KEYCORP /NEW/
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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FY2025 · Filed Feb 23, 2026
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Loans and loans held for sale
Figure 9 shows the composition of our loan portfolio at December 31 for each of the past two years.
Figure 9. Composition of Loans
| 2025 | 2024 | |||
|---|---|---|---|---|
| December 31,Dollars in millions | Amount | Percent of Total | Amount | Percent of Total |
| COMMERCIAL | ||||
| Commercial and industrial (a) | $57,688 | 54.1% | $52,909 | 50.7% |
| Commercial real estate: | ||||
| Commercial mortgage | 13,707 | 12.9 | 13,310 | 12.8 |
| Construction | 2,844 | 2.7 | 2,936 | 2.8 |
| Total commercial real estate loans | 16,551 | 15.6 | 16,246 | 15.6 |
| Commercial lease financing (b) | 2,270 | 2.1 | 2,736 | 2.6 |
| Total commercial loans | 76,509 | 71.8 | 71,891 | 68.9 |
| CONSUMER | ||||
| Real estate — residential mortgage | 18,732 | 17.6 | 19,886 | 19.1 |
| Home equity loans | 5,703 | 5.3 | 6,358 | 6.1 |
| Other consumer loans | 4,644 | 4.4 | 5,167 | 5.0 |
| Credit cards | 953 | 0.9 | 958 | 0.9 |
| Total consumer loans | 30,032 | 28.2 | 32,369 | 31.1 |
| Total loans (c) | $106,541 | 100.0% | $104,260 | 100.0% |
(a)Loan balances include $205 million and $212 million, of commercial credit card balances at December 31, 2025, and December 31, 2024, respectively.
(b)Commercial lease financing includes receivables held as collateral for a secured borrowing of $1 million and $3 million at December 31, 2025, and December 31, 2024, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 17 (“Borrowings”).
(c)Total loans exclude loans of $205 million at December 31, 2025, and $257 million at December 31, 2024, related to the discontinued operations of the education lending business.
At December 31, 2025, total loans outstanding from continuing operations were $106.5 billion, compared to $104.3 billion at the end of 2024. At December 31, 2025,67% of our loans were variable rate as compared to 63% at the end of 2024. For more information on balance sheet carrying value, see Note 1 (“Summary of Significant Accounting Policies”) under the headings “Loans” and “Loans Held for Sale.”
Commercial loan portfolio
Commercial loans outstanding were $76.5 billion at December 31, 2025, an increase of $4.6 billion, or 6.4%, compared to December 31, 2024, primarily reflecting increases in commercial and industrial loans and commercial mortgage real estate loans.
Figure 10 provides our commercial loan portfolio by industry classification as of December 31, 2025, and December 31, 2024.
Figure 10. Commercial Loans by Industry
| December 31, 2025 | Commercial and industrial | Commercialreal estate | Commerciallease financing | Total commercialloans | Percent oftotal |
|---|---|---|---|---|---|
| Dollars in millions | |||||
| Industry classification: | |||||
| Agriculture | $908 | $110 | $76 | $1,094 | 1.4% |
| Automotive | 2,475 | 610 | — | 3,085 | 4.0 |
| Business services | 3,228 | 227 | 85 | 3,540 | 4.6 |
| Commercial real estate | 8,124 | 12,045 | 1 | 20,170 | 26.4 |
| Construction materials and contractors | 1,978 | 238 | 153 | 2,369 | 3.1 |
| Consumer goods | 3,541 | 547 | 213 | 4,301 | 5.6 |
| Consumer services | 4,081 | 799 | 251 | 5,131 | 6.7 |
| Equipment | 1,586 | 153 | 45 | 1,784 | 2.3 |
| Finance | 12,165 | 96 | 167 | 12,428 | 16.3 |
| Healthcare | 2,714 | 1,334 | 133 | 4,181 | 5.5 |
| Materials and extraction | 2,105 | 177 | 104 | 2,386 | 3.1 |
| Oil and gas | 2,051 | 28 | 13 | 2,092 | 2.7 |
| Public exposure | 1,654 | 7 | 306 | 1,967 | 2.6 |
| Technology | 1,009 | 17 | 82 | 1,108 | 1.5 |
| Transportation | 1,022 | 121 | 276 | 1,419 | 1.9 |
| Utilities | 8,686 | — | 358 | 9,044 | 11.8 |
| Other | 361 | 42 | 7 | 410 | .5 |
| Total | $57,688 | $16,551 | $2,270 | $76,509 | 100.0% |
