KeyBank 2006 Annual Report Download - page 17

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18 Management’s Discussion & Analysis of
Financial Condition & Results of Operations
18 Introduction
18 Terminology
18 Description of business
18 Long-term goals
19 Forward-looking statements
20 Corporate strategy
20 Economic overview
20 Critical accounting policies and estimates
22 Revenue recognition
23 Highlights of Key’s 2006 Performance
23 Financial performance
25 Strategic developments
25 Line of Business Results
26 Community Banking summaryof operations
27 National Banking summary of continuing
operations
28 Other Segments
29 Results of Operations
29 Net interest income
32 Noninterest income
34 Noninterest expense
36 Income taxes
36 Financial Condition
36 Loans and loans held for sale
41 Securities
42 Deposits and other sources of funds
43 Capital
45 Off-Balance Sheet Arrangements and
Aggregate Contractual Obligations
45 Off-balance sheet arrangements
46 Contractual obligations
46 Guarantees
47 Risk Management
47 Overview
47 Market risk management
49 Credit risk management
54 Liquidity risk management
57 Operational risk management
57 Fourth Quarter Results
59 Certifications
60 Management’s Annual Report on Internal Control
Over Financial Reporting
61 Reports of Independent Registered Public
Accounting Firm
63 Consolidated Financial Statements and Related Notes
63 Consolidated Balance Sheets
64 Consolidated Statements of Income
65 Consolidated Statements of Changes
in Shareholders’ Equity
66 Consolidated Statements of Cash Flow
67 Summary of Significant Accounting Policies
74 Earnings Per Common Share
75 Acquisitions and Divestitures
76 Line of Business Results
80 Restrictions on Cash, Dividends
and Lending Activities
80 Securities
82 Loans and Loans Held for Sale
83 Loan Securitizations, Servicing and
Variable Interest Entities
85 Nonperforming Assets and Past Due Loans
85 Goodwill and Other Intangible Assets
86 Short-Term Borrowings
87 Long-Term Debt
88 Capital Securities Issued by
Unconsolidated Subsidiaries
88 Shareholders’ Equity
89 Stock-Based Compensation
92 Employee Benefits
96 Income Taxes
97 Commitments, Contingent Liabilities
and Guarantees
100 Derivatives and Hedging Activities
102 Fair Value Disclosures of Financial Instruments
103 Condensed Financial Information
of the Parent Company
FINANCIAL REVIEW 2006 KeyCorp Annual Report
17
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