- KeyCorp reported a net loss of $488 million or $1.09 per share for Q1 2009, compared to net income of $218 million or $0.54 per share for Q1 2008. The loss was primarily due to an increase in loan loss provisions and an impairment charge for intangible assets.
- The loan loss provision increased to $875 million for Q1 2009, exceeding net charge-offs by $383 million. The allowance for loan losses increased to $2.186 billion or 2.97% of total loans.
- A non-cash impairment charge of $187 million was recorded for the National Banking reporting unit due to continued weakness in financial markets. This did not
This document provides quarterly financial data for Citigroup, including:
1) Income statements for Citigroup's major business segments broken down by product and region, showing revenues, expenses, profits.
2) Key metrics for Citigroup as a whole, including revenues, income, earnings per share, assets, equity.
3) Specific data on performance of Citigroup's Global Consumer credit card business, including revenues, expenses, profits, and effects of securitization activities.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
Citigroup reported quarterly financial results, with net income of $3.92 billion for 3Q 2002, a 23% increase over 3Q 2001. Core income, which excludes certain items, was $3.79 billion for 3Q 2002, up 17% from the prior year. Diluted earnings per share on net income were $0.76 for the quarter, rising 25% year-over-year, while diluted EPS on core income increased 19% to $0.74. Citigroup operates as a global financial services company with over 200 million customer accounts in more than 100 countries.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
1) The document is an investor presentation by GMAC's EVP & CFO from April 2007.
2) It summarizes GMAC's financial performance in 2006, noting challenges in the US residential mortgage market.
3) It provides an outlook for 2007, expecting continued pressure from nonprime assets but stabilization overall as strategic initiatives are implemented.
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
Capital Product Partners Fourth Quarter 2008 Earningsearningsreport
Capital Product Partners L.P. reported strong fourth quarter 2008 results with net income of $14.3 million and operating surplus of $17.4 million. They announced a non-recurring exceptional cash distribution of $1.05 per unit, returning profit sharing revenues earned in 2008. Despite a weak shipping market outlook, the company has long-term contracts with reputable counterparties and adequate financial reserves to weather uncertain market conditions.
Citigroup reported financial results for the first quarter of 2006. Income from continuing operations increased 9% compared to the first quarter of 2005 to $5.6 billion. Global Consumer revenues decreased 1% to $12 billion, with U.S. Consumer revenues decreasing 9% due to declines in cards, retail distribution, and consumer lending. Corporate and Investment Banking revenues increased with Capital Markets and Banking revenues up 20% and Transaction Services up 22%. Overall, Citigroup revenues remained strong with continuing growth in international markets helping to offset declines in the U.S.
This document provides condensed financial statements and management discussion and analysis for Avis Budget Car Rental for the three and six months ended June 30, 2007. It includes an unaudited balance sheet, statement of income, statement of cash flows, and notes. The financial statements show total revenues of $1.5 billion for Q2 2007 and $2.9 billion for the first half of 2007. Net income was $24 million for Q2 and $28 million for the first six months. Cash flows from operations were positive, with $793 million provided in the first half of 2007. Management discussion and analysis provides commentary on results and risks including competition in the vehicle rental industry.
This document provides quarterly financial data for Citigroup, including:
1) Income statements for Citigroup's major business segments broken down by product and region, showing revenues, expenses, profits.
2) Key metrics for Citigroup as a whole, including revenues, income, earnings per share, assets, equity.
3) Specific data on performance of Citigroup's Global Consumer credit card business, including revenues, expenses, profits, and effects of securitization activities.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
Citigroup reported quarterly financial results, with net income of $3.92 billion for 3Q 2002, a 23% increase over 3Q 2001. Core income, which excludes certain items, was $3.79 billion for 3Q 2002, up 17% from the prior year. Diluted earnings per share on net income were $0.76 for the quarter, rising 25% year-over-year, while diluted EPS on core income increased 19% to $0.74. Citigroup operates as a global financial services company with over 200 million customer accounts in more than 100 countries.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
1) The document is an investor presentation by GMAC's EVP & CFO from April 2007.
2) It summarizes GMAC's financial performance in 2006, noting challenges in the US residential mortgage market.
3) It provides an outlook for 2007, expecting continued pressure from nonprime assets but stabilization overall as strategic initiatives are implemented.
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
Capital Product Partners Fourth Quarter 2008 Earningsearningsreport
Capital Product Partners L.P. reported strong fourth quarter 2008 results with net income of $14.3 million and operating surplus of $17.4 million. They announced a non-recurring exceptional cash distribution of $1.05 per unit, returning profit sharing revenues earned in 2008. Despite a weak shipping market outlook, the company has long-term contracts with reputable counterparties and adequate financial reserves to weather uncertain market conditions.
Citigroup reported financial results for the first quarter of 2006. Income from continuing operations increased 9% compared to the first quarter of 2005 to $5.6 billion. Global Consumer revenues decreased 1% to $12 billion, with U.S. Consumer revenues decreasing 9% due to declines in cards, retail distribution, and consumer lending. Corporate and Investment Banking revenues increased with Capital Markets and Banking revenues up 20% and Transaction Services up 22%. Overall, Citigroup revenues remained strong with continuing growth in international markets helping to offset declines in the U.S.
This document provides condensed financial statements and management discussion and analysis for Avis Budget Car Rental for the three and six months ended June 30, 2007. It includes an unaudited balance sheet, statement of income, statement of cash flows, and notes. The financial statements show total revenues of $1.5 billion for Q2 2007 and $2.9 billion for the first half of 2007. Net income was $24 million for Q2 and $28 million for the first six months. Cash flows from operations were positive, with $793 million provided in the first half of 2007. Management discussion and analysis provides commentary on results and risks including competition in the vehicle rental industry.
This document provides condensed financial statements and management discussion and analysis for Avis Budget Car Rental for the third quarter of 2007. It includes statements of income, balance sheets, cash flows, and stockholders' equity. Key highlights include total revenues of $1.7 billion for the quarter and $4.6 billion for the nine months. Net income was $65 million for the quarter and $94 million for the nine months. Total assets were $13.8 billion as of September 30, 2007, with $4.7 billion in assets excluding vehicle programs and $9.2 billion in assets for vehicle programs.
allstate Quarterly Investor Information 2003 2nd finance7
Allstate reported strong financial results for the second quarter of 2003, with net income increasing 70.9% compared to the second quarter of 2002. Operating income increased 32.2% driven by an improvement in Property-Liability Underwriting income. However, catastrophe losses also increased significantly. Overall results were positively impacted by higher premiums, continued improvement in auto and homeowners claim frequencies, and lower prior year reserve strengthening, despite higher catastrophes. Allstate increased its full year 2003 operating income guidance.
Nationwide is one of the largest insurance and financial services companies in the world. In 2003, Nationwide achieved strong financial results, with net income increasing significantly from the previous year. Nationwide also reached milestones of issuing its one millionth annuity contract and gaining its one millionth life insurance customer. Nationwide is focused on serving customers through initiatives like expanding distribution channels, pursuing cross-selling opportunities, and investing in financial education programs. Nationwide is also committed to giving back to communities through corporate donations and employee volunteerism.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
- Bank of America reported $4.2 billion in net income for Q1 2009, down from the previous quarter but up from the same period last year. Revenue was $36.1 billion, a record high.
- Results included Merrill Lynch revenues and expenses following the acquisition. Global Markets reported record results despite $1.7 billion in capital markets disruption charges.
- Mortgage banking income was $3.3 billion, up significantly year-over-year, driven by higher home loan production volumes from Countrywide and low interest rates.
This document summarizes Viacom's financial results for the second quarter and first half of 2008. Key highlights include:
- Revenues for Q2 2008 increased 21% to $3.9 billion and increased 18% to $7 billion for the first half.
- Operating income for Q2 2008 increased 13% to $792 million and increased 19% to $1.4 billion for the first half.
- Earnings per share from continuing operations for Q2 2008 increased 2% to $0.64 and increased 15% to $1.06 for the first half.
- Media Networks revenues increased 11% in Q2 2008 and 14% for the first half, driven by increases in affiliate fees
allstate Quarterly Investor Information 2003 1st finance7
Allstate reported strong financial results for the first quarter of 2003, with net income increasing 40% over the prior year to $665 million. Operating income per share increased 39.7% to $0.95, beating analyst estimates. This was driven by improved performance in Property-Liability, with underwriting income up significantly due to higher premiums earned and a lower combined ratio. Results were also boosted by lower realized capital losses. Allstate increased guidance for full-year operating income per share. While Allstate Financial results declined from lower annuity sales and an accounting adjustment, overall performance was solid given economic conditions.
The annual report summarizes Host Marriott Corporation's performance in 2002. It states that while 2002 was a challenging time for the lodging industry due to economic conditions, Host Marriott was able to renegotiate management agreements for 90% of its portfolio, maintain over $360 million in cash reserves, purchase the Boston Marriott Copley Place hotel at a discount, streamline its business by selling interests in partnerships, and maintain its portfolio's revenue per available room premium over competitors. However, key financial figures such as earnings, EBITDA, and revenue per available room declined compared to 2001 due to the difficult operating environment.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services U...finance8
This document is the transcript from a fixed income investor presentation given by Sanjiv Khattri, Executive Vice President and Chief Financial Officer of GMAC. The presentation summarizes GMAC's financial performance in Q2 2007, including details on results from their auto finance, insurance, and Residential Capital (ResCap) business segments. It provides key metrics on ResCap's mortgage portfolios and credit quality, noting continued challenges from the weak US housing market.
This document provides a summary of Fannie Mae's 2005 10-K investor report. It highlights that Fannie Mae saw increased net income of $6.3 billion in 2005, up 28% from 2004. Their single-family business saw revenue growth of 13% and net income growth of 15%. Their capital markets business generated $3 billion in net income, up 42% from 2004 levels. The summary also provides financial results and income statements for each of Fannie Mae's business segments for 2005 compared to 2004 and 2003.
Citigroup reported financial results for the first quarter of 2007, with the following highlights:
- Net income decreased 11% to $5.012 billion compared to $5.639 billion in the first quarter of 2006.
- Revenues increased 15% to $25.459 billion from $22.183 billion, driven by growth in Markets & Banking and Global Consumer segments.
- Markets & Banking revenues increased 23% to $8.957 billion, while Global Consumer revenues grew 10% to $13.106 billion.
- Results were impacted by a $871 million after-tax restructuring charge related to expense reduction initiatives.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services G...finance8
This document provides a summary of GMAC's preliminary first quarter 2007 earnings. It reports a net loss of $305 million compared to net income of $495 million in the first quarter of 2006. Pressures in the US residential mortgage market impacted results at ResCap. Auto finance had strong operating performance. ResCap maintained strong liquidity at $72.1 billion and GMAC had cash and marketable securities of $12.8 billion.
Bank Of America Fourth Quarter 2008 Resultsearningsreport
Bank of America reported a loss of $1.8 billion for the fourth quarter of 2008. The results were negatively impacted by $4.6 billion in capital markets dislocation charges and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from the third quarter of 2008. Total average deposits grew by $34.3 billion since the prior quarter. The company also raised capital through a common equity offering and funds from the Troubled Asset Relief Program.
