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    KEYCORP REPORTS FIRST QUARTER 2025 NET INCOME OF $370 MILLION, OR $.33 PER DILUTED COMMON SHARE

    4/17/25 6:30:00 AM ET
    $KEY
    Major Banks
    Finance
    Get the next $KEY alert in real time by email

    Revenue of $1.8 billion, up 16% year-over-year; noninterest expense down 1% year-over-year

    Net interest income up 4% quarter-over-quarter

    Improved credit metrics - nonperforming assets declined by 9% and net charge-offs by 4% quarter-over-quarter

    Common equity tier 1 ratio of 11.8%, up ~150 basis points year-over-year

    CLEVELAND, April 17, 2025 /PRNewswire/ -- KeyCorp (NYSE:KEY) today announced net income from continuing operations attributable to Key common shareholders of $370 million, or $.33 per diluted common share for the first quarter of 2025. For the fourth quarter of 2024, KeyCorp reported a net loss from continuing operations attributable to Key common shareholders of $(279) million, or $(.28) per diluted common share, or adjusted net income of $378 million, or $.38 per diluted common share(a). Net income from continuing operations attributable to Key common shareholders was $183 million, or $.20 per diluted common share, or adjusted net income of $205 million or $.22 per diluted common share(a), for the first quarter of 2024. Included in the fourth quarter of 2024 are $657 million, or $.66 per diluted common share, after-tax, of charges related to the loss on the sale of securities(b). Included in the first quarter of 2024 are $22 million, or $.02 per diluted common share, after-tax, of charges related to the FDIC special assessment(b).           

    Comments from Chairman and CEO, Chris Gorman

    "Our first quarter results marked a strong beginning to the year. Revenue was up 16% year-over-year while expenses were essentially flat. We achieved both absolute and fee-based positive operating leverage on a year-over-year basis. Sequentially, net interest income grew 4% and the net interest margin increased by 17 basis points to 2.58%. On an adjusted basis(a), pre-provision net revenue increased more than $90 million from the prior quarter. Credit quality remained strong, with credit migration trends improving for the fifth consecutive quarter.

    Our strong financial results are a function of continued momentum with both clients and prospects. Client deposits were up 4% year-over-year while deposit betas continue to improve. Commercial loans grew $1.2 billion from year-end levels. We continued to demonstrate progress in each of our strategic, fee-based businesses – wealth management, commercial payments, and investment banking.

    As we look to the future, we are confident in our ability to navigate the current environment from a position of strength. We ended the quarter with a strong capital position – a luxury that gives us both flexibility and resiliency. Our liquidity position is robust and our credit metrics continue to improve.

    We enjoy strong earnings and business momentum and clearly defined net interest income tailwinds. I remain confident in our ability to perform well under a wide range of potential macroeconomic scenarios."

    (a)

    The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "adjusted noninterest expense", "adjusted net income", "adjusted earnings per share", and "adjusted pre-provision net revenue." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

    (b)

    See table on page 23 for more information on Selected Items Impact on Earnings.

     

    Selected Financial Highlights





























    Dollars in millions, except per share data









    Change 1Q25 vs.





    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Income (loss) from continuing operations attributable to Key common shareholders

    $      370

    $    (279)

    $      183



    232.6 %

    102.2 %

    Income (loss) from continuing operations attributable to Key common shareholders per

      common share — assuming dilution

    .33

    (.28)

    .20



    217.9

    65.0

    Return on average tangible common equity from continuing operations (a)

    11.24 %

    (9.69) %

    7.87 %



    N/A

    N/A

    Return on average total assets from continuing operations

    .88

    (.52)

    .47



    N/A

    N/A

    Common Equity Tier 1 ratio (b)

    11.8

    11.9

    10.3



    N/A

    N/A

    Book value at period end

    $   14.89

    $   14.21

    $   12.84



    4.8

    16.0

    Net interest margin (TE) from continuing operations

    2.58 %

    2.41 %

    2.02 %



    N/A

    N/A





















    (a)

    The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "tangible common equity." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

    (b)

    March 31, 2025 ratio is estimated.

    TE = Taxable Equivalent, N/A = Not Applicable

     

    INCOME STATEMENT HIGHLIGHTS



























    Revenue



























    Dollars in millions









    Change 1Q25 vs.



    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Net interest income (TE)

    $      1,105

    $      1,061

    $        886



    4.1 %

    24.7 %

    Noninterest income

    668

    (196)

    647



    440.8

    3.2

    Total revenue (TE)

    $      1,773

    $        865

    $      1,533



    105.0 %

    15.7 %

















    TE = Taxable Equivalent

       

    Taxable-equivalent net interest income 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 increased by $219 million, and the 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.

    Compared to the fourth quarter of 2024, taxable-equivalent net interest income increased by $44 million, and the net interest margin increased by 17 basis points. These increases were driven by a decline in funding costs, including interest-bearing deposit costs, impact from the second tranche of the available-for-sale portfolio repositioning, which was completed during the fourth quarter of 2024, and from the redeployment of low yielding investments into higher yielding investment securities. These benefits more than offset the impact from lower interest rates on repricing earning assets, and two fewer days in the first quarter of 2025 compared to the fourth quarter of 2024.

    Noninterest Income



























    Dollars in millions









    Change 1Q25 vs.



    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Trust and investment services income

    $        139

    $        142

    $        136



    (2.1) %

    2.2 %

    Investment banking and debt placement fees

    175

    221

    170



    (20.8)

    2.9

    Cards and payments income

    82

    85

    77



    (3.5)

    6.5

    Service charges on deposit accounts

    69

    65

    63



    6.2

    9.5

    Corporate services income

    65

    69

    69



    (5.8)

    (5.8)

    Commercial mortgage servicing fees

    76

    68

    56



    11.8

    35.7

    Corporate-owned life insurance income

    33

    36

    32



    (8.3)

    3.1

    Consumer mortgage income

    13

    16

    14



    (18.8)

    (7.1)

    Operating lease income and other leasing gains

    9

    15

    24



    (40.0)

    (62.5)

    Other income

    7

    (5)

    9



    240.0

    (22.2)

    Net securities gains (losses)

    —

    (908)

    (3)



    N/M

    N/M

    Total noninterest income

    $        668

    $       (196)

    $        647



    440.8 %

    3.2 %

















    N/M = Not Meaningful

         

    Compared to the first quarter of 2024, noninterest income increased by $21 million. The increase was driven by a $20 million increase in commercial mortgage servicing fees reflecting higher active special servicing balances and overall growth of the servicing portfolio. We also continued to see momentum across investment banking, wealth management and commercial payments, which offset a $15 million decrease in operating lease income and other leasing gains.

    Compared to the fourth quarter of 2024, noninterest income increased by $864 million. The increase was driven primarily by a $915 million loss on the sale of securities as part of a strategic repositioning of the available-for-sale portfolio that impacted earnings in the fourth quarter of 2024. The increase was partly offset by a $46 million decrease in investment banking and debt placement fees.

    Noninterest Expense



























    Dollars in millions









    Change 1Q25 vs.



    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Personnel expense

    $        680

    $        734

    $        674



    (7.4) %

    .9 %

    Net occupancy

    67

    67

    67



    —

    —

    Computer processing

    107

    107

    102



    —

    4.9

    Business services and professional fees

    40

    55

    41



    (27.3)

    (2.4)

    Equipment

    20

    20

    20



    —

    —

    Operating lease expense

    11

    15

    17



    (26.7)

    (35.3)

    Marketing

    21

    33

    19



    (36.4)

    10.5

    Other expense

    185

    198

    203



    (6.6)

    (8.9)

    Total noninterest expense

    $      1,131

    $      1,229

    $      1,143



    (8.0) %

    (1.0) %















     

    Compared to the first quarter of 2024, noninterest expense decreased by $12 million. The decrease was driven by an $18 million decrease in other expense due to a FDIC special assessment charge in the first quarter of 2024, which more than offset increases in personnel and technology-related investments.

