Keycorp /New/ 8-K, filed Apr 16, 2026

Keycorp /New/ (KEY)

8-K 2026-04-16 For: 2026-04-16

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Added on April 16, 2026

About this 8-K

Keycorp /New/ filed this 8-K on April 16, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $1 par value	KEY	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E)	KEY PrI	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F)	KEY PrJ	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G)	KEY PrK	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Reset Perpetual Non-Cumulative Preferred Stock, Series H)	KEY PrL	New York Stock Exchange


SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



						KEYCORP
						(Registrant)


Date: April 16, 2026						/s/ Stacy L. Gilbert
						By: Stacy L. Gilbert
						Chief Accounting Officer


Selected Financial Highlights

Dollars in millions, except per share data										Change 1Q26 vs.
	1Q26			4Q25			1Q25			4Q25		1Q25
Income (loss) from continuing operations attributable to Key common shareholders	$	486		$	474		$	370		2.5	%	31.4%

Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution	0.44			0.43			0.33			2.3		33.3

Book value at period end	16.13			16.27			14.89			(0.9)		8.3
Return on average tangible common equity from continuing operations (a)	13.02		%	12.43		%	11.24		%	59 bps		178 bps

Return on average total assets from continuing operations	1.14			1.08			.88			6		26

Common Equity Tier 1 ratio (b)	11.4			11.8			11.6			(40)		(20)
Net interest margin (TE) from continuing operations	2.87			2.82			2.58			5		29


INCOME STATEMENT HIGHLIGHTS

Revenue

Dollars in millions							Change 1Q26 vs.
	1Q26		4Q25		1Q25		4Q25		1Q25
Net interest income (TE)	$	1,230	$	1,223	$	1,105	0.6	%	11.3	%
Noninterest income	723		782		668		(7.5)		8.2
Total revenue (TE)	$	1,953	$	2,005	$	1,773	(2.6)	%	10.2	%


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Noninterest Expense

Dollars in millions							Change 1Q26 vs.
	1Q26		4Q25		1Q25		4Q25		1Q25
Personnel expense	$	743	$	790	$	680	(5.9)	%	9.3	%
Net occupancy	68		69		67		(1.4)		1.5
Computer processing	111		106		107		4.7		3.7
Business services and professional fees	36		61		40		(41.0)		(10.0)
Equipment	19		22		20		(13.6)		(5.0)
Operating lease expense	7		8		11		(12.5)		(36.4)
Marketing	18		28		21		(35.7)		(14.3)



Other expense	179		157		185		14.0		(3.2)
Total noninterest expense	$	1,181	$	1,241	$	1,131	(4.8)	%	4.4	%


BALANCE SHEET HIGHLIGHTS

Average Loans

Dollars in millions							Change 1Q26 vs.
	1Q26		4Q25		1Q25		4Q25		1Q25
Commercial and industrial (a)	$	59,149	$	57,541	$	53,746	2.8	%	10.1	%
Other commercial loans	18,918		18,497		18,619		2.3		1.6
Total consumer loans	29,670		30,278		31,989		(2.0)		(7.2)
Total loans	$	107,737	$	106,316	$	104,354	1.3	%	3.2	%


Average Deposits

Dollars in millions										Change 1Q26 vs.
	1Q26			4Q25			1Q25			4Q25		1Q25
Non-time deposits	$	135,522		$	136,853		$	131,917		(1.0)	%	2.7	%

Time deposits	11,777			13,857			16,625			(15.0)		(29.2)
Total deposits	$	147,299		$	150,710		$	148,542		(2.3)	%	(0.8)	%

