Keycorp (TG:KEY)
Historical Stock Chart
From Jul 2019 to Jul 2024
Financial Highlights
(dollars in millions, except per share amounts)
Three months ended
6-30-08 3-31-08 6-30-07
Summary of operations
Net interest income (TE) $(100) (a) $704 (a) $706
Noninterest income 555 528 649
Total revenue (TE) 455 1,232 1,355
Provision for loan losses 647 187 53
Noninterest expense 781 732 815
(Loss) income from continuing
operations (1,126) 218 337
Loss from discontinued operations,
net of taxes (b) -- -- (3)
Net (loss) income (1,126) (a) 218 (a) 334
Net (loss) income applicable to
common shares (1,126) 218 334
Per common share
(Loss) income from continuing
operations $(2.70) $.55 $.86
(Loss) income from continuing
operations - assuming dilution (2.70) .54 .85
Loss from discontinued operations (b) -- -- (.01)
Loss from discontinued operations -
assuming dilution (b) -- -- (.01)
Net (loss) income (2.70) .55 .85
Net (loss) income - assuming dilution (2.70) (a) .54 (a) .84
Cash dividends paid .375 .375 .365
Book value at period end 16.59 21.48 19.78
Tangible book value at period end 13.00 17.07 16.41
Market price at period end 10.98 21.95 34.33
Performance ratios - from continuing
operations
Return on average total assets (4.38)% .85 % 1.45 %
Return on average common equity (53.35) 10.38 17.66
Return on average total equity (52.56) 10.38 17.66
Net interest margin (TE) (.44) 3.14 3.46
Performance ratios - from consolidated
operations
Return on average total assets (4.38)% (a) .85 % (a) 1.43 %
Return on average common equity (53.35)(a) 10.38(a) 17.50
Return on average total equity (52.56)(a) 10.38(a) 17.50
Net interest margin (TE) (.44)(a) 3.14(a) 3.46
Capital ratios at period end
Equity to assets 8.57 % 8.47 % 8.28 %
Tangible equity to tangible assets 6.98 6.85 6.97
Tier 1 risk-based capital (c) 8.49 8.33 8.14
Total risk-based capital (c) 12.35 12.34 12.15
Leverage (c) 9.33 9.15 9.11
Asset quality
Net loan charge-offs $524 $121 $53
Net loan charge-offs to average loans
from continuing operations 2.75 % .67 % .32 %
Allowance for loan losses $1,421 $1,298 $945
Allowance for loan losses to period-
end loans 1.87 % 1.70 % 1.42 %
Allowance for loan losses to
nonperforming loans 174.57 123.15 342.39
Nonperforming loans at period end $814 $1,054 $276
Nonperforming assets at period end 1,210 1,115 378
Nonperforming loans to period-end
portfolio loans 1.07 % 1.38 % .41 %
Nonperforming assets to period-end
portfolio loans plus
OREO and other nonperforming assets 1.59 1.46 .57
Trust and brokerage assets
Assets under management $80,998 $80,453 $85,592
Nonmanaged and brokerage assets 29,905 30,532 33,485
Other data
Average full-time equivalent
employees 18,164 18,426 18,888
Branches 985 985 954
Taxable-equivalent adjustment $(458) $(9) $20
Financial Highlights (continued)
(dollars in millions, except per share amounts)
Six months ended
6-30-08 6-30-07
Summary of operations
Net interest income (TE) $604 (a) $1,406
Noninterest income 1,083 1,303
Total revenue (TE) 1,687 2,709
Provision for loan losses 834 97
Noninterest expense 1,513 1,599
(Loss) income from continuing
operations (908) 695
Loss from discontinued operations,
net of taxes (b) -- (11)
Net (loss) income (908)(a) 684
Net (loss) income applicable to
common shares (908) 684
Per common share
(Loss) income from continuing
operations $(2.23) $1.76
(Loss) income from continuing
operations - assuming dilution (2.23) 1.74
Loss from discontinued operations (b) -- (.03)
Loss from discontinued operations -
assuming dilution (b) -- (.03)
Net (loss) income (2.23) 1.73
Net (loss) income - assuming
dilution (2.23)(a) 1.71
Cash dividends paid .75 .73
Performance ratios - from continuing
operations
Return on average total assets (1.77)% 1.51 %
Return on average common equity (21.57) 18.35
Return on average total equity (21.40) 18.35
Net interest margin (TE) 1.35 3.48
Performance ratios - from consolidated
operations
Return on average total assets (1.77)% (a) 1.49 %
Return on average common equity (21.57)(a) 18.06
Return on average total equity (21.40)(a) 18.06
Net interest margin (TE) 1.35 (a) 3.49
Asset quality
Net loan charge-offs $645 $97
Net loan charge-offs to average
loans from continuing operations 1.74 % .30 %
Other data
Average full-time equivalent
employees 18,295 19,342
Taxable-equivalent adjustment $(467) $41
(a) The following table entitled "GAAP to Non-GAAP Reconciliations" presents computations of certain earnings data and performance ratios, excluding charges related to the tax treatment of certain leveraged lease financing transactions disallowed by the Internal Revenue Service. The table reconciles the related GAAP measures to these non-GAAP measures and provides a basis for period-to-period comparisons.
(b) Key sold the subprime mortgage loan portfolio held by the Champion Mortgage finance business in November 2006, and completed the sale of Champion's origination platform in February 2007. As a result of these actions, Key has accounted for this business as a discontinued operation.
(c) 6-30-08 ratio is estimated.
TE = Taxable Equivalent
GAAP to Non-GAAP Reconciliations
(dollars in millions, except per share amounts)
As a result of an adverse federal court ruling on Key's tax treatment of a service contract lease transaction entered into by AWG Leasing Trust, in which Key is a partner, Key recorded after-tax charges of $1.011 billion, or $2.43 per common share, during the second quarter of 2008. Additionally, during the first quarter of 2008, Key increased its tax reserves for certain lease in, lease out transactions and recalculated its lease income in accordance with prescribed accounting standards, resulting in after-tax charges of $38 million, or $0.10 per common share. The table below presents computations of certain earnings data and performance ratios, excluding these charges (non-GAAP), reconciles the related GAAP measures to these non-GAAP measures and provides a basis for period-to-period comparisons. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Non-GAAP financial measures should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP.
