Press release
July 21, 2026
KEYCORP REPORTS SECOND QUARTER 2026 NET INCOME OF $472 MILLION, OR $0.44 PER DILUTED COMMON SHARE INCREASING 26% YEAR-OVER-YEAR
Keycorp /New/ (KEY)
View all news
07/21/2026
Revenue of $1.96 billion, up 7% year-over-year
Net interest income up 9% year-over-year and 2% sequentially; net interest margin of 2.89% increased 2 bps sequentially
Period-end loans up $1.2 billion sequentially, with commercial and industrial loans up $2.1 billion or 3%
Net charge-offs of 42 bps; allowance coverage ratio declined 4 bps sequentially to 1.56%
Common Equity Tier 1 ratio of 11.2%(a); repurchased $341 million of common shares during the quarter
, /PRNewswire/ -- KeyCorp (NYSE: KEY) announced net income from continuing operations attributable to Key common shareholders of $472 million, or $0.44 per diluted common share,for the second quarter of 2026. For the first quarter of 2026, net income from continuing operations attributable to Key common shareholders was $486 million, or $0.44 per diluted common share. For the second quarter of 2025, KeyCorp reported net income from continuing operations attributable to Key common shareholders of $387 million, or $0.35 per diluted common share.
Comments from Chairman and CEO, Chris Gorman
"Our second quarter results reflect the strength of our franchise, disciplined execution, and sustained momentum across our businesses. We delivered 7% revenue growth and generated approximately 130 basis points of operating leverage(b) on a year-over-year basis. We expanded net interest margin and grew net interest income both sequentially and year-over-year.
We continue to deepen client relationships while attracting new clients across our markets. Our priority growth businesses - investment banking, commercial payments, and wealth management - are performing exceptionally well. Investment banking pipelines grew 9% sequentially. Commercial payments continued to deliver strong, double digit fee growth year-over-year. Assets under management grew to a record $74 billion. These results reinforce the value of our relationship-driven model and the differentiated capabilities we have scaled across multiple businesses.
I remain confident in our ability to generate a return on tangible common equity exceeding 15% by year-end 2027. We remain committed to delivering attractive returns to shareholders through both the return on and the return of capital. During the quarter, we repurchased more than $340 million of common shares, reflecting our confidence in the business and our commitment to creating long-term shareholder value.
We are operating from a position of strength, supported by a resilient balance sheet, a diversified business model, and strong capital generation. While the operating environment remains dynamic, our performance in the first half of the year demonstrates the power of our strategy, the depth of our client relationships, and the agility of our teammates.
Looking ahead, we remain focused on the significant organic growth opportunities in front of us, investing in the capabilities that will further differentiate our franchise, and delivering value for all of our stakeholders."
(a) June 30, 2026 ratio is estimated.
(b) The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures. The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
Selected Financial Highlights
Dollars in millions, except per share data
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Income (loss) from continuing operations attributable to Key common shareholders
$ 472
$ 486
$ 387
(2.9) %
22.0 %
Income (loss) from continuing operations attributable to Key common shareholders per
common share — assuming dilution
0.44
0.44
0.35
—
25.7
Book value at period end
16.19
16.13
15.32
0.4
5.7
Return on average tangible common equity from continuing operations(a)
12.89 %
13.02 %
11.09 %
(13) bps
180 bps
Return on average total assets from continuing operations
1.08
1.14
.91
(6)
17
Common Equity Tier 1 ratio(b)
11.2
11.4
11.7
(20)
(50)
Net interest margin (TE) from continuing operations
2.89
2.87
2.66
2
23
(a)
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.
(b)
June 30, 2026 ratio is estimated.
TE = Taxable Equivalent
INCOME STATEMENT HIGHLIGHTS
Revenue
Dollars in millions
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Net interest income (TE)(a)
$ 1,258
$ 1,230
$ 1,150
2.3 %
9.4 %
Noninterest income
706
723
690
(2.4)
2.3
Total revenue (TE)
$ 1,964
$ 1,953
$ 1,840
0.6 %
6.7 %
(a)
The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures. The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
TE = Taxable Equivalent
Taxable-equivalent net interest income was $1.26 billion for the second quarter of 2026 and the net interest margin was 2.89%. Compared to the second quarter of 2025, net interest income increased by $108 million, and the net interest margin increased by 23 basis points. These increases were driven by a reduction in deposit costs as a result of declining interest rates and proactive deposit beta management, the reinvestment of proceeds from maturing low-yielding investment securities and fixed-rate swaps into higher yielding investments, and a shift in the balance sheet composition to a more favorable mix of higher-yielding commercial and industrial loans. These benefits were partially offset by the impact of lower interest rates on repricing earning assets.
Compared to the first quarter of 2026, taxable-equivalent net interest income increased by $28 million, and the net interest margin increased by 2 basis points. These increases reflect growth in commercial and industrial loans and the reinvestment of proceeds from maturing low-yielding investment securities and fixed-rate swaps into higher-yielding investments. Additionally, net interest income benefited from one additional day in the second quarter of 2026 compared to the first quarter of 2026.
Noninterest Income
Dollars in millions
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Trust and investment services income
$ 159
$ 157
$ 146
1.3 %
8.9 %
Investment banking and debt placement fees
169
197
178
(14.2)
(5.1)
Cards and payments income
94
86
85
9.3
10.6
Service charges on deposit accounts
77
77
73
—
5.5
Corporate services income
80
71
76
12.7
5.3
Commercial mortgage servicing fees
49
62
70
(21.0)
(30.0)
Corporate-owned life insurance income
33
34
32
(2.9)
3.1
Consumer mortgage income
17
13
15
30.8
13.3
Operating lease income and other leasing gains
10
8
14
25.0
(28.6)
Other income
15
18
1
(16.7)
N/M
Net securities gains (losses)
3
—
—
N/M
N/M
Total noninterest income
$ 706
$ 723
$ 690
(2.4) %
2.3 %
N/M = Not Meaningful
Compared to the second quarter of 2025, noninterest income increased by $16 million. The increase was driven by a $13 million increase in trust and investment services income, as well as a $14 million increase in other income. These were partially offset by a $21 million decrease in commercial mortgage servicing fees.
Compared to the first quarter of 2026, noninterest income decreased by $17 million. The decrease was driven by a $28 million decrease in investment banking and debt placement fees, and a $13 million decrease in commercial mortgage servicing fees. These were partially offset by a $9 million increase in corporate services income and an $8 million increase in cards and payments income.
Noninterest Expense
Dollars in millions
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Personnel expense
$ 786
$ 743
$ 705
5.8 %
11.5 %
Net occupancy
68
68
69
—
(1.4)
Computer processing
108
111
107
(2.7)
0.9
Business services and professional fees
46
36
48
27.8
(4.2)
Equipment
22
19
21
15.8
4.8
Operating lease expense
7
7
10
—
(30.0)
Marketing
22
18
24
22.2
(8.3)
Other expense
158
179
170
(11.7)
(7.1)
Total noninterest expense
$ 1,217
$ 1,181
$ 1,154
3.0 %
5.5 %
Compared to the second quarter of 2025, noninterest expense increased by $63 million. The increase was predominantly driven by an $81 million increase in personnel expense primarily related to employee benefits, incentive compensation associated with noninterest income growth, and continued investments in people.
Compared to the first quarter of 2026, noninterest expense increased by $36 million. The increase was predominantly driven by a $43 million increase in personnel expense, primarily related to incentive compensation, as well as a $10 million increase in business services and professional fees. These were partially offset by a $21 million decrease in other expense primarily related to lower charitable contributions.
BALANCE SHEET HIGHLIGHTS
Average Loans
Dollars in millions
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Commercial and industrial(a)
$ 62,134
$ 59,149
$ 55,604
5.0 %
11.7 %
Other commercial loans
18,844
18,918
18,708
(0.4)
0.7
Total consumer loans
29,094
29,670
31,403
(1.9)
(7.4)
Total loans
$ 110,072
$ 107,737
$ 105,715
2.2 %
4.1 %
(a)
Commercial and industrial average loan balances include $209 million, $205 million, and $218 million of assets from commercial credit cards at June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
Average loans were $110.1 billion for the second quarter of 2026, an increase of $4.4 billion compared to the second quarter of 2025. Average commercial loans increased by $6.7 billion, primarily driven by a $6.5 billion increase in commercial and industrial loans. Average consumer loans declined by $2.3 billion, reflective of the intentional run-off of low-yielding loans.
