Revenue of $2.0 billion; Record full year revenue of $7.5 billion, up 16% year-over-year adjusted for selected items(a),(b)
Pre-provision net revenue(b) increased $46 million quarter-over-quarter; Full year pre-provision net revenue increased 44% year-over-year adjusted for selected items(a),(b)
Net interest income increased 3% quarter-over-quarter, and net interest margin of 2.82% increased 7 bps
Nonperforming assets decreased 6% quarter-over-quarter; Net charge-offs decreased 3 bps to 39 bps
Common Equity Tier 1 ratio of 11.7%(c); Repurchased $200 million of common shares during the quarter
CLEVELAND, Jan. 20, 2026 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced net income from continuing operations attributable to Key common shareholders of $474 million, or $.43 per diluted common share, or adjusted net income of $458 million, or $.41 per diluted common share(b), for the fourth quarter of 2025. The fourth quarter of 2025 included a $16 million after-tax benefit related to the updated FDIC special assessment(a). For the third quarter of 2025, net income from continuing operations attributable to Key common shareholders was $454 million, or $.41 per diluted common share, or adjusted net income of $450 million, or $.41 per diluted common share(b). 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(b). Included in the fourth quarter of 2024 are after-tax charges of $(657) million, or $(.66) per diluted common share, related to the loss on the sale of securities(a), a $2 million after-tax charge related to the Scotiabank investment agreement valuation(a), and a $2 million after-tax benefit related to the updated FDIC special assessment(a).
Comments from Chairman and CEO, Chris Gorman
"Our strong fourth quarter and full-year results demonstrate the consistent and significant progress we are making on our path to achieving sustainable mid-to-high teens returns on tangible common equity. Fourth quarter revenue exceeded $2 billion, and full year revenue was a record, up 16% year-over-year(b). Full year results met or exceeded each of the financial targets we communicated at the beginning of the year. During the year, we generated approximately 1,200 basis points of adjusted operating leverage(b) and 280 basis points of adjusted fee-based operating leverage(b). Tangible book value per share grew 3% sequentially and 18% year-over-year.
In addition to driving greater return on capital, we remain committed to the return of capital. To this end, we resumed share repurchases at an accelerated pace, buying back $200 million of common shares in the fourth quarter while maintaining peer-leading capital ratios. Given our excess capital position and meaningful capital generation capabilities, we are well positioned to further increase our return of capital to our shareholders in 2026.
Looking forward, I am confident that we will deliver another year of strong organic revenue and earnings growth. Our strategic investments - particularly in front-line bankers and technology - continue to fuel organic growth and enhance our ability to deliver best-in-class capabilities and service to our clients. Business momentum remains strong. Assets under management reached a record $70 billion. Investment banking and debt placement fees recorded the second-best annual performance in our history, and pipelines remain elevated.
I am incredibly proud of our results, our continued momentum, and most importantly, the talented teammates behind our success. This morning, we announced changes to the composition of our Board which reflect strong leadership that will drive the next phase of value creation for Key. I remain confident that our focus, resilience, and dedication will continue to deliver value to the stakeholders we serve - our shareholders, our clients, and our communities."
(a) See table on page 25 for more information on Selected Items Impact on Earnings.
(b) The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "adjusted revenue", "pre-provision net revenue", "adjusted pre-provision net revenue", "adjusted noninterest income", "adjusted noninterest expense", "adjusted total operating leverage", "adjusted fee-based
operating leverage", "adjusted net income", and "adjusted earnings per share". The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(c) December 31, 2025 ratio is estimated
Selected Financial Highlights
Dollars in millions, except per share data Change 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Income (loss) from continuing operations attributable to Key common shareholders $474 $454 $(279) 4.4 % N/M
Income (loss) from continuing operations attributable to Key common shareholders per .43 .41 (.28) 4.9 N/M
common share - assuming dilution
Book value at period end 16.27 15.86 14.21 2.6 14.5 %
Return on average tangible common equity from continuing operations (a) 12.43 % 12.51 % (9.69) % (8) bps N/M
Return on average total assets from continuing operations 1.08 1.04 (.52) 4 160 bps
Common Equity Tier 1 ratio (b) 11.7 11.8 11.9 (10) (20)
Net interest margin (TE) from continuing operations 2.82 2.75 2.41 7 41
(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)
December 31, 2025 ratio is estimated.
TE = Taxable Equivalent, N/M = Not Meaningful
INCOME STATEMENT HIGHLIGHTS
Revenue
Dollars in millions Change 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Net interest income (TE) $1,223 $1,193 $1,061 2.5 % 15.3 %
Noninterest income 782 702 (196) 11.4 N/M
Total revenue (TE) $2,005 $1,895 $865 5.8 % 131.8 %
TE = Taxable Equivalent, N/M = Not Meaningful
Taxable-equivalent net interest income was $1.22 billion for the fourth quarter of 2025 and the net interest margin was 2.82%. Compared to the fourth quarter of 2024, net interest income increased by $162 million, and the net interest margin increased by 41 basis points. These increases primarily reflect lower deposit costs, the reinvestment of proceeds from maturing low-yielding investment securities, swaps and fixed-rate loans into higher-yielding investments, and the repositioning of the available-for-sale portfolio during the fourth quarter of 2024. Additionally, the balance sheet composition shifted to reflect a more favorable mix of higher-yielding commercial and industrial loans 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 variable-rate earning assets.
Compared to the third quarter of 2025, taxable-equivalent net interest income increased by $30 million, and the net interest margin increased by 7 basis points. These increases were driven by lower deposit costs, an improved funding mix as lower-cost deposit balances increased while wholesale borrowings declined, and a shift in the balance sheet composition to a more favorable mix of higher-yielding commercial and industrial loans. These benefits were partially offset by the impact of lower interest rates on variable-rate earning assets.
Noninterest Income
Dollars in millions Change 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Trust and investment services income $156 $150 $142 4.0 % 9.9 %
Investment banking and debt placement fees 243 184 221 32.1 10.0
Cards and payments income 84 86 85 (2.3) (1.2)
Service charges on deposit accounts 78 75 65 4.0 20.0
Corporate services income 81 72 69 12.5 17.4
Commercial mortgage servicing fees 68 73 68 (6.8)
Corporate-owned life insurance income 40 35 36 14.3 11.1
Consumer mortgage income 16 14 16 14.3
Operating lease income and other leasing gains 9 11 15 (18.2) (40.0)
Other income 7 8 (5) (12.5) N/M
Net securities gains (losses) (6) (908) N/M N/M
Total noninterest income $782 $702 $(196) 11.4 % N/M
N/M = Not Meaningful
Compared to the fourth quarter of 2024, noninterest income increased by $978 million. The increase was primarily driven by the impact of a $915 million loss on the sale of securities as part of the strategic repositioning of the portfolio in the fourth quarter of 2024. Adjusted noninterest income(a) grew 8% primarily driven by a $22 million increase in investment banking and debt placement fees, a $12 million increase in corporate services income, and continued momentum in trust and investment services and commercial payments.
Compared to the third quarter of 2025, noninterest income increased by $80 million. The increase was driven by a $59 million increase in investment banking and debt placement fees reflective of higher merger and acquisition advisory fees as well as commercial debt placement fees, a $9 million increase in corporate services income, and a $6 million increase in trust and investment services income.
