Consolidated Balance Sheets | |||||||||||||||||
(dollars in millions) | |||||||||||||||||
3/31/2024 | 12/31/2023 | 3/31/2023 | |||||||||||||||
Assets | |||||||||||||||||
Loans | $ | 109,885 | $ | 112,606 | $ | 119,971 | |||||||||||
Loans held for sale | 228 | 483 | 1,211 | ||||||||||||||
Securities available for sale | 37,298 | 37,185 | 39,498 | ||||||||||||||
Held-to-maturity securities | 8,272 | 8,575 | 9,561 | ||||||||||||||
Trading account assets | 1,171 | 1,142 | 1,118 | ||||||||||||||
Short-term investments | 13,205 | 10,817 | 8,410 | ||||||||||||||
Other investments | 1,247 | 1,244 | 1,587 | ||||||||||||||
Total earning assets | 171,306 | 172,052 | 181,356 | ||||||||||||||
Allowance for loan and lease losses | (1,542) | (1,508) | (1,380) | ||||||||||||||
Cash and due from banks | 1,247 | 941 | 784 | ||||||||||||||
Premises and equipment | 650 | 661 | 628 | ||||||||||||||
Goodwill | 2,752 | 2,752 | 2,752 | ||||||||||||||
Other intangible assets | 48 | 55 | 85 | ||||||||||||||
Corporate-owned life insurance | 4,392 | 4,383 | 4,372 | ||||||||||||||
Accrued income and other assets | 8,314 | 8,601 | 8,512 | ||||||||||||||
Discontinued assets | 318 | 344 | 410 | ||||||||||||||
Total assets | $ | 187,485 | $ | 188,281 | $ | 197,519 | |||||||||||
Liabilities | |||||||||||||||||
Deposits in domestic offices: | |||||||||||||||||
Interest-bearing deposits | 114,593 | 114,859 | 106,841 | ||||||||||||||
Noninterest-bearing deposits | 29,638 | 30,728 | 37,307 | ||||||||||||||
Total deposits | 144,231 | 145,587 | 144,148 | ||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 27 | 38 | 1,374 | ||||||||||||||
Bank notes and other short-term borrowings | 2,896 | 3,053 | 10,061 | ||||||||||||||
Accrued expense and other liabilities | 5,008 | 5,412 | 4,861 | ||||||||||||||
Long-term debt | 20,776 | 19,554 | 22,753 | ||||||||||||||
Total liabilities | 172,938 | 173,644 | 183,197 | ||||||||||||||
Equity | |||||||||||||||||
Preferred stock | 2,500 | 2,500 | 2,500 | ||||||||||||||
Common shares | 1,257 | 1,257 | 1,257 | ||||||||||||||
Capital surplus | 6,164 | 6,281 | 6,207 | ||||||||||||||
Retained earnings | 15,662 | 15,672 | 15,700 | ||||||||||||||
Treasury stock, at cost | (5,722) | (5,844) | (5,868) | ||||||||||||||
Accumulated other comprehensive income (loss) | (5,314) | (5,229) | (5,474) | ||||||||||||||
Key shareholders’ equity | 14,547 | 14,637 | 14,322 | ||||||||||||||
Noncontrolling interests | — | — | — | ||||||||||||||
Total equity | 14,547 | 14,637 | 14,322 | ||||||||||||||
Total liabilities and equity | $ | 187,485 | $ | 188,281 | $ | 197,519 | |||||||||||
Common shares outstanding (000) | 942,776 | 936,564 | 935,229 |
Consolidated Statements of Income | |||||||||||||||||
(dollars in millions, except per share amounts) | |||||||||||||||||
Three months ended | |||||||||||||||||
3/31/2024 | 12/31/2023 | 3/31/2023 | |||||||||||||||
Interest income | |||||||||||||||||
Loans | $ | 1,538 | $ | 1,574 | $ | 1,476 | |||||||||||
Loans held for sale | 14 | 12 | 13 | ||||||||||||||
Securities available for sale | 232 | 213 | 194 | ||||||||||||||
Held-to-maturity securities | 75 | 78 | 74 | ||||||||||||||
Trading account assets | 14 | 13 | 12 | ||||||||||||||
Short-term investments | 142 | 138 | 42 | ||||||||||||||
Other investments | 17 | 22 | 13 | ||||||||||||||
Total interest income | 2,032 | 2,050 | 1,824 | ||||||||||||||
Interest expense | |||||||||||||||||
