KeyBank 2006 Annual Report Download - page 24

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24
MANAGEMENT’S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS KEYCORP AND SUBSIDIARIES
FIGURE 2. SELECTED FINANCIAL DATA
Compound
Annual Rate
of Change
dollars in millions, except per share amounts 2006 2005 2004 2003 2002 2001 (2001-2006)
YEAR ENDED DECEMBER 31,
Interest income $5,380 $4,383 $3,562 $3,721 $4,115 $5,397 (.1)%
Interest expense 2,565 1,727 1,106 1,165 1,519 2,704 (1.0)
Net interest income 2,815 2,656 2,456 2,556 2,596 2,693 .9
Provision for loan losses 150 143 185 498 548 1,346 (35.5)
Noninterest income 2,127 2,067 1,925 1,950 1,998 2,018 1.1
Noninterest expense 3,149 3,054 2,884 2,816 2,763 3,089 .4
Income from continuing operations
before income taxes and cumulative
effect of accounting changes 1,643 1,526 1,312 1,192 1,283 276 42.9
Income from continuing operations before
cumulative effect of accounting changes 1,193 1,090 907 872 958 168 48.0
Income (loss) from discontinued operations,
net of taxes (143) 39 47 31 18 (11) (67.0)
Income before cumulative effect
of accounting changes 1,050 1,129 954 903 976 157 46.2
Net income 1,055 1,129 954 903 976 132 51.5
PER COMMON SHARE
Income from continuing operations before
cumulative effect of accounting changes $ 2.95 $ 2.67 $ 2.21 $ 2.06 $ 2.25 $ .40 49.1%
Income (loss) from discontinued operations (.35) .10 .11 .07 .04 (.03) (63.5)
Income before cumulative effect
of accounting changes 2.60 2.76 2.32 2.14 2.29 .37 47.7
Net income 2.61 2.76 2.32 2.14 2.29 .31 53.1
Income from continuing operations before
cumulative effect of accounting
changes — assuming dilution 2.91 2.63 2.18 2.05 2.22 .39 49.5
Income (loss) from discontinued
operations — assuming dilution (.35) .09 .11 .07 .04 (.03) (63.5)
Income beforecumulative effect of
accounting changes — assuming dilution 2.56 2.73 2.30 2.12 2.27 .37 47.2
Net income — assuming dilution 2.57 2.73 2.30 2.12 2.27 .31 52.7
Cash dividends declared 1.38 1.30 1.24 1.22 1.20 1.18 3.2
Book value at year end 19.30 18.69 17.46 16.73 16.12 14.52 5.9
Market price at year end 38.03 32.93 33.90 29.32 25.14 24.34 9.3
Dividend payout ratio 52.87% 47.10% 53.45% 57.01% 52.40% 380.65% N/A
Weighted-average common shares
outstanding (000) 404,490 408,981 410,585 422,776 425,451 424,275 (1.0)
Weighted-average common shares and
potential common shares outstanding (000) 410,222 414,014 415,430 426,157 430,703 429,573 (.9)
AT DECEMBER 31,
Loans $65,826 $66,478 $63,372 $59,754 $59,813 $60,640 1.7%
Earning assets 80,090 80,143 78,140 72,560 73,094 71,059 2.4
Total assets 92,337 93,126 90,747 84,498 85,214 80,947 2.7
Deposits 59,116 58,765 57,842 50,858 49,346 44,795 5.7
Long-termdebt 14,533 13,939 14,846 15,294 15,605 14,554 —
Shareholders’ equity 7,703 7,598 7,117 6,969 6,835 6,155 4.6
PERFORMANCE RATIOS
From continuing operations:
Returnon average total assets 1.30% 1.24% 1.09% 1.07% 1.21% .17% N/A
Return on average equity 15.43 14.88 13.07 12.63 14.68 2.21 N/A
Net interest margin (taxable equivalent) 3.67 3.65 3.62 3.73 3.91 3.74 N/A
From consolidated operations:
Return on average total assets 1.12% 1.24% 1.10% 1.07% 1.19% .16% N/A
Return on average equity 13.64 15.42 13.75 13.08 14.96 2.01 N/A
Net interest margin (taxable equivalent) 3.69 3.69 3.63 3.78 3.94 3.76 N/A
CAPITAL RATIOS ATDECEMBER 31,
Equity to assets 8.34% 8.16% 7.84% 8.25% 8.02% 7.60% N/A
Tangible equity to tangible assets 7.01 6.68 6.35 6.94 6.73 6.29 N/A
Tier 1 risk-based capital 8.24 7.59 7.22 8.35 7.74 7.17 N/A
Total risk-based capital 12.43 11.47 11.47 12.57 12.11 11.07 N/A
Leverage 8.98 8.53 7.96 8.55 8.16 7.66 N/A
OTHER DATA
Average full-time equivalent employees 20,006 19,485 19,576 20,064 20,816 21,555 (1.5)%
KeyCenters 950 947 935 906 910 911 .8
Key completed several acquisitions and divestitures during the six-year period shown in this table. One or moreof these transactions may have had a significant effect on Key’sresults, making
it difficult to compare results from one year to the next. Note 3 (“Acquisitions and Divestitures”), which begins on page 75, contains specific information about the transactions Key completed
during the past three years to help in understanding how they may have impacted Key’s financial condition and results of operations.
N/A = Not Applicable
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