Keycorp /New/ 8-K/A, filed Jul 21, 2022

Keycorp /New/ (KEY)

8-K/A 2022-07-21 For: 2022-07-21

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Added on April 10, 2026

About this 8-K/A

Keycorp /New/ filed this 8-K/A on July 21, 2022.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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127 Public Square, Cleveland, Ohio		44114-1306
Address of principal executive offices:		Zip Code:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Common Shares, $1 par value	KEY	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E)	KEY PrI	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F)	KEY PrJ	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G)	KEY PrK	New York Stock Exchange


99.1		Press Release, dated July 21, 2022, announcing financial results for the three-month and six-month periods ended June 30, 2022

99.2		Supplemental Information Package reviewed during the conference call and webcast.

99.3		Financial Statements.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


						KEYCORP
						(Registrant)

Date: July 21, 2022						/s/ Douglas M. Schosser
						By: Douglas M. Schosser
						Chief Accounting Officer


Dollars in millions, except per share data										Change 2Q22 vs.
	2Q22			1Q22			2Q21			1Q22			2Q21
Income (loss) from continuing operations attributable to Key common shareholders	$	504		$	420		$	698			20.0	%		(27.8	)%
Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution		.54			.45			.72			20.0			(25.0	)
Return on average tangible common equity from continuing operations ^(a)		20.90	%		14.12	%		21.34	%		N	/A		N	/A
Return on average total assets from continuing operations		1.16			.99			1.63			N	/A		N	/A
Common Equity Tier 1 ratio ^(b)		9.2			9.4			9.9			N	/A		N	/A
Book value at period end	$	13.48		$	14.43		$	16.75			(6.6	)		(19.5	)
Net interest margin (TE) from continuing operations		2.61	%		2.46	%		2.52	%		N	/A		N	/A


Dollars in millions							Change 2Q22 vs.
	2Q22		1Q22		2Q21		1Q22			2Q21
Net interest income (TE)	$	1,104	$	1,020	$	1,023		8.2	%		7.9	%
Noninterest income		688		676		750		1.8			(8.3)

Total revenue	$	1,792	$	1,696	$	1,773		5.7	%		1.1	%


	6/30/2022			3/31/2022			6/30/2021
Common Equity Tier 1 ^(a)		9.2	%		9.4	%		9.9	%
Tier 1 risk-based capital ^(a)		10.4			10.7			11.3
Total risk based capital ^(a)		12.0			12.4			13.2
Tangible common equity to tangible assets ^(b)		5.3			6.0			7.4
Leverage ^(a)		8.8			8.6			8.7


In thousands										Change 2Q22 vs.
	2Q22			1Q22			2Q21			1Q22			2Q21
Shares outstanding at beginning of period		932,398			928,850			972,587			.4	%		(4.1	)%
Open market repurchases, repurchases under the accelerated repurchase program, and return of shares under employee compensation plans		(24	)		(1,707	)		(13,304	)		(98.6	)		(99.8	)
Shares issued under employee compensation plans (net of cancellations)		269			5,255			993			(94.9	)		(72.9	)

Shares outstanding at end of period		932,643			932,398			960,276			—	%		(2.9	)%


CONTACTS:

ANALYSTS		MEDIA

Vernon L. Patterson		Susan Donlan

216.689.0520		216.471.3133

Vernon_Patterson@KeyBank.com		Susan_E_Donlan@KeyBank.com

Melanie S. Kaiser		Beth Strauss

216.689.4545		216.471.2787

Melanie_S_Kaiser@KeyBank.com		Beth_A_Strauss@KeyBank.com

Halle A. Nichols		Twitter: @keybank

216.471.2184

Halle_A_Nichols@KeyBank.com

INVESTOR RELATIONS:		KEY MEDIA NEWSROOM:

www.key.com/ir		www.key.com/newsroom


Page

12		Financial Highlights

14		GAAP to Non-GAAP Reconciliation

16		Consolidated Balance Sheets

17		Consolidated Statements of Income

18		Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations

20		Noninterest Expense

20		Personnel Expense

21		Loan Composition

21		Loans Held for Sale Composition

21		Summary of Changes in Loans Held for Sale

22		Summary of Loan and Lease Loss Experience From Continuing Operations

23		Asset Quality Statistics From Continuing Operations

23		Summary of Nonperforming Assets and Past Due Loans From Continuing Operations

23		Summary of Changes in Nonperforming Loans From Continuing Operations

24		Line of Business Results


	Three months ended
	6/30/2022			3/31/2022			6/30/2021
Summary of operations
Net interest income (TE)	$	1,104		$	1,020		$	1,023
Noninterest income		688			676			750
Total revenue (TE)		1,792			1,696			1,773
Provision for credit losses		45			83			(222	)
Noninterest expense		1,078			1,070			1,076
Income (loss) from continuing operations attributable to Key		530			447			724
Income (loss) from discontinued operations, net of taxes		3			1			5
Net income (loss) attributable to Key		533			448			729