Deposits | 782 | 754 | 350 | ||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 1 | — | 22 | ||||||||||||||
Bank notes and other short-term borrowings | 46 | 45 | 78 | ||||||||||||||
Long-term debt | 328 | 330 | 275 | ||||||||||||||
Total interest expense | 1,157 | 1,129 | 725 | ||||||||||||||
Net interest income | 875 | 921 | 1,099 | ||||||||||||||
Provision for credit losses | 101 | 102 | 139 | ||||||||||||||
Net interest income after provision for credit losses | 774 | 819 | 960 | ||||||||||||||
Noninterest income | |||||||||||||||||
Trust and investment services income | 136 | 132 | 128 | ||||||||||||||
Investment banking and debt placement fees | 170 | 136 | 145 | ||||||||||||||
Service charges on deposit accounts | 63 | 65 | 67 | ||||||||||||||
Operating lease income and other leasing gains | 24 | 22 | 25 | ||||||||||||||
Corporate services income | 69 | 67 | 76 | ||||||||||||||
Cards and payments income | 77 | 84 | 81 | ||||||||||||||
Corporate-owned life insurance income | 32 | 36 | 29 | ||||||||||||||
Consumer mortgage income | 14 | 11 | 11 | ||||||||||||||
Commercial mortgage servicing fees | 56 | 48 | 46 | ||||||||||||||
Other income | 6 | 9 | — | ||||||||||||||
Total noninterest income | 647 | 610 | 608 | ||||||||||||||
Noninterest expense | |||||||||||||||||
Personnel | 674 | 674 | 701 | ||||||||||||||
Net occupancy | 67 | 65 | 70 | ||||||||||||||
Computer processing | 102 | 92 | 92 | ||||||||||||||
Business services and professional fees | 41 | 44 | 45 | ||||||||||||||
Equipment | 20 | 24 | 22 | ||||||||||||||
Operating lease expense | 17 | 18 | 20 | ||||||||||||||
Marketing | 19 | 31 | 21 | ||||||||||||||
Intangible asset amortization | — | — | — | ||||||||||||||
Other expense | 203 | 424 | 205 | ||||||||||||||
Total noninterest expense | 1,143 | 1,372 | 1,176 | ||||||||||||||
Income (loss) from continuing operations before income taxes | 278 | 57 | 392 | ||||||||||||||
Income taxes | 59 | (8) | 81 | ||||||||||||||
Income (loss) from continuing operations | 219 | 65 | 311 | ||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | 1 | ||||||||||||||
Net income (loss) | 219 | 65 | 312 | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | — | ||||||||||||||
Net income (loss) attributable to Key | $ | 219 | $ | 65 | $ | 312 | |||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | 183 | $ | 30 | $ | 275 | |||||||||||
Net income (loss) attributable to Key common shareholders | 183 | 30 | 276 | ||||||||||||||
Per common share | |||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .20 | $ | .03 | $ | .30 | |||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | ||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .20 | .03 | .30 | ||||||||||||||
Per common share — assuming dilution | |||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .20 | $ | .03 | $ | .30 | |||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | ||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .20 | .03 | $ | .30 | |||||||||||||
Cash dividends declared per common share | $ | .205 | $ | .205 | $ | .205 | |||||||||||
Weighted-average common shares outstanding (000) | 929,692 | 927,517 | 926,490 | ||||||||||||||
Effect of common share options and other stock awards | 7,319 | 6,529 | 7,314 | ||||||||||||||
Weighted-average common shares and potential common shares outstanding (000) (b) | 937,011 | 934,046 | 933,804 | ||||||||||||||