KEYCORP /NEW/ - FORM 8-K - EX-99.3 - April 20, 2021

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8-K - 8-K - KEYCORP /NEW/key-20210420.htm
EX-99.2 - EX-99.2 - KEYCORP /NEW/key-1q21confcallslidesvf.htm
EX-99.1 - EX-99.1 - KEYCORP /NEW/a1q21earningsrelease.htm
Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
3/31/202112/31/20203/31/2020
Assets
Loans$100,926 $101,185 $103,198 
Loans held for sale 2,296 1,583 2,143 
Securities available for sale33,923 27,556 20,807 
Held-to-maturity securities6,857 7,595 9,638 
Trading account assets811 735 795 
Short-term investments15,376 16,194 4,073 
Other investments621 621 679 
Total earning assets160,810 155,469 141,333 
Allowance for loan and lease losses(1,438)(1,626)(1,359)
Cash and due from banks938 1,091 865 
Premises and equipment737 753 791 
Goodwill2,673 2,664 2,664 
Other intangible assets173 188 236 
Corporate-owned life insurance4,296 4,286 4,243 
Accrued income and other assets7,347 6,812 6,604 
Discontinued assets667 699 820 
Total assets$176,203 $170,336 $156,197 
Liabilities
Deposits in domestic offices:
NOW and money market deposit accounts$82,777 $80,427 $71,005 
Savings deposits6,655 5,913 4,753 
Certificates of deposit ($100,000 or more)2,437 2,733 5,630 
Other time deposits2,782 3,010 4,623 
Total interest-bearing deposits94,651 92,083 86,011 
Noninterest-bearing deposits47,532 43,199 29,293 
Total deposits142,183 135,282 115,304 
Federal funds purchased and securities sold under repurchase agreements 281 220 2,444 
Bank notes and other short-term borrowings744 759 4,606 
Accrued expense and other liabilities2,862 2,385 2,700 
Long-term debt12,499 13,709 13,732 
Total liabilities158,569 152,355 138,786 
Equity
Preferred stock1,900 1,900 1,900 
Common shares1,257 1,257 1,257 
Capital surplus6,213 6,281 6,222 
Retained earnings13,166 12,751 12,174 
Treasury stock, at cost(5,005)(4,946)(4,956)
Accumulated other comprehensive income (loss)103 738 814 
Key shareholders’ equity17,634 17,981 17,411 
Noncontrolling interests— — — 
Total equity17,634 17,981 17,411 
Total liabilities and equity$176,203 $170,336 $156,197 
Common shares outstanding (000)972,587 975,773 975,319 



Consolidated Statements of Income
(dollars in millions, except per share amounts)
Three months ended
3/31/202112/31/20203/31/2020
Interest income
Loans$889 $933 $1,026 
Loans held for sale11 11 19 
Securities available for sale130 119 129 
Held-to-maturity securities45 51 62 
Trading account assets5 4 8 
Short-term investments5 4 6 
Other investments2 3 1 
Total interest income1,087 1,125 1,251 
Interest expense
Deposits21 28 169 
Federal funds purchased and securities sold under repurchase agreements— — 6 
Bank notes and other short-term borrowings1 1 5 
Long-term debt60 61 90 
Total interest expense82 90 270 
Net interest income1,005 1,035 981 
Provision for credit losses(93)20 359 
Net interest income after provision for credit losses1,098 1,015 622 
Noninterest income
Trust and investment services income133 123 133 
Investment banking and debt placement fees162 243 116 
Service charges on deposit accounts73 82 84 
Operating lease income and other leasing gains38 39 30 
Corporate services income64 63 62 
Cards and payments income105 97 66 
Corporate-owned life insurance income31 38 36 
Consumer mortgage income47 43 20 
Commercial mortgage servicing fees34 32 18 
Other income51 42 (88)
Total noninterest income738 802 477 
Noninterest expense
Personnel624 661 515 
Net occupancy76 75 76 
Computer processing73 62 55 
Business services and professional fees50 54 44 
Equipment25 26 24 
Operating lease expense34 35 36 
Marketing26 30 21 
Intangible asset amortization15 15 17 
Other expense148 170 143 
Total noninterest expense1,071 1,128 931 
Income (loss) from continuing operations before income taxes765 689 168 
Income taxes147 114 23 
Income (loss) from continuing operations618 575 145 
Income (loss) from discontinued operations, net of taxes4 7 1 
Net income (loss)622 582 146 
Less: Net income (loss) attributable to noncontrolling interests— — — 
Net income (loss) attributable to Key$622 $582 $146 
Income (loss) from continuing operations attributable to Key common shareholders$591 $549 $118 
Net income (loss) attributable to Key common shareholders595 556 119 
Per common share
Income (loss) from continuing operations attributable to Key common shareholders$.61 $.57 $.12 
Income (loss) from discontinued operations, net of taxes— .01 — 
Net income (loss) attributable to Key common shareholders (a)
.62 .57 .12 
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders$.61 $.56 $.12 
Income (loss) from discontinued operations, net of taxes— .01 — 
Net income (loss) attributable to Key common shareholders (a)
.61 .57 $.12 
Cash dividends declared per common share$.185 $.185 $.185 
Weighted-average common shares outstanding (000)964,878 967,987 967,446 
Effect of common share options and other stock awards9,419 8,473 8,664 
Weighted-average common shares and potential common shares outstanding (000) (b)
974,297 976,460 976,110 
(a)Earnings per share may not foot due to rounding.
(b)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.


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