KeyBank 2005 Annual Report Download - page 51

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50
MANAGEMENT’S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS KEYCORP AND SUBSIDIARIES
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2005 Quarters 2004 Quarters
dollars in millions, except per share amounts Fourth Third Second First Fourth Third Second First
FOR THE QUARTER
Interest income $1,262 $1,174 $1,116 $1,065 $1,005 $ 945 $ 905 $ 931
Interest expense 544 481 423 379 333 294 276 278
Net interest income 718 693 693 686 672 651 629 653
Provision for loan losses 36 43 20 44 (21) 51 74 81
Noninterest income 561 531 486 500 479 482 491 477
Noninterest expense 834 781 753 769 818 729 717 697
Income before income taxes 409 400 406 373 354 353 329 352
Net income 296 278 291 264 213 252 239 250
PER COMMON SHARE
Net income $ .72 $ .68 $ .71 $ .65 $ .52 $ .62 $ .58 $ .60
Net income — assuming dilution .72 .67 .70 .64 .51 .61 .58 .59
Cash dividends paid .325 .325 .325 .325 .31 .31 .31 .31
Book value at period end 18.69 18.41 18.01 17.58 17.46 17.12 16.77 16.98
Market price:
High 34.05 35.00 33.80 34.07 34.50 32.02 32.27 33.23
Low 30.10 31.65 31.52 31.00 31.35 29.00 28.23 28.63
Close 32.93 32.25 33.15 32.45 33.90 31.60 29.89 30.29
Weighted-average common shares (000) 408,431 410,456 408,754 408,264 408,243 407,187 410,292 416,680
Weighted-average common shares and
potential common shares (000) 412,542 415,441 414,309 413,762 413,727 411,575 414,908 421,572
AT PERIOD END
Loans $66,478 $65,575 $64,690 $64,018 $63,372 $61,968 $60,749 $59,475
Earning assets 80,143 80,096 78,548 77,937 78,140 75,660 74,364 72,664
Total assets 93,126 92,323 91,015 90,276 90,747 88,463 86,231 84,457
Deposits 58,765 58,071 58,063 57,127 57,842 55,843 52,423 49,931
Long-term debt 13,939 14,037 13,588 14,100 14,846 13,444 14,608 15,333
Shareholders’ equity 7,598 7,522 7,352 7,162 7,117 6,946 6,829 6,999
PERFORMANCE RATIOS
Return on average total assets 1.27% 1.22% 1.30% 1.18% .95% 1.16% 1.13% 1.19%
Return on average equity 15.59 14.84 16.15 15.09 11.99 14.62 13.97 14.47
Net interest margin (taxable equivalent) 3.71 3.67 3.71 3.66 3.63 3.60 3.56 3.73
CAPITAL RATIOS AT PERIOD END
Equity to assets 8.16% 8.15% 8.08% 7.93% 7.84% 7.85% 7.92% 8.29%
Tangible equity to tangible assets 6.68 6.68 6.60 6.43 6.35 6.57 6.64 6.98
Tier 1 risk-based capital 7.59 7.72 7.68 7.34 7.22 7.72 7.93 8.10
Total risk-based capital 11.47 11.83 11.72 11.58 11.47 11.67 12.07 12.22
Leverage 8.53 8.60 8.49 7.91 7.96 8.27 8.34 8.45
OTHER DATA
Average full-time equivalent employees 19,417 19,456 19,429 19,571 19,575 19,635 19,514 19,585
KeyCenters 947 946 945 940 935 921 902 903
Note 3 (“Acquisitions”) on page 64 contains specific information about the acquisitions that Key completed during the past three years to help in understanding how those transactions may have
impacted Key’s financial condition and results of operations.
FIGURE 35. SELECTED QUARTERLY FINANCIAL DATA
CERTIFICATIONS
KeyCorp has filed, as exhibits to its Annual Report on Form 10-K for
the year ended December 31, 2005, the certifications of its Chief
Executive Officer and Chief Financial Officer required pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
On May 18, 2005, KeyCorp submitted to the New York Stock Exchange
the Annual CEO Certification required pursuant to Section 303A.12(a)
of the New York Stock Exchange Listed Company Manual.