EX-99.3 4 a3q25erex993.htm EX-99.3
Exhibit 99.3

Consolidated Balance Sheets |
(dollars in millions) |
|  |  | 9/30/2025 | 6/30/2025 | 9/30/2024 |
Assets |  |  |  |
| Loans | $ | 105,902 |  | $ | 106,389 |  | $ | 105,346 |  |
| Loans held for sale | 998 |  | 530 |  | 1,058 |  |
| Securities available for sale | 40,456 |  | 40,669 |  | 34,169 |  |
| Held-to-maturity securities | 7,509 |  | 6,914 |  | 7,702 |  |
| Trading account assets | 972 |  | 1,374 |  | 1,404 |  |
| Short-term investments | 13,334 |  | 11,564 |  | 22,796 |  |
| Other investments | 921 |  | 1,058 |  | 1,117 |  |
|  | Total earning assets | 170,092 |  | 168,498 |  | 173,592 |  |
| Allowance for loan and lease losses | (1,444) |  | (1,446) |  | (1,494) |  |
| Cash and due from banks | 1,938 |  | 1,766 |  | 1,276 |  |
| Premises and equipment | 606 |  | 599 |  | 624 |  |
| Goodwill | 2,752 |  | 2,752 |  | 2,752 |  |
| Other intangible assets | 13 |  | 18 |  | 34 |  |
| Corporate-owned life insurance | 4,428 |  | 4,423 |  | 4,379 |  |
| Accrued income and other assets | 8,803 |  | 8,654 |  | 8,323 |  |
| Discontinued assets | 221 |  | 235 |  | 277 |  |
|  | Total assets | $ | 187,409 |  | $ | 185,499 |  | $ | 189,763 |  |
Liabilities |  |  |  |
| Deposits in domestic offices: |  |  |  |
|  | Interest-bearing deposits | 122,425 |  | 119,230 |  | 119,995 |  |
|  | Noninterest-bearing deposits | 28,340 |  | 27,675 |  | 30,358 |  |
|  | Total deposits | 150,765 |  | 146,905 |  | 150,353 |  |
| Federal funds purchased and securities sold under repurchase agreements | 10 |  | 20 |  | 44 |  |
| Bank notes and other short-term borrowings | 1,339 |  | 2,754 |  | 2,359 |  |
| Accrued expense and other liabilities | 4,276 |  | 4,273 |  | 4,478 |  |
| Long-term debt | 10,917 |  | 12,063 |  | 15,677 |  |
|  | Total liabilities | 167,307 |  | 166,015 |  | 172,911 |  |
Equity |  |  |  |
| Preferred stock | 2,500 |  | 2,500 |  | 2,500 |  |
| Common shares | 1,257 |  | 1,257 |  | 1,257 |  |
| Capital surplus | 6,002 |  | 5,971 |  | 6,149 |  |
| Retained earnings | 15,111 |  | 14,886 |  | 15,066 |  |
| Treasury stock, at cost | (2,619) |  | (2,629) |  | (4,839) |  |
| Accumulated other comprehensive income (loss) | (2,149) |  | (2,501) |  | (3,281) |  |
|  | Total equity | 20,102 |  | 19,484 |  | 16,852 |  |
Total liabilities and equity | $ | 187,409 |  | $ | 185,499 |  | $ | 189,763 |  |
Common shares outstanding (000) | 1,112,952 |  | 1,112,453 |  | 991,251 |  |

