.3 Classified-non-accrual — 33.3 0.2 15.3 0.2 28.0 6.2 — 83.2 Total Real Estate Finance 1,142.1 2,640.6 1,463.1 978.9 652.0 643.1 34.3 — 7,554.1 Business Capital Pass 1,678.9 1,371.4 809.5 299.3 106.3 15.6 14.4 0.8 4,296.2 Special Mention 29.6 67.2 42.4 32.4 12.3 0.3 — — 184.2 Classified-accrual 34.3 80.8 71.5 25.9 11.2 0.9 — — 224.6 Classified-non-accrual 8.0 33.0 17.1 10.9 2.8 1.0 — — 72.8 Total Business Capital 1,750.8 1,552.4 940.5 368.5 132.6 17.8 14.4 0.8 4,777.8 Rail Pass — 0.8 — 0.1 3.1 56.7 — — 60.7 Total Rail — 0.8 — 0.1 3.1 56.7 — — 60.7 Commercial Banking Pass 7,574.7 5,593.9 4,021.9 1,640.9 770.8 1,310.9 3,371.9 61.9 24,346.9 Special Mention 176.7 607.3 379.6 276.3 136.6 166.5 313.3 2.8 2,059.1 Classified-accrual 117.0 426.9 245.5 269.7 196.4 259.8 314.2 5.6 1,835.1 Classified-non-accrual 8.5 75.3 71.2 35.8 25.1 89.7 89.8 — 395.4 Total Commercial Banking 7,876.9 6,703.4 4,718.2 2,222.7 1,128.9 1,826.9 4,089.2 70.3 28,636.5 Consumer Banking - Consumer and Community Banking (2) Pass 507.6 157.1 104.5 62.3 50.0 67.3 0.1 — 948.9 Special Mention — 13.1 4.3 2.8 2.6 0.9 — — 23.7 Classified-accrual 21.0 19.3 17.0 11.0 13.8 17.6 0.3 — 100.0 Classified-non-accrual — 11.8 3.0 3.2 1.0 0.8 — — 19.8 Total Consumer Banking 528.6 201.3 128.8 79.3 67.4 86.6 0.4 — 1,092.4 Commercial Loans Pass 8,082.3 5,751.0 4,126.4 1,703.2 820.8 1,378.2 3,372.0 61.9 25,295.8 Special Mention 176.7 620.4 383.9 279.1 139.2 167.4 313.3 2.8 2,082.8 Classified-accrual 138.0 446.2 262.5 280.7 210.2 277.4 314.5 5.6 1,935.1 Classified-non-accrual 8.5 87.1 74.2 39.0 26.1 90.5 89.8 — 415.2 Total Commercial Loans $ 8,405.5 $ 6,904.7 $ 4,847.0 $ 2,302.0 $ 1,196.3 $ 1,913.5 $ 4,089.6 $ 70.3 $ 29,728.9 (1) Amortized cost excludes accrued intere (2) Primarily SBA loans. The following table provides a summary of the consumer loan LTV distribution for primarily single-family residential (“SFR”) mortgage loans. The average LTV was 53% and 58% for the total consumer loans included below at September 30, 2021 and December 31, 2020, respectively. Consumer Loans LTV Distribution (1) (dollars in millions) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Converted LTV Range 2021 2020 2019 2018 2017 2016 & Prior Revolving Loans to Term Loans Total September 30, 2021 Legacy Consumer Mortgages Greater than 125% $ — $ — $ — $ — $ — $ 16.1 $ — $ 0.1 $ 16.2 101% – 125% — — — — — 22.6 — 0.3 22.9 80% – 100% — — — — — 64.5 — 1.1 65.6 Less than 80% — — — — — 1,051.1 — 25.5 1,076.6 Government-guaranteed ( 2 ) — — — — — 19.4 — — 19.4 No LTV available ( 3 ) — — — — — 0.1 — 1.2 1.3 Total Legacy Consumer Mortgages — — — — — 1,173.8 — 28.2 1,202.0 Consumer and Community Banking Greater than 125% — — — — — — — — — 101% – 125% — — — — — — — — — 80% – 100% 11.5 — 0.9 0.8 — 0.8 — — 14.0 Less than 80% 1,247.4 946.0 453.6 226.8 287.7 757.0 25.4 — 3,943.9 Government-guaranteed ( 2 ) — 10.0 22.5 10.3 46.6 13.0 — — 102.4 No LTV available ( 3 ) — 0.1 0.1 0.1 0.1 1.0 1.3 — 2.7 No LTV required ( 4 ) 0.8 2.2 1.0 0.8 0.7 13.0 2.2 — 20.7 Total Consumer and Community Banking 1,259.7 958.3 478.1 238.8 335.1 784.8 28.9 — 4,083.7 Total Consumer Loans $ 1,259.7 $ 958.3 $ 478.1 $ 238.8 $ 335.1 $ 1,958.6 $ 28.9 $ 28.2 $ 5,285.7 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Converted LTV Range 2020 2019 2018 2017 2016 2015 & Prior Revolving Loans to Term Loans Total December 31, 2020 Legacy Consumer Mortgages Greater than 125% $ — $ — $ — $ — $ — $ 37.5 $ — $ 0.4 $ 37.9 101% – 125% — — — — — 60.5 — 1.1 61.6 80% – 100% — — — — — 189.2 — 3.4 192.6 Less than 80% — — — — — 1,344.3 — 34.7 1,379.0 Government-guaranteed ( 2 ) — — — — — 20.8 — — 20.8 No LTV available ( 3 ) — — — — — 0.1 — 1.7 1.8 Total Legacy Consumer Mortgages — — — — — 1,652.4 — 41.3 1,693.7 Consumer and Community Banking Greater than 125% — — — — — — — — — 101% – 125% — — — — — — — — — 80% – 100% 21.3 17.1 3.5 — — 1.7 2.4 — 46.0 Less than 80% 1,328.4 1,022.7 445.8 507.2 380.1 778.8 41.5 — 4,504.5 Government-guaranteed ( 2 ) 12.0 33.7 15.7 68.2 9.5 7.8 — — 146.9 No LTV available ( 3 ) — — 0.2 0.2 0.2 0.7 1.3 — 2.6 No LTV required ( 4 ) 2.0 1.0 1.0 0.6 1.0 13.4 3.0 — 22.0 Total Consumer and Community Banking 1,363.7 1,074.5 466.2 576.2 390.8 802.4 48.2 — 4,722.0 Total Consumer Loans $ 1,363.7 $ 1,074.5 $ 466.2 $ 576.2 $ 390.8 $ 2,454.8 $ 48.2 $ 41.3 $ 6,415.7 (1) Amortized cost excludes accrued interest (2) Represents loans with principal repayments insured by the FHA and U.S. Department of Veterans Affairs (“VA”). (3) Represents primarily junior lien loans for which LTV is not available. (4) Represents overdrafts, personal lines of credit, unsecured loans and third-party guaranteed loans with servicer recourse option for which LTV is not required. The following table provides a summary of the most current FICO score distribution for consumer loans by origination year and revolving loans. The average FICO score was 764 and 755 for the total c onsumer l oans included below at September 30, 2021 and December 31, 2020 , respectively. FICO Score Distribution (1) (dollars in millions) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Converted Current FICO 2021 2020 2019 2018 2017 2016 & Prior Revolving Loans to Term Loans Total September 30, 2021 Legacy Consumer Mortgages Greater than or equal to 730 $ — $ — $ — $ — $ — $ 607.6 $ — $ 13.2 $ 620.8 Greater than or equal to 660 and less than 730 — — — — — 347.5 — 8.1 355.6 Less than 660 — — — — — 173.4 — 6.2 179.6 Government-guaranteed (2) — — — — — 19.4 — — 19.4 No FICO score available (3) — — — — — 25.9 — 0.7 26.6 FICO score not required (4) — — — — — — — — — Total Legacy Consumer Mortgages — — — — — 1,173.8 — 28.2 1,202.0 Consumer and Community Banking Greater than or equal to 730 1,068.6 810.8 392.2 188.1 260.4 614.0 19.3 — 3,353.4 Greater than or equal to 660 and less than 730 182.2 122.8 58.9 33.0 22.4 101.2 6.2 — 526.7 Less than 660 8.1 12.3 3.7 5.6 4.8 30.4 2.8 — 67.7 Government-guaranteed (2) — 10.0 22.5 10.3 46.6 13.0 — — 102.4 No FICO score available (3) — 0.2 — 1.0 0.2 13.6 0.2 — 15.2 FICO score not required (4) 0.8 2.2 0.8 0.8 0.7 12.6 0.4 — 18.3 Total Consumer and Community Banking 1,259.7 958.3 478.1 238.8 335.1 784.8 28.9 — 4,083.7 Total Consumer Loans $ 1,259.7 $ 958.3 $ 478.1 $ 238.8 $ 335.1 $ 1,958.6 $ 28.9 $ 28.2 $ 5,285.7 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Converted Current FICO 2020 2019 2018 2017 2016 2015 & Prior Revolving Loans to Term Loans Total December 31, 2020 Legacy Consumer Mortgages Greater than or equal to 730 $ — $ — $ — $ — $ — $ 729.1 $ — $ 17.9 $ 747.0 Greater than or equal to 660 and less than 730 — — — — — 499.3 — 13.0 512.3 Less than 660 — — — — — 369.4 — 9.4 378.8 Government-guaranteed ( 2 ) — — — — — 20.8 — — 20.8 No FICO score available ( 3 ) — — — — — 33.8 — 1.0 34.8 Total Legacy Consumer Mortgages — — — — — 1,652.4 — 41.3 1,693.7 Consumer and Community Banking Greater than or equal to 730 1,152.3 923.7 372.3 453.5 339.7 596.7 34.2 — 3,872.4 Greater than or equal to 660 and less than 730 186.3 104.7 68.7 46.3 34.5 125.6 10.0 — 576.1 Less than 660 11.0 11.2 8.4 7.3 5.5 40.8 3.1 — 87.3 Government-guaranteed ( 2 ) 12.0 33.7 15.7 68.2 9.5 7.8 — — 146.9 No FICO score available ( 3 ) 0.1 0.5 0.1 0.3 0.6 18.2 0.2 — 20.0 FICO score not required ( 4 ) 2.0 0.7 1.0 0.6 1.0 13.3 0.7 — 19.3 Total Consumer and Community Banking 1,363.7 1,074.5 466.2 576.2 390.8 802.4 48.2 — 4,722.0 Total Consumer Loans $ 1,363.7 $ 1,074.5 $ 466.2 $ 576.2 $ 390.8 $ 2,454.8 $ 48.2 $ 41.3 $ 6,415.7 (1) Amortized cost excludes accrued interest receivable. See footnote 1 to the LTV table above. (2) Represents loans with principal repayments insured by the FHA and VA. (3) Represents loans with no FICO score available due to borrower bankruptcy or limited credit history. (4) FICO sores not required for these overdrafts, personal lines of credit or third-party guaranteed loans with servicer recourse option. Past Due and Non-accrual Loans Additional information on reporting of past due and non-accrual loans is provided in the discussion of the CARES Act and Interagency Statement in Note 1 – Business and Summary of Significant Accounting Policies The table that follows presents portfolio delinquency status, regardless of accrual or non-accrual classification: Loans - Delinquency Status (dollars in millions) Past Due Total 30-59 60-89 90 or more Past Due Current Total September 30, 2021 Commercial Banking Commercial Finance $ 37.2 $ 8.9 $ 29.8 $ 75.9 $ 16,023.3 $ 16,099.2 Real Estate Finance 0.2 10.6 9.2 20.0 6,410.8 6,430.8 Business Capital 58.5 26.4 17.3 102.2 4,521.2 4,623.4 Rail — — — — 63.7 63.7 Total Commercial Banking 95.9 45.9 56.3 198.1 27,019.0 27,217.1 Consumer Banking Legacy Consumer Mortgage 24.1 4.7 25.2 54.0 1,148.1 1,202.1 Consumer and Community Banking 42.7 26.7 20.2 89.6 4,952.2 5,041.8 Total Consumer Banking 66.8 31.4 45.4 143.6 6,100.3 6,243.9 Total $ 162.7 $ 77.3 $ 101.7 $ 341.7 $ 33,119.3 $ 33,461.0 December 31, 2020 Commercial Banking Commercial Finance $ 59.9 $ 2.8 $ 122.0 $ 184.7 $ 16,059.2 $ 16,243.9 Real Estate Finance 71.7 38.3 82.4 192.4 7,361.7 7,554.1 Business Capital 113.6 40.2 16.6 170.4 4,607.4 4,777.8 Rail — — — — 60.7 60.7 Total Commercial Banking 245.2 81.3 221.0 547.5 28,089.0 28,636.5 Consumer Banking Legacy Consumer Mortgage 61.0 17.6 79.7 158.3 1,535.5 1,693.8 Consumer and Community Banking 173.1 10.6 34.0 217.7 5,596.6 5,814.3 Total Consumer Banking 234.1 28.2 113.7 376.0 7,132.1 7,508.1 Total $ 479.3 $ 109.5 $ 334.7 $ 923.5 $ 35,221.1 $ 36,144.6 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 that are 90 days or more past due and are guaranteed by government agencies are not placed on non-accrual status. See Note 1 – Business and Summary of Significant Accounting Policies Loans on Non-Accrual Status (dollars in millions) ( 1 ) September 30, 2021 December 31, 2020 Non-Accrual Loans With No Allowance Recorded (2) Non-Accrual Loans With No Allowance Recorded (2) Commercial Banking Commercial Finance (3) $ 225.3 $ 13.4 $ 239.4 $ 8.0 Business Capital 40.8 3.1 72.8 1.5 Real Estate Finance 63.4 2.6 83.2 16.0 Total Commercial Banking 329.5 19.1 395.4 25.5 Consumer Banking Consumer and Community Banking 52.1 29.5 53.4 38.2 Legacy Consumer Mortgages 23.3 5.9 139.3 30.0 Total Consumer Banking 75.4 35.4 192.7 68.2 Total $ 404.9 $ 54.5 $ 588.1 $ 93.7 Repossessed assets and OREO (4) 10.5 7.9 Total non-performing assets $ 415.4 $ 596.0 Commercial loans past due 90 days or more accruing $ 14.7 $ 92.5 Consumer loans past due 90 days or more accruing (5) 13.2 11.3 Total accruing loans past due 90 days or more $ 27.9 $ 103.8 (1) Accrued interest that was reversed when the loan went to non-accrual status was $0.5 million and $1.1 million for the quarters ended September 30, 2021 and 2020, respectively, and $2.8 million and $6.0 million for the nine months ended September 30, 2021 and 2020, respectively. (2) Includes loans that have been charged-off to their net realizable value and loans where the collateral or enterprise value exceeds the expected pay off value. (3) Factored receivables within our Commercial Finance division do not accrue interest and therefore are not considered within non-accrual loan balances; however factored receivables are considered for credit provisioning purposes. (4) Balances consist mostly of single-family residential OREO. (5) Consists of loans guaranteed by government agencies. 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. Interest . Loans are in the process of foreclosure when repayment is expected to be provided substantially through the sale of the underlying real estate and the borrower is experiencing financial difficulty. The table below summarizes the residential mortgage loans in the process of foreclosure. Consistent with the government agency guidance, CIT suspended residential property foreclosures and evictions through July 31, 2021 related to single family homeowners due to the COVID-19 pandemic. Loans in Process of Foreclosure (dollars in millions) September 30, December 31, 2021 2020 Loans in process of foreclosure $ 11.8 $ 22.9 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 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 Note 1 – Business and Summary of Significant Accounting Policies The CARES Act and Interagency Statement offer some practical expedients for evaluating whether loan modifications that occur in response to the COVID-19 pandemic are TDRs. See Note 1 – Business and Summary of Significant Accounting Policies Modified loans that meet the definition of a TDR are subject to the Company's individually reviewed loans policy. The following table presents recorded investment of TDRs, excluding those within a trial modification period of $0.1 million at September 30, 2021 and $4.5 million at December 31, 2020: TDRs (dollars in millions) September 30, 2021 December 31, 2020 Recorded Investment % Total TDR Recorded Investment % Total TDR Commercial Banking $ 96.1 74 % $ 109.8 82 % Consumer Banking 33.4 26 % 24.6 18 % Total $ 129.5 100 % $ 134.4 100 % Percent non-accrual 51 % 73 % Modifications (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Recorded investment related to modifications qualifying as TDRs that occurred during the periods $ 31.3 $ 10.0 $ 48.8 $ 62.4 Recorded investment at the time of default of TDRs that experienced a payment default (payment default is one missed payment) during the periods and for which the payment default occurred within one year of the modification $ 2.9 $ 13.6 12.9 19.9 There were $9.3 million and $28.3 million of commitments to lend additional funds to borrowers whose loan terms have been modified in TDRs as of September 30, 2021 and December 31, 2020, respectively. Modifications qualifying as TDRs based upon recorded investment at September 30, 2021, were comprised of payment deferrals (55%) and covenant relief and/or other (45%). At December 31, 2020, TDR recorded investment was comprised of payment deferrals (40%) and covenant relief and/or other (60%). The financial impact of the various modification strategies that the Company employs in response to borrower difficulties is presented below. The overall nature of modification programs were comparable in the prior periods. ▪ 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 was 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 September 30, 2021 and 2020 were 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 September 30, 2021 and 2020 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 Credit Losses
Allowance For Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Credit Loss [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | NOTE 4 — ALLOWANCE FOR CREDIT LOSSES The ACL and the allowance for off-balance sheet credit exposures are reported on the Condensed Consolidated Balance Sheets in the allowance for credit losses and in other liabilities, respectively. Provision for credit losses related to the loan portfolio and the off-balance sheet credit exposures are reported in the Consolidated Statements of Operations as provision for credit losses. Allowance for Credit Losses and Recorded Investment in Loans (dollars in millions) Quarter Ended September 30, 2021 Quarter Ended September 30, 2020 Commercial Banking Consumer Banking Total Commercial Banking Consumer Banking Total Balance - beginning of period $ 743.4 $ 107.2 $ 850.6 $ 1,020.1 $ 182.6 $ 1,202.7 Provision for credit losses ( 1) (49.3 ) (17.8 ) (67.1 ) 87.9 (24.6 ) 63.3 Other ( 2) 11.7 0.2 11.9 7.1 (0.9 ) 6.2 Gross charge-offs (15.3 ) (1.1 ) (16.4 ) (77.2 ) (1.0 ) (78.2 ) Recoveries 10.7 0.7 11.4 11.4 0.8 12.2 Balance - end of period $ 701.2 $ 89.2 $ 790.4 $ 1,049.3 $ 156.9 $ 1,206.2 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Balance - beginning of period $ 933.7 $ 130.1 $ 1,063.8 $ 460.4 $ 22.2 $ 482.6 CECL adoption ( 3) - - - 74.7 148.9 223.6 Provision for credit losses ( 1) (220.6 ) (36.1 ) (256.7 ) 811.5 (10.7 ) 800.8 Initial ACL recognized on PCD assets ( 4) - - - 18.8 1.4 20.2 Other ( 2 ) 28.2 (0.5 ) 27.7 (28.6 ) (3.0 ) (31.6 ) Gross charge-offs ( 4) (86.2 ) (6.5 ) (92.7 ) (331.0 ) (3.7 ) (334.7 ) Recoveries 46.1 2.2 48.3 43.5 1.8 45.3 Balance - end of period $ 701.2 $ 89.2 $ 790.4 $ 1,049.3 $ 156.9 $ 1,206.2 September 30, 2021 December 31, 2020 Commercial Banking Consumer Banking Total Commercial Banking Consumer Banking Total Allowance Balance Loans individually evaluated for impairment $ 68.2 $ 4.1 $ 72.3 $ 100.8 $ 5.5 $ 106.3 Loans collectively evaluated for impairment 633.0 85.1 718.1 832.9 124.6 957.5 Allowance for credit losses $ 701.2 $ 89.2 $ 790.4 $ 933.7 $ 130.1 $ 1,063.8 Allowance for off-balance sheet credit exposures $ 48.6 $ 1.5 $ 50.1 $ 76.8 $ 1.5 $ 78.3 Loans Loans individually evaluated for impairment $ 289.1 $ 53.1 $ 342.2 $ 346.3 $ 86.4 $ 432.7 Loans collectively evaluated for impairment 26,928.0 6,190.8 33,118.8 28,290.2 7,421.7 35,711.9 Ending balance $ 27,217.1 $ 6,243.9 $ 33,461.0 $ 28,636.5 $ 7,508.1 $ 36,144.6 Percent of loans to total loans 81.3 % 18.7 % 100.0 % 79.2 % 20.8 % 100.0 % (1) Included in the provision for credit losses was $(11.7) million and $(6.4) million for the quarters ended September 30, 2021 and 2020, respectively, and $(28.2) million and $29.9 million for the nine months ended September 30, 2021 and 2020, respectively, related to off-balance sheet credit exposures, which is not part of the ACL and is offset in the “Other” line. (2) “Other” primarily includes provision changes related to off balance sheet credit exposures, which represents credit cost related to unfunded financing commitments, deferred purchase agreements (“DPA’s”), and letters of credit. The allowance related to this exposure is included in other liabilities. (3) CECL adoption was before the MOB Acquisition. (4) In connection with the MOB Acquisition, the initial ACL recognized on PCD assets was $58.8 million, of which $38.6 million was charged-off for loans that had been written-off prior to acquisition (whether full or partial) or which met CIT’s charge-off policy at the time of acquisition. After considering loans that were immediately charged-off upon acquisition, the net impact was $20.2 million of additional PCD reserves on January 1, 2020. The ACL was $790.4 million as of September 30, 2021, compared to $1,063.8 million at December 31, 2020. The lower ACL balance drove a benefit for credit losses of $(67.1) million and $(256.7) million for the quarter and nine months ended September 30, 2021, respectively, compared to a provision of $63.3 million and $800.8 million for the quarter and nine months ended September 30, 2020, respectively. The allowance for off-balance sheet credit exposures decreased from $78.3 million at December 31, 2020 to $50.1 million at September 30, 2021. Changes in the ACL and allowance for off-balance sheet credit exposures compared to the prior year periods reflect lower loan balances and off-balance sheet credit exposures, as well as an improvement in the macroeconomic scenario forecasts and credit loss trends |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
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 considered in the accounting 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. Right of use (“ROU”) assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Lease Balance Sheet Information (dollars in millions) September 30, December 31, 2021 2020 ROU assets $ 252.7 $ 198.8 Lease liabilities 288.4 249.9 Supplemental Cash Flow Information (dollars in millions) Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 37.4 $ 42.6 ROU assets obtained in exchange for new lease liabilities 68.9 16.4 A 15-year lease commenced in April 2021 for office space in Morristown, NJ, which is primarily occupied by corporate functional staff. At September 30, 2021, ROU assets and lease liabilities for the lease are $71.9 and $61.7 million, respectively. 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 ticket industrial, medical, and transportation equipment under both operating leases and finance leases. Our Rail operating leases typically do not include purchase options. Many of our finance leases, 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 table that follows presents lease income related to the Company’s operating and finance leases: Lease Income (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease income – Operating leases $ 173.9 $ 191.4 $ 530.5 $ 578.2 Variable lease income – Operating leases (1) 12.3 9.9 38.6 33.8 Rental income on operating leases 186.2 201.3 569.1 612.0 Interest income - Sales type and direct financing leases 39.5 44.3 125.9 127.5 Variable lease income included in Other non-interest income (2) 10.4 9.9 31.7 31.7 Leveraged lease income 3.7 3.1 10.5 8.3 Total lease income $ 239.8 $ 258.6 $ 737.2 $ 779.5 (1) (2) related September 30, 2021 respectively, and $20.1 million and $18.3 million for the nine months ended September 30, 2021 and 2020, respectively September 30, 2021 and $11.5 million and $13.4 million for the nine months ended September 30, 2021 and 2020 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 6 — INVESTMENT SECURITIES Investment securities include debt and equity securities. Note 1 — Business and Summary of Significant Accounting Policies Carrying Value of Investment Securities (dollars in millions) September 30, December 31, 2021 2020 Available-for-sale securities Debt securities $ 5,561.1 $ 6,673.5 Non-marketable securities (1) 214.1 215.5 Total investment securities $ 5,775.2 $ 6,889.0 (1 ) Non-marketable securities include restricted stock of the FRB and FHLB carried at cost of $164.8 million and $181.7 million at September 30, 2021 and December 31, 2020, respectively. The remaining non-marketable securities without readily determinable fair values measured under the measurement exception totaled $49.3 million and $33.8 million at September 30, 2021 and December 31, 2020, respectively. Accrued interest receivable on debt securities totaled $7.6 million and $13.7 million as of September 30, 2021 and December 31, 2020, respectively, and were included in other assets. The Company had $4.4 billion and $3.8 billion of interest-bearing cash at banks at September 30, 2021 and December 31, 2020, respectively, which are cash and cash equivalents and presented separately on the Consolidated Balance Sheet. The following table presents interest and dividends on investments and interest-bearing cash. Interest and Dividend Income (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest income - debt securities (1) $ 15.0 $ 24.0 $ 50.9 $ 90.1 Interest income - interest-bearing cash 2.0 2.1 4.8 9.5 Dividends - equity securities 0.9 1.4 3.7 3.6 Total interest and dividends $ 17.9 $ 27.5 $ 59.4 $ 103.2 (1) Includes interest income on securities purchased under agreement to resell and insignificant amounts of non-taxable interest income. The following table presents proceeds from sales of debt securities AFS Changes in Accumulated Other Comprehensive Income (Loss) by Component Note 11 – Stockholders’ Equity. Realized Gains (Losses) and Proceeds from Sales of Debt Securities AFS (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Proceeds from sales of debt securities AFS $ 271.4 $ 314.2 $ 2,891.2 $ 2,776.1 Gross realized gains $ 5.5 $ 8.4 $ 113.8 $ 30.5 Gross realized losses — (0.2 ) (0.5 ) (1.9 ) Net realized gains on sales of debt securities AFS $ 5.5 $ 8.2 $ 113.3 $ 28.6 The following table presents amortized cost and fair value of securities AFS. Amortized Cost and Fair Value (dollars in millions) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2021 Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency – Residential $ 1,596.6 $ 0.5 $ (21.6 ) $ 1,575.5 U.S. government/sponsored agency – Commercial 1,742.2 — (28.6 ) 1,713.6 U.S. government/sponsored agency obligations 1,509.9 — (22.8 ) 1,487.1 U.S. Treasury securities 506.3 — (17.8 ) 488.5 Supranational securities 309.9 — (13.5 ) 296.4 Total debt securities AFS $ 5,664.9 $ 0.5 $ (104.3 ) $ 5,561.1 December 31, 2020 Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency – Residential $ 2,503.4 $ 76.5 $ (0.1 ) $ 2,579.8 U.S. government/sponsored agency – Commercial 1,725.0 56.3 (0.5 ) 1,780.8 U.S. government/sponsored agency obligations 1,474.2 0.5 (3.9 ) 1,470.8 U.S. Treasury securities 505.9 — (3.2 ) 502.7 Supranational securities 330.2 0.2 (2.9 ) 327.5 Agency asset-backed securities 1.5 0.1 — 1.6 Corporate bonds - foreign 10.3 — — 10.3 Total debt securities AFS $ 6,550.5 $ 133.6 $ (10.6 ) $ 6,673.5 (1 ) The amortized cost is net of the ACL. There was no ACL relating to debt securities as of September 30, 2021 and December 31, 2020. The following table presents the debt securities AFS by contractual maturity dates. Maturities - (dollars in millions) September 30, 2021 Amortized Cost Fair Value Weighted Average Yield Mortgage-backed securities — U.S. government/sponsored agency – Residential After 5 through 10 years $ 0.1 $ 0.1 5.21 % After 10 years 1,596.5 1,575.4 1.68 % Total 1,596.6 1,575.5 1.68 % Mortgage-backed securities — U.S. government/sponsored agency – Commercial After 5 through 10 years 31.2 30.1 1.12 % After 10 years 1,711.0 1,683.5 1.45 % Total 1,742.2 1,713.6 1.45 % U.S. government/sponsored agency obligations After 1 through 5 years 532.5 528.0 0.66 % After 5 through 10 years 977.4 959.1 1.13 % Total 1,509.9 1,487.1 0.96 % U.S. Treasury securities 1 year or less 13.0 13.1 0.23 % After 1 through 5 years 99.9 98.1 0.27 % After 5 through 10 years 393.4 377.3 0.50 % Total 506.3 488.5 0.45 % Supranational securities 1 year or less — — 0.00 % After 1 through 5 years 56.9 56.2 0.47 % After 5 through 10 years 253.0 240.2 0.85 % Total 309.9 296.4 0.78 % Total debt securities AFS $ 5,664.9 $ 5,561.1 1.26 % At September 30, 2021 and December 31, 2020 , certain securities AFS we re 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 for which an ACL has not been recorded . Gross Unrealized Loss (dollars in millions) September 30, 2021 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/sponsored agency - Residential $ 1,511.3 $ (21.6 ) $ — $ — U.S. government/sponsored agency - Commercial 1,594.1 (26.9 ) 42.2 (1.7 ) U.S. government/sponsored agency obligations 1,324.7 (21.7 ) 87.4 (1.1 ) U.S. Treasury securities 434.1 (15.7 ) 47.8 (2.1 ) Supranational securities 187.5 (8.0 ) 108.8 (5.5 ) Total debt securities AFS $ 5,051.7 $ (93.9 ) $ 286.2 $ (10.4 ) December 31, 2020 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/sponsored agency - Residential $ 39.3 $ (0.1 ) $ — $ — U.S. government/sponsored agency - Commercial 267.3 (0.5 ) — — U.S. government/sponsored agency obligations 628.5 (3.9 ) — — U.S. Treasury securities 489.9 (3.2 ) — — Supranational securities 245.4 (2.9 ) — — Total debt securities AFS $ 1,670.4 $ (10.6 ) $ — $ — Impairment of Investment Securities There were no impairment losses on debt securities AFS for the quarter ended September 30, 2021. There was a $0.4 million impairment loss on debt securities AFS for the nine months ended September 30, 2021. There were There were insignificant adjustments for non-marketable securities without readily determinable fair values for the quarter and nine months ended September 30, 2021, and no adjustments for the quarter and nine months ended September 30, 2020. There was no ACL relating to investment securities as of September 30, 2021 and December 31, 2020, primarily due to the high proportion of U.S. government guaranteed securities in the portfolio. There were insignificant unrealized gains and losses on non-marketable securities as of September 30, 2021 and December 31, 2020. Pledged Securities Securities with a carrying value of $136.2 million and $1,926.2 million were pledged as of September 30, 2021 and December 31, 2020, respectively, to secure FHLB financing availability and mortgage programs, public funds in CIT Bank, derivative contracts, and for other purposes as required or permitted by law. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 7 — VARIABLE INTEREST ENTITIES Variable Interest Entities (“VIE”) Described below are the results of the Company’s assessment of its variable interests in order to determine its current status with regard to being the VIE primary beneficiary (“PB”). See Note 1 — Business and Summary of Significant Accounting Policies Consolidated VIEs At September 30, 2021 and December 31, 2020, there were no consolidated VIEs. Unconsolidated VIEs Unconsolidated VIEs include agency and non-agency securitization structures, limited partnership interests and joint ventures where the Company’s involvement is limited to an investor interest and the Company does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. 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 disclosure is not an indication of expected loss. Unconsolidated VIEs (dollars in millions) September 30, 2021 December 31, 2020 Securities Other Investments Securities Other Investments Agency securities $ 3,289.1 $ — $ 4,362.2 $ — Tax credit equity investments — 366.6 — 311.5 Equity investments — 146.6 — 111.9 Total assets $ 3,289.1 $ 513.2 $ 4,362.2 $ 423.4 Commitments to tax credit investments (1) $ — $ 195.7 $ — $ 168.3 Total liabilities $ — $ 195.7 $ — $ 168.3 Maximum loss exposure $ 3,289.1 $ 513.2 $ 4,362.2 $ 423.4 (1) Represents commitments to invest in affordable housing investments, and other investments qualifying for community reinvestment tax credits. These commitments are payable on demand and are recorded in other liabilities. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 8 — BORROWINGS The following table presents the carrying value of outstanding borrowings. Borrowings (dollars in millions) September 30, 2021 December 31, 2020 CIT Group Inc. Subsidiaries Total Total Unsecured borrowings: Senior $ 3,427.0 $ 313.3 $ 3,740.3 $ 4,236.3 Subordinated notes 495.3 — 495.3 494.9 Secured borrowings: FHLB advances — — — 1,100.0 Other secured and structured financings — 12.0 12.0 6.1 Total borrowings $ 3,922.3 $ 325.3 $ 4,247.6 $ 5,837.3 Unsecured Borrowings Revolving Credit Facility The Revolving Credit Facility had a total commitment amount of $300 million at September 30, 2021 and December 31, 2020, consisting of a $200 million revolving loan tranche and a $100 million revolving loan tranche that could also be utilized for issuance of letters of credit. At September 30, 2021, the Revolving Credit Facility had a Tier 1 capital ratio requirement of 8.5%, and applicable margin charged under the facility of 1.75% for loans indexed to LIBOR and 0.75% for loans related to other indexes, as defined in the credit agreement. At September 30, 2021, the Revolving Credit Facility was unsecured and guaranteed by three of the Company’s domestic operating subsidiaries. In addition, the applicable required minimum guarantor asset coverage ratio could range from 1.0:1.0 1.5:1.0 The facility matured on November 1, 2021 and was not renewed. Senior Unsecured Notes On February 9, 2021, the Company redeemed all of the aggregate principal amount ($500 million) of outstanding 4.125% Senior Notes due March 2021 at par. There were no other significant changes from Subordinated Unsecured Notes The principal amounts and maturity dates of the subordinated unsecured notes remained unchanged from December 31, 2020. See Note 10 – Borrowings Secured Borrowings At September 30, 2021, the Company had pledged $11.9 billion of assets to several financing facilities (including collateral for the FRB discount window that is currently not drawn) FHLB Advances The following table presents the FHLB balances as of September 30, 2021 and December 31, 2020. FHLB Balances (dollars in millions) September 30, December 31, 2021 2020 Total borrowing capacity $ 5,391.4 $ 7,175.3 Less: Advances — (1,100.0 ) Available capacity $ 5,391.4 $ 6,075.3 Pledged assets (1) $ 7,023.0 $ 8,868.0 Weighted Average Rate N/A 0.82 % (1) There were no pledged HQL securities at September 30, 2021. December 31, 2020 pledged Other Secured and Structured Financings Other secured (other than FHLB) and structured financings of CIT-owned subsidiaries totaled $12.0 million and $6.1 million at September 30, 2021 and December 31, 2020, respectively. Pledged assets related to these financings, primarily the ABL facility, totaled $2,478.0 million and $2,486.4 million at September 30, 2021 and December 31, 2020, respectively. The outstanding secured and structured financings as of September 30, 2021 had a weighted average rate of 4.33%, compared to a weighted average rate of 4.39% at December 31, 2020. FRB There were no outstanding borrowings from the FRB Discount Window at September 30, 2021 and December 31, 2020. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 9 — DERIVATIVE FINANCIAL INSTRUMENTS See Derivative Financial Instruments and Recent Accounting Pronouncements sections in Note 1 — Business and Summary of Significant Accounting Policies The following table presents notional amount and fair value of derivative financial instruments on a gross basis. Notional Amount and Fair Value of Derivative Financial Instruments (dollars in millions) September 30, 2021 December 31, 2020 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives designated as hedging instruments (Qualifying hedges) Foreign exchange contracts $ 2.6 $ — $ — $ 33.9 $ — $ (0.3 ) Interest rate contracts (1)(3) — — — 500.0 — — Total derivatives designated as hedging instruments 2.6 — — 533.9 — (0.3 ) Derivatives not designated as hedging instruments (Non-qualifying hedges) Interest rate contracts (1)(3) 20,948.6 263.9 (74.7 ) 21,192.9 429.6 (72.2 ) Foreign exchange contracts 205.9 4.5 (2.6 ) 247.8 1.7 (6.0 ) Other contracts (2) 909.5 0.1 (0.6 ) 875.8 0.3 (0.7 ) Total derivatives not designated as hedging instruments 22,064.0 268.5 (77.9 ) 22,316.5 431.6 (78.9 ) Gross derivatives fair values presented in the Consolidated Balance Sheets $ 22,066.6 $ 268.5 $ (77.9 ) $ 22,850.4 $ 431.6 $ (79.2 ) Less: Gross amounts offset in the Consolidated Balance Sheets — — — — Net amount presented in the Consolidated Balance Sheet 268.5 (77.9 ) 431.6 (79.2 ) Less: Amounts subject to master netting agreements (4) (10.8 ) 10.8 (4.7 ) 4.7 Less: Cash collateral pledged (received) subject to master netting agreements (5) (0.9 ) 18.3 — 42.9 Total net derivative fair value $ 256.8 $ (48.8 ) $ 426.9 $ (31.6 ) (1) Fair value balances include accrued interest. (2) Other derivative contracts not designated as hedging instruments include risk participation agreements. (3) The Company accounts for swap contracts cleared by the Chicago Mercantile Exchange and LCH Clearnet as “settled-to-market”. As a result, variation margin payments are characterized as settlement of the derivative exposure and variation margin balances are netted against the corresponding derivative mark-to-market balances. Gross amounts of recognized assets and liabilities were lowered by $45.5 million and $198.8 million, respectively at September 30, 2021 and $20.5 million and $339.9 million, respectively at December 31, 2020. (4) The Company’s derivative transactions are governed by ISDA agreements that allow for net settlements of certain payments as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. We believe our ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure. (5) In conjunction with the ISDA agreements described above, the Company has entered into collateral arrangements with its counterparties, which provide for the exchange of cash depending on change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties. Collateral pledged or received is included in other assets or other liabilities, respectively. 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 fair value hedges. The following table represents gains (losses) of fair value hedges recognized as interest expense. Gains (Losses) on Qualifying Hedges (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Recognized on derivatives (1) $ — $ (2.3 ) $ (1.1 ) $ 2.6 Recognized on hedged item — 2.3 1.1 (2.6 ) Net recognized on fair value hedges (no ineffectiveness) $ — $ — $ — $ — (1) The following table presents the carrying value of hedged items and associated cumulative hedging adjustment related to fair value hedges. Cumulative Fair Value Hedging Adjustments (dollars in millions) Cumulative Fair Value Hedging Adjustment Included in the Carrying Value of Hedged Items Carrying Value of Hedged Items (1) Currently Designated No Longer Designated September 30, 2021 Long-term Debt $ 784.4 $ — $ 1.4 December 31, 2020 Long-term Debt $ 1,534.4 $ 1.1 $ 1.8 (1) Carrying value includes $784.4 million and $1,033.9 million of carrying value of hedged items no longer designated as of September 30, 2021 and December 31, 2020, respectively. The following table presents the pre-tax net gains (losses) recorded in the condensed consolidated statements of operations and in the condensed consolidated statements of comprehensive income (loss) relating to derivatives designated as net investment hedges. Pre-tax Net Gains (Losses) Relating to Derivatives Designated as Net Investment Hedges (dollars in millions) Amounts Amounts Recorded in Other Reclassified from Comprehensive Total Change in AOCI to Income Income (Loss) AOCI for Period Contract Type Quarter Ended September 30, 2021 Foreign currency forward contracts - net investment hedges $ 13.5 $ 0.2 $ 13.7 Quarter Ended September 30, 2020 Foreign currency forward contracts - net investment hedges $ — $ (1.6 ) $ (1.6 ) Nine Months Ended September 30, 2021 Foreign currency forward contracts - net investment hedges $ 13.5 $ (0.3 ) $ 13.2 Nine Months Ended September 30, 2020 Foreign currency forward contracts - net investment hedges $ — $ (1.1 ) $ (1.1 ) Non-Qualifying Hedges The following table presents gains (losses) of non-qualifying hedges recognized as other non-interest income. Gains (Losses) on Non-Qualifying Hedges (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest rate contracts $ 3.1 $ 5.1 $ 11.3 $ 11.7 Foreign currency forward contracts 2.1 (6.1 ) 3.4 (3.7 ) Other contracts — 0.2 (0.1 ) (0.7 ) Total non-qualifying hedges - income statement impact $ 5.2 $ (0.8 ) $ 14.6 $ 7.3 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2021 | |
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 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 September 30, 2021 Assets U.S. government/sponsored agency – Residential MBS $ 1,575.5 $ — $ 1,575.5 $ — U.S. government/sponsored agency – Commercial MBS 1,713.6 — 1,713.6 — U.S. government/sponsored agency obligations 1,487.1 — 1,487.1 — U.S. Treasury securities 488.5 8.1 480.4 — Supranational securities 296.4 — 296.4 — Total debt securities AFS 5,561.1 8.1 5,553.0 — Interest rate contracts — non-qualifying hedges 263.9 — 263.7 0.2 Other derivative — non-qualifying hedges 4.6 — 4.4 0.2 Total derivative assets at fair value — non-qualifying hedges (1) 268.5 — 268.1 0.4 Foreign currency forward contracts — net investment qualifying hedges — — — — Total derivative assets at fair value — qualifying hedges — — — — Total $ 5,829.6 $ 8.1 $ 5,821.1 $ 0.4 Liabilities Interest rate contracts — non-qualifying hedges $ (74.7 ) $ — $ (74.7 ) $ — Other derivative— non-qualifying hedges (3.2 ) — (2.6 ) (0.6 ) Total derivative liabilities at fair value — non-qualifying hedges (1) (77.9 ) — (77.3 ) (0.6 ) Foreign currency forward contracts — net investment qualifying hedges — — — — Total derivative liabilities at fair value — qualifying hedges — — — — Total $ (77.9 ) $ — $ (77.3 ) $ (0.6 ) December 31, 2020 Assets U.S. government/sponsored agency – Residential MBS $ 2,579.8 $ — $ 2,579.8 $ — U.S. government/sponsored agency – Commercial MBS 1,780.8 — 1,780.8 — U.S. government/sponsored agency obligations 1,470.8 — 1,470.8 — U.S. Treasury securities 502.7 7.8 494.9 — Supranational securities 327.5 — 327.5 — Other securities 11.9 — 1.6 10.3 Total debt securities AFS 6,673.5 7.8 6,655.4 10.3 Interest rate contracts — non-qualifying hedges 429.6 — 428.1 1.5 Other derivative — non-qualifying hedges 2.0 — 1.7 0.3 Total derivative assets at fair value — non-qualifying hedges (1) 431.6 — 429.8 1.8 Total $ 7,105.1 $ 7.8 $ 7,085.2 $ 12.1 Liabilities Interest rate contracts — non-qualifying hedges $ (72.2 ) $ — $ (72.2 ) $ — Other derivative— non-qualifying hedges (6.7 ) — (6.0 ) (0.7 ) Total derivative liabilities at fair value — non-qualifying hedges (1) (78.9 ) — (78.2 ) (0.7 ) Foreign currency forward contracts — net investment qualifying hedges (0.3 ) — (0.3 ) — Total derivative liabilities at fair value — qualifying hedges (0.3 ) — (0.3 ) — Total $ (79.2 ) $ — $ (78.5 ) $ (0.7 ) (1) Derivative fair values include accrued interest. The methods and assumptions used to estimate the fair value of each class of financial instruments measured at fair value on a recurring basis are as follows: Debt securities AFS — Investments in U.S. government agency and sponsored agency guaranteed mortgage-backed securities, U.S. government agency and sponsored agency obligations, U.S. Treasury securities and supranational securities were valued using Level 2 inputs. The market for certain corporate bonds is not active, therefore the estimated fair value was determined using a discounted cash flow technique or other appropriate techniques. Given the lack of observable market data, the estimated fair value of the corporate bonds was classified as Level 3. All of the corporate bonds were sold in the second quarter of 2021. Derivative Assets and Liabilities — Derivatives were valued using models that incorporate inputs depending on the type of derivative. Other than the fair value of 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. 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. 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 September 30, 2021 Assets Derivative assets — non qualifying $ 0.4 Internal valuation model Borrower Rate 1.8% - 4.1% 2.7% Total Assets $ 0.4 Liabilities Derivative liabilities — non-qualifying $ (0.6 ) Internal valuation model Total Liabilities $ (0.6 ) December 31, 2020 Assets Debt Securities — AFS $ 10.3 Discounted cash flow Discount Rate 8.5% - 10.4% 9.5% Derivative assets — non qualifying 1.8 Internal valuation model Borrower Rate 1.9% - 3.6% 2.7% Total Assets $ 12.1 Liabilities Derivative liabilities — non-qualifying $ (0.7 ) Internal valuation model Total Liabilities $ (0.7 ) 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 Derivative Assets- Non- Qualifying Derivative Liabilities- Non- Qualifying FDIC True-up Liability (1) Balance as of December 31, 2020 $ 10.3 $ 1.8 $ (0.7 ) $ — Included in earnings — (1.4 ) 0.1 — Included in comprehensive income — — — — Maturity and settlements (9.9 ) — — — Impairment (0.4 ) — — — Balance as of September 30, 2021 $ — $ 0.4 $ (0.6 ) $ — Balance as of December 31, 2019 $ 67.1 $ 0.3 $ (0.8 ) $ (68.8 ) Included in earnings 0.1 1.1 (0.4 ) (0.2 ) Included in comprehensive income (1.1 ) — — — Maturity and settlements (26.7 ) — — 69.0 Balance as of September 30, 2020 $ 39.4 $ 1.4 $ (1.2 ) $ — (1) The FDIC True-up liability was recorded at estimated fair value as of the date of the OneWest transaction related to the FDIC-assisted transaction of La Jolla. The FDIC True-up liability was settled in April 2020. 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 lower of cost or market or other impairment accounting. The following table presents carrying value of assets measured at estimated fair value on a non-recurring basis for which gains and losses from a non-recurring fair value adjustment have been recorded in the periods. The gains and losses reflect amounts for the respective year-to-date periods. Assets Measured at Fair Value on a Non-recurring Basis (dollars in millions) Fair Value Measurements Total Level 1 Level 2 Level 3 Total Gains (Losses) September 30, 2021 Assets held for sale $ 37.4 $ — $ 6.5 $ 30.9 $ (4.7 ) Loans 96.2 — — 96.2 (20.7 ) Total $ 133.6 $ — $ 6.5 $ 127.1 $ (25.4 ) December 31, 2020 Assets held for sale $ 701.6 $ — $ — $ 701.6 $ (112.7 ) Loans 106.4 — — 106.4 (55.6 ) Mortgage servicing rights 4.3 — — 4.3 (4.5 ) ROU assets 4.4 — — 4.4 (6.1 ) Total $ 816.7 $ — $ — $ 816.7 $ (178.9 ) The methods and assumptions used to estimate the fair value of each class of financial instruments measured at fair value on a non-recurring basis are as follows: Assets Held for Sale — The fair value of Level 2 assets was primarily estimated based on prices of recent trades of similar assets. The fair value of Level 3 assets was primarily measured under the income approach using the discounted cash flow model based on Level 3 inputs including discount rate or the price of executed or committed trades. Loans — Loans that are collateral-dependent were measured based on the fair value of the underlying collateral less costs to sell. These loans are classified as Level 3 as the fair value of underlying collateral is estimated primarily based on third party appraisals or opinions adjusted for the Company’s experience with liquidation value. Mortgage Servicing Rights — Under the amortization method, the carrying value of the MSRs was reduced to its fair value by the impairment loss recognized. The fair value of the MSRs was measured under the income approach using the discounted cash flow model based on Level 3 inputs including prepayment speed, discount rates and cost to service. ROU Assets — During 2020, the Company recognized an impairment loss on ROU assets for certain leased facilities. The fair value of ROU assets was measured based on the discounted cash flows of estimated rental income for the office space to be subleased, using market participant assumptions. As unobservable inputs are used, ROU assets are classified as Level 3. See Note 5 – Leases in the Company's 2020 Form 10-K for details. Financial Instruments not Measured at Fair Value The carrying values and estimated fair values of financial instruments not measured at fair value presented below exclude finance leases and operating lease equipment, and certain other assets and liabilities, which were not required for disclosure. Carrying Value and Fair Value of Financial Instruments (dollars in millions) Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total September 30, 2021 Financial Assets Cash and interest bearing deposits $ 4,598.4 $ 4,598.4 $ — $ — $ 4,598.4 Assets held for sale 92.2 — 13.1 79.2 92.3 Loans (1) 30,582.8 — 1,520.4 29,723.5 31,243.9 Securities purchased under agreements to resell 100.0 — 100.0 — 100.0 Investment securities (2) 214.1 — — 214.1 214.1 Financial Liabilities Deposits (3) (40,249.0 ) — — (40,337.4 ) (40,337.4 ) Borrowings (3) (4,276.7 ) — (4,611.6 ) (12.6 ) (4,624.2 ) Credit balances of factoring clients (1,556.6 ) — — (1,556.6 ) (1,556.6 ) December 31, 2020 Financial Assets Cash and interest bearing deposits $ 4,011.7 $ 4,011.7 $ — $ — $ 4,011.7 Assets held for sale 720.0 — 14.5 706.2 720.7 Loans (1) 32,812.9 — 1,332.1 32,285.4 33,617.5 Securities purchased under agreement to resell 150.0 — 150.0 — 150.0 Investment securities (2) 215.5 — — 215.5 215.5 Financial Liabilities Deposits (3) (43,086.0 ) — — (43,224.0 ) (43,224.0 ) Borrowings (3) (5,911.1 ) — (6,371.3 ) (8.0 ) (6,379.3 ) Credit balances of factoring clients (1,719.9 ) — — (1,719.9 ) (1,719.9 ) (1) Carrying value of loans (excluding leases) is net of the ACL. (2) Non-marketable securities carried at cost. See Assets and Liabilities Measured at Fair Value on a Recurring Basis in this note above for debt securities AFS and securities carried at fair value with changes recorded in net income. (3) Deposits and borrowings include accrued interest, which is included in other liabilities. The methods and assumptions used to estimate the fair value of each class of financial instruments not measured at fair value are as follows: Assets Held for Sale — The fair value of Level 2 assets was primarily estimated based on the prices of recent trades of similar assets. Loans — Loans are generally valued by discounting expected cash flows using market inputs with adjustments based on cohort level assumptions for certain loan types as well as internally developed estimates at a division or portfolio level. Due to the significance of the unobservable market inputs and assumptions, as well as the absence of a liquid secondary market for most loans, these loans are classified as Level 3. Certain loans are measured based on observable market prices sourced from external data providers and classified as Level 2. Nonaccrual loans are written down and reported at their estimated recovery value which approximates their fair value and classified as Level 3. Securities Purchased Under Agreement to Resell — The fair value of securities purchased under agreement to resell (reverse repo) was determined using a discount cash flow technique. Interest rates appropriate to the maturity and underlying collateral are used for discounting the estimated cash flows. As observable market interest rates are used, the fair value of securities purchased under agreement to resell was classified as Level 2. Investment Securities–non-marketable — Utilize Level 3 inputs to estimate fair value and were generally recorded under the measurement alternative. 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. 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 was estimated based on a discounted cash flow technique using Level 3 inputs appropriate to the contractual maturity. Borrowings The Level 2 fair value of borrowings included: ▪ Unsecured debt — consists of both senior debt and subordinated debt. Unsecured debt was valued using observable market prices of identical instruments. ▪ Secured borrowings — consist s of FHLB advances . The estimated fair value of FHLB advances was based on a discounted cash flow technique . The cash flows were calculated using the contractual features of the advance and then discounted using observable market interest rates . The Level 3 fair value of borrowings included: ▪ Secured borrowings — consists of structured financings and other secured borrowings. The fair value of structured financings was estimated based on a discounted cash flow technique using observable market interest rates adjusted for estimated spreads. The fair value of other secured borrowings was estimated based on unobservable inputs. 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, therefore, the carrying value approximated fair value, and the credit balances were classified as Level 3. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 11 — STOCKHOLDERS' EQUITY A roll forward of common stock activity is presented in the following table. Number of Shares of Common Stock Issued Less Treasury Outstanding Common stock - December 31, 2020 163,309,861 (64,700,466 ) 98,609,395 Restricted stock issued 768,318 — 768,318 Shares held to cover taxes on vesting restricted shares and other — (266,668 ) (266,668 ) Employee stock purchase plan participation 55,978 — 55,978 Common stock - September 30, 2021 164,134,157 (64,967,134 ) 99,167,023 Accumulated Other Comprehensive Income (Loss) ("AOCI") The following table details the components of AOCI, net of tax: Components of Accumulated Other Comprehensive Income (Loss) (dollars in millions) September 30, 2021 December 31, 2020 Gross Unrealized Income Taxes Net Unrealized Gross Unrealized Income Taxes Net Unrealized Foreign currency translation adjustments $ 10.2 $ (9.1 ) $ 1.1 $ (2.6 ) $ (6.5 ) $ (9.1 ) Changes in benefit plans net loss and prior service (cost)/credit (41.2 ) (3.8 ) (45.0 ) (42.5 ) (3.6 ) (46.1 ) Unrealized net (loss) gains on securities AFS (103.8 ) 26.5 (77.3 ) 123.0 (32.1 ) 90.9 Total accumulated other comprehensive (loss) income $ (134.8 ) $ 13.6 $ (121.2 ) $ 77.9 $ (42.2 ) $ 35.7 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) Changes in Benefit Plan Foreign Net (Loss) Gain Unrealized Net Currency and Prior (Losses) Gains Translation Service (Cost) on AFS Adjustments Credit Securities Total AOCI Balance as of December 31, 2020 $ (9.1 ) $ (46.1 ) $ 90.9 $ 35.7 AOCI activity before reclassifications (0.4 ) 0.3 (83.8 ) (83.9 ) Amounts reclassified from AOCI 10.6 0.8 (84.4 ) (73.0 ) Net current period changes in AOCI 10.2 1.1 (168.2 ) (156.9 ) Balance as of September 30, 2021 $ 1.1 $ (45.0 ) $ (77.3 ) $ (121.2 ) Balance as of December 31, 2019 $ (9.1 ) $ (52.6 ) $ 9.6 $ (52.1 ) AOCI activity before reclassifications (0.4 ) 2.7 117.2 119.5 Amounts reclassified from AOCI - 0.3 (21.3 ) (21.0 ) Net current period changes in AOCI (0.4 ) 3.0 95.9 98.5 Balance as of September 30, 2020 $ (9.5 ) $ (49.6 ) $ 105.5 $ 46.4 Other Comprehensive Income (Loss) The amounts included in the Condensed Consolidated Statements of Comprehensive Income (Loss) are net of income taxes. The following table presents the pretax and after-tax components of other comprehensive income. Before- and After-Tax components of OCI (dollars in millions) Quarters Ended September 30, 2021 2020 Income Gross Net Gross Net Statement Amount Tax Amount Amount Tax Amount Line Item Foreign currency translation adjustments AOCI activity before reclassification $ (0.1 ) $ (0.2 ) $ (0.3 ) $ 0.3 $ 0.3 $ 0.6 Reclassifications out of AOCI 13.2 (2.6 ) 10.6 — — — Other non- interest income Net Change 13.1 (2.8 ) 10.3 0.3 0.3 0.6 Changes in benefit plan net gain (loss) and prior service (cost) credit losses AOCI activity before reclassification — 0.1 0.1 0.1 — 0.1 Reclassifications out of AOCI 0.4 (0.1 ) 0.3 — — — Operating expenses Net Change 0.4 - 0.4 0.1 — 0.1 Unrealized net (losses) gains on securities AFS AOCI activity before reclassification (16.6 ) 4.2 (12.4 ) (18.9 ) 4.9 (14.0 ) Reclassifications out of AOCI (5.5 ) 1.4 (4.1 ) (8.2 ) 2.1 (6.1 ) Other non- interest income Net Change (22.1 ) 5.6 (16.5 ) (27.1 ) 7.0 (20.1 ) Net current period OCI $ (8.6 ) $ 2.8 $ (5.8 ) $ (26.7 ) $ 7.3 $ (19.4 ) Nine Months Ended September 30, 2021 2020 Income Gross Net Gross Net Statement Amount Tax Amount Amount Tax Amount Line Item Foreign currency translation adjustments AOCI activity before reclassification $ (0.4 ) $ — $ (0.4 ) $ (0.6 ) $ 0.2 $ (0.4 ) Reclassifications out of AOCI 13.2 (2.6 ) 10.6 — — — Other non- interest income Net Change 12.8 (2.6 ) 10.2 (0.6 ) 0.2 (0.4 ) Changes in benefit plan net gain (loss) and prior service (cost) credit losses AOCI activity before reclassification 0.2 0.1 0.3 3.6 (0.9 ) 2.7 Reclassifications out of AOCI 1.1 (0.3 ) 0.8 0.4 (0.1 ) 0.3 Operating expenses Net Change 1.3 (0.2 ) 1.1 4.0 (1.0 ) 3.0 Unrealized net (losses) gains on securities AFS AOCI activity before reclassification (113.0 ) 29.2 (83.8 ) 157.5 (40.3 ) 117.2 Reclassifications out of AOCI (113.8 ) 29.4 (84.4 ) (28.6 ) 7.3 (21.3 ) Other non- interest income Net Change (226.8 ) 58.6 (168.2 ) 128.9 (33.0 ) 95.9 Net current period OCI $ (212.7 ) $ 55.8 $ (156.9 ) $ 132.3 $ (33.8 ) $ 98.5 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 12 — INCOME TAXES The Company’s global effective income tax rate (“ETR”) was 24.0% for both the quarter and nine months ended September 30, 2021 and 25.6% and 15.7% for the quarter and nine months ended September 30, 2020, respectively. The decrease from 25.6% in the prior year quarter to the 24.0% rate for the quarter ended September 30, 2021 was primarily driven by the effect that the change in forecasted pre-tax income had on the permanent and other adjustments. The increase from 15.7% in the prior year period to the 24.0% rate for the nine months ended September 30, 2021 was primarily due to the impact of the non-deductible portion of the goodwill impairment in the prior year. The quarterly income tax expense was based on a projection of the Company’s annual ETR. This annual ETR was applied to the year-to-date consolidated pre-tax income to determine the interim provision for income taxes before discrete items. The ETR each period was also impacted by a number of factors, including discrete items, the relative mix of domestic and international earnings, effects of changes from enacted tax laws, and adjustments to the valuation allowances. The currently forecasted ETR may vary from the actual year-end 2021 ETR 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 recognizes 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. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2021 | |
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) September 30, 2021 December 31, 2020 Due to Expire Within One Year After One Year Total Outstanding Total Outstanding Financing Commitments Financing assets (excluding leases) $ 2,615.1 $ 4,058.6 $ 6,673.7 $ 7,708.3 Letters of Credit Standby letters of credit 34.7 212.1 246.8 259.6 Other letters of credit 9.8 2.5 12.3 9.0 Deferred Purchase Agreements 2,170.5 — 2,170.5 1,929.4 Purchase and Funding Commitments Lessor commitments (1) 408.2 — 408.2 628.3 (1) CIT’s purchase and funding commitments relate to the equipment leasing businesses’ commitments to fund finance leases and operating leases, and Rail’s railcar manufacturer purchase commitments. Financing Commitments 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. At September 30, 2021, substantially all undrawn financing commitments were senior facilities. Most of the Company’s undrawn and available financing commitments are in the Commercial Banking segment. As financing commitments may not be fully drawn, may expire unused, may be reduced or canceled at the customer’s request, and may require the customer to be in compliance with certain conditions, total commitment amounts do not necessarily reflect actual future cash flow requirements. The table above excludes uncommitted revolving credit facilities extended by Commercial Finance to its clients for working capital purposes. In connection with these facilities, Commercial Finance 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 are issued by CIT to guarantee payment to the beneficiary if a client on whose behalf the letter of credit was issued does not meet its obligation. These financial instruments generate fees and involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Consolidated Balance Sheets. To minimize potential credit risk, CIT generally requires collateral, and, in some cases, additional forms of credit support from the client. Deferred Purchase Agreements A DPA is a guarantee provided in conjunction with factoring, whereby CIT provides a client with credit protection for trade receivables without purchasing the receivables. The trade receivables terms generally require payment in 90 days or less. If the client’s customer is unable to pay an undisputed receivable solely as the result of credit risk, CIT is then required to purchase the receivable from the client, less any borrowings for such client. The outstanding amount in the table above, less $124.7 million and $157.9 million at September 30, 2021 and December 31, 2020, respectively, of borrowings for such clients, is the maximum amount 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 $2,129.5 million $1,881.9 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
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 and indemnification obligations. In view of the inherent difficulty of predicting the outcome of Litigation matters and indemnification obligations, 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 reasonably be 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 an aggregate range of reasonably possible losses of up to $10 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 September 30, 2021. 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. On October 21, 2016, CIT and CIT Bank were named as defendants in an existing lawsuit brought as a qui tam (i.e., whistleblower) action by a former OneWest employee on behalf of the U.S. government. The lawsuit asserts claims related to OneWest’s participation in the Home Affordable Modification Program (“HAMP”) administered by the United States Treasury Department, as well as Federal Housing Administration (“FHA”) and Veterans Administration (“VA”) insurance programs. On October 15, 2019, the plaintiff filed a second amended complaint in the United States District Court for the Eastern District of Texas alleging that, beginning in 2009, CIT (and its predecessor, OneWest) falsely certified its compliance with HAMP, submitted false claims for incentive payments for loan modifications, submitted false claims for FHA and VA insurance payments, and failed to self-report these violations. Plaintiff seeks the return of all U.S. government payments to CIT under the HAMP, FHA or VA programs. CIT has received approximately $93 million in servicer incentives under HAMP, and the government has paid more than $440 million in the aggregate in borrower, servicer, and investor incentives in connection with loans modified by OneWest or CIT under HAMP. The Department of Justice has declined to intervene in this case. On February 12, 2021, CIT filed a motion to dismiss for lack of subject matter jurisdiction, which was denied on August 17, 2021. On June 24, 2021, CIT filed a Motion for Summary Judgment under Federal Rule of Civil Procedure 56 and filed a separate Motion for Partial Summary Judgment under the Public Disclosure Bar. Both motions remain pending. A Final Pretrial Conference has been rescheduled for June 15, 2022, with a jury trial to commence on June 20, 2022. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT INFORMATION | NOTE 15 — BUSINESS SEGMENT INFORMATION Segment Profit (Loss) and Assets Refer to Note 24 — Business Segment Information Segment Pre-tax Income (Loss) (dollars in millions) Commercial Banking Consumer Banking Corporate Total CIT Quarter Ended September 30, 2021 Interest income $ 269.8 $ 72.4 $ 17.6 $ 359.8 Interest expense (benefit) 69.8 (21.4 ) 54.6 103.0 Provision for credit losses (49.3 ) (17.8 ) — (67.1 ) Rental income on operating leases 186.2 — — 186.2 Other non-interest income 89.7 34.0 1.0 124.7 Depreciation on operating lease equipment 85.1 — — 85.1 Maintenance and other operating lease expenses 50.5 — — 50.5 Operating expenses 185.9 81.6 0.7 268.2 Income (loss) before provision (benefit) for income taxes $ 203.7 $ 64.0 $ (36.7 ) $ 231.0 Select Period End Balances Total Assets $ 35,782.4 $ 6,464.8 $ 12,172.9 $ 54,420.0 Loans 27,217.1 6,243.9 — 33,461.0 Credit balances of factoring clients (1,556.6 ) — — (1,556.6 ) Assets held for sale 82.7 13.1 — 95.8 Operating lease equipment, net 7,937.5 — — 7,937.5 Quarter Ended September 30, 2020 Interest income $ 306.7 $ 90.3 $ 26.3 $ 423.3 Interest expense (benefit) 105.3 (5.9 ) 66.1 165.5 Provision (benefit) for credit losses 87.9 (24.6 ) — 63.3 Rental income on operating leases 201.3 — — 201.3 Other non-interest income 89.6 30.9 25.5 146.0 Depreciation on operating lease equipment 82.5 — — 82.5 Maintenance and other operating lease expenses 48.6 — — 48.6 Operating expenses/gain on debt extinguishment and deposit redemption 196.7 94.9 3.9 295.5 Income (loss) before provision (benefit) for income taxes $ 76.6 $ 56.8 $ (18.2 ) $ 115.2 Select Period End Balances Total Assets $ 37,868.5 $ 8,255.3 $ 14,741.2 $ 60,865.0 Loans 29,244.6 8,075.0 — 37,319.6 Credit balances of factoring clients (1,320.2 ) — — (1,320.2 ) Assets held for sale 35.5 21.2 — 56.7 Operating lease equipment, net 7,799.3 — — 7,799.3 Commercial Banking Consumer Banking Corporate Total CIT Nine Months Ended September 30, 2021 Interest income $ 842.0 $ 221.6 $ 57.4 $ 1,121.0 Interest expense (benefit) 236.0 (63.9 ) 157.3 329.4 (Benefit) provision for credit losses (220.6 ) (36.1 ) — (256.7 ) Rental income on operating leases 569.1 — — 569.1 Other non-interest income 292.6 97.1 125.6 515.3 Depreciation on operating lease equipment 252.6 — — 252.6 Maintenance and other operating lease expenses 156.9 — — 156.9 Operating expenses/loss on debt extinguishment and deposit redemption 555.8 254.2 (16.5 ) 793.5 Income from continuing operations before provision (benefit) for income taxes $ 723.0 $ 164.5 $ 42.2 $ 929.7 Nine Months Ended September 30, 2020 Interest income $ 999.1 $ 285.8 $ 98.9 $ 1,383.8 Interest expense (benefit) 404.3 (10.5 ) 199.9 593.7 Provision (benefit) for credit losses 811.5 (10.7 ) — 800.8 Rental income on operating leases 612.0 — — 612.0 Other non-interest income 254.1 47.6 77.5 379.2 Depreciation on operating lease equipment 241.9 — — 241.9 Maintenance and other operating lease expenses 158.3 — — 158.3 Operating expenses/gain on debt extinguishment and deposit redemption 611.2 298.4 65.9 975.5 Goodwill impairment 301.5 43.2 — 344.7 (Loss) income from continuing operations before provision (benefit) for income taxes $ (663.5 ) $ 13.0 $ (89.4 ) $ (739.9 ) |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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. In the opinion of management, the financial statements in this Form 10-Q 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, 2020 ("2020 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 Credit Losses (“ACL”) and the realizability of deferred tax assets. 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”), if any. In preparing the consolidated financial statements, 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. |
Announcement of Definitive Merger Agreement | Announcement of Definitive Merger Agreement On October 16, 2020, First Citizens BancShares, Inc. ("First Citizens"), the parent company of First-Citizens Bank & Trust Company, and CIT, the parent company of CIT Bank, N.A., jointly announced that they had entered into a definitive agreement under which the companies will combine in an all-stock merger. On July 14, 2021, CIT and First Citizens jointly announced that the proposal to merge the two companies received regulatory approval from the FDIC. The merger had already received approval from the Office of the North Carolina Commissioner of Banks. Completion of the proposed merger remains subject to approval from the FRB, and the satisfaction or waiver of other customary closing conditions. On September 30, 2021, CIT Group Inc. and First Citizens jointly announced that the two companies agreed to extend the merger agreement from October 15, 2021, to March 1, 2022. |
Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) and Interagency Statement | The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and Interagency Statement On March 27, 2020, the CARES Act was signed into law. The CARES Act gives financial institutions temporary relief from the accounting and disclosure requirements related to troubled debt restructurings (“TDRs”) under ASC 310-40 and past due and non-accrual reporting in certain situations relating to the COVID-19 pandemic. With respect to past due and non-accrual loans, the CARES Act provides that financial institutions are not expected to designate loans with payment accommodations granted due to COVID-19 as past due or non-accrual if they were current on the date used to determine the borrower’s delinquency status for the purpose of providing the deferment. Additionally, on April 7, 2020, a group of federal and state government banking agencies issued an Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (the “Interagency Statement”) that offers some practical expedients for evaluating whether loan modifications that occur in response to the COVID-19 pandemic are TDRs. The Interagency Statement interprets, but does not suspend, ASC 310-40. Under the Interagency Statement, any loan modification that meets either of these practical expedients would not automatically be considered a TDR because the borrower is presumed not to be experiencing financial difficulty at the time of the loan modification. CIT applies the TDR provisions of the CARES Act on a product-type basis, or on a loan-by-loan basis, for eligible loan modifications. For eligible loans for which the CARES Act is not applied, CIT follows the applicable guidance of the Interagency Statement. For payment deferrals granted to borrowers impacted by COVID-19, CIT has elected to continue to recognize interest income (at a modified effective rate) subject to consideration of whether the loan should be placed on non-accrual status. In addition, CIT monitors deferred amounts and establishes a credit loss reserve for the estimated amount of any balances that will not be recovered for COVID-19 loans. After the initial payment deferral period granted due to COVID-19, on a case by case basis where requested, borrowers may be offered an additional deferral of up to 90 days pursuant to the CARES Act or Interagency Statement guidance outlined above. After the deferral period, amounts deferred must be repaid based on modified terms, including adding the unpaid amounts to the end of the contract term, spread throughout the remaining term, or other arrangements made on a case by case basis. Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic On April 10, 2020, the FASB Staff issued a question-and-answer document (the “Lease Concessions Q&A”) on Topic 842: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic. The Lease Concessions Q&A provides that entities may elect to apply or not apply the lease modification guidance in ASC 842, Leases |
Financial Accounting Standards Adopted as of January 1, 2021 | Financial Accounting Standards Adopted as of January 1, 2021 The following pronouncements were issued by the Financial Accounting Standards Board (“FASB”) and adopted by CIT as of January 1, 2021. Refer to Note 1 – Business and Summary of Significant Accounting Policies • ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The adoption of this standard did not have a material impact on CIT’s consolidated financial statements and disclosures. • ASU 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762. The adoption of this standard did not have a material impact on CIT’s consolidated financial statements and disclosures. • ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs. The adoption of this standard did not have a significant impact on CIT’s consolidated financial statements and disclosures. |
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 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting, Issued March 2020 with Updates through January 2021 • The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. • The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. • For contract modifications, the amendments provide the optional relief of accounting for the modification as a continuation of the existing contract without additional analysis. In addition, companies can consider embedded features to be clearly and closely related to the host contract without reassessment. • For hedge accounting, entities can continue hedge accounting when certain critical terms of a hedging relationship change. Moreover, companies can perform some effectiveness assessments in ways that disregard certain potential sources of ineffectiveness. • Entities may make a one-time election to sell and/or transfer debt securities classified as held-to-maturity (“HTM”), that both reference an eligible reference rate and were classified as HTM before January 1, 2020. This one-time election may be made at any time after March 12, 2020 but no later than December 31, 2022. • The ASU applies prospectively to contract modifications and hedging relationships. • ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. • An entity may elect to apply the amendments in this update on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. • The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. • In the fourth quarter of 2020, CIT elected to apply the contract modification relief to the interest rate swap contracts for which the discount rate changed from the Federal Funds Rates to the Secured Overnight Financing Rate (“SOFR”) due to discounting transition by the Central Counterparties (i.e., Chicago Mercantile Exchange and LCH Clearnet). In addition, CIT elected to apply the hedge accounting relief to interest rate hedge swaps, which allows the Company to not consider a change in the interest rate used for the discounting of a derivative hedging instrument as a change to the critical terms of the hedging relationship. • On October 23, 2020, the International Swaps and Derivatives Association ("ISDA") published the Interbank offered rate ("IBOR") Fallbacks Supplement and IBOR Fallbacks Protocol, effective January 25, 2021. The supplement incorporates the fallbacks into new covered IBOR derivatives referencing the 2006 ISDA Definitions unless the parties specifically agree to exclude them. CIT adhered to the protocol beginning in January 2021. • The HTM one-time election was not applicable to CIT as the Company did not have any HTM debt securities as of January 1, 2020. • CIT is currently evaluating the impact of the optional expedients on the Company’s consolidated financial statements and disclosures. ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Issued August 2020 • The amendments in this update reduce the number of models used to account for convertible instruments, amend diluted earnings per share calculations for convertible instruments, amend the requirements for a contract (or embedded derivative) that is potentially settled in an entity’s own shares to be classified in equity, and expand disclosure requirements for convertible instruments. • Effective for CIT as of January 1, 2022. Early adoption is permitted. • This ASU is not expected to have a material impact on CIT’s consolidated statements and disclosures as the Company currently does not have any convertible instrument within the scope of this ASU. ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options Issued May 2021 • The amendments in this update clarifies an issuer's accounting for certain modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The ASU requires that such modifications or exchanges be treated as an exchange of the original instrument for a new instrument. An issuer should measure the effect of such modifications or exchanges based on analysis of the difference between the fair value of the modified instrument and the fair value of that instrument immediately before modification or exchange. Recognition of a modification or an exchange of a freestanding equity-classified written call option is then based upon the substance of the transaction. • Effective for CIT as of January 1, 2022. Early adoption is permitted. • This ASU is not expected to have a material impact on CIT’s consolidated statements and disclosures as the Company currently does not have any freestanding equity-classified written call options within the scope of this ASU. ASU 2021-05, Leases, (Topic 842), Lessors - Certain Leases with Variable Lease Payments Issued July 2021 • The amendments in this update improve lessor accounting for certain leases with variable lease payments so that lessors are no longer required to recognize a day-one selling loss upon lease commencement when specified criteria are met. Specifically this ASU requires a lessor to classify a lease with variable payments that do not depend on a reference index or a rate as an operating lease if classifying the lease as a sales-type lease or a direct financing lease would result in the recognition of a day-one selling loss at lease commencement. A day-one selling loss is not recognized under operating lease accounting. • Effective for CIT as of January 1, 2022. Early adoption is permitted. • This ASU is not expected to have a material impact on CIT’s consolidated statements and disclosures as the Company has not originated finance leases which required a day-one selling loss at lease commencement. |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Loans by Product | Unless otherwise noted, loans held for sale are not included in the amounts presented throughout this note. Loans by Product (dollars in millions) September 30, 2021 December 31, 2020 Commercial Loans $ 26,055.9 $ 27,410.9 Financing Leases and Leverage Leases 2,119.4 2,318.0 Total commercial 28,175.3 29,728.9 Consumer Loans 5,285.7 6,415.7 Total loans $ 33,461.0 $ 36,144.6 |
Schedule Of Loans By Segment, Based On Obligor Location | The following table presents loans by segment, based on obligor location: Loans (dollars in millions) September 30, 2021 December 31, 2020 Domestic International Total Domestic International Total Commercial Banking $ 25,851.9 $ 1,365.2 $ 27,217.1 $ 27,323.4 $ 1,313.1 $ 28,636.5 Consumer Banking (1) 6,243.9 — 6,243.9 7,508.1 — 7,508.1 Total $ 32,095.8 $ 1,365.2 $ 33,461.0 $ 34,831.5 $ 1,313.1 $ 36,144.6 (1) The Consumer Banking segment includes certain commercial loans, primarily consisting of a portfolio of Small Business Administration ("SBA") loans and Community Development Lending loans. These loans are excluded from the Consumer loan balances and included in the Commercial loan balances in product related tables in this note. |
Components Of Net Investment | The following table presents selected components of the net investment in loans: Components of Net Investment (dollars in millions) September 30, December 31, 2021 2020 Unearned income $ (353.8 ) $ (373.9 ) Unamortized (discounts) premiums (284.4 ) (434.4 ) Net unamortized deferred costs 39.8 35.8 |