    Compared to the fourth quarter of 2024, noninterest expense decreased by $98 million. The decrease was primarily driven by a $54 million decline in personnel expense, primarily related to lower incentive compensation, as well as lower employee benefits expense. Additionally, business services and professional fees, marketing and other expenses declined primarily due to seasonality and some elevated expenses in the fourth quarter of 2024.

    BALANCE SHEET HIGHLIGHTS



























    Average Loans



























    Dollars in millions









    Change 1Q25 vs.



    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Commercial and industrial (a)

    $    53,746

    $    52,887

    $    55,220



    1.6 %

    (2.7) %

    Other commercial loans

    18,619

    19,202

    21,222



    (3.0)

    (12.3)

    Total consumer loans

    31,989

    32,622

    34,592



    (1.9)

    (7.5)

    Total loans

    $  104,354

    $  104,711

    $  111,034



    (.3) %

    (6.0) %



















    (a)

    Commercial and industrial average loan balances include $213 million, $216 million, and $211 million of assets from commercial credit cards at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

     

    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.

    Compared to the fourth quarter of 2024, average loans decreased by $357 million. Average commercial loans increased $276 million, primarily driven by an increase in commercial and industrial loans, offset by continued paydown activity in commercial mortgage real estate. Average consumer loans declined by $633 million, reflective of the intentional run-off of low yielding loans.

    Average Deposits



























    Dollars in millions









    Change 1Q25 vs.



    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Non-time deposits

    $  131,917

    $  132,092

    $  128,448



    (.1) %

    2.7 %

    Time deposits

    16,625

    17,641

    14,430



    (5.8)

    15.2

    Total deposits

    $  148,542

    $  149,733

    $  142,878



    (.8) %

    4.0 %















    Cost of total deposits

    2.06 %

    2.18 %

    2.20 %



    N/A

    N/A

















    N/A = Not Applicable

     

    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.

    Compared to the fourth quarter of 2024, average deposits decreased by $1.2 billion, driven by a seasonal decrease in commercial deposit balances. The rate paid on interest-bearing deposits declined by 18 basis points, and the overall cost of deposits declined by 12 basis points.

    ASSET QUALITY



























    Dollars in millions









    Change 1Q25 vs.



    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Net loan charge-offs

    $      110

    $      114

    $       81



    (3.5) %

    35.8 %

    Net loan charge-offs to average total loans

    .43 %

    .43 %

    .29 %



    N/A

    N/A

    Nonperforming loans at period end

    $      686

    $      758

    $      658



    (9.5)

    4.3

    Nonperforming assets at period end

    700

    772

    674



    (9.3)

    3.9

    Allowance for loan and lease losses

    1,429

    1,409

    1,542



    1.4

    (7.3)

    Allowance for credit losses

    1,707

    1,699

    1,823



    0.5

    (6.4)

    Provision for credit losses

    118

    39

    101



    202.6

    16.8















    Allowance for loan and lease losses to nonperforming loans

    208 %

    186 %

    234 %



    N/A

    N/A

    Allowance for credit losses to nonperforming loans

    249

    224

    277



    N/A

    N/A

















    N/A = Not Applicable

     

    Key's provision for credit losses was $118 million, compared to $101 million in the first quarter of 2024 and $39 million in the fourth quarter of 2024. The increase from the year-ago quarter is driven by higher net loan charge-offs. The increase from the prior quarter reflects a reserve build driven by uncertainty in the economic outlook, partly offset by a reserve release due to improved credit migration trends.

    Net loan charge-offs for the first quarter of 2025 totaled $110 million, or 0.43% of average total loans. These results compare to $81 million, or 0.29%, for the first quarter of 2024 and $114 million, or 0.43%, for the fourth quarter of 2024. Key's allowance for credit losses was $1.7 billion, or 1.63% of total period-end loans at March 31, 2025, compared to 1.66% at March 31, 2024, and 1.63% at December 31, 2024.

    At March 31, 2025, Key's nonperforming loans totaled $686 million, which represented 0.65% of period-end portfolio loans. These results compare to 0.60% at March 31, 2024, and 0.73% at December 31, 2024. Nonperforming assets at March 31, 2025, totaled $700 million, and represented 0.67% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.61% at March 31, 2024, and 0.74% at December 31, 2024.

    CAPITAL

    Key's estimated risk-based capital ratios, included in the following table, continued to exceed all "well-capitalized" regulatory benchmarks at March 31, 2025.

    Capital Ratios

















    3/31/2025

    12/31/2024

    3/31/2024

    Common Equity Tier 1 (a)

    11.8 %

    11.9 %

    10.3 %

    Tier 1 risk-based capital (a)

    13.5

    13.7

    12.0

    Total risk-based capital (a)

    15.9

    16.2

    14.5

    Tangible common equity to tangible assets (b)

    7.4

    7.0

    5.0

    Leverage (a)

    10.2

    10.0

    9.1













    (a)

    March 31, 2025 ratio is estimated.  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.

    (b)

    The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "tangible common equity." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

     

    Key's regulatory capital position remained strong in the first quarter of 2025. As shown in the preceding table, at March 31, 2025, Key's estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.8% and 13.5%, respectively.

    Summary of Changes in Common Shares Outstanding

























    In thousands









    Change 1Q25 vs.





    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Shares outstanding at beginning of period

    1,106,786

    991,251

    936,564



    11.7 %

    18.2 %

    Shares issued under employee compensation plans (net of cancellations and returns)

    5,200

    493

    6,212



    954.8

    (16.3)

    Shares issued under Scotiabank investment agreement

    —

    115,042

    —



    N/M

    N/M



    Shares outstanding at end of period

    1,111,986

    1,106,786

    942,776



    .5 %

    17.9 %



















    N/M = Not Meaningful

     

    Key declared a dividend in January of 2025 of $.205 per common share, payable in the first quarter of 2025. 

    In March 2025, KeyCorp's Board of Directors authorized a new repurchase program pursuant to which KeyCorp may purchase up to $1 billion of KeyCorp common shares in the open market or in privately negotiated transactions. 

    LINE OF BUSINESS RESULTS

    The following table shows the contribution made by each major business segment to Key's taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. For more detailed financial information pertaining to each business segment, see the tables at the end of this release.

    Major Business Segments





























    Dollars in millions









    Change 1Q25 vs.





    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Revenue from continuing operations (TE)













    Consumer Bank

    $         874

    $         872

    $         757



    .2 %

    15.5 %

    Commercial Bank

    942

    999

    798



    (5.7)

    18.0

    Other (a)

    (43)

    (1,006)

    (22)



    95.7

    (95.5)



    Total

    $       1,773

    $         865

    $       1,533



    105.0 %

    15.7 %

















    Income (loss) from continuing operations attributable to Key













    Consumer Bank

    $         118

    $           88

    $           41



    34.1 %

    187.8 %

    Commercial Bank

    321

    379

    205



    (15.3)

    56.6

    Other (a)

    (33)

    (711)

    (27)



    95.4

    (22.2)



    Total

    $         406

    $        (244)

    $         219



    266.4 %

    85.4 %





















    (a)

    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.

    TE = Taxable Equivalent

     

    Consumer Bank



























    Dollars in millions









    Change 1Q25 vs.



