Average deposits up $1.3 billion compared to the prior quarter and the second quarter of 2023, with client deposits up 5% year-over-year Disciplined expense management: expenses declined approximately 6% from the prior quarter and were stable versus the year-ago period Common Equity Tier 1 ratio rose 20 basis points to 10.5%(a) Credit quality remains solid: net charge-offs to average loans of 34 basis points CLEVELAND, July 18, 2024 /PRNewswire/ -- KeyCorp (NYSE:KEY) today announced net income from continuing operations attributable to Key common shareholders of $237 million, or $.25 per diluted common share, for the second quarter of 2024. Net income from continuing operations attributable to Key common shareholders was $183 million, or $.20 per diluted common share, for the first quarter of 2024 and $250 million, or $.27 per diluted common share, for the second quarter of 2023. Comments from Chairman and CEO, Chris Gorman "This was a solid quarter for Key as we continued to execute on our clearly defined path to enhanced profitability. Sequentially, net interest income grew as we benefited from fixed asset repricing and continued to grow client deposits while the pace of deposit repricing slowed. Client deposits were up 5% from the prior year. Loan demand remained tepid, however, we are optimistic that we will begin to see growth in the second half of the year. We continued to make progress against our most important strategic fee-based initiatives where we benefit from a differentiated value proposition. We demonstrated momentum in Wealth Management and Commercial Payments. Additionally, our Investment Banking pipelines are meaningfully higher from prior periods.   Expenses continue to be well-managed, and net charge-offs remained low. We built our Common Equity Tier 1 ratio another 23 basis points to 10.5%, bringing our organic capital build to approximately 120 basis points over the past twelve months.  I am excited for our path forward and energized by our momentum which positions us to deliver sound, profitable growth." (a) June 30, 2024 ratio is estimated and reflects Key's election to adopt the CECL optional transition provision.   Selected Financial Highlights Dollars in millions, except per share data Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Income (loss) from continuing operations attributable to Key common shareholders $      237 $      183 $      250 29.5 % (5.2) % Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution .25 .20 .27 25.0 (7.4) Return on average tangible common equity from continuing operations (a) 10.39 % 7.87 % 11.04 % N/A N/A Return on average total assets from continuing operations .59 .47 .58 N/A N/A Common Equity Tier 1 ratio (b) 10.5 10.3 9.3 N/A N/A Book value at period end $   13.09 $   12.84 $   12.18 1.9 7.5 Net interest margin (TE) from continuing operations 2.04 % 2.02 % 2.12 % N/A N/A (a) The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "tangible common equity." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons. (b) June 30, 2024 ratio is estimated. TE = Taxable Equivalent, N/A = Not Applicable   INCOME STATEMENT HIGHLIGHTS Revenue Dollars in millions Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Net interest income (TE) $        899 $        886 $        986 1.5 % (8.8) % Noninterest income 627 647 609 (3.1) 3.0 Total revenue (TE) $      1,526 $      1,533 $      1,595 (.5) % (4.3) % TE = Taxable Equivalent Taxable-equivalent net interest income was $899 million for the second quarter of 2024 and the net interest margin was 2.04%. Compared to the second quarter of 2023, net interest income decreased by $87 million, and the net interest margin decreased by eight basis points. Both net interest income and the net interest margin benefited from the reinvestment of proceeds from maturing investment securities into higher yielding but still liquid investments, and the replacement of low-yielding interest rate swaps with higher-yield interest rate swaps. Net interest income and the net interest margin declined year-over-year, however, reflecting lower loan balances from Key's balance sheet optimization actions during 2023 and higher deposit costs in the higher interest rate environment relative to a year ago. Additionally, the balance sheet experienced a shift in funding mix from noninterest-bearing deposits to higher-cost deposits and borrowings.  Compared to the first quarter of 2024, taxable-equivalent net interest income increased by $13 million, and the net interest margin increased by two basis points for the second quarter of 2024. Both net interest income and the net interest margin benefited from the reinvestment of proceeds from maturing investment securities into higher yielding but still liquid investments, and the replacement of low-yielding interest rate swaps with higher-yield interest rate swaps. Lower loan balances, higher funding costs, and an unfavorable funding mix partly offset the increase in net interest income and the net interest margin from higher yielding reinvestments. Noninterest Income Dollars in millions Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Trust and investment services income $        139 $        136 $        126 2.2 % 10.3 % Investment