CIT Bank (merged into First-Citizens Bank & Trust Company)

National bank with its head office in Pasadena, California, established in 2009 according to the FDIC.
Merged. CIT Bank merged into First-Citizens Bank & Trust Company on (FDIC: merger -without assistance). Its data ends with the Call Report for ; figures on this page are from that report or earlier.

CIT Bank reported total assets of $47.6 bn at Q4 2021, its last Call Report before it merged into First-Citizens Bank & Trust Company. The CET1 capital ratio at CIT Bank was 13.65%, and the uninsured share of CIT Bank was 20.02%. Source: FDIC Call Reports.

Key takeaways

  • Since , CIT Bank has taken over one institution; the latest was Mutual of Omaha Bank on (FDIC Call Reports).
Total assets
$47.6 bn
A year earlier (Q4 2020): $52.4 bn
CET1 capital ratio
13.65%
A year earlier (Q4 2020): 11.16%
Return on equity
17.03%
A year earlier (Q4 2020): -9.05%
Uninsured share of deposits
20.02%
A year earlier (Q4 2020): 18.27%

What sets CIT Bank apart

How large is CIT Bank?

The balance sheet of CIT Bank at : assets $47.6 bn, deposits $40.2 bn, net loans $29.7 bn (loans equal to 73.93% of deposits). Securities make up 13.8% of total assets at CIT Bank. Since , when CIT Bank held $43.8 bn, its assets grew 8.5%. In the year to , deposits at CIT Bank fell 9.0% while its total assets fell 9.2%. At , CIT Bank employed 3,285 full-time equivalent staff across 84 offices, about $14.5 mn of assets per employee and $478.7 mn of deposits per office.

How much funding at CIT Bank is uninsured?

At CIT Bank, uninsured deposits (above the FDIC limit) made up 20.02% of domestic deposits at (+1.75 pp on a year earlier). In dollars, CIT Bank estimated $8.1 bn of uninsured deposits.

Key facts, Q4 2021

MetricValueA year earlierUS rank
Total deposits$40.2 bn$44.2 bn (Q4 2020)
Net loans and leases$29.7 bn$33.3 bn (Q4 2020)
Loan-to-deposit ratio73.93%75.39% (Q4 2020)
Tier 1 leverage ratio11.40%8.95% (Q4 2020)
Total risk-based capital ratio15.65%13.10% (Q4 2020)
Net interest margin2.90%2.76% (Q4 2020)
Return on assets (ROA)1.78%-0.86% (Q4 2020)
Efficiency ratio60.69%71.33% (Q4 2020)
Unrealized gain/loss on available-for-sale securitiesLoss of $152.1 mnTurned from a gain into a loss
Noncurrent loans to total loans1.56%2.32% (Q4 2020)
Net charge-offs to average loans0.20%1.03% (Q4 2020)

US rank of CIT Bank: 1 = highest unless marked 1 = lowest.

Balance sheet

CIT Bank: assets, deposits and loans

USD bn
Total assets, deposits and net loans of CIT Bank each quarter; total assets were $47.6 bn at Q4 2021$24.7bn$33.2bn$41.6bn$50.1bn$58.6bn20172018201920202021Mutual of Omaha Bank merged inTotal assets$47.6bnDeposits$40.2bnNet loans$29.7bnTotal assets, deposits and net loans of CIT Bank each quarter; total assets were $47.6 bn at Q4 2021$24.7bn$36.0bn$47.3bn$58.6bn20182020
  • Total assets $47.6bn
  • Deposits $40.2bn
  • Net loans $29.7bn
to . FDIC Call Reports.

Capital and securities

The CET1 ratio of CIT Bank stood at 13.65% in , +2.49 pp year on year. Low and high at CIT Bank since : 10.36% () to 14.17% (). Equity capital of CIT Bank at : $5.4 bn, or 11.3% of total assets. CIT Bank also reported a total capital ratio of 15.65% for , and a tier 1 leverage ratio of 11.40%.

The available-for-sale portfolio of CIT Bank showed an unrealized loss of $152.1 mn at ; the loss turned from a gain into a loss over the year.

CIT Bank: capital ratios

Percent
CET1, total risk-based capital and tier 1 leverage ratios of CIT Bank, Q1 2016 to Q4 20217.9%9.9%12%14%16%20172018201920202021Total capital16%CET114%Tier 1 leverage11%CET1, total risk-based capital and tier 1 leverage ratios of CIT Bank, Q1 2016 to Q4 20217.9%11%13%16%20182020
  • Total capital 16%
  • CET1 14%
  • Tier 1 leverage 11%
to . FDIC Call Reports.

