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KeyCorp Q2'16 EPS hit by merger-related expense


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KeyCorp Q2'16 EPS hit by merger-related expense

reported second-quarternet income from continuing operations attributable to common shareholders of$193 million, or 23 cents per share, compared to the $230 million, or27 cents per share,in the year-ago period.

Duringthe latest quarter, the Cleveland-based company incurred merger-related expensetotaling $45 million, or 4 cents per common share. Excluding merger-relatedexpense, earnings per common share were 27 cents for the quarter, according toa news release.

TheS&P Capital IQ consensus normalized EPS estimate for the recent quarter was28 cents.

On ataxable equivalent basis, the company's net interest margin from continuingoperations was 2.76% for the second quarter, compared to 2.89% for the linkedquarter and 2.88% for the second quarter of 2015.

Nonperformingassets amounted to $637 million at June 30, compared to $692 million at March31 and $440 million at the end of the 2015 second quarter. The provision forcredit losses was $52 million for the latest quarter, compared to $89 millionfor the linked quarter and $41 million for the second quarter of 2015.

Net loan charge-offs for the second quarter totaled $43million, or 0.28% of average total loans. These results compare to $46 million,or 0.31%, for the first quarter of 2016 and $36 million, or 0.25%, for thesecond quarter of 2015.

The company's existing buyback program is currentlysuspended due to the pending of ,which is scheduled to close on or about Aug. 1.

KeyCorp's2016 capitalplan, effective as of the third quarter, received no objection fromthe Federal Reserve during the Comprehensive Capital Analysis and Reviewprocess and includes common share repurchases of up to $350 million. Thisauthorization includes repurchases to offset issuances of common shares underits employee compensation plans. Share repurchases are expected to be executedfollowing the completion of the pending acquisition of First Niagara FinancialGroup and through the second quarter of 2017.