| December 31, 2024 | Commercial and industrial | Commercialreal estate | Commerciallease financing | Total commercialloans | Percent oftotal |
| Dollars in millions | |||||
| Industry classification: | |||||
| Agriculture | $876 | $99 | $80 | $1,055 | 1.5% |
| Automotive | 2,213 | 670 | 2 | 2,885 | 4.0 |
| Business services | 2,802 | 272 | 114 | 3,188 | 4.4 |
| Commercial real estate | 7,804 | 11,911 | 3 | 19,718 | 27.4 |
| Construction materials and contractors | 1,847 | 254 | 203 | 2,304 | 3.2 |
| Consumer goods | 3,557 | 528 | 190 | 4,275 | 5.9 |
| Consumer services | 4,115 | 627 | 328 | 5,070 | 7.1 |
| Equipment | 1,584 | 160 | 63 | 1,807 | 2.5 |
| Finance | 10,101 | 84 | 209 | 10,394 | 14.5 |
| Healthcare | 2,711 | 1,199 | 210 | 4,120 | 5.7 |
| Materials and extraction | 2,110 | 196 | 134 | 2,440 | 3.4 |
| Oil and gas | 1,950 | 28 | 10 | 1,988 | 2.8 |
| Public exposure | 2,003 | 7 | 387 | 2,397 | 3.3 |
| Technology | 829 | 25 | 95 | 949 | 1.3 |
| Transportation | 841 | 126 | 291 | 1,258 | 1.7 |
| Utilities | 7,186 | — | 412 | 7,598 | 10.6 |
| Other | 380 | 60 | 5 | 445 | .7 |
| Total | $52,909 | $16,246 | $2,736 | $71,891 | 100.0% |
Commercial and industrial. Commercial and industrial loans are the largest component of our loan portfolio, representing 54% of our total loan portfolio at December 31, 2025, and 51% at December 31, 2024. This portfolio is approximately 92% variable rate and consists of loans primarily to large corporate, middle market, and small business clients.
Commercial and industrial loans totaled $57.7 billion at December 31, 2025, an increase of $4.8 billion, or 9.0%, compared to December 31, 2024. The increase was partly driven by increases in specialty finance lending within the finance industry classification. The finance industry classification is comprised primarily of finance companies, insurance companies, and leasing companies.
Commercial real estate loans. Our commercial real estate portfolio includes project loans primarily focused in market-rate and affordable multi-family housing loans, owner-occupied commercial and industrial operating company buildings, and community center grocer-anchored retail centers. These three commercial real estate segments make up 70% of our commercial real estate portfolio. Our non-owner-occupied portfolio is focused on operators of commercial real estate who not only utilize our loan products, but also utilize our broader industry-focused products and services and provide consistent pipelines into our agency, CMBS, and other long-term market take out products. This focus ensures our relationship clients foster and build portfolios with stable, recurring cash flows, with adequate, balanced cash reserves to support our balance sheet exposures through the economic cycle.
At December 31, 2025, commercial real estate loans totaled $16.6 billion, which includes $13.7 billion of mortgage loans and $2.8 billion of construction loans. Compared to December 31, 2024, this portfolio increased $305 million or 1.9%. Nonowner-occupied properties, generally properties for which at least 50% of the debt service is provided by rental income from nonaffiliated third parties, represented 81% of total commercial real estate loans outstanding at December 31, 2025
Our construction loans constitute 17% of commercial real estate loans as of December 31, 2025 compared to 18% as of December 31, 2024. Construction loans provide a stream of funding for properties not fully leased at origination to support debt service payments over the term of the contract or project. As of December 31, 2025, 76% of our construction portfolio are multi-family project loans. Our office exposure only represents 4% of commercial real estate loans at period end.
As shown in Figure 11, our commercial real estate loan portfolio includes various property types and geographic locations of the underlying collateral. These loans include commercial mortgage and construction loans in both Consumer Bank and Commercial Bank.
