CIT Reports First Quarter 2021 Results                

NEW YORK –April 28, 2021 – CIT Group Inc. (NYSE: CIT) today reported first quarter 2021 financial results.

Financial Results

First quarter net income to common shareholders of $301 million or $3.04 per diluted common share.

Excluding noteworthy items¹, first quarter net income available to common shareholders of $245 million or $2.47 per diluted common share, reflecting a net benefit in the provision for credit losses of $117 million ($0.90 per diluted common share) resulting from a low level of net charge-offs and a net reserve release, primarily due to improving macroeconomic forecasts.

Noteworthy items included an after-tax gain on sale of investment securities of $61 million or $0.62 per diluted common share and FCB merger costs of $5 million (after-tax) or $0.05 per diluted common share.

Chairwoman and CEO Commentary

“It was a strong start to 2021. First quarter operating results benefited from lower credit costs and operating expenses as economic conditions improved and our cost reduction initiatives took hold,” said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany.  “We continued to optimize our balance sheet and reduced deposit costs across all channels, and we strategically repositioned our investment securities portfolio and strengthened our CET1 capital ratio to 10.9%, exceeding our target.”

Alemany continued, “Looking forward, our businesses are well positioned to support customers as they continue to recover from the economic disruption. We remain focused on completing the merger with First Citizens Bank and creating a Top 20 U.S. financial institution to serve customers and communities with a broader set of banking solutions.”  

Areas of Strategic Focus

•Received shareholder approval for the proposed merger with First Citizens Bancshares, Inc (FCB).

oAnticipate closing in mid-2021, subject to regulatory approval and the satisfaction of other customary closing conditions.

•Strategically repositioned investment securities portfolio - Monetized pre-tax gains of $83 million (noteworthy item), representing unrealized gains previously recorded in Accumulated Other Comprehensive Income (AOCI).

•Continued to reduce rates across all deposit channels, resulting in a decline of average deposit costs by 13 basis points compared to the prior quarter and 93 basis points compared to the year-ago quarter.

•Reduced operating expenses by $60 million compared to the year-ago quarter, or $50 million excluding noteworthy items, reflecting cost reduction initiatives and recognition of the Mutual of Omaha Bank (MOB) cost synergies.

•CET1 ratio improved to 10.9%, exceeding our target CET1 capital ratio of 10.5%.

•Maintained proactive portfolio management and disciplined underwriting standards:

oContinued Legacy Consumer Mortgage (LCM) loan sales - Sold $58 million of loans this quarter.

oEntered into definitive agreement to sell the Aviation Lending portfolio of approximately $700 million; expected to close in the second quarter.

oAllowance for credit losses (ACL) – 2.70% of loans.

¹ 

Income to common shareholders excluding noteworthy items, Loss to common shareholders excluding noteworthy items and core loans and leases excluding MOB are all non-GAAP measures. See “Non-GAAP Measurements” at the end of this press release for a reconciliation of non-GAAP to GAAP financial information.

1

Select Financial Highlights*

1Q21 change from

($ in millions)

1Q21

4Q20

1Q20

4Q20

1Q20

Net finance revenue⁽¹⁾

$

327

$

335

$

366

$

(8

)

-2

%

$

(39

)

-11

%

Non-interest income

230

161

131

69

43

%

99

76

%

Total net revenue⁽¹⁾

557

496

496

61

12

%

60

12

%

Goodwill impairment

-

140

345

(140

)

-100

%

(345

)

-100

%

Operating expenses and (gain) loss on debt extinguishment

274

320

334

(46

)

-14

%

(60

)

-18

%

Income (loss) before credit provision

283

36

(183

)

247

NM

465

NM

Provision for credit losses

(117

)

(1

)

514

(117

)

NM

(631

)

NM

Income (loss) before provision (benefit) for income taxes

400

37

(697

)

364

NM

1,097

NM

Provision (benefit) for income taxes

96

28

(72

)

68

NM

169

NM

Net income (loss)

304

9

(624

)

295

NM

928

NM

Preferred stock dividends

3

12

4

(9

)

-77

%

(1

)

-26

%

Net income (loss) available to common shareholders

$

301

$

(4

)

$

(628

)

$

305

NM

$

929

NM

Income (loss) available to common shareholders

$

301

$

(4

)

$

(628

)

