Form 8-K KEYCORP /NEW/ For: Sep 08

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 8, 2015

 

 

 

(Exact Name of Registrant as Specified in Charter)

 

 

001-11302

(Commission File Number)

 

OHIO		34-6542451
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)

127 Public Square

Cleveland, Ohio 44114-1306

(Address of principal executive offices and zip code)

(216) 689-3000

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Item 8.01

Other Events

KeyCorp is filing this Current Report on Form 8-K to update its computation of consolidated ratio of earnings to combined fixed charges and preferred stock dividends to include computations for each of the six-month periods ended June 30, 2015 and 2014.

The statement of computation of consolidated ratio of earnings to combined fixed charges and preferred stock dividends filed as Exhibit 12 to this Current Report on Form 8-K is hereby incorporated by reference into KeyCorp’s Registration Statement on Form S-3 (File No. 333-196641).

 

Item 9.01

Exhibits

 

Exhibit Number		Description
12		Computation of Consolidated Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

				KeyCorp
Date: September 8, 2015
				/s/ Douglas M. Schosser
				By:    Douglas M. Schosser
				Chief Accounting Officer

Exhibit 12

KEYCORP

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in millions)

(unaudited)

 

		Six months ended June 30,								Year ended December 31,
		2015				2014				2014				2013				2012				2011				2010 (a)
Computation of Earnings
Net income (loss) attributable to Key		$	471			$	461			$	900			$	910			$	858			$	920			$	554
Add: Provision for income taxes			158				168				326				271				231				364				186
Less: Income (loss) from discontinued operations, net of taxes			8				(24	)			(39	)			40				23				(35	)			(23	)
Income (loss) before income taxes and cumulative effect of accounting change			621				653				1,265				1,141				1,066				1,319				763
Fixed charges, excluding interest on deposits			89				78				160				154				200				248				244
Total earnings for computation, excluding interest on deposits			710				731				1,425				1,295				1,266				1,567				1,007
Interest on deposits			52				63				117				158				257				390				671
Total earnings for computation, including interest on deposits		$	762			$	794			$	1,542			$	1,453			$	1,523			$	1,957			$	1,678
Computation of Fixed Charges
Net rental expense		$	51			$	52			$	104			$	111			$	109			$	106			$	120
Portion of net rental expense deemed representative of interest		$	8			$	8			$	16			$	17			$	16			$	16			$	18
Interest on short-term borrowed funds			4				5				11				10				11				16				20
Interest on long-term debt			77				65				133				127				173				216				206
Total fixed charges, excluding interest on deposits			89				78				160				154				200				248				244
Interest on deposits			52				63				117				158				257				390				671
Total fixed charges, including interest on deposits		$	141			$	141			$	277			$	312			$	457			$	638			$	915
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis		$	11			$	11			$	22			$	23			$	22			$	107			$	164
Total fixed charges, excluding interest on deposits			89				78				160				154				200				248				244
Combined fixed charges and preferred stock dividends, excluding interest on deposits			100				89				182				177				222				355				408
Interest on deposits			52				63				117				158				257				390				671
Combined fixed charges and preferred stock dividends, including interest on deposits		$	152			$	152			$	299			$	335			$	479			$	745			$	1,079
Ratio of Earnings to Fixed Charges
Excluding deposit interest			7.98				9.37				8.91				8.41				6.33				6.32				4.13
Including deposit interest			5.40				5.63				5.57				4.66				3.33				3.07				1.83
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Excluding deposit interest			7.10				8.21				7.83				7.32				5.70				4.41				2.47
Including deposit interest			5.01				5.22				5.16				4.34				3.18				2.63				1.56

 

(a)	Financial data was not adjusted to reflect the treatment of Victory as a discontinued operation.

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