Financial Highlights (dollars in millions, except per share
amounts) Three months ended 6-30-08 3-31-08 6-30-07 Summary of
operations Net interest income (TE) $(100) (a) $704 (a) $706
Noninterest income 555 528 649 Total revenue (TE) 455 1,232 1,355
Provision for loan losses 647 187 53 Noninterest expense 781 732
815 (Loss) income from continuing operations (1,126) 218 337 Loss
from discontinued operations, net of taxes (b) -- -- (3) Net (loss)
income (1,126) (a) 218 (a) 334 Net (loss) income applicable to
common shares (1,126) 218 334 Per common share (Loss) income from
continuing operations $(2.70) $.55 $.86 (Loss) income from
continuing operations - assuming dilution (2.70) .54 .85 Loss from
discontinued operations (b) -- -- (.01) Loss from discontinued
operations - assuming dilution (b) -- -- (.01) Net (loss) income
(2.70) .55 .85 Net (loss) income - assuming dilution (2.70) (a) .54
(a) .84 Cash dividends paid .375 .375 .365 Book value at period end
16.59 21.48 19.78 Tangible book value at period end 13.00 17.07
16.41 Market price at period end 10.98 21.95 34.33 Performance
ratios - from continuing operations Return on average total assets
(4.38)% .85 % 1.45 % Return on average common equity (53.35) 10.38
17.66 Return on average total equity (52.56) 10.38 17.66 Net
interest margin (TE) (.44) 3.14 3.46 Performance ratios - from
consolidated operations Return on average total assets (4.38)% (a)
.85 % (a) 1.43 % Return on average common equity (53.35)(a)
10.38(a) 17.50 Return on average total equity (52.56)(a) 10.38(a)
17.50 Net interest margin (TE) (.44)(a) 3.14(a) 3.46 Capital ratios
at period end Equity to assets 8.57 % 8.47 % 8.28 % Tangible equity
to tangible assets 6.98 6.85 6.97 Tier 1 risk-based capital (c)
8.49 8.33 8.14 Total risk-based capital (c) 12.35 12.34 12.15
Leverage (c) 9.33 9.15 9.11 Asset quality Net loan charge-offs $524
$121 $53 Net loan charge-offs to average loans from continuing
operations 2.75 % .67 % .32 % Allowance for loan losses $1,421
$1,298 $945 Allowance for loan losses to period- end loans 1.87 %
1.70 % 1.42 % Allowance for loan losses to nonperforming loans
174.57 123.15 342.39 Nonperforming loans at period end $814 $1,054
$276 Nonperforming assets at period end 1,210 1,115 378
Nonperforming loans to period-end portfolio loans 1.07 % 1.38 % .41
% Nonperforming assets to period-end portfolio loans plus OREO and
other nonperforming assets 1.59 1.46 .57 Trust and brokerage assets
Assets under management $80,998 $80,453 $85,592 Nonmanaged and
brokerage assets 29,905 30,532 33,485 Other data Average full-time
equivalent employees 18,164 18,426 18,888 Branches 985 985 954
Taxable-equivalent adjustment $(458) $(9) $20 Financial Highlights
(continued) (dollars in millions, except per share amounts) Six
months ended 6-30-08 6-30-07 Summary of operations Net interest
income (TE) $604 (a) $1,406 Noninterest income 1,083 1,303 Total
revenue (TE) 1,687 2,709 Provision for loan losses 834 97
Noninterest expense 1,513 1,599 (Loss) income from continuing
operations (908) 695 Loss from discontinued operations, net of
taxes (b) -- (11) Net (loss) income (908)(a) 684 Net (loss) income
applicable to common shares (908) 684 Per common share (Loss)
income from continuing operations $(2.23) $1.76 (Loss) income from
continuing operations - assuming dilution (2.23) 1.74 Loss from
discontinued operations (b) -- (.03) Loss from discontinued
operations - assuming dilution (b) -- (.03) Net (loss) income
(2.23) 1.73 Net (loss) income - assuming dilution (2.23)(a) 1.71
Cash dividends paid .75 .73 Performance ratios - from continuing
operations Return on average total assets (1.77)% 1.51 % Return on
average common equity (21.57) 18.35 Return on average total equity
(21.40) 18.35 Net interest margin (TE) 1.35 3.48 Performance ratios
- from consolidated operations Return on average total assets
(1.77)% (a) 1.49 % Return on average common equity (21.57)(a) 18.06
Return on average total equity (21.40)(a) 18.06 Net interest margin
(TE) 1.35 (a) 3.49 Asset quality Net loan charge-offs $645 $97 Net
loan charge-offs to average loans from continuing operations 1.74 %
.30 % Other data Average full-time equivalent employees 18,295
19,342 Taxable-equivalent adjustment $(467) $41 (a) The following
table entitled "GAAP to Non-GAAP Reconciliations" presents
computations of certain earnings data and performance ratios,
excluding charges related to the tax treatment of certain leveraged
lease financing transactions disallowed by the Internal Revenue
Service. The table reconciles the related GAAP measures to these
non-GAAP measures and provides a basis for period-to-period
comparisons. (b) Key sold the subprime mortgage loan portfolio held
by the Champion Mortgage finance business in November 2006, and
completed the sale of Champion's origination platform in February
2007. As a result of these actions, Key has accounted for this
business as a discontinued operation. (c) 6-30-08 ratio is
estimated. TE = Taxable Equivalent GAAP to Non-GAAP Reconciliations
(dollars in millions, except per share amounts) As a result of an
adverse federal court ruling on Key's tax treatment of a service
contract lease transaction entered into by AWG Leasing Trust, in
which Key is a partner, Key recorded after-tax charges of $1.011
billion, or $2.43 per common share, during the second quarter of
2008. Additionally, during the first quarter of 2008, Key increased
its tax reserves for certain lease in, lease out transactions and
recalculated its lease income in accordance with prescribed
accounting standards, resulting in after-tax charges of $38
million, or $0.10 per common share. The table below presents
computations of certain earnings data and performance ratios,
excluding these charges (non-GAAP), reconciles the related GAAP
measures to these non-GAAP measures and provides a basis for
period-to-period comparisons. Non-GAAP financial measures have
inherent limitations, are not required to be uniformly applied and
are not audited. Non-GAAP financial measures should not be
considered in isolation, or as a substitute for analyses of results
as reported under GAAP. Six Three months ended months ended 6-30-08
3-31-08 6-30-08 Net income Net (loss) income (GAAP) A $(1,126) $218