$

305

NM

$

929

NM

Noteworthy items⁽²⁾

(56

)

152

390

(208

)

(446

)

Income (loss) available to common shareholders, excluding noteworthy items⁽¹⁾⁽²⁾

$

245

$

148

$

(238

)

$

96

65

%

$

483

NM

Per common share

Diluted income (loss) per common share

$

3.04

$

(0.04

)

$

(6.40

)

$

3.07

NM

$

9.44

NM

Diluted income (loss) per common share, excluding noteworthy items

$

2.47

$

1.50

$

(2.43

)

$

0.97

64

%

$

4.90

NM

Average diluted common shares outstanding (in thousands)

99,076

98,569

98,089

507

1

%

987

1

%

Tangible book value per common share (TBVPS)⁽¹⁾

$

52.13

$

51.34

$

51.12

$

0.78

2

%

$

1.00

2

%

Balance Sheet

Average loans and leases (includes HFS and net of credit balances)

$

42,424

$

43,436

$

43,910

$

(1,013

)

-2

%

$

(1,486

)

-3

%

Average core loans and leases⁽¹⁾ (includes HFS and net of credit balances)

40,770

41,625

41,754

(856

)

-2

%

(984

)

-2

%

Average earning assets (AEA)⁽¹⁾

53,202

56,508

53,685

(3,306

)

-6

%

(482

)

-1

%

New business volume

2,443

2,825

3,592

(382

)

-14

%

(1,149

)

-32

%

Key performance metrics, continuing operations

Net finance margin⁽¹⁾

2.46

%

2.37

%

2.73

%

9bps

-27bps

Net efficiency ratio⁽¹⁾

47.7

%

62.7

%

65.6

%

NM

NM

Net charge-offs

0.15

%

1.48

%

0.57

%

NM

-42bps

Return on AEA (ROAEA)⁽¹⁾

2.26

%

NM

NM

NM

NM

Return on tangible common equity (ROTCE)⁽¹⁾

24.07

%

8.37

%

NM

NM

NM

Key performance metrics, continuing operations excluding noteworthy items

Net finance margin⁽¹⁾⁽²⁾

2.46

%

2.37

%

2.73

%

9bps

-27bps

Net efficiency ratio⁽¹⁾⁽²⁾

54.6

%

54.9

%

62.2

%

-27bps

NM

Net charge-offs

0.15

%

1.48

%

0.57

%

NM

-42bps

ROAEA⁽¹⁾⁽²⁾

1.84

%

1.05

%

NM

79bps

NM

ROTCE⁽¹⁾⁽²⁾

19.65

%

12.41

%

NM

NM

NM

⁽¹⁾ Net finance revenue, total net revenue, TBVPS, AEA, net finance margin, net efficiency ratio, ROAEA, ROTCE and average core loans and leases are non-GAAP measures that management uses to evaluate the performance of the business. See "Non-GAAP Measurements" at the end of this press release for a reconciliation of non-GAAP to GAAP financial information, descriptions of the non-GAAP measures, and noteworthy items. TBVPS is detailed on page 15.

⁽²⁾We exclude noteworthy items due to their episodic nature and size. See "Non-GAAP Measurements" at the end of this press release for a reconciliation of non-GAAP to GAAP financial information and noteworthy items.

*Certain balances may not sum due to rounding.

2

First Quarter Financial Highlights:

•

Net finance revenue decreased $8 million reflecting lower average earning assets and lower purchase accounting accretion, partially offset by lower deposit costs. Net finance margin of 2.46% was up 9 bps from the prior quarter, driven by lower deposit costs across all deposit channels.

•

Other non-interest income was up $69 million from the prior quarter. Other non-interest income, excluding noteworthy items, decreased $14 million from the prior quarter to $147 million, reflecting lower fee income and seasonally lower factoring income, partially offset by higher gain on sales of securities.

•

Operating expenses decreased by $46 million to $274 million. Operating expenses, excluding noteworthy items and intangible asset amortization², decreased $14 million from the prior quarter to $259 million, primarily due to lower professional fees and lower FDIC insurance costs, partially offset by higher seasonal compensation costs.

•

Provision for credit losses was a net benefit of $117 million compared to a modest net benefit of $1 million in the prior quarter, reflecting the low level of net charge-offs and reduction in reserve of approximately $130 million.

o

The reduction in reserve is due to the continued improvement in the macroeconomic forecasts and credit loss trends, as well as lower loan balances.

