Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 243

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 243
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-Average Yield(b)December 31, 2024Remaining maturity:One year or less$2,585 $4 $6 $580 $3,175 3.93 %After one through five years6,212 1,140 2,931 612 10,895 3.66 After five through ten years40 6,073 6,934 2,358 15,405 3.29 After ten years67 2,007 5,298 860 8,232 3.49 Fair value$8,904 $9,224 $15,169 $4,410 $37,707 Amortized cost(b)8,928 11,409 16,038 4,927 41,302 3.48 %Weighted-average yield(c)4.21 %1.98 %4.32 %2.91 %3.48 %— Weighted-average maturity1.7 years8.3 years9.9 years6.7 years7.3 years— December 31, 2023Fair value$9,026 $15,478 $3,589 $9,092 $37,185 — %Amortized cost9,300 18,911 4,189 10,295 42,695 1.79 

(a)Maturity is based upon expected average lives rather than contractual terms.

(b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $(6) million and $140 million as of December 31, 2024 and December 31, 2023, respectively. The securities being hedged are primarily U.S Treasuries, Agency RMBS, and Agency CMBS.

(c)Weighted-average yields are calculated based on amortized cost. Such yields have been adjusted to a TE basis using the statutory federal income tax rate in effect that calendar year.

Held-to-maturity securities

The majority of our held-to-maturity portfolio consists of federal agency CMOs and mortgage-backed securities. The portfolio is also comprised of asset-backed securities and foreign bonds. Figure 17 shows the composition, yields, and remaining maturities of these securities.

Figure 17. Held-to-Maturity Securities

Dollars in millionsAgency Residential Collateral