This document provides quarterly financial data for Citigroup, including income statements, balance sheets, ratios, and other metrics. Some key details:
- For Q3 2003, income from continuing operations was $4.691 billion, up 27% from Q3 2002. Net income was $4.691 billion, up 20% from a year ago.
- Capital ratios like Tier 1 and Total Capital were all above requirements at the end of Q3 2003, with Tier 1 at 9.5% and Total Capital at 12.6%.
- Total assets increased to over $1.208 trillion in Q3 2003, up 17% from a year ago. Stockholders' equity rose
Viacom reported financial results for the first quarter of 2008 that showed increases in revenue, operating income, and earnings per share compared to the first quarter of 2007. Revenue grew 15% to $3.117 billion. Operating income increased 29% to $567 million. Diluted earnings per share from continuing operations rose 45% to $0.42. Media Networks and Filmed Entertainment, Viacom's two business segments, both saw revenue growth for the quarter despite lower theatrical revenues at Filmed Entertainment. Viacom also provided guidance for 2008-2010 of low double-digit annual growth in diluted earnings per share from continuing operations.
Baldwin & Lyons, Inc. announced financial results for the first quarter of 2009 with operating income of $6.2 million compared to an operating loss in 2008. Premiums increased 6% driven by growth in property reinsurance and auto products. The combined ratio improved to 89% from 98.5% due to lower loss ratios and reserve savings. However, investment income declined due to lower interest rates. Shareholders' equity decreased due to a decline in unrealized gains and cash dividends paid.
Citigroup reported quarterly financial results for 4Q08. Net income decreased 16% to $8.3 billion compared to 4Q07. Total revenues decreased 13% to $5.6 billion due to declines in principal transactions and other revenue. The provision for loan losses increased 66% to $12.7 billion, reflecting higher net charge-offs. Total assets declined 11% to $1.9 trillion as trading account assets fell 29% and loans decreased 11%.
The document provides an overview of Regions Financial Corporation's 2007 financial outlook and merger integration progress with AmSouth Bancorporation.
The summary is:
1) Regions expects to realize $180 million in pre-tax earnings from the merger in 2007 through purchase accounting adjustments, cost savings from divestitures and branch consolidations, and $150 million in annual cost saves.
2) Integration activities are on track, with key decisions made regarding systems, culture, and divestitures.
3) Core expectations for 2007 include low-to-mid single digit loan and deposit growth, a net interest margin of around 3.90%, and net charge-offs of mid-20 basis
California is the most populous US state with 36 million people and high population growth. It has the world's 8th largest economy and a strong, diverse economy. California also has strong job and retail sector growth. Regency has significant real estate investments in California's major population centers that have outperformed the overall Regency portfolio.
This document is Regions Financial Corporation's annual report (Form 10-K) filed with the SEC for the year ended December 31, 2008. It provides an overview of Regions' business operations, including its banking operations conducted through Regions Bank and over 1,900 branches across 16 states, as well as other financial services offered through subsidiaries like Morgan Keegan and Regions Insurance Group. The report also includes sections on risk factors, legal proceedings, financial statements and other standard Form 10-K report sections.
PwC, líder en asesoramiento financiero en el mercado de M&A en España en 2014...PwC España
Por tercer año consecutivo, PwC ha vuelto a liderar el mercado de asesoramiento financiero en fusiones y adquisiciones en España (ver página 12), por número de operaciones cerradas. Así lo acredita el principal ranking sobre el mercado español, elaborados por Thomson Reuters.
A New Generation of Workers' Comp - How It Can Help Your EnterpriseMichael Murray
Payroll Medics was published in the October SCRLA Hospitality News with our article discussing a new generation of workers' comp insurance. We invite you to read it and while you are there check out the SCRLA (www.scrla.org) and make sure to visit the other vendors as well.
This document provides condensed financial statements and management discussion and analysis for Avis Budget Car Rental for the third quarter of 2007. It includes statements of income, balance sheets, cash flows, and stockholders' equity. Key highlights include total revenues of $1.7 billion for the quarter and $4.6 billion for the nine months. Net income was $65 million for the quarter and $94 million for the nine months. Total assets were $13.8 billion as of September 30, 2007, with $4.7 billion in assets excluding vehicle programs and $9.2 billion in assets for vehicle programs.
allstate Quarterly Investor Information 2003 2nd finance7
Allstate reported strong financial results for the second quarter of 2003, with net income increasing 70.9% compared to the second quarter of 2002. Operating income increased 32.2% driven by an improvement in Property-Liability Underwriting income. However, catastrophe losses also increased significantly. Overall results were positively impacted by higher premiums, continued improvement in auto and homeowners claim frequencies, and lower prior year reserve strengthening, despite higher catastrophes. Allstate increased its full year 2003 operating income guidance.
Nationwide is one of the largest insurance and financial services companies in the world. In 2003, Nationwide achieved strong financial results, with net income increasing significantly from the previous year. Nationwide also reached milestones of issuing its one millionth annuity contract and gaining its one millionth life insurance customer. Nationwide is focused on serving customers through initiatives like expanding distribution channels, pursuing cross-selling opportunities, and investing in financial education programs. Nationwide is also committed to giving back to communities through corporate donations and employee volunteerism.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
- Bank of America reported $4.2 billion in net income for Q1 2009, down from the previous quarter but up from the same period last year. Revenue was $36.1 billion, a record high.
- Results included Merrill Lynch revenues and expenses following the acquisition. Global Markets reported record results despite $1.7 billion in capital markets disruption charges.
- Mortgage banking income was $3.3 billion, up significantly year-over-year, driven by higher home loan production volumes from Countrywide and low interest rates.
This document summarizes Viacom's financial results for the second quarter and first half of 2008. Key highlights include:
- Revenues for Q2 2008 increased 21% to $3.9 billion and increased 18% to $7 billion for the first half.
- Operating income for Q2 2008 increased 13% to $792 million and increased 19% to $1.4 billion for the first half.
- Earnings per share from continuing operations for Q2 2008 increased 2% to $0.64 and increased 15% to $1.06 for the first half.
- Media Networks revenues increased 11% in Q2 2008 and 14% for the first half, driven by increases in affiliate fees
allstate Quarterly Investor Information 2003 1st finance7
Allstate reported strong financial results for the first quarter of 2003, with net income increasing 40% over the prior year to $665 million. Operating income per share increased 39.7% to $0.95, beating analyst estimates. This was driven by improved performance in Property-Liability, with underwriting income up significantly due to higher premiums earned and a lower combined ratio. Results were also boosted by lower realized capital losses. Allstate increased guidance for full-year operating income per share. While Allstate Financial results declined from lower annuity sales and an accounting adjustment, overall performance was solid given economic conditions.
The annual report summarizes Host Marriott Corporation's performance in 2002. It states that while 2002 was a challenging time for the lodging industry due to economic conditions, Host Marriott was able to renegotiate management agreements for 90% of its portfolio, maintain over $360 million in cash reserves, purchase the Boston Marriott Copley Place hotel at a discount, streamline its business by selling interests in partnerships, and maintain its portfolio's revenue per available room premium over competitors. However, key financial figures such as earnings, EBITDA, and revenue per available room declined compared to 2001 due to the difficult operating environment.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services U...finance8
This document is the transcript from a fixed income investor presentation given by Sanjiv Khattri, Executive Vice President and Chief Financial Officer of GMAC. The presentation summarizes GMAC's financial performance in Q2 2007, including details on results from their auto finance, insurance, and Residential Capital (ResCap) business segments. It provides key metrics on ResCap's mortgage portfolios and credit quality, noting continued challenges from the weak US housing market.
This document provides a summary of Fannie Mae's 2005 10-K investor report. It highlights that Fannie Mae saw increased net income of $6.3 billion in 2005, up 28% from 2004. Their single-family business saw revenue growth of 13% and net income growth of 15%. Their capital markets business generated $3 billion in net income, up 42% from 2004 levels. The summary also provides financial results and income statements for each of Fannie Mae's business segments for 2005 compared to 2004 and 2003.
Citigroup reported financial results for the first quarter of 2007, with the following highlights:
- Net income decreased 11% to $5.012 billion compared to $5.639 billion in the first quarter of 2006.
- Revenues increased 15% to $25.459 billion from $22.183 billion, driven by growth in Markets & Banking and Global Consumer segments.
- Markets & Banking revenues increased 23% to $8.957 billion, while Global Consumer revenues grew 10% to $13.106 billion.
- Results were impacted by a $871 million after-tax restructuring charge related to expense reduction initiatives.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services G...finance8
This document provides a summary of GMAC's preliminary first quarter 2007 earnings. It reports a net loss of $305 million compared to net income of $495 million in the first quarter of 2006. Pressures in the US residential mortgage market impacted results at ResCap. Auto finance had strong operating performance. ResCap maintained strong liquidity at $72.1 billion and GMAC had cash and marketable securities of $12.8 billion.
Bank Of America Fourth Quarter 2008 Resultsearningsreport
Bank of America reported a loss of $1.8 billion for the fourth quarter of 2008. The results were negatively impacted by $4.6 billion in capital markets dislocation charges and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from the third quarter of 2008. Total average deposits grew by $34.3 billion since the prior quarter. The company also raised capital through a common equity offering and funds from the Troubled Asset Relief Program.
This document provides quarterly financial data for Citigroup, including income statements, balance sheets, ratios, and other metrics. Some key details:
- For Q3 2003, income from continuing operations was $4.691 billion, up 27% from Q3 2002. Net income was $4.691 billion, up 20% from a year ago.
- Capital ratios like Tier 1 and Total Capital were all above requirements at the end of Q3 2003, with Tier 1 at 9.5% and Total Capital at 12.6%.
- Total assets increased to over $1.208 trillion in Q3 2003, up 17% from a year ago. Stockholders' equity rose
Viacom reported financial results for the first quarter of 2008 that showed increases in revenue, operating income, and earnings per share compared to the first quarter of 2007. Revenue grew 15% to $3.117 billion. Operating income increased 29% to $567 million. Diluted earnings per share from continuing operations rose 45% to $0.42. Media Networks and Filmed Entertainment, Viacom's two business segments, both saw revenue growth for the quarter despite lower theatrical revenues at Filmed Entertainment. Viacom also provided guidance for 2008-2010 of low double-digit annual growth in diluted earnings per share from continuing operations.
Baldwin & Lyons, Inc. announced financial results for the first quarter of 2009 with operating income of $6.2 million compared to an operating loss in 2008. Premiums increased 6% driven by growth in property reinsurance and auto products. The combined ratio improved to 89% from 98.5% due to lower loss ratios and reserve savings. However, investment income declined due to lower interest rates. Shareholders' equity decreased due to a decline in unrealized gains and cash dividends paid.
Citigroup reported quarterly financial results for 4Q08. Net income decreased 16% to $8.3 billion compared to 4Q07. Total revenues decreased 13% to $5.6 billion due to declines in principal transactions and other revenue. The provision for loan losses increased 66% to $12.7 billion, reflecting higher net charge-offs. Total assets declined 11% to $1.9 trillion as trading account assets fell 29% and loans decreased 11%.
The document provides an overview of Regions Financial Corporation's 2007 financial outlook and merger integration progress with AmSouth Bancorporation.
The summary is:
1) Regions expects to realize $180 million in pre-tax earnings from the merger in 2007 through purchase accounting adjustments, cost savings from divestitures and branch consolidations, and $150 million in annual cost saves.