    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Summary of operations













    Net interest income (TE)

    $         648

    $         637

    $         532



    1.7 %

    21.8 %

    Noninterest income

    226

    235

    225



    (3.8)

    .4

    Total revenue (TE)

    874

    872

    757



    .2

    15.5

    Provision for credit losses

    43

    43

    (2)



    —

    N/M

    Noninterest expense

    676

    713

    704



    (5.2)

    (4.0)

    Income (loss) before income taxes (TE)

    155

    116

    55



    33.6

    181.8

    Allocated income taxes (benefit) and TE adjustments

    37

    28

    14



    32.1

    164.3

    Net income (loss) attributable to Key

    $         118

    $           88

    $           41



    34.1 %

    187.8 %















    Average balances













    Loans and leases

    $     36,819

    $     37,567

    $     39,919



    (2.0) %

    (7.8) %

    Total assets

    39,806

    40,563

    42,710



    (1.9)

    (6.8)

    Deposits

    88,306

    87,476

    84,075



    .9

    5.0















    Assets under management at period end

    $     61,053

    $     61,361

    $     57,305



    (.5) %

    6.5 %

















    TE = Taxable Equivalent; N/M = Not Meaningful

     

    Additional Consumer Bank Data



























    Dollars in millions









    Change 1Q25 vs.



    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Noninterest income













    Trust and investment services income

    $       113

    $       115

    $       110



    (1.7) %

    2.7 %

    Service charges on deposit accounts

    33

    32

    33



    3.1

    —

    Cards and payments income

    57

    64

    57



    (10.9)

    —

    Consumer mortgage income

    13

    17

    14



    (23.5)

    (7.1)

    Other noninterest income

    10

    7

    11



    42.9

    (9.1)

    Total noninterest income

    $       226

    $       235

    $       225



    (3.8) %

    .4 %















    Average deposit balances













    Money market deposits

    $  33,533

    $  31,968

    $  29,875



    4.9 %

    12.2 %

    Demand deposits

    22,771

    22,442

    22,213



    1.5

    2.5

    Savings deposits

    4,392

    4,391

    4,986



    —

    (11.9)

    Time deposits

    13,320

    13,979

    11,808



    (4.7)

    12.8

    Noninterest-bearing deposits

    14,290

    14,696

    15,193



    (2.8)

    (5.9)

    Total deposits

    $  88,306

    $  87,476

    $  84,075



    .9 %

    5.0 %















    Other data













    Branches

    945

    944

    957







    Automated teller machines

    1,176

    1,182

    1,214





















     

    Consumer Bank Summary of Operations (1Q25 vs. 1Q24)

    • Key's Consumer Bank recorded 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 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
    • 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 from the year-ago quarter, driven by an increase in trust and investment services
    • Noninterest expense decreased $28 million from the year-ago quarter, primarily driven by a FDIC special assessment charge in the first quarter of 2024

     

    Commercial Bank



























    Dollars in millions









    Change 1Q25 vs.



    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Summary of operations













    Net interest income (TE)

    $         534

    $         537

    $         397



    (.6) %

    34.5 %

    Noninterest income

    408

    462

    401



    (11.7)

    1.7

    Total revenue (TE)

    942

    999

    798



    (5.7)

    18.0

    Provision for credit losses

    75

    (3)

    102



    N/M

    (26.5)

    Noninterest expense

    462

    516

    442



    (10.5)

    4.5

    Income (loss) before income taxes (TE)

    405

    486

    254



    (16.7)

    59.4

    Allocated income taxes and TE adjustments

    84

    107

    49



    (21.5)

    71.4

    Net income (loss) attributable to Key

    $         321

    $         379

    $         205



    (15.3) %

    56.6 %















    Average balances













    Loans and leases

    $     67,056

    $     66,691

    $     70,633



    .5 %

    (5.1) %

    Loans held for sale

    754

    1,247

    840



    (39.5)

    (10.2)

    Total assets

    76,707

    76,433

    80,000



    0.4

    (4.1)

    Deposits

    57,436

    59,687

    56,331



    (3.8) %

    2.0 %

















    TE = Taxable Equivalent; N/M = Not Meaningful

     

    Additional Commercial Bank Data



























    Dollars in millions









    Change 1Q25 vs.



    1Q25

    4Q24

    1Q24



    4Q24

    1Q24

    Noninterest income













    Trust and investment services income

    $           27

    $           26

    $           27



    3.8 %

    — %

    Investment banking and debt placement fees

    175

    220

    170



    (20.5)

    2.9

    Cards and payments income

    21

    18

    20



    16.7

    5.0

    Service charges on deposit accounts

    35

    32

    29



    9.4

    20.7

    Corporate services income

    60

    67

    63



    (10.4)

    (4.8)

    Commercial mortgage servicing fees

    76

    67

    56



    13.4

    35.7

    Operating lease income and other leasing gains

    8

    15

    24



    (46.7)

    (66.7)

    Other noninterest income

    6

    17

    12



    (64.7)

    (50.0)

    Total noninterest income

    $         408

    $         462

    $         401



    (11.7) %

    1.7 %















     

    Commercial Bank Summary of Operations (1Q25 vs. 1Q24)

    • Key's Commercial Bank recorded 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, or 34.5%, compared to the first quarter of 2024
    • Average loan and lease balances decreased $3.6 billion, or 5.1%, 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 compared to the first quarter of 2024, driven by our focus on growing deposits across our commercial businesses
    • 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
    • Noninterest income increased $7 million compared to 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 to the first quarter of 2024, driven by higher personnel expense

    *******************************************

    KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $189 billion at March 31, 2025.

    Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

    This earnings release contains 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," or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. 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. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2024 and in KeyCorp's subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the "SEC") and are or will be available on Key's website (www.key.com/ir) and on the SEC's website (www.sec.gov). These factors may include, among others, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, the soundness of other financial institutions, and the impact of changes in the interest rate environment. 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.

    A live Internet broadcast of KeyCorp's conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts' questions can be accessed through the Investor Relations section at https://www.key.com/ir at 8:00 a.m. ET, on April 17, 2025. A replay of the call will be available on our website through April 17, 2026.

    For up-to-date company information, media contacts, and facts and figures about Key's lines of business, visit our Media Newsroom at https://www.key.com/newsroom.

    *****

    KeyCorp

    First Quarter 2025

    Financial Supplement

    Page



    12

    Basis of Presentation

    13

    Financial Highlights

    14

    GAAP to Non-GAAP Reconciliation

    16

    Consolidated Balance Sheets

    17

    Consolidated Statements of Income

    18

    Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations

    19

    Noninterest Expense

    19

    Personnel Expense

    20

    Loan Composition

    20

    Loans Held for Sale Composition

    20

    Summary of Changes in Loans Held for Sale

    21

    Summary of Loan and Lease Loss Experience From Continuing Operations

    22

    Asset Quality Statistics From Continuing Operations

    22

    Summary of Nonperforming Assets and Past Due Loans From Continuing Operations

    22

    Summary of Changes in Nonperforming Loans From Continuing Operations

    23

    Line of Business Results

    23

    Selected Items Impact on Earnings

     

    Basis of Presentation

    Use of Non-GAAP Financial Measures

    This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Key's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this document, the financial supplement, or conference call slides related to this document, all of which can be found on Key's website (www.key.com/ir).

    Forward-Looking Non-GAAP Financial Measures

    From time to time Key may discuss forward-looking non-GAAP financial measures. Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because Key is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results.

    Annualized Data

    Certain returns, yields, performance ratios, or quarterly growth rates are presented on an "annualized" basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts.

    Taxable Equivalent

    The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at the federal statutory rate. This adjustment puts all earning assets, most notably tax-exempt loans, and certain lease assets, on a common basis that facilitates comparison of results to peers.

    Earnings Per Share Equivalent

    Certain income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total consolidated earnings per share performance excluding the impact of such items. When the impact of certain income or expense items is disclosed separately, the after-tax amount is computed using the marginal tax rate, unless otherwise specified, with this then being the amount used to calculate the earnings per share equivalent.

