keycorp (KEY) Key Developments
KeyCorp. Mulls Acquisitions
Apr 17 15
KeyCorp. (NYSE:KEY) may seek acquisitions. KeyCorp is likely to pursue acquisition of small banks.
Keycorp. reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Net Loan Charge-Offs for the First Quarter of 2015
Apr 16 15
KeyCorp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported Total interest income was $636 million compared to $630 million a year ago. Net interest income was $571 million compared to $563 million a year ago. Net interest income after provision for credit losses was $536 million compared to $559 million a year ago. Income from continuing operations before income taxes was $304 million compared to $330 million a year ago. Income from continuing operations was $230 million compared to $238 million a year ago. Net income was $235 million compared to $242 million a year ago. Income from continuing operations attributable to Key common shareholders was $222 million or $0.26 per diluted share compared to $232 million or $0.26 per diluted share a year ago. Net income attributable to Key common shareholders was $227 million or $0.26 per diluted share compared to $236 million or $0.26 per diluted share a year ago. Return on average tangible common equity from continuing operations (non-GAAP) was 9.80% compared to 10.38% a year ago. Return on average tangible common equity consolidated (non-GAAP) was 10.02% compared to 10.56% a year ago. From continuing operations return on average total assets was 1.03% compared to 1.13% a year ago. Return on average common equity was 8.76% compared to 9.33 % a year ago. From consolidated operations return on average total assets was 1.03% compared to 1.09% a year ago. Return on average common equity was 8.96% compared to 9.50 % a year ago.
The company reported net loan charge-offs for the first quarter of 2015 totaled $28 million. These results compare to $20 million for the same period last year.
KeyCorp. Announces Change of Principal Accounting Officer, Effective May 29, 2015
Mar 30 15
KeyCorp. announced that on March 30, 2015, Robert L. Morris, KeyCorp's Principal Accounting Officer, announced that he will retire effective May 29, 2015. Mr. Morris will be succeeded as Principal Accounting Officer, effective May 29, 2015, by Douglas M. Schosser. Mr. Morris and Mr. Schosser will work closely together to ensure a smooth and successful transition. Since September of 2014, Mr. Schosser, age 44, has served as KeyCorp's Integration Manager overseeing all aspects of the integration of Pacific Crest Securities and KeyBanc Capital Markets. Prior to taking on the role of Integration Manager, beginning in February of 2010, Mr. Schosser held the position of Chief Financial Officer for Key's Corporate Bank.
KeyCorp Announces John Marrocco as New Cincinnati Market President and Commercial Sales Leader
Mar 27 15
KeyCorp has announced John Marrocco as its new Cincinnati Market President and Commercial Sales Leader. In his new job, Marrocco will oversee a team that presents innovative client solutions and strengthens Key's community investment. Before taking on this role, Marrocco was Senior Vice President and Commercial Sales Executive at Fifth Third Bank and managed a group of professional managers, relationship managers, specialized lending professionals, treasury management professionals and service/support staff. Marrocco is active in the Cincinnati community and is a board member with the Taft Museum of Art and Boys & Girls Club and is a member of the Queen City Club.
Keycorp. Announces Increase in Quarterly Common Share Dividend
Mar 11 15
KeyCorp. announced increase in the quarterly common share dividend from $0.065 per share up to $0.075 per share. Key's Board of Directors will consider the potential dividend increase in May.