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Asset Quality (Tables)
 3 Months Ended
Mar. 31, 2024
Credit Loss [Abstract]  
Schedule of Financing Receivable, Allowance for Credit Loss The changes in the ALLL by loan category for the periods indicated are as follows:
Three months ended March 31, 2024:
Dollars in millionsDecember 31, 2023ProvisionCharge-offsRecoveriesMarch 31, 2024
Commercial and Industrial $556 $151 $(62)$8 $653 
Commercial real estate:
Real estate — commercial mortgage419 (25)(5)— 389 
Real estate — construction52 9 — — 61 
Total commercial real estate loans471 (16)(5)— 450 
Commercial lease financing33 (7)— 2 28 
Total commercial loans1,060 128 (67)10 1,131 
Real estate — residential mortgage162 (42)(1)2 121 
Home equity loans86 (7)(1)1 79 
Other consumer loans122 25 (16)2 133 
Credit cards78 11 (12)1 78 
Total consumer loans448 (13)(30)6 411 
Total ALLL — continuing operations1,508 115 
(a)
(97)16 1,542 
Discontinued operations16 — (1)— 15 
Total ALLL — including discontinued operations$1,524 $115 $(98)$16 $1,557 
(a)Excludes a credit for losses on lending-related commitments of $14 million.


Three months ended March 31, 2023:
Dollars in millionsDecember 31, 2022ProvisionCharge-offsRecoveriesMarch 31, 2023
Commercial and Industrial $601 $31 $(35)$8 $605 
Commercial real estate:
Real estate — commercial mortgage203 20 (5)— 218 
Real estate — construction28 — — — 28 
Total commercial real estate loans231 20 (5)— 246 
Commercial lease financing32 (1)1 1 33 
Total commercial loans864 50 (39)9 884 
Real estate — residential mortgage196 15 — 1 212 
Home equity loans98 (2)(1)1 96 
Other consumer loans113 12 (11)3 117 
Credit cards66 13 (9)1 71 
Total consumer loans473 38 (21)6 496 
Total ALLL — continuing operations1,337 88 
(a)
(60)15 1,380 
Discontinued operations21 (1)(1)— 19 
Total ALLL — including discontinued operations$1,358 $87 $(61)$15 $1,399 
(a)Excludes a provision for losses on lending-related commitments of $51 million.
Schedule of Significant Macroeconomic Variables of Loan Portfolios The following table discloses key macroeconomic variables for each loan portfolio.
SegmentPortfolio
Key Macroeconomic Variables (a)
CommercialCommercial and industrialBBB corporate bond rate (spread), fixed investment, business bankruptcies, GDP, industrial production, unemployment rate, and Producer Price Index
Commercial real estateProperty & real estate price indices, unemployment rate, business bankruptcies, GDP, and SOFR
Commercial lease financingBBB corporate bond rate (spread), GDP, and unemployment rate
ConsumerReal estate — residential mortgageGDP, home price index, unemployment rate, and 30 year mortgage rate
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Other consumerUnemployment rate and U.S. household income
Credit cardsUnemployment rate and U.S. household income
Discontinued operationsUnemployment rate
(a)Variables include all transformations and interactions with other risk drivers. Additionally, variables may have varying impacts at different points in the economic cycle.
Schedule of Financing Receivable Credit Quality Indicators
Credit Risk Profile by Creditworthiness Category and Vintage (a)(b)
As of March 31, 2024Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20242023202220212020PriorTotal
Commercial and Industrial
Risk Rating:
Pass$1,131 $3,722 $9,183 $5,411 $2,329 $5,282 $23,724 $127 $50,909 
Criticized (Accruing)39 221 639 517 304 376 1,409 19 3,524 
Criticized (Nonaccruing)— 19 68 65 2 94 112 — 360 
Total commercial and industrial1,170 3,962 9,890 5,993 2,635 5,752 25,245 146 54,793 
Current period gross write-offs— 4 10 24 — 1 23 — 62 
Real estate — commercial mortgage
Risk Rating:
Pass85 792 3,470 2,729 711 3,715 927 48 12,477 
Criticized (Accruing)3 65 796 476 70 521 16 3 1,950 
Criticized (Nonaccruing)— — 3 29 3 47 31 — 113 
Total real estate — commercial mortgage
88 857 4,269 3,234 784 4,283 974 51 14,540 
Current period gross write-offs— — — — — 4 1 — 5 
Real estate — construction
Risk Rating:
Pass8 508 1,156 812 93 103 22 2 2,704 
Criticized (Accruing)— 10 87 65 73 74 — — 309 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction8 518 1,243 877 166 177 22 2 3,013 
Current period gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass52 550 749 491 318 1,027 — — 3,187 
Criticized (Accruing)— 30 47 8 13 19 — — 117 
Criticized (Nonaccruing)— — — — — 1 — — 1 
Total commercial lease financing52 580 796 499 331 1,047 — 3,305 
Current period gross write-offs— — — — — — — — — 
Total commercial loans$1,318 $5,917 $16,198 $10,603 $3,916 $11,259 $26,241 $199 $75,651 
Total commercial loan current period gross write-offs$— $4 $10 $24 $— $5 $24 $— $67 

