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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
INTEREST INCOME        
Loans $ 923 $ 888 $ 1,760 $ 1,777
Loans held for sale 10 11 22 22
Securities available for sale 188 133 361 263
Held-to-maturity securities 48 45 94 90
Trading account assets 7 5 13 10
Short-term investments 13 6 17 11
Other investments 4 2 6 4
Total interest income 1,193 1,090 2,273 2,177
INTEREST EXPENSE        
Deposits 20 16 34 37
Federal funds purchased and securities sold under repurchase agreements 6 0 6 0
Bank notes and other short-term borrowings 9 3 12 4
Long-term debt 61 54 110 114
Total interest expense 96 73 162 155
NET INTEREST INCOME 1,097 1,017 2,111 2,022
Provision for credit losses 45 (222) 128 (315)
Net interest income after provision for credit losses 1,052 1,239 1,983 2,337
NONINTEREST INCOME        
Trust and investment services income 137 133 273 266
Investment banking and debt placement fees 149 217 312 379
Service charges on deposit accounts 96 83 187 156
Operating lease income and other leasing gains 28 36 60 74
Corporate services income 88 55 178 119
Cards and payments income 85 113 165 218
Corporate-owned life insurance income 35 30 66 61
Consumer mortgage income 14 26 35 73
Commercial mortgage servicing fees 45 44 81 78
Other income [1] 11 13 7 64
Total noninterest income 688 750 1,364 1,488
NONINTEREST EXPENSE        
Personnel 607 623 1,237 1,247
Net occupancy 78 75 151 151
Computer processing 78 71 155 144
Business services and professional fees 52 51 105 101
Equipment 26 25 49 50
Operating lease expense 27 31 55 65
Marketing 34 31 62 57
Other expense 176 169 334 332
Total noninterest expense 1,078 1,076 2,148 2,147
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 662 913 1,199 1,678
Income taxes 132 189 222 336
INCOME (LOSS) FROM CONTINUING OPERATIONS 530 724 977 1,342
Income (loss) from discontinued operations 3 5 4 9
NET INCOME (LOSS) 533 729 981 1,351
Less: Net income (loss) attributable to noncontrolling interests 0 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 533 729 981 1,351
Income (loss) from continuing operations attributable to Key common shareholders 504 698 924 1,289
Net income (loss) attributable to Key common shareholders $ 507 $ 703 $ 928 $ 1,298
Per Common Share:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) $ 0.54 $ 0.73 $ 1.00 $ 1.34
Income (loss) from discontinued operations, net of taxes (in usd per share) 0 0 0 0.01
Net income (loss) attributable to Key common shareholders (in usd per share) [2] 0.55 0.73 1.00 1.35
Per Common Share — assuming dilution:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) 0.54 0.72 0.99 1.33
Income (loss) from discontinued operations, net of taxes (in usd per share) 0 0 0 0.01
Net income (loss) attributable to Key common shareholders (in usd per share) [2] $ 0.54 $ 0.73 $ 1.00 $ 1.34
Weighted-average common shares outstanding (000) (in shares) 924,302 957,423 923,717 961,292
Effect of common share options and other stock awards (in shares) 7,506 9,740 9,087 9,514
Weighted-average common shares and potential common shares outstanding (in shares) [3] 931,808 967,163 932,805 970,806
[1] For the three and six months ended June 30, 2022, and June 30, 2021, we had no net securities gains (losses). For the three and six months ended June 30, 2022, and June 30, 2021, we did not have any impairment losses related to securities.
[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.