2) Integration activities are on track, with key decisions made regarding systems, culture, and divestitures.
3) Core expectations for 2007 include low-to-mid single digit loan and deposit growth, a net interest margin of around 3.90%, and net charge-offs of mid-20 basis
California is the most populous US state with 36 million people and high population growth. It has the world's 8th largest economy and a strong, diverse economy. California also has strong job and retail sector growth. Regency has significant real estate investments in California's major population centers that have outperformed the overall Regency portfolio.
This document is Regions Financial Corporation's annual report (Form 10-K) filed with the SEC for the year ended December 31, 2008. It provides an overview of Regions' business operations, including its banking operations conducted through Regions Bank and over 1,900 branches across 16 states, as well as other financial services offered through subsidiaries like Morgan Keegan and Regions Insurance Group. The report also includes sections on risk factors, legal proceedings, financial statements and other standard Form 10-K report sections.
PwC, líder en asesoramiento financiero en el mercado de M&A en España en 2014...PwC España
Por tercer año consecutivo, PwC ha vuelto a liderar el mercado de asesoramiento financiero en fusiones y adquisiciones en España (ver página 12), por número de operaciones cerradas. Así lo acredita el principal ranking sobre el mercado español, elaborados por Thomson Reuters.
A New Generation of Workers' Comp - How It Can Help Your EnterpriseMichael Murray
Payroll Medics was published in the October SCRLA Hospitality News with our article discussing a new generation of workers' comp insurance. We invite you to read it and while you are there check out the SCRLA (www.scrla.org) and make sure to visit the other vendors as well.
After trillions of dollars in taxpayer funds, cheap loans and other forms of direct and indirect support, the biggest banks are bigger and more complex than ever; and for all the talk of newfound caution and tougher regulation, their recent record reveals an undiminished commitment to the kind of risky practices that inflate short-term profits when they go right but hold the potential to decimate the economy when they go wrong.
This document summarizes Hormel Foods Corporation's strong financial performance in fiscal year 1999. Net earnings rose 17.3% to $163.4 million and earnings per share increased to $2.22. All core operating units contributed to sales growth of 3.0% to $3.357 billion. The company invested in expanding production capacities and new product lines that contributed to volume growth, including Always Tender pork products, fully cooked bacon, and Jennie-O turkey products. Hormel Foods adopted economic value added to further optimize performance and increase shareholder value.
This document summarizes average private pay rates for long-term care in Connecticut as of April 2011. It provides data on average daily and annual nursing home rates by facility, which had increased 2.1% from the previous year to $348 per day or $127,000 annually on average. Home health agencies and home/community-based services are also discussed. The document aims to inform residents on long-term care costs in the state.
The document provides an overview of Britain, including its history, government, geography, culture, and the countries that make up Britain - England, Wales, Scotland, and Northern Ireland. Some key points covered include Britain's ancient Celtic origins, conquest by the Romans and later Anglo-Saxon tribes, unification of England and Scotland in 1707, and the current political system with the Queen as head of state.
Dan Poston, CFO of Fifth Third Bank, presented at the KBW Large Cap Bank Conference on August 11, 2008. He discussed Fifth Third Bank's second quarter 2008 results, which included a significant increase in net charge-offs and provision expenses due to the difficult economic environment. However, core pre-tax pre-provision income was up 16% from the second quarter of 2007 driven by growth in fees from payments processing, deposit services, corporate banking and mortgage banking. Fifth Third also raised $1.1 billion in convertible preferred securities and reduced its dividend to strengthen its capital position.
The document provides an overview of the economic development resources and advantages of New York's Hudson Valley region. It highlights that the Hudson Valley has a highly educated workforce of 1.2 million, is home to hundreds of Fortune 500 companies, and offers competitive real estate and a business-friendly environment. The key industries in the Hudson Valley include biotechnology, financial services, food and beverage, and tourism. The region has excellent transportation infrastructure and access to major airports. The document also provides demographic statistics and details on the economic assets of the seven counties that make up the Hudson Valley.
This document provides an overview of a dissertation submitted to the London School of Economics examining impressment of American seamen by the British Royal Navy from 1793 to 1812 as a microcosm of Anglo-American relations during this period. The dissertation explores the appeals process by which impressed Americans petitioned the British Admiralty for release. It sets impressment in the context of military, economic, and sociopolitical relations between Britain and the new United States following American independence.
1) Fifth Third Bank reported strong core business momentum in 1Q08 despite difficult economic conditions, with loan growth of 12%, transaction deposit growth of 7%, and net interest income growth of 11% versus 1Q07.
2) Credit costs increased significantly in 1Q08 due to rising charge-offs and provisions driven by deterioration in residential and commercial real estate loans, particularly in stressed markets like Michigan and Florida.
3) Fifth Third has strong capital levels and has taken aggressive actions to contain credit risks, such as eliminating brokered home equity production and suspending new developer lending.
Washington reluctantly accepted the unanimous choice to become the first President of the United States in 1789. The new government faced many challenges in establishing the executive branch, revenue sources, and judicial system with no precedents to follow. Conflicts between Hamilton and Jefferson over the role and powers of the federal government led to the emergence of the first political parties in the United States.
Informe preparado por la administración de Luis Fortuño que presenta un cuadro fiscal diferente al expresado al pueblo y certifica que la administración del PPD si redujo la pantilla gubernamental en más de 10,000 personas sin botar a nadie (pag 30). lo que contrasta con la mentira de la Ley 7 que establece que se subio la plantilla lsboral en más de 49,000. Además de reconocer que la recesión económica en PR durante el pasado cuatrenio fue producto del aumento del petróleo y la salida total de las 936, elemento no con trolados por el gobierno de PR.
The plaintiff Southeastern Pennsylvania Transportation Authority (SEPTA) filed a class action lawsuit against The Bank of New York Mellon Corporation (BNY Mellon) on behalf of itself and other similarly situated clients of BNY Mellon. The lawsuit alleges that from at least 2000, BNY Mellon manipulated foreign currency exchange transactions to maximize profits for itself by charging inflated exchange rates when clients bought foreign currency and deflated rates when clients sold foreign currency. The lawsuit seeks to recover unlawful profits obtained through these practices and obtain injunctive relief. Jurisdiction and venue are proper as BNY Mellon is headquartered in New York.
This annual report from the Society of St. Vincent de Paul - Cincinnati highlights several families and individuals who received assistance in 2012. It describes how volunteers visited over 7,500 homes to help those in need with food, rent assistance, medical care, job training and other services. Thanks to donor support, over 120,000 people received help and hope was replaced with fear and discouragement for many neighbors in need. The report shares the stories of families like Christopher and his granddaughter who were able to stay in their home thanks to rent help, Amber who is working to get her GED with support from their education programs, David who receives life-saving medication from their charitable pharmacy, and Leslie who gets food from their pantry for
Este documento presenta a Colombia como un aliado estratégico para los empresarios internacionales. Resume las operaciones de ProColombia, la agencia gubernamental que promueve las exportaciones, el turismo y la inversión extranjera en Colombia a través de 26 oficinas en el exterior. Además, destaca el sólido desempeño económico de Colombia con tasas de crecimiento superiores al 4% en los últimos años, baja inflación, y una clase media en expansión.
Dollars to Doughnuts: Predicting Prescription Drug Costs of Beneficiaries and...M. Christopher Roebuck
ABSTRACT
Title
Dollars to Doughnuts: Predicting Prescription Drug Costs of Beneficiaries and the Medicare Program Under Part D
Authors
M. Christopher Roebuck, MBA1
Dominick Esposito, PhD2
Meredith Lewis, BS1
1 Caremark, Hunt Valley, MD
2 Mathematica Policy Research, Princeton, NJ
Research Objective
To examine drug utilization and out-of-pocket costs of Medicare beneficiaries using a Medicare prescription drug discount card, including beneficiaries who qualified for the Transitional Assistance Program (TAP).
Study Design
Data included eligibility and prescription claims for enrollees in 34 separate Medicare drug discount card programs managed by Caremark. We used claims data to calculate annualized utilization and costs for beneficiaries and, in turn, simulated Medicare beneficiaries’ out-of-pocket costs (excluding premiums) and costs to Medicare under the Part D benefit. We estimated a generalized linear model (GLM; gamma distribution with log link function) for both beneficiary costs and Medicare payments under Part D to identify factors associated with drug expenditures. A probit model for the likelihood of falling into the doughnut hole was also specified. Explanatory variables in the models included demographic characteristics (age, gender, region, and TAP status), the generic dispensing rate, and 62 disease indicators derived using a pharmacy-based classification system.
Population Studied
Beneficiaries enrolled for a minimum of six months with at least one claim between June 2004 and November 2005 (n=37,425). Participants were largely female (67%), between the ages of 65 and 80 (70%), and had an average of 2.2 medical conditions, with hypertension (52%), hypercholesterolemia (27%), and diabetes (16%) being among the most prevalent.
Principal Findings
On average, beneficiaries in the sample filled 19 prescriptions at an annual cost of $538. Under the standard Part D benefit, mean total drug expenditures for these seniors would be $849 annually with $412 paid by the beneficiary and $437 paid by Medicare. About 6% of these beneficiaries have annual spending greater than $2,250 (the benefit’s “doughnut hole”). TAP beneficiaries (46%) would have higher out-of-pocket costs under Part D than the drug discount card ($429 versus $256; p<0><0><0><0.001).
Conclusions
TAP beneficiaries who do not qualify for subsidized coverage under Part D will face higher out-of-pocket costs than under the discount drug card program, assuming fixed drug utilization. Increased use of generic drugs in proportion to brand name drugs would benefit the Medicare program more than beneficiaries, on average, due to the standard benefit’s structure.
Implications for Policy, Delivery, and Practice
In choosing whether or not to enroll in Medicare Part D, seniors will compare their annual premium with the expected payout of the Medicare program. These results suggest the average, risk-neutral beneficiary would only enroll at monthly premiums below $36 ($437 divided by 12). If faced with higher out-of-pocket costs, low-income beneficiaries who do not qualify for subsidies may reduce their prescription drug utilization potentially resulting in adverse health effects. Finally, to reduce costs to both beneficiaries and taxpayers, Medicare should promote the substitution of generic medications whenever possible. Assuming 29 million Medicare Part D enrollees, the Medicare program could save more than $1.2 billion annually by increasing the generic dispensing rate 10%.
Susquehanna Bancshares provides an investor presentation for the 3rd quarter of 2013. The presentation includes forward-looking statements and cautions investors that actual results may differ due to risks and uncertainties. It provides an overview of Susquehanna, including its market presence, financial information, and strategies to drive organic loan growth, defend its net interest margin, grow fee revenue, maintain efficiency, and accelerate capital generation and returns. Highlights from the 2nd quarter of 2013 include steady loan growth, continued focus on core deposit growth, strong profitability, and solid credit quality.
The document provides a summary of Citigroup's earnings for the first quarter of 2008. Key points include:
- Net income declined significantly to a $5.1 billion loss compared to a $5 billion profit in Q1 2007.
- Major losses were driven by write-downs on subprime exposures, consumer credit losses, and losses on leveraged finance commitments.
- Revenues declined 48% year-over-year due to losses in fixed income markets and the consumer segment.
- Expenses increased 4% year-over-year due to repositioning charges despite cost cutting efforts.
