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8-K Filing
KeyCorp (KEY) 8-KKeycorp Reports First Quarter 2012
Filed: 19 Apr 12, 12:00am
Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
3-31-12 | 12-31-11 | 3-31-11 | ||||||||||
Assets | ||||||||||||
Loans | $ | 49,226 | $ | 49,575 | $ | 48,552 | ||||||
Loans held for sale | 511 | 728 | 426 | |||||||||
Securities available for sale | 14,633 | 16,012 | 19,448 | |||||||||
Held-to-maturity securities | 3,019 | 2,109 | 19 | |||||||||
Trading account assets | 614 | 623 | 1,041 | |||||||||
Short-term investments | 3,605 | 3,519 | 3,705 | |||||||||
Other investments | 1,188 | 1,163 | 1,402 | |||||||||
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Total earning assets | 72,796 | 73,729 | 74,593 | |||||||||
Allowance for loan and lease losses | (944 | ) | (1,004 | ) | (1,372 | ) | ||||||
Cash and due from banks | 416 | 694 | 540 | |||||||||
Premises and equipment | 937 | 944 | 906 | |||||||||
Operating lease assets | 335 | 350 | 491 | |||||||||
Goodwill | 917 | 917 | 917 | |||||||||
Other intangible assets | 15 | 17 | 20 | |||||||||
Corporate-owned life insurance | 3,270 | 3,256 | 3,187 | |||||||||
Derivative assets | 830 | 945 | 1,005 | |||||||||
Accrued income and other assets | 3,091 | 3,077 | 3,758 | |||||||||
Discontinued assets | 5,768 | 5,860 | 6,393 | |||||||||
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Total assets | $ | 87,431 | $ | 88,785 | $ | 90,438 | ||||||
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Liabilities | ||||||||||||
Deposits in domestic offices: | ||||||||||||
NOW and money market deposit accounts | $ | 29,124 | $ | 27,954 | $ | 26,177 | ||||||
Savings deposits | 2,075 | 1,962 | 1,964 | |||||||||
Certificates of deposit ($100,000 or more) | 3,984 | 4,111 | 5,314 | |||||||||
Other time deposits | 5,848 | 6,243 | 7,597 | |||||||||
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Total interest-bearing deposits | 41,031 | 40,270 | 41,052 | |||||||||
Noninterest-bearing deposits | 19,606 | 21,098 | 16,495 | |||||||||
Deposits in foreign office — interest-bearing | 857 | 588 | 3,263 | |||||||||
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Total deposits | 61,494 | 61,956 | 60,810 | |||||||||
Federal funds purchased and securities sold under repurchase agreements | 1,846 | 1,711 | 2,232 | |||||||||
Bank notes and other short-term borrowings | 324 | 337 | 685 | |||||||||
Derivative liabilities | 754 | 1,026 | 1,106 | |||||||||
Accrued expense and other liabilities | 1,450 | 1,763 | 1,931 | |||||||||
Long-term debt | 8,898 | 9,520 | 11,048 | |||||||||
Discontinued liabilities | 2,549 | 2,550 | 2,929 | |||||||||
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Total liabilities | 77,315 | 78,863 | 80,741 | |||||||||
Equity | ||||||||||||
Preferred stock, Series A | 291 | 291 | 291 | |||||||||
Common shares | 1,017 | 1,017 | 1,017 | |||||||||
Common stock warrant | — | — | 87 | |||||||||
Capital surplus | 4,116 | 4,194 | 4,167 | |||||||||
Retained earnings | 6,411 | 6,246 | 5,721 | |||||||||
Treasury stock, at cost | (1,717 | ) | (1,815 | ) | (1,823 | ) | ||||||
Accumulated other comprehensive income (loss) | (19 | ) | (28 | ) | (35 | ) | ||||||
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Key shareholders’ equity | 10,099 | 9,905 | 9,425 | |||||||||
Noncontrolling interests | 17 | 17 | 272 | |||||||||
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Total equity | 10,116 | 9,922 | 9,697 | |||||||||
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Total liabilities and equity | $ | 87,431 | $ | 88,785 | $ | 90,438 | ||||||
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Common shares outstanding (000) | 956,102 | 953,008 | 953,926 |
Consolidated Statements of Income
(dollars in millions, except per share amounts)
Three months ended | ||||||||||||
3-31-12 | 12-31-11 | 3-31-11 | ||||||||||
Interest income | ||||||||||||
Loans | $ | 536 | $ | 542 | $ | 570 | ||||||
Loans held for sale | 5 | 4 | 4 | |||||||||
Securities available for sale | 116 | 128 | 166 | |||||||||
Held-to-maturity securities | 12 | 9 | — | |||||||||
Trading account assets | 6 | 5 | 7 | |||||||||
Short-term investments | 1 | 1 | 1 | |||||||||
Other investments | 8 | 9 | 12 | |||||||||
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Total interest income | 684 | 698 | 760 | |||||||||
Interest expense | ||||||||||||
Deposits | 77 | 85 | 110 | |||||||||
