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KeyBank Sets a New Standard in Check Fraud Protection with Check Control for Business
July 9, 2026 9:04 AM
PR Newswire (US)
Solution helps small business clients proactively monitor check activity and prevent check fraud before it impacts their business
CLEVELAND, July 9, 2026 /PRNewswire/ -- KeyBank (NYSE: KEY) today announced that Check Control for Business is fully available to KeyBank Business Online® clients. This service, which is unique to KeyBank as to the size of business it supports paired with its minimal cost, can help small business owners address the growing risk of check fraud with the ability to monitor check activity, quickly spot suspicious check transactions, and mark checks for return.
As fraud practices continue to evolve, small business owners are faced with increasing challenges in protecting their operations. According to the Federal Reserve's Business Payments Study, 83% of small firms use paper checks for business payments, and more than $1 billion is recovered each year in counterfeit checks and money orders. Check Control for Business helps combat this by alerting clients to check activity so they can review and act if necessary.
"Check fraud continues to be a growing challenge for businesses as tactics evolve, and we know it's top of the mind for many of our clients, especially small businesses, which are the backbone of our economy," said Victor Alexander, Head of Key's Consumer Bank. "At Key, we are committed to delivering for our clients by helping them stay ahead of emerging threats and protect what they've worked so hard to build. Check Control for Business is another way we're empowering our clients with practical, effective tools to help prevent fraud and operate with confidence."
Check Control for Business is a proactive alert system designed to help business owners monitor check activity from their online or mobile app. In addition to being a fraud mitigation solution, Check Control for Business is also a convenient check reconciliation tool that helps businesses keep track of checks moving through their account.
Check Control for Business empowers small business clients to:
Clients can self-enroll within digital banking with a few simple steps that can be completed in under one minute. Enrolled users receive alerts when checks are ready for review, allowing clients to detect and address potential check fraud before it impacts their business, stopping fraud before it's too late. This can save a business from potentially thousands of dollars in losses and the cascade of problems that follow, like bounced vendor payments and disrupted cash flow.
Check Control for Business is available to eligible KeyBank Business Online clientsi (generally, small business clients with $10 million or less in revenue) at a cost of $5 per enrolled account per month. With the addition of this service, KeyBank continues to invest in digital capabilities that empower small businesses to operate more securely and efficiently in an increasingly complex financial environment.
"Check Control for Business is an exciting addition to our suite of digital capabilities and reflects our commitment to helping businesses of all sizes fight fraud, from emerging small businesses to large enterprises," said Emily Gessner, Head of Commercial Digital for KeyBank. "Providing clients with simple, effective tools to help safeguard their businesses is critical to allowing them to focus on growth."
ABOUT KEYCORP
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 $189 billion at March 31, 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.
CFMA 260706-4691646
©2026 KeyCorp. All rights reserved.
________________________________ | |
i | Check Control for Business is available only to eligible business checking (DDA) subproduct accounts on the Key Business Banking Platform. Accounts enrolled in KeyNavigator® check fraud services (including Positive Pay) are not eligible to enroll. |
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SOURCE KeyBank
Original: KeyBank Sets a New Standard in Check Fraud Protection with Check Control for Business
KEYCORP DECLARES QUARTERLY CASH DIVIDEND ON COMMON SHARES AND PREFERRED STOCKS AND ANNOUNCES NEW SHARE REPURCHASE PROGRAM
May 13, 2026 4:15 PM
PR Newswire (US)
CLEVELAND, May 13, 2026 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced today that its Board of Directors declared the following dividends for the second quarter of 2026:
KeyCorp also announced that its Board of Directors has authorized a new share repurchase program pursuant to which KeyCorp may purchase up to $3.0 billion of KeyCorp common shares, through open market purchases, privately negotiated transactions, or other means, including through Rule 10b5-1 plans and other programs, at the discretion of management and on terms that management determines to be advisable. The new repurchase authorization replaces KeyCorp's existing $1.0 billion share repurchase authorization, which had approximately $280 million in common stock repurchases remaining. The timing and price of repurchases as well as the actual number of shares repurchased under the new program will depend on a variety of factors, including general market conditions, the stock price, regulatory requirements and limitations, corporate liquidity requirements and priorities, and other factors.
About KeyCorp
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 $189 billion at March 31, 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.
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SOURCE KeyCorp
KeyBank Expands Middle Market Banking Team in Southeast Michigan to Accelerate Regional Growth
May 6, 2026 10:02 AM
PR Newswire (US)
Veteran Team to Support Growing Demand from Michigan Middle Market Companies
CLEVELAND, May 6, 2026 /PRNewswire/ -- KeyBank (NYSE: KEY) today announced the expansion of its Middle Market commercial banking capabilities in Southeast Michigan, deepening the company's commitment to the region through continued investment in experienced local talent and enhanced relationship coverage for growing businesses.
The expansion builds on KeyBank's Michigan presence, which began in 2004 and accelerated with the company's entry into West Michigan in 2021. Based at KeyBank's Michigan headquarters in Southfield, the expanded team will focus on serving companies between $10MM and $1B in revenues across Southeast Michigan and surrounding communities, responding to rising demand for banking partners that combine local decision-making with national capabilities.
The expansion reflects KeyBank's commitment to the state and its middle market business community as well as its desire to create a substantial long-term presence in the region.
"Middle market companies in Southeast Michigan deserve a banking partner with both local authority and national scale," said Ken Gavrity, President of Key Commercial Bank. "By investing in an experienced local team backed by the full depth of our platform—from payments to capital markets and M&A advisory—we are positioning KeyBank to support Michigan businesses at every stage of growth and accelerate our path to market leadership."
The expansion responds to industry momentum across the Midwest, where middle market companies are seeking banks that can deliver relationship-driven service alongside sophisticated financing and advisory solutions.
Leading the Michigan expansion are three veteran banking professionals with deep local market knowledge and proven middle market experience:
The team reports to David Mannarino, Regional Commercial Executive and KeyBank Michigan Market President, and is expected to play a key role in accelerating KeyBank's growth strategy while delivering enhanced service to middle market companies across Southeast and West Michigan.
"This expansion means Michigan companies gain direct access to senior bankers who know their markets and can move quickly," Mannarino said. "With this team in place, we're combining long-standing local relationships with the strength of KeyBank's balance sheet and advisory capabilities—resulting in faster decisions and more comprehensive solutions for middle market clients."
About KeyCorp
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 $189 billion at March 31, 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 1,200 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.
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SOURCE KeyBank
Original: KeyBank Expands Middle Market Banking Team in Southeast Michigan to Accelerate Regional Growth
KeyCorp to Acquire Clearwater UK, Expanding Financial Advisory Capabilities
April 22, 2026 7:00 AM
PR Newswire (US)
Strategic Entry into Western Europe Strengthens Key's Leading Middle Market M&A Franchise
CLEVELAND, April 22, 2026 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced a definitive agreement to acquire Clearwater Corporate Finance LLP (Clearwater UK), a leading UK-based middle market investment banking advisory firm. The transaction will mark Key's strategic entry into the Western European market, expanding its ability to provide financial advisory services to institutional clients.
The transaction builds on a collaboration agreement established in 2020 between KeyBanc Capital Markets Inc. and Clearwater. This multi-year partnership has validated the strategic and cultural compatibility between the organizations. The agreement covers the UK entity with the intent of strengthening collaboration across Clearwater's broader European network.
The combined platform will offer US-based private equity sponsors and corporate clients access to European acquisition targets and exit strategies, while providing European clients with access to the US M&A market.
"Years of collaboration with Clearwater has generated significant value for clients on both sides of the Atlantic," said Randy Paine, President of Key Institutional Bank. "This transaction is the natural next step in the relationship and directly supports our institutional banking growth strategy."