    Financial Highlights

    (Dollars in millions, except per share amounts)







    Three months ended







    3/31/2025

    12/31/2024

    3/31/2024

    Summary of operations









    Net interest income (TE)

    $         1,105

    $         1,061

    $           886



    Noninterest income

    668

    (196)

    647





    Total revenue (TE)

    1,773

    865

    1,533



    Provision for credit losses

    118

    39

    101



    Noninterest expense

    1,131

    1,229

    1,143



    Income (loss) from continuing operations attributable to Key

    406

    (244)

    219



    Income (loss) from discontinued operations, net of taxes

    (1)

    —

    —



    Net income (loss) attributable to Key

    405

    (244)

    219















    Income (loss) from continuing operations attributable to Key common shareholders

    370

    (279)

    183



    Income (loss) from discontinued operations, net of taxes

    (1)

    —

    —



    Net income (loss) attributable to Key common shareholders

    369

    (279)

    183

    Per common share









    Income (loss) from continuing operations attributable to Key common shareholders

    $            .34

    $           (.28)

    $            .20



    Income (loss) from discontinued operations, net of taxes

    —

    —

    —



    Net income (loss) attributable to Key common shareholders (a)

    .34

    (.28)

    .20















    Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution

    .33

    (.28)

    .20



    Income (loss) from discontinued operations, net of taxes — assuming dilution

    —

    —

    —



    Net income (loss) attributable to Key common shareholders — assuming dilution (a)

    .33

    (.28)

    .20















    Cash dividends declared

    .205

    .205

    .205



    Book value at period end

    14.89

    14.21

    12.84



    Tangible book value at period end

    12.40

    11.70

    9.87



    Market price at period end

    15.99

    17.14

    15.81

    Performance ratios









    From continuing operations:









    Return on average total assets

    .88 %

    (.52) %

    .47 %



    Return on average common equity

    9.30

    (7.80)

    6.06



    Return on average tangible common equity (b)

    11.24

    (9.69)

    7.87



    Net interest margin (TE)

    2.58

    2.41

    2.02



    Cash efficiency ratio (b)

    63.5

    141.3

    74.0



    From consolidated operations:









    Return on average total assets

    .88 %

    (.52) %

    .47 %



    Return on average common equity

    9.28

    (7.80)

    6.06



    Return on average tangible common equity (b)

    11.21

    (9.69)

    7.87



    Net interest margin (TE)

    2.58

    2.41

    2.02



    Loan to deposit (c)

    70.2

    70.3

    76.6

    Capital ratios at period end









    Key shareholders' equity to assets

    10.1 %

    9.7 %

    7.8 %



    Key common shareholders' equity to assets

    8.8

    8.4

    6.5



    Tangible common equity to tangible assets (b)

    7.4

    7.0

    5.0



    Common Equity Tier 1 (d)

    11.8

    11.9

    10.3



    Tier 1 risk-based capital (d)

    13.5

    13.7

    12.0



    Total risk-based capital (d)

    15.9

    16.2

    14.5



    Leverage (d)

    10.2

    10.0

    9.1

    Asset quality — from continuing operations









    Net loan charge-offs

    $           110

    $           114

    $             81



    Net loan charge-offs to average loans

    .43 %

    .43 %

    .29 %



    Allowance for loan and lease losses

    $         1,429

    $         1,409

    $         1,542



    Allowance for credit losses

    1,707

    1,699

    1,823



    Allowance for loan and lease losses to period-end loans

    1.36 %

    1.35 %

    1.40 %



    Allowance for credit losses to period-end loans

    1.63

    1.63

    1.66



    Allowance for loan and lease losses to nonperforming loans

    208

    186

    234



    Allowance for credit losses to nonperforming loans

    249

    224

    277



    Nonperforming loans at period-end

    $           686

    $           758

    $           658



    Nonperforming assets at period-end

    700

    772

    674



    Nonperforming loans to period-end portfolio loans

    .65 %

    .73 %

    .60 %



    Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets

    .67

    .74

    .61

    Trust assets









    Assets under management

    $       61,053

    $       61,361

    $       57,305

    Other data









    Average full-time equivalent employees

    16,989

    16,810

    16,752



    Branches

    945

    944

    957



    Taxable-equivalent adjustment

    $              9

    $             10

    $             11





    (a)

    Earnings per share may not foot due to rounding.

    (b)

    The table entitled "GAAP to Non-GAAP Reconciliations" starting on page 14 of this supplement presents the computations of certain financial measures related to "tangible common equity" and "cash efficiency." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

    (c)

    Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits.

    (d)

    March 31, 2025, ratio is estimated. 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.

     

    GAAP to Non-GAAP Reconciliations

    (Dollars in millions)

    The table below presents certain non-GAAP financial measures related to "tangible common equity," "return on average tangible common equity," "pre-provision net revenue," "adjusted pre-provision net revenue," "cash efficiency ratio," "adjusted taxable-equivalent revenue," "noninterest expense adjusted for selected items," "adjusted income (loss) available from continuing operations attributable to Key common shareholders," and "diluted earnings per share - adjusted."

    The tangible common equity ratio and the return on average tangible common equity ratio have been a focus for some investors, and management believes these ratios may assist investors in analyzing Key's capital position without regard to the effects of intangible assets and preferred stock.

    The table also shows the computation for pre-provision net revenue and adjusted pre-provision net revenue, which are not formally defined by GAAP. Management believes that eliminating the effects of the provision for credit losses makes it easier to analyze the results by presenting them on a more comparable basis. Further, management believes that adjusting pre-provision net revenue for significant or unusual items that management does not consider indicative of ongoing financial performance provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.

    The cash efficiency ratio is a ratio of two non-GAAP performance measures. As such, there is no directly comparable GAAP performance measure. The cash efficiency ratio performance measure removes the impact of Key's intangible asset amortization from the calculation. Management believes this ratio provides greater consistency and comparability between Key's results and those of its peer banks. Additionally, this ratio is used by analysts and investors as they develop earnings forecasts and peer bank analysis.

    Adjusted taxable-equivalent revenue is a non-GAAP measure in that it adjusts revenue for certain tax-exempt instruments and significant or unusual items that management does not consider indicative of ongoing financial performance. The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable instruments. Additionally, management believes adjusting for the selected items provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods.

    Noninterest expense adjusted for selected items is a non-GAAP measure in that it excludes significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.

    Adjusted income (loss) available from continuing operations attributable to Key common shareholders (or "adjusted net income") and diluted earnings per share - adjusted (or "adjusted earnings per share") are non-GAAP in that these measures exclude significant or unusual items, net of tax, that management does not consider indicative of ongoing financial performance . Management believes these measures provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods.

    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, or as a substitute for analyses of results as reported under GAAP.