Income (loss) from continuing operations attributable to Key common shareholders		504			420			698
Income (loss) from discontinued operations, net of taxes		3			1			5
Net income (loss) attributable to Key common shareholders		507			421			703

Per common share
Income (loss) from continuing operations attributable to Key common shareholders	$	.54		$	.45		$	.73
Income (loss) from discontinued operations, net of taxes		—			—			—
Net income (loss) attributable to Key common shareholders ^(a)		.55			.46			.73

Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution		.54			.45			.72
Income (loss) from discontinued operations, net of taxes — assuming dilution		—			—			—
Net income (loss) attributable to Key common shareholders — assuming dilution ^(a)		.54			.45			.73

Cash dividends declared		.195			.195			.185
Book value at period end		13.48			14.43			16.75
Tangible book value at period end		10.40			11.41			13.81
Market price at period end		17.23			22.38			20.65

Performance ratios

From continuing operations:
Return on average total assets		1.16	%		.99	%		1.63	%
Return on average common equity		16.17			11.45			17.54
Return on average tangible common equity ^(b)		20.90			14.12			21.34
Net interest margin (TE)		2.61			2.46			2.52
Cash efficiency ratio ^(b)		59.5			62.4			59.9

From consolidated operations:
Return on average total assets		1.16	%		.99	%		1.64	%
Return on average common equity		16.27			11.47			17.67
Return on average tangible common equity ^(b)		21.03			14.15			21.49
Net interest margin (TE)		2.60			2.46			2.55
Loan to deposit ^(c)		78.3			72.9			70.4

Capital ratios at period end
Key shareholders’ equity to assets		7.7	%		8.5	%		9.9	%
Key common shareholders’ equity to assets		6.7			7.4			8.9
Tangible common equity to tangible assets ^(b)		5.3			6.0			7.4
Common Equity Tier 1^(d)		9.2			9.4			9.9
Tier 1 risk-based capital ^(d)		10.4			10.7			11.3
Total risk-based capital ^(d)		12.0			12.4			13.2
Leverage ^(d)		8.8			8.6			8.7

Asset quality — from continuing operations
Net loan charge-offs	$	44		$	33		$	22
Net loan charge-offs to average loans		.16	%		.13	%		.09	%
Allowance for loan and lease losses	$	1,099		$	1,105		$	1,220
Allowance for credit losses		1,272			1,271			1,372
Allowance for loan and lease losses to period-end loans		.98	%		1.04	%		1.21	%
Allowance for credit losses to period-end loans		1.13			1.19			1.36
Allowance for loan and lease losses to nonperforming loans		256.2			251.7			175.8
Allowance for credit losses to nonperforming loans		296.5			289.5			197.7
Nonperforming loans at period-end	$	429		$	439		$	694
Nonperforming assets at period-end		463			467			738
Nonperforming loans to period-end portfolio loans		.38	%		.41	%		.69	%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		.41			.44			.73

Trust assets
Assets under management	$	49,003		$	53,707		$	51,013

Other data
Average full-time equivalent employees		17,414			17,110			17,003
Branches		978			993			1,014
Taxable-equivalent adjustment	$	7		$	6		$	6


	Six months ended
	6/30/2022			6/30/2021
Summary of operations
Net interest income (TE)	$	2,124		$	2,035
Noninterest income		1,364			1,488
Total revenue (TE)		3,488			3,523
Provision for credit losses		128			(315	)
Noninterest expense		2,148			2,147
Income (loss) from continuing operations attributable to Key		977			1,342
Income (loss) from discontinued operations, net of taxes		4			9
Net income (loss) attributable to Key		981			1,351

Income (loss) from continuing operations attributable to Key common shareholders		924			1,289
Income (loss) from discontinued operations, net of taxes		4			9
Net income (loss) attributable to Key common shareholders		928			1,298

