Attached files
| file | filename |
|---|---|
| EX-99.2 - EX-99.2 - KEYCORP /NEW/ | d803929dex992.htm |
| EX-99.1 - EX-99.1 - KEYCORP /NEW/ | d803929dex991.htm |
| 8-K - FORM 8-K - KEYCORP /NEW/ | d803929d8k.htm |
Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
| 9-30-14 | 6-30-14 | 9-30-13 | ||||||||||
| Assets |
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| Loans |
$ | 56,155 | $ | 55,600 | $ | 53,597 | ||||||
| Loans held for sale |
784 | 435 | 699 | |||||||||
| Securities available for sale |
12,245 | 12,224 | 12,606 | |||||||||
| Held-to-maturity securities |
4,997 | 5,233 | 4,835 | |||||||||
| Trading account assets |
965 | 890 | 806 | |||||||||
| Short-term investments |
2,342 | 3,176 | 3,535 | |||||||||
| Other investments |
822 | 899 | 1,007 | |||||||||
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| Total earning assets |
78,310 | 78,457 | 77,085 | |||||||||
| Allowance for loan and lease losses |
(804 | ) | (814 | ) | (868 | ) | ||||||
| Cash and due from banks |
651 | 604 | 748 | |||||||||
| Premises and equipment |
832 | 844 | 890 | |||||||||
| Operating lease assets |
304 | 306 | 293 | |||||||||
| Goodwill |
1,051 | 979 | 979 | |||||||||
| Other intangible assets |
126 | 108 | 137 | |||||||||
| Corporate-owned life insurance |
3,456 | 3,438 | 3,384 | |||||||||
| Derivative assets |
413 | 549 | 475 | |||||||||
| Accrued income and other assets |
3,010 | 3,090 | 2,747 | |||||||||
| Discontinued assets |
2,421 | 4,237 | 4,838 | |||||||||
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| Total assets |
$ | 89,770 | $ | 91,798 | $ | 90,708 | ||||||
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| Liabilities |
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| Deposits in domestic offices: |
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| NOW and money market deposit accounts |
$ | 33,941 | $ | 33,637 | $ | 33,132 | ||||||
| Savings deposits |
2,390 | 2,450 | 2,489 | |||||||||
| Certificates of deposit ($100,000 or more) |
2,533 | 2,743 | 2,698 | |||||||||
| Other time deposits |
3,338 | 3,505 | 3,833 | |||||||||
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| Total interest-bearing deposits |
42,202 | 42,335 | 42,152 | |||||||||
| Noninterest-bearing deposits |
25,697 | 24,781 | 25,778 | |||||||||
| Deposits in foreign office — interest-bearing |
557 | 683 | 605 | |||||||||
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| Total deposits |
68,456 | 67,799 | 68,535 | |||||||||
| Federal funds purchased and securities sold under repurchase agreements |
657 | 1,213 | 1,455 | |||||||||
| Bank notes and other short-term borrowings |
996 | 521 | 466 | |||||||||
| Derivative liabilities |
384 | 451 | 450 | |||||||||
| Accrued expense and other liabilities |
1,537 | 1,400 | 1,375 | |||||||||
| Long-term debt |
7,172 | 8,213 | 6,154 | |||||||||
| Discontinued liabilities |
42 | 1,680 | 2,037 | |||||||||
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| Total liabilities |
79,244 | 81,277 | 80,472 | |||||||||
| Equity |
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| Preferred stock, Series A |
291 | 291 | 291 | |||||||||
| Common shares |
1,017 | 1,017 | 1,017 | |||||||||
| Capital surplus |
3,984 | 3,987 | 4,029 | |||||||||
| Retained earnings |
8,105 | 7,950 | 7,431 | |||||||||
| Treasury stock, at cost |
(2,563 | ) | (2,452 | ) | (2,193 | ) | ||||||
| Accumulated other comprehensive income (loss) |
(325 | ) | (289 | ) | (369 | ) | ||||||
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| Key shareholders’ equity |
10,509 | 10,504 | 10,206 | |||||||||
| Noncontrolling interests |
17 | 17 | 30 | |||||||||
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| Total equity |
10,526 | 10,521 | 10,236 | |||||||||
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| Total liabilities and equity |
$ | 89,770 | $ | 91,798 | $ | 90,708 | ||||||
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| Common shares outstanding (000) |
868,477 | 876,823 | 897,821 | |||||||||
Consolidated Statements of Income
(dollars in millions, except per share amounts)
| Three months ended | Nine months ended | |||||||||||||||||||
| 9-30-14 | 6-30-14 | 9-30-13 | 9-30-14 | 9-30-13 | ||||||||||||||||
| Interest income |
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| Loans |
$ | 531 | $ | 526 | $ | 532 | $ | 1,576 | $ | 1,619 | ||||||||||
| Loans held for sale |
4 | 5 | 5 | 13 | 14 | |||||||||||||||
| Securities available for sale |
67 | 71 | 76 | 210 | 236 | |||||||||||||||
| Held-to-maturity securities |
25 | 23 | 22 | 70 | 60 | |||||||||||||||
| Trading account assets |
6 | 7 | 5 | 19 | 15 | |||||||||||||||
| Short-term investments |
2 | 1 | 1 | 4 | 4 | |||||||||||||||
| Other investments |
4 | 6 | 6 | 16 | 23 | |||||||||||||||
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| Total interest income |
639 | 639 | 647 | 1,908 | 1,971 | |||||||||||||||
| Interest expense |
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| Deposits |
28 | 31 | 37 | 91 | 124 | |||||||||||||||
| Federal funds purchased and securities sold under repurchase agreements |
1 | — | 1 | 2 | 2 | |||||||||||||||
| Bank notes and other short-term borrowings |
2 | 2 | 2 | 6 | 5 | |||||||||||||||
| Long-term debt |