banking and debt placement fees 126 170 120 (25.9) 5.0 Cards and payments income 85 77 85 10.4 — Service charges on deposit accounts 66 63 69 4.8 (4.3) Corporate services income 68 69 86 (1.4) (20.9) Commercial mortgage servicing fees 61 56 50 8.9 22.0 Corporate-owned life insurance income 34 32 32 6.3 6.3 Consumer mortgage income 16 14 14 14.3 14.3 Operating lease income and other leasing gains 21 24 23 (12.5) (8.7) Other income 11 6 4 83.3 175.0 Total noninterest income $        627 $        647 $        609 (3.1) % 3.0 % N/M = Not Meaningful Compared to the second quarter of 2023, noninterest income increased by $18 million. The increase was driven by trust and investment services, up $13 million, reflective of strong market performance as well as an increase in commercial mortgage servicing fees, which increased $11 million. Compared to the first quarter of 2024, noninterest income decreased by $20 million. The decrease was driven by investment banking and debt placement fees, down $44 million, reflective of strong merger and acquisition advisory fees and syndication fees in the first quarter. The decline was partly offset by an $8 million increase in cards and payments income due to higher seasonal transactions in debit and credit cards and a $5 million increase in commercial mortgage servicing fees. Noninterest Expense Dollars in millions Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Personnel expense $        636 $        674 $        622 (5.6) % 2.3 % Net occupancy 66 67 65 (1.5) 1.5 Computer processing 101 102 95 (1.0) 6.3 Business services and professional fees 37 41 41 (9.8) (9.8) Equipment 20 20 22 — (9.1) Operating lease expense 17 17 21 — (19.0) Marketing 21 19 29 10.5 (27.6) Other expense 181 203 181 (10.8) .0 Total noninterest expense $      1,079 $      1,143 $      1,076 (5.6) % .3 % Compared to the second quarter of 2023, noninterest expense increased $3 million, driven by a $14 million increase in personnel expense, reflective of a higher stock price compared to the year-ago period. The increase was partly offset by lower marketing expense and lower business services and professional fees. Compared to the first quarter of 2024, noninterest expense decreased by $64 million. The decrease was driven by a $38 million decline in personnel expense, related to lower incentive compensation and lower employee benefits. The decline in noninterest expense was also reflective of a higher FDIC special assessment in the prior quarter. For more information on the FDIC special assessment, see the Selected Items Impact on Earnings table on page 25. BALANCE SHEET HIGHLIGHTS Average Loans Dollars in millions Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Commercial and industrial (a) $    54,599 $    55,220 $    61,426 (1.1) % (11.1) % Other commercial loans 20,500 21,222 22,623 (3.4) (9.4) Total consumer loans 33,862 34,592 36,623 (2.1) (7.5) Total loans $  108,961 $  111,034 $  120,672 (1.9) % (9.7) % (a) Commercial and industrial average loan balances include $218 million, $211 million, and $194 million of assets from commercial credit cards at June 30, 2024, March 31, 2024, and June 30, 2023, respectively. Average loans were $109.0 billion for the second quarter of 2024, a decrease of $11.7 billion compared to the second quarter of 2023, reflective of Key's planned balance sheet optimization efforts in 2023. The decline in average loans was mostly driven by a $9.0 billion decline in average commercial loans, driven by lower commercial and industrial loans and commercial mortgage real estate loans. Additionally, average consumer loans declined by $2.8 billion, driven by declines across all consumer loan categories. Compared to the first quarter of 2024, average loans decreased by $2.1 billion. Average commercial loans declined by $1.3 billion, primarily driven by a decrease in commercial and industrial loans and commercial mortgage real estate loans. Additionally, average consumer loans declined $730 million, driven by declines across all consumer loan categories. Average Deposits Dollars in millions Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Non-time deposits $  128,161 $  128,448 $  127,687 (.2) % 0.4 % Time deposits 16,019 14,430 15,216 11.0 5.3 Total deposits $  144,180 $  142,878 $  142,903 .9 % .9 % Cost of total deposits 2.28 % 2.20 % 1.49 % N/A N/A N/A = Not Applicable Average deposits totaled $144.2 billion for the second quarter of 2024, an increase of $1.3 billion compared to the year-ago quarter. The increase was reflective of growth in retail deposit balances and our focus on growing deposits across our commercial businesses. Compared to the first quarter of 2024, average deposits increased by $1.3 billion. The increase was reflective of growth in retail certificate of deposit balances and stronger commercial deposit balances. ASSET QUALITY Dollars in millions Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Net loan charge-offs $       91 $       81 $       52 12.3 % 75.0 % Net loan charge-offs to average total loans .34 % .29 % .17 % N/A N/A Nonperforming loans at period end $      710 $      658 $      431 7.9 64.7 Nonperforming assets at period end 727 674 462 7.9 57.4 Allowance for loan and lease losses 