KeyBank 2008 Annual Report Download - page 125

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123
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KEYCORP AND SUBSIDIARIES
21. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
CONDENSED BALANCE SHEETS
December 31,
in millions 2008 2007
ASSETS
Interest-bearing deposits $ 4,756 $ 771
Loans and advances to nonbank subsidiaries 1,934 1,973
Investment in subsidiaries:
Banks 8,654 7,413
Nonbank subsidiaries 691 921
9,345 8,334
Accrued income and other assets 1,043 1,064
Total assets $17,078 $12,142
LIABILITIES
Accrued expense and other liabilities $ 786 $ 656
Short-term borrowings —112
Long-term debt due to:
Subsidiaries 3,084 1,896
Unaffiliated companies 2,728 1,732
5,812 3,628
Total liabilities 6,598 4,396
SHAREHOLDERS’ EQUITY
(a)
10,480 7,746
Total liabilities and shareholders’ equity $17,078 $12,142
(a)
See page 75 for KeyCorp’s Consolidated Statements of Changes in Shareholders’ Equity.
CONDENSED STATEMENTS OF INCOME
Year ended December 31,
in millions 2008 2007 2006
INCOME
Dividends from subsidiaries:
Banks —$ 500 $1,165
Nonbank subsidiaries —488 11
Interest income from subsidiaries $112 162 163
Other income 17 15 (4)
129 1,165 1,335
EXPENSES
Interest on long-term debt with subsidiary trusts 120 114 103
Interest on other borrowed funds 81 129 149
Personnel and other expense 302 86 129
503 329 381
Income beforeincome tax benefit and equity in net
(loss) income less dividends from subsidiaries (374) 836 954
Income tax benefit 84 59 114
(290) 895 1,068
Cumulative effect of accounting change, net of taxes (see Note 1) ——5
Equity in net (loss) income less dividends from subsidiaries
(a)
(1,178) 24 (18)
NET (LOSS) INCOME $(1,468) $ 919 $1,055
(a)
Includes results of discontinued operations described in Note 3 (“Acquisitions and Divestitures”) on page 87.