Attached files
| file | filename |
|---|---|
| EX-99.2 - EX-99.2 - KEYCORP /NEW/ | l40901exv99w2.htm |
| EX-99.1 - EX-99.1 - KEYCORP /NEW/ | l40901exv99w1.htm |
| 8-K - FORM 8-K - KEYCORP /NEW/ | l40901e8vk.htm |
Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
| 9-30-10 | 6-30-10 | 9-30-09 | ||||||||||
Assets |
||||||||||||
Loans |
$ | 51,354 | $ | 53,334 | $ | 62,193 | ||||||
Loans held for sale |
637 | 699 | 703 | |||||||||
Securities available for sale |
21,241 | 19,773 | 15,413 | |||||||||
Held-to-maturity securities |
18 | 19 | 24 | |||||||||
Trading account assets |
1,155 | 1,014 | 1,406 | |||||||||
Short-term investments |
1,871 | 1,984 | 2,986 | |||||||||
Other investments |
1,405 | 1,415 | 1,448 | |||||||||
Total earning assets |
77,681 | 78,238 | 84,173 | |||||||||
Allowance for loan losses |
(1,957 | ) | (2,219 | ) | (2,485 | ) | ||||||
Cash and due from banks |
823 | 591 | 725 | |||||||||
Premises and equipment |
888 | 872 | 863 | |||||||||
Operating lease assets |
563 | 589 | 775 | |||||||||
Goodwill |
917 | 917 | 917 | |||||||||
Other intangible assets |
39 | 42 | 54 | |||||||||
Corporate-owned life insurance |
3,145 | 3,109 | 3,041 | |||||||||
Derivative assets |
1,258 | 1,153 | 1,285 | |||||||||
Accrued income and other assets |
3,936 | 4,061 | 3,463 | |||||||||
Discontinued assets |
6,750 | 6,814 | 4,178 | |||||||||
Total assets |
$ | 94,043 | $ | 94,167 | $ | 96,989 | ||||||
Liabilities |
||||||||||||
Deposits in domestic offices: |
||||||||||||
NOW and money market deposit accounts |
$ | 26,350 | $ | 25,526 | $ | 24,635 | ||||||
Savings deposits |
1,856 | 1,883 | 1,783 | |||||||||
Certificates of deposit ($100,000 or more) |
6,850 | 8,476 | 12,216 | |||||||||
Other time deposits |
9,014 | 10,430 | 14,211 | |||||||||
Total interest-bearing deposits |
44,070 | 46,315 | 52,845 | |||||||||
Noninterest-bearing deposits |
16,275 | 15,226 | 13,631 | |||||||||
Deposits in foreign office — interest-bearing |
1,073 | 834 | 783 | |||||||||
Total deposits |
61,418 | 62,375 | 67,259 | |||||||||
Federal funds purchased and securities |
||||||||||||
sold under repurchase agreements |
2,793 | 2,836 | 1,664 | |||||||||
Bank notes and other short-term borrowings |
685 | 819 | 471 | |||||||||
Derivative liabilities |
1,330 | 1,321 | 1,185 | |||||||||
Accrued expense and other liabilities |
1,862 | 2,154 | 2,236 | |||||||||
Long-term debt |
11,443 | 10,451 | 12,865 | |||||||||
Discontinued liabilities |
3,124 | 3,139 | 121 | |||||||||
Total liabilities |
82,655 | 83,095 | 85,801 | |||||||||
Equity |
||||||||||||
Preferred stock, Series A |
291 | 291 | 291 | |||||||||
Preferred stock, Series B |
2,442 | 2,438 | 2,426 | |||||||||
Common shares |
946 | 946 | 946 | |||||||||
Common stock warrant |
87 | 87 | 87 | |||||||||
Capital surplus |
3,710 | 3,701 | 3,726 | |||||||||
Retained earnings |
5,287 | 5,118 | 5,431 | |||||||||
Treasury stock, at cost |
(1,914 | ) | (1,914 | ) | (1,983 | ) | ||||||
Accumulated other comprehensive income (loss) |
285 | 153 | 46 | |||||||||
Key shareholders’ equity |
11,134 | 10,820 | 10,970 | |||||||||
Noncontrolling interests |
254 | 252 | 218 | |||||||||
Total equity |
