EX-99.3 4 a2q22erex993.htm EX-99.3 Document
Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
6/30/20223/31/20226/30/2021
Assets
Loans$112,390 $106,600 $100,730 
Loans held for sale 1,306 1,170 1,537 
Securities available for sale42,437 43,681 34,638 
Held-to-maturity securities8,186 6,871 6,175 
Trading account assets809 848 851 
Short-term investments2,456 3,881 20,460 
Other investments969 722 635 
Total earning assets168,553 163,773 165,026 
Allowance for loan and lease losses(1,099)(1,105)(1,220)
Cash and due from banks678 684 792 
Premises and equipment638 647 785 
Goodwill2,752 2,694 2,673 
Other intangible assets118 118 159 
Corporate-owned life insurance4,343 4,340 4,304 
Accrued income and other assets10,529 9,544 7,966 
Discontinued assets496 526 630 
Total assets$187,008 $181,221 $181,115 
Liabilities
Deposits in domestic offices:
NOW and money market deposit accounts$83,628 $86,829 $85,242 
Savings deposits7,934 7,840 6,993 
Certificates of deposit ($100,000 or more)1,421 1,533 2,064 
Other time deposits1,909 2,037 2,493 
Total interest-bearing deposits94,892 98,239 96,792 
Noninterest-bearing deposits50,973 50,424 49,280 
Total deposits145,865 148,663 146,072 
Federal funds purchased and securities sold under repurchase agreements 3,234 599 211 
Bank notes and other short-term borrowings2,809 2,222 723 
Accrued expense and other liabilities4,056 3,615 2,957 
Long-term debt16,617 10,814 13,211 
Total liabilities172,581 165,913 163,174 
Equity
Preferred stock1,900 1,900 1,900 
Common shares1,257 1,257 1,257 
Capital surplus6,241 6,214 6,232 
Retained earnings15,118 14,793 13,689 
Treasury stock, at cost(5,923)(5,927)(5,287)
Accumulated other comprehensive income (loss)(4,166)(2,929)150 
Key shareholders’ equity14,427 15,308 17,941 
Noncontrolling interests — — 
Total equity14,427 15,308 17,941 
Total liabilities and equity$187,008 $181,221 $181,115 
Common shares outstanding (000)932,643 932,398 960,276 




Consolidated Statements of Income
(dollars in millions, except per share amounts)
Three months endedSix months ended
6/30/20223/31/20226/30/20216/30/20226/30/2021
Interest income
Loans$923 $837 $888 $1,760 $1,777 
Loans held for sale10 12 11 22 22 
Securities available for sale188 173 133 361 263 
Held-to-maturity securities48 46 45 94 90 
Trading account assets7 13 10 
Short-term investments13 17 11 
Other investments4 6 
Total interest income1,193 1,080 1,090 2,273 2,177 
Interest expense
Deposits20 14 16 34 37 
Federal funds purchased and securities sold under repurchase agreements6 — — 6 — 
Bank notes and other short-term borrowings9 12 
Long-term debt61 49 54 110 114 
Total interest expense96 66 73 162 155 
Net interest income1,097 1,014 1,017 2,111 2,022 
Provision for credit losses45 83 (222)128 (315)
Net interest income after provision for credit losses1,052 931 1,239 1,983 2,337 
Noninterest income
Trust and investment services income137 136 133 273 266 
Investment banking and debt placement fees149 163 217 312 379 
Service charges on deposit accounts96 91 83 187 156 
Operating lease income and other leasing gains28 32 36 60 74 
Corporate services income88 90 55 178 119 
Cards and payments income85 80 113 165 218 
Corporate-owned life insurance income35 31 30 66 61 
Consumer mortgage income14 21 26 35 73 
Commercial mortgage servicing fees45 36 44 81 78 
Other income11 (4)13 7 64 
Total noninterest income688 676 750 1,364 1,488 
Noninterest expense
Personnel607 630 623 1,237 1,247 
Net occupancy78 73 75 151 151 
Computer processing78 77 71 155 144 
Business services and professional fees52 53 51 105 101 
Equipment26 23 25 49 50 
Operating lease expense27 28 31 55 65 
Marketing34 28 31 62 57 
Intangible asset amortization — —  — 
Other expense176 158 169 334 332 
Total noninterest expense1,078 1,070 1,076 2,148 2,147 
Income (loss) from continuing operations before income taxes662 537 913 1,199 1,678 
Income taxes132 90 189 222 336 
Income (loss) from continuing operations530 447 724 977 1,342 
Income (loss) from discontinued operations, net of taxes3 4 
Net income (loss)533 448 729 981 1,351 
Less: Net income (loss) attributable to noncontrolling interests — —  — 
Net income (loss) attributable to Key$533 $448 $729 $981 $1,351 
Income (loss) from continuing operations attributable to Key common shareholders$504 $420 $698 $924 $1,289 
Net income (loss) attributable to Key common shareholders507 421 703 928 1,298 
Per common share
Income (loss) from continuing operations attributable to Key common shareholders$.54 $.45 $.73 $1 $1.34 
Income (loss) from discontinued operations, net of taxes — —  .01 
Net income (loss) attributable to Key common shareholders (a)
.55 .46 .73 1 1.35 
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders$.54 $.45 $.72 $.99 $1.33 
Income (loss) from discontinued operations, net of taxes — —  .01 
Net income (loss) attributable to Key common shareholders (a)
.54 .45 $.73 1.00 1.34 
Cash dividends declared per common share$.195 $.195 $.185 $.39 $.37 
Weighted-average common shares outstanding (000)924,302 922,941 957,423 923,717 961,292 
Effect of common share options and other stock awards7,506 10,692 9,740 9,087 9,514 
Weighted-average common shares and potential common shares outstanding (000) (b)
931,808 933,634 967,163 932,805 970,806 
(a)Earnings per share may not foot due to rounding.
(b)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.