Figure 11. Commercial Real Estate Loans
| Geographic Region · Percent of Total · CommercialMortgage | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dollars in millions · West · Southwest · Central · Midwest · Southeast · Northeast · National · Total · Construction | |||||||||||||
| Nonowner-occupied: | |||||||||||||
| Data Center | $— | $— | $— | $— | $24 | $— | $671 | $695 | 4.2% | $272 | $423 | ||
| Diversified | 1 | — | — | 29 | — | 10 | 176 | 216 | 1.3 | — | 216 | ||
| Industrial | 37 | 1 | 77 | 154 | 262 | 166 | 211 | 908 | 5.5 | 72 | 836 | ||
| Land & Residential | 9 | 6 | 13 | 3 | 6 | 19 | — | 56 | .3 | 38 | 18 | ||
| Lodging | 1 | — | 8 | 4 | 33 | 40 | 60 | 146 | .9 | — | 146 | ||
| Medical Office | 35 | — | 31 | 1 | 20 | 63 | 43 | 193 | 1.2 | 9 | 184 | ||
| Multifamily | 1,303 | 356 | 1,328 | 1,201 | 1,762 | 1,228 | 404 | 7,582 | 45.8 | 2,150 | 5,432 | ||
| Office | 79 | 1 | 90 | 70 | 84 | 200 | 114 | 638 | 3.9 | — | 638 | ||
| Retail | 90 | 40 | 91 | 226 | 87 | 185 | 230 | 949 | 5.7 | 20 | 929 | ||
| Self Storage | 36 | — | 15 | 6 | 50 | 16 | 157 | 280 | 1.7 | 20 | 260 | ||
| Senior Housing | 90 | 95 | 35 | 103 | 181 | 81 | 192 | 777 | 4.7 | 94 | 683 | ||
| Skilled Nursing | — | — | — | — | 181 | 220 | 242 | 643 | 3.9 | — | 643 | ||
| Student Housing | 73 | 6 | 13 | 46 | — | — | — | 138 | .8 | — | 138 | ||
| Other | 5 | 8 | 12 | 27 | 47 | 31 | 129 | 259 | 1.6 | — | 259 | ||
| Total nonowner-occupied | 1,759 | 513 | 1,713 | 1,870 | 2,737 | 2,259 | 2,629 | 13,480 | 81.4 | 2,675 | 10,805 | ||
| Owner-occupied | 1,026 | — | 316 | 519 | 124 | 929 | 157 | 3,071 | 18.6 | 169 | 2,902 | ||
| Total | $2,785 | $513 | $2,029 | $2,389 | $2,861 | $3,188 | $2,786 | $16,551 | 100.0% | $2,844 | $13,707 | ||
| Nonowner-occupied: | |||||||||||||
| Nonperforming loans | $8 | $— | $25 | $68 | $48 | $7 | $1 | $157 | N/M | $— | $157 | ||
| Accruing loans past due 90 days or more | — | — | 2 | 1 | 26 | 5 | — | 34 | N/M | 1 | 33 | ||
| Accruing loans past due 30 through 89 days | 1 | — | 1 | 1 | 56 | 8 | — | 67 | N/M | — | 67 | ||
| Nonowner-occupied: | |||||||||||||
| Data Center | $— | $— | $— | $98 | $54 | $— | $— | $152 | .9% | $— | $152 | ||
| Diversified | 1 | — | — | 3 | — | 13 | 118 | 135 | .8 | — | 135 | ||
| Industrial | 44 | 1 | 95 | 103 | 214 | 258 | 18 | 733 | 4.5 | 54 | 679 | ||
| Land & Residential | 10 | 7 | 3 | 7 | — | 21 | — | 48 | .3 | 28 | 20 | ||
| Lodging | 48 | — | 12 | 14 | 46 | 55 | 59 | 234 | 1.4 | — | 234 | ||
| Medical Office | 35 | 43 | 42 | — | 37 | 97 | 17 | 271 | 1.7 | — | 271 | ||
| Multifamily | 1,303 | 485 | 1,201 | 1,204 | 2,325 | 1,336 | 156 | 8,010 | 49.3 | 2,405 | 5,605 | ||
| Office | 152 | 1 | 129 | 77 | 134 | 232 | 13 | 738 | 4.5 | — | 738 | ||
| Retail | 152 | 6 | 81 | 172 | 97 | 293 | 79 | 880 | 5.4 | 43 | 837 | ||
| Self Storage | 44 | — | 44 | 8 | 222 | 18 | 24 | 360 | 2.2 | 14 | 346 | ||
| Senior Housing | 172 | 39 | 97 | 85 | 54 | 142 | 4 | 593 | 3.7 | 154 | 439 | ||
| Skilled Nursing | — | — | — | — | 132 | 170 | 90 | 392 | 2.4 | — | 392 | ||
| Student Housing | 41 | — | 13 | 63 | 123 | — | — | 240 | 1.5 | 50 | 190 | ||
| Other | 1 | 10 | 7 | 112 | 40 | 48 | — | 218 | 1.3 | — | 218 | ||
| Total nonowner-occupied | 2,003 | 592 | 1,724 | 1,946 | 3,478 | 2,683 | 578 | 13,004 | 80.0 | 2,748 | 10,256 | ||
| Owner-occupied | 1,078 | — | 330 | 601 | 182 | 1,051 | — | 3,242 | 20.0 | 188 | 3,054 | ||
| Total | $3,081 | $592 | $2,054 | $2,547 | $3,660 | $3,734 | $578 | $16,246 | 100.0% | $2,936 | $13,310 | ||
| Nonperforming loans | $5 | $— | $64 | $80 | $81 | $13 | $— | $243 | N/M | $— | $243 | ||
