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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME        
Loans $ 1,524 $ 1,576 $ 3,062 $ 3,052
Loans held for sale 8 17 22 30
Securities available for sale 259 194 491 388
Held-to-maturity securities 73 81 148 155
Trading account assets 16 15 30 27
Short-term investments 192 111 334 153
Other investments 16 16 33 29
Total interest income 2,088 2,010 4,120 3,834
INTEREST EXPENSE        
Deposits 817 531 1,599 881
Federal funds purchased and securities sold under repurchase agreements 1 48 2 70
Bank notes and other short-term borrowings 51 104 97 182
Long-term debt 332 349 660 624
Total interest expense 1,201 1,032 2,358 1,757
NET INTEREST INCOME 887 978 1,762 2,077
Provision for credit losses 100 167 201 306
Net interest income after provision for credit losses 787 811 1,561 1,771
NONINTEREST INCOME        
Trust and investment services income 139 126 275 254
Investment banking and debt placement fees 126 120 296 265
Cards and payments income 85 85 162 166
Service charges on deposit accounts 66 69 129 136
Corporate services income 68 86 137 162
Commercial mortgage servicing fees 61 50 117 96
Corporate-owned life insurance income 34 32 66 61
Consumer mortgage income 16 14 30 25
Operating lease income and other leasing gains 21 23 45 48
Other income 11 4 17 4
Total noninterest income 627 609 1,274 1,217
NONINTEREST EXPENSE        
Personnel 636 622 1,310 1,323
Net occupancy 66 65 133 135
Computer processing 101 95 203 187
Business services and professional fees 37 41 78 86
Equipment 20 22 40 44
Operating lease expense 17 21 34 41
Marketing 21 29 40 50
Other expense 181 181 384 386
Total noninterest expense 1,079 1,076 2,222 2,252
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 335 344 613 736
Income taxes 62 58 121 139
INCOME (LOSS) FROM CONTINUING OPERATIONS 273 286 492 597
Income (loss) from discontinued operations 1 1 1 2
NET INCOME (LOSS) 274 287 493 599
Less: Net income (loss) attributable to noncontrolling interests 0 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 274 287 493 599
Income (loss) from continuing operations attributable to Key common shareholders 237 250 420 525
Net income (loss) attributable to Key common shareholders $ 238 $ 251 $ 421 $ 527
Per Common Share:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) $ 0.25 $ 0.27 $ 0.45 $ 0.57
Income (loss) from discontinued operations, net of taxes (in usd per share) 0 0 0 0
Net income (loss) attributable to Key common shareholders (in usd per share) [1] 0.25 0.27 0.45 0.57
Per Common Share — assuming dilution:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) 0.25 0.27 0.45 0.56
Income (loss) from discontinued operations, net of taxes (in usd per share) 0 0 0 0
Net income (loss) attributable to Key common shareholders (in usd per share) [1] $ 0.25 $ 0.27 $ 0.45 $ 0.57
Weighted-average Common Shares outstanding (in shares) 931,726 926,741 930,776 926,807
Effect of Common Share options and other stock awards (in shares) 6,761 3,713 7,040 5,513
Weighted-average Common Shares and potential Common Shares outstanding (in shares) [2] 938,487 930,454 937,816 932,320
[1] EPS may not foot due to rounding.
[2] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.