Six
Three months ended months ended
6-30-08 3-31-08 6-30-08
Net income
Net (loss) income (GAAP) A $(1,126) $218 $(908)
Charges related to leveraged lease
tax litigation, after tax 1,011 38 1,049
Net (loss) income, excluding
charges related to leveraged
lease tax litigation (non-GAAP) B $(115) $256 $141
Weighted-average common shares
and potential common shares
outstanding (000) C 416,629 399,769 407,875
Per common share
Net (loss) income - assuming
dilution (GAAP) A/C $(2.70) $.54 $(2.23)
Net (loss) income, excluding
charges related to leveraged
lease tax litigation -
assuming dilution (non-GAAP) B/C (.28) .64 .34
Performance ratios
Return on average total
assets (a)
Average total assets D $103,290 $103,356 $103,323
Return on average total assets
(GAAP) A/D (4.38)% .85 % (1.77)%
Return on average total assets,
excluding charges related to
leveraged lease tax
litigation (non-GAAP) B/D (.45) 1.00 .27
Return on average common
equity (a)
Average common equity E $8,489 $8,445 $8,467
Return on average common equity
(GAAP) A/E (53.35)% 10.38 % (21.57)%
Return on average common equity,
excluding charges related to
leveraged lease tax
litigation (non-GAAP) B/E (5.45) 12.19 3.35
Return on average total
equity (a)
Average total equity F $8,617 $8,445 $8,531
Return on average total equity
(GAAP) A/F (52.56)% 10.38 % (21.40)%
Return on average total equity,
excluding charges related to
leveraged lease tax
litigation (non-GAAP) B/F (5.37) 12.19 3.32
Net interest income
Net interest income (GAAP) $358 $713 $1,071
Charges related to leveraged lease
tax litigation, pre-tax 359 3 362
Net interest income, excluding
charges related to leveraged lease
tax litigation (non-GAAP) $717 $716 $1,433
Net interest income/margin (TE)
Net interest income (TE) (as
reported) $(100) $704 $604
Charges related to leveraged lease
tax litigation, pre-tax (TE) 838 34 872
Net interest income, excluding
charges related to leveraged lease
tax litigation (TE) (adjusted basis) $738 $738 $1,476
Net interest margin (TE) (as
reported) (.44)% 3.14 % 1.35 %
Impact of charges related to
leveraged lease tax litigation,
pre-tax (TE) 3.76 .15 1.95
Net interest margin, excluding
charges related to leveraged lease
tax litigation (TE) (adjusted basis) 3.32 % 3.29 % 3.30 %
(a) Income statement amount has been annualized in calculation.
TE = Taxable Equivalent
GAAP = U.S. generally accepted accounting principles
Consolidated Balance Sheets
(dollars in millions)
6-30-08 3-31-08 6-30-07
Assets
Loans $75,855 $76,444 $66,692
Loans held for sale 1,833 1,674 4,546
Securities available for sale 8,312 8,419 7,819
Held-to-maturity securities 25 29 37
Trading account assets 1,483 1,015 994
Short-term investments 826 577 471
Other investments 1,559 1,561 1,602
Total earning assets 89,893 89,719 82,161
Allowance for loan losses (1,421) (1,298) (945)
Cash and due from banks 1,912 1,730 1,818
Premises and equipment 748 712 600
Operating lease assets 1,089 1,070 1,110
Goodwill 1,598 1,599 1,202
Other intangible assets 146 164 110
Corporate-owned life insurance 2,917 2,894 2,822
Derivative assets 1,693 1,508 374
Accrued income and other assets 2,969 3,394 3,715
Total assets $101,544 $101,492 $92,967
Liabilities
Deposits in domestic offices:
NOW and money market deposit
accounts $27,278 $26,527 $23,315
Savings deposits 1,809 1,826 1,613
Certificates of deposit ($100,000
or more) 8,699 8,330 6,197
Other time deposits 12,541 12,933 11,832
Total interest-bearing
deposits 50,327 49,616 42,957
Noninterest-bearing deposits 10,561 10,896 14,199
Deposits in foreign office -
interest-bearing 3,508 4,190 3,443
Total deposits 64,396 64,702 60,599
Federal funds purchased and
securities sold under
repurchase agreements 2,088 3,503 4,362
Bank notes and other short-term
borrowings 5,985 5,464 2,476
Derivative liabilities 637 465 248
Accrued expense and other
liabilities 4,626 4,429 5,000
Long-term debt 15,106 14,337 12,581
Total liabilities 92,838 92,900 85,266
Shareholders' equity
Preferred stock 650 -- --
Common shares 577 492 492
Capital surplus 2,544 1,659 1,652
Retained earnings 7,461 8,737 8,720
Treasury stock, at cost (2,675) (2,689) (2,994)
Accumulated other comprehensive
income (loss) 149 393 (169)
Total shareholders' equity 8,706 8,592 7,701
Total liabilities and shareholders'
equity $101,544 $101,492 $92,967
Common shares outstanding (000) 485,662 400,071 389,362
Consolidated Statements of Income
(dollars in millions, except per share amounts)
Three months ended Six months ended
6-30-08 3-31-08 6-30-07 6-30-08 6-30-07
Interest income
Loans $717 $1,123 $1,176 $1,840 $2,337
Loans held for sale 20 87 82 107 157
Securities available for
sale 111 109 106 220 206
Held-to-maturity securities -- 1 -- 1 1
Trading account assets 10 13 7 23 14
Short-term investments 8 9 9 17 20
Other investments 14 12 15 26 28
Total interest income 880 1,354 1,395 2,234 2,763
Interest expense
Deposits 347 428 447 775 880
Federal funds purchased and
securities sold under
repurchase agreements 15 28 59 43 108
Bank notes and other short-
term borrowings 27 39 18 66 29
Long-term debt 133 146 185 279 381
Total interest expense 522 641 709 1,163 1,398
Net interest income 358 713 686 1,071 1,365
Provision for loan losses 647 187 53 834 97
Net interest income after
provision for loan losses (289) 526 633 237 1,268
Noninterest income
Trust and investment
services income 138 129 115 267 240
Service charges on deposit
accounts 93 88 84 181 159
Investment banking and
capital markets income 80 8 52 88 96
Operating lease income 68 69 66 137 130
Letter of credit and loan
fees 51 37 45 88 83
Corporate-owned life
insurance income 28 28 32 56 57
Electronic banking fees 27 24 25 51 49
Net gains (losses) from
loan securitizations and
sales 33 (101) 33 (68) 42
Net securities (losses)
gains (1) 3 2 2 (45)
Net (losses) gains from
principal investing (14) 9 90 (5) 119
Gain from redemption of
Visa Inc. shares -- 165 -- 165 --
Gain from sale of McDonald
Investments branch network -- -- -- -- 171
Other income 52 69 105 121 202
Total noninterest income 555 528 649 1,083 1,303
Noninterest expense
Personnel 404 409 411 813 839
Net occupancy 62 66 59 128 122
Computer processing 43 47 49 90 100
Operating lease expense 55 58 55 113 107
Professional fees 33 23 26 56 52
Equipment 23 24 24 47 49
Marketing 21 14 20 35 39
Other expense 140 91 171 231 291
