KeyBank 2003 Annual Report Download

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Key
Key
BOARD INCREASES DIVIDEND FOR 39TH CONSECUTIVE YEAR
2003 KeyCorp Annual Report
Winning
MOVES
Winning
MOVES
Efforts to GROW REVENUE,
MANAGE EXPENSES and
IMPROVE CREDIT QUALITY
position Key well to deliver
stronger results
Efforts to GROW REVENUE,
MANAGE EXPENSES and
IMPROVE CREDIT QUALITY
position Key well to deliver
stronger results
NEXT PAGE

Table of contents

  • Page 1
    BOARD INCREASES DIVIDEND FOR 39TH CONSECUTIVE YEAR Key Efforts to GROW REVENUE, MANAGE EXPENSES and 2003 KeyCorp Annual Report IMPROVE CREDIT QUALITY position Key well to deliver stronger results Winning MOVES NEXT PAGE

  • Page 2
    ...: 127 Public Square, Cleveland, OH 44114-1306; (216) 689-6300. KeyCorp Investor Relations: 127 Public Square, Cleveland, OH 44114-1306; (216) 689-4221 . Online: www.key.com for product, corporate and financial information and news releases. Transfer Agent/Registrar and Shareholder Services...

  • Page 3
    ... Business Results Consumer Banking Corporate and Investment Banking Investment Management Services Other Segments Results of Operations Net interest income Noninterest income Noninterest expense Income taxes Financial Condition Loans Securities Deposits and other sources of funds Capital Off-Balance...

  • Page 4
    ... service hours. They hired an additional 125 relationship managers (RMs), and licensed approximately 250 employees to sell investment products. Consumer Banking also marketed more aggressively, introducing, for example, free checking and, earlier this year, free online bill pay. And the group...

  • Page 5
    ...state of the equity markets and fragile investor confidence during much of the year. Notable developments at Victory Capital Management, headed by Group President Rick Buoncore, included the July 2003 acquisition of NewBridge Partners, an investment management firm based in New York City. The firm...

  • Page 6
    ...cial solutions for the clients and Key. To ensure that all relationships ultimately are profitable, we are introducing a new internal measure in 2004: economic profit added, or EPA. EPA makes explicit the cost of capital and creates accountability among managers for its responsible use. Beginning...

  • Page 7
    ... size of Key's cushion for absorbing loan losses. Key Peer Median, S&P Regional & Diversified Bank Indices This ratio identifies the percentage of Key's loans that were charged off during the quarter. Every basis point of improvement equals approximately $6.3 million of annual pre-tax income. Key...

  • Page 8
    ... clients. • Nation's 5th largest bank-affiliated equipment financing company (net assets) CORPORATE BANKING KEYBANK REAL ESTATE CAPITAL KEY EQUIPMENT FINANCE KEY Investment Management Services VICTORY CAPITAL MANAGEMENT Richard J. Buoncore, President INVESTMENT MANAGEMENT SERVICES consists...

  • Page 9
    ......506 Total revenue (TE) ...1,554 Net Income ...$ 394 Average Balances Loans ...$ 27,871 Total assets ...32,255 Deposits...4,414 â- Corporate Banking â- KeyBank Real Estate Capital â- Key Equipment Finance %Key %Group REVENUE (TE) 100% = $4,556 mm (Key) 100% = $1,554 mm (Group) NET INCOME 100...

  • Page 10
    ... and making loans, KeyCorp's bank and trust company subsidiaries provide specialized services, including personal and corporate trust services, personal financial services, customer access to mutual funds, cash management services, investment banking and capital markets products, and international...

  • Page 11
    ...middle market companies. In addition, we focus nationwide on businesses such as commercial real estate lending, investment management, home equity lending and equipment leasing, in which we believe we possess resources of the scale necessary to compete nationally. • Put our clients first. We work...

  • Page 12
    ... accounting for such transactions as sales, the loans would have to be placed back on Key's balance sheet, which could have an adverse effect on Key's capital ratios and other unfavorable financial implications. In addition, management must make assumptions to determine the gain or loss resulting...

  • Page 13
    ... taxes due in connection with investments and business activities. Currently, the Internal Revenue Service is challenging Key's tax treatment of certain leveraged lease investments. This and other challenges by tax authorities may result in adjustments to the timing or amount of Key's taxable income...

