v3.26.1
Asset Quality (Tables)
 3 Months Ended
Mar. 31, 2026
Credit Loss [Abstract]  
Schedule of Financing Receivable, Allowance for Credit Loss The changes in the ALLL by loan category for the periods indicated are as follows:
Three months ended March 31, 2026:
Dollars in millionsDecember 31, 2025ProvisionCharge-offsRecoveriesMarch 31, 2026
Commercial and Industrial $745 $102 $(90)$10 $767 
Commercial real estate:
Real estate — commercial mortgage252 2 (1)— 253 
Real estate — construction55 (4)— — 51 
Total commercial real estate loans307 (2)(1)— 304 
Commercial lease financing26 — — — 26 
Total commercial loans1,078 100 (91)10 1,097 
Real estate — residential mortgage66 2 — 1 69 
Home equity loans52 (1)(1)1 51 
Other consumer loans149 12 (15)2 148 
Credit cards82 10 (10)2 84 
Total consumer loans349 23 (26)6 352 
Total ALLL — continuing operations1,427 123 
(a)
(117)16 1,449 
Discontinued operations11 1 (1)— 11 
Total ALLL — including discontinued operations$1,438 $124 $(118)$16 $1,460 
(a)Excludes a credit related to reserves on lending-related commitments of $17 million.


Three months ended March 31, 2025:
Dollars in millionsDecember 31, 2024ProvisionCharge-offsRecoveriesMarch 31, 2025
Commercial and Industrial $639 $82 $(62)$10 $669 
Commercial real estate:
Real estate — commercial mortgage320 13 (36)— 297 
Real estate — construction51 6 — — 57 
Total commercial real estate loans371 19 (36)— 354 
Commercial lease financing27 7 — — 34 
Total commercial loans1,037 108 (98)10 1,057 
Real estate — residential mortgage90 (19)(1)1 71 
Home equity loans70 5 (1)1 75 
Other consumer loans136 19 (14)2 143 
Credit cards76 17 (12)2 83 
Total consumer loans372 22 (28)6 372 
Total ALLL — continuing operations1,409 130 
(a)
(126)16 1,429 
Discontinued operations13 1 (1)— 13 
Total ALLL — including discontinued operations$1,422 $131 $(127)$16 $1,442 
(a)Excludes a credit related to reserves on lending-related commitments of $12 million.
Schedule of Significant Macroeconomic Variables of Loan Portfolios The following table discloses key macroeconomic variables for each loan portfolio.
SegmentPortfolio
Key Macroeconomic Variables (a)
CommercialCommercial and industrialBBB corporate bond rate (spread), fixed investment, business bankruptcies, GDP, industrial production, unemployment rate, and Producer Price Index
Commercial real estateProperty & real estate price indices, unemployment rate, business bankruptcies, GDP, and SOFR
Commercial lease financingBBB corporate bond rate (spread), GDP, and unemployment rate
ConsumerReal estate — residential mortgageGDP, home price index, unemployment rate, 30 year mortgage rate and U.S. household income
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Other consumerUnemployment rate, prime rate and U.S. household income
Credit cardsUnemployment rate and U.S. household income
Discontinued operationsUnemployment rate
(a)Variables include all transformations and interactions with other risk drivers. Additionally, variables may have varying impacts at different points in the economic cycle.
Schedule of Financing Receivable Credit Quality Indicators
Credit Risk Profile by Creditworthiness Category and Vintage (a)(b)
As of March 31, 2026Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20262025202420232022PriorTotal
Commercial and Industrial
Risk Rating:
Pass$3,017 $9,648 $5,707 $2,203 $4,832 $5,959 $25,593 $193 $57,152 
Criticized (Accruing)2 181 188 193 455 719 1,467 10 3,215 
Criticized (Nonaccruing)— 1 7 12 36 51 175 2 284 
Total commercial and industrial3,019 9,830 5,902 2,408 5,323 6,729 27,235 205 60,651 
Current year gross write-offs— — — 4 12 6 68 — 90 
Real estate — commercial mortgage
Risk Rating:
Pass640 3,282 813 578 1,762 4,262 1,501 29 12,867 
Criticized (Accruing)— 47 105 73 373 467 14 8 1,087 
Criticized (Nonaccruing)— — 16 7 93 70 4 — 190 
Total real estate — commercial mortgage
640 3,329 934 658 2,228 4,799 1,519 37 14,144 
Current year gross write-offs— — — — 1 — — — 1 
Real estate — construction
Risk Rating:
Pass5 612 641 633 239 152 268 — 2,550 
Criticized (Accruing)— 7 — 75 41 125 — 3 251 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction5 619 641 708 280 277 268 3 2,801 
Current year gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass87 309 221 269 393 807 — — 2,086 
Criticized (Accruing)— 3 4 23 52 26 — — 108 
Criticized (Nonaccruing)— — — 5 1 — — — 6 
Total commercial lease financing87 312 225 297 446 833 — 2,200 
Current year gross write-offs— — — — — — — — — 
Total commercial loans$3,751 $14,090 $7,702 $4,071 $8,277 $12,638 $29,022 $245 $79,796 
Total commercial loan current period gross write-offs$— $— $— $4 $13 $6 $68 $— $91 

