Company: KEY-PI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048757
Chunk: 33

Company: KEYCORP /NEW/
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 33
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45.1 billion at December 31, 2024. Available-for-sale securities were $40.5 billion at September 30, 2025, compared to $37.7 billion at December 31, 2024. Held-to-maturity securities were $7.5 billion at September 30, 2025, and $7.4 billion at December 31, 2024.

As shown in Figure 13, all of our mortgage-backed securities, which include both securities available for sale and held-to-maturity securities, are issued by government-sponsored enterprises or GNMA, and are traded in liquid secondary markets. These securities are recorded on the balance sheet at fair value for the available-for-sale portfolio and at amortized cost for the held-to-maturity portfolio. For more information about these securities, refer to our 2024 Form 10-K within Note 1 (“Summary of Significant Accounting Policies”) under the heading “Securities” and Note 6 (“Fair Value Measurements”) under the heading “Qualitative Disclosures of Valuation Techniques.” Additionally refer to Note 6 (“Securities”) within this report.

Figure 13. Mortgage-Backed Securities by Issuer

Dollars in millionsSeptember 30, 2025December 31, 2024FHLMC & FNMA$16,566 $14,291 GNMA23,045 21,573 Total (a)$39,611 $35,864 

(a) Includes securities in the available-for-sale portfolio recorded at fair value and securities in the held-to-maturity portfolio recorded at amortized cost.

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Securities available for sale

The majority of our securities available-for-sale portfolio consists of federal agency mortgage-backed securities and CMOs. CMOs are debt securities secured by a pool of mortgages or mortgage-backed securities. 

Figure 14 shows the composition, yields, and remaining maturities of our securities available for sale. For more information about these securities, including gross unrealized gains and losses by type of security and securities pledged, see Note 6 (“Securities”). 

Figure 14. Securities Available for Sale

Dollars in millionsU.S. Treasury, Agencies, and CorporationsAgency Residential Collateralized Mortgage Obligations(a)Agency Residential Mortgage-backed Securities(a)Agency Commercial Mortgage-backed Securities(a)TotalWeighted-Average Yield(c)September 30, 2025Remaining maturity:One year or less$2,799 $3 $3