KeyBank 2006 Annual Report Download - page 64

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64
KEYCORP AND SUBSIDIARIES
Year ended December 31,
dollars in millions, except per share amounts 2006 2005 2004
INTEREST INCOME
Loans $4,561 $3,693 $3,046
Loans held for sale 325 254 114
Investment securities 235
Securities available for sale 347 327 327
Short-term investments 63 52 35
Other investments 82 54 35
Total interest income 5,380 4,383 3,562
INTEREST EXPENSE
Deposits 1,576 976 640
Federal funds purchased and securities sold under repurchase agreements 107 71 22
Bank notes and other short-term borrowings 94 82 42
Long-term debt 788 598 402
Total interest expense 2,565 1,727 1,106
NET INTEREST INCOME 2,815 2,656 2,456
Provision for loan losses 150 143 185
Net interest income after provision for loan losses 2,665 2,513 2,271
NONINTEREST INCOME
Trust and investment services income 553 542 564
Service charges on deposit accounts 304 304 331
Investment banking and capital markets income 230 229 217
Operating lease income 229 191 183
Letter of credit and loan fees 188 181 158
Corporate-owned life insurance income 105 109 110
Electronic banking fees 105 96 85
Net gains from loan securitizations and sales 76 69 9
Net securities gains 11 4
Other income 336 345 264
Total noninterest income 2,127 2,067 1,925
NONINTEREST EXPENSE
Personnel 1,692 1,588 1,533
Net occupancy 250 276 232
Computer processing 212 209 187
Operating lease expense 184 158 151
Professional fees 134 126 110
Equipment 102 110 118
Marketing 97 88 81
Other expense 478 499 472
Total noninterest expense 3,149 3,054 2,884
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE 1,643 1,526 1,312
Income taxes 450 436 405
INCOME FROM CONTINUING OPERATIONS BEFORE
CUMULATIVE EFFECT OF ACCOUNTING CHANGE 1,193 1,090 907
Income (loss) from discontinued operations, net of taxes
of $16, $23 and $29 (see Note 3) (143) 39 47
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 1,050 1,129 954
Cumulative effect of accounting change, net of taxes (see Note 1) 5— —
NET INCOME $1,055 $1,129 $ 954
Per common share:
Income from continuing operations before cumulative
effect of accounting change $2.95 $2.67 $2.21
Income before cumulative effect of accounting change 2.60 2.76 2.32
Net income 2.61 2.76 2.32
Per common share — assuming dilution:
Income from continuing operations before cumulative
effect of accounting change 2.91 2.63 2.18
Income beforecumulative effect of accounting change 2.56 2.73 2.30
Net income 2.57 2.73 2.30
Cash dividends declared per common share 1.38 1.30 1.24
Weighted-average common shares outstanding (000) 404,490 408,981 410,585
Weighted-average common shares and potential common
shares outstanding (000) 410,222 414,014 415,430
See Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF INCOME
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