Citigroup reported fourth quarter net income of $6.93 billion and EPS of $1.37. Income from continuing operations was $4.97 billion with EPS of $0.98. Revenues were $20.78 billion. Strong customer volume growth drove double digit revenue increases in several areas. However, a challenging interest rate environment and competitive pricing partially offset this. The company continued expanding its distribution network globally.
This document is a news release from Ameriprise Financial reporting their fourth quarter and full year 2008 financial results. Some key points:
1) Ameriprise reported a net loss of $369 million for Q4 2008 due to losses from investments and charges related to declining markets, compared to net income of $255 million in Q4 2007.
2) Excluding one-time impacts, core operating earnings were $176 million for Q4 2008, down from $262 million in the prior year period.
3) For the full year, Ameriprise reported a net loss of $38 million compared to net income of $814 million in 2007, while core operating earnings declined modestly.
3
gmac Robert Hull, GMAC Chief Financial Officer GMAC LLC 2008 Third Quarter Fi...finance8
The document provides preliminary third quarter 2008 results for GMAC. Key points include:
- GMAC reported a consolidated loss of $2.5 billion for Q3 2008, driven by losses at ResCap from credit issues and weak housing markets. Insurance operations remained profitable.
- Auto finance saw higher provisions and weak economies negatively impact results in North America, while Canadian operations faced additional lease impairments.
- ResCap recorded $1.9 billion in losses for the quarter from loan loss provisions and losses on investment securities.
- GMAC ended the quarter with $13.5 billion in cash and cash equivalents.
Bank of America reported a loss of $1.8 billion for Q4 2008. This was due to capital markets dislocation charges of $4.6 billion and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from Q3 2008. Total average deposits grew by $34.3 billion. The company also raised common equity and received capital from the TARP program. Credit costs were higher due to the deteriorating economy and rising unemployment.
- Bank of America reported third quarter 2008 results, with earnings impacted by the challenging economic environment and market disruptions.
- Net income was $1.2 billion, down from the prior year due to higher credit costs from housing price declines and rising unemployment.
- Results also reflected charges related to financial institution failures, cash fund support, and losses on trading positions.
- Countrywide results were included for the first time, adding $259 million to earnings. Integration is proceeding as planned.
Citigroup reported record first quarter net income of $5.44 billion, up 3% from the same period last year. Revenue increased 6% to $21.5 billion. The Board authorized up to an additional $15 billion in share repurchases. Several business segments saw revenue and income increases, including Global Consumer and Corporate and Investment Banking. However, Global Wealth Management saw declines in revenue and income.
allstate Quarterly Investor Information 2002 4th finance7
Allstate reported their fourth quarter and full year 2002 results. Some key highlights:
- Q4 2002 net income was $447 million, up 69% from Q4 2001. Full year 2002 net income was $1.13 billion, down slightly from 2001.
- Q4 2002 operating income was $618 million, up 100% from Q4 2001. Full year 2002 operating income was $2.08 billion, up from $1.49 billion in 2001.
- Results were driven by increased premiums earned, improved loss frequencies, and increased investment income, partly offset by higher claims severities and catastrophe losses.
- For 2003, Allstate expects operating income per share of $3.20-$3
This document summarizes a presentation given by Jay Craig, Senior Vice President and Controller of ArvinMeritor, at the JPMorgan Harbour Auto Conference on August 6, 2007. The presentation discusses ArvinMeritor's financial results for the third quarter of fiscal year 2007, including earnings of $0.25 per share before special items. It also provides guidance for full year 2007 EPS of $0.75 to $0.80 before special items. The presentation addresses questions about free cash flow and the sale of the Emissions Technologies business unit.
This document summarizes a presentation given by Jay Craig, Senior Vice President and Controller of ArvinMeritor, at the JPMorgan Harbour Auto Conference on August 6, 2007. The presentation discusses ArvinMeritor's financial results for the third quarter of fiscal year 2007, including earnings of $0.25 per share before special items. It also provides guidance for full year 2007 EPS of $0.75 to $0.80 before special items. The presentation addresses questions about free cash flow and the sale of the Emissions Technologies business unit.
Fannie Mae reported a $29 billion loss for Q3 2008, driven by a $21.4 billion non-cash charge to establish a valuation allowance against deferred tax assets due to deteriorating mortgage market conditions. Credit-related expenses increased to $9.2 billion due to higher loan charge-offs and additions to loss reserves. Net worth declined to $9.4 billion from $41.4 billion in Q2 2008 primarily due to the deferred tax asset valuation allowance. Fannie Mae was placed into conservatorship by FHFA in September 2008.
Services - GMAC Annual and Fourth Quarter Earnings finance8
GMAC reported full year net income of $2.1 billion in 2006, down from $2.3 billion in 2005. The residential mortgage market experienced a slowdown due to declining home prices and weakness in nonprime credit. Auto finance results were stable despite one-time costs. Insurance reported record earnings through robust underwriting. ResCap results were negatively impacted by $839 million due to homebuilder equity sales and nonprime mortgage market deterioration.
Marathon Oil Corporation reported financial results for the fourth quarter and full year of 2008. For Q4 2008, Marathon reported a net loss of $41 million compared to net income of $668 million in Q4 2007. For the full year 2008, Marathon reported net income of $3.528 billion compared to $3.956 billion in 2007. Marathon's upstream production grew 14% in Q4 2008 and 8% for the full year, driven by new production from fields in Norway and the Gulf of Mexico. Marathon also increased its oil and gas reserves by 110 million barrels of oil equivalent in 2008.
allstate Quarterly Investor Information 2002 2nd finance7
The Allstate Corporation reported higher net income and operating income in the second quarter of 2002 compared to the same period in 2001. Net income increased to $344 million from $168 million, while operating income rose to $453 million from $230 million. The increases were driven by higher premiums earned, lower catastrophe losses, improved auto and homeowner loss trends, and increased income from Allstate Financial. However, reserves were strengthened for prior claims. For the full year 2002, operating income per share is estimated at $2.70 to $2.90, excluding restructuring charges.
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and analyst presentations. It provides definitions for four non-GAAP measures - adjusted net income, adjusted earnings before tax, managerial cash flow, and GM North America vehicle revenue per unit. It also lists adjustments made to arrive at these non-GAAP figures from the reported GAAP measures. Management believes the non-GAAP measures provide useful supplemental information for assessing performance and making operational and investment decisions.
El Paso Corporation reported financial and operational results for the first quarter of 2008. Earnings per share were $0.33 compared to $0.18 in the prior year. Pipeline throughput increased 7% due to higher volumes on key systems. Exploration and production volumes grew 8% as lifting costs decreased 14%. The company also completed $598 million in asset divestitures.
El Paso Corporation reported financial and operational results for the first quarter of 2008. Key highlights included solid earnings of $0.33 per share, an 8% increase in exploration and production volumes, and a 5% rise in pipeline earnings. The company also made progress on several growth projects and completed $598 million in divestitures. However, results were impacted by non-cash changes in fair values of certain derivatives. Overall, both the pipelines and exploration & production segments saw higher volumes and earnings compared to the prior year quarter.
Aon reported financial results for the 4th quarter and full year of 2008. 4th quarter revenue was $1.9 billion, with organic growth in commissions and fees of 2%. EPS from continuing operations was $0.43. For the quarter, adjusted pretax margin increased 150 basis points to 19.9% in brokerage and 180 basis points to 19% in consulting. Full year 2008 revenue increased 4% to $7.6 billion with organic growth of 2%, and net income increased 71% to $1.5 billion compared to the prior year.
- The company reported first quarter 2005 earnings per share of $0.64, up from $0.53 in the first quarter of 2004.
- Fleet Management Solutions revenue increased 10% and earnings increased 28% compared to the prior year period.
- The company is increasing its full year 2005 earnings forecast to a range of $3.30 to $3.40 per share.
- The company reported first quarter 2005 earnings per share of $0.64, up from $0.53 in the first quarter of 2004. This included a one-time recovery and excluded gains from real estate sales.
- Fleet Management Solutions revenue increased 10% and operating revenue grew 5% compared to the prior year, driven by acquisitions and commercial rental growth. This led to a 28% increase in net earnings before tax.
- Supply Chain Solutions revenue rose 8% due to new business, but earnings declined due to lower margins in some automotive accounts. Dedicated Contract Carriage earnings also declined due to contract losses and higher costs.
Similar to Q1 2009 Earning Report of Key Corp (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
1. News KeyCorp
127 Public Square
Cleveland, OH 44114
CONTACTS: ANALYSTS MEDIA
Vernon L. Patterson William C. Murschel
216.689.0520 216.828.7416
Vernon_Patterson@KeyBank.com William_C_Murschel@KeyBank.com
Christopher F. Sikora
216.689.3133
Chris_F_Sikora@KeyBank.com
INVESTOR KEY MEDIA
RELATIONS: www.key.com/ir NEWSROOM: www.key.com/newsroom
FOR IMMEDIATE RELEASE
KEYCORP REPORTS FIRST QUARTER 2009 RESULTS
Net loss of $1.09 per common share
Loan loss reserve increased by $383 million to $2.186 billion, or 2.97% of total loans
Noncash after-tax charge of $187 million ($.38 per common share) taken for intangible assets
impairment
Capital ratios remain strong; 11.16% for Tier 1 capital and 6.06% for tangible common equity
Board declares dividend on Series A Preferred Stock; expresses intention to reduce common
share dividend
$32 million dividend paid to U.S. Treasury under Capital Purchase Program
$7.8 billion in new or renewed loans and commitments originated
Costs well controlled
CLEVELAND, April 21, 2009 – KeyCorp (NYSE: KEY) today announced a first quarter net loss
attributable to Key of $488 million, or $1.09 per common share, compared to net income attributable to
Key of $218 million, or $.54 per diluted common share, for the first quarter of 2008. The loss for the
current quarter was primarily the result of an increase in the provision for loan losses and a noncash
accounting charge for intangible assets impairment.
In light of the prevailing economic environment during the first quarter of 2009, Key continued to
build its loan loss reserves by taking an $875 million provision for loan losses, which exceeded net
charge-offs by $383 million. As of the end of the quarter, Key’s allowance for loan losses was $2.186
billion, or 2.97% of total loans, up from $1.298 billion, or 1.70% one year ago. Additionally, the
company determined that the estimated fair value of its National Banking reporting unit was less than the
carrying amount, reflecting continued weakness in the financial markets. As a result, Key recorded an
after-tax noncash accounting charge of $187 million. Importantly, this adjustment did not affect Key’s
regulatory and tangible capital ratios. As a result of this charge, Key has now written off all of the
goodwill that had been assigned to its National Banking reporting unit.
“Our results reflect an extremely challenging operating environment and the expedient steps we
continue to take to identify problem loans and to build Key’s loan loss reserves,” said Chief Executive
Officer Henry L. Meyer III. “We believe building additional reserves is appropriate given the continued
pressure on credit quality, as more businesses and consumers are affected by the persistent severity of the
economic downturn.
2. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 2
“Our top priorities are to manage through the credit cycle and maintain a strong capital position,”
Meyer noted, adding that Key’s Board of Directors has expressed its intention to reduce Key’s quarterly
dividend on common shares to $.01 per share from $.0625, commencing in the second quarter of 2009, an
action that will retain approximately $100 million of capital on an annual basis. “At March 31, 2009, our
Tier 1 capital ratio was 11.16% and our tangible common equity ratio was 6.06%. Additionally, we
remain focused on managing our costs.
