# EDGAR Filing Document

**Accession Number:** 0000091576
**File Stem:** 0000091576-23-000013
**Filing Date:** 2023-1
**Character Count:** 137101
**Document Hash:** 426119d7942a1fb947baf4e2f021986d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000091576-23-000013.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0000091576-23-000013

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20230119

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KEYCORP /NEW/
- **CENTRAL INDEX KEY:** 0000091576
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 346542451
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11302
- **FILM NUMBER:** 23535909

**BUSINESS ADDRESS:**
- **STREET 1:** 127 PUBLIC SQ
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44114-1306
- **BUSINESS PHONE:** 2166896300

**MAIL ADDRESS:**
- **STREET 1:** 127 PUBLIC SQ
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44114-1306

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" ? key-20230119

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**<br> **of the Securities Exchange Act of 1934**<br>

**Date of Report (Date of earliest event reported): January 19, 2023** 

**KeyCorp**![key-20230119_g1.jpg](key-20230119_g1.jpg)

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Ohio** | **001-11302** | **34-6542451** |
| **State or other jurisdiction of incorporation or organization:** | **Commission File Number** | **I.R.S. Employer Identification Number:** |

---

---

| | | | |
|:---|:---|:---|:---|
| **127 Public Square,** | **Cleveland,** | **Ohio** | **44114-1306** |
| **Address of principal executive offices:** | **Address of principal executive offices:** | **Address of principal executive offices:** | **Zip Code:** |

---

**(216) 689-3000** 

**Registrant's telephone number, including area code:**

---

| | |
|:---|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities Registered Pursuant to Section 12(b) of the Act:

------

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Shares, $1 par value | KEY | New York Stock Exchange |
| Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E) | KEY PrI | New York Stock Exchange |
| Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F) | KEY PrJ | New York Stock Exchange |
| Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G) | KEY PrK | New York Stock Exchange |
| Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Reset Perpetual Non-Cumulative Preferred Stock, Series H) | KEY PrL | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 &nbsp;&nbsp;&nbsp;&nbsp;<u>Results of Operations and Financial Condition</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;On January 19, 2023, KeyCorp issued a press release announcing its financial results for the three- and twelve-month period ended December 31, 2022 (the "Press Release"), and posted on its website its fourth quarter 2022 Supplemental Information Package (the "Supplemental Information Package"). The Press Release and Supplemental Information Package are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in the preceding paragraph, as well as Exhibit 99.1 and Exhibit 99.2 referenced therein, shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act").

&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp's Consolidated Balance Sheets and Consolidated Statements of Income (collectively, the "Financial Statements"), included as part of the Press Release, are filed as Exhibit 99.3 to this report. Exhibit 99.3 is deemed "filed" for purposes of Section 18 of the Exchange Act and, therefore, may be incorporated by reference in filings under the Securities Act.

**Item 9.01 &nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Statements and Exhibits</u>.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits</u>

The following exhibits are furnished, or filed in the case of Exhibit 99.3, herewith:

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release, dated January 19, 2023, announcing financial results for the three-month and twelve-month periods ended December 31, 2022](a4q22earningsrelease.htm)</u>

99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Supplemental Information Package reviewed during the conference call and webcast.](a4q22confcallslidesvf.htm)</u>

99.3&nbsp;&nbsp;&nbsp;&nbsp;<u>[Financial Statements.](a4q22erex993.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document).

------

---

| | |
|:---|:---|
| **SIGNATURE** | **SIGNATURE** |
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
|  | KEYCORP |
|  | (Registrant) |
| Date: January 19, 2023 | /s/ Douglas M. Schosser |
|  | By: Douglas M. Schosser |
|  | Chief Accounting Officer |

---

## Exhibit 99.1

![keylogoicononlyrgba01.jpg](keylogoicononlyrgba01.jpg)

**KEYCORP REPORTS FOURTH QUARTER 2022 NET INCOME OF $356 MILLION,** 

**OR $.38 PER DILUTED COMMON SHARE**

**Results reflect provision for credit losses of $265 million, which exceeded net charge-offs by $224 million, or $.20 per share**

**Loan and deposit growth across commercial and consumer businesses**

**Solid credit quality with net charge-offs to average loans of 14 basis points**

**Annual positive operating leverage for the ninth time in the last ten years**

&nbsp;&nbsp;&nbsp;&nbsp;CLEVELAND, January 19, 2023 - KeyCorp (NYSE: KEY) today announced net income from continuing operations attributable to Key common shareholders of $356 million, or $.38 per diluted common share for the fourth quarter of 2022. This compared to $513 million, or $.55 per diluted common share, for the third quarter of 2022 and $601 million, or $.64 per diluted common share, for the fourth quarter of 2021.

![quotescreenshotv8.jpg](quotescreenshotv8.jpg)

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 2**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected Financial Highlights** | | | | | |
| *Dollars in millions, except per share data* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| Income (loss) from continuing operations attributable to Key common shareholders | $**356** | $513 | $601 | (30.6)% | (40.8)% |
| Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution | **.38** | .55 | .64 | (30.9) | (40.6) |
| Return on average tangible common equity from continuing operations <sup>(a)</sup> | **18.07%** | 21.19% | 18.69% | N/A | N/A |
| Return on average total assets from continuing operations | **.83** | 1.14 | 1.34 | N/A | N/A |
| Common Equity Tier 1 ratio <sup>(b)</sup> | **9.1** | 9.1 | 9.5 | N/A | N/A |
| Book value at period end | $**11.79** | $11.62 | $16.76 | 1.5 | (29.7) |
| Net interest margin (TE) from continuing operations | **2.73%** | 2.74% | 2.44% | N/A | N/A |

---

(a)The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "Return on average tangible common equity from continuing operations." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

(b)December 31, 2022 ratio is estimated.

TE = Taxable Equivalent, N/A = Not Applicable

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INCOME STATEMENT HIGHLIGHTS** | | | | | |
| **Revenue** | | | | | |
| *Dollars in millions* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| Net interest income (TE) | $**1227** | $1203 | $1038 | 2.0% | 18.2% |
| Noninterest income | **671** | 683 | 909 | (1.8) | (26.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $**1898** | $1886 | $1947 | .6% | (2.5)% |

---

TE = Taxable Equivalent

Taxable-equivalent net interest income was $1.2 billion for the fourth quarter of 2022 and the net interest margin was 2.73%. Compared to the fourth quarter of 2021, net interest income increased $189 million and the net interest margin increased by 29 basis points. Net interest income and net interest margin benefited from higher earning asset balances and higher interest rates. Net interest income and the net interest margin were negatively impacted by higher interest-bearing deposit costs and lower loan fees from the Paycheck Protection Program ("PPP").

Compared to the third quarter of 2022, taxable-equivalent net interest income increased by $24 million, while the net interest margin decreased by one basis point. Both net interest income and the net interest margin reflect the impact of strong loan growth and higher interest rates, offset by higher interest-bearing deposit costs, and a shift in funding mix.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Noninterest Income** | | | | | |
| *Dollars in millions* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| Trust and investment services income | $**126** | $127 | $135 | (.8)% | (6.7)% |
| Investment banking and debt placement fees | **172** | 154 | 323 | 11.7 | (46.7) |
| Service charges on deposit accounts | **71** | 92 | 90 | (22.8) | (21.1) |
| Operating lease income and other leasing gains | **24** | 19 | 37 | 26.3 | (35.1) |
| Corporate services income | **89** | 96 | 76 | (7.3) | 17.1 |
| Cards and payments income | **85** | 91 | 86 | (6.6) | (1.2) |
| Corporate-owned life insurance income | **33** | 33 | 34 |  | (2.9) |
| Consumer mortgage income | **9** | 14 | 25 | (35.7) | (64.0) |
| Commercial mortgage servicing fees | **42** | 44 | 48 | (4.5) | (12.5) |
| Other income | **20** | 13 | 55 | 53.8 | (63.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $**671** | $683 | $909 | (1.8)% | (26.2)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 3**

&nbsp;&nbsp;&nbsp;&nbsp;Compared to the fourth quarter of 2021, noninterest income decreased by $238 million. The decrease was largely driven by investment banking and debt placement fees, down $151 million, reflecting a slowdown in capital markets activity. Other income decreased $35 million as a result of market-related gains in the year-ago period. Service charges on deposit accounts decreased $19 million, primarily reflecting a planned reduction in overdraft and non sufficient funds fees. The decline also reflected lower account analysis fees related to the interest rate environment. Additionally, consumer mortgage income decreased $16 million, reflecting lower saleable volume and gain on sale margins, while operating lease income decreased $13 million, reflecting a continued decline in operating lease balances. Trust and investment services income decreased $9 million, primarily reflecting the decline in the equity markets. Partially offsetting the decrease was an increase in corporate services income of $13 million, primarily reflecting higher derivatives income.

Compared to the third quarter of 2022, noninterest income decreased by $12 million. The decline was driven partly by service charges on deposit accounts, which decreased $21 million, primarily reflecting a planned reduction in overdraft and non sufficient funds fees. It was also driven by corporate services income, which decreased $7 million, primarily reflecting a valuation adjustment benefit in the prior quarter. Partially offsetting the decline was an increase in investment banking and debt placement fees of $18 million due to seasonality.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Noninterest Expense** | | | | | |
| *Dollars in millions* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| Personnel expense | $**674** | $655 | $674 | 2.9% | —% |
| Nonpersonnel expense | **482** | 451 | 496 | 6.9 | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $**1156** | $1106 | $1170 | 4.5% | (1.2)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;Key's noninterest expense was $1.2 billion for the fourth quarter of 2022, a decrease of $14 million from the year-ago period. The decline was driven by a decrease of $14 million in nonpersonnel expense reflecting lower professional fees and operating lease expenses, down $10 million and $9 million, respectively. Personnel expense remained flat compared to the year-ago period, reflecting higher salaries and employee benefits, offset by lower incentive and stock based compensation.

&nbsp;&nbsp;&nbsp;&nbsp;Compared to the third quarter of 2022, noninterest expense increased $50 million. The increase was primarily driven by nonpersonnel expense, which increased $31 million, reflecting a $17 million increase in other expense related primarily to a pension settlement charge and a $13 million increase in professional fees. Personnel expense was also up $19 million, reflecting lower deferred costs from slower loan originations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BALANCE SHEET HIGHLIGHTS** | | | | | |
| **Average Loans** | | | | | |
| *Dollars in millions* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| Commercial and industrial <sup>(a)</sup> | $**58212** | $56151 | $49510 | 3.7% | 17.6% |
| Other commercial loans | **22720** | 22200 | 19743 | 2.3 | 15.1 |
| Total consumer loans | **36770** | 36067 | 30144 | 1.9 | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | $**117702** | $114418 | $99397 | 2.9% | 18.4% |

---

(a)Commercial and industrial average loan balances include $171 million, $162 million, and $141 million of assets from commercial credit cards at December 31, 2022, September 30, 2022, and December 31, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;

Average loans were $117.7 billion for the fourth quarter of 2022, an increase of $18.3 billion compared to the fourth quarter of 2021. Commercial loans increased by $11.7 billion, reflecting core commercial and industrial loan growth and an increase in commercial mortgage real estate loans, which mitigated the impact of a $2.2 billion decline in PPP balances. Consumer loans increased $6.6 billion, largely driven by Key's consumer mortgage business and student loan originations from Laurel Road.

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 4**

Compared to the third quarter of 2022, average loans increased by $3.3 billion. Commercial loans increased $2.6 billion, reflecting growth in commercial and industrial loans and commercial mortgage real estate loans. Consumer loans increased $703 million, driven by Key's consumer mortgage business.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Deposits** | | | | | |
| *Dollars in millions* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| Non-time deposits | $**139558** | $140169 | $146979 | (.4)% | (5.0)% |
| Certificates of deposit ($100,000 or more) | **1351** | 1347 | 1793 | .3 | (24.7) |
| Other time deposits | **4757** | 2713 | 2233 | 75.3 | 113.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $**145666** | $144229 | $151005 | 1.0% | (3.5)% |
| &nbsp;&nbsp;Cost of total deposits | **.51%** | .16% | .04% | N/A | N/A |

---

N/A = Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;Average deposits totaled $145.7 billion for the fourth quarter of 2022, a decrease of $5.3 billion compared to the year-ago quarter. The decrease reflects declines in non-operating commercial deposit balances and retail balances.

Compared to the third quarter of 2022, average deposits increased by $1.4 billion, reflecting higher commercial balances, and a shift in mix from noninterest-bearing to interest-bearing balances, partly offset by declines in retail balances.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASSET QUALITY** | | | | | |
| *Dollars in millions* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| Net loan charge-offs | $**41** | $43 | $19 | (4.7)% | 115.8% |
| Net loan charge-offs to average total loans | **.14%** | .15% | .08% | N/A | N/A |
| Nonperforming loans at period end | $**387** | $390 | $454 | (.8) | (14.8) |
| Nonperforming assets at period end | **420** | 419 | 489 | .2 | (14.1) |
| Allowance for loan and lease losses | **1337** | 1144 | 1061 | 16.9 | 26.0 |
| Allowance for credit losses | **1562** | 1338 | 1221 | 16.7 | 27.9 |
| Provision for credit losses | **265** | 109 | 4 | 143.1 | N/M |
| Allowance for loan and lease losses to nonperforming loans | **345%** | 293% | 234% | N/A | N/A |
| Allowance for credit losses to nonperforming loans | **404** | 343 | 269 | N/A | N/A |

---

N/A = Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;Key's provision for credit losses was $265 million, compared to $4 million in the fourth quarter of 2021 and provision of $109 million in the third quarter of 2022. The increase from prior periods primarily reflects the change in the economic outlook as well as growth in loans.

&nbsp;&nbsp;&nbsp;&nbsp;Net loan charge-offs for the fourth quarter of 2022 totaled $41 million, or 0.14% of average total loans. These results compare to $19 million, or 0.08%, for the fourth quarter of 2021 and $43 million, or 0.15%, for the third quarter of 2022. Key's allowance for credit losses was $1.6 billion, or 1.31% of total period-end loans at December 31, 2022, compared to 1.20% at December 31, 2021, and 1.15% at September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, Key's nonperforming loans totaled $387 million, which represented 0.32% of period-end portfolio loans. These results compare to 0.45% at December 31, 2021, and 0.34% at September 30, 2022. Nonperforming assets at December 31, 2022, totaled $420 million, and represented 0.35% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.48% at December 31, 2021, and 0.36% at September 30, 2022.

