KeyBank 2005 Annual Report Download - page 55

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54
KEYCORP AND SUBSIDIARIES
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Year ended December 31,
dollars in millions, except per share amounts 2005 2004 2003
INTEREST INCOME
Loans $3,922 $3,263 $3,402
Loans held for sale 254 114 112
Investment securities 357
Securities available for sale 328 331 356
Short-term investments 56 38 30
Other investments 54 35 27
Total interest income 4,617 3,786 3,934
INTEREST EXPENSE
Deposits 1,026 677 703
Federal funds purchased and securities sold under repurchase agreements 121 60 50
Bank notes and other short-term borrowings 82 42 60
Long-term debt 598 402 432
Total interest expense 1,827 1,181 1,245
NET INTEREST INCOME 2,790 2,605 2,689
Provision for loan losses 143 185 501
Net interest income after provision for loan losses 2,647 2,420 2,188
NONINTEREST INCOME
Trust and investment services income 542 564 545
Service charges on deposit accounts 304 331 364
Investment banking and capital markets income 294 255 210
Operating lease income 191 183 193
Letter of credit and loan fees 182 158 133
Corporate-owned life insurance income 109 110 114
Electronic banking fees 96 85 80
Net gains from loan securitizations and sales 75 16 90
Net securities gains 1411
Other income 284 223 213
Total noninterest income 2,078 1,929 1,953
NONINTEREST EXPENSE
Personnel 1,606 1,549 1,493
Net occupancy 280 236 228
Computer processing 212 191 178
Operating lease expense 158 151 157
Professional fees 129 113 119
Marketing 118 111 120
Equipment 111 119 133
Other expense 523 491 471
Total noninterest expense 3,137 2,961 2,899
INCOME BEFORE INCOME TAXES 1,588 1,388 1,242
Income taxes 459 434 339
NET INCOME $1,129 $ 954 $ 903
Per common share:
Net income $2.76 $2.32 $2.13
Net income — assuming dilution 2.73 2.30 2.12
Cash dividends declared 1.30 1.24 1.22
Weighted-average common shares outstanding (000) 408,981 410,585 422,776
Weighted-average common shares and potential common
shares outstanding (000) 414,014 415,430 426,157
See Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF INCOME