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Section 1: 8-K (FORM 8-K)

Form 8-K

 

 

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): December 5, 2016

 

 

 

LOGO

(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))

 

 

 


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 nine-month periods ended September 30, 2016 and 2015.

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.


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: December 5, 2016      
    By:  

/s/ Douglas M. Schosser

      Douglas M. Schosser
      Chief Accounting Officer
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Section 2: EX-12 (EX-12)

EX-12

Exhibit 12

KEYCORP

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in millions)

(unaudited)

 

     Nine months ended
September 30,
     Year ended December 31,  
         2016              2015          2015      2014     2013      2012      2011  

Computation of Earnings

                   

Net income (loss) attributable to Key

   $ 562       $ 690       $ 916       $ 900      $ 910       $ 858       $ 920   

Add: Provision for income taxes

     141         230         303         326        271         231         364   

Less: Income (loss) from discontinued operations, net of taxes

     5         5         1         (39     40         23         (35
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Income (loss) before income taxes and cumulative effect of accounting change

     698         915         1,218         1,265        1,141         1,066         1,319   

Fixed charges, excluding interest on deposits

     174         136         185         160        154         200         248   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total earnings for computation, excluding interest on deposits

     872         1,051         1,403         1,425        1,295         1,266         1,567   

Interest on deposits

     114         79         105         117        158         257         390   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total earnings for computation, including interest on deposits

   $ 986       $ 1,130       $ 1,508       $ 1,542      $ 1,453       $ 1,523       $ 1,957   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Computation of Fixed Charges

                   

Net rental expense

   $ 80       $ 78       $ 104       $ 104      $ 111       $ 109       $ 106   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Portion of net rental expense deemed representative of interest

   $ 12       $ 12       $ 16       $ 16      $ 17       $ 16       $ 16   

Interest on short-term borrowed funds

     7         6         9         11        10         11         16   

Interest on long-term debt

     155         118         160         133        127         173         216   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total fixed charges, excluding interest on deposits

     174         136         185         160        154         200         248   

Interest on deposits

     114         79         105         117        158         257         390   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total fixed charges, including interest on deposits

   $ 288       $ 215       $ 290       $ 277      $ 312       $ 457       $ 638   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Combined Fixed Charges and Preferred Stock Dividends

                   

Preferred stock dividend requirement on a pre-tax basis

   $ 17       $ 17       $ 23       $ 22      $ 23       $ 22       $ 107   

Total fixed charges, excluding interest on deposits

     174         136         185         160        154         200         248   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Combined fixed charges and preferred stock dividends, excluding interest on deposits

     191         153         208         182        177         222         355   

Interest on deposits

     114         79         105         117        158         257         390   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Combined fixed charges and preferred stock dividends, including interest on deposits

   $ 305       $ 232       $ 313       $ 299      $ 335       $ 479       $ 745   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Ratio of Earnings to Fixed Charges

                   

Excluding deposit interest

     5.01         7.73         7.58         8.91        8.41         6.33         6.32   

Including deposit interest

     3.42         5.26         5.20         5.57        4.66         3.33         3.07   

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

                   

Excluding deposit interest

     4.57         6.87         6.75         7.83        7.32         5.70         4.41   

Including deposit interest

     3.23         4.87         4.82         5.16        4.34         3.18         2.63   
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