$(908) Charges related to leveraged lease tax litigation, after tax
1,011 38 1,049 Net (loss) income, excluding charges related to
leveraged lease tax litigation (non-GAAP) B $(115) $256 $141
Weighted-average common shares and potential common shares
outstanding (000) C 416,629 399,769 407,875 Per common share Net
(loss) income - assuming dilution (GAAP) A/C $(2.70) $.54 $(2.23)
Net (loss) income, excluding charges related to leveraged lease tax
litigation - assuming dilution (non-GAAP) B/C (.28) .64 .34
Performance ratios Return on average total assets (a) Average total
assets D $103,290 $103,356 $103,323 Return on average total assets
(GAAP) A/D (4.38)% .85 % (1.77)% Return on average total assets,
excluding charges related to leveraged lease tax litigation
(non-GAAP) B/D (.45) 1.00 .27 Return on average common equity (a)
Average common equity E $8,489 $8,445 $8,467 Return on average
common equity (GAAP) A/E (53.35)% 10.38 % (21.57)% Return on
average common equity, excluding charges related to leveraged lease
tax litigation (non-GAAP) B/E (5.45) 12.19 3.35 Return on average
total equity (a) Average total equity F $8,617 $8,445 $8,531 Return
on average total equity (GAAP) A/F (52.56)% 10.38 % (21.40)% Return
on average total equity, excluding charges related to leveraged
lease tax litigation (non-GAAP) B/F (5.37) 12.19 3.32 Net interest
income Net interest income (GAAP) $358 $713 $1,071 Charges related
to leveraged lease tax litigation, pre-tax 359 3 362 Net interest
income, excluding charges related to leveraged lease tax litigation
(non-GAAP) $717 $716 $1,433 Net interest income/margin (TE) Net
interest income (TE) (as reported) $(100) $704 $604 Charges related
to leveraged lease tax litigation, pre-tax (TE) 838 34 872 Net
interest income, excluding charges related to leveraged lease tax
litigation (TE) (adjusted basis) $738 $738 $1,476 Net interest
margin (TE) (as reported) (.44)% 3.14 % 1.35 % Impact of charges
related to leveraged lease tax litigation, pre-tax (TE) 3.76 .15
1.95 Net interest margin, excluding charges related to leveraged
lease tax litigation (TE) (adjusted basis) 3.32 % 3.29 % 3.30 % (a)
Income statement amount has been annualized in calculation. TE =
Taxable Equivalent GAAP = U.S. generally accepted accounting
principles Consolidated Balance Sheets (dollars in millions)
6-30-08 3-31-08 6-30-07 Assets Loans $75,855 $76,444 $66,692 Loans
held for sale 1,833 1,674 4,546 Securities available for sale 8,312
8,419 7,819 Held-to-maturity securities 25 29 37 Trading account
assets 1,483 1,015 994 Short-term investments 826 577 471 Other
investments 1,559 1,561 1,602 Total earning assets 89,893 89,719
82,161 Allowance for loan losses (1,421) (1,298) (945) Cash and due
from banks 1,912 1,730 1,818 Premises and equipment 748 712 600
Operating lease assets 1,089 1,070 1,110 Goodwill 1,598 1,599 1,202
Other intangible assets 146 164 110 Corporate-owned life insurance
2,917 2,894 2,822 Derivative assets 1,693 1,508 374 Accrued income
and other assets 2,969 3,394 3,715 Total assets $101,544 $101,492
$92,967 Liabilities Deposits in domestic offices: NOW and money
market deposit accounts $27,278 $26,527 $23,315 Savings deposits
1,809 1,826 1,613 Certificates of deposit ($100,000 or more) 8,699
8,330 6,197 Other time deposits 12,541 12,933 11,832 Total
interest-bearing deposits 50,327 49,616 42,957 Noninterest-bearing
deposits 10,561 10,896 14,199 Deposits in foreign office -
interest-bearing 3,508 4,190 3,443 Total deposits 64,396 64,702
60,599 Federal funds purchased and securities sold under repurchase
agreements 2,088 3,503 4,362 Bank notes and other short-term
borrowings 5,985 5,464 2,476 Derivative liabilities 637 465 248
Accrued expense and other liabilities 4,626 4,429 5,000 Long-term
debt 15,106 14,337 12,581 Total liabilities 92,838 92,900 85,266
Shareholders' equity Preferred stock 650 -- -- Common shares 577
492 492 Capital surplus 2,544 1,659 1,652 Retained earnings 7,461
8,737 8,720 Treasury stock, at cost (2,675) (2,689) (2,994)
Accumulated other comprehensive income (loss) 149 393 (169) Total
shareholders' equity 8,706 8,592 7,701 Total liabilities and
shareholders' equity $101,544 $101,492 $92,967 Common shares
outstanding (000) 485,662 400,071 389,362 Consolidated Statements
of Income (dollars in millions, except per share amounts) Three
months ended Six months ended 6-30-08 3-31-08 6-30-07 6-30-08
6-30-07 Interest income Loans $717 $1,123 $1,176 $1,840 $2,337
Loans held for sale 20 87 82 107 157 Securities available for sale
111 109 106 220 206 Held-to-maturity securities -- 1 -- 1 1 Trading
account assets 10 13 7 23 14 Short-term investments 8 9 9 17 20
Other investments 14 12 15 26 28 Total interest income 880 1,354
1,395 2,234 2,763 Interest expense Deposits 347 428 447 775 880
Federal funds purchased and securities sold under repurchase
agreements 15 28 59 43 108 Bank notes and other short- term
borrowings 27 39 18 66 29 Long-term debt 133 146 185 279 381 Total
interest expense 522 641 709 1,163 1,398 Net interest income 358
713 686 1,071 1,365 Provision for loan losses 647 187 53 834 97 Net
interest income after provision for loan losses (289) 526 633 237
1,268 Noninterest income Trust and investment services income 138
129 115 267 240 Service charges on deposit accounts 93 88 84 181
159 Investment banking and capital markets income 80 8 52 88 96
Operating lease income 68 69 66 137 130 Letter of credit and loan
fees 51 37 45 88 83 Corporate-owned life insurance income 28 28 32
56 57 Electronic banking fees 27 24 25 51 49 Net gains (losses)
from loan securitizations and sales 33 (101) 33 (68) 42 Net
securities (losses) gains (1) 3 2 2 (45) Net (losses) gains from
principal investing (14) 9 90 (5) 119 Gain from redemption of Visa
Inc. shares -- 165 -- 165 -- Gain from sale of McDonald Investments
branch network -- -- -- -- 171 Other income 52 69 105 121 202 Total
noninterest income 555 528 649 1,083 1,303 Noninterest expense
Personnel 404 409 411 813 839 Net occupancy 62 66 59 128 122
Computer processing 43 47 49 90 100 Operating lease expense 55 58
55 113 107 Professional fees 33 23 26 56 52 Equipment 23 24 24 47
49 Marketing 21 14 20 35 39 Other expense 140 91 171 231 291 Total
noninterest expense 781 732 815 1,513 1,599 (Loss) income from
