/FIRST AND FINAL ADD -- CLTU004 -- KeyCorp Earnings/

Share Name	Share Symbol	Market	Type
Keycorp	TG:KEY	Tradegate	Ordinary Share

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.304	2.09%	14.868	14.752	14.982	14.84	14.662	14.806	1,544	22:50:17

Keycorp (TG:KEY)
Historical Stock Chart

From Jul 2019 to Jul 2024

Financial Highlights (dollars in millions, except per share amounts) Three months ended 9-30-08 6-30-08 9-30-07 Summary of operations Net interest income (loss) (TE) $705 $(100) (a) $712 Noninterest income 388 555 438 Total revenue (TE) 1,093 455 1,150 Provision for loan losses 407 647 69 Noninterest expense 762 781 753 (Loss) income from continuing operations (36) (1,126) 224 Loss from discontinued operations, net of taxes (b) --- --- (14) Net (loss) income (36) (1,126) (a) 210 Net (loss) income applicable to common shares (48) (1,126) 210 Per common share (Loss) income from continuing operations $(.10) $(2.70) $.58 (Loss) income from continuing operations - assuming dilution (.10) (2.70) .57 Loss from discontinued operations (b) --- --- (.03) Loss from discontinued operations - assuming dilution (b) --- --- (.03) Net (loss) income (.10) (2.70) .54 Net (loss) income - assuming dilution (.10) (2.70) (a) .54 Cash dividends paid .1875 .375 .365 Book value at period end 16.16 16.59 20.12 Tangible book value at period end 12.66 13.00 16.76 Market price at period end 11.94 10.98 32.33 Performance ratios - from continuing operations Return on average total assets (.14)% (4.38)% .93 % Return on average common equity (2.36) (53.35) 11.50 Return on average total equity (1.64) (52.56) 11.50 Net interest margin (TE) 3.13 (.44) 3.40 Performance ratios - from consolidated operations Return on average total assets (.14)% (4.38)% (a) .88 % Return on average common equity (2.36) (53.35)(a) 10.79 Return on average total equity (1.64) (52.56)(a) 10.79 Net interest margin (TE) 3.13 (.44)(a) 3.40 Capital ratios at period end Equity to assets 8.54 % 8.57 % 8.13 % Tangible equity to tangible assets 6.95 6.98 6.87 Tier 1 risk-based capital (c) 8.48 8.53 7.94 Total risk-based capital (c) 12.31 12.41 11.76 Leverage (c) 9.46 9.34 8.96 Asset quality Net loan charge-offs $273 $524 $59 Net loan charge-offs to average loans from continuing operations 1.43 % 2.75 % .35 % Allowance for loan losses $1,544 $1,421 $955 Allowance for loan losses to period- end loans 2.03 % 1.87 % 1.38 % Allowance for loan losses to nonperforming loans 160.70 174.57 191.77 Nonperforming loans at period end $967 $814 $498 Nonperforming assets at period end 1,239 1,210 570 Nonperforming loans to period-end portfolio loans 1.26 % 1.07 % .72 % Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets 1.61 1.59 .83 Trust and brokerage assets Assets under management $76,676 $80,998 $88,100 Nonmanaged and brokerage assets 27,187 29,905 33,273 Other data Average full-time equivalent employees 18,291 18,164 18,567 Branches 986 985 954 Taxable-equivalent adjustment $6 $(458) $18 Financial Highlights (continued) (dollars in millions, except per share amounts) Nine months ended 9-30-08 9-30-07 Summary of operations Net interest income (TE) $1,309 (a) $2,118 Noninterest income 1,471 1,741 Total revenue (TE) 2,780 3,859 Provision for loan losses 1,241 166 Noninterest expense 2,275 2,352 (Loss) income from continuing operations (944) 919 Loss from discontinued operations, net of taxes (b) --- (25) Net (loss) income (944)(a) 894 Net (loss) income applicable to common shares (956) 894 Per common share (Loss) income from continuing operations $(2.19) $2.34 (Loss) income from continuing operations - assuming dilution (2.19) 2.31 Loss from discontinued operations (b) --- (.06) Loss from discontinued operations - assuming dilution (b) --- (.06) Net (loss) income (2.19) 2.28 Net (loss) income - assuming dilution (2.19)(a) 2.25 Cash dividends paid .9375 1.095 Performance ratios - from continuing operations Return on average total assets (1.22)% 1.31 % Return on average common equity (15.32) 16.03 Return on average total equity (14.66) 16.03 Net interest margin (TE) 1.95 3.46 Performance ratios - from consolidated operations Return on average total assets (1.22)% (a) 1.28 % Return on average common equity (15.32)(a) 15.59 Return on average total equity (14.66)(a) 15.59 Net interest margin (TE) 1.95 (a) 3.46 Asset quality Net loan charge-offs $918 $156 Net loan charge-offs to average loans from continuing operations 1.63 % .31 % Other data Average full-time equivalent employees 18,294 19,081 Taxable-equivalent adjustment $(461) $59 (a) The following table entitled "GAAP to Non-GAAP Reconciliations" presents 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 certain GAAP performance measures to the corresponding 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) 9-30-08 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 decision 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 certain earnings data and performance ratios, excluding these charges (non- GAAP), reconciles