Total noninterest expense 781 732 815 1,513 1,599
(Loss) income from
continuing operations
before income taxes (515) 322 467 (193) 972
Income taxes 611 104 130 715 277
(Loss) income from
continuing operations (1,126) 218 337 (908) 695
Loss from discontinued
operations, net of taxes -- -- (3) -- (11)
Net (loss) income $(1,126) $218 $334 $(908) $684
Net (loss) income applicable
to common shares $(1,126) $218 $334 $(908) $684
Per common share:
(Loss) income from
continuing operations $(2.70) $.55 $.86 $(2.23) $1.76
Net (loss) income (2.70) .55 .85 (2.23) 1.73
Per common share - assuming
dilution:
(Loss) income from
continuing operations $(2.70) $.54 $.85 $(2.23) $1.74
Net (loss) income (2.70) .54 .84 (2.23) 1.71
Cash dividends declared per
common share $.375 -- $.365 $.375 $.73
Weighted-average common
shares outstanding (000) 416,629 399,121 392,045 407,875 394,944
Weighted-average common
shares and potential
common shares
outstanding (000) 416,629 399,769 396,918 407,875 400,180
Consolidated Average Balance Sheets, Net Interest Income and Yields/Rates
From Continuing Operations
(dollars in millions)
Second Quarter 2008
Average
Balance Interest Yield/Rate
Assets
Loans: (a,b)
Commercial, financial and
agricultural $26,057 $352 5.42 %
Real estate - commercial
mortgage 10,593 156 5.91
Real estate - construction 8,484 118 5.61
Commercial lease financing 9,798 (709) (28.94)(c)
Total commercial loans 54,932 (83) (.58)
Real estate - residential 1,918 30 6.12
Home equity:
Community Banking 9,765 140 5.78
National Banking 1,200 23 7.68
Total home equity loans 10,965 163 5.99
Consumer other - Community
Banking 1,271 33 10.34
Consumer other - National Banking:
Marine 3,646 56 6.26
Education 3,595 53 5.88
Other 325 7 8.21
Total consumer other -
National Banking 7,566 116 6.16
Total consumer loans 21,720 342 6.32
Total loans 76,652 259 1.37
Loans held for sale 1,356 20 5.94
Securities available for sale
(a,d) 8,315 111 5.40
Held-to-maturity securities (a) 25 -- 11.47
Trading account assets 1,041 10 3.88
Short-term investments 773 8 3.83
Other investments (d) 1,580 14 3.09
Total earning assets 89,742 422 1.89
Allowance for loan losses (1,338)
Accrued income and other assets 14,886
Total assets $103,290
Liabilities
NOW and money market deposit
accounts $27,158 102 1.51
Savings deposits 1,815 1 .27
Certificates of deposit
($100,000 or more) (e) 8,670 88 4.09
Other time deposits 12,751 135 4.27
Deposits in foreign office 4,121 21 1.95
Total interest-bearing
deposits 54,515 347 2.56
Federal funds purchased and
securities sold under repurchase
agreements 3,267 15 1.86
Bank notes and other short-term
borrowings 4,770 27 2.26
Long-term debt (e,f) 14,620 133 3.87
Total interest-bearing
liabilities 77,172 522 2.75
Noninterest-bearing deposits 10,617
Accrued expense and other
liabilities 6,884
Total liabilities 94,673
Shareholders' equity
Preferred stock 128
Common shareholders' equity 8,489
Total shareholders' equity 8,617
Total liabilities and
shareholders' equity $103,290
Interest rate spread (TE) (.86) %
Net interest income (TE) and net
interest margin (TE) (100)(c) (.44) %(c)
TE adjustment (a) (458)
Net interest income, GAAP basis $358
Consolidated Average Balance Sheets, Net Interest Income and Yields/Rates
From Continuing Operations
(dollars in millions)
First Quarter 2008
Average
Balance Interest Yield/Rate
Assets
Loans: (a,b)
Commercial, financial and
agricultural $25,411 $392 6.21 %
Real estate - commercial
mortgage 10,283 175 6.84
Real estate - construction 8,468 134 6.36
Commercial lease financing 10,004 98 3.91 (c)
Total commercial loans 54,166 799 5.93
Real estate - residential 1,916 30 6.29
Home equity:
Community Banking 9,693 154 6.38
National Banking 1,260 24 7.74
Total home equity loans 10,953 178 6.54
Consumer other - Community
Banking 1,305 34 10.59
Consumer other - National Banking:
Marine 3,646 58 6.31
Education 363 7 8.04
Other 339 7 8.32
Total consumer other -
National Banking 4,348 72 6.61
Total consumer loans 18,522 314 6.81
Total loans 72,688 1,113 6.15
Loans held for sale 4,984 87 7.01
Securities available for sale
(a,d) 8,419 110 5.28
Held-to-maturity securities (a) 29 1 11.02
Trading account assets 1,075 13 4.84
Short-term investments 1,165 9 3.18
Other investments (d) 1,552 12 3.05
Total earning assets 89,912 1,345 6.01
Allowance for loan losses (1,236)
Accrued income and other assets 14,680
Total assets $103,356
Liabilities
NOW and money market deposit
accounts $26,996 139 2.07
Savings deposits 1,865 3 .62
Certificates of deposit
($100,000 or more) (e) 8,072 95 4.72
Other time deposits 12,759 146 4.59
Deposits in foreign office 5,853 45 3.13
Total interest-bearing
deposits 55,545 428 3.10
Federal funds purchased and
securities sold under repurchase
agreements 3,863 28 2.91
Bank notes and other short-term
borrowings 4,934 39 3.22
Long-term debt (e,f) 13,238 146 4.71
Total interest-bearing
liabilities 77,580 641 3.36
Noninterest-bearing deposits 10,741
Accrued expense and other
liabilities 6,590
Total liabilities 94,911
Shareholders' equity
Preferred stock --
Common shareholders' equity 8,445
Total shareholders' equity 8,445
Total liabilities and
shareholders' equity $103,356
Interest rate spread (TE) 2.65 %
Net interest income (TE) and net
interest margin (TE) 704(c) 3.14 %(c)
TE adjustment (a) (9)
Net interest income, GAAP basis $713
Consolidated Average Balance Sheets, Net Interest Income and Yields/Rates
From Continuing Operations
(dollars in millions)
Second Quarter 2007
Average
Balance Interest Yield/Rate
Assets
Loans: (a,b)
Commercial, financial and
agricultural $21,856 $401 7.36 %
Real estate - commercial
mortgage 8,565 165 7.75
Real estate - construction 8,243 167 8.09
Commercial lease financing 10,096 142 5.62
Total commercial loans 48,760 875 7.19
Real estate - residential 1,472 24 6.57
Home equity:
Community Banking 9,660 172 7.15
National Banking 1,092 21 7.86
Total home equity loans 10,752 193 7.22
Consumer other - Community
Banking 1,370 37 10.64
Consumer other - National
Banking:
Marine 3,323 52 6.26
Education 329 8 9.56
Other 309 7 9.18
Total consumer other -
National Banking 3,961 67 6.76
Total consumer loans 17,555 321 7.33
Total loans 66,315 1,196 7.23
Loans held for sale 4,415 82 7.50
Securities available for sale
(a,d) 7,793 106 5.45
Held-to-maturity securities (a) 39 -- 6.72
Trading account assets 813 8 3.58
