KeyCorp 8K Results of Operations and Financial Condition | KEY 17 Oct 24

Exhibit 99.3


Consolidated Balance Sheets
(dollars in millions)

			9/30/2024		6/30/2024		9/30/2023
Assets
	Loans		$	105,346	$	107,078	$	115,544
	Loans held for sale		1,058		517		730
	Securities available for sale		34,169		37,460		35,839
	Held-to-maturity securities		7,702		7,968		8,853
	Trading account assets		1,404		1,219		1,325
	Short-term investments		22,796		15,536		7,871
	Other investments		1,117		1,259		1,356
		Total earning assets	173,592		171,037		171,518
	Allowance for loan and lease losses		(1,494)		(1,547)		(1,488)
	Cash and due from banks		1,276		1,326		766
	Premises and equipment		624		631		649
	Goodwill		2,752		2,752		2,752
	Other intangible assets		34		41		65
	Corporate-owned life insurance		4,379		4,382		4,381
	Accrued income and other assets		8,323		8,532		8,843
	Discontinued assets		277		296		365
		Total assets	$	189,763	$	187,450	$	187,851

Liabilities
	Deposits in domestic offices:





		Interest-bearing deposits	119,995		117,570		112,581
		Noninterest-bearing deposits	30,358		28,150		31,710
		Total deposits	150,353		145,720		144,291
	Federal funds purchased and securities sold under repurchase agreements		44		25		43
	Bank notes and other short-term borrowings		2,359		5,292		3,470
	Accrued expense and other liabilities		4,478		4,755		5,388
	Long-term debt		15,677		16,869		21,303
		Total liabilities	172,911		172,661		174,495

Equity
	Preferred stock		2,500		2,500		2,500
	Common shares		1,257		1,257		1,257
	Capital surplus		6,149		6,185		6,254
	Retained earnings		15,066		15,706		15,835
	Treasury stock, at cost		(4,839)		(5,715)		(5,851)
	Accumulated other comprehensive income (loss)		(3,281)		(5,144)		(6,639)
		Key shareholders’ equity	16,852		14,789		13,356
	Noncontrolling interests		—		—		—
		Total equity	16,852		14,789		13,356
Total liabilities and equity			$	189,763	$	187,450	$	187,851

Common shares outstanding (000)			991,251		943,200		936,161


Consolidated Statements of Income
(dollars in millions, except per share amounts)
			Three months ended						Nine months ended
			9/30/2024		6/30/2024		9/30/2023		9/30/2024		9/30/2023
Interest income
	Loans		$	1,516	$	1,524	$	1,593	$	4,578	$	4,645
	Loans held for sale		18		8		19		40		49
	Securities available for sale		298		259		192		789		580
	Held-to-maturity securities		70		73		79		218		234
	Trading account assets		15		16		15		45		42
	Short-term investments		244		192		123		578		276
	Other investments		14		16		22		47		51
		Total interest income	2,175		2,088		2,043		6,295		5,877
Interest expense
	Deposits		887		817		687		2,486		1,568
	Federal funds purchased and securities sold under repurchase agreements		1		1		9		3		79
	Bank notes and other short-term borrowings		43		51		81		140		263
	Long-term debt		292		332		351		952		975
		Total interest expense	1,223		1,201		1,128		3,581		2,885
Net interest income			952		887		915		2,714		2,992
Provision for credit losses			95		100		81		296		387
Net interest income after provision for credit losses			857		787		834		2,418		2,605
Noninterest income
	Trust and investment services income		140		139		130		415		384
	Investment banking and debt placement fees		171		126		141		467		406
	Service charges on deposit accounts		67		66		69		196		205
	Operating lease income and other leasing gains		16		21		22		61		70
	Corporate services income		69		68		73		206		235
	Cards and payments income		84		85		90		246		256
	Corporate-owned life insurance income		36		34		35		102		96
	Consumer mortgage income		12		16		15		42		40
	Commercial mortgage servicing fees		73		61		46		190		142
	Other income		(937)		11		22		(920)		26
		Total noninterest income	(269)		627		643		1,005		1,860
Noninterest expense
	Personnel		670		636		663		1,980		1,986
	Net occupancy		66		66		67		199		202
	Computer processing		104		101		89		307		276
	Business services and professional fees		41		37		38		119		124
	Equipment		20		20		20		60		64
	Operating lease expense		14		17		18		48		59
	Marketing		21		21		28		61		78

	Intangible asset amortization		—		—		—		—		—

	Other expense		158		181		187		542		573
		Total noninterest expense	1,094		1,079		1,110		3,316		3,362
Income (loss) from continuing operations before income taxes			(506)		335		367		107		1,103
	Income taxes		(95)		62		65		26		204
Income (loss) from continuing operations			(411)		273		302		81		899
	Income (loss) from discontinued operations, net of taxes		1		1		1		2		3
Net income (loss)			(410)		274		303		83		902
	Less: Net income (loss) attributable to noncontrolling interests		—		—		—		—		—
Net income (loss) attributable to Key			$	(410)	$	274	$	303	$	83	$	902

Income (loss) from continuing operations attributable to Key common shareholders			$	(447)	$	237	$	266	$	(27)	$	791
Net income (loss) attributable to Key common shareholders			(446)		238		267		(25)		794
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	(.47)	$	.25	$	.29	$	(.03)	$	.85
Income (loss) from discontinued operations, net of taxes			—		—		—		—		—
Net income (loss) attributable to Key common shareholders (a)			(.47)		.25		.29		(.03)		.86
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	(.47)	$	.25	$	.29	$	(.03)	$	.85
Income (loss) from discontinued operations, net of taxes			—		—		—		—		—
Net income (loss) attributable to Key common shareholders (a)			(.47)		.25		$	.29	(.03)		.85

Cash dividends declared per common share			$	.205	$	.205	$	.205	$	.615	$	.615

Weighted-average common shares outstanding (000)			948,979		931,726		927,131		936,962		927,019
	Effect of common share options and other stock awards		8,951		6,761		4,613		7,678		5,213
Weighted-average common shares and potential common shares outstanding (000) (b)			957,929		938,487		931,744		944,640		932,232

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

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

KeyCorp (KEY) 8-KResults of Operations and Financial Condition