  • Page 14
    ... dilution Cash dividends paid Book value at year end Market price at year end Dividend payout ratio Weighted-average common shares (000) Weighted-average common shares and potential common shares (000) AT DECEMBER 31, Loans Earning assets Total assets Deposits Long-term debt Shareholders' equity...

  • Page 15
    ... financing and nationally syndicated lending businesses, and increasing the allowance for loan losses. As a result of these actions, Key recorded 2001 charges aggregating $1.1 billion ($774 million after tax) that hinder a direct comparison of financial results over the past three years. Speci...

  • Page 16
    ...the Consumer Finance line. The decrease in deposit service charges resulted from lower overdraft and maintenance fees. Maintenance fees were lower because Key introduced free checking products in the third quarter of 2002 and made them available to all of Key's markets by the end of that year. These...

  • Page 17
    MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS KEYCORP AND SUBSIDIARIES FIGURE 3. CONSUMER BANKING Year ended December 31, dollars in millions SUMMARY OF OPERATIONS Net interest income (TE) Noninterest income Total revenue (TE) Provision for loan losses ...

  • Page 18
    ... quarters. During the same period, noninterest income rose by $17 million, or 3%, due largely to a $23 million increase in non-yield-related loan fees in the KeyBank Real Estate Capital line of business. In addition, the Key Equipment Finance line recorded net gains from the residual values...

  • Page 19
    ... income Total revenue (TE) Provision for loan losses Noninterest expense Income before income taxes (TE) Allocated income taxes and TE adjustments Net income Percent of consolidated net income AVERAGE BALANCES Loans Total assets Deposits TE = Taxable Equivalent, N/A = Not Applicable Change 2003 vs...

  • Page 20
    ... AND YIELDS/RATES Year ended December 31, dollars in millions ASSETS Loans a,b Commercial, financial and agricultural Real estate - commercial mortgage Real estate - construction Commercial lease financing Total commercial loans Real estate - residential Home equity Credit card Consumer - direct...

  • Page 21
    MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS KEYCORP AND SUBSIDIARIES 2000 Average Balance Interest Yield/ Rate Average Balance 1999 Interest Yield/ Rate Average Balance 1998 Interest Yield/ Rate Compound Annual Rate of Change (1998-2003) Average Balance...3,200...

  • Page 22
    ... with Federal National Mortgage Association" on page 79. Our business of originating and servicing commercial mortgage loans has grown in part as a result of acquiring Conning Asset Management in the second quarter of 2002 and both Newport Mortgage Company, L.P. and National Realty Funding L.C. in...

  • Page 23
    ..., dollars in millions Trust and investment services income Service charges on deposit accounts Investment banking and capital markets income Letter of credit and loan fees Corporate-owned life insurance income Net gains from loan securitizations and sales Electronic banking fees Net securities gains...

  • Page 24
    ...commercial loan demand in 2003 contributed to the $24 million decline in dealer trading FIGURE 10. ASSETS UNDER MANAGEMENT December 31, in millions Assets under management by investment type: Equity Fixed income Money market Total Proprietary mutual funds included in assets under management: Equity...

  • Page 25
    ... BANKING AND CAPITAL MARKETS INCOME Year ended December 31, dollars in millions Investment banking income Net gains (losses) from principal investing Foreign exchange income Dealer trading and derivatives income Total investment banking and capital markets income N/M = Not Meaningful Change 2003 vs...

  • Page 26
    ... the second quarter in connection with management's decision to downsize Key's automobile finance business. Excluding this charge, the effective tax rate for 2001 was 24.9%. As discussed below, Key has transferred the management of residual values of certain equipment leases to a foreign subsidiary...

  • Page 27
    ...in Key's 401(k) savings plan, income from investments in tax-advantaged assets (such as tax-exempt securities and corporate-owned life insurance) and credits associated with investments in low-income housing projects. FINANCIAL CONDITION Loans Figure 14 shows the composition of Key's loan portfolio...

  • Page 28
    ... size of a construction loan was $8 million. The largest construction loan commitment was $65 million, none of which was outstanding. Key conducts its commercial real estate lending business through two primary sources: a 12-state banking franchise and KeyBank Real Estate Capital, a national line...

