EX-99.3 4 a1q24erex993.htm EX-99.3 Document
Exhibit 99.3
Consolidated Balance Sheets
(dollars in millions)
3/31/202412/31/20233/31/2023
Assets
Loans$109,885 $112,606 $119,971 
Loans held for sale 228 483 1,211 
Securities available for sale37,298 37,185 39,498 
Held-to-maturity securities8,272 8,575 9,561 
Trading account assets1,171 1,142 1,118 
Short-term investments13,205 10,817 8,410 
Other investments1,247 1,244 1,587 
Total earning assets171,306 172,052 181,356 
Allowance for loan and lease losses(1,542)(1,508)(1,380)
Cash and due from banks1,247 941 784 
Premises and equipment650 661 628 
Goodwill2,752 2,752 2,752 
Other intangible assets48 55 85 
Corporate-owned life insurance4,392 4,383 4,372 
Accrued income and other assets8,314 8,601 8,512 
Discontinued assets318 344 410 
Total assets$187,485 $188,281 $197,519 
Liabilities
Deposits in domestic offices:
Interest-bearing deposits114,593 114,859 106,841 
Noninterest-bearing deposits29,638 30,728 37,307 
Total deposits144,231 145,587 144,148 
Federal funds purchased and securities sold under repurchase agreements 27 38 1,374 
Bank notes and other short-term borrowings2,896 3,053 10,061 
Accrued expense and other liabilities5,008 5,412 4,861 
Long-term debt20,776 19,554 22,753 
Total liabilities172,938 173,644 183,197 
Equity
Preferred stock2,500 2,500 2,500 
Common shares1,257 1,257 1,257 
Capital surplus6,164 6,281 6,207 
Retained earnings15,662 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’ equity14,547 14,637 14,322 
Noncontrolling interests — — 
Total equity14,547 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
3/31/202412/31/20233/31/2023
Interest income
Loans$1,538 $1,574 $1,476 
Loans held for sale14 12 13 
Securities available for sale232 213 194 
Held-to-maturity securities75 78 74 
Trading account assets14 13 12 
Short-term investments142 138 42 
Other investments17 22 13 
Total interest income2,032 2,050 1,824 
Interest expense
Deposits782 754 350 
Federal funds purchased and securities sold under repurchase agreements1 — 22 
Bank notes and other short-term borrowings46 45 78 
Long-term debt328 330 275 
Total interest expense1,157 1,129 725 
Net interest income875 921 1,099 
Provision for credit losses101 102 139 
Net interest income after provision for credit losses774 819 960 
Noninterest income
Trust and investment services income136 132 128 
Investment banking and debt placement fees170 136 145 
Service charges on deposit accounts63 65 67 
Operating lease income and other leasing gains24 22 25 
Corporate services income69 67 76 
Cards and payments income77 84 81 
Corporate-owned life insurance income32 36 29 
Consumer mortgage income14 11 11 
Commercial mortgage servicing fees56 48 46 
Other income6 — 
Total noninterest income647 610 608 
Noninterest expense
Personnel674 674 701 
Net occupancy67 65 70 
Computer processing102 92 92 
Business services and professional fees41 44 45 
Equipment20 24 22 
Operating lease expense17 18 20 
Marketing19 31 21 
Intangible asset amortization — — 
Other expense203 424 205 
Total noninterest expense1,143 1,372 1,176 
Income (loss) from continuing operations before income taxes278 57 392 
Income taxes59 (8)81 
Income (loss) from continuing operations219 65 311 
Income (loss) from discontinued operations, net of taxes — 
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 $275 
Net income (loss) attributable to Key common shareholders183 30 276 
Per common share
Income (loss) from continuing operations attributable to Key common shareholders$.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 awards7,319 6,529 7,314 
Weighted-average common shares and potential common shares outstanding (000) (b)
937,011 934,046 933,804 
(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.