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 5**

**CAPITAL**

Key's estimated risk-based capital ratios included in the following table continued to exceed all "well-capitalized" regulatory benchmarks at December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Capital Ratios** | | | |
| |<br>**12/31/2022** |<br>**9/30/2022** |<br>**12/31/2021** |
| Common Equity Tier 1 <sup>(a)</sup> | **9.1%** | 9.1% | 9.5% |
| Tier 1 risk-based capital <sup>(a)</sup> | **10.6** | 10.7 | 10.8 |
| Total risk-based capital <sup>(a)</sup> | **12.8** | 12.7 | 12.5 |
| Tangible common equity to tangible assets <sup>(b)</sup> | **4.4** | 4.3 | 6.9 |
| Leverage <sup>(a)</sup> | **8.9** | 8.9 | 8.5 |

---

(a)December 31, 2022 ratio is estimated and reflects Key's election to adopt the CECL optional transition provision.

(b)The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "tangible common equity." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

Key's capital position remained strong in the fourth quarter of 2022. As shown in the preceding table, at December 31, 2022, Key's estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 9.1% and 10.6%, respectively. Key's tangible common equity ratio increased ten basis points to 4.4% at December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;Key elected the CECL phase-in option provided by regulatory guidance which delayed for two years the estimated impact of CECL on regulatory capital and phases it in over three years beginning in 2022. Effective for the first quarter 2022, Key is now in the three-year transition period. On a fully phased-in basis, Key's Common Equity Tier 1 ratio would be reduced by 12 basis points.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Changes in Common Shares Outstanding** | **Summary of Changes in Common Shares Outstanding** | **Summary of Changes in Common Shares Outstanding** | | | |
| *In thousands* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| Shares outstanding at beginning of period | **932938** | 932643 | 930544 | —% | .3% |
| Open market repurchases, repurchases under the accelerated repurchase program, and return of shares under employee compensation plans | **(2)** | (3) | (2482) | (33.3) | (99.9) |
| Shares issued under employee compensation plans (net of cancellations) | **389** | 298 | 788 | 30.5 | (50.6) |
| Shares outstanding at end of period | **933325** | 932938 | 928850 | —% | .5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;During the fourth quarter of 2022, Key declared a dividend of $.205 per common share, representing a 5% increase from the prior quarter. In the third quarter of 2022, the KeyCorp Board of Directors approved an extension of the remaining $790 million existing share repurchase authorization through the third quarter of 2023.

**LINE OF BUSINESS RESULTS** 

&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the contribution made by each major business segment to Key's taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. For more detailed financial information pertaining to each business segment, see the tables at the end of this release.

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 6**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Major Business Segments** | | | | | |
| *Dollars in millions* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| **<u>Revenue from continuing operations (TE)</u>** |  |  |  |  |  |
| Consumer Bank | $**900** | $891 | $839 | 1.0% | 7.3% |
| Commercial Bank | **928** | 889 | 1027 | 4.4 | (9.6) |
| Other <sup>(a)</sup> | **70** | 106 | 81 | (34.0) | (13.6) |
| Total | $**1898** | $1886 | $1947 | .6% | (2.5)% |
| **<u>Income (loss) from continuing operations attributable to Key</u>** |  |  |  |  |  |
| Consumer Bank | $**73** | $142 | $161 | (48.6)% | (54.7)% |
| Commercial Bank | **250** | 295 | 448 | (15.3) | (44.2) |
| Other <sup>(a)</sup> | **71** | 103 | 18 | (31.1) | 294.4 |
| Total | $**394** | $540 | $627 | (27.0)% | (37.2)% |

---

(a)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.

TE = Taxable Equivalent

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consumer Bank** | | | | | |
| *Dollars in millions* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| **Summary of operations** |  |  |  |  |  |
| Net interest income (TE) | $**674** | $632 | $570 | 6.6% | 18.2% |
| Noninterest income | **226** | 259 | 269 | (12.7) | (16.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue (TE) | **900** | 891 | 839 | 1.0 | 7.3 |
| Provision for credit losses | **105** | 37 | 14 | 183.8 | 650.0 |
| Noninterest expense | **699** | 667 | 613 | 4.8 | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes (TE) | **96** | 187 | 212 | (48.7) | (54.7) |
| Allocated income taxes (benefit) and TE adjustments | **23** | 45 | 51 | (48.9) | (54.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Key | $**73** | $142 | $161 | (48.6)% | (54.7)% |
| **Average balances** |  |  |  |  |  |
| Loans and leases | $**43149** | $42568 | $37841 | 1.4% | 14.0% |
| Total assets | **46214** | 45638 | 41072 | 1.3 | 12.5 |
| Deposits | **87243** | 90044 | 90385 | (3.1) | (3.5) |
| **Assets under management at period end** | $**51282** | $47846 | $55806 | 7.2% | (8.1)% |

---

TE = Taxable Equivalent

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 7**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Additional Consumer Bank Data** | | | | | |
| *Dollars in millions* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| **Noninterest income** |  |  |  |  |  |
| Trust and investment services income | $**97** | $99 | $107 | (2.0)% | (9.3)% |
| Service charges on deposit accounts | **40** | 56 | 55 | (28.6) | (27.3) |
| Cards and payments income | **62** | 64 | 64 | (3.1) | (3.1) |
| Consumer mortgage income | **9** | 13 | 26 | (30.8) | (65.4) |
| Other noninterest income | **18** | 27 | 17 | (33.3) | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $**226** | $259 | $269 | (12.7)% | (16.0)% |
| **Average deposit balances** |  |  |  |  |  |
| NOW and money market deposit accounts | $**54650** | $56696 | $57242 | (3.6)% | (4.5)% |
| Savings deposits | **7439** | 7556 | 6951 | (1.5) | 7.0 |
| Certificates of deposit ($100,000 or more) | **1227** | 1238 | 1669 | (.9) | (26.5) |
| Other time deposits | **1763** | 1838 | 2228 | (4.1) | (20.9) |
| Noninterest-bearing deposits | **22164** | 22716 | 22295 | (2.4) | (.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $**87243** | $90044 | $90385 | (3.1)% | (3.5)% |
| **Other data** |  |  |  |  |  |
| Branches | **972** | 976 | 999 |  |  |
| Automated teller machines | **1265** | 1270 | 1317 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

**Consumer Bank Summary of Operations (4Q22 vs. 4Q21)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Key's Consumer Bank recorded net income attributable to Key of $73 million for the fourth quarter of 2022, compared to $161 million for the year-ago quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taxable-equivalent net interest income increased by $104 million, or 18.2%, compared to the fourth quarter of 2021, driven by higher earning assets and interest rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average loans and leases increased $5.3 billion, or 14.0%, from the fourth quarter of 2021, driven by loan growth in consumer mortgage and Laurel Road, partly offset by a decline in home equity loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average deposits decreased $3.1 billion, or 3.5%, from the fourth quarter of 2021, driven by lower retail deposits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision for credit losses increased $91 million compared to the fourth quarter of 2021, due to an increase in the provision in the current quarter, reflecting the change in the economic outlook, as well as growth in the consumer loan portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noninterest income decreased $43 million from the year-ago quarter, driven by lower consumer mortgage income, reflecting lower saleable volume and gain on sale margins, lower service charges on deposit accounts reflecting a planned reduction in overdraft and non sufficient funds fees, and a decline in trust and investment services, reflecting lower equity markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noninterest expense increased $86 million, or 14.0%, from the year-ago quarter, primarily driven by continued investments in technology and cybersecurity capabilities

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 8**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Commercial Bank** | | | | | |
| *Dollars in millions* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| **Summary of operations** |  |  |  |  |  |
| Net interest income (TE) | $**521** | $495 | $415 | 5.3% | 25.5% |
| Noninterest income | **407** | 394 | 612 | 3.3 | (33.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue (TE) | **928** | 889 | 1027 | 4.4 | (9.6) |
| Provision for credit losses | **165** | 74 | (12) | 123.0 | N/M |
| Noninterest expense | **460** | 450 | 501 | 2.2 | (8.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes (TE) | **303** | 365 | 538 | (17.0) | (43.7) |
| Allocated income taxes and TE adjustments | **53** | 70 | 90 | (24.3) | (41.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Key | $**250** | $295 | $448 | (15.3)% | (44.2)% |
| **Average balances** |  |  |  |  |  |
| Loans and leases | $**74100** | $71464 | $61078 | 3.7% | 21.3% |
| Loans held for sale | **1377** | 1036 | 1962 | 32.9 | (29.8) |
| Total assets | **84614** | 81898 | 71581 | 3.3 | 18.2 |
| Deposits | **54385** | 52272 | 59423 | 4.0% | (8.5)% |

---

TE = Taxable Equivalent

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Additional Commercial Bank Data** | | | | | |
| *Dollars in millions* |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **4Q21** | **3Q22** | **4Q21** |
| **Noninterest income** |  |  |  |  |  |
| Trust and investment services income | $**30** | $29 | $29 | 3.4% | 3.4% |
| Investment banking and debt placement fees | **172** | 153 | 322 | 12.4 | (46.6) |
| Operating lease income and other leasing gains | **23** | 19 | 36 | 21.1 | (36.1) |
| Corporate services income | **81** | 89 | 68 | (9.0) | 19.1 |
| Service charges on deposit accounts | **30** | 36 | 34 | (16.7) | (11.8) |
| Cards and payments income | **19** | 19 | 26 |  | (26.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments and services income | **130** | 144 | 128 | (9.7) | 1.6 |
| Commercial mortgage servicing fees | **41** | 44 | 47 | (6.8) | (12.8) |
| Other noninterest income | **11** | 5 | 50 | 120.0 | (78.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $**407** | $394 | $612 | 3.3% | (33.5)% |

---

**Commercial Bank Summary of Operations (4Q22 vs. 4Q21)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Key's Commercial Bank recorded net income attributable to Key of $250 million for the fourth quarter of 2022 compared to $448 million for the year-ago quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taxable-equivalent net interest income increased by $106 million, or 25.5%, compared to the fourth quarter of 2021, reflecting growth in commercial and industrial loans and commercial real estate loans, as well as higher interest rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average loan and lease balances increased $13.0 billion, or 21.3%, compared to the fourth quarter of 2021, due to growth in commercial and industrial loans and commercial mortgage real estate loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average deposit balances decreased $5.0 billion compared to the fourth quarter of 2021, driven by a decline in non-operating deposits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision for credit losses increased $177 million compared to the fourth quarter of 2021, due to an increase in the provision in the current quarter, primarily reflecting the change in the economic outlook, as well as growth in the commercial loan portfolio and a reserve release in the year-ago period as uncertainty caused by the pandemic subsided

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noninterest income decreased $205 million from the year-ago quarter, primarily driven by lower investment banking and debt placement fees and market-related gains in the year-ago period, partially offset by an increase in corporate services income primarily reflecting higher derivatives income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noninterest expense decreased $41 million from the fourth quarter of 2021, primarily driven by lower incentive compensation and lower operating lease expense

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 9**

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $189.8 billion at December 31, 2022.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 10**

---

| | |
|:---|:---|
| **CONTACTS:** | |
| **ANALYSTS** | **MEDIA** |
| Vernon L. Patterson | Susan Donlan |
| 216.689.0520 | 216.471.3133 |
| Vernon_Patterson@KeyBank.com | Susan_E_Donlan@KeyBank.com |
| Adrienne Atkinson | Beth Strauss |
| 216.689.4030 | 216.471.2787 |
| Adrienne.Atkinson@key.com | Beth_A_Strauss@KeyBank.com |
| Halle A. Nichols | Twitter: @keybank |
| 216.471.2184 |  |
| Halle_A_Nichols@KeyBank.com |  |
| **INVESTOR RELATIONS:** | **KEY MEDIA NEWSROOM:** |
| **www.key.com/ir** | **www.key.com/newsroom** |

---

*This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as "goal," "objective," "plan," "expect," "assume," "anticipate," "intend," "project," "believe," "estimate," or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. Forward-looking statements, by their nature, are subject to assumptions, risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2021, as well as in KeyCorp's subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the "SEC") and are or will be available on Key's website (www.key.com/ir) and on the SEC's website (www.sec.gov). These factors may include, among others, deterioration of commercial real estate market fundamentals, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, and the impact of changes in the interest rate environment. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances.*

*Notes to Editors:*

*A live Internet broadcast of KeyCorp's conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts' questions can be accessed through the Investor Relations section at* ***<u>https://www.key.com/ir</u>*** *at 10:00 a.m. ET, on January 19, 2023. A replay of the call will be available through January 28, 2023.*

*For up-to-date company information, media contacts, and facts and figures about Key's lines of business, visit our Media Newsroom at* ***<u>https://www.key.com/newsroom</u>****.*

\*\*\*\*\*

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 11**

**KeyCorp**

**Fourth Quarter 2022** 

**Financial Supplement**

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <u>Page</u> |  |
| [12](#i7831e9067adf46538dffc3b1b5a17f51_85) | Financial Highlights |
| [14](#i7831e9067adf46538dffc3b1b5a17f51_91) | GAAP to Non-GAAP Reconciliation |
| [16](#i7831e9067adf46538dffc3b1b5a17f51_94) | Consolidated Balance Sheets |
| [17](#i7831e9067adf46538dffc3b1b5a17f51_97) | Consolidated Statements of Income |
| [18](#i7831e9067adf46538dffc3b1b5a17f51_100) | Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations |
| [20](#i7831e9067adf46538dffc3b1b5a17f51_106) | Noninterest Expense |
| [20](#i7831e9067adf46538dffc3b1b5a17f51_109) | Personnel Expense |
| [21](#i7831e9067adf46538dffc3b1b5a17f51_112) | Loan Composition |
| [21](#i7831e9067adf46538dffc3b1b5a17f51_115) | Loans Held for Sale Composition |
| [21](#i7831e9067adf46538dffc3b1b5a17f51_118) | Summary of Changes in Loans Held for Sale |
| [22](#i7831e9067adf46538dffc3b1b5a17f51_121) | Summary of Loan and Lease Loss Experience From Continuing Operations |
| [23](#i7831e9067adf46538dffc3b1b5a17f51_124) | Asset Quality Statistics From Continuing Operations |
| [23](#i7831e9067adf46538dffc3b1b5a17f51_127) | Summary of Nonperforming Assets and Past Due Loans From Continuing Operations |
| [23](#i7831e9067adf46538dffc3b1b5a17f51_130) | Summary of Changes in Nonperforming Loans From Continuing Operations |
| [24](#i7831e9067adf46538dffc3b1b5a17f51_133) | Line of Business Results |