"This is a significant milestone for Clearwater UK's growth story," Mark Taylor, Chief Executive Officer at Clearwater UK said. "Having partnered with Key for many years, we are confident that both organizations know each other well and that our values and cultures closely align. Importantly, our service offering to clients and core market will remain unchanged, only enhanced."
The transaction is subject to required regulatory approvals, including approval by the UK Financial Conduct Authority, and customary closing conditions and is expected to close in the second half of 2026.?KeyBanc Capital Markets is serving as exclusive financial advisor to KeyCorp and Davis Polk & Wardwell LLP is acting as transaction counsel. Clearwater UK is serving as exclusive financial advisor to Clearwater Corporate Finance LLP and Browne Jacobson is acting as transaction counsel.
About Clearwater UK
Clearwater UK focuses on providing corporate finance advice for mid-market transactions including M&A, private equity and debt advisory. Across its ten sectors covering automotive, business services, consumer, energy and utilities, financial services, food and beverage, healthcare, industrials and chemicals, real estate, and tech, as well as its debt advisory and private equity specialists, the team provides in-depth knowledge and industry experience to every project. The UK business has offices in Birmingham, London, Leeds and Manchester.
About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to emerging growth and middle market companies, private equity firms and asset managers. Our deep industry expertise, broad capabilities and unique ideas and execution capabilities are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Financial Services, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables and Technology verticals. With more than 800 professionals across a national platform, KeyBanc Capital Markets has raised more than $125 billion of capital over the last twelve months for its clients and has an award-winning equity research team that provides coverage on over 500 publicly traded companies.
KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp® and its subsidiaries, KeyBanc Capital Markets Inc., Member FINRA/SIPC ("KBCM"), and KeyBank National Association ("KeyBank N.A."), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives. Banking products and services are offered by KeyBank N.A. Securities products and services: Not FDIC Insured • No Bank Guarantee • May Lose Value
About KeyCorp
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 $189 billion at March 31, 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.
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SOURCE KeyCorp
Original: KeyCorp to Acquire Clearwater UK, Expanding Financial Advisory Capabilities
KEYCORP REPORTS FIRST QUARTER 2026 NET INCOME OF $486 MILLION, OR $0.44 PER DILUTED COMMON SHARE INCREASING 33% YEAR-OVER-YEAR
April 16, 2026 6:30 AM
PR Newswire (US)
Revenue of $1.95 billion, up 10% year-over-year, with noninterest income up 8%
Net interest income up 11% year-over-year and 1% quarter-over-quarter despite seasonality impact; net interest margin of 2.87% increased 5 bps sequentially
Period-end loans up $2.6 billion quarter-over-quarter, with commercial loans up $3.3 billion or 4%
Credit quality remains strong - nonperforming assets were 63 bps and net charge-offs were 38 bps
Common Equity Tier 1 ratio of 11.4%(a); repurchased $389 million of common shares during the quarter
CLEVELAND, April 16, 2026 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced net income from continuing operations attributable to Key common shareholders of $486 million, or $0.44 per diluted common share, for the first quarter of 2026. For the fourth quarter of 2025, net income from continuing operations attributable to Key common shareholders was $474 million, or $0.43 per diluted common share, or adjusted net income of $458 million, or $0.41 per diluted common share.(b) The fourth quarter of 2025 included a $16 million after-tax benefit related to the updated FDIC special assessment.(c) For the first quarter of 2025, KeyCorp reported net income from continuing operations attributable to Key common shareholders of $370 million, or $0.33 per diluted common share.
Comments from Chairman and CEO, Chris Gorman
"Our strong first quarter performance demonstrates disciplined execution and significant momentum as we continue to deliver on our commitments. Revenue grew 10% year-over-year, growing at more than double the rate of expenses. We grew net interest income and net interest margin sequentially and year-over-year. Our priority fee-based businesses - investment banking, commercial payments, and wealth management - collectively grew 12% year-over-year. Return on tangible common equity exceeded 13%, reflecting significant progress toward achieving our goal of 15%+ return on tangible common equity by year-end 2027.
In addition to driving a greater return on capital, we remain committed to the return of capital. We repurchased almost $400 million of common shares in the first quarter. We are also encouraged by the recently updated Basel III proposal which, if implemented as currently proposed, would imply more than 100 basis point benefit to our marked CET1 ratio.
We are successfully navigating the dynamic macroeconomic environment and are prepared to manage through a broad range of potential scenarios. We are growing clients, loans, and pipelines. We continue to gain momentum in the marketplace, and are investing across the franchise in frontline bankers and technology that will drive additional organic growth and efficiency. We remain well positioned to drive strong revenue and earnings growth in 2026 through the continued delivery of our differentiated capabilities and exceptional service to our clients."
(a) | March 31, 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. |
(c) | See table on page 22 of the 1Q26 Earnings Release for more information on Selected Items Impact on Earnings. |
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 | ||
(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) | March 31, 2026 ratio is estimated. |
TE = Taxable Equivalent | |
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 % | |
TE = Taxable Equivalent |
Taxable-equivalent net interest income was $1.23 billion for the first quarter of 2026 and the net interest margin was 2.87%. Compared to the first quarter of 2025, net interest income increased by $125 million, and the net interest margin increased by 29 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 variable-rate earning assets.
Compared to the fourth quarter of 2025, taxable-equivalent net interest income increased by $7 million, and the net interest margin increased by 5 basis points. These increases reflect lower deposit costs 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 variable-rate earning assets, a decline in low-cost deposit balances from seasonal outflows, and two fewer days in the first quarter of 2026 compared to the fourth quarter of 2025.
Noninterest Income | ||||||
Dollars in millions | Change 1Q26 vs. | |||||
1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||
Trust and investment services income | $ 157 | $ 156 | $ 139 | 0.6 % | 12.9 % | |
Investment banking and debt placement fees | 197 | 243 | 175 | (18.9) | 12.6 | |
Cards and payments income | 86 | 84 | 82 | 2.4 | 4.9 | |
Service charges on deposit accounts | 77 | 78 | 69 | (1.3) | 11.6 | |
Corporate services income | 71 | 81 | 65 | (12.3) | 9.2 | |
Commercial mortgage servicing fees | 62 | 68 | 76 | (8.8) | (18.4) | |
Corporate-owned life insurance income | 34 | 40 | 33 | (15.0) | 3.0 | |
Consumer mortgage income | 13 | 16 | 13 | (18.8) | — | |
Operating lease income and other leasing gains | 8 | 9 | 9 | (11.1) | (11.1) | |
Other income | 18 | 7 | 7 | 157.1 | 157.1 | |
Total noninterest income | $ 723 | $ 782 | $ 668 | (7.5) % | 8.2 % | |
Compared to the first quarter of 2025, noninterest income increased by $55 million. The increase was primarily driven by a $22 million increase in investment banking and debt placement fees reflecting higher merger and acquisition advisory fees, commercial mortgage debt placement activity, and equity underwriting activity, as well as an $18 million increase in trust and investment services income. These were partially offset by a $14 million decrease in commercial mortgage servicing fees.
Compared to the fourth quarter of 2025, noninterest income decreased by $59 million. The decrease was driven by a $46 million decrease in investment banking and debt placement fees, a $10 million decrease in corporate services income, and a $6 million decrease in commercial mortgage servicing fees.
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 % | |
Compared to the first quarter of 2025, noninterest expense increased by $50 million. The increase was predominantly driven by a $63 million increase in personnel expense primarily related to continued investments in people, employee benefits, and incentive compensation associated with noninterest income growth.
Compared to the fourth quarter of 2025, noninterest expense decreased by $60 million. The decrease was predominantly driven by a $47 million decline in personnel expense, primarily related to incentive compensation. Business services and professional fees decreased by $25 million and marketing expense decreased by $10 million largely due to seasonality. These were partially offset by an increase in other expense related to a $21 million benefit associated with the updated FDIC special assessment in the prior quarter.
