{"id":802458,"date":"2025-01-21T06:34:48","date_gmt":"2025-01-21T11:34:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/keycorp-reports-fourth-quarter-2024-net-loss-of-279-million-or-28-per-diluted-common-share-and-adjusted-net-income-of-378-million-or-38-per-diluted-common-sharea\/"},"modified":"2025-01-21T06:34:48","modified_gmt":"2025-01-21T11:34:48","slug":"keycorp-reports-fourth-quarter-2024-net-loss-of-279-million-or-28-per-diluted-common-share-and-adjusted-net-income-of-378-million-or-38-per-diluted-common-sharea","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/keycorp-reports-fourth-quarter-2024-net-loss-of-279-million-or-28-per-diluted-common-share-and-adjusted-net-income-of-378-million-or-38-per-diluted-common-sharea\/","title":{"rendered":"KEYCORP REPORTS FOURTH QUARTER 2024 NET LOSS OF $(279) MILLION, OR $(.28) PER DILUTED COMMON SHARE, AND ADJUSTED NET INCOME OF $378 MILLION, OR $.38 PER DILUTED COMMON SHARE(a)"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n Revenue of $865 million<\/span>; Adjusted for selected items(a)<\/sup>, revenue up 16% year-over-year<\/b>\n <\/p>\n

\n Net interest income up 10% linked quarter<\/b>\n <\/p>\n

\n Momentum across investment banking, payments, and wealth management fees up 27% year-over-year<\/b>\n <\/p>\n

\n Common Equity Tier 1 ratio increased 120 basis points quarter-over-quarter to 12%(b)<\/sup><\/b>\n <\/p>\n

\n
\n CLEVELAND<\/span>
\n <\/span>, Jan. 21, 2025<\/span><\/span> \/PRNewswire\/ — KeyCorp (NYSE: KEY) today announced a net loss from continuing operations attributable to Key common shareholders of $(279) million<\/span>, or $(.28)<\/span> per diluted common share,\u00a0or adjusted net income of $378 million<\/span> or $.38<\/span> per diluted common share(a)<\/sup>, for the fourth quarter of 2024. Included in the fourth quarter of 2024 are $(657) million<\/span>, or $(.66)<\/span> per diluted common share, after-tax, of charges related to the loss on the sale of securities(c)<\/sup>. For the third quarter of 2024, KeyCorp reported a net loss from continuing operations attributable to Key common shareholders of $(447) million, or $(.47) per diluted common share, or adjusted net income of $285 million or $.30 per diluted common share(a)<\/sup>. Net income from continuing operations attributable to Key common shareholders was $30 million, or $.03 per diluted common share, or adjusted net income of $239 million or $.25 per diluted common share(a)<\/sup>, for the fourth quarter of 2023. During the quarter, Key and Scotiabank received regulatory approval to complete Scotiabank’s minority investment in Key as announced on August 12, 2024.<\/p>\n

\n
\n Comments from Chairman and CEO, Chris Gorman<\/span><\/u>
\n <\/b>\n <\/p>\n

\n “Our fourth quarter results marked a strong finish to the year. EPS and revenue were impacted by the previously communicated completion of our securities portfolio repositioning. On an adjusted basis(a)<\/sup>, revenues were up 16% year-over-year and 11% sequentially. Net interest income was up 10% quarter-over-quarter and fees (as adjusted(a)<\/sup>), were up meaningfully versus comparable periods. We achieved year-over-year positive operating leverage for a second consecutive quarter. On a linked quarter basis, net charge-offs were down 26% and criticized loans down 7%.\u00a0<\/i>\n <\/p>\n

\n Our strong financial results are a function of continued client momentum. Relationship households were up 3%, client deposits were up 4%, and AUM increased to a record level of $61 billion<\/span> in 2024. We continued to drive significant progress in each of our strategic, fee-based businesses \u2013 wealth management, commercial payments, and investment banking.\u00a0<\/i>\n <\/p>\n

\n I am very proud of all that our team accomplished in 2024. As we turn the page to 2025, we celebrate KeyBank’s 200th anniversary, a remarkable milestone that reflects the hard work of our teammates over the past two centuries, and their collective dedication to our clients. With strong performance momentum and a leading capital position, we are well positioned for sound, profitable growth in 2025 and beyond.”<\/i>\n <\/p>\n

