Attached files
| file | filename |
|---|---|
| 8-K - 8-K - KEYCORP /NEW/ | d244503d8k.htm |
| EX-99.2 - EX-99.2 - KEYCORP /NEW/ | d244503dex992.htm |
| EX-99.1 - EX-99.1 - KEYCORP /NEW/ | d244503dex991.htm |
Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
| 9-30-11 | 6-30-11 | 9-30-10 | ||||||||||
| Assets |
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| Loans |
$ | 48,195 | $ | 47,840 | $ | 51,354 | ||||||
| Loans held for sale |
479 | 381 | 637 | |||||||||
| Securities available for sale |
17,612 | 18,680 | 21,241 | |||||||||
| Held-to-maturity securities |
1,176 | 19 | 18 | |||||||||
| Trading account assets |
729 | 769 | 1,155 | |||||||||
| Short-term investments |
4,766 | 4,563 | 1,871 | |||||||||
| Other investments |
1,210 | 1,195 | 1,405 | |||||||||
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| Total earning assets |
74,167 | 73,447 | 77,681 | |||||||||
| Allowance for loan and lease losses |
(1,131 | ) | (1,230 | ) | (1,957 | ) | ||||||
| Cash and due from banks |
828 | 853 | 823 | |||||||||
| Premises and equipment |
924 | 919 | 888 | |||||||||
| Operating lease assets |
393 | 453 | 563 | |||||||||
| Goodwill |
917 | 917 | 917 | |||||||||
| Other intangible assets |
18 | 19 | 39 | |||||||||
| Corporate-owned life insurance |
3,227 | 3,208 | 3,145 | |||||||||
| Derivative assets |
940 | 900 | 1,258 | |||||||||
| Accrued income and other assets |
2,946 | 2,968 | 3,936 | |||||||||
| Discontinued assets |
6,033 | 6,328 | 6,750 | |||||||||
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| Total assets |
$ | 89,262 | $ | 88,782 | $ | 94,043 | ||||||
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| Liabilities |
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| Deposits in domestic offices: |
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| NOW and money market deposit accounts |
$ | 27,548 | $ | 26,277 | $ | 26,350 | ||||||
| Savings deposits |
1,968 | 1,973 | 1,856 | |||||||||
| Certificates of deposit ($100,000 or more) |
4,457 | 4,939 | 6,850 | |||||||||
| Other time deposits |
6,695 | 7,167 | 9,014 | |||||||||
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| Total interest-bearing deposits |
40,668 | 40,356 | 44,070 | |||||||||
| Noninterest-bearing deposits |
19,803 | 19,318 | 16,275 | |||||||||
| Deposits in foreign office — interest-bearing |
561 | 736 | 1,073 | |||||||||
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| Total deposits |
61,032 | 60,410 | 61,418 | |||||||||
| Federal funds purchased and securities sold under repurchase agreements |
1,728 | 1,668 | 2,793 | |||||||||
| Bank notes and other short-term borrowings |
519 | 511 | 685 | |||||||||
| Derivative liabilities |
1,141 | 991 | 1,330 | |||||||||
| Accrued expense and other liabilities |
1,556 | 1,518 | 1,862 | |||||||||
| Long-term debt |
10,717 | 10,997 | 11,443 | |||||||||
| Discontinued liabilities |
2,651 | 2,950 | 3,124 | |||||||||
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| Total liabilities |
79,344 | 79,045 | 82,655 | |||||||||
| Equity |
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| Preferred stock, Series A |
291 | 291 | 291 | |||||||||
| Preferred stock, Series B |
— | — | 2,442 | |||||||||
| Common shares |
1,017 | 1,017 | 946 | |||||||||
| Common stock warrant |
— | — | 87 | |||||||||
| Capital surplus |
4,191 | 4,191 | 3,710 | |||||||||
| Retained earnings |
6,079 | 5,926 | 5,287 | |||||||||
| Treasury stock, at cost |
(1,820 | ) | (1,815 | ) | (1,914 | ) | ||||||