1,547 1,542 1,480 0.3 4.5 Allowance for credit losses 1,833 1,823 1,771 0.5 3.5 Provision for credit losses 100 101 167 (1.0) (40.1) Allowance for loan and lease losses to nonperforming loans 218 % 234 % 343 % N/A N/A Allowance for credit losses to nonperforming loans 258 277 411 N/A N/A N/A = Not Applicable Key's provision for credit losses was $100 million, compared to $167 million in the second quarter of 2023 and $101 million in the first quarter of 2024. The decline from the year-ago period reflects a more stable economic outlook and the impact of balance sheet optimization efforts, partly offset by credit portfolio migration. Net loan charge-offs for the second quarter of 2024 totaled $91 million, or 0.34% of average total loans. These results compare to $52 million, or 0.17%, for the second quarter of 2023 and $81 million, or 0.29%, for the first quarter of 2024. Key's allowance for credit losses was $1.8 billion, or 1.71% of total period-end loans at June 30, 2024, compared to 1.49% at June 30, 2023, and 1.66% at March 31, 2024. At June 30, 2024, Key's nonperforming loans totaled $710 million, which represented 0.66% of period-end portfolio loans. These results compare to 0.36% at June 30, 2023, and 0.60% at March 31, 2024. Nonperforming assets at June 30, 2024, totaled $727 million, and represented 0.68% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.39% at June 30, 2023, and 0.61% at March 31, 2024. CAPITAL Key's estimated risk-based capital ratios, included in the following table, continued to exceed all "well-capitalized" regulatory benchmarks at June 30, 2024. Capital Ratios 6/30/2024 3/31/2024 6/30/2023 Common Equity Tier 1 (a) 10.5 % 10.3 % 9.3 % Tier 1 risk-based capital (a) 12.2 12.0 10.8 Total risk-based capital (a) 14.7 14.5 13.1 Tangible common equity to tangible assets (b) 5.2 5.0 4.5 Leverage (a) 9.1 9.1 8.7 (a) June 30, 2024 ratio is estimated and reflects Key's election to adopt the CECL optional transition provision. (b) The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "tangible common equity." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons. Key's regulatory capital position remained strong in the second quarter of 2024. As shown in the preceding table, at June 30, 2024, Key's estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 10.5% and 12.2%, respectively. Key's tangible common equity ratio was 5.2% at June 30, 2024. Key elected the CECL phase-in option provided by regulatory guidance which delayed for two years the estimated impact of CECL on regulatory capital and phases it in over three years beginning in 2022. Effective for the first quarter 2022, Key is now in the three-year transition period. On a fully phased-in basis, Key's Common Equity Tier 1 ratio would be reduced by four basis points. Summary of Changes in Common Shares Outstanding In thousands Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Shares outstanding at beginning of period 942,776 936,564 935,229 .7 % .8 % Shares issued under employee compensation plans (net of cancellations and returns) 424 6,212 504 (93.2) (16) Shares outstanding at end of period 943,200 942,776 935,733 — % .8 % Key declared a dividend of $.205 per common share for the third quarter of 2024. LINE OF BUSINESS RESULTS  The following table shows the contribution made by each major business segment to Key's taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. For more detailed financial information pertaining to each business segment, see the tables at the end of this release. Major Business Segments Dollars in millions Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Revenue from continuing operations (TE) Consumer Bank $         769 $         757 $         787 1.6 % (2.3) % Commercial Bank 769 799 823 (3.8) (6.6) Other (a) (12) (23) (15) 47.8 20.0           Total $       1,526 $       1,533 $       1,595 (.5) % (4.3) % Income (loss) from continuing operations attributable to Key Consumer Bank $           67 $           41 $           71 63.4 % (5.6) % Commercial Bank 207 205 227 1.0 (8.8) Other (a) (1) (27) (12) 96.3 91.7           Total $         273 $         219 $         286 24.7 % (4.5) % (a) Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. TE = Taxable Equivalent N/M = Not Meaningful   Consumer Bank Dollars in millions Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Summary of operations Net interest income (TE) $         535 $         532 $         544 .6 % (1.7) % Noninterest income 234 225 243 4.0 (3.7) Total revenue (TE) 769 757 787 1.6 (2.3) Provision for credit losses 33 (2) 32 N/M 3.1 Noninterest expense 648 704 662 (8.0) (2.1) Income (loss) before income taxes (TE) 88 55 93 60.0 (5.4) Allocated income taxes (benefit) and TE adjustments 21 14 22 50.0 (4.5) Net income (loss) attributable to Key $           67 $           41 $           71 63.4 % (5.6) % Average balances Loans and leases $     39,174 $     39,919 $     42,297 (1.9) % (7.4) % Total assets 42,008 42,710 45,116 (1.6) (6.9) Deposits 85,397 84,075 81,406 1.6 4.9 Assets under management at period end $     57,602 $     57,305 $     53,952 .5 % 6.8 % TE = Taxable Equivalent N/M = Not Meaningful   Additional Consumer Bank Data Dollars in