Per common share
Income (loss) from continuing operations attributable to Key common shareholders	$	1.00		$	1.34
Income (loss) from discontinued operations, net of taxes		—			.01
Net income (loss) attributable to Key common shareholders ^(a)		1.00			1.35

Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution		.99			1.33
Income (loss) from discontinued operations, net of taxes — assuming dilution		—			.01
Net income (loss) attributable to Key common shareholders — assuming dilution ^(a)		1.00			1.34

Cash dividends paid		.39			.37

Performance ratios
From continuing operations:
Return on average total assets		1.08	%		1.55	%
Return on average common equity		13.62			16.33
Return on average tangible common equity ^(b)		17.15			19.88
Net interest margin (TE)		2.53			2.56
Cash efficiency ratio ^(b)		60.9			60.1

From consolidated operations:
Return on average total assets		1.08	%		1.55	%
Return on average common equity		13.68			16.45
Return on average tangible common equity ^(b)		17.23			20.02
Net interest margin (TE)		2.53			2.57

Asset quality — from continuing operations
Net loan charge-offs	$	77		$	136
Net loan charge-offs to average total loans		.15	%		.27	%

Other data
Average full-time equivalent employees		17,262			17,046

Taxable-equivalent adjustment		13			13



	Second Quarter 2022								First Quarter 2022								Second Quarter 2021
	Average Balance			Interest ^(a)		Yield/ Rate ^(a)			Average Balance			Interest ^(a)		Yield/ Rate ^(a)			Average Balance			Interest ^(a)		Yield/ Rate ^(a)
Assets
Loans: ^{(b), (c)}
Commercial and industrial ^(d)	$	53,858		$	449		3.34	%	$	51,574		$	410		3.22	%	$	51,808		$	450		3.48	%
Real estate — commercial mortgage		15,231			136		3.58			14,587			121		3.37			12,825			117		3.67
Real estate — construction		2,125			20		3.81			2,027			17		3.37			2,149			20		3.68
Commercial lease financing		3,817			24		2.47			3,942			24		2.41			4,060			30		2.98
Total commercial loans		75,031			629		3.36			72,130			572		3.21			70,842			617		3.49
Real estate — residential mortgage		18,383			131		2.85			16,309			112		2.75			11,055			81		2.92
Home equity loans		8,208			78		3.83			8,345			74		3.61			9,089			85		3.76
Consumer direct loans		6,514			68		4.19			5,954			61		4.16			4,910			57		4.69
Credit cards		943			24		10.20			932			24		10.36			908			22		9.79
Consumer indirect loans		59			—		—			92			—		—			4,010			32		3.19
Total consumer loans		34,107			301		3.53			31,632			271		3.45			29,972			277		3.71
Total loans		109,138			930		3.41			103,762			843		3.28			100,814			894		3.56
Loans held for sale		1,107			10		3.49			1,485			12		3.32			1,616			11		2.60
Securities available for sale ^{(b), (e)}		43,023			188		1.60			44,923			173		1.50			33,623			133		1.57
Held-to-maturity securities ^(b)		7,291			48		2.65			7,188			46		2.54			6,452			45		2.75
Trading account assets		854			7		3.45			842			6		2.74			837			5		2.56
Short-term investments		3,591			13		1.45			7,323			4		.25			18,817			6		.13
Other investments ^(e)		800			4		2.27			651			2		1.26			622			2		1.02
Total earning assets		165,804			1,200		2.83			166,174			1,086		2.62			162,781			1,096		2.70
Allowance for loan and lease losses		(1,103	)							(1,056	)							(1,442	)
Accrued income and other assets		18,826								17,471								16,531
Discontinued assets		505								539								650
Total assets	$	184,032							$	183,128							$	178,520

