KEYCORP NEW
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
| Dollars in millions, except per share amounts | Three months ended September 30, | Nine months ended September 30, | ||
|---|---|---|---|---|
| (Unaudited) | 2024 | 2023 | 2024 | 2023 |
| INTEREST INCOME | ||||
| Loans | $1,516 | $1,593 | $4,578 | $4,645 |
| Loans held for sale | 18 | 19 | 40 | 49 |
| Securities available for sale | 298 | 192 | 789 | 580 |
| Held-to-maturity securities | 70 | 79 | 218 | 234 |
| Trading account assets | 15 | 15 | 45 | 42 |
| Short-term investments | 244 | 123 | 578 | 276 |
| Other investments | 14 | 22 | 47 | 51 |
| Total interest income | 2,175 | 2,043 | 6,295 | 5,877 |
| INTEREST EXPENSE | ||||
| Deposits | 887 | 687 | 2,486 | 1,568 |
| Federal funds purchased and securities sold under repurchase agreements | 1 | 9 | 3 | 79 |
| Bank notes and other short-term borrowings | 43 | 81 | 140 | 263 |
| Long-term debt | 292 | 351 | 952 | 975 |
| Total interest expense | 1,223 | 1,128 | 3,581 | 2,885 |
| NET INTEREST INCOME | 952 | 915 | 2,714 | 2,992 |
| Provision for credit losses | 95 | 81 | 296 | 387 |
| Net interest income after provision for credit losses | 857 | 834 | 2,418 | 2,605 |
| NONINTEREST INCOME | ||||
| Trust and investment services income | 140 | 130 | 415 | 384 |
| Investment banking and debt placement fees | 171 | 141 | 467 | 406 |
| Cards and payments income | 84 | 90 | 246 | 256 |
| Service charges on deposit accounts | 67 | 69 | 196 | 205 |
| Corporate services income | 69 | 73 | 206 | 235 |
| Commercial mortgage servicing fees | 73 | 46 | 190 | 142 |
| Corporate-owned life insurance income | 36 | 35 | 102 | 96 |
| Consumer mortgage income | 12 | 15 | 42 | 40 |
| Operating lease income and other leasing gains | 16 | 22 | 61 | 70 |
| Other income | (2) | 22 | 28 | 33 |
| Net securities gains (losses) | (935) | — | (948) | (7) |
| Total noninterest income | (269) | 643 | 1,005 | 1,860 |
| NONINTEREST EXPENSE | ||||
| Personnel | 670 | 663 | 1,980 | 1,986 |
| Net occupancy | 66 | 67 | 199 | 202 |
| Computer processing | 104 | 89 | 307 | 276 |
| Business services and professional fees | 41 | 38 | 119 | 124 |
| Equipment | 20 | 20 | 60 | 64 |
| Operating lease expense | 14 | 18 | 48 | 59 |
| Marketing | 21 | 28 | 61 | 78 |
| Other expense | 158 | 187 | 542 | 573 |
| Total noninterest expense | 1,094 | 1,110 | 3,316 | 3,362 |
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (506) | 367 | 107 | 1,103 |
| Income taxes | (95) | 65 | 26 | 204 |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | (411) | 302 | 81 | 899 |
| Income (loss) from discontinued operations | 1 | 1 | 2 | 3 |
| NET INCOME (LOSS) | $(410) | $303 | $83 | $902 |
| Income (loss) from continuing operations attributable to Key common shareholders | $(447) | $266 | $(27) | $791 |
| Net income (loss) attributable to Key common shareholders | (446) | 267 | (25) | 794 |
| Per Common Share: | ||||
| Income (loss) from continuing operations attributable to Key common shareholders | $(.47) | $.29 | $(.03) | $.85 |
| Income (loss) from discontinued operations, net of taxes | — | — | — | — |
| Net income (loss) attributable to Key common shareholders (a) | (.47) | .29 | (.03) | .86 |
| Per Common Share — assuming dilution: | ||||
| Income (loss) from continuing operations attributable to Key common shareholders | $(.47) | $.29 | $(.03) | $.85 |
| Income (loss) from discontinued operations, net of taxes | — | — | — | — |
| Net income (loss) attributable to Key common shareholders (a) | (.47) | .29 | (.03) | .85 |
| Weighted-average Common Shares outstanding (000) | 948,979 | 927,131 | 936,962 | 927,019 |
| Effect of Common Share options and other stock awards(b) | — | 4,613 | — | 5,213 |
| Weighted-average Common Shares and potential Common Shares outstanding (000) (c) | 948,979 | 931,744 | 936,962 | 932,232 |
(a)EPS 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 and/or convertible preferred stock, as applicable.
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