•

Net charge-offs of $13 million were significantly lower as compared to $138 million or $27 million excluding the $111 million of net charge-off related to the Aviation Lending portfolio, which was transferred to held for sale (HFS) in the prior quarter.  

•

Non-accruals increased by $77 million to $665 million, primarily within the Commercial Finance business.

•

The effective tax rate was 24%. The effective tax rate, excluding noteworthy items³ was relatively flat.

•

Average loans and leases declined 2% primarily driven by lower origination volume, as well as continued run off and sales of the LCM portfolio and higher prepayments in Consumer Banking.

•

Loans and leases to deposits ratio was 91% at CIT Bank and 103% at consolidated CIT Group, a slight change in both ratios from the prior quarter.

•

CET1 ratio increased to 10.9%, reflecting quarterly earnings and a decrease in RWA.

² 

^{Operating expenses, excluding noteworthy items and intangible asset amortization, is a non-GAAP measure. See “Non-GAAP Measurements” at the end of this press release for a reconciliation of non-GAAP to GAAP financial information.}

³ 

Effective tax rate, excluding noteworthy items is a non-GAAP measure. See "Non-GAAP Measurements" at the end of this press release for a reconciliation of non-GAAP to GAAP financial information and noteworthy items.

3

•

$61 million (after-tax) ($0.62 per diluted common share) gain on sale of investment securities related to a strategic initiative to monetize unrealized gains within AOCI.

•

$5 million (after-tax) ($0.05 per diluted common share) related to FCB merger costs.

4

Income Statement Highlights:

Net Finance Revenue

Net Finance Revenue*

1Q21 change from

($ in millions)

1Q21

4Q20

1Q20

4Q20

1Q20

Interest income

$

388

$

415

$

514

$

(27

)

-7

%

$

(126

)

-24

%

Net operating lease revenue

Rental income on operating leases

195

199

210

(4

)

-2

%

(15

)

-7

%

Depreciation on operating lease equipment

85

86

78

(1

)

-1

%

6

8

%

Maintenance and other operating lease expenses

52

54

54

(3

)

-5

%

(2

)

-4

%

Total net operating lease revenue⁽¹⁾

58

59

78

(1

)

-1

%

(20

)

-25

%

Interest expense

120

140

226

(20

)

-14

%

(106

)

-47

%

Net finance revenue ⁽²⁾

$

327

$

335

$

366

$

(8

)

-2

%

$

(39

)

-11

%

Average earning assets

$

53,202

$

56,508

$

53,685

$

(3,306

)

-6

%

$

(482

)

-1

%

Net finance margin⁽²⁾

2.46

%

2.37

%

2.73

%

9bps

-27bps

⁽¹⁾Net operating lease revenue is a non-GAAP measure, and is reconciled in the table as a combination of GAAP balances, rental income on operating leases less depreciation on operating lease equipment and maintenance and other operating lease expenses. Net operating lease revenue is used by management to monitor portfolio performance and returns on purchased equipment.

⁽²⁾These balances and metrics are non-GAAP measures used to measure the profitability of our earning assets. See "Non-GAAP Measurements" at the end of this press release for a reconciliation of non-GAAP to GAAP financial information.

*Certain balances may not sum due to rounding.

•

Net finance revenue declined to $327 million from $335 million in the prior quarter.

o

Lower interest income resulting from lower average earning assets and lower purchase accounting accretion.

o

Lower rental income in Rail from downward lease repricing mostly offset by lower depreciation and maintenance costs and a customer settlement of $6 million that mostly benefited rental income.

o

Partially offset by lower deposit costs from lower rates.

•

Net finance margin (net finance revenue as a percentage of average earning assets) was 2.46%, a 9 bps increase from 2.37% in the prior quarter.

o

Lower weighted average deposit costs, primarily from lower rates in all deposit channels.

o

Mix shift resulting in lower average cash and investment balances.

o

Offset by lower yields on loans and investments and lower purchase accounting accretion.

•

Net finance revenue decreased $39 million compared to the year-ago quarter.

o

Lower market rates impacting income on loans, cash and investment securities.

o

Lower net operating lease income in Rail, primarily due to lower utilization and renewal rates and higher depreciation costs.

o

Partially offset by lower deposit costs from lower rates as well as a reduction in borrowing costs.

