KeyCorp (NYSE: KEY) reported Q4 EPS of $0.28, $0.02 better than the analyst estimate of $0.26. Revenue for the quarter came in at $0 versus the consensus estimate of $1.04 billion.

"Fourth quarter was a strong finish to the year," said Chairman and Chief Executive Officer Beth Mooney. "Our results reflect positive operating leverage, with both revenue growth and well-controlled expenses. Revenue benefited from solid loan growth, driven by a 12% increase from the prior year in commercial, financial and agricultural loans. Core expense levels continued to decline, and our net charge-offs remained well below our historical average."

"Our full-year results reflect the successful execution of our strategy to grow and expand relationships, invest in our businesses, and return peer-leading capital to our shareholders," continued Mooney. "We had a record year for investment banking and debt placement fees and remain on track with our successful integration of Pacific Crest Securities. A 2% decrease in expenses drove positive operating leverage for the year, and we expect further improvement in efficiency and productivity."

"Capital remains a strength of our company. We ended the year with a Tier 1 common equity ratio above 11%, while we continued to execute on our commitment to return capital to our shareholders through dividends and share repurchases. During the year, we announced an 18% increase in the common share dividend and repurchased $496 million of common shares. In total, we paid out 82% of 2014 net income to our shareholders," added Mooney.

FOURTH QUARTER 2014 FINANCIAL RESULTS, from continuing operations

Compared to Fourth Quarter of 2013

• Average loans up 5.5%, driven by a 12.3% growth in commercial, financial and agricultural loans
• Average deposits up 2% due to growth in commercial mortgage servicing and commercial deposits offsetting a decline in certificates of deposit
• Net interest income (taxable-equivalent) relatively stable, as growth in earning assets offset lower earning asset yields
• Noninterest income up $37 million, reflecting higher investment banking and debt placement fees, trust and investment services income, and corporate services income, offsetting declines in other income, mortgage servicing fees, and operating lease income and other leasing gains
• Noninterest expense down $8 million, reflecting lower efficiency- and pension-related charges and other expense, slightly offset by higher incentive compensation expense
• Efficiency initiative and pension settlement charges of $11 million, or $.01 per common share, incurred during the fourth quarter of 2014, compared to $24 million, or $.02 per common share, during the fourth quarter of 2013
• Asset quality improved, with net loan charge-offs to average loans declining from .27% to .22%
• Disciplined capital management, repurchasing $128 million of common shares during the fourth quarter of 2014 and maintaining top tier capital position with Tier 1 common equity of 11.18%

For earnings history and earnings-related data on KeyCorp (KEY) click here.