Compared to the first quarter of 2026, average loans increased by $2.3 billion. Average commercial loans increased $2.9 billion, primarily driven by an increase in commercial and industrial loans. Average consumer loans declined by $576 million, reflective of broad-based declines across all consumer loan categories.
Average Deposits
Dollars in millions
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Non-time deposits
$ 135,828
$ 135,522
$ 131,845
0.2 %
3.0 %
Time deposits
11,749
11,777
15,601
(0.2)
(24.7)
Total deposits
$ 147,577
$ 147,299
$ 147,446
0.2 %
0.1 %
Cost of total deposits
1.63 %
1.65 %
1.99 %
(2) bps
(36) bps
Average deposits totaled $147.6 billion for the second quarter of 2026, an increase of $131 million compared to the year-ago quarter, reflecting growth in demand deposits, partially offset by a decline in time deposits.
Compared to the first quarter of 2026, average deposits increased by $278 million. The increase was driven by growth in noninterest bearing deposits, partially offset by lower demand deposits. The rate paid on interest-bearing deposits was flat sequentially, and the overall cost of deposits declined by 2 basis points to 1.63%.
ASSET QUALITY
Dollars in millions
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Net loan charge-offs
$ 115
$ 101
$ 102
13.9 %
12.7 %
Net loan charge-offs to average total loans
0.42 %
0.38 %
0.39 %
4 bps
3 bps
Nonperforming loans at period end
$ 809
$ 682
$ 696
18.6 %
16.2 %
Nonperforming loans to period-end portfolio loans
0.73 %
0.62 %
0.65 %
11 bps
8 bps
Nonperforming assets at period end
$ 818
$ 692
$ 707
18.2 %
15.7 %
Nonperforming assets to period-end portfolio loans plus OREO and other
nonperforming assets
0.74 %
0.63 %
0.66 %
11 bps
8 bps
Allowance for loan and lease losses
$ 1,445
$ 1,449
$ 1,446
(0.3) %
(0.1) %
Allowance for credit losses
1,722
1,745
1,743
(1.3) %
(1.2) %
Allowance for credit losses to period-end loans
1.56 %
1.60 %
1.64 %
(4) bps
(8) bps
Provision for credit losses
$ 92
$ 106
$ 138
(13.2) %
(33.3) %
Allowance for loan and lease losses to nonperforming loans
179 %
212 %
208 %
N/M
N/M
Allowance for credit losses to nonperforming loans
213
256
250
N/M
N/M
N/M = Not Meaningful
Net loan charge-offs for the second quarter of 2026 totaled $115 million, or 0.42% of average total loans. These results compare to $102 million, or 0.39%, for the second quarter of 2025 and $101 million, or 0.38%, for the first quarter of 2026.
Key's allowance for credit losses was $1.7 billion, or 1.56% of total period-end loans at June 30, 2026, compared to 1.64% at June 30, 2025, and 1.60% at March 31, 2026. A reserve release of $23 million during the second quarter of 2026 was the result of resilient economic scenario assumptions and the improving mix shift of commercial loans.
At June 30, 2026, Key's nonperforming loans totaled $809 million, which represented 0.73% of period-end portfolio loans. These results compare to 0.65% at June 30, 2025, and 0.62% at March 31, 2026. Nonperforming assets at June 30, 2026, totaled $818 million, and represented 0.74% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.66% at June 30, 2025, and 0.63% at March 31, 2026.
CAPITAL
Key's estimated risk-based capital ratios, included in the following table, continued to exceed all "well-capitalized" regulatory benchmarks at June 30, 2026.
Capital Ratios
6/30/2026
3/31/2026
6/30/2025
Common Equity Tier 1(a)
11.2 %
11.4 %
11.7 %
Tier 1 risk-based capital(a)
12.8
13.0
13.4
Total risk-based capital(a)
14.8
15.2
15.7
Tangible common equity to tangible assets(b)
7.7
8.0
7.8
Leverage(a)
10.3
10.5
10.3
(a)
June 30, 2026 ratio is estimated.
(b)
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.
Key's regulatory capital position remained strong in the second quarter of 2026. As shown in the preceding table, at June 30, 2026, Key's estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.2% and 12.8%, respectively.
Summary of Changes in Common Shares Outstanding
In thousands
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Shares outstanding at beginning of period
1,087,293
1,102,401
1,111,986
(1.4) %
(2.2) %
Share repurchases
(15,531)
(17,969)
—
(13.6)
N/M
Shares issued under employee compensation plans (net of cancellations and returns)
273
2,861
467
(90.5)
(41.5)
Shares outstanding at end of period
1,072,035
1,087,293
1,112,453
(1.4) %
(3.6) %
N/M = Not Meaningful
During the second quarter of 2026, Key declared a dividend of $.205 per common share. The reduction in share count was driven by $341 million of common shares repurchased.
LINE OF BUSINESS RESULTS
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.
Major Business Segments
Dollars in millions
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Revenue from continuing operations (TE)
Consumer Bank
$ 1,010
$ 977
$ 966
3.4 %
4.6 %
Commercial Bank
1,108
1,119
1,074
(1.0)
3.2
Other(a)
(154)
(143)
(200)
(7.7)
23.0
Total
$ 1,964
$ 1,953
$ 1,840
0.6 %
6.7 %
Income (loss) from continuing operations attributable to Key
Consumer Bank
$ 203
$ 174
$ 165
16.7 %
23.0 %
Commercial Bank
423
452
423
(6.4)
—
Other(a)
(118)
(104)
(165)
(13.5)
28.5
Total
$ 508
$ 522
$ 423
(2.7) %
20.1 %
(a)
Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represent the unallocated portion of nonearning assets of corporate support functions. Other also includes the residual net impact of our internal funds transfer pricing methodology, which arise from centrally managed interest rate activities and asset-liability repricing differences. 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.
TE = Taxable Equivalent
Consumer Bank
Dollars in millions
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Summary of operations
Net interest income (TE)
$ 757
$ 738
$ 731
2.6 %
3.6 %
Noninterest income
253
239
235
5.9
7.7
Total revenue (TE)
1,010
977
966
3.4
4.6
Provision for credit losses
26
40
55
(35.0)
(52.7)
Noninterest expense
716
708
693
1.1
3.3
Income (loss) before income taxes (TE)
268
229
218
17.0
22.9
Allocated income taxes (benefit) and TE adjustments
65
55
53
18.2
22.6
Net income (loss) attributable to Key
$ 203
$ 174
$ 165
16.7 %
23.0 %
Average balances
Loans and leases
$ 33,263
$ 33,997
$ 36,138
(2.2) %
(8.0) %
Total assets
36,630
37,341
39,156
(1.9)
(6.5)
Deposits
87,399
87,796
88,002
(0.5)
(0.7)
Assets under management at period end
$ 74,204
$ 69,756
$ 64,244
6.4 %
15.5 %
TE = Taxable Equivalent
Additional Consumer Bank Data
Dollars in millions
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Noninterest income
Trust and investment services income
$ 135
$ 130
$ 119
3.8 %
13.4 %
Service charges on deposit accounts
33
34
35
(2.9)
(5.7)
Cards and payments income
60
54
60
11.1
—
Consumer mortgage income
16
13
14
23.1
14.3
Other noninterest income
9
8
7
12.5
28.6
Total noninterest income
$ 253
$ 239
$ 235
5.9 %
7.7 %
Average deposit balances
Money market deposits
$ 36,116
$ 35,920
$ 34,524
0.5 %
4.6 %
Demand deposits
22,861
23,214
22,784
(1.5)
0.3
Savings deposits
4,238
4,199
4,406
0.9
(3.8)
Time deposits
10,102
10,610
11,907
(4.8)
(15.2)
Noninterest-bearing deposits
14,082
13,853
14,381
1.7
(2.1)
Total deposits
$ 87,399
$ 87,796
$ 88,002
(0.5) %
(0.7) %
Other data
Branches
939
940
943
Automated teller machines
1,107
1,112
1,166
Consumer Bank Summary of Operations (2Q26 vs. 2Q25)
Key's Consumer Bank recorded net income attributable to Key of $203 million for the second quarter of 2026, compared to $165 million for the year-ago quarterTaxable-equivalent net interest income increased by $26 million, or 3.6%, compared to the second quarter of 2025Average loans and leases decreased $2.9 billion, or 8.0%, from the second quarter of 2025, reflective of the intentional run-off of low-yielding loansAverage deposits decreased $603 million, or 0.7%, from the second quarter of 2025, driven by lower time deposits, partially offset by an increase in money market depositsProvision for credit losses decreased $29 million compared to the second quarter of 2025, primarily driven by favorable economic assumptions and portfolio credit trendsNoninterest income increased $18 million from the year-ago quarter, primarily driven by higher trust and investment services incomeNoninterest expense increased $23 million from the year-ago quarter, primarily driven by higher personnel expense
Commercial Bank
Dollars in millions
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Summary of operations
Net interest income (TE)
$ 697
$ 674
$ 649
3.4 %
7.4 %
Noninterest income
411
445
425
(7.6)
(3.3)
Total revenue (TE)
1,108
1,119
1,074
(1.0)
3.2
Provision for credit losses
67
70
84
(4.3)
(20.2)
Noninterest expense
503
474
451
6.1
11.5
Income (loss) before income taxes (TE)
538
575
539
(6.4)
(0.2)
Allocated income taxes and TE adjustments
115
123
116
(6.5)
(0.9)
Net income (loss) attributable to Key
$ 423
$ 452
$ 423
(6.4) %
— %
Average balances
Loans and leases
$ 76,238
$ 73,146
$ 69,089
4.2 %
10.3 %
Loans held for sale
936
958
707
(2.3)
32.4
Total assets
85,793
82,455
78,624
4.0
9.1
Deposits
58,895
58,929
55,927
(0.1)
5.3
TE = Taxable Equivalent
Additional Commercial Bank Data
Dollars in millions
Change 2Q26 vs.