Short-term investments 671 8 4.93
Other investments (d) 1,541 15 3.68
Total earning assets 81,587 1,415 6.95
Allowance for loan losses (942)
Accrued income and other assets 12,767
Total assets $93,412
Liabilities
NOW and money market deposit
accounts $22,953 179 3.14
Savings deposits 1,633 1 .19
Certificates of deposit
($100,000 or more) (e) 6,237 79 5.03
Other time deposits 12,047 141 4.70
Deposits in foreign office 3,600 47 5.20
Total interest-bearing
deposits 46,470 447 3.85
Federal funds purchased and
securities sold under repurchase
agreements 4,748 59 5.04
Bank notes and other short-term
borrowings 1,771 18 4.14
Long-term debt (e,f) 12,909 185 5.83
Total interest-bearing
liabilities 65,898 709 4.33
Noninterest-bearing deposits 13,927
Accrued expense and other
liabilities 5,933
Total liabilities 85,758
Shareholders' equity
Preferred stock --
Common shareholders' equity 7,654
Total shareholders' equity 7,654
Total liabilities and
shareholders' equity $93,412
Interest rate spread (TE) 2.62 %
Net interest income (TE) and net
interest margin (TE) 706 3.46 %
TE adjustment (a) 20
Net interest income, GAAP basis $686
Average balances have not been restated to reflect Key's January 1, 2008, adoption of Financial Accounting Standards Board ("FASB") Interpretation No. 39, "Offsetting of Amounts Related to Certain Contracts," and FASB Staff Position FIN 39-1, "Amendment of FASB Interpretation 39."
(a) Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 35%.
(b) For purposes of these computations, nonaccrual loans are included in average loan balances.
(c) During the second quarter of 2008, Key's taxable-equivalent net interest income and net income were reduced by $838 million and $1.011 billion, respectively, as a result of an adverse federal court ruling on Key's tax treatment of a service contract lease transaction. Excluding this reduction, the taxable-equivalent yield on Key's commercial lease financing portfolio would have been 5.25% for the second quarter of 2008, and Key's taxable-equivalent net interest margin would have been 3.32%. During the prior quarter, Key increased its tax reserves for certain lease in, lease out transactions and recalculated its lease income in accordance with prescribed accounting standards. These actions reduced Key's first quarter 2008 taxable- equivalent net interest income and net income by $34 million and $38 million, respectively. Excluding this reduction, the taxable-equivalent yield on Key's commercial lease financing portfolio would have been 5.27% for the first quarter of 2008, and Key's taxable-equivalent net interest margin would have been 3.29%.
(d) Yield is calculated on the basis of amortized cost.
(e) Rate calculation excludes basis adjustments related to fair value hedges.
(f) Results from continuing operations exclude the dollar amount of liabilities assumed necessary to support interest-earning assets held by the discontinued Champion Mortgage finance business. The interest expense related to these liabilities, which also is excluded from continuing operations, was calculated using a matched funds transfer pricing methodology.
TE = Taxable Equivalent
GAAP = U.S. generally accepted accounting principles
Consolidated Average Balance Sheets, Net Interest Income and Yields/Rates
From Continuing Operations
(dollars in millions)
Six months ended Six months ended
June 30, 2008 June 30, 2007
Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
Assets
Loans: (a,b)
Commercial,
financial and
agricultural $25,734 $744 5.81 % $21,710 $793 7.37 %
Real estate -
commercial
mortgage 10,438 331 6.37 8,496 328 7.79
Real estate -
construction 8,476 252 5.98 8,235 333 8.14
Commercial lease
financing 9,901 (611) (12.34)(c) 10,095 288 5.70
Total
commercial
loans 54,549 716 2.65 48,536 1,742 7.23
Real estate -
residential 1,917 60 6.20 1,458 48 6.58
Home equity:
Community Banking 9,729 294 6.08 9,668 343 7.15
National Banking 1,230 47 7.71 1,061 41 7.87
Total home
equity loans 10,959 341 6.26 10,729 384 7.22
Consumer other -
Community Banking 1,288 67 10.46 1,410 73 10.39
Consumer other -
National Banking:
Marine 3,646 114 6.28 3,221 101 6.27
Education 1,979 60 6.07 334 16 9.53
Other 332 14 8.27 306 14 9.10
Total consumer
other -
National
Banking 5,957 188 6.32 3,861 131 6.77
Total consumer
loans 20,121 656 6.55 17,458 636 7.33
Total loans 74,670 1,372 3.70 65,994 2,378 7.25
Loans held for sale 3,170 107 6.78 4,179 157 7.59
Securities
available for
sale (a,d) 8,367 221 5.34 7,671 206 5.36
Held-to-maturity
securities (a) 27 1 11.23 39 1 6.96
Trading account
assets 1,058 23 4.37 783 14 3.68
Short-term
investments 969 17 3.44 762 20 5.09
Other investments (d) 1,566 26 3.07 1,471 28 3.66
Total earning
assets 89,827 1,767 3.95 80,899 2,804 6.97
Allowance for loan
losses (1,287) (942)
Accrued income and
other assets 14,783 12,801
Total assets $103,323 $92,758
Liabilities
NOW and money
market deposit
accounts $27,077 241 1.79 $23,187 356 3.10
Savings deposits 1,840 4 .45 1,631 2 .19
Certificates of
deposit ($100,000
or more) (e) 8,371 183 4.39 6,194 155 5.03
Other time
deposits 12,755 281 4.43 12,055 279 4.67
Deposits in
foreign office 4,987 66 2.64 3,430 88 5.16
Total interest-
bearing
deposits 55,030 775 2.83 46,497 880 3.81
Federal funds
purchased and
securities
sold under
repurchase
agreements 3,565 43 2.43 4,328 108 5.04
Bank notes and
other short-term
borrowings 4,852 66 2.75 1,444 29 4.08
Long-term debt (e,f) 13,929 279 4.27 13,261 381 5.87
Total interest-
bearing
liabilities 77,376 1,163 3.05 65,530 1,398 4.31
Noninterest-
bearing deposits 10,679 13,584
Accrued expense
and other
liabilities 6,737 6,008
Total
liabilities 94,792 85,122
Shareholders' equity
Preferred stock 64 --
Common shareholders'
equity 8,467 7,636
Total
shareholders'
equity 8,531 7,636
Total
liabilities
and
shareholders'
equity $103,323 $92,758
Interest rate spread
(TE) .90 % 2.66 %
Net interest income
(TE) and net
interest margin
(TE) 604(c) 1.35 %(c) 1,406 3.48 %
TE adjustment (a) (467) 41
Net interest
income, GAAP
basis $1,071 $1,365
Average balances have not been restated to reflect Key's January 1, 2008, adoption of Financial Accounting Standards Board ("FASB") Interpretation No. 39, "Offsetting of Amounts Related to Certain Contracts," and FASB Staff Position FIN 39-1, "Amendment of FASB Interpretation 39."