Cost of total deposits	1.65		%	1.81		%	2.06		%	(16) bps		(41) bps


ASSET QUALITY

Dollars in millions										Change 1Q26 vs.
	1Q26			4Q25			1Q25			4Q25		1Q25
Net loan charge-offs	$	101		$	104		$	110		(2.9)	%	(8.2)	%
Net loan charge-offs to average total loans	.38		%	.39		%	.43		%	(1) bps		(5) bps
Nonperforming loans at period end	$	682		$	615		$	686		10.9	%	(0.6)	%
Nonperforming loans to period-end portfolio loans	.62		%	.58		%	.65		%	4 bps		(3) bps
Nonperforming assets at period end	$	692		$	627		$	700		10.4	%	(1.1)	%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets	.63		%	.59		%	.67		%	4 bps		(4) bps
Allowance for loan and lease losses	$	1,449		$	1,427		$	1,429		1.5	%	1.4	%
Allowance for credit losses	1,745			1,740			1,707			0.3	%	2.2	%
Allowance for credit losses to period-end loans	1.60		%	1.63		%	1.63		%	(3) bps		(3) bps
Provision for credit losses	$	106		$	108		$	118		(1.9)	%	(10.2)	%
Allowance for loan and lease losses to nonperforming loans	212		%	232		%	208		%	N/M		N/M
Allowance for credit losses to nonperforming loans	256			283			249			N/M		N/M


Capital Ratios

	3/31/2026		12/31/2025		3/31/2025
Common Equity Tier 1 (a)	11.4	%	11.8	%	11.6	%

Tier 1 risk-based capital (a)	13.0		13.5		13.3
Total risk-based capital (a)	15.2		15.7		15.7
Tangible common equity to tangible assets (b)	8.0		8.4		7.4
Leverage (a)	10.5		10.5		10.2


Summary of Changes in Common Shares Outstanding

In thousands					Change 1Q26 vs.
		1Q26	4Q25	1Q25	4Q25		1Q25
Shares outstanding at beginning of period		1,102,401	1,112,952	1,106,786	(0.9)	%	(0.4)	%
Share repurchases		(17,969)	(11,109)	—	61.8		N/M
Shares issued under employee compensation plans (net of cancellations and returns)		2,861	558	5,200	N/M		(45.0)

	Shares outstanding at end of period	1,087,293	1,102,401	1,111,986	(1.4)	%	(2.2)	%


Major Business Segments

Dollars in millions								Change 1Q26 vs.
		1Q26		4Q25		1Q25		4Q25		1Q25
Revenue from continuing operations (TE)
Consumer Bank		$	978	$	998	$	932	(2.0)	%	4.9	%
Commercial Bank		1,117		1,194		1,047		(6.4)		6.7
Other (a)		(142)		(187)		(206)		24.1		31.1


	Total	$	1,953	$	2,005	$	1,773	(2.6)	%	10.2	%

Income (loss) from continuing operations attributable to Key
Consumer Bank		$	173	$	176	$	163	(1.7)	%	6.1	%
Commercial Bank		451		472		399		(4.4)		13.0
Other (a)		(102)		(139)		(156)		26.6		34.6


	Total	$	522	$	509	$	406	2.6	%	28.6	%


Additional Consumer Bank Data

Dollars in millions							Change 1Q26 vs.
	1Q26		4Q25		1Q25		4Q25		1Q25
Noninterest income
Trust and investment services income	$	130	$	128	$	113	1.6	%	15.0	%
Service charges on deposit accounts	34		38		33		(10.5)		3.0
Cards and payments income	55		60		57		(8.3)		(3.5)
Consumer mortgage income	13		16		13		(18.8)		—
Other noninterest income	8		9		10		(11.1)		(20.0)
Total noninterest income	$	240	$	251	$	226	(4.4)	%	6.2	%

Average deposit balances
Money market deposits	$	35,920	$	35,390	$	33,533	1.5	%	7.1	%
Demand deposits	23,214		22,879		22,772		1.5		1.9
Savings deposits	4,199		4,177		4,392		0.5		(4.4)

Time deposits	10,610		11,059		13,318		(4.1)		(20.3)
Noninterest-bearing deposits	13,853		14,233		14,291		(2.7)		(3.1)
Total deposits	$	87,796	$	87,738	$	88,306	0.1	%	(0.6)	%