As of December 31, 2025Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20252024202320222021PriorTotal
Commercial and Industrial
Risk Rating:
Pass$9,473 $5,864 $2,263 $5,313 $2,648 $4,115 $24,267 $174 $54,117 
Criticized (Accruing)139 218 171 463 259 493 1,535 37 3,315 
Criticized (Nonaccruing)1 14 18 54 21 33 115 — 256 
Total commercial and industrial9,613 6,096 2,452 5,830 2,928 4,641 25,917 211 57,688 
Current year gross write-offs13 27 22 27 8 28 187 — 312 
Real estate — commercial mortgage
Risk Rating:
Pass3,246 826 651 1,911 1,519 2,997 1,366 29 12,545 
Criticized (Accruing)8 99 60 326 237 246 20 9 1,005 
Criticized (Nonaccruing)— 16 3 95 31 9 3 — 157 
Total real estate — commercial mortgage
3,254 941 714 2,332 1,787 3,252 1,389 38 13,707 
Current year gross write-offs19 14 1 18 29 10 3 — 94 
Real estate — construction
Risk Rating:
Pass468 565 771 262 130 72 296 2 2,566 
Criticized (Accruing)— — 20 95 36 127 — — 278 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction468 565 791 357 166 199 296 2 2,844 
Current year gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass322 228 293 433 249 609 — — 2,134 
Criticized (Accruing)5 4 26 55 18 21 — — 129 
Criticized (Nonaccruing)— — 5 2 — — — — 7 
Total commercial lease financing327 232 324 490 267 630 — — 2,270 
Current year gross write-offs— — 3 1 — 2 — — 6 
Total commercial loans$13,662 $7,834 $4,281 $9,009 $5,148 $8,722 $27,602 $251 $76,509 
Total commercial loan current period gross write-offs$32 $41 $26 $46 $37 $40 $190 $— $412 
(a)Accrued interest of $322 million and $338 million as of March 31, 2026, and December 31, 2025, respectively, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in these tables.
(b)Gross write-off information is presented on a year-to-date basis for the three months ended March 31, 2026 and the twelve months ended December 31, 2025.
Consumer Credit Exposure
Credit Risk Profile by FICO Score and Vintage (a)(b)
As of March 31, 2026Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20262025202420232022PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$91 $329 $172 $561 $5,152 $9,753 $— $— $16,058 
660 to 74925 64 47 97 587 1,186 — — 2,006 
Less than 6601 4 14 28 105 251 — — 403 
No Score— 2 2 1 1 8 2 — 16 
Total real estate — residential mortgage117 399 235 687 5,845 11,198 2 — 18,483 
Current period gross write-offs— — — — — — — — — 
Home equity loans
FICO Score:
750 and above17 43 24 22 114 1,782 1,720 167 3,889 
660 to 7493 16 12 11 37 385 672 52 1,188 
Less than 660— 2 4 6 15 149 249 21 446 
No Score— — — — — 1 4 — 5 
Total home equity loans20 61 40 39 166 2,317 2,645 240 5,528 
Current period gross write-offs— — — — — — 1 — 1 
Other consumer loans
FICO Score:
750 and above42 161 65 94 945 1,545 76 — 2,928 
660 to 74927 100 44 68 208 374 163 — 984 
Less than 6602 19 11 19 52 95 52 — 250 
No Score1 9 8 5 9 18 265 — 315 
Total consumer direct loans72 289 128 186 1,214 2,032 556 — 4,477 
Current period gross write-offs— 1 1 2 3 5 3 — 15 
Credit cards
FICO Score:
750 and above— — — — — — 444 — 444 
660 to 749— — — — — — 353 — 353 
Less than 660— — — — — — 108 — 108 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 906 — 906 
Current period gross write-offs— — — — — — 10 — 10 
Total consumer loans$209 $749 $403 $912 $7,225 $15,547 $4,109 $240 $29,394 
Total consumer loan current period gross write-offs$— $1 $1 $2 $3 $5 $14 $— $26 
As of December 31, 2025Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20252024202320222021PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$358 $224 $607 $5,342 $6,738 $3,403 $— $— $16,672 
660 to 74969 36 86 504 582 420 — — 1,697 
Less than 6602 11 23 87 73 149 — — 345 
No Score2 2 2 1 — 9 2 — 18 
Total real estate — residential mortgage431 273 718 5,934 7,393 3,981 2 — 18,732 
Current period gross write-offs— — — — — 2 — — 2 
Home equity loans
FICO Score:
750 and above43 26 23 117 676 1,164 1,749 179 3,977 
660 to 74918 13 13 41 149 258 718 58 1,268 
Less than 6602 3 5 15 44 109 253 21 452 
No Score— — — — — 1 5 — 6 
Total home equity loans63 42 41 173 869 1,532 2,725 258 5,703 
Current period gross write-offs— — — — — — 2 — 2 
Other consumer loans
FICO Score:
750 and above175 73 104 986 1,032 595 81 — 3,046 
660 to 749112 48 74 220 218 179 172 — 1,023 
Less than 66017 12 21 54 52 46 54 — 256 
No Score12 8 5 10 13 6 265 — 319 
Total consumer direct loans316 141 204 1,270 1,315 826 572 — 4,644 
Current period gross write-offs4 5 7 9 9 7 15 — 56 
Credit cards
FICO Score:
750 and above— — — — — — 479 — 479 
660 to 749— — — — — — 364 — 364 
Less than 660— — — — — — 108 — 108 
No Score— — — — — — 2 — 2 
Total credit cards— — — — — — 953 — 953 
Current period gross write-offs— — — — — — 45 — 45 
Total consumer loans$810 $456 $963 $7,377 $9,577 $6,339 $4,252 $258 $30,032 
Total consumer current period gross write-offs$4 $5 $7 $9 $9 $9 $62 $— $105 
(a)Accrued interest of $122 million and $121 million as of March 31, 2026, and December 31, 2025, respectively, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.
(b)Gross write-off information is presented on a year-to-date basis for the three months ended March 31, 2026 and the twelve months ended December 31, 2025.
Schedule of Past Due Loans Including Current Loans
The following aging analysis of past due and current loans as of March 31, 2026, and December 31, 2025, provides further information regarding Key’s credit exposure.

