KeyBank 2008 Annual Report Download - page 17

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16 Management’s Discussion & Analysis of
Financial Condition & Results of Operations
16 Introduction
16 Terminology
16 Description of business
16 Forward-looking statements
18 Long-term goals
18 Corporate strategy
18 Economic overview
20 Critical accounting policies and estimates
23 Highlights of Key’s 2008 Performance
23 Financial performance
28 Strategic developments
28 Line of Business Results
29 Community Banking summary of operations
31 National Banking summaryof continuing
operations
32 Other Segments
32 Results of Operations
32 Net interest income
36 Noninterest income
39 Noninterest expense
40 Income taxes
41 Financial Condition
41 Loans and loans held for sale
45 Securities
47 Other investments
47 Deposits and other sources of funds
48 Capital
52 Off-Balance Sheet Arrangements and
Aggregate Contractual Obligations
52 Off-balance sheet arrangements
53 Contractual obligations
54 Guarantees
54 Risk Management
54 Overview
54 Market risk management
56 Liquidity risk management
60 Credit risk management
67 Operational risk management
67 Fourth Quarter Results
69 Certifications
70 Management’s Annual Report on Internal Control
Over Financial Reporting
71 Reports of Independent Registered Public
Accounting Firm
73 Consolidated Financial Statements and Related Notes
73 Consolidated Balance Sheets
74 Consolidated Statements of Income
75 Consolidated Statements of Changes
in Shareholders’ Equity
76 Consolidated Statements of Cash Flows
77 Summary of Significant Accounting Policies
86 Earnings Per Common Share
87 Acquisitions and Divestitures
88 Line of Business Results
91 Restrictions on Cash, Dividends
and Lending Activities
91 Securities
93 Loans and Loans Held for Sale
94 Loan Securitizations, Servicing and
Variable Interest Entities
97 Nonperforming Assets and Past Due Loans
97 Goodwill and Other Intangible Assets
99 Short-Term Borrowings
100 Long-Term Debt
101 Capital Securities Issued by
Unconsolidated Subsidiaries
102 Shareholders’ Equity
103 Stock-Based Compensation
106 Employee Benefits
110 Income Taxes
113 Commitments, Contingent Liabilities
and Guarantees
115 Derivatives and Hedging Activities
118 Fair Value Measurements
123 Condensed Financial Information
of the Parent Company
FINANCIAL REVIEW 2008 KeyCorp Annual Report
15