KeyCorp returns to profitability

first_imgKeyCorp (NYSE: KEY) today announced fourth quarter net income from continuing operations attributable to Key common shareholders of $292 million, or $.33 per common share. These results compare to a net loss from continuing operations attributable to Key common shareholders of $258 million, or $.30 per common share, for the fourth quarter of 2009. The fourth quarter 2010 results reflect an improvement in pre-provision net revenue and lower credit costs from the same period one-year ago. The fourth quarter 2009 results were negatively impacted by a $756 million loan loss provision. Fourth quarter 2010 net income attributable to Key common shareholders was $279 million compared to a net loss attributable to Key common shareholders of $265 million for the same quarter one year ago.For 2010, Key’s net income from continuing operations attributable to commonshareholders was $413 million, or $.47 per common share. Results for the current yearcompare to a net loss from continuing operations attributable to Key common shareholders of$1.581 billion, or $2.27 per common share, for 2009. The 2009 results were adverselyimpacted by an elevated loan loss provision and write-offs of certain intangible assets. Netincome attributable to Key common shareholders for the year ended December 31, 2010, was$390 million compared to a net loss attributable to Key common shareholders of $1.629 billionfor the same period one year ago.‘Key’s fourth quarter performance represents a strong finish to the year. We continueto make meaningful progress in both profitability and credit quality,’ said Chairman and ChiefExecutive Officer Henry L. Meyer III. ‘Furthermore, we are increasingly confident that thestrategic actions we have undertaken will continue to yield favorable results into 2011.’‘With three consecutive profitable quarters, and continued signs of increased economicactivity on the part of our clients, Key has clearly turned the corner and is positioned well tocompete in 2011,’ added Meyer. ‘Our core financial measures ‘ strong capital, enhancedliquidity, adequate loan loss reserves, as well as our exit from riskier lending categories ‘represent a firm foundation for profitability in the year ahead.’Meyer said he was particularly pleased with Key’s improvement in credit qualitymetrics and the Company’s capital position. Credit quality continued to improve across themajority of loan portfolios in both Key Community Bank and Key Corporate Bank, asnonperforming assets were down $463 million and nonperforming loans decreased by $304million from the previous quarter, and net charge-offs declined to $256 million for the fourthquarter of 2010.With respect to TARP repayment, Meyer stated: ‘We are aware that certain of our peerbanks have recently repaid TARP. The Comprehensive Capital Assessment Plan we submittedon January 7, 2011, included our proposal for repaying the TARP preferred stock in a mannerthat we believe makes sense for Key and our shareholders. Repaying TARP is a top priority forKey, but our patience has been appropriate because it has allowed us to demonstrate improvedfinancial performance and an increased stock price. Moreover, given the strength of our capitaland our improved risk profile and profitability, it is our goal to repay TARP in a less dilutivemanner than would have been achievable if we repaid prior to undergoing the Federal Reserve’sComprehensive Capital Assessment. All of this is subject to obtaining requisite regulatoryapprovals.’At December 31, 2010, Key’s estimated Tier 1 common equity and Tier 1 risk-basedcapital ratios were 9.31% and 15.10%, compared to 8.61% and 14.30%, respectively, atSeptember 30, 2010.Key’s strong capital and liquidity positions provide the Company with the ability toserve the borrowing needs of our clients as the economy expands. The Company originatedapproximately $8.5 billion in new or renewed lending commitments to consumers andbusinesses during the quarter and approximately $29.5 billion for the year ended December 31,2010.Meyer also noted that over the last two years, Key has opened 77 new branches andrenovated approximately 145 others, expanding Key’s 14-state branch network to 1,033branches. The Company plans to build an additional 40 new branches in 2011. Key alsorecently announced that it scored significantly higher than its four largest competitor banks in athird quarter 2010 customer satisfaction survey conducted by the American CustomerSatisfaction Index. Key’s scores were significantly better than bank industry scores acrossmultiple dimensions, most notably Customer Loyalty.During the quarter, Key announced that Meyer will retire on May 1, 2011, and thatBeth E. Mooney has been elected President and Chief Operating Officer of KeyCorp and amember of KeyCorp’s Board of Directors. Mooney will assume the additional role ofChairman and Chief Executive Officer on May 1, 2011, and become the first woman CEO of atop 20 U.S. bank. Mooney, who has over 30 years of experience in retail banking, commerciallending, and real estate financing, was previously Vice Chair of KeyCorp and head of Key’sCommunity Bank business.Key also announced the elections of William R. Koehler to President, Key CommunityBank and Christopher M. Gorman to President, Key Corporate Bank (previously known as KeyNational Banking). Koehler has 20 years of experience in the financial services industry, mostrecently as President of KeyBank’s Great Lakes Region. In his new role, Koehler is responsiblefor Key’s businesses associated with its 14-state branch network, including retail banking,small- and middle-market business banking, private banking, investment services andmortgage. Gorman was previously the senior executive vice president and head of the nowrenamed Key Corporate Bank.The following table shows Key’s continuing and discontinued operating results for thecomparative quarters and for the years ended December 31, 2010, and 2009.CLEVELAND, January 25, 2011last_img read more