Noninterest Expense
Dollars in millions Change 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Personnel expense $790 $742 $734 6.5 % 7.6 %
Net occupancy 69 65 67 6.2 3.0
Computer processing 106 105 107 1.0 (.9)
Business services and professional fees 61 44 55 38.6 10.9
Equipment 22 20 20 10.0 10.0
Operating lease expense 8 9 15 (11.1) (46.7)
Marketing 28 22 33 27.3 (15.2)
Other expense 157 170 198 (7.6) (20.7)
Total noninterest expense $1,241 $1,177 $1,229 5.4 % 1.0 %
Compared to the fourth quarter of 2024, noninterest expense increased by $12 million. The increase was predominantly driven by a $56 million increase in personnel expense primarily related to incentive compensation associated with noninterest income growth, continued investments in people, and employee benefits. These were partially offset by a decrease in other expense related to a $21 million benefit associated with the updated FDIC special assessment.
Compared to the third quarter of 2025, noninterest expense increased by $64 million. The increase was predominantly driven by a $48 million increase in personnel expense, primarily related to incentive compensation associated with noninterest income growth, seasonally higher employee benefits, and continued investments in people. Business services and professional fees increased by $17 million due to technology-related investments and seasonality. These were partially offset by a decrease in other expense related to a $21 million benefit associated with the updated FDIC special assessment.
(a) The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations related to "adjusted noninterest income". The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
BALANCE SHEET HIGHLIGHTS
Average Loans
Dollars in millions Change 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Commercial and industrial (a) $57,541 $56,571 $52,887 1.7 % 8.8 %
Other commercial loans 18,497 18,826 19,202 (1.7) (3.7)
Total consumer loans 30,278 30,830 32,622 (1.8) (7.2)
Total loans $106,316 $106,227 $104,711 0.1 % 1.5 %
(a) Commercial and industrial average loan balances include $211 million, $214 million, and $216 million of assets from commercial credit cards at December 31,
2025, September 30, 2025, and December 31, 2024, respectively.
Average loans were $106.3 billion for the fourth quarter of 2025, an increase of $1.6 billion compared to the fourth quarter of 2024. Average commercial loans increased by $3.9 billion, primarily driven by a $4.7 billion increase in commercial and industrial loans, partially offset by modest reduction in commercial real estate loans. Average consumer loans declined by $2.3 billion, reflective of the intentional run-off of low-yielding loans, primarily consumer mortgages.
Compared to the third quarter of 2025, average loans increased by $89 million. Average commercial loans increased $641 million, primarily driven by an increase in commercial and industrial loans. Average consumer loans declined by $552 million, reflective of the intentional run-off of low-yielding loans.
Average Deposits
Dollars in millions Change 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Non-time deposits $136,853 $135,135 $132,092 1.3 % 3.6 %
Time deposits 13,857 15,239 17,641 (9.1) (21.5)
Total deposits $150,710 $150,374 $149,733 .2 % .7 %
Cost of total deposits 1.81 % 1.97 % 2.18 % (16) bps (37) bps
Average deposits totaled $150.7 billion for the fourth quarter of 2025, an increase of $977 million compared to the year-ago quarter, reflecting growth in commercial deposits.
Compared to the third quarter of 2025, average deposits increased by $336 million, driven by higher commercial client balances which offset a $1.3 billion decline in brokered CDs. The rate paid on interest-bearing deposits declined by 20 basis points, and the overall cost of deposits declined by 16 basis points to 1.81%.
ASSET QUALITY
Dollars in millions Change 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Net loan charge-offs $104 $114 $114 (8.8) % (8.8) %
Net loan charge-offs to average total loans .39 % .42 % .43 % (3) bps (4) bps
Nonperforming loans at period end $615 $658 $758 (6.5) % (18.9) %
Nonperforming assets at period end 627 668 772 (6.1) (18.8)
Allowance for loan and lease losses 1,427 1,444 1,409 (1.2) 1.3
Allowance for credit losses 1,740 1,736 1,699 0.2 2.4
Provision for credit losses 108 107 39 0.9 N/M
Allowance for loan and lease losses to nonperforming loans 232 % 219 % 186 % N/M N/M
Allowance for credit losses to nonperforming loans 283 264 224 N/M N/M
N/M = Not Meaningful
Net loan charge-offs for the fourth quarter of 2025 totaled $104 million, or 0.39% of average total loans. These results compare to $114 million, or 0.43%, for the fourth quarter of 2024 and $114 million, or 0.42%, for the third quarter of 2025.
Key's allowance for credit losses was $1.7 billion, or 1.63% of total period-end loans at December 31, 2025, compared to 1.63% at December 31, 2024, and 1.64% at September 30, 2025. A relatively stable reserve build of $4 million during the fourth quarter of 2025 was the result of the net impact of improving credit quality trends and resilient economic forecasts offset by growth in unfunded commitments.
At December 31, 2025, Key's nonperforming loans totaled $615 million, which represented 0.58% of period-end portfolio loans. These results compare to 0.73% at December 31, 2024, and 0.62% at September 30, 2025. Nonperforming assets at December 31, 2025, totaled $627 million, and represented 0.59% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.74% at December 31, 2024, and 0.63% at September 30, 2025.
CAPITAL
Key's estimated risk-based capital ratios, included in the following table, continued to exceed all "well-capitalized" regulatory benchmarks at December 31, 2025.
Capital Ratios
12/31/2025 9/30/2025 12/31/2024
Common Equity Tier 1 (a) 11.7 % 11.8 % 11.9 %
Tier 1 risk-based capital (a) 13.4 13.5 13.7
Total risk-based capital (a) 15.6 15.8 16.2
Tangible common equity to tangible assets (b) 8.4 8.1 7.0
Leverage (a) 10.5 10.4 10.0
(a) December 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 fourth quarter of 2025. As shown in the preceding table, at December 31, 2025, Key's estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.7% and 13.4%, respectively.
Summary of Changes in Common Shares Outstanding
In thousands Change 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Shares outstanding at beginning of period 1,112,952 1,112,453 991,251 12.3 %
Share repurchases (11,109) N/M N/M
Shares issued under employee compensation plans (net of cancellations and 558 499 493 11.8 % 13.2
returns)
Shares issued under Scotiabank investment agreement 115,042 N/M
Shares outstanding at end of period 1,102,401 1,112,952 1,106,786 (.9) % (.4) %
N/M = Not Meaningful
During the fourth quarter of 2025, Key declared a dividend of $.205 per common share. The reduction in share count was driven by $200 million of common shares repurchased.
