Cit Bank Mortgage Rates, Fees & Info
Pasadena, CALEI: FVPV0TNOIM6NUIE59530
Tax ID: 26-4382801
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Bank Data
Review & Overview
Cit Bank is a small bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Cit Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Los Angeles, Seattle, San Francisco, San Diego, and Tampa among others. We have data for 127 markets. (Some data included below & more in-depth data is available with an active subscription.)Cit Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Cit Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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Originations
2,204Origination Dollar Volume (All Markets)
$2,363,210,000Employee count
3,146Awards
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CIT Bank - 2019
CIT Bank is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 737 | $892,925,000 | $1,211,567 | $5,645 | 3.97% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 173 | $150,825,000 | $871,821 | $5,377 | 3.85% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 137 | $147,585,000 | $1,077,263 | $4,959 | 4.00% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 134 | $128,510,000 | $959,030 | $5,384 | 3.90% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 10 | $116,590,000 | $11,659,000 | $4,687 | 3.88% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 56 | $98,630,000 | $1,761,250 | $5,475 | 3.90% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 23 | $92,295,000 | $4,012,826 | $6,153 | 3.67% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 62 | $81,360,000 | $1,312,258 | $4,762 | 4.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 68 | $62,610,000 | $920,735 | $4,154 | 3.91% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 64 | $46,050,000 | $719,531 | $4,648 | 3.72% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 63 | $44,985,000 | $714,048 | $4,824 | 4.17% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 44 | $41,790,000 | $949,773 | $4,579 | 4.00% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 44 | $41,230,000 | $937,045 | $5,152 | 4.13% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 5 | $36,695,000 | $7,339,000 | $3,076 | 3.93% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 48 | $35,700,000 | $743,750 | $4,349 | 3.75% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 45 | $33,015,000 | $733,667 | $6,066 | 4.00% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 37 | $30,475,000 | $823,649 | $4,499 | 3.92% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 26 | $18,380,000 | $706,923 | $4,333 | 3.75% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 30 | $16,180,000 | $539,333 | $5,711 | 3.76% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 32 | $13,790,000 | $430,938 | $3,464 | 3.72% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 22 | $13,390,000 | $608,636 | $4,401 | 3.69% |
| BOULDER, CO (FHA|USDA|VA) | 13 | $12,285,000 | $945,000 | $4,236 | 3.64% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 17 | $12,155,000 | $715,000 | $3,827 | 3.77% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 20 | $11,680,000 | $584,000 | $6,160 | 3.51% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 17 | $11,035,000 | $649,118 | $3,614 | 3.72% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 16 | $10,150,000 | $634,375 | $4,490 | 3.72% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 16 | $9,910,000 | $619,375 | $4,994 | 3.70% |
| SALINAS, CA (FHA|USDA|VA) | 12 | $9,480,000 | $790,000 | $7,010 | 4.43% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 13 | $8,725,000 | $671,154 | $4,562 | 3.76% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 14 | $8,000,000 | $571,429 | $6,058 | 3.56% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 13 | $7,105,000 | $546,538 | $3,771 | 3.90% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 7 | $6,315,000 | $902,143 | $5,376 | 4.24% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 7 | $5,505,000 | $786,429 | $10,727 | 3.77% |
| BEND, OR (FHA|USDA|VA) | 7 | $4,875,000 | $696,429 | $7,859 | 4.20% |
| Outside of Metro Areas | 7 | $4,325,000 | $617,857 | $6,237 | 3.92% |
| RENO, NV (FHA|USDA|VA) | 6 | $3,880,000 | $646,667 | $6,707 | 3.45% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 8 | $3,670,000 | $458,750 | $5,612 | 4.02% |
| PROVO-OREM, UT (FHA|USDA|VA) | 6 | $3,500,000 | $583,333 | $3,561 | 3.77% |
| URBAN HONOLULU, HI (FHA|USDA|VA) | 2 | $3,380,000 | $1,690,000 | $6,005 | 3.36% |
| FRESNO, CA (FHA|USDA|VA) | 6 | $3,330,000 | $555,000 | $3,749 | 3.96% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 4 | $3,150,000 | $787,500 | $3,130 | 4.08% |
| Heber, UT (FHA|USDA|VA) | 3 | $3,075,000 | $1,025,000 | $5,046 | 4.11% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 4 | $3,050,000 | $762,500 | $3,815 | 3.80% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 5 | $3,025,000 | $605,000 | $4,343 | 4.13% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $2,945,000 | $2,945,000 | $9,744 | 3.98% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $2,620,000 | $1,310,000 | $4,567 | 3.40% |
| NAPA, CA (FHA|USDA|VA) | 3 | $2,475,000 | $825,000 | $3,543 | 3.77% |
| STOCKTON, CA (FHA|USDA|VA) | 4 | $2,370,000 | $592,500 | $4,611 | 3.89% |
| TUCSON, AZ (FHA|USDA|VA) | 3 | $2,065,000 | $688,333 | $4,786 | 3.58% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 3 | $2,055,000 | $685,000 | $3,942 | 3.64% |
| SANTA FE, NM (FHA|USDA|VA) | 2 | $2,050,000 | $1,025,000 | $5,631 | 4.04% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 3 | $1,935,000 | $645,000 | $4,710 | 3.72% |
| TOLEDO, OH (FHA|USDA|VA) | 3 | $1,795,000 | $598,333 | $2,897 | 3.75% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 4 | $1,720,000 | $430,000 | $4,630 | 3.75% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 3 | $1,695,000 | $565,000 | $4,379 | 3.98% |