---

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 12**

---

| | | | |
|:---|:---|:---|:---|
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
| (Dollars in millions, except per share amounts) | (Dollars in millions, except per share amounts) | (Dollars in millions, except per share amounts) | (Dollars in millions, except per share amounts) |
|  | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **12/31/2022** | **9/30/2022** | **12/31/2021** |
| **Summary of operations** |  |  |  |
| Net interest income (TE) | $**1227** | $1203 | $1038 |
| Noninterest income | **671** | 683 | 909 |
| Total revenue (TE) | **1898** | 1886 | 1947 |
| Provision for credit losses | **265** | 109 | 4 |
| Noninterest expense | **1156** | 1106 | 1170 |
| Income (loss) from continuing operations attributable to Key | **394** | 540 | 627 |
| Income (loss) from discontinued operations, net of taxes | **—** | 2 | 2 |
| Net income (loss) attributable to Key | **394** | 542 | 629 |
| Income (loss) from continuing operations attributable to Key common shareholders | **356** | 513 | 601 |
| Income (loss) from discontinued operations, net of taxes | **—** | 2 | 2 |
| Net income (loss) attributable to Key common shareholders | **356** | 515 | 603 |
| **Per common share** |  |  |  |
| Income (loss) from continuing operations attributable to Key common shareholders | $**.38** | $.55 | $.65 |
| Income (loss) from discontinued operations, net of taxes | **—** |  |  |
| Net income (loss) attributable to Key common shareholders <sup>(a)</sup> | **.38** | .55 | .65 |
| Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution | **.38** | .55 | .64 |
| Income (loss) from discontinued operations, net of taxes — assuming dilution | **—** |  |  |
| Net income (loss) attributable to Key common shareholders — assuming dilution <sup>(a)</sup> | **.38** | .55 | .64 |
| Cash dividends declared | **.205** | .195 | .195 |
| Book value at period end | **11.79** | 11.62 | 16.76 |
| Tangible book value at period end | **8.75** | 8.56 | 13.72 |
| Market price at period end | **17.42** | 16.02 | 23.13 |
| **Performance ratios** |  |  |  |
| **From continuing operations:** |  |  |  |
| Return on average total assets | **.83%** | 1.14% | 1.34% |
| Return on average common equity | **13.24** | 16.33 | 15.31 |
| Return on average tangible common equity <sup>(b)</sup> | **18.07** | 21.19 | 18.69 |
| Net interest margin (TE) | **2.73** | 2.74 | 2.44 |
| Cash efficiency ratio <sup>(b)</sup> | **60.3** | 58.0 | 59.4 |
| **From consolidated operations:** |  |  |  |
| Return on average total assets | **.82%** | 1.14% | 1.35% |
| Return on average common equity | **13.24** | 16.39 | 15.36 |
| Return on average tangible common equity <sup>(b)</sup> | **18.07** | 21.28 | 18.75 |
| Net interest margin (TE) | **2.73** | 2.73 | 2.44 |
| Loan to deposit <sup>(c)</sup> | **84.7** | 81.3 | 68.9 |
| **Capital ratios at period end** |  |  |  |
| Key shareholders' equity to assets | **7.1%** | 7.0% | 9.4% |
| Key common shareholders' equity to assets | **5.8** | 5.7 | 8.4 |
| Tangible common equity to tangible assets <sup>(b)</sup> | **4.4** | 4.3 | 6.9 |
| Common Equity Tier 1 <sup>(d)</sup> | **9.1** | 9.1 | 9.5 |
| Tier 1 risk-based capital <sup>(d)</sup> | **10.6** | 10.7 | 10.8 |
| Total risk-based capital <sup>(d)</sup> | **12.8** | 12.7 | 12.5 |
| Leverage <sup>(d)</sup> | **8.9** | 8.9 | 8.5 |
| **Asset quality — from continuing operations** |  |  |  |
| Net loan charge-offs | $**41** | $43 | $19 |
| Net loan charge-offs to average loans | **.14%** | .15% | .08% |
| Allowance for loan and lease losses | $**1337** | $1144 | $1061 |
| Allowance for credit losses | **1562** | 1338 | 1221 |
| Allowance for loan and lease losses to period-end loans | **1.12%** | .98% | 1.04% |
| Allowance for credit losses to period-end loans | **1.31** | 1.15 | 1.20 |
| Allowance for loan and lease losses to nonperforming loans | **345** | 293 | 234 |
| Allowance for credit losses to nonperforming loans | **404** | 343 | 269 |
| Nonperforming loans at period-end | $**387** | $390 | $454 |
| Nonperforming assets at period-end | **420** | 419 | 489 |
| Nonperforming loans to period-end portfolio loans | **.32%** | .34% | .45% |
| Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets | **.35** | .36 | .48 |
| **Trust assets** |  |  |  |
| Assets under management | $**51282** | $47846 | $55806 |
| **Other data** |  |  |  |
| Average full-time equivalent employees | **18210** | 17907 | 16797 |
| Branches | **972** | 976 | 999 |
| Taxable-equivalent adjustment | $**7** | $7 | $5 |

---

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 13**

---

| | | |
|:---|:---|:---|
| **Financial Highlights (continued)** | **Financial Highlights (continued)** | **Financial Highlights (continued)** |
| (Dollars in millions, except per share amounts) | (Dollars in millions, except per share amounts) | (Dollars in millions, except per share amounts) |
|  | **Twelve months ended** | **Twelve months ended** |
|  | **12/31/2022** | **12/31/2021** |
| **Summary of operations** |  |  |
| Net interest income (TE) | $**4554** | $4098 |
| Noninterest income | **2718** | 3194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue (TE) | **7272** | 7292 |
| Provision for credit losses | **502** | (418) |
| Noninterest expense | **4410** | 4429 |
| Income (loss) from continuing operations attributable to Key | **1911** | 2612 |
| Income (loss) from discontinued operations, net of taxes | **6** | 13 |
| Net income (loss) attributable to Key | **1917** | 2625 |
| Income (loss) from continuing operations attributable to Key common shareholders | **1793** | 2506 |
| Income (loss) from discontinued operations, net of taxes | **6** | 13 |
| Net income (loss) attributable to Key common shareholders | **1799** | 2519 |
| **Per common share** |  |  |
| Income (loss) from continuing operations attributable to Key common shareholders | $**1.94** | $2.64 |
| Income (loss) from discontinued operations, net of taxes | **.01** | .01 |
| Net income (loss) attributable to Key common shareholders <sup>(a)</sup> | **1.94** | 2.65 |
| Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution | **1.92** | 2.62 |
| Income (loss) from discontinued operations, net of taxes — assuming dilution | **.01** | .01 |
| Net income (loss) attributable to Key common shareholders — assuming dilution <sup>(a)</sup> | **1.93** | 2.63 |
| Cash dividends paid | **.79** | .75 |
| **Performance ratios** |  |  |
| From continuing operations: |  |  |
| Return on average total assets | **1.03%** | 1.46% |
| Return on average common equity | **14.21** | 15.90 |
| Return on average tangible common equity <sup>(b)</sup> | **18.34** | 19.37 |
| Net interest margin (TE) | **2.64** | 2.50 |
| Cash efficiency ratio <sup>(b)</sup> | **60.0** | 59.9 |
| From consolidated operations: |  |  |
| Return on average total assets | **1.03%** | 1.46% |
| Return on average common equity | **14.26** | 15.98 |
| Return on average tangible common equity <sup>(b)</sup> | **18.40** | 19.47 |
| Net interest margin (TE) | **2.63** | 2.50 |
| **Asset quality — from continuing operations** |  |  |
| Net loan charge-offs | $**161** | $184 |
| Net loan charge-offs to average total loans | **.14%** | .18% |
| **Other data** |  |  |
| Average full-time equivalent employees | **17660** | 16974 |
| Taxable-equivalent adjustment | $**27** | $27 |

---

(a)Earnings per share may not foot due to rounding.

(b)The following table entitled "GAAP to Non-GAAP Reconciliations" presents the computations of certain financial measures related to "tangible common equity" and "cash efficiency." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

(c)Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits.

(d)December 31, 2022, ratio is estimated and reflects Key's election to adopt the CECL optional transition provision.

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 14**

**GAAP to Non-GAAP Reconciliations**

(Dollars in millions)

The table below presents certain non-GAAP financial measures related to "tangible common equity," "return on average tangible common equity," "pre-provision net revenue," and "cash efficiency ratio."

The tangible common equity ratio and the return on average tangible common equity ratio have been a focus for some investors, and management believes these ratios may assist investors in analyzing Key's capital position without regard to the effects of intangible assets and preferred stock.

The table also shows the computation for pre-provision net revenue, which is not formally defined by GAAP. Management believes that eliminating the effects of the provision for credit losses makes it easier to analyze the results by presenting them on a more comparable basis.

The cash efficiency ratio is a ratio of two non-GAAP performance measures. As such, there is no directly comparable GAAP performance measure. The cash efficiency ratio performance measure removes the impact of Key's intangible asset amortization from the calculation. Management believes this ratio provides greater consistency and comparability between Key's results and those of its peer banks. Additionally, this ratio is used by analysts and investors as they develop earnings forecasts and peer bank analysis.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
| | **12/31/2022** | **9/30/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Tangible common equity to tangible assets at period-end** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Key shareholders' equity (GAAP) | $**13454** | $13290 | $17423 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Intangible assets <sup>(a)</sup> | **2844** | 2856 | 2820 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock <sup>(b)</sup> | **2446** | 2446 | 1856 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity (non-GAAP) | $**8164** | $7988 | $12747 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets (GAAP) | $**189813** | $190051 | $186346 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Intangible assets <sup>(a)</sup> | **2844** | 2856 | 2820 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible assets (non-GAAP) | $**186969** | $187195 | $183526 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity to tangible assets ratio (non-GAAP) | **4.37%** | 4.27% | 6.95% |  |  |
| **Pre-provision net revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income (GAAP) | $**1220** | $1196 | $1033 | $**4527** | $4071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Taxable-equivalent adjustment | **7** | 7 | 5 | **27** | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest income | **671** | 683 | 909 | **2718** | 3194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Noninterest expense | **1156** | 1106 | 1170 | **4410** | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-provision net revenue from continuing operations (non-GAAP) | $**742** | $780 | $777 | $**2862** | $2863 |
| **Average tangible common equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Key shareholders' equity (GAAP) | $**13168** | $14614 | $17471 | $**14730** | $17665 |
| &nbsp;&nbsp;&nbsp;Less: Intangible assets (average) <sup>(c)</sup> | **2851** | 2863 | 2814 | **2839** | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock (average) | **2500** | 2148 | 1900 | **2114** | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity (non-GAAP) | $**7817** | $9603 | $12757 | $**9777** | $12936 |
| **Return on average tangible common equity from continuing operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) from continuing operations attributable to Key common shareholders (GAAP) | $**356** | $513 | $601 | $**1793** | $2506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity (non-GAAP) | **7817** | 9603 | 12757 | **9777** | 12936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average tangible common equity from continuing operations (non-GAAP) | **18.07%** | 21.19% | 18.69% | **18.34%** | 19.37% |
| **Return on average tangible common equity consolidated** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Key common shareholders (GAAP) | $**356** | $515 | $603 | $**1799** | $2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity (non-GAAP) | **7817** | 9603 | 12757 | **9777** | 12936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average tangible common equity consolidated (non-GAAP) | **18.07%** | 21.28% | 18.75% | **18.40%** | 19.47% |

---

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 15**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **GAAP to Non-GAAP Reconciliations (continued)** | **GAAP to Non-GAAP Reconciliations (continued)** | **GAAP to Non-GAAP Reconciliations (continued)** | **GAAP to Non-GAAP Reconciliations (continued)** | **GAAP to Non-GAAP Reconciliations (continued)** | **GAAP to Non-GAAP Reconciliations (continued)** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **12/31/2022** | **9/30/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Cash efficiency ratio** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest expense (GAAP) | $**1156** | $1106 | $1170 | $**4410** | $4429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Intangible asset amortization | **12** | 12 | 14 | **47** | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted noninterest expense (non-GAAP) | $**1144** | $1094 | $1156 | $**4363** | $4371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income (GAAP) | $**1220** | $1196 | $1033 | $**4527** | $4071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Taxable-equivalent adjustment | **7** | 7 | 5 | **27** | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest income | **671** | 683 | 909 | **2718** | 3194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxable-equivalent revenue (non-GAAP) | $**1898** | $1886 | $1947 | $**7272** | $7292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash efficiency ratio (non-GAAP) | **60.3%** | 58.0% | 59.4% | **60.0%** | 59.9% |

---

(a)For the three months ended December 31, 2022, September 30, 2022, and December 31, 2021, intangible assets exclude $2 million, $2 million, and $3 million, respectively, of period-end purchased credit card receivables.

(b)Net of capital surplus.

(c)For the three months ended December 31, 2022, September 30, 2022, and December 31, 2021, average intangible assets exclude $2 million, $2 million, and $3 million, respectively, of average purchased credit card receivables. For the twelve months ended December 31, 2022, and December 31, 2021, average intangible assets exclude $2 million, and $4 million, respectively, of average purchased credit card receivables.