As of December 31, 2023Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20232022202120202019PriorTotal
Commercial and Industrial
Risk Rating:
Pass$4,020 $10,145 $6,141 $2,539 $2,064 $3,534 $24,395 $123 $52,961 
Criticized (Accruing)84 361 427 233 127 170 1,140 15 2,557 
Criticized (Nonaccruing)14 49 50 2 28 70 84 — 297 
Total commercial and industrial4,118 10,555 6,618 2,774 2,219 3,774 25,619 138 55,815 
Current period gross write-offs1 7 35 8 11 21 105 — 188 
Real estate — commercial mortgage
Risk Rating:
Pass1,084 3,664 2,922 804 1,545 2,507 1,017 66 13,609 
Criticized (Accruing)6 646 411 15 186 193 20 1 1,478 
Criticized (Nonaccruing)— — 1 3 7 55 34 — 100 
Total real estate — commercial mortgage
1,090 4,310 3,334 822 1,738 2,755 1,071 67 15,187 
Current period gross write-offs— 1 1 11 2 21 3 — 39 
Real estate — construction
Risk Rating:
Pass401 1,185 912 157 62 48 31 8 2,804 
Criticized (Accruing)10 40 60 64 41 47 — — 262 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction411 1,225 972 221 103 95 31 8 3,066 
Current period gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass520 878 575 352 307 808 — — 3,440 
Criticized (Accruing)11 30 9 9 8 16 — — 83 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing531 908 584 361 315 824 — — 3,523 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Total commercial loans$6,150 $16,998 $11,508 $4,178 $4,375 $7,448 $26,721 $213 $77,591 
Total commercial loan current period gross write-offs$1 $8 $36 $19 $13 $42 $108 $— $227 
(a)Accrued interest of $368 million and $383 million as of March 31, 2024, and December 31, 2023, respectively, presented in Other Assets on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in these tables.
(b)Gross write-off information is presented on a year-to-date basis for the three months ended March 31, 2024 and the twelve months ended December 31, 2023.
Consumer Credit Exposure
Credit Risk Profile by FICO Score and Vintage (a)(b)
As of March 31, 2024Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20242023202220212020PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$13 $708 $5,958 $7,553 $2,380 $1,661 $— $— $18,273 
660 to 7499 138 685 736 222 313 — — 2,103 
Less than 660— 16 65 57 21 146 — — 305 
No Score— 2 1 1 1 17 1 — 23 
Total real estate — residential mortgage22 864 6,709 8,347 2,624 2,137 1 — 20,704 
Current period gross write-offs1 — — — — — — — 1 
Home equity loans
FICO Score:
750 and above8 36 154 842 673 813 1,973 310 4,809 
660 to 7493 23 61 216 143 219 840 101 1,606 
Less than 660— 4 14 39 27 93 279 28 484 
No Score— — — — — 2 4 — 6 
Total home equity loans11 63 229 1,097 843 1,127 3,096 439 6,905 
Current period gross write-offs— — — — — 1 — — 1 
Other consumer loans
FICO Score:
750 and above18 179 1,268 1,345 632 306 87 — 3,835 
660 to 74911 137 333 322 154 134 189 — 1,280 
Less than 6601 26 64 64 31 32 56 — 274 
No Score6 24 30 17 8 20 196 — 301 
Total consumer direct loans36 366 1,695 1,748 825 492 528 — 5,690 
Current period gross write-offs— 1 4 3 2 2 4 — 16 
Credit cards
FICO Score:
750 and above— — — — — — 442 — 442 
660 to 749— — — — — — 381 — 381 
Less than 660— — — — — — 111 — 111 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 935 — 935 
Current period gross write-offs— — — — — — 12 — 12 
Total consumer loans$69 $1,293 $8,633 $11,192 $4,292 $3,756 $4,560 $439 $34,234 
Total consumer loan current period gross write-offs$1 $1 $4 $3 $2 $3 $16 $— $30 
As of December 31, 2023Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20232022202120202019PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$680 $5,992 $7,785 $2,392 $586 $923 $— $— $18,358 
660 to 749180 739 780 248 90 240 — — 2,277 
Less than 66015 58 56 22 17 130 — — 298 
No Score2 1 1 1 — 18 2 — 25 
Total real estate — residential mortgage877 6,790 8,622 2,663 693 1,311 2 — 20,958 
Current period gross write-offs— — — — — 1 — — 1 
Home equity loans
FICO Score:
750 and above— 85 1,575 435 114 378 2,034 331 4,952 
660 to 74924 65 229 152 66 164 886 107 1,693 
Less than 6603 13 38 27 17 77 281 31 487 
No Score2 — — — — 1 4 — 7 
Total home equity loans29 163 1,842 614 197 620 3,205 469 7,139 
Current period gross write-offs(1)— — — — 2 — 1 2 
Other consumer loans
FICO Score:
750 and above185 1,187 1,455 660 277 112 97 — 3,973 
660 to 749150 365 342 171 83 60 199 — 1,370 
Less than 66024 64 65 32 17 16 57 — 275 
No Score30 33 17 11 10 12 185 — 298 
Total consumer direct loans389 1,649 1,879 874 387 200 538 — 5,916 
Current period gross write-offs1 12 10 6 5 3 14 — 51 
Credit cards
FICO Score:
750 and above— — — — — — 489 — 489 
660 to 749— — — — — — 400 — 400 
Less than 660— — — — — — 112 — 112 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 1,002 — 1,002 
Current period gross write-offs— — — — — — 37 — 37 
Total consumer loans$1,295 $8,602 $12,343 $4,151 $1,277 $2,131 $4,747 $469 $35,015 
Total consumer current period gross write-offs$— $12 $10 $6 $5 $6 $51 $1 $91 
(a)Accrued interest of $140 million and $139 million as of March 31, 2024, and December 31, 2023, respectively, presented in Other Assets on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.
(b)Gross write-off information is presented on a year-to-date basis for the three months ended March 31, 2024 and the twelve months ended December 31, 2023.
Schedule of Past Due Loans Including Current Loans
The following aging analysis of past due and current loans as of March 31, 2024, and December 31, 2023, provides further information regarding Key’s credit exposure.

