KEYCORP NEW
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
KEY$21.34-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year ended December 31, | |||
|---|---|---|---|
| Dollars in millions | 2023 | 2022 | 2021 |
| OPERATING ACTIVITIES | |||
| Net income (loss) | $967 | $1,917 | $2,625 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Provision for credit losses | 489 | 502 | (418) |
| Depreciation and amortization expense, net | 134 | 137 | 32 |
| Accretion of acquired loans | 20 | 27 | 24 |
| Increase in cash surrender value of corporate-owned life insurance | (110) | (113) | (113) |
| Stock-based compensation expense | 121 | 120 | 104 |
| Deferred income taxes (benefit) | (108) | (27) | 146 |
| Proceeds from sales of loans held for sale | 8,859 | 12,496 | 16,114 |
| Originations of loans held for sale, net of repayments | (8,434) | (10,684) | (16,497) |
| Net losses (gains) from sale of loans held for sale | (135) | (151) | (282) |
| Net losses (gains) on leased equipment | (9) | 7 | (12) |
| Net securities and other investments losses (gains) | 11 | (9) | (7) |
| Net losses (gains) on sales of fixed assets | 18 | (7) | 18 |
| Net decrease (increase) in trading account assets | (313) | (128) | 34 |
| Net transfer of loans held for sale | — | — | — |
| Other operating activities, net | 1,393 | 382 | (615) |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,903 | 4,469 | 1,153 |
| INVESTING ACTIVITIES | |||
| Purchases of intangible assets via acquisitions | — | (12) | — |
| Cash received (used) in acquisitions, net of cash acquired | — | (58) | (29) |
| Net decrease (increase) in short-term investments, excluding acquisitions | (8,385) | 8,578 | 5,184 |
| Purchases of securities available for sale | (2,160) | (4,473) | (28,190) |
| Proceeds from sales of securities available for sale | 1,752 | — | 1,375 |
| Proceeds from prepayments and maturities of securities available for sale | 3,225 | 4,545 | 7,623 |
| Proceeds from prepayments and maturities of held-to-maturity securities | 1,343 | 2,291 | 2,889 |
| Purchases of held-to-maturity securities | (1,194) | (3,670) | (3) |
| Purchases of other investments | (599) | (667) | (55) |
| Proceeds from sales of other investments | 646 | 17 | 41 |
| Proceeds from prepayments and maturities of other investments | 11 | 15 | 26 |
| Net decrease (increase) in loans, excluding acquisitions, sales, and transfers | 6,668 | (17,649) | (4,276) |
| Proceeds from sales of portfolio loans | 151 | 157 | 337 |
| Proceeds from corporate-owned life insurance | 96 | 72 | 72 |
| Purchases of premises, equipment, and software | (142) | (96) | (66) |
| Proceeds from sales of premises and equipment | 5 | 16 | 4 |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 1,417 | (10,934) | (15,068) |
| FINANCING ACTIVITIES | |||
| Net increase (decrease) in deposits, excluding acquisitions | 2,992 | (9,977) | 17,290 |
| Net increase (decrease) in short-term borrowings | (6,372) | 8,702 | (218) |
| Net proceeds from issuance of long-term debt | 5,240 | 16,596 | 1,203 |
| Payments on long-term debt | (5,052) | (8,580) | (2,566) |
| Repurchases of long-term debt | (92) | — | — |
| Issuance of preferred shares | — | 590 | — |
| Open market common share repurchases | (38) | — | (559) |
| Employee equity compensation program Common Share repurchases | (34) | (44) | (32) |
| Common share purchases under ASR program | — | — | (585) |
| Net proceeds from reissuance of Common Shares | 1 | 6 | 27 |
| Cash dividends paid | (911) | (854) | (823) |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (4,266) | 6,439 | 13,737 |
| NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 54 | (26) | (178) |
| CASH AND DUE FROM BANKS AT BEGINNING OF YEAR | 887 | 913 | 1,091 |
| CASH AND DUE FROM BANKS AT END OF YEAR | $941 | $887 | $913 |
| Additional disclosures relative to cash flows: | |||
| Interest paid | $3,109 | $601 | $363 |
| Income taxes paid | 156 | 292 | 277 |
| Noncash items: | |||
| Reduction of secured borrowing and related collateral | $6 | $9 | $9 |
| Loans transferred to portfolio from held for sale | 208 | 105 | 87 |
| Loans transferred to held for sale from portfolio | 19 | — | 3,403 |
| Loans transferred to other real estate owned | 7 | 6 | 4 |
| CMBS risk retentions | — | 12 | 28 |
| ABS risk retentions | 7 | 8 | 11 |
| Securities received as consideration | — | — | 2,825 |
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