Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - KEYCORP /NEW/ | l39426exv99w1.htm |
| EX-99.2 - EX-99.2 - KEYCORP /NEW/ | l39426exv99w2.htm |
| 8-K - FORM 8-K - KEYCORP /NEW/ | l39426e8vk.htm |
Exhibit 99.3 (1 of 2)
Consolidated Balance Sheets
(dollars in millions)
(dollars in millions)
| 3-31-10 | 12-31-09 | 3-31-09 | ||||||||||
Assets |
||||||||||||
Loans |
$ | 55,913 | $ | 58,770 | $ | 70,003 | ||||||
Loans held for sale |
556 | 443 | 671 | |||||||||
Securities available for sale |
16,553 | 16,641 | 8,363 | |||||||||
Held-to-maturity securities |
22 | 24 | 25 | |||||||||
Trading account assets |
1,034 | 1,209 | 1,279 | |||||||||
Short-term investments |
4,345 | 1,743 | 2,917 | |||||||||
Other investments |
1,525 | 1,488 | 1,464 | |||||||||
Total earning assets |
79,948 | 80,318 | 84,722 | |||||||||
Allowance for loan losses |
(2,425 | ) | (2,534 | ) | (2,016 | ) | ||||||
Cash and due from banks |
619 | 471 | 624 | |||||||||
Premises and equipment |
872 | 880 | 847 | |||||||||
Operating lease assets |
652 | 716 | 889 | |||||||||
Goodwill |
917 | 917 | 917 | |||||||||
Other intangible assets |
46 | 50 | 110 | |||||||||
Corporate-owned life insurance |
3,087 | 3,071 | 2,994 | |||||||||
Derivative assets |
1,063 | 1,094 | 1,707 | |||||||||
Accrued income and other assets |
4,150 | 4,096 | 2,615 | |||||||||
Discontinued assets |
6,374 | 4,208 | 4,425 | |||||||||
Total assets |
$ | 95,303 | $ | 93,287 | $ | 97,834 | ||||||
Liabilities |
||||||||||||
Deposits in domestic offices: |
||||||||||||
NOW and money market deposit accounts |
$ | 25,068 | $ | 24,341 | $ | 23,599 | ||||||
Savings deposits |
1,873 | 1,807 | 1,795 | |||||||||
Certificates of deposit ($100,000 or more) |
10,188 | 10,954 | 13,250 | |||||||||
Other time deposits |
12,010 | 13,286 | 14,791 | |||||||||
Total interest-bearing deposits |
49,139 | 50,388 | 53,435 | |||||||||
Noninterest-bearing deposits |
15,364 | 14,415 | 11,641 | |||||||||
Deposits in foreign office — interest-bearing |
646 | 768 | 801 | |||||||||
Total deposits |
65,149 | 65,571 | 65,877 | |||||||||
Federal funds purchased and securities
sold under repurchase agreements |
1,927 | 1,742 | 1,565 | |||||||||
Bank notes and other short-term borrowings |
446 | 340 | 2,285 | |||||||||
Derivative liabilities |
1,103 | 1,012 | 927 | |||||||||
Accrued expense and other liabilities |
2,089 | 2,007 | 1,891 | |||||||||
Long-term debt |
11,177 | 11,558 | 14,978 | |||||||||
Discontinued liabilities |
2,490 | 124 | 137 | |||||||||
Total liabilities |
84,381 | 82,354 | 87,660 | |||||||||
Equity |
||||||||||||
Preferred stock, Series A |
291 | 291 | 658 | |||||||||
Preferred stock, Series B |
2,434 | 2,430 | 2,418 | |||||||||
Common shares |
946 | 946 | 584 | |||||||||
Common stock warrant |
87 | 87 | 87 | |||||||||
Capital surplus |
3,724 | 3,734 | 2,464 | |||||||||
Retained earnings |
5,098 | 5,158 | 6,160 | |||||||||
Treasury stock, at cost |
(1,958 | ) | (1,980 | ) | (2,500 | ) | ||||||
Accumulated other comprehensive income (loss) |
19 | (3 | ) | 97 | ||||||||
Key shareholders’ equity |
10,641 | 10,663 | 9,968 | |||||||||
Noncontrolling interests |
281 | 270 | 206 | |||||||||
Total equity |
10,922 | 10,933 | 10,174 | |||||||||
Total liabilities and equity |
$ | 95,303 | $ | 93,287 | $ | 97,834 | ||||||
Common shares outstanding (000) |
879,052 | 878,535 | 498,573 | |||||||||
Exhibit 99.3 (2 of 2)
Consolidated Statements of Income
(dollars in millions, except per share amounts)
(dollars in millions, except per share amounts)
| Three months ended | ||||||||||||
| 3-31-10 | 12-31-09 | 3-31-09 | ||||||||||
Interest income |
||||||||||||
Loans |
$ | 710 | $ | 749 | $ | 840 | ||||||
Loans held for sale |
4 | 6 | 8 | |||||||||
Securities available for sale |
150 | 150 | 100 | |||||||||
Held-to-maturity securities |
1 | — | 1 | |||||||||
Trading account assets |
11 | 12 | 13 | |||||||||
Short-term investments |
2 | 3 | 3 | |||||||||
Other investments |
14 | 13 | 12 | |||||||||
Total interest income |
892 | 933 | 977 | |||||||||
Interest expense |
||||||||||||