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 % | |
(a) | Commercial and industrial average loan balances include $205 million, $211 million, and $213 million of assets from commercial credit cards at March 31, 2026, December 31, 2025, and March 31, 2025, respectively. |
Average loans were $107.7 billion for the first quarter of 2026, an increase of $3.4 billion compared to the first quarter of 2025. Average commercial loans increased by $5.7 billion, primarily driven by a $5.4 billion increase in commercial and industrial loans. Average consumer loans declined by $2.3 billion, reflective of broad-based declines across all consumer loan categories.
Compared to the fourth quarter of 2025, average loans increased by $1.4 billion. Average commercial loans increased $2.0 billion, primarily driven by an increase in commercial and industrial loans. Average consumer loans declined by $608 million, reflective of the intentional run-off of low-yielding loans.
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 | |
Average deposits totaled $147.3 billion for the first quarter of 2026, a decrease of $1.2 billion compared to the year-ago quarter, driven by the intentional runoff of brokered CDs.
Compared to the fourth quarter of 2025, average deposits decreased by $3.4 billion. The decline was driven by seasonally lower deposit balances, as well as the intentional runoff of brokered CDs. The rate paid on interest-bearing deposits declined by 22 basis points, and the overall cost of deposits declined by 16 basis points to 1.65%.
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 | |
N/M = Not Meaningful |
Net loan charge-offs for the first quarter of 2026 totaled $101 million, or 0.38% of average total loans. These results compare to $110 million, or 0.43%, for the first quarter of 2025 and $104 million, or 0.39%, for the fourth quarter of 2025.
Key's allowance for credit losses was $1.7 billion, or 1.60% of total period-end loans at March 31, 2026, compared to 1.63% at March 31, 2025, and 1.63% at December 31, 2025. A reserve build of $5 million during the first quarter of 2026 was driven by increases in qualitative reserves due to elevated economic uncertainty, partially offset by continued improvement in the portfolio mix.
At March 31, 2026, Key's nonperforming loans totaled $682 million, which represented 0.62% of period-end portfolio loans. These results compare to 0.65% at March 31, 2025, and 0.58% at December 31, 2025. Nonperforming assets at March 31, 2026, totaled $692 million, and represented 0.63% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.67% at March 31, 2025, and 0.59% at December 31, 2025.
CAPITAL
Key's estimated risk-based capital ratios, included in the following table, continued to exceed all "well-capitalized" regulatory benchmarks at March 31, 2026.
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 |
(a) | March 31, 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 first quarter of 2026. As shown in the preceding table, at March 31, 2026, Key's estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.4% and 13.0%, respectively.
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) % | ||
N/M = Not Meaningful |
During the first quarter of 2026, Key declared a dividend of $.205 per common share. The reduction in share count was driven by $389 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 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 % | ||
(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 difference. 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 1Q26 vs. | |||||
1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||
Summary of operations | ||||||
Net interest income (TE) | $ 738 | $ 747 | $ 706 | (1.2) % | 4.5 % | |
Noninterest income | 240 | 251 | 226 | (4.4) | 6.2 | |
Total revenue (TE) | 978 | 998 | 932 | (2.0) | 4.9 | |
Provision for credit losses | 40 | 32 | 43 | 25.0 | (7.0) | |
Noninterest expense | 709 | 734 | 675 | (3.4) | 5.0 | |
Income (loss) before income taxes (TE) | 229 | 232 | 214 | (1.3) | 7.0 | |
Allocated income taxes (benefit) and TE adjustments | 56 | 56 | 51 | — | 9.8 | |
Net income (loss) attributable to Key | $ 173 | $ 176 | $ 163 | (1.7) % | 6.1 % | |
Average balances | ||||||
Loans and leases | $ 34,005 | $ 34,683 | $ 36,819 | (2.0) % | (7.6) % | |
Total assets | 37,341 | 37,731 | 39,806 | (1.0) | (6.2) | |
Deposits | 87,796 | 87,738 | 88,306 | 0.1 | (0.6) | |
Assets under management at period end | $ 69,756 | $ 69,964 | $ 61,053 | (0.3) % | 14.3 % | |
TE = Taxable Equivalent |
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 | |||
Consumer Bank Summary of Operations (1Q26 vs. 1Q25)
Commercial Bank | ||||||
Dollars in millions | Change 1Q26 vs. | |||||
1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||
Summary of operations | ||||||
Net interest income (TE) | $ 672 | $ 696 | $ 636 | (3.4) % | 5.7 % | |
Noninterest income | 445 | 498 | 411 | (10.6) | 8.3 | |
Total revenue (TE) | 1,117 | 1,194 | 1047 | (6.4) | 6.7 | |
Provision for credit losses | 70 | 73 | 75 | (4.1) | (6.7) | |
Noninterest expense | 474 | 515 | 464 | (8.0) | 2.2 | |
Income (loss) before income taxes (TE) | 573 | 606 | 508 | (5.4) | 12.8 | |
Allocated income taxes and TE adjustments | 122 | 134 | 109 | (9.0) | 11.9 | |
Net income (loss) attributable to Key | $ 451 | $ 472 | $ 399 | (4.4) % | 13.0 % | |
Average balances | ||||||
Loans and leases | $ 73,146 | $ 71,107 | $ 67,058 | 2.9 % | 9.1 % | |
Loans held for sale | 958 | 1,140 | 754 | (16.0) | 27.1 | |
Total assets | 82,585 | 80,689 | 76,946 | 2.3 | 7.3 | |
Deposits | 58,929 | 60,485 | 57,481 | (2.6) | 2.5 | |
TE = Taxable Equivalent |
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 % | |
Commercial Bank Summary of Operations (1Q26 vs. 1Q25)
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 $189 billion at March 31, 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 10:00 a.m. ET, on April 16, 2026. A replay of the call will be available on our website through April 16, 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
First Quarter 2026
Financial Supplement
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 |
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 | |||||
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 | ||
(a) | Earnings per share may not foot due to rounding. |
(b) | The table entitled "GAAP to Non-GAAP Reconciliations" starting on page 14 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) | March 31, 2026, ratio is estimated. |
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.
