KEYCORP /NEW/
For the period ended Mar 31, 2026. Filed May 5, 2026.
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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.
Mar 31, 2026 · Filed May 5, 2026
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Noninterest expense
As shown in Figure 6, noninterest expense was $1.2 billion for the first quarter of 2026, compared to $1.1 billion for the first quarter of 2025.
The following discussion explains the composition of certain elements of our noninterest expense and the factors that caused those elements to change.
Figure 6. Noninterest Expense
| Three Months Ended March 31, · PercentChange | |||
|---|---|---|---|
| Dollars in millions · 2026 · 2025 | |||
| Personnel | $743 | $680 | 9.3% |
| Net occupancy | 68 | 67 | 1.5 |
| Computer processing | 111 | 107 | 3.7 |
| Business services and professional fees | 36 | 40 | (10.0) |
| Equipment | 19 | 20 | (5.0) |
| Operating lease expense | 7 | 11 | (36.4) |
| Marketing | 18 | 21 | (14.3) |
| Other expense | 179 | 185 | (3.2) |
| Total noninterest income | $1,181 | $1,131 | 4.4% |
Personnel
Personnel expense, the largest category of our noninterest expense, increased by $63 million, or 9.3%, for the three months ended March 31, 2026, compared to the same period one year ago. The increase was primarily related to continued investments in people, employee benefits, and incentive compensation associated with noninterest income growth.
Figure 7. Personnel Expense
| Dollars in millions · Three Months Ended March 31, · PercentChange | |||
|---|---|---|---|
| 2026 | 2025 | ||
| Salaries and contract labor | $439 | $405 | 8.4% |
| Incentive and stock-based compensation (a) | 172 | 158 | 8.9 |
| Employee benefits | 127 | 109 | 16.5 |
| Severance | 5 | 8 | (37.5) |
| Total personnel expense | $743 | $680 | 9.3% |
(a)Excludes directors’ stock-based compensation of $1 million and $1 million for the three months ended March 31, 2026, and March 31, 2025, respectively, reported as “other expense” in Figure 6.
Nonpersonnel expense
Other nonpersonnel expense includes net occupancy, computer processing, business services and professional fees, equipment, operating lease expense, marketing, and other miscellaneous expense categories. Other nonpersonnel expense for the three months ended March 31, 2026, decreased $13 million, or 2.9%, from the year-ago quarter, primarily due to declines in technology consulting and legal expenditures, operating lease costs, and marketing spend.
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