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.3
Consolidated Balance Sheets
(dollars in millions)
3/31/202612/31/20253/31/2025
Assets
Loans$109,190 $106,541 $104,809 
Loans held for sale 876 1,077 811 
Securities available for sale38,918 39,596 40,751 
Held-to-maturity securities9,116 8,622 7,160 
Trading account assets783 1,061 1,296 
Short-term investments11,782 10,163 15,349 
Other investments1,204 949 1,050 
Total earning assets171,869 168,009 171,226 
Allowance for loan and lease losses(1,449)(1,427)(1,429)
Cash and due from banks1,130 1,287 1,909 
Premises and equipment618 628 602 
Goodwill2,752 2,752 2,752 
Other intangible assets5 8 22 
Corporate-owned life insurance4,439 4,432 4,404 
Accrued income and other assets9,100 8,481 8,958 
Discontinued assets199 211 247 
Total assets$188,663 $184,381 $188,691 
Liabilities
Deposits in domestic offices:
Interest-bearing deposits120,220 121,100 122,283 
Noninterest-bearing deposits27,595 27,613 28,454 
Total deposits147,815 148,713 150,737 
Federal funds purchased and securities sold under repurchase agreements 34 13 22 
Bank notes and other short-term borrowings6,149 1,071 2,328 
Accrued expense and other liabilities3,801 4,286 4,209 
Long-term debt10,877 9,917 12,392 
Total liabilities168,676 164,000 169,688 
Equity
Preferred stock2,500 2,500 2,500 
Common shares1,257 1,257 1,257 
Capital surplus5,981 6,035 5,946 
Retained earnings15,622 15,359 14,724 
Treasury stock, at cost(3,152)(2,810)(2,637)
Accumulated other comprehensive income (loss)(2,221)(1,960)(2,787)
Total equity19,987 20,381 19,003 
Total liabilities and equity$188,663 $184,381 $188,691 
Common shares outstanding (000)1,087,293 1,102,401 1,111,986 



Consolidated Statements of Income
(dollars in millions, except per share amounts)
Three months ended
3/31/202612/31/20253/31/2025
Interest income
Loans$1,416 $1,439 $1,401 
Loans held for sale14 18 14 
Securities available for sale370 388 392 
Held-to-maturity securities86 76 63 
Trading account assets11 12 17 
Short-term investments103 137 174 
Other investments5 8 9 
Total interest income2,005 2,078 2,070 
Interest expense
Deposits598 688 753 
Federal funds purchased and securities sold under repurchase agreements14 4 1 
Bank notes and other short-term borrowings20 9 27 
Long-term debt151 162 193 
Total interest expense783 863 974 
Net interest income1,222 1,215 1,096 
Provision for credit losses106 108 118 
Net interest income after provision for credit losses1,116 1,107 978 
Noninterest income
Trust and investment services income157 156 139 
Investment banking and debt placement fees197 243 175 
Service charges on deposit accounts77 78 69 
Operating lease income and other leasing gains8 9 9 
Corporate services income71 81 65 
Cards and payments income86 84 82 
Corporate-owned life insurance income34 40 33 
Consumer mortgage income13 16 13 
Commercial mortgage servicing fees62 68 76 
Other income18 7 7 
Net securities gains (losses)— — — 
Total noninterest income723 782 668 
Noninterest expense
Personnel743 790 680 
Net occupancy68 69 67 
Computer processing111 106 107 
Business services and professional fees36 61 40 
Equipment19 22 20 
Operating lease expense7 8 11 
Marketing18 28 21 
Intangible asset amortization— — — 
Other expense179 157 185 
Total noninterest expense1,181 1,241 1,131 
Income (loss) from continuing operations before income taxes658 648 515 
Income taxes136 139 109 
Income (loss) from continuing operations522 509 406 
Income (loss) from discontinued operations, net of taxes— 1 (1)
Net income (loss)522 510 405 
Less: Net income (loss) attributable to noncontrolling interests— — — 
Net income (loss) attributable to Key$522 $510 $405 
Income (loss) from continuing operations attributable to Key common shareholders$486 $474 $370 
Net income (loss) attributable to Key common shareholders486 475 369 
Per common share
Income (loss) from continuing operations attributable to Key common shareholders$.45 $.43 $.34 
Income (loss) from discontinued operations, net of taxes— — — 
Net income (loss) attributable to Key common shareholders (a)
.45 .43 .34 
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders$.44 $.43 $.33 
Income (loss) from discontinued operations, net of taxes— — — 
Net income (loss) attributable to Key common shareholders (a)
.44 .43 $.33 
Cash dividends declared per common share$.205 $.205 $.205 
Weighted-average common shares outstanding (000)1,084,277 1,095,171 1,096,654 
Effect of common share options and other stock awards (b)
10,091 11,152 9,486 
Weighted-average common shares and potential common shares outstanding (000) (c)
1,094,368 1,106,323 1,106,140 
(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.