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 | |||
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 noninterest income YoY Growth (R) | 8.23 % | 8.31 % | 3.25 % |
Adjusted taxable-equivalent revenue YoY Growth (S) | 10.15 % | 12.45 % | 15.66 % |
Adjusted noninterest expense YoY Growth (T) | 4.42 % | 3.27 % | 31.51 % |
Adjusted operating leverage (S - T) | 5.73 % | 9.18 % | (15.86) % |
Adjusted fee-based operating leverage (R - T) | 3.81 % | 5.04 % | (28.27) % |
(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 March 31, 2026 are estimated. |
(d) | Additional detail provided in Selected Items table on page 22. |
(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) | |||||
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) | ||
Key shareholders' 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 | ||
Cards and payments income | 86 | 84 | 82 | ||
Service charges on deposit accounts | 77 | 78 | 69 | ||
Corporate services income | 71 | 81 | 65 | ||
Commercial mortgage servicing fees | 62 | 68 | 76 | ||
Corporate-owned life insurance income | 34 | 40 | 33 | ||
Consumer mortgage income | 13 | 16 | 13 | ||
Operating lease income and other leasing gains | 8 | 9 | 9 | ||
Other income | 18 | 7 | 7 | ||
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 | ||
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 (benefit) | 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 | ||
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 | $ 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 | ||
Per common share — assuming dilution | |||||
Income (loss) from continuing operations attributable to Key common shareholders | $ 0.44 | $ 0.43 | $ 0.33 | ||
Income (loss) from discontinued operations, net of taxes | — | — | — | ||
Net income (loss) attributable to Key common shareholders (a) | 0.44 | 0.43 | 0.33 | ||
Cash dividends declared per common share | $ 0.205 | $ 0.205 | $ 0.205 | ||
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, as applicable. |
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 | |||||||||
(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 March 31, 2026, December 31, 2025, and March 31, 2025. |
(c) | For purposes of these computations, nonaccrual loans are included in average loan balances. |
(d) | Commercial and industrial average balances include $205 million, $211 million, and $213 million of assets from commercial credit cards for the three months ended March 31, 2026, December 31, 2025, and March 31, 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 $41.5 billion, $42.1 billion, and $42.7 billion for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively. Yield based on the fair value of securities available for sale was 3.75%, 3.90%, and 3.99% for the three months ended March 31, 2026, December 31, 2025, and March 31, 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 | |||
3/31/2026 | 12/31/2025 | 3/31/2025 | |
Personnel (a) | $ 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 |
Other expense | 179 | 157 | 185 |
Total noninterest expense | $ 1,181 | $ 1,241 | $ 1,131 |
Average full-time equivalent employees (b) | 17,469 | 17,396 | 16,989 |
(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 | |||
3/31/2026 | 12/31/2025 | 3/31/2025 | |
Salaries and contract labor | $ 439 | $ 446 | $ 405 |
Incentive and stock-based compensation | 172 | 205 | 158 |
Employee benefits | 127 | 131 | 109 |
Severance | 5 | 8 | 8 |
Total personnel expense | $ 743 | $ 790 | $ 680 |
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 % | |
(a) | Loan balances include $207 million, $205 million, and $218 million of commercial credit card balances at March 31, 2026, December 31, 2025, and March 31, 2025, respectively. |
(b) | Commercial and industrial includes receivables held as collateral for a secured borrowing of $192 million at March 31, 2025. Principal reductions are based on the cash payments received from these related receivables. |
(c) | Total loans exclude loans of $194 million at March 31, 2026, $205 million at December 31, 2025, and $243 million at March 31, 2025, related to the discontinued operations of the education lending business. |
(d) | Accrued interest of $443 million, $459 million, and $448 million at March 31, 2026, December 31, 2025, and March 31, 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 3/31/2026 vs. | ||||||
3/31/2026 | 12/31/2025 | 3/31/2025 | 12/31/2025 | 3/31/2025 | ||
Commercial and industrial | $ 139 | $ 167 | $ 252 | (16.8) % | (44.8) % | |
Real estate — commercial mortgage | 637 | 761 | 473 | (16.3) | 34.7 | |
Real estate — residential mortgage | 100 | 149 | 86 | (32.9) | 16.3 | |
Total loans held for sale | $ 876 | $ 1,077 | $ 811 | (18.7) % | 8.0 % | |
Summary of Changes in Loans Held for Sale | |||||
(Dollars in millions) | |||||
1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | |
Balance at beginning of period | $ 1,077 | $ 998 | $ 530 | $ 811 | $ 797 |
New originations | 2,034 | 3,356 | 3,471 | 1,806 | 1,840 |
Transfers from (to) held to maturity, net | (13) | (35) | — | (71) | 6 |
Loan sales | (2,201) | (3,232) | (2,956) | (2,012) | (1,695) |
Loan draws (payments), net | (25) | (10) | (42) | (1) | (138) |
Valuation and other adjustments | 4 | — | (5) | (3) | 1 |
Balance at end of period | $ 876 | $ 1,077 | $ 998 | $ 530 | $ 811 |
Summary of Loan and Lease Loss Experience From Continuing Operations | |||
(Dollars in millions) | |||
Three months ended | |||
3/31/2026 | 12/31/2025 | 3/31/2025 | |
Average loans outstanding | $ 107,737 | $ 106,316 | $ 104,354 |
Allowance for loan and lease losses at the beginning of the period | $ 1,427 | $ 1,444 | $ 1,409 |
Loans charged off: | |||
Commercial and industrial | 90 | 69 | 62 |
Real estate — commercial mortgage | 1 | 25 | 36 |
Real estate — construction | — | — | — |
Total commercial real estate loans | 1 | 25 | 36 |
Commercial lease financing | — | 4 | — |
Total commercial loans | 91 | 98 | 98 |
Real estate — residential mortgage | — | 1 | 1 |
Home equity loans | 1 | 1 | 1 |
Other consumer loans | 15 | 14 | 14 |
Credit cards | 10 | 10 | 12 |
Total consumer loans | 26 | 26 | 28 |
Total loans charged off | 117 | 124 | 126 |
Recoveries: | |||
Commercial and industrial | 10 | 7 | 10 |
Real estate — commercial mortgage | — | 6 | — |
Real estate — construction | — | — | — |
Total commercial real estate loans | — | 6 | — |
Commercial lease financing | — | — | — |
Total commercial loans | 10 | 13 | 10 |
Real estate — residential mortgage | 1 | 1 | 1 |
Home equity loans | 1 | 1 | 1 |
Other consumer loans | 2 | 2 | 2 |
Credit cards | 2 | 3 | 2 |
Total consumer loans | 6 | 7 | 6 |
Total recoveries | 16 | 20 | 16 |
Net loan charge-offs | (101) | (104) | (110) |
Provision (credit) for loan and lease losses | 123 | 87 | 130 |
Allowance for loan and lease losses at end of period | $ 1,449 | $ 1,427 | $ 1,429 |
Liability for credit losses on lending-related commitments at beginning of period | $ 313 | $ 292 | $ 290 |
Provision (credit) for losses on lending-related commitments | (17) | 21 | (12) |
Liability for credit losses on lending-related commitments at end of period (a) | $ 296 | $ 313 | $ 278 |
Total allowance for credit losses at end of period | $ 1,745 | $ 1,740 | $ 1,707 |
Net loan charge-offs to average total loans | .38 % | .39 % | .43 % |
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 |
Discontinued operations — education lending business: | |||
Loans charged off | $ 1 | $ 1 | $ 1 |
Recoveries | — | — | — |
Net loan charge-offs | $ (1) | $ (1) | $ (1) |
(a) | Included in "Accrued expense and other liabilities" on the balance sheet. |
Asset Quality Statistics From Continuing Operations | |||||
(Dollars in millions) | |||||
1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | |
Net loan charge-offs | $ 101 | $ 104 | $ 114 | $ 102 | $ 110 |
Net loan charge-offs to average total loans | .38 % | .39 % | .42 % | .39 % | .43 % |
Allowance for loan and lease losses | $ 1,449 | $ 1,427 | $ 1,444 | $ 1,446 | $ 1,429 |
Allowance for credit losses (a) | 1,745 | 1,740 | 1,736 | 1,743 | 1,707 |
Allowance for loan and lease losses to period-end loans | 1.33 % | 1.34 % | 1.36 % | 1.36 % | 1.36 % |
Allowance for credit losses to period-end loans | 1.60 | 1.63 | 1.64 | 1.64 | 1.63 |