| VALLEJO, CA (FHA|USDA|VA) | 3 | $1,665,000 | $555,000 | $5,415 | 4.62% |
| Edwards, CO (FHA|USDA|VA) | 1 | $1,545,000 | $1,545,000 | $8,461 | 4.18% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 3 | $1,335,000 | $445,000 | $3,850 | 4.29% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 2 | $1,300,000 | $650,000 | $5,690 | 4.44% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $1,250,000 | $625,000 | $13,920 | 3.46% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 2 | $1,170,000 | $585,000 | $5,621 | 4.29% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $1,085,000 | $1,085,000 | $7,009 | 3.83% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 2 | $1,080,000 | $540,000 | $3,045 | 3.83% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $1,065,000 | $1,065,000 | $5,542 | 3.40% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $1,045,000 | $1,045,000 | $7,306 | 3.48% |
| Ellensburg, WA (FHA|USDA|VA) | 1 | $1,015,000 | $1,015,000 | $4,141 | 4.13% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $985,000 | $985,000 | $10,950 | 4.35% |
| FORT COLLINS, CO (FHA|USDA|VA) | 2 | $980,000 | $490,000 | $3,536 | 3.76% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $975,000 | $975,000 | $8,803 | 4.19% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $965,000 | $965,000 | $4,280 | 3.03% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $965,000 | $965,000 | $8,781 | 3.93% |
| BELLINGHAM, WA (FHA|USDA|VA) | 2 | $940,000 | $470,000 | $6,148 | 3.76% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $4,097 | 3.64% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $8,691 | 3.71% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $865,000 | $865,000 | $5,139 | 4.03% |
| Oxford, MS (FHA|USDA|VA) | 1 | $865,000 | $865,000 | $4,920 | 4.01% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $3,886 | 3.44% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $785,000 | $785,000 | $3,760 | 4.13% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $4,138 | 3.63% |
| MIDLAND, TX (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $6,996 | 3.43% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $5,577 | 4.38% |
| MADISON, WI (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $3,035 | 3.90% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $3,450 | 3.85% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $4,839 | 3.95% |
| JACKSON, MS (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $4,859 | 3.73% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $3,195 | 3.95% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $3,275 | 4.35% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $2,322 | 3.70% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $4,282 | 3.88% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $3,723 | 3.20% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $5,691 | 3.98% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $11,066 | 3.40% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $5,460 | 4.38% |
| SALEM, OR (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $4,634 | 4.32% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $3,344 | 4.20% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,976 | 4.10% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $2,517 | 3.93% |
| Jackson, WY-ID (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $3,552 | 3.18% |
| Helena, MT (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $3,493 | 3.95% |
| Kapaa, HI (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $2,587 | 3.00% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,148 | 3.45% |
| KNOXVILLE, TN (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $4,152 | 3.49% |
| MISSOULA, MT (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $2,634 | 3.98% |
| Oak Harbor, WA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,583 | 3.50% |
| Centralia, WA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,497 | 3.25% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,264 | 3.19% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,864 | 3.15% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,891 | 3.06% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $9,741 | 3.30% |
| Warsaw, IN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,741 | 3.75% |
| Kalispell, MT (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,744 | 4.25% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,784 | 3.69% |
| Gardnerville Ranchos, NV (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,548 | 3.25% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,467 | 3.00% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,910 | 2.94% |
| MEDFORD, OR (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,455 | 3.25% |
| Evanston, WY (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,196 | 2.80% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,218 | 3.38% |
| CHICO, CA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,407 | 3.38% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,694 | 4.83% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,378 | 4.50% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,779 | 3.00% |
| DOVER, DE (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,281 | 2.94% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,664 | 3.18% |
| OCALA, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,955 | 3.88% |
| Muscatine, IA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,610 | 2.93% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,584 | 3.49% |
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 2,196 | $2,360,120,000 | $1,074,736 | $5,175 | 3.91% |
| FHA | 8 | $3,090,000 | $386,250 | $11,412 | 4.00% |
For 2019, Cit Bank's most frequently originated type of loan was Conventional, with 2,196 originations. Their 2nd most popular type was FHA, with 8 originations.
