KeyBank 2014 Annual Report Download - page 229
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24. Condensed Financial Information of the Parent Company
CONDENSED BALANCE SHEETS
December 31,
in millions 2014 2013
ASSETS
Cash and due from banks $ 2,207 $ 2,418
Short-term investments 31 35
Securities available for sale 22 20
Other investments 15 15
Loans to:
Banks 90 90
Nonbank subsidiaries 211 468
Total loans 301 558
Investment in subsidiaries:
Banks 9,998 9,342
Nonbank subsidiaries 632 579
Total investment in subsidiaries 10,630 9,921
Goodwill 244 167
Other intangible assets 11 —
Corporate owned life insurance 212 204
Derivative assets 11 6
Accrued income and other assets 356 333
Total assets $ 14,040 $ 13,677
LIABILITIES
Accrued expense and other liabilities $ 511 $ 413
Derivative liabilities 210
Long-term debt due to:
Subsidiaries 422 398
Unaffiliated companies 2,575 2,553
Total long-term debt 2,997 2,951
Total liabilities 3,510 3,374
SHAREHOLDERS’ EQUITY (a) 10,530 10,303
Total liabilities and shareholders’ equity $ 14,040 $ 13,677
(a) See Key’s Consolidated Statements of Changes in Equity.
CONDENSED STATEMENTS OF INCOME
Year ended December 31,
in millions 2014 2013 2012
INCOME
Dividends from subsidiaries:
Bank subsidiaries $ 300 $ 600 $ 1,775
Nonbank subsidiaries ———
Interest income from subsidiaries 16 26 36
Other income 15 15 66
Total income 331 641 1,877
EXPENSE
Interest on long-term debt with subsidiary trusts 10 14 29
Interest on other borrowed funds 53 59 86
Personnel and other expense 40 65 68
Total expense 103 138 183
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries 228 503 1,694
Income tax (expense) benefit 45 33 48
Income (loss) before equity in net income (loss) less dividends from subsidiaries 273 536 1,742
Equity in net income (loss) less dividends from subsidiaries (a) 634 374 (877)
NET INCOME (LOSS) 907 910 865
Less: Net income attributable to noncontrolling interests 7—7
NET INCOME (LOSS) ATTRIBUTABLE TO KEY $ 900 $ 910 $ 858
(a) Includes results of discontinued operations described in Note 13 (“Acquisitions and Discontinued Operations”).
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