Contents 2003 KeyCorp Annual Report 43 Fourth Quarter Results 33 Risk Management 31 Off-Balance Sheet Arrangements and  Aggregate Contractual Obligations 25 Financial Condition 17 Results of Operations 13 Line of Business Results 11 Highlights of Key’s 2003 Performance 8 Introduction 8 FINANCIAL REVIEW ManagementGLYPH<213>s Discussion & Analysis of Financial Condition & Results of Operations 6 KEY IN PERSPECTIVE 2 LETTER TO SHAREHOLDERS Key Chairman and CEO Henry Meyer describes why the company is well positioned to deliver stronger results An easy-to-read guide that describes KeyGLYPH<213>s  lines of business 8 Terminology 8 Description of business 8 Long-term goals and related factors 9 Corporate strategy 9 Significant accounting policies and estimates 11 Revenue recognition 14 Consumer Banking 16 Corporate and Investment Banking 16 Investment Management Services 17 Other Segments 17 Net interest income 21 Noninterest income 23 Noninterest expense 24 Income taxes 25 Loans 28 Securities 29 Deposits and other sources of funds 30 Capital 31 Off-balance sheet arrangements 32 Contractual obligations 32 Guarantees 33 Overview 33 Market risk management 37 Credit risk management 40 Liquidity risk management 43 Operational risk management 45 Report of Management 45 Report of Independent Auditors 46 Consolidated Balance Sheets 47 Consolidated Statements of Income 48 Consolidated Statements of Changes in  ShareholdersGLYPH<213> Equity 49 Consolidated Statements of Cash Flow 50 Notes to Consolidated Financial Statements 50 Summary of Significant Accounting Policies 57 Earnings Per Common Share 57 Acquisitions and Divestiture 58 Line of Business Results 61 Restrictions on Cash, Dividends  and Lending Activities 61 Securities 63 Loans 63 Loan Securitizations and Variable  Interest Entities 66 Impaired Loans and Other Nonperforming Assets 66 Goodwill and Other Intangible Assets 68 Short-Term Borrowings 69 Long-Term Debt 69 Capital Securities Issued By  Unconsolidated Subsidiaries 70 Shareholders’ Equity 72 Stock Options 73 Employee Benefits 76 Income Taxes 77 Commitments, Contingent Liabilities  and Guarantees 80 Derivatives and Hedging Activities 82 Fair Value Disclosures of Financial  Instruments 83 Condensed Financial Information  of the Parent Company Click to go to that page.  Key 2003  GLYPH<c5412> 1 NEXT PAGE SEARCH