2Q26
1Q26
2Q25
1Q26
2Q25
Noninterest income
Trust and investment services income
$ 24
$ 27
$ 26
(11.1) %
(7.7)
Investment banking and debt placement fees
169
198
179
(14.6)
(5.6) %
Cards and payments income
29
27
21
7.4
38.1
Service charges on deposit accounts
44
43
39
2.3
12.8
Corporate services income
78
70
75
11.4
4.0
Commercial mortgage servicing fees
49
62
70
(21.0)
(30.0)
Operating lease income and other leasing gains
10
8
15
25.0
(33.3)
Other noninterest income
8
10
—
(20.0)
N/M
Total noninterest income
$ 411
$ 445
$ 425
(7.6) %
(3.3) %
N/M = Not Meaningful
Commercial Bank Summary of Operations (2Q26 vs. 2Q25)
Key's Commercial Bank recorded net income attributable to Key of $423 million for the second quarter of 2026, compared to $423 million for the year-ago quarterTaxable-equivalent net interest income increased by $48 million, or 7.4%, compared to the second quarter of 2025Average loan and lease balances increased $7.1 billion, or 10.3%, compared to the second quarter of 2025, driven by an increase in commercial and industrial loansAverage deposit balances increased $3.0 billion compared to the second quarter of 2025, driven by higher client depositsProvision for credit losses decreased $17 million compared to the second quarter of 2025, driven by the impact to reserves due to improved economic assumptionsNoninterest income decreased $14 million compared to the second quarter of 2025, primarily driven by a decrease in commercial mortgage servicing feesNoninterest expense increased $52 million compared to the second quarter of 2025, driven by an increase in personnel expense and support and overhead expense
KeyCorp's roots trace back more than 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $191 billion at June 30, 2026.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,100 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
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.
A live Internet broadcast of KeyCorp's conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts' questions can be accessed through the Investor Relations section at https://www.key.com/ir at 9:00 a.m. ET, on July 21, 2026. A replay of the call will be available on our website through July 21, 2027.
For up-to-date company information, media contacts, and facts and figures about Key's lines of business, visit our Media Newsroom at https://www.key.com/newsroom.
*****
KeyCorp
Second Quarter 2026
Financial Supplement
Page
12
Basis of Presentation
13
Financial Highlights
15
GAAP to Non-GAAP Reconciliation
17
Consolidated Balance Sheets
18
Consolidated Statements of Income
19
Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
21
Noninterest Expense
21
Personnel Expense
21
Loan Composition
21
Loans Held for Sale Composition
22
Summary of Changes in Loans Held for Sale
22
Summary of Loan and Lease Loss Experience From Continuing Operations
23
Asset Quality Statistics From Continuing Operations
23
Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
23
Summary of Changes in Nonperforming Loans From Continuing Operations
24
Line of Business Results
24
Selected Items Impact on Earnings
Basis of Presentation
Use of Non-GAAP Financial Measures
This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Key's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this document, the financial supplement, or conference call slides related to this document, all of which can be found on Key's website (www.key.com/ir).
Forward-Looking Non-GAAP Financial Measures
From time to time Key may discuss forward-looking non-GAAP financial measures. Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because Key is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results.
Annualized Data
Certain returns, yields, performance ratios, or quarterly growth rates are presented on an "annualized" basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts.
Taxable Equivalent
The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at the federal statutory rate. This adjustment puts all earning assets, most notably tax-exempt loans, and certain lease assets, on a common basis that facilitates comparison of results to peers.
Earnings Per Share Equivalent
Certain income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total consolidated earnings per share performance excluding the impact of such items. When the impact of certain income or expense items is disclosed separately, the after-tax amount is computed using the marginal tax rate, unless otherwise specified, with this then being the amount used to calculate the earnings per share equivalent.
Financial Highlights
(Dollars in millions, except per share amounts)
Three months ended
6/30/2026
3/31/2026
6/30/2025
Summary of operations
Net interest income (TE)
$ 1,258
$ 1,230
$ 1,150
Noninterest income
706
723
690
Total revenue (TE)
1,964
1,953
1,840
Provision for credit losses
92
106
138
Noninterest expense
1,217
1,181
1,154
Income (loss) from continuing operations attributable to Key
508
522
423
Income (loss) from discontinued operations, net of taxes
1
—
2
Net income (loss) attributable to Key
509
522
425
Income (loss) from continuing operations attributable to Key common shareholders
472
486
387
Income (loss) from discontinued operations, net of taxes
1
—
2
Net income (loss) attributable to Key common shareholders
473
486
389
Per common share
Income (loss) from continuing operations attributable to Key common shareholders
$ 0.44
$ 0.45
$ 0.35
Income (loss) from discontinued operations, net of taxes
—
—
—
Net income (loss) attributable to Key common shareholders(a)
0.44
0.45
0.35
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution
0.44
0.44
0.35
Income (loss) from discontinued operations, net of taxes — assuming dilution
—
—
—
Net income (loss) attributable to Key common shareholders — assuming dilution(a)
0.44
0.44
0.35
Cash dividends declared
0.205
0.205
0.205
Book value at period end
16.19
16.13
15.32
Tangible book value at period end
13.62
13.60
12.83
Market price at period end
23.05
20.05
17.42
Performance ratios
From continuing operations:
Return on average total assets
1.08 %
1.14 %
0.91 %
Return on average common equity
10.85
11.02
9.26
Return on average tangible common equity(b)
12.89
13.02
11.09
Net interest margin (TE)
2.89
2.87
2.66
Cash efficiency ratio(b)
61.9
60.4
62.4
From consolidated operations:
Return on average total assets
1.08 %
1.14 %
0.91 %
Return on average common equity
10.87
11.02
9.31
Return on average tangible common equity(b)
12.91
13.02
11.15
Net interest margin (TE)
2.89
2.87
2.66
Loan to deposit(c)
73.0
74.6
72.9
Capital ratios at period end
Key shareholders' equity to assets
10.3 %
10.6 %
10.5 %
Key common shareholders' equity to assets
9.1
9.3
9.2
Tangible common equity to tangible assets(b)
7.7
8.0
7.8
Common Equity Tier 1 (d)
11.2
11.4
11.7
Tier 1 risk-based capital(d)
12.8
13.0
13.4
Total risk-based capital(d)
14.8
15.2
15.7
Leverage(d)
10.3
10.5
10.3
Asset quality — from continuing operations
Net loan charge-offs
$ 115
$ 101
$ 102
Net loan charge-offs to average loans
0.42 %
0.38 %
0.39 %
Allowance for loan and lease losses
$ 1,445
$ 1,449
$ 1,446
Allowance for credit losses
1,722
1,745
1,743
Allowance for loan and lease losses to period-end loans
1.31 %
1.33 %
1.36 %
Allowance for credit losses to period-end loans
1.56
1.60
1.64
Allowance for loan and lease losses to nonperforming loans
179
212
208
Allowance for credit losses to nonperforming loans
213
256
250
Nonperforming loans at period-end
$ 809
$ 682
$ 696
Nonperforming assets at period-end
818
692
707
Nonperforming loans to period-end portfolio loans
0.73 %
0.62 %
0.65 %
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets
0.74
0.63
0.66
Trust assets
Assets under management
$ 74,204
$ 69,756
$ 64,244
Other data
Average full-time equivalent employees
17,517
17,469
17,105
Branches
939
940
943
Taxable-equivalent adjustment
$ 8
$ 8
$ 9
(a)
Earnings per share may not foot due to rounding.