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 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Revenue from continuing operations (TE)
---
Consumer Bank $948 $935 $865 1.4 % 9.6 %
Commercial Bank 1,109 1,014 1,001 9.4 10.8
Other (a) (52) (54) (1,001) 3.7 94.8
Total $2,005 $1,895 $865 5.8 % 131.8 %
Income (loss) from continuing operations attributable to Key
---
Consumer Bank $137 $152 $83 (9.9) % 65.1 %
Commercial Bank 410 367 381 11.7 7.6
Other (a) (38) (29) (708) (31.0) 94.6
Total $509 $490 $(244) 3.9 % 308.6 %
(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 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. 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 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Summary of operations
Net interest income (TE) $696 $691 $632 .7 % 10.1 %
Noninterest income 252 244 233 3.3 8.2
Total revenue (TE) 948 935 865 1.4 9.6
Provision for credit losses 32 40 43 (20.0) (25.6)
Noninterest expense 735 695 713 5.8 3.1
Income (loss) before income taxes (TE) 181 200 109 (9.5) 66.1
Allocated income taxes (benefit) and TE adjustments 44 48 26 (8.3) 69.2
Net income (loss) attributable to Key $137 $152 $83 (9.9) % 65.1 %
Average balances
Loans and leases $34,683 $35,363 $37,567 (1.9) % (7.7) %
Total assets 37,731 38,374 40,563 (1.7) (7.0)
Deposits 87,738 87,692 87,476 .1 .3
Assets under management at period end $69,964 $67,855 $61,361 3.1 % 14.0 %
TE = Taxable Equivalent
Additional Consumer Bank Data
Dollars in millions Change 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Noninterest income
Trust and investment services income $128 $124 $115 3.2 % 11.3 %
Service charges on deposit accounts 38 36 32 5.6 18.8
Cards and payments income 60 61 61 (1.6) (1.6)
Consumer mortgage income 16 14 17 14.3 (5.9)
Other noninterest income 10 9 8 11.1 25.0
Total noninterest income $252 $244 $233 3.3 % 8.2 %
Average deposit balances
Money market deposits $35,390 $35,278 $31,968 .3 % 10.7 %
Demand deposits 22,879 22,604 22,442 1.2 1.9
Savings deposits 4,177 4,291 4,391 (2.7) (4.9)
Time deposits 11,061 11,113 13,979 (.5) (20.9)
Noninterest-bearing deposits 14,231 14,406 14,696 (1.2) (3.2)
Total deposits $87,738 $87,692 $87,476 .1 % .3 %
Other data
Branches 940 942 943
Automated teller machines 1,120 1,152 1,182
Consumer Bank Summary of Operations (4Q25 vs. 4Q24)
- Key's Consumer Bank recorded net income attributable to Key of $137 million for the fourth quarter of 2025, compared to $83 million for the year-ago quarter
- Taxable-equivalent net interest income increased by $64 million, or 10.1%, compared to the fourth quarter of 2024
- Average loans and leases decreased $2.9 billion, or 7.7%, from the fourth quarter of 2024, driven by intentional run-off of low-yielding loans
- Average deposits increased $262 million, or 0.3%, from the fourth quarter of 2024. The increase was driven by growth in money market deposits, offset by a decrease in time deposits
- Provision for credit losses decreased $11 million compared to the fourth quarter of 2024 driven by lower charge-offs and the impacts from ongoing loan run-off
- Noninterest income increased $19 million from the year-ago quarter, primarily driven by higher trust and investment services income
- Noninterest expense increased $22 million from the year-ago quarter, primarily driven by higher support and overhead expense
Commercial Bank
Dollars in millions Change 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Summary of operations
Net interest income (TE) $616 $587 $537 4.9 % 14.7 %
Noninterest income 493 427 464 15.5 6.3
Total revenue (TE) 1,109 1,014 1001 9.4 10.8
Provision for credit losses 73 68 (3) 7.4 N/M
Noninterest expense 512 482 515 6.2 (.6)
Income (loss) before income taxes (TE) 524 464 489 12.9 7.2
Allocated income taxes and TE adjustments 114 97 108 17.5 5.6
Net income (loss) attributable to Key $410 $367 $381 11.7 % 7.6 %
Average balances
Loans and leases $71,104 $70,326 $66,691 1.1 % 6.6 %
Loans held for sale 1,140 1,224 1,247 (6.9) (8.6)
Total assets 80,357 79,733 76,433 0.8 5.1
Deposits 60,436 58,483 59,687 3.3 1.3
TE = Taxable Equivalent, N/M = Not Meaningful
Additional Commercial Bank Data
Dollars in millions Change 4Q25 vs.
4Q25 3Q25 4Q24 3Q25 4Q24
Noninterest income
Trust and investment services income $28 $26 $27 7.7 % 3.7 %
Investment banking and debt placement fees 244 183 220 33.3 10.9
Cards and payments income 22 21 20 4.8 10.0
Service charges on deposit accounts 39 37 32 5.4 21.9
Corporate services income 75 69 67 8.7 11.9
Commercial mortgage servicing fees 67 73 67 (8.2)
Operating lease income and other leasing gains 9 10 15 (10.0) (40.0)
Other noninterest income 9 8 16 12.5 (43.8)
Total noninterest income $493 $427 $464 15.5 % 6.3 %
Commercial Bank Summary of Operations (4Q25 vs. 4Q24)
- Key's Commercial Bank recorded net income attributable to Key of $410 million for the fourth quarter of 2025, compared to $381 million for the year-ago quarter
- Taxable-equivalent net interest income increased by $79 million, or 14.7%, compared to the fourth quarter of 2024
- Average loan and lease balances increased $4.4 billion, or 6.6%, compared to the fourth quarter of 2024, driven by an increase in commercial and industrial loans
- Average deposit balances increased $749 million compared to the fourth quarter of 2024, driven by higher client deposits
- Provision for credit losses increased $76 million compared to the fourth quarter of 2024, driven by higher loan balances and commitments
- Noninterest income increased $29 million compared to the fourth quarter of 2024, primarily driven by an increase in investment banking and debt placement fees and corporate services income
- Noninterest expense decreased $3 million compared to the fourth quarter of 2024, primarily driven by a decrease in other direct noninterest expense
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KeyCorp's roots trace back more than 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 $184 billion at December 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 950 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 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/irat 8:00 a.m. ET, on January 20, 2026. A replay of the call will be available on our website through January 20, 2027.
*****
KeyCorp
Fourth Quarter 2025
Financial Supplement
Page
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12
Basis of Presentation
13
Financial Highlights
15
GAAP to Non-GAAP Reconciliation
18
Consolidated Balance Sheets
19
Consolidated Statements of Income
20 Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From
Continuing Operations
22
Noninterest Expense
22
Personnel Expense
22
Loan Composition
22
Loans Held for Sale Composition
23
Summary of Changes in Loans Held for Sale
23 Summary of Loan and Lease Loss Experience From Continuing Operations
25
Asset Quality Statistics From Continuing Operations
25 Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
25 Summary of Changes in Nonperforming Loans From Continuing Operations
26
Line of Business Results
26
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
12/31/2025 9/30/2025 12/31/2024
Summary of operations
Net interest income (TE) $1,223 $1,193 $1,061
