Company: KEY-PI
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0000091576-25-000110
Chunk: 67

Company: KEYCORP /NEW/
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 67
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, or require us to exercise judgment and to make assumptions and estimates that affect 

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amounts reported in the financial statements. Because these assumptions and estimates are based on current circumstances, they may prove to be inaccurate, or we may find it necessary to change them. 

We rely heavily on the use of judgment, assumptions, and estimates to make a number of core decisions, including accounting for the ALLL; contingent liabilities, guarantees and income taxes; derivatives and related hedging activities; and assets and liabilities that involve valuation methodologies. In addition, we may employ outside valuation experts to assist us in determining fair values of certain assets and liabilities. A brief discussion of each of these areas appears on pages 92 through 97 of our 2024 Form 10-K. During the three months ended June 30, 2025, we did not significantly alter the manner in which we applied our critical accounting policies or developed related assumptions and estimates. 

Accounting and Reporting Developments

Accounting Guidance Pending Adoption at June 30, 2025

StandardRequired Adoption DescriptionEffect on Financial Statements or Other Significant MattersASU 2024-03 and ASU 2025-01Income Statement—ReportingComprehensiveIncome—ExpenseDisaggregationDisclosures (Topic220-40)January 1, 2027Early adoption is permitted.The guidance requires public companies disclose additional information about certain types of costs and expenses.The guidance could be applied on a prospective or retrospective basis.The guidance is not expected to have a material impact on Key’s disclosures.

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Item 1. Financial Statements

Consolidated Balance Sheets

Dollars in millions, except per share dataJune 30,2025December 31,2024 (Unaudited) ASSETSCash and due from banks$1,766 $1,743 Short-term investments11,564 17,504 Trading account assets1,374 1,283 Securities available for sale40,669 37,707 Held-to-maturity securities (fair value: $6,519 and $6,837)6,914 7,395 Other investments1,058 1,041 Loans, net of unearned income of $291 and $311106,389 104,260 Less: Allowance for loan and lease losses(1,446)(1,409)Net loans104,943 102,851 Loans held for sale (a)530 797 Premises and equipment599