(b)
The table entitled "GAAP to Non-GAAP Reconciliations" starting on page 15 of this supplement presents the computations of certain financial measures related to "tangible common equity" and "cash efficiency." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(c)
Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits.
(d)
June 30, 2026, ratio is estimated.
Financial Highlights (continued)
(Dollars in millions, except per share amounts)
Six months ended
6/30/2026
6/30/2025
Summary of operations
Net interest income (TE)
$ 2,488
$ 2,255
Noninterest income
1,429
1,358
Total revenue (TE)
3,917
3,613
Provision for credit losses
198
256
Noninterest expense
2,398
2,285
Income (loss) from continuing operations attributable to Key
1,030
829
Income (loss) from discontinued operations, net of taxes
1
1
Net income (loss) attributable to Key
1,031
830
Income (loss) from continuing operations attributable to Key common shareholders
958
757
Income (loss) from discontinued operations, net of taxes
1
1
Net income (loss) attributable to Key common shareholders
959
758
Per common share
Income (loss) from continuing operations attributable to Key common shareholders
$ 0.89
$ 0.69
Income (loss) from discontinued operations, net of taxes
—
—
Net income (loss) attributable to Key common shareholders(a)
0.89
0.69
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution
0.88
0.69
Income (loss) from discontinued operations, net of taxes — assuming dilution
—
—
Net income (loss) attributable to Key common shareholders — assuming dilution(a)
0.88
0.69
Cash dividends paid
0.41
0.41
Performance ratios
From continuing operations:
Return on average total assets
1.11 %
0.90 %
Return on average common equity
10.93
9.28
Return on average tangible common equity(b)
12.96
11.16
Net interest margin (TE)
2.88
2.62
Cash efficiency ratio(b)
61.1
63.0
From consolidated operations:
Return on average total assets
1.11 %
0.90 %
Return on average common equity
10.95
9.29
Return on average tangible common equity(b)
12.97
11.18
Net interest margin (TE)
2.88
2.62
Asset quality — from continuing operations
Net loan charge-offs
$ 216
$ 212
Net loan charge-offs to average total loans
0.40 %
0.41 %
Other data
Average full-time equivalent employees
17,493
17,047
Taxable-equivalent adjustment
16
18
(a)
Earnings per share may not foot due to rounding.
(b)
The following table entitled "GAAP to Non-GAAP Reconciliations" presents the computations of certain financial measures related to "tangible common equity" and "cash efficiency." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
GAAP to Non-GAAP Reconciliations
(Dollars in millions)
The table below presents certain non-GAAP financial measures defined and described below.
The tangible common equity ratio and the return on average tangible common equity ratio have been a focus for some investors, and management believes these ratios may assist investors in analyzing Key's capital position without regard to the effects of intangible assets and preferred stock. Adjusted return on average tangible common equity excludes significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.
The table also shows the computation for pre-provision net revenue and adjusted pre-provision net revenue, which are not formally defined by GAAP. Management believes that eliminating the effects of the provision for credit losses makes it easier to analyze the results by presenting them on a more comparable basis. Further, management believes that adjusting pre-provision net revenue for significant or unusual items that management does not consider indicative of ongoing financial performance provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.
The cash efficiency ratio is a ratio of two non-GAAP performance measures. As such, there is no directly comparable GAAP performance measure. The cash efficiency ratio performance measure removes the impact of Key's intangible asset amortization from the calculation. Management believes this ratio provides greater consistency and comparability between Key's results and those of its peer banks. Additionally, this ratio is used by analysts and investors as they develop earnings forecasts and peer bank analysis. The adjusted cash efficiency ratio excludes significant or unusual items that management does not consider indicative of ongoing financial performance
Adjusted taxable-equivalent revenue or adjusted revenue is a non-GAAP measure in that it adjusts revenue for certain tax-exempt instruments and selected items. The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable instruments. Additionally, management believes adjusting for the selected items provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of the financial impacts related to those selected items.
Adjusted noninterest income and adjusted noninterest expense are non-GAAP measures in that they exclude significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes these measures provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.
Adjusted income (loss) available from continuing operations attributable to Key common shareholders (or "adjusted net income") and diluted earnings per share - adjusted (or "adjusted earnings per share") are non-GAAP in that these measures exclude significant or unusual items, net of tax, that management does not consider indicative of ongoing financial performance . Management believes these measures provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods.
Adjusted operating leverage and fee-based adjusted operating leverage are non-GAAP performance measures that utilize revenue on a tax-equivalent basis and adjust revenue and expense for significant and unusual items. Management utilizes these measurements in analyzing performance and believes that adjusting for significant and unusual items provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods.
Marked CET1 ratio is a non-GAAP measure and is calculated based on Common Equity Tier 1 capital, inclusive of the AOCI impact from securities and pension. The marked CET1 ratio differs from the defined CET1 regulatory capital ratio by including the impact of AFS and pension accumulated other comprehensive income (loss) (AOCI) amounts in the calculation of the capital ratio. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed may be considered non-GAAP financial measures. Management believes this measure provides useful information in light of the potential for change in the regulatory capital framework.
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP.
