Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 245

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 245
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 is our primary source of funding. At December 31, 2024, our deposits totaled $149.8 billion, an increase of $4.2 billion, compared to December 31, 2023. The increase reflects our durable relationship-based business model, in addition to changing client behavior as a result of higher interest rates.

Uninsured deposits totaled $64.4 billion and $61.5 billion at December 31, 2024 and December 31, 2023, respectively. Uninsured deposits are defined as the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit or similar state deposit insurance regimes and amounts in any other uninsured investment or deposit accounts that are classified as deposits and not subject to any federal or state deposit insurance regimes.

Figure 19 presents estimated uninsured deposits for the noted periods which reflect amounts disclosed in KeyBank’s Call Report adjusted for intercompany deposits, which are not customer facing and are eliminated in consolidation, and accrued interest.

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Figure 19. Estimated Uninsured Deposits

December 31,Dollars in billions20242023Uninsured deposits(a)$64.4 $61.5 Total deposits149.8 145.6 Uninsured % of Deposits43 %42 %(a) Intercompany deposits and accrued interest excluded from uninsured deposits$12.4 $9.5 

As of December 31, 2024 and December 31, 2023, approximately $12.3 billion and $13.1 billion, respectively, of uninsured deposits were collateralized by government-backed securities. 

Figure 20 presents the maturity distribution of estimated uninsured time deposits.

Figure 20. Maturity Distribution of Uninsured Time Deposit Amounts 

December 31,Dollars in millions20242023Remaining maturity:Three months or less$575 $480 After three through six months582 324 After six through twelve months220 353 After twelve months77 52 Total$1,454 $1,209 

Wholesale funds, consisting of short-term borrowings and long-term debt, totaled $14.2 billion at December 31, 2024, compared to $22.6 billion at December 31, 2023. The decrease reflects our balance sheet optimization efforts, which reduced our need for wholesale borrowings. For more information regarding our wholesale funds, see Item 7. Management’s Discussion & Analysis