Federal funds purchased and securities sold under repurchase agreements | 1 | 1 | 1 | |||||||||
Bank notes and other short-term borrowings | 2 | 2 | 3 | |||||||||
Long-term debt | 51 | 53 | 49 | |||||||||
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Total interest expense | 131 | 141 | 163 | |||||||||
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Net interest income | 553 | 557 | 597 | |||||||||
Provision (credit) for loan and lease losses | 42 | (22 | ) | (40 | ) | |||||||
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Net interest income (expense) after provision for loan and lease losses | 511 | 579 | 637 | |||||||||
Noninterest income | ||||||||||||
Trust and investment services income | 109 | 104 | 110 | |||||||||
Service charges on deposit accounts | 68 | 70 | 68 | |||||||||
Operating lease income | 22 | 25 | 35 | |||||||||
Letter of credit and loan fees | 54 | 56 | 55 | |||||||||
Corporate-owned life insurance income | 30 | 35 | 27 | |||||||||
Net securities gains (losses)(a) | — | — | (1 | ) | ||||||||
Electronic banking fees | 17 | 18 | 30 | |||||||||
Gains on leased equipment | 27 | 9 | 4 | |||||||||
Insurance income | 12 | 11 | 15 | |||||||||
Net gains (losses) from loan sales | 22 | 27 | 19 | |||||||||
Net gains (losses) from principal investing | 35 | (8 | ) | 35 | ||||||||
Investment banking and capital markets income (loss) | 43 | 24 | 43 | |||||||||
Other income | 33 | 43 | 17 | |||||||||
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Total noninterest income | 472 | 414 | 457 | |||||||||
Noninterest expense | ||||||||||||
Personnel | 385 | 387 | 371 | |||||||||
Net occupancy | 64 | 66 | 65 | |||||||||
Operating lease expense | 17 | 18 | 28 | |||||||||
Computer processing | 41 | 42 | 42 | |||||||||
Business services and professional fees | 38 | 57 | 38 | |||||||||
FDIC assessment | 8 | 7 | 29 | |||||||||
OREO expense, net | 6 | 5 | 10 | |||||||||
Equipment | 26 | 25 | 26 | |||||||||
Marketing | 13 | 24 | 10 | |||||||||
Provision (credit) for losses on lending-related commitments | — | (11 | ) | (4 | ) | |||||||
Other expense | 105 | 97 | 86 | |||||||||
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Total noninterest expense | 703 | 717 | 701 | |||||||||
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Income (loss) from continuing operations before income taxes | 280 | 276 | 393 | |||||||||
Income taxes | 75 | 69 | 111 | |||||||||
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Income (loss) from continuing operations | 205 | 207 | 282 | |||||||||
Income (loss) from discontinued operations, net of taxes | (5 | ) | (7 | ) | (11 | ) | ||||||
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Net income (loss) | 200 | 200 | 271 | |||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | 8 | |||||||||
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Net income (loss) attributable to Key | $ | 200 | $ | 200 | $ | 263 | ||||||
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Income (loss) from continuing operations attributable to Key common shareholders | $ | 199 | $ | 201 | $ | 184 | ||||||
Net income (loss) attributable to Key common shareholders | 194 | 194 | 173 | |||||||||
Per common share | ||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .21 | $ | .21 | $ | .21 | ||||||
Income (loss) from discontinued operations, net of taxes | (.01 | ) | (.01 | ) | (.01 | ) | ||||||
Net income (loss) attributable to Key common shareholders | .20 | .20 | .20 | |||||||||
Per common share — assuming dilution | ||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .21 | $ | .21 | $ | .21 | ||||||
Income (loss) from discontinued operations, net of taxes | (.01 | ) | (.01 | ) | (.01 | ) | ||||||
Net income (loss) attributable to Key common shareholders (c) | .20 | .20 | .19 | |||||||||
Cash dividends declared per common share | $ | .03 | $ | .03 | $ | .01 | ||||||
Weighted-average common shares outstanding (000) | 949,342 | 948,658 | 881,894 | |||||||||
Weighted-average common shares and potential common shares outstanding (000) (b) | 953,971 | 951,684 | 887,836 |
(a) | For the three months ended March 31, 2012, December 31, 2011, and March 31, 2011 Key did not have any impairment losses related to securities. |
(b) | Assumes conversion of stock options and/or Preferred Series A shares, as applicable. |
(c) | Earnings per share may not foot due to rounding. |