Company: KEY-PI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000091576-25-000058
Chunk: 20

Company: KEYCORP /NEW/
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 20
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 first quarter of 2024

•Average loans and leases decreased $3.1 billion, or 7.8%, from the first quarter of 2024, driven by broad-based declines across all loan categories 

•Average deposits increased $4.2 billion, or 5.0%, from the first quarter of 2024, driven by growth in money market deposits and certificates of deposit

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•Provision for credit losses increased $45 million compared to the first quarter of 2024, primarily driven by changes in reserve levels due to uncertainty in the economic outlook and higher net loan charge-offs

•Noninterest income increased $1 million, or 0.4%, from the first quarter of 2024, driven by an increase in trust and investment services stemming from higher assets under management

•Noninterest expense decreased $28 million, or 4.0%, from the first quarter of 2024, primarily driven by a FDIC special assessment charge in the first quarter of 2024

Commercial Bank

Summary of operations

•Net income attributable to Key of $321 million for the first quarter of 2025, compared to $205 million for the year-ago quarter

•Taxable-equivalent net interest income increased by $137 million, compared to the first quarter of 2024

•Average loan and lease balances decreased $3.6 billion, compared to the first quarter of 2024, driven by a decline in commercial real estate loans and commercial and industrial loans

•Average deposit balances increased $1.1 billion, or 2.0%, compared to the first quarter of 2024, driven by our focus on growing deposits across our commercial businesses

•Provision for credit losses decreased $27 million compared to the first quarter of 2024, driven by a lower reserve build due to slowing asset quality migration, which was partly offset by the impact of uncertainty in the economic outlook and higher net loan charge-offs 

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•Noninterest income increased $7 million from the first quarter of 2024, primarily driven by an increase in commercial mortgage servicing fees and service charges on deposit accounts

•Noninterest expense increased $20 million compared the first quarter of 2024, driven by higher personnel expense attributable to higher incentive compensation

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Financial Condition

Loans and loans held for sale

Figure 7. Breakdown of Loans at March 31, 2025 

(a)See Note 3 (“Loan Portfolio”) in Item 1. Financial Statements of this