Companies: 10,652     total market cap: $140.271 T
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KeyCorp (KeyBank)
KEY
#992
Rank
$24.25 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$22.00
Share price
2.23%
Change (1 day)
30.56%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
KeyCorp is an American company that owns and operates KeyBank, a regional bank headquartered in Cleveland, Ohio.
  1. KeyCorp (KeyBank)
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

KeyCorp (KeyBank) - 10-Q quarterly report FY2025 Q1


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549  

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number 001-11302
 
KeyCorp
keylogoa11.jpg
Exact name of registrant as specified in its charter:
 
Ohio34-6542451
State or other jurisdiction of incorporation or organization:I.R.S. Employer Identification Number:
127 Public Square,Cleveland,Ohio44114-1306
Address of principal executive offices:Zip Code:
(216) 689-3000
Registrant’s telephone number, including area code:
 
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, $1 par value
KEY
New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate
KEY PrI
New York Stock Exchange
Perpetual Non-Cumulative Preferred Stock, Series E)
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-
KEY PrJ
New York Stock Exchange
Cumulative Preferred Stock, Series F)
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-
KEY PrK
New York Stock Exchange
Cumulative Preferred Stock, Series G)
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Reset Perpetual Non-KEY PrL
New York Stock Exchange
Cumulative Preferred Stock, Series H)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐
Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Shares with a par value of $1 each
1,095,942,434 shares
Title of classOutstanding at May 2, 2025
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KEYCORP
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
  Page Number
Item 1.
48
48
49
50
51
52
53
Note 1.    Basis of Presentation and Accounting Policies
53
Note 2.    Earnings Per Common Share
53
Note 3.    Loan Portfolio
54
Note 4.    Asset Quality
54
Note 5.    Fair Value Measurements
65
Note 6.    Securities
70
Note 7.    Derivatives and Hedging Activities
72
Note 8.    Mortgage Servicing Assets
76
Note 9.    Leases
77
Note 10. Goodwill
78
Note 11.  Variable Interest Entities
78
Note 12.  Income Taxes
80
Note 13.  Discontinued Operations
80
Note 14.  Employee Benefits
81
Note 15.  Trust Preferred Securities Issued by Unconsolidated Subsidiaries
81
Note 16.  Contingent Liabilities and Guarantees
82
Note 17.  Accumulated Other Comprehensive Income
83
Note 18.  Shareholders’ Equity
84
Note 19.  Business Segment Reporting
85
Note 20. Revenue from Contracts with Customers
86
87
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Item 2.
4
4
Terminology
4
Forward-looking statements
5
Executive overview
7
Business outlook
7
Demographics
7
Supervision and regulation
8
12
Earnings overview
12
Net interest income
12
Provision for credit losses
15
Noninterest income
15
Noninterest expense
17
Income taxes
19
19
Consumer Bank
19
Commercial Bank
20
21
Loans and loans held for sale
22
Securities
27
Deposits and other sources of funds
29
Capital
30
33
Overview
33
Market risk management
33
Liquidity risk management
37
Credit risk management
40
Operational and compliance risk management
44
45
46
47
Item 3.
88
Item 4.
88

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PART I. FINANCIAL INFORMATION

Item 2.    Management’s Discussion & Analysis of Financial Condition & Results of Operations

Introduction

This section reviews the financial condition and results of operations of KeyCorp and its subsidiaries for the quarterly periods ended March 31, 2025, and March 31, 2024. Some tables may include additional periods to comply with disclosure requirements or to illustrate trends in greater depth. When you read this discussion, you should also refer to the consolidated financial statements and related notes in this report. The page locations of specific sections and notes that we refer to are presented in the Table of Contents.

References to our “2024 Form 10-K” refer to our Form 10-K for the year ended December 31, 2024, which has been filed with the SEC and is available on its website (www.sec.gov) and on our website (www.key.com/ir).

Terminology

Throughout this discussion, references to “Key,” “we,” “our,” “us,” and similar terms refer to the consolidated entity consisting of KeyCorp and its subsidiaries. “KeyCorp” refers solely to the parent holding company, and “KeyBank” refers solely to KeyCorp’s subsidiary bank, KeyBank National Association. “KeyBank (consolidated)” refers to the consolidated entity consisting of KeyBank and its subsidiaries.

We want to explain some industry-specific terms at the outset so you can better understand the discussion that follows.
•We use the phrase continuing operations in this document to mean all of our businesses other than our government-guaranteed and private education lending business, which are accounted for as discontinued operations.
•We engage in capital markets activities primarily through business conducted by our Commercial Bank segment. These activities encompass a variety of products and services. Among other things, we trade securities as a dealer, enter into derivative contracts (both to accommodate clients’ financing needs and to mitigate certain risks), and conduct transactions in foreign currencies (to accommodate clients’ needs).
•For regulatory purposes, capital is divided into two classes. Federal regulations currently prescribe that at least one-half of a bank or BHC’s total risk-based capital must qualify as Tier 1 capital. Both total and Tier 1 capital serve as bases for several measures of capital adequacy, which is an important indicator of financial stability and condition. Banking regulators evaluate a component of Tier 1 capital, known as Common Equity Tier 1, under the Regulatory Capital Rules. The “Capital” section of this report under the heading “Capital adequacy” provides more information on total capital, Tier 1 capital, and the Regulatory Capital Rules, including Common Equity Tier 1, and describes how these measures are calculated.


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The acronyms and abbreviations identified below are used in the Management’s Discussion & Analysis of Financial Condition & Results of Operations as well as in the Notes to Consolidated Financial Statements (Unaudited). You may find it helpful to refer back to this page as you read this report.

ABO: Accumulated benefit obligation.
ALCO: Asset/Liability Management Committee.
ALLL: Allowance for loan and lease losses.
A/LM: Asset/liability management.
AML: Anti-money laundering.
AOCI: Accumulated other comprehensive income (loss).
APBO: Accumulated postretirement benefit obligation.
ASC: Accounting Standards Codification.
ASU: Accounting Standards Update.
ATMs: Automated teller machines.
BSA: Bank Secrecy Act.
BHCA: Bank Holding Company Act of 1956, as amended.
BHCs: Bank holding companies.
Board: KeyCorp Board of Directors.
CAPM: Capital Asset Pricing Model.
CCAR: Comprehensive Capital Analysis and Review.
CECL: Current Expected Credit Losses.
CFPB: Consumer Financial Protection Bureau, also known as the Bureau of Consumer Financial Protection.
CFTC: Commodities Futures Trading Commission.
CMBS: Commercial mortgage-backed securities.
CMO: Collateralized mortgage obligation.
Common Shares: KeyCorp common shares, $1 par value.
CVA: Credit valuation adjustment.
DCF: Discounted cash flow.
DIF: Deposit Insurance Fund of the FDIC.
Dodd-Frank Act: Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010.
EAD: Exposure at default.
EBITDA: Earnings before interest, taxes, depreciation, and
amortization.
EPS: Earnings per share.
ERISA: Employee Retirement Income Security Act of 1974.
ERM: Enterprise risk management.
EVE: Economic value of equity.
FASB: Financial Accounting Standards Board.
FDIA: Federal Deposit Insurance Act, as amended.
FDIC: Federal Deposit Insurance Corporation.
Federal Reserve: Board of Governors of the Federal Reserve
System.
FHLB: Federal Home Loan Bank of Cincinnati.
FHLMC: Federal Home Loan Mortgage Corporation.
FICO: Fair Isaac Corporation.
FINRA: Financial Industry Regulatory Authority.
FNMA: Federal National Mortgage Association.
FSOC: Financial Stability Oversight Council.
FVA: Fair value of employee benefit plan assets.
GAAP: U.S. generally accepted accounting principles.
GNMA: Government National Mortgage Association.
HTC: Historic tax credit.
IDI: Insured depository institution.
IRS: Internal Revenue Service.
ISDA: International Swaps and Derivatives Association.
KBCM: KeyBanc Capital Markets, Inc.
KCC: Key Capital Corporation.
KCDC: Key Community Development Corporation.
KCIC: Key Community Investment Capital LLC.
LCR: Liquidity coverage ratio.
LGD: Loss given default.
LIHTC: Low-income housing tax credit.
LTV: Loan-to-value.
Moody’s: Moody’s Investor Services, Inc.
MTRM: Market & Treasury Risk Management.
MRC: Market Risk Committee.
N/A: Not applicable.
NAV: Net asset value.
NFA: National Futures Association.
N/M: Not meaningful.
NMTC: New market tax credit.
NPR: Notice of proposed rulemaking.
NSF: Non-sufficient funds.
NYSE: New York Stock Exchange.
OCC: Office of the Comptroller of the Currency.
OCI: Other comprehensive income (loss).
OREO: Other real estate owned.
PBO: Projected benefit obligation.
PCCR: Purchased credit card relationship.
PCD: Purchased credit deteriorated.
PD: Probability of default.
RMBS: Residential mortgage-backed securities.
S&P: Standard and Poor’s Ratings Services, a Division of The McGraw-Hill Companies, Inc.
SEC: U.S. Securities & Exchange Commission.
Scotiabank: The Bank of Nova Scotia
SIFIs: Systemically important financial institutions, including large, interconnected BHCs and nonbank financial companies designated by FSOC for supervision by the Federal Reserve.
SOFR: Secured Overnight Financing Rate.
TE: Taxable-equivalent.
TROC: Treasury Risk Oversight Committee.
U.S. Treasury: United States Department of the Treasury.
VaR: Value at risk.
VEBA: Voluntary Employee Beneficiary Association.
VIE: Variable interest entity.

Forward-looking Statements

From time to time, we have made or will make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as “goal,” “objective,” “plan,” “expect,” “assume,” “anticipate,” “intend,” “project,” “believe,” “estimate,” “will,” “would,” “should,” “could,” or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results or aspirations. Our disclosures in this report contain forward-looking statements. We may also make forward-looking statements in other documents filed with or furnished to the SEC. In addition, we may make forward-looking statements orally to analysts, investors, representatives of the media and others.

Forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this report
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can or will be achieved. Factors that could cause our actual results to differ from those described in forward-looking statements include, but are not limited to:

•the extensive regulation of the U.S. financial services industry;
•complex and evolving laws and regulations regarding privacy and cybersecurity;
•operational or risk management failures by us or critical third parties;
•breaches of security or failures of our technology systems due to technological or other factors, cybersecurity threats, and increased risks resulting from remote work;
•an ineffective risk management framework;
•negative outcomes from claims, litigation, arbitration, investigations, or governmental proceedings;
•failure or circumvention of our controls and procedures;
•our exposure to a wide range of climate-related physical risks across different geographical areas;
•evolving capital and liquidity standards under applicable regulatory rules;
•disruption of the U.S. and global financial system and markets, including ongoing volatility in the capital and bond markets and the impact of inflation, tariffs, and a potential global economic downturn or recession;
•unanticipated changes in our liquidity position, including but not limited to, changes in our access to or the cost of funding and our ability to secure alternative funding sources;
•our ability to receive dividends from our subsidiaries, including KeyBank;
•downgrades in our credit ratings or those of KeyBank;
•a worsening of the U.S. economy due to financial, political or other shocks;
•our ability to anticipate interest rate changes and manage interest rate risk;
•deterioration of economic conditions in the geographic regions where we operate;
•the soundness of other financial institutions, including instability in the financial industry;
•our concentrated credit exposure in commercial and industrial loans;
•deterioration of commercial real estate market fundamentals;
•defaults by our loan clients or counterparties;
•adverse changes in credit quality trends;
•declining asset prices;
•deterioration of asset quality and an increase in credit losses;
•geopolitical destabilization;
•labor shortages and supply chain constraints, as well as the impact of inflation;
•our ability to develop and effectively use the quantitative models we rely upon in our business planning;
•our ability to manage reputational risk, including risks related to corporate responsibility and sustainability efforts;
•our ability to timely and effectively implement our strategic initiatives;
•increased competitive pressure;
•our ability to adapt our products and services to industry standards and consumer preferences;
•our ability to attract and retain talented executives and employees;
•unanticipated adverse effects of strategic partnerships or acquisitions and dispositions of assets or businesses;
•the potential impact of Scotiabank’s significant equity interest in our business;
•inaccurate assumptions or estimates underlying our consolidated financial statements;
•changes in accounting policies, standards, and interpretations; and
•impairment of goodwill.

Any forward-looking statements made by us or on our behalf speak only as of the date they are made, and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances, except as required by applicable securities laws. Before making an investment decision, you should carefully consider all risks and uncertainties disclosed in our 2024 Form 10-K, in Part II, Item 1A. "Risk Factors" of this report, and in any subsequent reports filed with the SEC by Key, as well as our registration statements under the Securities Act of 1933, as amended, all of which are or will upon filing be accessible on the SEC’s website at www.sec.gov and on our website at www.key.com/ir.


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Executive Overview

Key reported $370 million in net income from continuing operations attributable to Key common shareholders or diluted earnings per share of $0.33 in the first quarter of 2025.

Our actions and results during the first quarter of 2025 support our long-term targets and corporate strategy described in the “Introduction” section under the “Corporate strategy” heading on page 50 of our 2024 Form 10-K.

•Our relationship-based business model and our long-term strategic commitment to primacy, that is, serving as our client's primary bank, continues to serve us well, highlighted by a 4% year-over-year increase in client deposits and 2% net new relationship household growth.
•Our Assets Under Management stand at $61.1 billion, as new Key Private Client enrollments continued to provide additional assets to our platform for the first quarter of 2025.
•Our continuous focus on maintaining our risk discipline has and should continue to position us to perform well through all business cycles. Net charge-offs remain at the low-end of our long-term target range of 40 to 60 basis points and nonperforming loans are down 9% quarter-over-quarter.
•Investment banking and debt placement fees had a record first quarter driven by syndication and debt capital markets activity.
•During the first quarter we announced a $1 billion dollar share repurchase authorization from our Board of Directors, under which we currently expect to commence purchases in the second half of the year. The pace and magnitude of share buybacks will depend on a variety of factors, including general market conditions, the stock price, regulatory requirements and limitations, corporate liquidity requirements and priorities, and other factors.
•We ended the quarter with a Common Equity Tier 1 ratio of 11.8%(a), up approximately 150 basis points year over year, which positions us to continue to support existing and prospective clients.
(a) March 31, 2025 capital ratios are estimates

Business outlook

Consistent with the forward guidance we provided on April 17, 2025, we expect these current year results, that is full year 2025 vs. full year 2024:
Category2024 Baseline
FY2025 (vs FY 2024)(a)
Average loans$107.7 Billiondown 2% to 5%
Ending loans$104.3 BillionFlat vs YE 2024
PE Commercial Loans$71.9 Billionup 2% to 4%
Net interest income (TE)$3,810 Million
up ~20%(b)
Adjusted noninterest income(c)
$2,645 Millionup 5%+
Adjusted noninterest expense(c)
$4,520 Millionup 3% to 5%
Net charge-offs to average loans41 bps40 to 45 basis points (FY2025)
Effective tax rate~21% to 22% (FY2025)
Tax-equivalent Effective Rate(d)
~23% to 24% (FY2025)
(a) Ranges are shown on an operating basis.
(b) Additional Guidance: Net interest income (TE): 10%+ 4Q25 vs. 4Q24.
(c) Refer to the GAAP to Non-GAAP Reconciliation within Management's Discussion and Analysis of this Form 10-Q for the reconciliation of these non-GAAP measures.
(d) Reflects the estimated full year taxable-equivalent adjustment.


Demographics

The Consumer Bank serves individuals and small businesses throughout our 15-state branch footprint and through our Laurel Road digital brand by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity, credit card, treasury services, and business advisory services. In addition, wealth management and investment services are offered to assist non-profit and high-net-worth clients with their banking, trust, portfolio management, charitable giving, and related needs.

The Commercial Bank consists of the Commercial and Institutional operating segments. The Commercial operating segment is a full-service, commercial banking platform that focuses primarily on serving the borrowing, cash management, and capital markets needs of middle market clients within Key’s 15-state branch footprint. The Institutional operating segment operates nationally in providing lending, equipment financing, and banking products and services to large corporate and institutional clients. The industry coverage and product teams have established
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expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology. It is also a significant, national, commercial real estate lender and third-party master and special servicer of commercial mortgage loans. The operating segment includes the KBCM platform which provides a broad suite of capital markets products and services including syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers & acquisition and other advisory, and public finance.

Supervision and regulation

The following discussion provides a summary of recent regulatory developments and should be read in conjunction with the disclosure included in our 2024 Form 10-K under the heading “Supervision and Regulation” in Item 1. Business and under the heading “V. Compliance Risk” in Item 1A. Risk Factors as well as the disclosure included in Part II, Item 1A. "Risk Factors" of this report.

Regulatory capital requirements

KeyCorp and KeyBank are subject to regulatory capital requirements that are based largely on the Basel III international capital framework (“Basel III”). The Basel III capital framework and the U.S. implementation of the Basel III capital framework (“Regulatory Capital Rules”) are discussed in more detail in Item 1. Business of our 2024 Form 10-K under the heading “Supervision and Regulation — Regulatory capital requirements.”

Under the Regulatory Capital Rules, standardized approach banking organizations, such as KeyCorp and KeyBank, are required to meet the minimum capital and leverage ratios set forth in Figure 1 below. At March 31, 2025, KeyCorp’s ratios under the fully phased-in Regulatory Capital Rules were as set forth in Figure 1.

Figure 1. Minimum Capital Ratios and KeyCorp Ratios Under the Regulatory Capital Rules
Ratios (including stress capital buffer)Regulatory Minimum Requirement
Stress Capital Buffer (b)
Regulatory Minimum Stress Capital Buffer
KeyCorp March 31, 2025 (c)
Common Equity Tier 14.50 %3.10 %7.60 %11.78 %
Tier 1 Capital6.00 3.10 9.10 13.52 
Total Capital8.00 3.10 11.10 15.96 
Leverage (a)
4.00 N/A4.00 10.15 
(a)As a standardized approach banking organization, KeyCorp is not subject to the 3% supplementary leverage ratio requirement. However, KeyCorp will be subject to the supplementary leverage ratio if proposed revisions to the Regulatory Capital Rules discussed below are adopted.
(b)Stress capital buffer must consist of Common Equity Tier 1 capital. As a standardized approach banking organization, KeyCorp is not subject to the countercyclical capital buffer of up to 2.5% imposed upon an advanced approaches banking organization under the Regulatory Capital Rules. However, KeyCorp will be subject to the countercyclical capital buffer if proposed revisions to the Regulatory Capital Rules discussed below are adopted.
(c)March 31, 2025 capital ratios are estimates

Revised prompt corrective action framework

The federal Prompt Corrective Action (“PCA”) framework under the FDIA groups FDIC-insured depository institutions into one of five prompt corrective action capital categories: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized,” and “critically undercapitalized.” In addition to implementing the Basel III capital framework in the United States, the Regulatory Capital Rules also revised the PCA capital category threshold ratios applicable to FDIC-insured depository institutions such as KeyBank. The revised PCA framework table in Figure 2 identifies the capital category threshold ratios for a “well capitalized” and an “adequately capitalized” institution under the PCA Framework.

Figure 2. "Well Capitalized" and "Adequately Capitalized" Capital Category Ratios under Revised Prompt Corrective Action Framework
Prompt Corrective ActionCapital Category
Ratio
Well Capitalized (a)
Adequately Capitalized
Common Equity Tier 1 Risk-Based6.50 %4.50 %
Tier 1 Risk-Based8.00 6.00 
Total Risk-Based10.00 8.00 
Tier 1 Leverage (b)
5.00 4.00 
(a)A “well capitalized” institution also must not be subject to any written agreement, order, or directive to meet and maintain a specific capital level for any capital measure.
(b)As a “standardized approach” banking organization, KeyBank is not subject to the 3% supplementary leverage ratio requirement, which became effective January 1, 2018. However, KeyCorp will be subject to the supplementary leverage ratio if proposed revisions to the Regulatory Capital Rules discussed below are adopted.

As of March 31, 2025, KeyBank (consolidated) satisfied the risk-based and leverage capital requirements necessary to be considered “well capitalized” for purposes of the revised prompt corrective action framework. However, investors should not regard this determination as a representation of the overall financial condition or prospects of
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KeyBank because the PCA framework is intended to serve a limited supervisory function. Moreover, it is important to note that the PCA framework does not apply to BHCs, like KeyCorp.

Capital planning and stress testing

KeyCorp is a Category IV banking organization subject to a supervisory stress test every other year. On June 26, 2024, the Federal Reserve announced the results of the supervisory stress test that it conducted of 31 BHCs having more than $100 billion in total consolidated assets (including KeyCorp). The Federal Reserve indicated that all BHCs subject to the stress test maintained capital ratios above the minimum required levels under the severely adverse scenario. The stress test results for individual BHCs (including KeyCorp) were used by the Federal Reserve to determine a BHC’s updated stress capital buffer requirement. The Federal Reserve published the updated stress capital buffer requirements on August 28, 2024. KeyCorp’s updated stress capital buffer is 3.1%. This stress capital buffer became effective on October 1, 2024 and will remain in effect until September 30, 2025, unless KeyCorp later receives an updated stress capital buffer requirement from the Federal Reserve.

See Item 1. Business of our 2024 Form 10-K under the heading “Supervision and Regulation - Regulatory capital requirements - Capital planning and stress testing” for a discussion of other developments concerning capital planning and stress testing requirements.

Deposit insurance and assessments

The DIF provides insurance coverage for domestic deposits funded through assessments on insured depository institutions like KeyBank. The amount of deposit insurance coverage for each depositor’s deposits is $250,000 per depository.

The FDIC must assess the premium based on an insured depository institution’s assessment base, calculated as its average consolidated total assets minus its average tangible equity. KeyBank’s current annualized premium assessments can range from $.025 to $.45 for each $100 of its assessment base. The rate charged depends on KeyBank’s performance on the FDIC’s “large and highly complex institution” risk-assessment scorecard, which includes factors such as KeyBank’s regulatory rating, its ability to withstand asset and funding-related stress, and the relative magnitude of potential losses to the FDIC in the event of KeyBank’s failure.

On October 18, 2022, the FDIC adopted a final rule, applicable to all insured depository institutions (including KeyBank), to increase the initial base deposit insurance assessment rate schedules uniformly by two basis points consistent with the Amended Restoration Plan approved by the FDIC on June 21, 2022. The FDIC indicated that it was taking this action in order to restore the DIF reserve ratio to the required statutory minimum of 1.35% by the statutory deadline of September 30, 2028. Under the final rule, the increase in rates began with the first quarterly assessment period of 2023 and will remain in effect unless and until the reserve ratio meets or exceeds 2% in order to support growth in the DIF in progressing toward the FDIC’s long-term goal of a 2% reserve ratio.

On March 10, 2023, and March 12, 2023, Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”) were closed by the state banking authorities in California and New York, respectively, and the FDIC was appointed as receiver of SVB and Signature. All deposits of SVB and Signature were transferred to bridge banks established by the FDIC under the systemic risk exception to the least cost test in the FDIA so that the uninsured deposits as well as the insured deposits of both banks were protected by the FDIC. Under the FDIA, the loss to the DIF arising from the use of the systemic risk exception must be recovered through one or more special assessments.

On November 16, 2023, the FDIC issued a final rule to impose a special assessment on IDIs to recover the loss to the DIF resulting from the use of the systemic risk exception to protect the uninsured depositors of SVB and Signature. Under the final rule, the FDIC would collect a special assessment from IDIs at an annual rate of approximately 13.4 basis points over eight quarterly assessment periods, starting with the first quarterly assessment period of 2024. The assessment base for the proposed special assessment is equal to an IDI’s estimated uninsured deposits reported as of December 31, 2022, adjusted to exclude the first $5 billion in estimated uninsured deposits held by the IDI. Because the estimated loss to the DIF from the use of the systemic risk exception will be periodically adjusted and because the total assessments collected may change due to corrective amendments filed by covered IDIs regarding the reported amount of uninsured deposits for the December 31, 2022 reporting period, the FDIC may cease collection of the special assessment early, extend the special assessment collection period, or impose a final shortfall special assessment.
9


In the final rule, the FDIC indicated that the special assessment is a tax-deductible operating expense for IDIs, and that it assumed that the effect on income of the entire amount of the special assessment would occur in one quarter for the IDIs subject to the assessment. The initial impact of the special assessment to Key was approximately $190 million in pre-tax expense, which was recognized upon issuance of the final rule in the fourth quarter of 2023.

The FDIC has indicated that the loss estimates to be recovered by the special assessment will be periodically adjusted as the FDIC (as receiver of the failed banks) sells assets, satisfies liabilities, and incurs receivership expenses. The FDIC said that it will provide any updates regarding the amount and collection period for the special assessment when it sends the quarterly deposit insurance assessment invoices to the IDIs subject to the special assessment. In the first quarter of 2024, the FDIC announced an increase in its estimate of losses from protecting the uninsured depositors of SVB and Signature and, therefore, increased the amount that it would collect through the special assessment. For more information regarding the impacts of the special assessment, see Part II, Item 2. Management’s Discussion & Analysis of Financial Condition & Result of Operations under the heading “Results of Operations” in this report.

The FDIC’s final rule for a special assessment discussed above was not intended to recover the loss to the DIF from the failure of First Republic Bank in May 2023 (initially estimated as a $13 billion loss) or to the DIF from the failures of SVB and Signature that was not related to the protection of uninsured depositors (initially estimated as a $2.7 billion loss). The FDIC indicated that no further adjustments to assessments are contemplated at this time to recover those losses but that it will re-evaluate this issue in the future when it updates projections for the DIF balance and the reserve ratio in connection with its periodic review of the DIF Restoration Plan that was adopted in 2022. The FDIC updates these projections at least semiannually.

See Item 1. Business of our 2024 Form 10-K under the heading “Supervision and Regulation – FDIA, Resolution Authority and Financial Stability - Deposit insurance and assessments” for a discussion of other developments concerning deposit insurance and assessments.

Community Reinvestment Act

On October 24, 2023, the federal banking agencies adopted a final rule to substantially revise their regulations implementing the Community Reinvestment Act (“CRA”). Various trade associations filed a lawsuit in the United States District Court for the Northern District of Texas seeking to invalidate the CRA final rule. On March 29, 2024, the court in that case issued a preliminary injunction barring the federal banking agencies from enforcing the CRA final rule pending the resolution of that lawsuit. The court’s decision is on appeal to the United States Court of Appeals for the Fifth Circuit. Because the agencies plan to undertake new rulemaking, they asked the Fifth Circuit to stay further proceedings in the case challenging the rule that was issued in October 2023. On March 28, 2025, the federal banking agencies issued a statement announcing their intent to issue a proposal to rescind the rule that was issued in October of 2023 and to reinstate the CRA framework in place prior to the issuance of that rule. The agencies indicated that they would work together to promote a consistent regulatory approach for implementation of the CRA. KeyBank will be subject to any changes that are made to the CRA regulations.