Aging Analysis of Loan Portfolio(a)
As of March 31, 2026
Current (b)(c)
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans
Total Past
Due and
Non-performing
Loans (b)
Total
Loans (d)
Dollars in millions
LOAN TYPE
Commercial and industrial$60,272 $27 $28 $40 $284 $379 $60,651 
Commercial real estate:
Commercial mortgage13,861 2 3 88 190 283 14,144 
Construction2,800 — — 1 — 1 2,801 
Total commercial real estate loans16,661 2 3 89 190 284 16,945 
Commercial lease financing2,192 1 — 1 6 8 2,200 
Total commercial loans$79,125 $30 $31 $130 $480 $671 $79,796 
Real estate — residential mortgage$18,350 $11 $7 $— $115 $133 $18,483 
Home equity loans5,423 18 6 5 76 105 5,528 
Other consumer loans4,440 16 9 8 4 37 4,477 
Credit cards880 5 4 10 7 26 906 
Total consumer loans$29,093 $50 $26 $23 $202 $301 $29,394 
Total loans$108,218 $80 $57 $153 $682 $972 $109,190 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $443 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Includes balances of $54 million in Commercial mortgage and $6 million in Real estate - residential mortgage associated with loans sold to GNMA that are 90 days or more past due where Key has the right but not the obligation to repurchase and whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veteran Affairs.
(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

