Attached files
| file | filename |
|---|---|
| 8-K - 8-K - KEYCORP /NEW/ | d910142d8k.htm |
| EX-99.1 - EX-99.1 - KEYCORP /NEW/ | d910142dex991.htm |
| EX-99.2 - EX-99.2 - KEYCORP /NEW/ | d910142dex992.htm |
Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
| 3-31-15 | 12-31-14 | 3-31-14 | ||||||||||
| Assets |
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| Loans |
$ | 57,953 | $ | 57,381 | $ | 55,445 | ||||||
| Loans held for sale |
1,649 | 734 | 401 | |||||||||
| Securities available for sale |
13,120 | 13,360 | 12,359 | |||||||||
| Held-to-maturity securities |
5,005 | 5,015 | 4,826 | |||||||||
| Trading account assets |
789 | 750 | 840 | |||||||||
| Short-term investments |
3,378 | 4,269 | 2,922 | |||||||||
| Other investments |
730 | 760 | 899 | |||||||||
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| Total earning assets |
82,624 | 82,269 | 77,692 | |||||||||
| Allowance for loan and lease losses |
(794 | ) | (794 | ) | (834 | ) | ||||||
| Cash and due from banks |
506 | 653 | 409 | |||||||||
| Premises and equipment |
806 | 841 | 862 | |||||||||
| Operating lease assets |
306 | 330 | 294 | |||||||||
| Goodwill |
1,057 | 1,057 | 979 | |||||||||
| Other intangible assets |
92 | 101 | 117 | |||||||||
| Corporate-owned life insurance |
3,488 | 3,479 | 3,425 | |||||||||
| Derivative assets |
731 | 609 | 427 | |||||||||
| Accrued income and other assets |
3,144 | 2,952 | 3,004 | |||||||||
| Discontinued assets |
2,246 | 2,324 | 4,427 | |||||||||
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| Total assets |
$ | 94,206 | $ | 93,821 | $ | 90,802 | ||||||
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| Liabilities |
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| Deposits in domestic offices: |
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| NOW and money market deposit accounts |
$ | 35,623 | $ | 34,536 | $ | 34,373 | ||||||
| Savings deposits |
2,413 | 2,371 | 2,513 | |||||||||
| Certificates of deposit ($100,000 or more) |
1,982 | 2,040 | 2,849 | |||||||||
| Other time deposits |
3,182 | 3,259 | 3,682 | |||||||||
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| Total interest-bearing deposits |
43,200 | 42,206 | 43,417 | |||||||||
| Noninterest-bearing deposits |
27,948 | 29,228 | 23,244 | |||||||||
| Deposits in foreign office — interest-bearing |
474 | 564 | 605 | |||||||||
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| Total deposits |
71,622 | 71,998 | 67,266 | |||||||||
| Federal funds purchased and securities sold under repurchase agreements |
517 | 575 | 1,417 | |||||||||
| Bank notes and other short-term borrowings |
608 | 423 | 464 | |||||||||
| Derivative liabilities |
825 | 784 | 408 | |||||||||
| Accrued expense and other liabilities |
1,308 | 1,621 | 1,297 | |||||||||
| Long-term debt |
8,713 | 7,875 | 7,712 | |||||||||
| Discontinued liabilities |
— | 3 | 1,819 | |||||||||
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| Total liabilities |
83,593 | 83,279 | 80,383 | |||||||||
| Equity |
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| Preferred stock, Series A |
290 | 291 | 291 | |||||||||
| Common shares |
1,017 | 1,017 | 1,017 | |||||||||
| Capital surplus |
3,910 | 3,986 | 3,961 | |||||||||
| Retained earnings |
8,445 | 8,273 | 7,793 | |||||||||
| Treasury stock, at cost |
(2,780 | ) | (2,681 | ) | (2,335 | ) | ||||||
| Accumulated other comprehensive income (loss) |
(279 | ) | (356 | ) | (324 | ) | ||||||
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| Key shareholders’ equity |
10,603 | 10,530 | 10,403 | |||||||||
| Noncontrolling interests |
10 | 12 | 16 | |||||||||
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| Total equity |
10,613 | 10,542 | 10,419 | |||||||||
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| Total liabilities and equity |
$ | 94,206 | $ | 93,821 | $ | 90,802 | ||||||
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| Common shares outstanding (000) |
850,920 | 859,403 | 884,869 | |||||||||
Consolidated Statements of Income
(dollars in millions, except per share amounts)
| Three months ended | ||||||||||||
| 3-31-15 | 12-31-14 | 3-31-14 | ||||||||||
| Interest income |
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| Loans |
$ | 523 | $ | 534 | $ | 519 | ||||||
| Loans held for sale |
7 | 8 | 4 | |||||||||
| Securities available for sale |
70 | 67 | 72 | |||||||||
| Held-to-maturity securities |
24 | 23 | 22 | |||||||||
| Trading account assets |
5 | 6 | 6 | |||||||||
| Short-term investments |
2 | 2 | 1 | |||||||||
| Other investments |
5 | 6 | 6 | |||||||||
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| Total interest income |