Allowance for loan and lease losses to nonperforming loans | 212 | 232 | 219 | 208 | 208 |
Allowance for credit losses to nonperforming loans | 256 | 283 | 264 | 250 | 249 |
Nonperforming loans at period end | $ 682 | $ 615 | $ 658 | $ 696 | $ 686 |
Nonperforming assets at period end | 692 | 627 | 668 | 707 | 700 |
Nonperforming loans to period-end portfolio loans | .62 % | .58 % | .62 % | .65 % | .65 % |
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets | .63 | .59 | .63 | .66 | .67 |
(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) | |||||
3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | |
Commercial and industrial | $ 284 | $ 256 | $ 253 | $ 280 | $ 288 |
Real estate — commercial mortgage | 190 | 157 | 214 | 226 | 206 |
Real estate — construction | — | — | — | — | — |
Total commercial real estate loans | 190 | 157 | 214 | 226 | 206 |
Commercial lease financing | 6 | 7 | — | — | — |
Total commercial loans | 480 | 420 | 467 | 506 | 494 |
Real estate — residential mortgage | 115 | 104 | 98 | 95 | 94 |
Home equity loans | 76 | 80 | 82 | 84 | 87 |
Other Consumer loans | 4 | 4 | 4 | 4 | 4 |
Credit cards | 7 | 7 | 7 | 7 | 7 |
Total consumer loans | 202 | 195 | 191 | 190 | 192 |
Total nonperforming loans (a) | 682 | 615 | 658 | 696 | 686 |
OREO | 10 | 9 | 10 | 11 | 14 |
Nonperforming loans held for sale | — | 3 | — | — | — |
Total nonperforming assets | $ 692 | $ 627 | $ 668 | $ 707 | $ 700 |
Accruing loans past due 90 days or more | $ 153 | $ 99 | $ 110 | $ 74 | $ 86 |
Accruing loans past due 30 through 89 days | 137 | 220 | 254 | 266 | 281 |
Nonperforming assets from discontinued operations — education lending business | 2 | 2 | 2 | 2 | 1 |
Nonperforming loans to period-end portfolio loans | .62 % | .58 % | .62 % | .65 % | .65 % |
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets | .63 | .59 | .63 | .66 | .67 |
Summary of Changes in Nonperforming Loans From Continuing Operations | |||||
(Dollars in millions) | |||||
1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | |
Balance at beginning of period | $ 615 | $ 658 | $ 696 | $ 686 | $ 758 |
Loans placed on nonaccrual status | 253 | 248 | 210 | 233 | 170 |
Charge-offs | (117) | (124) | (140) | (127) | (126) |
Loans sold | (2) | (7) | (13) | — | — |
Payments | (37) | (124) | (68) | (74) | (57) |
Transfers to OREO | (1) | (1) | (1) | (1) | (2) |
Loans returned to accrual status | (29) | (35) | (26) | (21) | (57) |
Balance at end of period | $ 682 | $ 615 | $ 658 | $ 696 | $ 686 |
Line of Business Results | ||||||||
(Dollars in millions) | ||||||||
Change 1Q26 vs. | ||||||||
1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q25 | 1Q25 | ||
Consumer Bank | ||||||||
Summary of operations | ||||||||
Total revenue (TE) | $ 978 | $ 998 | $ 992 | $ 967 | $ 932 | (2.0) % | 4.9 % | |
Provision for credit losses | 40 | 32 | 40 | 55 | 43 | 25.0 | (7.0) | |
Noninterest expense | 709 | 734 | 693 | 694 | 675 | (3.4) | 5.0 | |
Net income (loss) attributable to Key | 173 | 176 | 196 | 165 | 163 | (1.7) | 6.1 | |
Average loans and leases | 34,005 | 34,683 | 35,363 | 36,137 | 36,819 | (2.0) | (7.6) | |
Average deposits | 87,796 | 87,738 | 87,692 | 88,002 | 88,306 | .1 | (.6) | |
Net loan charge-offs | 40 | 49 | 49 | 40 | 52 | (18.4) | (23.1) | |
Net loan charge-offs to average total loans | .48 % | .56 % | .55 % | .44 % | .57 % | (14.3) | (15.8) | |
Nonperforming assets at period end | $ 270 | $ 262 | $ 266 | $ 269 | $ 278 | 3.1 | (2.9) | |
Return on average allocated equity | 24.76 % | 24.24 % | 26.03 % | 21.91 % | 21.28 % | 2.1 | 16.4 | |
Commercial Bank | ||||||||
Summary of operations | ||||||||
Total revenue (TE) | $ 1,117 | $ 1,194 | $ 1,114 | $ 1074 | $ 1047 | (6.4) % | 6.7 % | |
Provision for credit losses | 70 | 73 | 68 | 84 | 75 | (4.1) | N/M | |
Noninterest expense | 474 | 515 | 485 | 451 | 464 | (8.0) | 2.2 | |
Net income (loss) attributable to Key | 451 | 472 | 440 | 423 | 399 | (4.4) | 13.0 | |
Average loans and leases | 73,146 | 71,107 | 70,328 | 69,089 | 67,058 | 2.9 | 9.1 | |
Average loans held for sale | 958 | 1,140 | 1,224 | 707 | 754 | (16.0) | 27.1 | |
Average deposits | 58,929 | 60,485 | 58,523 | 55,927 | 57,481 | (2.6) | 2.5 | |
Net loan charge-offs | 64 | 53 | 64 | 62 | 57 | 20.8 | 12.3 | |
Net loan charge-offs to average total loans | .35 % | .30 % | .36 % | .36 % | .34 % | 16.7 | 2.9 | |
Nonperforming assets at period end | $ 422 | $ 365 | $ 402 | $ 438 | $ 422 | 15.6 | — | |
Return on average allocated equity | 18.10 % | 18.80 % | 17.83 % | 17.55 % | 17.16 % | (3.7) | 5.5 | |
TE = Taxable Equivalent; N/M = Not Meaningful |
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 | — | — | — |
(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
KeyBank Survey: Americans Reimagine the Path to Home Ownership in 2026
April 13, 2026 9:03 AM
PR Newswire (US)
New research shows homeownership feels out of reach for one in four Americans, but banks and financial education can help close the gap
CLEVELAND, April 13, 2026 /PRNewswire/ -- Homeownership remains a cornerstone of the American dream; however, according to KeyBank's 2026 Financial Mobility Pulse Poll, 25% of Americans say homeownership currently feels out of reach. Some keys to closing this gap? Financial education, strategic planning, and expert guidance. By tapping into these resources, prospective buyers can transform uncertainty into action that can help make homeownership achievable.
The data reveals a moment of recalibration rather than retreat. 13% of Americans believe homeownership is within reach in 2026. This signals that current affordability pressures may prompt potential buyers to explore creative pathways like down payment assistance programs, first-time buyer incentives, and personalized financial coaching.
"Homeownership remains one of the most powerful tools Americans have to build long-term wealth and strengthen their communities," said Victor Alexander, Head of Consumer Banking at KeyBank (NYSE: KEY). "Today's buyers are approaching homeownership with more intentionality and planning than ever before, and that's where banks can make the biggest difference. When people have the right tools and support, the path to homeownership can move from possibility into reality. At KeyBank, we're committed to simplifying the journey with clear guidance, helpful resources, and impactful solutions designed for today's market. "
Fair Housing Month: Making the Path to Homeownership More Accessible
April is Fair Housing Month, a time to recognize that homeownership should be accessible to every American, regardless of background or starting point. While each buyer's journey looks different, prospective homeowners do not have to navigate the process alone.
Banks, housing counselors, and community partners offer a range of tools that can help reduce barriers, including:
"The opportunity for banks and financial institutions is clear: equip Americans with the tools, knowledge, and support they need to turn aspiration into achievement," said Eric Fiala, Chief Corporate Responsibility Officer at KeyBank. "From financial education to innovative financing solutions, the right resources can empower buyers to navigate today's market with confidence -- and write their own homeownership success stories."
What Americans Can Do to Make Homeownership Achievable
While affordability remains a challenge, there are practical steps Americans can take -- now or over time -- to make progress toward owning a home:
1. Start with a clear financial picture
Understanding your credit score, debt-to-income ratio, and savings is the foundation of any homebuying plan. KeyBank's mortgage affordability calculator can help clarify where you stand today.
2. Explore down payment assistance options
Many state and local programs, as well as lender-supported solutions, offer grants, credits, and low down-payment options that can significantly lower upfront costs.
3. Talk to a banker early and often
You don't need to be ready to buy to start the conversation. Connecting with a banker 12–18 months ahead is one step that can help improve readiness through credit planning, savings strategies, and realistic timelines. Keep that conversation going as your financial picture becomes more clear.
