KEYCORP NEW
For the period ended Mar 31, 2024. Filed May 2, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Deposits and other sources of funds
Figure 16. Breakdown of Deposits at March 31, 2024
The following presents the breakdown of our deposits by product for the noted periods.
| Dollars in billions | March 31, 2024 | December 31, 2023 |
|---|---|---|
| Money market deposits | $38.8 | $37.0 |
| Demand deposits | 55.4 | 57.7 |
| Savings deposits | 5.3 | 5.4 |
| Time deposits | 15.1 | 14.8 |
| Noninterest bearing deposits | 29.6 | 30.7 |
| Total | $144.2 | $145.6 |
Our highly diversified deposit base is our primary source of funding. At March 31, 2024, our deposits totaled $144.2 billion, a decrease of $1.4 billion, compared to December 31, 2023, reflecting normal seasonal deposit outflows.
Uninsured deposits are defined as the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit or similar state deposit insurance regimes and amounts in any other uninsured investment or deposit accounts that are classified as deposits and not subject to any federal or state deposit insurance regimes. Figure 17 presents estimated uninsured deposits for the noted periods which reflect amounts disclosed in KeyBank’s Call Report adjusted for intercompany deposits, which are not customer facing and are eliminated in consolidation, and accrued interest.
Figure 17. Estimated Uninsured Deposits
| Dollars in billions | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 |
|---|---|---|---|---|---|
| Uninsured deposits(a) | $62.1 | $61.5 | $61.5 | $61.6 | $63.3 |
| Total deposits | 144.2 | 145.6 | 144.3 | 145.1 | 144.1 |
| Uninsured % of Deposits | 43% | 42% | 43% | 42% | 44% |
| (a) Intercompany deposits and accrued interest excluded from uninsured deposits | $10.0 | $9.5 | $8.7 | $8.6 | $8.3 |
As of March 31, 2024, approximately $15.1 billion of uninsured deposits were collateralized by government-backed securities compared to $13.1 billion as of December 31, 2023.
Wholesale funds, consisting of short-term borrowings and long-term debt, totaled $23.7 billion at March 31, 2024, compared to $22.6 billion at December 31, 2023. The increase in wholesale funds reflects our desire to maintain increased levels of cash at the Federal Reserve in accordance with our liquidity risk management policy. For more information regarding our wholesale funds, see Part II, Item 2. Management’s Discussion & Analysis of Financial Condition & Results of Operations under the heading “Risk Management - Liquidity risk management” of this report.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.