“During the first quarter, Key originated approximately $7.8 billion in new or renewed loans and
commitments to consumers and businesses. In the current environment, it is imperative that we strike a
careful balance between managing risk effectively and doing our part to help the country regain its
financial viability,” said Meyer. “Our commitment is to be part of the solution, as evidenced by our
participation in the U.S. Treasury’s Capital Purchase Program, designed to provide capital to healthy
financial institutions to help restore stability to the financial sector and to increase the availability of
credit to individuals and businesses.”
Key’s Community Banking business continues to benefit from its relationship banking strategy as
evidenced by solid loan and deposit growth. Compared to the first quarter of 2008, average loans grew by
$855 million, or 3%, and average deposits rose by $1.783 billion, or 4%.
As shown in the following table, the comparability of Key’s earnings for the current, prior and
year-ago quarters is affected by several significant items.
Significant Items Affecting the Comparability of Earnings
First Quarter 2009 Fourth Quarter 2008 First Quarter 2008
Pre-tax After-tax Impact Pre-tax After-tax Impact Pre-tax After-tax Impact
in millions, except per share amounts Amount Amount on EPS Amount Amount on EPS Amount Amount on EPS
$(383) $(239) $(.49) $(252) $(158) $(.32) $ (66) $(42) $(.10)
Provision for loan losses in excess of net charge-offs
___ ___ ___
(223) (187) (.38) (465) (420) (.85)
Noncash charge for intangible assets impairment
(72) (45) (.09) (37) (23) (.05) 11 7 .02
Net (losses) gains from principal investing
(8) (5) (.01) (31) (20) (.04) (6) (4) (.01)
Severance and other exit costs
___ ___ ___
105 65 .13 165 103 .26
Gain from sale/redemption of Visa Inc. shares
Realized and unrealized gains (losses) on loan and securities
___
portfolios held for sale or trading 2 1 (18) (11) (.02) (128) (80) (.20)
U.S. taxes on accumulated earnings of Canadian
___ ___ ___ ___ ___ ___ ___
leasing operation (68) (.14)
___ ___ ___
120 (a)
(18) .24 (3) (38) (.10)
(Charges) credits related to leveraged lease tax litigation
(a) Represents $120 million of previously accrued interest recovered in connection with Key’s opt-in to the IRS global tax
settlement.
EPS = Earnings per common share
SUMMARY OF OPERATIONS
Key’s taxable-equivalent net interest income was $620 million for the first quarter of 2009,
compared to $704 million for the year-ago quarter. The net interest margin for the current quarter
declined to 2.77% from 3.14% for the first quarter of 2008. During the past year, the net interest margin
has remained under pressure as the fall in the federal funds target rate has caused interest rates on earning
assets to decline more rapidly than the rates paid for interest-bearing liabilities. Competition for deposits
and a shift in deposit mix to higher costing certificates of deposit have contributed to a lower net interest
margin. In addition, earning asset yields have been compressed as a result of the higher levels of
nonperforming assets.
Compared to the fourth quarter of 2008, taxable-equivalent net interest income decreased by $26
million, and the net interest margin was essentially unchanged. During the first quarter, the net interest
margin began to stabilize as deposits repriced and the volume of lower-yielding assets decreased as
liquidity improved in the commercial paper market for certain customer segments. These positive
3. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 3
developments were moderated by a higher level of nonperforming assets. Average earning assets
decreased by $3.242 billion, or 3%, reflecting improved liquidity for commercial customers in the
commercial paper market and a reduction in the demand for standby credit. Run-off in Key’s exit
portfolio, net charge-offs and a lower federal funds sold position also contributed to the decrease in
earning assets compared to the fourth quarter of last year.
Key’s noninterest income was $492 million for the first quarter of 2009, compared to $530
million for the year-ago quarter. The decrease was attributable to two primary factors. Key recorded net
losses of $72 million from principal investing in the first quarter of 2009, compared to net gains of $11
million for the same period last year. In addition, Key recorded a $105 million gain from the sale of Visa
Inc. shares during the first quarter of 2009, compared to a $165 million gain from the partial redemption
of shares one year ago. Excluding principal investing activities and the gains associated with the Visa
shares, Key’s noninterest income was up $105 million from the first quarter of 2008. Contributing to this
improvement was a $19 million increase in gains on leased equipment (included in “miscellaneous
income”) and a $10 million increase in income from investment banking and capital markets activities. In
addition, Key had net gains of $8 million from loan sales in the current quarter, compared to net losses of
$101 million for the same period last year. The increase attributable to these factors was offset in part by
net losses of $14 million from securities in the current year and a $12 million reduction in income from
trust and investment services.
The major components of Key’s fee-based income for the past five quarters are shown in the
following table.
Fee-based Income – Major Components
in millions 1Q09 4Q08 3Q08 2Q08 1Q08
Trust and investment services income $117 $138 $133 $138 $129
Service charges on deposit accounts 82 90 94 93 88
Operating lease income 61 64 69 68 69
Letter of credit and loan fees 38 42 53 51 37
Corporate-owned life insurance income 27 33 28 28 28
Electronic banking fees 24 25 27 27 24
Insurance income 18 15 15 20 15
Investment banking and capital markets income (loss) 18 6 (31) 80 8
Net (losses) gains from principal investing (72) (37) (14) (14) 11
Compared to the fourth quarter of 2008, noninterest income increased by $97 million, due
primarily to the $105 million gain from the sale of Visa Inc. shares recorded during the first quarter and a
$24 million reduction in net losses from investments made by the Private Equity unit within Key’s Real
Estate Capital and Corporate Banking Services line of business. Additionally, during the first quarter of
2009, Key recorded net gains (included in “miscellaneous income”) of $11 million related to the volatility
associated with the hedge accounting applied to debt instruments, compared to net losses of $39 million
recorded in the prior quarter. The increase in noninterest income attributable to these factors was offset in
part by a $35 million increase in net losses from principal investing and a $21 million reduction in income
from trust and investment services.
Key’s noninterest expense was $973 million for the first quarter of 2009, compared to $733
million for the same period last year. Excluding the intangible assets impairment charge of $223 million
recorded in the current quarter, noninterest expense was up $17 million, or 2%. Personnel expense
decreased by $47 million as a result of lower incentive compensation accruals and a reduction in salaries
expense caused by a 5% decline in the number of average full-time equivalent employees. The reduction
in personnel expense was more than offset by a $64 million increase in nonpersonnel expense (excluding
the intangible assets impairment charge), due primarily to a $27 million credit for losses on lending-
related commitments recorded in the first quarter of 2008 and a $28 million increase in the FDIC deposit
4. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 4
insurance assessment. The higher deposit insurance assessment is a result of actions recently taken by the
FDIC to restore the Deposit Insurance Fund to the minimum level acceptable under current law.
Additionally, professional fees rose by $12 million as a result of higher costs associated with collection
efforts and other corporate initiatives.
Compared to the fourth quarter of 2008, noninterest expense declined by $329 million. Personnel
expense decreased by $49 million, as lower incentive compensation accruals and decreases in salaries and
severance expense more than offset a rise in costs associated with employee benefits. Included in
noninterest expense for the fourth quarter of 2008 is $31 million of severance and other exit costs.
Nonpersonnel expense decreased by $280 million from the prior quarter. Excluding the intangible assets
impairment charge recorded in the current quarter and an intangible assets impairment charge of $465
million recorded during the fourth quarter of 2008, nonpersonnel expense was down $38 million, due to
reductions in professional fees, marketing expense and a variety of other expense components. These
reductions were offset in part by a $27 million increase in the FDIC deposit insurance assessment.
ASSET QUALITY
Key’s provision for loan losses was $875 million for the first quarter of 2009, compared to $187
million for the year-ago quarter and $594 million for the fourth quarter of 2008. The increase from the
year-ago quarter reflects a higher level of net loan charge-offs in each of Key’s major loan categories with
the most significant growth experienced in the commercial loan portfolio. The increase in commercial
loan net charge-offs is primarily attributable to commercial real estate related credits within the Real
Estate Capital and Corporate Banking Services line of business. Net charge-offs for this line of business
were up $180 million from the first quarter of 2008 and $137 million from the fourth quarter of 2008.
Additionally, Key’s provision for loan losses for the first quarter of 2009 exceeded net loan charge-offs
by $383 million as the company continued to build reserves in a weak economy.
Selected asset quality statistics for Key for each of the past five quarters are presented in the
following table.
Selected Asset Quality Statistics
1Q09 4Q08 3Q08 2Q08 1Q08
dollars in millions
$492 $342 $273 $524 $121
Net loan charge-offs
2.65 % 1.77 % 1.43 % 2.75 % .67 %
Net loan charge-offs to average loans
$1,738 $1,225 $967 $814 $1,054
Nonperforming loans at period end
2.36 % 1.60 % 1.26 % 1.07 % 1.38 %
Nonperforming loans to period-end portfolio loans
$1,997 $1,464 $1,239 $1,210 $1,115
Nonperforming assets at period end
Nonperforming assets to period-end portfolio loans plus
2.70 % 1.91 % 1.61 % 1.59 % 1.46 %
OREO and other nonperforming assets
$2,186 $1,803 $1,554 $1,421 $1,298
Allowance for loan losses
2.97 % 2.36 % 2.03 % 1.87 % 1.70 %
Allowance for loan losses to period-end loans
125.78 147.18 160.70 174.57 123.15
Allowance for loan losses to nonperforming loans
Net loan charge-offs for the quarter totaled $492 million, or 2.65% of average loans. These results
compare to $121 million, or .67%, for the same period last year and $342 million, or 1.77%, for the
previous quarter. Key’s net loan charge-offs by loan type for each of the past five quarters are shown in
the following table.
5. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 5
Net Loan Charge-offs
1Q09 4Q08 3Q08 2Q08 1Q08
dollars in millions
Commercial, financial and agricultural $232 $119 $ 62 $ 61 $ 36
Real estate ___ commercial mortgage 21 43 20 15 4
Real estate ___ construction (a)
104 49 79 339 25
Commercial lease financing 18 21 19 14 9
375 232 180 429 74
Total commercial loans
17 14 9 9 8
Home equity — Community Banking
15 17 12 10 7
Home equity — National Banking
32 25 16 10 16
Marine
(b)
Education 32 33 40 54 2
21 21 16 12 14
Other
Total consumer loans 117 110 93 95 47
Total net loan charge-offs $492 $342 $273 $524 $121
Net loan charge-offs to average loans 2.65 % 1.77 % 1.43 % 2.75 % .67 %
(a) During the second quarter of 2008, Key transferred $384 million of commercial real estate loans ($719 million of primarily
construction loans, net of $335 million in net charge-offs) from the loan portfolio to held-for-sale status.
(b) On March 31, 2008, Key transferred $3.284 billion of education loans from loans held for sale to the loan portfolio.
Compared to the fourth quarter of 2008, net loan charge-offs in the commercial loan portfolio
increased by $143 million. Of this amount, $137 million came from the Real Estate Capital and
Corporate Banking Services line of business within the National Banking group. The level of net charge-
offs in the consumer portfolio rose by $7 million, due primarily to losses incurred in the marine portfolio.