GAAP = U.S. generally accepted accounting principles

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 16**

---

| | | | |
|:---|:---|:---|:---|
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **12/31/2022** | **9/30/2022** | **12/31/2021** |
| **Assets** |  |  |  |
| Loans | $**119394** | $116191 | $101854 |
| Loans held for sale | **963** | 1048 | 2729 |
| Securities available for sale | **39117** | 40000 | 45364 |
| Held-to-maturity securities | **8710** | 8163 | 7539 |
| Trading account assets | **829** | 1068 | 701 |
| Short-term investments | **2432** | 4896 | 11010 |
| Other investments | **1308** | 1272 | 639 |
| Total earning assets | **172753** | 172638 | 169836 |
| Allowance for loan and lease losses | **(1337)** | (1144) | (1061) |
| Cash and due from banks | **887** | 717 | 913 |
| Premises and equipment | **636** | 629 | 681 |
| Goodwill | **2752** | 2752 | 2693 |
| Other intangible assets | **94** | 106 | 130 |
| Corporate-owned life insurance | **4369** | 4351 | 4327 |
| Accrued income and other assets | **9223** | 9535 | 8265 |
| Discontinued assets | **436** | 467 | 562 |
| **Total assets** | $**189813** | $190051 | $186346 |
| **Liabilities** |  |  |  |
| Deposits in domestic offices: |  |  |  |
| NOW and money market deposit accounts | $**86707** | $84168 | $89207 |
| Savings deposits | **7681** | 7860 | 7503 |
| Certificates of deposit ($100,000 or more) | **1708** | 1269 | 1705 |
| Other time deposits | **5665** | 4578 | 2153 |
| Total interest-bearing deposits | **101761** | 97875 | 100568 |
| Noninterest-bearing deposits | **40834** | 46980 | 52004 |
| Total deposits | **142595** | 144855 | 152572 |
| Federal funds purchased and securities sold under repurchase agreements | **4077** | 4224 | 173 |
| Bank notes and other short-term borrowings | **5386** | 4576 | 588 |
| Accrued expense and other liabilities | **4994** | 4849 | 3548 |
| Long-term debt | **19307** | 18257 | 12042 |
| **Total liabilities** | **176359** | 176761 | 168923 |
| **Equity** |  |  |  |
| Preferred stock | **2500** | 2500 | 1900 |
| Common shares | **1257** | 1257 | 1257 |
| Capital surplus | **6286** | 6257 | 6278 |
| Retained earnings | **15616** | 15450 | 14553 |
| Treasury stock, at cost | **(5910)** | (5917) | (5979) |
| Accumulated other comprehensive income (loss) | **(6295)** | (6257) | (586) |
| Key shareholders' equity | **13454** | 13290 | 17423 |
| **Total liabilities and equity** | $**189813** | $190051 | $186346 |
| Common shares outstanding (000) | **933325** | 932938 | 928850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 17**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** |
| (Dollars in millions, except per share amounts) | (Dollars in millions, except per share amounts) | (Dollars in millions, except per share amounts) | (Dollars in millions, except per share amounts) | (Dollars in millions, except per share amounts) | (Dollars in millions, except per share amounts) |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **12/31/2022** | **9/30/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Interest income** |  |  |  |  |  |
| Loans | $**1347** | $1134 | $873 | $**4241** | $3532 |
| Loans held for sale | **20** | 14 | 15 | **56** | 50 |
| Securities available for sale | **195** | 196 | 148 | **752** | 546 |
| Held-to-maturity securities | **64** | 55 | 52 | **213** | 185 |
| Trading account assets | **10** | 8 | 5 | **31** | 19 |
| Short-term investments | **48** | 32 | 8 | **97** | 28 |
| Other investments | **11** | 5 | 2 | **22** | 7 |
| Total interest income | **1695** | 1444 | 1103 | **5412** | 4367 |
| **Interest expense** |  |  |  |  |  |
| Deposits | **186** | 59 | 15 | **279** | 67 |
| Federal funds purchased and securities sold under repurchase agreements | **16** | 19 |  | **41** |  |
| Bank notes and other short-term borrowings | **54** | 24 | 2 | **90** | 8 |
| Long-term debt | **219** | 146 | 53 | **475** | 221 |
| Total interest expense | **475** | 248 | 70 | **885** | 296 |
| Net interest income | **1220** | 1196 | 1033 | **4527** | 4071 |
| Provision for credit losses | **265** | 109 | 4 | **502** | (418) |
| Net interest income after provision for credit losses | **955** | 1087 | 1029 | **4025** | 4489 |
| **Noninterest income** |  |  |  |  |  |
| Trust and investment services income | **126** | 127 | 135 | **526** | 530 |
| Investment banking and debt placement fees | **172** | 154 | 323 | **638** | 937 |
| Service charges on deposit accounts | **71** | 92 | 90 | **350** | 337 |
| Operating lease income and other leasing gains | **24** | 19 | 37 | **103** | 148 |
| Corporate services income | **89** | 96 | 76 | **372** | 288 |
| Cards and payments income | **85** | 91 | 86 | **341** | 415 |
| Corporate-owned life insurance income | **33** | 33 | 34 | **132** | 128 |
| Consumer mortgage income | **9** | 14 | 25 | **58** | 131 |
| Commercial mortgage servicing fees | **42** | 44 | 48 | **167** | 160 |
| Other income | **20** | 13 | 55 | **31** | 120 |
| Total noninterest income | **671** | 683 | 909 | **2718** | 3194 |
| **Noninterest expense** |  |  |  |  |  |
| Personnel | **674** | 655 | 674 | **2566** | 2561 |
| Net occupancy | **72** | 72 | 75 | **295** | 300 |
| Computer processing | **82** | 77 | 73 | **314** | 284 |
| Business services and professional fees | **60** | 47 | 70 | **212** | 227 |
| Equipment | **20** | 23 | 25 | **92** | 100 |
| Operating lease expense | **22** | 24 | 31 | **101** | 126 |
| Marketing | **31** | 30 | 37 | **123** | 126 |
| Other expense | **195** | 178 | 185 | **707** | 705 |
| Total noninterest expense | **1156** | 1106 | 1170 | **4410** | 4429 |
| Income (loss) from continuing operations before income taxes | **470** | 664 | 768 | **2333** | 3254 |
| Income taxes | **76** | 124 | 141 | **422** | 642 |
| Income (loss) from continuing operations | **394** | 540 | 627 | **1911** | 2612 |
| Income (loss) from discontinued operations, net of taxes | **—** | 2 | 2 | **6** | 13 |
| Net income (loss) | **394** | 542 | 629 | **1917** | 2625 |
| Net income (loss) attributable to Key | $**394** | $542 | $629 | $**1917** | 2625 |
| Income (loss) from continuing operations attributable to Key common shareholders | $**356** | $513 | $601 | $**1793** | $2506 |
| Net income (loss) attributable to Key common shareholders | **356** | 515 | 603 | **1799** | 2519 |
| **Per common share** |  |  |  |  |  |
| Income (loss) from continuing operations attributable to Key common shareholders | $**.38** | $.55 | $.65 | $**1.94** | $2.64 |
| Income (loss) from discontinued operations, net of taxes | **—** |  |  | **0.01** | .01 |
| Net income (loss) attributable to Key common shareholders <sup>(a)</sup> | **.38** | .55 | .65 | **1.94** | 2.65 |
| **Per common share — assuming dilution** |  |  |  |  |  |
| Income (loss) from continuing operations attributable to Key common shareholders | $**.38** | $.55 | $.64 | $**1.92** | $2.62 |
| Income (loss) from discontinued operations, net of taxes | **—** |  |  | **0.01** | .01 |
| Net income (loss) attributable to Key common shareholders <sup>(a)</sup> | **.38** | .55 | .64 | **1.93** | 2.63 |
| Cash dividends declared per common share | $**.205** | $.195 | $.195 | $**.790** | $.750 |
| Weighted-average common shares outstanding (000) | **924974** | 924594 | 922970 | **924363** | 947065 |
| Effect of common share options and other stock awards | **8750** | 7861 | 11758 | **8696** | 10349 |
| Weighted-average common shares and potential common shares outstanding (000) <sup>(b)</sup> | **933724** | 932455 | 934729 | **933059** | 957414 |

---

(a)Earnings per share may not foot due to rounding.

(b)Assumes conversion of common share options and other stock awards, as applicable.

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 18**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Third Quarter 2022** | **Third Quarter 2022** | **Third Quarter 2022** | **Fourth Quarter 2021** | **Fourth Quarter 2021** | **Fourth Quarter 2021** |
|  | **Average** |  | **Yield/** | **Average** |  | **Yield/** | **Average** |  | **Yield/** |
|  | **Balance** | **Interest** <sup>(a)</sup> | **Rate** <sup>(a)</sup> | **Balance** | **Interest** <sup>(a)</sup> | **Rate** <sup>(a)</sup> | **Balance** | **Interest** <sup>(a)</sup> | **Rate** <sup>(a)</sup> |
| **Assets** |  |  |  |  |  |  |  |  |  |
| Loans: <sup>(b), (c)</sup> |  |  |  |  |  |  |  |  |  |
| Commercial and industrial <sup>(d)</sup> | $**58212** | $**712** | **4.85%** | $56151 | $578 | 4.09% | $49510 | $447 | 3.58% |
| Real estate — commercial mortgage | **16445** | **208** | **5.01** | 16002 | 168 | 4.18 | 13671 | 121 | 3.51 |
| Real estate — construction | **2450** | **35** | **5.70** | 2306 | 27 | 4.58 | 2119 | 19 | 3.50 |
| Commercial lease financing | **3825** | **26** | **2.71** | 3892 | 25 | 2.58 | 3953 | 26 | 2.57 |
| Total commercial loans | **80932** | **981** | **4.81** | 78351 | 798 | 4.05 | 69253 | 613 | 3.51 |
| Real estate — residential mortgage | **21128** | **164** | **3.11** | 20256 | 152 | 3.00 | 15017 | 102 | 2.72 |
| Home equity loans | **7890** | **103** | **5.18** | 8024 | 91 | 4.51 | 8603 | 79 | 3.64 |
| Consumer direct loans | **6713** | **75** | **4.45** | 6766 | 72 | 4.25 | 5509 | 60 | 4.33 |
| Credit cards | **993** | **31** | **12.61** | 969 | 28 | 11.63 | 941 | 24 | 10.13 |
| Consumer indirect loans | **46** | **—** | **—** | 52 |  |  | 74 |  |  |
| Total consumer loans | **36770** | **373** | **4.05** | 36067 | 343 | 3.80 | 30144 | 265 | 3.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | **117702** | **1354** | **4.57** | 114418 | 1141 | 3.97 | 99397 | 878 | 3.50 |
| Loans held for sale | **1421** | **20** | **5.63** | 1102 | 14 | 5.22 | 2202 | 15 | 2.83 |
| Securities available for sale <sup>(b), (e)</sup> | **39149** | **195** | **1.70** | 42271 | 196 | 1.69 | 42329 | 148 | 1.39 |
| Held-to-maturity securities <sup>(b)</sup> | **8278** | **64** | **3.07** | 7933 | 55 | 2.79 | 7991 | 52 | 2.61 |
| Trading account assets | **863** | **10** | **4.57** | 841 | 8 | 3.65 | 853 | 5 | 2.48 |
| Short-term investments | **3159** | **48** | **6.02** | 3043 | 32 | 4.13 | 15505 | 8 | .20 |
| Other investments <sup>(e)</sup> | **1294** | **11** | **3.15** | 1054 | 5 | 1.78 | 634 | 2 | 1.15 |
| Total earning assets | **171866** | **1702** | **3.79** | 170662 | 1451 | 3.30 | 168911 | 1108 | 2.60 |
| Allowance for loan and lease losses | **(1145)** |  |  | (1099) |  |  | (1081) |  |  |
| Accrued income and other assets | **18421** |  |  | 18629 |  |  | 17133 |  |  |
| Discontinued assets | **447** |  |  | 478 |  |  | 574 |  |  |
| &nbsp;&nbsp;**Total assets** | $**189589** |  |  | $188670 |  |  | $185537 |  |  |
| **Liabilities** |  |  |  |  |  |  |  |  |  |
| NOW and money market deposit accounts | $**85798** | $**154** | **.71%** | $83050 | $50 | .24% | $88110 | $11 | .05% |
| Savings deposits | **7795** | **1** | **.03** | 7904 |  | .01 | 7375 |  | .01 |
| Certificates of deposit ($100,000 or more) | **1351** | **3** | **.93** | 1347 | 2 | .47 | 1793 | 2 | .53 |
| Other time deposits | **4757** | **28** | **2.33** | 2713 | 7 | .97 | 2233 | 2 | .21 |
| Total interest-bearing deposits | **99701** | **186** | **.74** | 95014 | 59 | .25 | 99511 | 15 | .06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased and securities sold under repurchase agreements | **1752** | **16** | **3.52** | 3562 | 19 | 2.10 | 230 |  | .02 |
| Bank notes and other short-term borrowings | **5420** | **54** | **3.94** | 3725 | 24 | 2.53 | 789 | 2 | 1.45 |
| Long-term debt <sup>(f), (g)</sup> | **18351** | **219** | **4.77** | 17704 | 146 | 3.32 | 12159 | 53 | 1.74 |
| Total interest-bearing liabilities | **125224** | **475** | **1.50** | 120005 | 248 | .82 | 112689 | 70 | .25 |
| Noninterest-bearing deposits | **45965** |  |  | 49215 |  |  | 51494 |  |  |
| Accrued expense and other liabilities | **4785** |  |  | 4358 |  |  | 3309 |  |  |
| Discontinued liabilities <sup>(g)</sup> | **447** |  |  | 478 |  |  | 574 |  |  |
| &nbsp;&nbsp;**Total liabilities** | $**176421** |  |  | $174056 |  |  | $168066 |  |  |
| **Equity** |  |  |  |  |  |  |  |  |  |
| Key shareholders' equity | $**13168** |  |  | $14614 |  |  | $17471 |  |  |
| Noncontrolling interests | **—** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total equity** | **13168** |  |  | 14614 |  |  | 17471 |  |  |
| &nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**189589** |  |  | $188670 |  |  | $185537 |  |  |
| Interest rate spread (TE) |  |  | **2.28%** |  |  | 2.48% |  |  | 2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income (TE) and net interest margin (TE) |  | $**1227** | **2.73%** |  | $1203 | 2.74% |  | $1038 | 2.44% |
| TE adjustment <sup>(b)</sup> |  | **7** |  |  | 7 |  |  | 5 |  |
| Net interest income, GAAP basis |  | $**1220** |  |  | $1196 |  |  | $1033 |  |

---

(a)Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (g) below, calculated using a matched funds transfer pricing methodology.

(b)Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the three months ended December 31, 2022, September 30, 2022, and December 31, 2021.

(c)For purposes of these computations, nonaccrual loans are included in average loan balances.

(d)Commercial and industrial average balances include $171 million, $162 million, and $141 million of assets from commercial credit cards for the three months ended December 31, 2022, September 30, 2022, and December 31, 2021, respectively.

(e)Yield is calculated on the basis of amortized cost.

(f)Rate calculation excludes basis adjustments related to fair value hedges.