the GAAP performance measures to the corresponding 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. Nine Three months ended months ended 9-30-08 6-30-08 3-31-08 9-30-08 Net income Net (loss) income (GAAP) $(36) $(1,126) $218 $(944) 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) $(36) $(115) $256 $105 Net (loss) income applicable to common shares (GAAP) $(48) $(1,126) $218 $(956) Per common share Net (loss) income - assuming dilution (GAAP) $(.10) $(2.70) $.54 $(2.19) Net (loss) income, excluding charges related to leveraged lease tax litigation - assuming dilution (non-GAAP) (.10) (.28) .64 .23 Performance ratios Return on average total assets (a) Average total assets $103,156 $103,290 $103,356 $103,267 Return on average total assets (GAAP) (.14)% (4.38)% .85 % (1.22)% Return on average total assets, excluding charges related to leveraged lease tax litigation (non-GAAP) (.14) (.45) 1.00 .14 Return on average common equity (a) Average common equity $8,077 $8,489 $8,445 $8,336 Return on average common equity (GAAP) (2.36)% (53.35)% 10.38 % (15.32)% Return on average common equity, excluding charges related to leveraged lease tax litigation (non-GAAP) (2.36) (5.45) 12.19 1.49 Return on average total equity (a) Average total equity $8,734 $8,617 $8,445 $8,599 Return on average total equity (GAAP) (1.64)% (52.56)% 10.38 % (14.66)% Return on average total equity, excluding charges related to leveraged lease tax litigation (non-GAAP) (1.64) (5.37) 12.19 1.63 Net interest income and margin Net interest income Net interest income (GAAP) $699 $358 $713 $1,770 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) $699 $717 $716 $2,132 Net interest income/margin (TE) Net interest income (loss) (TE) (as reported) $705 $(100) $704 $1,309 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) $705 $738 $738 $2,181 Net interest margin (TE) (as reported) (a) 3.13 % (.44)% 3.14 % 1.95 % Impact of charges related to leveraged lease tax litigation, pre-tax (TE) (a) --- 3.76 .15 1.30 Net interest margin, excluding charges related to leveraged lease tax litigation (TE) (adjusted basis) (a) 3.13 % 3.32 % 3.29 % 3.25 % (a) Income statement amount has been annualized in calculation of percentage. TE = Taxable Equivalent GAAP = U.S. generally accepted accounting principles Consolidated Balance Sheets (dollars in millions) 9-30-08 6-30-08 9-30-07 Assets Loans $76,705 $75,855 $68,999 Loans held for sale 1,475 1,833 4,791 Securities available for sale 8,391 8,312 7,915 Held-to-maturity securities 28 25 36 Trading account assets 1,449 1,483 1,060 Short-term investments 653 826 528 Other investments 1,556 1,559 1,509 Total earning assets 90,257 89,893 84,838 Allowance for loan losses (1,554) (1,421) (955) Cash and due from banks 1,937 1,912 2,016 Premises and equipment 801 748 631 Operating lease assets 1,030 1,089 1,135 Goodwill 1,595 1,598 1,202 Other intangible assets 135 146 105 Corporate-owned life insurance 2,940 2,917 2,845 Derivative assets 951 1,693 539 Accrued income and other assets 3,198 2,969 3,781 Total assets $101,290 $101,544 $96,137 Liabilities Deposits in domestic offices: NOW and money market deposit accounts $25,789 $27,278 $24,198 Savings deposits 1,731 1,809 1,544 Certificates of deposit ($100,000 or more) 10,316 8,699 6,672 Other time deposits 13,929 12,541 11,403 Total interest-bearing deposits 51,765 50,327 43,817 Noninterest-bearing deposits 11,122 10,561 14,003 Deposits in foreign office - interest-bearing 1,791 3,508 5,894 Total deposits 64,678 64,396 63,714 Federal funds purchased and securities sold under repurchase agreements 1,799 2,088 5,398 Bank notes and other short-term borrowings 5,352 5,985 2,429 Derivative liabilities 589 637 218 Accrued expense and other liabilities 4,624 4,626 5,009 Long-term debt 15,597 15,106 11,549 Total liabilities 92,639 92,838 88,317 Shareholders' equity Preferred stock 658 650 --- Common shares 584 577 492 Capital surplus 2,552 2,544 1,617 Retained earnings 7,320 7,461 8,788 Treasury stock, at cost (2,616) (2,675) (3,023) Accumulated other comprehensive income (loss) 153 149 (54) Total shareholders' equity 8,651 8,706 7,820 Total liabilities and shareholders' equity $101,290 $101,544 $96,137 Common shares outstanding (000) 494,765 485,662 388,708 Consolidated Statements of Income (dollars in millions, except per share amounts) Three months ended Nine months ended 9-30-08 6-30-08 9-30-07 9-30-08 9-30-07 Interest income Loans $1,066 $717 $1,209 $2,906 $3,546 Loans held for sale 21 20 91 128 248 Securities available for sale 110 111 106 330 312 Held-to-maturity securities 1 --- --- 2 1 Trading account assets 16 10 11 39 26 Short-term investments 6 8 5 23 24 Other investments 12 14 12 38 40 Total interest income 1,232 880 1,434 3,466 4,197 Interest expense Deposits 347 347 482 1,122 1,362 Federal funds purchased and securities sold under repurchase agreements 10 15 55 53 163 Bank notes and other short- term borrowings 34 27 30 100 59 Long-term debt 142 133 173 421 554 Total