continuing operations before income taxes (515) 322 467 (193) 972
Income taxes 611 104 130 715 277 (Loss) income from continuing
operations (1,126) 218 337 (908) 695 Loss from discontinued
operations, net of taxes -- -- (3) -- (11) Net (loss) income
$(1,126) $218 $334 $(908) $684 Net (loss) income applicable to
common shares $(1,126) $218 $334 $(908) $684 Per common share:
(Loss) income from continuing operations $(2.70) $.55 $.86 $(2.23)
$1.76 Net (loss) income (2.70) .55 .85 (2.23) 1.73 Per common share
- assuming dilution: (Loss) income from continuing operations
$(2.70) $.54 $.85 $(2.23) $1.74 Net (loss) income (2.70) .54 .84
(2.23) 1.71 Cash dividends declared per common share $.375 -- $.365
$.375 $.73 Weighted-average common shares outstanding (000) 416,629
399,121 392,045 407,875 394,944 Weighted-average common shares and
potential common shares outstanding (000) 416,629 399,769 396,918
407,875 400,180 Consolidated Average Balance Sheets, Net Interest
Income and Yields/Rates From Continuing Operations (dollars in
millions) Second Quarter 2008 Average Balance Interest Yield/Rate
Assets Loans: (a,b) Commercial, financial and agricultural $26,057
$352 5.42 % Real estate - commercial mortgage 10,593 156 5.91 Real
estate - construction 8,484 118 5.61 Commercial lease financing
9,798 (709) (28.94)(c) Total commercial loans 54,932 (83) (.58)
Real estate - residential 1,918 30 6.12 Home equity: Community
Banking 9,765 140 5.78 National Banking 1,200 23 7.68 Total home
equity loans 10,965 163 5.99 Consumer other - Community Banking
1,271 33 10.34 Consumer other - National Banking: Marine 3,646 56
6.26 Education 3,595 53 5.88 Other 325 7 8.21 Total consumer other
- National Banking 7,566 116 6.16 Total consumer loans 21,720 342
6.32 Total loans 76,652 259 1.37 Loans held for sale 1,356 20 5.94
Securities available for sale (a,d) 8,315 111 5.40 Held-to-maturity
securities (a) 25 -- 11.47 Trading account assets 1,041 10 3.88
Short-term investments 773 8 3.83 Other investments (d) 1,580 14
3.09 Total earning assets 89,742 422 1.89 Allowance for loan losses
(1,338) Accrued income and other assets 14,886 Total assets
$103,290 Liabilities NOW and money market deposit accounts $27,158
102 1.51 Savings deposits 1,815 1 .27 Certificates of deposit
($100,000 or more) (e) 8,670 88 4.09 Other time deposits 12,751 135
4.27 Deposits in foreign office 4,121 21 1.95 Total
interest-bearing deposits 54,515 347 2.56 Federal funds purchased
and securities sold under repurchase agreements 3,267 15 1.86 Bank
notes and other short-term borrowings 4,770 27 2.26 Long-term debt
(e,f) 14,620 133 3.87 Total interest-bearing liabilities 77,172 522
2.75 Noninterest-bearing deposits 10,617 Accrued expense and other
liabilities 6,884 Total liabilities 94,673 Shareholders' equity
Preferred stock 128 Common shareholders' equity 8,489 Total
shareholders' equity 8,617 Total liabilities and shareholders'
equity $103,290 Interest rate spread (TE) (.86) % Net interest
income (TE) and net interest margin (TE) (100)(c) (.44) %(c) TE
adjustment (a) (458) Net interest income, GAAP basis $358
Consolidated Average Balance Sheets, Net Interest Income and
Yields/Rates From Continuing Operations (dollars in millions) First
Quarter 2008 Average Balance Interest Yield/Rate Assets Loans:
(a,b) Commercial, financial and agricultural $25,411 $392 6.21 %
Real estate - commercial mortgage 10,283 175 6.84 Real estate -
construction 8,468 134 6.36 Commercial lease financing 10,004 98
3.91 (c) Total commercial loans 54,166 799 5.93 Real estate -
residential 1,916 30 6.29 Home equity: Community Banking 9,693 154
6.38 National Banking 1,260 24 7.74 Total home equity loans 10,953
178 6.54 Consumer other - Community Banking 1,305 34 10.59 Consumer
other - National Banking: Marine 3,646 58 6.31 Education 363 7 8.04
Other 339 7 8.32 Total consumer other - National Banking 4,348 72
6.61 Total consumer loans 18,522 314 6.81 Total loans 72,688 1,113
6.15 Loans held for sale 4,984 87 7.01 Securities available for
sale (a,d) 8,419 110 5.28 Held-to-maturity securities (a) 29 1
11.02 Trading account assets 1,075 13 4.84 Short-term investments
1,165 9 3.18 Other investments (d) 1,552 12 3.05 Total earning
assets 89,912 1,345 6.01 Allowance for loan losses (1,236) Accrued
income and other assets 14,680 Total assets $103,356 Liabilities
NOW and money market deposit accounts $26,996 139 2.07 Savings
deposits 1,865 3 .62 Certificates of deposit ($100,000 or more) (e)
8,072 95 4.72 Other time deposits 12,759 146 4.59 Deposits in
foreign office 5,853 45 3.13 Total interest-bearing deposits 55,545
428 3.10 Federal funds purchased and securities sold under
repurchase agreements 3,863 28 2.91 Bank notes and other short-term
borrowings 4,934 39 3.22 Long-term debt (e,f) 13,238 146 4.71 Total
interest-bearing liabilities 77,580 641 3.36 Noninterest-bearing
deposits 10,741 Accrued expense and other liabilities 6,590 Total
liabilities 94,911 Shareholders' equity Preferred stock -- Common
shareholders' equity 8,445 Total shareholders' equity 8,445 Total
liabilities and shareholders' equity $103,356 Interest rate spread
(TE) 2.65 % Net interest income (TE) and net interest margin (TE)
704(c) 3.14 %(c) TE adjustment (a) (9) Net interest income, GAAP
basis $713 Consolidated Average Balance Sheets, Net Interest Income
and Yields/Rates From Continuing Operations (dollars in millions)
Second Quarter 2007 Average Balance Interest Yield/Rate Assets
Loans: (a,b) Commercial, financial and agricultural $21,856 $401
7.36 % Real estate - commercial mortgage 8,565 165 7.75 Real estate
- construction 8,243 167 8.09 Commercial lease financing 10,096 142
5.62 Total commercial loans 48,760 875 7.19 Real estate -
residential 1,472 24 6.57 Home equity: Community Banking 9,660 172
7.15 National Banking 1,092 21 7.86 Total home equity loans 10,752
193 7.22 Consumer other - Community Banking 1,370 37 10.64 Consumer
other - National Banking: Marine 3,323 52 6.26 Education 329 8 9.56
Other 309 7 9.18 Total consumer other - National Banking 3,961 67
6.76 Total consumer loans 17,555 321 7.33 Total loans 66,315 1,196
7.23 Loans held for sale 4,415 82 7.50 Securities available for
sale (a,d) 7,793 106 5.45 Held-to-maturity securities (a) 39 --
6.72 Trading account assets 813 8 3.58 Short-term investments 671 8