Three months ended
Six months ended
6/30/2026
3/31/2026
6/30/2025
6/30/2026
6/30/2025
Net interest income (GAAP)
$ 1,250
$ 1,222
$ 1,141
$ 2,472
$ 2,237
Add: Taxable-equivalent adjustment
8
8
9
16
18
Net interest income TE (non-GAAP) (A)
$ 1,258
$ 1,230
$ 1,150
$ 2,488
$ 2,255
Net income (loss) attributable to Key common shareholders (GAAP) (B)
$ 473
$ 486
$ 389
$ 959
$ 758
Average Key shareholders' equity (GAAP)
$ 19,947
$ 20,392
$ 19,268
$ 20,169
$ 18,952
Less: Average intangible assets
2,756
2,758
2,772
2,757
2,774
Average preferred stock
2,500
2,500
2,500
2,500
2,500
Average tangible common equity (non-GAAP) (C)
$ 14,691
$ 15,134
$ 13,996
$ 14,912
$ 13,678
Key shareholders' equity (GAAP)
$ 19,798
$ 19,987
$ 19,484
Less: Intangible assets
2,755
2,757
2,770
Preferred stock(a)
2,446
2,446
2,446
Tangible common equity (non-GAAP) (D)
$ 14,597
$ 14,784
$ 14,268
Total assets (GAAP)
$ 191,317
$ 188,663
$ 185,499
Less: Intangible assets
2,755
2,757
2,770
Tangible assets (non-GAAP) (E)
$ 188,562
$ 185,906
$ 182,729
Tangible common equity to tangible assets ratio (non-GAAP) (D/E)
7.74 %
7.95 %
7.81 %
Return on average tangible common equity consolidated (non-GAAP) (B/C)
12.91 %
13.02 %
11.15 %
12.97 %
11.18 %
Common equity tier 1 (F)
$ 17,016
$ 17,038
$ 16,775
Add: AFS and Pension AOCI (loss)
(2,154)
(2,152)
(2,476)
Marked common equity tier 1 (non-GAAP) (G)(b)
$ 14,862
$ 14,886
$ 14,299
Risk-weighted assets (H) (c)
$ 152,317
$ 149,338
$ 143,427
Common equity tier 1 ratio (F/H)(c)
11.2 %
11.4 %
11.7 %
Marked CET1 ratio (non-GAAP) (G/H)(b)(c)
9.8
10.0
10.0
GAAP to Non-GAAP Reconciliations (continued)
(Dollars in millions)
Three months ended
Six months ended
6/30/2026
3/31/2026
6/30/2025
6/30/2026
6/30/2025
Income (loss) from continuing operations attributable to Key common shareholders (GAAP) (I)
$ 472
$ 486
$ 387
$ 958
$ 757
Plus: Selected items (net of tax)(d)
—
—
—
—
—
Net income (loss) from continuing operations attributable to Key common shareholders, excluding
selected items (non-GAAP) (J)
$ 472
$ 486
$ 387
$ 958
$ 757
Return on average tangible common equity from continuing operations (non-GAAP) (I/C)
12.89 %
13.02 %
11.09 %
12.96 %
11.16 %
Adjusted return on average tangible common equity from continuing operations excluding selected
items (non-GAAP) (J/C)
12.89
13.02
11.09
12.96
11.16
Noninterest income (GAAP) (K)
$ 706
$ 723
$ 690
$ 1,429
$ 1,358
Plus: Selected items(d)
—
—
—
—
—
Adjusted noninterest income (non-GAAP) (L)
$ 706
$ 723
$ 690
$ 1,429
$ 1,358
Noninterest expense (GAAP) (M)
$ 1,217
$ 1,181
$ 1,154
$ 2,398
$ 2,285
Less: Intangible asset amortization
2
2
5
4
10
Noninterest expense less intangible asset amortization (non-GAAP) (N)
$ 1,215
$ 1,179
$ 1,149
$ 2,394
$ 2,275
Plus: Selected items(d) (O)
—
—
—
—
—
Adjusted noninterest expense less intangible asset amortization (non-GAAP) (P)
$ 1,215
$ 1,179
$ 1,149
$ 2,394
$ 2,275
Adjusted noninterest expense (non-GAAP) (M+O)
$ 1,217
$ 1,181
$ 1,154
$ 2,398
$ 2,285
Total taxable-equivalent revenue (non-GAAP) (A+K) = (Q)
$ 1,964
$ 1,953
$ 1,840
$ 3,917
$ 3,613
Total adjusted taxable-equivalent revenue (non-GAAP) (A+L)
1,964
1,953
1,840
3,917
3,613
Cash efficiency ratio (non-GAAP) (N/Q)
61.86 %
60.37 %
62.45 %
61.12 %
62.97 %
Adjusted cash efficiency ratio (non-GAAP) (P/Q)
61.86
60.37
62.45
61.12
62.97
Pre-provision net revenue from continuing operations (non-GAAP) (A+K-M)
$ 747
$ 772
$ 686
$ 1,519
$ 1,328
Plus: Selected items(d)
—
—
—
—
—
Adjusted pre-provison net revenue from continuing operations (non-GAAP)
$ 747
$ 772
$ 686
$ 1,519
$ 1,328
Diluted EPS from continuing operations attributable to Key common shareholders (GAAP)
$ 0.44
$ 0.44
$ 0.35
$ 0.88
$ 0.69
Plus: EPS impact of selected items(d)
—
—
—
—
—
Diluted EPS from continuing operations attributable to Key common shareholders - adjusted
(non-GAAP)(e)
$ 0.44
$ 0.44
$ 0.35
$ 0.88
$ 0.69
Adjusted operating leverage and fee based adjusted operating leverage
Adjusted noninterest income YoY Growth (R)
2.32 %
8.23 %
10.05 %
76.64 %
(36.50) %
Adjusted taxable-equivalent revenue YoY Growth (S)
6.74
10.15
20.58
8.41
18.11
Adjusted noninterest expense YoY Growth (T)
5.46
4.42
44.79
4.95
4.43
Adjusted operating leverage (S - T)
1.28
5.73
(24.22)
3.47
13.68
Adjusted fee-based operating leverage (R - T)
(3.14)
3.81
(34.75)
71.69
(40.93)
(a)
Net of capital surplus.
(b)
Under the current applicable regulatory capital rules, Key has made the AOCI opt out election, which enables us to exclude components of AOCI from regulatory capital, notably the AOCI relative to securities and pension.
(c)
Amounts and ratios as of June 30, 2026 are estimated.
(d)
Additional detail provided in Selected Items table on page 24.
(e)
Earnings per share may not foot due to rounding.
GAAP = U.S. generally accepted accounting principles; TE = Taxable Equivalent
Consolidated Balance Sheets
(Dollars in millions)
6/30/2026
3/31/2026
6/30/2025
Assets
Loans
$ 110,430
$ 109,190
$ 106,389
Loans held for sale
1,198
876
530
Securities available for sale
38,459
38,918
40,669
Held-to-maturity securities
9,515
9,116
6,914
Trading account assets
936
783
1,374
Short-term investments
12,416
11,782
11,564
Other investments
1,230
1,204
1,058
Total earning assets
174,184
171,869
168,498
Allowance for loan and lease losses
(1,445)
(1,449)
(1,446)
Cash and due from banks
1,711
1,130
1,766
Premises and equipment
620
618
599
Goodwill
2,752
2,752
2,752
Other intangible assets
3
5
18
Corporate-owned life insurance
4,456
4,439
4,423
Accrued income and other assets
8,848
9,100
8,654
Discontinued assets
188
199
235
Total assets
$ 191,317
$ 188,663
$ 185,499
Liabilities
Deposits in domestic offices:
Interest-bearing deposits
$ 122,196
$ 120,220
$ 119,230
Noninterest-bearing deposits
30,893
27,595
27,675
Total deposits
153,089
147,815
146,905
Federal funds purchased and securities sold under repurchase agreements
5
34
20
Bank notes and other short-term borrowings
3,680
6,149
2,754
Accrued expense and other liabilities
3,778
3,801
4,273
Long-term debt
10,967
10,877
12,063
Total liabilities
171,519
168,676
166,015
Equity
Preferred stock
2,500
2,500
2,500
Common shares
1,257
1,257
1,257
Capital surplus
6,014
5,981
5,971
Retained earnings
15,873
15,622
14,886
Treasury stock, at cost
(3,492)
(3,152)
(2,629)
Accumulated other comprehensive income (loss)
(2,354)
(2,221)
(2,501)
Key shareholders' equity
19,798
19,987
19,484
Total liabilities and equity
$ 191,317
$ 188,663
$ 185,499
Common shares outstanding (000)
1,072,035
1,087,293
1,112,453
Consolidated Statements of Income
(Dollars in millions, except per share amounts)
Three months ended
Six months ended
6/30/2026
3/31/2026
6/30/2025
6/30/2026
6/30/2025
Interest income
Loans
$ 1,463
$ 1,416
$ 1,443
$ 2,879
$ 2,844
Loans held for sale
15
14
11
29
25
Securities available for sale
367
370
411
737
803
Held-to-maturity securities
95
86
61
181
124
Trading account assets
10
11
16
21
33
Short-term investments
101
103
157
204
331
Other investments
8
5
8
13
17
Total interest income
2,059
2,005
2,107
4,064
4,177
Interest expense
Deposits
600
598
730
1,198
1,483
Federal funds purchased and securities sold under repurchase agreements
19
14
4
33
5
Bank notes and other short-term borrowings
35
20
34
55
61
Long-term debt
155
151
198
306
391
Total interest expense
809
783
966
1,592
1,940
Net interest income
1,250
1,222
1,141
2,472
2,237
Provision for credit losses
92
106
138
198
256
Net interest income after provision for credit losses
1,158
1,116
1,003
2,274
1,981
Noninterest income
Trust and investment services income
159
157
146
316
285
Investment banking and debt placement fees
169
197
178
366
353
Cards and payments income
94
86
85
180
167
Service charges on deposit accounts
77
77
73
154
142
Corporate services income
80
71
76
151
141
Commercial mortgage servicing fees
49
62
70
111
146
Corporate-owned life insurance income
33
34
32
67
65
Consumer mortgage income
17
13
15
30
28
Operating lease income and other leasing gains
10
8
14
18
23
Other income
15
18
1
33
8
Net securities gains (losses)
3
—
—
3
—
Total noninterest income
706
723
690
1,429
1,358
Noninterest expense
Personnel
786
743
705
1,529
1,385
Net occupancy
68
68
69
136
136
Computer processing
108
111
107
219
214
Business services and professional fees
46
36
48
82
88
Equipment
22
19
21
41
41
Operating lease expense
7
7
10
14
21
Marketing
22
18
24
40
45
Other expense
158
179
170
337
355
Total noninterest expense
1,217
1,181
1,154
2,398
2,285
Income (loss) from continuing operations before income taxes
647
658
539
1,305
1,054
Income taxes (benefit)
139
136
116
275
225
Income (loss) from continuing operations
508
522
423
1,030
829
Income (loss) from discontinued operations, net of taxes
1
—
2
1
1
Net income (loss)
$ 509
$ 522
$ 425
$ 1,031
$ 830
Income (loss) from continuing operations attributable to Key common shareholders
$ 472
$ 486
$ 387
$ 958
$ 757
Net income (loss) attributable to Key common shareholders
473
486
389
959
758
Per common share
Income (loss) from continuing operations attributable to Key common shareholders
$ 0.44
$ 0.45
$ 0.35
$ 0.89
$ 0.69
Income (loss) from discontinued operations, net of taxes
—
—
—
—
—
Net income (loss) attributable to Key common shareholders(a)
0.44
0.45
0.35
0.89
0.69
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders
$ 0.44
$ 0.44
$ 0.35
$ 0.88
$ 0.69
Income (loss) from discontinued operations, net of taxes
—
—
—
—
—
Net income (loss) attributable to Key common shareholders(a)
0.44
0.44
0.35
0.88
0.69
Cash dividends declared per common share
$ 0.205
$ 0.205
$ 0.205
$ 0.410
$ 0.410
Weighted-average common shares outstanding (000)
1,071,229
1,084,277
1,100,033
1,077,977
1,098,453
Effect of common share options and other stock awards(b)
8,779
10,091
7,177
9,435
8,331
Weighted-average common shares and potential common shares outstanding (000)(c)
1,080,008
1,094,368
1,107,210
1,087,412
1,106,784
(a)
Earnings per share may not foot due to rounding.
