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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
INTEREST INCOME        
Loans $ 746 $ 542 $ 1,875 $ 1,597
Loans held for sale 10 10 23 29
Securities available for sale 88 75 237 217
Held-to-maturity securities 30 24 78 72
Trading account assets 4 5 17 15
Short-term investments 7 1 17 5
Other investments 5 4 10 14
Total interest income 890 661 2,257 1,949
INTEREST EXPENSE        
Deposits 49 27 114 79
Bank notes and other short-term borrowings 2 2 7 6
Long-term debt 59 41 155 118
Total interest expense 110 70 276 203
NET INTEREST INCOME 780 591 1,981 1,746
Provision for credit losses 59 45 200 121
Net interest income after provision for credit losses 721 546 1,781 1,625
NONINTEREST INCOME        
Trust and investment services income 122 108 341 328
Investment banking and debt placement fees 156 109 325 318
Service charges on deposit accounts 85 68 218 192
Operating lease income and other leasing gains 6 15 41 58
Corporate services income 51 57 154 143
Cards and payments income 66 47 164 136
Corporate-owned life insurance income 29 30 85 91
Consumer mortgage income 6 3 11 10
Mortgage servicing fees 15 11 37 33
Net gains (losses) from principal investing 5 11 16 51
Other income [1] 8 11 61 35
Total noninterest income 549 470 1,453 1,395
NONINTEREST EXPENSE        
Personnel 594 426 1,425 1,223
Net occupancy 73 60 193 191
Computer processing 70 41 158 121
Business services and professional fees 76 40 157 115
Equipment 26 22 68 66
Operating lease expense 15 11 42 34
Marketing 32 17 66 40
FDIC assessment 21 8 38 24
Intangible asset amortization 13 9 28 27
OREO expense, net 3 2 6 5
Other expense 159 88 355 258
Total noninterest expense 1,082 724 2,536 2,104
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 188 292 698 916
Income taxes 16 72 141 230
INCOME (LOSS) FROM CONTINUING OPERATIONS 172 220 557 686
Income (loss) from discontinued operations, net of taxes of $0, ($2), $0, and $3 1 (3) 5 5
NET INCOME (LOSS) 173 217 562 691
Less: Net income (loss) attributable to noncontrolling interests 1 (2) 0 1
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 172 219 562 690
Income (loss) from continuing operations attributable to Key common shareholders 165 216 540 668
Net income (loss) attributable to Key common shareholders $ 166 $ 213 $ 545 $ 673
Per common share:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) $ 0.17 $ 0.26 $ 0.61 $ 0.79
Income (loss) from discontinued operations, net of taxes (in usd per share) 0.00 0.00 0.01 0.01
Net income (loss) attributable to Key common shareholders (in usd per share) [2] 0.17 0.26 0.62 0.80
Per common share — assuming dilution:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) 0.16 0.26 0.60 0.78
Income (loss) from discontinued operations, net of taxes (in usd per share) 0.00 0.00 0.01 0.01
Net income (loss) attributable to Key common shareholders (in usd per share) [2] 0.17 0.25 0.61 0.79
Cash dividends declared per common share (in usd per share) $ 0.085 $ 0.075 $ 0.245 $ 0.215
Weighted-average common shares outstanding (in shares) 982,080 831,430 880,824 839,758
Effect of convertible preferred stock (in shares) 0 0 0 0
Effect of common share options and other stock awards (in shares) 12,580 7,450 8,965 7,613
Weighted-average common shares and potential common shares outstanding (in shares) [3] 994,660 838,880 889,789 847,371
[1] For the three months ended September 30, 2016, net securities losses totaled $6 million. For the three months ended September 30, 2015, net securities gains (losses) totaled less than $1 million. For the three months ended September 30, 2016, and September 30, 2015, we did not have any impairment losses related to securities.
[2] EPS may not foot due to rounding.
[3] Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.