11,388 | 11,072 | 11,188 | |||||||||
Total liabilities and equity |
$ | 94,043 | $ | 94,167 | $ | 96,989 | ||||||
Common shares outstanding (000) |
880,328 | 880,515 | 878,559 | |||||||||
Consolidated Statements of Income
(dollars in millions, except per share amounts)
| Three months ended | Nine months ended | |||||||||||||||||||
| 9-30-10 | 6-30-10 | 9-30-09 | 9-30-10 | 9-30-09 | ||||||||||||||||
Interest income |
||||||||||||||||||||
Loans |
$ | 649 | $ | 677 | $ | 786 | $ | 2,036 | $ | 2,445 | ||||||||||
Loans held for sale |
4 | 5 | 7 | 13 | 23 | |||||||||||||||
Securities available for sale |
170 | 154 | 121 | 474 | 310 | |||||||||||||||
Held-to-maturity securities |
1 | - | 1 | 2 | 2 | |||||||||||||||
Trading account assets |
8 | 10 | 9 | 29 | 35 | |||||||||||||||
Short-term investments |
1 | 2 | 3 | 5 | 9 | |||||||||||||||
Other investments |
11 | 13 | 13 | 38 | 38 | |||||||||||||||
Total interest income |
844 | 861 | 940 | 2,597 | 2,862 | |||||||||||||||
Interest expense |
||||||||||||||||||||
Deposits |
147 | 188 | 277 | 547 | 873 | |||||||||||||||
Federal funds purchased and securities sold under repurchase agreements |
1 | 2 | 2 | 4 | 4 | |||||||||||||||
Bank notes and other short-term borrowings |
4 | 4 | 3 | 11 | 13 | |||||||||||||||
Long-term debt |
52 | 50 | 66 | 153 | 222 | |||||||||||||||
Total interest expense |
204 | 244 | 348 | 715 | 1,112 | |||||||||||||||
Net interest income |
640 | 617 | 592 | 1,882 | 1,750 | |||||||||||||||
Provision for loan losses |
94 | 228 | 733 | 735 | 2,403 | |||||||||||||||
Net interest income (expense) after provision for loan losses |
546 | 389 | (141 | ) | 1,147 | (653 | ) | |||||||||||||
Noninterest income |
||||||||||||||||||||
Trust and investment services income |
110 | 112 | 113 | 336 | 342 | |||||||||||||||
Service charges on deposit accounts |
75 | 80 | 83 | 231 | 248 | |||||||||||||||
Operating lease income |
41 | 43 | 55 | 131 | 175 | |||||||||||||||
Letter of credit and loan fees |
61 | 42 | 46 | 143 | 128 | |||||||||||||||
Corporate-owned life insurance income |
39 | 28 | 26 | 95 | 78 | |||||||||||||||
Net securities gains (losses) (a) |
1 | (2 | ) | 1 | 2 | 112 | ||||||||||||||
Electronic banking fees |
30 | 29 | 27 | 86 | 78 | |||||||||||||||
Gains on leased equipment |
4 | 2 | 22 | 14 | 84 | |||||||||||||||
Insurance income |
15 | 19 | 18 | 52 | 52 | |||||||||||||||
Net gains (losses) from loan sales |
18 | 25 | - | 47 | 4 | |||||||||||||||
Net gains (losses) from principal investing |
18 | 17 | (6 | ) | 72 | (84 | ) | |||||||||||||
Investment banking and capital markets income (loss) |
42 | 31 | (26 | ) | 82 | 5 | ||||||||||||||
Gain from sale/redemption of Visa Inc. shares |
- | - | - | - | 105 | |||||||||||||||
Gain (loss) related to exchange of common shares for capital securities |
- | - | (17 | ) | - | 78 | ||||||||||||||
Other income |
32 | 66 | 40 | 137 | 161 | |||||||||||||||
Total noninterest income |
486 | 492 | 382 | 1,428 | 1,566 | |||||||||||||||
Noninterest expense |
||||||||||||||||||||
Personnel |
359 | 385 | 380 | 1,106 | 1,114 | |||||||||||||||
Net occupancy |
70 | 64 | 63 | 200 | 192 | |||||||||||||||
Operating lease expense |
40 | 35 | 46 | 114 | 145 | |||||||||||||||
