KeyBank 2014 Annual Report Download - page 108
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Noninterest income
Our noninterest income was $490 million for the fourth quarter of 2014, compared to $453 million for the year-
ago quarter. The fourth quarter reflects a record high quarter for investment banking and debt placement fees,
which increased $42 million, benefiting from our business model. Trust and investment services income
increased $14 million, mostly due to a full-quarter impact of the recently-acquired Pacific Crest Securities.
Corporate services income also increased $13 million, driven by higher derivatives income and non-yield loan
fees. These increases were partially offset by declines in other income of $12 million, mortgage servicing fees of
$11 million, and operating lease income and other leasing gains of $11 million.
Noninterest expense
Our noninterest expense was $704 million for the fourth quarter of 2014, compared to $712 million for the same
period last year. This decline reflects lower efficiency- and pension-related charges and other expense. These
decreases were slightly offset by higher incentive compensation expense related to the performance of our
business and a full-quarter impact of the recently-acquired Pacific Crest Securities.
Provision for loan and lease losses
Our provision for loan and lease losses was $22 million for the fourth quarter of 2014, compared to $19 million
for the year-ago quarter. Our ALLL was $794 million, or 1.38% of total period-end loans, at December 31, 2014,
compared to $848 million, or 1.56%, at December 31, 2013.
Net loan charge-offs for the fourth quarter of 2014 totaled $32 million, or .22% of average loans, compared to
$37 million, or .27%, for the same period last year.
Income taxes
For the fourth quarter of 2014, we recorded a tax provision from continuing operations of $94 million, compared
to a tax provision of $70 million for the fourth quarter of 2013. The effective tax rate for the fourth quarter of
2014 was 27.2%, compared to 23% for the same quarter one year ago, due to an increase in pre-tax income.
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