33 | 33 | 29 | 98 | 98 | |||||||||||||||
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| Total interest expense |
64 | 66 | 69 | 197 | 229 | |||||||||||||||
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| Net interest income |
575 | 573 | 578 | 1,711 | 1,742 | |||||||||||||||
| Provision (credit) for loan and lease losses |
21 | 10 | 28 | 37 | 111 | |||||||||||||||
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| Net interest income (expense) after provision for loan and lease losses |
554 | 563 | 550 | 1,674 | 1,631 | |||||||||||||||
| Noninterest income |
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| Trust and investment services income |
99 | 94 | 100 | 291 | 295 | |||||||||||||||
| Investment banking and debt placement fees |
88 | 99 | 86 | 271 | 249 | |||||||||||||||
| Service charges on deposit accounts |
68 | 66 | 73 | 197 | 213 | |||||||||||||||
| Operating lease income and other leasing gains |
17 | 35 | 44 | 81 | 91 | |||||||||||||||
| Corporate services income |
42 | 41 | 44 | 125 | 132 | |||||||||||||||
| Cards and payments income |
42 | 43 | 43 | 123 | 122 | |||||||||||||||
| Corporate-owned life insurance income |
26 | 28 | 26 | 80 | 87 | |||||||||||||||
| Consumer mortgage income |
3 | 2 | 3 | 7 | 16 | |||||||||||||||
| Mortgage servicing fees |
9 | 11 | 15 | 35 | 36 | |||||||||||||||
| Net gains (losses) from principal investing |
9 | 27 | 17 | 60 | 32 | |||||||||||||||
| Other income (a) |
14 | 9 | 8 | 37 | 40 | |||||||||||||||
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| Total noninterest income |
417 | 455 | 459 | 1,307 | 1,313 | |||||||||||||||
| Noninterest expense |
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| Personnel |
405 | 389 | 414 | 1,182 | 1,211 | |||||||||||||||
| Net occupancy |
66 | 68 | 66 | 198 | 202 | |||||||||||||||
| Computer processing |
39 | 41 | 38 | 118 | 116 | |||||||||||||||
| Business services and professional fees |
36 | 41 | 37 | 118 | 109 | |||||||||||||||
| Equipment |
25 | 24 | 25 | 73 | 78 | |||||||||||||||
| Operating lease expense |
11 | 10 | 14 | 31 | 37 | |||||||||||||||
| Marketing |
15 | 13 | 16 | 33 | 33 | |||||||||||||||
| FDIC assessment |
9 | 6 | 7 | 21 | 23 | |||||||||||||||
| Intangible asset amortization |
10 | 9 | 12 | 29 | 34 | |||||||||||||||
| Provision (credit) for losses on lending-related commitments |
(2 | ) | 2 | 3 | (2 | ) | 11 | |||||||||||||
| OREO expense, net |
1 | 1 | 1 | 3 | 5 | |||||||||||||||
| Other expense |
89 | 85 | 83 | 251 | 249 | |||||||||||||||
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| Total noninterest expense |
704 | 689 | 716 | 2,055 | 2,108 | |||||||||||||||
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| Income (loss) from continuing operations before income taxes |
267 | 329 | 293 | 926 | 836 | |||||||||||||||
| Income taxes |
64 | 76 | 59 | 232 | 201 | |||||||||||||||
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| Income (loss) from continuing operations |
203 | 253 | 234 | 694 | 635 | |||||||||||||||
| Income (loss) from discontinued operations, net of taxes |
7 | (28 | ) | 37 | (17 | ) | 45 | |||||||||||||
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| Net income (loss) |
210 | 225 | 271 | 677 | 680 | |||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests |
— | 6 | (1 | ) | 6 | — | ||||||||||||||
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| Net income (loss) attributable to Key |
$ | 210 | $ | 219 | $ | 272 | $ | 671 | $ | 680 | ||||||||||
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | 197 | $ | 242 | $ | 229 | $ | 671 | $ | 618 | ||||||||||
| Net income (loss) attributable to Key common shareholders |
204 | 214 | 266 | 654 | 663 | |||||||||||||||
| Per common share |
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | .23 | $ | .28 | $ | .25 | $ | .77 | $ | .68 | ||||||||||
| Income (loss) from discontinued operations, net of taxes |
.01 | (.03 | ) | .04 | (.02 | ) | .05 | |||||||||||||
| Net income (loss) attributable to Key common shareholders (b) |
.24 | .24 | .29 | .75 | .73 | |||||||||||||||
| Per common share — assuming dilution |
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | .23 | $ | .27 | $ | .25 | $ | .76 | $ | .67 | ||||||||||
| Income (loss) from discontinued operations, net of taxes |
.01 | (.03 | ) | .04 | (.02 | ) | .05 | |||||||||||||
| Net income (loss) attributable to Key common shareholders (b) |
.23 | .24 | .29 | .74 | .72 | |||||||||||||||
| Cash dividends declared per common share |
$ | .065 | $ | .065 | $ | .055 | $ | .185 | $ | .16 | ||||||||||
| Weighted-average common shares outstanding (000) |
867,350 | 875,298 | 901,904 | 875,728 | 911,918 | |||||||||||||||
| Weighted-average common shares and potential common shares outstanding (000) (c) |
874,122 | 902,137 | 908,253 | 882,451 | 917,579 | |||||||||||||||
| (a) | For each of the three months ended September 30, 2014, June 30, 2014, and September 30, 2013, net securities gains (losses) totaled less than $1 million. For the three months ended September 30, 2014, June 30, 2014, and September 30, 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 common share options and other stock awards and/or convertible preferred stock, as applicable. |