(g)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key's matched funds transfer pricing methodology to discontinued operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 19**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** | **Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Twelve months ended December 31, 2022** | **Twelve months ended December 31, 2022** | **Twelve months ended December 31, 2022** | **Twelve months ended December 31, 2021** | **Twelve months ended December 31, 2021** | **Twelve months ended December 31, 2021** |
|  | **Average** |  | **Yield/** | **Average** |  | **Yield/** |
|  | **Balance** | **Interest (a)** | **Rate (a)** | **Balance** | **Interest (a)** | **Rate (a)** |
| **Assets** |  |  |  |  |  |  |
| Loans: <sup>(b), (c)</sup> |  |  |  |  |  |  |
| Commercial and industrial <sup>(d)</sup> | $**54970** | $**2148** | **3.91%** | $50931 | $1795 | 3.52% |
| Real estate — commercial mortgage | **15572** | **633** | **4.07** | 13118 | 472 | 3.60 |
| Real estate — construction | **2229** | **99** | **4.44** | 2113 | 77 | 3.61 |
| Commercial lease financing | **3869** | **98** | **2.54** | 4019 | 114 | 2.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | **76640** | **2978** | **3.89** | 70181 | 2458 | 3.50 |
| Real estate — residential mortgage | **19036** | **559** | **2.94** | 12252 | 348 | 2.84 |
| Home equity loans | **8115** | **347** | **4.28** | 8967 | 336 | 3.74 |
| Consumer direct loans | **6490** | **277** | **4.27** | 5105 | 233 | 4.56 |
| Credit cards | **959** | **107** | **11.23** | 925 | 94 | 10.11 |
| Consumer indirect loans | **62** | **—** | **—** | 2839 | 90 | 3.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | **34662** | **1290** | **3.72** | 30088 | 1101 | 3.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | **111302** | **4268** | **3.84** | 100269 | 3559 | 3.55 |
| Loans held for sale | **1278** | **56** | **4.41** | 1700 | 50 | 2.96 |
| Securities available for sale <sup>(b), (e)</sup> | **42325** | **752** | **1.62** | 35765 | 546 | 1.53 |
| Held-to-maturity securities <sup>(b)</sup> | **7676** | **213** | **2.77** | 7035 | 185 | 2.63 |
| Trading account assets | **850** | **31** | **3.61** | 820 | 19 | 2.35 |
| Short-term investments | **4264** | **97** | **2.28** | 17529 | 28 | .16 |
| Other investments <sup>(e)</sup> | **952** | **22** | **2.26** | 621 | 7 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | **168647** | **5439** | **3.15** | 163739 | 4394 | 2.69 |
| Allowance for loan and lease losses | **(1101)** |  |  | (1340) |  |  |
| Accrued income and other assets | **18340** |  |  | 16520 |  |  |
| Discontinued assets | **492** |  |  | 632 |  |  |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**186378** |  |  | $179551 |  |  |
| **Liabilities** |  |  |  |  |  |  |
| NOW and money market deposit accounts | $**85673** | $**234** | **.27%** | $84736 | $41 | .05% |
| Savings deposits | **7798** | **1** | **.01** | 6893 | 1 | .02 |
| Certificates of deposit ($100,000 or more) | **1455** | **8** | **.56** | 2135 | 16 | .72 |
| Other time deposits | **2892** | **36** | **1.25** | 2540 | 9 | .37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | **97818** | **279** | **.29** | 96304 | 67 | .07 |
| Federal funds purchased and securities sold under repurchase agreements | **2107** | **41** | **1.93** | 239 |  | .02 |
| Bank notes and other short-term borrowings | **2963** | **90** | **3.02** | 770 | 8 | 1.08 |
| Long-term debt <sup>(f), (g)</sup> | **14915** | **475** | **3.19** | 12391 | 221 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | **117803** | **885** | **.75** | 109704 | 296 | .27 |
| Noninterest-bearing deposits | **49044** |  |  | 48731 |  |  |
| Accrued expense and other liabilities | **4309** |  |  | 2819 |  |  |
| Discontinued liabilities <sup>(g)</sup> | **492** |  |  | 632 |  |  |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | $**171648** |  |  | $161886 |  |  |
| **Equity** |  |  |  |  |  |  |
| Key shareholders' equity | $**14730** |  |  | $17665 |  |  |
| Noncontrolling interests | **—** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total equity** | **14730** |  |  | 17665 |  |  |
| &nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**186378** |  |  | $179551 |  |  |
| Interest rate spread (TE) |  |  | **2.40%** |  |  | 2.42% |
| Net interest income (TE) and net interest margin (TE) |  | $**4554** | **2.64%** |  | $4098 | 2.50% |
| TE adjustment <sup>(b)</sup> |  | **27** |  |  | 27 |  |
| Net interest income, GAAP basis |  | $**4527** |  |  | $4071 |  |

---

(a)Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (g) below, calculated using a matched funds transfer pricing methodology.

(b)Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the twelve months ended December 31, 2022, and December 31, 2021.

(c)For purposes of these computations, nonaccrual loans are included in average loan balances.

(d)Commercial and industrial average balances include $157 million and $134 million of assets from commercial credit cards for the twelve months ended December 31, 2022, and December 31, 2021, respectively.

(e)Yield is calculated on the basis of amortized cost.

(f)Rate calculation excludes basis adjustments related to fair value hedges.

(g)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key's matched funds transfer pricing methodology to discontinued operations.

TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 20**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **12/31/2022** | **9/30/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| Personnel <sup>(a)</sup> | $**674** | $655 | $674 | $**2566** | $2561 |
| Net occupancy | **72** | 72 | 75 | **295** | 300 |
| Computer processing | **82** | 77 | 73 | **314** | 284 |
| Business services and professional fees | **60** | 47 | 70 | **212** | 227 |
| Equipment | **20** | 23 | 25 | **92** | 100 |
| Operating lease expense | **22** | 24 | 31 | **101** | 126 |
| Marketing | **31** | 30 | 37 | **123** | 126 |
| Other expense | **195** | 178 | 185 | **707** | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $**1156** | $1106 | $1170 | $**4410** | $4429 |
| Average full-time equivalent employees <sup>(b)</sup> | **18210** | 17907 | 16797 | **17660** | 16974 |

---

(a)Additional detail provided in Personnel Expense table below.

(b)The number of average full-time equivalent employees has not been adjusted for discontinued operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Personnel Expense** | **Personnel Expense** | **Personnel Expense** | **Personnel Expense** | **Personnel Expense** | **Personnel Expense** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three months ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three months ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **12/31/2022** | **9/30/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| Salaries and contract labor | $**407** | $388 | $342 | $**1500** | $1311 |
| Incentive and stock-based compensation | **171** | 176 | 243 | **693** | 861 |
| Employee benefits | **94** | 89 | 89 | **363** | 388 |
| Severance | **2** | 2 |  | **10** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total personnel expense | $**674** | $655 | $674 | $**2566** | $2561 |

---

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 21**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loan Composition** | **Loan Composition** | **Loan Composition** | **Loan Composition** | **Loan Composition** | **Loan Composition** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  |  |  |  | **Change 12/31/2022 vs.** | **Change 12/31/2022 vs.** |
|  | **12/31/2022** | **9/30/2022** | **12/31/2021** | **9/30/2022** | **12/31/2021** |
| Commercial and industrial <sup>(a)</sup> | $**59647** | $56971 | $50525 | 4.7% | 18.1% |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage | **16352** | 16400 | 14244 | (.3) | 14.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | **2530** | 2349 | 1996 | 7.7 | 26.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | **18882** | 18749 | 16240 | .7 | 16.3 |
| Commercial lease financing <sup>(b)</sup> | **3936** | 3877 | 4071 | 1.5 | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | **82465** | 79597 | 70836 | 3.6 | 16.4 |
| Residential — prime loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — residential mortgage | **21401** | 20838 | 15756 | 2.7 | 35.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity loans | **7951** | 7926 | 8467 | .3 | (6.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential — prime loans | **29352** | 28764 | 24223 | 2.0 | 21.2 |
| Consumer direct loans | **6508** | 6803 | 5753 | (4.3) | 13.1 |
| Credit cards | **1026** | 977 | 972 | 5.0 | 5.6 |
| Consumer indirect loans | **43** | 50 | 70 | (14.0) | (38.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | **36929** | 36594 | 31018 | .9 | 19.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans <sup>(c), (d)</sup> | $**119394** | $116191 | $101854 | 2.8% | 17.2% |

---

(a)Loan balances include $172 million, $166 million, and $139 million of commercial credit card balances at December 31, 2022, September 30, 2022, and December 31, 2021, respectively.

(b)Commercial lease financing includes receivables held as collateral for a secured borrowing of $8 million, $10 million, and $16 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. Principal reductions are based on the cash payments received from these related receivables.

(c)Total loans exclude loans of $434 million at December 31, 2022, $467 million at September 30, 2022, and $567 million at December 31, 2021, related to the discontinued operations of the education lending business.

(d)Accrued interest of $417 million, $274 million, and $198 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively, presented in "other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loans Held for Sale Composition** | **Loans Held for Sale Composition** | **Loans Held for Sale Composition** | **Loans Held for Sale Composition** | **Loans Held for Sale Composition** | **Loans Held for Sale Composition** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  |  |  |  | **Change 12/31/2022 vs.** | **Change 12/31/2022 vs.** |
|  | **12/31/2022** | **9/30/2022** | **12/31/2021** | **9/30/2022** | **12/31/2021** |
| Commercial and industrial | $**477** | $292 | $1438 | 63.4% | (66.8)% |
| Real estate — commercial mortgage | **427** | 693 | 1010 | (38.4) | (57.7) |
| Commercial lease financing | **35** | 2 |  | N/M | N/M |
| Real estate — residential mortgage | **24** | 61 | 281 | (60.7) | (91.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans held for sale | $**963** | $1048 | $2729 | (8.1)% | (64.7)% |

---

N/M = Not Meaningful

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Changes in Loans Held for Sale** | **Summary of Changes in Loans Held for Sale** | **Summary of Changes in Loans Held for Sale** | **Summary of Changes in Loans Held for Sale** | **Summary of Changes in Loans Held for Sale** | **Summary of Changes in Loans Held for Sale** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** |
| Balance at beginning of period | $**1048** | $1306 | $1170 | $2729 | $1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;New originations | **3158** | 2157 | 2837 | 2724 | 5704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from (to) held to maturity, net | **(48)** |  | (57) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan sales | **(3124)** | (2446) | (2506) | (4269) | (4742) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan draws (payments), net | **(71)** | 26 | (133) | (12) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation and other adjustments | **—** | 5 | (5) | (2) | (25) |
| Balance at end of period | $**963** | $1048 | $1306 | $1170 | $2729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 22**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Loan and Lease Loss Experience From Continuing Operations** | **Summary of Loan and Lease Loss Experience From Continuing Operations** | **Summary of Loan and Lease Loss Experience From Continuing Operations** | **Summary of Loan and Lease Loss Experience From Continuing Operations** | **Summary of Loan and Lease Loss Experience From Continuing Operations** | **Summary of Loan and Lease Loss Experience From Continuing Operations** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **12/31/2022** | **9/30/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| Average loans outstanding | $**117702** | $114418 | $99397 | $**111302** | $100269 |
| Allowance for loan and lease losses at the beginning of the period | **1144** | 1099 | 1084 | **1061** | 1626 |
| Loans charged off: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | **35** | 49 | 33 | **153** | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — commercial mortgage | **13** | 3 | 1 | **23** | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — construction | **—** |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | **13** | 3 | 1 | **23** | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial lease financing | **—** |  | 1 | **2** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | **48** | 52 | 35 | **178** | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — residential mortgage | **—** | 1 | (1) | **(2)** | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity loans | **—** |  | 2 | **1** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer direct loans | **9** | 8 | 7 | **34** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit cards | **8** | 7 | 6 | **30** | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer indirect loans | **2** |  | 1 | **4** | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | **19** | 16 | 15 | **67** | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans charged off | **67** | 68 | 50 | **245** | 322 |
| Recoveries: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | **18** | 13 | 23 | **50** | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — commercial mortgage | **1** | 2 | 1 | **5** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — construction | **—** |  |  | **1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | **1** | 2 | 1 | **6** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial lease financing | **2** | 1 |  | **4** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | **21** | 16 | 24 | **60** | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — residential mortgage | **3** | 1 | 1 | **5** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity loans | **—** | 1 | 1 | **3** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer direct loans | **1** | 4 | 2 | **8** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit cards | **1** | 2 | 2 | **6** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer indirect loans | **—** | 1 | 1 | **2** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | **5** | 9 | 7 | **24** | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | **26** | 25 | 31 | **84** | 138 |
| Net loan charge-offs | **(41)** | (43) | (19) | **(161)** | (184) |
| Provision (credit) for loan and lease losses | **234** | 88 | (4) | **437** | (381) |
| Allowance for loan and lease losses at end of period | $**1337** | $1144 | $1061 | $**1337** | $1061 |
| Liability for credit losses on lending-related commitments at beginning of period | **194** | 173 | 152 | **160** | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (credit) for losses on lending-related commitments | **31** | 21 | 8 | **65** | (37) |
| Liability for credit losses on lending-related commitments at end of period <sup>(a)</sup> | $**225** | $194 | $160 | $**225** | $160 |
| Total allowance for credit losses at end of period | $**1562** | $1338 | $1221 | $**1562** | $1221 |
| Net loan charge-offs to average total loans | **.14%** | .15% | .08% | **.14%** | .18% |
| Allowance for loan and lease losses to period-end loans | **1.12** | .98 | 1.04 | **1.12** | 1.04 |
| Allowance for credit losses to period-end loans | **1.31** | 1.15 | 1.20 | **1.31** | 1.20 |
| Allowance for loan and lease losses to nonperforming loans | **345** | 293 | 234 | **345** | 234 |
| Allowance for credit losses to nonperforming loans | **404** | 343 | 269 | **404** | 269 |
| Discontinued operations — education lending business: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans charged off | $**2** | $1 | $1 | $**6** | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries | **—** | 1 |  | **2** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loan charge-offs | $**(2)** | $— | $(1) | $**(4)** | $(2) |

---

(a)Included in "Accrued expense and other liabilities" on the balance sheet.

