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KeyCorp incurs merger-related charges of $198M in Q4'16

KeyCorp on Jan. 19 reported fourth-quarter 2016 net income from continuing operations attributable to common shareholders of $213 million, or 20 cents per share. A year ago, it was $224 million, or 27 cents per share.

During the three months ended Dec. 31, 2016, the Cleveland-based company incurred merger-related charges totaling $198 million, or 11 cents per share. The S&P Capital IQ consensus normalized EPS estimate was 29 cents for the most recent quarter and $1.10 for the full year.

The quarter recorded taxable equivalent net interest income of $948 million and net interest margin of 3.12%, compared to $610 million and 2.87% in the year-ago periods. The increase reflects the benefit from KeyCorp's acquisition of First Niagara Financial Group Inc. and ongoing business activity, according to the earnings report.

Nonperforming assets at Dec. 31, 2016, totaled $676 million, compared to $760 million in the previous quarter. The recent quarter's provision for credit losses was $66 million, compared to $59 million in the linked period and $45 million in the fourth quarter of 2015. Meanwhile, net loan charge-offs for the period totaled $72 million, up sequentially from $44 million and year over year from $37 million.

Additionally, total loans for the fourth quarter stood at $85.36 billion, up 43.3% from $59.60 billion in the same quarter last year.