Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - KEYCORP /NEW/ | l42424e8vk.htm |
| EX-99.1 - EX-99.1 - KEYCORP /NEW/ | l42424exv99w1.htm |
| EX-99.2 - EXHIBIT 99.2 - KEYCORP /NEW/ | l42424exv99w2.htm |
Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
| 3-31-11 | 12-31-10 | 3-31-10 | ||||||||||
Assets |
||||||||||||
Loans |
$ | 48,552 | $ | 50,107 | $ | 55,913 | ||||||
Loans held for sale |
426 | 467 | 556 | |||||||||
Securities available for sale |
19,448 | 21,933 | 16,553 | |||||||||
Held-to-maturity securities |
19 | 17 | 22 | |||||||||
Trading account assets |
1,041 | 985 | 1,034 | |||||||||
Short-term investments |
3,705 | 1,344 | 4,345 | |||||||||
Other investments |
1,402 | 1,358 | 1,525 | |||||||||
Total earning assets |
74,593 | 76,211 | 79,948 | |||||||||
Allowance for loan and lease losses |
(1,372 | ) | (1,604 | ) | (2,425 | ) | ||||||
Cash and due from banks |
540 | 278 | 619 | |||||||||
Premises and equipment |
906 | 908 | 872 | |||||||||
Operating lease assets |
491 | 509 | 652 | |||||||||
Goodwill |
917 | 917 | 917 | |||||||||
Other intangible assets |
20 | 21 | 46 | |||||||||
Corporate-owned life insurance |
3,187 | 3,167 | 3,087 | |||||||||
Derivative assets |
1,005 | 1,006 | 1,063 | |||||||||
Accrued income and other assets |
3,758 | 3,876 | 4,150 | |||||||||
Discontinued assets |
6,393 | 6,554 | 6,374 | |||||||||
Total assets |
$ | 90,438 | $ | 91,843 | $ | 95,303 | ||||||
Liabilities |
||||||||||||
Deposits in domestic offices: |
||||||||||||
NOW and money market deposit accounts |
$ | 26,177 | $ | 27,066 | $ | 25,068 | ||||||
Savings deposits |
1,964 | 1,879 | 1,873 | |||||||||
Certificates of deposit ($100,000 or more) |
5,314 | 5,862 | 10,188 | |||||||||
Other time deposits |
7,597 | 8,245 | 12,010 | |||||||||
Total interest-bearing deposits |
41,052 | 43,052 | 49,139 | |||||||||
Noninterest-bearing deposits |
16,495 | 16,653 | 15,364 | |||||||||
Deposits in foreign office — interest-bearing |
3,263 | 905 | 646 | |||||||||
Total deposits |
60,810 | 60,610 | 65,149 | |||||||||
Federal funds purchased and securities
sold under repurchase agreements |
2,232 | 2,045 | 1,927 | |||||||||
Bank notes and other short-term borrowings |
685 | 1,151 | 446 | |||||||||
Derivative liabilities |
1,106 | 1,142 | 1,103 | |||||||||
Accrued expense and other liabilities |
1,931 | 1,931 | 2,089 | |||||||||
Long-term debt |
11,048 | 10,592 | 11,177 | |||||||||
Discontinued liabilities |
2,929 | 2,998 | 2,490 | |||||||||
Total liabilities |
80,741 | 80,469 | 84,381 | |||||||||
Equity |
||||||||||||
Preferred stock, Series A |
291 | 291 | 291 | |||||||||
Preferred stock, Series B |
— | 2,446 | 2,434 | |||||||||
Common shares |
1,017 | 946 | 946 | |||||||||
Common stock warrant |
87 | 87 | 87 | |||||||||
Capital surplus |
4,167 | 3,711 | 3,724 | |||||||||
Retained earnings |
5,721 | 5,557 | 5,098 | |||||||||
Treasury stock, at cost |
(1,823 | ) | (1,904 | ) | (1,958 | ) | ||||||
Accumulated other comprehensive income (loss) |
(35 | ) | (17 | ) | 19 | |||||||
Key shareholders’ equity |
9,425 | 11,117 | 10,641 | |||||||||
Noncontrolling interests |
272 | 257 | 281 | |||||||||
Total equity |
9,697 | 11,374 | 10,922 | |||||||||
Total liabilities and equity |
$ | 90,438 | $ | 91,843 | $ | 95,303 | ||||||
Common shares outstanding (000) |
953,926 | 880,608 | 879,052 | |||||||||
Consolidated Statements of Income
(dollars in millions, except per share amounts)
(dollars in millions, except per share amounts)
| Three months ended | ||||||||||||
| 3-31-11 | 12-31-10 | 3-31-10 | ||||||||||
Interest income |
||||||||||||
Loans |
$ | 570 | $ | 617 | $ | 710 | ||||||
Loans held for sale |
4 | 4 | 4 | |||||||||
Securities available for sale |
166 | 170 | 150 | |||||||||
Held-to-maturity securities |
— | — | 1 | |||||||||
Trading account assets |
7 | 8 | 11 | |||||||||
Short-term investments |
1 | 1 | 2 | |||||||||
Other investments |
12 | 11 | 14 | |||||||||
Total interest income |