\n\n\n
\n

\n (a) The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “adjusted earnings per share”, “adjusted taxable-equivalent revenues”, “adjusted noninterest income”, and “adjusted net income.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(b) December\u00a031, 2024 ratio is estimated and reflects Key’s election to adopt the CECL optional transition provision.
(c) See table on page 25 for more information on Selected Items Impact on Earnings.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Selected Financial Highlights<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Dollars in millions, except per share data<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Change 4Q24 vs.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income (loss) from continuing operations attributable to Key common shareholders<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0 (279)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 (447)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 37.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income (loss) from continuing operations attributable to Key common shareholders per
\u00a0 common share \u2014 assuming dilution<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (.28)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (.47)<\/span>\n <\/p>\n<\/td>\n

\n

\n .03<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40.4<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Return on average tangible common equity from continuing operations (a)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (9.69)\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (16.98)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.46\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Return on average total assets from continuing operations<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (.52)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (.87)<\/span>\n <\/p>\n<\/td>\n

\n

\n .14<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Common Equity Tier 1 ratio (b)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 12.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 10.8<\/span>\n <\/p>\n<\/td>\n

\n

\n 10.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Book value at period end<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0 14.21<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 14.53<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 13.02<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net interest margin (TE) from continuing operations<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2.41\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2.17\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.07\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n
\n

\n (a)\u00a0 \u00a0 \u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “tangible common equity.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (b)\u00a0\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n December 31, 2024 ratio is estimated.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n TE = Taxable Equivalent, N\/A = Not Applicable, N\/M = Not Meaningful<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n INCOME STATEMENT HIGHLIGHTS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Revenue<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Dollars in millions<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Change 4Q24 vs.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net interest income (TE)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,061<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 964<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 928<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.3\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Noninterest income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (196)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (269)<\/span>\n <\/p>\n<\/td>\n

\n

\n 610<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.1<\/span>\n <\/p>\n<\/td>\n

\n

\n (132.1)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenue (TE)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 865<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 695<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,538<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (43.8)\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n
\n

\n TE = Taxable Equivalent<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Taxable-equivalent net interest income was $1.1 billion<\/span> for the fourth quarter of 2024 and the net interest margin was 2.41%. Compared to the fourth quarter of 2023, net interest income increased by $133\u00a0million, and the net interest margin increased by 34 basis points. The increase in net interest income and the net interest margin reflect the reinvestment of proceeds from maturing investment securities into higher yielding investments, the maturity of lower-yielding interest rate swaps with negative carry that were terminated in 2023, and the first tranche of the repositioning of the available-for-sale portfolio of $7.0 billion<\/span> during the third quarter of 2024. In addition, during the fourth quarter of 2024, Key completed the second tranche of the available-for-sale portfolio repositioning, which involved the sale and reinvestment of approximately $3.0 billion<\/span> of lower-yielding mortgaged-backed securities into higher-yielding investments. Net interest income and the net interest margin also benefited from an increase in lower-cost deposits, which contributed to the decline in wholesale borrowings. These benefits were partially offset by a decline in loan balances and the impact of lower interest rates on repricing earning assets.<\/p>\n

Compared to the third quarter of 2024, taxable-equivalent net interest income increased by $97 million<\/span>, and the net interest margin increased by 24 basis points. Net interest income and the net interest margin benefited from the reinvestment of proceeds from maturing investment securities into higher-yielding investments, the repositioning of the available-for-sale portfolio, the maturity of amortizing interest rate swaps with negative carry, and an improved funding mix.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Noninterest Income<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Dollars in millions<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Change 4Q24 vs.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Trust and investment services income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 142<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 140<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 132<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investment banking and debt placement fees<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 221<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 171<\/span>\n <\/p>\n<\/td>\n

\n

\n 136<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 62.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cards and payments income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 85<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 84<\/span>\n <\/p>\n<\/td>\n

\n

\n 84<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Service charges on deposit accounts<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 65<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 67<\/span>\n <\/p>\n<\/td>\n

\n

\n 65<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3.0)<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Corporate services income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 69<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 69<\/span>\n <\/p>\n<\/td>\n

