Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - KEYCORP /NEW/ | d713166dex991.htm |
| EX-99.2 - EX-99.2 - KEYCORP /NEW/ | d713166dex992.htm |
| 8-K - FORM 8-K - KEYCORP /NEW/ | d713166d8k.htm |
Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
| 3-31-14 | 12-31-13 | 3-31-13 | ||||||||||
| Assets |
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| Loans |
$ | 55,445 | $ | 54,457 | $ | 52,574 | ||||||
| Loans held for sale |
401 | 611 | 434 | |||||||||
| Securities available for sale |
12,359 | 12,346 | 13,496 | |||||||||
| Held-to-maturity securities |
4,826 | 4,756 | 3,721 | |||||||||
| Trading account assets |
840 | 738 | 701 | |||||||||
| Short-term investments |
2,922 | 5,590 | 3,081 | |||||||||
| Other investments |
899 | 969 | 1,059 | |||||||||
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| Total earning assets |
77,692 | 79,467 | 75,066 | |||||||||
| Allowance for loan and lease losses |
(834 | ) | (848 | ) | (893 | ) | ||||||
| Cash and due from banks |
409 | 617 | 621 | |||||||||
| Premises and equipment |
862 | 885 | 930 | |||||||||
| Operating lease assets |
294 | 305 | 309 | |||||||||
| Goodwill |
979 | 979 | 979 | |||||||||
| Other intangible assets |
117 | 127 | 159 | |||||||||
| Corporate-owned life insurance |
3,425 | 3,408 | 3,352 | |||||||||
| Derivative assets |
427 | 407 | 609 | |||||||||
| Accrued income and other assets |
3,004 | 3,015 | 2,884 | |||||||||
| Discontinued assets |
4,427 | 4,572 | 5,182 | |||||||||
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| Total assets |
$ | 90,802 | $ | 92,934 | $ | 89,198 | ||||||
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| Liabilities |
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| Deposits in domestic offices: |
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| NOW and money market deposit accounts |
$ | 34,373 | $ | 33,952 | $ | 32,700 | ||||||
| Savings deposits |
2,513 | 2,472 | 2,546 | |||||||||
| Certificates of deposit ($100,000 or more) |
2,849 | 2,631 | 2,998 | |||||||||
| Other time deposits |
3,682 | 3,648 | 4,324 | |||||||||
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| Total interest-bearing deposits |
43,417 | 42,703 | 42,568 | |||||||||
| Noninterest-bearing deposits |
23,244 | 26,001 | 21,564 | |||||||||
| Deposits in foreign office — interest-bearing |
605 | 558 | 522 | |||||||||
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| Total deposits |
67,266 | 69,262 | 64,654 | |||||||||
| Federal funds purchased and securities sold under repurchase agreements |
1,417 | 1,534 | 1,950 | |||||||||
| Bank notes and other short-term borrowings |
464 | 343 | 378 | |||||||||
| Derivative liabilities |
408 | 414 | 524 | |||||||||
| Accrued expense and other liabilities |
1,297 | 1,557 | 1,352 | |||||||||
| Long-term debt |
7,712 | 7,650 | 7,785 | |||||||||
| Discontinued liabilities |
1,819 | 1,854 | 2,176 | |||||||||
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| Total liabilities |
80,383 | 82,614 | 78,819 | |||||||||
| Equity |
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| Preferred stock, Series A |
291 | 291 | 291 | |||||||||
| Common shares |
1,017 | 1,017 | 1,017 | |||||||||
| Capital surplus |
3,961 | 4,022 | 4,059 | |||||||||
| Retained earnings |
7,793 | 7,606 | 7,065 | |||||||||
| Treasury stock, at cost |
(2,335 | ) | (2,281 | ) | (1,930 | ) | ||||||
| Accumulated other comprehensive income (loss) |
(324 | ) | (352 | ) | (162 | ) | ||||||
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| Key shareholders’ equity |
10,403 | 10,303 | 10,340 | |||||||||
| Noncontrolling interests |
16 | 17 | 39 | |||||||||
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| Total equity |
10,419 | 10,320 | 10,379 | |||||||||
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| Total liabilities and equity |
$ | 90,802 | $ | 92,934 | $ | 89,198 | ||||||
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| Common shares outstanding (000) |
884,869 | 890,724 | 922,581 | |||||||||
Consolidated Statements of Income
(dollars in millions, except per share amounts)
| Three months ended | ||||||||||||
| 3-31-14 | 12-31-13 | 3-31-13 | ||||||||||
| Interest income |
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| Loans |
$ | 519 | $ | 532 | $ | 548 | ||||||
| Loans held for sale |
4 | 6 | 4 | |||||||||
| Securities available for sale |
72 | 75 | 80 | |||||||||
| Held-to-maturity securities |
22 | 22 | 18 | |||||||||
| Trading account assets |
6 | 6 | 6 | |||||||||
| Short-term investments |
1 | 2 | 2 | |||||||||
| Other investments |
6 | 6 | 9 | |||||||||
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| Total interest income |
630 | 649 | 667 | |||||||||
| Interest expense |