•

Compared to the year-ago quarter, net finance margin decreased 27 bps.

o

Lower market rates impacting yields on loans, interest earning cash and investment securities, as well as a higher mix of interest earning cash.

o

Lower operating lease yields in Rail.

o

Lower purchase accounting accretion.

o

Partially offset by lower weighted average deposit costs from lower rates in all deposit channels and a lower mix of borrowings.

5

Other Non-Interest Income

Other Non-Interest Income*

1Q21 change from

($ in millions)

1Q21

4Q20

1Q20

4Q20

1Q20

Fee income

$

30

$

36

$

34

$

(7

)

-19

%

$

(4

)

-13

%

Factoring commissions

24

29

23

(5

)

-18

%

1

4

%

Gains on leasing equipment, net of impairments

28

24

23

4

15

%

5

20

%

BOLI income

8

9

8

(0

)

-5

%

1

7

%

Gains on investment securities, net of impairments

105

8

14

96

NM

91

NM

Property tax income

4

5

5

(1

)

-11

%

(1

)

-11

%

Other income

32

50

25

(18

)

-37

%

7

28

%

Total other non-interest income

$

230

$

161

$

131

$

69

43

%

$

99

76

%

Noteworthy items⁽¹⁾

(83

)

-

-

(83

)

(83

)

Total other non-interest income, excluding noteworthy items⁽¹⁾⁽²⁾

$

147

$

161

$

131

$

(14

)

-9

%

$

16

12

%

*Certain balances may not sum due to rounding.

•

Other non-interest income was $230 million, up $69 million from the prior quarter.

•

Excluding the noteworthy item of $83 million, other non-interest income of $147 million was down from $161 million in the prior quarter.

o

Lower factoring commissions due to seasonally lower volumes.

o

Lower capital markets fees.

o

Reduction in other income reflected $3 million lower net gain on sale of LCM loans ($22 million in the current quarter compared to $25 million in the prior quarter), while the prior quarter included an $8 million litigation recovery.

o

Partially offset by higher gains on the sale of equipment, as well as higher gains on the sale of investment securities reflecting an increase in sale volume and favorable market rates.

▪

Note: $83 million of gains on investment securities relates to our strategic initiative to monetize unrealized gains on investment securities in AOCI and is included as a noteworthy item.

•

Other non-interest income was up $99 million from the year-ago quarter.

•

Other non-interest income excluding noteworthy items increased by $16 million compared to the year-ago quarter.

o

Higher gain on the sale of leasing equipment, driven by increased gains on the sale of equipment.

o

Higher gain on sale of investment securities.

o

Higher gain on LCM loan sales.

o

Credit Valuation Adjustment (CVA) gain of $3 million in the current quarter compared to an $8 million negative mark-to-market in the year-ago quarter related to customer derivatives.

o

Partially offset by lower capital markets fees.

6

Operating Expenses

Operating Expenses*

1Q21 change from

($ in millions)

1Q21

4Q20

1Q20

4Q20

1Q20

Compensation and benefits

$

155

$

153

$

182

$

2

2

%

$

(27

)

-15

%

Technology

33

36

39

(3

)

-7

%

(5

)

-14

%

Professional fees

14

28

25

(14

)

-49

%

(11

)

-44

%

Insurance

15

26

13

(11

)

-43

%

2

12

%

Net occupancy expense

18

35

19

(17

)

-49

%

(1

)

-6

%

Advertising and marketing

4

4

17

(0

)

-8

%

(13

)

-79

%

Property tax expense

4

5

5

(0

)

-6

%

(0

)

-8

%

Intangible asset amortization

8

8

9

-

0

%

(0

)

-1

%

Other expenses

23

26

27

(3

)

-11

%

(4

)

-14

%

Total operating expenses

274

320

334

(46

)

-14

%

(60

)

-18

%

Noteworthy items

7

39

17

(32

)

-82

%

(10

)

-60

%

Intangible asset amortization

8

8

9

-

0

%

(0

)

-1

%

Operating expenses, excluding noteworthy items and intangible asset amortization⁽¹⁾

$

259

$

272

$

309

$

(14

)

-5

%

$

(50

)

-16

%

Net efficiency ratio⁽²⁾

47.7

%

62.7

%

65.6

%

NM

NM

Net efficiency ratio, excluding noteworthy items and intangible asset amortization⁽²⁾

54.6

%

54.9

%

62.2

%

-27bps

NM

⁽¹⁾Operating expenses excluding intangible asset amortization and noteworthy items is used by management to compare period over period expenses. Due to the exclusion of intangible amortization and noteworthy items, this is considered a non-GAAP measure, as reconciled to total operating expenses in the table.

