Attached files
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8-K - FORM 8-K - KEYCORP /NEW/ | l41644e8vk.htm |
EX-99.1 - EX-99.1 - KEYCORP /NEW/ | l41644exv99w1.htm |
EX-99.2 - EX-99.2 - KEYCORP /NEW/ | l41644exv99w2.htm |
Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
(dollars in millions)
12-31-10 | 9-30-10 | 12-31-09 | ||||||||||
Assets |
||||||||||||
Loans |
$ | 50,107 | $ | 51,354 | $ | 58,770 | ||||||
Loans held for sale |
467 | 637 | 443 | |||||||||
Securities available for sale |
21,933 | 21,241 | 16,641 | |||||||||
Held-to-maturity securities |
17 | 18 | 24 | |||||||||
Trading account assets |
985 | 1,155 | 1,209 | |||||||||
Short-term investments |
1,344 | 1,871 | 1,743 | |||||||||
Other investments |
1,358 | 1,405 | 1,488 | |||||||||
Total earning assets |
76,211 | 77,681 | 80,318 | |||||||||
Allowance for loan losses |
(1,604 | ) | (1,957 | ) | (2,534 | ) | ||||||
Cash and due from banks |
278 | 823 | 471 | |||||||||
Premises and equipment |
908 | 888 | 880 | |||||||||
Operating lease assets |
509 | 563 | 716 | |||||||||
Goodwill |
917 | 917 | 917 | |||||||||
Other intangible assets |
21 | 39 | 50 | |||||||||
Corporate-owned life insurance |
3,167 | 3,145 | 3,071 | |||||||||
Derivative assets |
1,006 | 1,258 | 1,094 | |||||||||
Accrued income and other assets |
3,876 | 3,936 | 4,096 | |||||||||
Discontinued assets |
6,554 | 6,750 | 4,208 | |||||||||
Total assets |
$ | 91,843 | $ | 94,043 | $ | 93,287 | ||||||
Liabilities |
||||||||||||
Deposits in domestic offices: |
||||||||||||
NOW and money market deposit accounts |
$ | 27,066 | $ | 26,350 | $ | 24,341 | ||||||
Savings deposits |
1,879 | 1,856 | 1,807 | |||||||||
Certificates of deposit ($100,000 or more) |
5,862 | 6,850 | 10,954 | |||||||||
Other time deposits |
8,245 | 9,014 | 13,286 | |||||||||
Total interest-bearing deposits |
43,052 | 44,070 | 50,388 | |||||||||
Noninterest-bearing deposits |
16,653 | 16,275 | 14,415 | |||||||||
Deposits in foreign office interest-bearing |
905 | 1,073 | 768 | |||||||||
Total deposits |
60,610 | 61,418 | 65,571 | |||||||||
Federal funds purchased and securities sold under repurchase agreements |
2,045 | 2,793 | 1,742 | |||||||||
Bank notes and other short-term borrowings |
1,151 | 685 | 340 | |||||||||
Derivative liabilities |
1,142 | 1,330 | 1,012 | |||||||||
Accrued expense and other liabilities |
1,931 | 1,862 | 2,007 | |||||||||
Long-term debt |
10,592 | 11,443 | 11,558 | |||||||||
Discontinued liabilities |
2,998 | 3,124 | 124 | |||||||||
Total liabilities |
80,469 | 82,655 | 82,354 | |||||||||
Equity |
||||||||||||
Preferred stock, Series A |
291 | 291 | 291 | |||||||||
Preferred stock, Series B |
2,446 | 2,442 | 2,430 | |||||||||
Common shares |
946 | 946 | 946 | |||||||||
Common stock warrant |
87 | 87 | 87 | |||||||||
Capital surplus |
3,711 | 3,710 | 3,734 | |||||||||
Retained earnings |
5,557 | 5,287 | 5,158 | |||||||||
Treasury stock, at cost |
(1,904 | ) | (1,914 | ) | (1,980 | ) | ||||||
Accumulated other comprehensive income (loss) |
(17 | ) | 285 | (3 | ) | |||||||
Key shareholders equity |
11,117 | 11,134 | 10,663 | |||||||||
Noncontrolling interests |