Noninterest income 782 702 (196)
Total revenue (TE) 2,005 1,895 865
Provision for credit losses 108 107 39
Noninterest expense 1,241 1,177 1,229
Income (loss) from continuing operations attributable to Key 509 490 (244)
Income (loss) from discontinued operations, net of taxes 1 (1)
Net income (loss) attributable to Key 510 489 (244)
Income (loss) from continuing operations attributable to Key common shareholders 474 454 (279)
Income (loss) from discontinued operations, net of taxes 1 (1)
Net income (loss) attributable to Key common shareholders 475 453 (279)
Per common share
Income (loss) from continuing operations attributable to Key common shareholders $.43 $.41 $(.28)
Income (loss) from discontinued operations, net of taxes
Net income (loss) attributable to Key common shareholders (a) .43 .41 (.28)
Income (loss) from continuing operations attributable to Key common shareholders -
assuming dilution .43 .41 (.28)
Income (loss) from discontinued operations, net of taxes -assuming dilution
Net income (loss) attributable to Key common shareholders -assuming dilution (a) .43 .41 (.28)
Cash dividends declared .205 .205 .205
Book value at period end 16.27 15.86 14.21
Tangible book value at period end 13.77 13.38 11.70
Market price at period end 20.64 18.69 17.14
Performance ratios
From continuing operations:
Return on average total assets 1.08 % 1.04 % (.52) %
Return on average common equity 10.51 10.49 (7.80)
Return on average tangible common equity (b) 12.43 12.51 (9.69)
Net interest margin (TE) 2.82 2.75 2.41
Cash efficiency ratio (b) 61.6 61.8 141.3
From consolidated operations:
Return on average total assets 1.08 % 1.04 % (.52) %
Return on average common equity 10.54 10.47 (7.80)
Return on average tangible common equity (b) 12.46 12.48 (9.69)
Net interest margin (TE) 2.81 2.74 2.41
Loan to deposit (c) 72.5 71.0 70.3
Capital ratios at period end
Key shareholders' equity to assets 11.1 % 10.7 % 9.7 %
Key common shareholders' equity to assets 9.7 9.4 8.4
Tangible common equity to tangible assets (b) 8.4 8.1 7.0
Common Equity Tier 1 (d) 11.7 11.8 11.9
Tier 1 risk-based capital (d) 13.4 13.5 13.7
Total risk-based capital (d) 15.6 15.8 16.2
Leverage (d) 10.5 10.4 10.0
Asset quality - from continuing operations
Net loan charge-offs $104 $114 $114
Net loan charge-offs to average loans .39 % .42 % .43 %
Allowance for loan and lease losses $1,427 $1,444 $1,409
Allowance for credit losses 1,740 1,736 1,699
Allowance for loan and lease losses to period-end loans 1.34 % 1.36 % 1.35 %
Allowance for credit losses to period-end loans 1.63 1.64 1.63
Allowance for loan and lease losses to nonperforming loans 232 219 186
Allowance for credit losses to nonperforming loans 283 264 224
Nonperforming loans at period-end $615 $658 $758
Nonperforming assets at period-end 627 668 772
Nonperforming loans to period-end portfolio loans .58 % .62 % .73 %
Nonperforming assets to period-end portfolio loans plus OREO and other
nonperforming assets .59 .63 .74
Trust assets
Assets under management $69,964 $67,855 $61,361
Other data
Average full-time equivalent employees 17,396 17,414 16,810
Branches 940 942 944
Taxable-equivalent adjustment $8 $9 $10
Financial Highlights (continued)
(Dollars in millions, except per share amounts)
Twelve months ended
12/31/2025 12/31/2024
Summary of operations
Net interest income (TE) $4,671 $3,810
Noninterest income 2,842 809
Total revenue (TE) 7,513 4,619
Provision for credit losses 471 335
Noninterest expense 4,703 4,545
Income (loss) from continuing operations attributable to Key 1,828 (163)
Income (loss) from discontinued operations, net of taxes 1 2
Net income (loss) attributable to Key 1,829 (161)
Income (loss) from continuing operations attributable to Key common shareholders 1,685 (306)
Income (loss) from discontinued operations, net of taxes 1 2
Net income (loss) attributable to Key common shareholders 1,686 (304)
Per common share
Income (loss) from continuing operations attributable to Key common shareholders $1.53 $(.32)
Income (loss) from discontinued operations, net of taxes
Net income (loss) attributable to Key common shareholders (a) 1.53 (.32)
Income (loss) from continuing operations attributable to Key common shareholders -
assuming dilution 1.52 (.32)
Income (loss) from discontinued operations, net of taxes -assuming dilution
Net income (loss) attributable to Key common shareholders -assuming dilution (a) 1.52 (.32)
Cash dividends paid .82 .82
Performance ratios
From continuing operations:
Return on average total assets .98 % (.09) %
Return on average common equity 9.92 (2.37)
Return on average tangible common equity (b) 11.85 (3.03)
Net interest margin (TE) 2.69 2.16
Cash efficiency ratio (b) 62.3 97.8
From consolidated operations:
Return on average total assets .98 % (.09) %
Return on average common equity 9.92 (2.36)
Return on average tangible common equity (b) 11.85 (3.01)
Net interest margin (TE) 2.69 2.16
Asset quality - from continuing operations
Net loan charge-offs $430 $440
Net loan charge-offs to average total loans .41 % .41 %
Other data
Average full-time equivalent employees 17,226 16,753
Taxable-equivalent adjustment $35 $45
(a)
Earnings per share may not foot due to rounding.
(b) The table entitled "GAAP to Non-GAAP Reconciliations" starting on page 15 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) December 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," "adjusted return on average tangible common equity," "pre-provision net revenue," "adjusted pre-provision net revenue," "cash efficiency ratio," "adjusted taxable-equivalent revenue," "adjusted noninterest income," "adjusted noninterest expense," "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. Adjusted return on average tangible common equity 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.
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. The adjusted cash efficiency ratio excludes significant or unusual items that management does not consider indicative of ongoing financial performance.
Adjusted taxable-equivalent revenue or adjusted revenue is a non-GAAP measure in that it adjusts revenue for certain tax-exempt instruments and selected items. 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, as well as demonstrate the effects of the financial impacts related to those selected items.
Adjusted noninterest income and adjusted noninterest expense are non-GAAP measures in that they exclude significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes these measures 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.
Adjusted operating leverage and fee-based adjusted operating leverage are non-GAAP performance measure in that it utilizes revenue on a tax-equivalent basis and adjusts revenue and expense for significant and unusual items. Management utilizes this measurement in analyzing performance and believes that adjusting for significant and unusual items 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 Twelve months ended
12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024
Tangible common equity to tangible assets at period-end
Key shareholders' equity (GAAP) $20,381 $20,102 $18,176
Less: Intangible assets 2,760 2,765 2,779