⁽²⁾These metrics are non-GAAP measures. See "Non-GAAP Measurements" at the end of this press release for details on the calculation and description of the use of the metric. See non-GAAP disclosures for reconciliation of total net revenues.

*Certain balances may not sum due to rounding.

•

Operating expenses were $274 million, down $46 million from the prior quarter.

•

Excluding noteworthy items and intangible asset amortization, operating expenses were $259 million, down $14 million compared to $272 million in the prior quarter reflecting lower FDIC Insurance costs and professional fees, partially offset by an increase from annual benefit restarts.

o

Noteworthy items in the current quarter included FCB merger costs.

o

The prior quarter noteworthy items included merger and integration costs from the MOB acquisition, FCB merger costs and a restructuring charge related to facilities impairment included in net occupancy expenses.

•

Operating expenses decreased by $60 million compared to the year-ago quarter.

•

Operating expenses excluding noteworthy items and intangible asset amortization decreased by $50 million compared to the year-ago quarter, reflecting cost reduction initiatives including the recognition of cost synergies from our MOB acquisition, as well as lower advertising and marketing costs mostly related to our Direct Bank deposit gathering activity.

•

The net efficiency ratio improved significantly to 48% from 63% in the prior quarter, reflecting noteworthy items in both periods.

•

The net efficiency ratio excluding noteworthy items and intangible asset amortization stayed flat at 55% from the prior quarter.

•

The net efficiency ratio was 66% in the year-ago quarter. The net efficiency ratio excluding noteworthy items and intangible asset amortization was 62% in the year-ago quarter. The improvement reflected a decline in operating expenses, that partially offset lower total net revenues.

Balance Sheet Highlights:

Average Earning Assets

Average Earning Assets*

1Q21 change from

($ in millions)

1Q21

4Q20

1Q20

4Q20

1Q20

Interest-bearing cash

$

4,634

$

6,244

$

1,817

$

(1,609

)

-26

%

$

2,817

NM

Investment securities and securities purchased under agreement to resell

6,144

6,829

7,958

(684

)

-10

%

(1,814

)

-23

%

Loans and loans held for sale (net of credit balances of factoring clients)

34,592

35,591

36,494

(999

)

-3

%

(1,901

)

-5

%

Operating lease equipment, net (including held for sale)

7,831

7,845

7,416

(14

)

0

%

415

6

%

Average earning assets (AEA)

$

53,202

$

56,508

$

53,685

$

(3,306

)

-6

%

$

(483

)

-1

%

*All balances above are averages. Certain balances may not sum due to rounding.

•

AEA decreased by $3.3 billion from the prior quarter, driven by decreases in interest bearing cash, investments and loans.

o

The reduction in average interest-bearing cash and investments reflects our management of excess liquidity through our reductions in average deposits and borrowings.

o

Average loans and leases decreased 2% from the prior quarter.

o

Commercial Banking average loans and leases declined 1% while Consumer Banking average loans declined 7%; the decline in Consumer Banking was primarily driven by LCM run-off and loan sales, as well as higher prepayments in Consumer Lending.

•

At March 31, 2021, total cash (including non-interest-bearing cash), investment securities and securities purchased under agreement to resell was $10.4 billion, down from $11.1 billion at the end of the prior quarter.

o

End of period cash balances increased by $1.3 billion which was offset by declines in investments of $2.0 billion, reflecting the previously noted sales.

o

Investment securities are primarily High-Quality Liquid Securities.

•

AEA compared to the year-ago quarter decreased by $0.5 billion primarily from a reduction in loans and investments offset by growth in interest earning cash and operating lease equipment.

o

Commercial Banking average loans and leases declined modestly, driven by a reduction in Business Capital and Real Estate Finance divisions due to slower than expected recovery within certain sectors impacted by the pandemic, mostly offset by an increase in Rail.  

o

Decrease in Consumer Banking average loans was primarily driven by LCM loan sales, and continued run-off, as well as higher prepayments overall.