    Three months ended



    3/31/2025

    12/31/2024

    3/31/2024

    Tangible common equity to tangible assets at period-end







    Key shareholders' equity (GAAP)

    $   19,003

    $   18,176

    $   14,547

    Less: Intangible assets

    2,774

    2,779

    2,799

    Preferred Stock (a)

    2,446

    2,446

    2,446

    Tangible common equity (non-GAAP)

    $   13,783

    $   12,951

    $     9,302

    Total assets (GAAP)

    $ 188,691

    $ 187,168

    $ 187,485

    Less: Intangible assets

    2,774

    2,779

    2,799

    Tangible assets (non-GAAP)

    $ 185,917

    $ 184,389

    $ 184,686

    Tangible common equity to tangible assets ratio (non-GAAP)

    7.41 %

    7.02 %

    5.04 %

    Average tangible common equity







    Average Key shareholders' equity (GAAP)

    $   18,632

    $   16,732

    $   14,649

    Less: Intangible assets (average)

    2,777

    2,783

    2,802

    Preferred stock (average)

    2,500

    2,500

    2,500

    Average tangible common equity (non-GAAP)

    $   13,355

    $   11,449

    $     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)

    $        183

    Average tangible common equity (non-GAAP)

    13,355

    11,449

    9,347









    Return on average tangible common equity from continuing operations (non-GAAP)

    11.24 %

    (9.69) %

    7.87 %

    Return on average tangible common equity consolidated







    Net income (loss) attributable to Key common shareholders (GAAP)

    $        369

    $      (279)

    $        183

    Average tangible common equity (non-GAAP)

    13,355

    11,449

    9,347









    Return on average tangible common equity consolidated (non-GAAP)

    11.21 %

    (9.69) %

    7.87 %

    Pre-provision net revenue







    Net interest income (GAAP)

    $     1,096

    $     1,051

    $        875

    Plus: Taxable-equivalent adjustment

    9

    10

    11

    Noninterest income (GAAP)

    668

    (196)

    647

    Less: Noninterest expense (GAAP)

    1,131

    1,229

    1,143

    Pre-provision net revenue from continuing operations (non-GAAP)

    $        642

    $      (364)

    $        390

    Adjusted pre-provision net revenue







    Pre-provision net revenue from continuing operations (non-GAAP)

    $        642

    $      (364)

    $        390

    Plus: Selected items(b)

    —

    915

    29

    Adjusted pre-provision net revenue from continuing operations (non-GAAP)

    $        642

    $        551

    $        419

     

    GAAP to Non-GAAP Reconciliations (continued)

    (Dollars in millions)



    Three months ended



    3/31/2025

    12/31/2024

    3/31/2024

    Cash efficiency ratio







    Noninterest expense (GAAP)

    $     1,131

    $     1,229

    $     1,143

    Less: Intangible asset amortization

    5

    7

    8

    Adjusted noninterest expense (non-GAAP)

    $     1,126

    $     1,222

    $     1,135









    Net interest income (GAAP)

    $     1,096

    $     1,051

    $       875

    Plus: Taxable-equivalent adjustment

    9

    10

    11

    Net interest income TE (non-GAAP)

    1,105

    1,061

    886

    Noninterest income (GAAP)

    668

    (196)

    647

    Total taxable-equivalent revenue (non-GAAP)

    $     1,773

    $       865

    $     1,533









    Cash efficiency ratio (non-GAAP)

    63.5 %

    141.3 %

    74.0 %









    Adjusted taxable-equivalent revenue







    Noninterest income (GAAP)

    $       668

    $      (196)

    $       647

    Plus: Selected items(b)

    —

    918

    —

    Adjusted noninterest income (non-GAAP)

    $       668

    $       722

    $       647

    Net interest income TE (non-GAAP)

    1,105

    1,061

    886

    Total adjusted taxable-equivalent revenue (non-GAAP)

    $     1,773

    $     1,783

    $     1,533

    Noninterest expense adjusted for selected items







    Noninterest expense (GAAP)

    $     1,131

    $     1,229

    $     1,143

    Plus: Selected items(b)

    —

    3

    (29)

    Noninterest expense adjusted for selected items (non-GAAP)

    $     1,131

    $     1,232

    $     1,114

    Adjusted income (loss) available from continuing operations attributable to Key common shareholders







    Income (loss) from continuing operations attributable to Key common shareholders (GAAP)

    $       370

    $      (279)

    $       183

    Plus: Selected items (net of tax)(b)

    —

    657

    22

    Adjusted income (loss) available from continuing operations attributable to Key common shareholders (non-GAAP)

    $       370

    $       378

    $       205

    Diluted earnings per common share (EPS) - adjusted







    Diluted EPS from continuing operations attributable to Key common shareholders (GAAP)

    $        .33

    $       (.28)

    $        .20

    Plus: EPS impact of selected items(b)

    —

    .66

    .02

    Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP)

    $        .33

    $        .38

    $        .22





    (a)

    Net of capital surplus.

    (b)

    Additional detail provided in Selected Items table on page 23.

    GAAP = U.S. generally accepted accounting principles

     

    Consolidated Balance Sheets

    (Dollars in millions)



















    3/31/2025

    12/31/2024

    3/31/2024

    Assets









    Loans

    $       104,809

    $       104,260

    $       109,885



    Loans held for sale

    811

    797

    228



    Securities available for sale

    40,751

    37,707

    37,298



    Held-to-maturity securities

    7,160

    7,395

    8,272



    Trading account assets

    1,296

    1,283

    1,171



    Short-term investments

    15,349

    17,504

    13,205



    Other investments

    1,050

    1,041

    1,247





    Total earning assets

    171,226

    169,987

    171,306



    Allowance for loan and lease losses

    (1,429)

    (1,409)

    (1,542)



    Cash and due from banks

    1,909

    1,743

    1,247



    Premises and equipment

    602

    614

    650



    Goodwill

    2,752

    2,752

    2,752



    Other intangible assets

    22

    27

    48



    Corporate-owned life insurance

    4,404

    4,394

    4,392



    Accrued income and other assets

    8,958

    8,797

    8,314



    Discontinued assets

    247

    263

    318





    Total assets

    $       188,691

    $       187,168

    $       187,485













    Liabilities









    Deposits in domestic offices:











    Interest-bearing deposits

    $       122,283

    $       120,132

    $       114,593





    Noninterest-bearing deposits

    28,454

    29,628

    29,638





    Total deposits

    150,737

    149,760

    144,231



    Federal funds purchased and securities sold under repurchase agreements 

    22

    14

    27



    Bank notes and other short-term borrowings

    2,328

    2,130

    2,896



    Accrued expense and other liabilities

    4,209

    4,983

    5,008



    Long-term debt

    12,392

    12,105

    20,776





    Total liabilities

    169,688

    168,992

    172,938













    Equity









    Preferred stock

    2,500

    2,500

    2,500



    Common shares

    1,257

    1,257

    1,257



    Capital surplus

    5,946

    6,038

    6,164



    Retained earnings

    14,724

    14,584

    15,662



    Treasury stock, at cost

    (2,637)

    (2,733)

    (5,722)



    Accumulated other comprehensive income (loss)

    (2,787)

    (3,470)

    (5,314)





    Key shareholders' equity

    19,003

    18,176

    14,547

    Total liabilities and equity

    $       188,691

    $       187,168

    $       187,485













    Common shares outstanding (000)

    1,111,986

    1,106,786

    942,776

     

    Consolidated Statements of Income

    (Dollars in millions, except per share amounts)







    Three months ended







    3/31/2025

    12/31/2024

    3/31/2024

    Interest income









    Loans

    $             1,401

    $             1,448

    $             1,538



    Loans held for sale

    14

    20

    14



    Securities available for sale

    392

    353

    232



    Held-to-maturity securities

    63

    66

    75



    Trading account assets

    17

    16

    14



    Short-term investments

    174

    214

    142



    Other investments

    9

    15

    17





    Total interest income

    2,070

    2,132

    2,032

    Interest expense









    Deposits

    753

    821

    782



    Federal funds purchased and securities sold under repurchase agreements

    1

    1

    1



    Bank notes and other short-term borrowings

    27

    24

    46



    Long-term debt

    193

    235

    328





    Total interest expense

    974

    1,081

    1,157

    Net interest income

    1,096

    1,051

    875

    Provision for credit losses

    118

    39

    101

    Net interest income after provision for credit losses

    978

    1,012

    774

    Noninterest income









    Trust and investment services income

    139

    142

    136



    Investment banking and debt placement fees

    175

    221

    170



    Cards and payments income

    82

    85

    77



    Service charges on deposit accounts

    69

    65

    63



    Corporate services income

    65

    69

    69



    Commercial mortgage servicing fees

    76

    68

    56



    Corporate-owned life insurance income

    33

    36

    32



    Consumer mortgage income

    13

    16

    14



    Operating lease income and other leasing gains

    9

    15

    24



    Other income

    7

    (5)

