Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 101

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 101
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14,979 3,437 Agency residential mortgage-backed securities24 — 3,562 600 3,586 600 Agency commercial mortgage-backed securities 891 49 8,201 1,154 9,092 1,203 Held-to-maturity securities:Agency residential collateralized mortgage obligations1,123 30 3,070 253 4,193 283 Agency residential mortgage-backed securities— — 152 13 152 13 Agency commercial mortgage-backed securities — — 2,199 204 2,199 204 Asset-backed securities— — 709 29 709 29 Other securities17 — 12 — 29 — Total securities in an unrealized loss position$2,055 $79 $41,416 $5,970 $43,471 $6,049 Based on our evaluation at December 31, 2024, an allowance for credit losses has not been recorded nor have unrealized losses been recognized into income. The issuers of the securities are of high credit quality and have a history of no credit losses, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments. 

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The following table presents gross realized gains and losses associated with our securities available for sale portfolio for the noted periods. Realized losses for the year ended December 31, 2024, relate primarily to the strategic repositioning completed in the third and fourth quarters of 2024.Year ended December 31,Dollars in millions202420232022Securities available for saleRealized gains$— $4 $— Realized (losses)(1,863)(8)— At December 31, 2024, securities available-for-sale and held-to-maturity securities totaling $19.1 billion were pledged to secure securities sold under repurchase agreements, to secure public and trust deposits, to facilitate access to secured funding, and for other purposes required or permitted by law.The following table shows securities by remaining maturity. CMOs, other mortgage-backed securities, and asset-backed securities in the available for sale portfolio and held-to-maturity portfolio are presented based on their expected average lives. The remaining securities, in both the available-for