| Accruing loans past due 90 days or more | 10 | — | 2 | 1 | — | 7 | — | 20 | N/M | 4 | 16 | ||
| Accruing loans past due 30 through 89 days | 1 | — | — | 3 | 19 | 9 | — | 32 | N/M | — | 32 | ||
| West – | Alaska, California, Hawaii, Idaho, Montana, Oregon, Washington, and Wyoming |
|---|---|
| Southwest – | Arizona, Nevada, and New Mexico |
| Central – | Arkansas, Colorado, Oklahoma, Texas, and Utah |
| Midwest – | Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin |
| Southeast – | Alabama, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, Washington, D.C., and West Virginia |
| Northeast – | Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont |
| National – | Accounts in three or more regions |
Consumer loan portfolio
Consumer loans outstanding at December 31, 2025, totaled $30.0 billion, a decrease of $2.3 billion, or 7.2%, from one year ago. The decrease was driven by declines across all consumer loan categories reflective of the intentional run-off of low-yielding loans, primarily consumer mortgages, and our focus on originating salable loans.
The residential mortgage portfolio is comprised of loans originated by our Consumer Bank and is the largest segment of our consumer loan portfolio as of December 31, 2025, representing approximately 62% of consumer loans. This is followed by our home equity portfolio comprising approximately 19% of consumer loans outstanding at year end.
We held the first lien position for approximately 63% of the home equity portfolio at December 31, 2025, and 65% at December 31, 2024. For loans with real estate collateral, we track borrower performance monthly. Regardless of the lien position, credit metrics are refreshed quarterly, including recent FICO scores as well as updated loan-to-value ratios. This information is used in establishing the ALLL. Our methodology is described in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Allowance for Loan and Lease Losses”.
Figure 12 presents our consumer loans by geography.
Figure 12. Consumer Loans by State
| Dollars in millions | Real estate — residential mortgage | Home equity loans | Other consumer loans | Credit cards | Total |
|---|---|---|---|---|---|
| Washington | $4,030 | $844 | $202 | $85 | $5,161 |
| Ohio | 2,613 | 758 | 66 | 195 | 3,632 |
| New York | 626 | 1,587 | 702 | 326 | 3,241 |
| Colorado | 2,769 | 236 | 118 | 29 | 3,152 |
| California | 2,056 | 13 | 399 | 3 | 2,471 |
| Oregon | 1,145 | 487 | 85 | 41 | 1,758 |
| Pennsylvania | 378 | 395 | 296 | 62 | 1,131 |
| Florida | 675 | 36 | 343 | 13 | 1,067 |
| Utah | 759 | 215 | 53 | 17 | 1,044 |
| Connecticut | 618 | 200 | 100 | 29 | 947 |
| Other | 3,063 | 932 | 2,280 | 153 | 6,428 |
| Total | $18,732 | $5,703 | $4,644 | $953 | $30,032 |
| Washington | $4,312 | $929 | $214 | $85 | $5,540 |
| Ohio | 2,662 | 895 | 111 | 197 | 3,865 |
| New York | 723 | 1,756 | 737 | 330 | 3,546 |
| Colorado | 2,891 | 258 | 131 | 30 | 3,310 |
| California | 2,191 | 12 | 442 | 3 | 2,648 |
| Oregon | 1,195 | 532 | 92 | 40 | 1,859 |
| Pennsylvania | 403 | 449 | 333 | 60 | 1,245 |
| Florida | 733 | 41 | 384 | 13 | 1,171 |
| Utah | 805 | 232 | 56 | 18 | 1,111 |
| Connecticut | 684 | 223 | 105 | 28 | 1,040 |
| Other | 3,287 | 1,031 | 2,562 | 154 | 7,034 |
| Total | $19,886 | $6,358 | $5,167 | $958 | $32,369 |
Loan sales
As shown in Figure 13, during 2025, we sold $10.1 billion of our loans. Sales of loans classified as held for sale generated net gains of $147 million during 2025.
Figure 13 summarizes our loan sales during 2025 and 2024.