    9



    Net securities gains (losses)

    —

    (908)

    (3)





    Total noninterest income

    668

    (196)

    647

    Noninterest expense









    Personnel

    680

    734

    674



    Net occupancy

    67

    67

    67



    Computer processing

    107

    107

    102



    Business services and professional fees

    40

    55

    41



    Equipment

    20

    20

    20



    Operating lease expense

    11

    15

    17



    Marketing

    21

    33

    19



    Other expense

    185

    198

    203





    Total noninterest expense

    1,131

    1,229

    1,143

    Income (loss) from continuing operations before income taxes

    515

    (413)

    278



    Income taxes (benefit)

    109

    (169)

    59

    Income (loss) from continuing operations

    406

    (244)

    219



    Income (loss) from discontinued operations, net of taxes

    (1)

    —

    —

    Net income (loss)

    $                405

    $              (244)

    $                219













    Income (loss) from continuing operations attributable to Key common shareholders

    $                370

    $              (279)

    $                183

    Net income (loss) attributable to Key common shareholders

    369

    (279)

    183

    Per common share







    Income (loss) from continuing operations attributable to Key common shareholders

    $                 .34

    $               (.28)

    $                 .20

    Income (loss) from discontinued operations, net of taxes

    —

    —

    —

    Net income (loss) attributable to Key common shareholders (a)

    .34

    (.28)

    .20

    Per common share — assuming dilution







    Income (loss) from continuing operations attributable to Key common shareholders

    $                 .33

    $               (.28)

    $                 .20

    Income (loss) from discontinued operations, net of taxes

    —

    —

    —

    Net income (loss) attributable to Key common shareholders (a)

    .33

    (.28)

    .20













    Cash dividends declared per common share

    $               .205

    $               .205

    $               .205













    Weighted-average common shares outstanding (000)

    1,096,654

    986,829

    929,692



    Effect of common share options and other stock awards(b)

    9,486

    —

    7,319

    Weighted-average common shares and potential common shares outstanding (000) (c)

    1,106,140

    986,829

    937,011





    (a)

    Earnings per share may not foot due to rounding.

    (b)

    For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.

    (c)

    Assumes conversion of common share options and other stock awards, as applicable.

     

    Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations

    (Dollars in millions)





    First Quarter 2025



    Fourth Quarter 2024



    First Quarter 2024





    Average



    Yield/



    Average



    Yield/



    Average



    Yield/





    Balance

    Interest (a)

    Rate (a)



    Balance

    Interest (a)

    Rate (a)



    Balance

    Interest (a)

    Rate (a)

    Assets

























    Loans: (b), (c)

























    Commercial and industrial (d)

    $       53,746

    $              800

    6.04 %



    $       52,887

    $              817

    6.15 %



    $       55,220

    $              853

    6.22 %



    Real estate — commercial mortgage

    13,061

    192

    5.96



    13,343

    202

    6.01



    14,837

    229

    6.21



    Real estate — construction

    2,905

    49

    6.87



    3,033

    55

    7.23



    3,039

    57

    7.50



    Commercial lease financing

    2,653

    23

    3.52



    2,826

    24

    3.51



    3,346

    27

    3.23



    Total commercial loans

    72,365

    1,064

    5.96



    72,089

    1,098

    6.07



    76,442

    1,166

    6.14



    Real estate — residential mortgage

    19,737

    165

    3.33



    19,990

    166

    3.32



    20,814

    171

    3.29



    Home equity loans

    6,248

    86

    5.60



    6,445

    93

    5.75



    7,024

    104

    5.97



    Other consumer loans

    5,087

    63

    5.01



    5,256

    67

    5.08



    5,800

    72

    4.99



    Credit cards

    917

    32

    14.04



    931

    34

    14.36



    954

    36

    14.93



    Total consumer loans

    31,989

    346

    4.35



    32,622

    360

    4.40



    34,592

    383

    4.44



    Total loans

    104,354

    1,410

    5.47



    104,711

    1,458

    5.55



    111,034

    1,549

    5.61



    Loans held for sale

    815

    14

    6.70



    1,327

    20

    6.05



    888

    14

    6.15



    Securities available for sale (b), (e)

    39,321

    392

    3.70



    37,952

    353

    3.38



    37,089

    232

    2.17



    Held-to-maturity securities (b)

    7,274

    63

    3.46



    7,541

    66

    3.50



    8,423

    75

    3.57



    Trading account assets

    1,296

    17

    5.20



    1,215

    16

    4.98



    1,110

    14

    5.21



    Short-term investments

    15,211

    174

    4.63



    17,575

    214

    4.83



    10,243

    142

    5.59



    Other investments (e)

    935

    9

    3.73



    1,045

    15

    5.72



    1,236

    17

    5.39



    Total earning assets

    169,206

    2,079

    4.86



    171,366

    2,142

    4.87



    170,023

    2,043

    4.67



    Allowance for loan and lease losses

    (1,401)







    (1,486)







    (1,505)







    Accrued income and other assets

    18,285







    17,308







    17,350







    Discontinued assets

    254







    268







    329







    Total assets

    $    186,344







    $    187,456







    $    186,197





    Liabilities

























    Money market deposits

    $       42,007

    $              275

    2.65 %



    $       40,676

    $              283

    2.77 %



    $       37,659

    $              264

    2.82 %



    Demand deposits

    57,460

    310

    2.19



    57,653

    341

    2.35



    56,137

    357

    2.56



    Savings deposits

    4,610

    1

    .06



    4,635

    1

    .07



    5,253

    1

    .07



    Time deposits

    16,625

    167

    4.09



    17,641

    196

    4.43



    14,430

    160

    4.45



    Total interest-bearing deposits

    120,702

    753

    2.53



    120,605

    821

    2.71



    113,479

    782

    2.77



    Federal funds purchased and securities sold

       under repurchase agreements

    100

    1

    3.94



    84

    1

    3.99



    106

    1

    4.03



    Bank notes and other short-term borrowings

    2,273

    27

    4.74



    1,832

    24

    5.19



    3,325

    46

    5.63



    Long-term debt (f)

    11,779

    193

    6.61



    13,984

    235

    6.70



    19,537

    328

    6.72



    Total interest-bearing liabilities

    134,854

    974

    2.92



    136,505

    1,081

    3.15



    136,447

    1,157

    3.41



    Noninterest-bearing deposits

    27,840







    29,128







    29,399







    Accrued expense and other liabilities

    4,764







    4,823







    5,373







    Discontinued liabilities (f)

    254







    268







    329







    Total liabilities

    $    167,712







    $    170,724







    $    171,548





    Equity

























    Total equity

    $       18,632







    $       16,732







    $       14,649







    Total liabilities and equity

    $    186,344







    $    187,456







    $    186,197





    Interest rate spread (TE)





    1.94 %







    1.72 %







    1.26 %

    Net interest income (TE) and net interest margin (TE)



    $           1,105

    2.58 %





    $           1,061

    2.41 %





    $              886

    2.02 %

    TE adjustment (b)



    9







    10







    11





    Net interest income, GAAP basis



    $           1,096







    $           1,051







    $              875







    (a)

    Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (f) below, 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, December 31, 2024, 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, $216 million, and $211 million of assets from commercial credit cards for the three months ended March 31, 2025, December 31, 2024, 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, $41.8 billion, and $42.7 billion for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. Yield based on the fair value of securities available for sale was 3.99%, 3.73%, and 2.50% for the three months ended March 31, 2025, December 31, 2024, 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 Key's matched funds transfer pricing methodology to discontinued operations.

    TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles.

