Consolidated Balance Sheets | |||||||||||||||||
(dollars in millions) | |||||||||||||||||
6/30/2024 | 3/31/2024 | 6/30/2023 | |||||||||||||||
Assets | |||||||||||||||||
Loans | $ | 107,078 | $ | 109,885 | $ | 119,011 | |||||||||||
Loans held for sale | 517 | 228 | 1,130 | ||||||||||||||
Securities available for sale | 37,460 | 37,298 | 37,908 | ||||||||||||||
Held-to-maturity securities | 7,968 | 8,272 | 9,189 | ||||||||||||||
Trading account assets | 1,219 | 1,171 | 1,177 | ||||||||||||||
Short-term investments | 15,536 | 13,205 | 8,959 | ||||||||||||||
Other investments | 1,259 | 1,247 | 1,474 | ||||||||||||||
Total earning assets | 171,037 | 171,306 | 178,848 | ||||||||||||||
Allowance for loan and lease losses | (1,547) | (1,542) | (1,480) | ||||||||||||||
Cash and due from banks | 1,326 | 1,247 | 758 | ||||||||||||||
Premises and equipment | 631 | 650 | 652 | ||||||||||||||
Goodwill | 2,752 | 2,752 | 2,752 | ||||||||||||||
Other intangible assets | 41 | 48 | 75 | ||||||||||||||
Corporate-owned life insurance | 4,382 | 4,392 | 4,378 | ||||||||||||||
Accrued income and other assets | 8,532 | 8,314 | 8,668 | ||||||||||||||
Discontinued assets | 296 | 318 | 386 | ||||||||||||||
Total assets | $ | 187,450 | $ | 187,485 | $ | 195,037 | |||||||||||
Liabilities | |||||||||||||||||
Deposits in domestic offices: | |||||||||||||||||
Interest-bearing deposits | 117,570 | 114,593 | 111,766 | ||||||||||||||
Noninterest-bearing deposits | 28,150 | 29,638 | 33,366 | ||||||||||||||
Total deposits | 145,720 | 144,231 | 145,132 | ||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 25 | 27 | 1,702 | ||||||||||||||
Bank notes and other short-term borrowings | 5,292 | 2,896 | 6,949 | ||||||||||||||
Accrued expense and other liabilities | 4,755 | 5,008 | 5,339 | ||||||||||||||
Long-term debt | 16,869 | 20,776 | 22,071 | ||||||||||||||
Total liabilities | 172,661 | 172,938 | 181,193 | ||||||||||||||
Equity | |||||||||||||||||
Preferred stock | 2,500 | 2,500 | 2,500 | ||||||||||||||
Common shares | 1,257 | 1,257 | 1,257 | ||||||||||||||
Capital surplus | 6,185 | 6,164 | 6,231 | ||||||||||||||
Retained earnings | 15,706 | 15,662 | 15,759 | ||||||||||||||
Treasury stock, at cost | (5,715) | (5,722) | (5,859) | ||||||||||||||
Accumulated other comprehensive income (loss) | (5,144) | (5,314) | (6,044) | ||||||||||||||
Key shareholders’ equity | 14,789 | 14,547 | 13,844 | ||||||||||||||
Noncontrolling interests | — | — | — | ||||||||||||||
Total equity | 14,789 | 14,547 | 13,844 | ||||||||||||||
Total liabilities and equity | $ | 187,450 | $ | 187,485 | $ | 195,037 | |||||||||||
Common shares outstanding (000) | 943,200 | 942,776 | 935,733 |
Consolidated Statements of Income | ||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | ||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||
6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Loans | $ | 1,524 | $ | 1,538 | $ | 1,576 | $ | 3,062 | $ | 3,052 | ||||||||||||||||
Loans held for sale | 8 | 14 | 17 | 22 | 30 | |||||||||||||||||||||
Securities available for sale | 259 | 232 | 194 | 491 | 388 | |||||||||||||||||||||
Held-to-maturity securities | 73 | 75 | 81 | 148 | 155 | |||||||||||||||||||||
Trading account assets | 16 | 14 | 15 | 30 | 27 | |||||||||||||||||||||
Short-term investments | 192 | 142 | 111 | 334 | 153 | |||||||||||||||||||||
Other investments | 16 | 17 | 16 | 33 | 29 | |||||||||||||||||||||
Total interest income | 2,088 | 2,032 | 2,010 | 4,120 | 3,834 | |||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Deposits | 817 | 782 | 531 | 1,599 | 881 | |||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 1 | 1 | 48 | 2 | 70 | |||||||||||||||||||||
Bank notes and other short-term borrowings | 51 | 46 | 104 | 97 | 182 | |||||||||||||||||||||
Long-term debt | 332 | 328 | 349 | 660 | 624 | |||||||||||||||||||||
