EX-99.3 4 a1q26erex993.htm EX-99.3

Exhibit 99.3

Consolidated Balance Sheets
(dollars in millions)
									3/31/2026			12/31/2025			3/31/2025
Assets
			Loans						$	109,190		$	106,541		$	104,809
			Loans held for sale						876			1,077			811
			Securities available for sale						38,918			39,596			40,751
			Held-to-maturity securities						9,116			8,622			7,160
			Trading account assets						783			1,061			1,296
			Short-term investments						11,782			10,163			15,349
			Other investments						1,204			949			1,050
						Total earning assets			171,869			168,009			171,226
			Allowance for loan and lease losses						(1,449)			(1,427)			(1,429)
			Cash and due from banks						1,130			1,287			1,909
			Premises and equipment						618			628			602
			Goodwill						2,752			2,752			2,752
			Other intangible assets						5			8			22
			Corporate-owned life insurance						4,439			4,432			4,404
			Accrued income and other assets						9,100			8,481			8,958
			Discontinued assets						199			211			247
						Total assets			$	188,663		$	184,381		$	188,691
Liabilities
			Deposits in domestic offices:
						Interest-bearing deposits			120,220			121,100			122,283
						Noninterest-bearing deposits			27,595			27,613			28,454
						Total deposits			147,815			148,713			150,737
			Federal funds purchased and securities sold under repurchase agreements						34			13			22
			Bank notes and other short-term borrowings						6,149			1,071			2,328
			Accrued expense and other liabilities						3,801			4,286			4,209
			Long-term debt						10,877			9,917			12,392
						Total liabilities			168,676			164,000			169,688
Equity
			Preferred stock						2,500			2,500			2,500
			Common shares						1,257			1,257			1,257
			Capital surplus						5,981			6,035			5,946
			Retained earnings						15,622			15,359			14,724
			Treasury stock, at cost						(3,152)			(2,810)			(2,637)
			Accumulated other comprehensive income (loss)						(2,221)			(1,960)			(2,787)
						Total equity			19,987			20,381			19,003
Total liabilities and equity									$	188,663		$	184,381		$	188,691
Common shares outstanding (000)									1,087,293			1,102,401			1,111,986

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Consolidated Statements of Income
(dollars in millions, except per share amounts)
									Three months ended
									3/31/2026			12/31/2025			3/31/2025
Interest income
			Loans						$	1,416		$	1,439		$	1,401
			Loans held for sale						14			18			14
			Securities available for sale						370			388			392
			Held-to-maturity securities						86			76			63
			Trading account assets						11			12			17
			Short-term investments						103			137			174
			Other investments						5			8			9
						Total interest income			2,005			2,078			2,070
Interest expense
			Deposits						598			688			753
			Federal funds purchased and securities sold under repurchase agreements						14			4			1
			Bank notes and other short-term borrowings						20			9			27
			Long-term debt						151			162			193
						Total interest expense			783			863			974
Net interest income									1,222			1,215			1,096
Provision for credit losses									106			108			118
Net interest income after provision for credit losses									1,116			1,107			978
Noninterest income
			Trust and investment services income						157			156			139
			Investment banking and debt placement fees						197			243			175
			Service charges on deposit accounts						77			78			69
			Operating lease income and other leasing gains						8			9			9
			Corporate services income						71			81			65
			Cards and payments income						86			84			82
			Corporate-owned life insurance income						34			40			33
			Consumer mortgage income						13			16			13
			Commercial mortgage servicing fees						62			68			76
			Other income						18			7			7
			Net securities gains (losses)						—			—			—
						Total noninterest income			723			782			668
Noninterest expense
			Personnel						743			790			680
			Net occupancy						68			69			67
			Computer processing						111			106			107
			Business services and professional fees						36			61			40
			Equipment						19			22			20
			Operating lease expense						7			8			11
			Marketing						18			28			21
			Intangible asset amortization						—			—			—
			Other expense						179			157			185
						Total noninterest expense			1,181			1,241			1,131
Income (loss) from continuing operations before income taxes									658			648			515
			Income taxes						136			139			109
Income (loss) from continuing operations									522			509			406
			Income (loss) from discontinued operations, net of taxes						—			1			(1)
Net income (loss)									522			510			405
			Less: Net income (loss) attributable to noncontrolling interests						—			—			—
Net income (loss) attributable to Key									$	522		$	510		$	405
Income (loss) from continuing operations attributable to Key common shareholders									$	486		$	474		$	370
Net income (loss) attributable to Key common shareholders									486			475			369
Per common share
Income (loss) from continuing operations attributable to Key common shareholders									$	.45		$	.43		$	.34
Income (loss) from discontinued operations, net of taxes									—			—			—
Net income (loss) attributable to Key common shareholders (a)									.45			.43			.34
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders									$	.44		$	.43		$	.33
Income (loss) from discontinued operations, net of taxes									—			—			—
Net income (loss) attributable to Key common shareholders (a)									.44			.43			$	.33
Cash dividends declared per common share									$	.205		$	.205		$	.205
Weighted-average common shares outstanding (000)									1,084,277			1,095,171			1,096,654
			Effect of common share options and other stock awards (b)						10,091			11,152			9,486
Weighted-average common shares and potential common shares outstanding (000) (c)									1,094,368			1,106,323			1,106,140

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

(b)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.

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