4. Rethink the timeline, not the goal
For many Americans, homeownership is becoming a multi-year plan rather than an immediate step. Progress rather than speed is what matters most.
A Call to Action: Empowerment Over Uncertainty
KeyBank's 2026 Financial Mobility Pulse Poll highlights the emotional and financial strain Americans are feeling, but it also underscores the importance of education, planning, and partnership. As housing affordability challenges persist, equipping consumers with the right tools and guidance can help keep the door to homeownership open.
KeyBank remains committed to supporting financial mobility and helping customers make progress toward their financial dreams.
To learn more about the survey findings, visit the KeyBank 2026 Financial Mobility Pulse Survey Executive Summary.
Methodology
This survey was conducted online by Schmidt Market Research in January 2026 polling 1,000 Americans ages 18-70. All respondents have sole or shared responsibility for household financial decisions and maintain a checking or savings account. The survey examined respondents' spending and savings habits, levels of financial confidence, stress and resiliency factors, economic sentiment, and debt impacts.
ABOUT KEYCORP
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 $184 billion at December 31, 2025.
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 1,200 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.
NMLS #399797. Equal Housing Lender.
CFMA #260403-4302378
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SOURCE KeyBank
Original: KeyBank Survey: Americans Reimagine the Path to Home Ownership in 2026
Americans Respond to Financial Pressures With Smarter Spending and Increased Saving, New KeyBank Pulse Poll Finds
April 6, 2026 9:04 AM
PR Newswire (US)
33% of Americans report making financial trade-offs daily, and another 31% are doing so weekly, as they adjust their financial behavior to match today's realities.
CLEVELAND, April 6, 2026 /PRNewswire/ -- Economic uncertainty hasn't slowed Americans down – it's spurred them into action. KeyBank's 2026 Financial Mobility Survey Pulse Poll, a follow-up to KeyBank's Financial Mobility Survey conducted in July 2025, reveals that, though concern about the economy has increased (rising from 26% in 2025 to 28% today across all income levels), Americans are responding to financial pressure with intention, adaptability, and proactive decision-making.
"The financial pressures people face today are real and widespread across the financial spectrum. What stands out, though, is that Americans aren't waiting for conditions to improve," said Daniel Brown, EVP & Director, Consumer Product Management at KeyBank. "They're being proactive and resourceful in response to these pressures, and these aren't just one-time reactions – 88% of Americans have made at least one meaningful adjustment to their finances. People are navigating the current economic climate through daily decisions that are quickly becoming lasting habits.
Financial Decision-Making Has Become a Daily Practice
Perhaps the most striking finding from KeyBank (NYSE: KEY): one in three Americans (33%) are making financial trade-offs every single day, and another 31% are doing so weekly. That means nearly two-thirds of Americans are actively managing their spending and savings on at least a weekly basis – a sign of financial engagement. Higher earners are not exempt, with a quarter (26%) of those with at least $100,000 in income making daily financial compromises.
Americans Are Finding Smart, Creative Ways to Stretch Their Dollars
The survey's most empowering finding: 88% of Americans have made at least one meaningful adjustment to their financial behavior, a figure that spans income levels and generations. The most common strategies include switching to less expensive brands or services (59%, up from 49% in 2025), cutting subscriptions or memberships (51%, up from 41%), and reducing discretionary spending (11%, up from 8% in 2025). Side hustles are also rising. More than one in three Americans (35%) has taken on additional work to generate supplemental income, with Gen Z leading the charge at 49%.
Confidence is Softening Across Every Income Level
Americans are taking a more measured view of their personal financial outlook, with optimism at 20% today compared to 26% in 2025. This shift cuts across income levels, with 29% of households earning $100,000 or more reporting a positive outlook, down from 34% in 2025. Notably, millennial adults, while maintaining a baseline level of confidence in their personal finances, are also seeing that sentiment ease, with optimism declining to 23% from 28% in 2025.
Cost-of-Living Pressures Are Reshaping Financial Priorities
When asked about their top financial concerns, Americans pointed overwhelmingly to everyday expenses: grocery prices (58%), housing costs (44%), and healthcare expenses (30%) top the list. Healthcare is a notable mover, up from 22% in 2025, reflecting growing anxiety about medical costs as a driver of financial strain. Even so, 17% of Americans cite retirement savings as a top concern, a signal that despite near-term pressures, many are keeping one eye on the future.
Looking Ahead: KeyBank's Guidance for 2026
Based on the survey findings, KeyBank has identified five priorities to help Americans turn today's adjustments into tomorrow's financial strength:
To learn more about the survey's findings, visit the KeyBank 2026 Financial Mobility Pulse Poll Executive Summary.
Access KeyBank's financial wellness online resources, including the Financial Wellness Center's Banking 101 curriculum, or meet with a local banker to complete a Key Financial Wellness Review to chart a path for a more financially confident future.
Methodology
This survey was conducted online by Schmidt Market Research in January 2026 polling 1,000 Americans ages 18-70. All respondents have sole or shared responsibility for household financial decisions and maintain a checking or savings account. The survey examined respondents' spending and savings habits, levels of financial confidence, stress and resiliency factors, economic sentiment, and debt impacts.
ABOUT KEYCORP
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 $184 billion at December 31, 2025. 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 1,200 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.
CFMA #260327-4271628
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SOURCE KeyBank
KeyBank Accelerates Southeast Growth with High-Impact Middle Market Team in Atlanta
March 23, 2026 8:32 AM
PR Newswire (US)
Continued Investment in Top-Tier Talent Fuels Market Expansion
CLEVELAND, March 23, 2026 /PRNewswire/ -- KeyBank (NYSE: KEY) today announced the launch of a five-person Middle Market commercial banking team in Atlanta, underscoring the company's continued investment in top-tier talent and high-growth U.S. markets.
The Atlanta expansion follows successful Middle Market team launches in Chicago, Southern California, and Overland Park, Kansas. The team will serve middle market companies with $10 million to $1 billion in annual revenues, spanning manufacturing, distribution, professional services, healthcare, and technology.
"Atlanta is where great bankers want to build and where KeyBank is uniquely positioned to win," said Ken Gavrity, President of Key Commercial Bank. "Atlanta's strong economic fundamentals and thriving middle market make it ideal for expansion. We're bringing together seasoned professionals who can deliver meaningful impact while leveraging our full Commercial Banking, Wealth, and Capital Markets platform."
The team builds on Key's long-standing Atlanta investment banking presence, adding commercial banking to create a comprehensive local platform.
Leading the team is Ryan Dixon, Commercial Leader, who brings extensive leadership experience from Fifth Third, where he most recently served as Commercial Line of Business Manager. Reporting to Dixon:
The team reports to Michael McMahon, Regional Commercial Executive, and is expected to play a meaningful role in accelerating KeyBank's Southeast growth strategy.
"Middle market leaders expect more from their bank—and top bankers expect more from their platform," said McMahon. "This team has the capital markets access, treasury expertise, and M&A advisory capabilities to deliver both. For our shareholders, this is how we invest for profitable growth."
About KeyCorp
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 $184 billion at December 31, 2025.
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 1,200 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.
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SOURCE KeyBank
Original: KeyBank Accelerates Southeast Growth with High-Impact Middle Market Team in Atlanta
KeyBank Becomes Official Retail Bank of the Portland Thorns in New Multi-Year Partnership
February 25, 2026 9:03 AM
PR Newswire (US)
PORTLAND, Ore., Feb. 25, 2026 /PRNewswire/ -- The Portland Thorns have signed a multi-year agreement with KeyBank (NYSE: KEY), naming the financial institution the club's Official Retail Bank and launching a slate of programs focused on community impact, youth development, and financial empowerment.
The partnership centers on expanding opportunities for girls and young women in Portland, with investments supporting several cornerstone Thorns initiatives, including Community Captain, the Thorns Academy, and the Lead(HERS) of Tomorrow program.