------

**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 23**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Quality Statistics From Continuing Operations** | **Asset Quality Statistics From Continuing Operations** | **Asset Quality Statistics From Continuing Operations** | **Asset Quality Statistics From Continuing Operations** | **Asset Quality Statistics From Continuing Operations** | **Asset Quality Statistics From Continuing Operations** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** |
| Net loan charge-offs | $**41** | $43 | $44 | $33 | $19 |
| Net loan charge-offs to average total loans | **.14%** | .15% | .16% | .13% | .08% |
| Allowance for loan and lease losses | $**1337** | $1144 | $1099 | $1105 | $1061 |
| Allowance for credit losses <sup>(a)</sup> | **1562** | 1338 | 1272 | 1271 | 1221 |
| Allowance for loan and lease losses to period-end loans | **1.12%** | .98% | .98% | 1.04% | 1.04% |
| Allowance for credit losses to period-end loans | **1.31** | 1.15 | 1.13 | 1.19 | 1.20 |
| Allowance for loan and lease losses to nonperforming loans | **345** | 293 | 256 | 252 | 234 |
| Allowance for credit losses to nonperforming loans | **404** | 343 | 297 | 290 | 269 |
| Nonperforming loans at period end | $**387** | $390 | $429 | $439 | $454 |
| Nonperforming assets at period end | **420** | 419 | 463 | 467 | 489 |
| Nonperforming loans to period-end portfolio loans | **.32%** | .34% | .38% | .41% | .45% |
| Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets | **.35** | .36 | .41 | .44 | .48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a)Includes the allowance for loan and lease losses plus the liability for credit losses on lending-related commitments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Nonperforming Assets and Past Due Loans From Continuing Operations** | **Summary of Nonperforming Assets and Past Due Loans From Continuing Operations** | **Summary of Nonperforming Assets and Past Due Loans From Continuing Operations** | **Summary of Nonperforming Assets and Past Due Loans From Continuing Operations** | **Summary of Nonperforming Assets and Past Due Loans From Continuing Operations** | **Summary of Nonperforming Assets and Past Due Loans From Continuing Operations** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** |
| Commercial and industrial | $**174** | $169 | $197 | $186 | $191 |
| Real estate — commercial mortgage | **21** | 34 | 35 | 40 | 44 |
| Real estate — construction | **—** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | **21** | 34 | 35 | 40 | 44 |
| Commercial lease financing | **1** | 2 | 2 | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans | **196** | 205 | 234 | 229 | 239 |
| Real estate — residential mortgage | **77** | 66 | 67 | 73 | 72 |
| Home equity loans | **107** | 112 | 120 | 129 | 135 |
| Consumer direct loans | **3** | 3 | 3 | 4 | 4 |
| Credit cards | **3** | 3 | 3 | 3 | 3 |
| Consumer indirect loans | **1** | 1 | 2 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | **191** | 185 | 195 | 210 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | **387** | 390 | 429 | 439 | 454 |
| OREO | **13** | 12 | 9 | 8 | 8 |
| Nonperforming loans held for sale | **20** | 17 | 25 | 20 | 24 |
| Other nonperforming assets | **—** |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $**420** | $419 | $463 | $467 | $489 |
| Accruing loans past due 90 days or more | **60** | 47 | 41 | 55 | 68 |
| Accruing loans past due 30 through 89 days | **180** | 187 | 137 | 122 | 165 |
| Restructured loans — accruing and nonaccruing <sup>(a)</sup> | **236** | 254 | 216 | 219 | 220 |
| Restructured loans included in nonperforming loans <sup>(a)</sup> | **118** | 134 | 94 | 98 | 99 |
| Nonperforming assets from discontinued operations — education lending business | **3** | 3 | 3 | 4 | 4 |
| Nonperforming loans to period-end portfolio loans | **.32%** | .34% | .38% | .41% | .45% |
| Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets | **.35** | .36 | .41 | .44 | .48 |

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(a)Restructured loans (i.e., troubled debt restructuring) are those for which Key, for reasons related to a borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. These concessions are made to improve the collectability of the loan and generally take the form of a reduction of the interest rate, extension of the maturity date or reduction in the principal balance.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Changes in Nonperforming Loans From Continuing Operations** | **Summary of Changes in Nonperforming Loans From Continuing Operations** | **Summary of Changes in Nonperforming Loans From Continuing Operations** | **Summary of Changes in Nonperforming Loans From Continuing Operations** | **Summary of Changes in Nonperforming Loans From Continuing Operations** | **Summary of Changes in Nonperforming Loans From Continuing Operations** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** |
| Balance at beginning of period | $**390** | $429 | $439 | $454 | $554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans placed on nonaccrual status | **113** | 80 | 118 | 87 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | **(67)** | (68) | (59) | (50) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans sold | **(4)** | (3) | (8) |  | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments | **(22)** | (29) | (35) | (27) | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers to OREO | **(1)** | (1) | (2) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans returned to accrual status | **(22)** | (18) | (24) | (24) | (58) |
| Balance at end of period | $**387** | $390 | $429 | $439 | $454 |

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**KeyCorp Reports Fourth Quarter 2022 Profit &nbsp;&nbsp;&nbsp;&nbsp;**

**January 19, 2023**

**Page 24**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line of Business Results** | **Line of Business Results** | **Line of Business Results** | **Line of Business Results** | **Line of Business Results** | **Line of Business Results** | **Line of Business Results** | **Line of Business Results** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  |  |  |  |  |  | **Change 4Q22 vs.** | **Change 4Q22 vs.** |
|  | **4Q22** | **3Q22** | **2Q22** | **1Q22** | **4Q21** | **3Q22** | **4Q21** |
| **Consumer Bank** |  |  |  |  |  |  |  |
| **Summary of operations** |  |  |  |  |  |  |  |
| Total revenue (TE) | $**900** | $891 | $824 | $799 | $839 | 1.0% | 7.3% |
| Provision for credit losses | **105** | 37 | 8 | 43 | 14 | 183.8 | 650.0 |
| Noninterest expense | **699** | 667 | 676 | 663 | 613 | 4.8 | 14.0 |
| Net income (loss) attributable to Key | **73** | 142 | 107 | 71 | 161 | (48.6) | (54.7) |
| Average loans and leases | **43149** | 42568 | 40827 | 38654 | 37841 | 1.4 | 14.0 |
| Average deposits | **87243** | 90044 | 91273 | 91516 | 90385 | (3.1) | (3.5) |
| Net loan charge-offs | **21** | 17 | 23 | 22 | 22 | 23.5 | (4.5) |
| Net loan charge-offs to average total loans | **.19%** | .16% | .23% | .23% | .23% | 18.8 | (17.4) |
| Nonperforming assets at period end | $**202** | $195 | $203 | $217 | $222 | 3.6 | (9.0) |
| Return on average allocated equity | **8.66%** | 16.20% | 11.66% | 8.02% | 18.05% | (46.5) | (52.0) |
| **Commercial Bank** |  |  |  |  |  |  |  |
| **Summary of operations** |  |  |  |  |  |  |  |
| Total revenue (TE) | $**928** | $889 | $842 | $808 | $1027 | 4.4% | (9.6)% |
| Provision for credit losses | **165** | 74 | 37 | 41 | (12) | 123.0 | N/M |
| Noninterest expense | **460** | 450 | 410 | 413 | 501 | 2.2 | (8.2) |
| Net income (loss) attributable to Key | **250** | 295 | 317 | 284 | 448 | (15.3) | (44.2) |
| Average loans and leases | **74100** | 71464 | 67825 | 64684 | 61078 | 3.7 | 21.3 |
| Average loans held for sale | **1377** | 1036 | 1016 | 1323 | 1962 | 32.9 | (29.8) |
| Average deposits | **54385** | 52272 | 54846 | 57241 | 59423 | 4.0 | (8.5) |
| Net loan charge-offs | **25** | 27 | 21 | 11 |  | (7.4) | N/M |
| Net loan charge-offs to average total loans | **.13%** | .15% | .12% | .07% | —% | (13.3) | N/M |
| Nonperforming assets at period end | $**218** | $224 | $260 | $250 | $267 | (2.7) | (18.4) |
| Return on average allocated equity | **10.40%** | 12.63% | 14.26% | 13.26% | 20.94% | (17.7) | (50.3) |

---

TE = Taxable Equivalent

## Exhibit 99.2

![](a4q22confcallslidesvf001.jpg)

KeyCorp Fourth Quarter 2022 Earnings Review January 19, 2023 Don Kimble Vice Chairman and Chief Financial Officer Chris Gorman Chairman and Chief Executive Officer Clark Khayat Executive Vice President and Chief Strategy Officer

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![](a4q22confcallslidesvf002.jpg)

Forward-looking Statements and Additional Information This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, KeyCorp's expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as "believe," "seek," "expect," "anticipate," "intend," "target," "estimate," "continue," "positions," "plan," "predict," "project," "forecast," "guidance," "goal," "objective," "prospects," "possible," "potential," "strategy," "opportunities," or "trends," by future conditional verbs such as "assume," "will," "would," "should," "could" or "may", or by variations of such words or by similar expressions. These forward-looking statements are based on assumptions that involve risks and uncertainties, which are subject to change based on various important factors (some of which are beyond KeyCorp's control). Actual results may differ materially from current projections. Actual outcomes may differ materially from those expressed or implied as a result of the factors described under "Forward-looking Statements" and "Risk Factors" in KeyCorp's Annual Report on Form 10-K for the year ended December 31, 2021, and in other filings of KeyCorp with the Securities and Exchange Commission (the "SEC"). Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding KeyCorp, please refer to our SEC filings available at www.key.com/ir. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. This presentation also includes certain non-GAAP financial measures related to "tangible common equity," "cash efficiency ratio," and "pre-provision net revenue." Although Key has procedures in place to ensure that these measures are calculated using the appropriate GAAP or regulatory components, they have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of results under GAAP. For more information on these calculations and to view the reconciliations to the most comparable GAAP measures, please refer to the appendix of this presentation, or page 46 of our Form 10-Q dated September 30, 2022. GAAP: Generally Accepted Accounting Principles 2

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2022 Results and Outlook 3 ✓ Grew and expanded client relationships ▪ Focused on targeted client segments ▪ Supported clients; record capital raised ✓ Positioned balance sheet for rate environment ▪ Upside to higher rates: short duration of swaps and Treasuries ✓ Invested in targeted growth opportunities ▪ Laurel Road expansion, GradFin acquisition, and new Embedded Banking capabilities ✓ Maintained strong credit quality ▪ Historically low NCO levels 2022 Results (1) Non-GAAP measure: see appendix for reconciliation 18% Return on average tangible common equity(1) Positive Operating Leverage vs. FY2021 Outlook and Priorities 14 bps FY22 NCOs to average loans ✓ Executing on our differentiated business model with targeted growth opportunities ▪ Focus on targeted growth opportunities ▪ Supporting clients: on and off-balance sheet solutions ✓ Positioning balance sheet for rate environment ▪ Positioned for NII growth in 2023 and 2024 ✓ Focusing on expenses in order to create capacity for targeted investments ▪ Investing in teammates, digital, and niche businesses ✓ Maintaining strong credit quality ▪ Positioned to outperform through the cycle

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![](a4q22confcallslidesvf004.jpg)

Financial Review

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![](a4q22confcallslidesvf005.jpg)

EOP = End of Period; (1) Non-GAAP measure: see appendix for reconciliation; (2) 12/31/2022 ratios are estimated and reflect Key's election to adopt the CECL optional transition provision Financial Highlights 5 EPS – assuming dilution $.38 $.55 $.64 (30.9) % (40.6) % Cash efficiency ratio(1) 60.3 % 58.0 % 59.4 % 230 bps 90 bps Return on average tangible common equity(1) 18.1 21.2 18.7 (310) (60) Return on average total assets .83 1.14 1.34 (31) (51) Net interest margin 2.73 2.74 2.44 (1) 29 Common Equity Tier 1(2) 9.1 % 9.1 % 9.5 % -- bps (40) bps Tier 1 risk-based capital(2) 10.6 10.7 10.8 (10) (20) Tangible common equity to tangible assets(1) 4.4 4.3 6.9 10 (250) NCOs to average loans .14 % .15 % .08 % (1) bps 6 bps NPLs to EOP portfolio loans .32 .34 .45 (2) (13) Allowance for credit losses to EOP loans 1.31 1.15 1.20 16 11 Profitability Capital Asset Quality 4Q22 3Q22 4Q21 LQ Δ Y/Y Δ Continuing operations, unless otherwise noted

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![](a4q22confcallslidesvf006.jpg)

Total Average Loans 4Q21 3Q22 4Q22 Highlights Average Loan Detail 6 29% 32% 10.00% 20.00% 30.00% 40.00% $60 $70 $80 $90 $100 $110 $120 4Q21 1Q22 2Q22 3Q22 4Q22 C&I line utilization Total average loans PPP $ in billions 4Q21 3Q22 4Q22 ▪ Average loans up 18% from 4Q21 - Growth in C&I and commercial mortgage real estate loans, partially offset by a decline in PPP balances - Growth in consumer mortgage and Laurel Road loans, partially offset by a decline in home equity loans ▪ Average loans up 3% from 3Q22 - Growth in C&I and commercial mortgage real estate loans - Consumer loans increased reflecting growth in consumer mortgage ($990MM originations) Loans Commercial Loans Consumer Loans $ in billions $2.3 $99.4 $117.7 $69 $78 $81 $30 $36 $37 vs. Prior Year vs. Prior Quarter PPP: $2.3 PPP

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![](a4q22confcallslidesvf007.jpg)

(1) Based on average balances; (2) Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits; (3) Cumulative beta indexed to 4Q21 Deposits 7 $ in billions vs. Prior Quarter ▪ Average deposit balances up 1% from 3Q22 - Increase reflects higher commercial deposit balances for tax payments next quarter and a shift in deposit mix from noninterest-bearing to interest-bearing deposit balances - Partly offset by a decline in retail balances CDs and other time deposits Savings Noninterest-bearing NOW and MMDA ▪ Average deposits down 4% from 4Q21 - Declines in commercial non-operating deposit account balances and retail deposit balances ▪ Strong and stable deposit base - 32% noninterest-bearing(1) - ~60% stable retail and low-cost escrow - 85% loan to deposit ratio(2) ▪ Cumulative total interest-bearing deposit beta: 19%(3) $ in billions 4Q22 Average Deposit Mix Average Deposits Highlights $85.8 $46.0 $6.1$7.8 vs. Prior Year $0 $40 $80 $120 $160 4Q21 1Q22 2Q22 3Q22 4Q22 0% 19% Cumulative total interest- bearing deposit beta(3) Consumer Commercial $151.0 $145.7