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| Deposits |
32 | 34 | 45 | |||||||||
| Federal funds purchased and securities sold under repurchase agreements |
1 | — | 1 | |||||||||
| Bank notes and other short-term borrowings |
2 | 3 | 1 | |||||||||
| Long-term debt |
32 | 29 | 37 | |||||||||
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| Total interest expense |
67 | 66 | 84 | |||||||||
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| Net interest income |
563 | 583 | 583 | |||||||||
| Provision (credit) for loan and lease losses |
6 | 19 | 55 | |||||||||
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| Net interest income (expense) after provision for loan and lease losses |
557 | 564 | 528 | |||||||||
| Noninterest income |
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| Trust and investment services income |
98 | 98 | 95 | |||||||||
| Investment banking and debt placement fees |
84 | 84 | 79 | |||||||||
| Service charges on deposit accounts |
63 | 68 | 69 | |||||||||
| Operating lease income and other leasing gains |
29 | 26 | 25 | |||||||||
| Corporate services income |
42 | 40 | 45 | |||||||||
| Cards and payments income |
38 | 40 | 37 | |||||||||
| Corporate-owned life insurance income |
26 | 33 | 30 | |||||||||
| Consumer mortgage income |
2 | 3 | 7 | |||||||||
| Mortgage servicing fees |
15 | 22 | 8 | |||||||||
| Net gains (losses) from principal investing |
24 | 20 | 8 | |||||||||
| Other income (a) |
14 | 19 | 22 | |||||||||
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| Total noninterest income |
435 | 453 | 425 | |||||||||
| Noninterest expense |
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| Personnel |
388 | 398 | 391 | |||||||||
| Net occupancy |
64 | 73 | 64 | |||||||||
| Computer processing |
38 | 40 | 39 | |||||||||
| Business services and professional fees |
41 | 42 | 35 | |||||||||
| Equipment |
24 | 26 | 26 | |||||||||
| Operating lease expense |
10 | 10 | 12 | |||||||||
| Marketing |
5 | 18 | 6 | |||||||||
| FDIC assessment |
6 | 7 | 8 | |||||||||
| Intangible asset amortization |
10 | 10 | 12 | |||||||||
| Provision (credit) for losses on lending-related commitments |
(2 | ) | (3 | ) | 3 | |||||||
| OREO expense, net |
1 | 2 | 3 | |||||||||
| Other expense |
77 | 89 | 82 | |||||||||
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| Total noninterest expense |
662 | 712 | 681 | |||||||||
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| Income (loss) from continuing operations before income taxes |
330 | 305 | 272 | |||||||||
| Income taxes |
92 | 70 | 70 | |||||||||
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| Income (loss) from continuing operations |
238 | 235 | 202 | |||||||||
| Income (loss) from discontinued operations, net of taxes |
4 | (5 | ) | 3 | ||||||||
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| Net income (loss) |
242 | 230 | 205 | |||||||||
| Less: Net income (loss) attributable to noncontrolling interests |
— | — | 1 | |||||||||
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| Net income (loss) attributable to Key |
$ | 242 | $ | 230 | $ | 204 | ||||||
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | 232 | $ | 229 | $ | 196 | ||||||
| Net income (loss) attributable to Key common shareholders |
236 | 224 | 199 | |||||||||
| Per common share |
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | .26 | $ | .26 | $ | .21 | ||||||
| Income (loss) from discontinued operations, net of taxes |
— | (.01 | ) | — | ||||||||
| Net income (loss) attributable to Key common shareholders (b) |
.27 | .25 | .22 | |||||||||
| Per common share — assuming dilution |
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | .26 | $ | .26 | $ | .21 | ||||||
| Income (loss) from discontinued operations, net of taxes |
— | (.01 | ) | — | ||||||||
| Net income (loss) attributable to Key common shareholders (b) |
.26 | .25 | .21 | |||||||||
| Cash dividends declared per common share |
$ | .055 | $ | .055 | $ | .05 | ||||||
| Weighted-average common shares outstanding (000) |
884,727 | 890,516 | 920,316 | |||||||||
| Weighted-average common shares and potential common shares outstanding (000) (c) |
891,890 | 897,712 | 926,051 | |||||||||
| (a) | For the three months ended March 31, 2014, December 31, 2013, and March 31, 2013, net securities gains (losses) totaled less than $1 million, $1 million, and less than $1 million, respectively. For the three months ended March 31, 2014, December 31, 2013, and March 31, 2013, Key did not have any impairment losses related to securities. |
| (b) | Earnings per share may not foot due to rounding. |
| (c) | Assumes conversion of stock options and/or Preferred Series A shares, as applicable. |