636 | 646 | 630 | |||||||||
| Interest expense |
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| Deposits |
26 | 26 | 32 | |||||||||
| Federal funds purchased and securities sold under repurchase agreements |
— | — | 1 | |||||||||
| Bank notes and other short-term borrowings |
2 | 3 | 2 | |||||||||
| Long-term debt |
37 | 35 | 32 | |||||||||
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| Total interest expense |
65 | 64 | 67 | |||||||||
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| Net interest income |
571 | 582 | 563 | |||||||||
| Provision for credit losses |
35 | 22 | 4 | |||||||||
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| Net interest income after provision for credit losses |
536 | 560 | 559 | |||||||||
| Noninterest income |
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| Trust and investment services income |
109 | 112 | 98 | |||||||||
| Investment banking and debt placement fees |
68 | 126 | 84 | |||||||||
| Service charges on deposit accounts |
61 | 64 | 63 | |||||||||
| Operating lease income and other leasing gains |
19 | 15 | 29 | |||||||||
| Corporate services income |
43 | 53 | 42 | |||||||||
| Cards and payments income |
42 | 43 | 38 | |||||||||
| Corporate-owned life insurance income |
31 | 38 | 26 | |||||||||
| Consumer mortgage income |
3 | 3 | 2 | |||||||||
| Mortgage servicing fees |
13 | 11 | 15 | |||||||||
| Net gains (losses) from principal investing |
29 | 18 | 24 | |||||||||
| Other income (a) |
19 | 7 | 14 | |||||||||
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| Total noninterest income |
437 | 490 | 435 | |||||||||
| Noninterest expense |
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| Personnel |
389 | 409 | 388 | |||||||||
| Net occupancy |
65 | 63 | 64 | |||||||||
| Computer processing |
38 | 40 | 38 | |||||||||
| Business services and professional fees |
33 | 38 | 41 | |||||||||
| Equipment |
22 | 23 | 24 | |||||||||
| Operating lease expense |
11 | 11 | 10 | |||||||||
| Marketing |
8 | 16 | 5 | |||||||||
| FDIC assessment |
8 | 9 | 6 | |||||||||
| Intangible asset amortization |
9 | 10 | 10 | |||||||||
| OREO expense, net |
2 | 2 | 1 | |||||||||
| Other expense |
84 | 83 | 77 | |||||||||
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| Total noninterest expense |
669 | 704 | 664 | |||||||||
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| Income (loss) from continuing operations before income taxes |
304 | 346 | 330 | |||||||||
| Income taxes |
74 | 94 | 92 | |||||||||
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| Income (loss) from continuing operations |
230 | 252 | 238 | |||||||||
| Income (loss) from discontinued operations, net of taxes |
5 | 2 | 4 | |||||||||
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| Net income (loss) |
235 | 254 | 242 | |||||||||
| Less: Net income (loss) attributable to noncontrolling interests |
2 | 1 | — | |||||||||
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| Net income (loss) attributable to Key |
$ | 233 | $ | 253 | $ | 242 | ||||||
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | 222 | $ | 246 | $ | 232 | ||||||
| Net income (loss) attributable to Key common shareholders |
227 | 248 | 236 | |||||||||
| Per common share |
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | .26 | $ | .29 | $ | .26 | ||||||
| Income (loss) from discontinued operations, net of taxes |
.01 | — | — | |||||||||
| Net income (loss) attributable to Key common shareholders (b) |
.27 | .29 | .27 | |||||||||
| Per common share — assuming dilution |
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| Income (loss) from continuing operations attributable to Key common shareholders |
$ | .26 | $ | .28 | $ | .26 | ||||||
| Income (loss) from discontinued operations, net of taxes |
.01 | — | — | |||||||||
| Net income (loss) attributable to Key common shareholders (b) |
.26 | .28 | .26 | |||||||||
| Cash dividends declared per common share |
$ | .065 | $ | .065 | $ | .055 | ||||||
| Weighted-average common shares outstanding (000) |
848,580 | 858,811 | 884,727 | |||||||||
| Weighted-average common shares and potential common shares outstanding (000) (c) |
857,122 | 886,186 | 891,890 | |||||||||
| (a) | For each of the three months ended March 31, 2015, December 31, 2014, and March 31, 2014, net securities gains (losses) totaled less than $1 million. For the three months ended March 31, 2015, impairment losses related to securities totaled less than $1 million. For the three months ended December 31, 2014, and March 31, 2014, 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. |