CIT Group Inc.’s CIT first-quarter 2021 adjusted earnings per share of $2.47 surpassed the Zacks Consensus Estimate of 98 cents by a considerable margin. In the prior-year quarter, the company had incurred adjusted loss of $2.43 per share.Results benefited from substantial reserve releases and lower expenses. Further, the balance sheet position remained strong. However, fall in revenues hurt results. Probably because of this, shares of the company lost 1.9% following the earnings release.After considering noteworthy items, net income available to common shareholders (GAAP basis) was $301 million or $3.04 per share against net loss of $628 million or $6.40 per share incurred in the year-ago quarter.Revenues & Expenses DownTotal net revenues (non-GAAP and excluding noteworthy items) were $473.8 million, down 4.6% year over year.Net interest revenues were $268.5 million, declining 6.7% year over year.Total non-interest income was $424.6 million, jumping 24.7%. The rise was due to an improvement in other non-interest income.Net finance margin contracted 27 basis points year over year to 2.46%.Operating expenses (excluding noteworthy items and intangible asset amortization) were $258.7 million, down 16.2%.Credit Quality: Mixed BagThe company recorded net provision benefit of $117.4 million against provision of $513.9 million in the year-earlier quarter. Also, net charge-offs were $13 million, plunging 75.9% year over year.However, non-accrual loans surged 74.1% year over year to $665 million.Balance Sheet Strong, Capital Ratios ImproveAs of Mar 31, 2021, average interest-bearing cash and investment securities amounted to $10.79 billion, comprising $4.63 billion in interest-bearing cash, and $6.14 billion in investment securities and securities purchased under the agreement to resell.As of Mar 31, 2021, Common Equity Tier 1 and Total Capital ratios (as calculated under the fully phased-in Regulatory Capital Rules) were 10.9% and 14.2%, respectively, compared with 9.7% and 12.9% at the end of the prior-year quarter.Our ViewElevated operating expenses, owing to investments in technology, are likely to continue hurting CIT Group’s profitability in the quarters ahead. However, its efforts to diversify revenues, strategic expansion growth initiatives and a strong balance sheet position are expected to support growth. The company has entered an all-stock merger deal with First Citizens BancShares, Inc., which is expected to close by mid-2021.CIT Group Inc. Price, Consensus and EPS Surprise CIT Group Inc. price-consensus-eps-surprise-chart | CIT Group Inc. QuoteCurrently, CIT Group carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Performance of Other BanksAssociated Banc-Corp’s ASB first-quarter 2021 earnings of 58 cents per share surpassed the Zacks Consensus Estimate of 43 cents. Further, the bottom line increased significantly from the 27 cents earned in the prior-year quarter.BankUnited, Inc.’s BKU earnings per share of $1.06 handily surpassed the Zacks Consensus Estimate of 74 cents. Notably, the figure reflects a substantial rise from the prior-year quarter.Bank of Hawaii Corporation BOH reported first-quarter 2021 earnings per share of $1.50, which surpassed the Zacks Consensus Estimate of $1.18. Also, the bottom line compared favorably with 87 cents reported in the prior-year quarter.These Stocks Are Poised to Soar Past the PandemicThe COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.See the 5 high-tech stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CIT Group Inc. (CIT): Free Stock Analysis Report BankUnited, Inc. (BKU): Free Stock Analysis Report Bank of Hawaii Corporation (BOH): Free Stock Analysis Report Associated BancCorp (ASB): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research