| Accumulated other comprehensive income (loss) |
143 | 109 | 285 | |||||||||
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| Key shareholders’ equity |
9,901 | 9,719 | 11,134 | |||||||||
| Noncontrolling interests |
17 | 18 | 254 | |||||||||
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| Total equity |
9,918 | 9,737 | 11,388 | |||||||||
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| Total liabilities and equity |
$ | 89,262 | $ | 88,782 | $ | 94,043 | ||||||
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| Common shares outstanding (000) |
952,808 | 953,822 | 880,328 | |||||||||
Consolidated Statements of Income
(dollars in millions, except per share amounts)
| Three months ended | Nine months ended | |||||||||||||||||||
| 9-30-11 | 6-30-11 | 9-30-10 | 9-30-11 | 9-30-10 | ||||||||||||||||
| Interest income |
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| Loans |
$ | 543 | $ | 551 | $ | 649 | $ | 1,664 | $ | 2,036 | ||||||||||
| Loans held for sale |
3 | 3 | 4 | 10 | 13 | |||||||||||||||
| Securities available for sale |
140 | 149 | 170 | 455 | 474 | |||||||||||||||
| Held-to-maturity securities |
2 | 1 | 1 | 3 | 2 | |||||||||||||||
| Trading account assets |
5 | 9 | 8 | 21 | 29 | |||||||||||||||
| Short-term investments |
3 | 1 | 1 | 5 | 5 | |||||||||||||||
| Other investments |
9 | 12 | 11 | 33 | 38 | |||||||||||||||
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| Total interest income |
705 | 726 | 844 | 2,191 | 2,597 | |||||||||||||||
| Interest expense |
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| Deposits |
95 | 100 | 147 | 305 | 547 | |||||||||||||||
| Federal funds purchased and securities sold under repurchase agreements |
1 | 2 | 1 | 4 | 4 | |||||||||||||||
| Bank notes and other short-term borrowings |
3 | 3 | 4 | 9 | 11 | |||||||||||||||
| Long-term debt |
57 | 57 | 52 | 163 | 153 | |||||||||||||||
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| Total interest expense |
156 | 162 | 204 | 481 | 715 | |||||||||||||||
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| Net interest income |
549 | 564 | 640 | 1,710 | 1,882 | |||||||||||||||
| Provision (credit) for loan and lease losses |
10 | (8 | ) | 94 | (38 | ) | 735 | |||||||||||||
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| Net interest income (expense) after provision for loan and lease losses |
539 | 572 | 546 | 1,748 | 1,147 | |||||||||||||||
| Noninterest income |
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| Trust and investment services income |
107 | 113 | 110 | 330 | 336 | |||||||||||||||
| Service charges on deposit accounts |
74 | 69 | 75 | 211 | 231 | |||||||||||||||
| Operating lease income |
30 | 32 | 41 | 97 | 131 | |||||||||||||||
| Letter of credit and loan fees |
55 | 47 | 61 | 157 | 143 | |||||||||||||||
| Corporate-owned life insurance income |
31 | 28 | 39 | 86 | 95 | |||||||||||||||
| Net securities gains (losses) (a) |
— | 2 | 1 | 1 | 2 | |||||||||||||||
| Electronic banking fees |
33 | 33 | 30 | 96 | 86 | |||||||||||||||
| Gains on leased equipment |
7 | 5 | 4 | 16 | 14 | |||||||||||||||
| Insurance income |
13 | 14 | 15 | 42 | 52 | |||||||||||||||
| Net gains (losses) from loan sales |
18 | 11 | 18 | 48 | 47 | |||||||||||||||
| Net gains (losses) from principal investing |
34 | 17 | 18 | 86 | 72 | |||||||||||||||
| Investment banking and capital markets income (loss) |
25 | 42 | 42 | 110 | 82 | |||||||||||||||
| Other income |