  • Page 29
    ... OF LOANS OUTSTANDING Retail Banking (KeyCenters) and Small Business McDonald Financial Group and other sources Champion Mortgage Company Key Home Equity Services division National Home Equity line of business Total Nonperforming loans Net charge-offs for the year Yield for the year 2003 $ 8,370...

  • Page 30
    ...than one year include $11.9 billion with ï¬,oating or adjustable rates and $2.5 billion with predetermined rates. FIGURE 18. LOANS ADMINISTERED OR SERVICED December 31, in millions Education loans Automobile loans Home equity loans Commercial real estate loans Commercial loans Total a 2003 $ 4,610...

  • Page 31
    ...-equivalent basis using the statutory federal income tax rate of 35%. Includes primarily marketable equity securities. c FIGURE 21. INVESTMENT SECURITIES States and Political Subdivisions Weighted Average Yield a dollars in millions DECEMBER 31, 2003 Remaining maturity: One year or less After...

  • Page 32
    ..., introduced new products, such as free checking, and collected more escrow deposits associated with the servicing of commercial real estate loans. Time deposits decreased by 12% in 2003 and 9% in 2002 in part because, like our competitors, Key reduced the rates paid for them as the Federal Reserve...

  • Page 33
    ... Net unrealized gains on equity securities available for sale Qualifying long-term debt Total Tier 2 capital Total risk-based capital RISK-WEIGHTED ASSETS Risk-weighted assets on balance sheet Risk-weighted off-balance sheet exposure Less: Goodwill Other assets b Plus: Market risk-equivalent assets...

  • Page 34
    ...: Banking and financial data services Telecommunications Professional services Technology equipment and software Other Total purchase obligations Total Lending-related and other off-balance sheet commitments: Commercial, including real estate Home equity Principal investing Commercial letters...

  • Page 35
    ...cates of deposit and use the proceeds to make loans. That strategy presents "gap risk" if the related liabilities and assets do not mature or reprice at the same time. Measurement of short-term interest rate exposure. Key uses a simulation model to measure interest rate risk. The model estimates the...

  • Page 36
    ..., 2003, based on the results of our simulation model, and assuming that management does not take action to alter the outcome, Key would expect net interest income in the second year to increase by approximately .84% if short-term interest rates gradually increase by 200 basis points during that year...

  • Page 37
    ...: No change to net interest income. Five-year fixed-rate home equity loans at 6.0% funded short-term. Rates unchanged: Increases annual net interest income $4.3 million. Rates up 200 basis points over 12 months: Increases annual net interest income $3.5 million. Premium money market deposits at...

  • Page 38
    ... rate swap. For more information about how Key uses interest rate swaps to manage its balance sheet, see Note 19 ("Derivatives and Hedging Activities"), which begins on page 80. FIGURE 27. PORTFOLIO SWAPS BY INTEREST RATE RISK MANAGEMENT STRATEGY December 31, 2003 Weighted-Average Rate dollars...

  • Page 39
    ... our application processing system, which allows for real time scoring and automated decisions for many of Key's products. Key's Risk Management group periodically validates the loan grading and scoring processes. Key maintains an active concentration management program to help diversify its credit...

  • Page 40
    ... were commercial real estate, large corporate and media. These changes reï¬,ect the ï¬,uctuations that occur in loan portfolios from time to time, underscoring the benefits of Key's strategy to limit the concentration of credit risk in any single portfolio. As shown in Figure 29, most of the 2003...

  • Page 41
    ... Total commercial loans Real estate - residential mortgage Home equity Credit card Consumer - direct Consumer - indirect lease financing Consumer - indirect other Total consumer loans Net loans charged off Provision for loan losses Allowance related to loans acquired (sold), net Foreign currency...

  • Page 42
    ... commercial loans Real estate - residential mortgage Home equity Consumer - direct Consumer - indirect lease financing Consumer - indirect other Total consumer loans Total nonperforming loans OREO Allowance for OREO losses OREO, net of allowance Other nonperforming assets Total nonperforming assets...

