NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KEYCORP AND SUBSIDIARIES PREVIOUS PAGE SEARCH BACK TO CONTENTS NEXT PAGE 83 21. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY CONDENSED BALANCE SHEETS December 31, in millions 2003 2002 ASSETS Interest-bearing deposits $ 999 $ 1,406 Loans and advances to subsidiaries: Banks 77 77 Nonbank subsidiaries 1,041 693 1,118 770 Investment in subsidiaries: Banks 6,155 5,884 Nonbank subsidiaries 1,732 1,993 7,887 7,877 Accrued income and other assets 912 881 Total assets $10,916 $10,934 LIABILITIES Accrued expense and other liabilities $ 535 $ 595 Short-term borrowings 141 187 Long-term debt: Subsidiaries 2 1,142 UnafGLYPH<222>liated companies 3,269 2,175 3,271 3,317 Total liabilities 3,947 4,099 SHAREHOLDERSGLYPH<213> EQUITY a 6,969 6,835 Total liabilities and shareholdersGLYPH<213> equity $10,916 $10,934 CONDENSED STATEMENTS OF INCOME Year ended December 31, in millions 2003 2002 2001 INCOME Dividends from subsidiaries: Banks $245 $ 900 $ 500 Nonbank subsidiaries 73 200 107 Interest income from subsidiaries 41 54 77 Other income 16 3 49 375 1,157 733 EXPENSES Interest on long-term debt with subsidiary trusts 38 80 92 Interest on other borrowed funds 48 33 132 Personnel and other expense 115 58 52 201 171 276 Income before income tax beneGLYPH<222>t and equity in net income less dividends from subsidiaries 174 986 457 Income tax beneGLYPH<222>t 45 53 28 219 1,039 485 Equity in net income less dividends from subsidiaries 684 (63) (353) NET INCOME $903 $ 976 $ 132 a See page 48 for KeyCorpGLYPH<213>s Consolidated Statements of Changes in ShareholdersGLYPH<213> Equity.