Loans - Delinquency Status | Past Due and Non-accrual Loans Additional information on reporting of past due and non-accrual loans is provided in the discussion of the CARES Act and Interagency Statement in Note 1 – Business and Summary of Significant Accounting Policies The table that follows presents portfolio delinquency status, regardless of accrual or non-accrual classification: Loans - Delinquency Status (dollars in millions) Past Due Total 30-59 60-89 90 or more Past Due Current Total September 30, 2021 Commercial Banking Commercial Finance $ 37.2 $ 8.9 $ 29.8 $ 75.9 $ 16,023.3 $ 16,099.2 Real Estate Finance 0.2 10.6 9.2 20.0 6,410.8 6,430.8 Business Capital 58.5 26.4 17.3 102.2 4,521.2 4,623.4 Rail — — — — 63.7 63.7 Total Commercial Banking 95.9 45.9 56.3 198.1 27,019.0 27,217.1 Consumer Banking Legacy Consumer Mortgage 24.1 4.7 25.2 54.0 1,148.1 1,202.1 Consumer and Community Banking 42.7 26.7 20.2 89.6 4,952.2 5,041.8 Total Consumer Banking 66.8 31.4 45.4 143.6 6,100.3 6,243.9 Total $ 162.7 $ 77.3 $ 101.7 $ 341.7 $ 33,119.3 $ 33,461.0 December 31, 2020 Commercial Banking Commercial Finance $ 59.9 $ 2.8 $ 122.0 $ 184.7 $ 16,059.2 $ 16,243.9 Real Estate Finance 71.7 38.3 82.4 192.4 7,361.7 7,554.1 Business Capital 113.6 40.2 16.6 170.4 4,607.4 4,777.8 Rail — — — — 60.7 60.7 Total Commercial Banking 245.2 81.3 221.0 547.5 28,089.0 28,636.5 Consumer Banking Legacy Consumer Mortgage 61.0 17.6 79.7 158.3 1,535.5 1,693.8 Consumer and Community Banking 173.1 10.6 34.0 217.7 5,596.6 5,814.3 Total Consumer Banking 234.1 28.2 113.7 376.0 7,132.1 7,508.1 Total $ 479.3 $ 109.5 $ 334.7 $ 923.5 $ 35,221.1 $ 36,144.6 |
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 that are 90 days or more past due and are guaranteed by government agencies are not placed on non-accrual status. See Note 1 – Business and Summary of Significant Accounting Policies Loans on Non-Accrual Status (dollars in millions) ( 1 ) September 30, 2021 December 31, 2020 Non-Accrual Loans With No Allowance Recorded (2) Non-Accrual Loans With No Allowance Recorded (2) Commercial Banking Commercial Finance (3) $ 225.3 $ 13.4 $ 239.4 $ 8.0 Business Capital 40.8 3.1 72.8 1.5 Real Estate Finance 63.4 2.6 83.2 16.0 Total Commercial Banking 329.5 19.1 395.4 25.5 Consumer Banking Consumer and Community Banking 52.1 29.5 53.4 38.2 Legacy Consumer Mortgages 23.3 5.9 139.3 30.0 Total Consumer Banking 75.4 35.4 192.7 68.2 Total $ 404.9 $ 54.5 $ 588.1 $ 93.7 Repossessed assets and OREO (4) 10.5 7.9 Total non-performing assets $ 415.4 $ 596.0 Commercial loans past due 90 days or more accruing $ 14.7 $ 92.5 Consumer loans past due 90 days or more accruing (5) 13.2 11.3 Total accruing loans past due 90 days or more $ 27.9 $ 103.8 (1) Accrued interest that was reversed when the loan went to non-accrual status was $0.5 million and $1.1 million for the quarters ended September 30, 2021 and 2020, respectively, and $2.8 million and $6.0 million for the nine months ended September 30, 2021 and 2020, respectively. (2) Includes loans that have been charged-off to their net realizable value and loans where the collateral or enterprise value exceeds the expected pay off value. (3) Factored receivables within our Commercial Finance division do not accrue interest and therefore are not considered within non-accrual loan balances; however factored receivables are considered for credit provisioning purposes. (4) Balances consist mostly of single-family residential OREO. (5) Consists of loans guaranteed by government agencies. |
Schedule of Loans in Process of Foreclosure | The table below summarizes the residential mortgage loans in the process of foreclosure. Consistent with the government agency guidance, CIT suspended residential property foreclosures and evictions through July 31, 2021 related to single family homeowners due to the COVID-19 pandemic Loans in Process of Foreclosure (dollars in millions) September 30, December 31, 2021 2020 Loans in process of foreclosure $ 11.8 $ 22.9 |
Schedule Of Recorded Investments For TDRs | The following table presents recorded investment of TDRs, excluding those within a trial modification period of $0.1 million at September 30, 2021 and $4.5 million at December 31, 2020: TDRs (dollars in millions) September 30, 2021 December 31, 2020 Recorded Investment % Total TDR Recorded Investment % Total TDR Commercial Banking $ 96.1 74 % $ 109.8 82 % Consumer Banking 33.4 26 % 24.6 18 % Total $ 129.5 100 % $ 134.4 100 % Percent non-accrual 51 % 73 % Modifications (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Recorded investment related to modifications qualifying as TDRs that occurred during the periods $ 31.3 $ 10.0 $ 48.8 $ 62.4 Recorded investment at the time of default of TDRs that experienced a payment default (payment default is one missed payment) during the periods and for which the payment default occurred within one year of the modification $ 2.9 $ 13.6 12.9 19.9 |
Commercial Loans | |
Loans - By Risk Rating | The following table summarizes commercial loans disaggregated by year of origination and by risk rating, while the consumer loan LTV ratios and FICO scores tables summarize loans by year of origination. These tables reflect the amortized cost basis of the respective commercial and consumer loans. Accrued interest receivable is not reported with the loan’s amortized cost basis and is reported in other assets. Commercial Loans — Risk Rating by Class (1) (dollars in millions) Term Loans by Origination Year Revolving Loans Converted Grade 2021 2020 2019 2018 2017 2016 & Prior Revolving Loans to Term Loans Total September 30, 2021 Commercial Finance Pass $ 4,518.2 $ 2,426.7 $ 1,984.6 $ 1,414.5 $ 460.9 $ 943.5 $ 2,486.0 $ 60.6 $ 14,295.0 Special Mention 22.3 69.4 185.8 146.7 3.0 72.4 147.7 0.5 647.8 Classified-accrual 35.7 71.2 237.0 132.7 108.4 184.5 158.8 2.8 931.1 Classified-non-accrual — — 1.3 24.4 10.8 112.5 76.3 — 225.3 Total Commercial Finance 4,576.2 2,567.3 2,408.7 1,718.3 583.1 1,312.9 2,868.8 63.9 16,099.2 Real Estate Finance Pass 457.0 1,112.9 1,824.6 666.9 335.6 797.6 2.8 — 5,197.4 Special Mention — 87.1 100.3 79.5 58.9 13.3 — — 339.1 Classified-accrual — 0.3 411.5 240.7 96.4 82.0 — — 830.9 Classified-non-accrual — — — 0.2 1.9 61.3 — — 63.4 Total Real Estate Finance 457.0 1,200.3 2,336.4 987.3 492.8 954.2 2.8 — 6,430.8 Business Capital Pass 1,437.9 1,263.1 957.1 465.2 154.5 33.0 7.8 — 4,318.6 Special Mention 12.7 25.2 36.9 18.7 10.7 2.9 — — 107.1 Classified-accrual 21.7 33.3 58.9 31.4 10.2 1.4 — — 156.9 Classified-non-accrual 2.6 9.5 12.5 10.5 2.9 2.8 — — 40.8 Total Business Capital 1,474.9 1,331.1 1,065.4 525.8 178.3 40.1 7.8 — 4,623.4 Rail Pass — — 0.6 — — 63.1 — — 63.7 Total Rail — — 0.6 — — 63.1 — — 63.7 Commercial Banking Pass 6,413.1 4,802.7 4,766.9 2,546.6 951.0 1,837.2 2,496.6 60.6 23,874.7 Special Mention 35.0 181.7 323.0 244.9 72.6 88.6 147.7 0.5 1,094.0 Classified-accrual 57.4 104.8 707.4 404.8 215.0 267.9 158.8 2.8 1,918.9 Classified-non-accrual 2.6 9.5 13.8 35.1 15.6 176.6 76.3 — 329.5 Total Commercial Banking 6,508.1 5,098.7 5,811.1 3,231.4 1,254.2 2,370.3 2,879.4 63.9 27,217.1 Consumer Banking - Consumer and Community Banking (2) Pass 166.1 274.1 145.3 97.7 47.0 82.0 2.4 — 814.6 Special Mention — — 10.0 3.2 4.4 3.7 — — 21.3 Classified-accrual — 7.4 27.3 26.9 12.0 16.8 — — 90.4 Classified-non-accrual — — 17.0 3.6 4.2 7.1 — — 31.9 Total Consumer Banking 166.1 281.5 199.6 131.4 67.6 109.6 2.4 — 958.2 Commercial Loans Pass 6,579.2 5,076.8 4,912.2 2,644.3 998.0 1,919.2 2,499.0 60.6 24,689.3 Special Mention 35.0 181.7 333.0 248.1 77.0 92.3 147.7 0.5 1,115.3 Classified-accrual 57.4 112.2 734.7 431.7 227.0 284.7 158.8 2.8 2,009.3 Classified-non-accrual 2.6 9.5 30.8 38.7 19.8 183.7 76.3 — 361.4 Total Commercial Loans $ 6,674.2 $ 5,380.2 $ 6,010.7 $ 3,362.8 $ 1,321.8 $ 2,479.9 $ 2,881.8 $ 63.9 $ 28,175.3 (1), (2) See footnotes below table on the next page. Commercial Loans — Risk Rating by Class (1) (dollars in millions) (continued) Term Loans by Origination Year Revolving Loans Converted Grade 2020 2019 2018 2017 2016 2015 & Prior Revolving Loans to Term Loans Total December 31, 2020 Commercial Finance Pass $ 4,819.9 $ 2,132.5 $ 2,000.1 $ 678.0 $ 181.1 $ 745.6 $ 3,329.4 $ 61.1 $ 13,947.7 Special Mention 81.2 206.4 210.8 18.4 30.8 119.9 313.3 2.8 983.6 Classified-accrual 82.4 161.7 49.8 169.2 107.2 183.1 314.2 5.6 1,073.2 Classified-non-accrual 0.5 9.0 53.9 9.6 22.1 60.7 83.6 — 239.4 Total Commercial Finance 4,984.0 2,509.6 2,314.6 875.2 341.2 1,109.3 4,040.5 69.5 16,243.9 Real Estate Finance Pass 1,075.9 2,089.2 1,212.3 663.5 480.3 493.0 28.1 — 6,042.3 Special Mention 65.9 333.7 126.4 225.5 93.5 46.3 — — 891.3 Classified-accrual 0.3 184.4 124.2 74.6 78.0 75.8 — — 537.3 Classified-non-accrual — 33.3 0.2 15.3 0.2 28.0 6.2 — 83.2 Total Real Estate Finance 1,142.1 2,640.6 1,463.1 978.9 652.0 643.1 34.3 — 7,554.1 Business Capital Pass 1,678.9 1,371.4 809.5 299.3 106.3 15.6 14.4 0.8 4,296.2 Special Mention 29.6 67.2 42.4 32.4 12.3 0.3 — — 184.2 Classified-accrual 34.3 80.8 71.5 25.9 11.2 0.9 — — 224.6 Classified-non-accrual 8.0 33.0 17.1 10.9 2.8 1.0 — — 72.8 Total Business Capital 1,750.8 1,552.4 940.5 368.5 132.6 17.8 14.4 0.8 4,777.8 Rail Pass — 0.8 — 0.1 3.1 56.7 — — 60.7 Total Rail — 0.8 — 0.1 3.1 56.7 — — 60.7 Commercial Banking Pass 7,574.7 5,593.9 4,021.9 1,640.9 770.8 1,310.9 3,371.9 61.9 24,346.9 Special Mention 176.7 607.3 379.6 276.3 136.6 166.5 313.3 2.8 2,059.1 Classified-accrual 117.0 426.9 245.5 269.7 196.4 259.8 314.2 5.6 1,835.1 Classified-non-accrual 8.5 75.3 71.2 35.8 25.1 89.7 89.8 — 395.4 Total Commercial Banking 7,876.9 6,703.4 4,718.2 2,222.7 1,128.9 1,826.9 4,089.2 70.3 28,636.5 Consumer Banking - Consumer and Community Banking (2) Pass 507.6 157.1 104.5 62.3 50.0 67.3 0.1 — 948.9 Special Mention — 13.1 4.3 2.8 2.6 0.9 — — 23.7 Classified-accrual 21.0 19.3 17.0 11.0 13.8 17.6 0.3 — 100.0 Classified-non-accrual — 11.8 3.0 3.2 1.0 0.8 — — 19.8 Total Consumer Banking 528.6 201.3 128.8 79.3 67.4 86.6 0.4 — 1,092.4 Commercial Loans Pass 8,082.3 5,751.0 4,126.4 1,703.2 820.8 1,378.2 3,372.0 61.9 25,295.8 Special Mention 176.7 620.4 383.9 279.1 139.2 167.4 313.3 2.8 2,082.8 Classified-accrual 138.0 446.2 262.5 280.7 210.2 277.4 314.5 5.6 1,935.1 Classified-non-accrual 8.5 87.1 74.2 39.0 26.1 90.5 89.8 — 415.2 Total Commercial Loans $ 8,405.5 $ 6,904.7 $ 4,847.0 $ 2,302.0 $ 1,196.3 $ 1,913.5 $ 4,089.6 $ 70.3 $ 29,728.9 (1) Amortized cost excludes accrued intere (2) Primarily SBA loans. |
Consumer Loans | |
Loans - By Risk Rating | The following table provides a summary of the consumer loan LTV distribution for primarily single-family residential (“SFR”) mortgage loans. The average LTV was 53% and 58% for the total consumer loans included below at September 30, 2021 and December 31, 2020, respectively. Consumer Loans LTV Distribution (1) (dollars in millions) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Converted LTV Range 2021 2020 2019 2018 2017 2016 & Prior Revolving Loans to Term Loans Total September 30, 2021 Legacy Consumer Mortgages Greater than 125% $ — $ — $ — $ — $ — $ 16.1 $ — $ 0.1 $ 16.2 101% – 125% — — — — — 22.6 — 0.3 22.9 80% – 100% — — — — — 64.5 — 1.1 65.6 Less than 80% — — — — — 1,051.1 — 25.5 1,076.6 Government-guaranteed ( 2 ) — — — — — 19.4 — — 19.4 No LTV available ( 3 ) — — — — — 0.1 — 1.2 1.3 Total Legacy Consumer Mortgages — — — — — 1,173.8 — 28.2 1,202.0 Consumer and Community Banking Greater than 125% — — — — — — — — — 101% – 125% — — — — — — — — — 80% – 100% 11.5 — 0.9 0.8 — 0.8 — — 14.0 Less than 80% 1,247.4 946.0 453.6 226.8 287.7 757.0 25.4 — 3,943.9 Government-guaranteed ( 2 ) — 10.0 22.5 10.3 46.6 13.0 — — 102.4 No LTV available ( 3 ) — 0.1 0.1 0.1 0.1 1.0 1.3 — 2.7 No LTV required ( 4 ) 0.8 2.2 1.0 0.8 0.7 13.0 2.2 — 20.7 Total Consumer and Community Banking 1,259.7 958.3 478.1 238.8 335.1 784.8 28.9 — 4,083.7 Total Consumer Loans $ 1,259.7 $ 958.3 $ 478.1 $ 238.8 $ 335.1 $ 1,958.6 $ 28.9 $ 28.2 $ 5,285.7 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Converted LTV Range 2020 2019 2018 2017 2016 2015 & Prior Revolving Loans to Term Loans Total December 31, 2020 Legacy Consumer Mortgages Greater than 125% $ — $ — $ — $ — $ — $ 37.5 $ — $ 0.4 $ 37.9 101% – 125% — — — — — 60.5 — 1.1 61.6 80% – 100% — — — — — 189.2 — 3.4 192.6 Less than 80% — — — — — 1,344.3 — 34.7 1,379.0 Government-guaranteed ( 2 ) — — — — — 20.8 — — 20.8 No LTV available ( 3 ) — — — — — 0.1 — 1.7 1.8 Total Legacy Consumer Mortgages — — — — — 1,652.4 — 41.3 1,693.7 Consumer and Community Banking Greater than 125% — — — — — — — — — 101% – 125% — — — — — — — — — 80% – 100% 21.3 17.1 3.5 — — 1.7 2.4 — 46.0 Less than 80% 1,328.4 1,022.7 445.8 507.2 380.1 778.8 41.5 — 4,504.5 Government-guaranteed ( 2 ) 12.0 33.7 15.7 68.2 9.5 7.8 — — 146.9 No LTV available ( 3 ) — — 0.2 0.2 0.2 0.7 1.3 — 2.6 No LTV required ( 4 ) 2.0 1.0 1.0 0.6 1.0 13.4 3.0 — 22.0 Total Consumer and Community Banking 1,363.7 1,074.5 466.2 576.2 390.8 802.4 48.2 — 4,722.0 Total Consumer Loans $ 1,363.7 $ 1,074.5 $ 466.2 $ 576.2 $ 390.8 $ 2,454.8 $ 48.2 $ 41.3 $ 6,415.7 (1) Amortized cost excludes accrued interest (2) Represents loans with principal repayments insured by the FHA and U.S. Department of Veterans Affairs (“VA”). (3) Represents primarily junior lien loans for which LTV is not available. (4) Represents overdrafts, personal lines of credit, unsecured loans and third-party guaranteed loans with servicer recourse option for which LTV is not required. The following table provides a summary of the most current FICO score distribution for consumer loans by origination year and revolving loans. The average FICO score was 764 and 755 for the total c onsumer l oans included below at September 30, 2021 and December 31, 2020 , respectively. FICO Score Distribution (1) (dollars in millions) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Converted Current FICO 2021 2020 2019 2018 2017 2016 & Prior Revolving Loans to Term Loans Total September 30, 2021 Legacy Consumer Mortgages Greater than or equal to 730 $ — $ — $ — $ — $ — $ 607.6 $ — $ 13.2 $ 620.8 Greater than or equal to 660 and less than 730 — — — — — 347.5 — 8.1 355.6 Less than 660 — — — — — 173.4 — 6.2 179.6 Government-guaranteed (2) — — — — — 19.4 — — 19.4 No FICO score available (3) — — — — — 25.9 — 0.7 26.6 FICO score not required (4) — — — — — — — — — Total Legacy Consumer Mortgages — — — — — 1,173.8 — 28.2 1,202.0 Consumer and Community Banking Greater than or equal to 730 1,068.6 810.8 392.2 188.1 260.4 614.0 19.3 — 3,353.4 Greater than or equal to 660 and less than 730 182.2 122.8 58.9 33.0 22.4 101.2 6.2 — 526.7 Less than 660 8.1 12.3 3.7 5.6 4.8 30.4 2.8 — 67.7 Government-guaranteed (2) — 10.0 22.5 10.3 46.6 13.0 — — 102.4 No FICO score available (3) — 0.2 — 1.0 0.2 13.6 0.2 — 15.2 FICO score not required (4) 0.8 2.2 0.8 0.8 0.7 12.6 0.4 — 18.3 Total Consumer and Community Banking 1,259.7 958.3 478.1 238.8 335.1 784.8 28.9 — 4,083.7 Total Consumer Loans $ 1,259.7 $ 958.3 $ 478.1 $ 238.8 $ 335.1 $ 1,958.6 $ 28.9 $ 28.2 $ 5,285.7 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Converted Current FICO 2020 2019 2018 2017 2016 2015 & Prior Revolving Loans to Term Loans Total December 31, 2020 Legacy Consumer Mortgages Greater than or equal to 730 $ — $ — $ — $ — $ — $ 729.1 $ — $ 17.9 $ 747.0 Greater than or equal to 660 and less than 730 — — — — — 499.3 — 13.0 512.3 Less than 660 — — — — — 369.4 — 9.4 378.8 Government-guaranteed ( 2 ) — — — — — 20.8 — — 20.8 No FICO score available ( 3 ) — — — — — 33.8 — 1.0 34.8 Total Legacy Consumer Mortgages — — — — — 1,652.4 — 41.3 1,693.7 Consumer and Community Banking Greater than or equal to 730 1,152.3 923.7 372.3 453.5 339.7 596.7 34.2 — 3,872.4 Greater than or equal to 660 and less than 730 186.3 104.7 68.7 46.3 34.5 125.6 10.0 — 576.1 Less than 660 11.0 11.2 8.4 7.3 5.5 40.8 3.1 — 87.3 Government-guaranteed ( 2 ) 12.0 33.7 15.7 68.2 9.5 7.8 — — 146.9 No FICO score available ( 3 ) 0.1 0.5 0.1 0.3 0.6 18.2 0.2 — 20.0 FICO score not required ( 4 ) 2.0 0.7 1.0 0.6 1.0 13.3 0.7 — 19.3 Total Consumer and Community Banking 1,363.7 1,074.5 466.2 576.2 390.8 802.4 48.2 — 4,722.0 Total Consumer Loans $ 1,363.7 $ 1,074.5 $ 466.2 $ 576.2 $ 390.8 $ 2,454.8 $ 48.2 $ 41.3 $ 6,415.7 (1) Amortized cost excludes accrued interest receivable. See footnote 1 to the LTV table above. (2) Represents loans with principal repayments insured by the FHA and VA. (3) Represents loans with no FICO score available due to borrower bankruptcy or limited credit history. (4) FICO sores not required for these overdrafts, personal lines of credit or third-party guaranteed loans with servicer recourse option. |
Allowance For Credit Losses (Ta
Allowance For Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Credit Loss [Abstract] | |
Schedule of Allowance for Credit Losses and Recorded Investment in Finance Receivables | Allowance for Credit Losses and Recorded Investment in Loans (dollars in millions) Quarter Ended September 30, 2021 Quarter Ended September 30, 2020 Commercial Banking Consumer Banking Total Commercial Banking Consumer Banking Total Balance - beginning of period $ 743.4 $ 107.2 $ 850.6 $ 1,020.1 $ 182.6 $ 1,202.7 Provision for credit losses ( 1) (49.3 ) (17.8 ) (67.1 ) 87.9 (24.6 ) 63.3 Other ( 2) 11.7 0.2 11.9 7.1 (0.9 ) 6.2 Gross charge-offs (15.3 ) (1.1 ) (16.4 ) (77.2 ) (1.0 ) (78.2 ) Recoveries 10.7 0.7 11.4 11.4 0.8 12.2 Balance - end of period $ 701.2 $ 89.2 $ 790.4 $ 1,049.3 $ 156.9 $ 1,206.2 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Balance - beginning of period $ 933.7 $ 130.1 $ 1,063.8 $ 460.4 $ 22.2 $ 482.6 CECL adoption ( 3) - - - 74.7 148.9 223.6 Provision for credit losses ( 1) (220.6 ) (36.1 ) (256.7 ) 811.5 (10.7 ) 800.8 Initial ACL recognized on PCD assets ( 4) - - - 18.8 1.4 20.2 Other ( 2 ) 28.2 (0.5 ) 27.7 (28.6 ) (3.0 ) (31.6 ) Gross charge-offs ( 4) (86.2 ) (6.5 ) (92.7 ) (331.0 ) (3.7 ) (334.7 ) Recoveries 46.1 2.2 48.3 43.5 1.8 45.3 Balance - end of period $ 701.2 $ 89.2 $ 790.4 $ 1,049.3 $ 156.9 $ 1,206.2 September 30, 2021 December 31, 2020 Commercial Banking Consumer Banking Total Commercial Banking Consumer Banking Total Allowance Balance Loans individually evaluated for impairment $ 68.2 $ 4.1 $ 72.3 $ 100.8 $ 5.5 $ 106.3 Loans collectively evaluated for impairment 633.0 85.1 718.1 832.9 124.6 957.5 Allowance for credit losses $ 701.2 $ 89.2 $ 790.4 $ 933.7 $ 130.1 $ 1,063.8 Allowance for off-balance sheet credit exposures $ 48.6 $ 1.5 $ 50.1 $ 76.8 $ 1.5 $ 78.3 Loans Loans individually evaluated for impairment $ 289.1 $ 53.1 $ 342.2 $ 346.3 $ 86.4 $ 432.7 Loans collectively evaluated for impairment 26,928.0 6,190.8 33,118.8 28,290.2 7,421.7 35,711.9 Ending balance $ 27,217.1 $ 6,243.9 $ 33,461.0 $ 28,636.5 $ 7,508.1 $ 36,144.6 Percent of loans to total loans 81.3 % 18.7 % 100.0 % 79.2 % 20.8 % 100.0 % (1) Included in the provision for credit losses was $(11.7) million and $(6.4) million for the quarters ended September 30, 2021 and 2020, respectively, and $(28.2) million and $29.9 million for the nine months ended September 30, 2021 and 2020, respectively, related to off-balance sheet credit exposures, which is not part of the ACL and is offset in the “Other” line. (2) “Other” primarily includes provision changes related to off balance sheet credit exposures, which represents credit cost related to unfunded financing commitments, deferred purchase agreements (“DPA’s”), and letters of credit. The allowance related to this exposure is included in other liabilities. (3) CECL adoption was before the MOB Acquisition. (4) In connection with the MOB Acquisition, the initial ACL recognized on PCD assets was $58.8 million, of which $38.6 million was charged-off for loans that had been written-off prior to acquisition (whether full or partial) or which met CIT’s charge-off policy at the time of acquisition. After considering loans that were immediately charged-off upon acquisition, the net impact was $20.2 million of additional PCD reserves on January 1, 2020. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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. Right of use (“ROU”) assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Lease Balance Sheet Information (dollars in millions) September 30, December 31, 2021 2020 ROU assets $ 252.7 $ 198.8 Lease liabilities 288.4 249.9 Supplemental Cash Flow Information (dollars in millions) Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 37.4 $ 42.6 ROU assets obtained in exchange for new lease liabilities 68.9 16.4 |
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) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease income – Operating leases $ 173.9 $ 191.4 $ 530.5 $ 578.2 Variable lease income – Operating leases (1) 12.3 9.9 38.6 33.8 Rental income on operating leases 186.2 201.3 569.1 612.0 Interest income - Sales type and direct financing leases 39.5 44.3 125.9 127.5 Variable lease income included in Other non-interest income (2) 10.4 9.9 31.7 31.7 Leveraged lease income 3.7 3.1 10.5 8.3 Total lease income $ 239.8 $ 258.6 $ 737.2 $ 779.5 (1) (2) related September 30, 2021 respectively, and $20.1 million and $18.3 million for the nine months ended September 30, 2021 and 2020, respectively September 30, 2021 and $11.5 million and $13.4 million for the nine months ended September 30, 2021 and 2020 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Carrying Value of Investment Securities | The following table presents carrying value of investment securities. Carrying Value of Investment Securities (dollars in millions) September 30, December 31, 2021 2020 Available-for-sale securities Debt securities $ 5,561.1 $ 6,673.5 Non-marketable securities (1) 214.1 215.5 Total investment securities $ 5,775.2 $ 6,889.0 (1 ) Non-marketable securities include restricted stock of the FRB and FHLB carried at cost of $164.8 million and $181.7 million at September 30, 2021 and December 31, 2020, respectively. The remaining non-marketable securities without readily determinable fair values measured under the measurement exception totaled $49.3 million and $33.8 million at September 30, 2021 and December 31, 2020, respectively. |
Schedule of Interest and Dividend Income | The following table presents interest and dividends on investments and interest-bearing cash. Interest and Dividend Income (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest income - debt securities (1) $ 15.0 $ 24.0 $ 50.9 $ 90.1 Interest income - interest-bearing cash 2.0 2.1 4.8 9.5 Dividends - equity securities 0.9 1.4 3.7 3.6 Total interest and dividends $ 17.9 $ 27.5 $ 59.4 $ 103.2 (1) Includes interest income on securities purchased under agreement to resell and insignificant amounts of non-taxable interest income. |
Amortized Cost and Fair Value of Securities Available-For-Sale | The following table presents proceeds from sales of debt securities AFS Changes in Accumulated Other Comprehensive Income (Loss) by Component Note 11 – Stockholders’ Equity. Realized Gains (Losses) and Proceeds from Sales of Debt Securities AFS (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Proceeds from sales of debt securities AFS $ 271.4 $ 314.2 $ 2,891.2 $ 2,776.1 Gross realized gains $ 5.5 $ 8.4 $ 113.8 $ 30.5 Gross realized losses — (0.2 ) (0.5 ) (1.9 ) Net realized gains on sales of debt securities AFS $ 5.5 $ 8.2 $ 113.3 $ 28.6 The following table presents amortized cost and fair value of securities AFS. Amortized Cost and Fair Value (dollars in millions) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2021 Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency – Residential $ 1,596.6 $ 0.5 $ (21.6 ) $ 1,575.5 U.S. government/sponsored agency – Commercial 1,742.2 — (28.6 ) 1,713.6 U.S. government/sponsored agency obligations 1,509.9 — (22.8 ) 1,487.1 U.S. Treasury securities 506.3 — (17.8 ) 488.5 Supranational securities 309.9 — (13.5 ) 296.4 Total debt securities AFS $ 5,664.9 $ 0.5 $ (104.3 ) $ 5,561.1 December 31, 2020 Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency – Residential $ 2,503.4 $ 76.5 $ (0.1 ) $ 2,579.8 U.S. government/sponsored agency – Commercial 1,725.0 56.3 (0.5 ) 1,780.8 U.S. government/sponsored agency obligations 1,474.2 0.5 (3.9 ) 1,470.8 U.S. Treasury securities 505.9 — (3.2 ) 502.7 Supranational securities 330.2 0.2 (2.9 ) 327.5 Agency asset-backed securities 1.5 0.1 — 1.6 Corporate bonds - foreign 10.3 — — 10.3 Total debt securities AFS $ 6,550.5 $ 133.6 $ (10.6 ) $ 6,673.5 (1 ) The amortized cost is net of the ACL. There was no ACL relating to debt securities as of September 30, 2021 and December 31, 2020. |
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) September 30, 2021 Amortized Cost Fair Value Weighted Average Yield Mortgage-backed securities — U.S. government/sponsored agency – Residential After 5 through 10 years $ 0.1 $ 0.1 5.21 % After 10 years 1,596.5 1,575.4 1.68 % Total 1,596.6 1,575.5 1.68 % Mortgage-backed securities — U.S. government/sponsored agency – Commercial After 5 through 10 years 31.2 30.1 1.12 % After 10 years 1,711.0 1,683.5 1.45 % Total 1,742.2 1,713.6 1.45 % U.S. government/sponsored agency obligations After 1 through 5 years 532.5 528.0 0.66 % After 5 through 10 years 977.4 959.1 1.13 % Total 1,509.9 1,487.1 0.96 % U.S. Treasury securities 1 year or less 13.0 13.1 0.23 % After 1 through 5 years 99.9 98.1 0.27 % After 5 through 10 years 393.4 377.3 0.50 % Total 506.3 488.5 0.45 % Supranational securities 1 year or less — — 0.00 % After 1 through 5 years 56.9 56.2 0.47 % After 5 through 10 years 253.0 240.2 0.85 % Total 309.9 296.4 0.78 % Total debt securities AFS $ 5,664.9 $ 5,561.1 1.26 % |