56 | 41 | 32 | 114 | 137 | |||||||||||||||
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| Total noninterest income |
483 | 454 | 486 | 1,394 | 1,428 | |||||||||||||||
| Noninterest expense |
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| Personnel |
382 | 380 | 359 | 1,133 | 1,106 | |||||||||||||||
| Net occupancy |
65 | 62 | 70 | 192 | 200 | |||||||||||||||
| Operating lease expense |
23 | 25 | 40 | 76 | 114 | |||||||||||||||
| Computer processing |
40 | 42 | 46 | 124 | 140 | |||||||||||||||
| Business services and professional fees |
47 | 44 | 41 | 129 | 120 | |||||||||||||||
| FDIC assessment |
7 | 9 | 27 | 45 | 97 | |||||||||||||||
| OREO expense, net |
1 | (3 | ) | 4 | 8 | 58 | ||||||||||||||
| Equipment |
26 | 26 | 24 | 78 | 74 | |||||||||||||||
| Marketing |
16 | 10 | 21 | 36 | 50 | |||||||||||||||
| Provision (credit) for losses on lending-related commitments |
(1 | ) | (12 | ) | (10 | ) | (17 | ) | (22 | ) | ||||||||||
| Other expense |
86 | 97 | 114 | 269 | 353 | |||||||||||||||
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| Total noninterest expense |
692 | 680 | 736 | 2,073 | 2,290 | |||||||||||||||
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| Income (loss) from continuing operations before income taxes |
330 | 346 | 296 | 1,069 | 285 | |||||||||||||||
| Income taxes |
95 | 94 | 85 | 300 | 14 | |||||||||||||||
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| Income (loss) from continuing operations |
235 | 252 | 211 | 769 | 271 | |||||||||||||||
| Income (loss) from discontinued operations, net of taxes |
(17 | ) | (9 | ) | 15 | (37 | ) | (10 | ) | |||||||||||
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| Net income (loss) |
218 | 243 | 226 | 732 | 261 | |||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests |
1 | 3 | 7 | 12 | 27 | |||||||||||||||
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| Net income (loss) attributable to Key |
$ | 217 | $ | 240 | $ | 219 | $ | 720 | $ | 234 | ||||||||||
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | 229 | $ | 243 | $ | 163 | $ | 656 | $ | 121 | ||||||||||
| Net income (loss) attributable to Key common shareholders |
212 | 234 | 178 | 619 | 111 | |||||||||||||||
| Per common share |
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | .24 | $ | .26 | $ | .19 | $ | .71 | $ | .14 | ||||||||||
| Income (loss) from discontinued operations, net of taxes |
(.02 | ) | (.01 | ) | .02 | (.04 | ) | (.01 | ) | |||||||||||
| Net income (loss) attributable to Key common shareholders |
.22 | .25 | .20 | .67 | .13 | |||||||||||||||
| Per common share — assuming dilution |
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | .24 | $ | .26 | $ | .19 | $ | .71 | $ | .14 | ||||||||||
| Income (loss) from discontinued operations, net of taxes |
(.02 | ) | (.01 | ) | .02 | (.04 | ) | (.01 | ) | |||||||||||
| Net income (loss) attributable to Key common shareholders |
.22 | .25 | .20 | .67 | .13 | |||||||||||||||
| Cash dividends declared per common share |
$ | .03 | $ | .03 | $ | .01 | $ | .07 | $ | .03 | ||||||||||
| Weighted-average common shares outstanding (000) |
948,702 | 947,565 | 874,433 | 926,298 | 874,495 | |||||||||||||||
| Weighted-average common shares and potential common shares outstanding (000) (b) |
950,686 | 952,133 | 874,433 | 930,449 | 874,495 | |||||||||||||||
| (a) | For the three months ended September 30, 2011, June 30, 2011, and September 30, 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. |