\n

\n 67<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commercial mortgage servicing fees<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 68<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 73<\/span>\n <\/p>\n<\/td>\n

\n

\n 48<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6.8)<\/span>\n <\/p>\n<\/td>\n

\n

\n 41.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Corporate-owned life insurance income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 36<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 36<\/span>\n <\/p>\n<\/td>\n

\n

\n 36<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consumer mortgage income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 16<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 12<\/span>\n <\/p>\n<\/td>\n

\n

\n 11<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 45.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating lease income and other leasing gains<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 15<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 16<\/span>\n <\/p>\n<\/td>\n

\n

\n 22<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6.3)<\/span>\n <\/p>\n<\/td>\n

\n

\n (31.8)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (2)<\/span>\n <\/p>\n<\/td>\n

\n

\n 13<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 150.0<\/span>\n <\/p>\n<\/td>\n

\n

\n (138.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net securities gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (908)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (935)<\/span>\n <\/p>\n<\/td>\n

\n

\n (4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.9<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total noninterest income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (196)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (269)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 610<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (132.1)\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n
\n

\n N\/M = Not Meaningful<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Compared to the fourth quarter of 2023, noninterest income decreased by $806 million<\/span>. The decrease was driven by a\u00a0$915 million loss on the sale of securities as part of a strategic repositioning of the portfolio, as well as a $3 million<\/span> loss related to the Scotiabank investment agreement valuation in the fourth quarter of 2024. See the Selected Items Impact on Earnings table on page 25 for more information. The decline was partly offset by an $85 million<\/span> increase in investment banking and debt placement fees, reflective of stronger syndication fees, underwriting fees,\u00a0and merger and acquisition fees, as well as a $20 million<\/span> increase in commercial mortgage servicing fees.<\/p>\n

Compared to the third quarter of 2024, noninterest income increased by $73 million<\/span>, primarily driven by a $50 million<\/span> increase in investment banking and debt placement fees, reflective of stronger syndication fees and merger and acquisition advisory fees. Additionally, net securities losses declined relative\u00a0to the prior quarter, reflecting gains from other investment activity in the fourth quarter.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Noninterest Expense<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Dollars in millions<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Change 4Q24 vs.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Personnel expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 734<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 670<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 674<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 8.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net occupancy<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 67<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 66<\/span>\n <\/p>\n<\/td>\n

\n

\n 65<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Computer processing<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 107<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 104<\/span>\n <\/p>\n<\/td>\n

\n

\n 92<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 16.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Business services and professional fees<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 55<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 41<\/span>\n <\/p>\n<\/td>\n

\n

\n 44<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 25.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Equipment<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 20<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 20<\/span>\n <\/p>\n<\/td>\n

\n

\n 24<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n

\n (16.7)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating lease expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 15<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 14<\/span>\n <\/p>\n<\/td>\n

\n

\n 18<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.1<\/span>\n <\/p>\n<\/td>\n

\n

\n (16.7)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Marketing<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 33<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 21<\/span>\n <\/p>\n<\/td>\n

\n

\n 31<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 57.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 6.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 198<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 158<\/span>\n <\/p>\n<\/td>\n

\n

\n 424<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.3<\/span>\n <\/p>\n<\/td>\n

\n

\n (53.3)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total noninterest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,229<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,094<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,372<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (10.4)\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

Compared to the fourth quarter of 2023,\u00a0noninterest expense decreased $143\u00a0million. The decline was driven by selected items that impacted earnings in the fourth quarter of 2023, which included the FDIC special assessment, efficiency related expenses, and a pension settlement charge in the fourth quarter of 2023, which collectively totaled $275 million<\/span>. See the Selected Items Impact on Earnings table on page 25 for more information. Partly offsetting the decline was an increase in personnel expense of $60 million<\/span> due to an increase in incentive and stock-based compensation related to strong capital markets activity, as well as an increase in technology investments.<\/p>\n

