KeyBank 2007 Annual Report Download - page 105

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103
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KEYCORP AND SUBSIDIARIES
21. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
CONDENSED BALANCE SHEETS
December 31,
in millions 2007 2006
ASSETS
Interest-bearing deposits $ 771 $ 2,469
Loans and advances to subsidiaries:
Banks —2
Nonbank subsidiaries 1,973 1,714
1,973 1,716
Investment in subsidiaries:
Banks 7,413 6,853
Nonbank subsidiaries 921 1,195
8,334 8,048
Accrued income and other assets 1,064 888
Total assets $12,142 $13,121
LIABILITIES
Accrued expense and other liabilities $ 656 $ 737
Short-term borrowings 112 83
Long-term debt due to:
Subsidiaries 1,896 1,867
Unaffiliated companies 1,732 2,731
3,628 4,598
Total liabilities 4,396 5,418
SHAREHOLDERS’ EQUITY
a
7,746 7,703
Total liabilities and shareholders’ equity $12,142 $13,121
a
See page 63 for KeyCorp’s Consolidated Statements of Changes in Shareholders’ Equity.
CONDENSED STATEMENTS OF INCOME
Year ended December 31,
in millions 2007 2006 2005
INCOME
Dividends from subsidiaries:
Banks $ 500 $1,165 $ 700
Nonbank subsidiaries 488 11 929
Interest income from subsidiaries 162 163 87
Other income 15 (4) 16
1,165 1,335 1,732
EXPENSES
Interest on long-term debt with subsidiary trusts 114 103 64
Interest on other borrowed funds 129 149 106
Personnel and other expense 86 129 170
329 381 340
Income before income tax benefit and equity in
net income less dividends from subsidiaries 836 954 1,392
Income tax benefit 59 114 64
895 1,068 1,456
Cumulative effect of accounting change, net of taxes (see Note 1) —5—
Equity in net income less dividends from subsidiaries
a
24 (18) (327)
NET INCOME $ 919 $1,055 $1,129
a
Includes results of discontinued operations described in Note 3 (“Acquisitions and Divestitures”), which begins on page 74.