Exhibit 99.1

 

CIT Announces Third Quarter 2019 Results                

NEW YORK – Oct. 22, 2019 –

CIT Group Inc. (NYSE: CIT) today reported third quarter 2019 results.

Financial Results

Net income available to common shareholders of $143 million or $1.50 per diluted common share.

Excluding noteworthy items, net income available to common shareholders of $123 million or $1.29 per diluted common share1.

 

Chairwoman and CEO Commentary

“We posted solid third quarter results, despite a challenging rate environment,” said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. “We grew average core loans and leases by 2 percent, had strong credit performance, maintained disciplined expense management and increased tangible book value per share to $55.60. We expect the acquisition of Mutual of Omaha Bank to accelerate our strategic plan and improve returns. We remain focused on closing the transaction in the first quarter, pending regulatory approval.”

 

Strategic Pillars

Grow Core Businesses

Average loans and leases up 1% from the prior quarter. Average core loans and leases2 up 2% from the prior quarter.

Pending acquisition of Mutual of Omaha Bank to provide low-cost stable Homeowners Association deposits and expand our commercial banking franchise.

Optimize Balance Sheet

Issued $550 million in senior unsecured debt due 2025 at 2.969% at CIT Bank.

Tangible book value per share3 of $55.60, up 11% in the past year.

Enhance Operating Efficiency

Continued disciplined expense management.

Remain on track to achieve operating expense reduction target.

Maintain Strong Risk Management

Maintained strong credit performance and disciplined underwriting standards.

Credit reserves stable at 1.55% of total portfolio and 1.87% of Commercial Banking portfolio.

 

1 

Net income available to common shareholders excluding noteworthy items is a non-GAAP measure. See “Non-GAAP Measurements” at the end of this press release and starting on page 17 for a reconciliation of non-GAAP to GAAP financial information.

2 

Average core loans and leases is a non-GAAP measure. Core portfolios are total loans and leases net of credit balances of factoring clients, NACCO assets held for sale, Legacy Consumer Mortgages (LCM) and Non-Strategic Portfolios (NSP). See “Non-GAAP Measurements” at the end of this press release and starting on page 17 for a reconciliation of non-GAAP to GAAP financial information.

3 

Tangible book value per share is a non-GAAP measure. See “Non-GAAP Measurements” at the end of this press release and starting on page 17 for a reconciliation of non-GAAP to GAAP financial information.

 

 

1

 


The following information was filed by Cit Group Inc (CIT) on Tuesday, October 22, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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