Exhibit 99.3
Consolidated Balance Sheets | |||||||||||||||||
(dollars in millions) | |||||||||||||||||
6/30/2022 | 3/31/2022 | 6/30/2021 | |||||||||||||||
Assets | |||||||||||||||||
Loans | $ | 112,390 | $ | 106,600 | $ | 100,730 | |||||||||||
Loans held for sale | 1,306 | 1,170 | 1,537 | ||||||||||||||
Securities available for sale | 42,437 | 43,681 | 34,638 | ||||||||||||||
Held-to-maturity securities | 8,186 | 6,871 | 6,175 | ||||||||||||||
Trading account assets | 809 | 848 | 851 | ||||||||||||||
Short-term investments | 2,456 | 3,881 | 20,460 | ||||||||||||||
Other investments | 969 | 722 | 635 | ||||||||||||||
Total earning assets | 168,553 | 163,773 | 165,026 | ||||||||||||||
Allowance for loan and lease losses | (1,099) | (1,105) | (1,220) | ||||||||||||||
Cash and due from banks | 678 | 684 | 792 | ||||||||||||||
Premises and equipment | 638 | 647 | 785 | ||||||||||||||
Goodwill | 2,752 | 2,694 | 2,673 | ||||||||||||||
Other intangible assets | 118 | 118 | 159 | ||||||||||||||
Corporate-owned life insurance | 4,343 | 4,340 | 4,304 | ||||||||||||||
Accrued income and other assets | 10,529 | 9,544 | 7,966 | ||||||||||||||
Discontinued assets | 496 | 526 | 630 | ||||||||||||||
Total assets | $ | 187,008 | $ | 181,221 | $ | 181,115 | |||||||||||
Liabilities | |||||||||||||||||
Deposits in domestic offices: | |||||||||||||||||
NOW and money market deposit accounts | $ | 83,628 | $ | 86,829 | $ | 85,242 | |||||||||||
Savings deposits | 7,934 | 7,840 | 6,993 | ||||||||||||||
Certificates of deposit ($100,000 or more) | 1,421 | 1,533 | 2,064 | ||||||||||||||
Other time deposits | 1,909 | 2,037 | 2,493 | ||||||||||||||
Total interest-bearing deposits | 94,892 | 98,239 | 96,792 | ||||||||||||||
Noninterest-bearing deposits | 50,973 | 50,424 | 49,280 | ||||||||||||||
Total deposits | 145,865 | 148,663 | 146,072 | ||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 3,234 | 599 | 211 | ||||||||||||||
Bank notes and other short-term borrowings | 2,809 | 2,222 | 723 | ||||||||||||||
Accrued expense and other liabilities | 4,056 | 3,615 | 2,957 | ||||||||||||||
Long-term debt | 16,617 | 10,814 | 13,211 | ||||||||||||||
Total liabilities | 172,581 | 165,913 | 163,174 | ||||||||||||||
Equity | |||||||||||||||||
Preferred stock | 1,900 | 1,900 | 1,900 | ||||||||||||||
Common shares | 1,257 | 1,257 | 1,257 | ||||||||||||||
Capital surplus | 6,241 | 6,214 | 6,232 | ||||||||||||||
Retained earnings | 15,118 | 14,793 | 13,689 | ||||||||||||||
Treasury stock, at cost | (5,923) | (5,927) | (5,287) | ||||||||||||||
Accumulated other comprehensive income (loss) | (4,166) | (2,929) | 150 | ||||||||||||||
Key shareholders’ equity | 14,427 | 15,308 | 17,941 | ||||||||||||||
Noncontrolling interests | — | — | — | ||||||||||||||
Total equity | 14,427 | 15,308 | 17,941 | ||||||||||||||
Total liabilities and equity | $ | 187,008 | $ | 181,221 | $ | 181,115 | |||||||||||
Common shares outstanding (000) | 932,643 | 932,398 | 960,276 |
Consolidated Statements of Income | ||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | ||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||
6/30/2022 | 3/31/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | ||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Loans | $ | 923 | $ | 837 | $ | 888 | $ | 1,760 | $ | 1,777 | ||||||||||||||||
Loans held for sale | 10 | 12 | 11 | 22 | 22 | |||||||||||||||||||||
Securities available for sale | 188 | 173 | 133 | 361 | 263 | |||||||||||||||||||||
Held-to-maturity securities | 48 | 46 | 45 | 94 | 90 | |||||||||||||||||||||
Trading account assets | 7 | 6 | 5 | 13 | 10 | |||||||||||||||||||||
Short-term investments | 13 | 4 | 6 | 17 | 11 | |||||||||||||||||||||
Other investments | 4 | 2 | 2 | 6 | 4 | |||||||||||||||||||||
Total interest income | 1,193 | 1,080 | 1,090 | 2,273 | 2,177 | |||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Deposits | 20 | 14 | 16 | 34 | 37 | |||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 6 | — | — | 6 | — | |||||||||||||||||||||
Bank notes and other short-term borrowings | 9 | 3 | 3 | 12 | 4 | |||||||||||||||||||||