Other data
Branches	940		940		945
Automated teller machines	1,112		1,120		1,176


Additional Commercial Bank Data

Dollars in millions							Change 1Q26 vs.
	1Q26		4Q25		1Q25		4Q25		1Q25
Noninterest income
Trust and investment services income	$	27	$	28	$	27	(3.6)	%	—
Investment banking and debt placement fees	198		244		175		(18.9)		13.1	%
Cards and payments income	27		22		21		22.7		28.6
Service charges on deposit accounts	43		40		36		7.5		19.4
Corporate services income	70		79		64		(11.4)		9.4
Commercial mortgage servicing fees	62		67		76		(7.5)		(18.4)
Operating lease income and other leasing gains	8		9		8		(11.1)		—
Other noninterest income	10		9		4		11.1		150.0
Total noninterest income	$	445	$	498	$	411	(10.6)	%	8.3	%


CONTACTS:

ANALYSTS			MEDIA
Brian Mauney			Susan Donlan
216.689.0521			216.471.3133
Brian_Mauney@KeyBank.com			Susan_E_Donlan@KeyBank.com

Hannah Lewallen			Beth Strauss
216.471.4856			216.471.2787
Hannah_Lewallen@KeyBank.com			Beth_A_Strauss@KeyBank.com

Johnny Li
216.689.4221
Johnny_Li@KeyBank.com

INVESTOR RELATIONS:			KEY MEDIA NEWSROOM:
www.key.com/ir			www.key.com/newsroom


This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as “goal,” “objective,” “plan,” “expect,” “assume,” “anticipate,” “intend,” “project,” “believe,” “estimate,” or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. Forward-looking statements, by their nature, are subject to assumptions, risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2025 and in KeyCorp's subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the “SEC”) and are or will be available on Key’s website (www.key.com/ir) and on the SEC’s website (www.sec.gov). These factors may include, among others, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, the soundness of other financial institutions, and the impact of changes in the interest rate environment. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances.


	Three months ended
	3/31/2026			12/31/2025			3/31/2025
Net interest income (GAAP)	$	1,222		$	1,215		$	1,096
Add: Taxable-equivalent adjustment	8			8			9
Net interest income TE (non-GAAP) (A)	$	1,230		$	1,223		$	1,105

Net income (loss) attributable to Key common shareholders (GAAP) (B)	$	486		$	475		$	369

Average Key shareholders' equity (GAAP)	$	20,392		$	20,388		$	18,632
Less: Average intangible assets	2,758			2,762			2,777
Average preferred stock	2,500			2,500			2,500
Average tangible common equity (non-GAAP) (C)	$	15,134		$	15,126		$	13,355

Key shareholders' equity (GAAP)	$	19,987		$	20,381		$	19,003
Less: Intangible assets	2,757			2,760			2,774
Preferred stock (a)	2,446			2,446			2,446
Tangible common equity (non-GAAP) (D)	$	14,784		$	15,175		$	13,783

Total assets (GAAP)	$	188,663		$	184,381		$	188,691
Less: Intangible assets	2,757			2,760			2,774
Tangible assets (non-GAAP) (E)	$	185,906		$	181,621		$	185,917

Tangible common equity to tangible assets ratio (non-GAAP) (D/E)	7.95		%	8.36		%	7.41		%
Return on average tangible common equity consolidated (non-GAAP) (B/C)	13.02		%	12.46		%	11.21		%

Common equity tier 1 (F)	$	17,038		$	17,195		$	16,549
Add: AFS and Pension AOCI (loss)	(2,152)			(2,028)			(2,601)
Marked common equity tier 1 (non-GAAP) (G) (b)	$	14,886		$	15,167		$	13,948

Risk-weighted assets (H) (c)	$	149,465		$	145,933		$	142,478
Common equity tier 1 ratio (F/H) (c)	11.40		%	11.78		%	11.62		%
Marked CET1 ratio (non-GAAP) (G/H) (b)(c)	9.96		%	10.39		%	9.79		%


GAAP to Non-GAAP Reconciliations (continued)
(Dollars in millions)
	Three months ended
	3/31/2026			12/31/2025			3/31/2025
Income (loss) from continuing operations attributable to Key common shareholders (GAAP) (I)	$	486		$	474		$	370
Plus: Selected items (net of tax) (d)	—			(16)			—
Net income (loss) from continuing operations attributable to Key common shareholders, excluding selected items (non-GAAP) (J)	$	486		$	458		$	370