  • Page 43
    ... the structure of the asset portfolios. We use several tools to maintain sufficient liquidity. • We maintain portfolios of short-term money market investments and securities available for sale, substantially all of which could be converted to cash quickly at a small expense. • Key's portfolio...

  • Page 44
    ... available for sale. Investing activities that have required the greatest use of cash include lending and the purchases of new securities. Over the past three years, the primary source of cash from financing activities has been the issuance of long-term debt. However, in 2003 and 2002, deposits...

  • Page 45
    ... for the fourth quarter of 2002. Key's net interest margin decreased by 20 basis points to 3.78%, while average earning assets grew by $559 million. Growth in our home equity lending and commercial lease financing businesses, and an increase in short-term investments more than offset declines...

  • Page 46
    ... Cash dividends paid Book value at period end Market price: High Low Close Weighted-average common shares (000) Weighted-average common shares and potential common shares (000) AT PERIOD END Loans Earning assets Total assets Deposits Long-term debt Shareholders' equity PERFORMANCE RATIOS Return...

  • Page 47
    ... Vice President and Chief Financial Officer REPORT OF INDEPENDENT AUDITORS Shareholders and Board of Directors KeyCorp We have audited the accompanying consolidated balance sheets of KeyCorp and subsidiaries ("Key") as of December 31, 2003 and 2002, and the related consolidated statements...

  • Page 48
    ...CONSOLIDATED BALANCE SHEETS December 31, dollars in millions ASSETS Cash and due from banks Short-term investments Securities available for sale Investment securities (fair value: $104 and $129) Other investments Loans, net of unearned income of $1,958 and $1,776 Less: Allowance for loan losses Net...

  • Page 49
    ... Trust and investment services income Service charges on deposit accounts Investment banking and capital markets income Letter of credit and loan fees Corporate-owned life insurance income Net gains from loan securitizations and sales Electronic banking fees Net securities gains Other income Total...

  • Page 50
    ... of common shares under employee benefit and dividend reinvestment plans Repurchase of common shares BALANCE AT DECEMBER 31, 2003 a Common Shares $492 Capital Surplus $1,402 Retained Earnings $6,352 132 Loans to ESOP Trustee $(13) Treasury Stock, at Cost $(1,600) Comprehensive Income Net of...

  • Page 51
    ...equipment Proceeds from sales of other real estate owned NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES FINANCING ACTIVITIES Net increase (decrease) in deposits Net decrease in short-term borrowings Net proceeds from issuance of long-term debt, including capital securities Payments on long-term...

  • Page 52
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KEYCORP AND SUBSIDIARIES 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ORGANIZATION KeyCorp, an Ohio corporation and bank holding company headquartered in Cleveland, Ohio, is one of the nation's largest bank-based financial services companies. KeyCorp's ...

  • Page 53
    ... are included in "net securities gains"on the income statement. At December 31, 2003, loans held for sale include mortgage and education loans. These loans are carried at the lower of aggregate cost or fair value. Fair value is determined based on prevailing market prices for loans with similar...

  • Page 54
    ... of transfer. Fair value is determined by estimating the present value of future cash ï¬,ows associated with the serviced loans. The estimate is based on a number of assumptions, including the cost of servicing, discount rate, prepayment rate and default rate. The amortization of servicing assets is...

  • Page 55
    ... assets to have value. Key reviewed goodwill and other intangibles for impairment when impairment indicators, such as significant changes in market conditions, changes in product mix or management focus, or a potential sale or disposition, arose. In most instances, Key used the undiscounted cash...

  • Page 56
    ... liabilities." Changes in fair value (including payments and receipts) are recorded in "investment banking and capital markets income" on the income statement. STOCK-BASED COMPENSATION Through December 31, 2002, Key accounted for stock options issued to employees using the intrinsic value method...

  • Page 57
    ... value method of accounting. The information presented may not be indicative of the effect in future periods. 2003 $903 15 26 $892 2002 $976 5 28 $953 2001 $132 4 32 $104 Net income, as reported Add: Stock-based employee compensation expense included in reported net income, net of related tax...

  • Page 58
    ...fied Public Accountants ("AICPA") issued a Statement of Position that addresses the accounting for differences between contractual cash ï¬,ows and cash ï¬,ows expected to be collected from an investor's initial investment in loans or debt securities (structured as loans) acquired in a transfer if...

