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KeyCorp reports 8 percent rise in net income

By THOMAS ADAMS - 7/17/2014 4:41:56 PM

KeyCorp, parent of KeyBank N.A., in the Rochester market, reported an 8 percent increase in second-quarter net income attributable to common shareholders Thursday.
 
The Cleveland-based bank reported net income of $214 million, or 24 cents a diluted share. That compares with net income on the same basis of $198 million, or 22 a diluted share, in the second quarter 2013.

Excluding onetime charges, net income for the quarter ending June 30 was $242 million, or 28 cents a basic share, up from $193 million, or 21 cents a share, a year ago.

Analysts had expected the bank to report earnings per share of 26 cents.

Key also announced an agreement to acquire Pacific Crest Securities, a technology-focused investment bank based in Portland, Ore. The purchase price was not disclosed. The transaction is scheduled to close in the third quarter, pending regulatory approval.

KeyBank N.A. ranks sixth in the Rochester market with local deposits of $888.3 million, data from the Federal Deposit Insurance Corp. shows.

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