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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Shareholders' Equity | 24. Shareholders' Equity Comprehensive Capital Plan In July 2021, the Board of Directors authorized the repurchase of up to $1.5 billion of our Common Shares, effective for the third quarter of 2021 through the third quarter of 2022. In September 2022, the Board of Directors approved the extension of the previous authorization through the third quarter of 2023. This authorization expired as of September 30, 2023. During 2023, Key repurchased $38 million shares in the open market and $34 million of shares related to equity compensation programs. Consistent with our capital plan, the Board declared a quarterly dividend of $.205 per common share for each of the four quarters in 2023. These quarterly dividend payments brought our annual dividend to $.82 per common share for 2023. Preferred Stock The following table summarizes our preferred stock at December 31, 2023:
Preferred stock series | Amount outstanding (in millions) | Shares authorized and outstanding | Par value | Liquidation preference | Ownership interest per depositary share | Liquidation preference per depositary share | 2023 dividends paid per depositary share
Fixed-to-Floating Rate Perpetual Noncumulative Series D | $ | 525 |  | 21,000 |  | $ | 1 |  | $ | 25,000 |  | 1/25th | $ | 1,000 |  | $ | 12.50 |
Fixed-to-Floating Rate Perpetual Noncumulative Series E | 500 |  | 500,000 |  | 1 |  | 1,000 |  | 1/40th | 25 |  | .382813 |
Fixed Rate Perpetual Noncumulative Series F | 425 |  | 425,000 |  | 1 |  | 1,000 |  | 1/40th | 25 |  | .353125 |
Fixed Rate Perpetual Noncumulative Series G | 450 |  | 450,000 |  | 1 |  | 1,000 |  | 1/40th | 25 |  | .351563 |
Fixed Rate Perpetual Noncumulative Series H | 600 |  | 600,000 |  | 1 |  | 1,000 |  | 1/40th | 25 |  | .387500 |
Capital Adequacy KeyCorp and KeyBank (consolidated) must meet specific capital requirements imposed by federal banking regulators. Sanctions for failure to meet applicable capital requirements may include regulatory enforcement actions that restrict dividend payments, require the adoption of remedial measures to increase capital, terminate FDIC deposit insurance, and mandate the appointment of a conservator or receiver in severe cases. In addition, failure to maintain a “well capitalized” status affects how regulators evaluate applications for certain endeavors, including acquisitions, continuation and expansion of existing activities, and commencement of new activities, and could make clients and potential investors less confident. As of December 31, 2023, KeyCorp and KeyBank (consolidated) met all regulatory capital requirements. KeyBank (consolidated) qualified for the “well capitalized” prompt corrective action capital category at December 31, 2023, because its capital and leverage ratios exceeded the prescribed threshold ratios for that capital category and it was not subject to any written agreement, order, or directive to meet and maintain a specific capital level for any capital measure. Since that date, we believe there has been no change in condition or event that has occurred that would cause the capital category for KeyBank (consolidated) to change. BHCs are not assigned to any of the five prompt corrective action capital categories applicable to insured depository institutions. If, however, those categories applied to BHCs, we believe that KeyCorp would satisfy the criteria for a “well capitalized” institution at December 31, 2023, and since that date, we believe there has been no change in condition or event that has occurred that would cause such capital category to change. Because the regulatory capital categories under the prompt corrective action regulations serve a limited supervisory function, investors should not use them as a representation of the overall financial condition or prospects of KeyBank or KeyCorp. At December 31, 2023, Key and KeyBank (consolidated) had regulatory capital in excess of all current minimum risk-based capital (including all adjustments for market risk) and leverage ratio requirements as shown in the following table.
| Actual |  | To Meet Minimum Capital Adequacy Requirements |  | To Qualify as Well Capitalized Under Federal Deposit Insurance Act
Dollars in millions | Amount | Ratio |  | Amount | Ratio |  | Amount | Ratio
December 31, 2023 |  |  |  |  |  |  |  |
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS |  |  |  |  |  |  |  |
Key | $ | 21,028 |  | 14.15 | % |  | $ | 11,886 |  | 8.00 | % |  | N/A | N/A
KeyBank (consolidated) | 20,726 |  | 14.16 |  |  | 11,712 |  | 8.00 |  |  | $ | 14,640 |  | 10.00 | %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS |  |  |  |  |  |  |  |
Key | $ | 17,340 |  | 11.67 | % |  | $ | 8,914 |  | 6.00 | % |  | N/A | N/A
KeyBank (consolidated) | 17,487 |  | 11.94 |  |  | 8,784 |  | 6.00 |  |  | $ | 11,712 |  | 8.00 | %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS |  |  |  |  |  |  |  |
Key | $ | 17,340 |  | 9.03 | % |  | $ | 7,678 |  | 4.00 | % |  | N/A | N/A
KeyBank (consolidated) | 17,487 |  | 9.22 |  |  | 7,587 |  | 4.00 |  |  | $ | 9,483 |  | 5.00 | %
December 31, 2022 |  |  |  |  |  |  |  |
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS |  |  |  |  |  |  |  |
Key | $ | 20,776 |  | 12.79 | % |  | $ | 12,998 |  | 8.00 | % |  | N/A | N/A
KeyBank (consolidated) | 19,903 |  | 12.39 |  |  | 12,850 |  | 8.00 |  |  | $ | 16,063 |  | 10.00 | %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS |  |  |  |  |  |  |  |
Key | $ | 17,225 |  | 10.60 | % |  | $ | 9,748 |  | 6.00 | % |  | N/A | N/A
KeyBank (consolidated) | 16,801 |  | 10.46 |  |  | 9,638 |  | 6.00 |  |  | $ | 12,850 |  | 8.00 | %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS |  |  |  |  |  |  |  |
Key | $ | 17,225 |  | 8.88 | % |  | $ | 7,759 |  | 4.00 | % |  | N/A | N/A
KeyBank (consolidated) | 16,801 |  | 8.78 |  |  | 7,657 |  | 4.00 |  |  | $ | 9,572 |  | 5.00 | %

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