(a) Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 35%.
(b) For purposes of these computations, nonaccrual loans are included in average loan balances.
(c) During the second quarter of 2008, Key's taxable-equivalent net interest income and net income were reduced by $838 million and $1.011 billion, respectively, as a result of an adverse federal court ruling on Key's tax treatment of a service contract lease transaction. During the prior quarter, Key's taxable-equivalent net interest income and net income were reduced by $34 million and $38 million, respectively, as a result of an increase to Key's tax reserves for certain lease in, lease out transactions and a recalculation of its lease income in accordance with prescribed accounting standards. Excluding these reductions, the taxable-equivalent yield on Key's commercial lease financing portfolio would have been 5.26% for the first six months of 2008, and Key's taxable-equivalent net interest margin would have been 3.30%.
(d) Yield is calculated on the basis of amortized cost.
(e) Rate calculation excludes basis adjustments related to fair value hedges.
(f) Results from continuing operations exclude the dollar amount of liabilities assumed necessary to support interest-earning assets held by the discontinued Champion Mortgage finance business. The interest expense related to these liabilities, which also is excluded from continuing operations, was calculated using a matched funds transfer pricing methodology.
TE = Taxable Equivalent
GAAP = U.S. generally accepted accounting principles
Noninterest Income
(in millions)
Three months ended Six months ended
6-30-08 3-31-08 6-30-07 6-30-08 6-30-07
Trust and investment services
income (a) $138 $129 $115 $267 $240
Service charges on deposit accounts 93 88 84 181 159
Investment banking and capital
markets income (a) 80 8 52 88 96
Operating lease income 68 69 66 137 130
Letter of credit and loan fees 51 37 45 88 83
Corporate-owned life insurance income 28 28 32 56 57
Electronic banking fees 27 24 25 51 49
Net gains (losses) from loan
securitizations and sales 33 (101) 33 (68) 42
Net securities (losses) gains (1) 3 2 2 (45)
Net (losses) gains from principal
investing (14) 9 90 (5) 119
Gain from redemption of Visa Inc.
shares -- 165 -- 165 --
Gain from sale of McDonald
Investments branch network -- -- -- -- 171
Other income:
Insurance income 20 15 15 35 29
Loan securitization servicing
fees 5 4 6 9 11
Credit card fees 3 4 3 7 6
Gains related to MasterCard
Incorporated shares -- -- 40 -- 40
Litigation settlement -
automobile residual value
insurance -- -- -- -- 26
Miscellaneous income 24 46 41 70 90
Total other income 52 69 105 121 202
Total noninterest income $555 $528 $649 $1,083 $1,303
(a) Additional detail provided in tables below.
Trust and Investment Services Income
(in millions)
Three months ended Six months ended
6-30-08 3-31-08 6-30-07 6-30-08 6-30-07
Brokerage commissions and fee income $41 $33 $28 $74 $68
Personal asset management and custody
fees 40 41 41 81 81
Institutional asset management and
custody fees 57 55 46 112 91
Total trust and investment
services income $138 $129 $115 $267 $240
Investment Banking and Capital Markets Income
(in millions)
Three months ended Six months ended
6-30-08 3-31-08 6-30-07 6-30-08 6-30-07
Investment banking income $36 $22 $22 $58 $43
Income (loss) from other investments 1 (6) 6 (5) 11
Dealer trading and derivatives income
(loss) 28 (21) 12 7 20
Foreign exchange income 15 13 12 28 22
Total investment banking and
capital markets income $80 $8 $52 $88 $96
Noninterest Expense
(dollars in millions)
Three months ended Six months ended
6-30-08 3-31-08 6-30-07 6-30-08 6-30-07
Personnel (a) $404 $409 $411 $813 $839
Net occupancy 62 66 59 128 122
Computer processing 43 47 49 90 100
Operating lease expense 55 58 55 113 107
Professional fees 33 23 26 56 52
Equipment 23 24 24 47 49
Marketing 21 14 20 35 39
Other expense:
Postage and delivery 12 11 11 23 23
Franchise and business
taxes 8 8 8 16 17
Telecommunications 7 8 7 15 14
(Credit) provision for
losses on lending-
related commitments (2) (27) 6 (29) (2)
Miscellaneous expense 115 91 139 206 239
Total other expense 140 91 171 231 291
Total noninterest
expense $781 $732 $815 $1,513 $1,599
Average full-time equivalent
employees 18,164 18,426 18,888 (b) 18,295 19,342 (b)
(a) Additional detail provided in table below.
(b) The number of average full-time equivalent employees has not been
adjusted for discontinued operations.
Personnel Expense
(in millions)
Three months ended Six months ended
6-30-08 3-31-08 6-30-07 6-30-08 6-30-07
Salaries $235 $239 $236 $474 $481
Incentive compensation 79 74 82 153 157
Employee benefits 65 76 73 141 155
Stock-based compensation 17 14 16 31 40
Severance 8 6 4 14 6
Total personnel expense $404 $409 $411 $813 $839
Loan Composition
(dollars in millions)
Percent change
6-30-08 vs.