Alexis Lee, President of Business Operations for the Thorns, said the collaboration reflects a shared commitment to building pathways for young women both on and off the field.
"When you hand someone a key, you're saying this space is yours and that's what this partnership represents," Lee said. "With KeyBank, we can strengthen the resources around girls at every stage of their journey, expanding access, investing in growth, and bringing opportunity forward in tangible ways."
Josh Lyons, KeyBank's Oregon and Southwest Washington Market President, said the partnership aligns with the bank's focus on strengthening local communities.
"This collaboration is a true testament to our commitment to Portland," Lyons said. "Together, we'll expand access to financial empowerment resources and inspire the next generation—both on and off the pitch."
Spotlighting Community Leaders
As part of the agreement, KeyBank becomes the presenting sponsor of Community Captain, an in-stadium recognition program that highlights individuals making a difference in the region. Honorees will be celebrated on the field before regular-season home matches and featured across Thorns platforms.
Investment in Player Pathways
KeyBank will also serve as the front-of-kit sponsor for the Thorns Academy, marking a major investment in the club's youth development system. The support will help fund opportunities for young athletes and milestone events such as the Academy Gala and Senior Signing Day.
Programs for Girls and Women
The partnership extends to Lead(HERS) of Tomorrow, a Thorns initiative that provides leadership development, career exposure, and mentorship to young women. The organizations will jointly launch a scholarship program for girls from underserved communities and create original content blending soccer education with financial literacy.
Fan and Player Engagement
Fans can expect Thorns-themed experiences at KeyBank branches, while players will have access to financial education and career-planning resources. KeyBank will also continue its role as the presenting partner of the "Girl of the Game" feature during home matches.
Activation of the partnership will roll out across Providence Park, local neighborhoods, and digital channels throughout the 2026 season.
ABOUT KEYCORP
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 $184 billion at December 31, 2025.
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 1,200 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.
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SOURCE KeyBank
Original: KeyBank Becomes Official Retail Bank of the Portland Thorns in New Multi-Year Partnership
KeyBank Recognized as Best Bank in Small Business and Middle Market Banking with Nine National and Regional Coalition Greenwich 2026 Awards
February 24, 2026 9:07 AM
PR Newswire (US)
Awards recognize Key's commitment to building relationships and enduring trust with clients, and providing excellent service
CLEVELAND, Feb. 24, 2026 /PRNewswire/ -- KeyBank (NYSE: KEY) is being recognized for its support of small and middle market business clients with nine 2026 Best Bank Awards from Crisil Coalition Greenwich in small business and middle market banking. These national and regional awards honor Key's collaborative approach that empowers small business owner-operators in addressing their complex financial needs and depth of expertise that helps middle market companies optimize business performance.
KeyBank received the following national Coalition Greenwich 2026 Awards:
KeyBank also received the following regional Coalition Greenwich 2026 Awards:
"Our unique approach of having conversations with and building enduring relationships with small business owners across the nation is a true differentiator for KeyBank," said Mike Walters, President of Business Banking at KeyBank. "We are grateful that our approach has been recognized by our clients through Coalition Greenwich; clients that we are proud to work with each day and help them grow in their communities."
"We are honored to be recognized by our clients through Coalition Greenwich for the support and specialized service our middle market teams provide," said Ken Gavrity, President of Key Commercial Bank. "We are committed to earning our clients' trust by providing them with a best-in-class platform and deep industry expertise that empowers middle market businesses to grow and succeed."
Methodology
Small Business: Awards are based on more than 11,000 interviews with businesses with sales of $1 million –$10 million across the country.
Middle Market Business: Awards are Based on nearly 11,000 interviews with businesses with sales of $10–500 million across the United States.
Source: Coalition Greenwich Voice of Client - 2025 U.S. Commercial Banking Study
ABOUT KEYCORP
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 $184 billion at December 31, 2025.
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 1,200 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.
CFMA #260220-4110928
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SOURCE KeyBank
HOLDCO ASSET MANAGEMENT TO PRESENT AT UBS FINANCIAL SERVICES CONFERENCE IN KEY BISCAYNE, FLORIDA; RELEASES PRESENTATION
February 9, 2026 9:00 AM
PR Newswire (US)
FORT LAUDERDALE, Fla., Feb. 9, 2026 /PRNewswire/ -- Today, HoldCo Asset Management, LP ("HoldCo"), a Florida-based investment firm managing approximately $2.8 billion in regulatory assets under management, announced that the firm will present at the UBS Financial Services Conference in Key Biscayne, Florida and has issued a new presentation entitled "Bank Activism – UBS Financial Services Conference" in connection with the event. The presentation outlines five public activist campaigns the firm recently pursued with respect to the following banks: KeyCorp (NYSE: KEY), Comerica Inc. (NYSE: CMA), Columbia Banking System, Inc. (NASDAQ-GS: COLB), Eastern Bankshares, Inc. (NASDAQ-GS: EBC), and First Interstate BancSystem, Inc. (NASDAQ-GS: FIBK). It also provides updates on four behind-the-scenes "soft activism" engagements with respect to the following banks: Central Pacific Financial Corp. (NYSE: CPF), TrustCo Bank Corp NY (NASDAQ-GS: TRST), Capitol Federal Financial, Inc. (NASDAQ-GS: CFFN), and Heritage Commerce Corp (NASDAQ-GS: HTBK).
The presentation may be found at the following link:
https://holdcoam.co/UBS_Conference_Feb9
In the presentation, HoldCo disclosed that funds managed by it and an affiliate own securities of the institutions discussed therein and consequently have an economic interest in the price of the securities of those institutions.
Said HoldCo Co-Founders Vik Ghei and Misha Zaitzeff: "Over the past six months, we launched five public activist campaigns across the banking sector, each with a meaningful likelihood of progressing to a proxy contest at the respective upcoming shareholder meetings. We are pleased to report that, in every case, management teams and boards made substantive changes that meaningfully altered the trajectory of their institutions, and as a result, we will not be pursuing proxy contests at any of these five banks. In addition, we have engaged in constructive, behind-the-scenes dialogue with four other banks, and we are encouraged that each has already made material changes; we hope continued progress through 2026 will make further escalation unnecessary. Our engagement across these nine institutions is documented in the accompanying presentation, and we encourage market participants to review the materials."
About HoldCo Asset Management, LP
HoldCo Asset Management, LP is an investment adviser located in Fort Lauderdale, Florida. HoldCo was founded by Vik Ghei and Misha Zaitzeff. HoldCo currently has approximately $2.8 billion of regulatory assets under management.
Disclaimer
As of the publication date of this presentation, funds managed by HoldCo and a HoldCo affiliate have investments in securities issued by the institutions named therein. HoldCo and its affiliate may change their views about the investment positions at any time, for any reason or no reason, and at any time may change the form or substance of any of its related or unrelated investment positions. If it does so, it will not be under obligation to inform anyone and does not intend to do so unless required by law.
All content in this press release and referenced presentation represent the opinions of HoldCo and are for discussion and general information purposes only. HoldCo has obtained all information herein from publicly available sources, and such information is presented "as is," without warranty of any kind whether express or implied. All data and other information are not warranted as to completeness or accuracy and reflect HoldCo's views as of this date, all of which are accordingly subject to change without notice.
This document is not intended to be, nor should it be construed as, a marketing or solicitation vehicle for HoldCo or any fund managed by HoldCo, and it is not investment advice, an investment recommendation, or an offer to buy or sell or the solicitation of an offer to buy or sell any securities, including without limitation any interests in a fund managed by and/or associated with HoldCo. Any offer or solicitation may only be made pursuant to a private placement memorandum, agreement of limited partnership, or similar or related documents, which will only be provided to qualified offerees and should be reviewed carefully and in their entirety by any such offerees prior to making or considering a decision to invest in any HoldCo managed fund.