Liabilities
NOW and money market deposit accounts	$	85,389		$	18		.08		$	88,515		$	11		.05		$	83,981		$	9		.05
Savings deposits		7,891			—		.01			7,599			—		.01			6,859			1		.03
Certificates of deposit ($100,000 or more)		1,487			1		.44			1,639			2		.44			2,212			4		.72
Other time deposits		1,972			1		.13			2,098			1		.15			2,630			2		.38
Total interest-bearing deposits		96,739			20		.08			99,851			14		.06			95,682			16		.07
Federal funds purchased and securities sold under repurchase agreements		2,792			6		.88			287			—		.13			251			—		.02
Bank notes and other short-term borrowings		1,943			9		1.77			705			3		1.94			744			3		1.19
Long-term debt ^{(f), (g)}		12,662			61		1.92			10,830			49		1.79			11,978			54		1.79
Total interest-bearing liabilities		114,136			96		.34			111,673			66		.24			108,655			73		.27
Noninterest-bearing deposits		50,732								50,312								48,640
Accrued expense and other liabilities		4,261								3,824								2,716
Discontinued liabilities ^(g)		505								539								650
Total liabilities	$	169,634							$	166,348							$	160,661
Equity
Key shareholders’ equity	$	14,398							$	16,780							$	17,859
Noncontrolling interests		—								—								—
Total equity		14,398								16,780								17,859
Total liabilities and equity	$	184,032							$	183,128							$	178,520

Interest rate spread (TE)							2.50	%							2.38	%							2.43	%

Net interest income (TE) and net interest margin (TE)				$	1,104		2.61	%				$	1,020		2.46	%				$	1,023		2.52	%
TE adjustment ^(b)					7								6								6
Net interest income, GAAP basis				$	1,097							$	1,014							$	1,017


	Six months ended June 30, 2022								Six months ended June 30, 2021

	Average Balance			Interest (a)		Yield/ Rate (a)			Average Balance			Interest (a)		Yield/ Rate (a)

Assets
Loans: ^{(b), (c)}
Commercial and industrial ^(d)	$	52,723		$	858		3.28	%	$	52,194		$	902		3.49	%
Real estate — commercial mortgage		14,910			257		3.48			12,742			232		3.67
Real estate — construction		2,076			37		3.60			2,099			39		3.71
Commercial lease financing		3,879			48		2.44			4,101			61		2.99

Total commercial loans		73,588			1,200		3.28			71,136			1,234		3.49
Real estate — residential mortgage		17,352			243		2.80			10,380			154		2.97
Home equity loans		8,276			153		3.72			9,189			173		3.79
Consumer direct loans		6,236			129		4.18			4,864			113		4.70
Credit cards		938			48		10.28			920			46		10.12
Consumer indirect loans		75			—		—			4,288			69		3.25

Total consumer loans		32,877			573		3.49			29,641			555		3.77

Total loans		106,465			1,773		3.35			100,777			1,789		3.58
Loans held for sale		1,295			22		3.40			1,574			22		2.74
Securities available for sale ^{(b), (e)}		43,968			361		1.55			31,841			263		1.66
Held-to-maturity securities ^(b)		7,239			94		2.59			6,818			90		2.63
Trading account assets		848			13		3.10			842			10		2.35
Short-term investments		5,447			17		.65			17,670			11		.13
Other investments ^(e)		726			6		1.82			618			4		1.21

Total earning assets		165,988			2,286		2.72			160,140			2,189		2.75
Allowance for loan and lease losses		(1,080	)							(1,532	)
Accrued income and other assets		18,152								16,463
Discontinued assets		522								668

Total assets	$	183,582							$	175,739


Liabilities
NOW and money market deposit accounts	$	86,943		$	29		.07		$	82,717		$	20		.05
Savings deposits		7,746			1		.01			6,533			1		.03
Certificates of deposit ($100,000 or more)		1,562			3		.44			2,390			10		.85
Other time deposits		2,035			1		.14			2,766			6		.48

Total interest-bearing deposits		98,286			34		.07			94,406			37		.08
Federal funds purchased and securities sold under repurchase agreements		1,547			6		.81			247			—		.03
Bank notes and other short-term borrowings		1,327			12		1.82			811			4		.89
Long-term debt ^{(f), (g)}		11,751			110		1.86			12,402			114		1.85

Total interest-bearing liabilities		112,911			162		.29			107,866			155		.29

Noninterest-bearing deposits		50,523								46,638
Accrued expense and other liabilities		4,043								2,753
Discontinued liabilities ^(g)		522								668

Total liabilities	$	167,999							$	157,925
Equity
Key shareholders’ equity	$	15,583							$	17,814
Noncontrolling interests		—								—

Total equity		15,583								17,814

Total liabilities and equity	$	183,582							$	175,739


Interest rate spread (TE)							2.44	%							2.46	%


Net interest income (TE) and net interest margin (TE)				$	2,124		2.53	%				$	2,035		2.56	%