Computer processing |
46 | 47 | 48 | 140 | 143 | |||||||||||||||
Professional fees |
41 | 41 | 41 | 120 | 121 | |||||||||||||||
FDIC assessment |
27 | 33 | 40 | 97 | 140 | |||||||||||||||
OREO expense, net |
4 | 22 | 51 | 58 | 72 | |||||||||||||||
Equipment |
24 | 26 | 24 | 74 | 71 | |||||||||||||||
Marketing |
21 | 16 | 19 | 50 | 50 | |||||||||||||||
Provision (credit) for losses on lending-related commitments |
(10 | ) | (10 | ) | 29 | (22 | ) | 40 | ||||||||||||
Intangible assets impairment |
- | - | 45 | - | 241 | |||||||||||||||
Other expense |
114 | 110 | 115 | 353 | 354 | |||||||||||||||
Total noninterest expense |
736 | 769 | 901 | 2,290 | 2,683 | |||||||||||||||
Income (loss) from continuing operations before income taxes |
296 | 112 | (660 | ) | 285 | (1,770 | ) | |||||||||||||
Income taxes |
85 | 11 | (274 | ) | 14 | (688 | ) | |||||||||||||
Income (loss) from continuing operations |
211 | 101 | (386 | ) | 271 | (1,082 | ) | |||||||||||||
Income (loss) from discontinued operations, net of taxes |
15 | (27 | ) | (16 | ) | (10 | ) | (41 | ) | |||||||||||
Net income (loss) |
226 | 74 | (402 | ) | 261 | (1,123 | ) | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interests |
7 | 4 | (5 | ) | 27 | (12 | ) | |||||||||||||
Net income (loss) attributable to Key |
$ | 219 | $ | 70 | $ | (397 | ) | $ | 234 | $ | (1,111 | ) | ||||||||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | 163 | $ | 56 | $ | (422 | ) | $ | 121 | $ | (1,323 | ) | ||||||||
Net income (loss) attributable to Key common shareholders |
178 | 29 | (438 | ) | 111 | (1,364 | ) | |||||||||||||
Per common share |
||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | .19 | $ | .06 | $ | (.50 | ) | $ | .14 | $ | (2.07 | ) | ||||||||
Income (loss) from discontinued operations, net of taxes |
.02 | (.03 | ) | (.02 | ) | (.01 | ) | (.06 | ) | |||||||||||
Net income (loss) attributable to Key common shareholders |
.20 | .03 | (.52 | ) | .13 | (2.14 | ) | |||||||||||||
Per common share — assuming dilution |
||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders |
$ | .19 | $ | .06 | $ | (.50 | ) | $ | .14 | $ | (2.07 | ) | ||||||||
Income (loss) from discontinued operations, net of taxes |
.02 | (.03 | ) | (.02 | ) | (.01 | ) | (.06 | ) | |||||||||||
Net income (loss) attributable to Key common shareholders |
.20 | .03 | (.52 | ) | .13 | (2.14 | ) | |||||||||||||
Cash dividends declared per common share |
$ | .01 | $ | .01 | $ | .01 | $ | .03 | $ | .0825 | ||||||||||
Weighted-average common shares outstanding (000) |
874,433 | 874,664 | 839,906 | 874,495 | 637,805 | |||||||||||||||
Weighted-average common shares and potential
common shares outstanding (000) |
874,433 | 874,664 | 839,906 | 874,495 | 637,805 | |||||||||||||||
| (a) | For the three months ended September 30, 2010, Key did not have any impairment losses related to securities. For the three months ended June 30, 2010, Key had $4 million in impairment losses related to securities. Impairment losses totaled $4 million for the three months ended September 30, 2009, of which $2 million was recognized in equity as a component of accumulated other comprehensive income. |