Company: KEY-PI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000091576-25-000058
Chunk: 31

Company: KEYCORP /NEW/
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 31
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.87 %3.66 %— Weighted-average maturity1.7 years8.3 years9.4 years6.9 years7.4 years— December 31, 2024Fair value$8,904 $9,224 $15,169 $4,410 $37,707 Amortized cost8,928 11,409 16,038 4,927 41,302 3.48 %

(a)Maturity is based upon expected average lives rather than contractual terms.

(b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $71 million and $(6) million as of March 31, 2025 and March 31, 2024, respectively. The securities being hedged are primarily U.S Treasuries, Agency RMBS, and Agency CMBS.

(c)Weighted-average yields are calculated based on amortized cost. Such yields have been adjusted to a TE basis using the statutory federal income tax rate in effect that calendar year.

Held-to-maturity securities

The majority of our held-to-maturity portfolio consists of Federal agency CMOs and mortgage-backed securities. This portfolio is also comprised of asset-backed securities and foreign bonds. Figure 15 shows the composition, yields, and remaining maturities of these securities.

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Figure 15. Held-to-Maturity Securities 

Dollars in millionsAgency Residential Collateralized Mortgage Obligations (a)Agency Residential Mortgage-backed Securities(a)Agency Commercial Mortgage-backed Securities(a)Asset-backed securitiesOtherSecuritiesTotalWeighted-Average Yield(b)March 31, 2025Remaining maturity:One year or less$29 $— $38 $2 $8 $77 2.55 %After one through five years1,058 98 1,195 232 16 2,599 3.02 After five through ten years2,421 7 210 2 — 2,640 3.68 After ten years944 43 857 — — 1,844 3.78 Amortized cost$4,452 $148 $2,300 $236 $24 $7,160 3.45 %Fair value$4,213 $133 $2,130 $231 $23