4.93 Other investments (d) 1,541 15 3.68 Total earning assets
81,587 1,415 6.95 Allowance for loan losses (942) Accrued income
and other assets 12,767 Total assets $93,412 Liabilities NOW and
money market deposit accounts $22,953 179 3.14 Savings deposits
1,633 1 .19 Certificates of deposit ($100,000 or more) (e) 6,237 79
5.03 Other time deposits 12,047 141 4.70 Deposits in foreign office
3,600 47 5.20 Total interest-bearing deposits 46,470 447 3.85
Federal funds purchased and securities sold under repurchase
agreements 4,748 59 5.04 Bank notes and other short-term borrowings
1,771 18 4.14 Long-term debt (e,f) 12,909 185 5.83 Total
interest-bearing liabilities 65,898 709 4.33 Noninterest-bearing
deposits 13,927 Accrued expense and other liabilities 5,933 Total
liabilities 85,758 Shareholders' equity Preferred stock -- Common
shareholders' equity 7,654 Total shareholders' equity 7,654 Total
liabilities and shareholders' equity $93,412 Interest rate spread
(TE) 2.62 % Net interest income (TE) and net interest margin (TE)
706 3.46 % TE adjustment (a) 20 Net interest income, GAAP basis
$686 Average balances have not been restated to reflect Key's
January 1, 2008, adoption of Financial Accounting Standards Board
("FASB") Interpretation No. 39, "Offsetting of Amounts Related to
Certain Contracts," and FASB Staff Position FIN 39-1, "Amendment of
FASB Interpretation 39." (a) Interest income on tax-exempt
securities and loans has been adjusted to a taxable-equivalent
basis using the statutory federal income tax rate of 35%. (b) For
purposes of these computations, nonaccrual loans are included in
average loan balances. (c) During the second quarter of 2008, Key's
taxable-equivalent net interest income and net income were reduced
by $838 million and $1.011 billion, respectively, as a result of an
adverse federal court ruling on Key's tax treatment of a service
contract lease transaction. Excluding this reduction, the
taxable-equivalent yield on Key's commercial lease financing
portfolio would have been 5.25% for the second quarter of 2008, and
Key's taxable-equivalent net interest margin would have been 3.32%.
During the prior quarter, Key increased its tax reserves for
certain lease in, lease out transactions and recalculated its lease
income in accordance with prescribed accounting standards. These
actions reduced Key's first quarter 2008 taxable- equivalent net
interest income and net income by $34 million and $38 million,
respectively. Excluding this reduction, the taxable-equivalent
yield on Key's commercial lease financing portfolio would have been
5.27% for the first quarter of 2008, and Key's taxable-equivalent
net interest margin would have been 3.29%. (d) Yield is calculated
on the basis of amortized cost. (e) Rate calculation excludes basis
adjustments related to fair value hedges. (f) Results from
continuing operations exclude the dollar amount of liabilities
assumed necessary to support interest-earning assets held by the
discontinued Champion Mortgage finance business. The interest
expense related to these liabilities, which also is excluded from
continuing operations, was calculated using a matched funds
transfer pricing methodology. TE = Taxable Equivalent GAAP = U.S.
generally accepted accounting principles Consolidated Average
Balance Sheets, Net Interest Income and Yields/Rates From
Continuing Operations (dollars in millions) Six months ended Six
months ended June 30, 2008 June 30, 2007 Average Yield/ Average
Yield/ Balance Interest Rate Balance Interest Rate Assets Loans:
(a,b) Commercial, financial and agricultural $25,734 $744 5.81 %
$21,710 $793 7.37 % Real estate - commercial mortgage 10,438 331
6.37 8,496 328 7.79 Real estate - construction 8,476 252 5.98 8,235
333 8.14 Commercial lease financing 9,901 (611) (12.34)(c) 10,095
288 5.70 Total commercial loans 54,549 716 2.65 48,536 1,742 7.23
Real estate - residential 1,917 60 6.20 1,458 48 6.58 Home equity:
Community Banking 9,729 294 6.08 9,668 343 7.15 National Banking
1,230 47 7.71 1,061 41 7.87 Total home equity loans 10,959 341 6.26
10,729 384 7.22 Consumer other - Community Banking 1,288 67 10.46
1,410 73 10.39 Consumer other - National Banking: Marine 3,646 114
6.28 3,221 101 6.27 Education 1,979 60 6.07 334 16 9.53 Other 332
14 8.27 306 14 9.10 Total consumer other - National Banking 5,957
188 6.32 3,861 131 6.77 Total consumer loans 20,121 656 6.55 17,458
636 7.33 Total loans 74,670 1,372 3.70 65,994 2,378 7.25 Loans held
for sale 3,170 107 6.78 4,179 157 7.59 Securities available for
sale (a,d) 8,367 221 5.34 7,671 206 5.36 Held-to-maturity
securities (a) 27 1 11.23 39 1 6.96 Trading account assets 1,058 23
4.37 783 14 3.68 Short-term investments 969 17 3.44 762 20 5.09
Other investments (d) 1,566 26 3.07 1,471 28 3.66 Total earning
assets 89,827 1,767 3.95 80,899 2,804 6.97 Allowance for loan
losses (1,287) (942) Accrued income and other assets 14,783 12,801
Total assets $103,323 $92,758 Liabilities NOW and money market
deposit accounts $27,077 241 1.79 $23,187 356 3.10 Savings deposits
1,840 4 .45 1,631 2 .19 Certificates of deposit ($100,000 or more)
(e) 8,371 183 4.39 6,194 155 5.03 Other time deposits 12,755 281
4.43 12,055 279 4.67 Deposits in foreign office 4,987 66 2.64 3,430
88 5.16 Total interest- bearing deposits 55,030 775 2.83 46,497 880
3.81 Federal funds purchased and securities sold under repurchase
agreements 3,565 43 2.43 4,328 108 5.04 Bank notes and other
short-term borrowings 4,852 66 2.75 1,444 29 4.08 Long-term debt
(e,f) 13,929 279 4.27 13,261 381 5.87 Total interest- bearing
liabilities 77,376 1,163 3.05 65,530 1,398 4.31 Noninterest-
bearing deposits 10,679 13,584 Accrued expense and other
liabilities 6,737 6,008 Total liabilities 94,792 85,122
Shareholders' equity Preferred stock 64 -- Common shareholders'
equity 8,467 7,636 Total shareholders' equity 8,531 7,636 Total
liabilities and shareholders' equity $103,323 $92,758 Interest rate
spread (TE) .90 % 2.66 % Net interest income (TE) and net interest
margin (TE) 604(c) 1.35 %(c) 1,406 3.48 % TE adjustment (a) (467)
41 Net interest income, GAAP basis $1,071 $1,365 Average balances
have not been restated to reflect Key's January 1, 2008, adoption
of Financial Accounting Standards Board ("FASB") Interpretation No.