Loan Reason
For 2019, Cit Bank's most frequently cited loan purpose was Home Purchase, with 892 originations. The 2nd most popular reason was Refi, with 816 originations.
Loan Duration/Length
For 2019, Cit Bank's most frequently cited loan duration was 30 Year, with 2,030 originations. The 2nd most popular length was 15 Year, with 140 originations.
Origination Fees/Closing Costs
Cit Bank's average total fees were $5,288, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,780 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1,298 | $1,336,810,000 | $1,029,900 |
| 4-5% | 837 | $986,275,000 | $1,178,345 |
| 2.5-3% | 54 | $32,600,000 | $603,704 |
| 5-6% | 15 | $7,525,000 | $501,667 |
During 2019, Cit Bank's average interest rate for loans was 3.95%, while their most frequently originated rate bucket for loans was 3-4%, with 1,298 originations.
Loan Sizing
2019 saw Cit Bank place emphasis on $600k-1MM loans with 1,100 originations, totaling $857,200,000 in origination value.
Applicant Income
Cit Bank lent most frequently to those with incomes in the $150k-250k range, with 857 originations. The second most popular income band? $250k+, with 843 originations.
Applicant Debt to Income Ratio
Cit Bank lent most frequently to those with DTI ratios of 20-30%, with 479 originations. The next most common DTI ratio? 30-36%, with 447 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.36%
Cit Bank has an average approval rate.
Pick Rate
Approvals leading to origination57.58%
Cit Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,204 | $2,363,210,000 | $1,072,237 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 60 | $664,070,000 | $11,067,833 |
| Single Family (1-4 Units):Site-Built | 2,144 | $1,699,140,000 | $792,509 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CATHAY BANK | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |
| CATHAY BANK | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 50.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| CIT Bank, National Association | 15135 Sunset Blvd Pacific Palisades, CA 90272 | Full Service B&M | $183,433 |
| CIT Bank, National Association | 155 N. Lake Avenue Pasadena, CA 91101 | Full Service Cyber Office | $67,323 |
| CIT Bank, National Association | 1570 Rosecrans Ave. Suite F Manhattan Beach, CA 90266 | Full Service B&M | $140,102 |
| CIT Bank, National Association | 1630 Montana Ave Santa Monica, CA 90403 | Full Service B&M | $197,051 |
| CIT Bank, National Association | 17050 Ventura Blvd Encino, CA 91316 | Full Service B&M | $280,951 |
| CIT Bank, National Association | 1001 N. San Fernando Blvd Ste 150 Burbank, CA 91504 | Full Service B&M | $169,173 |
| CIT Bank, National Association | 10784 Jefferson Blvd Culver City, CA 90230 | Full Service B&M | $190,505 |
| CIT Bank, National Association | 1111 N. Brand Blvd Ste A Glendale, CA 91202 | Full Service B&M | $165,208 |
| CIT Bank, National Association | 11310 National Boulevard Los Angeles, CA 90064 | Full Service B&M | $299,127 |
| CIT Bank, National Association | 11611 San Vicente Boulevard Los Angeles, CA 90049 | Full Service B&M | $31,891 |
| CIT Bank, National Association | 11660 South St. Suite 101 Artesia, CA 90701 | Full Service B&M | $147,364 |
| CIT Bank, National Association | 12401 Wilshire Blvd. Los Angeles, CA 90025 | Full Service B&M | $140,782 |
| CIT Bank, National Association | 13405 Washington Boulevard Marina Del Rey, CA 90292 | Full Service B&M | $102,185 |
| CIT Bank, National Association | 300 W Grand Ave Suite 100a Escondido, CA 92025 | Full Service B&M | $221,018 |
| CIT Bank, National Association | 1475 Huntington Drive Duarte, CA 91010 | Full Service B&M | $107,047 |