Figure 13. Loans Sold (Including Loans Held for Sale)
| Dollars in millions | Commercial | CommercialReal Estate | CommercialLeaseFinancing | ResidentialReal Estate | Total |
|---|---|---|---|---|---|
| Fourth quarter | $81 | $2,804 | $50 | $331 | $3,266 |
| Third quarter | 79 | 2,513 | 61 | 359 | 3,012 |
| Second quarter | 239 | 1,465 | — | 338 | 2,042 |
| First quarter | 89 | 1,355 | 27 | 260 | 1,731 |
| Total | $488 | $8,137 | $138 | $1,288 | $10,051 |
| Fourth quarter | $150 | $2,584 | $— | $342 | $3,076 |
| Third quarter | 60 | 1,406 | 90 | 393 | 1,949 |
| Second quarter | 56 | 860 | 61 | 312 | 1,289 |
| First quarter | 86 | 1,554 | 85 | 209 | 1,934 |
| Total | $352 | $6,404 | $236 | $1,256 | $8,248 |
Figure 14 shows loans that are either administered or serviced by us but not recorded on the balance sheet; this includes loans that were sold.
Figure 14. Loans Administered or Serviced
| December 31,Dollars in millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Commercial real estate loans | $566,567 | $557,633 | $499,449 |
| Residential mortgage | 11,419 | 11,344 | 11,193 |
| Education loans | 152 | 189 | 248 |
| Commercial lease financing | 1,719 | 1,735 | 1,946 |
| Commercial loans | 576 | 603 | 667 |
| Consumer direct | 258 | 328 | 408 |
| Consumer indirect | 83 | 319 | 792 |
| Total | $580,774 | $572,151 | $514,703 |
In the event of default by a borrower, we are subject to recourse with respect to approximately $8.2 billion of the $580.8 billion of loans administered or serviced at December 31, 2025. These are primarily associated with commercial real estate loans administered or serviced. Additional information about this recourse arrangement is included in Note 19 (“Commitments, Contingent Liabilities, and Guarantees”) under the heading “Recourse agreement with FNMA.”
We derive income from several sources when retaining the right to administer or service loans that are sold. We earn noninterest income (recorded as “Consumer mortgage income” and “Commercial mortgage servicing fees”) from fees for servicing or administering loans. This fee income is reduced by the amortization of related servicing assets. In addition, we earn interest income from investing funds generated by escrow deposits collected in connection with the servicing loans. Additional information about our mortgage servicing assets is included in Note 8 (“Mortgage Servicing Assets”).
Maturities and sensitivity of certain loans to changes in interest rates
Figure 15 shows the remaining maturities of our loan portfolio and the sensitivity of certain loans to changes in interest rates as of December 31, 2025.
Figure 15. Remaining Maturities and Sensitivity of Certain Loans to Changes in Interest Rates(a)
| Dollars in millions · Within One Year · One - Five Years · Five - Fifteen Years · Over Fifteen Years · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Commercial | |||||||||
| Commercial and industrial | $14,655 | $39,461 | $3,464 | $108 | $57,688 | ||||
| Commercial mortgage | 5,227 | 6,158 | 1,959 | 363 | 13,707 | ||||
| Real estate — construction | 1,285 | 1,275 | 255 | 29 | 2,844 | ||||
| Commercial lease financing | 191 | 1,279 | 800 | — | 2,270 | ||||
| Total commercial loans | $21,358 | $48,173 | $6,478 | $500 | $76,509 | ||||
| Consumer | |||||||||
| Real estate - residential mortgage | $167 | $36 | $619 | $17,910 | $18,732 | ||||
| Home equity loans | 103 | 192 | 1,543 | 3,865 | 5,703 | ||||
| Other consumer loans | 569 | 675 | 1,951 | 1,449 | 4,644 | ||||
| Credit Cards | 953 | — | — | — | 953 | ||||
| Total consumer loans | 1,792 | 903 | 4,113 | 23,224 | 30,032 | ||||
| Total loans | $23,150 | $49,076 | $10,591 | $23,724 | $106,541 | ||||
| Loans with floating or adjustable interest rates (b) | $43,944 | $2,940 | $11,630 | $58,514 | |||||
| Loans with predetermined interest rates (c) | 5,132 | 7,651 | 12,094 | 24,877 | |||||
| Total | $49,076 | $10,591 | $23,724 | $83,391 | |||||
(a)Accrued interest of $459 million at December 31, 2025, is presented in "Accrued income and other assets" on the Consolidated Balance Sheets and is excluded from the amortized cost basis disclosed in this table.
(b)Floating and adjustable rates vary in relation to other interest rates (such as the base lending rate) or a variable index that may change during the term of the loan.
(c)Predetermined interest rates either are fixed or may change during the term of the loan according to a specific formula or schedule.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.