39, "Offsetting of Amounts Related to Certain Contracts," and FASB
Staff Position FIN 39-1, "Amendment of FASB Interpretation 39." (a)
Interest income on tax-exempt securities and loans has been
adjusted to a taxable-equivalent basis using the statutory federal
income tax rate of 35%. (b) For purposes of these computations,
nonaccrual loans are included in average loan balances. (c) During
the second quarter of 2008, Key's taxable-equivalent net interest
income and net income were reduced by $838 million and $1.011
billion, respectively, as a result of an adverse federal court
ruling on Key's tax treatment of a service contract lease
transaction. During the prior quarter, Key's taxable-equivalent net
interest income and net income were reduced by $34 million and $38
million, respectively, as a result of an increase to Key's tax
reserves for certain lease in, lease out transactions and a
recalculation of its lease income in accordance with prescribed
accounting standards. Excluding these reductions, the
taxable-equivalent yield on Key's commercial lease financing
portfolio would have been 5.26% for the first six months of 2008,
and Key's taxable-equivalent net interest margin would have been
3.30%. (d) Yield is calculated on the basis of amortized cost. (e)
Rate calculation excludes basis adjustments related to fair value
hedges. (f) Results from continuing operations exclude the dollar
amount of liabilities assumed necessary to support interest-earning
assets held by the discontinued Champion Mortgage finance business.
The interest expense related to these liabilities, which also is
excluded from continuing operations, was calculated using a matched
funds transfer pricing methodology. TE = Taxable Equivalent GAAP =
U.S. generally accepted accounting principles Noninterest Income
(in millions) Three months ended Six months ended 6-30-08 3-31-08
6-30-07 6-30-08 6-30-07 Trust and investment services income (a)
$138 $129 $115 $267 $240 Service charges on deposit accounts 93 88
84 181 159 Investment banking and capital markets income (a) 80 8
52 88 96 Operating lease income 68 69 66 137 130 Letter of credit
and loan fees 51 37 45 88 83 Corporate-owned life insurance income
28 28 32 56 57 Electronic banking fees 27 24 25 51 49 Net gains
(losses) from loan securitizations and sales 33 (101) 33 (68) 42
Net securities (losses) gains (1) 3 2 2 (45) Net (losses) gains
from principal investing (14) 9 90 (5) 119 Gain from redemption of
Visa Inc. shares -- 165 -- 165 -- Gain from sale of McDonald
Investments branch network -- -- -- -- 171 Other income: Insurance
income 20 15 15 35 29 Loan securitization servicing fees 5 4 6 9 11
Credit card fees 3 4 3 7 6 Gains related to MasterCard Incorporated
shares -- -- 40 -- 40 Litigation settlement - automobile residual
value insurance -- -- -- -- 26 Miscellaneous income 24 46 41 70 90
Total other income 52 69 105 121 202 Total noninterest income $555
$528 $649 $1,083 $1,303 (a) Additional detail provided in tables
below. Trust and Investment Services Income (in millions) Three
months ended Six months ended 6-30-08 3-31-08 6-30-07 6-30-08
6-30-07 Brokerage commissions and fee income $41 $33 $28 $74 $68
Personal asset management and custody fees 40 41 41 81 81
Institutional asset management and custody fees 57 55 46 112 91
Total trust and investment services income $138 $129 $115 $267 $240
Investment Banking and Capital Markets Income (in millions) Three
months ended Six months ended 6-30-08 3-31-08 6-30-07 6-30-08
6-30-07 Investment banking income $36 $22 $22 $58 $43 Income (loss)
from other investments 1 (6) 6 (5) 11 Dealer trading and
derivatives income (loss) 28 (21) 12 7 20 Foreign exchange income
15 13 12 28 22 Total investment banking and capital markets income
$80 $8 $52 $88 $96 Noninterest Expense (dollars in millions) Three
months ended Six months ended 6-30-08 3-31-08 6-30-07 6-30-08
6-30-07 Personnel (a) $404 $409 $411 $813 $839 Net occupancy 62 66
59 128 122 Computer processing 43 47 49 90 100 Operating lease
expense 55 58 55 113 107 Professional fees 33 23 26 56 52 Equipment
23 24 24 47 49 Marketing 21 14 20 35 39 Other expense: Postage and
delivery 12 11 11 23 23 Franchise and business taxes 8 8 8 16 17
Telecommunications 7 8 7 15 14 (Credit) provision for losses on
lending- related commitments (2) (27) 6 (29) (2) Miscellaneous
expense 115 91 139 206 239 Total other expense 140 91 171 231 291
Total noninterest expense $781 $732 $815 $1,513 $1,599 Average
full-time equivalent employees 18,164 18,426 18,888 (b) 18,295
19,342 (b) (a) Additional detail provided in table below. (b) The
number of average full-time equivalent employees has not been
adjusted for discontinued operations. Personnel Expense (in
millions) Three months ended Six months ended 6-30-08 3-31-08
6-30-07 6-30-08 6-30-07 Salaries $235 $239 $236 $474 $481 Incentive