7

Deposits and Borrowings

Average Deposits and Borrowings*

1Q21 change from

($ in millions)

1Q21

4Q20

1Q20

4Q20

1Q20

Interest-bearing checking

$

3,442

$

3,240

$

2,927

$

203

6

%

$

515

18

%

Savings and money market

26,077

26,799

24,218

(722

)

-3

%

1,859

8

%

Time deposits

9,781

10,875

11,900

(1,094

)

-10

%

(2,118

)

-18

%

Non-interest bearing checking

3,386

3,259

2,658

127

4

%

728

27

%

Total deposits

$

42,687

$

44,172

$

41,703

$

(1,485

)

-3

%

$

984

2

%

Online

$

18,272

$

19,509

$

18,745

$

(1,237

)

-6

%

$

(473

)

-3

%

Branch

11,392

11,685

12,202

(293

)

-3

%

(810

)

-7

%

Commercial

4,306

4,646

3,275

(340

)

-7

%

1,031

31

%

Brokered

2,378

2,605

2,606

(227

)

-9

%

(228

)

-9

%

Homeowners association

6,339

5,727

4,875

612

11

%

1,463

30

%

Total deposits

$

42,687

$

44,172

$

41,703

$

(1,485

)

-3

%

$

984

2

%

Secured borrowings

$

1,006

$

2,372

$

2,308

$

(1,367

)

-58

%

$

(1,302

)

-56

%

Unsecured borrowings

4,448

4,732

4,465

(284

)

-6

%

(17

)

0

%

Securities sold under agreement to repurchase

-

-

178

-

NM

(178

)

-100

%

Total borrowings

$

5,454

$

7,104

$

6,951

$

(1,650

)

-23

%

$

(1,498

)

-22

%

*All balances above are averages. Certain balances may not sum due to rounding.

•

Average deposits declined 3% from the prior quarter and represented 89% of CIT’s total funding as average borrowings also declined this quarter.

o

Decline in average deposits reflected strategic rate reductions, in all our deposit channels, reducing higher cost deposits and managing excess liquidity.

o

Partially offset by seasonally higher balances and strong organic growth in the HOA channel, reflecting our strategic growth initiatives for this channel.

o

Continued to shift the mix from time deposits to non-maturity deposits. Average non-maturity deposits currently represent 77% of total deposits, compared to 75% in the prior quarter and 71% in the year-ago quarter.

•

At March 31, 2021, deposits were down $1.0 billion, commensurate with the reduction in excess interest-bearing cash and investments.

•

The weighted average rate on average outstanding deposits decreased 13 bps to 0.57% from 0.70% in the prior quarter.

o

Decline primarily from lower rates across channels, along with a higher mix of lower cost HOA deposits and run off of higher cost Brokered deposits.

•

The weighted average rate on average outstanding deposits decreased 93 bps from 1.50% in the year-ago quarter, primarily from lower rates in all the deposit channels.

•

The loans and leases-to-deposits ratio at CIT Bank was 91% at March 31, 2021, slightly up from 90% at December 31, 2020, and down from 95% at March 31, 2020.

•

For consolidated CIT Group, the loans and leases-to-deposits ratio was 103% at March 31, 2021, down from 104% at December 31, 2020, and from 109% at March 31, 2020, reflecting the decline in both period end deposits and loans and leases.

•

Average unsecured borrowings comprised 9% of the funding mix, flat from the prior quarter.

8

o

The weighted average coupon on our unsecured senior and subordinated debt increased to 4.82% at March 31, 2021 from 4.75% at December 31, 2020, with a weighted average maturity of approximately 3.3 years and approximately 3.2 years, respectively.

o

On February 9, 2021, CIT redeemed 100% of the aggregate principal amount ($500 million) of the outstanding 4.125% Senior Notes due March 2021 at par.

•

Average secured borrowings comprised 2% of the funding mix, down from 5% from the prior quarter.

o

Secured borrowings at March 31, 2021 were down by $500 million reflecting a paydown of Federal Home Loan Bank debt late in the quarter.

Capital

Capital*

1Q21 change from

($ in millions, except per share amounts)

1Q21

4Q20

1Q20

4Q20

1Q20

Preferred stock

$

525

$

525

$

525