Preferred Stock (a) 2,446 2,446 2,446
Tangible common equity (non-GAAP) $15,175 $14,891 $12,951
Total assets (GAAP) $184,381 $187,409 $187,168
Less: Intangible assets 2,760 2,765 2,779
Tangible assets (non-GAAP) $181,621 $184,644 $184,389
Tangible common equity to tangible assets ratio (non-GAAP) 8.36 % 8.06 % 7.02 %
Average tangible common equity
Average Key shareholders' equity (GAAP) $20,388 $19,664 $16,732 $19,493 $15,408
Less: Intangible assets (average) 2,762 2,767 2,783 2,769 2,793
Preferred stock (average) 2,500 2,500 2,500 2,500 2,500
Average tangible common equity (non-GAAP) $15,126 $14,397 $11,449 $14,224 $10,115
Return on average tangible common equity from continuing operations
Income (loss) from continuing operations attributable to Key common $474 $454 $(279) $1,685 $(306)
shareholders (GAAP)
Average tangible common equity (non-GAAP) 15,126 14,397 11,449 14,224 10,115
Return on average tangible common equity from continuing operations (non- 12.43 % 12.51 % (9.69) % 11.85 % (3.03) %
GAAP)
Adjusted return on average tangible common equity from continuing
operations
Adjusted income (loss) available from continuing operations attributable to Key $458 $450 $378 $1,665 $1,109
common shareholders (non-GAAP)
Adjusted return on average tangible common equity from continuing operations 12.01 % 12.40 % 13.13 % 11.71 % 10.96 %
excluding notable items (non-GAAP)
Return on average tangible common equity consolidated
Net income (loss) attributable to Key common shareholders (GAAP) $475 $453 $(279) $1,686 $(304)
Average tangible common equity (non-GAAP) 15,126 14,397 11,449 14,224 10,115
Return on average tangible common equity consolidated (non-GAAP) 12.46 % 12.48 % (9.69) % 11.85 % (3.01) %
Pre-provision net revenue
Net interest income (GAAP) $1,215 $1,184 $1,051 $4,636 $3,765
Plus: Taxable-equivalent adjustment 8 9 10 35 45
Noninterest income (GAAP) 782 702 (196) 2,842 809
Less: Noninterest expense (GAAP) 1,241 1,177 1,229 4,703 4,545
Pre-provision net revenue from continuing operations (non-GAAP) $764 $718 $(364) $2,810 $74
Adjusted pre-provision net revenue
Pre-provision net revenue from continuing operations (non-GAAP) $764 $718 $(364) $2,810 $74
Plus: Selected items(b) (21) (5) 915 (26) 1,858
Adjusted pre-provision net revenue from continuing operations (non-GAAP) $743 $713 $551 $2,784 $1,932
GAAP to Non-GAAP Reconciliations (continued)
(Dollars in millions)
Three months ended Twelve months ended
12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024
Cash efficiency ratio and Adjusted cash efficiency ratio
Noninterest expense (GAAP) $1,241 $1,177 $1,229 $4,703 $4,545
Less: Intangible asset amortization 5 5 7 20 29
Noninterest expense less intangible asset amortization (non-GAAP) $1,236 $1,172 $1,222 $4,683 $4,516
Plus: Selected items (b) 21 5 3 26 (25)
Adjusted noninterest expense less intangible asset amortization (non- $1,257 $1,177 $1,225 $4,709 $4,491
GAAP)
Net interest income (GAAP) $1,215 $1,184 $1,051 $4,636 $3,765
Plus: Taxable-equivalent adjustment 8 9 10 35 45
Net interest income TE (non-GAAP) 1,223 1,193 1,061 4,671 3,810
Noninterest income (GAAP) 782 702 (196) 2,842 809
Total taxable-equivalent revenue (non-GAAP) $2,005 $1,895 $865 $7,513 $4,619
Plus: Selected items (b) - 918 1,833
Adjusted taxable-equivalent revenue (non-GAAP) $2,005 $1,895 $1,783 $7,513 $6,452
Cash efficiency ratio (non-GAAP) 61.6 % 61.8 % 141.3 % 62.3 % 97.8 %
Adjusted cash efficiency ratio (non-GAAP) 62.7 % 62.1 % 68.8 % 62.7 % 69.6 %
Adjusted taxable-equivalent revenue
Noninterest income (GAAP) $782 $702 $(196) $2,842 $809
Plus: Selected items(b) - 918 1,836
Adjusted noninterest income (non-GAAP) $782 $702 $722 $2,842 $2,645
Net interest income TE (non-GAAP) 1,223 1,193 1,061 4,671 3,810
Total adjusted taxable-equivalent revenue (non-GAAP) $2,005 $1,895 $1,783 $7,513 $6,455
Adjusted noninterest expense
Noninterest expense (GAAP) $1,241 $1,177 $1,229 $4,703 $4,545
Plus: Selected items(b) 21 5 3 26 (25)
Adjusted noninterest expense (non-GAAP) $1,262 $1,182 $1,232 $4,729 $4,520
Adjusted income (loss) available from continuing operations attributable to
Key common shareholders
Income (loss) from continuing operations attributable to Key common $474 $454 $(279) $1,685 $(306)
shareholders (GAAP)
Plus: Selected items (net of tax)(b) (16) (4) 657 (20) 1,415
Adjusted income (loss) available from continuing operations attributable to $458 $450 $378 $1,665 $1,109
Key common shareholders (non-GAAP)
Diluted earnings per common share (EPS) - adjusted
Diluted EPS from continuing operations attributable to Key common shareholders $.43 $.41 $(.28) $1.52 $(.32)
(GAAP)
Plus: EPS impact of selected items(b) (.01) .66 (.02) 1.48
Diluted EPS from continuing operations attributable to Key common $.41 $.41 $.38 $1.50 $1.16
shareholders - adjusted (non-GAAP)(c)
Adjusted operating leverage and fee based adjusted operating leverage
Adjusted noninterest income (non-GAAP) $2,842 $2,645
Adjusted noninterest income YoY Growth (A) 7.45 %
Adjusted taxable-equivalent revenue (non-GAAP) $7,513 6,455
Adjusted taxable-equivalent revenue YoY Growth (B) 16.39 %
Adjusted noninterest expense (non-GAAP) $4,729 4,520
Adjusted noninterest expense YoY Growth (C) 4.62 %
Adjusted operating leverage (B - C) 11.77 %
Adjusted fee-based operating leverage (A - C) 2.82 %
(a)
Net of capital surplus.
(b) Additional detail provided in Selected Items table on page
25.
(c)
Earnings per share may not foot due to rounding.
GAAP = U.S. generally accepted accounting principles; TE = Taxable Equivalent
Consolidated Balance Sheets
(Dollars in millions)
12/31/2025 9/30/2025 12/31/2024
Assets
Loans $106,541 $105,902 $104,260
Loans held for sale 1,077 998 797
Securities available for sale 39,596 40,456 37,707
Held-to-maturity securities 8,622 7,509 7,395
Trading account assets 1,061 972 1,283
Short-term investments 10,163 13,334 17,504
Other investments 949 921 1,041
Total earning assets 168,009 170,092 169,987
Allowance for loan and lease losses (1,427) (1,444) (1,409)
Cash and due from banks 1,287 1,938 1,743
Premises and equipment 628 606 614
Goodwill 2,752 2,752 2,752
Other intangible assets 8 13 27
Corporate-owned life insurance 4,432 4,428 4,394
Accrued income and other assets 8,481 8,803 8,797
Discontinued assets 211 221 263
Total assets $184,381 $187,409 $187,168
Liabilities
Deposits in domestic offices:
Interest-bearing deposits $121,100 $122,425 $120,132
Noninterest-bearing deposits 27,613 28,340 29,628
Total deposits 148,713 150,765 149,760
Federal funds purchased and securities sold under
repurchase agreements 13 10 14
Bank notes and other short-term borrowings 1,071 1,339 2,130
Accrued expense and other liabilities 4,286 4,276 4,983
Long-term debt 9,917 10,917 12,105
Total liabilities 164,000 167,307 168,992
Equity
Preferred stock 2,500 2,500 2,500
Common shares 1,257 1,257 1,257
Capital surplus 6,035 6,002 6,038
Retained earnings 15,359 15,111 14,584
Treasury stock, at cost (2,810) (2,619) (2,733)
Accumulated other comprehensive income (loss) (1,960) (2,149) (3,470)
Key shareholders' equity 20,381 20,102 18,176
Total liabilities and equity $184,381 $187,409 $187,168
Common shares outstanding (000) 1,102,401 1,112,952 1,106,786
