EX-99.3 4 a4q24erex993.htm EX-99.3

Exhibit 99.3

Consolidated Balance Sheets
(dollars in millions)
									12/31/2024			9/30/2024			12/31/2023
Assets
			Loans						$	104,260		$	105,346		$	112,606
			Loans held for sale						797			1,058			483
			Securities available for sale						37,707			34,169			37,185
			Held-to-maturity securities						7,395			7,702			8,575
			Trading account assets						1,283			1,404			1,142
			Short-term investments						17,504			22,796			10,817
			Other investments						1,041			1,117			1,244
						Total earning assets			169,987			173,592			172,052
			Allowance for loan and lease losses						(1,409)			(1,494)			(1,508)
			Cash and due from banks						1,743			1,276			941
			Premises and equipment						614			624			661
			Goodwill						2,752			2,752			2,752
			Other intangible assets						27			34			55
			Corporate-owned life insurance						4,394			4,379			4,383
			Accrued income and other assets						8,797			8,323			8,601
			Discontinued assets						263			277			344
						Total assets			$	187,168		$	189,763		$	188,281
Liabilities
			Deposits in domestic offices:
						Interest-bearing deposits			120,132			119,995			114,859
						Noninterest-bearing deposits			29,628			30,358			30,728
						Total deposits			149,760			150,353			145,587
			Federal funds purchased and securities sold under repurchase agreements						14			44			38
			Bank notes and other short-term borrowings						2,130			2,359			3,053
			Accrued expense and other liabilities						4,983			4,478			5,412
			Long-term debt						12,105			15,677			19,554
						Total liabilities			168,992			172,911			173,644
Equity
			Preferred stock						2,500			2,500			2,500
			Common shares						1,257			1,257			1,257
			Capital surplus						6,038			6,149			6,281
			Retained earnings						14,584			15,066			15,672
			Treasury stock, at cost						(2,733)			(4,839)			(5,844)
			Accumulated other comprehensive income (loss)						(3,470)			(3,281)			(5,229)
						Key shareholders’ equity			18,176			16,852			14,637
			Noncontrolling interests						—			—			—
						Total equity			18,176			16,852			14,637
Total liabilities and equity									$	187,168		$	189,763		$	188,281
Common shares outstanding (000)									1,106,786			991,251			936,564

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Consolidated Statements of Income
(dollars in millions, except per share amounts)
									Three months ended												Twelve months ended
									12/31/2024			9/30/2024			12/31/2023						12/31/2024			12/31/2023
Interest income
			Loans						$	1,448		$	1,516		$	1,574					$	6,026		$	6,219
			Loans held for sale						20			18			12						60			61
			Securities available for sale						353			298			213						1,142			793
			Held-to-maturity securities						66			70			78						284			312
			Trading account assets						16			15			13						61			55
			Short-term investments						214			244			138						792			414
			Other investments						15			14			22						62			73
						Total interest income			2,132			2,175			2,050						8,427			7,927
Interest expense
			Deposits						821			887			754						3,307			2,322
			Federal funds purchased and securities sold under repurchase agreements						1			1			—						4			79
			Bank notes and other short-term borrowings						24			43			45						164			308
			Long-term debt						235			292			330						1,187			1,305
						Total interest expense			1,081			1,223			1,129						4,662			4,014
Net interest income									1,051			952			921						3,765			3,913
Provision for credit losses									39			95			102						335			489
Net interest income after provision for credit losses									1,012			857			819						3,430			3,424
Noninterest income
			Trust and investment services income						142			140			132						557			516
			Investment banking and debt placement fees						221			171			136						688			542
			Service charges on deposit accounts						65			67			65						261			270
			Operating lease income and other leasing gains						15			16			22						76			92
			Corporate services income						69			69			67						275			302
			Cards and payments income						85			84			84						331			340
			Corporate-owned life insurance income						36			36			36						138			132
			Consumer mortgage income						16			12			11						58			51
			Commercial mortgage servicing fees						68			73			48						258			190
			Other income						(5)			(2)			13						23			46
			Net securities gains (losses)						(908)			(935)			(4)						(1,856)			(11)
						Total noninterest income			(196)			(269)			610						809			2,470
Noninterest expense
			Personnel						734			670			674						2,714			2,660
			Net occupancy						67			66			65						266			267
			Computer processing						107			104			92						414			368
			Business services and professional fees						55			41			44						174			168
			Equipment						20			20			24						80			88
			Operating lease expense						15			14			18						63			77
			Marketing						33			21			31						94			109
			Intangible asset amortization						—			—			—						—			—
			Other expense						198			158			424						740			997
						Total noninterest expense			1,229			1,094			1,372						4,545			4,734
Income (loss) from continuing operations before income taxes									(413)			(506)			57						(306)			1,160
			Income taxes						(169)			(95)			(8)						(143)			196
Income (loss) from continuing operations									(244)			(411)			65						(163)			964
			Income (loss) from discontinued operations, net of taxes						—			1			—						2			3
Net income (loss)									(244)			(410)			65						(161)			967
			Less: Net income (loss) attributable to noncontrolling interests						—			—			—						—			—
Net income (loss) attributable to Key									$	(244)		$	(410)		$	65					$	(161)		$	967
Income (loss) from continuing operations attributable to Key common shareholders									$	(279)		$	(447)		$	30					$	(306)		$	821
Net income (loss) attributable to Key common shareholders									(279)			(446)			30						(304)			824
Per common share
Income (loss) from continuing operations attributable to Key common shareholders									$	(.28)		$	(.47)		$	.03					$	(.32)		$	.88
Income (loss) from discontinued operations, net of taxes									—			—			—						—			—
Net income (loss) attributable to Key common shareholders (a)									(.28)			(.47)			.03						(.32)			.89
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders									$	(.28)		$	(.47)		$	.03					$	(.32)		$	.88
Income (loss) from discontinued operations, net of taxes									—			—			—						—			—
Net income (loss) attributable to Key common shareholders (a)									(.28)			(.47)			$	.03					(.32)			.88
Cash dividends declared per common share									$	.205		$	.205		$	.205					$	.82		$	.82
Weighted-average common shares outstanding (000)									986,829			948,979			927,517						949,561			927,217
			Effect of common share options and other stock awards						—			—			6,529						—			5,542
Weighted-average common shares and potential common shares outstanding (000) (b)									986,829			948,979			934,046						949,561			932,759

(a)Earnings per share may not foot due to rounding.

(b)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.