As shown in the table on page 6, Key’s exit loan portfolio accounted for $139 million, or 28%, of Key’s
total net loan charge-offs for the first quarter of 2009.
At March 31, 2009, Key’s nonperforming loans totaled $1.738 billion and represented 2.36% of
period-end portfolio loans, compared to 1.60% at December 31, 2008, and 1.38% at March 31, 2008.
Nonperforming assets at March 31, 2009, totaled $1.997 billion and represented 2.70% of portfolio loans,
other real estate owned and other nonperforming assets, compared to 1.91% at December 31, 2008, and
1.46% at March 31, 2008. The following table illustrates the trend in Key’s nonperforming assets by loan
type over the past five quarters.
Nonperforming Assets
dollars in millions 1Q09 4Q08 3Q08 2Q08 1Q08
Commercial, financial and agricultural $ 595 $ 415 $ 309 $ 259 $ 147
Real estate — commercial mortgage 310 128 119 107 113
Real estate — construction 546 436 334 256 610
Commercial lease financing 109 81 55 57 38
Total consumer loans 178 165 150 135 146
Total nonperforming loans 1,738 1,225 967 814 1,054
Nonperforming loans held for sale 72 90 169 342 9
OREO and other nonperforming assets 187 149 103 54 52
Total nonperforming assets $1,997 $1,464 $1,239 $1,210 $1,115
Nonperforming loans to period-end portfolio loans 2.36 % 1.60 % 1.26 % 1.07 % 1.38 %
Nonperforming assets to period-end portfolio loans,
plus OREO and other nonperforming assets 2.70 1.91 1.61 1.59 1.46
6. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 6
As shown in the preceding table, the growth in nonperforming assets during the first quarter of
2009 was due primarily to higher levels of nonperforming loans in the commercial and financial, and
commercial real estate portfolios. The increase in the commercial and financial portfolio reflects the
impact of general weakness in the economic environment and was principally attributable to loans related
to commercial real estate, automobile floor-plan lending and the Equipment Finance line of business. The
increase in the commercial real estate portfolio was caused in part by the continuation of deteriorating
market conditions in both the residential properties and income properties segments of Key’s commercial
real estate construction portfolio. As shown in the following table, Key’s exit loan portfolio, which
includes residential homebuilder loans and residential loans held for sale, accounted for $502 million, or
25%, of Key’s total nonperforming assets at March 31, 2009, compared to $481 million, or 33%, at
December 31, 2008.
The composition of Key’s exit loan portfolio at March 31, 2009, and December 31, 2008, the net
charge-offs recorded on this portfolio for the first quarter of 2009 and the fourth quarter of 2008, and the
nonperforming status of these loans at March 31, 2009, and December 31, 2008, are shown in the table
below.
Exit Loan Portfolio
Balance on
Change
Balance Net Loan Nonperforming
3-31-09 vs.
Outstanding Charge-offs Status
3-31-09 12-31-08 12-31-08 1Q09 4Q08 3-31-09 12-31-08
in millions
___
Residential properties homebuilder $ 766 $ 883 $(117) $ 44 $ 47 $306 $254
___ ___ ___
Residential properties held for sale 70 88 (18) 70 88
Total residential properties 836 971 (135) 44 47 376 342
Marine and RV floor plan 817 945 (128) 11 14 80 91
Total commercial loans 1,653 1,916 (263) 55 61 456 433
___ ___
Private education 2,897 2,871 26 32 33
___
Home equity National Banking 998 1,051 (53) 15 17 19 15
Marine 3,256 3,401 (145) 32 25 21 26
RV and other consumer 262 283 (21) 5 3 6 7
Total consumer loans 7,413 7,606 (193) 84 78 46 48
Total loans in exit portfolio $9,066 $9,522 $(456) $139 $139 $502 $481
Key’s allowance for loan losses was $2.186 billion, or 2.97% of loans outstanding, at March 31,
2009, compared to $1.803 billion, or 2.36%, at December 31, 2008, and $1.298 billion, or 1.70%, at
March 31, 2008. The company has continued to build its allowance for loan losses as the current credit
cycle progresses, and at March 31, 2009, had a coverage ratio of 126%.
CAPITAL
Key’s risk-based capital ratios included in the following table continued to exceed all “well-
capitalized” regulatory benchmarks at March 31, 2009.
Capital Ratios
3-31-09 12-31-08 9-30-08 6-30-08 3-31-08
Tier 1 risk-based capital (a) 11.16 % 10.92 % 8.55 % 8.53 % 8.33 %
Total risk-based capital (a) 15.11 14.82 12.40 12.41 12.34
Tangible Key shareholders' equity to tangible assets 9.23 8.92 6.95 6.98 6.85
Tangible common equity to tangible assets 6.06 5.95 6.29 6.32 6.85
(a) 3-31-09 ratio is estimated.
During the first quarter of 2009, Key made a $32 million dividend payment to the U.S. Treasury
Department. This is the first of such quarterly payments that Key will be making to the government after
7. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 7
having raised $2.5 billion of additional capital during the fourth quarter of 2008 as a participant in the
U.S. Treasury’s Capital Purchase Program. This program was designed to provide capital to healthy
financial institutions to help restore stability to the financial sector and to increase the availability of
credit to individuals and businesses.
In April, the Board of Directors declared a cash dividend of $1.9375 per share of Key’s
Noncumulative Perpetual Convertible Preferred Stock, Series A. The dividend is payable June 15, 2009,
to shareholders of record on May 29, 2009.
To maintain a strong capital base, Key’s Board of Directors has expressed its intention to reduce
Key’s quarterly dividend on common shares to $.01 per share from $.0625, commencing in the second
quarter of 2009, an action that will retain approximately $100 million of capital on an annual basis.
LINE OF BUSINESS RESULTS
The following table shows the contribution made by each major business group to Key’s taxable-
equivalent revenue and net (loss) income attributable to Key for the periods presented. The specific lines
of business that comprise each of the major business groups are described under the heading “Line of
Business Descriptions.” For more detailed financial information pertaining to each business group and its
respective lines of business, see the tables at the end of this release.
Major Business Groups
Percent change 1Q09 vs.
1Q09 4Q08 1Q08 4Q08 1Q08
dollars in millions
Revenue (TE)
$ 604 $ 645 $ 629 (6.4) % (4.0) %
Community Banking
(a)
537 534 439 .6 22.3
National Banking
Other Segments (78) (81) 28 3.7 N/M
1,063 1,098 1,096 (3.2) (3.0)
Total Segments
Reconciling Items (b) 49 (57) 138 N/M (64.5)
$1,112 $1,041 $1,234 6.8 % (9.9) %
Total
Net (loss) income attributable to Key
$ 33 $ 42 $116 (21.4) % (71.6) %
Community Banking
(a)
(571) (663) (24) 13.9 N/M
National Banking
Other Segments (37) (40) 21 7.5 N/M
(575) (661) 113 13.0 N/M
Total Segments
(b)
Reconciling Items 87 137 105 (36.5) (17.1)
$(488) $(524) $218 6.9 N/M
Total
(a) National Banking’s results for the first quarter of 2009 and fourth quarter of 2008 include noncash charges for intangible assets
impairment of $223 million ($187 million after tax) and $465 million ($420 million after tax), respectively. National Banking’s
taxable-equivalent revenue was reduced by $18 million during the fourth quarter of 2008, and its taxable-equivalent revenue and
net results were reduced by $34 million and $21 million, respectively, during the first quarter of 2008, as a result of its
involvement with certain leveraged lease financing transactions which were challenged by the Internal Revenue Service.
(b) Reconciling Items for the first quarter of 2009 include a $105 million ($65 million after tax) gain from the sale of Key’s
remaining equity interest in Visa Inc. For the fourth quarter of 2008, Reconciling Items include $120 million of previously
accrued interest recovered in connection with Key’s opt-in to the Internal Revenue Service’s global tax settlement. Reconciling
Items for the first quarter of 2008 include a $165 million ($103 million after tax) gain from the partial redemption of Key’s
equity interest in Visa Inc. and a $17 million charge to income taxes for the interest cost associated with the increase to Key’s
tax reserves for certain lease in, lease out transactions.
TE = Taxable Equivalent, N/M = Not Meaningful
8. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 8
Community Banking
Percent change 1Q09 vs.
dollars in millions 1Q09 4Q08 1Q08 4Q08 1Q08
Summary of operations
Net interest income (TE) $415 $452 $422 (8.2) % (1.7) %
Noninterest income 189 193 207 (2.1) (8.7)
Total revenue (TE) 604 645 629 (6.4) (4.0)
Provision for loan losses 81 102 18 (20.6) 350.0
Noninterest expense 470 476 425 (1.3) 10.6
Income before income taxes (TE) 53 67 186 (20.9) (71.5)
Allocated income taxes and TE adjustments 20 25 70 (20.0) (71.4)
Net income $ 33 $ 42 $116 (21.4) % (71.6) %
Average balances
Loans and leases $28,940 $29,164 $28,085 (.8) % 3.0 %
Total assets 31,949 32,259 31,016 (1.0) 3.0
Deposits 51,560 51,051 49,777 1.0 3.6
$14,205 $15,486 $20,049 (8.3) % (29.1) %
Assets under management at period end
TE = Taxable Equivalent
Additional Community Banking Data Percent change 1Q09 vs.
1Q09 4Q08 1Q08 4Q08 1Q08
dollars in millions
Average deposits outstanding
NOW and money market deposit accounts $17,368 $17,700 $19,865 (1.9) % (12.6) %
Savings deposits 1,721 1,695 1,754 1.5 (1.9)
Certificates of deposit ($100,000 or more) 8,490 8,013 6,450 6.0 31.6
Other time deposits 14,723 14,558 12,764 1.1 15.3
Deposits in foreign office 713 980 1,263 (27.2) (43.5)
Noninterest-bearing deposits 8,545 8,105 7,681 5.4 11.2
Total deposits $51,560 $51,051 $49,777 1.0 % 3.6 %
Home equity loans
Average balance $10,273 $10,036 $9,693
Weighted-average loan-to-value ratio (at date of origination) 70 % 70 % 70 %
Percent first lien positions 53 54 56
Other data
Branches 989 986 985
Automated teller machines 1,479 1,478 1,479
Community Banking Summary of Operations
Community Banking recorded net income of $33 million for the first quarter of 2009, compared
to $116 million for the year-ago quarter. Increases in the provision for loan losses and noninterest
expense, coupled with decreases in net interest income and noninterest income caused the decline.
Taxable-equivalent net interest income declined by $7 million, or 2%, from the first quarter of
2008, due primarily to tighter loan spreads. Average earning assets rose by $911 million, or 3%, from the
year-ago quarter, due to growth in both the commercial and consumer loan portfolios. Average deposits
increased by $1.783 billion, or 4%, reflecting growth in certificates of deposit and noninterest-bearing
deposits. A decline in money market deposit accounts partially offset this growth.
9. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 9
Noninterest income decreased by $18 million, or 9%, from the year-ago quarter, largely as a
result of lower income from trust and investment services caused by declines in the financial markets, and
a reduction in service charges on deposit accounts. Also contributing to the decrease was a reduction in
investment banking and capital markets income, due primarily to lower income from derivatives. These
reductions were partially offset by growth in bank channel investment product sales income.