Consumer Financial Protection Bureau

The CFPB, which was created by the Dodd-Frank Act in 2010, was given the authority by that statute to regulate the offer and sale of consumer financial products and services, enforce federal consumer protection laws, and supervise certain providers of consumer financial products and services, including banks with over $10 billion in assets (such as KeyBank). The Trump administration has announced its intention to close the CFPB and has taken various actions to accomplish that objective, including issuing a stop work order to CFPB employees, terminating many CFPB employees, and placing other CFPB employees on administrative leave. A union representing the CFPB’s employees and other interested parties brought a lawsuit in the United States District Court for District of Columbia, seeking a court order to stop the Trump administration from dismantling the CFPB. On March 25, 2025, the court in that case issued a preliminary injunction, which enjoined the Trump administration from taking actions to dismantle the CFPB. The Trump administration has appealed this court order. On April 11, 2025, the United States Court of Appeals for the District of Columbia Circuit denied, in large part, a request by the Trump administration to stay the preliminary injunction while the appeal is pending, but the court ruled that the administration would be allowed to terminate some CFPB employees before the appeal is resolved by making particularized assessments that those employees are not necessary to carry out the agency’s statutory duties. Key is monitoring developments in this case.
10


Data Collection and Reporting for Small Business Loans

On March 30, 2023, the CFPB issued a final rule to require certain lenders (including depository institutions such as KeyBank) to report detailed data on applications for credit submitted by small businesses, including those owned by women and minorities. This rule was issued to implement Section 1071 of the Dodd-Frank Act. Various lawsuits were brought to challenge this rule. In one of these lawsuits, the CFPB, on April 3, 2025, asked the court to hold the lawsuit in abeyance because the CFPB planned to issue a new proposed rulemaking on this subject. Key is monitoring developments in this case.
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Results of Operations

Earnings overview

The following chart provides a reconciliation of net income (loss) from continuing operations attributable to Key common shareholders for the three months ended March 31, 2024, to the three months ended March 31, 2025 (dollars in millions):
241
Net interest income

One of our principal sources of revenue is net interest income. Net interest income is the difference between interest income received on earning assets (such as loans and securities) and loan-related fee income, and interest expense paid on deposits and borrowings. There are several factors that affect net interest income, including:
 
•the volume, pricing, mix, and maturity of earning assets and interest-bearing liabilities;
•the volume and value of net free funds, such as noninterest-bearing deposits and equity capital;
•the use of derivative instruments to manage interest rate risk;
•interest rate fluctuations and competitive conditions within the marketplace;
•asset quality; and
•fair value accounting of acquired earning assets and interest-bearing liabilities.

To make it easier to compare both the results across several periods and the yields on various types of earning assets (some taxable, some not), we present net interest income in this discussion on a “TE basis” (i.e., as if all income were taxable and at the same rate). For example, $100 of tax-exempt income would be presented as $126, an amount that, if taxed at the statutory federal income tax rate of 21%, would yield $100.
12

1233
Net interest income (TE) was $1.1 billion for the first quarter of 2025 and the net interest margin was 2.58%. Compared to the first quarter of 2024, net interest income (TE) increased $219 million and net interest margin increased by 56 basis points. These increases primarily reflect the impact of lower deposit costs, reinvestment of proceeds from maturing low-yielding investment securities, fixed rate loans and swaps into higher yielding investments, the repositioning of the available-for-sale portfolio during the third and fourth quarters of 2024, and an improved funding mix as lower-cost deposits increased while wholesale borrowings declined. These benefits were partially offset by the impact of lower interest rates on repricing earning assets and lower loan balances.
29982999
Average loans were $104.4 billion for the first quarter of 2025, a decrease of $6.7 billion compared to the first quarter of 2024, generally reflective of tepid client loan demand. Average commercial loans declined by $4.1 billion and average consumer loans declined by $2.6 billion, reflective of broad-based declines across all loan categories.

Average deposits totaled $148.5 billion for the first quarter of 2025, an increase of $5.7 billion compared to the year-ago quarter, reflecting growth in both consumer and commercial deposits.

Figure 3 shows the various components of our balance sheet that affect interest income and expense and their respective yields or rates for the current period and comparative year ago period. This figure also presents a reconciliation of TE net interest income to net interest income reported in accordance with GAAP for each of those quarters. The net interest margin, which is an indicator of the profitability of the earning assets portfolio less the cost of funding, is calculated by dividing annualized TE net interest income by average earning assets.
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Figure 3. Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates and Components of Net Interest Income Changes from Continuing Operations(g)
 Three months ended March 31, 2025Three months ended March 31, 2024Change in Net interest income due to
Dollars in millions
Average
Balance
Interest (a)
Yield/
Rate (a)
Average
Balance
Interest (a)
Yield/
Rate (a)
VolumeYield/RateTotal
ASSETS
Loans (b), (c)
Commercial and industrial (d)
$53,746 $800 6.04 %$55,220 $853 6.22 %$(22)$(31)$(53)
Real estate — commercial mortgage13,061 192 5.96 14,837 229 6.21 (26)(11)(37)
Real estate — construction2,905 49 6.87 3,039 57 7.50 (2)(6)(8)
Commercial lease financing2,653 23 3.52 3,346 27 3.23 (6)2 (4)
Total commercial loans72,365 1,064 5.96 76,442 1,166 6.14 (56)(46)(102)
Real estate — residential mortgage19,737 165 3.33 20,814 171 3.29 (9)3 (6)
Home equity loans6,248 86 5.60 7,024 104 5.97 (11)(7)(18)
Other consumer loans5,087 63 5.01 5,800 72 4.99 (9)— (9)
Credit cards917 32 14.04 954 36 14.93 (1)(3)(4)
Total consumer loans31,989 346 4.35 34,592 383 4.44 (30)(7)(37)
Total loans104,354 1,410 5.47 111,034 1,549 5.61 (86)(53)(139)
Loans held for sale815 14 6.70 888 14 6.15 (1)1 — 
Securities available for sale (b), (e)
39,321 392 3.70 37,089 232 2.17 15 145 160 
Held-to-maturity securities (b)
7,274 63 3.46 8,423 75 3.57 (10)(2)(12)
Trading account assets1,296 17 5.20 1,110 14 5.21 2 1 3 
Short-term investments15,211 174 4.63 10,243 142 5.59 60 (28)32 
Other investments (e)
935 9 3.73 1,236 17 5.39 (4)(4)(8)
Total earning assets169,206 2,079 4.86 170,023 2,043 4.67 (24)60 36 
Allowance for loan and lease losses(1,401)(1,505)
Accrued income and other assets18,285 17,350 
Discontinued assets254 329 
Total assets$186,344 $186,197 
LIABILITIES
Money market deposits$42,007 $275 2.65 %$37,659 $264 2.82 %$29 $(18)$11 
Demand deposits57,460 310 2.19 56,137 357 2.56 8 (55)(47)
Savings deposits4,610 1 0.06 5,253 1 0.07 — — — 
Time deposits16,625 167 4.09 14,430 160 4.45 23 (16)7 
Total interest-bearing deposits120,702 753 2.53 113,479 782 2.77 60 (89)(29)
Federal funds purchased and securities sold under repurchase agreements
100 1 3.94 106 1 4.03 — — — 
Bank notes and other short-term borrowings
2,273 27 4.74 3,325 46 5.63 (13)(6)(19)
Long-term debt (f)
11,779 193 6.61 19,537 328 6.72 (127)(8)(135)
Total interest-bearing liabilities134,854 974 2.92 136,447 1,157 3.41 (80)(103)(183)
Noninterest-bearing deposits27,840 29,399 
Accrued expense and other liabilities4,764 5,373 
Discontinued liabilities (f)
254 329 
Total liabilities167,712 171,548 
EQUITY
Key shareholders’ equity18,632 14,649 
Total liabilities and equity$186,344 $186,197 
Interest rate spread (TE)1.94 %1.26 %
Net interest income (TE) and net interest margin (TE)
$1,105 2.58 %$886 2.02 %$56 $163 219 
TE adjustment (b)
9 11 
Net interest income, GAAP basis$1,096 $875 
(a)Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (f), calculated using a matched funds transfer pricing methodology.
(b)Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the three months ended March 31, 2025, and March 31, 2024.
(c)For purposes of these computations, nonaccrual loans are included in average loan balances.
(d)Commercial and industrial average balances include $213 million and $211 million of assets from commercial credit cards for the three months ended March 31, 2025, and March 31, 2024, respectively.
(e)Yield presented is calculated on the basis of amortized cost excluding fair value hedge basis adjustments. The average amortized cost for securities available for sale was $42.7 billion and $42.7 billion for the three months ended March 31, 2025 and March 31, 2024, respectively. Yield based on the fair value of securities available for sale was 3.99% and 2.50% for the three months ended March 31, 2025 and March 31, 2024, respectively.
(f)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying our matched funds transfer pricing methodology to discontinued operations.
(g)Average balances presented are based on daily average balances over the respective stated period.










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Provision for credit losses
32    
Key’s provision for credit losses was $118 million for the three months ended March 31, 2025, compared to $101 million for the three months ended March 31, 2024. The increase from the year-ago period is driven by higher net loan charge-offs and the impact of uncertainty in the economic outlook, partly offset by improved credit migration trends.

Noninterest income

As shown in Figure 4, noninterest income was a net income of $668 million for the first quarter of 2025, compared to net income of $647 million for the year-ago quarter.

The following discussion explains the composition of certain elements of our noninterest income and the factors that caused those elements to change.

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Figure 4. Noninterest Income
7
910
1213
Trust and investment services income 

Trust and investment services income consists of brokerage commissions, trust and asset management fees, and insurance income. The assets under management or administration that primarily generate certain trust and asset management fees are shown in Figure 5. For the three months ended March 31, 2025, trust and investment services income was up $3 million, or 2.2%, compared to the same period one year ago. This increase was driven primarily by investment management fees associated with higher assets under management.

A significant portion of our trust and investment services income depends on the value and mix of assets under management. As shown in Figure 5, at March 31, 2025, our bank, trust, and registered investment advisory subsidiaries had assets under management of $61.1 billion, up 6.5% compared to March 31, 2024. The increase was driven by net positive cash in-flows and market impacts on portfolios.

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Figure 5. Assets Under Management or Administration 
Dollars in millionsMarch 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
Discretionary assets under management by investment type:
Equity$33,478 $34,541 $34,500 $32,691 $32,369 
Fixed income14,290 13,942 14,256 14,136 14,096 
Money market6,851 6,785 6,587 5,639 6,177 
Total discretionary assets under management54,619 55,268 55,343 52,466 52,642 
Non-discretionary assets under administration6,434 6,093 5,779 5,136 4,663 
Total$61,053 $61,361 $61,122 $57,602 $57,305 
    
Investment banking and debt placement fees

Investment banking and debt placement fees consist of syndication fees, debt and equity securities underwriting fees, merger and acquisition and financial advisory fees, gains on sales of commercial mortgages, and agency origination fees. For the three months ended March 31, 2025, investment banking and debt placement fees were up $5 million, or 2.9%, compared to the same period one year ago, driven by an increase in syndication fees offset by lower merger and acquisition and underwriting fees.

Service charges on deposit accounts

Service charges on deposit accounts increased $6 million, or 9.5%, for the three months ended March 31, 2025, compared to the same period one year ago. The increase was driven primarily by higher account analysis fees.

Cards and payments income

Cards and payments income, which consists of debit card, prepaid card, consumer and commercial credit card, and merchant services income, increased $5 million, or 6.5% for the three months ended March 31, 2025, compared to the same period one year ago. This increase was primarily driven by an increase in merchant services income.

Other noninterest income

Other noninterest income includes operating lease income and other leasing gains, corporate services income,
corporate-owned life insurance income, consumer mortgage income, commercial mortgage servicing fees, net securities gains (losses), and other income. Other noninterest income for the three months ended March 31, 2025, increased $2 million, or 1.0%, from the year-ago quarter. This change was driven by an increase in commercial mortgage servicing fees reflecting higher active special servicing balances and overall growth of the servicing portfolio. This was partially offset by a decrease in operating lease income and other leasing gains.

Noninterest expense

As shown in Figure 6, noninterest expense was $1.1 billion for the first quarter of 2025, compared to $1.1 billion for the first quarter of 2024.

The following discussion explains the composition of certain elements of our noninterest expense and the factors that caused those elements to change.
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Figure 6. Noninterest Expense 
89
(a)Other noninterest expense includes equipment, operating lease expense, marketing, and other expense. See the "Consolidated Statements of Income" in Item 1. Financial Statements of this report.
205
Personnel

Personnel expense, the largest category of our noninterest expense, increased by $6 million, or .9%, for the three months ended March 31, 2025, compared to the same period one year ago. The increase reflects higher general salary expense stemming from increased head count slightly offset by a decrease in deferred savings plan benefit costs.

Nonpersonnel expense

Nonpersonnel expense includes net occupancy, computer processing, business services and professional fees, equipment, operating lease expense, marketing, and other miscellaneous expense categories. Nonpersonnel expense for the three months ended March 31, 2025, decreased $18 million, or 3.8%, from the year-ago quarter, driven by a decrease in other expense due to a FDIC special assessment charge in the first quarter of 2024, slightly offset by increases in technology-related investments.
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Income taxes

We recorded tax expense of $109 million for the first quarter of 2025 and $59 million for the first quarter of 2024.

Our federal tax expense and effective tax rate differs from the amount that would be calculated using the federal statutory tax rate, primarily due to investments in tax-advantaged assets, such as corporate-owned life insurance, tax credits associated with low-income housing investments, and periodic adjustments to our tax reserves.

Additional information pertaining to how our tax expense (benefit) and the resulting effective tax rates were derived is included in Note 14 (“Income Taxes”) beginning on page 158 of our 2024 Form 10-K.

Business Segment Results

This section summarizes the financial performance of our two major business segments (operating segments): Consumer Bank and Commercial Bank. Note 19 (“Business Segment Reporting”) describes the products and services offered by each of these business segments and provides more detailed financial information pertaining to the segments. For more information on the segment imperatives and market and business overview, see “Business Segment Results” beginning on page 60 of our 2024 Form 10-K. Dollars in the charts are presented in millions.

Consumer Bank

Summary of operations

•Net income attributable to Key of $118 million for the first quarter of 2025, compared to $41 million for the year-ago quarter
•Taxable-equivalent net interest income attributable to the Consumer Bank increased by $116 million, or 21.8%, compared to the first quarter of 2024
•Average loans and leases decreased $3.1 billion, or 7.8%, from the first quarter of 2024, driven by broad-based declines across all loan categories
•Average deposits increased $4.2 billion, or 5.0%, from the first quarter of 2024, driven by growth in money market deposits and certificates of deposit
400401402
404405
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•Provision for credit losses increased $45 million compared to the first quarter of 2024, primarily driven by changes in reserve levels due to uncertainty in the economic outlook and higher net loan charge-offs
•Noninterest income increased $1 million, or 0.4%, from the first quarter of 2024, driven by an increase in trust and investment services stemming from higher assets under management
•Noninterest expense decreased $28 million, or 4.0%, from the first quarter of 2024, primarily driven by a FDIC special assessment charge in the first quarter of 2024
794795796
Commercial Bank

Summary of operations

•Net income attributable to Key of $321 million for the first quarter of 2025, compared to $205 million for the year-ago quarter
•Taxable-equivalent net interest income increased by $137 million, compared to the first quarter of 2024
•Average loan and lease balances decreased $3.6 billion, compared to the first quarter of 2024, driven by a decline in commercial real estate loans and commercial and industrial loans
•Average deposit balances increased $1.1 billion, or 2.0%, compared to the first quarter of 2024, driven by our focus on growing deposits across our commercial businesses
380381382
384385
•Provision for credit losses decreased $27 million compared to the first quarter of 2024, driven by a lower reserve build due to slowing asset quality migration, which was partly offset by the impact of uncertainty in the economic outlook and higher net loan charge-offs
20

•Noninterest income increased $7 million from the first quarter of 2024, primarily driven by an increase in commercial mortgage servicing fees and service charges on deposit accounts
•Noninterest expense increased $20 million compared the first quarter of 2024, driven by higher personnel expense attributable to higher incentive compensation
574575576

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Financial Condition

Loans and loans held for sale

Figure 7. Breakdown of Loans at March 31, 2025
3940
(a)See Note 3 (“Loan Portfolio”) in Item 1. Financial Statements of this report.

At March 31, 2025, total loans outstanding from continuing operations were $104.8 billion, compared to $104.3 billion at December 31, 2024. For more information on balance sheet carrying value, see Note 1 (“Summary of Significant Accounting Policies”) under the headings “Loans” and “Loans Held for Sale” starting on page 110 of our 2024 Form 10-K.

Commercial loan portfolio

Commercial loans outstanding were $73.1 billion at March 31, 2025, an increase of $1.2 billion, or 1.7%, compared to December 31, 2024, primarily driven by increases in commercial and industrial loans.












22

Figure 8 provides our commercial loan portfolios by industry classification at March 31, 2025, and December 31, 2024.

Figure 8. Commercial Loans by Industry
March 31, 2025Commercial and industrial
Commercial
real estate
Commercial
lease financing
Total commercial
loans
Percent of
total
Dollars in millions
Industry classification:
 Agriculture $857 $96 $78 $1,031 1.4 %
 Automotive 2,366 614 1 2,981 4.1 
 Business services 2,993 247 74 3,314 4.5 
 Commercial real estate 7,487 11,813 1 19,301 26.4 
 Construction materials and contractors1,855 251 188 2,294 3.1 
 Consumer goods3,810 510 175 4,495 6.1 
 Consumer services 4,172 602 318 5,092 7.0 
 Equipment 1,733 149 128 2,010 2.8 
 Finance 10,850 99 200 11,149 15.2 
 Healthcare 2,764 1,348 191 4,303 5.9 
 Materials and extraction2,193 198 128 2,519 3.4 
 Oil and gas 2,140 27 9 2,176 3.0 
 Public exposure 1,883 7 354 2,244 3.1 
 Technology, media, and telecom599 11 40 650 0.9 
 Transportation 801 133 284 1,218 1.7 
 Utilities 7,631 6 358 7,995 10.9 
 Other 244 57 49 350 0.5 
Total$54,378 $16,168 $2,576 $73,122 100.0 %
December 31, 2024Commercial and industrial
Commercial
real estate
Commercial
lease financing
Total commercial
loans
Percent of
total
Dollars in millions
Industry classification:
Agriculture$875 $99 $80 $1,054 1.5 %
Automotive2,173 673 2 2,848 4.0 
Business services2,899 262 81 3,242 4.5 
Commercial real estate7,799 11,909 3 19,711 27.4 
Construction materials and contractors1,839 258 203 2,300 3.2 
Consumer goods3,556 533 190 4,279 5.9 
Consumer services4,127 616 328 5,071 7.1 
Equipment1,740 159 137 2,036 2.8 
Finance10,103 99 209 10,411 14.5 
Healthcare2,707 1,204 210 4,121 5.7 
Materials and extraction2,135 196 134 2,465 3.4 
Oil and gas1,950 28 10 1,988 2.8 
Public exposure1,961 7 387 2,355 3.3 
Technology, media, and telecom521 10 44 575 0.8 
Transportation849 127 291 1,267 1.8 
Utilities7,279 6 422 7,707 10.7 
Other396 60 5 461 0.6 
Total$52,909 $16,246 $2,736 $71,891 100.0 %

Commercial and industrial. Commercial and industrial loans are the largest component of our loan portfolio, representing 52% of our total loan portfolio at March 31, 2025, and 51% at December 31, 2024. This portfolio is approximately 90% variable rate and consists of loans originated primarily to large corporate, middle market, and small business clients.

Commercial and industrial loans totaled $54.4 billion at March 31, 2025, an increase of $1.5 billion, or 2.8%, compared to December 31, 2024. The increase was broad-based across most industry categories.

Commercial real estate loans. Our commercial real estate portfolio includes project loans primarily focused in market-rate and affordable multi-family housing loans, owner-occupied commercial and industrial operating company buildings, and community center grocer-anchored retail centers. These three commercial real estate segments make up 73% of our commercial real estate portfolio. Our non-owner-occupied portfolio is focused on operators of commercial real estate who not only utilize our loan products, but also utilize our broader industry-focused products and services and provide consistent pipelines into our agency, CMBS, and other long-term market take out products. This focus ensures our relationship clients foster and build portfolios with stable, recurring cash flows, with adequate, balanced cash reserves to support our balance sheet exposures through the economic cycle.

At March 31, 2025, commercial real estate loans totaled $16.2 billion, which includes $13.2 billion of mortgage loans and $2.9 billion of construction loans. Compared to December 31, 2024, this portfolio decreased $78 million, or .5%, driven by decreases in owner-occupied properties. Nonowner-occupied properties, generally properties for which at
23

least 50% of the debt service is provided by rental income from nonaffiliated third parties, represented 81% of total commercial real estate loans outstanding at March 31, 2025.

Since the global financial crisis in 2008, we have limited our construction business and reduced our overall construction loans from 42% to 18% of commercial real estate loans as of March 31, 2025. Construction loans provide a stream of funding for properties not fully leased at origination to support debt service payments over the term of the contract or project. As of March 31, 2025, 81% of our construction portfolio are multi-family project loans. Our office exposure only represents 4% of commercial real estate loans at period end.

As shown in Figure 9, our commercial real estate loan portfolio includes various property types and geographic locations of the underlying collateral. These loans include commercial mortgage and construction loans in both Consumer Bank and Commercial Bank.
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Figure 9. Commercial Real Estate Loans
 Geographic RegionTotal
Percent of
Total
Construction
Commercial
Mortgage
Dollars in millionsWestSouthwestCentralMidwestSoutheastNortheastNational
March 31, 2025
Nonowner-occupied:
Data Center$— $— $— $— $18 $— $347 $365 2.3 %$18 $347 
Diversified1 — — 3 — 11 119 134 0.8 — 134 
Industrial45 1 64 117 214 211 93 745 4.6 74 671 
Land & Residential9 6 2 10 5 21 — 53 0.3 34 19 
Lodging44 — 8 4 45 51 65 217 1.3 — 217 
Medical Office34 — 40 1 21 91 76 263 1.6 — 263 
Multifamily1,194 437 1,187 1,217 2,034 1,220 365 7,654 47.3 2,377 5,277 
Office85 1 120 71 95 222 111 705 4.4 — 705 
Retail143 29 80 194 70 215 336 1,067 6.6 43 1,024 
Self Storage25 — 15 8 56 18 181 303 1.9 16 287 
Senior Housing130 45 97 85 54 148 80 639 4.0 159 480 
Skilled Nursing— — — 48 104 145 215 512 3.2 — 512 
Student Housing34 — 13 62 72 — — 181 1.1 50 131 
Other1 9 7 29 33 44 79 202 1.2 — 202 
Total nonowner-occupied1,745 528 1,633 1,849 2,821 2,397 2,067 13,040 80.7 2,771 10,269 
Owner-occupied1,035 — 259 379 324 968 163 3,128 19.3 158 2,970 
Total$2,780 $528 $1,892 $2,228 $3,145 $3,365 $2,230 $16,168 100.0 %$2,929 $13,239 
Nonperforming loans$4 $— $55 $59 $76 $12 $— $206 N/M$— $206 
Accruing loans past due 90 days or more
1 — 1 1 — 5 — 8 N/M3 5 
Accruing loans past due 30 through 89 days
17 — 8 1 36 23 — 85 N/M— 85 
Geographic RegionTotal
Percent of
Total
Construction
Commercial
Mortgage
Dollars in millionsWestSouthwestCentralMidwestSoutheastNortheastNational
December 31, 2024
Nonowner-occupied:
Data Center$— $— $— $98 $54 $— $— $152 0.9 %$— $152 
Diversified1 — — 3 — 13 118 135 0.8 — 135 
Industrial44 1 95 103 214 258 18 733 4.5 54 679 
Land & Residential10 7 3 7 — 21 — 48 0.3 28 20 
Lodging48 — 12 14 46 55 59 234 1.4 — 234 
Medical Office35 43 42 — 37 97 17 271 1.7 — 271 
Multifamily1,303 485 1,201 1,204 2,325 1,336 156 8,010 49.3 2,405 5,605 
Office152 1 129 77 134 232 13 738 4.5 — 738 
Retail152 6 81 172 97 293 79 880 5.4 43 837 
Self Storage44 — 44 8 222 18 24 360 2.2 14 346 
Senior Housing172 39 97 85 54 142 4 593 3.7 154 439 
Skilled Nursing— — — — 132 170 90 392 2.4 — 392 
Student Housing41 — 13 63 123 — — 240 1.5 50 190 
Other1 10 7 112 40 48 — 218 1.3 — 218 
Total nonowner-occupied2,003 592 1,724 1,946 3,478 2,683 578 13,004 80.0 2,748 10,256 
Owner-occupied1,078 — 330 601 182 1,051 — 3,242 20.0 188 3,054 
Total$3,081 $592 $2,054 $2,547 $3,660 $3,734 $578 $16,246 100.0 %$2,936 $13,310 
Nonperforming loans$5 $— $64 $80 $81 $13 $— $243 N/M$— $243 
Accruing loans past due 90 days or more
10 — 2 1 — 7 — 20 N/M4 16 
Accruing loans past due 30 through 89 days
1 — — 3 19 9 — 32 N/M— 32 
West –Alaska, California, Hawaii, Idaho, Montana, Oregon, Washington, and Wyoming
Southwest –Arizona, Nevada, and New Mexico
Central –Arkansas, Colorado, Oklahoma, Texas, and Utah
Midwest –Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin
Southeast –Alabama, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, Washington D.C., and West Virginia
Northeast –Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont
National –Accounts in three or more regions
N/M = not meaningful

Consumer loan portfolio

Consumer loans outstanding as of March 31, 2025, totaled $31.7 billion, a decrease of $682 million, or 2.1%, from December 31, 2024. The decrease was driven by declines across all consumer loan categories and reflective of the intentional run-off of lower yielding loans.

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The residential mortgage portfolio is comprised of loans originated by our Consumer Bank and is the largest segment of our consumer loan portfolio as of March 31, 2025, representing 62% of consumer loans outstanding. This is followed by our home equity portfolio representing 19% of consumer loans outstanding at March 31, 2025. 

We held the first lien position for approximately 65% of the home equity portfolio at March 31, 2025, and 65% at December 31, 2024. For loans with real estate collateral, we track borrower performance monthly. Regardless of the lien position, credit metrics are refreshed quarterly, including recent FICO scores as well as updated loan-to-value ratios. This information is used in establishing the ALLL. Our methodology is described in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Allowance for Loan and Lease Losses” of our 2024 Form 10-K.

Figure 10 presents our consumer loans by geography.

Figure 10. Consumer Loans by State
Dollars in millionsReal estate — residential mortgageHome equity loansOther consumer loansCredit cardsTotal
March 31, 2025
Washington$4,242 $901 $209 $84 $5,436 
Ohio2,652 863 88 174 3,777 
New York701 1,698 731 316 3,446 
Colorado2,857 250 127 29 3,263 
California2,164 13 429 3 2,609 
Oregon1,185 518 89 40 1,832 
Pennsylvania396 435 319 59 1,209 
Florida725 38 374 12 1,149 
Utah794 223 57 17 1,091 
Connecticut674 217 101 28 1,020 
Other3,232 998 2,476 149 6,855 
Total$19,622 $6,154 $5,000 $911 $31,687 
December 31, 2024
Washington$4,312 $929 $214 $85 $5,540 
Ohio2,662 895 111 197 3,865 
New York723 1,756 737 330 3,546 
Colorado2,891 258 131 30 3,310 
California2,191 12 442 3 2,648 
Oregon1,195 532 92 40 1,859 
Pennsylvania403 449 333 60 1,245 
Florida733 41 384 13 1,171 
Utah805 232 56 18 1,111 
Connecticut684 223 105 28 1,040 
Other3,287 1,031 2,562 154 7,034 
Total$19,886 $6,358 $5,167 $958 $32,369 

Figure 11 summarizes our loan sales for the three months ended March 31, 2025, and all of 2024.

Figure 11. Loans Sold (Including Loans Held for Sale)  
Dollars in millionsCommercial
Commercial
Real Estate
Commercial Lease Financing
Residential
Real Estate
Total
2025     
First quarter$89 $1,355 $27 $260 $1,731 
Total$89 $1,355 $27 $260 $1,731 
2024     
Fourth quarter$150 $2,584 $— $342 $3,076 
Third quarter60 1,406 90 393 1,949 
Second quarter56 860 61 312 1,289 
First quarter86 1,554 85 209 1,934 
Total$352 $6,404 $236 $1,256 $8,248 

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Figure 12 shows loans that are either administered or serviced by us, but not recorded on the balance sheet; this includes loans that were sold.

Figure 12. Loans Administered or Serviced  
Dollars in millionsMarch 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
Commercial real estate loans$572,449 $557,633 $557,387 $535,826 $505,152 
Residential mortgage11,352 11,344 11,303 11,217 11,166 
Education loans179 189 199 212 230 
Commercial lease financing1,868 1,735 1,808 1,849 1,888 
Commercial loans596 603 617 656 660 
Consumer direct307 328 347 367 386 
Consumer indirect239 319 412 524 649 
Total$586,990 $572,151 $572,073 $550,651 $520,131 

In the event of default by a borrower, we are subject to recourse with respect to approximately $7.8 billion of the $587.0 billion of loans administered or serviced at March 31, 2025. These are primarily associated with commercial real estate loans administered or serviced. Additional information about this recourse arrangement is included in Note 16 (“Contingent Liabilities and Guarantees”) under the heading “Recourse agreement with FNMA.”