(b)
For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
(c)
Assumes conversion of common share options and other stock awards, as applicable.
Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
Second Quarter 2026
First Quarter 2026
Second 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)
$ 62,134
$ 896
5.78 %
$ 59,149
$ 843
5.76 %
$ 55,604
$ 838
6.04 %
Real estate — commercial mortgage
13,911
197
5.68
13,902
198
5.76
13,311
200
6.02
Real estate — construction
2,816
46
6.53
2,803
45
6.50
2,873
50
6.95
Commercial lease financing
2,117
20
3.77
2,213
21
3.81
2,524
22
3.59
Total commercial loans
80,978
1,159
5.73
78,067
1,107
5.73
74,312
1,110
5.99
Real estate — residential mortgage
18,305
153
3.35
18,593
155
3.34
19,446
162
3.34
Home equity loans
5,470
73
5.33
5,609
74
5.35
6,091
86
5.63
Other consumer loans
4,410
57
5.18
4,558
58
5.16
4,946
63
5.09
Credit cards
909
29
12.67
910
30
13.24
920
31
13.44
Total consumer loans
29,094
312
4.29
29,670
317
4.30
31,403
342
4.36
Total loans
110,072
1,471
5.35
107,737
1,424
5.35
105,715
1,452
5.51
Loans held for sale
1,085
15
5.68
1,092
14
4.99
770
11
5.72
Securities available for sale(b), (e)
38,518
367
3.58
39,403
370
3.59
40,714
411
3.76
Held-to-maturity securities(b)
9,425
95
4.05
8,795
86
3.91
7,038
61
3.46
Trading account assets
797
10
5.30
865
11
4.96
1,259
16
5.32
Short-term investments
10,705
101
3.79
11,134
103
3.74
13,489
157
4.67
Other investments(e)
1,214
8
2.66
1,075
5
1.97
1,015
8
3.41
Total earning assets
171,816
2,067
4.75
170,101
2,013
4.71
170,000
2,116
4.90
Allowance for loan and lease losses
(1,442)
(1,419)
(1,424)
Accrued income and other assets
17,926
17,567
18,224
Discontinued assets
192
204
239
Total assets
$ 188,492
$ 186,453
$ 187,039
Liabilities
Money market deposits
$ 42,843
$ 225
2.11 %
$ 42,732
$ 223
2.12 %
$ 42,586
$ 276
2.60 %
Demand deposits
61,013
280
1.84
61,478
279
1.84
57,155
309
2.17
Savings deposits
4,406
1
0.04
4,378
1
0.04
4,631
1
0.06
Time deposits
11,749
94
3.21
11,777
95
3.26
15,601
144
3.70
Total interest-bearing deposits
120,011
600
2.01
120,365
598
2.01
119,973
730
2.44
Federal funds purchased and securities sold under repurchase agreements
2,002
19
3.71
1,539
14
3.69
415
4
4.28
Bank notes and other short-term borrowings
4,179
35
3.33
2,585
20
3.20
3,288
34
4.27
Long-term debt(f)
10,694
155
5.84
10,186
151
5.96
12,088
198
6.55
Total interest-bearing liabilities
136,886
809
2.37
134,675
783
2.35
135,764
966
2.86
Noninterest-bearing deposits
27,566
26,934
27,473
Accrued expense and other liabilities
3,901
4,248
4,295
Discontinued liabilities(f)
192
204
239
Total liabilities
$ 168,545
$ 166,061
$ 167,771
Equity
Total equity
$ 19,947
$ 20,392
$ 19,268
Total liabilities and equity
$ 188,492
$ 186,453
$ 187,039
Interest rate spread (TE)
2.38 %
2.36 %
2.04 %
Net interest income (TE) and net interest margin (TE)
$ 1,258
2.89 %
$ 1,230
2.87 %
$ 1,150
2.66 %
TE adjustment(b)
8
8
9
Net interest income, GAAP basis
$ 1,250
$ 1,222
$ 1,141
(a)
Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (f) below, calculated using a matched funds transfer pricing methodology.
(b)
Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025.
(c)
For purposes of these computations, nonaccrual loans are included in average loan balances.
(d)
Commercial and industrial average balances include $209 million, $205 million, and $218 million of assets from commercial credit cards for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
(e)
Yield presented is calculated on the basis of amortized cost excluding fair value hedge basis adjustments. The average amortized cost for securities available for sale was $41.0 billion, $41.5 billion, and $43.8 billion for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. Yield based on the fair value of securities available for sale was 3.81%, 3.75%, and 4.03% for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
(f)
A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key's matched funds transfer pricing methodology to discontinued operations.
TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles.
Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
Six months ended June 30, 2026
Six months ended June 30, 2025
Average
Yield/
Average
Yield/
Balance
Interest (a)
Rate (a)
Balance
Interest (a)
Rate (a)
Assets
Loans:(b), (c)
Commercial and industrial(d)
$ 60,650
$ 1,739
5.77 %
$ 54,680
$ 1,638
6.04 %
Real estate — commercial mortgage
13,906
395
5.72
13,187
392
5.99
Real estate — construction
2,810
91
6.52
2,889
99
6.91
Commercial lease financing
2,165
41
3.79
2,588
46
3.55
Total commercial loans
79,531
2,266
5.73
73,344
2,175
5.98
Real estate — residential mortgage
18,448
308
3.35
19,591
327
3.34
Home equity loans
5,539
147
5.34
6,169
172
5.62
Other consumer loans
4,483
115
5.17
5,016
126
5.05
Credit cards
910
59
12.95
919
62
13.74
Total consumer loans
29,380
629
4.30
31,695
687
4.35
Total loans
108,911
2,895
5.34
105,039
2,862
5.49
Loans held for sale
1,088
29
5.33
792
25
6.23
Securities available for sale(b), (e)
38,958
737
3.58
40,021
803
3.73
Held-to-maturity securities(b)
9,112
181
3.98
7,156
124
3.46
Trading account assets
831
21
5.13
1,277
33
5.26
Short-term investments
10,918
204
3.77
14,345
331
4.65
Other investments(e)
1,145
13
2.33
975
17
3.57
Total earning assets
170,963
4,080
4.73
169,605
4,195
4.88
Allowance for loan and lease losses
(1,431)
(1,413)
Accrued income and other assets
17,748
18,254
Discontinued assets
198
246
Total assets
$ 187,478
$ 186,692
Liabilities
Money market deposits
$ 42,788
$ 448
2.12 %
$ 42,298
$ 551
2.63 %
Other demand deposits
61,244
559
1.84
57,307
619
2.18
Savings deposits
4,392
2
0.04
4,620
2
0.06
Time deposits
11,763
189
3.23
16,110
311
3.90
Total interest-bearing deposits
120,187
1,198
2.01
120,335
1,483
2.49
Federal funds purchased and securities sold under repurchase agreements
1,772
33
3.70
258
5
4.22
Bank notes and other short-term borrowings
3,386
55
3.28
2,784
61
4.47
Long-term debt(f)
10,442
306
5.90
11,934
391
6.58
Total interest-bearing liabilities
135,787
1,592
2.36
135,311
1,940
2.89
Noninterest-bearing deposits
27,251
27,655
Accrued expense and other liabilities
4,073
4,528
Discontinued liabilities(f)
198
246
Total liabilities
$ 167,309
$ 167,740
Equity
Total equity
$ 20,169
$ 18,952
Total liabilities and equity
$ 187,478
$ 186,692
Interest rate spread (TE)
2.37 %
1.99 %
Net interest income (TE) and net interest margin (TE)
$ 2,488
2.88 %
$ 2,255
2.62 %
TE adjustment(b)
16
18
Net interest income, GAAP basis
$ 2,472
$ 2,237
(a)
Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (f) below, calculated using a matched funds transfer pricing methodology.
(b)
Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the six months ended June 30, 2026, and June 30, 2025, respectively.
(c)
For purposes of these computations, nonaccrual loans are included in average loan balances.
(d)
Commercial and industrial average balances include $207 million and $216 million of assets from commercial credit cards for the six months ended June 30, 2026, and June 30, 2025, respectively.
(e)
Yield presented is calculated on the basis of amortized cost excluding fair value hedge basis adjustments. The average amortized cost for securities available for sale was $41.3 billion and $43.2 billion for the six months ended June 30, 2026, and June 30, 2025, respectively. Yield based on the fair value of securities available for sale was 3.78% and 4.01% for the six months ended June 30, 2026, and June 30, 2025, respectively.
(f)
A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key's matched funds transfer pricing methodology to discontinued operations.
TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles
Noninterest Expense
(Dollars in millions)
Three months ended
Six months ended
6/30/2026
3/31/2026
6/30/2025
6/30/2026
6/30/2025
Personnel(a)
$ 786
$ 743
$ 705
$ 1,529
$ 1,385
Net occupancy
68
68
69
136
136
Computer processing
108
111
107
219
214
Business services and professional fees
46
36
48
82
88
Equipment
22
19
21
41
41
Operating lease expense
7
7
10
14
21
Marketing
22
18
24
40
45
Other expense
158
179
170
337
355
Total noninterest expense
$ 1,217
$ 1,181
$ 1,154
$ 2,398
$ 2,285
Average full-time equivalent employees(b)
17,517
17,469
17,105
17,493
17,047
(a)
Additional detail provided in Personnel Expense table below.
(b)
The number of average full-time equivalent employees has not been adjusted for discontinued operations.
Personnel Expense
(Dollars in millions)
Three months ended
Six months ended
6/30/2026
3/31/2026
6/30/2025
6/30/2026
6/30/2025
Salaries and contract labor
$ 448
$ 439
$ 427
$ 887
$ 832
Incentive and stock-based compensation
194
172
168
366
326
Employee benefits
140
127
108
267
217
Severance
4
5
2
9
10
Total personnel expense
$ 786
$ 743
$ 705
$ 1,529
$ 1,385
Loan Composition
(Dollars in millions)
Change 6/30/2026 vs.
6/30/2026
3/31/2026
6/30/2025
3/31/2026
6/30/2025
Commercial and industrial(a)
$ 62,734
$ 60,651
$ 56,058
3.4 %
11.9 %
Commercial real estate:
Commercial mortgage
13,941
14,144
13,862
(1.4)
0.6
Construction
2,896
2,801
2,830
3.4
2.3
Total commercial real estate loans
16,837
16,945
16,692
(0.6)
0.9
Commercial lease financing
1,997
2,200
2,472
(9.2)
(19.2)
Total commercial loans
81,568
79,796
75,222
2.2
8.4
Real estate — residential mortgage
18,178
18,483
19,330
(1.7)
(6.0)
Home equity loans
5,408
5,528
6,023
(2.2)
(10.2)
Other consumer loans
4,349
4,477
4,881
(2.9)
(10.9)
Credit cards
927
906
933
2.3
(0.6)
Total consumer loans
28,862
29,394
31,167
(1.8)
(7.4)
Total loans(b), (c)
$ 110,430
$ 109,190
$ 106,389
1.1 %
3.8 %
(a)
Loan balances include $208 million, $207 million, and $220 million of commercial credit card balances at June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
(b)
Total loans exclude loans of $182 million at June 30, 2026, $194 million at March 31, 2026, and $230 million at June 30, 2025, related to the discontinued operations of the education lending business.
(c)
Accrued interest of $453 million, $443 million, and $465 million at June 30, 2026, March 31, 2026, and June 30, 2025, respectively, presented in "other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
Loans Held for Sale Composition
(Dollars in millions)
Change 6/30/2026 vs.
6/30/2026
3/31/2026
6/30/2025
3/31/2026
6/30/2025
Commercial and industrial
$ 559
$ 139
$ 158
302.2 %
253.8 %
Real estate — commercial mortgage
435
637
290
(31.7)
50.0
Real estate — residential mortgage
204
100
82
104.0
148.8
Total loans held for sale
$ 1,198
$ 876
$ 530
36.8 %
126.0 %
Summary of Changes in Loans Held for Sale
(Dollars in millions)
2Q26
1Q26
4Q25
3Q25
2Q25
Balance at beginning of period
$ 876
$ 1,077
$ 998
$ 530
$ 811
New originations
2,099
2,034
3,356
3,471
1,806
Transfers from (to) held to maturity, net
34
(13)
(35)
—
(71)
Loan sales
(1,721)
(2,201)
(3,232)
(2,956)
(2,012)
Loan draws (payments), net
(89)
(25)
(10)
(42)
(1)
Valuation and other adjustments
(1)
4
—
(5)
(3)
Balance at end of period
$ 1,198
$ 876
$ 1,077
$ 998
$ 530
Summary of Loan and Lease Loss Experience From Continuing Operations
(Dollars in millions)
Three months ended
Six months ended
6/30/2026
3/31/2026
6/30/2025
6/30/2026
6/30/2025
Average loans outstanding
$ 110,072
$ 107,737
$ 105,715
$ 108,911
$ 105,039
Allowance for loan and lease losses at the beginning of the period
$ 1,449
$ 1,427
$ 1,429
$ 1,427
$ 1,409
Loans charged off:
Commercial and industrial
84
90
94
174
156
Real estate — commercial mortgage
20
1
6
21
42
Real estate — construction
—
—
—
—
—
Total commercial real estate loans
20
1
6
21
42
Commercial lease financing
1
—
2
1
2
Total commercial loans
105
91
102
196
200
Real estate — residential mortgage
1
—
—
1
1
Home equity loans
—
1
—
1
1
Other consumer loans
14
15
13
29
27
Credit cards
11
10
12
21
24
Total consumer loans
26
26
25
52
53
Total loans charged off
131
117
127
248
253
Recoveries:
Commercial and industrial
9
10
19
19
29
Real estate — commercial mortgage
1
—
1
1
1
Real estate — construction
—
—
—
—
—
Total commercial real estate loans
1
—
1
1
1
Commercial lease financing
—
—
—
—
—
Total commercial loans
10
10
20
20
30
Real estate — residential mortgage
1
1
1
2
2
Home equity loans
—
1
1
1
2
Other consumer loans
3
2
2
5
4
Credit cards
2
2
1
4
3
Total consumer loans
6
6
5
12
11
Total recoveries
16
16
25
32
41
Net loan charge-offs
(115)
(101)
(102)
(216)
(212)
Provision (credit) for loan and lease losses
111
123
119
234
249
Allowance for loan and lease losses at end of period
$ 1,445
$ 1,449
$ 1,446
$ 1,445
$ 1,446
Liability for credit losses on lending-related commitments at beginning of period
$ 296
$ 313
$ 278
$ 313
$ 290
Provision (credit) for losses on lending-related commitments
(19)
(17)
19
(36)
7
Liability for credit losses on lending-related commitments at end of period(a)
$ 277
$ 296
$ 297
$ 277
$ 297
Total allowance for credit losses at end of period
$ 1,722
$ 1,745
$ 1,743
$ 1,722
$ 1,743
Net loan charge-offs to average total loans
0.42 %
0.38 %
0.39 %
0.40 %
0.41 %
Allowance for loan and lease losses to period-end loans
1.31
1.33
1.36
1.31
1.36
Allowance for credit losses to period-end loans
1.56
1.60
1.64
1.56
1.64
Allowance for loan and lease losses to nonperforming loans
179
212
208
179
208
Allowance for credit losses to nonperforming loans
213
256
250
213
250
Discontinued operations — education lending business:
Loans charged off
$ —
$ 1
$ 1
$ 1
$ 1
Recoveries
—
—
—
—
—
Net loan charge-offs
$ —
$ (1)
$ (1)
$ (1)
$ (1)
(a)
Included in "Accrued expense and other liabilities" on the balance sheet.
