Exhibit 99.3
Consolidated Balance Sheets | |||||||||||||||||
(dollars in millions) | |||||||||||||||||
9/30/2022 | 6/30/2022 | 9/30/2021 | |||||||||||||||
Assets | |||||||||||||||||
Loans | $ | 116,191 | $ | 112,390 | $ | 98,609 | |||||||||||
Loans held for sale | 1,048 | 1,306 | 1,805 | ||||||||||||||
Securities available for sale | 40,000 | 42,437 | 40,594 | ||||||||||||||
Held-to-maturity securities | 8,163 | 8,186 | 8,423 | ||||||||||||||
Trading account assets | 1,068 | 809 | 902 | ||||||||||||||
Short-term investments | 4,896 | 2,456 | 19,608 | ||||||||||||||
Other investments | 1,272 | 969 | 607 | ||||||||||||||
Total earning assets | 172,638 | 168,553 | 170,548 | ||||||||||||||
Allowance for loan and lease losses | (1,144) | (1,099) | (1,084) | ||||||||||||||
Cash and due from banks | 717 | 678 | 763 | ||||||||||||||
Premises and equipment | 629 | 638 | 678 | ||||||||||||||
Goodwill | 2,752 | 2,752 | 2,673 | ||||||||||||||
Other intangible assets | 106 | 118 | 144 | ||||||||||||||
Corporate-owned life insurance | 4,351 | 4,343 | 4,312 | ||||||||||||||
Accrued income and other assets | 9,535 | 10,529 | 8,404 | ||||||||||||||
Discontinued assets | 467 | 496 | 597 | ||||||||||||||
Total assets | $ | 190,051 | $ | 187,008 | $ | 187,035 | |||||||||||
Liabilities | |||||||||||||||||
Deposits in domestic offices: | |||||||||||||||||
NOW and money market deposit accounts | $ | 84,168 | $ | 83,628 | $ | 87,242 | |||||||||||
Savings deposits | 7,860 | 7,934 | 7,259 | ||||||||||||||
Certificates of deposit ($100,000 or more) | 1,269 | 1,421 | 1,890 | ||||||||||||||
Other time deposits | 4,578 | 1,909 | 2,315 | ||||||||||||||
Total interest-bearing deposits | 97,875 | 94,892 | 98,706 | ||||||||||||||
Noninterest-bearing deposits | 46,980 | 50,973 | 53,225 | ||||||||||||||
Total deposits | 144,855 | 145,865 | 151,931 | ||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 4,224 | 3,234 | 228 | ||||||||||||||
Bank notes and other short-term borrowings | 4,576 | 2,809 | 767 | ||||||||||||||
Accrued expense and other liabilities | 4,849 | 4,056 | 3,434 | ||||||||||||||
Long-term debt | 18,257 | 16,617 | 13,165 | ||||||||||||||
Total liabilities | 176,761 | 172,581 | 169,525 | ||||||||||||||
Equity | |||||||||||||||||
Preferred stock | 2,500 | 1,900 | 1,900 | ||||||||||||||
Common shares | 1,257 | 1,257 | 1,257 | ||||||||||||||
Capital surplus | 6,257 | 6,241 | 6,141 | ||||||||||||||
Retained earnings | 15,450 | 15,118 | 14,133 | ||||||||||||||
Treasury stock, at cost | (5,917) | (5,923) | (5,876) | ||||||||||||||
Accumulated other comprehensive income (loss) | (6,257) | (4,166) | (45) | ||||||||||||||
Key shareholders’ equity | 13,290 | 14,427 | 17,510 | ||||||||||||||
Noncontrolling interests | — | — | — | ||||||||||||||
Total equity | 13,290 | 14,427 | 17,510 | ||||||||||||||
Total liabilities and equity | $ | 190,051 | $ | 187,008 | $ | 187,035 | |||||||||||
Common shares outstanding (000) | 932,938 | 932,643 | 930,544 |
Consolidated Statements of Income | ||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | ||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
9/30/2022 | 6/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | ||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Loans | $ | 1,134 | $ | 923 | $ | 882 | $ | 2,894 | $ | 2,659 | ||||||||||||||||
Loans held for sale | 14 | 10 | 13 | 36 | 35 | |||||||||||||||||||||
Securities available for sale | 196 | 188 | 135 | 557 | 398 | |||||||||||||||||||||
Held-to-maturity securities | 55 | 48 | 43 | 149 | 133 | |||||||||||||||||||||
Trading account assets | 8 | 7 | 4 | 21 | 14 | |||||||||||||||||||||
Short-term investments | 32 | 13 | 9 | 49 | 20 | |||||||||||||||||||||
Other investments | 5 | 4 | 1 | 11 | 5 | |||||||||||||||||||||
Total interest income | 1,444 | 1,193 | 1,087 | 3,717 | 3,264 | |||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Deposits | 59 | 20 | 15 | 93 | 52 | |||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 19 | 6 | — | 25 | — | |||||||||||||||||||||
Bank notes and other short-term borrowings | 24 | 9 | 2 | 36 | 6 | |||||||||||||||||||||
