EX-99.3 4 a3q24erex993.htm EX-99.3

Exhibit 99.3

Consolidated Balance Sheets
(dollars in millions)
									9/30/2024			6/30/2024			9/30/2023
Assets
			Loans						$	105,346		$	107,078		$	115,544
			Loans held for sale						1,058			517			730
			Securities available for sale						34,169			37,460			35,839
			Held-to-maturity securities						7,702			7,968			8,853
			Trading account assets						1,404			1,219			1,325
			Short-term investments						22,796			15,536			7,871
			Other investments						1,117			1,259			1,356
						Total earning assets			173,592			171,037			171,518
			Allowance for loan and lease losses						(1,494)			(1,547)			(1,488)
			Cash and due from banks						1,276			1,326			766
			Premises and equipment						624			631			649
			Goodwill						2,752			2,752			2,752
			Other intangible assets						34			41			65
			Corporate-owned life insurance						4,379			4,382			4,381
			Accrued income and other assets						8,323			8,532			8,843
			Discontinued assets						277			296			365
						Total assets			$	189,763		$	187,450		$	187,851
Liabilities
			Deposits in domestic offices:
						Interest-bearing deposits			119,995			117,570			112,581
						Noninterest-bearing deposits			30,358			28,150			31,710
						Total deposits			150,353			145,720			144,291
			Federal funds purchased and securities sold under repurchase agreements						44			25			43
			Bank notes and other short-term borrowings						2,359			5,292			3,470
			Accrued expense and other liabilities						4,478			4,755			5,388
			Long-term debt						15,677			16,869			21,303
						Total liabilities			172,911			172,661			174,495
Equity
			Preferred stock						2,500			2,500			2,500
			Common shares						1,257			1,257			1,257
			Capital surplus						6,149			6,185			6,254
			Retained earnings						15,066			15,706			15,835
			Treasury stock, at cost						(4,839)			(5,715)			(5,851)
			Accumulated other comprehensive income (loss)						(3,281)			(5,144)			(6,639)
						Key shareholders’ equity			16,852			14,789			13,356
			Noncontrolling interests						—			—			—
						Total equity			16,852			14,789			13,356
Total liabilities and equity									$	189,763		$	187,450		$	187,851
Common shares outstanding (000)									991,251			943,200			936,161

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Consolidated Statements of Income
(dollars in millions, except per share amounts)
									Three months ended												Nine months ended
									9/30/2024			6/30/2024			9/30/2023						9/30/2024			9/30/2023
Interest income
			Loans						$	1,516		$	1,524		$	1,593					$	4,578		$	4,645
			Loans held for sale						18			8			19						40			49
			Securities available for sale						298			259			192						789			580
			Held-to-maturity securities						70			73			79						218			234
			Trading account assets						15			16			15						45			42
			Short-term investments						244			192			123						578			276
			Other investments						14			16			22						47			51
						Total interest income			2,175			2,088			2,043						6,295			5,877
Interest expense
			Deposits						887			817			687						2,486			1,568
			Federal funds purchased and securities sold under repurchase agreements						1			1			9						3			79
			Bank notes and other short-term borrowings						43			51			81						140			263
			Long-term debt						292			332			351						952			975
						Total interest expense			1,223			1,201			1,128						3,581			2,885
Net interest income									952			887			915						2,714			2,992
Provision for credit losses									95			100			81						296			387
Net interest income after provision for credit losses									857			787			834						2,418			2,605
Noninterest income
			Trust and investment services income						140			139			130						415			384
			Investment banking and debt placement fees						171			126			141						467			406
			Service charges on deposit accounts						67			66			69						196			205
			Operating lease income and other leasing gains						16			21			22						61			70
			Corporate services income						69			68			73						206			235
			Cards and payments income						84			85			90						246			256
			Corporate-owned life insurance income						36			34			35						102			96
			Consumer mortgage income						12			16			15						42			40
			Commercial mortgage servicing fees						73			61			46						190			142
			Other income						(937)			11			22						(920)			26
						Total noninterest income			(269)			627			643						1,005			1,860
Noninterest expense
			Personnel						670			636			663						1,980			1,986
			Net occupancy						66			66			67						199			202
			Computer processing						104			101			89						307			276
			Business services and professional fees						41			37			38						119			124
			Equipment						20			20			20						60			64
			Operating lease expense						14			17			18						48			59
			Marketing						21			21			28						61			78
			Intangible asset amortization						—			—			—						—			—
			Other expense						158			181			187						542			573
						Total noninterest expense			1,094			1,079			1,110						3,316			3,362
Income (loss) from continuing operations before income taxes									(506)			335			367						107			1,103
			Income taxes						(95)			62			65						26			204
Income (loss) from continuing operations									(411)			273			302						81			899
			Income (loss) from discontinued operations, net of taxes						1			1			1						2			3
Net income (loss)									(410)			274			303						83			902
			Less: Net income (loss) attributable to noncontrolling interests						—			—			—						—			—
Net income (loss) attributable to Key									$	(410)		$	274		$	303					$	83		$	902
Income (loss) from continuing operations attributable to Key common shareholders									$	(447)		$	237		$	266					$	(27)		$	791
Net income (loss) attributable to Key common shareholders									(446)			238			267						(25)			794
Per common share
Income (loss) from continuing operations attributable to Key common shareholders									$	(.47)		$	.25		$	.29					$	(.03)		$	.85
Income (loss) from discontinued operations, net of taxes									—			—			—						—			—
Net income (loss) attributable to Key common shareholders (a)									(.47)			.25			.29						(.03)			.86
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders									$	(.47)		$	.25		$	.29					$	(.03)		$	.85
Income (loss) from discontinued operations, net of taxes									—			—			—						—			—
Net income (loss) attributable to Key common shareholders (a)									(.47)			.25			$	.29					(.03)			.85
Cash dividends declared per common share									$	.205		$	.205		$	.205					$	.615		$	.615
Weighted-average common shares outstanding (000)									948,979			931,726			927,131						936,962			927,019
			Effect of common share options and other stock awards						8,951			6,761			4,613						7,678			5,213
Weighted-average common shares and potential common shares outstanding (000) (b)									957,929			938,487			931,744						944,640			932,232

(a)Earnings per share may not foot due to rounding.

(b)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.