As of December 31, 2025
Current (b)(c)
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans
Total Past
Due and
Non-performing
Loans (b)
Total
Loans (d)
Dollars in millions
LOAN TYPE
Commercial and industrial$57,336 $38 $17 $41 $256 $352 $57,688 
Commercial real estate:
Commercial mortgage13,450 47 20 33 157 257 13,707 
Construction2,843 — — 1 — 1 2,844 
Total commercial real estate loans16,293 47 20 34 157 258 16,551 
Commercial lease financing2,260 3 — — 7 10 2,270 
Total commercial loans$75,889 $88 $37 $75 $420 $620 $76,509 
Real estate — residential mortgage$18,593 $21 $14 $— $104 $139 $18,732 
Home equity loans5,593 18 7 5 80 110 5,703 
Other consumer loans4,606 15 10 9 4 38 4,644 
Credit cards926 6 4 10 7 27 953 
Total consumer loans$29,718 $60 $35 $24 $195 $314 $30,032 
Total loans$105,607 $148 $72 $99 $615 $934 $106,541 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $459 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Includes balances of $66 million in Commercial mortgage and $6 million in Real estate - residential mortgage associated with loans sold to GNMA that are 90 days or more past due where Key has the right but not the obligation to repurchase and whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veteran Affairs.
(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.
Schedule of Modified Financing Receivables
The following tables show the amortized cost basis at the end of the noted reporting periods of the loans modified to borrowers experiencing financial difficulty within the past 12 months of the noted periods. The tables do not include those modifications that only resulted in an insignificant payment delay. The tables do not include consumer loans that are still within a trial modification period. Trial modifications may be done for consumer borrowers where a trial payment plan period is offered in advance of a permanent loan modification. As of March 31, 2026, there were 124 loans totaling $20 million in a trial modification period. As of March 31, 2025, there were 98 loans totaling $15 million in a trial modification period.

Commitments outstanding to lend additional funds to borrowers experiencing financial difficulty whose loans were modified were $98 million and $77 million at March 31, 2026 and March 31, 2025, respectively.
As of March 31, 2026Interest Rate ReductionTerm ExtensionOther
Combination (a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$2 $271 $27 $47 $347 0.57 %
Commercial real estate:
Commercial mortgage— 140 18 53 211 1.49 
Total commercial real estate loans— 140 18 53 211 1.25 
Total commercial loans$2 $411 $45 $100 $558 0.70 %
Real estate — residential mortgage$2 $1 $— $6 $9 0.05 %
Home equity loans3 1 1 3 8 0.14 
Other consumer loans— 2 — 2 4 0.09 
Credit cards— — — 3 3 0.33 
Total consumer loans$5 $4 $1 $14 $24 0.08 %
Total loans$7 $415 $46 $114 $582 0.53 %

