KEYCORP /NEW/
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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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, 2025 · Filed Nov 4, 2025
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Securities
We manage our securities portfolio according to the following priorities: 1) store of liquidity, 2) interest rate risk management tool, and 3) source of earnings. In keeping with the first priority, the portfolio provides securities to meet our pledging requirements. Our securities portfolio totaled $48.0 billion at September 30, 2025, compared to $45.1 billion at December 31, 2024. Available-for-sale securities were $40.5 billion at September 30, 2025, compared to $37.7 billion at December 31, 2024. Held-to-maturity securities were $7.5 billion at September 30, 2025, and $7.4 billion at December 31, 2024.
As shown in Figure 13, all of our mortgage-backed securities, which include both securities available for sale and held-to-maturity securities, are issued by government-sponsored enterprises or GNMA, and are traded in liquid secondary markets. These securities are recorded on the balance sheet at fair value for the available-for-sale portfolio and at amortized cost for the held-to-maturity portfolio. For more information about these securities, refer to our 2024 Form 10-K within Note 1 (“Summary of Significant Accounting Policies”) under the heading “Securities” and Note 6 (“Fair Value Measurements”) under the heading “Qualitative Disclosures of Valuation Techniques.” Additionally refer to Note 6 (“Securities”) within this report.
Figure 13. Mortgage-Backed Securities by Issuer
| Dollars in millions | September 30, 2025 | December 31, 2024 |
|---|---|---|
| FHLMC & FNMA | $16,566 | $14,291 |
| GNMA | 23,045 | 21,573 |
| Total (a) | $39,611 | $35,864 |
(a) Includes securities in the available-for-sale portfolio recorded at fair value and securities in the held-to-maturity portfolio recorded at amortized cost.
Securities available for sale
The majority of our securities available-for-sale portfolio consists of federal agency mortgage-backed securities and CMOs. CMOs are debt securities secured by a pool of mortgages or mortgage-backed securities.
Figure 14 shows the composition, yields, and remaining maturities of our securities available for sale. For more information about these securities, including gross unrealized gains and losses by type of security and securities pledged, see Note 6 (“Securities”).
Figure 14. Securities Available for Sale
| Dollars in millions · U.S. Treasury, Agencies, and Corporations · Agency Residential Collateralized Mortgage Obligations(a) · Agency Residential Mortgage-backed Securities(a) · Agency Commercial Mortgage-backed Securities(a) · Total · Weighted-Average Yield(c) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Remaining maturity: | |||||||||
| One year or less | $2,799 | $3 | $3 | $225 | $3,030 | 4.13% | |||
| After one through five years | 5,248 | 1,214 | 3,353 | 996 | 10,811 | 3.60 | |||
| After five through ten years | 91 | 7,004 | 10,603 | 1,948 | 19,646 | 3.53 | |||
| After ten years | 70 | 558 | 5,475 | 866 | 6,969 | 4.11 | |||
| Fair value | $8,208 | $8,779 | $19,434 | $4,035 | $40,456 | ||||
| Amortized cost(b) | $8,170 | $10,554 | $19,779 | $4,390 | $42,893 | 3.69% | |||
| Weighted-average yield(c) | 4.16% | 1.92% | 4.61% | 2.91% | 3.69% | — | |||
| Weighted-average maturity | 1.6 years | 8.0 years | 11.2 years | 6.9 years | 8.1 years | — | |||
| Fair value | $8,904 | $9,224 | $15,169 | $4,410 | $37,707 | ||||
| Amortized cost | 8,928 | 11,409 | 16,038 | 4,927 | 41,302 | 3.48% | |||
(a)Maturity is based upon expected average lives rather than contractual terms.
(b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $111 million and $(6) million as of September 30, 2025 and December 31, 2024, respectively. The securities being hedged are primarily U.S Treasuries, Agency RMBS, and Agency CMBS.
(c)Weighted-average yields are calculated based on amortized cost. Such yields have been adjusted to a TE basis using the statutory federal income tax rate in effect that calendar year.
Held-to-maturity securities
The majority of our held-to-maturity portfolio consists of Federal agency CMOs and mortgage-backed securities. This portfolio is also comprised of asset-backed securities and foreign bonds. Figure 15 shows the composition, yields, and remaining maturities of these securities.
Figure 15. Held-to-Maturity Securities
| Dollars in millions · Agency Residential Collateralized Mortgage Obligations (a) · Agency Residential Mortgage-backed Securities(a) · Agency Commercial Mortgage-backed Securities(a) · Asset-backed securities · OtherSecurities · Total · Weighted-Average Yield(b) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Remaining maturity: | ||||||||||
| One year or less | $56 | $— | $379 | $119 | $8 | $562 | 2.51% | |||
| After one through five years | 1,219 | 153 | 764 | 1 | 16 | 2,153 | 3.38 | |||
| After five through ten years | 2,593 | 783 | 225 | 2 | — | 3,603 | 4.05 | |||
| After ten years | 308 | 66 | 817 | — | — | 1,191 | 3.56 | |||
| Amortized cost | $4,176 | $1,002 | $2,185 | $122 | $24 | $7,509 | 3.67% | |||
| Fair value | $3,991 | $995 | $2,034 | $120 | $24 | $7,164 | ||||
| Weighted-average yield(b) | 3.78% | 4.90% | 2.97% | 2.07% | 4.33% | 3.67% | — | |||
| Weighted-average maturity | 6.6 years | 6.8 years | 8.3 years | 0.7 years | 1.3 years | 7.0 years | — | |||
| Amortized cost | $4,577 | $151 | $2,333 | $308 | $26 | $7,395 | 3.43% | |||
| Fair value | 4,248 | 134 | 2,130 | 300 | 25 | 6,837 | ||||
(a)Maturity is based upon expected average lives rather than contractual terms.
(b)Weighted-average yields are calculated based on amortized cost. Such yields have been adjusted to a TE basis using the statutory federal income tax rate in effect that calendar year.
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