interest expense 533 522 740 1,696 2,138 Net interest income 699 358 694 1,770 2,059 Provision for loan losses 407 647 69 1,241 166 Net interest income (loss) after provision for loan losses 292 (289) 625 529 1,893 Noninterest income Trust and investment services income 133 138 119 400 359 Service charges on deposit accounts 94 93 88 275 247 Investment banking and capital markets (loss) income (31) 80 9 57 105 Operating lease income 69 68 70 206 200 Letter of credit and loan fees 53 51 51 141 134 Corporate-owned life insurance income 28 28 27 84 84 Electronic banking fees 27 27 25 78 74 Net (losses) gains from loan securitizations and sales (30) 33 (53) (98) (11) Net securities gains (losses) 1 (1) 4 3 (41) Net (losses) gains from principal investing (24) (14) 9 (29) 128 Gain from redemption of Visa Inc. shares --- --- --- 165 --- Gain from sale of McDonald Investments branch network --- --- --- --- 171 Other income 68 52 89 189 291 Total noninterest income 388 555 438 1,471 1,741 Noninterest expense Personnel 381 404 383 1,194 1,222 Net occupancy 65 62 60 193 182 Computer processing 46 43 49 136 149 Operating lease expense 56 55 58 169 165 Professional fees 35 33 27 91 79 Equipment 23 23 22 70 71 Marketing 27 21 21 62 60 Other expense 129 140 133 360 424 Total noninterest expense 762 781 753 2,275 2,352 (Loss) income from continuing operations before income taxes (82) (515) 310 (275) 1,282 Income taxes (46) 611 86 669 363 (Loss) income from continuing operations (36) (1,126) 224 (944) 919 Loss from discontinued operations, net of taxes --- --- (14) --- (25) Net (loss) income $(36) $(1,126) $210 $(944) $894 Net (loss) income applicable to common shares $(48) $(1,126) $210 $(956) $894 Per common share: (Loss) income from continuing operations $(.10) $(2.70) $.58 $(2.19) $2.34 Net (loss) income (.10) (2.70) .54 (2.19) 2.28 Per common share - assuming dilution: (Loss) income from continuing operations $(.10) $(2.70) $.57 $(2.19) $2.31 Net (loss) income (.10) (2.70) .54 (2.19) 2.25 Cash dividends declared per common share $.1875 $.375 $.365 $.9375 $1.095 Weighted-average common shares outstanding (000) 491,179 416,629 389,319 435,846 393,048 Weighted-average common shares and potential common shares outstanding (000) 491,179 416,629 393,164 435,846 397,816 Consolidated Average Balance Sheets, Net Interest Income and Yields/Rates From Continuing Operations (dollars in millions) Third Quarter 2008 Average Balance Interest Yield/Rate Assets Loans: (a,b) Commercial, financial and agricultural $26,345 $356 5.38 % Real estate - commercial mortgage 10,718 158 5.87 Real estate - construction 7,806 109 5.53 Commercial lease financing 9,585 108 4.52 Total commercial loans 54,454 731 5.35 Real estate - residential 1,899 28 6.04 Home equity: Community Banking 9,887 141 5.64 National Banking 1,138 22 7.65 Total home equity loans 11,025 163 5.85 Consumer other - Community Banking 1,264 33 10.37 Consumer other - National Banking: Marine 3,586 57 6.33 Education 3,635 54 5.90 Other 308 6 8.22 Total consumer other - National Banking 7,529 117 6.20 Total consumer loans 21,717 341 6.25 Total loans 76,171 1,072 5.60 Loans held for sale 1,723 21 4.76 Securities available for sale (a,d) 8,266 110 5.38 Held-to-maturity securities (a) 27 1 13.81 Trading account assets 1,579 16 4.02 Short-term investments 794 6 3.44 Other investments (d) 1,563 12 2.87 Total earning assets 90,123 1,238 5.47 Allowance for loan losses (1,498) Accrued income and other assets 14,531 Total assets $103,156 Liabilities NOW and money market deposit accounts $26,657 108 1.61 Savings deposits 1,783 1 .21 Certificates of deposit ($100,000 or more) (e) 9,506 97 4.05 Other time deposits 13,118 129 3.92 Deposits in foreign office 2,762 12 1.77 Total interest-bearing deposits 53,826 347 2.57 Federal funds purchased and securities sold under repurchase agreements 2,546 10 1.58 Bank notes and other short-term borrowings 4,843 34 2.72 Long-term debt (e,f) 15,123 142 3.91 Total interest-bearing liabilities 76,338 533 2.80 Noninterest-bearing deposits 10,756 Accrued expense and other liabilities 7,328 Total liabilities 94,422 Shareholders' equity Preferred stock 657 Common shareholders' equity 8,077 Total shareholders' equity 8,734 Total liabilities and shareholders' equity $103,156 Interest rate spread (TE) 2.67 % Net interest income (loss)(TE) and net interest margin (TE) 705 3.13 % TE adjustment (a) 6 Net interest income, GAAP basis $699 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 (loss)(TE) and net interest margin (TE) (100)(c) (.44)%(c) TE adjustment (a) (458) Net interest income, GAAP basis $358 Third Quarter 2007 Average Balance Interest Yield/Rate Assets Loans: (a,b) Commercial, financial and agricultural $22,393 $410 7.25 % Real estate - commercial mortgage 8,855 172 7.69 Real estate - construction 8,285 167 8.01 Commercial lease financing 10,172 147 5.80 Total commercial loans 49,705 896 7.16 Real estate - residential 1,586 26 6.68 Home equity: Community Banking 