compensation 79 74 82 153 157 Employee benefits 65 76 73 141 155
Stock-based compensation 17 14 16 31 40 Severance 8 6 4 14 6 Total
personnel expense $404 $409 $411 $813 $839 Loan Composition
(dollars in millions) Percent change 6-30-08 vs. 6-30-08 3-31-08
6-30-07 3-31-08 6-30-07 Commercial, financial and agricultural
$25,929 $25,777 $21,814 .6 % 18.9 % Commercial real estate:
Commercial mortgage 10,737 10,479 8,629 2.5 24.4 Construction 7,849
8,473 8,214 (7.4) (4.4) Total commercial real estate loans 18,586
18,952 16,843 (1.9) 10.3 Commercial lease financing 9,610 10,000
10,138 (3.9) (5.2) Total commercial loans 54,125 54,729 48,795
(1.1) 10.9 Real estate - residential mortgage 1,928 1,954 1,572
(1.3) 22.6 Home equity: Community Banking 9,851 9,678 9,736 1.8 1.2
National Banking 1,153 1,220 1,143 (5.5) .9 Total home equity loans
11,004 10,898 10,879 1.0 1.1 Consumer other - Community Banking
1,261 1,266 1,366 (.4) (7.7) Consumer other - National Banking:
Marine 3,634 3,653 3,444 (.5) 5.5 Education (a) 3,584 3,608 327
(.7) 996.0 Other 319 336 309 (5.1) 3.2 Total consumer other -
National Banking 7,537 7,597 4,080 (.8) 84.7 Total consumer loans
21,730 21,715 17,897 .1 21.4 Total loans $75,855 $76,444 $66,692
(.8)% 13.7 % Loans Held for Sale Composition (dollars in millions)
Percent change 6-30-08 vs. 6-30-08 3-31-08 6-30-07 3-31-08 6-30-07
Commercial, financial and agricultural $212 $291 $76 (27.1)% 178.9
% Real estate - commercial mortgage 994 1,139 1,613 (12.7) (38.4)
Real estate - construction 398 25 172 N/M 131.4 Commercial lease
financing 42 31 22 35.5 90.9 Real estate - residential mortgage 79
58 39 36.2 102.6 Home equity -- 1 -- (100.0) -- Education (a) 103
123 2,616 (16.3) (96.1) Automobile 5 6 8 (16.7) (37.5) Total loans
held for sale $1,833 $1,674 $4,546 9.5 % (59.7)% (a) On March 31,
2008, Key transferred $3.3 billion of education loans from loans
held for sale to the loan portfolio. N/M = Not Meaningful Summary
of Loan Loss Experience (dollars in millions) Three months ended
6-30-08 3-31-08 6-30-07 Average loans outstanding from continuing
operations $76,652 $72,688 $66,315 Allowance for loan losses at
beginning of period $1,298 $1,200 $944 Loans charged off:
Commercial, financial and agricultural 75 50 30 Real estate -
commercial mortgage 15 4 5 Real estate - construction 340 25 2
Total commercial real estate loans 355 29 7 Commercial lease
financing 18 15 9 Total commercial loans 448 94 46 Real estate -
residential mortgage 2 4 1 Home equity: Community Banking 9 9 5
National Banking 11 7 3 Total home equity loans 20 16 8 Consumer
other - Community Banking 11 9 8 Consumer other - National Banking:
Marine 16 19 6 Education 55 2 1 Other 2 4 2 Total consumer other -
National Banking 73 25 9 Total consumer loans 106 54 26 554 148 72
Recoveries: Commercial, financial and agricultural 14 14 6 Real
estate - commercial mortgage -- -- 1 Real estate - construction 1
-- -- Total commercial real estate loans 1 -- 1 Commercial lease
financing 4 6 4 Total commercial loans 19 20 11 Real estate -
residential mortgage 1 -- 1 Home equity: Community Banking -- 1 1
National Banking 1 -- 1 Total home equity loans 1 1 2 Consumer
other - Community Banking 1 2 1 Consumer other - National Banking:
Marine 6 3 3 Education 1 -- 1 Other 1 1 -- Total consumer other -
National Banking 8 4 4 Total consumer loans 11 7 8 30 27 19 Net
loan charge-offs (524) (121) (53) Provision for loan losses from
continuing operations 647 187 53 Allowance related to loans
acquired, net -- 32 -- Foreign currency translation adjustment --
-- 1 Allowance for loan losses at end of period $1,421 $1,298 $945
Net loan charge-offs to average loans from continuing operations
2.75 % .67 % .32% Allowance for loan losses to period- end loans
1.87 1.70 1.42 Allowance for loan losses to nonperforming loans
174.57 123.15 342.39 Summary of Loan Loss Experience (dollars in
millions) Six months ended 6-30-08 6-30-07 Average loans
outstanding from continuing operations $74,670 $65,994 Allowance
for loan losses at beginning of period $1,200 $944 Loans charged
off: Commercial, financial and agricultural 125 47 Real estate -
commercial mortgage 19 11 Real estate - construction 365 3 Total
commercial real estate loans 384 14 Commercial lease financing 33
22 Total commercial loans 542 83 Real estate - residential mortgage
6 2 Home equity: Community Banking 18 10 National Banking 18 6
Total home equity loans 36 16 Consumer other - Community Banking 20
15 Consumer other - National Banking: Marine 35 14 Education 57 2
Other 6 4 Total consumer other - National Banking 98 20 Total
consumer loans 160 53 702 136 Recoveries: Commercial, financial and
agricultural 28 13 Real estate - commercial mortgage -- 4 Real
estate - construction 1 -- Total commercial real estate loans 1 4
Commercial lease financing 10 7 Total commercial loans 39 24 Real
estate - residential mortgage 1 1 Home equity: Community Banking 1