Return on average tangible common equity from continuing operations (non-GAAP) (I/C)	13.02		%	12.43		%	11.24		%
Adjusted return on average tangible common equity from continuing operations excluding selected items (non-GAAP) (J/C)	13.02		%	12.01		%	11.24		%

Noninterest income (GAAP) (K)	$	723		$	782		$	668
Plus: Selected items (d)	—			—			—
Adjusted noninterest income (non-GAAP) (L)	$	723		$	782		$	668

Noninterest expense (GAAP) (M)	$	1,181		$	1,241		$	1,131
Less: Intangible asset amortization	2			5			5
Noninterest expense less intangible asset amortization (non-GAAP) (N)	$	1,179		$	1,236		$	1,126
Plus: Selected items (d) (O)	—			21			—
Adjusted noninterest expense less intangible asset amortization (non-GAAP) (P)	$	1,179		$	1,257		$	1,126

Adjusted noninterest expense (non-GAAP) (M+O)	$	1,181		$	1,262		$	1,131

Total taxable-equivalent revenue (non-GAAP) (A+K) = (Q)	$	1,953		$	2,005		$	1,773
Total adjusted taxable-equivalent revenue (non-GAAP) (A+L)	1,953			2,005			1,773
Cash efficiency ratio (non-GAAP) (N/Q)	60.37		%	61.65		%	63.51		%
Adjusted cash efficiency ratio (non-GAAP) (P/Q)	60.37		%	62.69		%	63.51		%

Pre-provision net revenue from continuing operations (non-GAAP) (A+K-M)	$	772		$	764		$	642
Plus: Selected items (d)	—			(21)			—
Adjusted pre-provison net revenue from continuing operations (non-GAAP)	$	772		$	743		$	642

Diluted EPS from continuing operations attributable to Key common shareholders (GAAP)	$	0.44		$	0.43		$	0.33
Plus: EPS impact of selected items (d)	—			(0.01)			—
Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP) (e)	$	0.44		$	0.41		$	0.33

Adjusted operating leverage and fee based adjusted operating leverage
Adjusted noninterest income YoY Growth (R)	8.23		%	8.31		%	3.25		%
Adjusted taxable-equivalent revenue YoY Growth (S)	10.15		%	12.45		%	15.66		%


Page
12			Basis of Presentation
13			Financial Highlights
14			GAAP to Non-GAAP Reconciliation
16			Consolidated Balance Sheets
17			Consolidated Statements of Income
18			Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
19			Noninterest Expense
19			Personnel Expense
19			Loan Composition
19			Loans Held for Sale Composition
20			Summary of Changes in Loans Held for Sale
20			Summary of Loan and Lease Loss Experience From Continuing Operations
21			Asset Quality Statistics From Continuing Operations
21			Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
21			Summary of Changes in Nonperforming Loans From Continuing Operations
22			Line of Business Results
22			Selected Items Impact on Earnings


Financial Highlights
(Dollars in millions, except per share amounts)
			Three months ended
			3/31/2026			12/31/2025			3/31/2025
Summary of operations
	Net interest income (TE)		$	1,230		$	1,223		$	1,105
	Noninterest income		723			782			668
		Total revenue (TE)	1,953			2,005			1,773
	Provision for credit losses		106			108			118
	Noninterest expense		1,181			1,241			1,131
	Income (loss) from continuing operations attributable to Key		522			509			406
	Income (loss) from discontinued operations, net of taxes		—			1			(1)
	Net income (loss) attributable to Key		522			510			405

	Income (loss) from continuing operations attributable to Key common shareholders		486			474			370
	Income (loss) from discontinued operations, net of taxes		—			1			(1)
	Net income (loss) attributable to Key common shareholders		486			475			369
Per common share
	Income (loss) from continuing operations attributable to Key common shareholders		$	0.45		$	0.43		$	0.34
	Income (loss) from discontinued operations, net of taxes		—			—			—
	Net income (loss) attributable to Key common shareholders (a)		0.45			0.43			0.34

	Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution		0.44			0.43			0.33
	Income (loss) from discontinued operations, net of taxes — assuming dilution		—			—			—
	Net income (loss) attributable to Key common shareholders — assuming dilution (a)		0.44			0.43			0.33