We derive income from several sources when retaining the right to administer or service loans that are sold. We earn noninterest income (recorded as “Consumer mortgage income” and “Commercial mortgage servicing fees”) from fees for servicing or administering loans. This fee income is reduced by the amortization of related servicing assets. In addition, we earn interest income from investing funds generated by escrow deposits collected in connection with the servicing loans. Additional information about our mortgage servicing assets is included in Note 8 (“Mortgage Servicing Assets”).

Securities

We manage our securities portfolio according to the following priorities: 1) store of liquidity, 2) interest rate risk management tool, and 3) source of earnings. In keeping with the first priority, the portfolio provides securities to meet out pledging requirements. Our securities portfolio totaled $47.9 billion at March 31, 2025, compared to $45.1 billion at December 31, 2024. Available-for-sale securities were $40.8 billion at March 31, 2025, compared to $37.7 billion at December 31, 2024. Held-to-maturity securities were $7.2 billion at March 31, 2025, and $7.4 billion at December 31, 2024.

As shown in Figure 13, all of our mortgage-backed securities, which include both securities available for sale and held-to-maturity securities, are issued by government-sponsored enterprises or GNMA, and are traded in liquid secondary markets. These securities are recorded on the balance sheet at fair value for the available-for-sale portfolio and at amortized cost for the held-to-maturity portfolio. For more information about these securities, refer to our 2024 Form 10-K within Note 1 (“Summary of Significant Accounting Policies”) under the heading “Securities” and Note 6 (“Fair Value Measurements”) under the heading “Qualitative Disclosures of Valuation Techniques.” Additionally refer to Note 6 (“Securities”) within this report.

Figure 13. Mortgage-Backed Securities by Issuer 
Dollars in millionsMarch 31, 2025December 31, 2024
FHLMC & FNMA$16,208 $14,291 
GNMA23,081 21,573 
Total (a)
$39,289 $35,864 
(a) Includes securities in the available-for-sale portfolio recorded at fair value and securities in the held-to-maturity portfolio recorded at amortized cost.
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Securities available for sale

The majority of our securities available-for-sale portfolio consists of federal agency mortgage-backed securities and CMOs. CMOs are debt securities secured by a pool of mortgages or mortgage-backed securities.

Figure 14 shows the composition, yields, and remaining maturities of our securities available for sale. For more information about these securities, including gross unrealized gains and losses by type of security and securities pledged, see Note 6 (“Securities”).

Figure 14. Securities Available for Sale
Dollars in millionsU.S. Treasury, Agencies, and Corporations
Agency Residential Collateralized Mortgage Obligations(a)
Agency Residential Mortgage-backed Securities(a)
Agency Commercial Mortgage-backed Securities(a)
Total
Weighted-Average Yield(b)
March 31, 2025
Remaining maturity:
One year or less$2,596 $3 $5 $384 $2,988 3.77 %
After one through five years5,607 1,031 3,060 607 10,305 3.70 
After five through ten years90 6,265 10,321 2,416 19,092 3.65 
After ten years69 1,832 5,591 874 8,366 3.61 
Fair value$8,362 $9,131 $18,977 $4,281 $40,751 
Amortized cost(b)
$8,347 $11,135 $19,597 $4,707 $43,786 3.66 %
Weighted-average yield(c)
4.20 %2.01 %4.57 %2.87 %3.66 %— 
Weighted-average maturity1.7 years8.3 years9.4 years6.9 years7.4 years— 
December 31, 2024
Fair value$8,904 $9,224 $15,169 $4,410 $37,707 
Amortized cost8,928 11,409 16,038 4,927 41,302 3.48 %
(a)Maturity is based upon expected average lives rather than contractual terms.
(b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $71 million and $(6) million as of March 31, 2025 and March 31, 2024, respectively. The securities being hedged are primarily U.S Treasuries, Agency RMBS, and Agency CMBS.
(c)Weighted-average yields are calculated based on amortized cost. Such yields have been adjusted to a TE basis using the statutory federal income tax rate in effect that calendar year.

Held-to-maturity securities

The majority of our held-to-maturity portfolio consists of Federal agency CMOs and mortgage-backed securities. This portfolio is also comprised of asset-backed securities and foreign bonds. Figure 15 shows the composition, yields, and remaining maturities of these securities.

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Figure 15. Held-to-Maturity Securities
Dollars in millions
Agency Residential Collateralized Mortgage Obligations (a)
Agency Residential Mortgage-backed Securities(a)
Agency Commercial Mortgage-backed Securities(a)
Asset-backed securities
Other
Securities
Total
Weighted-Average Yield(b)
March 31, 2025
Remaining maturity:
One year or less$29 $— $38 $2 $8 $77 2.55 %
After one through five years1,058 98 1,195 232 16 2,599 3.02 
After five through ten years2,421 7 210 2 — 2,640 3.68 
After ten years944 43 857 — — 1,844 3.78 
Amortized cost$4,452 $148 $2,300 $236 $24 $7,160 3.45 %
Fair value$4,213 $133 $2,130 $231 $23 $6,730 — %
Weighted-average yield(b)
3.81 %2.82 %2.95 %2.08 %4.35 %3.45 %— 
Weighted-average maturity7.2 years7.1 years8.4 years1.1 years1.8 years7.4 years— 
December 31, 2024
Amortized cost$4,577 $151 $2,333 $308 $26 $7,395 3.43 %
Fair value4,248 134 2,130 300 25 6,837 — 
(a)Maturity is based upon expected average lives rather than contractual terms.
(b)Weighted-average yields are calculated based on amortized cost. Such yields have been adjusted to a TE basis using the statutory federal income tax rate in effect that calendar year.

Deposits and other sources of funds

Figure 16. Breakdown of Deposits at March 31, 2025
4546
The following presents the breakdown of our deposits by product for the noted periods.

Dollars in billionsMarch 31, 2025December 31, 2024
Money market deposits$43.9 $41.0 
Demand deposits57.6 57.6 
Savings deposits4.7 4.6 
Time deposits16.2 17.0 
Noninterest bearing deposits28.5 29.6 
Total$150.7 $149.8 

Our highly diversified deposit base is our primary source of funding. At March 31, 2025, our deposits totaled $150.7 billion, an increase of $977 million, compared to December 31, 2024.

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Uninsured deposits totaled $65.2 billion and $64.4 billion at March 31, 2025 and December 31, 2024, respectively. Uninsured deposits are defined as the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit or similar state deposit insurance regimes and amounts in any other uninsured investment or deposit accounts that are classified as deposits and not subject to any federal or state deposit insurance regimes.

Figure 17 presents estimated uninsured deposits for the noted periods which reflect amounts disclosed in KeyBank’s Call Report adjusted for intercompany deposits, which are not customer facing and are eliminated in consolidation, and accrued interest.

Figure 17. Estimated Uninsured Deposits

Dollars in billionsMarch 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
Uninsured deposits(a)
$65.2 $64.4 $66.6 $62.3 $62.1 
Total deposits150.7 149.8 150.4 145.7 144.2 
Uninsured % of Deposits43 %43 %44 %43 %43 %
(a) Intercompany deposits and accrued interest excluded from uninsured deposits
$12.4 $12.4 $11.8 $10.5 $10.0 

As of March 31, 2025, approximately $13.3 billion of uninsured deposits were collateralized by government-backed securities compared to $12.3 billion as of December 31, 2024.

Wholesale funds, consisting of short-term borrowings and long-term debt, totaled $14.7 billion at March 31, 2025, compared to $14.2 billion at December 31, 2024. This change reflects the impact of long-term debt activity in the first quarter of 2025. Wholesale funding supplements client deposit funding and may rise or fall with seasonal or other funding needs. For more information regarding our wholesale funds, see Part II, Item 2. Management’s Discussion & Analysis of Financial Condition & Results of Operations under the heading “Risk Management - Liquidity risk management” of this report.

Capital

The objective of capital management is to maintain capital levels consistent with our risk appetite and of a sufficient amount to operate under a wide range of economic conditions. Our current capital levels position us well to execute against our capital priorities including supporting organic growth and paying dividends.

The following sections discuss certain ways we have deployed our capital. For further information, see the Consolidated Statements of Changes in Equity and Note 18 (“Shareholders' Equity”).
512513
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Dividends

Consistent with our capital plan, we paid a quarterly dividend of $.205 per Common Share for the first quarter of 2025. Further information regarding the capital planning process and CCAR is included under the heading “Capital planning and stress testing” beginning on page 15 in the “Supervision and Regulation” section of our 2024 Form 10-K.

Common shares outstanding

Our Common Shares are traded on the NYSE under the symbol KEY with 26,802 holders of record at March 31, 2025. Our book value per Common Share was $14.89 based on 1.1 billion shares outstanding at March 31, 2025, compared to $14.21 per Common Share based on 1.1 billion shares outstanding at December 31, 2024. At March 31, 2025, our tangible book value per Common Share was $12.40, compared to $11.70 per Common Share at December 31, 2024.

Figure 18 shows activities that caused the change in outstanding Common Shares over the past five quarters.

Figure 18. Changes in Common Shares Outstanding 
 20252024
In thousandsFirstFourthThirdSecondFirst
Shares outstanding at beginning of period1,106,786 991,251 943,200 942,776 936,564 
Shares issued under employee compensation plans (net of cancellations and returns)5,200 493 222 424 6,212 
Shares issued under Scotiabank investment agreement— 115,042 47,829 — — 
Shares outstanding at end of period1,111,986 1,106,786 991,251 943,200 942,776 

As shown above, Common Shares outstanding increased by 5.2 million shares during the first quarter of 2025, primarily attributable to shares issued under employee compensation plans. We did not complete any open market share repurchases in the first quarter of 2025.

At March 31, 2025, we had 144.7 million treasury shares, compared to 149.9 million treasury shares at December 31, 2024. The decrease in treasury shares is primarily attributable to shares issued under employee compensation plans. Going forward we expect to reissue treasury shares as needed in connection with stock-based compensation awards and for other corporate purposes.

In the first quarter of 2025, the Board of Directors authorized a share repurchase program pursuant to which we may purchase up to $1.0 billion of common shares. Information on repurchases of Common Shares by KeyCorp is included in Part II, Item 2. “Unregistered Sales of Equity Securities and Use of Proceeds” of this report.

Capital adequacy

Capital adequacy is an important indicator of financial stability and performance. All of our capital ratios remained in excess of regulatory requirements at March 31, 2025. Our capital and liquidity levels are intended to position us to weather an adverse operating environment while continuing to serve our clients’ needs, as well as to meet the Regulatory Capital Rules described in Item 1. Business of our 2024 Form 10-K under the heading “Supervision and Regulation.” Our shareholders’ equity to assets ratio was 10.1% and 9.7% at March 31, 2025, and December 31, 2024, respectively. Our tangible common equity to tangible assets ratio was 7.4% and 7.0% at March 31, 2025, and December 31, 2024, respectively. See the section entitled “GAAP to Non-GAAP Reconciliations,” which presents the computations of certain financial measures related to “tangible common equity.” The minimum capital and leverage ratios under the Regulatory Capital Rules together with the ratios of KeyCorp at March 31, 2025, are set forth in the “Supervision and regulation — Regulatory capital requirements” section in Part I, Item 2 of this report.

Figure 19 represents the details of our regulatory capital positions at March 31, 2025, and December 31, 2024, under the Regulatory Capital Rules. Information regarding the regulatory capital ratios of KeyCorp’s banking subsidiaries is presented annually, with the most recent information included in Note 24 (“Shareholders' Equity”) beginning on page 175 of our 2024 Form 10-K.

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Figure 19. Capital Components and Risk-Weighted Assets 
Dollars in millionsMarch 31, 2025December 31, 2024
COMMON EQUITY TIER 1
Key shareholders’ equity (GAAP)$19,003 $18,176 
Less:
Preferred Stock (a)
2,446 2,446 
Add:
CECL phase-in (b)
— 59 
Common Equity Tier 1 capital before adjustments and deductions16,557 15,789 
Less:Goodwill, net of deferred taxes2,570 2,574 
Intangible assets, net of deferred taxes20 24 
Deferred tax assets205 172 
Net unrealized gains (losses) on available-for-sale securities, net of deferred taxes(2,363)(2,729)
Accumulated gains (losses) on cash flow hedges, net of deferred taxes(186)(438)
Amounts in AOCI attributed to pension and postretirement benefit costs, net of deferred taxes(238)(303)
Total Common Equity Tier 1 capital$16,549 $16,489 
TIER 1 CAPITAL
Common Equity Tier 1$16,549 $16,489 
Additional Tier 1 capital instruments and related surplus2,446 2,445 
Less:Deductions— — 
Total Tier 1 capital$18,995 $18,934 
TIER 2 CAPITAL
Tier 2 capital instruments and related surplus$1,710 $1,767 
Allowance for losses on loans and liability for losses on lending-related commitments (c)
1,717 1,635 
Less:Deductions— — 
Total Tier 2 capital3,427 3,402 
Total risk-based capital$22,422 $22,336 
RISK-WEIGHTED ASSETS(e)
Risk-weighted assets on balance sheet$106,826 $105,047 
Risk-weighted off-balance sheet exposure32,302 31,883 
Market risk-equivalent assets1,386 1,366 
Gross risk-weighted assets140,514 138,296 
Less:Excess allowance for loan and lease losses— — 
Net risk-weighted assets$140,514 $138,296 
AVERAGE QUARTERLY TOTAL ASSETS$187,100 $188,855 
CAPITAL RATIOS(e)
Tier 1 risk-based capital13.52 %13.69 %
Total risk-based capital15.96 %16.15 %
Leverage (d)
10.15 %10.03 %
Common Equity Tier 111.78 %11.92 %
(a)Net of capital surplus.
(b)As of January 1, 2025, the CECL optional transition provision had been fully phased-in. Amounts prior to January 1, 2025, reflect Key's election to adopt the CECL optional transition provision.
(c)The ALLL included in Tier 2 capital is limited by regulation to 1.25% of the institution’s standardized total risk-weighted assets (excluding its standardized market risk-weighted assets). The ALLL includes $13 million and $13 million of allowance classified as “discontinued assets” on the balance sheet at March 31, 2025, and December 31, 2024, respectively.
(d)This ratio is Tier 1 capital divided by average quarterly total assets as defined by the Federal Reserve less: (i) goodwill, (ii) the disallowed intangible and deferred tax assets, and (iii) other deductions from assets for leverage capital purposes.
(e)March 31, 2025 capital ratios and risk weighted assets are estimates.
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Risk Management

Overview

Like all financial services companies, we engage in business activities and assume the related risks. The most significant risks we face are credit, compliance, operational, liquidity, market, reputation, strategic, and model risks. Our risk management activities are focused on ensuring that we properly identify, measure, and manage such risks across the entire enterprise to maintain safety and soundness, and to maximize profitability. Our definition, philosophy, and approach to risk management have not materially changed from the discussion presented under the heading “Risk Management” beginning on page 76 of our 2024 Form 10-K.

Market risk management

Market risk is the risk that movements in market risk factors, including interest rates, foreign exchange rates, equity prices, commodity prices, credit spreads, and volatilities, will reduce Key’s income and the value of its portfolios. These factors influence prospective yields, values, or prices associated with the instrument. We are exposed to market risk both in our trading and nontrading activities, which include asset and liability management activities. Information regarding our fair value policies, procedures, and methodologies is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Fair Value Measurements” on page 114 of our 2024 Form 10-K and Note 5 (“Fair Value Measurements”) in this report.

Trading market risk

Key incurs market risk as a result of trading activities that are used in support of client facilitation and hedging activities, principally within our investment banking and capital markets businesses. Key has exposures to a wide range of risk factors including interest rates, equity prices, foreign exchange rates, credit spreads, and commodity prices, as well as the associated implied volatilities and spreads. Our primary market risk exposures are a result of trading and hedging activities in the derivative and fixed income markets, including securitization exposures. At March 31, 2025, we did not have any re-securitization positions. We maintain modest trading inventories to facilitate customer flow, make markets in securities, and hedge certain risks including but not limited to credit risk and interest rate risk. The risks associated with these activities are mitigated in accordance with the Market Risk policies. The majority of our positions are traded in active markets.

Market risk management is an integral part of Key’s risk culture. The Risk Committee of our Board provides oversight of trading market risks. The ERM Committee and the Market Risk Committee regularly review and discuss market risk exposures and results of monitoring activities. Market risk policies and procedures have been defined and take into account our tolerance for risk and consideration for the business environment. The Market Risk Committee approves market risk policies and recommends our significant market risk policy to the ERM Committee, the KeyBank Board, and the Risk Committee of the Board for approval. For more information regarding monitoring of trading positions and the activities related to Market Risk Rule compliance, see “Market Risk Management” beginning on page 78 of our 2024 Form 10-K.

VaR and stressed VaR. VaR is the estimate of the maximum amount of loss on an instrument or portfolio due to adverse market conditions during a given time interval within a stated confidence level. Stressed VaR is used to assess extreme conditions on market risk within our trading portfolios. The MTRM calculates VaR and stressed VaR at various confidence levels daily, and the results are closely monitored. VaR and stressed VaR results are also provided to our regulators and utilized in regulatory capital calculations.

We use a historical simulation VaR model to measure the potential adverse effect of changes in interest rates, foreign exchange rates, equity prices, and credit spreads on the fair value of our covered positions and other non-covered positions. Historical moves in risk factors across various asset classes are incorporated in VaR metrics. Additional consideration is given to the risk factors to estimate the exposures that contain optionality features, such as options and cancellable provisions. VaR is calculated using daily observations over a one-year lookback period and approximates a 95% confidence level. Statistically, this means that we would expect to incur losses greater than VaR, on average, five out of 100 trading days, or three to four times each quarter. For more information regarding our VaR model, its governance, and assumptions, see “Market Risk Management” on page 78 of our 2024 Form 10-K.

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MTRM backtests the VaR model on a daily basis to evaluate its predictive power. The test compares VaR model results at the 99% confidence level to daily held profit and loss (the profit/loss resulting from changes in risk factors applied to the previous trading day’s closing positions; held profit and loss excludes fees, commissions, reserves, net interest income, and intraday trading). Backtesting exceptions occur when daily held profit and loss exceed VaR. There were four backtesting exceptions for KeyCorp during the past 250 trading days ended March 31, 2025, generally caused by large moves in rates. The total number of VaR backtesting breaches for KeyCorp over the preceding 250 trading days is used to determine the multiplier for the VaR based capital requirement under the Market Risk Rule. The multiplier increases from a minimum of three to a maximum of four, depending on the number of backtesting exceptions. All KeyCorp backtesting exceptions are thoroughly reviewed in the context of VaR model use and performance. There was no change in the multiplier over the preceding twelve months. We do not engage in correlation trading or utilize the internal model approach for measuring default and credit migration risk. Our net VaR approach incorporates diversification, but our VaR calculation does not include the impact of counterparty risk and our own credit spreads on derivatives.

The aggregate VaR at the 99% confidence level with a one day holding period for all covered positions was $1.5 million at March 31, 2025, and $1.3 million at March 31, 2024. Figure 20 summarizes our VaR at the 99% confidence level with a one day holding period for significant portfolios of covered positions for the three months ended March 31, 2025, and March 31, 2024.

Figure 20. VaR for Significant Portfolios of Covered Positions 
 20252024
 Three months ended March 31, Three months ended March 31, 
Dollars in millionsHighLowMeanMarch 31,HighLowMeanMarch 31,
Trading account assets:
Fixed income$1.6 $0.5 $1.2 $1.3 $1.1 $0.4 $0.8 $0.9 
Derivatives:
Interest rate$0.5 $0.1 $0.2 $0.1 $0.4 $0.2 $0.3 $0.3 

Stressed VaR is calculated by running the portfolios through a predetermined stress period which is approved by the Market Risk Committee and is calculated at the 99% confidence level using the same model and assumptions used for general VaR. The aggregate stressed VaR for all covered positions was $4.5 million at March 31, 2025, and $3.7 million at March 31, 2024. Figure 21 summarizes our stressed VaR at the 99% confidence level with a one day holding period for significant portfolios of covered positions for the three months ended March 31, 2025, and March 31, 2024. Changes in VaR are dependent on portfolio composition, inventory levels, and other market factors.

Figure 21. Stressed VaR for Significant Portfolios of Covered Positions 
 20252024
 Three months ended March 31, Three months ended March 31, 
Dollars in millionsHighLowMeanMarch 31,HighLowMeanMarch 31,
Trading account assets:
Fixed income$5.2 $2.6 $3.9 $4.2 $4.1 $1.6 $2.6 $3.0 
Derivatives:
Interest rate$0.3 $0.1 $0.1 $0.1 $0.4 $0.2 $0.3 $0.4 

Market risk is a component of our internal capital adequacy assessment. Our risk-weighted assets include a market risk-equivalent asset amount, which consists of a VaR component, stressed VaR component, a de minimis exposure amount, and a specific risk add-on including the securitization positions. The aggregate market value of the securitization positions as defined by the Market Risk Rule was $28 million at March 31, 2025, all of which were mortgage-backed security positions. Specific risk is the price risk of individual financial instruments, which is not accounted for by changes in broad market risk factors and is measured through a standardized approach. Market risk weighted assets, including the specific risk calculations, are run quarterly by the MTRM in accordance with the Market Risk Rule, and approved by the Chief Market & Treasury Risk Officer.

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Nontrading market risk

Most of our nontrading market risk is derived from interest rate fluctuations and its impacts on our traditional loan and deposit products, as well as investments, hedging relationships, long-term debt, and certain short-term borrowings. Interest rate risk, which is inherent in the banking industry, is measured by the potential for fluctuations in net interest income and the EVE. Such fluctuations may result from changes in interest rates and differences in the repricing and maturity characteristics of interest-earning assets and interest-bearing liabilities. We manage the exposure to changes in net interest income and the EVE in accordance with our risk appetite and in accordance with the Board approved ERM policy.

Interest rate risk positions are influenced by a number of factors, including the balance sheet positioning that arises out of customer preferences for loan and deposit products, economic conditions, the competitive environment within our markets, changes in market interest rates that affect client activity, and our hedging, investing, funding, and capital positions. The primary components of interest rate risk exposure consist of reprice risk, basis risk, yield curve risk, and option risk.

•“Reprice risk” is the exposure to changes in the level of interest rates and occurs when the volume of interest-bearing liabilities and the volume of interest-earning assets they fund (e.g., deposits used to fund loans) do not mature or reprice at the same time.
•“Yield curve risk” is the exposure to nonparallel changes in the slope of the yield curve (where the yield curve depicts the relationship between the yield on a particular type of security and its term to maturity) and occurs when interest-bearing liabilities and the interest-earning assets that they fund do not price or reprice to the same term point on the yield curve.
•“Option risk” is the exposure to a customer or counterparty’s ability to take advantage of the interest rate environment and terminate or reprice one of our assets, liabilities, or off-balance sheet instruments prior to contractual maturity. Option risk occurs when exposures to customer and counterparty early withdrawals or prepayments are not mitigated with an offsetting position or appropriate compensation.
•“Basis risk” is the exposure to asymmetrical changes in interest rate indexes and occurs when floating-rate assets and floating-rate liabilities reprice at the same time, but in response to different market factors or indexes.

The management of nontrading market risk is centralized within Corporate Treasury. The Risk Committee of our Board provides oversight of nontrading market risk. The ERM Committee, the ALCO, and the Treasury Risk Oversight Committee (“TROC”) review reports on the interest rate risk exposures described above. In addition, the ALCO and the TROC review reports on stress tests and sensitivity analyses related to interest rate risk. These committees have various responsibilities related to managing nontrading market risk, including recommending, approving, and monitoring strategies that maintain risk positions within approved tolerance ranges. The A/LM policy provides the framework for the oversight and management of interest rate risk and is administered by the ALCO. The MTRM, as the second line of defense, provides additional oversight.

Net interest income simulation analysis. The primary tool we use to measure our interest rate risk is simulation analysis. For purposes of this analysis, we estimate our net interest income based on the current and projected composition of our on- and off-balance sheet positions, accounting for recent and anticipated trends in customer activity. The analysis also incorporates assumptions for the current and projected interest rate environments and balance sheet growth projections based on a most likely macroeconomic view. The modeling incorporates investment portfolio and swap portfolio balances consistent with management's desired interest rate risk positioning. The simulation model estimates the amount of net interest income at risk by simulating the change in net interest income that would occur if rates were to gradually increase or decrease from current levels over the next 12 months (subject to a floor on market interest rates at zero).

Figure 22 presents the results of the simulation analysis at March 31, 2025, and March 31, 2024. At March 31, 2025, our simulated impact to changes in interest rates was relatively neutral. The exposure to declining rates has changed from (1.21)% as of March 31, 2024 to (0.39)% as of March 31, 2025, while the exposure to rising rates has changed from (0.76)% as of March 31, 2024 to 1.41% as of March 31, 2025. The modest shift toward asset sensitivity was caused principally by the recent adoption of a new pricing model for indeterminate maturity interest-bearing deposits. The new deposit beta model incorporates more historical data and features that we believe more accurately reflect the behavior of our clients in rising and declining interest rate cycles. Key is actively managing the balance sheet to maintain desired IRR positioning in the current environment. Tolerance levels for risk management require the development of remediation plans to maintain residual risk within tolerance if simulation modeling
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demonstrates that a gradual, parallel 200 basis point increase or 200 basis point decrease in interest rates over the next 12 months would adversely affect net interest income over the same period by more than 5.5%. Current modeled exposure is within Board-approved tolerances. If a tolerance level is breached and determined inconsistent with risk appetite, the development of a remediation plan is required to reduce exposure back to within tolerance.

Figure 22. Simulated Change in Net Interest Income
March 31, 2025March 31, 2024
Basis point change assumption-200 +200-200 +200
Tolerance level(5.50)%(5.50)%(5.50)%(5.50)%
Interest rate risk assessment(0.39)%1.41 %(1.21)%(0.76)%

Simulation analyses produce an estimate of interest rate exposure based on assumption inputs within the model. Assumptions are tailored to the specific interest rate environment and validated on a regular basis. However, actual results may differ from those derived in simulation analyses due to unanticipated changes to the balance sheet composition, customer behavior, product pricing, market interest rates, changes in management’s desired interest rate risk positioning, investment, funding and hedging activities or repercussions from exogenous events.

Regular stress tests and sensitivity analyses are performed on the model inputs that could materially change the resulting risk assessments. Assessments are performed using different yield curve shapes, including steepenings or flattenings of the curve, immediate changes in market interest rates, and changes in the relationship of money market interest rates. Assessments are also performed on changes to the following assumptions: loan and deposit balances, the pricing of deposits without contractual maturities, changes in lending spreads, prepayments on loans and securities, investment, funding and hedging activities, and liquidity and capital management strategies.

The results of additional assessments indicate that net interest income could increase or decrease from the base simulation results presented in Figure 22. Net interest income is highly dependent on the timing, magnitude, frequency, and path of interest rate changes and the associated assumptions for deposit repricing relationships, lending spreads, and the balance behavior of transaction accounts. If fixed rate assets increase by $1 billion, or fixed rate liabilities decrease by $1 billion, then the potential benefit to declining rates would increase by approximately 22 basis points. A five percentage point increase or decrease in the interest-bearing deposit beta assumption changes the current simulation results by approximately 105 basis points.

The current interest rate risk position could fluctuate to higher or lower levels of risk depending on the competitive environment and client behavior that may affect the actual volume, mix, maturity, and repricing characteristics of loan and deposit flows. Corporate Treasury discretionary activities related to funding, investing, and hedging may also change as a result of changes in customer business flows or changes in management’s desired interest rate risk positioning. As changes occur to both the configuration of the balance sheet and the outlook for the economy, management proactively evaluates hedging opportunities that may change the interest rate risk profile.