Aging Analysis of Loan Portfolio(a)
As of March 31, 2024
Current (b)
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans
Total Past
Due and
Non-performing
Loans (b)
Total
Loans (c)
Dollars in millions
LOAN TYPE
Commercial and industrial$54,247 $54 $50 $82 $360 $546 $54,793 
Commercial real estate:
Commercial mortgage14,355 34 26 12 113 185 14,540 
Construction3,012 1 — — — 1 3,013 
Total commercial real estate loans17,367 35 26 12 113 186 17,553 
Commercial lease financing3,303 — — 1 1 2 3,305 
Total commercial loans$74,917 $89 $76 $95 $474 $734 $75,651 
Real estate — residential mortgage$20,610 $9 $6 $— $79 $94 $20,704 
Home equity loans6,776 24 6 4 95 129 6,905 
Other consumer loans5,655 14 8 9 4 35 5,690 
Credit cards908 5 5 11 6 27 935 
Total consumer loans$33,949 $52 $25 $24 $184 $285 $34,234 
Total loans$108,866 $141 $101 $119 $658 $1,019 $109,885 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $508 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

As of December 31, 2023
Current (b)
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans
Total Past
Due and
Non-performing
Loans (b)
Total
Loans (c)
Dollars in millions
LOAN TYPE
Commercial and industrial$55,354 $62 $30 $72 $297 $461 $55,815 
Commercial real estate:
Commercial mortgage15,049 25 3 10 100 138 15,187 
Construction3,065 1 — — — 1 3,066 
Total commercial real estate loans18,114 26 3 10 100 139 18,253 
Commercial lease financing3,520 2 1 — — 3 3,523 
Total commercial loans$76,988 $90 $34 $82 $397 $603 $77,591 
Real estate — residential mortgage$20,863 $17 $7 $— $71 $95 $20,958 
Home equity loans7,001 27 10 4 97 138 7,139 
Other consumer loans5,877 16 10 9 4 39 5,916 
Credit cards974 6 5 12 5 28 1,002 
Total consumer loans$34,715 $66 $32 $25 $177 $300 $35,015 
Total loans$111,703 $156 $66 $107 $574 $903 $112,606 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $522 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.
Schedule of Modified Financing Receivables
The following tables show the amortized cost basis at the end of the noted reporting periods of the loans modified to borrowers experiencing financial difficulty within the past 12 months or since the adoption of ASU 2022-02 for the reporting period in 2023. The tables do not include those modifications that only resulted in an insignificant payment delay. The tables do not include consumer loans that are still within a trial modification period. Trial modifications may be done for consumer borrowers where a trial payment plan period is offered in advance of a permanent loan modification. As of March 31, 2024, there were 79 loans totaling $11 million in a trial modification period. As of March 31, 2023, there were 136 loans totaling $17 million in a trial modification period.