     

    Noninterest Expense

    (Dollars in millions)











    Three months ended



    3/31/2025

    12/31/2024

    3/31/2024

    Personnel (a)

    $            680

    $            734

    $            674

    Net occupancy

    67

    67

    67

    Computer processing

    107

    107

    102

    Business services and professional fees

    40

    55

    41

    Equipment

    20

    20

    20

    Operating lease expense

    11

    15

    17

    Marketing

    21

    33

    19

    Other expense

    185

    198

    203

    Total noninterest expense

    $         1,131

    $         1,229

    $         1,143

    Average full-time equivalent employees (b)

    16,989

    16,810

    16,752





    (a)

    Additional detail provided in Personnel Expense table below.

    (b)

    The number of average full-time equivalent employees has not been adjusted for discontinued operations.

     

    Personnel Expense

    (Dollars in millions)











    Three months ended



    3/31/2025

    12/31/2024

    3/31/2024

    Salaries and contract labor

    $            405

    $            418

    $           389

    Incentive and stock-based compensation

    158

    197

    159

    Employee benefits

    109

    119

    126

    Severance

    8

    —

    —

    Total personnel expense

    $            680

    $            734

    $           674

     

    Loan Composition

    (Dollars in millions)





















    Change 3/31/2025 vs.



    3/31/2025

    12/31/2024

    3/31/2024



    12/31/2024

    3/31/2024

    Commercial and industrial (a)(b)

    $         54,378

    $         52,909

    $         54,793



    2.8 %

    (.8) %

    Commercial real estate:













    Commercial mortgage

    13,239

    13,310

    14,540



    (.5)

    (8.9)

    Construction

    2,929

    2,936

    3,013



    (.2)

    (2.8)

    Total commercial real estate loans

    16,168

    16,246

    17,553



    (.5)

    (7.9)

    Commercial lease financing (b)

    2,576

    2,736

    3,305



    (5.8)

    (22.1)

    Total commercial loans

    73,122

    71,891

    75,651



    1.7

    (3.3)

    Residential — prime loans:













    Real estate — residential mortgage

    19,622

    19,886

    20,704



    (1.3)

    (5.2)

    Home equity loans

    6,154

    6,358

    6,905



    (3.2)

    (10.9)

    Total residential — prime loans

    25,776

    26,244

    27,609



    (1.8)

    (6.6)

    Other consumer loans

    5,000

    5,167

    5,690



    (3.2)

    (12.1)

    Credit cards

    911

    958

    935



    (4.9)

    (2.6)

    Total consumer loans

    31,687

    32,369

    34,234



    (2.1)

    (7.4)

    Total loans (c), (d)

    $       104,809

    $       104,260

    $       109,885



    .5 %

    (4.6) %





    (a)

    Loan balances include $218 million, $212 million, and $214 million of commercial credit card balances at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

    (b)

    Commercial and industrial includes receivables held as collateral for a secured borrowing of $192 million at March 31, 2025, $211 million at December 31, 2024 and $349 million at March 31, 2024. Commercial lease financing includes receivables held as collateral for a secured borrowing of $2 million, $3 million, and $6 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. Principal reductions are based on the cash payments received from these related receivables.

    (c)

    Total loans exclude loans of $243 million at March 31, 2025, $257 million at December 31, 2024, and $313 million at March 31, 2024, related to the discontinued operations of the education lending business.

    (d)

    Accrued interest of $448 million, $456 million, and $508 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively, presented in "other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.

     

    Loans Held for Sale Composition

    (Dollars in millions)

























    Change 3/31/2025 vs.



    3/31/2025

    12/31/2024

    3/31/2024



    12/31/2024

    3/31/2024

    Commercial and industrial

    $             252

    $               88

    $               —



    186.4 %

    N/M

    Real estate — commercial mortgage

    473

    616

    155



    (23.2)

    205.2

    Real estate — residential mortgage

    86

    93

    73



    (7.5)

    17.8

    Total loans held for sale

    $             811

    $             797

    $             228



    1.8 %

    255.7 %

     

    Summary of Changes in Loans Held for Sale

    (Dollars in millions)















    1Q25

    4Q24

    3Q24

    2Q24

    1Q24

    Balance at beginning of period

    $            797

    $         1,058

    $            517

    $            228

    $            483

    New originations

    1,840

    2,915

    2,473

    1,532

    1,738

    Transfers from (to) held to maturity, net

    6

    —

    (16)

    (1)

    (105)

    Loan sales

    (1,695)

    (3,039)

    (1,889)

    (1,234)

    (1,893)

    Loan draws (payments), net

    (138)

    (136)

    (28)

    (7)

    4

    Valuation and other adjustments

    1

    (1)

    1

    (1)

    1

    Balance at end of period

    $            811

    $            797

    $         1,058

    $            517

    $            228

     

    Summary of Loan and Lease Loss Experience From Continuing Operations

    (Dollars in millions)











    Three months ended



    3/31/2025

    12/31/2024

    3/31/2024

    Average loans outstanding

    $ 104,354

    $ 104,711

    $ 111,034

    Allowance for loan and lease losses at the beginning of the period

    $     1,409

    $     1,494

    $     1,508

    Loans charged off:







    Commercial and industrial

    62

    84

    62









    Real estate — commercial mortgage

    36

    18

    5

    Real estate — construction

    —

    —

    —

    Total commercial real estate loans

    36

    18

    5

    Commercial lease financing

    —

    1

    —

    Total commercial loans

    98

    103

    67

    Real estate — residential mortgage

    1

    1

    1

    Home equity loans

    1

    —

    1

    Other consumer loans

    14

    15

    16

    Credit cards

    12

    12

    12

    Total consumer loans

    28

    28

    30

    Total loans charged off

    126

    131

    97

    Recoveries:







    Commercial and industrial

    10

    12

    8









    Real estate — commercial mortgage

    —

    —

    —

    Real estate — construction

    —

    —

    —

    Total commercial real estate loans

    —

    —

    —

    Commercial lease financing

    —

    —

    2

    Total commercial loans

    10

    12

    10

    Real estate — residential mortgage

    1

    1

    2

    Home equity loans

    1

    —

    1

    Other consumer loans

    2

    2

    2

    Credit cards

    2

    2

    1

    Total consumer loans

    6

    5

    6

    Total recoveries

    16

    17

    16

    Net loan charge-offs

    (110)

    (114)

    (81)

    Provision (credit) for loan and lease losses

    130

    29

    115

    Allowance for loan and lease losses at end of period

    $     1,429

    $     1,409

    $     1,542









    Liability for credit losses on lending-related commitments at beginning of period

    $       290

    $       280

    $       296

    Provision (credit) for losses on lending-related commitments

    (12)

    10

    (14)

    Other

    —

    —

    (1)

    Liability for credit losses on lending-related commitments at end of period (a)

    $       278

    $       290

    $       281









    Total allowance for credit losses at end of period

    $     1,707

    $     1,699

    $     1,823









    Net loan charge-offs to average total loans

    .43 %

    .43 %

    .29 %

    Allowance for loan and lease losses to period-end loans

    1.36

    1.35

    1.40

    Allowance for credit losses to period-end loans

    1.63

    1.63

    1.66

    Allowance for loan and lease losses to nonperforming loans

    208

    186

    234

    Allowance for credit losses to nonperforming loans

    249

    224

    277









    Discontinued operations — education lending business:







    Loans charged off

    $           1

    $           1

    $           1

    Recoveries

    —

    —

    —

    Net loan charge-offs

    $         (1)

    $         (1)

    $         (1)





    (a)

    Included in "Accrued expense and other liabilities" on the balance sheet.

