Company: KEY-PI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000091576-25-000058
Chunk: 164

Company: KEYCORP /NEW/
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 164
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 fair value hedges is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging” beginning on page 115 of our 2024 Form 10-K.Discontinued assets — education lending business. Our discontinued assets include government-guaranteed and private education loans originated through our education lending business that was discontinued in September 2009. This portfolio consists of loans recorded at carrying value with appropriate valuation reserves. All of these loans were excluded from the table above as follows: •Loans at carrying value, net of allowance, of $243 million ($181 million at fair value) at March 31, 2025, and $257 million ($192 million at fair value) at December 31, 2024.These loans and securities are classified as Level 3 because we rely on unobservable inputs when determining fair value since observable market data is not available.

6. Securities The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change.  March 31, 2025December 31, 2024Dollars in millionsAmortizedCost (a)(b)Gross Unrealized GainsGross Unrealized LossesFairValueAmortizedCost (a)(b)Gross Unrealized GainsGross Unrealized LossesFairValueSECURITIES AVAILABLE FOR SALEU.S. Treasury, agencies, and corporations$8,347 $47 $32 $8,362 $8,928 $20 $44 $8,904 Agency residential collateralized mortgage obligations11,135 6 2,010 9,131 11,409 8 2,193 9,224 Agency residential mortgage-backed securities19,597 58 678 18,977 16,038 3 872 15,169 Agency commercial mortgage-backed securities 4,707 — 426 4,281 4,927 — 517 4,410 Total securities available for sale $43,786 $111 $3,146 $40,751 $41,302 $