9,690 175 7.14 National Banking 1,193 24 7.85 Total home equity loans 10,883 199 7.22 Consumer other - Community Banking 1,342 36 10.66 Consumer other - National Banking: Marine 3,506 55 6.32 Education 332 8 9.65 Other 326 7 8.92 Total consumer other - National Banking 4,164 70 6.79 Total consumer loans 17,975 331 7.33 Total loans 67,680 1,227 7.20 Loans held for sale 4,731 91 7.59 Securities available for sale (a,d) 7,825 106 5.45 Held-to-maturity securities (a) 36 --- 6.43 Trading account assets 1,055 11 4.39 Short-term investments 633 5 3.32 Other investments (d) 1,563 12 2.99 Total earning assets 83,523 1,452 6.92 Allowance for loan losses (942) Accrued income and other assets 12,581 Total assets $95,162 Liabilities NOW and money market deposit accounts $24,190 209 3.41 Savings deposits 1,581 --- .19 Certificates of deposit ($100,000 or more) (e) 6,274 80 5.06 Other time deposits 11,512 136 4.68 Deposits in foreign office 4,540 57 5.00 Total interest-bearing deposits 48,097 482 3.98 Federal funds purchased and securities sold under repurchase agreements 4,470 55 4.85 Bank notes and other short-term borrowings 2,539 30 4.70 Long-term debt (e,f) 11,801 173 5.89 Total interest-bearing liabilities 66,907 740 4.40 Noninterest-bearing deposits 14,424 Accrued expense and other liabilities 6,106 Total liabilities 87,437 Shareholders' equity Preferred stock --- Common shareholders' equity 7,725 Total shareholders' equity 7,725 Total liabilities and shareholders' equity $95,162 Interest rate spread (TE) 2.52 % Net interest income (loss)(TE) and net interest margin (TE) 712 3.40 % TE adjustment (a) 18 Net interest income, GAAP basis $694 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 decision 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) Nine months ended Nine months ended September 30, 2008 September 30, 2007 Average Yield/ Average Yield/ Balance Interest Rate Balance Interest Rate Assets Loans: (a,b) Commercial, financial and agricultural $25,939 $1,100 5.66 % $21,940 $1,203 7.33 % Real estate -- commercial mortgage 10,532 489 6.20 8,617 500 7.76 Real estate -- construction 8,251 361 5.84 8,252 500 8.10 Commercial lease financing 9,795 (503) (6.85)(c) 10,121 435 5.73 Total commercial loans 54,517 1,447 3.55 48,930 2,638 7.20 Real estate -- residential 1,911 88 6.15 1,501 74 6.61 Home equity: Community Banking 9,782 435 5.93 9,676 518 7.15 National Banking 1,199 69 7.69 1,105 65 7.86 Total home equity loans 10,981 504 6.13 10,781 583 7.22 Consumer other -- Community Banking 1,280 100 10.43 1,387 109 10.47 Consumer other -- National Banking: Marine 3,626 171 6.30 3,317 156 6.29 Education 2,535 114 5.98 334 24 9.57 Other 324 20 8.25 312 21 9.03 Total consumer other -- National Banking 6,485 305 6.27 3,963 201 6.78 Total consumer loans 20,657 997 6.44 17,632 967 7.33 Total loans 75,174 2,444 4.34 66,562 3,605 7.24 Loans held for sale 2,684 128 6.35 4,365 248 7.59 Securities available for sale (a,d) 8,333 331 5.35 7,723 312 5.39 Held-to-maturity securities (a) 27 2 12.06 38 1 6.79 Trading account assets 1,233 39 4.22 875 26 3.97 Short-term investments 910 23 3.44 718 24 4.56 Other investments (d) 1,565 38 3.00 1,502 40 3.43 Total earning assets 89,926 3,005 4.46 81,783 4,256 6.95 Allowance for loan losses (1,358) (942) Accrued income and other assets 14,699 12,727 Total assets $103,267 $93,568 Liabilities NOW and money market deposit accounts $26,936 349 1.73 $23,525 565 3.21 Savings deposits 1,821 5 .37 1,614 2 .19 Certificates of deposit ($100,000 or more) (e) 8,752 280 4.27 6,221 235 5.04 Other time deposits 12,877 410 4.26 11,872 415 4.68 Deposits in foreign office 4,240 78 2.45 3,804 145 5.10 Total interest- bearing deposits 54,626 1,122 2.74 47,036 1,362 3.87 Federal funds purchased and securities sold under repurchase agreements 3,223 53 2.20 4,376 163 4.97 Bank notes and other short-term borrowings 4,849 100 2.74 1,813 59 4.37 Long-term debt (e,f) 14,330 421 4.14 12,769 554 5.87 Total interest- bearing liabilities 77,028 1,696 2.97 65,994 2,138 4.34 Noninterest- bearing deposits 10,705 13,867 Accrued expense and other liabilities 6,935 6,041 Total liabilities 94,668 85,902 Shareholders' equity Preferred stock 263 --- Common shareholders' equity 8,336 7,666 Total shareholders' equity 8,599 7,666 Total liabilities and shareholders' equity $103,267 $93,568 Interest rate spread (TE) 1.49 % 2.61 % Net interest income (TE) and net interest margin (TE) 1,309(c) 1.95 %(c) 2,118 3.46 % TE adjustment (a) (461) 59 Net interest income, GAAP basis $1,770 $2,059 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 decision 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 5.02% for the first nine months of 2008, and Key's taxable-equivalent net interest margin would have been 3.25%. (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 Nine months ended 9-30-08 6-30-08 9-30-07 9-30-08 9-30-07 Trust and investment services income (a) $133 $138 $119 $400 $359 Service charges on deposit accounts 94 93 88 275 247 