  • Page 59
    ...On July 1, 2003, Key acquired NewBridge Partners LLC, a growth equity investment management firm headquartered in New York City with managed assets of $1.8 billion at the date of acquisition. The terms of the transaction are not material to Key and have not been disclosed. The Wallach Company, Inc...

  • Page 60
    ... mortgages, home equity and various types of installment loans. Small Business provides businesses that have annual sales revenues of $10 million or less with deposit, investment and credit products, and business advisory services. Consumer Finance includes Indirect Lending and National Home Equity...

  • Page 61
    ... of mutual funds. McDonald Financial Group offers financial, estate and retirement planning and asset management services to assist high-net-worth clients with their banking, brokerage, trust, portfolio management, insurance, charitable giving and related needs. RECONCILING ITEMS Total assets...

  • Page 62
    ... Key changed the name of its National Commercial Real Estate line of business to KeyBank Real Estate Capital, and changed the name of its National Equipment Finance line of business to Key Equipment Finance. In addition, Key consolidated the reporting of its National Home Equity and Indirect Lending...

  • Page 63
    ... of cash ï¬,ow to pay dividends on its common shares, to service its debt and to finance its corporate operations is capital distributions from KBNA and its other subsidiaries. Federal banking law limits the amount of capital distributions that national banks can make to their holding companies...

  • Page 64
    ... and managed by the KeyBank Real Estate Capital line of business. This line of business is an active participant in the commercial real estate securitization market. Principal on these bonds is typically payable at the end of the bond term and interest is paid monthly at a fixed coupon rate. The...

  • Page 65
    ... related to loans acquired (sold), net Foreign currency translation adjustment Balance at end of year 2003 $1,452 (678) 130 (548) 501 - 1 $1,406 2002 $1,677 (905) 125 (780) 553 2 - $1,452 2001 $1,001 (784) 111 (673) 1,350 (1) - $1,677 Key uses interest rate swaps to manage interest rate risk...

  • Page 66
    ... thus off-balance sheet, but still serviced by Key. Related delinquencies and net credit losses are also presented. December 31, Loan Principal in millions Education loans Home equity loans Automobile loans Total loans managed Less: Loans securitized Loans held for sale or securitization Loans held...

  • Page 67
    ... October 2003, management elected to discontinue this program. Business trusts issuing mandatorily redeemable preferred capital securities. Key owns the common stock of business trusts that have issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors...

  • Page 68
    ... ten years, Key has also made investments directly in LIHTC operating partnerships through the Retail Banking line of business. As a limited partner in these operating partnerships, Key is allocated tax credits and deductions associated with the underlying properties. At December 31, 2003, assets of...

  • Page 69
    ... in the carrying amount of goodwill by major business group are as follows: Consumer Banking $480 - (4) $476 Corporate and Investment Banking $213 - - $213 Investment Management Services $449 12 - $461 in millions BALANCE AT DECEMBER 31, 2002 Changes in goodwill: Acquisition of NewBridge Partners...

  • Page 70
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KEYCORP AND SUBSIDIARIES 11. SHORT-TERM BORROWINGS Selected financial information pertaining to the components of Key's short-term borrowings is as follows: dollars in millions FEDERAL FUNDS PURCHASED Balance at year end Average during the year Maximum ...

  • Page 71
    ..., direct financing and sales type leases. Long-term advances from the Federal Home Loan Bank had weighted-average interest rates of 1.52% at December 31, 2003, and 1.71% at December 31, 2002. These advances, which had a combination of fixed and ï¬,oating interest rates, were secured by real estate...

  • Page 72
    ... FINANCIAL STATEMENTS KEYCORP AND SUBSIDIARIES Prior to July 1, 2003, KeyCorp fully consolidated these business trusts. The capital securities were carried as liabilities on Key's balance sheet; Key's financial statements did not reï¬,ect the debentures or the related effects on the income...

  • Page 73
    ... Key KBNA Key Bank USA December 31, 2002 TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS Key KBNA Key Bank USA TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS Key KBNA Key Bank USA TIER 1 CAPITAL TO AVERAGE ASSETS Key KBNA Key Bank USA N/A = Not Applicable To Meet Minimum Capital Adequacy Requirements Ratio...

