Exhibit 99.3
Consolidated Balance Sheets | |||||||||||||||||
(dollars in millions) | |||||||||||||||||
12/31/2021 | 9/30/2021 | 12/31/2020 | |||||||||||||||
Assets | |||||||||||||||||
Loans | $ | 101,854 | $ | 98,609 | $ | 101,185 | |||||||||||
Loans held for sale | 2,729 | 1,805 | 1,583 | ||||||||||||||
Securities available for sale | 45,364 | 40,594 | 27,556 | ||||||||||||||
Held-to-maturity securities | 7,539 | 8,423 | 7,595 | ||||||||||||||
Trading account assets | 701 | 902 | 735 | ||||||||||||||
Short-term investments | 11,010 | 19,608 | 16,194 | ||||||||||||||
Other investments | 639 | 607 | 621 | ||||||||||||||
Total earning assets | 169,836 | 170,548 | 155,469 | ||||||||||||||
Allowance for loan and lease losses | (1,061) | (1,084) | (1,626) | ||||||||||||||
Cash and due from banks | 913 | 763 | 1,091 | ||||||||||||||
Premises and equipment | 681 | 678 | 753 | ||||||||||||||
Goodwill | 2,693 | 2,673 | 2,664 | ||||||||||||||
Other intangible assets | 130 | 144 | 188 | ||||||||||||||
Corporate-owned life insurance | 4,327 | 4,312 | 4,286 | ||||||||||||||
Accrued income and other assets | 8,265 | 8,404 | 6,812 | ||||||||||||||
Discontinued assets | 562 | 597 | 699 | ||||||||||||||
Total assets | $ | 186,346 | $ | 187,035 | $ | 170,336 | |||||||||||
Liabilities | |||||||||||||||||
Deposits in domestic offices: | |||||||||||||||||
NOW and money market deposit accounts | $ | 89,207 | $ | 87,242 | $ | 80,427 | |||||||||||
Savings deposits | 7,503 | 7,259 | 5,913 | ||||||||||||||
Certificates of deposit ($100,000 or more) | 1,705 | 1,890 | 2,733 | ||||||||||||||
Other time deposits | 2,153 | 2,315 | 3,010 | ||||||||||||||
Total interest-bearing deposits | 100,568 | 98,706 | 92,083 | ||||||||||||||
Noninterest-bearing deposits | 52,004 | 53,225 | 43,199 | ||||||||||||||
Total deposits | 152,572 | 151,931 | 135,282 | ||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 173 | 228 | 220 | ||||||||||||||
Bank notes and other short-term borrowings | 588 | 767 | 759 | ||||||||||||||
Accrued expense and other liabilities | 3,548 | 3,434 | 2,385 | ||||||||||||||
Long-term debt | 12,042 | 13,165 | 13,709 | ||||||||||||||
Total liabilities | 168,923 | 169,525 | 152,355 | ||||||||||||||
Equity | |||||||||||||||||
Preferred stock | 1,900 | 1,900 | 1,900 | ||||||||||||||
Common shares | 1,257 | 1,257 | 1,257 | ||||||||||||||
Capital surplus | 6,278 | 6,141 | 6,281 | ||||||||||||||
Retained earnings | 14,553 | 14,133 | 12,751 | ||||||||||||||
Treasury stock, at cost | (5,979) | (5,876) | (4,946) | ||||||||||||||
Accumulated other comprehensive income (loss) | (586) | (45) | 738 | ||||||||||||||
Key shareholders’ equity | 17,423 | 17,510 | 17,981 | ||||||||||||||
Noncontrolling interests | — | — | — | ||||||||||||||
Total equity | 17,423 | 17,510 | 17,981 | ||||||||||||||
Total liabilities and equity | $ | 186,346 | $ | 187,035 | $ | 170,336 | |||||||||||
Common shares outstanding (000) | 928,850 | 930,544 | 975,773 |
Consolidated Statements of Income | ||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | ||||||||||||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||||||||||||
12/31/2021 | 9/30/2021 | 12/31/2020 | 12/31/2021 | 12/31/2020 | ||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Loans | $ | 873 | $ | 882 | $ | 933 | $ | 3,532 | $ | 3,866 | ||||||||||||||||
Loans held for sale | 15 | 13 | 11 | 50 | 69 | |||||||||||||||||||||
Securities available for sale | 148 | 135 | 119 | 546 | 484 | |||||||||||||||||||||
Held-to-maturity securities | 52 | 43 | 51 | 185 | 222 | |||||||||||||||||||||
Trading account assets | 5 | 4 | 4 | 19 | 20 | |||||||||||||||||||||
Short-term investments | 8 | 9 | 4 | 28 | 18 | |||||||||||||||||||||
Other investments | 2 | 1 | 3 | 7 | 6 | |||||||||||||||||||||
Total interest income | 1,103 | 1,087 | 1,125 | 4,367 | 4,685 | |||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Deposits | 15 | 15 | 28 | 67 | 347 | |||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | — | — | — | — | 6 | |||||||||||||||||||||
Bank notes and other short-term borrowings | 2 | 2 | 1 | 8 | 12 | |||||||||||||||||||||
