Keycorp (KEY) 8-K exhibit — a1q26erex993.htm

Document

Exhibit 99.3


Consolidated Balance Sheets
(dollars in millions)

			3/31/2026		12/31/2025		3/31/2025
Assets
	Loans		$	109,190	$	106,541	$	104,809
	Loans held for sale		876		1,077		811
	Securities available for sale		38,918		39,596		40,751
	Held-to-maturity securities		9,116		8,622		7,160
	Trading account assets		783		1,061		1,296
	Short-term investments		11,782		10,163		15,349
	Other investments		1,204		949		1,050
		Total earning assets	171,869		168,009		171,226
	Allowance for loan and lease losses		(1,449)		(1,427)		(1,429)
	Cash and due from banks		1,130		1,287		1,909
	Premises and equipment		618		628		602
	Goodwill		2,752		2,752		2,752
	Other intangible assets		5		8		22
	Corporate-owned life insurance		4,439		4,432		4,404
	Accrued income and other assets		9,100		8,481		8,958
	Discontinued assets		199		211		247
		Total assets	$	188,663	$	184,381	$	188,691

Liabilities
	Deposits in domestic offices:





		Interest-bearing deposits	120,220		121,100		122,283
		Noninterest-bearing deposits	27,595		27,613		28,454
		Total deposits	147,815		148,713		150,737
	Federal funds purchased and securities sold under repurchase agreements		34		13		22
	Bank notes and other short-term borrowings		6,149		1,071		2,328
	Accrued expense and other liabilities		3,801		4,286		4,209
	Long-term debt		10,877		9,917		12,392
		Total liabilities	168,676		164,000		169,688

Equity
	Preferred stock		2,500		2,500		2,500
	Common shares		1,257		1,257		1,257
	Capital surplus		5,981		6,035		5,946
	Retained earnings		15,622		15,359		14,724
	Treasury stock, at cost		(3,152)		(2,810)		(2,637)
	Accumulated other comprehensive income (loss)		(2,221)		(1,960)		(2,787)


		Total equity	19,987		20,381		19,003
Total liabilities and equity			$	188,663	$	184,381	$	188,691

Common shares outstanding (000)			1,087,293		1,102,401		1,111,986


Consolidated Statements of Income
(dollars in millions, except per share amounts)
			Three months ended
			3/31/2026		12/31/2025		3/31/2025
Interest income
	Loans		$	1,416	$	1,439	$	1,401
	Loans held for sale		14		18		14
	Securities available for sale		370		388		392
	Held-to-maturity securities		86		76		63
	Trading account assets		11		12		17
	Short-term investments		103		137		174
	Other investments		5		8		9
		Total interest income	2,005		2,078		2,070
Interest expense
	Deposits		598		688		753
	Federal funds purchased and securities sold under repurchase agreements		14		4		1
	Bank notes and other short-term borrowings		20		9		27
	Long-term debt		151		162		193
		Total interest expense	783		863		974
Net interest income			1,222		1,215		1,096
Provision for credit losses			106		108		118
Net interest income after provision for credit losses			1,116		1,107		978
Noninterest income
	Trust and investment services income		157		156		139
	Investment banking and debt placement fees		197		243		175
	Service charges on deposit accounts		77		78		69
	Operating lease income and other leasing gains		8		9		9
	Corporate services income		71		81		65
	Cards and payments income		86		84		82
	Corporate-owned life insurance income		34		40		33
	Consumer mortgage income		13		16		13
	Commercial mortgage servicing fees		62		68		76
	Other income		18		7		7
	Net securities gains (losses)		—		—		—
		Total noninterest income	723		782		668
Noninterest expense
	Personnel		743		790		680
	Net occupancy		68		69		67
	Computer processing		111		106		107
	Business services and professional fees		36		61		40
	Equipment		19		22		20
	Operating lease expense		7		8		11
	Marketing		18		28		21

	Intangible asset amortization		—		—		—

	Other expense		179		157		185
		Total noninterest expense	1,181		1,241		1,131
Income (loss) from continuing operations before income taxes			658		648		515
	Income taxes		136		139		109
Income (loss) from continuing operations			522		509		406
	Income (loss) from discontinued operations, net of taxes		—		1		(1)
Net income (loss)			522		510		405
	Less: Net income (loss) attributable to noncontrolling interests		—		—		—
Net income (loss) attributable to Key			$	522	$	510	$	405

Income (loss) from continuing operations attributable to Key common shareholders			$	486	$	474	$	370
Net income (loss) attributable to Key common shareholders			486		475		369
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.45	$	.43	$	.34
Income (loss) from discontinued operations, net of taxes			—		—		—
Net income (loss) attributable to Key common shareholders (a)			.45		.43		.34
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.44	$	.43	$	.33
Income (loss) from discontinued operations, net of taxes			—		—		—
Net income (loss) attributable to Key common shareholders (a)			.44		.43		$	.33

Cash dividends declared per common share			$	.205	$	.205	$	.205

Weighted-average common shares outstanding (000)			1,084,277		1,095,171		1,096,654
	Effect of common share options and other stock awards (b)		10,091		11,152		9,486
Weighted-average common shares and potential common shares outstanding (000) (c)			1,094,368		1,106,323		1,106,140

(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 and/or convertible preferred stock, as applicable.

Keycorp — 8-K exhibit