Simulations are also conducted that measure the effect of changes in market interest rates in the second and third years of a three-year horizon. These simulations are conducted in a similar manner to those based on a 12-month horizon. To capture longer-term exposures, changes in the EVE are calculated as discussed in the following section.

Economic value of equity modeling. EVE complements net interest income simulation analysis as it estimates risk exposure beyond 12-, 24-, and 36-month horizons. EVE modeling measures the extent to which the economic values of assets, liabilities, and off-balance sheet instruments may change in response to fluctuations in interest rates. EVE is calculated by subjecting the balance sheet to an immediate increase or decrease in interest rates, measuring the resulting change in the values of assets, liabilities, and off-balance sheet instruments, and comparing those amounts with the base case of the current interest rate environment. EVE policy limits are measured against a +/-200 basis point scenario subject to a floor on market interest rates at zero. This analysis is highly dependent upon assumptions applied to assets and liabilities with non-contractual maturities. Those assumptions are based on historical behaviors, as well as forward expectations. Remediation plans are similarly developed if the analysis indicates that the EVE will decrease by 15% or more in response to an instantaneous increase or decrease in interest rates. The position is within these guidelines as of March 31, 2025.

Management of interest rate exposure. The results of the various interest rate risk analyses are used to formulate A/LM strategies to achieve the desired risk profile while managing to objectives for capital adequacy and liquidity risk exposures. Specifically, risk positions are managed by purchasing or selling securities, issuing term debt with
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floating or fixed interest rates, and using derivatives. Interest rate swaps and options are predominantly used, which modify the interest rate characteristics of certain assets and liabilities.

Figure 23 shows all swap positions held for A/LM purposes. These positions are used to convert the contractual interest rate index of agreed-upon amounts of assets and liabilities (i.e., notional amounts) to another interest rate index. For example, fixed-rate debt is converted to a floating rate through a “receive fixed/pay variable” interest rate swap. The volume, maturity, and mix of portfolio swaps change frequently to reflect broader A/LM objectives and the balance sheet positions to be hedged. For more information about how interest rate swaps are used to manage the risk profile, see Note 7 (“Derivatives and Hedging Activities”).

Figure 23. Portfolio Swaps by Interest Rate Risk Management Strategy 
March 31, 2025
Weighted-AverageDecember 31, 2024
Dollars in millionsNotional
Amount		Fair
Value		Maturity
(Years)		Receive
Rate		Pay
Rate		Notional
Amount		Fair
Value
Receive fixed/pay variable — conventional loans$18,125 $(315)1.42.5 %4.4 %$18,750 $(442)
Receive fixed/pay variable — conventional debt11,480 (339)3.92.7 4.4 9,818 (470)
Receive fixed/pay variable — forward loans20,125 96 3.03.8 4.4 19,200 (114)
Receive fixed/pay variable — forward debt— — —— — 950 (22)
Pay fixed/receive variable — conventional debt50 1 3.34.6 3.6 50 1 
Pay fixed/receive variable — securities9,300 (73)2.64.4 4.1 9,405 5 
Total portfolio swaps$59,080 $(630)(a)2.63.3 %4.4 %$58,173 $(1,042)(a)
Floors — forward purchased $3,250 $2 0.9— %— %$3,250 $2 
Floors — forward sold 3,250 (1)0.9— — 3,250 (1)
Total floors$6,500 $1 —— %— %$6,500 $1 
(a)Excludes accrued interest of $53 million at March 31, 2025, and accrued interest of $51 million at December 31, 2024.

Liquidity risk management

Liquidity risk, which is inherent in the banking industry, is measured by our ability to accommodate liability maturities and deposit withdrawals, meet contractual obligations, and fund new business opportunities at a reasonable cost, in a timely manner, and without adverse consequences. Liquidity management involves maintaining sufficient and diverse sources of funding to accommodate planned, as well as unanticipated, changes in cash flows of assets and liabilities under both normal and adverse conditions.

Governance structure
We manage liquidity for all of our affiliates on a consolidated basis. This approach considers the funding sources available to each entity, as well as each entity’s capacity to manage through adverse conditions.

The management of consolidated liquidity risk is centralized within Corporate Treasury. Oversight and governance is provided by the Board, the ERM Committee, the ALCO, the TROC, and the Chief Risk Officer. The Asset Liability Management Policy provides the framework for the oversight and management of liquidity risk and is administered by the ALCO. The Corporate Treasury Oversight group within the MTRM, as the second line of defense, provides additional oversight. Our current liquidity risk management practices are in compliance with the Federal Reserve Board’s Enhanced Prudential Standards.

These committees mentioned above regularly review liquidity and funding summaries, liquidity trends, peer comparisons, variance analyses, liquidity projections, internal liquidity stress tests, and goal tracking reports. The reviews generate a discussion of positions, trends, and directives on liquidity risk and shape a number of our decisions. When liquidity pressure is elevated, positions are monitored more closely and reporting is more intensive. To ensure that emerging issues are identified, we monitor an extensive set of systematic and idiosyncratic early warning indicators daily.

Factors affecting liquidity

Our liquidity could be adversely affected by both direct and indirect events. An example of a direct event would be a downgrade in our credit ratings by a rating agency. Examples of indirect events (events unrelated to us) that could impair our access to liquidity would be an act of terrorism or war, natural disasters, global pandemics, political events, or the default or bankruptcy of a major corporation, mutual fund, or hedge fund. Similarly, market speculation, or rumors about us or the banking industry in general, may adversely affect the cost and availability of
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normal funding sources. For a discussion of certain risks which may impact our liquidity, see Part I, Item 1A. "Risk Factors" on pages 24-42 of our 2024 Form 10-K. For more information on recent liquidity activity, see the header "Our liquidity position and recent activity" in this report below.

Our credit ratings and rating agency outlooks at March 31, 2025, are shown in Figure 24. While we believe these credit ratings, under normal conditions in the capital markets, will enable KeyCorp or KeyBank to issue fixed income securities to investors, downgrades in our credit ratings could increase our cost of funds, trigger additional collateral or funding requirements, and decrease the number of investors and counterparties willing to lend to us.

Figure 24. Credit Ratings 
March 31, 2025Outlook
Short-Term
Borrowings
Long-Term
Deposits (a)
Senior
Long-Term
Debt
Subordinated
Long-Term
Debt
Capital
Securities
Preferred
Stock
KEYCORP
Standard & Poor’s
StableA-2N/ABBBBBB-BBBB
Moody’s
StableP-2N/ABaa2Baa2Baa3Ba1
Fitch Ratings, Inc.
PositiveF2N/ABBB+N/ABBBB
DBRS, Inc.
StableR-1 (low)N/AA (low)BBB (high)BBB (high)BBB (low)
KEYBANK
Standard & Poor’s
StableA-2N/ABBB+BBBN/AN/A
Moody’s
StableP-2P-1/A2Baa1Baa2N/AN/A
Fitch Ratings, Inc.
PositiveF2F2/A-BBB+BBBN/AN/A
DBRS, Inc.
StableR-1 (low)A AA (low)N/AN/A
(a)P-1 rating assigned by Moody’s is specific to KeyBank’s short-term bank deposit ratings. F2 assigned by Fitch Ratings, Inc. is specific to KeyBank’s short-term deposit ratings.

Managing liquidity risk

Most of our liquidity risk is derived from our business model, which involves taking in deposits, many of which can be withdrawn at any time, and lending them out in the form of illiquid loan assets. The assessments of liquidity risk are measured under the assumption of normal operating conditions as well as under stressed environments. We manage these exposures in accordance with our risk appetite, and within Board-approved policy limits.

We regularly monitor our liquidity position and funding sources and measure our capacity to obtain funds in a variety of hypothetical scenarios in an effort to maintain an appropriate mix of available and affordable funding. In the normal course of business, we perform a monthly internal liquidity stress test at the consolidated KeyCorp level. From time to time, we may conduct internal liquidity stress tests more frequently, and use assumptions to reflect the changed market environment. Our testing incorporates estimates for loan and deposit lives based on our historical studies. Internal liquidity stress tests analyze potential liquidity scenarios under various funding constraints and time periods. Ultimately, they determine the periodic effects that major direct and indirect events would have on our access to funding markets and our ability to fund our normal operations. To compensate for the effect of these assumed liquidity pressures, we consider alternative sources of liquidity and maturities over different time periods to project how funding needs would be managed.

Our primary source of funding for KeyBank are customer deposits resulting in a consolidated loan-to-deposit ratio of 70% as of March 31, 2025. If the cash flows needed to support operating and investing activities are not satisfied by deposit balances, we rely on wholesale funding or on-balance sheet liquid reserves. Conversely, excess cash generated by operating, investing, and deposit-gathering activities may be used to repay outstanding debt or invest in liquid assets.

We maintain a Contingency Funding Plan that outlines the process for addressing a liquidity crisis. As part of the plan, we maintain on-balance sheet liquid reserves referred to as our liquid asset portfolio, which consists of high quality liquid assets. During a problem period, that reserve could be used as a source of funding to provide time to develop and execute a longer-term strategy. Figure 25 shows our available contingent liquidity at March 31, 2025, and December 31, 2024. As of March 31, 2025, our secured term borrowings were $1.3 billion, flat compared to the fourth quarter of 2024.

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Figure 25. Available Contingent Liquidity
Dollars in billionsMarch 31, 2025December 31, 2024
Available contingent liquidity:
Unpledged securities$27.4 $25.5 
Net balances of federal funds sold and balances in our Federal Reserve account15.3 17.4 
Unused secured borrowing capacity at the Federal Reserve Bank of Cleveland38.4 36.7 
Unused secured borrowing capacity at the FHLB18.7 18.9 
Total$99.8 $98.5 

Liquidity programs

We have several liquidity programs, which are described in Note 20 (“Long-term Debt”) beginning on page 170 of our 2024 Form 10-K, that are designed to enable KeyCorp and KeyBank to raise funds in the public and private debt markets. The proceeds from most of these programs can be used for general corporate purposes, including acquisitions. These liquidity programs are reviewed from time to time by the Board and are renewed and replaced as necessary. There are no restrictive financial covenants in any of these programs.

Liquidity for KeyCorp

The primary sources of liquidity for KeyCorp are dividends from KeyBank and the proceeds from the issuance of debt and capital securities. KeyCorp has sufficient liquidity when it can service its debt; support customary corporate operations and activities (including acquisitions); support occasional guarantees of subsidiaries’ obligations in transactions with third parties at a reasonable cost, in a timely manner, and without adverse consequences; and fund capital distributions in the form of dividends and share buybacks.

We use a parent cash coverage months metric as the primary measure to assess parent company liquidity. The parent cash coverage months metric measures the number of months into the future where projected obligations can be met with the current quantity of liquidity. We generally issue term debt to supplement dividends from KeyBank to manage our liquidity position at or above our targeted levels. The parent company generally maintains cash and short-term investments in an amount sufficient to meet projected debt maturities over at least the next 24 months. At March 31, 2025, KeyCorp held $4.9 billion in cash and short-term investments, which we projected to be sufficient to meet our projected obligations, including the repayment of our maturing debt obligations for the periods prescribed by our risk tolerance.

Typically, KeyCorp meets its liquidity requirements through regular dividends from KeyBank, supplemented with term debt. Federal banking law limits the amount of capital distributions that a bank can make to its holding company without prior regulatory approval. A national bank’s dividend-paying capacity is affected by several factors, including net profits (as defined by statute) for the two previous calendar years and for the current year, up to the date of dividend declaration. During the first quarter of 2025, KeyBank paid no cash dividends to KeyCorp. As of March 31, 2025, KeyBank had regulatory capacity to pay $485 million in dividends to KeyCorp without prior regulatory approval.

During the first quarter of 2025, KeyCorp issued $750 million of 5.121% Fixed-to-Floating Senior Notes due April 4, 2031. Accordingly, at March 31, 2025, there was $13.3 billion available for issuance under the Medium-Term Note Program.

Our liquidity position and recent activity

Our liquid asset portfolio, which includes overnight and short-term investments, as well as unencumbered, high quality liquid securities held as protection against a range of potential liquidity stress scenarios, continues to exceed the amount that we estimate would be necessary to manage through an adverse liquidity event by providing sufficient time to develop and execute a longer-term solution.

From time to time, KeyCorp or KeyBank may seek to retire, repurchase, or exchange outstanding debt, capital securities, preferred shares, or common shares through cash purchase, privately negotiated transactions or other means. Additional information on repurchases of Common Shares by KeyCorp is included in Part II, Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities beginning on page 47 of our 2024 Form 10-K and Part II, Item 2 of this report. Such transactions depend on
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prevailing market conditions, our liquidity and capital requirements, contractual restrictions, regulatory requirements, and other factors. The amounts involved may be material, individually or collectively.

The Consolidated Statements of Cash Flows summarize our sources and uses of cash by type of activity for the three-month periods ended March 31, 2025, and March 31, 2024.

For more information regarding liquidity governance structure, management of liquidity risk at KeyBank and KeyCorp, long-term liquidity strategies, and other liquidity programs, see “Liquidity Risk Management” beginning on page 83 of our 2024 Form 10-K as well as the disclosure included in Part II, Item 1A. “Risk Factors” of this report.

Credit risk management

Credit risk is the risk of loss arising from an obligor’s inability or failure to meet contractual payment or performance terms. Like other financial services institutions, we make loans, extend credit, distribute credit risk, purchase securities, provide financial and payments products, and enter into financial derivative contracts, all of which have related credit risk.

Credit policy, approval, and evaluation

We manage credit risk exposure through a multifaceted program. The Credit Risk Committee approves management credit policies and recommends significant credit policies to the Enterprise Risk Management Committee, the KeyBank Board, and the Risk Committee of the Board for approval. These policies are communicated throughout the organization to foster a consistent approach to granting credit.

Our credit risk management team and certain individuals within our lines of business, to whom credit risk management has delegated limited credit authority, are responsible for credit approval. Individuals with assigned credit authority are authorized to grant exceptions to credit policies. It is not unusual to make exceptions to established policies when mitigating circumstances dictate, however, a corporate level tolerance has been established to keep exceptions at an acceptable level based upon portfolio and economic considerations.

Our credit risk management team uses risk models to evaluate consumer loans. These models, known as scorecards, forecast the probability of serious delinquency and default for an applicant. The scorecards are embedded in the application processing system, which allows for real-time scoring and automated decisions for many of our products. We periodically validate the loan scoring processes.

We maintain an active concentration management program to mitigate concentration risk in our credit portfolios. For individual obligors, we employ a sliding scale of exposure, known as hold limits, which is dictated by the type of loan and strength of the borrower.

Allowance for loan and lease losses

We estimate the appropriate level of the ALLL on at least a quarterly basis. The methodology used is described in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Allowance for Loan and Lease Losses” beginning on page 112 of our 2024 Form 10-K. Briefly, the ALLL estimate uses various models and estimation techniques based on our historical loss experience, current borrower characteristics, current economic conditions, reasonable and supportable forecasts, and other relevant factors. The ALLL at March 31, 2025, represents our best estimate of the lifetime expected credit losses inherent in the loan portfolio at that date.

As shown in Figure 26, our ALLL from continuing operations increased by $20 million, or 1.4%, from December 31, 2024. The commercial ALLL increased by $20 million, or 1.9%, from December 31, 2024, through March 31, 2025. Our consumer ALLL was unchanged from December 31, 2024, through March 31, 2025. Refer to Note 4 (“Asset Quality”) within this report for further discussion of changes in the ALLL.

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Figure 26. Allocation of the Allowance for Loan and Lease Losses
 March 31, 2025December 31, 2024
Dollars in millionsAmount
Percent of
Allowance to
Total Allowance
Percent of
Loan Type to
Total Loans
Amount
Percent of
Allowance to
Total Allowance
Percent of
Loan Type to
Total Loans
Commercial and industrial$669 46.8 %51.9 %$639 45.4 %50.7 %
Commercial real estate:
Commercial mortgage297 20.8 12.6 320 22.7 12.8 
Construction57 4.0 2.8 51 3.6 2.8 
Total commercial real estate loans354 24.8 15.4 371 26.3 15.6 
Commercial lease financing34 2.4 2.5 27 1.9 2.6 
Total commercial loans1,057 74.0 69.8 1,037 73.6 68.9 
Residential — prime loans:
Real estate — residential mortgage71 5.0 18.7 90 6.4 19.1 
Home equity loans75 5.2 5.9 70 5.0 6.1 
Total residential — prime loans146 10.2 10.2 160 11.4 25.2 
Other consumer loans143 10.0 4.8 136 9.6 5.0 
Credit cards83 5.8 0.8 76 5.4 0.9 
Total consumer loans372 26.0 30.2 372 26.4 31.1 
Total ALLL — continuing operations (a)
$1,429 100.0 %100.0 %$1,409 100.0 %100.0 %
(a)Excludes allocations of the ALLL related to the discontinued operations of the education lending business in the amount of $13 million at March 31, 2025, and $13 million at December 31, 2024.


Net loan charge-offs 

Figure 27 shows the trend in our net loan charge-offs by loan type, while the composition of loan charge-offs and recoveries by type of loan is presented in Figure 29. Figure 28 shows the ratios of net charge-offs by loan category as a percentage of the respective average loan balance.

Net loan charge-offs for the three months ended March 31, 2025, increased $29 million compared to the year-ago quarter.

Figure 27. Net Loan Charge-offs (Recoveries) from Continuing Operations
 20252024
Dollars in millionsFirstFourthThirdSecondFirst
Commercial and industrial$52 $72 $124 $55 $54 
Commercial real estate:
Commercial mortgage36 18 6 9 5 
Construction— — — — — 
Total commercial real estate loans36 18 6 9 5 
Commercial lease financing— 1 — 3 (2)
Total commercial loans88 91 130 67 57 
Residential — prime loans:
Real estate — residential mortgage— — (1)— (1)
Home equity loans— — — — — 
Total residential — prime loans— — (1)— (1)
Other consumer loans12 13 15 14 14 
Credit cards10 10 10 10 11 
Total consumer loans22 23 24 24 24 
Total net loan charge-offs$110 $114 $154 $91 $81 
Net loan charge-offs to average loans.43 %.43 %.58 %.34 %.29 %
Net loan charge-offs from discontinued operations — education lending business$1 $1 $1 $— $1 



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Figure 28. Net Loan Charge-offs (Recoveries) to Average Loans from Continuing Operations

20252024
Dollars in millionsFirstFourthThirdSecondFirst
Commercial and industrial0.40 %0.54 %0.93 %0.41 %0.39 %
Commercial real estate:
Commercial mortgage1.09 0.52 0.17 0.25 0.14 
Construction— — — — — 
Total commercial real estate loans0.89 0.43 0.14 0.21 0.11 
Commercial lease financing(0.01)0.03 — 0.38 (0.24)
Total commercial loans0.49 0.50 0.71 0.36 0.30 
Residential — prime loans:
Real estate — residential mortgage— 0.01 (0.02)— (0.02)
Home equity loans(0.02)— — — — 
Total residential — prime loans(0.01)— (0.02)— (0.02)
Other consumer loans0.98 1.00 1.10 1.01 0.97 
Credit cards4.69 4.50 4.33 4.31 4.64 
Total consumer loans0.29 0.29 0.29 0.29 0.28 
Total net loan charge-offs0.43 %0.43 %0.58 %0.34 %0.29 %



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Figure 29. Summary of Loan and Lease Loss Experience from Continuing Operations
 Three months ended March 31,
Dollars in millions20252024
Average loans outstanding
$104,354 $111,034 
Allowance for loan and lease losses at beginning of period
1,409 1,508 
Loans charged off:
Commercial and industrial
62 62 
Commercial real estate:
Commercial mortgage36 5 
Construction— — 
Total commercial real estate loans(a)
36 5 
Commercial lease financing
— — 
Total commercial loans98 67 
Residential — prime loans:
Real estate — residential mortgage1 1 
Home equity loans1 1 
Total residential — prime loans2 2 
Other consumer loans14 16 
Credit cards12 12 
Total consumer loans28 30 
Total loans charged off126 97 
Recoveries:
Commercial and industrial
10 8 
Commercial real estate:
Commercial mortgage— — 
Construction— — 
Total commercial real estate loans(a)
— — 
Commercial lease financing
— 2 
Total commercial loans10 10 
Residential — prime loans:
Real estate — residential mortgage1 2 
Home equity loans1 1 
Total residential — prime loans2 3 
Other consumer loans2 2 
Credit cards2 1 
Total consumer loans6 6 
Total recoveries16 16 
Net loan charge-offs
(110)(81)
Provision (credit) for loan and lease losses
130 115 
Allowance for loan and lease losses at end of period$1,429 $1,542 
Liability for credit losses on lending-related commitments at beginning of period290 296 
Provision (credit) for losses on lending-related commitments(12)(14)
Other— (1)
Liability for credit losses on lending-related commitments at end of period(b)
$278 $281 
Total allowance for credit losses at end of period
$1,707 $1,823 
Net loan charge-offs to average total loans
0.43 %0.29 %
Allowance for loan and lease losses to period-end loans
1.36 1.40 
Allowance for credit losses to period-end loans
1.63 1.66 
Allowance for loan and lease losses to nonperforming loans
208.3 234.3 
Allowance for credit losses to nonperforming loans
248.8 277.1 
Discontinued operations — education lending business:
Loans charged off
$1 $1 
Recoveries
— — 
Net loan charge-offs
$(1)$(1)
(a)See Figure 9 and the accompanying discussion in the “Loans and loans held for sale” section for more information related to our commercial real estate loan portfolio.
(b)Included in "Accrued expense and other liabilities" on the balance sheet.

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Nonperforming assets

Figure 30 shows the composition of our nonperforming assets. As shown in Figure 30, nonperforming assets at March 31, 2025, decreased $72 million from December 31, 2024. 

See Note 1 (“Summary of Significant Accounting Policies”) of our 2024 Form 10-K under the headings “Nonperforming Loans,” “Impaired Loans,” and “Allowance for Loan and Lease Losses” for a summary of our nonaccrual and charge-off policies.

Figure 30. Summary of Nonperforming Assets and Past Due Loans from Continuing Operations 
Dollars in millionsMarch 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
Commercial and industrial$288 $322 $365 $358 $360 
Commercial real estate:
Commercial mortgage206 243 176 173 113 
Construction— — — — — 
Total commercial real estate loans(a)
206 243 176 173 113 
Commercial lease financing— — — 1 1 
Total commercial loans494 565 541 532 474 
Residential — prime loans:
Real estate — residential mortgage94 92 87 77 79 
Home equity loans87 89 90 91 95 
Total residential — prime loans181 181 177 168 174 
Other consumer loans4 5 4 4 4 
Credit cards7 7 6 6 6 
Total consumer loans192 193 187 178 184 
Total nonperforming loans686 758 728 710 658 
OREO14 14 13 17 16 
Nonperforming loans held for sale— — — — — 
Other nonperforming assets— — — — — 
Total nonperforming assets$700 $772 $741 $727 $674 
Accruing loans past due 90 days or more$86 $90 $166 $137 $119 
Accruing loans past due 30 through 89 days281 206 184 282 242 
Nonperforming assets from discontinued operations — education lending business
1 2 2 3 2 
Nonperforming loans to period-end portfolio loans
0.65 %0.73 %0.69 %0.66 %0.60 %
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets
0.67 0.74 0.70 0.68 0.61 
(a)See Figure 9 and the accompanying discussion in the “Loans and loans held for sale” section for more information related to our commercial real estate loan portfolio.
(b)See Figure 8 and the accompanying discussion in the “Loans and loans held for sale” section for more information related to our commercial loan portfolio.


Figure 31 shows the activity that caused the change in our nonperforming loan balance during each of the last five quarters.

Figure 31. Summary of Changes in Nonperforming Loans from Continuing Operations
 20252024
Dollars in millionsFirstFourthThirdSecondFirst
Balance at beginning of period$758 $728 $710 $658 $574 
Loans placed on nonaccrual status170 309 271 317 243 
Charge-offs(126)(131)(167)(131)(97)
Loans sold— (13)(32)(22)(5)
Payments(57)(111)(37)(76)(35)
Transfers to OREO(2)(2)(1)(1)(2)
Loans returned to accrual status(57)(22)(16)(35)(20)
Balance at end of period$686 $758 $728 $710 $658 


Operational and compliance risk management

Like all businesses, we are subject to operational risk, which is the risk of loss resulting from human error or malfeasance, inadequate or failed internal processes and systems, and external events. These events include, among other things, threats to our cybersecurity, as we are reliant upon information systems and the internet to conduct our business activities. Operational risk intersects with compliance risk, which is the risk of loss from violations of, or noncompliance with, laws, rules and regulations, prescribed practices, and ethical standards. Under the Dodd-Frank Act, large financial companies like Key are subject to heightened prudential standards and regulation. This heightened level of regulation has increased our operational risk. While operational and compliance risk are separate risk disciplines in KeyCorp’s ERM framework, losses and/or additional regulatory compliance costs
44

are included in operational loss reporting and could take the form of explicit charges, increased operational costs, or harm to our reputation.

We seek to mitigate operational risk through identification and measurement of risk, alignment of business strategies with risk appetite and tolerance, and a system of internal controls and reporting. We continuously strive to strengthen our system of internal controls to improve the oversight of our operational risk and to ensure compliance with laws, rules, and regulations. For example, an operational event database tracks the amounts and sources of operational risk and losses. This tracking mechanism helps to identify weaknesses and to highlight the need to take corrective action. We also rely upon software programs designed to assist in assessing operational risk and monitoring our control processes. This technology has enhanced the reporting of the effectiveness of our controls to senior management and the Board.

The Operational Risk Management Program provides the framework for the structure, governance, roles, and responsibilities, as well as the content, to manage operational risk for Key. The Compliance Risk Management Program serves the same function in managing compliance risk for Key. The Operational Risk Committee and the Compliance Risk Committee support the ERM Committee by identifying early warning events and trends, escalating emerging risks, and discussing forward-looking assessments. Both the Operational Risk Committee and the Compliance Risk Committee include attendees from each of the Three Lines of Defense. Primary responsibility for managing and monitoring internal control mechanisms lies with the managers of our various lines of business. The Operational Risk Committee and Compliance Risk Committee are senior management committees that oversee our level of operational and compliance risk and direct and support our operational and compliance infrastructure and related activities. These committees and the Operational Risk Management and Compliance Risk Management functions are an integral part of our ERM Program. Our Risk Review function regularly assesses the overall effectiveness of our Operational Risk Management and Compliance Risk Management Programs and our system of internal controls. Risk Review reports the results of reviews on internal controls and systems to senior management and the Audit Committee and updates the Risk Committee, as appropriate, on matters related to the oversight of these controls.

Cybersecurity

For information on our cybersecurity risk management and governance practices, please see Item 1C. Cybersecurity beginning on page 43 of our 2024 Form 10-K.

GAAP to Non-GAAP Reconciliations

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not
audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company,
they have limitations as analytical tools, and should not be considered in isolation, nor as a substitute for analyses
of results as reported under GAAP.

The tangible common equity ratio and the return on tangible common equity ratio have been a focus for some investors, and management believes that these ratios may assist investors in analyzing Key’s capital position without regard to the effects of intangible assets and preferred stock. Since analysts and banking regulators may assess our capital adequacy using tangible common equity, we believe it is useful to enable investors to assess our capital adequacy on these same bases.

