KeyBank 2015 Annual Report Download - page 208

The results of this discontinued business are included in “income (loss) from discontinued operations, net of
taxes” on the income statement. The components of “income (loss) from discontinued operations, net of taxes”
for Austin are as follows:
Year ended December 31,
in millions 2015 2014 2013
Noninterest expense —$4$1
Income (loss) before income taxes —(4) (1)
Income taxes —(1) 1
Income (loss) from discontinued operations, net of taxes —$ (3) $ (2)
The discontinued assets and liabilities of Austin included on the balance sheet are as follows:
December 31,
in millions 2015 2014
Cash and due from banks $15$19
Total assets $15$19
Accrued expense and other liabilities —$3
Total liabilities —$3
Combined discontinued operations. The combined results of the discontinued operations are as follows:
Year ended December 31,
in millions 2015 2014 2013
Net interest income $36$ 89 $ 105
Provision for credit losses 21 21 20
Net interest income after provision for credit losses 15 68 85
Noninterest income 4(101) 76
Noninterest expense 17 29 95
Income (loss) before income taxes 2(62) 66
Income taxes 1(23) 26
Income (loss) from discontinued operations, net of taxes (a) $1$ (39) $ 40
(a) Includes after-tax charges of $23 million, $32 million, and $40 million for the years ended December 31, 2015, December 31, 2014, and
December 31, 2013, respectively, determined by applying a matched funds transfer pricing methodology to the liabilities assumed
necessary to support the discontinued operations.
The combined assets and liabilities of the discontinued operations are as follows:
December 31,
in millions 2015 2014
Cash and due from banks $15$19
Held-to-maturity securities 11
Portfolio loans at fair value 4191
Loans, net of unearned income (a) 1,824 2,104
Less: Allowance for loan and lease losses 28 29
Net loans 1,800 2,266
Accrued income and other assets 30 38
Total assets $ 1,846 $ 2,324
Accrued expense and other liabilities —$3
Total liabilities —$3
(a) At December 31, 2015, and December 31, 2014, unearned income was less than $1 million.
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