Compared to the third quarter of 2024, noninterest expense increased by $135 million<\/span>. The increase was driven by a $64 million<\/span> increase in personnel expense, primarily related to incentive and stock-based\u00a0compensation, reflective of stronger capital markets activity, as well as an increase in employee benefits. Additionally, there was a $40 million<\/span> increase in other expense, largely related to seasonal miscellaneous expenses such as charitable donations.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n BALANCE SHEET HIGHLIGHTS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Average Loans<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Dollars in millions<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Change 4Q24 vs.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commercial and industrial (a)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0 52,887<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 53,121<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 56,664<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (.4)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (6.7)\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other commercial loans<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 19,202<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 19,929<\/span>\n <\/p>\n<\/td>\n

\n

\n 21,942<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3.6)<\/span>\n <\/p>\n<\/td>\n

\n

\n (12.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total consumer loans<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 32,622<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 33,194<\/span>\n <\/p>\n<\/td>\n

\n

\n 35,342<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n (7.7)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total loans<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0 104,711<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 106,244<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 113,948<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.4)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (8.1)\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n
\n

\n (a)\u00a0 \u00a0 \u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n Commercial and industrial average loan balances include $216 million, $215 million, and $210 million of assets from commercial credit cards at December 31, 2024, September 30, 2024, and December 31, 2023, respectively.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Average loans were $104.7 billion<\/span> for the fourth quarter of 2024, a decrease of $9.2 billion<\/span> compared to the fourth quarter of 2023,\u00a0reflective of continued tepid client loan demand. The decline in average loans was mostly driven by a $6<\/span>.5\u00a0billion decline in average commercial loans, due to lower commercial and industrial loans and commercial mortgage real estate loans. Additionally, average consumer loans declined by $2<\/span>.7\u00a0billion, reflective of broad-based declines across all consumer loan categories.<\/p>\n

Compared to the third quarter of 2024, average loans decreased by $1.5 billion<\/span>. Average commercial loans declined by $961 million<\/span>, primarily driven by a decrease in commercial mortgage real estate loans and commercial and industrial loans. Average consumer loans declined $572 million<\/span>, driven by lower consumer mortgage and home equity loan balances.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Average Deposits<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Dollars in millions<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Change 4Q24 vs.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-time deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0 132,092<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 129,901<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 130,750<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Time deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 17,641<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 17,870<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,326<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.3)<\/span>\n <\/p>\n<\/td>\n

\n

\n 23.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0 149,733<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 147,771<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 145,076<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cost of total deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2.18\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2.39\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.06\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n
\n

\n N\/A = Not Applicable<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Average deposits totaled $149.7 billion<\/span> for the fourth quarter of 2024, an increase of $4.7 billion<\/span> compared to the year-ago quarter, reflecting growth in both consumer and commercial deposits.<\/p>\n

Compared to the third quarter of 2024, average deposits increased by $2.0 billion<\/span>, driven by an increase in both consumer and commercial deposit balances.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n ASSET QUALITY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Dollars in millions<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Change 4Q24 vs.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net loan charge-offs<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 114<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 154<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (26.0)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 50.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net loan charge-offs to average total loans<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n .43\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n .58\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n .26\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Nonperforming loans at period end<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 758<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 728<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 574<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 32.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Nonperforming assets at period end<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 772<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 741<\/span>\n <\/p>\n<\/td>\n

\n

\n 591<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 30.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Allowance for loan and lease losses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,409<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,494<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,508<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5.7)<\/span>\n <\/p>\n<\/td>\n

\n

\n (6.6)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Allowance for credit losses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,699<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,774<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,804<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n (5.8)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Provision for credit losses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 39<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 95<\/span>\n <\/p>\n<\/td>\n

\n

\n 102<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (58.9)<\/span>\n <\/p>\n<\/td>\n

\n

\n (61.8)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Allowance for loan and lease losses to nonperforming loans<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 186\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 205\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 263\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Allowance for credit losses to nonperforming loans<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 224<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 244<\/span>\n <\/p>\n<\/td>\n

\n

\n 314<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/A<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n
\n

\n N\/A = Not Applicable<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Key’s provision for credit losses was $39 million<\/span>, compared to $102 million<\/span> in the fourth quarter of 2023 and $95 million<\/span> in the third quarter of 2024. The decrease from prior periods primarily reflects lower loan balances, slowing asset quality migration, and changes in net charge-off levels.<\/p>\n

