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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
INTEREST INCOME        
Loans $ 928 $ 746 $ 2,753 $ 1,875
Loans held for sale 17 10 39 23
Securities available for sale 91 88 276 237
Held-to-maturity securities 55 30 161 78
Trading account assets 7 4 21 17
Short-term investments 6 7 14 17
Other investments 5 5 12 10
Total interest income 1,109 890 3,276 2,257
INTEREST EXPENSE        
Deposits 72 49 196 114
Federal funds purchased and securities sold under repurchase agreements 0 0 1 0
Bank notes and other short-term borrowings 3 2 12 7
Long-term debt 86 59 228 155
Total interest expense 161 110 437 276
NET INTEREST INCOME 948 780 2,839 1,981
Provision for credit losses 51 59 180 200
Net interest income after provision for credit losses 897 721 2,659 1,781
NONINTEREST INCOME        
Trust and investment services income 135 122 404 341
Investment banking and debt placement fees 141 156 403 325
Service charges on deposit accounts 91 85 268 218
Operating lease income and other leasing gains 16 6 69 41
Corporate services income 54 51 163 154
Cards and payments income 75 66 210 164
Corporate-owned life insurance income 31 29 94 85
Consumer mortgage income 7 6 19 11
Mortgage servicing fees 21 15 54 37
Net gains (losses) from principal investing 3 5 4 16
Other income [1] 18 8 134 61
Total noninterest income 592 549 1,822 1,453
NONINTEREST EXPENSE        
Personnel 558 594 1,665 1,425
Net occupancy 74 73 239 193
Computer processing 56 70 171 158
Business services and professional fees 49 76 140 157
Equipment 29 26 83 68
Operating lease expense 24 15 64 42
Marketing 34 32 85 66
FDIC assessment 21 21 62 38
Intangible asset amortization 25 13 69 28
OREO expense, net 3 3 8 6
Other expense 119 159 414 355
Total noninterest expense 992 1,082 3,000 2,536
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 497 188 1,481 698
Income taxes 134 16 386 141
INCOME (LOSS) FROM CONTINUING OPERATIONS 363 172 1,095 557
Income (loss) from discontinued operations, net of taxes $, $1, $3 and, $3 (see note 12) 1 1 6 5
NET INCOME (LOSS) 364 173 1,101 562
Less: Net income (loss) attributable to noncontrolling interests 0 1 1 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 364 172 1,100 562
Income (loss) from continuing operations attributable to Key common shareholders 349 165 1,038 540
Net income (loss) attributable to Key common shareholders $ 350 $ 166 $ 1,044 $ 545
Per common share:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) $ 0.32 $ 0.17 $ 0.96 $ 0.61
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] 0.32 0.17 0.97 0.62
Per common share — assuming dilution:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) 0.32 0.16 0.95 0.60
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] 0.32 0.17 0.96 0.61
Cash dividends declared per common share (in usd per share) $ 0.095 $ 0.085 $ 0.275 $ 0.245
Weighted-average common shares outstanding (in shares) 1,073,390 982,080 1,075,296 880,824
Effect of convertible preferred stock (in shares) 0 0 0 0
Effect of common share options and other stock awards (in shares) 15,451 12,580 16,359 8,965
Weighted-average common shares and potential common shares outstanding (in shares) [3] 1,088,841 994,660 1,091,655 889,789
[1] For the three months ended September 30, 2017, net securities gains totaled less than $1 million. For the three months ended September 30, 2016, net securities losses totaled $6 million. For the three months ended September 30, 2017, and September 30, 2016, 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.