TE adjustment ^(b)					13								13

Net interest income, GAAP basis				$	2,111							$	2,022


							Change 6/30/2022 vs
	6/30/2022		3/31/2022		6/30/2021		3/31/2022			6/30/2021

Commercial and industrial ^(a)	$	55,245	$	52,815	$	50,672		4.6	%		9.0 %
Commercial real estate:
Commercial mortgage		15,636		15,124		12,965		3.4			20.6
Construction		2,144		2,065		2,132		3.8			.6

Total commercial real estate loans		17,780		17,189		15,097		3.4			17.8
Commercial lease financing ^(b)		3,956		3,916		4,061		1.0			(2.6)

Total commercial loans		76,981		73,920		69,830		4.1			10.2
Residential — prime loans:
Real estate — residential mortgage		19,588		17,181		12,131		14.0			61.5
Home equity loans		8,134		8,258		9,047		(1.5	)		(10.1)

Total residential — prime loans		27,722		25,439		21,178		9.0			30.9
Consumer direct loans		6,665		6,249		5,049		6.7			32.0
Credit cards		967		930		923		4.0			4.8
Consumer indirect loans		55		62		3,750		(11.3	)		(98.5)

Total consumer loans		35,409		32,680		30,900		8.4			14.6

Total loans ^{(c), (d)}	$	112,390	$	106,600	$	100,730		5.4	%		11.6 %


Dollars in millions								Change 2Q22 vs.
	2Q22		1Q22			2Q21		1Q22			2Q21
Trust and investment services income	$	137	$	136		$	133		.7	%		3.0	%
Investment banking and debt placement fees		149		163			217		(8.6)			(31.3)
Service charges on deposit accounts		96		91			83		5.5			15.7
Operating lease income and other leasing gains		28		32			36		(12.5)			(22.2)
Corporate services income		88		90			55		(2.2)			60.0
Cards and payments income		85		80			113		6.3			(24.8)
Corporate-owned life insurance income		35		31			30		12.9			16.7
Consumer mortgage income		14		21			26		(33.3)			(46.2)
Commercial mortgage servicing fees		45		36			44		25.0			2.3
Other income		11		(4	)		13		375.0			(15.4)

Total noninterest income	$	688	$	676		$	750		1.8	%		(8.3)	%


Dollars in millions								Change 2Q22 vs.
	2Q22		1Q22		2Q21			1Q22			2Q21
Summary of operations
Net interest income (TE)	$	570	$	543	$	599			5.0	%		(4.8	)%
Noninterest income		254		256		253			(.8	)		.4
Total revenue (TE)		824		799		852			3.1			(3.3	)
Provision for credit losses		8		43		(70	)		(81.4	)		111.4
Noninterest expense		676		663		584			2.0			15.8
Income (loss) before income taxes (TE)		140		93		338			50.5			(58.6	)
Allocated income taxes (benefit) and TE adjustments		33		23		81			43.5			(59.3	)
Net income (loss) attributable to Key	$	107	$	70	$	257			52.9	%		(58.4	)%


Average balances
Loans and leases	$	40,818	$	38,637	$	40,598			5.6	%		.5	%
Total assets		43,868		41,814		43,818			4.9			.1
Deposits		91,256		91,468		88,412			(.2	)		3.2

Assets under management at period end	$	49,003	$	53,707	$	51,013			(8.8	)%		(3.9	)%


Dollars in millions							Change 2Q22 vs.
	2Q22		1Q22		2Q21		1Q22			2Q21
Noninterest income
Trust and investment services income	$	104	$	106	$	104		(1.9	)%		—	%
Service charges on deposit accounts		59		54		48		9.3			22.9
Cards and payments income		62		57		62		8.8			—
Consumer mortgage income		14		21		26		(33.3	)		(46.2	)
Other noninterest income		15		18		13		(16.7	)		15.4

Total noninterest income	$	254	$	256	$	253		(.8	)%		.4	%


Average deposit balances
NOW and money market deposit accounts	$	57,884	$	58,625	$	56,038		(1.3	)%		3.3	%
Savings deposits		7,515		7,233		6,523		3.9			15.2
Certificates of deposit ($100,000 or more)		1,375		1,520		2,083		(9.5	)		(34.0	)
Other time deposits		1,966		2,090		2,616		(5.9	)		(24.8	)
Noninterest-bearing deposits		22,516		22,000		21,152		2.3			6.4