Net loan charge-offs for the fourth quarter of 2024 totaled $114 million<\/span>, or 0.43% of average total loans. These results compare to $76 million<\/span>, or 0.26%, for the fourth quarter of 2023 and $154 million<\/span>, or 0.58%, for the third quarter of 2024. Key’s allowance for credit losses was $1.7 billion<\/span>, or 1.63% of total period-end loans at December 31, 2024<\/span>, compared to 1.60% at December 31, 2023<\/span>, and 1.68% at September 30, 2024<\/span>.<\/p>\n

At December 31, 2024<\/span>, Key’s\u00a0nonperforming loans totaled $758 million<\/span>, which represented 0.73% of period-end portfolio loans. These results compare to 0.51% at December\u00a031, 2023, and 0.69% at September\u00a030, 2024. Nonperforming assets at December\u00a031, 2024, totaled $772 million<\/span>, and represented 0.74% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.52% at December\u00a031, 2023, and 0.70% at September\u00a030, 2024.<\/p>\n

\n CAPITAL<\/b>\n <\/p>\n

Key’s estimated risk-based capital ratios, included in the following table, continued to exceed all “well-capitalized” regulatory benchmarks at December\u00a031, 2024.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Capital Ratios<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n 12\/31\/2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 9\/30\/2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 12\/31\/2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Common Equity Tier 1 (a)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 12.0\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 10.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 10.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Tier 1 risk-based capital (a)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 13.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 12.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total risk-based capital (a)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 16.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 15.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Tangible common equity to tangible assets (b)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 7.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 6.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Leverage (a)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 10.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 9.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n
\n

\n (a)\u00a0\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n December 31, 2024 ratio is estimated and reflects Key’s election to adopt the CECL optional transition provision.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (b)\u00a0 \u00a0 \u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “tangible common equity.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Key’s regulatory capital position remained strong in the fourth quarter of 2024. As shown in the preceding table, at December\u00a031, 2024, Key’s estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 12.0% and 13.7%, respectively. Key’s tangible common equity ratio was 7.0% at December\u00a031, 2024.<\/p>\n

Key elected the\u00a0CECL phase-in option provided by regulatory guidance which delayed for two years the estimated impact of CECL on regulatory capital and phases it in over three years beginning in 2022. Effective for the first quarter 2022, Key entered a three-year transition period, and the full impact of the CECL standard was phased-in to regulatory capital through December 31, 2024<\/span>. In the first quarter of 2025, CECL will be fully reflected in regulatory capital. On a fully phased-in basis, Key’s Common Equity Tier 1 ratio would be reduced by five basis points.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Summary of Changes in Common Shares Outstanding<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n In thousands<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Change 4Q24 vs.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Shares outstanding at beginning of period<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 991,251<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 943,200<\/span>\n <\/p>\n<\/td>\n

\n

\n 936,161<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Shares issued under employee compensation plans (net of cancellations and returns)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 493<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 222<\/span>\n <\/p>\n<\/td>\n

\n

\n 403<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 122.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 22.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Shares issued under Scotiabank investment agreement<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 115,042<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 47,829<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Shares outstanding at end of period<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,106,786<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 991,251<\/span>\n <\/p>\n<\/td>\n

\n

\n 936,564<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 18.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n
\n

\n N\/M = Not Meaningful<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Key declared a dividend in January of 2025 of $.205<\/span> per common share, payable in the first quarter of 2025.\u00a0<\/p>\n

\n LINE OF BUSINESS RESULTS <\/b>\n <\/p>\n

The following table shows the contribution made by each major business segment to Key’s taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. For more detailed financial information pertaining to each business segment, see the tables at the end of this release.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Major Business Segments<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Dollars in millions<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Change 4Q24 vs.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Revenue from continuing operations (TE)<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Consumer Bank<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 872<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 814<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 770<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 13.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commercial Bank<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 999<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 868<\/span>\n <\/p>\n<\/td>\n

\n

\n 804<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 24.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other (a)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (1,006)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (987)<\/span>\n <\/p>\n<\/td>\n

\n

\n (36)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.9)<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Total<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 865<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 695<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,538<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (43.8)\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Income (loss) from continuing operations attributable to Key<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Consumer Bank<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 88<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 86<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (11)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 900.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commercial Bank<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 379<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 300<\/span>\n <\/p>\n<\/td>\n