45

 Three months ended
Dollars in millions3/31/202512/31/20249/30/20246/30/20243/31/2024
Tangible common equity to tangible assets at period-end
Key shareholders’ equity (GAAP)$19,003 $18,176 $16,852 $14,789 $14,547 
Less:Intangible assets2,774 2,779 2,786 2,793 2,799 
Preferred Stock (a)
2,446 2,446 2,446 2,446 2,446 
Tangible common equity (non-GAAP)$13,783 $12,951 $11,620 $9,550 $9,302 
Total assets (GAAP)$188,691 $187,168 $189,763 $187,450 $187,485 
Less:Intangible assets2,774 2,779 2,786 2,793 2,799 
Tangible assets (non-GAAP)$185,917 $184,389 $186,977 $184,657 $184,686 
Tangible common equity to tangible assets ratio (non-GAAP)7.4 %7.0 %6.2 %5.2 %5.0 %
Average tangible common equity
Average Key shareholders’ equity (GAAP)$18,632 $16,732 $15,759 $14,474 $14,649 
Less:Intangible assets (average)2,777 2,783 2,789 2,796 2,802 
Preferred Stock (average)2,500 2,500 2,500 2,500 2,500 
Average tangible common equity (non-GAAP)$13,355 $11,449 $10,470 $9,178 $9,347 
Return on average tangible common equity from continuing operations
Net income (loss) from continuing operations attributable to Key common shareholders (GAAP)$370 $(279)$(447)$237 $183 
Average tangible common equity (non-GAAP)13,355 11,449 10,470 9,178 9,347 
Return on average tangible common equity from continuing operations (non-GAAP)11.2 %(9.7)%(17.0)%10.4 %7.9 %
Return on average tangible common equity consolidated
Net income (loss) attributable to Key common shareholders (GAAP)$369 $(279)$(446)$238 $183 
Average tangible common equity (non-GAAP)13,355 11,449 10,470 9,178 9,347 
Return on average tangible common equity consolidated (non-GAAP)11.2 %(9.7)%(16.9)%10.4 %7.9 %
Pre-provision net revenue
Net interest income (GAAP)$1,096 $1,051 $952 $887 $875 
Plus:Taxable-equivalent adjustment9 10 12 12 11 
Noninterest income668 (196)(269)627 647 
Less:Noninterest expense1,131 1,229 1,094 1,079 1,143 
Pre-provision net revenue from continuing operations (non-GAAP)$642 $(364)$(399)$447 $390 
(a)Net of capital surplus.

Adjusted noninterest expense and adjusted noninterest income are non-GAAP measures in that they are adjusted to exclude the impact of significant or unusual items. Management believes adjusting for significant or unusual items provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of the financial impacts related to those selected items.

 Three months ended
Dollars in millions3/31/202512/31/20249/30/20246/30/20243/31/2024
Adjusted noninterest expense
Noninterest expense (GAAP)$1,131 $1,229 $1,094 $1,079 $1,143 
Adjustments:
FDIC special assessment (other expense)— 3 6 (5)(29)
Adjusted noninterest expense (non-GAAP)$1,131 $1,232 $1,100 $1,074 $1,114 
Adjusted noninterest income
Noninterest income (GAAP)$668 $(196)$(269)$627 $647 
Adjustments:
Loss on sale of securities for securities repositioning— 915 918 — — 
Scotiabank investment agreement valuation (other income)— 3 — — — 
Adjusted noninterest income (non-GAAP)$668 $722 $649 $627 $647 

Critical Accounting Policies and Estimates

Our business is dynamic and complex. Consequently, we must exercise judgment in choosing and applying accounting policies and methodologies. These choices are critical – not only are they necessary to comply with GAAP, they also reflect our view of the appropriate way to record and report our overall financial performance. All accounting policies are important, and all policies described in Note 1 (“Summary of Significant Accounting Policies”) beginning on page 110 of our 2024 Form 10-K should be reviewed for a greater understanding of how we record and report our financial performance. Note 1 (“Basis of Presentation and Accounting Policies”) of this report should also be reviewed for more information on accounting standards that have been adopted during the period.

In our opinion, some accounting policies are more likely than others to have a critical effect on our financial results and to expose those results to potentially greater volatility. These policies apply to areas of relatively greater business importance, or require us to exercise judgment and to make assumptions and estimates that affect
46

amounts reported in the financial statements. Because these assumptions and estimates are based on current circumstances, they may prove to be inaccurate, or we may find it necessary to change them.
We rely heavily on the use of judgment, assumptions, and estimates to make a number of core decisions, including accounting for the ALLL; contingent liabilities, guarantees and income taxes; derivatives and related hedging activities; and assets and liabilities that involve valuation methodologies. In addition, we may employ outside valuation experts to assist us in determining fair values of certain assets and liabilities. A brief discussion of each of these areas appears on pages 92 through 97 of our 2024 Form 10-K. During the three months ended March 31, 2025, we did not significantly alter the manner in which we applied our critical accounting policies or developed related assumptions and estimates.

Accounting and Reporting Developments

Accounting Guidance Pending Adoption at March 31, 2025

StandardRequired Adoption DescriptionEffect on Financial Statements or
Other Significant Matters
ASU 2024-03 and ASU 2025-01
Income Statement—
Reporting
Comprehensive
Income—Expense
Disaggregation
Disclosures (Topic
220-40)		January 1, 2027

Early adoption is permitted.		The guidance requires public companies disclose additional information about certain types of costs and expenses.

The guidance could be applied on a prospective or retrospective basis.
The guidance is not expected to have a material impact on
Key’s disclosures.







47

Item 1. Financial Statements

Consolidated Balance Sheets
Dollars in millions, except per share dataMarch 31,
2025		December 31,
2024
 (Unaudited) 
ASSETS
Cash and due from banks$1,909 $1,743 
Short-term investments15,349 17,504 
Trading account assets1,296 1,283 
Securities available for sale40,751 37,707 
Held-to-maturity securities (fair value: $6,730 and $6,837)
7,160 7,395 
Other investments1,050 1,041 
Loans, net of unearned income of $298 and $311
104,809 104,260 
Less: Allowance for loan and lease losses(1,429)(1,409)
Net loans103,380 102,851 
Loans held for sale (a)
811 797 
Premises and equipment602 614 
Goodwill2,752 2,752 
Other intangible assets22 27 
Corporate-owned life insurance4,404 4,394 
Accrued income and other assets8,958 8,797 
Discontinued assets247 263 
Total assets$188,691 $187,168 
LIABILITIES
Deposits in domestic offices:
Interest-bearing deposits$122,283 $120,132 
Noninterest-bearing deposits28,454 29,628 
Total deposits150,737 149,760 
Federal funds purchased and securities sold under repurchase agreements22 14 
Bank notes and other short-term borrowings2,328 2,130 
Accrued expense and other liabilities4,209 4,983 
Long-term debt12,392 12,105 
Total liabilities169,688 168,992 
EQUITY
Preferred stock2,500 2,500 
Common Shares, $1 par value; authorized 2,100,000,000 shares; issued 1,256,702,081 shares
1,257 1,257 
Capital surplus5,946 6,038 
Retained earnings14,724 14,584 
Treasury stock, at cost (144,716,525 and 149,915,630 shares)
(2,637)(2,733)
Accumulated other comprehensive income (loss)(2,787)(3,470)
Total equity19,003 18,176 
Total liabilities and equity$188,691 $187,168 
(a)Total loans held for sale include real estate — residential mortgage loans held for sale at fair value of $86 million at March 31, 2025, and $93 million at December 31, 2024.
See Notes to Consolidated Financial Statements (Unaudited).
48

Consolidated Statements of Income
Dollars in millions, except per share amountsThree months ended March 31,
(Unaudited)20252024
INTEREST INCOME
Loans$1,401 $1,538 
Loans held for sale14 14 
Securities available for sale392 232 
Held-to-maturity securities63 75 
Trading account assets17 14 
Short-term investments174 142 
Other investments9 17 
Total interest income2,070 2,032 
INTEREST EXPENSE
Deposits753 782 
Federal funds purchased and securities sold under repurchase agreements1 1 
Bank notes and other short-term borrowings27 46 
Long-term debt193 328 
Total interest expense974 1,157 
NET INTEREST INCOME1,096 875 
Provision for credit losses118 101 
Net interest income after provision for credit losses978 774 
NONINTEREST INCOME
Trust and investment services income139 136 
Investment banking and debt placement fees175 170 
Cards and payments income82 77 
Service charges on deposit accounts69 63 
Corporate services income65 69 
Commercial mortgage servicing fees76 56 
Corporate-owned life insurance income33 32 
Consumer mortgage income13 14 
Operating lease income and other leasing gains9 24 
Other income7 9 
Net securities gains (losses)— (3)
Total noninterest income668 647 
NONINTEREST EXPENSE
Personnel680 674 
Net occupancy67 67 
Computer processing107 102 
Business services and professional fees40 41 
Equipment20 20 
Operating lease expense11 17 
Marketing21 19 
Other expense185 203 
Total noninterest expense1,131 1,143 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
515 278 
Income taxes109 59 
INCOME (LOSS) FROM CONTINUING OPERATIONS406 219 
Income (loss) from discontinued operations(1)— 
NET INCOME (LOSS)$405 $219 
Income (loss) from continuing operations attributable to Key common shareholders
$370 $183 
Net income (loss) attributable to Key common shareholders369 183 
Per Common Share:
Income (loss) from continuing operations attributable to Key common shareholders
$.34 $.20 
Income (loss) from discontinued operations, net of taxes— — 
Net income (loss) attributable to Key common shareholders (a) 
.34 .20 
Per Common Share — assuming dilution:
Income (loss) from continuing operations attributable to Key common shareholders
$.33 $.20 
Income (loss) from discontinued operations, net of taxes— — 
Net income (loss) attributable to Key common shareholders (a)
.33 .20 
Weighted-average Common Shares outstanding (000)1,096,654 929,692 
Effect of Common Share options and other stock awards9,486 7,319 
Weighted-average Common Shares and potential Common Shares outstanding (000) (b)
1,106,140 937,011 
(a)EPS may not foot due to rounding.
(b)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
See Notes to Consolidated Financial Statements (Unaudited).
49

Consolidated Statements of Comprehensive Income
Dollars in millionsThree months ended March 31,
(Unaudited)20252024
Net income (loss)$405 $219 
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale, net of income taxes of $(136) and $47
424 (151)
Net unrealized gains (losses) on derivative financial instruments, net of income taxes of $(62) and $(20)
193 65 
Net pension and postretirement benefit costs, net of income taxes of $(21) and $0
66 1 
Total other comprehensive income (loss), net of tax683 (85)
Comprehensive income (loss) attributable to Key$1,088 $134 
See Notes to Consolidated Financial Statements (Unaudited).
50

Consolidated Statements of Changes in Equity
 Key Shareholders’ Equity
Dollars in millions, except per share amounts
(Unaudited)
Preferred
Shares
Outstanding
(000)
Common
Shares
Outstanding
(000)
Preferred
Stock
Common
Shares
Capital
Surplus
Retained
Earnings
Treasury
Stock,
at Cost
Accumulated
Other
Comprehensive
Income (Loss)
Total Shareholders’ Equity
BALANCE AT DECEMBER 31, 20241,996 1,106,786 $2,500 $1,257 $6,038 $14,584 $(2,733)$(3,470)$18,176 
Net income (loss)405 405 
Other comprehensive income (loss)683 683 
Deferred compensation(1)(1)
Cash dividends declared
Common Shares ($.205 per share)
(229)(229)
Series D Preferred Stock ($12.50 per depositary share)
(7)(7)
Series E Preferred Stock ($.382813 per depositary share)
(8)(8)
Series F Preferred Stock ($.353125 per depositary share)
(6)(6)
Series G Preferred Stock ($.351563 per depositary share)
(6)(6)
Series H Preferred Stock ($.387500 per depositary share)
(9)(9)
Employee equity compensation program Common Share repurchases(1,958)— (35)(35)
Common Shares reissued (returned) for stock options and other employee benefit plans7,158 (91)131 40 
BALANCE AT MARCH 31, 20251,996 1,111,986 $2,500 $1,257 $5,946 $14,724 $(2,637)$(2,787)$19,003 
BALANCE AT DECEMBER 31, 20231,996 936,564 $2,500 $1,257 $6,281 $15,672 $(5,844)$(5,229)$14,637 
Net income (loss)219 219 
Other comprehensive income (loss)(85)(85)
Deferred compensation(4)(4)
Cash dividends declared
Common Shares ($.205 per share)
(193)(193)
Series D Preferred Stock ($12.50 per depositary share)
(7)(7)
Series E Preferred Stock ($.382813 per depositary share)
(8)(8)
Series F Preferred Stock ($.353125 per depositary share)
(6)(6)
Series G Preferred Stock ($.351563 per depositary share)
(6)(6)
Series H Preferred Stock ($.387500 per depositary share)
(9)(9)
Employee equity compensation program Common Share repurchases(1,859)— (26)(26)
Common Shares reissued (returned) for stock options and other employee benefit plans8,071 (113)148 35 
BALANCE AT MARCH 31, 20241,996 942,776 $2,500 $1,257 $6,164 $15,662 $(5,722)$(5,314)$14,547 
See Notes to Consolidated Financial Statements (Unaudited).
51

Consolidated Statements of Cash Flows
Dollars in millionsThree months ended March 31,
(Unaudited)20252024
OPERATING ACTIVITIES
Net income (loss)$405 $219 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for credit losses118 101 
Depreciation, amortization, and accretion, net3 24 
Increase in cash surrender value of corporate-owned life insurance(29)(28)
Stock-based compensation expense30 26 
Deferred income taxes (benefit)30 3 
Proceeds from sales of loans held for sale1,725 1,920 
Originations of loans held for sale, net of repayments(1,702)(1,742)
Net losses (gains) on sales of loans held for sale(30)(28)
Net losses (gains) on leased equipment4 (6)
Net securities and other investments losses (gains)— 3 
Net change in:
Trading account assets(13)(29)
Accrued income and other assets(189)287 
Accrued expense and other liabilities(792)(404)
Other operating activities, net300 13 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES(140)359 
INVESTING ACTIVITIES
Net decrease (increase) in short-term investments, excluding acquisitions2,155 (2,388)
Purchases of securities available for sale(3,970)(1,465)
Proceeds from sales of securities available for sale— 637 
Proceeds from prepayments and maturities of securities available for sale1,509 515 
Proceeds from prepayments and maturities of held-to-maturity securities236 306 
Net decrease (increase) in other investments(7)(4)
Net decrease (increase) in loans, excluding acquisitions, sales and transfers(679)2,613 
Proceeds from sales of portfolio loans36 151 
Proceeds from corporate-owned life insurance19 20 
Purchases of premises, equipment, and software(10)(12)
Proceeds from sales of premises and equipment— 1 
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(711)374 
FINANCING ACTIVITIES
Net increase (decrease) in deposits977 (1,356)
Net increase (decrease) in short-term borrowings206 (168)
Net proceeds from issuance of long-term debt833 1,350 
Payments on long-term debt(701)(1)
Employee equity compensation program Common Share repurchases(35)(26)
Net proceeds from reissuance of Common Shares2 3 
Cash dividends paid(265)(229)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES1,017 (427)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS166 306 
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD1,743 941 
CASH AND DUE FROM BANKS AT END OF PERIOD$1,909 $1,247 
Additional disclosures relative to cash flows:
Interest paid$938 $990 
Income taxes paid (refunded)(1)20 
Noncash items:
Reduction of secured borrowing and related collateral$1 $1 
Loans transferred to portfolio from held for sale— 105 
Loans transferred to held for sale from portfolio6 — 
Loans transferred to OREO2 2 
See Notes to Consolidated Financial Statements (Unaudited).
52

Notes to Consolidated Financial Statements (Unaudited)

1. Basis of Presentation and Accounting Policies

The consolidated financial statements include the accounts of KeyCorp and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Some previously reported amounts have been reclassified in the statements of income from “other income” to “net securities gains (losses).”

The consolidated financial statements include any voting rights entities in which we have a controlling financial interest. In accordance with the applicable accounting guidance for consolidations, we consolidate a VIE if we have: (i) a variable interest in the entity; (ii) the power to direct activities of the VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary). Variable interests can include equity interests, subordinated debt, derivative contracts, leases, service agreements, guarantees, standby letters of credit, loan commitments, and other contracts, agreements, and financial instruments. See Note 11 (“Variable Interest Entities”) for information on our involvement with VIEs.

We use the equity method to account for unconsolidated investments in voting rights entities or VIEs if we have significant influence over the entity’s operating and financing decisions (usually defined as a voting or economic interest of 20% to 50%, but not controlling). Unconsolidated investments in voting rights entities or VIEs in which we have a voting or economic interest of less than 20% or for which we do not have significant influence are carried at the cost measurement alternative or at fair value. Investments held by our registered broker-dealer and investment company subsidiaries (principal investing entities and Real Estate Capital line of business) are carried at fair value.

The unaudited consolidated interim financial statements reflect all adjustments of a normal recurring nature and disclosures that are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full year. The interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our 2024 Form 10-K.

In preparing these financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users or filed with the SEC.

Accounting Guidance Adopted in 2025

StandardDate of AdoptionDescriptionEffect on Financial Statements or
Other Significant Matters
ASU 2023-09 Income
Taxes (Topic 740)
Annual periods beginning
January 1, 2025

Early adoption is
permitted.		This guidance requires certain annual tax disclosures related to rate reconciliation and income taxes paid.

The guidance should be applied on a prospective or retrospective basis.
The guidance is not expected to have a material impact and will be incorporated into Key’s annual tax disclosures within the Form 10-K.

2. Earnings Per Common Share

Basic earnings per share is the amount of earnings (losses), adjusted for dividends declared on our preferred stock, available to each Common Share outstanding during the reporting periods. Diluted earnings per share is the amount of earnings (losses) available to each Common Share outstanding during the reporting periods adjusted to include the effects of potentially dilutive Common Shares. Potentially dilutive Common Shares include stock options and other stock-based awards. Potentially dilutive Common Shares are excluded from the computation of diluted earnings per share in the periods where the effect would be antidilutive. 

53

Our basic and diluted earnings per Common Share are calculated as follows:
 Three months ended March 31,
Dollars in millions, except per share amounts20252024
EARNINGS
Income (loss) from continuing operations
$406 $219 
Less: Dividends on Preferred Stock36 36 
Income (loss) from continuing operations attributable to Key common shareholders370 183 
Income (loss) from discontinued operations, net of taxes(1)— 
Net income (loss) attributable to Key common shareholders$369 $183 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)1,096,654 929,692 
Effect of Common Share options and other stock awards9,486 7,319 
Weighted-average Common Shares and potential Common Shares outstanding (000)(a)
1,106,140 937,011 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$.34 $.20 
Income (loss) from discontinued operations, net of taxes— — 
Net income (loss) attributable to Key common shareholders (b)
.34 .20 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution$.33 $.20 
Income (loss) from discontinued operations, net of taxes — assuming dilution— — 
Net income (loss) attributable to Key common shareholders—assuming dilution(b)
.33 .20 
(a)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
(b)EPS may not foot due to rounding.


3. Loan Portfolio

Loan Portfolio by Portfolio Segment and Class of Financing Receivable (a)
Dollars in millionsMarch 31, 2025December 31, 2024
Commercial and industrial (b)(c)
$54,378 $52,909 
Commercial real estate:
Commercial mortgage13,239 13,310 
Construction2,929 2,936 
Total commercial real estate loans16,168 16,246 
Commercial lease financing (c)
2,576 2,736 
Total commercial loans73,122 71,891 
Residential — prime loans:
Real estate — residential mortgage19,622 19,886 
Home equity loans6,154 6,358 
Total residential — prime loans25,776 26,244 
Other consumer loans5,000 5,167 
Credit cards911 958 
Total consumer loans31,687 32,369 
Total loans (d)
$104,809 $104,260 
(a)Accrued interest of $448 million and $456 million at March 31, 2025, and December 31, 2024, respectively, presented in "Accrued income and other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(b)Loan balances include $218 million and $212 million of commercial credit card balances at March 31, 2025, and December 31, 2024, respectively.
(c)Commercial and industrial includes receivables held as collateral for a secured borrowing of $192 million and $211 million at March 31, 2025, and December 31, 2024, respectively. Commercial lease financing includes receivables of $2 million and $3 million held as collateral for a secured borrowing at March 31, 2025, and December 31, 2024, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to these secured borrowings is included in Note 20 (“Long-Term Debt”) beginning on page 170 of our 2024 Form 10-K.
(d)Total loans exclude loans of $243 million at March 31, 2025, and $257 million at December 31, 2024, related to the discontinued operations of the education lending business. These amounts are included within “Discontinued assets” on the Consolidated Balance Sheet.


4. Asset Quality

ALLL

We estimate the appropriate level of the ALLL on at least a quarterly basis. The methodology is described in Note 1 ("Summary of Significant Accounting Policies") under the heading "Allowance for Loan and Lease Losses" beginning on page 112 of our 2024 Form 10-K.

The ALLL at March 31, 2025, represents our current estimate of lifetime credit losses inherent in the loan portfolio at that date. The changes in the ALLL by loan category for the periods indicated are as follows:






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Three months ended March 31, 2025:
Dollars in millionsDecember 31, 2024ProvisionCharge-offsRecoveriesMarch 31, 2025
Commercial and Industrial $639 $82 $(62)$10 $669 
Commercial real estate:
Real estate — commercial mortgage320 13 (36)— 297 
Real estate — construction51 6 — — 57 
Total commercial real estate loans371 19 (36)— 354 
Commercial lease financing27 7 — — 34 
Total commercial loans1,037 108 (98)10 1,057 
Real estate — residential mortgage90 (19)(1)1 71 
Home equity loans70 5 (1)1 75 
Other consumer loans136 19 (14)2 143 
Credit cards76 17 (12)2 83 
Total consumer loans372 22 (28)6 372 
Total ALLL — continuing operations1,409 130 
(a)
(126)16 1,429 
Discontinued operations13 1 (1)— 13 
Total ALLL — including discontinued operations$1,422 $131 $(127)$16 $1,442 
(a)Excludes a credit related to reserves on lending-related commitments of $12 million.


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 related to reserves on lending-related commitments of $14 million.


As described in Note 1 ("Summary of Significant Accounting Policies"), under the heading “Allowance for Loan and Lease Losses” beginning on page 112 of our 2024 Form 10-K, we estimate the ALLL using relevant available information, from internal and external sources, relating to past events, current economic and portfolio conditions, and reasonable and supportable forecasts. In our estimation of expected credit losses, we use a two year reasonable and supportable period across all products. Following this two year period in which supportable forecasts can be generated, for all modeled loan portfolios, we revert expected credit losses to a level that is consistent with our historical information by reverting the macroeconomic variables (model inputs) to their long run average. We revert to historical loss rates for less complex estimation methods for smaller portfolios. A 20-year fixed length look back period is used to calculate the long run average of the macroeconomic variables. A four quarter reversion period is used where the macroeconomic variables linearly revert to their long run average following the two year reasonable and supportable period.

We develop our reasonable and supportable forecasts using relevant data including, but not limited to, changes in economic output, unemployment rates, property values, and other factors associated with the credit losses on financial assets. Some macroeconomic variables apply to all portfolio segments, while others are more portfolio specific. The following table discloses key macroeconomic variables for each loan portfolio.

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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, 30 year mortgage rate and U.S. household income
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Other consumerUnemployment rate, prime 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.

In addition to macroeconomic drivers, portfolio attributes such as remaining term, outstanding balance, risk ratings, utilization, FICO, LTV, and delinquency also drive ALLL changes. Our ALLL models were designed to capture the correlation between economic and portfolio changes. As such, evaluating shifts in individual portfolio attributes and macroeconomic variables in isolation may not be indicative of past or future performance.

Economic Outlook

As of March 31, 2025, there is continued economic resiliency, but also unprecedented geopolitical uncertainty as a result of the recent changes to trade and other policies, which could add stress to the existing economic pressures.

We utilized the Moody’s February 2025 Consensus forecast as the baseline forecast to estimate our expected credit losses as of March 31, 2025. This baseline scenario reflects slowing growth over the next two years. U.S. GDP is expected to grow at an annual rate of approximately 2% for 2025 and 2026. The expected National Unemployment Rate is forecasted to remain close to 4% over the next two years. The U.S. Consumer Price Index is forecasted at 2.6% for 2025.

Current market conditions may not be fully captured in the baseline forecast as of the quarter-end. The geopolitical environment remains both uncertain and complex as a result of policy changes that could substantially impact global economies, including product and country specific tariffs, funding freezes and cuts to different government programs, federal layoffs, increased deportations and changes to immigration policy. These actions pose potential downside-risks to the economic outlook, although to what extent remains highly uncertain. These economic uncertainties were addressed through a qualitative reserve increase, which leveraged downside economic assumptions.

As a result of the current economic uncertainty, our future loss estimates may vary considerably from our March 31, 2025 assumptions.

Commercial Loan Portfolio

The ALLL from continuing operations for the commercial segment increased by $20 million, or 1.9%, from December 31, 2024. The change in the reserve levels is reflective of a reserve build due to economic uncertainty as a result of the ongoing U.S. policy changes, which impact all portfolio segments. These reserve increases are partly offset by ongoing favorable portfolio credit migration, largely concentrated in the commercial real estate portfolio.

Consumer Loan Portfolio

The ALLL from continuing operations for the consumer segment was unchanged from December 31, 2024. The overall stable levels in the consumer allowance are driven by reserve increases due to economic uncertainty, which are offset by reserve decreases due to continued loan runoff.

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Credit Risk Profile

The prevalent risk characteristic for both commercial and consumer loans is the risk of loss arising from an obligor’s inability or failure to meet contractual payment or performance terms. Evaluation of this risk is stratified and monitored by the loan risk rating grades assigned for the commercial loan portfolios and the refreshed FICO score assigned for the consumer loan portfolios. The internal risk grades assigned to loans follow our definitions of Pass and Criticized, which are consistent with published definitions of regulatory risk classifications. Loans with a pass rating represent those loans not classified on our rating scale for credits, as minimal credit risk has been identified. Criticized loans are those loans that either have a potential weakness deserving management's close attention or have a well-defined weakness that may put full collection of contractual cash flows at risk. Borrower FICO scores provide information about the credit quality of our consumer loan portfolio as they provide an indication as to the likelihood that a debtor will repay its debts. The scores are obtained from a nationally recognized consumer rating agency and are presented in the tables below at the dates indicated.

Most extensions of credit are subject to loan grading or scoring. Loan grades are assigned at the time of origination, verified by credit risk management, and periodically re-evaluated thereafter. This risk rating methodology blends our judgment with quantitative modeling. Commercial loans generally are assigned two internal risk ratings. The first rating reflects the probability that the borrower will default on an obligation; the second rating reflects expected recovery rates on the credit facility. Default probability is determined based on, among other factors, the financial strength of the borrower, an assessment of the borrower’s management, the borrower’s competitive position within its industry sector, and our view of industry risk in the context of the general economic outlook. Types of exposure, transaction structure, and collateral, including credit risk mitigants, affect the expected recovery assessment.

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Commercial Credit Exposure
Credit Risk Profile by Creditworthiness Category and Vintage (a)(b)
As of March 31, 2025Term 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 millions20252024202320222021PriorTotal
Commercial and Industrial
Risk Rating:
Pass$1,866 $6,429 $2,770 $6,599 $3,685 $5,108 $23,732 $181 $50,370 
Criticized (Accruing)15 178 287 683 285 570 1,667 35 3,720 
Criticized (Nonaccruing)— 24 7 53 30 10 162 2 288 
Total commercial and industrial1,881 6,631 3,064 7,335 4,000 5,688 25,561 218 54,378 
Current year gross write-offs— — 2 5 3 10 42 — 62 
Real estate — commercial mortgage
Risk Rating:
Pass602 1,118 675 2,631 1,965 3,588 1,050 38 11,667 
Criticized (Accruing)15 7 98 555 272 379 29 11 1,366 
Criticized (Nonaccruing)— — — 135 32 39 — — 206 
Total real estate — commercial mortgage
617 1,125 773 3,321 2,269 4,006 1,079 49 13,239 
Current year gross write-offs— — — 6 21 9 — — 36 
Real estate — construction
Risk Rating:
Pass43 255 880 895 309 148 45 2 2,577 
Criticized (Accruing)— — 18 125 56 153 — — 352 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction43 255 898 1,020 365 301 45 2 2,929 
Current year gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass28 286 410 590 341 809 — — 2,464 
Criticized (Accruing)— 3 32 27 6 44 — — 112 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing28 289 442 617 347 853 — 2,576 
Current year gross write-offs— — — — — — — — — 
Total commercial loans$2,569 $8,300 $5,177 $12,293 $6,981 $10,848 $26,685 $269 $73,122 
Total commercial loan current year gross write-offs$— $— $2 $11 $24 $19 $42 $— $98 

As of December 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$6,345 $3,097 $7,119 $3,934 $1,617 $3,969 $22,709 $115 $48,905 
Criticized (Accruing)172 219 597 419 208 476 1,550 41 3,682 
Criticized (Nonaccruing)23 13 68 30 2 31 153 2 322 
Total commercial and industrial6,540 3,329 7,784 4,383 1,827 4,476 24,412 158 52,909 
Current year gross write-offs1 12 65 106 4 31 144 — 363 
Real estate — commercial mortgage
Risk Rating:
Pass1,052 748 2,818 2,202 594 3,194 1,001 41 11,650 
Criticized (Accruing)31 85 571 281 93 316 30 9 1,416 
Criticized (Nonaccruing)— — 123 52 3 66 — — 244 
Total real estate — commercial mortgage
1,083 833 3,512 2,535 690 3,576 1,031 50 13,310 
Current year gross write-offs— — 1 6 — 32 1 — 40 
Real estate — construction
Risk Rating:
Pass199 846 1,021 340 87 67 42 2 2,604 
Criticized (Accruing)— 17 112 58 68 77 — — 332 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction199 863 1,133 398 155 144 42 2 2,936 
Current year gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass301 430 626 368 217 679 — — 2,621 
Criticized (Accruing)2 34 33 9 16 21 — — 115 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing303 464 659 377 233 700 — — 2,736 
Current year gross write-offs$— $— $— $— $— $7 $— $— $7 
Total commercial loans$8,125 $5,489 $13,088 $7,693 $2,905 $8,896 $25,485 $210 $71,891 
Total commercial loan current year gross write-offs$1 $12 $66 $112 $4 $70 $145 $— $410 
(a)Accrued interest of $313 million and $322 million as of March 31, 2025, and December 31, 2024, respectively, presented in “Accrued income and 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, 2025 and the twelve months ended December 31, 2024.


