KEYCORP NEW
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 21, 2025
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 | 2024 | 2023 | 2022 |
| OPERATING ACTIVITIES | |||
| Net income (loss) | $(161) | $967 | $1,917 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Provision for credit losses | 335 | 489 | 502 |
| Depreciation, amortization, and accretion, net | 73 | 154 | 164 |
| Increase in cash surrender value of corporate-owned life insurance | (118) | (110) | (113) |
| Stock-based compensation expense | 104 | 121 | 120 |
| Deferred income taxes (benefit) | (351) | (108) | (27) |
| Proceeds from sales of loans held for sale | 8,174 | 8,859 | 12,496 |
| Originations of loans held for sale, net of repayments | (8,490) | (8,434) | (10,684) |
| Net losses (gains) from sale of loans held for sale | (120) | (135) | (151) |
| Net losses (gains) on leased equipment | (9) | (9) | 7 |
| Net securities and other investments losses (gains) | 1,856 | 11 | (9) |
| Net losses (gains) on sales of fixed assets | (7) | 18 | (7) |
| Net change in: | |||
| Trading account assets | (141) | (313) | (128) |
| Accrued income and other assets | (270) | 554 | (1,044) |
| Accrued expense and other liabilities | (72) | 450 | 1,409 |
| Other operating activities, net | (139) | 389 | 17 |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 664 | 2,903 | 4,469 |
| INVESTING ACTIVITIES | |||
| Purchases of intangible assets via acquisitions | — | — | (12) |
| Cash received (used) in acquisitions, net of cash acquired | — | — | (58) |
| Net decrease (increase) in short-term investments, excluding acquisitions | (6,687) | (8,385) | 8,578 |
| Purchases of securities available for sale | (21,078) | (2,160) | (4,473) |
| Proceeds from sales of securities available for sale | 17,932 | 1,752 | — |
| Proceeds from prepayments and maturities of securities available for sale | 2,758 | 3,225 | 4,545 |
| Proceeds from prepayments and maturities of held-to-maturity securities | 1,190 | 1,343 | 2,291 |
| Purchases of held-to-maturity securities | — | (1,194) | (3,670) |
| Net decrease (increase) in other investments | 202 | 58 | (635) |
| Net decrease (increase) in loans, excluding acquisitions, sales, and transfers | 7,920 | 6,668 | (17,649) |
| Proceeds from sales of portfolio loans | 194 | 151 | 157 |
| Proceeds from corporate-owned life insurance | 107 | 96 | 72 |
| Purchases of premises, equipment, and software | (65) | (142) | (96) |
| Proceeds from sales of premises and equipment | 24 | 5 | 16 |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 2,497 | 1,417 | (10,934) |
| FINANCING ACTIVITIES | |||
| Net increase (decrease) in deposits | 4,173 | 2,992 | (9,977) |
| Net increase (decrease) in short-term borrowings | (947) | (6,372) | 8,702 |
| Net proceeds from issuance of long-term debt | 1,646 | 5,240 | 16,596 |
| Payments on long-term debt | (9,057) | (5,052) | (8,580) |
| Repurchases of long-term debt | — | (92) | — |
| Issuance of preferred shares | — | — | 590 |
| Open market common share repurchases | — | (38) | — |
| Employee equity compensation program Common Share repurchases | (28) | (34) | (44) |
| Net proceeds from reissuance of Common Shares | 10 | 1 | 6 |
| Net proceeds from Scotiabank investment | 2,771 | — | — |
| Cash dividends paid | (927) | (911) | (854) |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (2,359) | (4,266) | 6,439 |
| NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 802 | 54 | (26) |
| CASH AND DUE FROM BANKS AT BEGINNING OF YEAR | 941 | 887 | 913 |
| CASH AND DUE FROM BANKS AT END OF YEAR | $1,743 | $941 | $887 |
| Additional disclosures relative to cash flows: | |||
| Interest paid | $4,160 | $3,109 | $601 |
| Income taxes paid | 68 | 156 | 292 |
| Noncash items: | |||
| Reduction of secured borrowing and related collateral | $4 | $6 | $9 |
| Loans transferred to portfolio from held for sale | 124 | 208 | 105 |
| Loans transferred to held for sale from portfolio | 3 | 19 | — |
| Loans transferred to other real estate owned | 6 | 7 | 6 |
| CMBS risk retentions | — | — | 12 |
| ABS risk retentions | 5 | 7 | 8 |
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