KeyCorp (KEY) 8-K Noninterest income up 6% year-over-year and linked quarter, driven by strength in investment banking and debt placement fees

Exhibit 99.3

Consolidated Balance Sheets
(dollars in millions)
			3/31/2024		12/31/2023		3/31/2023
Assets
	Loans		$	109,885	$	112,606	$	119,971
	Loans held for sale		228		483		1,211
	Securities available for sale		37,298		37,185		39,498
	Held-to-maturity securities		8,272		8,575		9,561
	Trading account assets		1,171		1,142		1,118
	Short-term investments		13,205		10,817		8,410
	Other investments		1,247		1,244		1,587
		Total earning assets	171,306		172,052		181,356
	Allowance for loan and lease losses		(1,542)		(1,508)		(1,380)
	Cash and due from banks		1,247		941		784
	Premises and equipment		650		661		628
	Goodwill		2,752		2,752		2,752
	Other intangible assets		48		55		85
	Corporate-owned life insurance		4,392		4,383		4,372
	Accrued income and other assets		8,314		8,601		8,512
	Discontinued assets		318		344		410
		Total assets	$	187,485	$	188,281	$	197,519
Liabilities
	Deposits in domestic offices:
		Interest-bearing deposits	114,593		114,859		106,841
		Noninterest-bearing deposits	29,638		30,728		37,307
		Total deposits	144,231		145,587		144,148
	Federal funds purchased and securities sold under repurchase agreements		27		38		1,374
	Bank notes and other short-term borrowings		2,896		3,053		10,061
	Accrued expense and other liabilities		5,008		5,412		4,861
	Long-term debt		20,776		19,554		22,753
		Total liabilities	172,938		173,644		183,197
Equity
	Preferred stock		2,500		2,500		2,500
	Common shares		1,257		1,257		1,257
	Capital surplus		6,164		6,281		6,207
	Retained earnings		15,662		15,672		15,700
	Treasury stock, at cost		(5,722)		(5,844)		(5,868)
	Accumulated other comprehensive income (loss)		(5,314)		(5,229)		(5,474)
		Key shareholders’ equity	14,547		14,637		14,322
	Noncontrolling interests		—		—		—
		Total equity	14,547		14,637		14,322
Total liabilities and equity			$	187,485	$	188,281	$	197,519
Common shares outstanding (000)			942,776		936,564		935,229

Consolidated Statements of Income
(dollars in millions, except per share amounts)
			Three months ended
			3/31/2024		12/31/2023		3/31/2023
Interest income
	Loans		$	1,538	$	1,574	$	1,476
	Loans held for sale		14		12		13
	Securities available for sale		232		213		194
	Held-to-maturity securities		75		78		74
	Trading account assets		14		13		12
	Short-term investments		142		138		42
	Other investments		17		22		13
		Total interest income	2,032		2,050		1,824
Interest expense
	Deposits		782		754		350
	Federal funds purchased and securities sold under repurchase agreements		1		—		22
	Bank notes and other short-term borrowings		46		45		78
	Long-term debt		328		330		275
		Total interest expense	1,157		1,129		725
Net interest income			875		921		1,099
Provision for credit losses			101		102		139
Net interest income after provision for credit losses			774		819		960
Noninterest income
	Trust and investment services income		136		132		128
	Investment banking and debt placement fees		170		136		145
	Service charges on deposit accounts		63		65		67
	Operating lease income and other leasing gains		24		22		25
	Corporate services income		69		67		76
	Cards and payments income		77		84		81
	Corporate-owned life insurance income		32		36		29
	Consumer mortgage income		14		11		11
	Commercial mortgage servicing fees		56		48		46
	Other income		6		9		—
		Total noninterest income	647		610		608
Noninterest expense
	Personnel		674		674		701
	Net occupancy		67		65		70
	Computer processing		102		92		92
	Business services and professional fees		41		44		45
	Equipment		20		24		22
	Operating lease expense		17		18		20
	Marketing		19		31		21
	Intangible asset amortization		—		—		—
	Other expense		203		424		205
		Total noninterest expense	1,143		1,372		1,176
Income (loss) from continuing operations before income taxes			278		57		392
	Income taxes		59		(8)		81
Income (loss) from continuing operations			219		65		311
	Income (loss) from discontinued operations, net of taxes		—		—		1
Net income (loss)			219		65		312
	Less: Net income (loss) attributable to noncontrolling interests		—		—		—
Net income (loss) attributable to Key			$	219	$	65	$	312
Income (loss) from continuing operations attributable to Key common shareholders			$	183	$	30	$	275
Net income (loss) attributable to Key common shareholders			183		30		276
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.20	$	.03	$	.30
Income (loss) from discontinued operations, net of taxes			—		—		—
Net income (loss) attributable to Key common shareholders (a)			.20		.03		.30
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.20	$	.03	$	.30
Income (loss) from discontinued operations, net of taxes			—		—		—
Net income (loss) attributable to Key common shareholders (a)			.20		.03		$	.30
Cash dividends declared per common share			$	.205	$	.205	$	.205
Weighted-average common shares outstanding (000)			929,692		927,517		926,490
	Effect of common share options and other stock awards		7,319		6,529		7,314
Weighted-average common shares and potential common shares outstanding (000) (b)			937,011		934,046		933,804

(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.