257 | 254 | 270 | |||||||||
Total equity |
11,374 | 11,388 | 10,933 | |||||||||
Total liabilities and equity |
$ | 91,843 | $ | 94,043 | $ | 93,287 | ||||||
Common shares outstanding (000) |
880,608 | 880,328 | 878,535 |
Consolidated Statements of Income
(dollars in millions, except per share amounts)
(dollars in millions, except per share amounts)
Three months ended | Twelve months ended | |||||||||||||||||||
12-31-10 | 9-30-10 | 12-31-09 | 12-31-10 | 12-31-09 | ||||||||||||||||
Interest income |
||||||||||||||||||||
Loans |
$ | 617 | $ | 649 | $ | 749 | $ | 2,653 | $ | 3,194 | ||||||||||
Loans held for sale |
4 | 4 | 6 | 17 | 29 | |||||||||||||||
Securities available for sale |
170 | 170 | 150 | 644 | 460 | |||||||||||||||
Held-to-maturity securities |
| 1 | | 2 | 2 | |||||||||||||||
Trading account assets |
8 | 8 | 12 | 37 | 47 | |||||||||||||||
Short-term investments |
1 | 1 | 3 | 6 | 12 | |||||||||||||||
Other investments |
11 | 11 | 13 | 49 | 51 | |||||||||||||||
Total interest income |
811 | 844 | 933 | 3,408 | 3,795 | |||||||||||||||
Interest expense |
||||||||||||||||||||
Deposits |
124 | 147 | 246 | 671 | 1,119 | |||||||||||||||
Federal funds purchased and securities sold under repurchase agreements |
2 | 1 | 1 | 6 | 5 | |||||||||||||||
Bank notes and other short-term borrowings |
3 | 4 | 3 | 14 | 16 | |||||||||||||||
Long-term debt |
53 | 52 | 53 | 206 | 275 | |||||||||||||||
Total interest expense |
182 | 204 | 303 | 897 | 1,415 | |||||||||||||||
Net interest income |
629 | 640 | 630 | 2,511 | 2,380 | |||||||||||||||
Provision for loan losses |
(97 | ) | 94 | 756 | 638 | 3,159 | ||||||||||||||
Net interest income (expense) after provision for loan losses |
726 | 546 | (126 | ) | 1,873 | (779 | ) | |||||||||||||
Noninterest income |
||||||||||||||||||||
Trust and investment services income |
108 | 110 | 117 | 444 | 459 | |||||||||||||||
Service charges on deposit accounts |
70 | 75 | 82 | 301 | 330 | |||||||||||||||
Operating lease income |
42 | 41 | 52 | 173 | 227 | |||||||||||||||
Letter of credit and loan fees |
51 | 61 | 52 | 194 | 180 | |||||||||||||||
Corporate-owned life insurance income |
42 | 39 | 36 | 137 | 114 | |||||||||||||||
Net securities gains (losses) (a) |
12 | 1 | 1 | 14 | 113 | |||||||||||||||
Electronic banking fees |
31 | 30 | 27 | 117 | 105 | |||||||||||||||
Gains on leased equipment |
6 | 4 | 15 | 20 | 99 | |||||||||||||||
Insurance income |
12 | 15 | 16 | 64 | 68 | |||||||||||||||
Net gains (losses) from loan sales |
29 | 18 | (5 | ) | 76 | (1 | ) | |||||||||||||
Net gains (losses) from principal investing |
(6 | ) | 18 | 80 | 66 | (4 | ) | |||||||||||||
Investment banking and capital markets income (loss) |
63 | 42 | (47 | ) | 145 | (42 | ) | |||||||||||||
Gain from sale/redemption of Visa Inc. shares |
| | | | 105 | |||||||||||||||
Gain (loss) related to exchange of common shares for capital securities |
| | | | 78 | |||||||||||||||
Other income |
66 | 32 | 43 | 203 | 204 | |||||||||||||||
Total noninterest income |
526 | 486 | 469 | 1,954 | 2,035 | |||||||||||||||
Noninterest expense |
||||||||||||||||||||
Personnel |
365 | 359 | 400 | 1,471 | 1,514 | |||||||||||||||