Long-term debt | 61 | 49 | 54 | 110 | 114 | |||||||||||||||||||||
Total interest expense | 96 | 66 | 73 | 162 | 155 | |||||||||||||||||||||
Net interest income | 1,097 | 1,014 | 1,017 | 2,111 | 2,022 | |||||||||||||||||||||
Provision for credit losses | 45 | 83 | (222) | 128 | (315) | |||||||||||||||||||||
Net interest income after provision for credit losses | 1,052 | 931 | 1,239 | 1,983 | 2,337 | |||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||
Trust and investment services income | 137 | 136 | 133 | 273 | 266 | |||||||||||||||||||||
Investment banking and debt placement fees | 149 | 163 | 217 | 312 | 379 | |||||||||||||||||||||
Service charges on deposit accounts | 96 | 91 | 83 | 187 | 156 | |||||||||||||||||||||
Operating lease income and other leasing gains | 28 | 32 | 36 | 60 | 74 | |||||||||||||||||||||
Corporate services income | 88 | 90 | 55 | 178 | 119 | |||||||||||||||||||||
Cards and payments income | 85 | 80 | 113 | 165 | 218 | |||||||||||||||||||||
Corporate-owned life insurance income | 35 | 31 | 30 | 66 | 61 | |||||||||||||||||||||
Consumer mortgage income | 14 | 21 | 26 | 35 | 73 | |||||||||||||||||||||
Commercial mortgage servicing fees | 45 | 36 | 44 | 81 | 78 | |||||||||||||||||||||
Other income | 11 | (4) | 13 | 7 | 64 | |||||||||||||||||||||
Total noninterest income | 688 | 676 | 750 | 1,364 | 1,488 | |||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Personnel | 607 | 630 | 623 | 1,237 | 1,247 | |||||||||||||||||||||
Net occupancy | 78 | 73 | 75 | 151 | 151 | |||||||||||||||||||||
Computer processing | 78 | 77 | 71 | 155 | 144 | |||||||||||||||||||||
Business services and professional fees | 52 | 53 | 51 | 105 | 101 | |||||||||||||||||||||
Equipment | 26 | 23 | 25 | 49 | 50 | |||||||||||||||||||||
Operating lease expense | 27 | 28 | 31 | 55 | 65 | |||||||||||||||||||||
Marketing | 34 | 28 | 31 | 62 | 57 | |||||||||||||||||||||
Intangible asset amortization | — | — | — | — | — | |||||||||||||||||||||
Other expense | 176 | 158 | 169 | 334 | 332 | |||||||||||||||||||||
Total noninterest expense | 1,078 | 1,070 | 1,076 | 2,148 | 2,147 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 662 | 537 | 913 | 1,199 | 1,678 | |||||||||||||||||||||
Income taxes | 132 | 90 | 189 | 222 | 336 | |||||||||||||||||||||
Income (loss) from continuing operations | 530 | 447 | 724 | 977 | 1,342 | |||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | 3 | 1 | 5 | 4 | 9 | |||||||||||||||||||||
Net income (loss) | 533 | 448 | 729 | 981 | 1,351 | |||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||||||||
Net income (loss) attributable to Key | $ | 533 | $ | 448 | $ | 729 | $ | 981 | $ | 1,351 | ||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | 504 | $ | 420 | $ | 698 | $ | 924 | $ | 1,289 | ||||||||||||||||
Net income (loss) attributable to Key common shareholders | 507 | 421 | 703 | 928 | 1,298 | |||||||||||||||||||||
Per common share | ||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .54 | $ | .45 | $ | .73 | $ | 1 | $ | 1.34 | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | — | .01 | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .55 | .46 | .73 | 1 | 1.35 | |||||||||||||||||||||
Per common share — assuming dilution | ||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .54 | $ | .45 | $ | .72 | $ | .99 | $ | 1.33 | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | — | .01 | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .54 | .45 | $ | .73 | 1.00 | 1.34 | ||||||||||||||||||||
Cash dividends declared per common share | $ | .195 | $ | .195 | $ | .185 | $ | .39 | $ | .37 | ||||||||||||||||
Weighted-average common shares outstanding (000) | 924,302 | 922,941 | 957,423 | 923,717 | 961,292 | |||||||||||||||||||||
Effect of common share options and other stock awards | 7,506 | 10,692 | 9,740 | 9,087 | 9,514 | |||||||||||||||||||||
Weighted-average common shares and potential common shares outstanding (000) (b) | 931,808 | 933,634 | 967,163 | 932,805 | 970,806 | |||||||||||||||||||||
(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.