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 for which an ACL has not been recorded . Gross Unrealized Loss (dollars in millions) September 30, 2021 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/sponsored agency - Residential $ 1,511.3 $ (21.6 ) $ — $ — U.S. government/sponsored agency - Commercial 1,594.1 (26.9 ) 42.2 (1.7 ) U.S. government/sponsored agency obligations 1,324.7 (21.7 ) 87.4 (1.1 ) U.S. Treasury securities 434.1 (15.7 ) 47.8 (2.1 ) Supranational securities 187.5 (8.0 ) 108.8 (5.5 ) Total debt securities AFS $ 5,051.7 $ (93.9 ) $ 286.2 $ (10.4 ) December 31, 2020 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/sponsored agency - Residential $ 39.3 $ (0.1 ) $ — $ — U.S. government/sponsored agency - Commercial 267.3 (0.5 ) — — U.S. government/sponsored agency obligations 628.5 (3.9 ) — — U.S. Treasury securities 489.9 (3.2 ) — — Supranational securities 245.4 (2.9 ) — — Total debt securities AFS $ 1,670.4 $ (10.6 ) $ — $ — |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 disclosure is not an indication of expected loss. Unconsolidated VIEs (dollars in millions) September 30, 2021 December 31, 2020 Securities Other Investments Securities Other Investments Agency securities $ 3,289.1 $ — $ 4,362.2 $ — Tax credit equity investments — 366.6 — 311.5 Equity investments — 146.6 — 111.9 Total assets $ 3,289.1 $ 513.2 $ 4,362.2 $ 423.4 Commitments to tax credit investments (1) $ — $ 195.7 $ — $ 168.3 Total liabilities $ — $ 195.7 $ — $ 168.3 Maximum loss exposure $ 3,289.1 $ 513.2 $ 4,362.2 $ 423.4 (1) Represents commitments to invest in affordable housing investments, and other investments qualifying for community reinvestment tax credits. These commitments are payable on demand and are recorded in other liabilities. |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Borrowings | The following table presents the carrying value of outstanding borrowings. Borrowings (dollars in millions) September 30, 2021 December 31, 2020 CIT Group Inc. Subsidiaries Total Total Unsecured borrowings: Senior $ 3,427.0 $ 313.3 $ 3,740.3 $ 4,236.3 Subordinated notes 495.3 — 495.3 494.9 Secured borrowings: FHLB advances — — — 1,100.0 Other secured and structured financings — 12.0 12.0 6.1 Total borrowings $ 3,922.3 $ 325.3 $ 4,247.6 $ 5,837.3 |
Schedule of FHLB Balances | The following table presents the FHLB balances as of September 30, 2021 and December 31, 2020. FHLB Balances (dollars in millions) September 30, December 31, 2021 2020 Total borrowing capacity $ 5,391.4 $ 7,175.3 Less: Advances — (1,100.0 ) Available capacity $ 5,391.4 $ 6,075.3 Pledged assets (1) $ 7,023.0 $ 8,868.0 Weighted Average Rate N/A 0.82 % (1) There were no pledged HQL securities at September 30, 2021. December 31, 2020 pledged |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Notional Amount and Fair Values of Derivative Financial Instruments | The following table presents notional amount and fair value of derivative financial instruments on a gross basis. Notional Amount and Fair Value of Derivative Financial Instruments (dollars in millions) September 30, 2021 December 31, 2020 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives designated as hedging instruments (Qualifying hedges) Foreign exchange contracts $ 2.6 $ — $ — $ 33.9 $ — $ (0.3 ) Interest rate contracts (1)(3) — — — 500.0 — — Total derivatives designated as hedging instruments 2.6 — — 533.9 — (0.3 ) Derivatives not designated as hedging instruments (Non-qualifying hedges) Interest rate contracts (1)(3) 20,948.6 263.9 (74.7 ) 21,192.9 429.6 (72.2 ) Foreign exchange contracts 205.9 4.5 (2.6 ) 247.8 1.7 (6.0 ) Other contracts (2) 909.5 0.1 (0.6 ) 875.8 0.3 (0.7 ) Total derivatives not designated as hedging instruments 22,064.0 268.5 (77.9 ) 22,316.5 431.6 (78.9 ) Gross derivatives fair values presented in the Consolidated Balance Sheets $ 22,066.6 $ 268.5 $ (77.9 ) $ 22,850.4 $ 431.6 $ (79.2 ) Less: Gross amounts offset in the Consolidated Balance Sheets — — — — Net amount presented in the Consolidated Balance Sheet 268.5 (77.9 ) 431.6 (79.2 ) Less: Amounts subject to master netting agreements (4) (10.8 ) 10.8 (4.7 ) 4.7 Less: Cash collateral pledged (received) subject to master netting agreements (5) (0.9 ) 18.3 — 42.9 Total net derivative fair value $ 256.8 $ (48.8 ) $ 426.9 $ (31.6 ) (1) Fair value balances include accrued interest. (2) Other derivative contracts not designated as hedging instruments include risk participation agreements. (3) The Company accounts for swap contracts cleared by the Chicago Mercantile Exchange and LCH Clearnet as “settled-to-market”. As a result, variation margin payments are characterized as settlement of the derivative exposure and variation margin balances are netted against the corresponding derivative mark-to-market balances. Gross amounts of recognized assets and liabilities were lowered by $45.5 million and $198.8 million, respectively at September 30, 2021 and $20.5 million and $339.9 million, respectively at December 31, 2020. (4) The Company’s derivative transactions are governed by ISDA agreements that allow for net settlements of certain payments as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. We believe our ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure. (5) In conjunction with the ISDA agreements described above, the Company has entered into collateral arrangements with its counterparties, which provide for the exchange of cash depending on change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties. Collateral pledged or received is included in other assets or other liabilities, respectively. |
Gains (Losses) of Fair Value Hedges Recognized as Interest Expense | Gains (Losses) on Qualifying Hedges (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Recognized on derivatives (1) $ — $ (2.3 ) $ (1.1 ) $ 2.6 Recognized on hedged item — 2.3 1.1 (2.6 ) Net recognized on fair value hedges (no ineffectiveness) $ — $ — $ — $ — (1) |
Carrying Value of Hedged Items and Associated Cumulative Hedging Adjustment Related to Fair Value Hedges | The following table presents the carrying value of hedged items and associated cumulative hedging adjustment related to fair value hedges. Cumulative Fair Value Hedging Adjustments (dollars in millions) Cumulative Fair Value Hedging Adjustment Included in the Carrying Value of Hedged Items Carrying Value of Hedged Items (1) Currently Designated No Longer Designated September 30, 2021 Long-term Debt $ 784.4 $ — $ 1.4 December 31, 2020 Long-term Debt $ 1,534.4 $ 1.1 $ 1.8 (1) Carrying value includes $784.4 million and $1,033.9 million of carrying value of hedged items no longer designated as of September 30, 2021 and December 31, 2020, respectively. |
Pre-tax Net Gains (Losses) Relating to Derivatives Designated as Net Investment Hedges | The following table presents the pre-tax net gains (losses) recorded in the condensed consolidated statements of operations and in the condensed consolidated statements of comprehensive income (loss) relating to derivatives designated as net investment hedges. Pre-tax Net Gains (Losses) Relating to Derivatives Designated as Net Investment Hedges (dollars in millions) Amounts Amounts Recorded in Other Reclassified from Comprehensive Total Change in AOCI to Income Income (Loss) AOCI for Period Contract Type Quarter Ended September 30, 2021 Foreign currency forward contracts - net investment hedges $ 13.5 $ 0.2 $ 13.7 Quarter Ended September 30, 2020 Foreign currency forward contracts - net investment hedges $ — $ (1.6 ) $ (1.6 ) Nine Months Ended September 30, 2021 Foreign currency forward contracts - net investment hedges $ 13.5 $ (0.3 ) $ 13.2 Nine Months Ended September 30, 2020 Foreign currency forward contracts - net investment hedges $ — $ (1.1 ) $ (1.1 ) |
Derivative Instrument Gains and Losses on Non Qualifying Hedges Recognized as Other Non-interest Income | The following table presents gains (losses) of non-qualifying hedges recognized as other non-interest income. Gains (Losses) on Non-Qualifying Hedges (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest rate contracts $ 3.1 $ 5.1 $ 11.3 $ 11.7 Foreign currency forward contracts 2.1 (6.1 ) 3.4 (3.7 ) Other contracts — 0.2 (0.1 ) (0.7 ) Total non-qualifying hedges - income statement impact $ 5.2 $ (0.8 ) $ 14.6 $ 7.3 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 Assets U.S. government/sponsored agency – Residential MBS $ 1,575.5 $ — $ 1,575.5 $ — U.S. government/sponsored agency – Commercial MBS 1,713.6 — 1,713.6 — U.S. government/sponsored agency obligations 1,487.1 — 1,487.1 — U.S. Treasury securities 488.5 8.1 480.4 — Supranational securities 296.4 — 296.4 — Total debt securities AFS 5,561.1 8.1 5,553.0 — Interest rate contracts — non-qualifying hedges 263.9 — 263.7 0.2 Other derivative — non-qualifying hedges 4.6 — 4.4 0.2 Total derivative assets at fair value — non-qualifying hedges (1) 268.5 — 268.1 0.4 Foreign currency forward contracts — net investment qualifying hedges — — — — Total derivative assets at fair value — qualifying hedges — — — — Total $ 5,829.6 $ 8.1 $ 5,821.1 $ 0.4 Liabilities Interest rate contracts — non-qualifying hedges $ (74.7 ) $ — $ (74.7 ) $ — Other derivative— non-qualifying hedges (3.2 ) — (2.6 ) (0.6 ) Total derivative liabilities at fair value — non-qualifying hedges (1) (77.9 ) — (77.3 ) (0.6 ) Foreign currency forward contracts — net investment qualifying hedges — — — — Total derivative liabilities at fair value — qualifying hedges — — — — Total $ (77.9 ) $ — $ (77.3 ) $ (0.6 ) December 31, 2020 Assets U.S. government/sponsored agency – Residential MBS $ 2,579.8 $ — $ 2,579.8 $ — U.S. government/sponsored agency – Commercial MBS 1,780.8 — 1,780.8 — U.S. government/sponsored agency obligations 1,470.8 — 1,470.8 — U.S. Treasury securities 502.7 7.8 494.9 — Supranational securities 327.5 — 327.5 — Other securities 11.9 — 1.6 10.3 Total debt securities AFS 6,673.5 7.8 6,655.4 10.3 Interest rate contracts — non-qualifying hedges 429.6 — 428.1 1.5 Other derivative — non-qualifying hedges 2.0 — 1.7 0.3 Total derivative assets at fair value — non-qualifying hedges (1) 431.6 — 429.8 1.8 Total $ 7,105.1 $ 7.8 $ 7,085.2 $ 12.1 Liabilities Interest rate contracts — non-qualifying hedges $ (72.2 ) $ — $ (72.2 ) $ — Other derivative— non-qualifying hedges (6.7 ) — (6.0 ) (0.7 ) Total derivative liabilities at fair value — non-qualifying hedges (1) (78.9 ) — (78.2 ) (0.7 ) Foreign currency forward contracts — net investment qualifying hedges (0.3 ) — (0.3 ) — Total derivative liabilities at fair value — qualifying hedges (0.3 ) — (0.3 ) — Total $ (79.2 ) $ — $ (78.5 ) $ (0.7 ) (1) Derivative fair values include accrued interest. |
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. 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 September 30, 2021 Assets Derivative assets — non qualifying $ 0.4 Internal valuation model Borrower Rate 1.8% - 4.1% 2.7% Total Assets $ 0.4 Liabilities Derivative liabilities — non-qualifying $ (0.6 ) Internal valuation model Total Liabilities $ (0.6 ) December 31, 2020 Assets Debt Securities — AFS $ 10.3 Discounted cash flow Discount Rate 8.5% - 10.4% 9.5% Derivative assets — non qualifying 1.8 Internal valuation model Borrower Rate 1.9% - 3.6% 2.7% Total Assets $ 12.1 Liabilities Derivative liabilities — non-qualifying $ (0.7 ) Internal valuation model Total Liabilities $ (0.7 ) |
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 Derivative Assets- Non- Qualifying Derivative Liabilities- Non- Qualifying FDIC True-up Liability (1) Balance as of December 31, 2020 $ 10.3 $ 1.8 $ (0.7 ) $ — Included in earnings — (1.4 ) 0.1 — Included in comprehensive income — — — — Maturity and settlements (9.9 ) — — — Impairment (0.4 ) — — — Balance as of September 30, 2021 $ — $ 0.4 $ (0.6 ) $ — Balance as of December 31, 2019 $ 67.1 $ 0.3 $ (0.8 ) $ (68.8 ) Included in earnings 0.1 1.1 (0.4 ) (0.2 ) Included in comprehensive income (1.1 ) — — — Maturity and settlements (26.7 ) — — 69.0 Balance as of September 30, 2020 $ 39.4 $ 1.4 $ (1.2 ) $ — (1) The FDIC True-up liability was recorded at estimated fair value as of the date of the OneWest transaction related to the FDIC-assisted transaction of La Jolla. The FDIC True-up liability was settled in April 2020. |
Assets Measured at Fair Value on a Non-Recurring Basis | The following table presents carrying value of assets measured at estimated fair value on a non-recurring basis for which gains and losses from a non-recurring fair value adjustment have been recorded in the periods. The gains and losses reflect amounts for the respective year-to-date periods. Assets Measured at Fair Value on a Non-recurring Basis (dollars in millions) Fair Value Measurements Total Level 1 Level 2 Level 3 Total Gains (Losses) September 30, 2021 Assets held for sale $ 37.4 $ — $ 6.5 $ 30.9 $ (4.7 ) Loans 96.2 — — 96.2 (20.7 ) Total $ 133.6 $ — $ 6.5 $ 127.1 $ (25.4 ) December 31, 2020 Assets held for sale $ 701.6 $ — $ — $ 701.6 $ (112.7 ) Loans 106.4 — — 106.4 (55.6 ) Mortgage servicing rights 4.3 — — 4.3 (4.5 ) ROU assets 4.4 — — 4.4 (6.1 ) Total $ 816.7 $ — $ — $ 816.7 $ (178.9 ) |
Carrying and Estimated Fair Values of Financial Instruments | The carrying values and estimated fair values of financial instruments not measured at fair value presented below exclude finance leases and operating lease equipment, and certain other assets and liabilities, which were not required for disclosure. Carrying Value and Fair Value of Financial Instruments (dollars in millions) Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total September 30, 2021 Financial Assets Cash and interest bearing deposits $ 4,598.4 $ 4,598.4 $ — $ — $ 4,598.4 Assets held for sale 92.2 — 13.1 79.2 92.3 Loans (1) 30,582.8 — 1,520.4 29,723.5 31,243.9 Securities purchased under agreements to resell 100.0 — 100.0 — 100.0 Investment securities (2) 214.1 — — 214.1 214.1 Financial Liabilities Deposits (3) (40,249.0 ) — — (40,337.4 ) (40,337.4 ) Borrowings (3) (4,276.7 ) — (4,611.6 ) (12.6 ) (4,624.2 ) Credit balances of factoring clients (1,556.6 ) — — (1,556.6 ) (1,556.6 ) December 31, 2020 Financial Assets Cash and interest bearing deposits $ 4,011.7 $ 4,011.7 $ — $ — $ 4,011.7 Assets held for sale 720.0 — 14.5 706.2 720.7 Loans (1) 32,812.9 — 1,332.1 32,285.4 33,617.5 Securities purchased under agreement to resell 150.0 — 150.0 — 150.0 Investment securities (2) 215.5 — — 215.5 215.5 Financial Liabilities Deposits (3) (43,086.0 ) — — (43,224.0 ) (43,224.0 ) Borrowings (3) (5,911.1 ) — (6,371.3 ) (8.0 ) (6,379.3 ) Credit balances of factoring clients (1,719.9 ) — — (1,719.9 ) (1,719.9 ) (1) Carrying value of loans (excluding leases) is net of the ACL. (2) Non-marketable securities carried at cost. See Assets and Liabilities Measured at Fair Value on a Recurring Basis in this note above for debt securities AFS and securities carried at fair value with changes recorded in net income. (3) Deposits and borrowings include accrued interest, which is included in other liabilities. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Schedule of Common Stock Activity | A roll forward of common stock activity is presented in the following table. Number of Shares of Common Stock Issued Less Treasury Outstanding Common stock - December 31, 2020 163,309,861 (64,700,466 ) 98,609,395 Restricted stock issued 768,318 — 768,318 Shares held to cover taxes on vesting restricted shares and other — (266,668 ) (266,668 ) Employee stock purchase plan participation 55,978 — 55,978 Common stock - September 30, 2021 164,134,157 (64,967,134 ) 99,167,023 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table details the components of AOCI, net of tax: Components of Accumulated Other Comprehensive Income (Loss) (dollars in millions) September 30, 2021 December 31, 2020 Gross Unrealized Income Taxes Net Unrealized Gross Unrealized Income Taxes Net Unrealized Foreign currency translation adjustments $ 10.2 $ (9.1 ) $ 1.1 $ (2.6 ) $ (6.5 ) $ (9.1 ) Changes in benefit plans net loss and prior service (cost)/credit (41.2 ) (3.8 ) (45.0 ) (42.5 ) (3.6 ) (46.1 ) Unrealized net (loss) gains on securities AFS (103.8 ) 26.5 (77.3 ) 123.0 (32.1 ) 90.9 Total accumulated other comprehensive (loss) income $ (134.8 ) $ 13.6 $ (121.2 ) $ 77.9 $ (42.2 ) $ 35.7 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) Changes in Benefit Plan Foreign Net (Loss) Gain Unrealized Net Currency and Prior (Losses) Gains Translation Service (Cost) on AFS Adjustments Credit Securities Total AOCI Balance as of December 31, 2020 $ (9.1 ) $ (46.1 ) $ 90.9 $ 35.7 AOCI activity before reclassifications (0.4 ) 0.3 (83.8 ) (83.9 ) Amounts reclassified from AOCI 10.6 0.8 (84.4 ) (73.0 ) Net current period changes in AOCI 10.2 1.1 (168.2 ) (156.9 ) Balance as of September 30, 2021 $ 1.1 $ (45.0 ) $ (77.3 ) $ (121.2 ) Balance as of December 31, 2019 $ (9.1 ) $ (52.6 ) $ 9.6 $ (52.1 ) AOCI activity before reclassifications (0.4 ) 2.7 117.2 119.5 Amounts reclassified from AOCI - 0.3 (21.3 ) (21.0 ) Net current period changes in AOCI (0.4 ) 3.0 95.9 98.5 Balance as of September 30, 2020 $ (9.5 ) $ (49.6 ) $ 105.5 $ 46.4 |
Schedule of Pretax and After-tax Components of Other Comprehensive Income | The following table presents the pretax and after-tax components of other comprehensive income. Before- and After-Tax components of OCI (dollars in millions) Quarters Ended September 30, 2021 2020 Income Gross Net Gross Net Statement Amount Tax Amount Amount Tax Amount Line Item Foreign currency translation adjustments AOCI activity before reclassification $ (0.1 ) $ (0.2 ) $ (0.3 ) $ 0.3 $ 0.3 $ 0.6 Reclassifications out of AOCI 13.2 (2.6 ) 10.6 — — — Other non- interest income Net Change 13.1 (2.8 ) 10.3 0.3 0.3 0.6 Changes in benefit plan net gain (loss) and prior service (cost) credit losses AOCI activity before reclassification — 0.1 0.1 0.1 — 0.1 Reclassifications out of AOCI 0.4 (0.1 ) 0.3 — — — Operating expenses Net Change 0.4 - 0.4 0.1 — 0.1 Unrealized net (losses) gains on securities AFS AOCI activity before reclassification (16.6 ) 4.2 (12.4 ) (18.9 ) 4.9 (14.0 ) Reclassifications out of AOCI (5.5 ) 1.4 (4.1 ) (8.2 ) 2.1 (6.1 ) Other non- interest income Net Change (22.1 ) 5.6 (16.5 ) (27.1 ) 7.0 (20.1 ) Net current period OCI $ (8.6 ) $ 2.8 $ (5.8 ) $ (26.7 ) $ 7.3 $ (19.4 ) Nine Months Ended September 30, 2021 2020 Income Gross Net Gross Net Statement Amount Tax Amount Amount Tax Amount Line Item Foreign currency translation adjustments AOCI activity before reclassification $ (0.4 ) $ — $ (0.4 ) $ (0.6 ) $ 0.2 $ (0.4 ) Reclassifications out of AOCI 13.2 (2.6 ) 10.6 — — — Other non- interest income Net Change 12.8 (2.6 ) 10.2 (0.6 ) 0.2 (0.4 ) Changes in benefit plan net gain (loss) and prior service (cost) credit losses AOCI activity before reclassification 0.2 0.1 0.3 3.6 (0.9 ) 2.7 Reclassifications out of AOCI 1.1 (0.3 ) 0.8 0.4 (0.1 ) 0.3 Operating expenses Net Change 1.3 (0.2 ) 1.1 4.0 (1.0 ) 3.0 Unrealized net (losses) gains on securities AFS AOCI activity before reclassification (113.0 ) 29.2 (83.8 ) 157.5 (40.3 ) 117.2 Reclassifications out of AOCI (113.8 ) 29.4 (84.4 ) (28.6 ) 7.3 (21.3 ) Other non- interest income Net Change (226.8 ) 58.6 (168.2 ) 128.9 (33.0 ) 95.9 Net current period OCI $ (212.7 ) $ 55.8 $ (156.9 ) $ 132.3 $ (33.8 ) $ 98.5 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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) September 30, 2021 December 31, 2020 Due to Expire Within One Year After One Year Total Outstanding Total Outstanding Financing Commitments Financing assets (excluding leases) $ 2,615.1 $ 4,058.6 $ 6,673.7 $ 7,708.3 Letters of Credit Standby letters of credit 34.7 212.1 246.8 259.6 Other letters of credit 9.8 2.5 12.3 9.0 Deferred Purchase Agreements 2,170.5 — 2,170.5 1,929.4 Purchase and Funding Commitments Lessor commitments (1) 408.2 — 408.2 628.3 (1) CIT’s purchase and funding commitments relate to the equipment leasing businesses’ commitments to fund finance leases and operating leases, and Rail’s railcar manufacturer purchase commitments. |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Pre-Tax Income (Loss) | Segment Pre-tax Income (Loss) (dollars in millions) Commercial Banking Consumer Banking Corporate Total CIT Quarter Ended September 30, 2021 Interest income $ 269.8 $ 72.4 $ 17.6 $ 359.8 Interest expense (benefit) 69.8 (21.4 ) 54.6 103.0 Provision for credit losses (49.3 ) (17.8 ) — (67.1 ) Rental income on operating leases 186.2 — — 186.2 Other non-interest income 89.7 34.0 1.0 124.7 Depreciation on operating lease equipment 85.1 — — 85.1 Maintenance and other operating lease expenses 50.5 — — 50.5 Operating expenses 185.9 81.6 0.7 268.2 Income (loss) before provision (benefit) for income taxes $ 203.7 $ 64.0 $ (36.7 ) $ 231.0 Select Period End Balances Total Assets $ 35,782.4 $ 6,464.8 $ 12,172.9 $ 54,420.0 Loans 27,217.1 6,243.9 — 33,461.0 Credit balances of factoring clients (1,556.6 ) — — (1,556.6 ) Assets held for sale 82.7 13.1 — 95.8 Operating lease equipment, net 7,937.5 — — 7,937.5 Quarter Ended September 30, 2020 Interest income $ 306.7 $ 90.3 $ 26.3 $ 423.3 Interest expense (benefit) 105.3 (5.9 ) 66.1 165.5 Provision (benefit) for credit losses 87.9 (24.6 ) — 63.3 Rental income on operating leases 201.3 — — 201.3 Other non-interest income 89.6 30.9 25.5 146.0 Depreciation on operating lease equipment 82.5 — — 82.5 Maintenance and other operating lease expenses 48.6 — — 48.6 Operating expenses/gain on debt extinguishment and deposit redemption 196.7 94.9 3.9 295.5 Income (loss) before provision (benefit) for income taxes $ 76.6 $ 56.8 $ (18.2 ) $ 115.2 Select Period End Balances Total Assets $ 37,868.5 $ 8,255.3 $ 14,741.2 $ 60,865.0 Loans 29,244.6 8,075.0 — 37,319.6 Credit balances of factoring clients (1,320.2 ) — — (1,320.2 ) Assets held for sale 35.5 21.2 — 56.7 Operating lease equipment, net 7,799.3 — — 7,799.3 Commercial Banking Consumer Banking Corporate Total CIT Nine Months Ended September 30, 2021 Interest income $ 842.0 $ 221.6 $ 57.4 $ 1,121.0 Interest expense (benefit) 236.0 (63.9 ) 157.3 329.4 (Benefit) provision for credit losses (220.6 ) (36.1 ) — (256.7 ) Rental income on operating leases 569.1 — — 569.1 Other non-interest income 292.6 97.1 125.6 515.3 Depreciation on operating lease equipment 252.6 — — 252.6 Maintenance and other operating lease expenses 156.9 — — 156.9 Operating expenses/loss on debt extinguishment and deposit redemption 555.8 254.2 (16.5 ) 793.5 Income from continuing operations before provision (benefit) for income taxes $ 723.0 $ 164.5 $ 42.2 $ 929.7 Nine Months Ended September 30, 2020 Interest income $ 999.1 $ 285.8 $ 98.9 $ 1,383.8 Interest expense (benefit) 404.3 (10.5 ) 199.9 593.7 Provision (benefit) for credit losses 811.5 (10.7 ) — 800.8 Rental income on operating leases 612.0 — — 612.0 Other non-interest income 254.1 47.6 77.5 379.2 Depreciation on operating lease equipment 241.9 — — 241.9 Maintenance and other operating lease expenses 158.3 — — 158.3 Operating expenses/gain on debt extinguishment and deposit redemption 611.2 298.4 65.9 975.5 Goodwill impairment 301.5 43.2 — 344.7 (Loss) income from continuing operations before provision (benefit) for income taxes $ (663.5 ) $ 13.0 $ (89.4 ) $ (739.9 ) |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies (Narrative) (Details) - branch | Sep. 30, 2021 | Mar. 27, 2020 | Sep. 30, 2021 | Jan. 01, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Merger agreement date | Oct. 15, 2021 | |||
Extended merger agreement date | Mar. 1, 2022 | |||
ASU 2019-12 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2021 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |||
ASU 2020-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2021 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |||
ASU 2020-08 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2021 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |||
Minimum | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Number of branches | 80 | |||
Maximum | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Additional payment deferral period offered CARES Act | 90 days |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) shares in Millions, $ in Millions | Jan. 01, 2020USD ($)branchshares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Business Acquisition [Line Items] | |||||
Interest income | $ 359.8 | $ 423.3 | $ 1,121 | $ 1,383.8 | |
Non-interest income | 310.9 | 347.3 | 1,084.4 | 991.2 | |
Net loss | $ (175.5) | $ (85.7) | $ (706.2) | 623.9 | |
MOB | |||||
Business Acquisition [Line Items] | |||||
Consideration paid | $ 1,000 | ||||
Business combination, percentage of outstanding shares of common stock | 100.00% | ||||
Original consideration paid in cash | $ 850 | ||||
Assets acquired | 8,600 | ||||
Loans | 6,300 | ||||
Goodwill | 115.2 | ||||
Intangible assets | 102.6 | ||||
Assumed liabilities | 7,600 | ||||
Deposits | $ 7,000 | ||||
Number of bank branches acquired | branch | 25 | ||||
Interest income | 191.7 | ||||
Non-interest income | 27.6 | ||||
Net loss | 61.8 | ||||
Provision for credit losses | 44.8 | ||||
Integration costs | $ 49.6 | ||||
MOB | Common Stock | |||||
Business Acquisition [Line Items] | |||||
Business combination, number of shares issued | shares | 3.1 | ||||
Business combination, value of shares issued | $ 141 |
Loans (Schedule of Loans by Pro
Loans (Schedule of Loans by Product) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Loans And Leases Receivable Disclosure [Line Items] | ||
Total loans | $ 33,461 | $ 36,144.6 |
Commercial Loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Total loans | 28,175.3 | 29,728.9 |
Commercial Loans | Commercial Loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Total loans | 26,055.9 | 27,410.9 |
Commercial Loans | Financing Leases and Leverage Leases | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,119.4 | 2,318 |
Consumer Loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Total loans | $ 5,285.7 | $ 6,415.7 |
Loans (Schedule of Loans by Seg
