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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
INTEREST INCOME        
Loans $ 882 $ 927 $ 2,659 $ 2,933
Loans held for sale 13 18 35 58
Securities available for sale 135 115 398 365
Held-to-maturity securities 43 53 133 171
Trading account assets 4 3 14 16
Short-term investments 9 1 20 14
Other investments 1 2 5 3
Total interest income 1,087 1,119 3,264 3,560
INTEREST EXPENSE        
Deposits 15 54 52 319
Federal funds purchased and securities sold under repurchase agreements 0 0 0 6
Bank notes and other short-term borrowings 2 1 6 11
Long-term debt 54 64 168 225
Total interest expense 71 119 226 561
NET INTEREST INCOME 1,016 1,000 3,038 2,999
Provision for credit losses (107) 160 (422) 1,001
Net interest income after provision for credit losses 1,123 840 3,460 1,998
NONINTEREST INCOME        
Trust and investment services income 129 128 395 384
Investment banking and debt placement fees 235 146 614 418
Service charges on deposit accounts 91 77 247 229
Operating lease income and other leasing gains 37 38 111 128
Corporate services income 69 51 188 165
Cards and payments income 111 114 329 271
Corporate-owned life insurance income 33 30 94 101
Consumer mortgage income 33 51 106 133
Commercial mortgage servicing fees 34 18 112 48
Other income [1] 25 28 89 (27)
Total noninterest income 797 681 2,285 1,850
NONINTEREST EXPENSE        
Personnel 640 588 1,887 1,675
Net occupancy 74 76 225 223
Computer processing 67 59 211 170
Business services and professional fees 56 49 157 142
Equipment 25 25 75 74
Operating lease expense 30 33 95 103
Marketing 32 22 89 67
Intangible asset amortization 15 15 44 50
Other expense 173 170 476 477
Total noninterest expense 1,112 1,037 3,259 2,981
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 808 484 2,486 867
Income taxes 165 60 501 113
INCOME (LOSS) FROM CONTINUING OPERATIONS 643 424 1,985 754
Income (loss) from discontinued operations 2 4 11 7
NET INCOME (LOSS) 645 428 1,996 761
Less: Net income (loss) attributable to noncontrolling interests 0 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 645 428 1,996 761
Income (loss) from continuing operations attributable to Key common shareholders 616 397 1,905 674
Net income (loss) attributable to Key common shareholders $ 618 $ 401 $ 1,916 $ 681
Per Common Share:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) $ 0.65 $ 0.41 $ 1.99 $ 0.70
Income (loss) from discontinued operations, net of taxes (in usd per share) 0 0 0.01 0.01
Net income (loss) attributable to Key common shareholders (in usd per share) [2] 0.66 0.41 2.00 0.70
Per Common Share — assuming dilution:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) 0.65 0.41 1.98 0.69
Income (loss) from discontinued operations, net of taxes (in usd per share) 0 0 0.01 0.01
Net income (loss) attributable to Key common shareholders (in usd per share) [2] 0.65 0.41 1.99 0.70
Cash dividends declared per common share (in usd per share) $ 0.185 $ 0.185 $ 0.555 $ 0.555
Weighted-average common shares outstanding (000) (in shares) 942,446 967,804 955,069 967,632
Effect of common share options and other stock awards (in shares) 10,077 6,184 9,712 6,648
Weighted-average common shares and potential common shares outstanding (in shares) [3] 952,523 973,988 964,781 974,280
[1] For the three and nine months ended September 30, 2021, net securities gains (losses) totaled less than $1 million. For the three months ended September 30, 2021 and September 30, 2020, we did not have any impairment losses related to securities. For the three months ended September 30, 2020, we had no net securities gains (losses). For the nine months ended September 30, 2020, net securities gains (losses) totaled $4 million.
[2] EPS may not foot due to rounding.
[3] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.