Total interest expense | 1,201 | 1,157 | 1,032 | 2,358 | 1,757 | |||||||||||||||||||||
Net interest income | 887 | 875 | 978 | 1,762 | 2,077 | |||||||||||||||||||||
Provision for credit losses | 100 | 101 | 167 | 201 | 306 | |||||||||||||||||||||
Net interest income after provision for credit losses | 787 | 774 | 811 | 1,561 | 1,771 | |||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||
Trust and investment services income | 139 | 136 | 126 | 275 | 254 | |||||||||||||||||||||
Investment banking and debt placement fees | 126 | 170 | 120 | 296 | 265 | |||||||||||||||||||||
Service charges on deposit accounts | 66 | 63 | 69 | 129 | 136 | |||||||||||||||||||||
Operating lease income and other leasing gains | 21 | 24 | 23 | 45 | 48 | |||||||||||||||||||||
Corporate services income | 68 | 69 | 86 | 137 | 162 | |||||||||||||||||||||
Cards and payments income | 85 | 77 | 85 | 162 | 166 | |||||||||||||||||||||
Corporate-owned life insurance income | 34 | 32 | 32 | 66 | 61 | |||||||||||||||||||||
Consumer mortgage income | 16 | 14 | 14 | 30 | 25 | |||||||||||||||||||||
Commercial mortgage servicing fees | 61 | 56 | 50 | 117 | 96 | |||||||||||||||||||||
Other income | 11 | 6 | 4 | 17 | 4 | |||||||||||||||||||||
Total noninterest income | 627 | 647 | 609 | 1,274 | 1,217 | |||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Personnel | 636 | 674 | 622 | 1,310 | 1,323 | |||||||||||||||||||||
Net occupancy | 66 | 67 | 65 | 133 | 135 | |||||||||||||||||||||
Computer processing | 101 | 102 | 95 | 203 | 187 | |||||||||||||||||||||
Business services and professional fees | 37 | 41 | 41 | 78 | 86 | |||||||||||||||||||||
Equipment | 20 | 20 | 22 | 40 | 44 | |||||||||||||||||||||
Operating lease expense | 17 | 17 | 21 | 34 | 41 | |||||||||||||||||||||
Marketing | 21 | 19 | 29 | 40 | 50 | |||||||||||||||||||||
Intangible asset amortization | — | — | — | — | — | |||||||||||||||||||||
Other expense | 181 | 203 | 181 | 384 | 386 | |||||||||||||||||||||
Total noninterest expense | 1,079 | 1,143 | 1,076 | 2,222 | 2,252 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 335 | 278 | 344 | 613 | 736 | |||||||||||||||||||||
Income taxes | 62 | 59 | 58 | 121 | 139 | |||||||||||||||||||||
Income (loss) from continuing operations | 273 | 219 | 286 | 492 | 597 | |||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | 1 | — | 1 | 1 | 2 | |||||||||||||||||||||
Net income (loss) | 274 | 219 | 287 | 493 | 599 | |||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||||||||
Net income (loss) attributable to Key | $ | 274 | $ | 219 | $ | 287 | $ | 493 | $ | 599 | ||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | 237 | $ | 183 | $ | 250 | $ | 420 | $ | 525 | ||||||||||||||||
Net income (loss) attributable to Key common shareholders | 238 | 183 | 251 | 421 | 527 | |||||||||||||||||||||
Per common share | ||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .25 | $ | .20 | $ | .27 | $ | .45 | $ | .57 | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .25 | .20 | .27 | .45 | .57 | |||||||||||||||||||||
Per common share — assuming dilution | ||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders | $ | .25 | $ | .20 | $ | .27 | $ | .45 | $ | .56 | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .25 | .20 | $ | .27 | .45 | .57 | ||||||||||||||||||||
Cash dividends declared per common share | $ | .205 | $ | .205 | $ | .205 | $ | .41 | $ | .41 | ||||||||||||||||
Weighted-average common shares outstanding (000) | 931,726 | 929,692 | 926,741 | 930,776 | 926,807 | |||||||||||||||||||||
Effect of common share options and other stock awards | 6,761 | 7,319 | 3,713 | 7,040 | 5,513 | |||||||||||||||||||||
Weighted-average common shares and potential common shares outstanding (000) (b) | 938,487 | 937,011 | 930,454 | 937,816 | 932,320 | |||||||||||||||||||||