Loans (Schedule of Loans by Segment, Based on Obligor Location) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 33,461 | $ 36,144.6 |
Commercial Banking | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 27,217.1 | 28,636.5 |
Consumer Banking | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6,243.9 | 7,508.1 |
Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 32,095.8 | 34,831.5 |
Domestic | Commercial Banking | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 25,851.9 | 27,323.4 |
Domestic | Consumer Banking | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6,243.9 | 7,508.1 |
International | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,365.2 | 1,313.1 |
International | Commercial Banking | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,365.2 | $ 1,313.1 |
Loans (Components of Net Invest
Loans (Components of Net Investment) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Unearned income | $ (353.8) | $ (373.9) |
Unamortized (discounts) premiums | (284.4) | (434.4) |
Net unamortized deferred costs | $ 39.8 | $ 35.8 |
Loans (Commercial Loans - By Ri
Loans (Commercial Loans - By Risk Rating) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 33,461 | $ 36,144.6 |
Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 27,217.1 | 28,636.5 |
Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,243.9 | 7,508.1 |
Commercial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 6,674.2 | 8,405.5 |
2020 | 5,380.2 | 6,904.7 |
2019 | 6,010.7 | 4,847 |
2018 | 3,362.8 | 2,302 |
2017 | 1,321.8 | 1,196.3 |
2016 & Prior | 2,479.9 | 1,913.5 |
Revolving Loans | 2,881.8 | 4,089.6 |
Revolving Loans Converted to Term Loans | 63.9 | 70.3 |
Loans | 28,175.3 | 29,728.9 |
Commercial Loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 6,579.2 | 8,082.3 |
2020 | 5,076.8 | 5,751 |
2019 | 4,912.2 | 4,126.4 |
2018 | 2,644.3 | 1,703.2 |
2017 | 998 | 820.8 |
2016 & Prior | 1,919.2 | 1,378.2 |
Revolving Loans | 2,499 | 3,372 |
Revolving Loans Converted to Term Loans | 60.6 | 61.9 |
Loans | 24,689.3 | 25,295.8 |
Commercial Loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 35 | 176.7 |
2020 | 181.7 | 620.4 |
2019 | 333 | 383.9 |
2018 | 248.1 | 279.1 |
2017 | 77 | 139.2 |
2016 & Prior | 92.3 | 167.4 |
Revolving Loans | 147.7 | 313.3 |
Revolving Loans Converted to Term Loans | 0.5 | 2.8 |
Loans | 1,115.3 | 2,082.8 |
Commercial Loans | Classified- accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 57.4 | 138 |
2020 | 112.2 | 446.2 |
2019 | 734.7 | 262.5 |
2018 | 431.7 | 280.7 |
2017 | 227 | 210.2 |
2016 & Prior | 284.7 | 277.4 |
Revolving Loans | 158.8 | 314.5 |
Revolving Loans Converted to Term Loans | 2.8 | 5.6 |
Loans | 2,009.3 | 1,935.1 |
Commercial Loans | Classified- non-accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 2.6 | 8.5 |
2020 | 9.5 | 87.1 |
2019 | 30.8 | 74.2 |
2018 | 38.7 | 39 |
2017 | 19.8 | 26.1 |
2016 & Prior | 183.7 | 90.5 |
Revolving Loans | 76.3 | 89.8 |
Loans | 361.4 | 415.2 |
Commercial Loans | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 6,508.1 | 7,876.9 |
2020 | 5,098.7 | 6,703.4 |
2019 | 5,811.1 | 4,718.2 |
2018 | 3,231.4 | 2,222.7 |
2017 | 1,254.2 | 1,128.9 |
2016 & Prior | 2,370.3 | 1,826.9 |
Revolving Loans | 2,879.4 | 4,089.2 |
Revolving Loans Converted to Term Loans | 63.9 | 70.3 |
Loans | 27,217.1 | 28,636.5 |
Commercial Loans | Commercial Banking | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 6,413.1 | 7,574.7 |
2020 | 4,802.7 | 5,593.9 |
2019 | 4,766.9 | 4,021.9 |
2018 | 2,546.6 | 1,640.9 |
2017 | 951 | 770.8 |
2016 & Prior | 1,837.2 | 1,310.9 |
Revolving Loans | 2,496.6 | 3,371.9 |
Revolving Loans Converted to Term Loans | 60.6 | 61.9 |
Loans | 23,874.7 | 24,346.9 |
Commercial Loans | Commercial Banking | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 35 | 176.7 |
2020 | 181.7 | 607.3 |
2019 | 323 | 379.6 |
2018 | 244.9 | 276.3 |
2017 | 72.6 | 136.6 |
2016 & Prior | 88.6 | 166.5 |
Revolving Loans | 147.7 | 313.3 |
Revolving Loans Converted to Term Loans | 0.5 | 2.8 |
Loans | 1,094 | 2,059.1 |
Commercial Loans | Commercial Banking | Classified- accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 57.4 | 117 |
2020 | 104.8 | 426.9 |
2019 | 707.4 | 245.5 |
2018 | 404.8 | 269.7 |
2017 | 215 | 196.4 |
2016 & Prior | 267.9 | 259.8 |
Revolving Loans | 158.8 | 314.2 |
Revolving Loans Converted to Term Loans | 2.8 | 5.6 |
Loans | 1,918.9 | 1,835.1 |
Commercial Loans | Commercial Banking | Classified- non-accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 2.6 | 8.5 |
2020 | 9.5 | 75.3 |
2019 | 13.8 | 71.2 |
2018 | 35.1 | 35.8 |
2017 | 15.6 | 25.1 |
2016 & Prior | 176.6 | 89.7 |
Revolving Loans | 76.3 | 89.8 |
Loans | 329.5 | 395.4 |
Commercial Loans | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 4,576.2 | 4,984 |
2020 | 2,567.3 | 2,509.6 |
2019 | 2,408.7 | 2,314.6 |
2018 | 1,718.3 | 875.2 |
2017 | 583.1 | 341.2 |
2016 & Prior | 1,312.9 | 1,109.3 |
Revolving Loans | 2,868.8 | 4,040.5 |
Revolving Loans Converted to Term Loans | 63.9 | 69.5 |
Loans | 16,099.2 | 16,243.9 |
Commercial Loans | Commercial Banking | Commercial Finance | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 4,518.2 | 4,819.9 |
2020 | 2,426.7 | 2,132.5 |
2019 | 1,984.6 | 2,000.1 |
2018 | 1,414.5 | 678 |
2017 | 460.9 | 181.1 |
2016 & Prior | 943.5 | 745.6 |
Revolving Loans | 2,486 | 3,329.4 |
Revolving Loans Converted to Term Loans | 60.6 | 61.1 |
Loans | 14,295 | 13,947.7 |
Commercial Loans | Commercial Banking | Commercial Finance | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 22.3 | 81.2 |
2020 | 69.4 | 206.4 |
2019 | 185.8 | 210.8 |
2018 | 146.7 | 18.4 |
2017 | 3 | 30.8 |
2016 & Prior | 72.4 | 119.9 |
Revolving Loans | 147.7 | 313.3 |
Revolving Loans Converted to Term Loans | 0.5 | 2.8 |
Loans | 647.8 | 983.6 |
Commercial Loans | Commercial Banking | Commercial Finance | Classified- accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 35.7 | 82.4 |
2020 | 71.2 | 161.7 |
2019 | 237 | 49.8 |
2018 | 132.7 | 169.2 |
2017 | 108.4 | 107.2 |
2016 & Prior | 184.5 | 183.1 |
Revolving Loans | 158.8 | 314.2 |
Revolving Loans Converted to Term Loans | 2.8 | 5.6 |
Loans | 931.1 | 1,073.2 |
Commercial Loans | Commercial Banking | Commercial Finance | Classified- non-accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0.5 | |
2020 | 9 | |
2019 | 1.3 | 53.9 |
2018 | 24.4 | 9.6 |
2017 | 10.8 | 22.1 |
2016 & Prior | 112.5 | 60.7 |
Revolving Loans | 76.3 | 83.6 |
Loans | 225.3 | 239.4 |
Commercial Loans | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 457 | 1,142.1 |
2020 | 1,200.3 | 2,640.6 |
2019 | 2,336.4 | 1,463.1 |
2018 | 987.3 | 978.9 |
2017 | 492.8 | 652 |
2016 & Prior | 954.2 | 643.1 |
Revolving Loans | 2.8 | 34.3 |
Loans | 6,430.8 | 7,554.1 |
Commercial Loans | Commercial Banking | Real Estate Finance | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 457 | 1,075.9 |
2020 | 1,112.9 | 2,089.2 |
2019 | 1,824.6 | 1,212.3 |
2018 | 666.9 | 663.5 |
2017 | 335.6 | 480.3 |
2016 & Prior | 797.6 | 493 |
Revolving Loans | 2.8 | 28.1 |
Loans | 5,197.4 | 6,042.3 |
Commercial Loans | Commercial Banking | Real Estate Finance | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 65.9 | |
2020 | 87.1 | 333.7 |
2019 | 100.3 | 126.4 |
2018 | 79.5 | 225.5 |
2017 | 58.9 | 93.5 |
2016 & Prior | 13.3 | 46.3 |
Loans | 339.1 | 891.3 |
Commercial Loans | Commercial Banking | Real Estate Finance | Classified- accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0.3 | |
2020 | 0.3 | 184.4 |
2019 | 411.5 | 124.2 |
2018 | 240.7 | 74.6 |
2017 | 96.4 | 78 |
2016 & Prior | 82 | 75.8 |
Loans | 830.9 | 537.3 |
Commercial Loans | Commercial Banking | Real Estate Finance | Classified- non-accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 33.3 | |
2019 | 0.2 | |
2018 | 0.2 | 15.3 |
2017 | 1.9 | 0.2 |
2016 & Prior | 61.3 | 28 |
Revolving Loans | 6.2 | |
Loans | 63.4 | 83.2 |
Commercial Loans | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.8 | |
2019 | 0.6 | |
2018 | 0.1 | |
2017 | 3.1 | |
2016 & Prior | 63.1 | 56.7 |
Loans | 63.7 | 60.7 |
Commercial Loans | Commercial Banking | Rail | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.8 | |
2019 | 0.6 | |
2018 | 0.1 | |
2017 | 3.1 | |
2016 & Prior | 63.1 | 56.7 |
Loans | 63.7 | 60.7 |
Commercial Loans | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 1,474.9 | 1,750.8 |
2020 | 1,331.1 | 1,552.4 |
2019 | 1,065.4 | 940.5 |
2018 | 525.8 | 368.5 |
2017 | 178.3 | 132.6 |
2016 & Prior | 40.1 | 17.8 |
Revolving Loans | 7.8 | 14.4 |
Revolving Loans Converted to Term Loans | 0.8 | |
Loans | 4,623.4 | 4,777.8 |
Commercial Loans | Commercial Banking | Business Capital | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 1,437.9 | 1,678.9 |
2020 | 1,263.1 | 1,371.4 |
2019 | 957.1 | 809.5 |
2018 | 465.2 | 299.3 |
2017 | 154.5 | 106.3 |
2016 & Prior | 33 | 15.6 |
Revolving Loans | 7.8 | 14.4 |
Revolving Loans Converted to Term Loans | 0.8 | |
Loans | 4,318.6 | 4,296.2 |
Commercial Loans | Commercial Banking | Business Capital | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 12.7 | 29.6 |
2020 | 25.2 | 67.2 |
2019 | 36.9 | 42.4 |
2018 | 18.7 | 32.4 |
2017 | 10.7 | 12.3 |
2016 & Prior | 2.9 | 0.3 |
Loans | 107.1 | 184.2 |
Commercial Loans | Commercial Banking | Business Capital | Classified- accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 21.7 | 34.3 |
2020 | 33.3 | 80.8 |
2019 | 58.9 | 71.5 |
2018 | 31.4 | 25.9 |
2017 | 10.2 | 11.2 |
2016 & Prior | 1.4 | 0.9 |
Loans | 156.9 | 224.6 |
Commercial Loans | Commercial Banking | Business Capital | Classified- non-accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 2.6 | 8 |
2020 | 9.5 | 33 |
2019 | 12.5 | 17.1 |
2018 | 10.5 | 10.9 |
2017 | 2.9 | 2.8 |
2016 & Prior | 2.8 | 1 |
Loans | 40.8 | 72.8 |
Commercial Loans | Consumer Banking | Consumer and Community Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 166.1 | 528.6 |
2020 | 281.5 | 201.3 |
2019 | 199.6 | 128.8 |
2018 | 131.4 | 79.3 |
2017 | 67.6 | 67.4 |
2016 & Prior | 109.6 | 86.6 |
Revolving Loans | 2.4 | 0.4 |
Loans | 958.2 | 1,092.4 |
Commercial Loans | Consumer Banking | Consumer and Community Banking | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 166.1 | 507.6 |
2020 | 274.1 | 157.1 |
2019 | 145.3 | 104.5 |
2018 | 97.7 | 62.3 |
2017 | 47 | 50 |
2016 & Prior | 82 | 67.3 |
Revolving Loans | 2.4 | 0.1 |
Loans | 814.6 | 948.9 |
Commercial Loans | Consumer Banking | Consumer and Community Banking | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 13.1 | |
2019 | 10 | 4.3 |
2018 | 3.2 | 2.8 |
2017 | 4.4 | 2.6 |
2016 & Prior | 3.7 | 0.9 |
Loans | 21.3 | 23.7 |
Commercial Loans | Consumer Banking | Consumer and Community Banking | Classified- accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 21 | |
2020 | 7.4 | 19.3 |
2019 | 27.3 | 17 |
2018 | 26.9 | 11 |
2017 | 12 | 13.8 |
2016 & Prior | 16.8 | 17.6 |
Revolving Loans | 0.3 | |
Loans | 90.4 | 100 |
Commercial Loans | Consumer Banking | Consumer and Community Banking | Classified- non-accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 11.8 | |
2019 | 17 | 3 |
2018 | 3.6 | 3.2 |
2017 | 4.2 | 1 |
2016 & Prior | 7.1 | 0.8 |
Loans | $ 31.9 | $ 19.8 |
Loans (Commercial Loans - By _2
Loans (Commercial Loans - By Risk Rating) (Parenthetical) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Commercial Loans | Other Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | $ 39.9 | $ 48.6 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($)Score | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Score | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)Score | |
Receivables [Abstract] | |||||
Average Loans to Value Percentage | 53.00% | 58.00% | |||
Average FICO score | Score | 764 | 764 | 755 | ||
Interest on non-accrual loan | $ 0.5 | $ 6.9 | $ 1.9 | $ 8.5 | |
Trial modification, amount | 0.1 | $ 4.5 | |||
Commitments to lend additional funds to borrowers whose loan terms have been modified in TDRs | $ 9.3 | $ 9.3 | $ 28.3 | ||
Troubled debt restructuring, payment deferral rate (percentage) | 55.00% | 55.00% | 40.00% | ||
Troubled debt restructuring, covenant relief rate, other (percentage) | 45.00% | 45.00% | 60.00% |
Loans (Schedule of Consumer Loa
Loans (Schedule of Consumer Loans LTV Distributions) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 33,461 | $ 36,144.6 |
Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 1,259.7 | 1,363.7 |
2020 | 958.3 | 1,074.5 |
2019 | 478.1 | 466.2 |
2018 | 238.8 | 576.2 |
2017 | 335.1 | 390.8 |
2016 & Prior | 1,958.6 | 2,454.8 |
Revolving Loans | 28.9 | 48.2 |
Revolving Loans Converted to Term Loans | 28.2 | 41.3 |
Loans | 5,285.7 | 6,415.7 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 1,173.8 | 1,652.4 |
Revolving Loans Converted to Term Loans | 28.2 | 41.3 |
Loans | 1,202 | 1,693.7 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Junior Lien Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 0.1 | 0.1 |
Revolving Loans Converted to Term Loans | 1.2 | 1.7 |
Loans | 1.3 | 1.8 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 19.4 | 20.8 |
Loans | 19.4 | 20.8 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | LTV 101% - 125% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 22.6 | 60.5 |
Revolving Loans Converted to Term Loans | 0.3 | 1.1 |
Loans | 22.9 | 61.6 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | LTV 80% - 100% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 64.5 | 189.2 |
Revolving Loans Converted to Term Loans | 1.1 | 3.4 |
Loans | 65.6 | 192.6 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | LTV Greater Than 125 Percent | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 16.1 | 37.5 |
Revolving Loans Converted to Term Loans | 0.1 | 0.4 |
Loans | 16.2 | 37.9 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | LTV Less than 80% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 1,051.1 | 1,344.3 |
Revolving Loans Converted to Term Loans | 25.5 | 34.7 |
Loans | 1,076.6 | 1,379 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 1,259.7 | 1,363.7 |
2020 | 958.3 | 1,074.5 |
2019 | 478.1 | 466.2 |
2018 | 238.8 | 576.2 |
2017 | 335.1 | 390.8 |
2016 & Prior | 784.8 | 802.4 |
Revolving Loans | 28.9 | 48.2 |
Loans | 4,083.7 | 4,722 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | Junior Lien Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.1 | |
2019 | 0.1 | 0.2 |
2018 | 0.1 | 0.2 |
2017 | 0.1 | 0.2 |
2016 & Prior | 1 | 0.7 |
Revolving Loans | 1.3 | 1.3 |
Loans | 2.7 | 2.6 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 12 | |
2020 | 10 | 33.7 |
2019 | 22.5 | 15.7 |
2018 | 10.3 | 68.2 |
2017 | 46.6 | 9.5 |
2016 & Prior | 13 | 7.8 |
Loans | 102.4 | 146.9 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | LTV 80% - 100% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 11.5 | 21.3 |
2020 | 17.1 | |
2019 | 0.9 | 3.5 |
2018 | 0.8 | |
2016 & Prior | 0.8 | 1.7 |
Revolving Loans | 2.4 | |
Loans | 14 | 46 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | LTV Less than 80% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 1,247.4 | 1,328.4 |
2020 | 946 | 1,022.7 |
2019 | 453.6 | 445.8 |
2018 | 226.8 | 507.2 |
2017 | 287.7 | 380.1 |
2016 & Prior | 757 | 778.8 |
Revolving Loans | 25.4 | 41.5 |
Loans | 3,943.9 | 4,504.5 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | No LTV required | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0.8 | 2 |
2020 | 2.2 | 1 |
2019 | 1 | 1 |
2018 | 0.8 | 0.6 |
2017 | 0.7 | 1 |
2016 & Prior | 13 | 13.4 |
Revolving Loans | 2.2 | 3 |
Loans | $ 20.7 | $ 22 |
Loans (Schedule of Consumer L_2
Loans (Schedule of Consumer Loans LTV Distributions) (Parenthetical) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other Assets | Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Accrued interest receivable | $ 13.8 | $ 19 |
Loans (Schedule of Consumer L_3
Loans (Schedule of Consumer Loans Current FICO Score Distributions) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 33,461 | $ 36,144.6 |
Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,243.9 | 7,508.1 |
Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 1,259.7 | 1,363.7 |
2020 | 958.3 | 1,074.5 |
2019 | 478.1 | 466.2 |
2018 | 238.8 | 576.2 |
2017 | 335.1 | 390.8 |
2016 & Prior | 1,958.6 | 2,454.8 |
Revolving Loans | 28.9 | 48.2 |
Revolving Loans Converted to Term Loans | 28.2 | 41.3 |
Loans | 5,285.7 | 6,415.7 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 1,173.8 | 1,652.4 |
Revolving Loans Converted to Term Loans | 28.2 | 41.3 |
Loans | 1,202 | 1,693.7 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 19.4 | 20.8 |
Loans | 19.4 | 20.8 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | F I C O Score Greater Than Or Equal To730 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 607.6 | 729.1 |
Revolving Loans Converted to Term Loans | 13.2 | 17.9 |
Loans | 620.8 | 747 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | F I C O Score Greater Than Or Equal To660 And Less Than730 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 347.5 | 499.3 |
Revolving Loans Converted to Term Loans | 8.1 | 13 |
Loans | 355.6 | 512.3 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | F I C O Score Less Than660 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 173.4 | 369.4 |
Revolving Loans Converted to Term Loans | 6.2 | 9.4 |
Loans | 179.6 | 378.8 |
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | No F I C O Score Available | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2016 & Prior | 25.9 | 33.8 |
Revolving Loans Converted to Term Loans | 0.7 | 1 |
Loans | 26.6 | 34.8 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 1,259.7 | 1,363.7 |
2020 | 958.3 | 1,074.5 |
2019 | 478.1 | 466.2 |
2018 | 238.8 | 576.2 |
2017 | 335.1 | 390.8 |
2016 & Prior | 784.8 | 802.4 |
Revolving Loans | 28.9 | 48.2 |
Loans | 4,083.7 | 4,722 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 12 | |
2020 | 10 | 33.7 |
2019 | 22.5 | 15.7 |
2018 | 10.3 | 68.2 |
2017 | 46.6 | 9.5 |
2016 & Prior | 13 | 7.8 |
Loans | 102.4 | 146.9 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | F I C O Score Greater Than Or Equal To730 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 1,068.6 | 1,152.3 |
2020 | 810.8 | 923.7 |
2019 | 392.2 | 372.3 |
2018 | 188.1 | 453.5 |
2017 | 260.4 | 339.7 |
2016 & Prior | 614 | 596.7 |
Revolving Loans | 19.3 | 34.2 |
Loans | 3,353.4 | 3,872.4 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | F I C O Score Greater Than Or Equal To660 And Less Than730 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 182.2 | 186.3 |
2020 | 122.8 | 104.7 |
2019 | 58.9 | 68.7 |
2018 | 33 | 46.3 |
2017 | 22.4 | 34.5 |
2016 & Prior | 101.2 | 125.6 |
Revolving Loans | 6.2 | 10 |
Loans | 526.7 | 576.1 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | F I C O Score Less Than660 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 8.1 | 11 |
2020 | 12.3 | 11.2 |
2019 | 3.7 | 8.4 |
2018 | 5.6 | 7.3 |
2017 | 4.8 | 5.5 |
2016 & Prior | 30.4 | 40.8 |
Revolving Loans | 2.8 | 3.1 |
Loans | 67.7 | 87.3 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | No F I C O Score Available | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0.1 | |
2020 | 0.2 | 0.5 |
2019 | 0.1 | |
2018 | 1 | 0.3 |
2017 | 0.2 | 0.6 |
2016 & Prior | 13.6 | 18.2 |
Revolving Loans | 0.2 | 0.2 |
Loans | 15.2 | 20 |
Consumer Loans | Consumer Banking | Consumer and Community Banking | F I C O Score Not Required | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0.8 | 2 |
2020 | 2.2 | 0.7 |
2019 | 0.8 | 1 |
2018 | 0.8 | 0.6 |
2017 | 0.7 | 1 |
2016 & Prior | 12.6 | 13.3 |
Revolving Loans | 0.4 | 0.7 |
Loans | $ 18.3 | $ 19.3 |
Loans (Loans - Delinquency Stat
Loans (Loans - Delinquency Status) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 33,461 | $ 36,144.6 |
Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 27,217.1 | 28,636.5 |
Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 16,099.2 | 16,243.9 |
Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 6,430.8 | 7,554.1 |
Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,623.4 | 4,777.8 |
Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 63.7 | 60.7 |
Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 6,243.9 | 7,508.1 |
Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,202.1 | 1,693.8 |
Consumer Banking | Consumer and Community Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 5,041.8 | 5,814.3 |
30-59 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 162.7 | 479.3 |
30-59 Past Due | Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 95.9 | 245.2 |
30-59 Past Due | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 37.2 | 59.9 |
30-59 Past Due | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 0.2 | 71.7 |
30-59 Past Due | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 58.5 | 113.6 |
30-59 Past Due | Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 66.8 | 234.1 |
30-59 Past Due | Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 24.1 | 61 |
30-59 Past Due | Consumer Banking | Consumer and Community Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 42.7 | 173.1 |
60-89 Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 77.3 | 109.5 |
60-89 Past Due | Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 45.9 | 81.3 |
60-89 Past Due | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 8.9 | 2.8 |
60-89 Past Due | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 10.6 | 38.3 |
60-89 Past Due | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 26.4 | 40.2 |
60-89 Past Due | Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 31.4 | 28.2 |
60-89 Past Due | Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4.7 | 17.6 |
60-89 Past Due | Consumer Banking | Consumer and Community Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 26.7 | 10.6 |
90 or more Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 101.7 | 334.7 |
90 or more Past Due | Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 56.3 | 221 |
90 or more Past Due | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 29.8 | 122 |
90 or more Past Due | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 9.2 | 82.4 |
90 or more Past Due | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 17.3 | 16.6 |
90 or more Past Due | Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 45.4 | 113.7 |
90 or more Past Due | Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 25.2 | 79.7 |
90 or more Past Due | Consumer Banking | Consumer and Community Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 20.2 | 34 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 341.7 | 923.5 |
Total Past Due | Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 198.1 | 547.5 |
Total Past Due | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 75.9 | 184.7 |
Total Past Due | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 20 | 192.4 |
Total Past Due | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 102.2 | 170.4 |
Total Past Due | Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 143.6 | 376 |
Total Past Due | Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 54 | 158.3 |
Total Past Due | Consumer Banking | Consumer and Community Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 89.6 | 217.7 |
Current Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 33,119.3 | 35,221.1 |
Current Due | Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 27,019 | 28,089 |
Current Due | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 16,023.3 | 16,059.2 |
Current Due | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 6,410.8 | 7,361.7 |
Current Due | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,521.2 | 4,607.4 |
Current Due | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 63.7 | 60.7 |
Current Due | Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 6,100.3 | 7,132.1 |
Current Due | Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,148.1 | 1,535.5 |
Current Due | Consumer Banking | Consumer and Community Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 4,952.2 | $ 5,596.6 |
Loans (Loans on Non-accrual Sta
Loans (Loans on Non-accrual Status) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | $ 404.9 | $ 588.1 |
Repossessed assets and OREO | 10.5 | 7.9 |
Total non-performing assets | 415.4 | 596 |
Total accruing loans past due 90 days or more | 27.9 | 103.8 |
With no allowance recorded | 54.5 | 93.7 |
Commercial Loans | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 329.5 | 395.4 |
Total accruing loans past due 90 days or more | 14.7 | 92.5 |
With no allowance recorded | 19.1 | 25.5 |
Commercial Loans | Commercial Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 225.3 | 239.4 |
With no allowance recorded | 13.4 | 8 |
Commercial Loans | Business Capital | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 40.8 | 72.8 |
With no allowance recorded | 3.1 | 1.5 |
Commercial Loans | Real Estate Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 63.4 | 83.2 |
With no allowance recorded | 2.6 | 16 |
Consumer Loans | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 75.4 | 192.7 |
Total accruing loans past due 90 days or more | 13.2 | 11.3 |
With no allowance recorded | 35.4 | 68.2 |
Consumer Loans | Consumer and Community Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 52.1 | 53.4 |
With no allowance recorded | 29.5 | 38.2 |
Consumer Loans | Legacy Consumer Mortgages | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 23.3 | 139.3 |
With no allowance recorded | $ 5.9 | $ 30 |
Loans (Loans on Non-accrual S_2
Loans (Loans on Non-accrual Status) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Receivables [Abstract] | ||||
Accrued interest reversed to non-accrual status | $ 0.5 | $ 1.1 | $ 2.8 | $ 6 |
Loans (Schedule of Loans In Pro
Loans (Schedule of Loans In Process of Foreclosure) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Loans in process of foreclosure | $ 11.8 | $ 22.9 |