Beef products recalled due to lack of inspection

Washington, D.C.— BEF Foods, Inc., a Lima, Ohio establishment, is recalling approximately 527 pounds of beef pasta products that were produced without the benefit of federal inspection and outside of inspection hours, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced today.The ready-to-eat beef stroganoff pasta items were produced on May 3, 2019. The following products are subject to recall: [View Label (PDF only)]18-oz. sealed plastic trays containing “Bob Evans Beef Stroganoff Pasta” with a USE BY date of 07/02/19 and a time-stamp ranging between the hours of 15:00 and 18:37 represented on the tray seal.The products subject to recall bear establishment number “EST. M-46062” inside the USDA mark of inspection. These items were shipped to retail locations in Alabama, Georgia, Illinois, Indiana, Kentucky, Michigan, and Ohio.The problem was discovered when FSIS personnel reviewed the records of production for the recalling firm.There have been no confirmed reports of adverse reactions due to consumption of these products. Anyone concerned about a reaction should contact a healthcare provider.FSIS is concerned that some product may be in consumer’s refrigerators or freezers. Consumers who have purchased these products are urged not to consume them. These products should be thrown away or returned to the place of purchase.FSIS routinely conducts recall effectiveness checks to verify recalling firms notify their customers of the recall and that steps are taken to make certain that the product is no longer available to consumers. When available, the retail distribution list(s) will be posted on the FSIS website at www.fsis.usda.gov/recalls.Consumers and members of the media with questions about the recall can contact BEF Foods, Consumer Relations at (800) 939-2338. read more

New Edubiase goalie wants Black Stars call up

first_imgNew Edubiase goalkeeper Idrissa Salia wants Ghana coach Kwesi Appiah to hand him a call up to the Black Stars.The young goalkeeper was adjudged as the best goalkeeper in last season’s MTN FA cup after keeping a clean sheet in the tournament.In an interview with JOY Sports Idrissa Salia noted that he is ready for a call up to the national team and calls for Coach Kwasi Appiah’s attention.“My target is to earn a call up to the national team”, said goalkeeper Salia“I have to work hard and not relent on this achievement so I can be called by Coach Kwasi Appiah. I will really love it and prove myself when the call up comes”.last_img

The Opinionated Spectator…Preseason Relevance

first_imgPittsburgh Steelers’ Ben Roethlisberger fumbles the ball during the first half of an NFL preseason football game against the Philadelphia Eagles, Thursday, Aug. 21, 2014, in Philadelphia. (AP Photo/Matt Rourke)Don’t you remember when the Steelers were relevant? The Steelers were an absolute force to be reckoned with. And the preseason was fun.The starters would come out onto the field, flex their muscles, score their points, and scare their opponents. The preseason was a taste of the ultimate beat down that the Steelers were going to reign on their opponents in the regular season. It was delicious.Although it was the preseason, the first half of the game was must-see television. It was our own black and gold version of the hunger games.On Thursday, August 21, 2014, the Steelers lost to Philadelphia Eagles by a score of 31-21 and it wasn’t as close as the score indicates.What happened to my delicious appetizer?There is only one word to describe last night’s performance. ABYSMALAlexis CobbIn terms of the Steelers’ records, this loss means nothing. Zilch. They don’t get penalized for it in the regular season. However, let’s look at this game with our postseason relevancy lenses.First and foremost, just when the players were gaining confidence from last week’s win against the Buffalo Bills, the players are back to square one. Rather than having to answer questions pertaining to hope and cautious optimism about the team’s future, the veterans must answer questions on losing and the possibility of another postseason absence.During training camp, Mike Tomlin stated, “We step into stadiums with one goal in mind and that is to win.”He is right. That has been the goal. Unfortunately, winning has not been the final product.And after watching Thursday’s game, winning was never an option. At halftime, the starters were losing by 17-0 and the fans were hoping that the Steelers would score to avoid a blowout.While many people don’t put much stock in the preseason, these preseason losses have been symptomatic of the Steelers regular season and subsequent lack of playoff appearances.In the 2013 season, the Steelers lost all four preseason games. You think that wasn’t indicative of their actual season? It was. The Steelers started the year with 4 consecutive losses, a bye week and finally managed to beat the NY Jets, which frankly, was nothing to be proud of. Their regular season record was 8-8 and the Pittsburgh Steelers didn’t make the postseason.Also, in the 2012 season, the Steelers once again lost several preseason games and went on to finish the year at 8-8.  They didn’t make the playoffs that year either.The last time the Steelers qualified to play in the postseason was in 2011. They played against the Denver Broncos and their starting quarterback was Tim Tebow. Tebow singlehandedly beat the Steelers in overtime.Think about those chilling facts, ladies and gentlemen. The Steelers have been irrelevant for so long that we have to recall when Tim Tebow started for an NFL team to dredge up memories of the Steelers most recent playoff history. That’s unacceptable.The Steelers need to fix their offensive and defensive problems so they can have a fighting chance at having a successful year and making the playoffs this year. They don’t need to be somewhere biting their nails hoping another team loses so they can snag a wildcard spot.Many of the Pittsburgh Steeler’s training camp practices have open to the public and the Pittsburgh Steelers fans are famished for some quality football. They cheer for the slightest improvement. They desperately want their team to be relevant again.Pittsburgh fans think they are entitled to greatness on the football field because they have six championships and a history of prolonged success and relevance.So while some people may think, hey it’s just a preseason game. No Big Deal. They are wrong.  These games mean something. They give the players a chance to build their confidence. They give teams a chance to build camaraderie. They are the stepping stones that help build the foundation for the upcoming season. And this season’s foundation seems shaky. REALLY REALLY Shaky.So, I’m asking the Steelers to pull themselves together. Do not be satisfied with being irrelevant and watching others become dominant. Shake off this foolishness, band together as a team and play some winning football.Alexis Sara Cobb may be reached at:  [email protected] or (724) 561-8082  Follow her on Twitter: @alexissaralast_img read more