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Consumer Credit Exposure
Credit Risk Profile by FICO Score and Vintage (a)(b)
As of March 31, 2025Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20252024202320222021PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$29 $273 $655 $5,630 $7,107 $3,696 $— $— $17,390 
660 to 74912 67 114 587 646 470 — — 1,896 
Less than 660— 5 13 79 62 154 — — 313 
No Score1 3 2 1 — 15 1 — 23 
Total real estate — residential mortgage42 348 784 6,297 7,815 4,335 1 — 19,622 
Current period gross write-offs— — — — — 1 — — 1 
Home equity loans
FICO Score:
750 and above8 32 28 134 755 1,293 1,825 230 4,305 
660 to 7493 17 17 47 169 297 745 70 1,365 
Less than 660— 2 6 16 43 118 266 26 477 
No Score— — — — — 1 6 — 7 
Total home equity loans11 51 51 197 967 1,709 2,842 326 6,154 
Current period gross write-offs— — — — — — 1 — 1 
Other consumer loans
FICO Score:
750 and above42 100 134 1,114 1,165 729 82 — 3,366 
660 to 74926 64 96 250 251 214 175 — 1,076 
Less than 6602 11 23 60 59 51 55 — 261 
No Score5 28 12 16 16 18 202 — 297 
Total consumer direct loans75 203 265 1,440 1,491 1,012 514 — 5,000 
Current period gross write-offs— 1 2 3 2 2 4 — 14 
Credit cards
FICO Score:
750 and above— — — — — — 439 — 439 
660 to 749— — — — — — 362 — 362 
Less than 660— — — — — — 109 — 109 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 911 — 911 
Current period gross write-offs— — — — — — 12 — 12 
Total consumer loans$128 $602 $1,100 $7,934 $10,273 $7,056 $4,268 $326 $31,687 
Total consumer loan current period gross write-offs$— $1 $2 $3 $2 $3 $17 $— $28 

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As of December 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$281 $669 $5,720 $7,203 $2,247 $1,510 $— $— $17,630 
660 to 74967 116 597 655 199 280 — — 1,914 
Less than 6604 13 81 63 24 134 — — 319 
No Score3 2 1 — 1 15 1 — 23 
Total real estate — residential mortgage355 800 6,399 7,921 2,471 1,939 1 — 19,886 
Current period gross write-offs1 — 1 — — 1 — — 3 
Home equity loans
FICO Score:
750 and above33 31 139 775 612 731 1,886 251 4,458 
660 to 74917 17 50 181 129 186 772 80 1,432 
Less than 6602 5 15 40 31 82 263 25 463 
No Score— — — — — 1 4 — 5 
Total home equity loans52 53 204 996 772 1,000 2,925 356 6,358 
Current period gross write-offs— — — — — 1 1 — 2 
Other consumer loans
FICO Score:
750 and above107 143 1,149 1,210 527 245 88 — 3,469 
660 to 74970 109 275 268 128 108 184 — 1,142 
Less than 6609 23 59 59 29 24 56 — 259 
No Score35 12 18 17 7 12 196 — 297 
Total consumer direct loans221 287 1,501 1,554 691 389 524 — 5,167 
Current period gross write-offs— 7 17 12 7 6 15 — 64 
Credit cards
FICO Score:
750 and above— — — — — — 476 — 476 
660 to 749— — — — — — 372 — 372 
Less than 660— — — — — — 109 — 109 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 958 — 958 
Current period gross write-offs— — — — — — 47 — 47 
Total consumer loans$628 $1,140 $8,104 $10,471 $3,934 $3,328 $4,408 $356 $32,369 
Total consumer current period gross write-offs$1 $7 $18 $12 $7 $8 $63 $— $116 
(a)Accrued interest of $135 million and $134 million as of March 31, 2025, and December 31, 2024, respectively, presented in “Accrued income and 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, 2025 and the twelve months ended December 31, 2024.


Nonperforming and Past Due Loans

Our policies for determining past due loans, placing loans on nonaccrual, applying payments on nonaccrual loans, and resuming accrual of interest for our commercial and consumer loan portfolios are disclosed in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Nonperforming Loans” beginning on page 111 of our 2024 Form 10-K.
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The following aging analysis of past due and current loans as of March 31, 2025, and December 31, 2024, provides further information regarding Key’s credit exposure.

Aging Analysis of Loan Portfolio(a)
As of March 31, 2025
Current (b)(c)
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 (d)
Dollars in millions
LOAN TYPE
Commercial and industrial$53,917 $89 $29 $55 $288 $461 $54,378 
Commercial real estate:
Commercial mortgage12,943 37 48 5 206 296 13,239 
Construction2,926 — — 3 — 3 2,929 
Total commercial real estate loans15,869 37 48 8 206 299 16,168 
Commercial lease financing2,572 3 1 — — 4 2,576 
Total commercial loans$72,358 $129 $78 $63 $494 $764 $73,122 
Real estate — residential mortgage$19,513 $10 $5 $— $94 $109 $19,622 
Home equity loans6,037 21 6 3 87 117 6,154 
Other consumer loans4,965 14 8 9 4 35 5,000 
Credit cards883 6 4 11 7 28 911 
Total consumer loans$31,398 $51 $23 $23 $192 $289 $31,687 
Total loans$103,756 $180 $101 $86 $686 $1,053 $104,809 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $448 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)Includes balances of $74 million in Commercial mortgage and $7 million in Real estate - residential mortgage associated with loans sold to GNMA that are 90 days or more past due where Key has the right but not the obligation to repurchase and whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veteran Affairs.
(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

As of December 31, 2024
Current (b)(c)
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 (d)
Dollars in millions
LOAN TYPE
Commercial and industrial$52,473 $48 $21 $45 $322 $436 $52,909 
Commercial real estate:
Commercial mortgage13,018 4 29 16 243 292 13,310 
Construction2,932 — — 4 — 4 2,936 
Total commercial real estate loans15,950 4 29 20 243 296 16,246 
Commercial lease financing2,728 1 6 1 — 8 2,736 
Total commercial loans$71,151 $53 $56 $66 $565 $740 $71,891 
Real estate — residential mortgage$19,766 $20 $8 $— $92 $120 $19,886 
Home equity loans6,232 26 8 3 89 126 6,358 
Other consumer loans5,129 15 9 9 5 38 5,167 
Credit cards928 6 5 12 7 30 958 
Total consumer loans$32,055 $67 $30 $24 $193 $314 $32,369 
Total loans$103,206 $120 $86 $90 $758 $1,054 $104,260 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $456 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)Includes balances of $75 million in Commercial mortgage and $7 million in Real estate - residential mortgage associated with loans sold to GNMA that are 90 days or more past due where Key has the right but not the obligation to repurchase and whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veteran Affairs.
(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.


At March 31, 2025, the carrying amount of our commercial nonperforming loans outstanding represented 69% of their original contractual amount owed, total nonperforming loans outstanding represented 75% of their original contractual amount owed, and nonperforming assets in total were carried at 78% of their original contractual amount owed.

Nonperforming loans reduced expected interest income by $13 million for the three months ended March 31, 2025, and $13 million for the three months ended March 31, 2024.

The amortized cost basis of nonperforming loans on nonaccrual status for which there is no related allowance for credit losses was $423 million at March 31, 2025 and $381 million at December 31, 2024.

As of March 31, 2025, 39% of our nonperforming loans were contractually current versus 43% as of December 31, 2024.


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Collateral-dependent Financial Assets

We classify financial assets as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of the collateral. Our commercial loans have collateral that includes cash, accounts receivable, inventory, commercial machinery, commercial properties, commercial real estate construction projects, enterprise value, and stock or ownership interests in the borrowing entity. When appropriate we also consider the enterprise value of the borrower as a repayment source for collateral-dependent loans. Our consumer loans have collateral that includes residential real estate, automobiles, boats, and RVs.

At March 31, 2025 and March 31, 2024, the recorded investment of consumer residential mortgage and home equity loans in the process of foreclosure was approximately $68 million and $133 million, respectively.

There were no significant changes in the extent to which collateral secures our collateral-dependent financial assets during the three months ended March 31, 2025.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The ALLL for loans modified for borrowers experiencing financial difficulty is determined based on Key’s ALLL policy as described within Note 1 (“Summary of Significant Accounting Policies”) of our 2024 Form 10-K.

Modifications for Borrowers Experiencing Financial Difficulty

Our strategy in working with commercial borrowers is to allow them time to improve their financial position through loan modification. Commercial borrowers that are rated substandard or worse in accordance with the regulatory definition, or that cannot otherwise restructure at market terms and conditions, are considered to be experiencing financial difficulty. A modification of a loan is subject to the normal underwriting standards and processes for other similar credit extensions, both new and existing. The modified loan is evaluated to determine if it is a new loan or a continuation of the prior loan.

Consumer loans in which a borrower requires a modification as a result of negative changes to their financial condition or to avoid default, generally indicate the borrower is experiencing financial difficulty. The primary modifications made to consumer loans are amortization, maturity date and interest rate changes. Consumer borrowers identified as experiencing financial difficulty are generally unable to refinance their loans through our normal origination channel or through other independent sources.

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 of the noted periods. 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, 2025, there were 98 loans totaling $15 million in a trial modification period. As of March 31, 2024, there were 79 loans totaling $11 million in a trial modification period.

Commitments outstanding to lend additional funds to borrowers experiencing financial difficulty whose loans were modified were $77 million and $48 million at March 31, 2025 and March 31, 2024, respectively.

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As of March 31, 2025Interest Rate ReductionTerm ExtensionOther
Combination (a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $150 $60 $17 $227 0.42 %
Commercial real estate:
Commercial mortgage— 306 21 — 327 2.47 
Construction— 49 — — 49 1.67 
Total commercial real estate loans— 355 21 — 376 2.33 
Commercial lease financing— — — — — — 
Total commercial loans$— $505 $81 $17 $603 0.82 %
Real estate — residential mortgage1 — — 13 14 0.07 
Home equity loans4 1 1 6 12 0.19 
Other consumer loans— 3 — 2 5 0.10 
Credit cards— — — 4 4 0.44 
Total consumer loans5 4 1 25 35 0.11 
Total loans$5 $509 $82 $42 $638 0.61 %

As of March 31, 2024Interest Rate ReductionTerm ExtensionOther
Combination (a)
Total
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 %
(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.

Financial Effects of Modifications to Borrowers Experiencing Financial Difficulty

The following table summarizes the financial impacts of loan modifications made to specific loans for the noted periods.
Three months ended March 31, 2025Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(22.20)%0.47
Commercial mortgage— %0.52
Real estate — residential mortgage(1.45)%5.24
Home equity loans(1.83)%6.05
Other consumer loans(3.22)%0.40
Credit cards(2.22)%0.25

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
63


Amortized Cost Basis of Modified Loans That Subsequently Defaulted

Key considers modifications to borrowers experiencing financial difficulty that subsequently become 90 days or more past due under modified terms as subsequently defaulted. The following table presents the amortized cost of modified loans to borrowers experiencing financial difficulty that were within 12 months of their modification and subsequently defaulted during the three months ended March 31, 2025.

Three months ended March 31, 2025
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial real estate
Commercial mortgage$— $19 $— $— $19 
Total commercial real estate loans— 19 — — 19 
Total commercial loans— 19 — — 19 
Credit cards— — — 1 1 
Total consumer loans$— $— $— $1 $1 
Total loans$— $19 $— $1 $20 

The following table presents the amortized cost of modified loans to borrowers experiencing financial difficulty that were within 12 months of their modification and subsequently defaulted during the three months ended March 31, 2024.

Three months ended March 31, 2024
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $50 $1 $— $51 
Total commercial loans— 50 1 — 51 
Total loans$— $50 $1 $— $51 

Key closely monitors the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the amortized cost as of March 31, 2025, of loans modified during the 12 months then ended, by aging.

As of March 31, 2025Current30-89 Days 
Past Due		90 and Greater
Days Past Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$207 $8 $12 $227 
Commercial real estate
Commercial mortgage256 50 21 327 
Construction49 — — 49 
Total commercial real estate loans305 50 21 376 
Commercial lease financing— — — — 
Total commercial loans512 58 33 603 
Real estate — residential mortgage14 — — 14 
Home equity loans10 1 1 12 
Other consumer loans5 — — 5 
Credit cards4 — — 4 
Total consumer loans$33 $1 $1 $35 
Total loans$545 $59 $34 $638 
64

The following table presents the amortized cost as of March 31, 2024, of loans modified during the 12 months then ended, by aging.

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 

Liability for Credit Losses on Lending-related Commitments

The liability for credit losses on lending-related commitments is included in “accrued expense and other liabilities” on the balance sheet. This includes credit risk for recourse associated with loans sold under the Fannie Mae Delegated Underwriting and Servicing program and credit losses inherent in unfunded lending-related commitments, such as letters of credit and unfunded loan commitments, and certain financial guarantees.

Changes in the liability for credit losses on lending-related commitments are summarized as follows:
 Three months ended March 31,
Dollars in millions20252024
Balance at beginning of period$290 $296 
Provision (credit) for losses on lending-related commitments(12)(14)
Other— (1)
Balance at end of period$278 $281 


5. Fair Value Measurements

In accordance with GAAP, Key measures certain assets and liabilities at fair value. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market of the asset or liability. Additional information regarding our accounting policies for determining fair value is provided in Note 6 (“Fair Value Measurements”) and Note 1 (“Summary of Significant Accounting Policies”) under the heading “Fair Value Measurements” of our 2024 Form 10-K.
65

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Certain assets and liabilities are measured at fair value on a recurring basis in accordance with GAAP. For more information on the valuation techniques used to measure classes of assets and liabilities reported at fair value on a recurring basis as well as the classification of each in the valuation hierarchy, refer to Note 6 (“Fair Value Measurements”) in our 2024 Form 10-K. The following tables present these assets and liabilities at March 31, 2025, and December 31, 2024.
March 31, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $824 $— $824 $— $930 $— $930 
States and political subdivisions— 136 — 136 — 127 — 127 
Other mortgage-backed securities— 311 — 311 — 183 — 183 
Other securities— 19 — 19 — 25 — 25 
Total trading account securities— 1,290 — 1,290 — 1,265 — 1,265 
Commercial loans— 6 — 6 — 18 — 18 
Total trading account assets— 1,296 — 1,296 — 1,283 — 1,283 
Securities available for sale:
U.S. Treasury, agencies and corporations— 8,362 — 8,362 — 8,904 — 8,904 
Agency residential collateralized mortgage obligations— 9,131 — 9,131 — 9,224 — 9,224 
Agency residential mortgage-backed securities— 18,977 — 18,977 — 15,169 — 15,169 
Agency commercial mortgage-backed securities— 4,281 — 4,281 — 4,410 — 4,410 
Other securities— — — — — — — — 
Total securities available for sale— 40,751 — 40,751 — 37,707 — 37,707 
Other investments:
Principal investments:
Indirect (measured at NAV) (a)
— — — 13 — — — 14 
Total principal investments— — — 13 — — — 14 
Equity investments:
Direct— — 3 3 — — 2 2 
Direct (measured at NAV) (a)
— — — 61 — — — 54 
Indirect (measured at NAV) (a)
— — — 4 — — — 3 
Total equity investments— — 3 68 — — 2 59 
Total other investments— — 3 81 — — 2 73 
Loans, net of unearned income (residential)— — 10 10 — — 10 10 
Loans held for sale (residential)— 86 — 86 — 93 — 93 
Derivative assets:
Interest rate— 113 4 117 — 114 (4)110 
Foreign exchange72 15 — 87 93 31 — 124 
Commodity— 483 — 483 — 363 — 363 
Credit— — — — — — — — 
Other— 11 1 12 — 15 — 15 
Derivative assets72 622 5 699 93 523 (4)612 
Netting adjustments (b)
— — — (279)— — — (363)
Total derivative assets72 622 5 420 93 523 (4)249 
Total assets on a recurring basis at fair value$72 $42,755 $18 $42,644 $93 $39,606 $8 $39,415 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$245 $833 $— $1,078 $107 $773 $— $880 
Derivative liabilities:
Interest rate— 744 — 744 — 965 — 965 
Foreign exchange64 15 — 79 85 32 — 117 
Commodity— 466 — 466 — 343 — 343 
Credit— 1 6 7 — — — — 
Other— 7 — 7 — 14 — 14 
Derivative liabilities64 1,233 6 1,303 85 1,354 — 1,439 
Netting adjustments (b)
— — — (528)— — — (411)
Total derivative liabilities64 1,233 6 775 85 1,354 — 1,028 
Total liabilities on a recurring basis at fair value$309 $2,066 $6 $1,853 $192 $2,127 $— $1,908 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(b)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.

The following table presents the fair value of our indirect principal investments and related unfunded commitments at March 31, 2025, as well as financial support provided for the three months ended March 31, 2025, and March 31, 2024.
66

   Financial support provided
   Three months ended March 31,
 March 31, 202520252024
Dollars in millions
Fair
Value
Unfunded
Commitments		Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
INVESTMENT TYPE
Indirect investments (measured at NAV) (a)
$13 $1 $— $— $— $— 
Total$13 $1 $— $— $— $— 
(a) Our indirect investments consist of buyout funds, venture capital funds, and fund of funds. These investments are generally not redeemable. Instead, distributions are received through the liquidation of the underlying investments of the fund. An investment in any one of these funds typically can be sold only with the approval of the fund’s general partners. At March 31, 2025, no significant liquidation of the underlying investments has been communicated to Key. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement.

Changes in Level 3 Fair Value Measurements

The following table shows the components of the change in the fair values of our Level 3 financial instruments measured at fair value on a recurring basis for the three months ended March 31, 2025, and March 31, 2024. 
Dollars in millionsBeginning of Period BalanceGains (Losses) Included in Other Comprehensive IncomeGains (Losses) Included in EarningsPurchasesSalesSettlementsTransfers OtherTransfers into
Level 3		Transfers out of
Level 3		End of Period BalanceUnrealized Gains (Losses) Included in Earnings
Three months ended March 31, 2025
Other investments
Equity investments
Direct$2 $— $1 
(c)
$— $— $— $— $— $— $3 $— 
Loans, net of unearned income (residential)10 — — — — — — — — 10 — 
Derivative instruments (a)
Interest rate(4)— 7 
(d)
5 — — — (4)
(e)
— 4 — 
Credit— — (6)— — — — —   —   (6)— 
Other (b)
— — — — — — 1 — — 1 — 
Dollars in millionsBeginning of Period BalanceGains (Losses) Included in Other Comprehensive IncomeGains (Losses) Included in EarningsPurchasesSalesSettlementsTransfers OtherTransfers into
Level 3		Transfers out of
Level 3		End of Period BalanceUnrealized Gains (Losses) Included in Earnings
Three months ended March 31, 2024
Other investments
Equity investments
Direct$2 $— $— 
(c)
$— $— $— $— $— $— $2 $— 
Loans, net of unearned income (residential)9 — — — — — — — — 9 — 
Derivative instruments (a)
Interest rate(2)— (4)
(c)
1 — — — 2 
(e) 
3 
(e) 
— — 
Other (b)
2 — — — — — (1)— — 1 — 
(a)Amounts represent Level 3 derivative assets less Level 3 derivative liabilities.
(b)Amounts represent Level 3 interest rate lock commitments.
(c)Realized and unrealized gains and losses on principal investments are reported in “other income” on the income statement.
(d)Realized and unrealized gains and losses on derivative instruments are reported in “corporate services income” and “other income” on the income statement.
(e)Certain derivatives previously classified as Level 2 were transferred to Level 3 and vice versa based upon changes in the significance of unobservable inputs.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in accordance with GAAP. The adjustments to fair value generally result from the application of accounting guidance that requires assets and liabilities to be recorded at the lower of cost or fair value, or assessed for impairment. For more information on the valuation techniques used to measure classes of assets and liabilities measured at fair value on a nonrecurring basis, refer to Note 6 (“Fair Value Measurements”) in our 2024 Form 10-K. There were no liabilities measured at fair value on a nonrecurring basis at March 31, 2025, and December 31, 2024.

The following table presents our assets measured at fair value on a nonrecurring basis at March 31, 2025, and December 31, 2024:
 March 31, 2025December 31, 2024
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $69 $69 $— $— $152 $152 
Accrued income and other assets— — 16 16 — — 14 14 
Total assets on a nonrecurring basis at fair value$— $— $85 $85 $— $— $166 $166 

67

We have other investments in equity securities that do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. We have elected to measure these securities at cost less impairment plus or minus adjustments due to observable orderly transactions. Impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. At each reporting period, we assess if these investments continue to qualify for this measurement alternative. At March 31, 2025, and December 31, 2024, the carrying amount of equity investments under this method was $419 million and $394 million, respectively. We recorded less than $1 million of adjustments or impairments for the three months ended March 31, 2025.

Quantitative Information about Level 3 Fair Value Measurements

The range and weighted-average of the significant unobservable inputs used to measure the fair value of our material Level 3 recurring and nonrecurring assets at March 31, 2025, and December 31, 2024, along with the valuation techniques used, are shown in the following table:
Level 3 Asset (Liability) 
Valuation 
Technique
Significant
Unobservable Input
Range (Weighted-Average) (a), (b)
Dollars in millions
March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Recurring    
Loans, net of unearned income (residential)$10 $10 Market comparable pricingComparability factor
68.00 - 95.00% (77.36%)
68.00-95.00% (77.48%)
Derivative instruments:
Interest rate4 (4)Discounted cash flowsProbability of default
.02 - 100% (4.50%)
.02 - 100% (5.00%)
Loss given default
0 - 1 (.496)
0 - 1 (.500)
Insignificant level 3 assets, net of liabilities(c)
(2)2 
Nonrecurring   
Collateral-dependent loans69 152 Fair value of collateralCredit and liquidity discount
0 - 100.00% (38.00%)
0 - 100.00% (33.00%)
Accrued income and other assets:
OREO and other Level 3 assets16 14 Appraised valueAppraised valueN/MN/M
(a)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value.
(b)For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used.
(c)Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain equity investments and certain financial derivative assets and liabilities.

68

Fair Value Disclosures of Financial Instruments

The levels in the fair value hierarchy ascribed to our financial instruments and the related carrying amounts at March 31, 2025, and December 31, 2024, are shown in the following tables. Assets and liabilities are further arranged by measurement category.
 March 31, 2025
  Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$1,296 $— $1,296 $— $— $—   $1,296 
Other investments (b)
1,050 — — 972 78 —   1,050 
Loans, net of unearned income (residential) (d)
10 — — 10 — —   10 
Loans held for sale (residential) (b)
86 — 86 — — —   86 
Derivative assets - trading (b)
418 72 617 6 — (277)
(f) 
418 
Fair value - OCI
Securities available for sale (b)
40,751 — 40,751 — — —   40,751 
Derivative assets - hedging (b)(g)
2 — 4 — — (2)
(f) 
2 
Amortized cost
Held-to-maturity securities (c)
7,160 — 6,730 — — —   6,730 
Loans, net of unearned income (d)
103,370 — — 99,542 — —   99,542 
Loans held for sale (b)
725 — — 725 — — 725 
Other
Cash and other short-term investments (a)
17,258 17,258 — — — — 17,258 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$773 $64 $1,230 $6 $— $(527)
(f) 
$773 
Fair value - OCI
Derivative liabilities - hedging (b)(g)
2 — 3 — — (1)
(f) 
2 
Amortized cost
Time deposits (e)
16,175 — 16,253 — — —   16,253 
Short-term borrowings (a)
2,350 245 2,105 — — —   2,350 
Long-term debt (e)
12,392 11,837 457 — — —   12,294 
Other
Deposits with no stated maturity (a)
134,562 — 134,562 — — — 
  
134,562 
December 31, 2024
 Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$1,283 $— $1,283 $— $— $— $1,283 
Other investments (b)
1,041 — — 969 72 — 1,041 
Loans, net of unearned income (residential) (d)
10 — — 10 — — 10 
Loans held for sale (residential) (b)
93 — 93 — — — 93 
Derivative assets - trading (b)
255 $93 527 (4)— (361)
(f) 
255 
Fair value - OCI
Securities available for sale (b)
37,707 — 37,707 — — — 37,707 
Derivative assets - hedging (b)(g)
(6)— (4)— — (2)
(f) 
(6)
Amortized cost
Held-to-maturity securities (c)
7,395 — 6,837 — — — 6,837 
Loans, net of unearned income (d)
102,841 — — 99,105 — — 99,105 
Loans held for sale (b)
704 — — 704 — — 704 
Other
Cash and other short-term investments (a)
19,247 19,247 — — — — 19,247 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$1,028 $85 $1,351 $— $— $(408)
(f) 
$1,028 
Fair value - OCI
Derivative liabilities - hedging (b)(g)
— — 3 — — (3)
(f) 
— 
Amortized cost
Time deposits (e)
16,952 — 17,068 — — — 17,068 
Short-term borrowings (a)
2,144 107 2,037 — — — 2,144 
Long-term debt (e)
12,105 11,430 477 — — — 11,907 
Other
Deposits with no stated maturity (a)
132,808 — 132,808 — — — 132,808 
69

Valuation Methods and Assumptions
(a)Fair value equals or approximates carrying amount. The fair value of deposits with no stated maturity does not take into consideration the value ascribed to core deposit intangibles.
(b)Information pertaining to our methodology for measuring the fair values of these assets and liabilities is included in the sections entitled “Qualitative Disclosures of Valuation Techniques” and “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” within our 2024 Form 10-K Note 6 (“Fair Value Measurements”). Investments accounted for under the cost method (or cost less impairment adjusted for observable price changes for certain equity investments) are classified as Level 3 assets. These investments are not actively traded in an open market as sales for these types of investments are rare. The carrying amount of the investments carried at cost are adjusted for declines in value if they are considered to be other-than-temporary (or due to observable orderly transactions of the same issuer for equity investments eligible for the cost less impairment measurement alternative). These adjustments are included in “other income” on the income statement.
(c)Fair values of held-to-maturity securities are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, interest rate spreads on relevant benchmark securities, and certain prepayment assumptions. We review the valuations derived from the models to ensure that they are reasonable and consistent with the values placed on similar securities traded in the secondary markets.
(d)The fair value of loans is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital. In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. The fair value of loans includes lease financing receivables at their aggregate carrying amount, which is equivalent to their fair value.
(e)Fair values of time deposits and long-term debt are based on discounted cash flows utilizing relevant market inputs.
(f)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
(g)Derivative assets-hedging and derivative liabilities-hedging includes both cash flow and fair value hedges. Additional information regarding our accounting policies for cash flow and fair value hedges is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging” beginning on page 115 of our 2024 Form 10-K.