Deposits |
212 | 246 | 300 | |||||||||
Federal funds purchased and securities sold
under repurchase agreements |
1 | 1 | 1 | |||||||||
Bank notes and other short-term borrowings |
3 | 3 | 6 | |||||||||
Long-term debt |
51 | 53 | 81 | |||||||||
Total interest expense |
267 | 303 | 388 | |||||||||
Net interest income |
625 | 630 | 589 | |||||||||
Provision for loan losses |
413 | 756 | 847 | |||||||||
Net interest income (expense) after provision for loan losses |
212 | (126 | ) | (258 | ) | |||||||
Noninterest income |
||||||||||||
Trust and investment services income |
114 | 117 | 110 | |||||||||
Service charges on deposit accounts |
76 | 82 | 82 | |||||||||
Operating lease income |
47 | 52 | 61 | |||||||||
Letter of credit and loan fees |
40 | 52 | 38 | |||||||||
Corporate-owned life insurance income |
28 | 36 | 27 | |||||||||
Net securities gains (losses) |
3 | (a) | 1 | (a) | (14 | ) | ||||||
Electronic banking fees |
27 | 27 | 24 | |||||||||
Gains on leased equipment |
8 | 15 | 26 | |||||||||
Insurance income |
18 | 16 | 18 | |||||||||
Net gains (losses) from loan sales |
4 | (5 | ) | 7 | ||||||||
Net gains (losses) from principal investing |
37 | 80 | (72 | ) | ||||||||
Investment banking and capital markets income (loss) |
9 | (47 | ) | 17 | ||||||||
Gain from sale/redemption of Visa Inc. shares |
— | — | 105 | |||||||||
Gain (loss) related to exchange of common shares
for capital securities |
— | — | — | |||||||||
Other income |
39 | 43 | 49 | |||||||||
Total noninterest income |
450 | 469 | 478 | |||||||||
Noninterest expense |
||||||||||||
Personnel |
362 | 400 | 359 | |||||||||
Net occupancy |
66 | 67 | 66 | |||||||||
Operating lease expense |
39 | 50 | 50 | |||||||||
Computer processing |
47 | 49 | 47 | |||||||||
Professional fees |
38 | 63 | 34 | |||||||||
FDIC assessment |
37 | 37 | 30 | |||||||||
OREO expense, net |
32 | 25 | 6 | |||||||||
Equipment |
24 | 25 | 22 | |||||||||
Marketing |
13 | 22 | 14 | |||||||||
Provision (credit) for losses on lending-related commitments |
(2 | ) | 27 | — | ||||||||
Intangible assets impairment |
— | — | 196 | |||||||||
Other expense |
129 | 106 | 103 | |||||||||
Total noninterest expense |
785 | 871 | 927 | |||||||||
Income (loss) from continuing operations before income taxes |
(123 | ) | (528 | ) | (707 | ) | ||||||
Income taxes |
(82 | ) | (347 | ) | (238 | ) | ||||||
Income (loss) from continuing operations |
(41 | ) | (181 | ) | (469 | ) | ||||||
Income (loss) from discontinued operations, net of taxes |
2 | (7 | ) | (29 | ) | |||||||
Net income (loss) |
(39 | ) | (188 | ) | (498 | ) | ||||||
Less: Net income (loss) attributable to noncontrolling interests |
16 | 36 | (10 | ) | ||||||||
Net income (loss) attributable to Key |
$ | (55 | ) | $ | (224 | ) | $ | (488 | ) | |||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | (98 | ) | $ | (258 | ) | $ | (507 | ) | |||
Net income (loss) attributable to Key common shareholders |
(96 | ) | (265 | ) | (536 | ) | ||||||
Per common share |
||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | (.11 | ) | $ | (.30 | ) | $ | (1.03 | ) | |||
Income (loss) from discontinued operations, net of taxes |
— | (.01 | ) | (.06 | ) | |||||||
Net income (loss) attributable to Key common shareholders |
(.11 | ) | (.30 | ) | (1.09 | ) | ||||||
Per common share — assuming dilution |
||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | (.11 | ) | $ | (.30 | ) | $ | (1.03 | ) | |||
Income (loss) from discontinued operations, net of taxes |
— | (.01 | ) | (.06 | ) | |||||||
Net income (loss) attributable to Key common shareholders |
(.11 | ) | (.30 | ) | (1.09 | ) | ||||||
Cash dividends declared per common share |
$ | .01 | $ | .01 | $ | .0625 | ||||||
Weighted-average common shares outstanding (000) |
874,386 | 873,268 | 492,813 | |||||||||
Weighted-average common shares and potential
common shares outstanding (000) |
874,386 | 873,268 | 492,813 | |||||||||
| (a) | For the three months ended March 31, 2010, and December 31, 2009, Key did not have impairment losses related to securities. |