\n

\n 150<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 152.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other (a)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (711)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (797)<\/span>\n <\/p>\n<\/td>\n

\n

\n (74)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.8<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Total<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (244)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (411)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 65<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (475.4)\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n
\n

\n (a)\u00a0 \u00a0 \u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Corporate treasury includes realized gains and losses from transactions associated with Key’s investment securities portfolio. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n TE = Taxable Equivalent<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n N\/M = Not Meaningful<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Consumer Bank<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Dollars in millions<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Change 4Q24 vs.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Summary of operations<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net interest income (TE)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 637<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 584<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 544<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 17.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Noninterest income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 235<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 230<\/span>\n <\/p>\n<\/td>\n

\n

\n 226<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenue (TE)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 872<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 814<\/span>\n <\/p>\n<\/td>\n

\n

\n 770<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 13.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Provision for credit losses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 43<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 52<\/span>\n <\/p>\n<\/td>\n

\n

\n 5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (17.3)<\/span>\n <\/p>\n<\/td>\n

\n

\n 760.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Noninterest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 713<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 649<\/span>\n <\/p>\n<\/td>\n

\n

\n 779<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.9<\/span>\n <\/p>\n<\/td>\n

\n

\n (8.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income (loss) before income taxes (TE)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 116<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 113<\/span>\n <\/p>\n<\/td>\n

\n

\n (14)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 928.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Allocated income taxes (benefit) and TE adjustments<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 28<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 27<\/span>\n <\/p>\n<\/td>\n

\n

\n (3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.7<\/span>\n <\/p>\n<\/td>\n

\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income (loss) attributable to Key<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 88<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 86<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (11)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 900.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Average balances<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans and leases<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0 37,567<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 38,332<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 40,763<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.0)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (7.8)\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total assets<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 40,563<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 41,188<\/span>\n <\/p>\n<\/td>\n

\n

\n 43,551<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n (6.9)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 87,476<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 86,431<\/span>\n <\/p>\n<\/td>\n

\n

\n 83,557<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Assets under management at period end<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0 61,361<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 61,122<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 54,859<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n
\n

\n TE = Taxable Equivalent, N\/M = Not Meaningful<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Additional Consumer Bank Data<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Dollars in millions<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Change 4Q24 vs.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q23<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Noninterest income<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Trust and investment services income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 115<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 114<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 105<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Service charges on deposit accounts<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 32<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 34<\/span>\n <\/p>\n<\/td>\n

\n

\n 37<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5.9)<\/span>\n <\/p>\n<\/td>\n

\n

\n (13.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cards and payments income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 64<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 60<\/span>\n <\/p>\n<\/td>\n

\n

\n 62<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consumer mortgage income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 16<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 12<\/span>\n <\/p>\n<\/td>\n

\n

\n 11<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 45.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other noninterest income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 10<\/span>\n <\/p>\n<\/td>\n

\n

\n 11<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (20.0)<\/span>\n <\/p>\n<\/td>\n

\n

\n (27.3)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total noninterest income<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 235<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 230<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 226<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Average deposit balances<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Money market deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0 31,968<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 30,805<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 29,546<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 8.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Demand deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 22,442<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 22,310<\/span>\n <\/p>\n<\/td>\n

\n

\n 22,323<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .6<\/span>\n <\/p>\n<\/td>\n

\n

\n .5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Savings deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4,391<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 4,553<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,238<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3.6)<\/span>\n <\/p>\n<\/td>\n

\n

\n (16.2)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Time deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 13,979<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 13,927<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,261<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .4<\/span>\n <\/p>\n<\/td>\n

\n

\n 36.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Noninterest-bearing deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 14,696<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 14,836<\/span>\n <\/p>\n<\/td>\n

\n

\n 16,189<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (.9)<\/span>\n <\/p>\n<\/td>\n

\n

\n (9.2)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0 87,476<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 86,431<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 83,557<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Other data<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Branches<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 944<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 944<\/span>\n <\/p>\n<\/td>\n

\n

\n 959<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Automated teller machines<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,182<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,194<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,217<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\n Consumer Bank Summary of Operations (4Q24 vs. 4Q23)<\/b>\n <\/p>\n