KeyCorp (NYSE: KEY), which has a major presence in Central New York, earned net income from continuing operations of $196 million, or 21 cents per share, in the first quarter.
That’s up slightly from $195 million, or 20 cents a share, in the year-ago period. Key’s earnings per share also beat analysts’ expectations of 20 cents.
Key incurred $15 million, or one cent per share, of costs associated with a previously announced cost-cutting initiative, the company said.
“Our first quarter results highlight the strength of our business model and the progress we are making to ensure that Key is well-positioned for future growth,” CEO Beth E. Mooney said in a news release. “We continued to experience growth in average loans; however, our customers remained cautious regarding the overall strength of the economy and were somewhat restrained in their borrowing during the quarter following a very strong fourth quarter.”
Cleveland, Ohio–based KeyCorp is the parent company of KeyBank, which has more than 1,000 branches in 14 states.
KeyBank is the number two bank in the Syracuse–metro area deposit market with 27 branches, more than $1.8 billion in deposits, and a market share of 16.8 percent, according to the latest statistics from the Federal Deposit Insurance Corp.
The bank has two offices, more than $58 million in deposits, and a market share of 1.6 percent in the Utica–Rome area.
Contact Reinhardt at ereinhardt@cnybj.com