760 | 811 | 892 | |||||||||
Interest expense |
||||||||||||
Deposits |
110 | 124 | 212 | |||||||||
Federal funds purchased and securities sold under repurchase agreements |
1 | 2 | 1 | |||||||||
Bank notes and other short-term borrowings |
3 | 3 | 3 | |||||||||
Long-term debt |
49 | 53 | 51 | |||||||||
Total interest expense |
163 | 182 | 267 | |||||||||
Net interest income |
597 | 629 | 625 | |||||||||
Provision (credit) for loan and lease losses |
(40 | ) | (97 | ) | 413 | |||||||
Net interest income (expense) after provision for loan and lease losses |
637 | 726 | 212 | |||||||||
Noninterest income |
||||||||||||
Trust and investment services income |
110 | 108 | 114 | |||||||||
Service charges on deposit accounts |
68 | 70 | 76 | |||||||||
Operating lease income |
35 | 42 | 47 | |||||||||
Letter of credit and loan fees |
55 | 51 | 40 | |||||||||
Corporate-owned life insurance income |
27 | 42 | 28 | |||||||||
Net securities gains (losses) (a) |
(1 | ) | 12 | 3 | ||||||||
Electronic banking fees |
30 | 31 | 27 | |||||||||
Gains on leased equipment |
4 | 6 | 8 | |||||||||
Insurance income |
15 | 12 | 18 | |||||||||
Net gains (losses) from loan sales |
19 | 29 | 4 | |||||||||
Net gains (losses) from principal investing |
35 | (6 | ) | 37 | ||||||||
Investment banking and capital markets income (loss) |
43 | 63 | 9 | |||||||||
Other income |
17 | 66 | 39 | |||||||||
Total noninterest income |
457 | 526 | 450 | |||||||||
Noninterest expense |
||||||||||||
Personnel |
371 | 365 | 362 | |||||||||
Net occupancy |
65 | 70 | 66 | |||||||||
Operating lease expense |
28 | 28 | 39 | |||||||||
Computer processing |
42 | 45 | 47 | |||||||||
Business services and professional fees |
38 | 56 | 38 | |||||||||
FDIC assessment |
29 | 27 | 37 | |||||||||
OREO expense, net |
10 | 10 | 32 | |||||||||
Equipment |
26 | 26 | 24 | |||||||||
Marketing |
10 | 22 | 13 | |||||||||
Provision (credit) for losses on lending-related commitments |
(4 | ) | (26 | ) | (2 | ) | ||||||
Other expense |
86 | 121 | 129 | |||||||||
Total noninterest expense |
701 | 744 | 785 | |||||||||
Income (loss) from continuing operations before income taxes |
393 | 508 | (123 | ) | ||||||||
Income taxes |
111 | 172 | (82 | ) | ||||||||
Income (loss) from continuing operations |
282 | 336 | (41 | ) | ||||||||
Income (loss) from discontinued operations, net of taxes |
(11 | ) | (13 | ) | 2 | |||||||
Net income (loss) |
271 | 323 | (39 | ) | ||||||||
Less: Net income (loss) attributable to noncontrolling interests |
8 | 3 | 16 | |||||||||
Net income (loss) attributable to Key |
$ | 263 | $ | 320 | $ | (55 | ) | |||||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | 184 | $ | 292 | $ | (98 | ) | |||||
Net income (loss) attributable to Key common shareholders |
173 | 279 | (96 | ) | ||||||||
Per common share |
||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | .21 | $ | .33 | $ | (.11 | ) | |||||
Income (loss) from discontinued operations, net of taxes |
(.01 | ) | (.02 | ) | — | |||||||
Net income (loss) attributable to Key common shareholders |
.20 | .32 | (.11 | ) | ||||||||
Per common share — assuming dilution |
||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | .21 | $ | .33 | $ | (.11 | ) | |||||
Income (loss) from discontinued operations, net of taxes |
(.01 | ) | (.02 | ) | — | |||||||
Net income (loss) attributable to Key common shareholders |
.19 | .32 | (.11 | ) | ||||||||
Cash dividends declared per common share |
$ | .01 | $ | .01 | $ | .01 | ||||||
Weighted-average common shares outstanding (000) |
881,894 | 875,501 | 874,386 | |||||||||
Weighted-average common shares and potential common shares outstanding (000) (b) |
887,836 | 900,263 | 874,386 | |||||||||
| (a) | For the three months ended March 31, 2011, December 31, 2010 and March 31, 2010, Key did not have any impairment losses related to securities. | |
| (b) | Assumes conversion of stock options and/or Preferred Series A shares, as applicable. |