KeyBank 2009 Annual Report Download - page 135

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133
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KEYCORP AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS KEYCORP AND SUBSIDIARIES
22. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
CONDENSED BALANCE SHEETS
December 31,
in millions 2009 2008
ASSETS
Interest-bearing deposits $ 3,460 $ 4,756
Loans and advances to nonbank subsidiaries 1,763 1,934
Investment in subsidiaries:
Banks 8,580 8,654
Nonbank subsidiaries 650 691
Total investment in subsidiaries 9,230 9,345
Accrued income and other assets 897 1,043
Total assets $15,350 $17,078
LIABILITIES
Accrued expense and other liabilities $ 613 $ 786
Long-term debt due to:
Subsidiaries 1,907 3,084
Unaffiliated companies 2,167 2,728
Total long-term debt 4,074 5,812
Total liabilities 4,687 6,598
SHAREHOLDERS’ EQUITY
(a)
10,663 10,480
Total liabilities and shareholders’ equity $15,350 $17,078
(a)
See Key’s Consolidated Statements of Changes in Equity.
CONDENSED STATEMENTS OF INCOME
Year ended December 31,
in millions 2009 2008 2007
INCOME
Dividends from subsidiaries:
Banks —— $ 500
Nonbank subsidiaries $1 — 488
Interest income from subsidiaries 114 $ 112 162
Other income 89 17 15
Total income 204 129 1,165
EXPENSE
Interest on long-term debt with subsidiary trusts 77 120 114
Interest on other borrowed funds 67 81 129
Personnel and other expense 172 302 86
Total expense 316 503 329
Income (loss) before income taxes and equity in net
income (loss) less dividends from subsidiaries (112) (374) 836
Income tax benefit 38 84 59
Income (loss) beforeequity in net income (loss)
less dividends from subsidiaries (74) (290) 895
Equity in net income (loss) less dividends from subsidiaries
(a)
(1,237) (1,170) 56
NET INCOME (LOSS) (1,311) (1,460) 951
Less: Net income attributable to noncontrolling interests 24 832
NET INCOME (LOSS) ATTRIBUTABLE TO KEY $(1,335) $(1,468) $ 919
(a)
Includes results of discontinued operations described in Note 3 (“Acquisitions and Divestitures”).