As of March 31, 2025Interest Rate ReductionTerm ExtensionOther
Combination (a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $150 $60 $17 $227 0.42 %
Commercial real estate:
Commercial mortgage— 306 21 — 327 2.47 
Construction— 49 — — 49 1.67 
Total commercial real estate loans— 355 21 — 376 2.33 
Total commercial loans$— $505 $81 $17 $603 0.82 %
Real estate — residential mortgage$1 $— $— $13 $14 0.07 %
Home equity loans4 1 1 6 12 0.19 
Other consumer loans— 3 — 2 5 0.10 
Credit cards— — — 4 4 0.44 
Total consumer loans$5 $4 $1 $25 $35 0.11 %
Total loans$5 $509 $82 $42 $638 0.61 %
(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.
The following table summarizes the financial impacts of loan modifications made to specific loans for the noted periods. For the three months ended March 31, 2026, the weighted-average interest rate change for commercial and industrial loans was comprised solely of modifications of commercial credit card balances.

Three months ended March 31, 2026Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(12.83)%0.77
Commercial mortgage— %0.29
Real estate — residential mortgage(2.00)%6.87
Home equity loans(1.67)%8.83
Other consumer loans(5.51)%1.30
Credit cards(20.99)%0.25

Three months ended March 31, 2025Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(22.20)%0.47
Commercial mortgage— %0.52
Real estate — residential mortgage(1.45)%5.24
Home equity loans(1.83)%6.05
Other consumer loans(3.22)%0.40
Credit cards(2.22)%0.25
Three months ended March 31, 2026
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial real estate
Commercial mortgage$— $39 $2 $— $41 
Total commercial real estate loans— 39 2 — 41 
Total commercial loans— 39 2 — 41 
Home equity loans— — — 1 1 
Total consumer loans$— $— $— $1 $1 
Total loans$— $39 $2 $1 $42 

Three months ended March 31, 2025
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial real estate
Commercial mortgage$— $19 $— $— $19 
Total commercial real estate loans— 19 — — 19 
Total commercial loans— 19 — — 19 
Credit cards— — — 1 1 
Total consumer loans$— $— $— $1 $1 
Total loans$— $19 $— $1 $20 
The following table presents the amortized cost as of March 31, 2026, of loans modified during the 12 months then ended, by aging.
As of March 31, 2026Current30-89 Days 
Past Due		90 and Greater
Days Past Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$338 $4 $5 $347 
Commercial real estate
Commercial mortgage167 — 44 211 
Total commercial real estate loans167 — 44 211 
Total commercial loans$505 $4 $49 $558 
Real estate — residential mortgage$8 $1 $— $9 
Home equity loans7 — 1 8 
Other consumer loans4 — — 4 
Credit cards3 — — 3 
Total consumer loans$22 $1 $1 $24 
Total loans$527 $5 $50 $582 
The following table presents the amortized cost as of March 31, 2025, of loans modified during the twelve months then ended, by aging.

As of March 31, 2025Current30-89 Days 
Past Due		90 and Greater
Days Past Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$207 $8 $12 $227 
Commercial real estate
Commercial mortgage256 50 21 327 
Construction49 — — 49 
Total commercial real estate loans305 50 21 376 
Total commercial loans$512 $58 $33 $603 
Real estate — residential mortgage$14 $— $— $14 
Home equity loans10 1 1 12 
Other consumer loans5 — — 5 
Credit cards4 — — 4 
Total consumer loans$33 $1 $1 $35 
Total loans$545 $59 $34 $638 
Schedule of Changes in Liability for Credit Losses on Off-Balance Sheet Exposures
Changes in the liability for credit losses on lending-related commitments are summarized as follows:
 Three months ended March 31,
Dollars in millions20262025
Balance at beginning of period$313 $290 
Provision (credit) for losses on lending-related commitments(17)(12)
Balance at end of period$296 $278