| CIT Bank, National Association | 17245 17th Street, Suite B Tustin, CA 92780 | Full Service B&M | $150,047 |
| CIT Bank, National Association | 1727 East Daily Drive Suite A & B Camarillo, CA 93010 | Full Service B&M | $141,841 |
| CIT Bank, National Association | 17383 Sunset Blvd Ste B140 Pacific Palisades, CA 90272 | Full Service B&M | $53,465 |
| CIT Bank, National Association | 1750 Ocean Park Blvd Santa Monica, CA 90405 | Full Service B&M | $187,342 |
| CIT Bank, National Association | 18585 Ventura Boulevard Tarzana, CA 91356 | Full Service B&M | $200,876 |
| CIT Bank, National Association | 1870 S. Elena Ave. Redondo Beach, CA 90277 | Full Service B&M | $161,615 |
| CIT Bank, National Association | 199 E. Thousand Oaks Blvd. Thousand Oaks, CA 91360 | Full Service B&M | $155,340 |
| CIT Bank, National Association | 20505 Devonshire Street Chatsworth, CA 91311 | Full Service B&M | $147,411 |
| CIT Bank, National Association | 2111 Bonita Avenue La Verne, CA 91750 | Full Service B&M | $314,579 |
| CIT Bank, National Association | 220 N. Hacienda Blvd. City Of Industry, CA 91744 | Full Service B&M | $90,215 |
| CIT Bank, National Association | 2233 Artesia Boulevard Redondo Beach, CA 90278 | Full Service B&M | $98,347 |
| CIT Bank, National Association | 2233 S. Hacienda Blvd. Hacienda Heights, CA 91745 | Full Service B&M | $284,787 |
| CIT Bank, National Association | 225 North Barranca Street West Covina, CA 91791 | Full Service B&M | $191,127 |
| CIT Bank, National Association | 2300 Pacific Coast Highway Lomita, CA 90717 | Full Service B&M | $265,386 |
| CIT Bank, National Association | 24191 Paseo Del Valencia Suite A Laguna Woods, CA 92637 | Full Service B&M | $353,632 |
| CIT Bank, National Association | 2450 Broadway Suite 450 Santa Monica, CA 90404 | Full Service Cyber Office | $19,259,894 |
| CIT Bank, National Association | 2549 Huntington Dr, Unit 103 San Marino, CA 91108 | Full Service B&M | $260,469 |
| CIT Bank, National Association | 27620 Marguerite Pkwy Suite G Mission Viejo, CA 92692 | Full Service B&M | $175,380 |
| CIT Bank, National Association | 2827 Main Street Santa Monica, CA 90405 | Full Service B&M | $112,827 |
| CIT Bank, National Association | 2920 North Beverly Glen Circle Los Angeles, CA 90077 | Full Service B&M | $117,055 |
| CIT Bank, National Association | 30019 Hawthorne Blvd. Rancho Palos Verdes, CA 90275 | Full Service Retail | $95,059 |
| CIT Bank, National Association | 3410 Grand Ave., Suite A Chino Hills, CA 91709 | Full Service B&M | $208,332 |
| CIT Bank, National Association | 3422 W Carson Street Torrance, CA 90503 | Full Service B&M | $254,985 |
| CIT Bank, National Association | 3500 East 7th Street Long Beach, CA 90804 | Full Service B&M | $164,033 |
| CIT Bank, National Association | 351 South Vermont Ave Los Angeles, CA 90020 | Full Service B&M | $67,186 |
| CIT Bank, National Association | 3700 E. Coast Highway Corona Del Mar, CA 92625 | Full Service B&M | $140,723 |
| CIT Bank, National Association | 3947 Irvine Boulevard Irvine, CA 92602 | Full Service B&M | $68,839 |
| CIT Bank, National Association | 400 North La Brea Avenue Los Angeles, CA 90036 | Full Service B&M | $275,173 |
| CIT Bank, National Association | 401 Wilshire Boulevard Santa Monica, CA 90401 | Full Service B&M | $358,048 |
| CIT Bank, National Association | 44495 Town Center Way Ste A Palm Desert, CA 92260 | Full Service B&M | $270,059 |
| CIT Bank, National Association | 5573 Sepulveda Boulevard Culver City, CA 90230 | Full Service B&M | $143,007 |
| CIT Bank, National Association | 5701 North Kanan Road Agoura Hills, CA 91301 | Full Service B&M | $154,284 |