The provision for loan losses rose by $63 million compared to the first quarter of 2008, reflecting
a $24 million increase in net loan charge-offs, primarily from the home equity and commercial loan
portfolios. Community Banking’s provision for loan losses for the first quarter of 2009 exceeded its net
loan charge-offs by $27 million as the company continued to build reserves in a weak economy.
Noninterest expense grew by $45 million, or 11%, from the year-ago quarter as a result of an
increase in the FDIC deposit insurance assessment, a rise in internally allocated overhead and a reduction
in the credit for losses on lending-related commitments. This growth was partially offset by a decline in
personnel expense, due primarily to reductions in incentive compensation accruals and severance
expense.
National Banking
Percent change 1Q09 vs.
1Q09 4Q08 1Q08 4Q08 1Q08
dollars in millions
Summary of operations
(a) (a)
Net interest income (TE) $ 286 $ 294 $338 (2.7) % (15.4) %
Noninterest income 251 240 101 4.6 148.5
Total revenue (TE) 537 534 439 .6 22.3
Provision for loan losses 789 489 169 61.3 366.9
(a) (a)
827 308 (35.1) 74.4
Noninterest expense 537
Net loss before income taxes (TE) (789) (782) (38) (.9) N/M
Allocated income taxes and TE adjustments (216) (119) (14) (81.5) N/M
Net loss (573) (663) (24) 13.6 N/M
___ ___
Less: Net loss attributable to noncontrolling interest (100.0) (100.0)
(2)
Net loss attributable to Key $(571) $(663) $ (24) 13.9 % N/M
Average balances
Loans and leases $46,197 $47,468 $44,162 (2.7) % 4.6 %
Loans held for sale 1,078 1,404 4,932 (23.2) (78.1)
Total assets 54,810 56,906 56,193 (3.7) (2.5)
Deposits 12,214 12,305 11,877 (.7) 2.8
Assets under management at period end $45,959 $49,231 $60,404 (6.6) % (23.9) %
(a) National Banking’s results for the first quarter of 2009 and fourth quarter of 2008 include noncash charges for intangible assets
impairment of $223 million ($187 million after tax) and $465 million ($420 million after tax), respectively. National Banking’s
taxable-equivalent revenue was reduced by $18 million during the fourth quarter of 2008, and its taxable-equivalent revenue and
net results were reduced by $34 million and $21 million, respectively, during the first quarter of 2008, as a result of its
involvement with certain leveraged lease financing transactions which were challenged by the Internal Revenue Service.
TE = Taxable Equivalent, N/M = Not Meaningful
National Banking Summary of Operations
National Banking recorded a net loss attributable to Key of $571 million for the first quarter of
2009, compared to $24 million for the same period one year ago. During the first quarter of 2009, results
were adversely affected by an intangible assets impairment charge of $223 million ($187 million after
tax), which resulted from a reduction in the estimated fair value of the National Banking reporting unit
caused by continued weakness in the financial markets. As of March 31, 2009, there was no goodwill
remaining in the National Banking reporting unit. Also contributing to the decline in performance was a
substantially higher provision for loan losses, lower net interest income and an increase in noninterest
expense, offset in part by growth in noninterest income.
10. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 10
Taxable-equivalent net interest income decreased by $52 million, or 15%, from the first quarter of
2008, due primarily to tighter loan and deposit spreads, and higher levels of nonperforming assets and net
loan charge-offs. Average earning assets decreased by $1.537 billion, or 3%, from the year-ago quarter,
reflecting reductions in the commercial, home equity and held-for-sale loan portfolios. Average deposits
rose by $337 million, or 3%, as growth in certificates of deposit more than offset declines in money
market deposit accounts and noninterest-bearing deposits.
Noninterest income rose by $150 million, or 149%, from the first quarter of 2008. The
improvement reflects net loan sale gains of $3 million in the current quarter, compared to net losses of
$105 million in the year-ago quarter. Additionally, results from investment banking and capital markets
activities improved by $30 million as National Banking recorded dealer trading and derivatives income of
$9 million in the first quarter of 2009, compared to losses of $32 million one year ago when a $53 million
write-down of certain trading instruments was recorded. This improvement was offset in part by a $12
million reduction in investment banking income. Also contributing to the growth in noninterest income
was a $19 million increase in gains on leased equipment.
The provision for loan losses rose by $620 million, due primarily to higher levels of net loan
charge-offs from the commercial and financial, commercial real estate, education and marine loan
portfolios. National Banking’s provision for loan losses for the first quarter of 2009 exceeded its net loan
charge-offs by $351 million as the company continued to build reserves in a weak economy.
Excluding the intangible assets impairment charge recorded during the first quarter of 2009,
noninterest expense increased by $6 million, or 2%, from the first quarter of 2008, reflecting a decrease in
the credit for losses on lending-related commitments, an increase in the FDIC deposit insurance
assessment and higher internally allocated support costs. The adverse effect of these factors was offset in
part by lower personnel expense, due primarily to a reduction in incentive compensation accruals and a
19% reduction in the number of average full-time equivalent employees.
Other Segments
Other Segments consist of Corporate Treasury and Key’s Principal Investing unit. These
segments generated a net loss attributable to Key of $37 million for the first quarter of 2009, compared to
net income attributable to Key of $21 million for the same period last year. These results reflect net
losses of $72 million from principal investing in the first quarter of 2009, compared to net gains of $11
million for the same period last year.
Line of Business Descriptions
Community Banking
Regional Banking provides individuals with branch-based deposit and investment products, personal
finance services and loans, including residential mortgages, home equity and various types of installment
loans. This line of business also provides small businesses with deposit, investment and credit products,
and business advisory services.
Regional Banking also offers financial, estate and retirement planning, and asset management services to
assist high-net-worth clients with their banking, trust, portfolio management, insurance, charitable giving
and related needs.
Commercial Banking provides midsize businesses with products and services that include commercial
lending, cash management, equipment leasing, investment and employee benefit programs, succession
planning, access to capital markets, derivatives and foreign exchange.
11. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 11
National Banking
Real Estate Capital and Corporate Banking Services consists of two business units, Real Estate Capital
and Corporate Banking Services.
Real Estate Capital is a national business that provides construction and interim lending, permanent debt
placements and servicing, equity and investment banking, and other commercial banking products and
services to developers, brokers and owner-investors. This unit deals primarily with nonowner-occupied
properties (i.e., generally properties in which at least 50% of the debt service is provided by rental income
from nonaffiliated third parties). Real Estate Capital emphasizes providing clients with finance solutions
through access to the capital markets.
Corporate Banking Services provides cash management, interest rate derivatives, and foreign exchange
products and services to clients served by both the Community Banking and National Banking groups.
Through its Public Sector and Financial Institutions businesses, Corporate Banking Services also provides
a full array of commercial banking products and services to government and not-for-profit entities, and to
community banks.
Equipment Finance meets the equipment leasing needs of companies worldwide and provides equipment
manufacturers, distributors and resellers with financing options for their clients. Lease financing
receivables and related revenues are assigned to other lines of business (primarily Institutional and Capital
Markets, and Commercial Banking) if those businesses are principally responsible for maintaining the
relationship with the client.
Institutional and Capital Markets, through its KeyBanc Capital Markets unit, provides commercial
lending, treasury management, investment banking, derivatives, foreign exchange, equity and debt
underwriting and trading, and syndicated finance products and services to large corporations and middle-
market companies.
Through its Victory Capital Management unit, Institutional and Capital Markets also manages or offers
advice regarding investment portfolios for a national client base, including corporations, labor unions,
not-for-profit organizations, governments and individuals. These portfolios may be managed in separate
accounts, common funds or the Victory family of mutual funds.
Consumer Finance provides government-guaranteed education loans to students and their parents, and
processes tuition payments for private schools. Through its Commercial Floor Plan Lending unit, this
line of business also finances inventory for automobile dealers. In October 2008, Consumer Finance
exited retail and floor-plan lending for marine and recreational vehicle products, and began to limit new
education loans to those backed by government guarantee. This line of business continues to service
existing loans in these portfolios and to honor existing education loan commitments. These actions are
consistent with Key’s strategy of de-emphasizing nonrelationship or out-of-footprint businesses.
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies,
with assets of $97.834 billion. Key companies provide investment management, retail and commercial
banking, consumer finance, and investment banking products and services to individuals and companies
throughout the United States and, for certain businesses, internationally. The company’s businesses
deliver their products and services through 989 branches and additional offices; a network of 1,479
ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, https://www.key.com/, that
provides account access and financial products 24 hours a day.
12. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 12
Notes to Editors:
A live Internet broadcast of KeyCorp’s conference call to discuss quarterly results and currently
anticipated earnings trends and to answer analysts' questions can be accessed through the Investor
Relations section at https://www.key.com/ir at 9:00 a.m. ET, on Tuesday, April 21, 2009. An audio
replay of the call will be available through April 28.
For up-to-date company information, media contacts and facts and figures about Key’s lines of business
visit our Media Newsroom at https://www.key.com/newsroom.
This earnings release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements about our financial condition, results of operations,
earnings outlook, asset quality trends and profitability. Forward-looking statements are not historical
facts but instead represent only management's current expectations and forecasts regarding future events,
many of which, by their nature, are inherently uncertain and outside of Key’s control. Key’s actual
results and financial condition may differ, possibly materially, from the anticipated results and financial
condition indicated in these forward-looking statements.
Factors that may cause actual results to differ materially include, among other things: (1) unprecedented
volatility in the stock markets, public debt markets and other capital markets, including continued
disruption in the fixed income markets; (2) changes in interest rates; (3) changes in trade, monetary or
fiscal policy; (4) adverse capital markets conditions; (5) asset price deterioration. which has had (and
may continue to have) a negative effect on the valuation of certain asset categories represented on Key’s
balance sheet; (6) continuation of the recent deterioration in general economic conditions, or in the
condition of the local economies or industries in which we have significant operations or assets, which
could, among other things, materially impact credit quality trends and our ability to generate loans; (7)
continued disruption in the housing markets and related conditions in the financial markets; (8) increased
competitive pressure among financial services companies due to the recent consolidation of competing
financial institutions and the conversion of certain investment banks to bank holding companies; (9)
heightened legal standards and regulatory practices, requirements or expectations; (10) the inability to
successfully execute strategic initiatives designed to grow revenues and/or manage expenses; (11)
increased FDIC deposit insurance premiums; (12) difficulty in attracting and/or retaining key executives
and/or relationship managers; (13) consummation of significant business combinations or divestitures;
(14) operational or risk management failures due to technological or other factors; (15) changes in
accounting or tax practices or requirements; (16) new legal obligations or liabilities or unfavorable
resolution of litigation; and (17) disruption in the economy and general business climate as a result of
terrorist activities or military actions.
For additional information on KeyCorp and the factors that could cause Key’s actual results or financial
condition to differ materially from those described in the forward-looking statements consult Key’s
Annual Report on Form 10-K for the year ended December 31, 2008, and subsequent filings with the
Securities and Exchange Commission available on the Securities and Exchange Commission’s website
(www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be
relied upon as representing management's views as of any subsequent date. We do not assume any
obligation to update these forward-looking statements.