Total deposits	$	91,256	$	91,468	$	88,412		(.2	)%		3.2	%


Other data
Branches		978		993		1,014
Automated teller machines		1,284		1,308		1,329


Dollars in millions									Change 2Q22 vs.
	2Q22		1Q22			2Q21			1Q22			2Q21
Summary of operations
Net interest income (TE)	$	440	$	415		$	417			6.0	%		5.5	%
Noninterest income		404		395			454			2.3			(11.0)

Total revenue (TE)		844		810			871			4.2			(3.1)
Provision for credit losses		37		41			(131	)		9.8			128.2
Noninterest expense		414		417			451			(.7)			(8.2)

Income (loss) before income taxes (TE)		393		352			551			11.6			(28.7)
Allocated income taxes and TE adjustments		78		69			119			13.0			(34.5)

Net income (loss) attributable to Key	$	315	$	283		$	432			11.3	%		(27.1)	%


Average balances
Loans and leases	$	67,834	$	64,701		$	59,953			4.8	%		13.1	%
Loans held for sale		1,016		1,323			1,341			(23.2)			(24.2)
Total assets		78,824		74,860			69,101			5.3			14.1
Deposits		54,864		57,289			54,814			(4.2)	%		0.1	%

TE = Taxable Equivalent Additional Commercial Bank Data

Dollars in millions									Change 2Q22 vs.
	2Q22		1Q22			2Q21			1Q22			2Q21
Noninterest income
Trust and investment services income	$	33	$	30		$	27			10.0	%		22.2 %
Investment banking and debt placement fees		149		163			215			(8.6)			(30.7)
Operating lease income and other leasing gains		27		32			35			(15.6)			(22.9)
Corporate services income		80		82			47			(2.4)			70.2
Service charges on deposit accounts		36		36			34			—			5.9
Cards and payments income		23		22			49			4.5			(53.1)

Payments and services income		139		140			130			(0.7)			6.9

Commercial mortgage servicing fees		45		36			44			25.0			2.3
Other noninterest income		11		(6	)		3			283.3			266.7


	2Q22			1Q22			4Q21			3Q21			2Q21

Balance at beginning of period	$	1,170		$	2,729		$	1,805		$	1,537		$	2,296
New originations		2,837			2,724			5,704			3,328			3,573
Transfers from (to) held to maturity, net		(57	)		—			(1	)		3,305			(71	)
Loan sales		(2,506	)		(4,269	)		(4,742	)		(6,405	)		(4,195	)
Loan draws (payments), net		(133	)		(12	)		(12	)		8			(27	)
Valuation and other adjustments		(5	)		(2	)		(25	)		32			(39	)

Balance at end of period	$	1,306		$	1,170		$	2,729		$	1,805		$	1,537


	6/30/2022			3/31/2022			12/31/2021			9/30/2021			6/30/2021
Commercial and industrial	$	197		$	186		$	191		$	253		$	355

Real estate — commercial mortgage		35			40			44			49			66
Real estate — construction		—			—			—			—			—
Total commercial real estate loans		35			40			44			49			66
Commercial lease financing		2			3			4			5			7
Total commercial loans		234			229			239			307			428
Real estate — residential mortgage		67			73			72			93			99
Home equity loans		120			129			135			146			146
Consumer direct loans		3			4			4			4			4
Credit cards		3			3			3			3			3
Consumer indirect loans		2			1			1			1			14
Total consumer loans		195			210			215			247			266
Total nonperforming loans		429			439			454			554			694
OREO		9			8			8			8			9
Nonperforming loans held for sale		25			20			24			35			32
Other nonperforming assets		—			—			3			2			3
Total nonperforming assets	$	463		$	467		$	489		$	599		$	738

Accruing loans past due 90 days or more		41			55			68			82			74
Accruing loans past due 30 through 89 days		137			122			165			164			190
Restructured loans — accruing and nonaccruing ^(a)		216			219			220			270			334
Restructured loans included in nonperforming loans ^(a)		94			98			99			146			177
Nonperforming assets from discontinued operations — education lending business		3			4			4			4			5
Nonperforming loans to period-end portfolio loans		.38	%		.41	%		.45	%		.56	%		.69	%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		.41			.44			.48			.61			.73