Loans (Summary of Recorded Inve
Loans (Summary of Recorded Investments of TDRs (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 129.5 | $ 134.4 |
% Total TDR | 100.00% | 100.00% |
Percent non-accrual | 51.00% | 73.00% |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 96.1 | $ 109.8 |
% Total TDR | 74.00% | 82.00% |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 33.4 | $ 24.6 |
% Total TDR | 26.00% | 18.00% |
Loans (Summary of Recorded In_2
Loans (Summary of Recorded Investments of Modifications) (Details) - Commercial Loan - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Recorded investment related to modifications qualifying as TDRs that occurred during the periods | $ 31.3 | $ 10 | $ 48.8 | $ 62.4 |
Recorded investment at the time of default of TDRs that experienced a payment default (payment default is one missed payment) during the periods and for which the payment default occurred within one year of the modification | $ 2.9 | $ 13.6 | $ 12.9 | $ 19.9 |
Allowance For Credit Losses (Sc
Allowance For Credit Losses (Schedule of Allowance for Credit Losses and Recorded Investment in Finance Receivables) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | $ 850.6 | $ 1,202.7 | $ 1,063.8 | $ 482.6 | |
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | ||||
Provision for credit losses | (67.1) | 63.3 | (256.7) | $ 800.8 | |
The initial ACL recognized on PCD assets | 20.2 | ||||
Other | 11.9 | 6.2 | 27.7 | (31.6) | |
Gross charge-offs | (16.4) | (78.2) | (92.7) | (334.7) | |
Recoveries | 11.4 | 12.2 | 48.3 | 45.3 | |
Allowance balance - end of period | 790.4 | 1,206.2 | 790.4 | 1,206.2 | |
Allowance balance | |||||
Loans individually evaluated for impairment | 72.3 | 72.3 | $ 106.3 | ||
Loans collectively evaluated for impairment | 718.1 | 718.1 | 957.5 | ||
Allowance for credit losses | 790.4 | 1,206.2 | 790.4 | 1,206.2 | 1,063.8 |
Allowance for off-balance sheet credit exposures | 50.1 | 50.1 | 78.3 | ||
Loans | |||||
Loans individually evaluated for impairment | 342.2 | 342.2 | 432.7 | ||
Loans collectively evaluated for impairment | 33,118.8 | 33,118.8 | 35,711.9 | ||
Loans | $ 33,461 | $ 33,461 | $ 36,144.6 | ||
Percent of loans to total loans | 100.00% | 100.00% | 100.00% | ||
Commercial Banking | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | $ 743.4 | 1,020.1 | $ 933.7 | $ 460.4 | |
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | ||||
Provision for credit losses | (49.3) | 87.9 | (220.6) | $ 811.5 | |
The initial ACL recognized on PCD assets | 18.8 | ||||
Other | 11.7 | 7.1 | 28.2 | (28.6) | |
Gross charge-offs | (15.3) | (77.2) | (86.2) | (331) | |
Recoveries | 10.7 | 11.4 | 46.1 | 43.5 | |
Allowance balance - end of period | 701.2 | 1,049.3 | 701.2 | 1,049.3 | |
Allowance balance | |||||
Loans individually evaluated for impairment | 68.2 | 68.2 | $ 100.8 | ||
Loans collectively evaluated for impairment | 633 | 633 | 832.9 | ||
Allowance for credit losses | 701.2 | 1,049.3 | 701.2 | 1,049.3 | 933.7 |
Allowance for off-balance sheet credit exposures | 48.6 | 48.6 | 76.8 | ||
Loans | |||||
Loans individually evaluated for impairment | 289.1 | 289.1 | 346.3 | ||
Loans collectively evaluated for impairment | 26,928 | 26,928 | 28,290.2 | ||
Loans | $ 27,217.1 | $ 27,217.1 | $ 28,636.5 | ||
Percent of loans to total loans | 81.30% | 81.30% | 79.20% | ||
Consumer Banking | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | $ 107.2 | 182.6 | $ 130.1 | $ 22.2 | |
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | ||||
Provision for credit losses | (17.8) | (24.6) | (36.1) | $ (10.7) | |
The initial ACL recognized on PCD assets | 1.4 | ||||
Other | 0.2 | (0.9) | (0.5) | (3) | |
Gross charge-offs | (1.1) | (1) | (6.5) | (3.7) | |
Recoveries | 0.7 | 0.8 | 2.2 | 1.8 | |
Allowance balance - end of period | 89.2 | 156.9 | 89.2 | 156.9 | |
Allowance balance | |||||
Loans individually evaluated for impairment | 4.1 | 4.1 | $ 5.5 | ||
Loans collectively evaluated for impairment | 85.1 | 85.1 | 124.6 | ||
Allowance for credit losses | 89.2 | $ 156.9 | 89.2 | 156.9 | 130.1 |
Allowance for off-balance sheet credit exposures | 1.5 | 1.5 | 1.5 | ||
Loans | |||||
Loans individually evaluated for impairment | 53.1 | 53.1 | 86.4 | ||
Loans collectively evaluated for impairment | 6,190.8 | 6,190.8 | 7,421.7 | ||
Loans | $ 6,243.9 | $ 6,243.9 | $ 7,508.1 | ||
Percent of loans to total loans | 18.70% | 18.70% | 20.80% | ||
Cumulative Effect of Adoption | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 223.6 | ||||
Allowance balance | |||||
Allowance for credit losses | |||||
Cumulative Effect of Adoption | Commercial Banking | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 74.7 | ||||
Allowance balance | |||||
Allowance for credit losses | |||||
Cumulative Effect of Adoption | Consumer Banking | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | $ 148.9 | ||||
Allowance balance | |||||
Allowance for credit losses |
Allowance For Credit Losses (_2
Allowance For Credit Losses (Schedule of Allowance for Credit Losses and Recorded Investment in Finance Receivables) (Parenthetical) (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Provision for off-balance sheet credit exposures | $ (11.7) | $ (6.4) | $ (28.2) | $ 29.9 | |
Loans charged-off | $ 16.4 | $ 78.2 | $ 92.7 | 334.7 | |
Net impact of additional PCD reserves | $ 20.2 | ||||
PCD Loans | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Initial ACL recognized on PCD assets | $ 58.8 | ||||
Loans charged-off | 38.6 | ||||
Net impact of additional PCD reserves | $ 20.2 |
Allowance For Credit Losses (Na
Allowance For Credit Losses (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Credit Loss [Abstract] | ||||||||
(Benefit) provision for credit losses | $ (67.1) | $ 63.3 | $ (256.7) | $ 800.8 | ||||
Allowance for credit losses | 790.4 | $ 1,206.2 | 790.4 | $ 1,206.2 | $ 850.6 | $ 1,063.8 | $ 1,202.7 | $ 482.6 |
Allowance for off-balance sheet, credit exposures | $ 50.1 | $ 50.1 | $ 78.3 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | |
Leases [Line Items] | |||
Lessee, operating lease, option to extend | true | ||
Lessee, operating lease, option to terminate | true | ||
ROU assets | $ 252.7 | $ 198.8 | |
Lease liabilities | 288.4 | $ 249.9 | |
Morristown, NJ | |||
Leases [Line Items] | |||
Lessee, operating lease, remaining lease term | 15 years | ||
ROU assets | 71.9 | ||
Lease liabilities | $ 61.7 | ||
Maximum | |||
Leases [Line Items] | |||
Lessee, operating lease, remaining lease term | 15 years |
Leases (Schedule of Supplementa
Leases (Schedule of Supplemental Balance Sheet and Cash Flow Information Related to Leases) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Leases [Abstract] | |||
ROU assets | $ 252.7 | $ 198.8 | |
Lease liabilities | 288.4 | $ 249.9 | |
Cash paid for amounts included in the measurement of lease liabilities | 37.4 | $ 42.6 | |
ROU assets obtained in exchange for new lease liabilities | $ 68.9 | $ 16.4 |
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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Leases [Abstract] | |||||
Lease income – Operating leases | $ 173.9 | $ 191.4 | $ 530.5 | $ 578.2 | |
Variable lease income - Operating leases | [1] | 12.3 | 9.9 | 38.6 | 33.8 |
Rental income on operating leases | 186.2 | 201.3 | 569.1 | 612 | |
Interest income - Sales type and direct financing leases | 39.5 | 44.3 | 125.9 | 127.5 | |
Variable lease income included in Other non-interest income | [2] | 10.4 | 9.9 | 31.7 | 31.7 |
Leveraged lease income | 3.7 | 3.1 | 10.5 | 8.3 | |
Total lease income | $ 239.8 | $ 258.6 | $ 737.2 | $ 779.5 | |
[1] | Primarily includes per diem railcar operating lease rental income earned on a time or mileage usage basis. | ||||
[2] | Includes revenue related September 30, 2021 respectively, and $20.1 million and $18.3 million for the nine months ended September 30, 2021 and 2020, respectively September 30, 2021 and $11.5 million and $13.4 million for the nine months ended September 30, 2021 and 2020 |
Leases (Schedule of Lease Inc_2
Leases (Schedule of Lease Income Related to Company's Operating and Finance Leases) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Revenue related to insurance coverage Commercial Finance leased equipment | $ 6.8 | $ 5.9 | $ 20.1 | $ 18.3 |
Leased equipment property tax reimbursements due from customers | $ 3.5 | $ 4 | $ 11.5 | $ 13.4 |
Investment Securities (Schedule
Investment Securities (Schedule of Carrying Value of Investment Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Debt securities | $ 5,561.1 | $ 6,673.5 |
Total investment securities | 5,775.2 | 6,889 |
Non-marketable securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total investment securities | $ 214.1 | $ 215.5 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Carrying Value of Investment Securities) (Parenthetical) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Investments Debt And Equity Securities [Abstract] | ||
Restricted Stock of FRB and FHLB | $ 164.8 | $ 181.7 |
Non-marketable investments without readily determinable fair values | $ 49.3 | $ 33.8 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Investment Holdings [Line Items] | |||||
Accrued interest receivable on debt securities | $ 7,600,000 | $ 7,600,000 | $ 13,700,000 | ||
Cash and interest bearing deposits | 4,428,800,000 | $ 6,529,900,000 | 4,428,800,000 | $ 6,529,900,000 | 3,837,100,000 |
Other than temporary impairment losses | 0 | $ 0 | 400,000 | $ 0 | |
CIT Bank, N.A. | |||||
Investment Holdings [Line Items] | |||||
Pledged securities carrying value | $ 136,200,000 | $ 136,200,000 | $ 1,926,200,000 |
Investment Securities (Schedu_3
Investment Securities (Schedule of Interest and Dividend Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | ||||
Interest income - debt securities | $ 15 | $ 24 | $ 50.9 | $ 90.1 |
Interest income - interest-bearing cash | 2 | 2.1 | 4.8 | 9.5 |
Dividends - equity securities | 0.9 | 1.4 | 3.7 | 3.6 |
Total interest and dividends | $ 17.9 | $ 27.5 | $ 59.4 | $ 103.2 |
Investment Securities (Schedu_4
Investment Securities (Schedule of Realized Gains (Losses) and Proceeds from Sales of Debt Securities AFS) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | ||||
Proceeds from sales of debt securities AFS | $ 271.4 | $ 314.2 | $ 2,891.2 | $ 2,776.1 |
Gross realized gains | 5.5 | 8.4 | 113.8 | 30.5 |
Gross realized losses | (0.2) | (0.5) | (1.9) | |
Net realized gains on sales of debt securities AFS | $ 5.5 | $ 8.2 | $ 113.3 | $ 28.6 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of AFS and HTM Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | $ 5,664.9 | $ 6,550.5 |
Debt securities, Unrealized Gains Gross | 0.5 | 133.6 |
Debt securities, Unrealized Losses Gross | (104.3) | (10.6) |
Debt securities, Fair Value | 5,561.1 | 6,673.5 |
U.S. government/sponsored agency – Residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 1,596.6 | 2,503.4 |
Debt securities, Unrealized Gains Gross | 0.5 | 76.5 |
Debt securities, Unrealized Losses Gross | (21.6) | (0.1) |
Debt securities, Fair Value | 1,575.5 | 2,579.8 |
U.S. government/sponsored agency – Commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 1,742.2 | 1,725 |
Debt securities, Unrealized Gains Gross | 0 | 56.3 |
Debt securities, Unrealized Losses Gross | (28.6) | (0.5) |
Debt securities, Fair Value | 1,713.6 | 1,780.8 |
U.S. government/sponsored agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 1,509.9 | 1,474.2 |
Debt securities, Unrealized Gains Gross | 0 | 0.5 |
Debt securities, Unrealized Losses Gross | (22.8) | (3.9) |
Debt securities, Fair Value | 1,487.1 | 1,470.8 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 506.3 | 505.9 |
Debt securities, Unrealized Gains Gross | 0 | 0 |
Debt securities, Unrealized Losses Gross | (17.8) | (3.2) |
Debt securities, Fair Value | 488.5 | 502.7 |
Supranational Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 309.9 | 330.2 |
Debt securities, Unrealized Gains Gross | 0 | 0.2 |
Debt securities, Unrealized Losses Gross | (13.5) | (2.9) |
Debt securities, Fair Value | $ 296.4 | 327.5 |
Agency Asset-Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 1.5 | |
Debt securities, Unrealized Gains Gross | 0.1 | |
Debt securities, Unrealized Losses Gross | 0 | |
Debt securities, Fair Value | 1.6 | |
Corporate bonds - foreign | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 10.3 | |
Debt securities, Unrealized Gains Gross | 0 | |
Debt securities, Unrealized Losses Gross | 0 | |
Debt securities, Fair Value | $ 10.3 |
Investment Securities (Schedu_5
Investment Securities (Schedule of Amortized Cost and Fair Value Maturities with Changes Recorded in Net Income) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | $ 5,664.9 | $ 6,550.5 |
Total debt securities available-for-sale, Fair Value | $ 5,561.1 | 6,673.5 |
Weighted Average Yield | 1.26% | |
U.S. government/sponsored agency – Residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 5 through 10 years, Amortized Cost | $ 0.1 | |
After 10 years, Amortized Cost | 1,596.5 | |
Debt securities, Amortized Cost | 1,596.6 | 2,503.4 |
After 5 through 10 years, Fair value | 0.1 | |
After 10 years, Fair Value | 1,575.4 | |
Total debt securities available-for-sale, Fair Value | $ 1,575.5 | 2,579.8 |
After 5 through 10 years, Weighted Average Yield | 5.21% | |
After 10 years, Weighted Average Yield | 1.68% | |
Weighted Average Yield | 1.68% | |
U.S. government/sponsored agency – Commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 5 through 10 years, Amortized Cost | $ 31.2 | |
After 10 years, Amortized Cost | 1,711 | |
Debt securities, Amortized Cost | 1,742.2 | 1,725 |
After 5 through 10 years, Fair value | 30.1 | |
After 10 years, Fair Value | 1,683.5 | |
Total debt securities available-for-sale, Fair Value | $ 1,713.6 | 1,780.8 |
After 5 through 10 years, Weighted Average Yield | 1.12% | |
After 10 years, Weighted Average Yield | 1.45% | |
Weighted Average Yield | 1.45% | |
U.S. government/sponsored agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 1 through 5 years, Amortized Cost | $ 532.5 | |
After 5 through 10 years, Amortized Cost | 977.4 | |
Debt securities, Amortized Cost | 1,509.9 | 1,474.2 |
After 1 through 5 years, Fair Value | 528 | |
After 5 through 10 years, Fair value | 959.1 | |
Total debt securities available-for-sale, Fair Value | $ 1,487.1 | 1,470.8 |
After 1 through 5 years, Weighted Average Yield | 0.66% | |
After 5 through 10 years, Weighted Average Yield | 1.13% | |
Weighted Average Yield | 0.96% | |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
1 year or less, Amortized Cost | $ 13 | |
After 1 through 5 years, Amortized Cost | 99.9 | |
After 5 through 10 years, Amortized Cost | 393.4 | |
Debt securities, Amortized Cost | 506.3 | 505.9 |
1 year or less, Fair Value | 13.1 | |
After 1 through 5 years, Fair Value | 98.1 | |
After 5 through 10 years, Fair value | 377.3 | |
Total debt securities available-for-sale, Fair Value | $ 488.5 | 502.7 |
1 year or less, Weighted Average Yield | 0.23% | |
After 1 through 5 years, Weighted Average Yield | 0.27% | |
After 5 through 10 years, Weighted Average Yield | 0.50% | |
Weighted Average Yield | 0.45% | |
Supranational Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 1 through 5 years, Amortized Cost | $ 56.9 | |
After 5 through 10 years, Amortized Cost | 253 | |
Debt securities, Amortized Cost | 309.9 | 330.2 |
After 1 through 5 years, Fair Value | 56.2 | |
After 5 through 10 years, Fair value | 240.2 | |
Total debt securities available-for-sale, Fair Value | $ 296.4 | $ 327.5 |
1 year or less, Weighted Average Yield | 0.00% | |
After 1 through 5 years, Weighted Average Yield | 0.47% | |
After 5 through 10 years, Weighted Average Yield | 0.85% | |
Weighted Average Yield | 0.78% |
Investment Securities (Schedu_6
Investment Securities (Schedule of AFS and HTM - Estimated Unrealized Losses) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | $ 5,051.7 | $ 1,670.4 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (93.9) | (10.6) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 286.2 | 0 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | (10.4) | 0 |
U.S. government/sponsored agency – Residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 1,511.3 | 39.3 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (21.6) | (0.1) |
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/sponsored agency – Commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 1,594.1 | 267.3 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (26.9) | (0.5) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 42.2 | 0 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | (1.7) | 0 |
U.S. government/sponsored agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 1,324.7 | 628.5 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (21.7) | (3.9) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 87.4 | 0 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | (1.1) | 0 |
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 | 434.1 | 489.9 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (15.7) | (3.2) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 47.8 | 0 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | (2.1) | 0 |
Supranational Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 187.5 | 245.4 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (8) | (2.9) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 108.8 | 0 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | $ (5.5) | $ 0 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - Entity | Sep. 30, 2021 | Dec. 31, 2020 |
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) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Variable Interest Entity [Line Items] | |||
Total Assets | $ 54,420 | $ 58,106.6 | $ 60,865 |
Total Liabilities | 48,245.4 | 52,383.7 | |
Unconsolidated Variable Interest Entities (VIEs) | Other Investments | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 513.2 | 423.4 | |
Total Liabilities | 195.7 | 168.3 | |
Maximum loss exposure | 513.2 | 423.4 | |
Unconsolidated Variable Interest Entities (VIEs) | Commitments to tax credit investments | Other Investments | |||
Variable Interest Entity [Line Items] | |||
Total Liabilities | 195.7 | 168.3 | |
Unconsolidated Variable Interest Entities (VIEs) | Debt Securities | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 3,289.1 | 4,362.2 | |
Maximum loss exposure | 3,289.1 | 4,362.2 | |
Unconsolidated Variable Interest Entities (VIEs) | Debt Securities | Agency securities | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 3,289.1 | 4,362.2 | |
Unconsolidated Variable Interest Entities (VIEs) | Equity securities | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 146.6 | 111.9 | |
Unconsolidated Variable Interest Entities (VIEs) | Equity securities | Tax credit equity investments | |||
Variable Interest Entity [Line Items] | |||
Total Assets | $ 366.6 | $ 311.5 |
Borrowings (Schedule of Long-Te
Borrowings (Schedule of Long-Term Borrowings) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 4,247.6 | $ 5,837.3 |
CIT Group Inc. | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 3,922.3 | |
Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 325.3 | |
Senior | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 3,740.3 | 4,236.3 |
Senior | CIT Group Inc. | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 3,427 | |
Senior | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 313.3 | |
Subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 495.3 | 494.9 |
Subordinated notes | CIT Group Inc. | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 495.3 | |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 1,100 | |
Other secured and structured financings | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 12 | $ 6.1 |
Other secured and structured financings | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 12 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | 9 Months Ended | ||
Sep. 30, 2021USD ($)subsidiary | Feb. 09, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||
Revolving credit facility, domestic operating subsidiary guarantors | subsidiary | 3 | ||
Revolving credit facility, minimum guarantor asset coverage ratio | 1.25 | ||
Pledged assets | $ 11,900,000,000 | ||
Pledged assets, loans | 11,900,000,000 | ||
Pledged assets, cash | 28,000,000 | ||
Pledged assets | 2,478,000,000 | $ 2,486,400,000 | |
Long-term borrowings | 4,247,600,000 | 5,837,300,000 | |
Federal Reserve System ("FRB") | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 0 | 0 | |
CIT-owned Subsidiaries | |||
Debt Instrument [Line Items] | |||
Secured borrowings | 12,000,000 | $ 6,100,000 | |
Long-term borrowings | $ 325,300,000 | ||
Other secured and structured financings | |||
Debt Instrument [Line Items] | |||
Outstanding secured borrowings, weighted average percentage rate | 4.33% | 4.39% | |
Long-term borrowings | $ 12,000,000 | $ 6,100,000 | |
Other secured and structured financings | CIT-owned Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 12,000,000 | ||
4.125% Senior Unsecured Notes Due March 2021 | |||
Debt Instrument [Line Items] | |||
Face amount | $ 500,000,000 | ||
Interest rate | 4.125% | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, total commitment amount | $ 300,000,000 | $ 300,000,000 | |
Revolving credit facility, matured date | Nov. 1, 2021 | ||
Tier 1 Capital ratio | 0.085 | ||
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 | London Interbank Offered Rate (LIBOR) | Maximum | |||
Debt Instrument [Line Items] | |||
Debt, applicable margin (percentage) | 1.75% | ||
Revolving Credit Facility | Other Indexes | Maximum | |||
Debt Instrument [Line Items] | |||
Debt, applicable margin (percentage) | 0.75% | ||
Revolving Credit Facility, Not Letter of Credit | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, total commitment amount | $ 200,000,000 | ||
Letters of Credit | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, total commitment amount | $ 100,000,000 |
Borrowings (Schedule of FHLB Ba
Borrowings (Schedule of FHLB Balances) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Total borrowing capacity | $ 5,391.4 | $ 7,175.3 |
Advances | (1,100) | |
Available capacity | 5,391.4 | 6,075.3 |
Pledged assets | $ 7,023 | $ 8,868 |
Weighted Average Rate | 0.82% |
Borrowings (Schedule of FHLB _2
Borrowings (Schedule of FHLB Balances) (Parenthetical) (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Pledged assets | $ 7,023,000,000 | $ 8,868,000,000 |
High Quality Liquid Securities | ||
Debt Instrument [Line Items] | ||
Pledged assets | $ 0 | $ 1,784,400,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Notional Amount and Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments Gain Loss [Line Items] | ||
Notional Amount | $ 22,066.6 | $ 22,850.4 |
Asset Fair Value | 268.5 | 431.6 |
Liability Fair Value | (77.9) | (79.2) |
Less: Amounts subject to master netting agreements, Asset Fair Value | (10.8) | (4.7) |
Less: Amounts subject to master netting agreements, Liability Fair Value | 10.8 | 4.7 |
Cash collateral pledged (received) subject to master netting agreements, Asset Fair Value | (0.9) | |
Cash collateral pledged (received) subject to master netting agreements Liability Fair Value | 18.3 | 42.9 |
Total net derivative fair values, Asset Fair Value | 256.8 | 426.9 |
Total net derivative fair values, Liability Fair Value | (48.8) | (31.6) |
Net amount presented in the Consolidated Balance Sheets, Derivative assets | 268.5 | 431.6 |
Net amount presented in the Consolidated Balance Sheets, Derivative liabilities | (77.9) | (79.2) |
Derivatives designated as hedging instruments (qualifying hedges) | ||
Derivative Instruments Gain Loss [Line Items] | ||
Notional Amount | 2.6 | 533.9 |
Liability Fair Value | (0.3) | |
Derivatives designated as hedging instruments (qualifying hedges) | Foreign exchange contracts | ||
Derivative Instruments Gain Loss [Line Items] | ||
Notional Amount | 2.6 | 33.9 |
Liability Fair Value | (0.3) | |
Derivatives designated as hedging instruments (qualifying hedges) | Cash flow hedge | Interest rate contracts | ||
Derivative Instruments Gain Loss [Line Items] | ||
Notional Amount | 500 | |
Derivatives not designated as hedging instruments (non-qualifying hedges) | ||
Derivative Instruments Gain Loss [Line Items] | ||
Notional Amount | 22,064 | 22,316.5 |
Asset Fair Value | 268.5 | 431.6 |
Liability Fair Value | (77.9) | (78.9) |
Derivatives not designated as hedging instruments (non-qualifying hedges) | Foreign exchange contracts | ||
Derivative Instruments Gain Loss [Line Items] | ||
Notional Amount | 205.9 | 247.8 |
Asset Fair Value | 4.5 | 1.7 |
Liability Fair Value | (2.6) | (6) |
Derivatives not designated as hedging instruments (non-qualifying hedges) | Interest rate contracts | ||
Derivative Instruments Gain Loss [Line Items] | ||
Notional Amount | 20,948.6 | 21,192.9 |
Asset Fair Value | 263.9 | 429.6 |
Liability Fair Value | (74.7) | (72.2) |
Derivatives not designated as hedging instruments (non-qualifying hedges) | Other contracts | ||
Derivative Instruments Gain Loss [Line Items] | ||
Notional Amount | 909.5 | 875.8 |
Asset Fair Value | 0.1 | 0.3 |
Liability Fair Value | $ (0.6) | $ (0.7) |
Derivative Financial Instrume_4
Derivative Financial Instruments (Notional Amount and Fair Values of Derivative Financial Instruments) (Parenthetical) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Variable margin balances, assets | $ 45.5 | $ 20.5 |
