KeyCorp, parent company of Key Bank of Utah, reports the fourth consecutive year of record net income.
Victor J. Riley Jr., chairman, president and chief executive officer, said KeyCorp had net income of $148.4 million in 1990, an 8.4 percent increase over 1989 with earnings per common share of $3.47, an 8.4 percent over the $3.20 for 1989.There was an average of 42.2 million common shares outstanding in 1990 compared to the 41.8 million common shares outstanding in 1989.
In the fourth quarter of 1990, earnings were $37.7 million, a 3.6 percent increase over the $36.4 million in the same quarter a year ago. Earnings per common share advanced to 88 cents from 86 cents in the fourth quarter, a 2.3 percent increase.
"Our performance for the fourth quarter and all of 1990 reflect both the strength of the KeyCorp enterprise and the challenges of a declining economy. KeyCorp has maintained compounded earnings per share growth over the past five years of 9.3 percent," Riley said.
"And despite the ongoing softness in certain segments of the nation's economy, we believe our goal of continuing to average that rate of growth or better over the next several years is achievable," he said.
Commenting on the important aspects of the fourth quarter and all of 1990, William H. Dougherty, executive vice president and chief financial officer, said, "The most significant impact on our fourth quarter performance relates to the purchase on Sept. 28 of two divisions of the failed Empire of America Federal Savings Bank from the Resolution Trust Corp."