Discontinued assets — education lending business. Our discontinued assets include government-guaranteed and private education loans originated through our education lending business that was discontinued in September 2009. This portfolio consists of loans recorded at carrying value with appropriate valuation reserves. All of these loans were excluded from the table above as follows:
 
•Loans at carrying value, net of allowance, of $243 million ($181 million at fair value) at March 31, 2025, and $257 million ($192 million at fair value) at December 31, 2024.

These loans and securities are classified as Level 3 because we rely on unobservable inputs when determining fair value since observable market data is not available.

6. Securities

The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change.

 March 31, 2025December 31, 2024
Dollars in millions
Amortized
Cost (a)(b)
Gross Unrealized GainsGross Unrealized Losses
Fair
Value
Amortized
Cost (a)(b)
Gross Unrealized GainsGross Unrealized Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$8,347 $47 $32 $8,362 $8,928 $20 $44 $8,904 
Agency residential collateralized mortgage obligations
11,135 6 2,010 9,131 11,409 8 2,193 9,224 
Agency residential mortgage-backed securities19,597 58 678 18,977 16,038 3 872 15,169 
Agency commercial mortgage-backed securities 4,707 — 426 4,281 4,927 — 517 4,410 
Total securities available for sale $43,786 $111 $3,146 $40,751 $41,302 $31 $3,626 $37,707 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$4,452 $7 $246 $4,213 $4,577 $3 $332 $4,248 
Agency residential mortgage-backed securities148 — 15 133 151 — 17 134 
Agency commercial mortgage-backed securities2,300 1 171 2,130 2,333 — 203 2,130 
Asset-backed securities (c)
236 — 5 231 308 — 8 300 
Other securities24 — 1 23 26 — 1 25 
Total held-to-maturity securities$7,160 $8 438 $6,730 $7,395 $3 $561 $6,837 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At March 31, 2025, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $127 million and $20 million, respectively. At December 31, 2024, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $109 million and $21 million, respectively.
(b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $71 million and $(6) million as of March 31, 2025 and December 31, 2024, respectively. The securities being hedged are primarily U.S Treasuries, Agency RMBS, and Agency CMBS.
(c)Amortized cost includes $231 million of securities as of March 31, 2025, and $303 million of securities as of December 31, 2024, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans.

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The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2025, and December 31, 2024.

 Duration of Unrealized Loss Position  
 Less than 12 Months12 Months or LongerTotal
Dollars in millions
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
March 31, 2025
Securities available for sale:
U.S Treasury, agencies, and corporations
$2,646 $4 $516 $28 $3,162 $32 
Agency residential collateralized mortgage obligations
98 — 8,161 2,010 8,259 2,010 
Agency residential mortgage-backed securities
8,138 137 3,120 541 11,258 678 
Agency commercial mortgage-backed securities
48 — 4,233 426 4,281 426 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations
184 3 3,482 243 3,666 246 
Agency residential mortgage-backed securities
— — 133 15 133 15 
Agency commercial mortgage-backed securities
— — 2,059 171 2,059 171 
Asset-backed securities
— — 231 5 231 5 
Other securities
2 — 6 1 8 1 
Total securities in an unrealized loss position$11,116 $144 $21,941 $3,440 $33,057 $3,584 
December 31, 2024
Securities available for sale:
U.S. Treasury, agencies, and corporations
$3,647 $8 $508 $36 $4,155 $44 
Agency residential collateralized mortgage obligations91 — 8,108 2,193 8,199 2,193 
Agency residential mortgage-backed securities
11,364 254 

3,145 618 14,509 872 
Agency commercial mortgage-backed securities 50 1 4,360 516 4,410 517 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations569 18 3,387 314 3,956 332 
Agency residential mortgage-backed securities
— — 134 17 134 17 
Agency commercial mortgage-backed securities — — 2,060 203 2,060 203 
Asset-backed securities
— — 300 8 300 8 
Other securities
7 — 8 1 15 1 
Total securities in an unrealized loss position$15,728 $281 $22,010 $3,906 $37,738 $4,187 

Based on our evaluation at March 31, 2025, an allowance for credit losses has not been recorded nor have unrealized losses been recognized into income. The issuers of the securities are of high credit quality and have a history of no credit losses, management does not intend to sell, and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The security issuers continue to make timely principal and interest payments.

For the three months ended March 31, 2025, we had no gross realized gains or losses from the sale of securities available for sale. For the three months ended March 31, 2024, we recognized no gross realized gains and $3 million in gross realized losses from the sale of securities available for sale.


At March 31, 2025 and December 31, 2024, securities available for sale and held-to-maturity securities totaling $20.4 billion and $19.1 billion, respectively, were pledged to secure securities sold under repurchase agreements, to secure public and trust deposits, to facilitate access to secured funding, and for other purposes required or permitted by law.

The following table shows our securities by remaining maturity at March 31, 2025. CMOs, other mortgage-backed securities, and asset-backed securities in the available for sale portfolio and held-to-maturity portfolio are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.

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March 31, 2025Securities Available for SaleHeld to Maturity Securities
Dollars in millionsAmortized CostFair ValueAmortized CostFair Value
Due in one year or less$2,995 $2,988 $77 $76 
Due after one through five years10,639 10,305 2,599 2,505 
Due after five through ten years20,811 19,092 2,640 2,487 
Due after ten years9,341 8,366 1,844 1,662 
Total$43,786 $40,751 $7,160 $6,730 

7. Derivatives and Hedging Activities

We are a party to various derivative instruments, mainly through our subsidiary, KeyBank. The primary derivatives that we use are interest rate swaps, caps, floors, forwards, and futures; foreign exchange contracts; commodity derivatives; and credit derivatives. Generally, these instruments help us manage exposure to interest rate risk, mitigate the credit risk inherent in our loan portfolio, hedge against changes in foreign currency exchange rates, and facilitate client financing and hedging needs.

Additional information regarding our accounting policies for derivatives is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging” beginning on page 115 of our 2024 Form 10-K. Our derivative strategies and related risk management objectives are described in Note 8 (“Derivatives and Hedging Activities”) beginning on page 144 of our 2024 Form 10-K.

Fair Values, Volume of Activity, and Gain/Loss Information Related to Derivative Instruments

The following table summarizes the fair values of our derivative instruments on a gross and net basis as of March 31, 2025, and December 31, 2024. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Securities collateral related to legally enforceable master netting agreements is not offset on the balance sheet. Our derivative instruments are included in “accrued income and other assets” or “accrued expenses and other liabilities” on the Consolidated Balance Sheets, as follows:

 March 31, 2025December 31, 2024
  
Fair Value(a)
 
Fair Value(a)
Dollars in millionsNotional
Amount
Derivative
Assets
Derivative
Liabilities
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Derivatives designated as hedging instruments:
Interest rate$65,784 $4 $3 $64,701 $(4)$3 
Derivatives not designated as hedging instruments:
Interest rate68,737 113 741 72,215 114 962 
Foreign exchange6,554 87 79 6,516 124 117 
Commodity8,921 483 466 8,778 363 343 
Credit84 — 7 60 — — 
Other (b)
3,746 12 7 3,145 15 14 
Total derivatives not designated as hedging instruments: 88,042 695 1,300 90,714 616 1,436 
Netting adjustments (c)
— (279)(528)— (363)(411)
Net derivatives in the balance sheet153,826 420 775 155,415 249 1,028 
Other collateral (d)
— (1)(30)— — (1)
Net derivative amounts$153,826 $419 $745 $155,415 $249 $1,027 
    
(a)We take into account bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets and contracts with positive fair values included in derivative liabilities.
(b)Other derivatives include interest rate lock commitments related to our residential and commercial banking activities, forward sale commitments related to our residential mortgage banking activities, forward purchase and sales contracts consisting of contractual commitments associated with “to be announced” securities and when-issued securities, and other customized derivative contracts.
(c)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. As of March 31, 2025, excess collateral that has not been offset against net derivative instrument positions totaled $187 million of cash collateral and $276 million of securities collateral posted as well as $4 million of cash collateral and $4 million of securities collateral held. As of December 31, 2024, excess collateral that has not been offset against net derivative instrument positions totaled $168 million of cash collateral and $215 million of securities collateral posted as well as $13 million of cash collateral and $32 million of securities collateral held.
(d)Other collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.



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Fair value hedges. During the three months ended March 31, 2025, we did not exclude any portion of fair value hedging instruments from the assessment of hedge effectiveness.

The following tables summarize the amounts that were recorded on the balance sheet as of March 31, 2025, and December 31, 2024, related to cumulative basis adjustments for fair value hedges.
March 31, 2025
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item (a)
Hedge accounting basis adjustment - active hedgesHedge accounting basis adjustment - discontinued hedges
Interest rate contractsLong-term debt$11,112 $(341)$(4)
Interest rate contracts
Securities Available for Sale(c)
11,909 (72)16 
December 31, 2024
Balance sheet line item in which the hedge item is included
Carrying amount of hedged item (a)
Hedge accounting basis adjustment - active hedgesHedge accounting basis adjustment - discontinued hedges
Interest rate contractsLong-term debt$10,249 $(490)$(4)
Interest rate contracts
Securities Available for Sale(c)
12,097 5 17 
(a)The carrying amount represents the portion of the asset or liability designated as the hedged item.
(b)Certain amounts are designed as fair value hedges under the portfolio layer method. The carrying amount represents the amortized costs basis of the prepayable financial assets used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the relationship. At March 31, 2025, and December 31, 2024, the amortized costs of the closed portfolios in these hedging relationships was $5.4 billion and $5 billion, respectively, of which $4.0 billion was designated in a portfolio layer hedging relationship for both period ends. At March 31, 2025, and December 31, 2024, the cumulative basis adjustments associated with these amounts totaled $9 million and $41 million, respectively, which is comprised of $(25) million and $24 million in active hedging relationships and $16 million and $17 million for discontinued hedging relationships.

Cash flow hedges. During the three-month period ended March 31, 2025, we did not exclude any portion of cash flow hedging instruments from the assessment of hedge effectiveness.

Considering the interest rates, yield curves, and notional amounts as of March 31, 2025, we expect to reclassify an estimated $187 million of after-tax net losses on derivative instruments designated as cash flow hedges from AOCI to income during the next 12 months. In addition, we expect to reclassify approximately $3 million of net losses related to terminated cash flow hedges from AOCI to income during the next 12 months. These reclassified amounts could differ from actual amounts recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to March 31, 2025. As of March 31, 2025, the maximum length of time over which we hedge forecasted transactions is 4.43 years.

The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the three-month periods ended March 31, 2025, and March 31, 2024.

Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millionsInterest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Three months ended March 31, 2025
Total amounts presented in the consolidated statement of income$(193)$1,401 $392 $175 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items$(153)$— $78 $— 
Recognized on derivatives designated as hedging instruments108 — (71)— 
Net income (expense) recognized on fair value hedges$(45)$— $7 $— 
Net gain (loss) on cash flow hedging relationships
Interest contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income$(1)$(93)$— $— 
Net income (expense) recognized on cash flow hedges$(1)$(93)$— $— 
Three months ended March 31, 2024
Total amounts presented in the consolidated statement of income$(328)$1,538 $232 $170 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items$128 $— $(151)$— 
Recognized on derivatives designated as hedging instruments(200)— 182 — 
Net income (expense) recognized on fair value hedges$(72)$— $31 $— 
Net gain (loss) on cash flow hedging relationships
Interest contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income$— $(216)$— $1 
Net income (expense) recognized on cash flow hedges$— $(216)$— $1 


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The following table summarizes the pre-tax net gains (losses) on our cash flow hedges for the three-month periods ended March 31, 2025, and March 31, 2024, and where they are recorded on the income statement. The table includes net gains (losses) recognized in AOCI during the period and net gains (losses) reclassified from AOCI into income during the current period.
Dollars in millionsNet Gains (Losses) Recognized in OCIIncome Statement Location of Net Gains (Losses) Reclassified From OCI Into IncomeNet Gains (Losses) Reclassified From OCI Into Income
Three months ended March 31, 2025
Cash Flow Hedges
Interest rate$241 Interest income — Loans$(93)
Interest rate(1)Interest expense — Long-term debt(1)
Interest rate— Investment banking and debt placement fees— 
Total$240 $(94)
Three months ended March 31, 2024
Cash Flow Hedges
Interest rate$(283)Interest income — Loans$(216)
Interest rate1 Interest expense — Long-term debt— 
Interest rate1 Investment banking and debt placement fees1 
Total$(281)$(215)

Nonhedging instruments. The following table summarizes the pre-tax net gains (losses) on our derivatives that are not designated as hedging instruments for the three-month periods ended March 31, 2025, and March 31, 2024, and where they are recorded on the income statement.

 Three months ended March 31, 2025Three months ended March 31, 2024
Dollars in millions
Corporate
services
income
Consumer mortgage incomeOther incomeTotalCorporate services incomeConsumer mortgage incomeOther incomeTotal
NET GAINS (LOSSES)
Interest rate$8 $— $6 $14 $10 $— $— $10 
Foreign exchange12 — — 12 12 — — 12 
Commodity2 — — 2 3 — — 3 
Credit— — (12)(12)— — (11)(11)
Other— — 5 5 — 3 3 6 
Total net gains (losses)$22 $— $(1)$21 $25 $3 $(8)$20 

Counterparty Credit Risk

We hold collateral in the form of cash and highly rated securities issued by the U.S. Treasury, government-sponsored enterprises, or GNMA. Cash collateral of $38 million was netted against derivative assets on the balance sheet at March 31, 2025, compared to $75 million of cash collateral netted against derivative assets at December 31, 2024. The cash collateral netted against derivative liabilities totaled $287 million at March 31, 2025, and $124 million at December 31, 2024. Our means of mitigating and managing exposure to credit risk on derivative contracts is described in Note 8 (“Derivatives and Hedging Activities”) beginning on page 144 of our 2024 Form 10-K under the heading “Counterparty Credit Risk.”

The following table summarizes the fair value of our derivative assets by type at the dates indicated. These assets represent our net exposure to potential loss after taking into account the effects of bilateral collateral and master netting agreements and other means used to mitigate risk.
Dollars in millionsMarch 31, 2025December 31, 2024
Interest rate$75 $58 
Foreign exchange57 81 
Commodity314 170 
Credit— — 
Other12 15 
Derivative assets before collateral458 324 
Plus(Less): Related collateral(38)(75)
Total derivative assets$420 $249 

We enter into derivative transactions with two primary groups: broker-dealers and banks, and clients. Given that these groups have different economic characteristics, we have different methods for managing counterparty credit exposure and credit risk.
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We enter into transactions with broker-dealers and banks for various risk management purposes. These types of
transactions are primarily high dollar volume. We enter into bilateral collateral and master netting agreements with
these counterparties. We clear certain types of derivative transactions with these counterparties, whereby central
clearing organizations become the counterparties to our derivative contracts. In addition, we enter into derivative
contracts through swap execution facilities. Swap clearing and swap execution facilities reduce our exposure to
counterparty credit risk. At March 31, 2025, we had gross exposure of $103 million to broker-dealers and banks and a net exposure of $23 million after the application of master netting agreements and cash collateral, where such qualifying agreements exist. We had net exposure of $22 million after considering $1 million of additional collateral held in the form of securities. At December 31, 2024, we had gross exposure of $247 million to broker-dealers and banks, a net exposure of $42 million after the application of master netting agreements and cash collateral, where such qualifying agreements exist, and held no additional collateral in the form of securities against this net exposure.

We enter into transactions using master netting agreements with clients to accommodate their business needs. In
most cases, we mitigate our credit exposure by cross-collateralizing these transactions to the underlying loan collateral. For transactions that are not clearable, we mitigate our market risk by buying and selling U.S. Treasuries and SOFR futures or entering into offsetting positions. Due to the cross-collateralization to the underlying loan, we typically do not exchange cash or marketable securities collateral in connection with these transactions. To address the risk of default associated with these contracts, we have established a CVA reserve (included in “accrued income and other assets”). At March 31, 2025, and December 31, 2024, our CVA reserve was $6 million and $4 million, respectively. The CVA is calculated from potential future exposures, expected recovery rates, and market-implied probabilities of default. At March 31, 2025, we had gross exposure of $458 million to client counterparties and other entities that are not broker-dealers or banks for derivatives that have associated master netting agreements. We had net exposure of $398 million on our derivatives with these counterparties after the application of master netting agreements, collateral, and the related reserve. At December 31, 2024, we had gross exposure of $239 million to client counterparties and other entities that are not broker-dealers or banks for derivatives that have associated master netting agreements and had net exposure of $207 million on our derivatives with these counterparties after the application of master netting agreements, collateral, and the related reserve. 

Credit Derivatives

We are a buyer and, under limited circumstances, may be a seller of credit protection through the credit derivative market. We purchase credit derivatives to manage the credit risk associated with specific commercial lending and swap obligations as well as exposures to debt securities. Our credit derivative portfolio was in a nominal net liability position as of March 31, 2025 and December 31, 2024. Our credit derivative portfolio consists of traded credit default swap indices and risk participation agreements. Additional descriptions of our credit derivatives are provided in Note 8 (“Derivatives and Hedging Activities”) beginning on page 144 of our 2024 Form 10-K under the heading “Credit Derivatives.”

The following table provides information on the types of credit derivatives sold by us and held on the balance sheet at March 31, 2025, and December 31, 2024. The notional amount represents the amount that the seller could
be required to pay. The payment/performance risk shown in the table represents a weighted average of the default
probabilities for all reference entities in the respective portfolios. These default probabilities are implied from
observed credit indices in the credit default swap market, which are mapped to reference entities based on Key’s
internal risk rating.
 March 31, 2025December 31, 2024
Dollars in millionsNotional
Amount
Average
Term
(Years)
Payment /
Performance
Risk
Notional
Amount
Average
Term
(Years)
Payment /
Performance
Risk
Other$5 5.792.22 %$2 7.642.03 %
Total credit derivatives sold$5 — — $2 — — 

Credit Risk Contingent Features

We have entered into certain derivative contracts that require us to post collateral to the counterparties when these contracts are in a net liability position. The amount of collateral to be posted is based on the amount of the net liability and thresholds generally related to our long-term senior unsecured credit ratings with Moody’s and S&P. Collateral requirements also are based on minimum transfer amounts, which are specific to each Credit Support
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Annex (a component of the ISDA Master Agreement) that we have signed with the counterparties. In a limited number of instances, counterparties have the right to terminate their ISDA Master Agreements with us if our ratings fall below a certain level, usually investment-grade level (i.e., “Baa3” for Moody’s and “BBB-” for S&P). At March 31, 2025, KeyBank’s rating was “Baa1” with Moody’s and “BBB+” with S&P, and KeyCorp’s rating was “Baa2” with Moody’s and “BBB” with S&P. Refer to the table below for the aggregate fair value of all derivative contracts with credit risk contingent features held by KeyBank that were in a net liability position.

Dollars in millionsMarch 31, 2025December 31, 2024
Net derivative liabilities with credit-risk contingent features

$(303)$(83)
Collateral posted264 80 

As of March 31, 2025, and December 31, 2024, the fair value of additional collateral that could be required to be posted as a result of the credit risk related contingent features being triggered was immaterial to Key’s consolidated financial statements. At March 31, 2025, and December 31, 2024, only KeyBank held derivative contracts with credit risk contingent features.

8. Mortgage Servicing Assets

We originate and periodically sell commercial and residential mortgage loans but continue to service those loans for the buyers. We also may purchase the right to service commercial mortgage loans from other lenders. We record a servicing asset if we purchase or retain the right to service loans in exchange for servicing fees that exceed the going market servicing rate and are considered more than adequate compensation for servicing. Additional information pertaining to the accounting for mortgage and other servicing assets is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Servicing Assets” beginning on page 117 of our 2024 Form 10-K.

Commercial

Changes in the carrying amount of commercial mortgage servicing assets are summarized as follows:
 Three months ended March 31,
Dollars in millions20252024
Balance at beginning of period$609 $638 
Servicing retained from loan sales15 18 
Purchases4 6 
Amortization(31)(31)
Balance at end of period$597 $631 
Fair value at end of period$805 $846 

The fair value of commercial mortgage servicing assets is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation uses a number of assumptions that are based on current market conditions. The range and weighted average of the significant unobservable inputs used to determine the fair value of our commercial mortgage servicing assets at March 31, 2025, and March 31, 2024, along with the valuation techniques, are shown in the following table: 
March 31, 2025March 31, 2024
Valuation Technique
Significant
Unobservable Input
Range
Weighted Average		RangeWeighted Average
Discounted cash flowExpected defaults1.00 %2.00 %1.01 %1.00 %2.00 %1.01 %
Residual cash flows discount rate6.97 %10.65 %10.35 %7.41 %10.65 %10.28 %
Escrow earn rate4.60 %4.75 %4.74 %5.00 %5.09 %5.00 %
Loan assumption rate— %2.53 %2.00 %— %2.16 %1.97 %

If these economic assumptions change or prove incorrect, the fair value of commercial mortgage servicing assets may also change. Expected credit losses, escrow earn rates, and discount rates are critical to the valuation of commercial mortgage servicing assets. Estimates of these assumptions are based on how a market participant would view the respective rates and reflect historical data associated with the commercial mortgage loans, industry trends, and other considerations. Actual rates may differ from those estimated due to changes in a variety of economic factors. A decrease in the value assigned to the escrow earn rates would cause a decrease in the fair value of our commercial mortgage servicing assets. An increase in the assumed default rates of commercial mortgage loans or an increase in the assigned discount rates would cause a decrease in the fair value of our commercial mortgage servicing assets. Prepayment activity on commercial serviced loans does not significantly
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impact the valuation of our commercial mortgage servicing assets. Unlike residential mortgages, commercial mortgages experience significantly lower prepayments due to certain contractual restrictions affecting the borrower’s ability to prepay the mortgage.

The amortization of commercial servicing assets is determined in proportion to, and over the period of, the estimated net servicing income. The amortization of commercial servicing assets for each period, as shown in the table at the beginning of this note, is recorded as a reduction to contractual fee income. The contractual fee income from servicing commercial mortgage loans totaled $107 million for the three-month period ended March 31, 2025, and $87 million for the three-month period ended March 31, 2024. This fee income was offset by $31 million of amortization for the three-month period ended March 31, 2025, and $31 million for the three-month period ended March 31, 2024. Both the contractual fee income and the amortization are recorded, net, in “commercial mortgage servicing fees” on the income statement.

Residential

Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:
Three months ended March 31,
Dollars in millions20252024
Balance at beginning of period$111 $108 
Servicing retained from loan sales3 2 
Amortization(3)(2)
Balance at end of period$111 $108 
Fair value at end of period$138 $133 

The fair value of mortgage servicing assets is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation uses a number of assumptions that are based on current market conditions. The range and weighted-average of the significant unobservable inputs used to fair value our mortgage servicing assets at March 31, 2025, and March 31, 2024, along with the valuation techniques, are shown in the following table:
March 31, 2025March 31, 2024
Valuation Technique
Significant
Unobservable Input
RangeWeighted AverageRangeWeighted Average
Discounted cash flowPrepayment speed5.54 %29.62 %7.77 %6.29 %43.74 %7.68 %
Discount rate6.50 %8.75 %6.61 %6.50 %8.75 %6.59 %
Servicing cost$70.00 $4,332 $76.54 $70.00 $3,582 $74.91 
If these economic assumptions change or prove incorrect, the fair value of residential mortgage servicing assets may also change. Prepayment speed, discount rates, and servicing cost are critical to the valuation of residential mortgage servicing assets. Estimates of these assumptions are based on how a market participant would view the respective rates and reflect historical data associated with the residential mortgage loans, industry trends, and other considerations. Actual rates may differ from those estimated due to changes in a variety of economic factors. An
increase in the prepayment speed would cause a decrease in the fair value of our residential mortgage servicing
assets. An increase in the assigned discount rates and servicing cost assumptions would cause a decrease in the
fair value of our residential mortgage servicing assets.

The amortization of residential servicing assets for March 31, 2025, as shown in the table above, is recorded as a reduction to contractual fee income. The contractual fee income from servicing residential mortgage loans totaled $9 million for the three-month period ended March 31, 2025, and $9 million for the three-month period ended March 31, 2024. This fee income was offset by $3 million of amortization for the three-month period ended March 31, 2025, and $2 million for the three-month period ended March 31, 2024. Both the contractual fee income and the amortization are recorded, net, in “consumer mortgage income” on the income statement.

9. Leases

As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business. For more information on our leasing activity, see Note 10 (“Leases”) beginning on page 152 of our 2024 Form 10-K.

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Lessor Equipment Leasing

Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset.

Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the Consolidated Statements of Income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the Consolidated Statements of Income. The components of equipment leasing income are summarized in the table below:
Three months ended March 31,
Dollars in millions20252024
Sales-type and direct financing leases
Interest income on lease receivable$15 $18 
Interest income related to accretion of unguaranteed residual asset2 3 
Interest income on deferred fees and costs5 5 
Total sales-type and direct financing lease income$22 $26 
Operating leases
Operating lease income related to lease payments$12 $18 
Other operating leasing gains (losses)(3)6 
Total operating lease income and other leasing gains9 24 
Total lease income$31 $50 

10. Goodwill

Our annual goodwill impairment testing is performed as of October 1 each year, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. A quantitative or qualitative testing approach may be used. Additional information pertaining to our accounting policy for goodwill and other intangible assets is summarized in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Goodwill and Other Intangible Assets” beginning on page 117 of our 2024 Form 10-K. There were no changes to goodwill balances in the first quarter of 2025.

The carrying amount of goodwill by reporting segment is presented in the following table:
Dollars in millionsConsumer BankCommercial BankTotal
BALANCE AT MARCH 31, 2024$1,819 $933 $2,752 
BALANCE AT DECEMBER 31, 2024$1,819 $933 $2,752 
BALANCE AT MARCH 31, 2025$1,819 $933 $2,752 

11. Variable Interest Entities

Our significant VIEs are summarized below. Additional information pertaining to the criteria used in determining if an entity is a VIE is included in Note 13 (“Variable Interest Entities”) beginning on page 156 of our 2024 Form 10-K.

LIHTC and NMTC investments. We had $2.4 billion and $2.5 billion of investments in LIHTC operating partnerships at March 31, 2025, and December 31, 2024, respectively. These investments are recorded in “accrued income and other assets” on our Consolidated Balance Sheets. We do not have any loss reserves recorded related to these investments because we believe the likelihood of any loss to be remote. For all legally binding, unfunded equity commitments, we increase our recognized investment and recognize a liability. As of March 31, 2025, and December 31, 2024, we had liabilities of $1.3 billion and $1.4 billion, respectively, related to investments in qualified affordable housing projects, which are recorded in “accrued expenses and other liabilities” on our Consolidated Balance Sheets. We continue to invest in these LIHTC operating partnerships.

The assets and liabilities presented in the table below convey the size of KCDC’s direct and indirect investments at March 31, 2025, and December 31, 2024. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets. Additional
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information pertaining to our LIHTC investments is included in Note 13 (“Variable Interest Entities”) beginning on page 156 of our 2024 Form 10-K.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
March 31, 2025
LIHTC investments$9,959 $4,584 $2,877 
December 31, 2024
LIHTC investments$9,901 $4,468 $2,996 

We had $29 million and $29 million in NMTC investments at March 31, 2025 and December 31, 2024, respectively. These investments are recorded in “accrued income and other assets” on our Consolidated Balance Sheets.

We amortize our LIHTC and NMTC investments over the period that we expect to receive the tax benefits. During the three months ended March 31, 2025, we recognized $68 million of amortization, $66 million of tax credits and $17 million of other tax benefits associated with these investments within “income taxes” on our income statement. During the three months ended March 31, 2024, we recognized $55 million of amortization, $54 million of tax credits and $13 million of other tax benefits associated with these investments within “income taxes” on our income statement.