| CIT Bank, National Association | 5701 South Eastern Ave. Ste 108 Commerce, CA 90040 | Full Service B&M | $18,189 |
| CIT Bank, National Association | 5791 Alton Parkway Irvine, CA 92618 | Full Service B&M | $118,698 |
| CIT Bank, National Association | 600 West Route 66 Glendora, CA 91740 | Full Service B&M | $196,966 |
| CIT Bank, National Association | 6009 Paseo Delicias Suite A Rancho Santa Fe, CA 92067 | Full Service B&M | $106,680 |
| CIT Bank, National Association | 6128 Telegraph Rd Ste A Ventura, CA 93003 | Full Service B&M | $148,639 |
| CIT Bank, National Association | 704 S State College Blvd Anaheim, CA 92806 | Full Service B&M | $78,636 |
| CIT Bank, National Association | 7061 Yorktown Avenue Suite 103 Huntington Beach, CA 92648 | Full Service B&M | $184,737 |
| CIT Bank, National Association | 7320 Firestone Blvd Suite 101 Downey, CA 90241 | Full Service B&M | $110,432 |
| CIT Bank, National Association | 78010 Main St Ste 100 La Quinta, CA 92253 | Full Service B&M | $91,677 |
| CIT Bank, National Association | 7872 Valley View Street Buena Park, CA 90620 | Full Service B&M | $101,022 |
| CIT Bank, National Association | 8653 Beverly Boulevard West Hollywood, CA 90048 | Full Service B&M | $224,875 |
| CIT Bank, National Association | 8726 Tampa Avenue Northridge, CA 91324 | Full Service B&M | $202,937 |
| CIT Bank, National Association | 8750 South Sepulveda Boulevard Unit P Los Angeles, CA 90045 | Full Service B&M | $196,081 |
| CIT Bank, National Association | 888 Prospect Street Ste 140 La Jolla, CA 92037 | Full Service B&M | $282,200 |
| CIT Bank, National Association | 95 South Lake Ave Pasadena, CA 91103 | Full Service B&M | $5,763,935 |
| CIT Bank, National Association | 9550 S. Santa Monica Blvd Beverly Hills, CA 90210 | Full Service B&M | $203,345 |
| CIT Bank, National Association | 960 S. Westlake Blvd., Suite 1 & 2 Westlake Village, CA 91361 | Full Service B&M | $84,722 |
| CIT Bank, National Association | 9618 W Pico Blvd Ste 504 Los Angeles, CA 90035 | Full Service B&M | $172,251 |
| CIT Bank, National Association | One East Foothill Blvd. Arcadia, CA 91006 | Full Service B&M | $354,129 |
For 2019, Cit Bank had 66 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $1,918,879 |
| Net interest income | $1,178,912 |
| Total noninterest income | $751,295 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $7,320 |
| Trading account gains and fees | $11,068 |
| Additional Noninterest Income | $732,907 |
| Pre-tax net operating income | $560,975 |
| Securities gains (or losses, -) | $7,187 |
| Income before extraordinary items | $436,392 |
| Discontinued Operations (Extraordinary gains, net) | $-2,015 |
| Net income of bank and minority interests | $434,377 |
| Minority interest net income | $0 |
| Net income | $434,377 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $430,714 |
Cit Bank's gross interest income from loans was $1,918,879,000.
Cit Bank's net interest income from loans was $1,178,912,000.
Cit Bank's fee based income from loans was $7,320,000.
Cit Bank's net income from loans was $434,377,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $739,967 |
| Provision for credit losses | $116,178 |
| Total noninterest expense | $1,253,054 |
| Salaries and employee benefits | $492,644 |
| Premises and equipment expense | $60,510 |
| Additional noninterest expense | $699,900 |
| Applicable income taxes | $131,770 |
| Net charge-offs | $119,722 |
| Cash dividends | $356,000 |
Cit Bank's interest expense for loans was $739,967,000.
Cit Bank's payroll and benefits expense were $492,644,000.