6-30-08 3-31-08 6-30-07 3-31-08 6-30-07
Commercial, financial and
agricultural $25,929 $25,777 $21,814 .6 % 18.9 %
Commercial real estate:
Commercial mortgage 10,737 10,479 8,629 2.5 24.4
Construction 7,849 8,473 8,214 (7.4) (4.4)
Total commercial real
estate loans 18,586 18,952 16,843 (1.9) 10.3
Commercial lease financing 9,610 10,000 10,138 (3.9) (5.2)
Total commercial loans 54,125 54,729 48,795 (1.1) 10.9
Real estate - residential
mortgage 1,928 1,954 1,572 (1.3) 22.6
Home equity:
Community Banking 9,851 9,678 9,736 1.8 1.2
National Banking 1,153 1,220 1,143 (5.5) .9
Total home equity loans 11,004 10,898 10,879 1.0 1.1
Consumer other - Community
Banking 1,261 1,266 1,366 (.4) (7.7)
Consumer other - National
Banking:
Marine 3,634 3,653 3,444 (.5) 5.5
Education (a) 3,584 3,608 327 (.7) 996.0
Other 319 336 309 (5.1) 3.2
Total consumer other -
National Banking 7,537 7,597 4,080 (.8) 84.7
Total consumer loans 21,730 21,715 17,897 .1 21.4
Total loans $75,855 $76,444 $66,692 (.8)% 13.7 %
Loans Held for Sale Composition
(dollars in millions)
Percent change
6-30-08 vs.
6-30-08 3-31-08 6-30-07 3-31-08 6-30-07
Commercial, financial and
agricultural $212 $291 $76 (27.1)% 178.9 %
Real estate - commercial
mortgage 994 1,139 1,613 (12.7) (38.4)
Real estate - construction 398 25 172 N/M 131.4
Commercial lease financing 42 31 22 35.5 90.9
Real estate - residential
mortgage 79 58 39 36.2 102.6
Home equity -- 1 -- (100.0) --
Education (a) 103 123 2,616 (16.3) (96.1)
Automobile 5 6 8 (16.7) (37.5)
Total loans held for sale $1,833 $1,674 $4,546 9.5 % (59.7)%
(a) On March 31, 2008, Key transferred $3.3 billion of education loans from loans held for sale to the loan portfolio.
N/M = Not Meaningful
Summary of Loan Loss Experience
(dollars in millions)
Three months ended
6-30-08 3-31-08 6-30-07
Average loans outstanding from
continuing operations $76,652 $72,688 $66,315
Allowance for loan losses at
beginning of period $1,298 $1,200 $944
Loans charged off:
Commercial, financial and
agricultural 75 50 30
Real estate - commercial
mortgage 15 4 5
Real estate - construction 340 25 2
Total commercial real
estate loans 355 29 7
Commercial lease financing 18 15 9
Total commercial loans 448 94 46
Real estate - residential
mortgage 2 4 1
Home equity:
Community Banking 9 9 5
National Banking 11 7 3
Total home equity loans 20 16 8
Consumer other - Community Banking 11 9 8
Consumer other - National Banking:
Marine 16 19 6
Education 55 2 1
Other 2 4 2
Total consumer other -
National Banking 73 25 9
Total consumer loans 106 54 26
554 148 72
Recoveries:
Commercial, financial and
agricultural 14 14 6
Real estate - commercial
mortgage -- -- 1
Real estate - construction 1 -- --
Total commercial real estate
loans 1 -- 1
Commercial lease financing 4 6 4
Total commercial loans 19 20 11
Real estate - residential
mortgage 1 -- 1
Home equity:
Community Banking -- 1 1
National Banking 1 -- 1
Total home equity loans 1 1 2
Consumer other - Community Banking 1 2 1
Consumer other - National Banking:
Marine 6 3 3
Education 1 -- 1
Other 1 1 --
Total consumer other -
National Banking 8 4 4
Total consumer loans 11 7 8
30 27 19
Net loan charge-offs (524) (121) (53)
Provision for loan losses from
continuing operations 647 187 53
Allowance related to loans acquired,
net -- 32 --
Foreign currency translation
adjustment -- -- 1
Allowance for loan losses at end of
period $1,421 $1,298 $945
Net loan charge-offs to average loans
from continuing operations 2.75 % .67 % .32%
Allowance for loan losses to period-
end loans 1.87 1.70 1.42
Allowance for loan losses to
nonperforming loans 174.57 123.15 342.39
Summary of Loan Loss Experience
(dollars in millions)
Six months ended
6-30-08 6-30-07
Average loans outstanding from
continuing operations $74,670 $65,994
Allowance for loan losses at
beginning of period $1,200 $944
Loans charged off:
Commercial, financial and
agricultural 125 47
Real estate - commercial
mortgage 19 11
Real estate - construction 365 3
Total commercial real
estate loans 384 14
Commercial lease financing 33 22
Total commercial loans 542 83
Real estate - residential
mortgage 6 2
Home equity:
Community Banking 18 10
National Banking 18 6
Total home equity loans 36 16
Consumer other - Community Banking 20 15
Consumer other - National Banking:
Marine 35 14
Education 57 2
Other 6 4
Total consumer other -
National Banking 98 20
Total consumer loans 160 53
702 136
Recoveries:
Commercial, financial and
agricultural 28 13
Real estate - commercial
mortgage -- 4
Real estate - construction 1 --
Total commercial real estate
loans 1 4
Commercial lease financing 10 7
Total commercial loans 39 24
Real estate - residential
mortgage 1 1
Home equity:
Community Banking 1 2
National Banking 1 1
Total home equity loans 2 3
Consumer other - Community Banking 3 3
Consumer other - National Banking:
Marine 9 6
Education 1 1
Other 2 1
Total consumer other -
National Banking 12 8
Total consumer loans 18 15
57 39
Net loan charge-offs (645) (97)
Provision for loan losses from
continuing operations 834 97
Allowance related to loans acquired,
net 32 --
Foreign currency translation
adjustment -- 1
Allowance for loan losses at end of
period $1,421 $945
Net loan charge-offs to average loans
from continuing operations 1.74 % .30%
Allowance for loan losses to period-
end loans 1.87 1.42
Allowance for loan losses to
nonperforming loans 174.57 342.39
Changes in Liability for Credit Losses on Lending-Related Commitments
(in millions)
Six months
Three months ended ended
6-30-08 3-31-08 6-30-07 6-30-08 6-30-07
Balance at beginning of period $53 $80 $45 $80 $53
(Credit) provision for losses
on lending-related
commitments (2) (27) 6 (29) (2)
Charge-offs -- -- (1) -- (1)
Balance at end of period (a) $51 $53 $50 $51 $50
(a) Included in "accrued expense and other liabilities" on the consolidated balance sheet.