CIT Bank: unrealized securities gains and losses

USD bn
Unrealized gains and losses on available-for-sale and held-to-maturity securities of CIT Bank, Q1 2016 to Q4 2021-$219mn-$116mn-$13mn$90mn$193mn20172018201920202021Held to maturity$0Available for sale-$152mnUnrealized gains and losses on available-for-sale and held-to-maturity securities of CIT Bank, Q1 2016 to Q4 2021-$219mn-$82mn$55mn$193mn20182020
  • Available for sale -$152mn
  • Held to maturity $0
to . FDIC Call Reports.

Profitability and loan quality

For the year to , CIT Bank earned a return on equity of 17.03%; return on assets: 1.78%. Net interest margin at CIT Bank: 2.90%, +0.14 pp in a year. CIT Bank net income: $884.7 mn, down 296.7% year on year. The efficiency ratio of CIT Bank was 60.69%: about 61 cents cost per revenue dollar, against 63 cents at the median peer.

At , noncurrent loans were 1.56% of total loans at CIT Bank; net charge-offs: 0.20% of average loans. Gross loans and leases at CIT Bank: $30.4 bn at , against $34.3 bn at .

CIT Bank: profitability

Percent, annualized
Return on equity, net interest margin and return on assets of CIT Bank, Q1 2016 to Q4 2021-48%-29%-11%7.6%26%20172018201920202021Return on equity17%Net interest margin2.9%Return on assets1.8%Return on equity, net interest margin and return on assets of CIT Bank, Q1 2016 to Q4 2021-48%-23%1.5%26%20182020
  • Return on equity 17%
  • Net interest margin 2.9%
  • Return on assets 1.8%
to . FDIC Call Reports.

Peer group of CIT Bank

The peer group of CIT Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 3 share the charter type of CIT Bank (national bank) and 0 have head offices in California. Against them, CIT Bank shows CET1 ratio 13.65% against a peer median of 12.66%, return on equity 17.03% against a peer median of 8.29% and uninsured deposit share 20.02% against a peer median of 62.05%.

BankCharterStateTotal assetsCET1 ratioReturn on equityUninsured share
Deutsche Bank Trust Company AmericasState member bankNY$48.8 bn65.95%0.46%98.13%
CIBC Bank USAState member bankIL$48.5 bn12.68%7.36%76.78%
Cadence BankState member bankMS$47.7 bn11.10%5.74%45.09%
CIT BankNational bankCA$47.6 bn13.65%17.03%20.02%
Valley National BankNational bankNJ$43.4 bn12.68%9.21%47.53%
UMB BankNational bankMO$42.4 bn11.53%11.77%76.57%
SouthState BankNational bankFL$41.8 bn12.63%10.28%35.20%

. FDIC Call Reports.

Last eight quarters

Two years at CIT Bank, to : assets $53.0 bn to $47.6 bn, deposits $43.0 bn to $40.2 bn, equity $4.9 bn to $5.4 bn. Staff 3,940 to 3,285; offices 92 to 84.

MetricQ1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021
Total assets$53.0 bn$56.7 bn$55.4 bn$52.4 bn$50.7 bn$49.3 bn$48.7 bn$47.6 bn
Total deposits$43.0 bn$47.3 bn$45.6 bn$44.2 bn$42.6 bn$42.2 bn$40.9 bn$40.2 bn
Bank equity capital$4.9 bn$4.8 bn$4.9 bn$4.9 bn$5.0 bn$5.3 bn$5.3 bn$5.4 bn
CET1 ratio10.36%10.38%10.76%11.16%12.07%13.07%13.41%13.65%
Return on equity (ROE)-43.64%-24.12%-12.91%-9.05%22.10%19.17%17.43%17.03%
Uninsured share of domestic deposits14.21%16.94%16.87%18.27%17.19%18.47%18.30%20.02%
Full-time equivalent employees3,9403,8623,8013,6793,5973,4703,3783,285
Number of offices9292928585848484

FDIC Call Reports.

Mergers and acquisitions

The FDIC history of CIT Bank, oldest first; figures before and after each event are not like for like.

  1. . Absorbed Mutual of Omaha Bank (FDIC certificate 32325).
  2. . Merged into First-Citizens Bank & Trust Company (FDIC certificate 11063).

Questions and identifiers

What were the total assets of CIT Bank?

CIT Bank reported $47.6 bn at in its Call Report.

Is CIT Bank the same as its holding company?

No. This page covers CIT Bank, FDIC certificate 58978; CIT GROUP INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.

Is CIT Bank profitable?

CIT Bank reported net income of $884.7 mn for the year to ; annualized return on equity: 17.03%. So yes: CIT Bank made a profit over these months.

When is data for CIT Bank next updated?

CIT Bank no longer files Call Reports; its data ends at .

Where can I check the figures for CIT Bank?

In the FDIC BankFind Suite record for certificate 58978, and in the Call Reports of CIT Bank (RSSD ID 3918898) at the FFIEC Central Data Repository.