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![](a4q22confcallslidesvf008.jpg)

Net Interest Income and Margin $ in millions, continuing operations vs. Prior Quarter TE = Taxable equivalent 2.44% 2.73% 2.0% 2.5% 3.0% 3.5% 4.0% $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 4Q21 1Q22 2Q22 3Q22 4Q22 Net Interest Income (TE) Net Interest Margin (TE)x ▪ Net interest income up $189MM (+18%) and the net interest margin increased 29 basis points from 4Q21 - Reflects benefits from higher interest rates and higher earning asset balances - Partially offset by higher interest-bearing deposit costs and lower loan fees from PPP ▪ Net interest income up $24MM (+2%) and the net interest margin decreased 1 basis point from 3Q22 - Reflects loan growth and higher interest rates - Partially offset by higher interest-bearing deposit costs and a change in the funding mix Net Interest Income & Net Interest Margin Trend (TE) Highlights 8 vs. Prior Year $1,038 $1,227

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![](a4q22confcallslidesvf009.jpg)

Noninterest Income 9 ▪ Noninterest income down $238MM (-26%) from 4Q21 - Lower investment banking and debt placement fees (-$151MM) reflecting a slowdown in capital markets activity - Other income declined (-$35MM) due to market related gains in the year-ago period - Lower service charges on deposit accounts (-$19MM) driven by new client friendly fee structure for NSF/OD fees and lower account analysis fees due to the interest rate environment - Lower consumer mortgage income (-$16MM) driven by lower gain on sale margins and lower saleable volume - Partly offsetting the decline was corporate services income (+$13MM), due to higher derivatives income vs. Prior Quarter ▪ Noninterest income relatively stable (-$12MM) from 3Q22 - Lower service charges on deposit accounts (-$21MM) reflecting new client friendly fee structure for NSF/OD fees - Lower corporate services income (-$7MM) reflecting a valuation adjustment benefit in the prior quarter - Partially offset by higher investment banking and debt placement fees (+$18MM) reflecting end of year seasonality vs. Prior Year $ in millions up / (down) 4Q22 vs. 4Q21 vs. 3Q22 Trust and investment services income $126 $(9) $(1) Investment banking and debt placement fees 172 (151) 18 Service charges on deposit accounts 71 (19) (21) Operating lease income and other leasing gains 24 (13) 5 Corporate services income 89 13 (7) Cards and payments income 85 (1) (6) Corporate-owned life insurance 33 (1) - Consumer mortgage income 9 (16) (5) Commercial mortgage servicing fees 42 (6) (2) Other income 20 (35) 7 Total noninterest income $671 $(238) $(12) Noninterest Income Highlights

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![](a4q22confcallslidesvf010.jpg)

Noninterest Expense 10 vs. Prior Quarter vs. Prior Year ▪ Noninterest expense down $14MM (-1%) from 4Q21 - Lower nonpersonnel expense (-$14MM) driven by a decline in business services and professional fees and a decline in operating lease expense - Personnel expense remained flat, due to higher salaries and employee benefits, offset by lower compensation driven by lower revenue generation in our variable expense businesses ▪ Noninterest expense up $50MM (+5%) from 3Q22 - Higher nonpersonnel expense (+$31MM) related to an increase in other expense, reflecting a pension settlement charge as well as higher professional fees - Personnel expense increased (+$19MM) reflecting lower deferred costs from slower loan originations and higher salaries Noninterest Expense Highlights $ in millions favorable / (unfavorable) 4Q22 vs. 4Q21 vs. 3Q22 Personnel $674 $- $(19) Net occupancy 72 3 - Computer processing 82 (9) (5) Business services and professional fees 60 10 (13) Equipment 20 5 3 Operating lease expense 22 9 2 Marketing 31 6 (1) Other expense 195 (10) (17) Total noninterest expense $1,156 $14 $(50)

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![](a4q22confcallslidesvf011.jpg)

NCO = Net charge-off NPL = Nonperforming Loans Credit Quality 11 $454 $387 .45% .32% .00% .40% .80% 1.20% 1.60% 2.00% $200 $400 $600 4Q21 1Q22 2Q22 3Q22 4Q22 NPLs NPLs to period-end loans $1,221 $1,562 269% 404% 100% 200% 300% 400% 500% $0 $500 $1,000 $1,500 $2,000 4Q21 1Q22 2Q22 3Q22 4Q22 Allowance for credit losses to NPLsAllowance for credit losses 4Q22 allowance for credit losses to period-end loans of 1.31% Nonperforming Loans Allowance for Credit Losses (ACL) $ in millions $ in millions $19 $41 $4 $265 .08% .14% .00% .06% .12% .18% $0 $50 $100 $150 $200 $250 $300 4Q21 1Q22 2Q22 3Q22 4Q22 NCOs Provision for credit losses NCOs to avg. loans Net Charge-offs & Provision for Credit Losses $ in millions

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![](a4q22confcallslidesvf012.jpg)

(1) 12/31/22 ratio is estimated and reflects Key's election to adopt the CECL optional transition provision Capital 12 ▪ Strong capital position: CET1 ratio 9.1%(1) at 12/31/2022 - Within targeted range of 9.0% - 9.5% ▪ Increased dividend 5% to $.205 per common share in 4Q22 ▪ Last quarter, the Board of Directors approved extension of existing $790 million share repurchase authorization through 3Q23 9.5% 9.1% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 4Q21 1Q22 2Q22 3Q22 4Q22 Common Equity Tier 1(1) Highlights Capital Priorities Organic Growth Dividends Share Repurchases 1 2 3

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![](a4q22confcallslidesvf013.jpg)

2023 Outlook FY 2023 (vs. FY 2022) 13 Average Balance Sheet • Loans: up 6% - 9% • Deposits: flat to down 2% Net Interest Income (TE) • Net interest income: up 6% - 9% Noninterest Income • Noninterest income: down 1% - 3% Noninterest Expense • Noninterest expense: relatively stable Credit Quality • Net charge-offs to average loans: 25 – 30 bps Taxes • GAAP tax rate: 19% - 20% Long-term Targets Positive operating leverage Moderate risk profile: Net charge-offs to avg. loans targeted range of 40-60 bps ROTCE: 16% - 19% Cash efficiency ratio: 54% - 56% Note: Guidance range: relatively stable: +/- 2%

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![](a4q22confcallslidesvf014.jpg)

Appendix

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![](a4q22confcallslidesvf015.jpg)

Commercial Loan Portfolio Detail Portfolio Highlights ▪ Target specific client segments focused in seven industry verticals ▪ Experienced bankers with deep industry expertise ▪ Focused on high quality clients ▪ Credit quality metrics remain strong and stable - Disciplined, consistent underwriting - Active surveillance with ongoing portfolio reviews - Dynamic assessment of ratings migration ~80% commercial bank credit exposure from relationship(1) clients Targeted Industry Verticals Consumer Energy Industrial TechnologyHealthcare (1) Relationship client is defined as having two or more of the following: credit, capital markets, or payments ▪ Solid middle market portfolio ▪ Aligning bankers to areas of market opportunity and growth - investing in strategic hires with industry vertical expertise ▪ High-quality borrowers ▪ Small, stable leveraged portfolio: ~2.5% of total loans ▪ Strengthened credit risk profile with strategic exits and growth in targeted client segments to focus on relationships ▪ Significantly scaled back construction portfolio from pre-global financial crisis (42% in 2008  13% in 2022) ▪ Focused on relationships with owners and operators ▪ Strategic focus in multifamily, primarily affordable housing Real Estate Public Sector Total Commercial Loans Commercial & Industrial (C&I) Commercial Real Estate (CRE) 15 $ in billions 12/31/22 % of total loans Commercial and industrial $59,647 50% Commercial real estate 18,882 16 Commercial lease financing 3,936 3 Total Commercial $82,465 69% ~50% of C&I portfolio is investment grade

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![](a4q22confcallslidesvf016.jpg)

Consumer Loan Portfolio Detail Portfolio Highlights ▪ Prime & super prime client base focused on relationships ▪ Continuing to invest in digital to drive future growth 772 weighted average FICO at origination $646 $820 $445 $194 $118 4Q21 1Q22 2Q22 3Q22 4Q22 Origination Volume$ in millions $ in billions $3.4 $2.6 $3.2 $1.9 $1.0 4Q21 1Q22 2Q22 3Q22 4Q22 Origination Volume Note: Table may not foot due to rounding (1) Indirect auto portfolio was sold on 9/10/21 ▪ High-quality client base: primarily healthcare professionals ▪ Expands Key's digital reach and consumer franchise nationally through targeted scale (doctor/dentist clients in all 50 states) ▪ Launched Laurel Road for Doctors in 1Q21 and expanded platform to nurses in 2Q22 ▪ Production levels continue to be impacted by rising interest rates and the federal student loan payment holiday ▪ Focused on prime/super-prime clients (weighted average FICO at origination: 761) ▪ Investing in digital capabilities to improve efficiency and enhance client experience Total Consumer Loans Laurel Road Consumer Mortgage 16 $ in billions 12/31/22 % of total loans WA FICO at origination Consumer mortgage $21,401 18% 761 Home equity 7,951 7 807 Consumer direct 6,508 5 746 Credit card 1,026 1 792 Consumer indirect(1) 43 N/A N/A Total Consumer $36,929 31% 772

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![](a4q22confcallslidesvf017.jpg)

17 $ in billions 1.58% 1.91% 1.00% 1.50% 2.00% 2.50% 3.00% $0.0 $20.0 $40.0 $60.0 4Q21 1Q22 2Q22 3Q22 4Q22 Average AFS securities Average yield(1)Average HTM securities Projected Cash Flows & Maturities (under implied forward rates) Floating Rate (including hedges) ▪ Portfolio used for funding and liquidity management ‒ Portfolio composed primarily of fixed-rate GNMA and GSE-backed MBS and CMOs ‒ Portfolio yield excluding short-term Treasury/Agency: 2.21% ▪ Portfolio focused on protecting capital and minimizing market volatility - ~95% of 4Q22 reinvestment ($0.9Bn) designated as held-to-maturity ▪ New investment opportunities at higher yields than runoff ‒ 4Q22 purchases ~5.2% compared to ~2.0% runoff ▪ Portfolio constructed to enhance current returns on excess liquidity, while preserving the optionality to capitalize on higher interest rates in the future ‒ Recent Agency MBS/CMO investments constructed to limit extension risk and provide continued cash flows as rates rise (~$1.0Bn per quarter in the near-term) ‒ $9Bn short-term Treasury portfolio- maturities beginning in the second half of 2023 through 2024 ▪ Available for sale portfolio duration of 5.6 years at 12/31/2022 (duration including securities hedges) Average Total Investment Securities $ in billions Existing Portfolio Repricing Characteristics Highlights (1) Yield is calculated on the basis of amortized cost $47.4 $50.3 Investment Portfolio $7.0 $13.9 $5.8 $0.0 $5.0 $10.0 $15.0 2023 2024 2025

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![](a4q22confcallslidesvf018.jpg)

Balanced approach to managing interest rate risk provides declining rate protection while maintaining significant upside to higher rates (1) Loan statistics based on 12/31/2022 ending balances; (2) Deposit statistics based on 12/31/2022 average balances; (3) Non-zero loan floors Loan Composition(1) Deposit Mix(2) ▪ Given macroeconomic and geopolitical uncertainty, the position exhibits a modest exposure to rate changes - Sensitive to the level of expected tightening while preparing for potential economic weakness - Mindful towards increased levels of current and expected volatility ▪ Opportunistically reinvesting to manage interest rate risk and liquidity ▪ Total hedge portfolio at 12/31/2022: ▪ Attractive business model with relationship-oriented lending franchise - Distinctive commercial capabilities drive C&I growth and ~63% floating-rate loan mix - Laurel Road and consumer mortgage enhance fixed rate loan volumes with attractive client profile ▪ Strong, low-cost deposit base - ~60% stable retail and low-cost escrow - >85% from markets where Key maintains top-5 deposit or branch share ▪ $47.4Bn investment portfolio structured to provide greater yield stability - Higher allocation of bullet-like securities and mortgage collateral with lower prepayment risks and limited exposure to unamortized premiums 4Q22 Balance Sheet Highlights Actively Managing Interest Rate Risk Position 18 Asset & Liability Management Positioning $1.3Bn $.4Bn 4 Q 2 2 A/LM Swaps Debt Swaps $28.5Bn $11Bn $8Bn Floors(3)A/LM Fwd Securities Hedges ▪ Continually evaluating opportunities to protect and enhance NII through new hedging and/or modifying existing positions Noninterest- bearing 32% Interest- bearing 68% Prime 8% 1M LIBOR 13% 3M LIBOR 3% Other 7% SOFR 32% Fixed 37%

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![](a4q22confcallslidesvf019.jpg)

19 Net Interest Income Opportunities $ in billions $9.0 $9.0 $9.0 $8.6 $8.4 $7.5 $6.3 $3.9 $0.9 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Expected Balance - Short-term Treasuries $ in billions Future Net Interest Income Drivers ▪ Organic Growth - Focus on relationship banking expected to drive continued loan growth and relatively stable deposits ▪ ALM Management - Positioned to grow net interest income over the next two years, as swaps and short-term Treasuries mature ▪ Investment Portfolio - Positioned to provide liquidity and enhance returns while benefiting from higher reinvestment rates ▪ Deposit Beta and Funding Costs - Marginal funding costs are increasing with rising market interest rates, and are expected to weigh on net interest income - Deposit costs are expected to increase as we remain competitive with the industry ALM Interest Rate Swap Maturities $1.2 $1.7 $1.7 $0.6 $2.3 $2.4 $1.3 $1.9 $1.9 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Total Cash Flow Hedges WA yield on portfolio 0.43% WA Received fixed rate (4Q22-4Q24): 0.88%

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![](a4q22confcallslidesvf020.jpg)

Credit Quality Trends (1) Loan and lease outstandings; (2) From continuing operations 20 Delinquencies to Period-end Total Loans Criticized Outstandings(1) to Period-end Total Loans Continuing Operations Continuing Operations .16% .07% .00% .10% .20% .30% .40% .50% 4Q21 1Q22 2Q22 3Q22 4Q22 .15% .05% 2.6% 2.5% .0% 2.0% 4.0% 6.0% 4Q21 1Q22 2Q22 3Q22 4Q22 30 – 89 days delinquent 90+ days delinquent Metric(2) 4Q22 3Q22 2Q22 1Q22 4Q21 Delinquencies to EOP total loans: 30-89 days .15 % .16 % .12 % .11 % .16 % Delinquencies to EOP total loans: 90+ days .05 .04 .04 .05 .07 NPLs to EOP portfolio loans .32 .34 .38 .41 .45 NPAs to EOP portfolio loans + OREO + Other NPAs .35 .36 .41 .44 .48 Allowance for credit losses to period-end loans 1.31 1.15 1.13 1.19 1.20 Allowance for credit losses to NPLs 404 343 297 290 269