Long-term debt | 146 | 61 | 54 | 256 | 168 | |||||||||||||||||||||
Total interest expense | 248 | 96 | 71 | 410 | 226 | |||||||||||||||||||||
Net interest income | 1,196 | 1,097 | 1,016 | 3,307 | 3,038 | |||||||||||||||||||||
Provision for credit losses | 109 | 45 | (107) | 237 | (422) | |||||||||||||||||||||
Net interest income after provision for credit losses | 1,087 | 1,052 | 1,123 | 3,070 | 3,460 | |||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||
Trust and investment services income | 127 | 137 | 129 | 400 | 395 | |||||||||||||||||||||
Investment banking and debt placement fees | 154 | 149 | 235 | 466 | 614 | |||||||||||||||||||||
Service charges on deposit accounts | 92 | 96 | 91 | 279 | 247 | |||||||||||||||||||||
Operating lease income and other leasing gains | 19 | 28 | 37 | 79 | 111 | |||||||||||||||||||||
Corporate services income | 96 | 96 | 74 | 283 | 212 | |||||||||||||||||||||
Cards and payments income | 91 | 85 | 111 | 256 | 329 | |||||||||||||||||||||
Corporate-owned life insurance income | 33 | 35 | 33 | 99 | 94 | |||||||||||||||||||||
Consumer mortgage income | 14 | 14 | 33 | 49 | 106 | |||||||||||||||||||||
Commercial mortgage servicing fees | 44 | 45 | 34 | 125 | 112 | |||||||||||||||||||||
Other income | 13 | 3 | 20 | 11 | 65 | |||||||||||||||||||||
Total noninterest income | 683 | 688 | 797 | 2,047 | 2,285 | |||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Personnel | 655 | 607 | 640 | 1,892 | 1,887 | |||||||||||||||||||||
Net occupancy | 72 | 78 | 74 | 223 | 225 | |||||||||||||||||||||
Computer processing | 77 | 78 | 67 | 232 | 211 | |||||||||||||||||||||
Business services and professional fees | 47 | 52 | 56 | 152 | 157 | |||||||||||||||||||||
Equipment | 23 | 26 | 25 | 72 | 75 | |||||||||||||||||||||
Operating lease expense | 24 | 27 | 30 | 79 | 95 | |||||||||||||||||||||
Marketing | 30 | 34 | 32 | 92 | 89 | |||||||||||||||||||||
Intangible asset amortization | — | — | — | — | — | |||||||||||||||||||||
Other expense | 178 | 176 | 188 | 512 | 520 | |||||||||||||||||||||
Total noninterest expense | 1,106 | 1,078 | 1,112 | 3,254 | 3,259 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 664 | 662 | 808 | 1,863 | 2,486 | |||||||||||||||||||||
Income taxes | 124 | 132 | 165 | 346 | 501 | |||||||||||||||||||||
Income (loss) from continuing operations | 540 | 530 | 643 | 1,517 | 1,985 | |||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | 2 | 3 | 2 | 6 | 11 | |||||||||||||||||||||
Net income (loss) | 542 | 533 | 645 | 1,523 | 1,996 | |||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||||||||
Net income (loss) attributable to Key | $ | 542 | $ | 533 | $ | 645 | $ | 1,523 | $ | 1,996 | ||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | 513 | $ | 504 | $ | 616 | $ | 1,437 | $ | 1,905 | ||||||||||||||||
Net income (loss) attributable to Key common shareholders | 515 | 507 | 618 | 1,443 | 1,916 | |||||||||||||||||||||
Per common share | ||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .55 | $ | .54 | $ | .65 | $ | 1.55 | $ | 1.99 | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | .01 | .01 | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .55 | .55 | .66 | 1.56 | 2 | |||||||||||||||||||||
Per common share — assuming dilution | ||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .55 | $ | .54 | $ | .65 | $ | 1.54 | $ | 1.98 | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | .01 | .01 | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .55 | .54 | $ | .65 | 1.55 | 1.99 | ||||||||||||||||||||
Cash dividends declared per common share | $ | .195 | $ | .195 | $ | .185 | $ | .585 | $ | .555 | ||||||||||||||||
Weighted-average common shares outstanding (000) | 924,594 | 924,302 | 942,446 | 924,085 | 955,069 | |||||||||||||||||||||
Effect of common share options and other stock awards | 7,861 | 7,506 | 10,077 | 8,679 | 9,712 | |||||||||||||||||||||
Weighted-average common shares and potential common shares outstanding (000) (b) | 932,455 | 931,808 | 952,523 | 932,764 | 964,781 | |||||||||||||||||||||
(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.