	Cash dividends declared		0.205			0.205			0.205
	Book value at period end		16.13			16.27			14.89
	Tangible book value at period end		13.60			13.77			12.40
	Market price at period end		20.05			20.64			15.99
Performance ratios
	From continuing operations:
	Return on average total assets		1.14		%	1.08		%	.88		%
	Return on average common equity		11.02			10.51			9.30
	Return on average tangible common equity (b)		13.02			12.43			11.24
	Net interest margin (TE)		2.87			2.82			2.58
	Cash efficiency ratio (b)		60.4			61.6			63.5
	From consolidated operations:
	Return on average total assets		1.14		%	1.08		%	.88		%
	Return on average common equity		11.02			10.54			9.28
	Return on average tangible common equity (b)		13.02			12.46			11.21
	Net interest margin (TE)		2.87			2.81			2.58
	Loan to deposit (c)		74.6			72.5			70.2
Capital ratios at period end
	Key shareholders’ equity to assets		10.6		%	11.1		%	10.1		%
	Key common shareholders’ equity to assets		9.3			9.7			8.8
	Tangible common equity to tangible assets (b)		8.0			8.4			7.4
	Common Equity Tier 1 (d)		11.4			11.8			11.6
	Tier 1 risk-based capital (d)		13.0			13.5			13.3
	Total risk-based capital (d)		15.2			15.7			15.7
	Leverage (d)		10.5			10.5			10.2
Asset quality — from continuing operations
	Net loan charge-offs		$	101		$	104		$	110
	Net loan charge-offs to average loans		.38		%	.39		%	.43		%
	Allowance for loan and lease losses		$	1,449		$	1,427		$	1,429
	Allowance for credit losses		1,745			1,740			1,707
	Allowance for loan and lease losses to period-end loans		1.33		%	1.34		%	1.36		%
	Allowance for credit losses to period-end loans		1.60			1.63			1.63
	Allowance for loan and lease losses to nonperforming loans		212			232			208
	Allowance for credit losses to nonperforming loans		256			283			249
	Nonperforming loans at period-end		$	682		$	615		$	686
	Nonperforming assets at period-end		692			627			700
	Nonperforming loans to period-end portfolio loans		.62		%	.58		%	.65		%
	Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		.63			.59			.67
Trust assets
	Assets under management		$	69,756		$	69,964		$	61,053


Other data
	Average full-time equivalent employees		17,469			17,396			16,989
	Branches		940			940			945
	Taxable-equivalent adjustment		$	8		$	8		$	9


Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
		First Quarter 2026						Fourth Quarter 2025						First Quarter 2025
		Average				Yield/		Average				Yield/		Average				Yield/
		Balance		Interest (a)		Rate (a)		Balance		Interest (a)		Rate (a)		Balance		Interest (a)		Rate (a)
Assets
	Loans: (b), (c)
	Commercial and industrial (d)	$	59,149	$	843	5.76	%	$	57,541	$	851	5.88	%	$	53,746	$	800	6.04	%
	Real estate — commercial mortgage	13,902		198		5.76		13,356		198		5.91		13,061		192		5.96
	Real estate — construction	2,803		45		6.50		2,839		48		6.71		2,905		49		6.87
	Commercial lease financing	2,213		21		3.81		2,302		21		3.73		2,653		23		3.52
	Total commercial loans	78,067		1,107		5.73		76,038		1,118		5.84		72,365		1,064		5.96
	Real estate — residential mortgage	18,593		155		3.34		18,853		157		3.33		19,737		165		3.33
	Home equity loans	5,609		74		5.35		5,780		80		5.47		6,248		86		5.60
	Other consumer loans	4,558		58		5.16		4,715		61		5.15		5,087		63		5.01
	Credit cards	910		30		13.24		930		31		13.24		917		32		14.04