Investment banking and capital markets (loss) income (a) (31) 80 9 57 105 Operating lease income 69 68 70 206 200 Letter of credit and loan fees 53 51 51 141 134 Corporate-owned life insurance income 28 28 27 84 84 Electronic banking fees 27 27 25 78 74 Net (losses) gains from loan securitizations and sales (30) 33 (53) (98) (11) Net securities gains (losses) 1 (1) 4 3 (41) Net (losses) gains from principal investing (24) (14) 9 (29) 128 Gain from redemption of Visa Inc. shares --- --- --- 165 --- Gain from sale of McDonald Investments branch network --- --- --- --- 171 Other income: Insurance income 15 20 16 50 45 Loan securitization servicing fees 4 5 5 13 16 Credit card fees 6 3 4 13 10 Gains related to MasterCard Incorporated shares --- --- 27 --- 67 Litigation settlement - automobile residual value insurance --- --- --- --- 26 Miscellaneous income 43 24 37 113 127 Total other income 68 52 89 189 291 Total noninterest income $388 $555 $438 $1,471 $1,741 (a) Additional detail provided in tables below. Trust and Investment Services Income (in millions) Three months Nine months ended ended 9-30-08 6-30-08 9-30-07 9-30-08 9-30-07 Brokerage commissions and fee income $37 $41 $26 $111 $94 Personal asset management and custody fees 38 40 41 119 122 Institutional asset management and custody fees 58 57 52 170 143 Total trust and investment services income $133 $138 $119 $400 $359 Investment Banking and Capital Markets Income (in millions) Three months Nine months ended ended 9-30-08 6-30-08 9-30-07 9-30-08 9-30-07 Investment banking income $20 $36 $22 $78 $65 (Loss) income from other investments (7) 1 (22) (12) (11) Dealer trading and derivatives (loss) income (57) 28 (2) (50) 18 Foreign exchange income 13 15 11 41 33 Total investment banking and capital markets (loss) income $(31) $80 $9 $57 $105 Noninterest Expense (dollars in millions) Three months ended Nine months ended 9-30-08 6-30-08 9-30-07 9-30-08 9-30-07 Personnel (a) $381 $404 $383 $1,194 $1,222 Net occupancy 65 62 60 193 182 Computer processing 46 43 49 136 149 Operating lease expense 56 55 58 169 165 Professional fees 35 33 27 91 79 Equipment 23 23 22 70 71 Marketing 27 21 21 62 60 Other expense: Postage and delivery 11 12 11 34 34 Franchise and business taxes 7 8 8 23 25 Telecommunications 7 7 7 22 21 Provision (credit) for losses on lending-related commitments 8 (2) 5 (21) 3 Miscellaneous expense 96 115 102 302 341 Total other expense 129 140 133 360 424 Total noninterest expense $762 $781 $753 $2,275 $2,352 Average full-time equivalent employees 18,291 18,164 18,567 (b) 18,294 19,081 (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 Nine months ended 9-30-08 6-30-08 9-30-07 9-30-08 9-30-07 Salaries $245 $235 $240 $719 $721 Incentive compensation 55 79 55 208 212 Employee benefits 59 65 67 200 222 Stock-based compensation 8 17 17 39 57 Severance 14 8 4 28 10 Total personnel expense $381 $404 $383 $1,194 $1,222 Loan Composition (dollars in millions) Percent change 9-30-08 vs. 9-30-08 6-30-08 9-30-07 6-30-08 9-30-07 Commercial, financial and agricultural $27,207 $25,929 $23,192 4.9 % 17.3 % Commercial real estate: Commercial mortgage 10,569 10,737 9,272 (1.6) 14.0 Construction 7,708 7,849 8,214 (1.8) (6.2) Total commercial real estate loans 18,277 18,586 (a) 17,486 (1.7) 4.5 Commercial lease financing 9,437 9,610 10,309 (1.8) (8.5) Total commercial loans 54,921 54,125 50,987 1.5 7.7 Real estate -- residential mortgage 1,898 1,928 1,583 (1.6) 19.9 Home equity: Community Banking 9,970 9,851 9,674 1.2 3.1 National Banking 1,101 1,153 1,230 (4.5) (10.5) Total home equity loans 11,071 11,004 10,904 .6 1.5 Consumer other -- Community Banking 1,274 1,261 1,308 1.0 (2.6) Consumer other -- National Banking: Marine 3,529 3,634 3,549 (2.9) (.6) Education 3,711 3,584 (b) 334 3.5 N/M Other 301 319 334 (5.6) (9.9) Total consumer other -- National Banking 7,541 7,537 4,217 .1 78.8 Total consumer loans 21,784 21,730 18,012 .2 20.9 Total loans $76,705 $75,855 $68,999 1.1 % 11.2 % Loans Held for Sale Composition (dollars in millions) Percent change 9-30-08 vs. 9-30-08 6-30-08 9-30-07 6-30-08 9-30-07 Commercial, financial and agricultural $159 $212 $67 (25.0)% 137.3 % Real estate - commercial mortgage 718 994 1,560 (27.8) (54.0) Real estate - construction 262 398 (a) 237 (34.2) 10.5 Commercial lease financing 52 42 5 23.8 940.0 Real estate - residential mortgage 57 79 36 (27.8) 58.3 Home equity --- --- 1 --- (100.0) Education 223 103 (b) 2,877 116.5 (92.2) Automobile 4 5 8 (20.0) (50.0) Total loans held for sale $1,475 $1,833 $4,791 (19.5)% (69.2)% (a) During the second quarter of 2008, Key transferred $384 million of commercial real estate loans ($719 million of primarily construction loans, net of $335 million in net charge-offs) from the loan portfolio to held-for-sale status. (b) 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 Nine months ended 9-30-08 6-30-08 9-30-07 9-30-08 9-30-07 Average loans outstanding from continuing operations $76,171 $76,652 $67,680 $75,174 $66,562 Allowance for loan losses at beginning of period $1,421 $1,298 $945 $1,200 $944 Loans charged off: Commercial, financial and agricultural 75 75 33 200 80 Real estate -- commercial mortgage 21 15 2 40 13 Real estate -- construction 80 340 7 445 10 Total commercial real estate loans 101 355 (a) 9 485 (a) 23 Commercial lease financing 24 18 11 57 33 Total commercial loans 200 448 53 742 136 Real estate -- residential mortgage 2 2 1 8 3 Home equity: Community Banking 10 9 5 28 15 National Banking 12 11 4 30 10 Total home equity loans 22 20 9 58 25 Consumer other -- Community Banking 11 11 8 31 23 Consumer other -- National Banking: Marine 20 16 8 55 22 Education 41 55 (b) 1 98 3 Other 4 2 2 10 6 Total consumer other -- National Banking 65 73 11 163 31 Total consumer loans 100 106 29 260 82 Total loans charged off 300 554 82 1,002 218 Recoveries: Commercial, financial and agricultural 13 14 11 41 24 Real estate -- commercial mortgage 1 --- --- 1 4 Real estate -- construction 1 1 1 2 1 Total commercial real estate loans 2 1 1 3 5 Commercial lease financing 5 4 3 15 10 Total commercial loans 20 19 15 59 39 Real estate -- residential mortgage --- 1 --- 1 1 Home equity: Community Banking 1 --- 1 2 3 National Banking --- 1 --- 1 1 Total home equity loans 1 1 1 3 4 Consumer other -- Community Banking 1 1 3 4 6 Consumer other -- National Banking: Marine 4 6 3 13 9 Education 1 1 --- 2 1 Other --- 1 1 2 2 Total consumer other -- National Banking 5 8 4 17 12 Total consumer loans 7 11 8 25 23 Total recoveries 27 30 23 84 62 Net loan charge-offs (273) (524) (59) (918) (156) Provision for loan losses from continuing operations 407 647 69 1,241 166 Allowance related to loans acquired, net --- --- --- 32 --- Foreign currency translation adjustment (1) --- --- (1) 1 Allowance for loan losses at end of period $1,554 $1,421 $955 $1,554 $955 Net loan charge-offs to average loans from continuing operations 1.43 % 2.75 % .35 % 1.63 % .31 % Allowance for loan losses to period-end loans 2.03 1.87 1.38 2.03 1.38 Allowance for loan losses to nonperforming loans 160.70 174.57 191.77 160.70 191.77 (a) During the second quarter of 2008, Key transferred $384 million of commercial real estate loans ($719 million of primarily construction loans, net of $335 million in net charge-offs) from the loan portfolio to held-for-sale status. (b) On March 31, 2008, Key transferred $3.3 billion of education loans from loans held for sale to the loan portfolio. Changes in Liability for Credit Losses on Lending-Related Commitments (in millions) Three months Nine months ended ended 9-30-08 6-30-08 9-30-07 9-30-08 9-30-07 Balance at beginning of period $51 $53 $50 $80 $53 Provision (credit) for losses on lending-related commitments 8 (2) 5 (21) 3 Charge-offs --- --- --- --- (1) Balance at end of period (a) $59 $51 $55 $59 $55 (a) Included in "accrued expense and other liabilities" on the consolidated balance sheet. Summary of Nonperforming Assets and Past Due Loans (dollars in millions) 9-30-08 6-30-08 3-31-07 12-31-07 9-30-07 Commercial, financial and agricultural $309 $259 $147 $84 $94 Real estate -- commercial mortgage 119 107 113 41 41 Real estate -- construction 334 256 610 415 228 Total commercial real estate loans 453 363 (b) 723 456 269 Commercial lease financing 55 57 38 28 30 Total commercial loans 817 679 908 568 393 Real estate -- residential mortgage 35 32 34 28 29 Home equity: Community Banking 70 61 60 54 50 National Banking 16 14 14 12 11 Total home equity loans 86 75 74 66 61 Consumer other -- Community Banking 3 2 2 2 2 Consumer other -- National Banking: Marine 22 20 20 20 12 Education 3 4 15 2 --- Other 1 2 1 1 1 Total consumer other -- National Banking 26 26 36 23 13 Total consumer loans 150 135 146 119 105 Total nonperforming loans 967 814 1,054 687 498 Nonperforming loans held for sale 169 342 (b) 9 25 6 OREO 64 26 29 21 21 Allowance for OREO losses (4) (2) (2) (2) (1) OREO, net of allowance 60 24 27 19 20 Other nonperforming assets (a) 43 30 25 33 46 Total nonperforming assets $1,239 $1,210 $1,115 $764 $570 Accruing loans past due 90 days or more $328 $367 $283 $231 $190 Accruing loans past due 30 through 89 days 937 852 1,169 843 717 Nonperforming loans to period-end portfolio loans 1.26 % 1.07 % 1.38 % .97 % .72 % Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets 1.61 1.59 1.46 1.08 .83 Summary of Changes in Nonperforming Loans (in millions) 3Q08 2Q08 1Q08 4Q07 3Q07 Balance at beginning of period $814 $1,054 $687 $498 $276 Loans placed on nonaccrual status 530 789 566 378 337 Charge-offs (300) (547) (144) (147) (81) Loans sold (1) (48) --- (13) (6) Payments (43) (86) (32) (17) (13) Transfers to OREO --- --- (10) (5) (12) Transfer to nonperforming loans held for sale (30) (342)b (8) --- --- Loans returned to accrual status (3) (6) (5) (7) (3) Balance at end of period $967 $814 $1,054 $687 $498 (a) Primarily investments held by the Private Equity unit within Key's Real Estate Capital and Corporate Banking Services line of