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![](a4q22confcallslidesvf021.jpg)

Credit Quality by Portfolio 21 Period-end loans Average loans Net loan charge-offs Net loan charge- offs(3) / average loans (%) Nonperforming loans Ending allowance Allowance / period-end loans (%) Allowance / NPLs (%) 12/31/22 4Q22 4Q22 4Q22 12/31/22 12/31/22 12/31/22 12/31/22 Commercial and industrial(1) $59,647 $58,212 $17 .12% $174 $601 1.01% 345.40% Commercial real estate: Commercial Mortgage 16,352 16,445 12 .29 21 203 1.24 966.67 Construction 2,530 2,450 - - - 28 1.11 - Commercial lease financing(2) 3,936 3,825 (2) (.21) 1 32 .81 N/M Real estate – residential mortgage 21,401 21,128 (3) (.06) 77 196 .92 254.55 Home equity 7,951 7,890 - - 107 98 1.23 91.59 Consumer direct loans 6,508 6,713 8 .47 3 111 1.71 N/M Credit cards 1,026 993 7 2.80 3 66 6.43 N/M Consumer indirect loans 43 46 2 17.25 1 2 4.65 200.00 Continuing total $119,394 $117,702 $41 .14% $387 $1,337 1.12% 345.48% Discontinued operations 434 447 2 1.77 3 21 4.84 700.00 Consolidated total $119,828 $118,149 $43 .14% $390 $1,358 1.13% 348.21% $ in millions (1) Loan balance includes $172 million of commercial credit card balances at December 31, 2022; (2) Commercial lease financing includes receivables held as collateral for a secured borrowing of $8 million at December 31, 2022. Principal reductions are based on the cash payments received from these related receivables; (3) Net loan charge-off amounts are annualized in calculation Credit Quality

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![](a4q22confcallslidesvf022.jpg)

22 $ in millions (1) For the three months ended December 31, 2022, September 30, 2022, and December 31, 2021, intangible assets exclude $2 million, $2 million, and $3 million, respectively, of period-end purchased credit card receivables; (2) Net of capital surplus; (3) For the three months ended December 31, 2022, September 30, 2022, and December 31, 2021, average intangible assets exclude $2 million, $2 million, and $3 million, respectively, of average purchased credit card receivables. For the twelve months ended December 31, 2022, and December 31, 2021, average intangible assets exclude $2 million, and $4 million, respectively, of average purchased credit card receivables. GAAP to Non-GAAP Reconciliation 12/31/2022 9/30/2022 12/31/2021 12/31/2022 12/31/2021 Tangible common equity to tangible assets at period end Key shareholders' equity (GAAP) 13,454$13,290$17,423$ Less: Intangible assets (1) 2,844 2,856 2,820 Preferred Stock (2) 2,446 2,446 1,856 Tangible common equity (non-GAAP) 8,164$7,988$12,747$ Total assets (GAAP) 189,813$190,051$186,346$ Less: Intangible assets (1) 2,844 2,856 2,820 Tangible assets (non-GAAP) 186,969$187,195$183,526$ Tangible common equity to tangible assets ratio (non-GAAP) 4.37% 4.27% 6.95% Pre-provision net revenue Net interest income (GAAP) 1,220$1,196$1,033$4,527$4,071$ Plus: Taxable-equivalent adjustment 7 7 5 27 27 Noninterest income 671 683 909 2,718 3,194 Less: Noninterest expense 1,156 1,106 1,170 4,410 4,429 Pre-provision net revenue from continuing operations (non-GAAP) 742$780$777$2,862$2,863$ Average tangible common equity Average Key shareholders' equity (GAAP) 13,168$14,614$17,471$14,730$17,665$ Less: Intangible assets (average) (3) 2,851 2,863 2,814 2,839 2,829 Preferred Stock (average) 2,500 2,148 1,900 2,114 1,900 Average tangible common equity (non-GAAP) 7,817$9,603$12,757$9,777$12,936$ Twelve Months EndedThree months ended

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![](a4q22confcallslidesvf023.jpg)

23 $ in millions GAAP to Non-GAAP Reconciliation 12/31/2022 9/30/2022 12/31/2021 12/31/2022 12/31/2021 Return on average tangible common equity from continuing operations Net income (loss) from continuing operations attributable to Key common shareholders (GAAP) 356$513$601$1,793$2,506$ Average tangible common equity (non-GAAP) 7,817 9,603 12,757 9,777 12,93621.19 21.19 18.55 Return on average tangible common equity from continuing operations (non-GAAP) 18.07% 21.19% 18.69% 18.34% 19.37%618.00 18.61% Return on average tangible common equity consolidated Net income (loss) attributable to Key common shareholders (GAAP) 356$515$603$1,799$2,519$ Average tangible common equity (non-GAAP) 7,817 9,603 12,757 9,777 12,936 Return on average tangible common equity consolidation (non-GAAP) 18.07% 21.28% 18.75% 18.40% 19.47% Cash efficiency ratio Noninterest expense (GAAP) 1,156$1,106$1,170$4,410$4,429$ Less: Intangible asset amortization 12 12 14 47 58 Adjusted noninterest expense (non-GAAP) 1,144$1,094$1,156$4,363$4,371$ Net interest income (GAAP) 1,220$1,196$1,033$4,527$4,071$ Plus: Taxable-equivalent adjustment 7 7 5 27 27 Noninterest income 671 683 909 2,718 3,194 Total taxable-equivalent revenue (non-GAAP) 1,898$1,886$1,947$7,272$7,292$ Cash eff iciency ratio (non-GAAP) 60.3% 58.0% 59.4% 60.0% 59.9%0.602 0.602 Three months ended Twelve Months Ended

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## Exhibit 99.3

Exhibit 99.3

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| | | | |
|:---|:---|:---|:---|
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
|  | **12/31/2022** | **9/30/2022** | **12/31/2021** |
| **Assets** |  |  |  |
| Loans | $**119394** | $116191 | $101854 |
| Loans held for sale | **963** | 1048 | 2729 |
| Securities available for sale | **39117** | 40000 | 45364 |
| Held-to-maturity securities | **8710** | 8163 | 7539 |
| Trading account assets | **829** | 1068 | 701 |
| Short-term investments | **2432** | 4896 | 11010 |
| Other investments | **1308** | 1272 | 639 |
| Total earning assets | **172753** | 172638 | 169836 |
| Allowance for loan and lease losses | **(1337)** | (1144) | (1061) |
| Cash and due from banks | **887** | 717 | 913 |
| Premises and equipment | **636** | 629 | 681 |
| Goodwill | **2752** | 2752 | 2693 |
| Other intangible assets | **94** | 106 | 130 |
| Corporate-owned life insurance | **4369** | 4351 | 4327 |
| Accrued income and other assets | **9223** | 9535 | 8265 |
| Discontinued assets | **436** | 467 | 562 |
| **Total assets** | $**189813** | $190051 | $186346 |
| **Liabilities** |  |  |  |
| Deposits in domestic offices: |  |  |  |
| NOW and money market deposit accounts | $**86707** | $84168 | $89207 |
| Savings deposits | **7681** | 7860 | 7503 |
| Certificates of deposit ($100,000 or more) | **1708** | 1269 | 1705 |
| Other time deposits | **5665** | 4578 | 2153 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | **101761** | 97875 | 100568 |
| Noninterest-bearing deposits | **40834** | 46980 | 52004 |
| &nbsp;&nbsp;&nbsp;Total deposits | **142595** | 144855 | 152572 |
| Federal funds purchased and securities sold under repurchase agreements | **4077** | 4224 | 173 |
| Bank notes and other short-term borrowings | **5386** | 4576 | 588 |
| Accrued expense and other liabilities | **4994** | 4849 | 3548 |
| Long-term debt | **19307** | 18257 | 12042 |
| **Total liabilities** | **176359** | 176761 | 168923 |
| **Equity** |  |  |  |
| Preferred stock | **2500** | 2500 | 1900 |
| Common shares | **1257** | 1257 | 1257 |
| Capital surplus | **6286** | 6257 | 6278 |
| Retained earnings | **15616** | 15450 | 14553 |
| Treasury stock, at cost | **(5910)** | (5917) | (5979) |
| Accumulated other comprehensive income (loss) | **(6295)** | (6257) | (586) |
| Key shareholders' equity | **13454** | 13290 | 17423 |
| Noncontrolling interests | **—** |  |  |
| **Total equity** | **13454** | 13290 | 17423 |
| **Total liabilities and equity** | $**189813** | $190051 | $186346 |
| Common shares outstanding (000) | **933325** | 932938 | 928850 |

---

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** |
| (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **12/31/2022** | **9/30/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **Interest income** |  |  |  |  |  |
| Loans | $**1347** | $1134 | $873 | $**4241** | $3532 |
| Loans held for sale | **20** | 14 | 15 | **56** | 50 |
| Securities available for sale | **195** | 196 | 148 | **752** | 546 |
| Held-to-maturity securities | **64** | 55 | 52 | **213** | 185 |
| Trading account assets | **10** | 8 | 5 | **31** | 19 |
| Short-term investments | **48** | 32 | 8 | **97** | 28 |
| Other investments | **11** | 5 | 2 | **22** | 7 |
| Total interest income | **1695** | 1444 | 1103 | **5412** | 4367 |
| **Interest expense** |  |  |  |  |  |
| Deposits | **186** | 59 | 15 | **279** | 67 |
| Federal funds purchased and securities sold under repurchase agreements | **16** | 19 |  | **41** |  |
| Bank notes and other short-term borrowings | **54** | 24 | 2 | **90** | 8 |
| Long-term debt | **219** | 146 | 53 | **475** | 221 |
| Total interest expense | **475** | 248 | 70 | **885** | 296 |
| Net interest income | **1220** | 1196 | 1033 | **4527** | 4071 |
| Provision for credit losses | **265** | 109 | 4 | **502** | (418) |
| Net interest income after provision for credit losses | **955** | 1087 | 1029 | **4025** | 4489 |
| **Noninterest income** |  |  |  |  |  |
| Trust and investment services income | **126** | 127 | 135 | **526** | 530 |
| Investment banking and debt placement fees | **172** | 154 | 323 | **638** | 937 |
| Service charges on deposit accounts | **71** | 92 | 90 | **350** | 337 |
| Operating lease income and other leasing gains | **24** | 19 | 37 | **103** | 148 |
| Corporate services income | **89** | 96 | 76 | **372** | 288 |
| Cards and payments income | **85** | 91 | 86 | **341** | 415 |
| Corporate-owned life insurance income | **33** | 33 | 34 | **132** | 128 |
| Consumer mortgage income | **9** | 14 | 25 | **58** | 131 |
| Commercial mortgage servicing fees | **42** | 44 | 48 | **167** | 160 |
| Other income | **20** | 13 | 55 | **31** | 120 |
| Total noninterest income | **671** | 683 | 909 | **2718** | 3194 |
| **Noninterest expense** |  |  |  |  |  |
| Personnel | **674** | 655 | 674 | **2566** | 2561 |
| Net occupancy | **72** | 72 | 75 | **295** | 300 |
| Computer processing | **82** | 77 | 73 | **314** | 284 |
| Business services and professional fees | **60** | 47 | 70 | **212** | 227 |
| Equipment | **20** | 23 | 25 | **92** | 100 |
| Operating lease expense | **22** | 24 | 31 | **101** | 126 |
| Marketing | **31** | 30 | 37 | **123** | 126 |
| Intangible asset amortization | **—** |  |  | **—** |  |
| Other expense | **195** | 178 | 185 | **707** | 705 |
| Total noninterest expense | **1156** | 1106 | 1170 | **4410** | 4429 |
| Income (loss) from continuing operations before income taxes | **470** | 664 | 768 | **2333** | 3254 |
| Income taxes | **76** | 124 | 141 | **422** | 642 |
| Income (loss) from continuing operations | **394** | 540 | 627 | **1911** | 2612 |
| Income (loss) from discontinued operations, net of taxes | **—** | 2 | 2 | **6** | 13 |
| Net income (loss) | **394** | 542 | 629 | **1917** | 2625 |
| Less: Net income (loss) attributable to noncontrolling interests | **—** |  |  | **—** |  |
| Net income (loss) attributable to Key | $**394** | $542 | $629 | $**1917** | $2625 |
| Income (loss) from continuing operations attributable to Key common shareholders | $**356** | $513 | $601 | $**1793** | $2506 |
| Net income (loss) attributable to Key common shareholders | **356** | 515 | 603 | **1799** | 2519 |
| **Per common share** |  |  |  |  |  |
| Income (loss) from continuing operations attributable to Key common shareholders | $**.38** | $.55 | $.65 | $**1.94** | $2.6397 |
| Income (loss) from discontinued operations, net of taxes | **—** |  |  | **.01** | .0134 |
| Net income (loss) attributable to Key common shareholders <sup>(a)</sup> | **.38** | .55 | .65 | **1.94** | 2.6531 |
| **Per common share — assuming dilution** |  |  |  |  |  |
| Income (loss) from continuing operations attributable to Key common shareholders | $**.38** | $.55 | $.64 | $**1.92** | $2.62 |
| Income (loss) from discontinued operations, net of taxes | **—** |  |  | **.01** | .01 |
| Net income (loss) attributable to Key common shareholders <sup>(a)</sup> | **.38** | .55 | $.64 | **1.93** | 2.63 |
| Cash dividends declared per common share | $**.205** | $.195 | $.195 | $**.79** | $.75 |
| Weighted-average common shares outstanding (000) | **924974** | 924594 | 922970 | **924363** | 947065 |
| Effect of common share options and other stock awards | **8750** | 7861 | 11758 | **8696** | 10349 |
| Weighted-average common shares and potential common shares outstanding (000) <sup>(b)</sup> | **933724** | 932455 | 934729 | **933059** | 957414 |

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(a)Earnings per share may not foot due to rounding.

(b)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.

<br>