     

    Asset Quality Statistics From Continuing Operations

    (Dollars in millions)



    1Q25

    4Q24

    3Q24

    2Q24

    1Q24

    Net loan charge-offs

    $       110

    $       114

    $       154

    $         91

    $         81

    Net loan charge-offs to average total loans

    .43 %

    .43 %

    .58 %

    .34 %

    .29 %

    Allowance for loan and lease losses

    $    1,429

    $    1,409

    $    1,494

    $    1,547

    $    1,542

    Allowance for credit losses (a)

    1,707

    1,699

    1,774

    1,833

    1,823

    Allowance for loan and lease losses to period-end loans

    1.36 %

    1.35 %

    1.42 %

    1.44 %

    1.40 %

    Allowance for credit losses to period-end loans

    1.63

    1.63

    1.68

    1.71

    1.66

    Allowance for loan and lease losses to nonperforming loans

    208

    186

    205

    218

    234

    Allowance for credit losses to nonperforming loans

    249

    224

    244

    258

    277

    Nonperforming loans at period end

    $       686

    $       758

    $       728

    $       710

    $       658

    Nonperforming assets at period end

    700

    772

    741

    727

    674

    Nonperforming loans to period-end portfolio loans

    .65 %

    .73 %

    .69 %

    .66 %

    .60 %

    Nonperforming assets to period-end portfolio loans plus OREO and other

         nonperforming assets

    .67

    .74

    .70

    .68

    .61





    (a)

    Includes the allowance for loan and lease losses plus the liability for credit losses on lending-related commitments.

     

    Summary of Nonperforming Assets and Past Due Loans From Continuing Operations

    (Dollars in millions)



    3/31/2025

    12/31/2024

    9/30/2024

    6/30/2024

    3/31/2024

    Commercial and industrial

    $       288

    $       322

    $       365

    $       358

    $       360













    Real estate — commercial mortgage

    206

    243

    176

    173

    113

    Real estate — construction

    —

    —

    —

    —

    —

    Total commercial real estate loans

    206

    243

    176

    173

    113

    Commercial lease financing

    —

    —

    —

    1

    1

    Total commercial loans

    494

    565

    541

    532

    474

    Real estate — residential mortgage

    94

    92

    87

    77

    79

    Home equity loans

    87

    89

    90

    91

    95

    Other Consumer loans

    4

    5

    4

    4

    4

    Credit cards

    7

    7

    6

    6

    6

    Total consumer loans

    192

    193

    187

    178

    184

    Total nonperforming loans (a)

    686

    758

    728

    710

    658

    OREO

    14

    14

    13

    17

    16

    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 days

    281

    206

    184

    282

    242

    Nonperforming assets from discontinued operations — education lending business 

    1

    2

    2

    3

    2

    Nonperforming loans to period-end portfolio loans

    .65 %

    .73 %

    .69 %

    .66 %

    .60 %

    Nonperforming assets to period-end portfolio loans plus OREO and other

         nonperforming assets

    .67

    .74

    .70

    .68

    .61

     

    Summary of Changes in Nonperforming Loans From Continuing Operations

    (Dollars in millions)



    1Q25

    4Q24

    3Q24

    2Q24

    1Q24

    Balance at beginning of period

    $          758

    $          728

    $          710

    $          658

    $          574

    Loans placed on nonaccrual status

    170

    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

     

    Line of Business Results

    (Dollars in millions)

































    Change 1Q25 vs.



    1Q25

    4Q24

    3Q24

    2Q24

    1Q24



    4Q24

    1Q24

    Consumer Bank

















    Summary of operations

















    Total revenue (TE)

    $             874

    $             872

    $             814

    $             769

    $             757



    .2 %

    15.5 %

    Provision for credit losses

    43

    43

    52

    33

    (2)



    —

    N/M

    Noninterest expense

    676

    713

    649

    648

    704



    (5.2)

    (4.0)

    Net income (loss) attributable to Key

    118

    88

    86

    67

    41



    34.1

    187.8

    Average loans and leases

    36,819

    37,567

    38,332

    39,174

    39,919



    (2.0)

    (7.8)

    Average deposits

    88,306

    87,476

    86,431

    85,397

    84,075



    .9

    5.0

    Net loan charge-offs

    52

    63

    54

    45

    44



    (17.5)

    18.2

    Net loan charge-offs to average total loans

    .57 %

    .67 %

    .56 %

    .46 %

    .44 %



    (14.9)

    29.5

    Nonperforming assets at period end

    $             201

    $             201

    $             195

    $             190

    $             196



    —

    2.6

    Return on average allocated equity

    15.24 %

    10.85 %

    10.34 %

    7.93 %

    4.69 %



    40.5

    224.9



















    Commercial Bank

















    Summary of operations

















    Total revenue (TE)

    $             942

    $             999

    $             868

    $             769

    $             798



    (5.7) %

    18.0 %

    Provision for credit losses

    75

    (3)

    41

    87

    102



    N/M

    (26.5)

    Noninterest expense

    462

    516

    445

    431

    442



    (10.5)

    4.5

    Net income (loss) attributable to Key

    321

    379

    300

    207

    205



    (15.3)

    56.6

    Average loans and leases

    67,056

    66,691

    67,452

    69,248

    70,633



    .5

    (5.1)

    Average loans held for sale

    754

    1,247

    998

    522

    840



    (39.5)

    (10.2)

    Average deposits

    57,436

    59,687

    58,696

    57,360

    56,331



    (3.8)

    2.0

    Net loan charge-offs

    57

    52

    99

    64

    37



    9.6

    54.1

    Net loan charge-offs to average total loans

    .34 %

    .31 %

    .58 %

    .37 %

    .21 %



    9.7

    61.9

    Nonperforming assets at period end

    $             499

    $             571

    $             546

    $             537

    $             478



    (12.6)

    4.4

    Return on average allocated equity

    13.76 %

    15.50 %

    11.98 %

    8.31 %

    8.24 %



    (11.2)

    67.0



    TE = Taxable Equivalent; N/M = Not Meaningful

     

    Selected Items Impact on Earnings

    (Dollars in millions, except per share amounts)



    Pretax(a)



    After-tax at marginal rate(a)

    Quarter to date results

    Amount



    Net Income

    EPS(c)(e)

    Three months ended March 31, 2025









    No items

    $                  —



    $                 —

    $                 —

    Three months ended December 31, 2024









    Loss on sale of securities(b)

    (915)



    (657)

    (0.66)

    Scotiabank investment agreement valuation (other income)

    (3)



    (2)

    —

    FDIC special assessment (other expense)(d)

    3



    2

    —

    Three months ended September 30, 2024









    Loss on sale of securities(b)

    (918)



    (737)

    (0.77)

    FDIC special assessment (other expense)(d)

    6



    5

    —

    Three months ended June 30, 2024









    FDIC special assessment (other expense)(d)

    (5)



    (4)

    —

    Three months ended March 31, 2024









    FDIC special assessment (other expense)(d)

    (29)



    (22)

    (0.02)

























    (a)

    Favorable (unfavorable) impact.

    (b)

    After-tax loss on sale of securities for the three months ended September 30, 2024 adjusted to reflect impact of GAAP accounting for income taxes in interim periods, with related adjustments recorded in the fourth quarter of 2024.

    (c)

    Impact to EPS reflected on a fully diluted basis.

    (d)

    In November 2023, the FDIC issued a final rule implementing a special assessment on insured depository institutions to recover the loss to the FDIC's deposit insurance fund (DIF) associated with protecting uninsured depositors following the 2023 closures of Silicon Valley Bank and Signature Bank. KeyCorp recorded the initial loss estimate related to the special assessment during the fourth quarter of 2023. Amounts reflected for the three-months ended March 31, 2024, June 30, 2024, September 30, 2024, and December 31, 2024, represent adjustments from initial estimates based on quarterly invoices received from the FDIC.

    (e)

    Earnings per share may not foot due to rounding.

     

    (PRNewsfoto/KeyCorp)

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/keycorp-reports-first-quarter-2025-net-income-of-370-million-or-33-per-diluted-common-share-302431397.html

    SOURCE KeyCorp

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