KeyBank 2013 Annual Report Download - page 82

Figure 24. Securities Available for Sale
dollars in millions
States and
Political
Subdivisions
Collateralized
Mortgage
Obligations (a)
Other
Mortgage-
Backed
Securities (a)
Other
Securities (b) Total
Weighted-
Average
Yield (c)
December 31, 2013
Remaining maturity:
One year or less $ 2 $ 463 $ 1 — $ 466 3.30%
After one through five years 16 10,152 1,274 $ 20 11,462 2.31
After five through ten years 22 385 7 — 414 1.79
After ten years — — 4 — 4 5.75
Fair value $ 40 $ 11,000 $ 1,286 $ 20 $ 12,346 —
Amortized cost 39 11,120 1,270 17 12,446 2.33%
Weighted-average yield (c) 6.06 % 2.30 % 2.70 % — 2.33 % (d) —
Weighted-average maturity 4.8 years 3.6 years 3.3 years 4.0 years 3.5 years —
December 31, 2012
Fair value $ 49 $ 11,464 $ 538 $ 43 $ 12,094 —
Amortized cost 47 11,148 491 42 11,728 2.91%
December 31, 2011
Fair value $ 63 $ 15,162 $ 778 $ 9 $ 16,012 —
Amortized cost 60 14,707 715 8 15,490 3.19%
(a) Maturity is based upon expected average lives rather than contractual terms.
(b) Includes primarily marketable equity securities.
(c) Weighted-average yields are calculated based on amortized cost. Such yields have been adjusted to a taxable-equivalent basis using the
statutory federal income tax rate of 35%.
(d) Excludes $20 million of securities at December 31, 2013, that have no stated yield.
Held-to-maturity securities
Federal Agency CMOs constitute essentially all of our held-to-maturity securities. The remaining balance
comprises foreign bonds and capital securities. Figure 25 shows the composition, yields and remaining maturities
of these securities.
Figure 25. Held-to-Maturity Securities
dollars in millions
Collateralized
Mortgage
Obligations
Other
Securities Total
Weighted-
Average
Yield (a)
December 31, 2013
Remaining maturity:
One year or less — $ 7 $ 7 4.14 %
After one through five years $ 144 — 144 1.84
After five through ten years 4,592 13 4,605 1.83
Amortized cost $ 4,736 $ 20 $ 4,756 1.83 %
Fair value 4,597 20 4,617 —
Weighted-average yield 1.83 % 2.57 % (b) 1.83 % (b) —
Weighted-average maturity 3.7 years 1.8 years 3.7 years —
December 31, 2012
Amortized cost $ 3,913 $ 18 $ 3,931 1.92 %
Fair value 3,974 18 3,992 —
December 31, 2011
Amortized cost $ 2,091 $ 18 $ 2,109 2.06 %
Fair value 2,115 18 2,133 —
(a) Weighted-average yields are calculated based on amortized cost. Such yields have been adjusted to a taxable-equivalent basis using the
statutory federal income tax rate of 35%.
(b) Excludes $5 million of securities at December 31, 2013, that have no stated yield.
Other investments
Principal investments — investments in equity and mezzanine instruments made by our Principal Investing
unit — represented 57.1% of other investments at December 31, 2013. They include direct investments
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