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.3
Consolidated Balance Sheets
(dollars in millions)
3/31/202512/31/20243/31/2024
Assets
Loans$104,809 $104,260 $109,885 
Loans held for sale 811 797 228 
Securities available for sale40,751 37,707 37,298 
Held-to-maturity securities7,160 7,395 8,272 
Trading account assets1,296 1,283 1,171 
Short-term investments15,349 17,504 13,205 
Other investments1,050 1,041 1,247 
Total earning assets171,226 169,987 171,306 
Allowance for loan and lease losses(1,429)(1,409)(1,542)
Cash and due from banks1,909 1,743 1,247 
Premises and equipment602 614 650 
Goodwill2,752 2,752 2,752 
Other intangible assets22 27 48 
Corporate-owned life insurance4,404 4,394 4,392 
Accrued income and other assets8,958 8,797 8,314 
Discontinued assets247 263 318 
Total assets$188,691 $187,168 $187,485 
Liabilities
Deposits in domestic offices:
Interest-bearing deposits122,283 120,132 114,593 
Noninterest-bearing deposits28,454 29,628 29,638 
Total deposits150,737 149,760 144,231 
Federal funds purchased and securities sold under repurchase agreements 22 14 27 
Bank notes and other short-term borrowings2,328 2,130 2,896 
Accrued expense and other liabilities4,209 4,983 5,008 
Long-term debt12,392 12,105 20,776 
Total liabilities169,688 168,992 172,938 
Equity
Preferred stock2,500 2,500 2,500 
Common shares1,257 1,257 1,257 
Capital surplus5,946 6,038 6,164 
Retained earnings14,724 14,584 15,662 
Treasury stock, at cost(2,637)(2,733)(5,722)
Accumulated other comprehensive income (loss)(2,787)(3,470)(5,314)
Key shareholders’ equity19,003 18,176 14,547 
Noncontrolling interests— — — 
Total equity19,003 18,176 14,547 
Total liabilities and equity$188,691 $187,168 $187,485 
Common shares outstanding (000)1,111,986 1,106,786 942,776 



Consolidated Statements of Income
(dollars in millions, except per share amounts)
Three months ended
3/31/202512/31/20243/31/2024
Interest income
Loans$1,401 $1,448 $1,538 
Loans held for sale14 20 14 
Securities available for sale392 353 232 
Held-to-maturity securities63 66 75 
Trading account assets17 16 14 
Short-term investments174 214 142 
Other investments9 15 17 
Total interest income2,070 2,132 2,032 
Interest expense
Deposits753 821 782 
Federal funds purchased and securities sold under repurchase agreements1 1 1 
Bank notes and other short-term borrowings27 24 46 
Long-term debt193 235 328 
Total interest expense974 1,081 1,157 
Net interest income1,096 1,051 875 
Provision for credit losses118 39 101 
Net interest income after provision for credit losses978 1,012 774 
Noninterest income
Trust and investment services income139 142 136 
Investment banking and debt placement fees175 221 170 
Service charges on deposit accounts69 65 63 
Operating lease income and other leasing gains9 15 24 
Corporate services income65 69 69 
Cards and payments income82 85 77 
Corporate-owned life insurance income33 36 32 
Consumer mortgage income13 16 14 
Commercial mortgage servicing fees76 68 56 
Other income7 (5)9 
Net securities gains (losses)— (908)(3)
Total noninterest income668 (196)647 
Noninterest expense
Personnel680 734 674 
Net occupancy67 67 67 
Computer processing107 107 102 
Business services and professional fees40 55 41 
Equipment20 20 20 
Operating lease expense11 15 17 
Marketing21 33 19 
Intangible asset amortization— — — 
Other expense185 198 203 
Total noninterest expense1,131 1,229 1,143 
Income (loss) from continuing operations before income taxes515 (413)278 
Income taxes109 (169)59 
Income (loss) from continuing operations406 (244)219 
Income (loss) from discontinued operations, net of taxes(1)— — 
Net income (loss)405 (244)219 
Less: Net income (loss) attributable to noncontrolling interests— — — 
Net income (loss) attributable to Key$405 $(244)$219 
Income (loss) from continuing operations attributable to Key common shareholders$370 $(279)$183 
Net income (loss) attributable to Key common shareholders369 (279)183 
Per common share
Income (loss) from continuing operations attributable to Key common shareholders$.34 $(.28)$.20 
Income (loss) from discontinued operations, net of taxes— — — 
Net income (loss) attributable to Key common shareholders (a)
.34 (.28).20 
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders$.33 $(.28)$.20 
Income (loss) from discontinued operations, net of taxes— — — 
Net income (loss) attributable to Key common shareholders (a)
.33 (.28)$.20 
Cash dividends declared per common share$.205 $.205 $.205 
Weighted-average common shares outstanding (000)1,096,654 986,829 929,692 
Effect of common share options and other stock awards (b)
9,486 — 7,319 
Weighted-average common shares and potential common shares outstanding (000) (c)
1,106,140 986,829 937,011 
(a)Earnings per share may not foot due to rounding.
(b)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
(c)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.