Cit Bank's property, plant and equipment expenses $60,510,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 1.0% |
| HELOC loans | 8.0% |
| All other family | 1.0% |
| Commercial & industrial loans | 2.0% |
| Personal loans | 0.0% |
| Credit card loans | 0.0% |
| Other individual loans | 0.0% |
| Auto loans | 0.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $35,823,085 |
| Deposits held in domestic offices | $35,823,085 |
| Deposits by Individuals, partnerships, and corporations | $35,754,410 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $11,835 |
| Deposits by Commercial banks and other depository institutions in U.S. | $56,837 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $3 |
| Transaction accounts | $792,630 |
| Demand deposits | $792,630 |
| Nontransaction accounts | $35,030,455 |
| Money market deposit accounts (MMDAs) | $9,492,908 |
| Other savings deposits (excluding MMDAs) | $14,379,765 |
| Total time deposits | $11,157,781 |
| Total time and savings deposits | $35,030,455 |
| Noninterest-bearing deposits | $1,936,170 |
| Interest-bearing deposits | $33,886,914 |
| Retail deposits | $30,868,533 |
| IRAs and Keogh plan accounts | $990,525 |
| Brokered deposits | $2,670,220 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $45,268,906 |
| Cash & Balances due from depository institutions | $2,428,812 |
| Interest-bearing balances | $1,483,666 |
| Total securities | $6,049,646 |
| Federal funds sold & reverse repurchase | $950,000 |
| Net loans and leases | $28,349,435 |
| Loan and leases loss allowance | $455,239 |
| Trading account assets | $179,378 |
| Bank premises and fixed assets | $151,953 |
| Other real estate owned | $17,705 |
| Goodwill and other intangibles | $395,315 |
| All other assets | $6,746,662 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $45,268,907 |
| Total Liabilities | $40,002,622 |
| Total deposits | $35,823,085 |
| Interest-bearing deposits | $33,886,914 |
| Deposits held in domestic offices | $35,823,085 |
| % insured (estimated) | $88 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $20,656 |
| Other borrowed funds | $2,551,103 |
| Subordinated debt | $300,000 |
| All other liabilities | $1,307,778 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $28,349,435 |
| Loan and leases loss allowance | $455,239 |
| Total loans and leases (domestic) | $28,804,674 |
| All real estate loans | $13,098,366 |
| Real estate loans in domestic offices | $13,098,366 |
| Construction and development loans | $864,404 |
| Residential 1-4 family construction | $247,646 |
| Other construction, all land development and other land | $616,758 |
| Loans secured by nonfarm nonresidential properties | $4,204,355 |
| Nonfarm nonresidential secured by owner-occupied properties | $917,232 |
| Commercial real estate & other non-farm, non-residential | $3,287,123 |
| Multifamily residential real estate | $2,039,173 |
| 1-4 family residential loans | $5,990,434 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $51,930 |
| Commercial and industrial loans | $10,679,098 |
| To non-U.S. addressees | $207,766 |
| Loans to individuals | $1,081 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $1,081 |
| All other loans & leases | $4,974,199 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $2,705,513 |
| Loans to depository institutions and acceptances of other banks | $3,201 |
| Loans not secured by real estate | $21,517 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $38,769 |
| Non 1-4 family restructured loans & leases | $24,865 |
| Total loans and leases (foreign) | $0 |
CIT Bank had $28,349,435,000 of loans outstanding in 2019. $13,098,366,000 of loans were in real estate loans. $864,404,000 of loans were in development loans. $2,039,173,000 of loans were in multifamily mortgage loans. $5,990,434,000 of loans were in 1-4 family mortgage loans. $51,930,000 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.
Small Business Loans
| Categorization | # of Loans in Category | $ amount of loans (in 000's) | Average $/loan |
|---|---|---|---|
| Nonfarm, nonresidential loans - <$1MM | 337 | $170,526 | $506,012 |
| Nonfarm, nonresidential loans - $100-250k | 18 | $3,124 | $173,556 |
| Nonfarm, nonresidential loans - $250k-1MM | 319 | $167,402 | $524,771 |
| Commercial & Industrial, US addressed loans - <$1MM | 66,448 | $2,487,805 | $37,440 |
| Commercial & Industrial, US addressed loans - <$100k | 56,820 | $1,272,375 | $22,393 |
| Commercial & Industrial, US addressed loans - $100-250k | 8,025 | $775,748 | $96,666 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 1,603 | $439,682 | $274,287 |
| Agriculture operations loans - <$1MM | 1,009 | $51,930 | $51,467 |
| Agriculture operations loans - <$100k | 1,009 | $51,930 | $51,467 |