Variable margin balances, liabilities | $ 198.8 | $ 339.9 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Gains (Losses) of Fair Value Hedges Recognized as Interest Expense) (Details) - Fair Value Hedges - Derivatives designated as hedging instruments (qualifying hedges) - Interest Expense - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Recognized on Derivatives | |||
Derivative Instruments Gain Loss [Line Items] | |||
Net recognized on fair value hedges (No ineffectiveness) | $ (2.3) | $ (1.1) | $ 2.6 |
Recognized on Hedged Item | |||
Derivative Instruments Gain Loss [Line Items] | |||
Net recognized on fair value hedges (No ineffectiveness) | $ 2.3 | $ 1.1 | $ (2.6) |
Derivative Financial Instrume_6
Derivative Financial Instruments (Carrying Value of Hedged Items and Associated Cumulative Hedging Adjustment Related to Fair Value Hedges) (Details) - Fair Value Hedges - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Derivative Instruments Gain Loss [Line Items] | ||
Long-term Debt | $ 784.4 | $ 1,534.4 |
Carrying Value | Derivatives not designated as hedging instruments (non-qualifying hedges) | ||
Derivative Instruments Gain Loss [Line Items] | ||
Long-term Debt | 784.4 | 1,033.9 |
Fair Value | Qualifying Hedges | ||
Derivative Instruments Gain Loss [Line Items] | ||
Long-term Debt | 1.1 | |
Fair Value | Derivatives not designated as hedging instruments (non-qualifying hedges) | ||
Derivative Instruments Gain Loss [Line Items] | ||
Long-term Debt | $ 1.4 | $ 1.8 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Carrying Value of Hedged Items and Associated Cumulative Hedging Adjustment Related to Fair Value Hedges) (Parenthetical) (Details) - Fair Value Hedges - Carrying Value - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments Gain Loss [Line Items] | ||
Long-term Debt | $ 784.4 | $ 1,534.4 |
Derivatives not designated as hedging instruments (non-qualifying hedges) | ||
Derivative Instruments Gain Loss [Line Items] | ||
Long-term Debt | $ 784.4 | $ 1,033.9 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Pre-tax Net Gains (Losses)) Relating to Derivatives Designated as Net Investment Hedges) (Details) - Derivatives designated as hedging instruments (qualifying hedges) - Foreign currency forward contracts - Net Investment Hedges - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Amounts Reclassified from AOCI to Income | $ 13.5 | $ 13.5 | ||
Amounts recorded in Other Comprehensive Income | 0.2 | $ (1.6) | (0.3) | $ (1.1) |
Total change in AOCI for period | $ 13.7 | $ (1.6) | $ 13.2 | $ (1.1) |
Derivative Financial Instrume_9
Derivative Financial Instruments (Gains (Losses) of Non-Qualifying Hedges Recognized as Other Non-interest Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Non-qualifying hedges - income statement impact | $ 5.2 | $ (0.8) | $ 14.6 | $ 7.3 |
Non-Qualifying Hedges | Interest rate contracts | Other Non Interest Income | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Non-qualifying hedges - income statement impact | 3.1 | 5.1 | 11.3 | 11.7 |
Non-Qualifying Hedges | Foreign currency forward contracts | Other Non Interest Income | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Non-qualifying hedges - income statement impact | $ 2.1 | (6.1) | 3.4 | (3.7) |
Non-Qualifying Hedges | Other Non-Interest Income | Other Non Interest Income | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Non-qualifying hedges - income statement impact | $ 0.2 | $ (0.1) | $ (0.7) |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | $ 5,561.1 | $ 6,673.5 |
U.S. government/sponsored agency - Residential MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 1,575.5 | 2,579.8 |
U.S. government/sponsored agency - Commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 1,713.6 | 1,780.8 |
U.S. government/sponsored agency obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 1,487.1 | 1,470.8 |
U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 488.5 | 502.7 |
Supranational Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 296.4 | 327.5 |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 5,561.1 | 6,673.5 |
Total derivative assets at fair value — non-qualifying hedges | 268.5 | 431.6 |
Total Assets | 5,829.6 | 7,105.1 |
Total derivative liabilities at fair value - non-qualifying hedges | (77.9) | (78.9) |
Total derivative liabilities at fair value — qualifying hedges | (0.3) | |
Total Liabilities | (77.9) | (79.2) |
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 | 263.9 | 429.6 |
Total derivative liabilities at fair value - non-qualifying hedges | (74.7) | (72.2) |
Recurring | Other Derivative Non qualifying Hedges | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 4.6 | 2 |
Total derivative liabilities at fair value - non-qualifying hedges | (3.2) | (6.7) |
Recurring | Foreign Currency Forward Contract | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — qualifying hedges | (0.3) | |
Recurring | U.S. government/sponsored agency - Residential MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 1,575.5 | 2,579.8 |
Recurring | U.S. government/sponsored agency - Commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 1,713.6 | 1,780.8 |
Recurring | U.S. government/sponsored agency obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 1,487.1 | 1,470.8 |
Recurring | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 488.5 | 502.7 |
Recurring | Supranational Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 296.4 | 327.5 |
Recurring | Other Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 11.9 | |
Recurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 8.1 | 7.8 |
Total Assets | 8.1 | 7.8 |
Recurring | Level 1 | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 8.1 | 7.8 |
Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 5,553 | 6,655.4 |
Total derivative assets at fair value — non-qualifying hedges | 268.1 | 429.8 |
Total Assets | 5,821.1 | 7,085.2 |
Total derivative liabilities at fair value - non-qualifying hedges | (77.3) | (78.2) |
Total derivative liabilities at fair value — qualifying hedges | (0.3) | |
Total Liabilities | (77.3) | (78.5) |
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 | 263.7 | 428.1 |
Total derivative liabilities at fair value - non-qualifying hedges | (74.7) | (72.2) |
Recurring | Level 2 | Other Derivative Non qualifying Hedges | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 4.4 | 1.7 |
Total derivative liabilities at fair value - non-qualifying hedges | (2.6) | (6) |
Recurring | Level 2 | Foreign Currency Forward Contract | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — qualifying hedges | (0.3) | |
Recurring | Level 2 | U.S. government/sponsored agency - Residential MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 1,575.5 | 2,579.8 |
Recurring | Level 2 | U.S. government/sponsored agency - Commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 1,713.6 | 1,780.8 |
Recurring | Level 2 | U.S. government/sponsored agency obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 1,487.1 | 1,470.8 |
Recurring | Level 2 | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 480.4 | 494.9 |
Recurring | Level 2 | Supranational Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 296.4 | 327.5 |
Recurring | Level 2 | Other Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 1.6 | |
Recurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 10.3 | |
Total derivative assets at fair value — non-qualifying hedges | 0.4 | 1.8 |
Total Assets | 0.4 | 12.1 |
Total derivative liabilities at fair value - non-qualifying hedges | (0.6) | (0.7) |
Total Liabilities | (0.6) | (0.7) |
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 | 0.2 | 1.5 |
Recurring | Level 3 | Other Derivative Non qualifying Hedges | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0.2 | 0.3 |
Total derivative liabilities at fair value - non-qualifying hedges | $ (0.6) | (0.7) |
Recurring | Level 3 | Other Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | $ 10.3 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information about Level 3 Fair Value Measurements-Recurring) (Details) $ in Millions | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | $ 5,829.6 | $ 7,105.1 |
Estimated fair value liabilities | $ (77.9) | $ (79.2) |
Level 3 | Debt Securities - AFS | Minimum | Discount Rate | Valuation Technique, Discounted Cash Flow | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities — AFS, measurement input | 8.5 | |
Level 3 | Debt Securities - AFS | Maximum | Discount Rate | Valuation Technique, Discounted Cash Flow | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities — AFS, measurement input | 10.4 | |
Level 3 | Debt Securities - AFS | Weighted Avg. | Discount Rate | Valuation Technique, Discounted Cash Flow | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities — AFS, measurement input | 9.5 | |
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 | 1.8 | 1.9 |
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 | 4.1 | 3.6 |
Level 3 | Derivative Assets - Non-Qualifying | Weighted Avg. | Borrower Rate | Internal Valuation Model | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets — non qualifying, measurement input | 2.7 | 2.7 |
Level 3 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | $ 0.4 | $ 12.1 |
Estimated fair value liabilities | (0.6) | (0.7) |
Level 3 | Recurring | Derivative Liabilities - Non-Qualifying | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated fair value liabilities | (0.6) | (0.7) |
Level 3 | Recurring | Debt Securities - AFS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | 10.3 | |
Level 3 | Recurring | Derivative Assets - Non-Qualifying | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | $ 0.4 | $ 1.8 |
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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Securities - AFS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 10.3 | $ 67.1 |
Included in earnings | 0.1 | |
Included in comprehensive income | (1.1) | |
Maturity and settlements | (9.9) | (26.7) |
Impairment | (0.4) | |
Ending Balance | 39.4 | |
Derivative Assets - Non-Qualifying | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1.8 | 0.3 |
Included in earnings | (1.4) | 1.1 |
Ending Balance | 0.4 | 1.4 |
Derivative Liabilities - Non-Qualifying | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (0.7) | (0.8) |
Included in earnings | 0.1 | (0.4) |
Ending Balance | $ (0.6) | (1.2) |
FDIC True-up Liability | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (68.8) | |
Included in earnings | (0.2) | |
Maturity and settlements | $ 69 |
Fair Value (Assets Measured at
Fair Value (Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets held for sale | $ 92.3 | $ 720.7 |
Fair Value | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets held for sale | 13.1 | 14.5 |
Fair Value | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets held for sale | 79.2 | 706.2 |
Fair Value | Fair Value, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets held for sale | 37.4 | 701.6 |
Loans | 96.2 | 106.4 |
Mortgage servicing rights | 4.3 | |
ROU assets | 4.4 | |
Total Assets | 133.6 | 816.7 |
Fair Value | Fair Value, Nonrecurring | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets held for sale | 0 | |
Total Assets | 0 | |
Fair Value | Fair Value, Nonrecurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets held for sale | 6.5 | 0 |
Total Assets | 6.5 | 0 |
Fair Value | Fair Value, Nonrecurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets held for sale | 30.9 | 701.6 |
Loans | 96.2 | 106.4 |
Mortgage servicing rights | 4.3 | |
ROU assets | 4.4 | |
Total Assets | 127.1 | 816.7 |
Total Gains (Losses) | Fair Value, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets held for sale | (4.7) | (112.7) |
Loans | (20.7) | (55.6) |
Mortgage servicing rights | (4.5) | |
ROU assets | (6.1) | |
Total Assets | $ (25.4) | $ (178.9) |
Fair Value (Carrying and Estima
Fair Value (Carrying and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Financial Assets | |||
Cash and interest bearing deposits | $ 4,428.8 | $ 3,837.1 | $ 6,529.9 |
Securities purchased under agreement to resell | 100 | 150 | |
Financial Liabilities | |||
Credit balances of factoring clients | (1,556.6) | (1,719.9) | $ (1,320.2) |
Carrying Value | |||
Financial Assets | |||
Cash and interest bearing deposits | 4,598.4 | 4,011.7 | |
Assets held for sale | 92.2 | 720 | |
Loans | 30,582.8 | 32,812.9 | |
Securities purchased under agreement to resell | 100 | 150 | |
Investment securities | 214.1 | 215.5 | |
Financial Liabilities | |||
Deposits | (40,249) | (43,086) | |
Borrowings | (4,276.7) | (5,911.1) | |
Credit balances of factoring clients | (1,556.6) | (1,719.9) | |
Fair Value | |||
Financial Assets | |||
Cash and interest bearing deposits | 4,598.4 | 4,011.7 | |
Assets held for sale | 92.3 | 720.7 | |
Loans | 31,243.9 | 33,617.5 | |
Securities purchased under agreement to resell | 100 | 150 | |
Investment securities | 214.1 | 215.5 | |
Financial Liabilities | |||
Deposits | (40,337.4) | (43,224) | |
Borrowings | (4,624.2) | (6,379.3) | |
Credit balances of factoring clients | (1,556.6) | (1,719.9) | |
Fair Value | Level 1 | |||
Financial Assets | |||
Cash and interest bearing deposits | 4,598.4 | 4,011.7 | |
Fair Value | Level 2 | |||
Financial Assets | |||
Assets held for sale | 13.1 | 14.5 | |
Loans | 1,520.4 | 1,332.1 | |
Securities purchased under agreement to resell | 100 | 150 | |
Financial Liabilities | |||
Borrowings | (4,611.6) | (6,371.3) | |
Fair Value | Level 3 | |||
Financial Assets | |||
Assets held for sale | 79.2 | 706.2 | |
Loans | 29,723.5 | 32,285.4 | |
Investment securities | 214.1 | 215.5 | |
Financial Liabilities | |||
Deposits | (40,337.4) | (43,224) | |
Borrowings | (12.6) | (8) | |
Credit balances of factoring clients | $ (1,556.6) | $ (1,719.9) |
Stockholder's Equity (Schedule
Stockholder's Equity (Schedule of Common Stock Activity) (Details) | 9 Months Ended |
Sep. 30, 2021shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, outstanding (in shares) | 98,609,395 |
Beginning balance, issued (in shares) | 163,309,861 |
Restricted stock issued (in shares) | 768,318 |
Shares held to cover taxes on vesting restricted shares and other (in shares) | (266,668) |
Employee stock purchase plan participation (in shares) | 55,978 |
Ending balance, outstanding (in shares) | 99,167,023 |
Ending balance, issued (in shares) | 164,134,157 |
Issued | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, issued (in shares) | 163,309,861 |
Restricted stock issued (in shares) | 768,318 |
Employee stock purchase plan participation (in shares) | 55,978 |
Ending balance, issued (in shares) | 164,134,157 |
Less Treasury | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, outstanding (in shares) | (64,700,466) |
Shares held to cover taxes on vesting restricted shares and other (in shares) | (266,668) |
Ending balance, outstanding (in shares) | (64,967,134) |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss) ("AOCI")) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | $ (134.8) | $ 77.9 |
Income Taxes | 13.6 | (42.2) |
Net Unrealized | (121.2) | 35.7 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | 10.2 | (2.6) |
Income Taxes | (9.1) | (6.5) |
Net Unrealized | 1.1 | (9.1) |
Changes in benefit plans net loss and prior service (cost)/credit | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | (41.2) | (42.5) |
Income Taxes | (3.8) | (3.6) |
Net Unrealized | (45) | (46.1) |
Unrealized net (loss) gains on securities AFS | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | (103.8) | 123 |
Income Taxes | 26.5 | (32.1) |
Net Unrealized | $ (77.3) | $ 90.9 |
Stockholders' Equity (Changes i
Stockholders' Equity (Changes in Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net current period changes in AOCI | $ (5.8) | $ (19.4) | $ (156.9) | $ 98.5 |
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (9.1) | (9.1) | ||
AOCI activity before reclassifications | (0.4) | (0.4) | ||
Amounts reclassified from AOCI | 10.6 | |||
Net current period changes in AOCI | 10.3 | 0.6 | 10.2 | (0.4) |
Ending balance | 1.1 | (9.5) | 1.1 | (9.5) |
Changes in benefit plan net (loss) gain and prior service (cost) credit | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (46.1) | (52.6) | ||
AOCI activity before reclassifications | 0.3 | 2.7 | ||
Amounts reclassified from AOCI | 0.8 | 0.3 | ||
Net current period changes in AOCI | 0.4 | 0.1 | 1.1 | 3 |
Ending balance | (45) | (49.6) | (45) | (49.6) |
Unrealized net (losses) gains on AFS securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 90.9 | 9.6 | ||
AOCI activity before reclassifications | (83.8) | 117.2 | ||
Amounts reclassified from AOCI | (84.4) | (21.3) | ||
Net current period changes in AOCI | (16.5) | (20.1) | (168.2) | 95.9 |
Ending balance | (77.3) | 105.5 | (77.3) | 105.5 |
Total AOCI | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 35.7 | (52.1) | ||
AOCI activity before reclassifications | (83.9) | 119.5 | ||
Amounts reclassified from AOCI | (73) | (21) | ||
Net current period changes in AOCI | (5.8) | (19.4) | (156.9) | 98.5 |
Ending balance | $ (121.2) | $ 46.4 | $ (121.2) | $ 46.4 |
Stockholders' Equity (Before- a
Stockholders' Equity (Before- and After-Tax components of OCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | $ (8.6) | $ (26.7) | $ (212.7) | $ 132.3 |
Tax | 2.8 | 7.3 | 55.8 | (33.8) |
Net current period changes in AOCI | (5.8) | (19.4) | (156.9) | 98.5 |
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 13.1 | 0.3 | 12.8 | (0.6) |
Tax | (2.8) | 0.3 | (2.6) | 0.2 |
Net current period changes in AOCI | 10.3 | 0.6 | 10.2 | (0.4) |
Foreign currency translation adjustments | Reclassifications Out of AOCI | Other Non-interest income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 13.2 | 13.2 | ||
Tax | (2.6) | (2.6) | ||
Net current period changes in AOCI | 10.6 | 10.6 | ||
Foreign currency translation adjustments | AOCI activity before reclassification | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | (0.1) | 0.3 | (0.4) | (0.6) |
Tax | (0.2) | 0.3 | 0.2 | |
Net current period changes in AOCI | (0.3) | 0.6 | (0.4) | (0.4) |
Changes in benefit plan net (loss) gain and prior service (cost) credit | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 0.4 | 0.1 | 1.3 | 4 |
Tax | (0.2) | (1) | ||
Net current period changes in AOCI | 0.4 | 0.1 | 1.1 | 3 |
Changes in benefit plan net (loss) gain and prior service (cost) credit | Reclassifications Out of AOCI | Operating Expenses | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 0.4 | 1.1 | 0.4 | |
Tax | (0.1) | (0.3) | (0.1) | |
Net current period changes in AOCI | 0.3 | 0.8 | 0.3 | |
Changes in benefit plan net (loss) gain and prior service (cost) credit | AOCI activity before reclassification | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | 0.1 | 0.2 | 3.6 | |
Tax | 0.1 | 0.1 | (0.9) | |
Net current period changes in AOCI | 0.1 | 0.1 | 0.3 | 2.7 |
Unrealized net (loss) gains on securities AFS | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | (22.1) | (27.1) | (226.8) | 128.9 |
Tax | 5.6 | 7 | 58.6 | (33) |
Net current period changes in AOCI | (16.5) | (20.1) | (168.2) | 95.9 |
Unrealized net (loss) gains on securities AFS | Reclassifications Out of AOCI | Other Non-interest income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | (5.5) | (8.2) | (113.8) | (28.6) |
Tax | 1.4 | 2.1 | 29.4 | 7.3 |
Net current period changes in AOCI | (4.1) | (6.1) | (84.4) | (21.3) |
Unrealized net (loss) gains on securities AFS | AOCI activity before reclassification | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gross Amount | (16.6) | (18.9) | (113) | 157.5 |
Tax | 4.2 | 4.9 | 29.2 | (40.3) |
Net current period changes in AOCI | $ (12.4) | $ (14) | $ (83.8) | $ 117.2 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate percentage | 24.00% | 25.60% | 24.00% | 15.70% |
Commitments (Summary of Commitm
Commitments (Summary of Commitments) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
Financing assets (excluding leases) - Due to Expire Within One Year | $ 2,615.1 | |
Financing assets (excluding leases) - Due to Expire After One Year | 4,058.6 | |
Financing assets (excluding leases) - Total Outstanding | 6,673.7 | $ 7,708.3 |
Standby letters of credit - Due to Expire Within One Year | 34.7 | |
Standby letters of credit - Due to Expire After One Year | 212.1 | |
Standby letters of credit - Total Outstanding | 246.8 | 259.6 |
Other letters of credit - Due to Expire Within One Year | 9.8 | |
Other letters of credit - Due to Expire After One Year | 2.5 | |
Other letters of credit - Total Outstanding | 12.3 | 9 |
Deferred purchase credit protection agreements - Due to Expire Within One Year | 2,170.5 | |
Deferred purchase credit protection agreements - Total Outstanding | 2,170.5 | 1,929.4 |
Lessor commitments - Due to Expire Within One Year | 408.2 | |
Lessor commitments - Total Outstanding | $ 408.2 | $ 628.3 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - Deferred Purchase Agreements - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Commitments [Line Items] | ||
DPA, borrowings by client | $ 124.7 | $ 157.9 |
DPA credit protection provided to clients | 2,129.5 | 1,881.9 |
DPA credit line agreements net of deferred purchase agreement credit protection | $ 41 | $ 47.5 |
Maximum | ||
Commitments [Line Items] | ||
DPA credit line agreements, cancellation notice period | 90 days |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) - USD ($) | Oct. 15, 2019 | Sep. 30, 2021 |
Home Affordable Modification Program (HAMP) | ||
Loss Contingencies [Line Items] | ||
Servicer incentives received | $ 93,000,000 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Amount of losses in excess of established reserves and insurance related to those matters | $ 10,000,000 | |
Minimum | Home Affordable Modification Program (HAMP) | ||
Loss Contingencies [Line Items] | ||
Litigation settlement, amount awarded from other party | $ 440,000,000 |
Business Segment Information (S
Business Segment Information (Segment Pre-Tax Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Pre-tax Income (Loss) | |||||
Interest income | $ 359.8 | $ 423.3 | $ 1,121 | $ 1,383.8 | |
Interest expense (benefit) | 103 | 165.5 | 329.4 | 593.7 | |
Provision for credit losses | (67.1) | 63.3 | (256.7) | 800.8 | |
Rental income on operating leases | 186.2 | 201.3 | 569.1 | 612 | |
Other non-interest income | 124.7 | 146 | 515.3 | 379.2 | |
Depreciation on operating lease equipment | 85.1 | 82.5 | 252.6 | 241.9 | |
Maintenance and other operating lease expenses | 50.5 | 48.6 | 156.9 | 158.3 | |
Operating expenses/gain on debt extinguishment and deposit redemption | 268.2 | 295.5 | 793.5 | 975.5 | |
Goodwill impairment | 344.7 | ||||
Income (loss) before provision (benefit) for income taxes | 231 | 115.2 | 929.7 | (739.9) | |
Select Period End Balances | |||||
Total Assets | 54,420 | 60,865 | 54,420 | 60,865 | $ 58,106.6 |
Loans | 33,461 | 37,319.6 | 33,461 | 37,319.6 | |
Credit balances of factoring clients | (1,556.6) | (1,320.2) | (1,556.6) | (1,320.2) | (1,719.9) |
Assets held for sale | 95.8 | 56.7 | 95.8 | 56.7 | 721.2 |
Operating lease equipment, net | 7,937.5 | 7,799.3 | 7,937.5 | 7,799.3 | $ 7,836.6 |
Corporate | |||||
Segment Pre-tax Income (Loss) | |||||
Interest income | 17.6 | 26.3 | 57.4 | 98.9 | |
Interest expense (benefit) | 54.6 | 66.1 | 157.3 | 199.9 | |
Other non-interest income | 1 | 25.5 | 125.6 | 77.5 | |
Operating expenses/gain on debt extinguishment and deposit redemption | 0.7 | 3.9 | (16.5) | 65.9 | |
Income (loss) before provision (benefit) for income taxes | (36.7) | (18.2) | 42.2 | (89.4) | |
Select Period End Balances | |||||
Total Assets | 12,172.9 | 14,741.2 | 12,172.9 | 14,741.2 | |
Commercial Banking | |||||
Segment Pre-tax Income (Loss) | |||||
Provision for credit losses | (49.3) | 87.9 | (220.6) | 811.5 | |
Commercial Banking | Operating Segments | |||||
Segment Pre-tax Income (Loss) | |||||
Interest income | 269.8 | 306.7 | 842 | 999.1 | |
Interest expense (benefit) | 69.8 | 105.3 | 236 | 404.3 | |
Provision for credit losses | (49.3) | 87.9 | (220.6) | 811.5 | |
Rental income on operating leases | 186.2 | 201.3 | 569.1 | 612 | |
Other non-interest income | 89.7 | 89.6 | 292.6 | 254.1 | |
Depreciation on operating lease equipment | 85.1 | 82.5 | 252.6 | 241.9 | |
Maintenance and other operating lease expenses | 50.5 | 48.6 | 156.9 | 158.3 | |
Operating expenses/gain on debt extinguishment and deposit redemption | 185.9 | 196.7 | 555.8 | 611.2 | |
Goodwill impairment | 301.5 | ||||
Income (loss) before provision (benefit) for income taxes | 203.7 | 76.6 | 723 | (663.5) | |
Select Period End Balances | |||||
Total Assets | 35,782.4 | 37,868.5 | 35,782.4 | 37,868.5 | |
Loans | 27,217.1 | 29,244.6 | 27,217.1 | 29,244.6 | |
Credit balances of factoring clients | (1,556.6) | (1,320.2) | (1,556.6) | (1,320.2) | |
Assets held for sale | 82.7 | 35.5 | 82.7 | 35.5 | |
Operating lease equipment, net | 7,937.5 | 7,799.3 | 7,937.5 | 7,799.3 | |
Consumer Banking | |||||
Segment Pre-tax Income (Loss) | |||||
Provision for credit losses | (17.8) | (24.6) | (36.1) | (10.7) | |
Consumer Banking | Operating Segments | |||||
Segment Pre-tax Income (Loss) | |||||
Interest income | 72.4 | 90.3 | 221.6 | 285.8 | |
Interest expense (benefit) | (21.4) | (5.9) | (63.9) | (10.5) | |
Provision for credit losses | (17.8) | (24.6) | (36.1) | (10.7) | |
Other non-interest income | 34 | 30.9 | 97.1 | 47.6 | |
Operating expenses/gain on debt extinguishment and deposit redemption | 81.6 | 94.9 | 254.2 | 298.4 | |
Goodwill impairment | 43.2 | ||||
Income (loss) before provision (benefit) for income taxes | 64 | 56.8 | 164.5 | 13 | |
Select Period End Balances | |||||
Total Assets | 6,464.8 | 8,255.3 | 6,464.8 | 8,255.3 | |
Loans | 6,243.9 | 8,075 | 6,243.9 | 8,075 | |
Assets held for sale | $ 13.1 | $ 21.2 | $ 13.1 | $ 21.2 |