Consolidated Statements of Income
(Dollars in millions, except per share amounts)
Three months ended Twelve months ended
12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024
Interest income
Loans $1,439 $1,466 $1,448 $5,749 $6,026
Loans held for sale 18 18 20 61 60
Securities available for sale 388 408 353 1,599 1,142
Held-to-maturity securities 76 64 66 264 284
Trading account assets 12 11 16 56 61
Short-term investments 137 156 214 624 792
Other investments 8 8 15 33 62
Total interest income 2,078 2,131 2,132 8,386 8,427
Interest expense
Deposits 688 748 821 2,919 3,307
Federal funds purchased and securities sold under
repurchase agreements 4 4 1 13 4
Bank notes and other short-term borrowings 9 14 24 84 164
Long-term debt 162 181 235 734 1,187
Total interest expense 863 947 1,081 3,750 4,662
Net interest income 1,215 1,184 1,051 4,636 3,765
Provision for credit losses 108 107 39 471 335
Net interest income after provision for credit losses 1,107 1,077 1,012 4,165 3,430
Noninterest income
Trust and investment services income 156 150 142 591 557
Investment banking and debt placement fees 243 184 221 780 688
Cards and payments income 84 86 85 337 331
Service charges on deposit accounts 78 75 65 295 261
Corporate services income 81 72 69 294 275
Commercial mortgage servicing fees 68 73 68 287 258
Corporate-owned life insurance income 40 35 36 140 138
Consumer mortgage income 16 14 16 58 58
Operating lease income and other leasing gains 9 11 15 43 76
Other income 7 8 (5) 23 23
Net securities gains (losses) - (6) (908) (6) (1,856)
Total noninterest income 782 702 (196) 2,842 809
Noninterest expense
Personnel 790 742 734 2,917 2,714
Net occupancy 69 65 67 270 266
Computer processing 106 105 107 425 414
Business services and professional fees 61 44 55 193 174
Equipment 22 20 20 83 80
Operating lease expense 8 9 15 38 63
Marketing 28 22 33 95 94
Other expense 157 170 198 682 740
Total noninterest expense 1,241 1,177 1,229 4,703 4,545
Income (loss) from continuing operations before income taxes 648 602 (413) 2,304 (306)
Income taxes (benefit) 139 112 (169) 476 (143)
Income (loss) from continuing operations 509 490 (244) 1,828 (163)
Income (loss) from discontinued operations, net of taxes 1 (1) 1 2
Net income (loss) $510 $489 $(244) $1,829 $(161)
Income (loss) from continuing operations attributable to Key common shareholders $474 $454 $(279) $1,685 $(306)
Net income (loss) attributable to Key common shareholders 475 453 (279) 1,686 (304)
Per common share
Income (loss) from continuing operations attributable to Key common shareholders $.43 $.41 $(.28) $1.53 $(.32)
Income (loss) from discontinued operations, net of taxes -
Net income (loss) attributable to Key common shareholders (a) .43 .41 (.28) 1.53 (.32)
Per common share - assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders $.43 $.41 $(.28) $1.52 $(.32)
Income (loss) from discontinued operations, net of taxes -
Net income (loss) attributable to Key common shareholders (a) .43 .41 (.28) 1.52 (.32)
Cash dividends declared per common share $.205 $.205 $.205 $.820 $.820
Weighted-average common shares outstanding (000) 1,095,171 1,100,830 986,829 1,098,558 949,561
Effect of common share options and other stock awards(b) 11,152 9,845 9,436
Weighted-average common shares and potential common shares outstanding (000) (c) 1,106,323 1,110,675 986,829 1,107,994 949,561
(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)
Fourth Quarter 2025 Third Quarter 2025 Fourth Quarter 2024
Average Yield/ Average Yield/ Average Yield/
Balance Interest (a) Rate Balance Interest (a) Rate Balance Interest (a) Rate
(a) (a) (a)
Assets
Loans: (b), (c)
Commercial and industrial (d) $57,541 $851 5.88 % $56,571 $858 6.02 % $52,887 $817 6.15 %
Real estate - commercial mortgage 13,356 198 5.91 13,697 208 6.02 13,343 202 6.01
Real estate - construction 2,839 48 6.71 2,744 48 6.96 3,033 55 7.23
Commercial lease financing 2,302 21 3.73 2,385 22 3.62 2,826 24 3.51
Total commercial loans 76,038 1,118 5.84 75,397 1,136 5.98 72,089 1,098 6.07
Real estate - residential mortgage 18,853 157 3.33 19,140 160 3.34 19,990 166 3.32
Home equity loans 5,780 80 5.47 5,934 84 5.65 6,445 93 5.75
Other consumer loans 4,715 61 5.15 4,825 63 5.17 5,256 67 5.08
Credit cards 930 31 13.24 931 32 13.50 931 34 14.36
Total consumer loans 30,278 329 4.33 30,830 339 4.38 32,622 360 4.40
Total loans 106,316 1,447 5.41 106,227 1,475 5.51 104,711 1,458 5.55
Loans held for sale 1,234 18 5.84 1,291 18 5.81 1,327 20 6.05
Securities available for sale (b), (e) 39,785 388 3.67 40,310 408 3.77 37,952 353 3.38
Held-to-maturity securities (b) 8,056 76 3.78 7,168 64 3.59 7,541 66 3.50
Trading account assets 961 12 4.79 922 11 4.61 1,215 16 4.98
Short-term investments 13,603 137 4.01 13,463 156 4.60 17,575 214 4.83
Other investments (e) 935 8 3.09 966 8 3.29 1,045 15 5.72
Total earning assets 170,890 2,086 4.79 170,347 2,140 4.92 171,366 2,142 4.87
Allowance for loan and lease losses (1,435) (1,443) (1,486)
Accrued income and other assets 17,562 18,234 17,308
Discontinued assets 215 227 268
Total assets $187,232 $187,365 $187,456
Liabilities
Money market deposits $42,442 $246 2.30 % $41,953 $265 2.51 % $40,676 $283 2.77 %
Demand deposits 61,541 319 2.06 60,597 346 2.26 57,653 341 2.35
Savings deposits 4,358 1 .05 4,478 1 .05 4,635 1 .07
Time deposits 13,857 122 3.48 15,239 136 3.54 17,641 196 4.43
Total interest-bearing deposits 122,198 688 2.23 122,267 748 2.43 120,605 821 2.71
Federal funds purchased and securities sold under repurchase
agreements 413 4 3.80 368 4 4.32 84 1 3.99
Bank notes and other short-term borrowings 1,072 9 3.23 1,372 14 3.91 1,832 24 5.19
Long-term debt (f) 10,274 162 6.27 11,071 181 6.53 13,984 235 6.70
Total interest-bearing liabilities 133,957 863 2.56 135,078 947 2.78 136,505 1,081 3.15
Noninterest-bearing deposits 28,512 28,107 29,128
Accrued expense and other liabilities 4,160 4,289 4,823
Discontinued liabilities (f) 215 227 268
Total liabilities $166,844 $167,701 $170,724
Equity
Total equity $20,388 $19,664 $16,732
Total liabilities and equity $187,232 $187,365 $187,456
Interest rate spread (TE) 2.23 % 2.14 % 1.72 %
Net interest income (TE) and net interest margin (TE) $1,223 2.82 % $1,193 2.75 % $1,061 2.41 %
TE adjustment (b) 8 9 10
Net interest income, GAAP basis $1,215 $1,184 $1,051
(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 December 31, 2025, September 30, 2025, and December 31, 2024.
(c)
For purposes of these computations, nonaccrual loans are included in average loan balances.
(d) Commercial and industrial average balances include $211 million, $214 million, and $216 million of assets from commercial credit cards for the three months
ended December 31, 2025, September 30, 2025, and December 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 $42.1 billion, $43.1 billion, and $41.8 billion for the three months ended December 31, 2025, September 30, 2025, and December 31,
2024, respectively. Yield based on the fair value of securities available for sale was 3.90%, 4.05%, and 3.73% for the three months ended December 31,
2025, September 30, 2025, and December 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.
Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
Twelve months ended December 31, Twelve months ended December 31,
2025 2024
Average Yield/ Average Yield/
Balance Interest (a) Rate Balance Interest (a) Rate
(a) (a)
Assets
Loans: (b), (c)
Commercial and industrial (d) $55,877 $3,347 5.99 % $53,951 $3,378 6.26 %
Real estate - commercial mortgage 13,358 798 5.97 14,080 873 6.20
Real estate - construction 2,840 195 6.87 3,042 227 7.48
Commercial lease financing 2,465 88 3.61 3,087 105 3.41
Total commercial loans 74,540 4,428 5.94 74,160 4,583 6.18
Real estate - residential mortgage 19,291 644 3.34 20,382 674 3.31
Home equity loans 6,012 336 5.59 6,729 398 5.92
Other consumer loans 4,892 250 5.11 5,519 278 5.04
Credit cards 925 126 13.55 934 138 14.78
Total consumer loans 31,120 1,356 4.35 33,564 1,488 4.43
Total loans 105,660 5,784 5.47 107,724 6,071 5.64
Loans held for sale 1,029 61 5.97 979 60 6.11
Securities available for sale (b), (e) 40,034 1,599 3.73 37,127 1,142 2.71
Held-to-maturity securities (b) 7,386 264 3.58 7,980 284 3.56
Trading account assets 1,108 56 5.02 1,175 61 5.16
Short-term investments 14,355 624 4.35 14,846 792 5.33
Other investments (e) 963 33 3.38 1,177 62 5.25
Total earning assets 170,535 8,421 4.86 171,008 8,472 4.81
Allowance for loan and lease losses (1,426) (1,515)
Accrued income and other assets 17,655 17,322
Discontinued assets 233 296
Total assets $186,997 $187,111
Liabilities
Money market deposits $42,247 $1,062 2.52 % $39,525 $1,146 2.90 %
Other demand deposits 59,203 1,284 2.17 56,130 1,402 2.50
Savings deposits 4,518 4 .05 5,010 7 .14
Time deposits 15,323 569 3.72 16,497 752 4.56
Total interest-bearing deposits 121,291 2,919 2.41 117,162 3,307 2.82
Federal funds purchased and securities sold under repurchase
agreements 325 13 4.12 103 4 4.35
Bank notes and other short-term borrowings 1,996 84 4.20 2,984 164 5.49
Long-term debt (f) 11,298 734 6.50 17,279 1,187 6.87
Total interest-bearing liabilities 134,910 3,750 2.78 137,528 4,662 3.39
Noninterest-bearing deposits 27,985 28,993
Accrued expense and other liabilities 4,376 4,886
Discontinued liabilities (f) 233 296
Total liabilities $167,504 $171,703
Equity
Total equity 19,493 15,408
Total liabilities and equity $186,997 $187,111
Interest rate spread (TE) 2.08 % 1.42 %
Net interest income (TE) and net interest margin (TE) $4,671 2.69 % $3,810 2.16 %
TE adjustment (b) 35 45
Net interest income, GAAP basis $4,636 $3,765
(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 twelve months ended December 31, 2025, and December 31, 2024, respectively.
(c)
For purposes of these computations, nonaccrual loans are included in average loan balances.
(d) Commercial and industrial average balances include $214 million and $215 million of assets from commercial credit cards for the twelve months ended
December 31, 2025, and December 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 $42.9 billion and $42.2 billion for the twelve months ended December 31, 2025, and December 31, 2024, respectively. Yield based on
the fair value of securities available for sale was 3.99% and 3.08% for the twelve months ended December 31, 2025, and December 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 Twelve months ended
12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024
Personnel (a) $790 $742 $734 $2,917 $2,714
Net occupancy 69 65 67 270 266
Computer processing 106 105 107 425 414
Business services and professional fees 61 44 55 193 174
Equipment 22 20 20 83 80
Operating lease expense 8 9 15 38 63
Marketing 28 22 33 95 94
Other expense 157 170 198 682 740
Total noninterest expense $1,241 $1,177 $1,229 $4,703 $4,545
Average full-time equivalent employees (b) 17,396 17,414 16,810 17,226 16,753
(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 Twelve months ended
12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024
Salaries and contract labor $446 $437 $418 $1,715 $1,609
Incentive and stock-based compensation 205 190 197 721 661
Employee benefits 131 112 119 460 442
Severance 8 3 21 2
Total personnel expense $790 $742 $734 $2,917 $2,714
Loan Composition
(Dollars in millions)
Change 12/31/2025
vs.
12/31/2025 9/30/2025 12/31/2024 9/30/2025 12/31/2024
Commercial and industrial (a), (b) $57,688 $56,791 $52,909 1.6 % 9.0 %
Commercial real estate:
Commercial mortgage 13,707 13,378 13,310 2.5 3.0
Construction 2,844 2,817 2,936 1.0 (3.1)
Total commercial real estate loans 16,551 16,195 16,246 2.2 1.9
Commercial lease financing (b) 2,270 2,333 2,736 (2.7) (17.0)
Total commercial loans 76,509 75,319 71,891 1.6 6.4
Real estate - residential mortgage 18,732 19,008 19,886 (1.5) (5.8)
Home equity loans 5,703 5,863 6,358 (2.7) (10.3)
Other consumer loans 4,644 4,779 5,167 (2.8) (10.1)
Credit cards 953 933 958 2.1 (.5)
Total consumer loans 30,032 30,583 32,369 (1.8) (7.2)
Total loans (c), (d) $106,541 $105,902 $104,260 .6 % 2.2 %
(a) Loan balances include $205 million, $212 million, and $212 million of commercial credit card balances at December 31, 2025, September 30, 2025, and
December 31, 2024, respectively.
(b) Commercial and industrial includes receivables held as collateral for a secured borrowing of $211 million at December 31, 2024. Commercial lease financing
includes receivables held as collateral for a secured borrowing of $1 million, $1 million, and $3 million at December 31, 2025, September 30, 2025, and
December 31, 2024, respectively. Principal reductions are based on the cash payments received from these related receivables.
(c) Total loans exclude loans of $205 million at December 31, 2025, $216 million at September 30, 2025, and $257 million at December 31, 2024, related to the
discontinued operations of the education lending business.
(d) Accrued interest of $459 million, $472 million, and $456 million at December 31, 2025, September 30, 2025, and December 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 12/31/2025
vs.
12/31/2025 9/30/2025 12/31/2024 9/30/2025 12/31/2024
Commercial and industrial $167 $130 $88 28.5 % 89.8 %
Real estate - commercial mortgage 761 806 616 (5.6) 23.5
Real estate - residential mortgage 149 62 93 140.3 60.2
Total loans held for sale $1,077 $998 $797 7.9 % 35.1 %
Summary of Changes in Loans Held for Sale
(Dollars in millions)
4Q25 3Q25 2Q25 1Q25 4Q24
Balance at beginning of period $998 $530 $811 $797 $1,058
New originations 3,356 3,471 1,806 1,840 2,915
Transfers from (to) held to maturity, net (35) (71) 6
Loan sales (3,232) (2,956) (2,012) (1,695) (3,039)
Loan draws (payments), net (10) (42) (1) (138) (136)
Valuation and other adjustments - (5) (3) 1 (1)
Balance at end of period $1,077 $998 $530 $811 $797
Summary of Loan and Lease Loss Experience From Continuing Operations
(Dollars in millions)
Three months ended Twelve months ended
12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024
Average loans outstanding $106,316 $106,227 $104,711 $105,660 $107,724
Allowance for loan and lease losses at the beginning of the period $1,444 $1,446 $1,494 $1,409 $1,508
Loans charged off:
Commercial and industrial 69 87 84 312 363
Real estate - commercial mortgage 25 27 18 94 40
Real estate - construction -
Total commercial real estate loans 25 27 18 94 40
Commercial lease financing 4 1 6 7
Total commercial loans 98 114 103 412 410
Real estate - residential mortgage 1 1 2 3
Home equity loans 1 2 2
Other consumer loans 14 15 15 56 64
Credit cards 10 11 12 45 47
Total consumer loans 26 26 28 105 116
Total loans charged off 124 140 131 517 526
Recoveries:
Commercial and industrial 7 21 12 57 58
Real estate - commercial mortgage 6 7 2
Real estate - construction -
Total commercial real estate loans 6 7 2
Commercial lease financing - 5
Total commercial loans 13 21 12 64 65
Real estate - residential mortgage 1 1 1 4 5
Home equity loans 1 3 2
Other consumer loans 2 2 2 8 8
Credit cards 3 2 2 8 6
Total consumer loans 7 5 5 23 21
Total recoveries 20 26 17 87 86
Net loan charge-offs (104) (114) (114) (430) (440)
Provision (credit) for loan and lease losses 87 112 29 448 341
Allowance for loan and lease losses at end of period $1,427 $1,444 $1,409 $1,427 $1,409
Liability for credit losses on lending-related commitments at beginning of period $292 $297 $280 $290 $296
Provision (credit) for losses on lending-related commitments 21 (5) 10 23 (6)
Other -
Liability for credit losses on lending-related commitments at end of period (a) $313 $292 $290 $313 $290
Total allowance for credit losses at end of period $1,740 $1,736 $1,699 $1,740 $1,699
Net loan charge-offs to average total loans .39 % .42 % .43 % .41 % .41 %
Allowance for loan and lease losses to period-end loans 1.34 1.36 1.35 1.34 1.35
Allowance for credit losses to period-end loans 1.63 1.64 1.63 1.63 1.63
Allowance for loan and lease losses to nonperforming loans 232 219 186 232 186
Allowance for credit losses to nonperforming loans 283 264 224 283 224
Discontinued operations - education lending business:
Loans charged off $1 $1 $1 $3 $4
Recoveries - 1 1 1
Net loan charge-offs $(1)
$ - $(1) $(2) $(3)
(a) Included in "Accrued expense and other liabilities" on the
balance sheet.