  • Page 74
    ...53 $26.20 Information pertaining to Key's method of accounting for employee stock options, including pro forma disclosures of the net income and earnings per share effect of stock options using the "fair value method," is included in Note 1 ("Summary of Significant Accounting Policies") under the...

  • Page 75
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KEYCORP AND SUBSIDIARIES 16. EMPLOYEE BENEFITS PENSION PLANS Net pension cost (income) for all funded and unfunded plans includes the following components: Year ended December 31, in millions Service cost of benefits earned Interest cost on projected ...

  • Page 76
    ... securities Cash equivalents and other assets Total 2003 73% 15 10 2 100% 2002 71% 17 11 1 100% To determine net pension cost (income) management assumed the following weighted-average rates: Year ended December 31, Discount rate Compensation increase rate Expected return on plan assets 2003...

  • Page 77
    ... have cost-sharing provisions and benefit limitations. Key's weighted-average asset allocations for its postretirement VEBAs at the September 30 measurement date are summarized as follows: December 31, Equity securities Cash equivalents Total 2003 82% 18 100% 2002 56% 44 100% The funded status of...

  • Page 78
    ... on the balance sheet, are as follows: December 31, in millions Provision for loan losses Restructuring charges Write-down of OREO Other Total deferred tax assets Leasing income reported using the operating method for tax purposes Net unrealized securities gains Depreciation Other Total deferred tax...

  • Page 79
    ... TO EXTEND CREDIT OR FUNDING Loan commitments generally help Key meet clients' financing needs. However, they also involve credit risk not reï¬,ected on Key's balance sheet. Key mitigates its exposure to credit risk with internal controls that guide the way applications for credit are reviewed and...

  • Page 80
    ...of credit are issued by many of Key's lines of business to address clients' financing needs. If amounts are drawn under standby letters of credit, such amounts are treated as loans; they bear interest (generally at variable rates) and pose the same credit risk to Key as a loan. At December 31, 2003...

  • Page 81
    ... activities of other Key affiliates. These business activities encompass debt issuance, certain lease and insurance obligations, investments and securities, and certain leasing transactions involving clients. Relationship with MasterCard International Inc. and Visa U.S.A. Inc. KBNA and Key Bank USA...

  • Page 82
    ...MasterCard or Visa credit card services. Accordingly, management believes that the settlements will reduce fees earned by KBNA and Key Bank USA from off-line debit card transactions. Management estimates that the impact of the settlement on Key will be a reduction to pre-tax net income of less than...

  • Page 83
    ... Key also uses "pay fixed/receive variable" interest rate swaps to manage the interest rate risk associated with anticipated sales or securitizations of certain commercial real estate loans. These swaps protect against a possible short-term decline in the value of the loans that could result...

  • Page 84
    ... value of loans. Fair values of time deposits, long-term debt and capital securities were estimated based on discounted cash ï¬,ows. Fair values of interest rate swaps and caps were based on discounted cash ï¬,ow models. Foreign exchange forward contracts were valued based on quoted market prices...

  • Page 85
    ... CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY CONDENSED BALANCE SHEETS December 31, in millions ASSETS Interest-bearing deposits Loans and advances to subsidiaries: Banks Nonbank subsidiaries Investment in subsidiaries: Banks Nonbank subsidiaries Accrued income and other assets Total assets...

  • Page 86
    ... of securities available for sale Net increase in loans and advances to subsidiaries Decrease in investments in subsidiaries NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FINANCING ACTIVITIES Net increase (decrease) in short-term borrowings Net proceeds from issuance of long-term debt Payments...

  • Page 87
    ... phone - instead of using the paper proxy card. Key's Investor Relations website, Key.com/IR, provides quick access to useful information and shareholder services, including live webcasts of management's quarterly earnings discussions. ONLINE Key.com/IR BY PHONE Corporate Headquarters (216) 689-6300...

  • Page 88
    ... licensed securities representatives who may also be employees of KeyBank National Association. McDonald Investments Inc. and KeyBank National Association are KeyCorp companies. ©2004 KeyCorp. The Solution is Key is a federally registered service mark of KeyCorp. KeyBank is Member FDIC. PREVIOUS...