KeyBank 2004 Annual Report Download - page 54

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52
KEYCORP AND SUBSIDIARIES
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Year ended December 31,
dollars in millions, except per share amounts 2004 2003 2002
INTEREST INCOME
Loans $3,409 $3,550 $3,913
Investment securities 5710
Securities available for sale 331 356 389
Short-term investments 38 30 30
Other investments 35 27 24
Total interest income 3,818 3,970 4,366
INTEREST EXPENSE
Deposits 677 703 897
Federal funds purchased and securities sold under repurchase agreements 60 50 90
Bank notes and other short-term borrowings 42 60 79
Long-term debt, including capital securities 402 432 551
Total interest expense 1,181 1,245 1,617
NET INTEREST INCOME 2,637 2,725 2,749
Provision for loan losses 185 501 553
Net interest income after provision for loan losses 2,452 2,224 2,196
NONINTEREST INCOME
Trust and investment services income 564 545 605
Service charges on deposit accounts 331 364 405
Investment banking and capital markets income 233 194 176
Letter of credit and loan fees 175 142 120
Corporate-owned life insurance income 110 114 108
Electronic banking fees 85 80 79
Net gains from loan securitizations and sales 18 90 56
Net securities gains 411 6
Other income 226 220 214
Total noninterest income 1,746 1,760 1,769
NONINTEREST EXPENSE
Personnel 1,549 1,493 1,436
Net occupancy 236 228 226
Computer processing 191 178 192
Equipment 119 133 136
Professional fees 113 119 92
Marketing 111 120 122
Other expense 491 471 449
Total noninterest expense 2,810 2,742 2,653
INCOME BEFORE INCOME TAXES 1,388 1,242 1,312
Income taxes 434 339 336
NET INCOME $ 954 $903 $ 976
Per common share:
Net income $2.32 $2.13 $2.29
Net income — assuming dilution 2.30 2.12 2.27
Weighted-average common shares outstanding (000) 410,585 422,776 425,451
Weighted-average common shares and potential common
shares outstanding (000) 415,430 426,157 430,703
See Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF INCOME