business. (b) During the second quarter of 2008, Key transferred $384 million of commercial real estate loans ($719 million of primarily construction loans, net of $335 million in net charge-offs) from the loan portfolio to held-for-sale status. Line of Business Results (dollars in millions) Community Banking 3Q08 2Q08 1Q08 4Q07 3Q07 Summary of operations Total revenue (TE) $658 $661 $630 $654 $629 Provision for loan losses 56 44 18 36 2 Noninterest expense 445 449 429 438 413 Net income 98 105 114 113 134 Average loans and leases 28,872 28,477 28,094 27,234 26,944 Average deposits 50,384 49,948 49,769 47,254 46,729 Net loan charge-offs 70 38 30 31 19 Net loan charge-offs to average loans .96 % .54 % .43 % .45 % .28 % Nonperforming assets at period end $225 $218 $204 $153 $159 Return on average allocated equity 12.84 % 13.81 % 15.34 % 17.76 % 21.20 % Average full-time equivalent employees 8,949 8,785 8,714 8,454 8,625 Supplementary information (lines of business) Regional Banking Total revenue (TE) $557 $559 $530 $556 $534 Provision for loan losses 39 25 13 26 12 Noninterest expense 399 401 386 386 367 Net income 74 83 82 91 97 Average loans and leases 19,794 19,621 19,560 18,771 18,667 Average deposits 46,655 46,246 46,178 43,696 43,237 Net loan charge-offs 41 33 29 26 17 Net loan charge-offs to average loans .82 % .68 % .60 % .55 % .36 % Nonperforming assets at period end $168 $157 $142 $119 $119 Return on average allocated equity 13.67 % 15.21 % 15.14 % 20.75 % 22.03 % Average full-time equivalent employees 8,603 8,439 8,365 8,101 8,264 Commercial Banking Total revenue (TE) $101 $102 $100 $98 $95 Provision for loan losses 17 19 5 10 (10) Noninterest expense 46 48 43 52 46 Net income 24 22 32 22 37 Average loans and leases 9,078 8,856 8,534 8,463 8,277 Average deposits 3,729 3,702 3,591 3,558 3,492 Net loan charge-offs 29 5 1 5 2 Net loan charge-offs to average loans 1.27 % .23 % .05 % .23 % .10 % Nonperforming assets at period end $57 $61 $62 $34 $40 Return on average allocated equity 10.83 % 10.25 % 15.87 % 11.12 % 19.29 % Average full-time equivalent employees 346 346 349 353 361 Percent change 3Q08 vs. 2Q08 3Q07 Summary of operations Total revenue (TE) (.5)% 4.6 % Provision for loan losses 27.3 N/M Noninterest expense (.9) 7.7 Net income (6.7) (26.9) Average loans and leases 1.4 7.2 Average deposits .9 7.8 Net loan charge-offs 84.2 268.4 Net loan charge-offs to average loans N/A N/A Nonperforming assets at period end 3.2 41.5 Return on average allocated equity N/A N/A Average full-time equivalent employees 1.9 3.8 Supplementary information (lines of business) Regional Banking Total revenue (TE) (.4)% 4.3 % Provision for loan losses 56.0 225.0 Noninterest expense (.5) 8.7 Net income (10.8) (23.7) Average loans and leases .9 6.0 Average deposits .9 7.9 Net loan charge-offs 24.2 141.2 Net loan charge-offs to average loans N/A N/A Nonperforming assets at period end 7.0 41.2 Return on average allocated equity N/A N/A Average full-time equivalent employees 1.9 4.1 Commercial Banking Total revenue (TE) (1.0)% 6.3 % Provision for loan losses (10.5) N/M Noninterest expense (4.2) --- Net income 9.1 (35.1) Average loans and leases 2.5 9.7 Average deposits .7 6.8 Net loan charge-offs 480.0 N/M Net loan charge-offs to average loans N/A N/A Nonperforming assets at period end (6.6) 42.5 Return on average allocated equity N/A N/A Average full-time equivalent employees --- (4.2) Line of Business Results (continued) (dollars in millions) National Banking 3Q08 2Q08 1Q08 4Q07 3Q07 Summary of operations Total revenue (TE) $482 $(130) $438 $610 $507 Provision for loan losses 350 609 169 327 69 Noninterest expense 342 337 308 388 327 (Loss) income from continuing operations (133) (672) (24) (68) 70 Net (loss) income (133) (672) (24) (65) 56 Average loans and leases (a) 47,075 47,877 44,162 42,040 40,279 Average loans held for sale (a) 1,651 1,282 4,932 4,709 4,692 Average deposits (a) 12,439 12,289 11,885 12,629 12,631 Net loan charge-offs (a) 203 486 91 88 40 Net loan charge-offs to average loans (a) 1.72 % 4.08 % .83 % .83 % .39 % Nonperforming assets at period end $1,014 $992 $911 $611 $410 Return on average allocated equity (a) (10.28)% (51.59)% (1.96)% (6.02)% 6.62 % Return on average allocated equity (10.28) (51.59) (1.96) (5.75) 5.30 Average full-time equivalent employees 3,589 3,603 3,758 4,010 3,869 Supplementary information (lines of business) Real Estate Capital and Corporate Banking Services Total revenue (TE) $92 $233 $80 $159 $128 Provision for loan losses 99 366 45 270 43 Noninterest expense 89 68 61 118 88 Net (loss) (60) (126) (16) (143) (2) Average loans and leases 16,447 17,086 16,497 15,003 14,160 Average loans held for sale 792 616 989 1,257 1,584 Average deposits 10,446 10,460 9,785 10,397 10,243 Net loan charge-offs 100 376 38 45 7 Net loan charge-offs to average loans 2.42 % 8.85 % .93 % 1.19 % .20 % Nonperforming assets at period end $714 $779 $732 $475 $281 Return on average allocated equity (11.76)% (23.61)% (3.42)% (36.89)% (.56)% Average full-time equivalent employees 1,222 1,228 1,233 1,310 1,309 Equipment Finance Total revenue (TE) $111 $(696) $98 $184 $138 Provision for loan losses 64 36 24 23 16 Noninterest expense 90 89 96 96 93 Net (loss) income (27) (513) (14) 40 18 Average loans and leases 10,012 10,326 10,595 10,729 10,681 Average loans held for sale 49 51 32 15 6 Average deposits 20 21 14 17 16 Net loan charge-offs 32 28 24 18 16 Net loan charge-offs to average loans 1.27 % 1.09 % .91 % .67 % .59 % Nonperforming assets at period end $115 $105 $69 $58 $65 Return on average allocated equity (11.99)% (225.99)% (6.11)% 17.40 % 8.00 % Average full-time equivalent employees 827 837 859 923 900 Institutional and Capital Markets Total revenue (TE) $183 $229 $157 $169 $156 Provision for loan losses 16 36 16 15 (2) Noninterest expense 107 128 102 115 105 Net income 37 42 25 25 34 Average loans and leases 8,364 7,898 7,633 7,219 6,716 Average loans held for sale 649 494 555 394 373 Average deposits 1,479 1,384 1,459 1,560 1,844 Net loan (recoveries) charge-offs (1) 5 2 6 6 Net loan (recoveries) charge-offs to average loans (.05)% .25 % .11 % .33 % .35 % Nonperforming assets at period end $58 $26 $12 $15 $17 Return on average allocated equity 11.47 % 13.48 % 8.29 % 8.50 % 12.55 % Average full-time equivalent employees 975 931 938 979 1,019 Consumer Finance Total revenue (TE) $96 $104 $103 $98 $85 Provision for loan losses 171 171 84 19 12 Noninterest expense 56 52 49 59 41 (Loss) income from continuing operations (83) (75) (19) 10 20 Net (loss) income (83) (75) (19) 13 6 Average loans and leases (a) 12,252 12,567 9,437 9,089 8,722 Average loans held for sale (a) 161 121 3,356 3,043 2,729 Average deposits (a) 494 424 627 655 528 Net loan charge-offs (a) 72 77 27 19 11 Net loan charge-offs to average loans (a) 2.34 % 2.46 % 1.15 % .83 % .50 % Nonperforming assets at period end $127 $82 $98 $63 $47 Return on average allocated equity (a) (35.09)% (32.54)% (8.31)% 4.59 % 9.87 Return on average allocated equity (35.09) (32.54) (8.31) 5.97 2.96 Average full-time equivalent employees 565 607 728 798 641 Percent change 3Q08 vs. 2Q08 3Q07 Summary of operations Total revenue (TE) N/M (4.9)% Provision for loan losses (42.5)% 407.2 Noninterest expense 1.5 4.6 (Loss) income from continuing operations 80.2 N/M Net (loss) income 80.2 N/M Average loans and leases (a) (1.7) 16.9 Average loans held for sale (a) 28.8 (64.8) Average deposits (a) 1.2 (1.5) Net loan charge-offs (a) (58.2) 407.5 Net loan charge-offs to average loans (a) N/A N/A Nonperforming assets at period end 2.2 147.3 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) (7.2) Supplementary information (lines of business) Real Estate Capital and Corporate Banking Services Total revenue (TE) (60.5)% (28.1)% Provision for loan losses (73.0) 130.2 Noninterest expense 30.9 1.1 Net (loss) 52.4 N/M Average loans and leases (3.7) 16.2 Average loans held for sale 28.6 (50.0) Average deposits (.1) 2.0 Net loan charge-offs (73.4) N/M Net loan charge-offs to average loans N/A N/A Nonperforming assets at period end (8.3) 154.1 Return on average allocated equity N/A N/A Average full-time equivalent employees (.5) (6.6) Equipment Finance Total revenue (TE) N/M (19.6)% Provision for loan losses 77.8 % 300.0 Noninterest expense 1.1 (3.2) Net (loss) income 94.7 N/M Average loans and leases (3.0) (6.3) Average loans held for sale (3.9) 716.7 Average deposits (4.8) 25.0 Net loan charge-offs 14.3 100.0 Net loan charge-offs to average loans N/A N/A Nonperforming assets at period end 9.5 76.9 Return on average allocated equity N/A N/A Average full-time equivalent employees (1.2) (8.1) Institutional and Capital Markets Total revenue (TE) (20.1)% 17.3 % Provision for loan losses (55.6) N/M Noninterest expense (16.4) 1.9 Net income (11.9) 8.8 Average loans and leases 5.9 24.5 Average loans held for sale 31.4 74.0 Average deposits 6.9 (19.8) Net loan (recoveries) charge-offs N/M N/M Net loan (recoveries) charge- offs to average loans N/A N/A Nonperforming assets at period end 123.1 241.2 Return on average allocated equity N/A N/A Average full-time equivalent employees 4.7 (4.3) Consumer Finance Total revenue (TE) (7.7)% 12.9 % Provision for loan losses --- N/M Noninterest expense 7.7 36.6 (Loss) income from continuing operations (10.7) N/M Net (loss) income (10.7) N/M Average loans and leases (a) (2.5) 40.5 Average loans held for sale (a) 33.1 (94.1) Average deposits (a) 16.5 (6.4) Net loan charge-offs (a) (6.5) 554.5 Net loan charge-offs to average loans (a) N/A N/A Nonperforming assets at period end 54.9 170.2 Return on average allocated equity (a) N/A N/A Return on average allocated equity N/A N/A Average full-time equivalent employees (6.9) (11.9) (a) From continuing operations. TE = Taxable Equivalent N/A = Not Applicable N/M = Not Meaningful DATASOURCE: KeyCorp Web site: http://www.key.com/ http://www.key.com/newsroom https://www.key.com/ir

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