2 National Banking 1 1 Total home equity loans 2 3 Consumer other -
Community Banking 3 3 Consumer other - National Banking: Marine 9 6
Education 1 1 Other 2 1 Total consumer other - National Banking 12
8 Total consumer loans 18 15 57 39 Net loan charge-offs (645) (97)
Provision for loan losses from continuing operations 834 97
Allowance related to loans acquired, net 32 -- Foreign currency
translation adjustment -- 1 Allowance for loan losses at end of
period $1,421 $945 Net loan charge-offs to average loans from
continuing operations 1.74 % .30% Allowance for loan losses to
period- end loans 1.87 1.42 Allowance for loan losses to
nonperforming loans 174.57 342.39 Changes in Liability for Credit
Losses on Lending-Related Commitments (in millions) Six months
Three months ended ended 6-30-08 3-31-08 6-30-07 6-30-08 6-30-07
Balance at beginning of period $53 $80 $45 $80 $53 (Credit)
provision for losses on lending-related commitments (2) (27) 6 (29)
(2) Charge-offs -- -- (1) -- (1) Balance at end of period (a) $51
$53 $50 $51 $50 (a) Included in "accrued expense and other
liabilities" on the consolidated balance sheet. Summary of
Nonperforming Assets and Past Due Loans (dollars in millions)
6-30-08 3-31-08 12-31-07 9-30-07 6-30-07 Commercial, financial and
agricultural $259 $147 $84 $94 $83 Real estate - commercial
mortgage 107 113 41 41 41 Real estate - construction 256 610 415
228 23 Total commercial real estate loans 363 723 456 269 64
Commercial lease financing 57 38 28 30 34 Total commercial loans
679 908 568 393 181 Real estate - residential mortgage 32 34 28 29
27 Home equity: Community Banking 61 60 54 50 46 National Banking
14 14 12 11 9 Total home equity loans 75 74 66 61 55 Consumer other
- Community Banking 2 2 2 2 2 Consumer other - National Banking:
Marine 20 20 20 12 10 Education 4 15 2 -- -- Other 2 1 1 1 1 Total
consumer other - National Banking 26 36 23 13 11 Total consumer
loans 135 146 119 105 95 Total nonperforming loans 814 1,054 687
498 276 Nonperforming loans held for sale 342 (b) 9 25 6 4 OREO 26
29 21 21 27 Allowance for OREO losses (2) (2) (2) (1) (2) OREO, net
of allowance 24 27 19 20 25 Other nonperforming assets (a) 30 25 33
46 73 Total nonperforming assets $1,210 $1,115 $764 $570 $378
Accruing loans past due 90 days or more $367 $283 $231 $190 $181
Accruing loans past due 30 through 89 days 852 1,169 843 717 623
Nonperforming loans to period- end portfolio loans 1.07 % 1.38 %
.97 % .72 % .41 % Nonperforming assets to period-end portfolio
loans plus OREO and other nonperforming assets 1.59 1.46 1.08 .83
.57 (a) Primarily investments held by the Private Equity unit
within Key's Real Estate Capital and Corporate Banking Services
line of business. (b) Primarily real estate construction loans.
Summary of Changes in Nonperforming Loans (in millions) 2Q08 1Q08
4Q07 3Q07 2Q07 Balance at beginning of period $1,054 $687 $498 $276
$254 Loans placed on nonaccrual status 789 566 378 337 130
Charge-offs (547) (144) (147) (81) (72) Loans sold (48) -- (13) (6)
(7) Payments (86) (32) (17) (13) (21) Transfers to OREO -- (10) (5)
(12) -- Transfer to nonperforming loans held for sale (342) (8) --
-- -- Loans returned to accrual status (6) (5) (7) (3) (8) Balance
at end of period $814 $1,054 $687 $498 $276 Line of Business
Results (dollars in millions) Community Banking 2Q08 1Q08 4Q07 3Q07
2Q07 Summary of operations Total revenue (TE) $659 $630 $653 $628
$631 Provision for loan losses 44 18 36 2 21 Noninterest expense
449 428 438 414 446 Net income 104 115 112 133 102 Average loans
and leases 28,478 28,128 27,234 26,944 26,574 Average deposits
49,948 49,767 47,254 46,729 46,126 Net loan charge-offs 38 30 31 19
26 Return on average allocated equity 13.68 % 15.47 % 17.60 % 21.04
% 16.57 % Average full-time equivalent employees 8,785 8,714 8,454
8,625 9,026 Supplementary information (lines of business) Regional
Banking Total revenue (TE) $557 $531 $555 $533 $537 Provision for
loan losses 25 13 26 12 20 Noninterest expense 401 385 385 368 396
Net income 82 83 90 96 75 Average loans and leases 19,608 19,472
18,771 18,667 18,471 Average deposits 46,246 46,176 43,696 43,237
42,725 Net loan charge-offs 33 29 26 17 20 Return on average
allocated equity 15.06 % 15.38 % 20.52 % 21.80 % 17.38 % Average
full-time equivalent employees 8,439 8,365 8,101 8,264 8,655
Commercial Banking Total revenue (TE) $102 $99 $98 $95 $94
Provision for loan losses 19 5 10 (10) 1 Noninterest expense 48 43
53 46 50 Net income 22 32 22 37 27 Average loans and leases 8,870
8,656 8,463 8,277 8,103 Average deposits 3,702 3,591 3,558 3,492
3,401 Net loan charge-offs 5 1 5 2 6 Return on average allocated
equity 10.21 % 15.73 % 11.12 % 19.29 % 14.67 % Average full-time
equivalent employees 346 349 353 361 371 Line of Business Results
(dollars in millions) Community Banking Percent change 2Q08 vs.