Asset Quality Statistics From Continuing Operations
(Dollars in millions)
2Q26
1Q26
4Q25
3Q25
2Q25
Net loan charge-offs
$ 115
$ 101
$ 104
$ 114
$ 102
Net loan charge-offs to average total loans
0.42 %
0.38 %
0.39 %
0.42 %
0.39 %
Allowance for loan and lease losses
$ 1,445
$ 1,449
$ 1,427
$ 1,444
$ 1,446
Allowance for credit losses(a)
1,722
1,745
1,740
1,736
1,743
Allowance for loan and lease losses to period-end loans
1.31 %
1.33 %
1.34 %
1.36 %
1.36 %
Allowance for credit losses to period-end loans
1.56
1.60
1.63
1.64
1.64
Allowance for loan and lease losses to nonperforming loans
179
212
232
219
208
Allowance for credit losses to nonperforming loans
213
256
283
264
250
Nonperforming loans at period end
$ 809
$ 682
$ 615
$ 658
$ 696
Nonperforming assets at period end
818
692
627
668
707
Nonperforming loans to period-end portfolio loans
0.73 %
0.62 %
0.58 %
0.62 %
0.65 %
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets
0.74
0.63
0.59
0.63
0.66
(a)
Includes the allowance for loan and lease losses plus the liability for credit losses on lending-related commitments.
Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
(Dollars in millions)
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
Commercial and industrial
$ 358
$ 284
$ 256
$ 253
$ 280
Real estate — commercial mortgage
256
190
157
214
226
Real estate — construction
—
—
—
—
—
Total commercial real estate loans
256
190
157
214
226
Commercial lease financing
6
6
7
—
—
Total commercial loans
620
480
420
467
506
Real estate — residential mortgage
100
115
104
98
95
Home equity loans
79
76
80
82
84
Other consumer loans
4
4
4
4
4
Credit cards
6
7
7
7
7
Total consumer loans
189
202
195
191
190
Total nonperforming loans (a)
809
682
615
658
696
OREO
9
10
9
10
11
Nonperforming loans held for sale
—
—
3
—
—
Total nonperforming assets
$ 818
$ 692
$ 627
$ 668
$ 707
Accruing loans past due 90 days or more
$ 85
$ 153
$ 99
$ 110
$ 74
Accruing loans past due 30 through 89 days
138
137
220
254
266
Nonperforming assets from discontinued operations — education lending business
1
2
2
2
2
Nonperforming loans to period-end portfolio loans
0.73 %
0.62 %
0.58 %
0.62 %
0.65 %
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets
0.74
0.63
0.59
0.63
0.66
Summary of Changes in Nonperforming Loans From Continuing Operations
(Dollars in millions)
2Q26
1Q26
4Q25
3Q25
2Q25
Balance at beginning of period
$ 682
$ 615
$ 658
$ 696
$ 686
Loans placed on nonaccrual status
365
253
248
210
233
Charge-offs
(131)
(117)
(124)
(140)
(127)
Loans sold
(33)
(2)
(7)
(13)
—
Payments
(38)
(37)
(124)
(68)
(74)
Transfers to OREO
(1)
(1)
(1)
(1)
(1)
Loans returned to accrual status
(35)
(29)
(35)
(26)
(21)
Balance at end of period
$ 809
$ 682
$ 615
$ 658
$ 696
Line of Business Results
(Dollars in millions)
Change 2Q26 vs.
2Q26
1Q26
4Q25
3Q25
2Q25
1Q26
2Q25
Consumer Bank
Summary of operations
Total revenue (TE)
$ 1,010
$ 977
$ 998
$ 992
$ 966
3.4 %
4.6 %
Provision for credit losses
26
40
32
40
55
(35.0)
(52.7)
Noninterest expense
716
708
734
693
693
1.1
3.3
Net income (loss) attributable to Key
203
174
176
196
165
16.7
23.0
Average loans and leases
33,263
33,997
34,683
35,363
36,138
(2.2)
(8.0)
Average deposits
87,399
87,796
87,738
87,692
88,002
(0.5)
(0.7)
Net loan charge-offs
45
40
49
49
40
12.5
12.5
Net loan charge-offs to average total loans
0.54 %
0.48 %
0.56 %
0.55 %
0.44 %
12.5
22.7
Nonperforming assets at period end
$ 253
$ 270
$ 262
$ 266
$ 269
(6.3)
(5.9)
Return on average allocated equity
29.52 %
24.90 %
24.24 %
26.03 %
21.91 %
18.6
34.7
Commercial Bank
Summary of operations
Total revenue (TE)
$ 1,108
$ 1,119
$ 1,194
$ 1114
$ 1074
(1.0) %
3.2 %
Provision for credit losses
67
70
73
68
84
(4.3)
(20.2)
Noninterest expense
503
474
515
485
451
6.1
11.5
Net income (loss) attributable to Key
423
452
472
440
423
(6.4)
—
Average loans and leases
76,238
73,146
71,107
70,328
69,089
4.2
10.3
Average loans held for sale
936
958
1,140
1,224
707
(2.3)
32.4
Average deposits
58,895
58,929
60,485
58,523
55,927
(0.1)
5.3
Net loan charge-offs
71
64
53
64
62
10.9
14.5
Net loan charge-offs to average total loans
0.37 %
0.35 %
0.30 %
0.36 %
0.36 %
5.7
2.8
Nonperforming assets at period end
$ 565
$ 422
$ 365
$ 402
$ 438
33.9
29.0
Return on average allocated equity
16.40 %
18.14 %
18.80 %
17.87 %
17.55 %
(9.6)
(6.6)
TE = Taxable Equivalent
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 June 30, 2026
No items
$ —
$ —
$ —
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
—
—
—
Year to date results
Six months ended June 30, 2026
No items
$ —
$ —
$ —
Six months ended June 30, 2025
No items
—
—
—
(a)
Favorable (unfavorable) impact.
(b)
Impact to EPS reflected on a fully diluted basis.
(c)
In November 2023, the FDIC issued a final rule implementing a special assessment on insured depository institutions to recover the loss to the FDIC's deposit insurance fund (DIF) associated with protecting uninsured depositors following the 2023 closures of Silicon Valley Bank and Signature Bank. KeyCorp recorded the initial loss estimate related to the special assessment during the fourth quarter of 2023. Amounts reflected in this table represent adjustments from initial estimates based on quarterly invoices received from the FDIC.
(d)
Earnings per share may not foot due to rounding.
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SOURCE KeyCorp
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