Principal investments. Our maximum exposure to loss associated with indirect principal investments consists of the investments’ fair value plus any unfunded equity commitments. The fair value of our indirect principal investments totaled $13 million and $14 million at March 31, 2025 and December 31, 2024, respectively. These investments are recorded in “other investments” on our Consolidated Balance Sheets. The table below reflects the size of the private equity funds in which we were invested as well as our maximum exposure to loss in connection with these investments at March 31, 2025, and December 31, 2024.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
March 31, 2025
Indirect investments$2,210 $3 $14 
December 31, 2024
Indirect investments$2,352 $3 $15 

Through our principal investing entities, we have formed and funded operating entities that provide management and other related services to our investment company funds, which directly invest in portfolio companies. These entities had no assets at March 31, 2025, and December 31, 2024, that can be used to settle the entities’ obligations. The entities had no liabilities at March 31, 2025, and December 31, 2024, and other equity investors have no recourse to our general credit.

Additional information on our indirect and direct principal investments is provided in Note 6 (“Fair Value Measurements”) beginning on page 133 and in Note 13 (“Variable Interest Entities “) beginning on page 156 of our 2024 Form 10-K.

Other unconsolidated VIEs. We are involved with other various entities in the normal course of business which we have determined to be VIEs. We have determined that we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact their economic performance or hold a variable interest that could potentially be significant. The table below shows our assets and liabilities associated with these unconsolidated VIEs at March 31, 2025, and December 31, 2024. These assets are recorded in “accrued income and other assets,” “other investments,” “securities available for sale,” “held-to-maturity securities,” and “loans, net of unearned income” on our Consolidated Balance Sheets. Of the total balance as of March 31, 2025, $231 million related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans. Additional information pertaining to our other unconsolidated VIEs is included in Note 13 (“Variable Interest Entities“) under the heading “Other unconsolidated VIEs” on page 158 of our 2024 Form 10-K.
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Other unconsolidated VIEs
Dollars in millionsTotal AssetsTotal Liabilities
March 31, 2025
Other unconsolidated VIEs$668 $1 
December 31, 2024
Other unconsolidated VIEs$733 $1 

12. Income Taxes

Income Tax Provision

In accordance with the applicable accounting guidance, the principal method established for computing the provision for income taxes in interim periods requires us to make our best estimate of the effective tax rate expected to be applicable for the full year. This estimated effective tax rate is then applied to interim consolidated pre-tax operating income to determine the interim provision for income taxes.

The effective tax rate, which is the provision for income taxes as a percentage of income before income taxes, was 21.2% for the first quarter of 2025 and 21.3% for the first quarter of 2024. The effective tax rates were less than our combined federal and state statutory tax rate of 24.2%, primarily due to income from investments in tax-advantaged assets such as corporate-owned life insurance, tax credits associated with low-income housing investments, and periodic adjustments to our tax reserves.

Deferred Taxes

At March 31, 2025, we had a net deferred tax asset of $1.4 billion, compared to a net deferred tax asset of $1.6 billion at December 31, 2024, which are included in “accrued income and other assets” on the balance sheet. The deferred tax asset is primarily related to market fluctuations in the investment security portfolio accounted for in other comprehensive income.

To determine the amount of deferred tax assets that are more likely than not to be realized, and therefore recorded, we conduct a quarterly assessment of all available evidence. This evidence includes, but is not limited to, taxable income in prior periods, projected future taxable income, and projected future reversals of deferred tax items. These assessments involve a degree of subjectivity and may undergo change. Based on these criteria, we had a valuation allowance of $15 million at March 31, 2025, and $15 million at December 31, 2024. The valuation allowance is associated with federal and state capital loss carryforwards.

Unrecognized Tax Benefits

At March 31, 2025, Key’s unrecognized tax benefits were $40 million. As permitted under the applicable accounting guidance for income taxes, it is our policy to recognize interest and penalties related to unrecognized tax benefits in “income tax expense.”

Pre-1988 Bank Reserves Acquired in a Business Combination

Retained earnings of KeyBank included approximately $92 million of allocated bad debt deductions for which no income taxes have been recorded. Under current federal law, these reserves are subject to recapture into taxable income if KeyBank, or any successor, fails to maintain its bank status under the Internal Revenue Code or makes non-dividend distributions or distributions greater than its accumulated earnings and profits. No deferred tax liability has been established as these events are not expected to occur in the foreseeable future.

13. Discontinued Operations

Discontinued operations primarily includes our government-guaranteed and private education lending business. At March 31, 2025, and December 31, 2024, approximately $243 million and $257 million, respectively, of education loans are included in discontinued assets on the Consolidated Balance Sheets. Net interest income after provision for credit losses for this business is not material and is included in income (loss) from discontinued operations, net of taxes on the Consolidated Statements of Income.

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14. Employee Benefits

Pension Plans

The components of net pension cost (benefit) for all funded and unfunded plans are recorded in Other expense and are summarized in the following table. For more information on our Pension Plans and Other Postretirement Benefit Plans, see Note 18 (“Employee Benefits”) beginning on page 164 of our 2024 Form 10-K.
 Three months ended March 31,
Dollars in millions20252024
Interest cost on PBO$11 $10 
Expected return on plan assets(11)(10)
Amortization of losses2 3 
Settlement loss— — 
Net pension cost$2 $3 

15. Trust Preferred Securities Issued by Unconsolidated Subsidiaries

We own the outstanding common stock of business trusts formed by us that issued corporation-obligated, mandatorily redeemable, trust preferred securities. The trusts used the proceeds from the issuance of their trust preferred securities and common stock to buy debentures issued by KeyCorp. These debentures are the trusts’ only assets; the interest payments from the debentures finance the distributions paid on the mandatorily redeemable trust preferred securities. The outstanding common stock of these business trusts is recorded in Other investments on the Consolidated Balance Sheets. We unconditionally guarantee the following payments or distributions on behalf of the trusts:
 
•required distributions on the trust preferred securities;
•the redemption price when a capital security is redeemed; and
•the amounts due if a trust is liquidated or terminated.

The Regulatory Capital Rules require us to treat our mandatorily redeemable trust preferred securities as Tier 2 capital.

The trust preferred securities, common stock, and related debentures are summarized as follows:
Dollars in millions
Trust Preferred Securities, Net of Discount (a)
Common Stock
Principal Amount of Debentures, Net of Discount (b)
Interest Rate of Trust Preferred Securities and Debentures (c)
Maturity of Trust Preferred Securities and Debentures
March 31, 2025
KeyCorp Capital I$156 $6 $162 5.312 %2028
KeyCorp Capital II86 4 90 6.875 2029
KeyCorp Capital III111 4 115 7.750 2029
HNC Statutory Trust III21 1 22 5.990 2035
HNC Statutory Trust IV18 1 19 5.829 2037
Willow Grove Statutory Trust I21 1 22 5.871 2036
Westbank Capital Trust II8 — 8 6.756 2034
Westbank Capital Trust III8 — 8 6.756 2034
Total
$429 $17 $446 6.392 %— 
December 31, 2024$427 $17 $444 6.519 %— 
(a)The trust preferred securities must be redeemed when the related debentures mature, or earlier if provided in the governing indenture. Each issue of trust preferred securities carries an interest rate identical to that of the related debenture. The principal amount of certain debentures include debt issuance costs and basis adjustments related to fair value hedges totaling $16 million and $14 million at March 31, 2025, and December 31, 2024, respectively. See Note 7 (“Derivatives and Hedging Activities”) for an explanation of fair value hedges.
(b)We have the right to redeem these debentures. If the debentures purchased by KeyCorp Capital I, HNC Statutory Trust III, Willow Grove Statutory Trust I, HNC Statutory Trust IV, Westbank Capital Trust II, or Westbank Capital Trust III are redeemed before they mature, the redemption price will be the principal amount, plus any accrued but unpaid interest. If the debentures purchased by KeyCorp Capital II or KeyCorp Capital III are redeemed before they mature, the redemption price will be the greater of: (i) the principal amount, plus any accrued but unpaid interest, or (ii) the sum of the present values of principal and interest payments discounted at the Treasury Rate (as defined in the applicable indenture), plus 20 basis points for KeyCorp Capital II or 25 basis points for KeyCorp Capital III, or 50 basis points in the case of redemption upon either a tax or a capital treatment event for either KeyCorp Capital II or KeyCorp Capital III, plus any accrued but unpaid interest.
(c)The interest rates for the trust preferred securities issued by KeyCorp Capital II and KeyCorp Capital III are fixed. The trust preferred securities issued by KeyCorp Capital I, HNC Statutory Trust III, HNC Statutory Trust IV, Willow Grove Statutory Trust I, Westbank Capital Trust II, and Westbank Capital Trust III have a floating interest rate, based on three-month CME term SOFR plus 26.161 basis points, that reprices quarterly. The total interest rates are weighted-average rates.

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16. Contingent Liabilities and Guarantees

Legal Proceedings

Litigation. From time to time, in the ordinary course of business, we and our subsidiaries are subject to various litigation, investigations, and administrative proceedings. Private, civil litigation may range from individual actions involving a single plaintiff to putative class action lawsuits with potentially thousands of class members, as well as arbitrations and mass arbitrations. Investigations may involve both formal and informal proceedings, by both government agencies and self-regulatory bodies. These matters may involve claims for substantial monetary relief. At times, these matters may present novel claims or legal theories. Due to the complex nature of these various other matters, it may be years before some matters are resolved. While it is impossible to ascertain the ultimate resolution or range of financial liability, based on information presently known to us, we do not believe there is any matter to which we are a party, or involving any of our properties, that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on our financial condition. We continually monitor and reassess the potential materiality of these litigation matters. We note, however, that in light of the inherent uncertainty in legal proceedings there can be no assurance that the ultimate resolution will not exceed established reserves. As a result, the outcome of a particular matter, or a combination of matters, may be material to our results of operations for a particular period, depending upon the size of the loss or our income for that particular period.

Guarantees

We are a guarantor in various agreements with third parties. The following table shows the types of guarantees that we had outstanding at March 31, 2025. Information pertaining to the basis for determining the liabilities recorded in connection with these guarantees is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Contingencies and Guarantees” beginning on page 118 of our 2024 Form 10-K.

March 31, 2025Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
Financial guarantees:
Standby letters of credit$4,403 $71 
Recourse agreement with FNMA7,817 60 
Residential mortgage reserve3,398 8 
Written put options (a)
1,839 47 
Total$17,457 $186 
(a)The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees.

We determine the payment/performance risk associated with each type of guarantee described below based on the probability that we could be required to make the maximum potential undiscounted future payments shown in the preceding table. We use a scale of low (0% to 30% probability of payment), moderate (greater than 30% to 70% probability of payment), or high (greater than 70% probability of payment) to assess the payment/performance risk, and have determined that the payment/performance risk associated with each type of guarantee outstanding at March 31, 2025, is low. Information pertaining to the nature of each of the guarantees listed below is included in Note 22 (“Commitments, Contingent Liabilities, and Guarantees”) under the heading “Guarantees” beginning on page 172 of our 2024 Form 10-K.

Standby letters of credit. At March 31, 2025, our standby letters of credit had a remaining weighted-average life of 1.4 years, with remaining actual lives ranging from less than 1 year to 9.7 years.

Recourse agreement with FNMA. At March 31, 2025, the outstanding commercial mortgage loans in this program had a weighted-average remaining term of 6.2 years, and the unpaid principal balance outstanding of loans sold by us as a participant was $24.7 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 31.6% of the principal balance of loans outstanding at March 31, 2025. FNMA delegates responsibility for originating, underwriting, and servicing mortgages, and we assume a limited portion of the risk of loss during the remaining term on each commercial mortgage loan that we sell to FNMA. We maintain a reserve for such potential losses of $60 million that we believe approximates the fair value of our liability for the guarantee as described in Note 4 (“Asset Quality”).
 
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Residential Mortgage Banking. At March 31, 2025, the unpaid principal balance outstanding of loans sold by us in this program was $11.3 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 30% of the principal balance of loans outstanding at March 31, 2025. 

Our liability for estimated repurchase obligations on loans sold, which is included in “accrued expenses and other liabilities” on the Consolidated Balance Sheets, was $8 million at March 31, 2025. For more information on our residential mortgages, see Note 8 (“Mortgage Servicing Assets”).

Written put options. In the ordinary course of business, we “write” put options for clients that wish to mitigate their exposure to changes in interest rates and commodity prices. At March 31, 2025, our written put options had an average life of 1.3 years. These written put options are accounted for as derivatives at fair value, as further discussed in Note 7 (“Derivatives and Hedging Activities”).

Written put options where the counterparty is a broker-dealer or bank are accounted for as derivatives at fair value but are not considered guarantees since these counterparties typically do not hold the underlying instruments. In addition, we are a purchaser and seller of credit derivatives, which are further discussed in Note 7 (“Derivatives and Hedging Activities”).

Other Off-Balance Sheet Risk

Other off-balance sheet risk stems from financial instruments that do not meet the definition of a guarantee as specified in the applicable accounting guidance, and from other relationships. Additional information pertaining to types of other off-balance sheet risk is included in Note 22 (“Commitments, Contingent Liabilities, and Guarantees”) under the heading “Other Off-Balance Sheet Risk” on page 174 of our 2024 Form 10-K.

17. Accumulated Other Comprehensive Income

Our changes in AOCI for the three months ended March 31, 2025, and March 31, 2024, are as follows:
Dollars in millionsUnrealized gains (losses) on securities available for saleUnrealized gains (losses) on derivative financial instrumentsNet pension and postretirement benefit costsTotal
Balance at December 31, 2024$(2,734)$(434)$(302)$(3,470)
Other comprehensive income before reclassification, net of income taxes
424 122 64 610 
Amounts reclassified from AOCI, net of income taxes (a)
— 71 2 73 
Net current-period other comprehensive income, net of income taxes424 193 66 683 
Balance at March 31, 2025$(2,310)$(241)$(236)$(2,787)
Balance at December 31, 2023$(4,190)$(763)$(276)$(5,229)
Other comprehensive income before reclassification, net of income taxes
(153)(99)(1)(253)
Amounts reclassified from AOCI, net of income taxes (a)
2 164 2 168 
Net current-period other comprehensive income, net of income taxes(151)65 1 (85)
Balance at March 31, 2024$(4,341)$(698)$(275)$(5,314)
(a)See table below for details about these reclassifications.

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Our reclassifications out of AOCI for the three months ended March 31, 2025, and March 31, 2024, are as follows:
Three months ended March 31,Affected Line Item in the Consolidated Statement of Income
Dollars in millions20252024
Unrealized gains (losses) on securities available for sale
Realized gains$— $— Net securities gains (losses)
Realized losses— (3)Net securities gains (losses)
— (3)Income (loss) from continuing operations before income taxes
— (1)Income taxes
$— $(2)Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(93)$(216)Interest income — Loans
Interest rate(1)— Interest expense — Long-term debt
Interest rate— 1 Investment banking and debt placement fees
(94)(215)Income (loss) from continuing operations before income taxes
(23)(51)Income taxes
$(71)$(164)Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(2)$(3)Other expense
Settlement loss— — Other expense
Amortization of unrecognized prior service credit— — Other expense
(2)(3)Income (loss) from continuing operations before income taxes
— (1)Income taxes
$(2)$(2)Income (loss) from continuing operations

18. Shareholders' Equity

Comprehensive Capital Plan

On March 13, 2025, Key announced that its Board of Directors has authorized a share repurchase program pursuant to which we may purchase up to $1.0 billion of KeyCorp Common Shares, in the open market or in privately negotiated transactions.

During the first quarter of 2025, Key did not complete any open market share repurchases. We repurchased $35 million of shares related to equity compensation programs in the first quarter of 2025.

Consistent with our capital plan, the Board declared a quarterly dividend of $.205 per Common Share for the first quarter of 2025.

Preferred Stock

The following table summarizes our preferred stock at March 31, 2025.

Preferred stock seriesAmount outstanding (in millions)Book value (net of capital surplus)Shares authorized and outstandingPar valueLiquidation preferenceOwnership interest per depositary shareLiquidation preference per depositary shareFirst quarter 2025 dividends paid per depositary share
5.000% Fixed-to-Floating Rate Perpetual Noncumulative Series D
$525 $519 21,000 $1 $25,000 1/25th$1,000 $12.50 
6.125% Fixed-to-Floating Rate Perpetual Noncumulative Series E
500 490 500,000 1 1,000 1/40th25 .382813 
5.650% Fixed Rate Perpetual Noncumulative Series F
425 412 425,000 1 1,000 1/40th25 .353125 
5.625% Fixed Rate Perpetual Non-Cumulative Series G
450 435 450,000 1 1,000 1/40th25 .351563 
6.200% Fixed Rate Reset Perpetual Non-Cumulative Series H
600 590 600,000 1 1,000 1/40th25 .387500 

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19. Business Segment Reporting

The following is a description of the segments and their primary businesses at March 31, 2025.

Consumer Bank

The Consumer Bank serves individuals and small businesses throughout our 15-state branch footprint as well as healthcare professionals nationally through our Laurel Road digital brand by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, mortgage and home equity, student loan refinancing, credit card, treasury services, and business advisory services. In addition, wealth management and investment services are offered to assist institutional, non-profit, and high-net-worth clients with their banking, trust, portfolio management, charitable giving, and related needs.

Commercial Bank

The Commercial Bank is an aggregation of our Institutional and Commercial operating segments. The Commercial operating segment is a full-service corporate bank focused principally on serving the borrowing, cash management, and capital markets needs of middle market clients within Key’s 15-state branch footprint. The Institutional operating segment operates nationally in providing lending, equipment financing, and banking products and services to large corporate and institutional clients. The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology. It is also a significant, national, commercial real estate lender and third-party master and special servicer of commercial mortgage loans. The operating segment also includes the KBCM platform which provides a broad suite of capital markets products and services including syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers & acquisition and other advisory, and public finance.

Other

Other includes various corporate treasury activities such as management of our investment securities portfolio, long-term debt, short-term liquidity and funding activities, and balance sheet risk management, our principal investing unit, and various exit portfolios as well as reconciling items, which primarily represent the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also include intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.

Developing and applying the methodologies that we use to allocate items among our lines of business is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocation drivers, changes in the risk profile of a particular business, or changes in our organizational structure.

The table below shows selected financial data for our business segments for the three-month periods ended March 31, 2025, and March 31, 2024. Capital is assigned to each business segment based on a combination of regulatory and economic equity.
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Three months ended March 31,Consumer BankCommercial BankOtherTotal Key
Dollars in millions20252024202520242025202420252024
SUMMARY OF OPERATIONS
Net interest income (TE)$648 $532 $534 $397 $(77)$(43)$1,105 $886 
Noninterest income226 225 408 401 34 21 668 647 
Total revenue (TE) (a)
874 757 942 798 (43)(22)1,773 1,533 
Provision for credit losses43 (2)75 102 — 1 118 101 
Personnel expense219 210 187 160 274 304 680 674 
Other direct noninterest expense141 161 77 95 233 210 451 466 
Support and overhead316 333 198 187 (514)(517)— 3 
Income (loss) from continuing operations before income taxes (TE)
155 55 405 254 (36)(20)524 289 
Allocated income taxes and TE adjustments
37 14 84 49 (3)7 118 70 
Income (loss) from continuing operations118 41 321 205 (33)(27)406 219 
Income (loss) from discontinued operations, net of taxes
— — — — (1)— (1)— 
Net income (loss)$118 $41 $321 $205 $(34)$(27)$405 $219 
AVERAGE BALANCES (b)
Loans and leases$36,819 $39,919 $67,056 $70,633 $479 $482 $104,354 $111,034 
Total assets (a)
39,806 42,710 76,707 80,000 69,577 63,158 186,090 185,868 
Deposits88,306 84,075 57,436 56,331 2,800 2,472 148,542 142,878 
(a)Substantially all revenue generated by our major business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our major business segments, are located in the United States.
(b)From continuing operations.


20. Revenue from Contracts with Customers

The following table represents a disaggregation of revenue from contracts with customers, by business segment, for the three-month periods ended March 31, 2025, and March 31, 2024. The development and application of the methodologies that we use to allocate items among our business segments is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocations drivers, changes in the risk profile of a particular business, or changes in our organizational structure.
Three months ended March 31, 2025Three months ended March 31, 2024
Dollars in millionsConsumer BankCommercial BankTotal Contract RevenueConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$113 $19 $132 $109 $17 $126 
Investment banking and debt placement fees— 127 127 — 130 130 
Services charges on deposit accounts33 35 68 34 29 63 
Cards and payments income42 40 82 43 34 77 
Other noninterest income2 — 2 3 — 3 
Total revenue from contracts with customers$190 $221 $411 $189 $210 $399 
Other noninterest income (a)
$223 $227 
Noninterest income from other segments(b)
34 21 
Total noninterest income$668 $647 
(a)Noninterest income considered earned outside the scope of contracts with customers.
(b)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Corporate treasury includes realized gains and losses from transactions associated with Key's investment securities portfolio. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. Refer to Note 19 (“Business Segment Reporting”) for more information.

We had no material contract assets or contract liabilities as of March 31, 2025, and March 31, 2024.
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Report of Independent Registered Public Accounting Firm


To the Shareholders and Board of Directors of KeyCorp

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of KeyCorp as of March 31, 2025, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2025 and 2024, and the related notes (collectively referred to as the “consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of KeyCorp as of December 31, 2024, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the year then ended, and the related notes (not presented herein); and in our report dated February 21, 2025, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of KeyCorp's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to KeyCorp in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

 
keycoverlogoa06.jpg
Cleveland, Ohio
May 6, 2025
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Item 3.    Quantitative and Qualitative Disclosure about Market Risk

The information presented in the “Market risk management” section of the Management’s Discussion & Analysis of Financial Condition & Results of Operations is incorporated herein by reference.

Item 4.    Controls and Procedures

As of the end of the period covered by this report, KeyCorp carried out an evaluation, under the supervision and with the participation of KeyCorp’s management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of KeyCorp’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)), to ensure that information required to be disclosed by KeyCorp in reports that it files or submits under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to KeyCorp’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. Based upon that evaluation, KeyCorp’s Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective, in all material respects, as of the end of the period covered by this report. No changes were made to KeyCorp’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the last quarter that materially affected, or are reasonably likely to materially affect, KeyCorp’s internal control over financial reporting.

PART II. OTHER INFORMATION
 
Item 1.    Legal Proceedings

The information presented in the Legal Proceedings section of Note 16 (“Contingent Liabilities and Guarantees”) of the Notes to Consolidated Financial Statements (Unaudited) is incorporated herein by reference.

On at least a quarterly basis, we assess our liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that we will incur a loss and the amount of the loss can be reasonably estimated, we record a liability in our consolidated financial statements. These legal reserves may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not estimable, we have not accrued legal reserves, consistent with applicable accounting guidance. Based on information currently available to us, advice of counsel, and available insurance coverage, we believe that our established reserves are adequate and the liabilities arising from the legal proceedings will not have a material adverse effect on our consolidated financial condition. We note, however, that in light of the inherent uncertainty in legal proceedings there can be no assurance that the ultimate resolution will not exceed established reserves. As a result, the outcome of a particular matter or a combination of matters may be material to our results of operations for a particular period, depending upon the size of the loss or our income for that particular period.

Item 1A.    Risk Factors

For a discussion of certain risk factors affecting us, see the section titled “Supervision and Regulation” in Part I, Item 1. Business, on pages 11-23 of our 2024 Form 10-K; Part I, Item 1A. Risk Factors, on pages 24-42 of our 2024 Form 10-K; the section titled “Supervision and regulation” in this report; and our disclosure regarding forward-looking statements in this report.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

From time to time, KeyCorp or its principal subsidiary, KeyBank, may seek to retire, repurchase, or exchange outstanding debt of KeyCorp or KeyBank, and capital securities or preferred stock of KeyCorp, through cash purchase, privately negotiated transactions, or otherwise. Such transactions, if any, depend on prevailing market conditions, our liquidity and capital requirements, contractual restrictions, and other factors. The amounts involved may be material.

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We did not complete any open market share repurchases in the first quarter of 2025. On March 13, 2025, our Board of Directors authorized a share repurchase program pursuant to which we may purchase up to $1.0 billion of KeyCorp common shares, in the open market or in privately negotiated transactions. We intend to begin repurchasing shares under this program in the second half of 2025. The timing and price of repurchases as well as the actual number of shares repurchased under the program will be at the discretion of KeyCorp and will depend on a variety of factors, including general market conditions, the stock price, regulatory requirements and limitations, corporate liquidity requirements, and other factors.

As contemplated by the Investment Agreement, dated as of August 12, 2024, between KeyCorp and Scotiabank, in February 2025, we entered into an agreement with Scotiabank to permit Scotiabank to participate, through a periodic “true-up” right, in any repurchase by KeyCorp of its common stock on a pro rata basis.

During the first quarter of 2025, Key repurchased $35 million of shares related to equity compensation programs.

The following table summarizes our repurchases of our Common Shares for the three months ended March 31, 2025. Refer to Note 18 (“Shareholders' Equity”) for more information regarding share repurchases made during the three months ended March 31, 2025.

Calendar month
Total number of shares
purchased (a)
Average price paid
per share		Total number of shares purchased as part of publicly announced plans or programsDollar value of shares that may yet be purchased as part of publicly
announced plans or programs
January 1 - 3111,581 $17.69 — — 
February 1 - 281,947,229 17.72 — — 
March 1 - 31178 15.63 — 1,000,000,000 
Total1,958,988 $17.72 — 
(a)Includes Common Shares deemed surrendered by employees in connection with our stock compensation and benefit plans to satisfy tax obligations. We did not complete any open market share repurchases in the first quarter of 2025.

Item 5.    Other Information

No director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of KeyCorp adopted, modified,
or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (as such terms
are defined in Item 408 of Regulation S-K of the Exchange Act) during the quarter ended March 31, 2025,
except as may be noted below. We do not permit the use of Rule 10b5-1 trading arrangements by our directors or
executive officers.

Certain of our directors or officers have made elections to participate in, and are participating in, our KeyCorp
Second Amended and Restated Discounted Stock Purchase Plan, our Long-Term Incentive Deferral Plan, our
Directors’ Deferred Share Sub-Plan, and the Dividend Reinvestment Plan and dividend reinvestment features under
various compensation plans and arrangements, and previously made elections to participate in KeyCorp common
stock funds that are now frozen but were previously available as an investment option under our Deferred Savings
Plan and KeyCorp 401(k) plan. By participating in these plans or stock funds, the directors or officers have made,
and/or may from time to time make, elections involving transactions in KeyCorp Common Shares which may be
designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute
non-Rule 10b5-1 trading arrangements (as such term is defined in Item 408(c) of Regulation S-K of the Exchange
Act).

89
Table of contents

Item 6.    Exhibits

15
22
31.1
31.2
32.1
32.2
101The following materials from KeyCorp’s Form 10-Q Report for the quarterly period ended March 31, 2025, formatted in inline XBRL: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Income and Consolidated Statements of Comprehensive Income; (iii) the Consolidated Statements of Changes in Equity; (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to Consolidated Financial Statements.
104The cover page from KeyCorp’s Form 10-Q for the quarterly period ended March 31, 2025, formatted in inline XBRL (contained in Exhibit 101).
*
Furnished herewith.
^Incorporated by reference. A copy of this Exhibit has been filed with the SEC. Exhibits that are not incorporated by reference are furnished or filed with this report. Shareholders may obtain a copy of any exhibit, upon payment of reproduction costs, by writing KeyCorp Investor Relations, 127 Public Square, Cleveland, OH 44114-1306.

Information Available on Website

KeyCorp makes available free of charge on its website, www.key.com, its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to these reports as soon as reasonably practicable after KeyCorp electronically files such material with, or furnishes it to, the SEC. We also make available a summary of filings made with the SEC of statements of beneficial ownership of our equity securities filed by our directors and officers and persons who own 10% or more of a registered class of our equity securities under Section 16 of the Exchange Act. Information contained on or accessible through our website or any other website referenced in this report is not part of this report.
90

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the date indicated.
 
KEYCORP
(Registrant)
May 6, 2025/s/ Stacy L. Gilbert
By:  Stacy L. Gilbert
Chief Accounting Officer
(Principal Accounting Officer)

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