1Q08 2Q07 Summary of operations Total revenue (TE) 4.6 % 4.4 %
Provision for loan losses 144.4 109.5 Noninterest expense 4.9 .7
Net income (9.6) 2.0 Average loans and leases 1.2 7.2 Average
deposits .4 8.3 Net loan charge-offs 26.7 46.2 Return on average
allocated equity N/A N/A Average full-time equivalent employees .8
(2.7) Supplementary information (lines of business) Regional
Banking Total revenue (TE) 4.9 % 3.7 % Provision for loan losses
92.3 25.0 Noninterest expense 4.2 1.3 Net income (1.2) 9.3 Average
loans and leases .7 6.2 Average deposits .2 8.2 Net loan
charge-offs 13.8 65.0 Return on average allocated equity N/A N/A
Average full-time equivalent employees .9 (2.5) Commercial Banking
Total revenue (TE) 3.0 % 8.5 % Provision for loan losses 280.0 N/M
Noninterest expense 11.6 (4.0) Net income (31.3) (18.5) Average
loans and leases 2.5 9.5 Average deposits 3.1 8.9 Net loan
charge-offs 400.0 (16.7) Return on average allocated equity N/A N/A
Average full-time equivalent employees (.9) (6.7) Line of Business
Results (continued) (dollars in millions) National Banking 2Q08
1Q08 4Q07 3Q07 2Q07 Summary of operations Total revenue (TE) $(126)
$439 $609 $505 $612 Provision for loan losses 609 169 327 69 32
Noninterest expense 337 308 389 327 330 (Loss) income from
continuing operations (670) (24) (69) 68 157 Net (loss) income
(670) (24) (66) 54 154 Average loans and leases (a) 47,876 44,149
42,040 40,279 39,325 Average loans held for sale (a) 1,282 4,932
4,709 4,692 4,377 Average deposits (a) 12,289 11,888 12,629 12,631
12,082 Net loan charge- offs (a) 486 91 88 40 27 Return on average
allocated equity (a) (51.60)% (1.96)% (6.13)% 6.43 % 15.12 % Return
on average allocated equity (51.60) (1.96) (5.86) 5.11 14.83
Average full-time equivalent employees 3,603 3,758 4,010 3,869
3,856 Supplementary information (lines of business) Real Estate
Capital and Corporate Banking Services Total revenue (TE) $233 $77
$158 $128 $214 Provision for loan losses 366 45 270 43 8
Noninterest expense 68 61 117 88 92 Net (loss) income (126) (18)
(143) (2) 71 Average loans and leases 17,086 16,484 15,003 14,160
13,713 Average loans held for sale 616 989 1,257 1,584 1,246
Average deposits 10,460 9,787 10,397 10,243 9,447 Net loan
charge-offs 376 38 45 7 3 Return on average allocated equity
(23.69)% (3.85)% (36.91)% (.56)% 20.43 % Average full-time
equivalent employees 1,228 1,233 1,310 1,309 1,293 Equipment
Finance Total revenue (TE) $(694) $100 $181 $136 $150 Provision for
loan losses 36 24 23 16 16 Noninterest expense 89 96 97 94 94 Net
(loss) income (512) (13) 38 16 25 Average loans and leases 10,326
10,595 10,729 10,681 10,609 Average loans held for sale 51 32 15 6
10 Average deposits 21 14 17 16 16 Net loan charge-offs 28 24 18 16
16 Return on average allocated equity (225.30)% (5.66)% 16.53 %
7.10 % 11.43 % Average full-time equivalent employees 837 859 923
900 895 Institutional and Capital Markets Total revenue (TE) $231
$158 $171 $155 $159 Provision for loan losses 36 16 15 (2) --
Noninterest expense 128 102 116 104 99 Net income 42 25 25 33 38
Average loans and leases 7,897 7,633 7,219 6,716 6,566 Average
loans held for sale 494 555 394 373 463 Average deposits 1,384
1,460 1,560 1,844 2,072 Net loan charge-offs 5 2 6 6 -- Return on
average allocated equity 13.61 % 8.39 % 8.59 % 12.20 % 13.92 %
Average full-time equivalent employees 931 938 979 1,019 992
Consumer Finance Total revenue (TE) $104 $104 $99 $86 $89 Provision
for loan losses 171 84 19 12 8 Noninterest expense 52 49 59 41 45
(Loss) income from continuing operations (74) (18) 11 21 23 Net
(loss) income (74) (18) 14 7 20 Average loans and leases (a) 12,567
9,437 9,089 8,722 8,437 Average loans held for sale (a) 121 3,356
3,043 2,729 2,658 Average deposits (a) 424 627 655 528 547 Net loan
charge- offs (a) 77 27 19 11 8 Return on average allocated equity
(a) (32.07)% (7.87)% 5.06 % 10.36 % 11.56 % Return on average
allocated equity (32.07) (7.87) 6.44 3.45 10.05 Average full-time
equivalent employees 607 728 798 641 676 (a) From continuing
operations. TE = Taxable Equivalent N/A = Not Applicable N/M = Not
Meaningful Line of Business Results (continued) (dollars in
millions) National Banking Percent change 2Q08 vs. 1Q08 2Q07
Summary of operations Total revenue (TE) N/M N/M Provision for loan
losses 260.4 % N/M Noninterest expense 9.4 2.1 % (Loss) income from
continuing operations N/M N/M Net (loss) income N/M N/M Average
loans and leases (a) 8.4 21.7 Average loans held for sale (a)
(74.0) (70.7) Average deposits (a) 3.4 1.7 Net loan charge-offs (a)
434.1 N/M Return on average allocated equity (a) N/A N/A Return on
average allocated equity N/A N/A Average full-time equivalent
employees (4.1) (6.6) Supplementary information (lines of business)
Real Estate Capital and Corporate Banking Services Total revenue
(TE) 202.6 % 8.9 % Provision for loan losses 713.3 N/M Noninterest
expense 11.5 (26.1) Net (loss) income (600.0) N/M Average loans and
leases 3.7 24.6 Average loans held for sale (37.7) (50.6) Average
deposits 6.9 10.7 Net loan charge-offs 889.5 N/M Return on average
allocated equity N/A N/A Average full-time equivalent employees
(.4) (5.0) Equipment Finance Total revenue (TE) N/M N/M Provision
for loan losses 50.0 % 125.0 % Noninterest expense (7.3) (5.3) Net
(loss) income N/M N/M Average loans and leases (2.5) (2.7) Average
loans held for sale 59.4 410.0 Average deposits 50.0 31.3 Net loan
charge-offs 16.7 75.0 Return on average allocated equity N/A N/A
Average full-time equivalent employees (2.6) (6.5) Institutional
and Capital Markets Total revenue (TE) 46.2 % 45.3 % Provision for
loan losses 125.0 N/M Noninterest expense 25.5 29.3 Net income 68.0
10.5 Average loans and leases 3.5 20.3 Average loans held for sale
(11.0) 6.7 Average deposits (5.2) (33.2) Net loan charge-offs 150.0
N/M Return on average allocated equity N/A N/A Average full-time
equivalent employees (.7) (6.1) Consumer Finance Total revenue (TE)
-- 16.9 % Provision for loan losses 103.6 % N/M Noninterest expense
6.1 15.6 (Loss) income from continuing operations (311.1) N/M Net
(loss) income (311.1) N/M Average loans and leases (a) 33.2 49.0
Average loans held for sale (a) (96.4) (95.4) Average deposits (a)
(32.4) (22.5) Net loan charge-offs (a) 185.2 862.5 Return on
average allocated equity (a) N/A N/A Return on average allocated
equity N/A N/A Average full-time equivalent employees (16.6) (10.2)
(a) From continuing operations. TE = Taxable Equivalent N/A = Not
Applicable N/M = Not Meaningful DATASOURCE: KeyCorp
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