	Total consumer loans	29,670		317		4.30		30,278		329		4.33		31,989		346		4.35
	Total loans	107,737		1,424		5.35		106,316		1,447		5.41		104,354		1,410		5.47
	Loans held for sale	1,092		14		4.99		1,234		18		5.84		815		14		6.70
	Securities available for sale (b), (e)	39,403		370		3.59		39,785		388		3.67		39,321		392		3.70
	Held-to-maturity securities (b)	8,795		86		3.91		8,056		76		3.78		7,274		63		3.46
	Trading account assets	865		11		4.96		961		12		4.79		1,296		17		5.20
	Short-term investments	11,134		103		3.74		13,603		137		4.01		15,211		174		4.63
	Other investments (e)	1,075		5		1.97		935		8		3.09		935		9		3.73
	Total earning assets	170,101		2,013		4.71		170,890		2,086		4.79		169,206		2,079		4.86
	Allowance for loan and lease losses	(1,419)						(1,435)						(1,401)
	Accrued income and other assets	17,567						17,562						18,285
	Discontinued assets	204						215						254
	Total assets	$	186,453					$	187,232					$	186,344
Liabilities
	Money market deposits	$	42,732	$	223	2.12	%	$	42,442	$	246	2.30	%	$	42,007	$	275	2.65	%
	Demand deposits	61,478		279		1.84		61,541		319		2.06		57,460		310		2.19
	Savings deposits	4,378		1		.04		4,358		1		.05		4,610		1		.06

	Time deposits	11,777		95		3.26		13,857		122		3.48		16,625		167		4.09
	Total interest-bearing deposits	120,365		598		2.01		122,198		688		2.23		120,702		753		2.53
	Federal funds purchased and securities sold under repurchase agreements	1,539		14		3.69		413		4		3.80		100		1		3.94
	Bank notes and other short-term borrowings	2,585		20		3.20		1,072		9		3.23		2,273		27		4.74
	Long-term debt (f)	10,186		151		5.96		10,274		162		6.27		11,779		193		6.61
	Total interest-bearing liabilities	134,675		783		2.35		133,957		863		2.56		134,854		974		2.92
	Noninterest-bearing deposits	26,934						28,512						27,840
	Accrued expense and other liabilities	4,248						4,160						4,764
	Discontinued liabilities (f)	204						215						254
	Total liabilities	$	166,061					$	166,844					$	167,712
Equity


	Total equity	$	20,392					$	20,388					$	18,632
	Total liabilities and equity	$	186,453					$	187,232					$	186,344
Interest rate spread (TE)						2.36	%					2.23	%					1.94	%
Net interest income (TE) and net interest margin (TE)				$	1,230	2.87	%			$	1,223	2.82	%			$	1,105	2.58	%
TE adjustment (b)				8						8						9
	Net interest income, GAAP basis			$	1,222					$	1,215					$	1,096


Loan Composition
(Dollars in millions)

							Change 3/31/2026 vs.
	3/31/2026		12/31/2025		3/31/2025		12/31/2025		3/31/2025
Commercial and industrial (a), (b)	$	60,651	$	57,688	$	54,378	5.1	%	11.5	%
Commercial real estate:
Commercial mortgage	14,144		13,707		13,239		3.2		6.8
Construction	2,801		2,844		2,929		(1.5)		(4.4)
Total commercial real estate loans	16,945		16,551		16,168		2.4		4.8
Commercial lease financing (b)	2,200		2,270		2,576		(3.1)		(14.6)
Total commercial loans	79,796		76,509		73,122		4.3		9.1
Real estate — residential mortgage	18,483		18,732		19,622		(1.3)		(5.8)
Home equity loans	5,528		5,703		6,154		(3.1)		(10.2)
Other consumer loans	4,477		4,644		5,000		(3.6)		(10.5)
Credit cards	906		953		911		(4.9)		(.5)

Total consumer loans	29,394		30,032		31,687		(2.1)		(7.2)
Total loans (c), (d)	$	109,190	$	106,541	$	104,809	2.5	%	4.2	%


Selected Items Impact on Earnings
(Dollars in millions, except per share amounts)
	Pretax(a)		After-tax at marginal rate(a)
Quarter to date results	Amount		Net Income		EPS(b), (d)
Three months ended March 31, 2026
No items	$	—	$	—	$	—
Three months ended December 31, 2025




FDIC special assessment (other expense)(c)	21		16		0.01

Three months ended September 30, 2025
FDIC special assessment (other expense)(c)	5		4		—
Three months ended June 30, 2025
No items	—		—		—
Three months ended March 31, 2025
No items	—		—		—