Commitments outstanding to lend additional funds to borrowers experiencing financial difficulty whose loans were modified were $48 million and $23 million at March 31, 2024 and March 31, 2023, respectively.

As of March 31, 2024Interest Rate ReductionTerm ExtensionOtherCombinationTotal
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $173 $48 $33 $254 0.46 %
Commercial real estate:
Commercial mortgage28 22 1 — 51 0.35 
Construction— 19 — — 19 0.63 
Total commercial real estate loans28 41 1 — 70 0.40 
Commercial lease financing— — — — — — 
Total commercial loans$28 $214 $49 $33 $324 0.43 %
Real estate — residential mortgage1 — — 12 13 0.06 
Home equity loans2 1 1 7 11 0.16 
Other consumer loans— 1 — 2 3 0.05 
Credit cards— — — 4 4 0.43 
Total consumer loans3 2 1 25 31 0.09 
Total loans$31 $216 $50 $58 $355 0.32 %
As of March 31, 2023Interest Rate ReductionTerm ExtensionOtherCombinationTotal
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $79 $1 $4 $84 0.14 %
Commercial real estate:
Commercial mortgage— 4 — — 4 0.02 
Construction— — — — — — 
Total commercial real estate loans— 4 — — 4 0.02 
Commercial lease financing— — — — — — 
Total commercial loans$— $83 $1 $4 $88 0.11 %
Real estate — residential mortgage— — — 1 1 — 
Home equity loans— — — 2 2 0.03 
Other consumer loans— — — 1 1 0.02 
Credit cards— — — 1 1 0.10 
Total consumer loans— — — 5 5 0.01 
Total loans$— $83 $1 $9 $93 0.08 %
The following table summarizes the financial impacts of loan modifications made to specific loans for the noted periods.
Three months ended March 31, 2024Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(6.40)%0.33
Commercial mortgage(1.91)%0.39
Construction— %1.00
Real estate — residential mortgage(1.53)%7.62
Home equity loans(2.78)%5.74
Other consumer loans(1.43)%0.70
Credit cards(14.11)%0.25

Three months ended March 31, 2023Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial— %1.03
Commercial mortgage— %1.42
Real estate — residential mortgage(1.33)%6.68
Home equity loans(3.72)%2.90
The following table depicts the performance of loans that have been modified for borrowers experiencing financial difficulty within the past 12 months.
As of March 31, 2024Current30-89
Days Past
Due		90 and
Greater
Days Past
Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$184 $16 $54 $254 
Commercial real estate
Commercial mortgage29 22 — 51 
Construction19 — — 19 
Total commercial real estate loans232 38 54 324 
Commercial lease financing— — — — 
Total commercial loans232 38 54 324 
Real estate — residential mortgage11 2 — 13 
Home equity loans9 1 1 11 
Other consumer loans3 — — 3 
Credit cards4 — — 4 
Total consumer loans$27 $3 $1 $31 
Total loans$259 $41 $55 $355 

The following table depicts the performance of loans that have been modified for borrowers experiencing financial difficulty since the adoption of ASU 2022-02 on January 1, 2023 through March 31, 2023.

As of March 31, 2023Current30-89
Days Past
Due		90 and
Greater
Days Past
Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$80 $3 $1 $84 
Commercial real estate
Commercial mortgage4 — — 4 
Construction— — — — 
Total commercial real estate loans84 3 1 88 
Commercial lease financing— — — — 
Total commercial loans84 3 1 88 
Real estate — residential mortgage1 — — 1 
Home equity loans2 — — 2 
Other consumer loans1 — — 1 
Credit cards1 — — 1 
Total consumer loans$5 $— $— $5 
Total loans$89 $3 $1 $93 
Schedule of Changes in Liability for Credit Losses on Off-Balance Sheet Exposures
Changes in the liability for credit losses for off balance sheet exposures are summarized as follows:
 Three months ended March 31,
Dollars in millions20242023
Balance at beginning of period$296 $225 
Provision (credit) for losses on off balance sheet exposures(14)51 
Other(1)— 
Balance at end of period$281 $276