Consolidated Statements of Income
(dollars in millions, except per share amounts)
|  |  | Three months ended |  |
|  |  | 9/30/2025 | 6/30/2025 | 9/30/2024 |  |  |
Interest income |  |  |  |  |  |
| Loans | $ | 1,466 |  | $ | 1,443 |  | $ | 1,516 |  |  |  |
| Loans held for sale | 18 |  | 11 |  | 18 |  |  |  |
| Securities available for sale | 408 |  | 411 |  | 298 |  |  |  |
| Held-to-maturity securities | 64 |  | 61 |  | 70 |  |  |  |
| Trading account assets | 11 |  | 16 |  | 15 |  |  |  |
| Short-term investments | 156 |  | 157 |  | 244 |  |  |  |
| Other investments | 8 |  | 8 |  | 14 |  |  |  |
|  | Total interest income | 2,131 |  | 2,107 |  | 2,175 |  |  |  |
Interest expense |  |  |  |  |  |
| Deposits | 748 |  | 730 |  | 887 |  |  |  |
| Federal funds purchased and securities sold under repurchase agreements | 4 |  | 4 |  | 1 |  |  |  |
| Bank notes and other short-term borrowings | 14 |  | 34 |  | 43 |  |  |  |
| Long-term debt | 181 |  | 198 |  | 292 |  |  |  |
|  | Total interest expense | 947 |  | 966 |  | 1,223 |  |  |  |
Net interest income | 1,184 |  | 1,141 |  | 952 |  |  |  |
Provision for credit losses | 107 |  | 138 |  | 95 |  |  |  |
Net interest income after provision for credit losses | 1,077 |  | 1,003 |  | 857 |  |  |  |
Noninterest income |  |  |  |  |  |
| Trust and investment services income | 150 |  | 146 |  | 140 |  |  |  |
| Investment banking and debt placement fees | 184 |  | 178 |  | 171 |  |  |  |
| Service charges on deposit accounts | 75 |  | 73 |  | 67 |  |  |  |
| Operating lease income and other leasing gains | 11 |  | 14 |  | 16 |  |  |  |
| Corporate services income | 72 |  | 76 |  | 69 |  |  |  |
| Cards and payments income | 86 |  | 85 |  | 84 |  |  |  |
| Corporate-owned life insurance income | 35 |  | 32 |  | 36 |  |  |  |
| Consumer mortgage income | 14 |  | 15 |  | 12 |  |  |  |
| Commercial mortgage servicing fees | 73 |  | 70 |  | 73 |  |  |  |
| Other income | 8 |  | 1 |  | (2) |  |  |  |
| Net securities gains (losses) | (6) |  | — |  | (935) |  |  |  |
|  | Total noninterest income | 702 |  | 690 |  | (269) |  |  |  |
Noninterest expense |  |  |  |  |  |
| Personnel | 742 |  | 705 |  | 670 |  |  |  |
| Net occupancy | 65 |  | 69 |  | 66 |  |  |  |
| Computer processing | 105 |  | 107 |  | 104 |  |  |  |
| Business services and professional fees | 44 |  | 48 |  | 41 |  |  |  |
| Equipment | 20 |  | 21 |  | 20 |  |  |  |
| Operating lease expense | 9 |  | 10 |  | 14 |  |  |  |
| Marketing | 22 |  | 24 |  | 21 |  |  |  |
| Intangible asset amortization | — |  | — |  | — |  |  |  |
| Other expense | 170 |  | 170 |  | 158 |  |  |  |
|  | Total noninterest expense | 1,177 |  | 1,154 |  | 1,094 |  |  |  |
Income (loss) from continuing operations before income taxes | 602 |  | 539 |  | (506) |  |  |  |
| Income taxes | 112 |  | 116 |  | (95) |  |  |  |
Income (loss) from continuing operations | 490 |  | 423 |  | (411) |  |  |  |
| Income (loss) from discontinued operations, net of taxes | (1) |  | 2 |  | 1 |  |  |  |
Net income (loss) | 489 |  | 425 |  | (410) |  |  |  |
| Less: Net income (loss) attributable to noncontrolling interests | — |  | — |  | — |  |  |  |
Net income (loss) attributable to Key | $ | 489 |  | $ | 425 |  | $ | (410) |  |  |  |
Income (loss) from continuing operations attributable to Key common shareholders | $ | 454 |  | $ | 387 |  | $ | (447) |  |  |  |
Net income (loss) attributable to Key common shareholders | 453 |  | 389 |  | (446) |  |  |  |
Per common share |  |  |  |  |  |
Income (loss) from continuing operations attributable to Key common shareholders | $ | .41 |  | $ | .35 |  | $ | (.47) |  |  |  |
Income (loss) from discontinued operations, net of taxes | — |  | — |  | — |  |  |  |
Net income (loss) attributable to Key common shareholders (a) | .41 |  | .35 |  | (.47) |  |  |  |
Per common share — assuming dilution |  |  |  |  |  |
Income (loss) from continuing operations attributable to Key common shareholders | $ | .41 |  | $ | .35 |  | $ | (.47) |  |  |  |
Income (loss) from discontinued operations, net of taxes | — |  | — |  | — |  |  |  |
Net income (loss) attributable to Key common shareholders (a) | .41 |  | .35 |  | $ | (.47) |  |  |  |
Cash dividends declared per common share | $ | .205 |  | $ | .205 |  | $ | .205 |  |  |  |
Weighted-average common shares outstanding (000) | 1,100,830 |  | 1,100,033 |  | 948,979 |  |  |  |
| Effect of common share options and other stock awards (b) | 9,845 |  | 7,177 |  | — |  |  |  |
Weighted-average common shares and potential common shares outstanding (000) (c) | 1,110,675 |  | 1,107,210 |  | 948,979 |  |  |  |

(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.