###
13. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 13
Financial Highlights
(dollars in millions, except per share amounts)
Three months ended
3-31-09 12-31-08 3-31-08
Summary of operations
(a) (a)
Net interest income (TE) $ 620 $ 646 $ 704
Noninterest income 492 395 530
Total revenue (TE) 1,112 1,041 1,234
Provision for loan losses 875 594 187
Noninterest expense 973 1,302 733
(a) (a) (a)
Net (loss) income attributable to Key (488) (524) 218
(a) (a) (a)
Net (loss) income attributable to Key common shareholders (536) (554) 218
Per common share
Net (loss) income attributable to Key $ (1.09) $ (1.13) $ .55
(a) (a) (a)
Net (loss) income attributable to Key — assuming dilution (1.09) (1.13) .54
Cash dividends paid .0625 .0625 .375
Book value at period end 13.82 14.97 21.48
Tangible book value at period end 11.76 12.41 17.07
Market price at period end 7.87 8.52 21.95
Performance ratios
(a) (a) (a)
(1.91) % (1.93) % .85 %
Return on average total assets
(29.87) (a) (27.65) (a) 10.38 (a)
Return on average common equity
2.76 (a) 3.14 (a)
Net interest margin (TE) 2.77
Capital ratios at period end
Key shareholders' equity to assets 10.19 % 10.03 % 8.47 %
Tangible Key shareholders' equity to tangible assets 9.23 8.92 6.85
Tangible common equity to tangible assets 6.06 5.95 6.85
Tier 1 risk-based capital (b) 11.16 10.92 8.33
Total risk-based capital (b) 15.11 14.82 12.34
Leverage (b) 11.14 11.05 9.15
Asset quality
Net loan charge-offs $492 $342 $121
Net loan charge-offs to average loans 2.65 % 1.77 % .67 %
Allowance for loan losses $2,186 $1,803 $1,298
Allowance for loan losses to period-end loans 2.97 % 2.36 % 1.70 %
Allowance for loan losses to nonperforming loans 125.78 147.18 123.15
Nonperforming loans at period end $1,738 $1,225 $1,054
Nonperforming assets at period end 1,997 1,464 1,115
Nonperforming loans to period-end portfolio loans 2.36 % 1.60 % 1.38 %
Nonperforming assets to period-end portfolio loans plus
OREO and other nonperforming assets 2.70 1.91 1.46
Trust and brokerage assets
Assets under management $60,164 $64,717 $80,453
Nonmanaged and brokerage assets 21,786 22,728 30,532
Other data
Average full-time equivalent employees 17,468 17,697 18,426
Branches 989 986 985
Taxable-equivalent adjustment $6 $7 $(9)
(a) The following table entitled quot;GAAP to Non-GAAP Reconciliationsquot; presents certain earnings data and performance ratios, excluding charges (credits) related to
intangible assets impairment and the tax treatment of certain leveraged lease financing transactions disallowed by the Internal Revenue Service. The table
reconciles certain GAAP performance measures to the corresponding non-GAAP measures and provides a basis for period-to-period comparisons.
(b) 3-31-09 ratio is estimated.
TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles
14. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 14
GAAP to Non-GAAP Reconciliations
(dollars in millions, except per share amounts)
During the first quarter of 2009, Key recorded an after-tax charge of $187 million, or $.38 per common share, for intangible assets impairment. In the prior quarter, Key
recorded an after-tax charge of $420 million, or $.85 per common share, as a result of its annual goodwill impairment testing.
Additionally, during the fourth quarter of 2008, Key recorded an after-tax credit of $120 million, or $.24 per common share, in connection with its opt-in to the Internal
Revenue Service global tax settlement. 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 $.10 per common share.
The table below presents certain earnings data and performance ratios, excluding these charges (credits) (non-GAAP), reconciles the GAAP performance measures to
the corresponding 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.
Three months ended
3-31-09 12-31-08 3-31-08
Net income
Net (loss) income attributable to Key (GAAP) $(488) $(524) $218
___
187 420
Charges related to intangible assets impairment, after tax
___
(120) 38
(Credits) charges related to leveraged lease tax litigation, after tax
Net (loss) income attributable to Key, excluding charges (credits) related to intangible assets
impairment and leveraged lease tax litigation (non-GAAP) $(301) $(224) $256
___
Preferred dividends and amortization of discount on Series B Preferred Stock $48 $30
Net (loss) income attributable to Key common shareholders (GAAP) $(536) $(554) $218
Net (loss) income attributable to Key common shareholders, excluding charges (credits) related to
intangible assets impairment and leveraged lease tax litigation (non-GAAP) (349) (254) 256
Per common share
Net (loss) income attributable to Key — assuming dilution (GAAP) $(1.09) $(1.13) $.54
Net (loss) income attributable to Key, excluding charges (credits) related to intangible assets
(.71) (.52) .64
impairment and leveraged lease tax litigation — assuming dilution (non-GAAP)
Performance ratios
Return on average total assets: (a)
Average total assets $103,815 $107,735 $103,356
Return on average total assets (GAAP) (1.91) % (1.93) % .85 %
Return on average total assets, excluding charges (credits) related to intangible assets impairment
(1.18) (.83) 1.00
and leveraged lease tax litigation (non-GAAP)
Return on average common equity: (a)
Average common equity $7,277 $7,971 $8,445
Return on average common equity (GAAP) (29.87) % (27.65) % 10.38 %
Return on average common equity, excluding charges (credits) related to intangible assets
(19.45) (12.68) 12.19
impairment and leveraged lease tax litigation (non-GAAP)
Net interest income and margin
Net interest income:
Net interest income (GAAP) $614 $639 $713
___
18 3
Charges related to leveraged lease tax litigation, pre-tax
Net interest income, excluding charges related to leveraged lease tax
litigation (non-GAAP) $614 $657 $716
Net interest income/margin (TE):
Net interest income (loss) (TE) (as reported) $620 $646 $704
___
Charges related to leveraged lease tax litigation, pre-tax (TE) 18 34
Net interest income, excluding charges related to leveraged lease tax
$620 $664 $738
litigation (TE) (adjusted basis)
Net interest margin (TE) (as reported) (a) 2.77 % 2.76 % 3.14 %
(a) ___
Impact of charges related to leveraged lease tax litigation, pre-tax (TE) .08 .15
Net interest margin, excluding charges related to leveraged lease tax
litigation (TE) (adjusted basis) (a) 2.77 % 2.84 % 3.29 %
(a) Income statement amount has been annualized in calculation of percentage.
TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles
15. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 15
Consolidated Balance Sheets
(dollars in millions)
3-31-09 12-31-08 3-31-08
Assets
$73,703 $ 76,504 $ 76,444
Loans
1,124 1,027 1,674
Loans held for sale
8,530 8,437 8,419
Securities available for sale
25 25 29
Held-to-maturity securities
1,279 1,280 1,015
Trading account assets
2,917 5,221 577
Short-term investments
1,464 1,526 1,561
Other investments
89,042 94,020 89,719
Total earning assets
(2,186) (1,803) (1,298)
Allowance for loan losses
637 1,257 1,730
Cash and due from banks
847 840 712
Premises and equipment
889 990 1,070
Operating lease assets
916 1,138 1,599
Goodwill
112 128 164
Other intangible assets
2,994 2,970 2,894
Corporate-owned life insurance
1,707 1,896 1,508
Derivative assets
2,876 3,095 3,394
Accrued income and other assets
$97,834 $104,531 $101,492
Total assets
Liabilities
Deposits in domestic offices:
$23,599 $ 24,191 $ 26,527
NOW and money market deposit accounts
1,795 1,712 1,826
Savings deposits
13,250 11,991 8,330
Certificates of deposit ($100,000 or more)
14,791 14,763 12,933
Other time deposits
53,435 52,657 49,616
Total interest-bearing deposits
11,760 11,485 10,896
Noninterest-bearing deposits
801 1,118 4,190
Deposits in foreign office — interest-bearing
65,996 65,260 64,702
Total deposits
Federal funds purchased and securities
1,565 1,557 3,503
sold under repurchase agreements
2,285 8,477 5,464
Bank notes and other short-term borrowings
932 1,038 465
Derivative liabilities
1,904 2,523 4,252
Accrued expense and other liabilities
14,978 14,995 14,337
Long-term debt
87,660 93,850 92,723
Total liabilities
Equity
___
658 658
Preferred stock, Series A
___
2,418 2,414
Preferred stock, Series B
584 584 492
Common shares
___
87 87
Common stock warrant
2,464 2,553 1,659
Capital surplus
6,160 6,727 8,737
Retained earnings
(2,500) (2,608) (2,689)
Treasury stock, at cost
97 65 393
Accumulated other comprehensive income
9,968 10,480 8,592
Key shareholders' equity
206 201 177
Noncontrolling interest
10,174 10,681 8,769
Total equity
Total liabilities and equity $97,834 $104,531 $101,492
Common shares outstanding (000) 498,573 495,002 400,071
16. KeyCorp Reports First Quarter 2009 Results
April 21, 2009
Page 16
Consolidated Statements of Income
(dollars in millions, except per share amounts)
Three months ended
3-31-09 12-31-08 3-31-08
Interest income
Loans $ 883 $ 996 $1,123
Loans held for sale 12 18 87
Securities available for sale 108 110 109
Held-to-maturity securities 1 1 1
Trading account assets 13 17 13
Short-term investments 3 8 9
Other investments 12 13 12
Total interest income 1,032 1,163 1,354
Interest expense
Deposits 300 346 428
Federal funds purchased and securities sold
under repurchase agreements 1 4 28
Bank notes and other short-term borrowings 6 31 39
Long-term debt 111 143 146
Total interest expense 418 524 641
Net interest income 614 639 713
Provision for loan losses 875 594 187
Net interest (loss) income after provision for loan losses (261) 45 526
Noninterest income
Trust and investment services income 117 138 129
Service charges on deposit accounts 82 90 88
Operating lease income 61 64 69
Letter of credit and loan fees 38 42 37
Corporate-owned life insurance income 27 33 28
Electronic banking fees 24 25 24
Insurance income 18 15 15
Investment banking and capital markets income 18 6 8
Net securities (losses) gains (14) (5) 3
Net (losses) gains from principal investing (72) (37) 11
Net gains (losses) from loan securitizations and sales 8 3 (101)
___
Gain from sale/redemption of Visa Inc. shares 105 165
Other income 80 21 54
Total noninterest income 492 395 530
Noninterest expense
Personnel 362 411 409
Net occupancy 66 68 66
Operating lease expense 50 55 58
Computer processing 47 51 47
Professional fees 35 51 23
FDIC assessment 30 3 2
Equipment 22 22 24
Marketing 14 25 14
___
Intangible assets impairment 223 465
Other expense 124 151 90
Total noninterest expense 973 1,302 733
(Loss) income before income taxes (742) (862) 323
Income taxes (244) (335) 104
Net (loss) income (498) (527) 219
Less: Net (loss) income attributable to noncontrolling interest (10) (3) 1
Net (loss) income attributable to Key $ (488) $ (524) $ 218
Net (loss) income attributable to Key common shareholders $(536) $(554) $218
Per common share:
Net (loss) income attributable to Key $(1.09) $(1.13) $.55
Net (loss) income attributable to Key — assuming dilution (1.09) (1.13) .54
___
Cash dividends declared .0625 .0625
Weighted-average common shares outstanding (000) 492,813 492,311 399,121
Weighted-average common shares and potential
common shares outstanding (000) 492,813 492,311 399,769