The information contained in this document may include, or incorporate by reference, forward-looking statements, which would include any statements that are not statements of historical fact. These forward-looking statements may turn out to be wrong and can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors. There can be no assurance that forward-looking statements will materialize or that actual results will not be materially different than those presented.
KeyCorp (NYSE: KEY)
Comerica Inc. (NYSE: CMA)
Columbia Banking System, Inc. (NASDAQ-GS: COLB)
Eastern Bankshares, Inc. (NASDAQ-GS: EBC)
First Interstate BancSystem, Inc. (NASDAQ-GS: FIBK)
Central Pacific Financial Corp. (NYSE: CPF)
TrustCo Bank Corp NY (NASDAQ-GS: TRST)
Capitol Federal Financial, Inc. (NASDAQ-GS: CFFN)
Heritage Commerce Corp (NASDAQ-GS: HTBK)
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SOURCE HoldCo Asset Management
KeyBank Deepens Middle Market Commitment with Family Office Banking Team
February 9, 2026 8:10 AM
PR Newswire (US)
Five-Person Team Led by Ward Nixon Brings National Family Office and Sponsor Finance Expertise; Strategic Investment Differentiates Commercial Bank's Integrated Platform
CLEVELAND, Feb. 9, 2026 /PRNewswire/ -- KeyBank (NYSE: KEY) today announced a strategic expansion of its middle market capabilities with the addition of a five-person family office and private capital team led by Ward Nixon, who joins as Commercial Leader based in KeyBank's Overland Park, Kansas office.
The hire reflects KeyBank's strategic commitment to the middle market as family offices and private equity increasingly drive ownership, capital deployment, and strategic decision-making. KeyBank differentiates through integrated family office banking—serving sponsor relationships, portfolio companies, and wealth needs through coordinated delivery rather than fragmented touchpoints.
Nixon brings extensive leadership experience in commercial banking and leveraged finance across Chicago, Minnesota, Texas, Missouri, and Kansas, specializing in family office and private equity sponsor finance.
"We're making a deliberate investment in the middle market by building capabilities that reflect how our clients actually operate," said Ken Gavrity, President of Key Commercial Bank. "Family offices are increasingly influential capital providers and owners - they require sophisticated banking relationships that integrate capital markets, commercial banking, and wealth advisory. We've built a destination platform that attracts elite teams like Ward's because we can deliver that coordination through one relationship team. This is differentiated service for a differentiated client segment."
The team provides national coverage complementing KeyBank's regional private capital bankers and strengthens the bank's ability to serve family offices across three essential touchpoints: direct investments and sponsor relationships, portfolio company banking, and wealth management for principals and families.
Joining Nixon are:
Nixon reports to Chris Doyle, who leads private capital strategy for Key Commercial Bank. This addition builds on KeyBank's successful team hires in Chicago and Southern California announced in late 2024.
"Family offices represent one of the most sophisticated and fastest-growing segments in middle market banking," Gavrity added. "Our comprehensive capabilities and commitment to this space is attracting the talent and clients who want a banking partner, not just a lender. That's the Key Commercial Bank difference."
All credit, loans, lines, and leasing products are subject to collateral and/or credit approval terms, conditions, and availability and subject to change. Non-Deposit products are:
NOT FDIC INSURED ? NOT BANK GUARANTEED ? MAY LOSE VALUE ? NOT A DEPOSIT ?
NOT INSURED BY ANY FEDERAL OR STATE GOVERNMENT AGENCY
About KeyCorp
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 $184 billion at December 31, 2025.
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 1,200 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.
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SOURCE KeyBank
Original: KeyBank Deepens Middle Market Commitment with Family Office Banking Team
KEY FAMILY WEALTH WINS 'BEST EDUCATIONAL INITIATIVE' AWARD AT THE 2026 PRIVATE ASSET MANAGEMENT AWARDS
February 6, 2026 10:40 AM
PR Newswire (US)
Award recognizes comprehensive education platform featuring 48 bespoke experiences and 77 milestone engagements delivered over past year
CLEVELAND, Feb. 6, 2026 /PRNewswire/ -- Key Family Wealth, the multi-family office division of KeyCorp (NYSE:KEY), was awarded "Best Educational Initiative" at the Private Asset Management (PAM) Awards in New York City from a distinguished list of wealth management competitors.
For more than two decades, the PAM Awards have recognized high performing firms and wealth advisors operating within the private wealth industry. An independent panel of industry experts evaluates both qualitative and quantitative performance indicators to select the winners.
The award recognizes excellence in educational programs that prepare families for the complexities of wealth stewardship across generations. Key Family Wealth's innovative education platform delivered 48 bespoke education experiences and 77 milestone engagements over the past 12 months. The platform goes beyond technical training to provide comprehensive preparation that addresses the psychological, relational, and practical challenges inheritors face.
"This award validates our belief that families need more than financial education—they need comprehensive preparation that honors the complexity of wealth's impact on family life, relationships, and individual identity," said Robert Weiss, Head of Key Family Wealth. "Our platform empowers families through carefully designed experiences that foster intergenerational understanding, governance, and emotional intelligence. We're honored to be recognized for our commitment to preparing the next generation of wealth stewards."
Key Family Wealth's education platform features strategic partnerships with leading providers including EVERFI for financial literacy modules designed for learners from grade school through emerging adults, Tamarind Learning's specialized Beneficiary Fundamentals and Stewardship modules, and Corenology for values-based family alignment. The firm has also introduced a life coaching offering that has received highly favorable feedback from participants, providing personalized guidance for next-generation wealth stewards navigating the unique challenges of inherited wealth.
The platform includes Family Milestone Experiences that create structured opportunities for intergenerational dialogue, Family Alignment Days where families explore their purpose and legacy, and Family Journey experiences where families record their heritage and values.
About Key Family Wealth
Key Family Wealth, the multi-family office division of Key Private Bank, is one of the largest and oldest multi-family offices in the country managing has approximately $22 billion in AUM and $29 billion in AUA at December 31, 2025. Key Family Wealth develops and implements impactful investment, tax, and estate strategies to help ultra-high net worth families grow, retain, and protect wealth across generations. Clients receive a dedicated team of advisors with expertise in investments, tax, philanthropic, credit and estate planning who are focused on delivering a world class client experience.
About KeyCorp
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 $184 billion at December 31, 2025.
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 1,200 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.
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SOURCE KeyCorp
KEYCORP TO PRESENT AT THE UBS FINANCIAL SERVICES CONFERENCE & THE BANK OF AMERICA SECURITIES FINANCIAL SERVICES CONFERENCE
February 2, 2026 8:30 AM
PR Newswire (US)
CLEVELAND, Feb. 2, 2026 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced today that Ken Gavrity, Head of Commercial Banking, will speak at the UBS Financial Services Conference on Monday, February 9, 2026, at 3:30 p.m. ET in Key Biscayne, Florida.
Chris Gorman, Chairman and Chief Executive Officer, will speak at the Bank of America Securities 2026 Financial Services Conference on Tuesday, February 10, 2026, at 8:50 a.m. ET in Miami, Florida.
KeyCorp plans to review its performance, strategy, and outlook, and the discussion may include forward-looking statements and other material information. The live audio webcast will be available on the day of the conference at www.key.com/ir. If you are unable to join the live webcast, or wish to hear a re-broadcast, access www.key.com/ir and select Events & Presentations.
ABOUT KEYCORP
KeyCorp's roots trace back more than 200 years to Albany. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $184 billion at December 31, 2025.
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 1,200 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/keycorp-to-present-at-the-ubs-financial-services-conference--the-bank-of-america-securities-financial-services-conference-302675748.html
SOURCE KeyCorp
KeyCorp NYSE $KEY Total Debt (mrq) $26.53B
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