Summary of Nonperforming Assets and Past Due Loans
(dollars in millions)
6-30-08 3-31-08 12-31-07 9-30-07 6-30-07
Commercial, financial and
agricultural $259 $147 $84 $94 $83
Real estate - commercial
mortgage 107 113 41 41 41
Real estate - construction 256 610 415 228 23
Total commercial real
estate loans 363 723 456 269 64
Commercial lease financing 57 38 28 30 34
Total commercial loans 679 908 568 393 181
Real estate - residential
mortgage 32 34 28 29 27
Home equity:
Community Banking 61 60 54 50 46
National Banking 14 14 12 11 9
Total home equity loans 75 74 66 61 55
Consumer other - Community
Banking 2 2 2 2 2
Consumer other - National
Banking:
Marine 20 20 20 12 10
Education 4 15 2 -- --
Other 2 1 1 1 1
Total consumer other
- National Banking 26 36 23 13 11
Total consumer loans 135 146 119 105 95
Total nonperforming loans 814 1,054 687 498 276
Nonperforming loans held for
sale 342 (b) 9 25 6 4
OREO 26 29 21 21 27
Allowance for OREO losses (2) (2) (2) (1) (2)
OREO, net of allowance 24 27 19 20 25
Other nonperforming assets (a) 30 25 33 46 73
Total nonperforming
assets $1,210 $1,115 $764 $570 $378
Accruing loans past due 90
days or more $367 $283 $231 $190 $181
Accruing loans past due 30
through 89 days 852 1,169 843 717 623
Nonperforming loans to period-
end portfolio loans 1.07 % 1.38 % .97 % .72 % .41 %
Nonperforming assets to
period-end portfolio loans
plus OREO and other
nonperforming assets 1.59 1.46 1.08 .83 .57
(a) Primarily investments held by the Private Equity unit within Key's Real Estate Capital and Corporate Banking Services line of business.
(b) Primarily real estate construction loans.
Summary of Changes in Nonperforming Loans
(in millions)
2Q08 1Q08 4Q07 3Q07 2Q07
Balance at beginning of period $1,054 $687 $498 $276 $254
Loans placed on nonaccrual
status 789 566 378 337 130
Charge-offs (547) (144) (147) (81) (72)
Loans sold (48) -- (13) (6) (7)
Payments (86) (32) (17) (13) (21)
Transfers to OREO -- (10) (5) (12) --
Transfer to nonperforming loans
held for sale (342) (8) -- -- --
Loans returned to accrual status (6) (5) (7) (3) (8)
Balance at end of period $814 $1,054 $687 $498 $276
Line of Business Results
(dollars in millions)
Community Banking
2Q08 1Q08 4Q07 3Q07 2Q07
Summary of operations
Total revenue (TE) $659 $630 $653 $628 $631
Provision for loan
losses 44 18 36 2 21
Noninterest expense 449 428 438 414 446
Net income 104 115 112 133 102
Average loans and
leases 28,478 28,128 27,234 26,944 26,574
Average deposits 49,948 49,767 47,254 46,729 46,126
Net loan charge-offs 38 30 31 19 26
Return on average
allocated equity 13.68 % 15.47 % 17.60 % 21.04 % 16.57 %
Average full-time
equivalent employees 8,785 8,714 8,454 8,625 9,026
Supplementary information
(lines of business)
Regional Banking
Total revenue (TE) $557 $531 $555 $533 $537
Provision for loan
losses 25 13 26 12 20
Noninterest expense 401 385 385 368 396
Net income 82 83 90 96 75
Average loans and
leases 19,608 19,472 18,771 18,667 18,471
Average deposits 46,246 46,176 43,696 43,237 42,725
Net loan charge-offs 33 29 26 17 20
Return on average
allocated equity 15.06 % 15.38 % 20.52 % 21.80 % 17.38 %
Average full-time
equivalent employees 8,439 8,365 8,101 8,264 8,655
Commercial Banking
Total revenue (TE) $102 $99 $98 $95 $94
Provision for loan
losses 19 5 10 (10) 1
Noninterest expense 48 43 53 46 50
Net income 22 32 22 37 27
Average loans and
leases 8,870 8,656 8,463 8,277 8,103
Average deposits 3,702 3,591 3,558 3,492 3,401
Net loan charge-offs 5 1 5 2 6
Return on average
allocated equity 10.21 % 15.73 % 11.12 % 19.29 % 14.67 %
Average full-time
equivalent employees 346 349 353 361 371
Line of Business Results
(dollars in millions)
Community Banking
Percent change 2Q08 vs.
