KeyCorp Files 2023 Annual Report on Form 10-K

Ticker: KEY-PL · Form: 10-K · Filed: Feb 22, 2024 · CIK: 91576

Keycorp /New/ 10-K Filing Summary
FieldDetail
CompanyKeycorp /New/ (KEY-PL)
Form Type10-K
Filed DateFeb 22, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$1, $9.24, $188.3 billion, $18, $20
Sentimentneutral

Sentiment: neutral

Topics: KeyCorp, 10-K, Annual Report, Financials, Banking

Related Tickers: KEY

TL;DR

<b>KeyCorp has submitted its 2023 annual report (10-K), detailing financial performance and corporate information.</b>

AI Summary

KEYCORP /NEW/ (KEY-PL) filed a Annual Report (10-K) with the SEC on February 22, 2024. KeyCorp filed its 2023 Form 10-K on February 22, 2024, reporting on the fiscal year ending December 31, 2023. The filing includes financial data for the fiscal years 2023, 2022, and 2021. KeyCorp's principal executive offices are located at 127 Public Sq, Cleveland, OH 44114-1306. The company was formerly known as Society Corp, with a name change effective July 3, 1992. The filing references various US GAAP financial statement elements, including common stock, preferred stock series, retained earnings, and accumulated other comprehensive income.

Why It Matters

For investors and stakeholders tracking KEYCORP /NEW/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of KeyCorp's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial statements and disclosures within this report are essential for stakeholders to understand KeyCorp's financial position, including its assets, liabilities, equity, and changes therein over the past three fiscal years.

Risk Assessment

Risk Level: medium — KEYCORP /NEW/ shows moderate risk based on this filing. The filing is a standard 10-K for a large financial institution, which inherently carries medium risk due to the complexities of the banking sector and regulatory environment.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand KeyCorp's performance and potential challenges in the current economic climate.

Key Numbers

Key Players & Entities

FAQ

When did KEYCORP /NEW/ file this 10-K?

KEYCORP /NEW/ filed this Annual Report (10-K) with the SEC on February 22, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by KEYCORP /NEW/ (KEY-PL).

Where can I read the original 10-K filing from KEYCORP /NEW/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by KEYCORP /NEW/.

What are the key takeaways from KEYCORP /NEW/'s 10-K?

KEYCORP /NEW/ filed this 10-K on February 22, 2024. Key takeaways: KeyCorp filed its 2023 Form 10-K on February 22, 2024, reporting on the fiscal year ending December 31, 2023.. The filing includes financial data for the fiscal years 2023, 2022, and 2021.. KeyCorp's principal executive offices are located at 127 Public Sq, Cleveland, OH 44114-1306..

Is KEYCORP /NEW/ a risky investment based on this filing?

Based on this 10-K, KEYCORP /NEW/ presents a moderate-risk profile. The filing is a standard 10-K for a large financial institution, which inherently carries medium risk due to the complexities of the banking sector and regulatory environment.

What should investors do after reading KEYCORP /NEW/'s 10-K?

Investors should review the detailed financial statements and risk factors within the 10-K to understand KeyCorp's performance and potential challenges in the current economic climate. The overall sentiment from this filing is neutral.

Key Dates

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for KeyCorp.)
US GAAP
Generally Accepted Accounting Principles in the United States, the common set of accounting principles, standards, and procedures by which financial statements are prepared. (KeyCorp's financial data is reported in accordance with US GAAP, ensuring comparability and adherence to regulatory standards.)

Filing Stats: 4,263 words · 17 min read · ~14 pages · Grade level 14.2 · Accepted 2024-02-22 15:18:06

Key Financial Figures

Filing Documents

Forward-looking Statements

Forward-looking Statements From time to time, we have made or will make 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," "will," "would," "should," "could," or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results or aspirations. Our disclosures in this report contain forward-looking statements. We may also make forward-looking statements in other documents filed with or furnished to the SEC. In addition, we may make forward-looking statements orally to analysts, investors, representatives of the media and others. 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. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this report can or will be achieved. Factors that could cause our actual results to differ from those described in forward-looking statements include, but are not limited to: our concentrated credit exposure in commercial and industrial loans; deterioration of commercial real estate market fundamentals; defaults by our loan clients or counterparties; adverse changes in credit quality trends; declining asset prices; geopolitical destabilization; deterioration of asset quality and an increase in credit losses; labor shortages and supply chain constraints, as well as the impact of inflation;

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 107 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 181 9A Controls and Procedures 181 9B Other Information 181 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 181 PART III 10 Directors, Executive Officers and Corporate Governance 181 11 Executive Compensation 182 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 182 13 Certain Relationships and Related Transactions, and Director Independence 182 14 Principal Accountant Fees and Services 182 PART IV 15 Exhibits and Financial Statement Schedules 182 (a) (1) Financial Statements — See listing in Item 8 above 182 (a) (2) Financial Statement Schedules — None required 183 (a) (3) Exhibits 184 16 Form 10-K Summary 186

Signatures

Signatures 187 5 Table of contents PART I

BUSINESS

ITEM 1. BUSINESS Overview KeyCorp, organized in 1958 under the laws of the State of Ohio, is headquartered in Cleveland, Ohio. We are a BHC under the BHCA and one of the nation's largest bank-based financial services companies, with consolidated total assets of approximately $188.3 billion at December 31, 2023. KeyCorp is the parent holding company for KeyBank National Association, its principal subsidiary, through which most of our banking services are provided. Through KeyBank and certain other subsidiaries, we provide a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients through two major business segments: Consumer Bank and Commercial Bank. As of December 31, 2023, these services were provided across the country through KeyBank's 959 full-service retail banking branches and a network of 1,217 ATMs in 15 states, as well as additional offices, online and mobile banking capabilities, including our national digital bank, Laurel Road, and a telephone banking call center. Additional information pertaining to our two business segments is included in the "Business Segment Results" section in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of this report, and in Note 25 ("Business Segment Reporting") of the Notes to Consolidated Financial Statements presented in Item 8. Financial Statements and Supplementary Data, which are incorporated herein by reference. In addition to the customary banking services of accepting deposits and making loans, our bank and its trust company subsidiary offer personal and institutional trust custody services, personal financial and planning services, access to mutual funds, treasury services, and international banking services. Through our bank, trust company, an

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