Asset Quality Statistics From Continuing Operations
(Dollars in millions)
4Q25 3Q25 2Q25 1Q25 4Q24
Net loan charge-offs $104 $114 $102 $110 $114
Net loan charge-offs to average total loans .39 % .42 % .39 % .43 % .43 %
Allowance for loan and lease losses $1,427 $1,444 $1,446 $1,429 $1,409
Allowance for credit losses (a) 1,740 1,736 1,743 1,707 1,699
Allowance for loan and lease losses to period-end loans 1.34 % 1.36 % 1.36 % 1.36 % 1.35 %
Allowance for credit losses to period-end loans 1.63 1.64 1.64 1.63 1.63
Allowance for loan and lease losses to nonperforming loans 232 219 208 208 186
Allowance for credit losses to nonperforming loans 283 264 250 249 224
Nonperforming loans at period end $615 $658 $696 $686 $758
Nonperforming assets at period end 627 668 707 700 772
Nonperforming loans to period-end portfolio loans .58 % .62 % .65 % .65 % .73 %
Nonperforming assets to period-end portfolio loans plus OREO and other .59 .63 .66 .67 .74
nonperforming assets
(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)
12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024
Commercial and industrial $256 $253 $280 $288 $322
Real estate - commercial mortgage 157 214 226 206 243
Real estate - construction -
Total commercial real estate loans 157 214 226 206 243
Commercial lease financing 7
Total commercial loans 420 467 506 494 565
Real estate - residential mortgage 104 98 95 94 92
Home equity loans 80 82 84 87 89
Other Consumer loans 4 4 4 4 5
Credit cards 7 7 7 7 7
Total consumer loans 195 191 190 192 193
Total nonperforming loans (a) 615 658 696 686 758
OREO 9 10 11 14 14
Nonperforming loans held for sale 3
Total nonperforming assets $627 $668 $707 $700 $772
Accruing loans past due 90 days or more $99 $110 $74 $86 $90
Accruing loans past due 30 through 89 days 220 254 266 281 206
Nonperforming assets from discontinued operations - education lending business 2 2 2 1 2
Nonperforming loans to period-end portfolio loans .58 % .62 % .65 % .65 % .73 %
Nonperforming assets to period-end portfolio loans plus OREO and other .59 .63 .66 .67 .74
nonperforming assets
Summary of Changes in Nonperforming Loans From Continuing Operations
(Dollars in millions)
4Q25 3Q25 2Q25 1Q25 4Q24
Balance at beginning of period $658 $696 $686 $758 $728
Loans placed on nonaccrual status 248 210 233 170 309
Charge-offs (124) (140) (127) (126) (131)
Loans sold (7) (13) (13)
Payments (124) (68) (74) (57) (111)
Transfers to OREO (1) (1) (1) (2) (2)
Loans returned to accrual status (35) (26) (21) (57) (22)
Balance at end of period $615 $658 $696 $686 $758
Line of Business Results
(Dollars in millions)
Change 4Q25 vs.
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24
Consumer Bank
Summary of operations
Total revenue (TE) $948 $935 $912 $872 $865 1.4 % 9.6 %
Provision for credit losses 32 40 55 43 43 (20.0) (25.6)
Noninterest expense 735 695 696 676 713 5.8 3.1
Net income (loss) attributable to Key 137 152 122 116 83 (9.9) 65.1
Average loans and leases 34,683 35,363 36,137 36,819 37,567 (1.9) (7.7)
Average deposits 87,738 87,692 88,002 88,306 87,476 .1 .3
Net loan charge-offs 49 49 40 52 63 (22.2)
Net loan charge-offs to average total loans .56 % .55 % .44 % .57 % .67 % 1.8 (16.4)
Nonperforming assets at period end $201 $197 $196 $201 $201 2.0
Return on average allocated equity 18.87 % 20.19 % 16.20 % 15.15 % 10.24 % (6.5) 84.3
Commercial Bank
Summary of operations
Total revenue (TE) $1,109 $1,014 $974 $942 $1001 9.4 % 10.8 %
Provision for credit losses 73 68 84 75 (3) 7.4 N/M
Noninterest expense 512 482 449 462 515 6.2 (.6)
Net income (loss) attributable to Key 410 367 349 321 381 11.7 7.6
Average loans and leases 71,104 70,326 69,087 67,056 66,691 1.1 6.6
Average loans held for sale 1,140 1,224 707 754 1,247 (6.9) (8.6)
Average deposits 60,436 58,483 55,886 57,436 59,687 3.3 1.3
Net loan charge-offs 53 64 62 57 52 (17.2) 1.9
Net loan charge-offs to average total loans .30 % .36 % .36 % .34 % .31 % (16.7) (3.2)
Nonperforming assets at period end $426 $471 $511 $499 $571 (9.6) (25.4)
Return on average allocated equity 16.33 % 14.87 % 14.45 % 13.80 % 15.62 % 9.8 4.5
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 December 31, 2025
FDIC special assessment (other expense)(d) $21 $16 $0.01
Three months ended September 30, 2025
FDIC special assessment (other expense)(d) 5 4
Three months ended June 30, 2025
No items -
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)
Year to date results
Twelve months ended December 31, 2025
FDIC special assessment (other expense)(d) $26 $20 $0.02
Twelve months ended December 31, 2024
Loss on sale of securities (1,833) (1,394) (1.45)
Scotiabank investment agreement valuation (other income) (3) (2)
FDIC special assessment (other expense)(d) (25) (19) (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 in this table represent
adjustments from initial estimates based on quarterly invoices received from the FDIC.
(e)
Earnings per share may not foot due to rounding.
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SOURCE KeyCorp
CONTACTS: ANALYSTS, Brian Mauney, 216.689.0521, Brian_Mauney@KeyBank.com; Hannah Lewallen, 216.471.4856, Hannah_Lewallen@KeyBank.com; Johnny Li, 216.689.4221, Johnny_Li@KeyBank.com; INVESTOR RELATIONS: www.key.com/ir; MEDIA, Susan Donlan, 216.471.3133, Susan_E_Donlan@KeyBank.com; Beth Strauss, 216.471.2787, Beth_A_Strauss@KeyBank.com; KEY MEDIA NEWSROOM: www.key.com/newsroom