1Q08 2Q07
Summary of operations
Total revenue (TE) 4.6 % 4.4 %
Provision for loan losses 144.4 109.5
Noninterest expense 4.9 .7
Net income (9.6) 2.0
Average loans and leases 1.2 7.2
Average deposits .4 8.3
Net loan charge-offs 26.7 46.2
Return on average allocated
equity N/A N/A
Average full-time equivalent
employees .8 (2.7)
Supplementary information (lines of
business)
Regional Banking
Total revenue (TE) 4.9 % 3.7 %
Provision for loan losses 92.3 25.0
Noninterest expense 4.2 1.3
Net income (1.2) 9.3
Average loans and leases .7 6.2
Average deposits .2 8.2
Net loan charge-offs 13.8 65.0
Return on average allocated
equity N/A N/A
Average full-time equivalent
employees .9 (2.5)
Commercial Banking
Total revenue (TE) 3.0 % 8.5 %
Provision for loan losses 280.0 N/M
Noninterest expense 11.6 (4.0)
Net income (31.3) (18.5)
Average loans and leases 2.5 9.5
Average deposits 3.1 8.9
Net loan charge-offs 400.0 (16.7)
Return on average allocated
equity N/A N/A
Average full-time equivalent
employees (.9) (6.7)
Line of Business Results (continued)
(dollars in millions)
National Banking
2Q08 1Q08 4Q07 3Q07 2Q07
Summary of operations
Total revenue (TE) $(126) $439 $609 $505 $612
Provision for loan
losses 609 169 327 69 32
Noninterest expense 337 308 389 327 330
(Loss) income from
continuing operations (670) (24) (69) 68 157
Net (loss) income (670) (24) (66) 54 154
Average loans and
leases (a) 47,876 44,149 42,040 40,279 39,325
Average loans held
for sale (a) 1,282 4,932 4,709 4,692 4,377
Average deposits (a) 12,289 11,888 12,629 12,631 12,082
Net loan charge-
offs (a) 486 91 88 40 27
Return on average
allocated equity (a) (51.60)% (1.96)% (6.13)% 6.43 % 15.12 %
Return on average
allocated equity (51.60) (1.96) (5.86) 5.11 14.83
Average full-time
equivalent employees 3,603 3,758 4,010 3,869 3,856
Supplementary information
(lines of business)
Real Estate Capital and
Corporate Banking
Services
Total revenue (TE) $233 $77 $158 $128 $214
Provision for loan
losses 366 45 270 43 8
Noninterest expense 68 61 117 88 92
Net (loss) income (126) (18) (143) (2) 71
Average loans and
leases 17,086 16,484 15,003 14,160 13,713
Average loans held
for sale 616 989 1,257 1,584 1,246
Average deposits 10,460 9,787 10,397 10,243 9,447
Net loan charge-offs 376 38 45 7 3
Return on average
allocated equity (23.69)% (3.85)% (36.91)% (.56)% 20.43 %
Average full-time
equivalent employees 1,228 1,233 1,310 1,309 1,293
Equipment Finance
Total revenue (TE) $(694) $100 $181 $136 $150
Provision for loan
losses 36 24 23 16 16
Noninterest expense 89 96 97 94 94
Net (loss) income (512) (13) 38 16 25
Average loans and
leases 10,326 10,595 10,729 10,681 10,609
Average loans held
for sale 51 32 15 6 10
Average deposits 21 14 17 16 16
Net loan charge-offs 28 24 18 16 16
Return on average
allocated equity (225.30)% (5.66)% 16.53 % 7.10 % 11.43 %
Average full-time
equivalent employees 837 859 923 900 895
Institutional and Capital
Markets
Total revenue (TE) $231 $158 $171 $155 $159
Provision for loan
losses 36 16 15 (2) --
Noninterest expense 128 102 116 104 99
Net income 42 25 25 33 38
Average loans and
leases 7,897 7,633 7,219 6,716 6,566
Average loans held
for sale 494 555 394 373 463
Average deposits 1,384 1,460 1,560 1,844 2,072
Net loan charge-offs 5 2 6 6 --
Return on average
allocated equity 13.61 % 8.39 % 8.59 % 12.20 % 13.92 %
Average full-time
equivalent employees 931 938 979 1,019 992
Consumer Finance
Total revenue (TE) $104 $104 $99 $86 $89
Provision for loan
losses 171 84 19 12 8
Noninterest expense 52 49 59 41 45
(Loss) income from
continuing operations (74) (18) 11 21 23
Net (loss) income (74) (18) 14 7 20
Average loans and
leases (a) 12,567 9,437 9,089 8,722 8,437
Average loans held
for sale (a) 121 3,356 3,043 2,729 2,658
Average deposits (a) 424 627 655 528 547
Net loan charge-
offs (a) 77 27 19 11 8
Return on average
allocated equity (a) (32.07)% (7.87)% 5.06 % 10.36 % 11.56 %
Return on average
allocated equity (32.07) (7.87) 6.44 3.45 10.05
Average full-time
equivalent employees 607 728 798 641 676
(a) From continuing operations.
TE = Taxable Equivalent
N/A = Not Applicable
N/M = Not Meaningful
Line of Business Results (continued)
(dollars in millions)
National Banking
Percent change 2Q08 vs.
1Q08 2Q07
Summary of operations
Total revenue (TE) N/M N/M
Provision for loan losses 260.4 % N/M
Noninterest expense 9.4 2.1 %
(Loss) income from continuing
operations N/M N/M
Net (loss) income N/M N/M
Average loans and leases (a) 8.4 21.7
Average loans held for sale (a) (74.0) (70.7)
Average deposits (a) 3.4 1.7
Net loan charge-offs (a) 434.1 N/M
Return on average allocated
equity (a) N/A N/A
Return on average allocated
equity N/A N/A
Average full-time equivalent
employees (4.1) (6.6)
Supplementary information (lines of
business)
Real Estate Capital and Corporate
Banking Services
Total revenue (TE) 202.6 % 8.9 %
Provision for loan losses 713.3 N/M
Noninterest expense 11.5 (26.1)
Net (loss) income (600.0) N/M
Average loans and leases 3.7 24.6
Average loans held for sale (37.7) (50.6)
Average deposits 6.9 10.7
Net loan charge-offs 889.5 N/M
Return on average allocated
equity N/A N/A
Average full-time equivalent
employees (.4) (5.0)
Equipment Finance
Total revenue (TE) N/M N/M
Provision for loan losses 50.0 % 125.0 %
Noninterest expense (7.3) (5.3)
Net (loss) income N/M N/M
Average loans and leases (2.5) (2.7)
Average loans held for sale 59.4 410.0
Average deposits 50.0 31.3
Net loan charge-offs 16.7 75.0
Return on average allocated
equity N/A N/A
Average full-time equivalent
employees (2.6) (6.5)
Institutional and Capital Markets
Total revenue (TE) 46.2 % 45.3 %
Provision for loan losses 125.0 N/M
Noninterest expense 25.5 29.3
Net income 68.0 10.5
Average loans and leases 3.5 20.3
Average loans held for sale (11.0) 6.7
Average deposits (5.2) (33.2)
Net loan charge-offs 150.0 N/M
Return on average allocated
equity N/A N/A
Average full-time equivalent
employees (.7) (6.1)
Consumer Finance
Total revenue (TE) -- 16.9 %
Provision for loan losses 103.6 % N/M
Noninterest expense 6.1 15.6
(Loss) income from continuing
operations (311.1) N/M
Net (loss) income (311.1) N/M
Average loans and leases (a) 33.2 49.0
Average loans held for sale (a) (96.4) (95.4)
Average deposits (a) (32.4) (22.5)
Net loan charge-offs (a) 185.2 862.5
Return on average allocated
equity (a) N/A N/A
Return on average allocated
equity N/A N/A
Average full-time equivalent
employees (16.6) (10.2)
(a) From continuing operations.
TE = Taxable Equivalent
N/A = Not Applicable
N/M = Not Meaningful
DATASOURCE: KeyCorp