Net occupancy |
70 | 70 | 67 | 270 | 259 | |||||||||||||||
Operating lease expense |
28 | 40 | 50 | 142 | 195 | |||||||||||||||
Computer processing |
45 | 46 | 49 | 185 | 192 | |||||||||||||||
Business services and professional fees |
56 | 41 | 63 | 176 | 184 | |||||||||||||||
FDIC assessment |
27 | 27 | 37 | 124 | 177 | |||||||||||||||
OREO expense, net |
10 | 4 | 25 | 68 | 97 | |||||||||||||||
Equipment |
26 | 24 | 25 | 100 | 96 | |||||||||||||||
Marketing |
22 | 21 | 22 | 72 | 72 | |||||||||||||||
Provision (credit) for losses on lending-related commitments |
(26 | ) | (10 | ) | 27 | (48 | ) | 67 | ||||||||||||
Intangible assets impairment |
| | | | 241 | |||||||||||||||
Other expense |
121 | 114 | 106 | 474 | 460 | |||||||||||||||
Total noninterest expense |
744 | 736 | 871 | 3,034 | 3,554 | |||||||||||||||
Income (loss) from continuing operations before income taxes |
508 | 296 | (528 | ) | 793 | (2,298 | ) | |||||||||||||
Income taxes |
172 | 85 | (347 | ) | 186 | (1,035 | ) | |||||||||||||
Income (loss) from continuing operations |
336 | 211 | (181 | ) | 607 | (1,263 | ) | |||||||||||||
Income (loss) from discontinued operations, net of taxes |
(13 | ) | 15 | (7 | ) | (23 | ) | (48 | ) | |||||||||||
Net income (loss) |
323 | 226 | (188 | ) | 584 | (1,311 | ) | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interests |
3 | 7 | 36 | 30 | 24 | |||||||||||||||
Net income (loss) attributable to Key |
$ | 320 | $ | 219 | $ | (224 | ) | $ | 554 | $ | (1,335 | ) | ||||||||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | 292 | $ | 163 | $ | (258 | ) | $ | 413 | $ | (1,581 | ) | ||||||||
Net income (loss) attributable to Key common shareholders |
279 | 178 | (265 | ) | 390 | (1,629 | ) | |||||||||||||
Per common share |
||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | .33 | $ | .19 | $ | (.30 | ) | $ | .47 | $ | (2.27 | ) | ||||||||
Income (loss) from discontinued operations, net of taxes |
(.02 | ) | .02 | (.01 | ) | (.03 | ) | (.07 | ) | |||||||||||
Net income (loss) attributable to Key common shareholders |
.32 | .20 | (.30 | ) | .45 | (2.34 | ) | |||||||||||||
Per common share assuming dilution |
||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | .33 | $ | .19 | $ | (.30 | ) | $ | .47 | $ | (2.27 | ) | ||||||||
Income (loss) from discontinued operations, net of taxes |
(.02 | ) | .02 | (.01 | ) | (.03 | ) | (.07 | ) | |||||||||||
Net income (loss) attributable to Key common shareholders |
.32 | .20 | (.30 | ) | .44 | (2.34 | ) | |||||||||||||
Cash dividends declared per common share |
$ | .01 | $ | .01 | $ | .01 | $ | .04 | $ | .0925 | ||||||||||
Weighted-average common shares outstanding (000) |
875,501 | 874,433 | 873,268 | 874,748 | 697,155 | |||||||||||||||
Weighted-average common shares and potential common shares outstanding (000) (b) |
900,263 | 874,433 | 873,268 | 878,153 | 697,155 |
(a) | For the three months ended December 31, 2010, September 30, 2010 and December 31, 2009, Key did not have any impairment losses related to securities. | |
(b) | Assumes conversion of stock options and/or Preferred Series A shares, as applicable. |