Long-term debt | 53 | 54 | 61 | 221 | 286 | |||||||||||||||||||||
Total interest expense | 70 | 71 | 90 | 296 | 651 | |||||||||||||||||||||
Net interest income | 1,033 | 1,016 | 1,035 | 4,071 | 4,034 | |||||||||||||||||||||
Provision for credit losses | 4 | (107) | 20 | (418) | 1,021 | |||||||||||||||||||||
Net interest income after provision for credit losses | 1,029 | 1,123 | 1,015 | 4,489 | 3,013 | |||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||
Trust and investment services income | 135 | 129 | 123 | 530 | 507 | |||||||||||||||||||||
Investment banking and debt placement fees | 323 | 235 | 243 | 937 | 661 | |||||||||||||||||||||
Service charges on deposit accounts | 90 | 91 | 82 | 337 | 311 | |||||||||||||||||||||
Operating lease income and other leasing gains | 37 | 37 | 39 | 148 | 167 | |||||||||||||||||||||
Corporate services income | 73 | 69 | 63 | 261 | 228 | |||||||||||||||||||||
Cards and payments income | 86 | 111 | 97 | 415 | 368 | |||||||||||||||||||||
Corporate-owned life insurance income | 34 | 33 | 38 | 128 | 139 | |||||||||||||||||||||
Consumer mortgage income | 25 | 33 | 43 | 131 | 176 | |||||||||||||||||||||
Commercial mortgage servicing fees | 48 | 34 | 32 | 160 | 80 | |||||||||||||||||||||
Other income | 58 | 25 | 42 | 147 | 15 | |||||||||||||||||||||
Total noninterest income | 909 | 797 | 802 | 3,194 | 2,652 | |||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Personnel | 674 | 640 | 661 | 2,561 | 2,336 | |||||||||||||||||||||
Net occupancy | 75 | 74 | 75 | 300 | 298 | |||||||||||||||||||||
Computer processing | 73 | 67 | 62 | 284 | 232 | |||||||||||||||||||||
Business services and professional fees | 70 | 56 | 54 | 227 | 196 | |||||||||||||||||||||
Equipment | 25 | 25 | 26 | 100 | 100 | |||||||||||||||||||||
Operating lease expense | 31 | 30 | 35 | 126 | 138 | |||||||||||||||||||||
Marketing | 37 | 32 | 30 | 126 | 97 | |||||||||||||||||||||
Intangible asset amortization | 14 | 15 | 15 | 58 | 65 | |||||||||||||||||||||
Other expense | 171 | 173 | 170 | 647 | 647 | |||||||||||||||||||||
Total noninterest expense | 1,170 | 1,112 | 1,128 | 4,429 | 4,109 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 768 | 808 | 689 | 3,254 | 1,556 | |||||||||||||||||||||
Income taxes | 141 | 165 | 114 | 642 | 227 | |||||||||||||||||||||
Income (loss) from continuing operations | 627 | 643 | 575 | 2,612 | 1,329 | |||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | 2 | 2 | 7 | 13 | 14 | |||||||||||||||||||||
Net income (loss) | 629 | 645 | 582 | 2,625 | 1,343 | |||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||||||||
Net income (loss) attributable to Key | $ | 629 | $ | 645 | $ | 582 | $ | 2,625 | $ | 1,343 | ||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | 601 | $ | 616 | $ | 549 | $ | 2,506 | $ | 1,223 | ||||||||||||||||
Net income (loss) attributable to Key common shareholders | 603 | 618 | 556 | 2,519 | 1,237 | |||||||||||||||||||||
Per common share | ||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .65 | $ | .65 | $ | .57 | $ | 2.6397 | $ | 1.26 | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | .01 | .0134 | .01 | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .65 | .66 | .57 | 2.6531 | 1.28 | |||||||||||||||||||||
Per common share — assuming dilution | ||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .64 | $ | .65 | $ | .56 | $ | 2.62 | $ | 1.26 | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | .01 | .0133 | .01 | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .64 | .65 | $ | .57 | 2.63 | 1.27 | ||||||||||||||||||||
Cash dividends declared per common share | $ | .195 | $ | .185 | $ | .185 | $ | .75 | $ | .74 | ||||||||||||||||
Weighted-average common shares outstanding (000) | 922,970 | 942,446 | 967,987 | 947,065 | 967,783 | |||||||||||||||||||||
Effect of common share options and other stock awards | 11,758 | 10,077 | 8,473 | 10,349 | 7,024 | |||||||||||||||||||||
Weighted-average common shares and potential common shares outstanding (000) (b) | 934,729 | 952,523 | 976,460 | 957,414 | 974,807 | |||||||||||||||||||||
(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.