millions Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Noninterest income Trust and investment services income $       112 $       110 $       101 1.8 % 10.9 % Service charges on deposit accounts 34 33 40 3.0 (15.0) Cards and payments income 61 57 65 7.0 (6.2) Consumer mortgage income 16 14 14 14.3 14.3 Other noninterest income 11 11 23 — (52.2) Total noninterest income $       234 $       225 $       243 4.0 % (3.7) % Average deposit balances Money market deposits $  30,229 $  29,875 $  27,217 1.2 % 11.1 % Demand deposits 22,292 22,213 23,322 .4 (4.4) Savings deposits 4,791 4,986 6,294 (3.9) (23.9) Time deposits 13,039 11,808 6,413 10.4 103.3 Noninterest-bearing deposits 15,047 15,193 18,160 (1.0) (17.1) Total deposits $  85,398 $  84,075 $  81,406 1.6 % 4.9 % Other data Branches 946 957 965 Automated teller machines 1,199 1,214 1,255 Consumer Bank Summary of Operations (2Q24 vs. 2Q23) Key's Consumer Bank recorded net income attributable to Key of $67 million for the second quarter of 2024, compared to $71 million for the year-ago quarter Taxable-equivalent net interest income decreased by $9 million, or 1.7%, compared to the second quarter of 2023, primarily reflective of a decline in loan spreads as a result of lower loan balances Average loans and leases decreased $3.1 billion, or 7.4%, from the second quarter of 2023, driven by broad-based declines across loan categories Average deposits increased $4.0 billion, or 4.9%, from the second quarter of 2023, driven by strong retail deposit growth Provision for credit losses increased $1 million compared to the second quarter of 2023 Noninterest income decreased $9 million from the year-ago quarter, driven by declines in service charges on deposit accounts and cards and payments income Noninterest expense decreased $14 million from the year-ago quarter, reflective of lower marketing expense   Commercial Bank Dollars in millions Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Summary of operations Net interest income (TE) $         411 $         397 $         475 3.5 % (13.5) % Noninterest income 358 402 348 (10.9) 2.9 Total revenue (TE) 769 799 823 (3.8) (6.6) Provision for credit losses 87 102 134 (14.7) (35.1) Noninterest expense 431 443 406 (2.7) 6.2 Income (loss) before income taxes (TE) 251 254 283 (1.2) (11.3) Allocated income taxes and TE adjustments 44 49 56 (10.2) (21.4) Net income (loss) attributable to Key $         207 $         205 $         227 1.0 % (8.8) % Average balances Loans and leases $     69,248 $     70,633 $     77,922 (2.0) % (11.1) % Loans held for sale 522 840 1,014 (37.9) (48.5) Total assets 78,328 80,000 87,759 (2.1) (10.7) Deposits 57,360 56,331 52,512 1.8 % 9.2 % TE = Taxable Equivalent   Additional Commercial Bank Data Dollars in millions Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Noninterest income Trust and investment services income $           27 $           26 $           25 3.8 % 8.0 % Investment banking and debt placement fees 126 170 120 (25.9) 5.0 Cards and payments income 21 20 23 5.0 (8.7) Service charges on deposit accounts 31 29 28 6.9 10.7 Corporate services income 61 63 77 (3.2) (20.8) Commercial mortgage servicing fees 61 56 50 8.9 22.0 Operating lease income and other leasing gains 21 24 24 (12.5) (12.5) Other noninterest income 10 13 1 (23.1) 900.0 Total noninterest income $         358 $         401 $         348 (10.7) % 2.9 % Commercial Bank Summary of Operations (2Q24 vs. 2Q23) Key's Commercial Bank recorded net income attributable to Key of $207 million for the second quarter of 2024 compared to $227 million for the year-ago quarter Taxable-equivalent net interest income decreased by $64 million, or 13.5%, compared to the second quarter of 2023, primarily reflecting higher interest-bearing deposit costs and a shift in funding mix to higher-cost deposits, as well as a decline in loan balances Average loan and lease balances decreased $8.7 billion, or 11.1%, compared to the second quarter of 2023, driven by a decline in commercial and industrial loans Average deposit balances increased $4.8 billion compared to the second quarter of 2023, driven by our focus on growing deposits across our commercial businesses Provision for credit losses decreased $47 million compared to the second quarter of 2023, driven by a more stable economic outlook and the impact of balance sheet optimization efforts, partly offset by credit portfolio migration Noninterest income increased $10 million from the year-ago quarter, primarily driven by an increase in investment banking and debt placement fees and commercial mortgage servicing fees Noninterest expense increased $25 million compared to the second quarter of 2023, driven by higher business services and professional fees and broad-based increases across other expense categories KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion at June 30, 2024. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. This earnings release contains 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," or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. 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. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2023 and in KeyCorp's subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the "SEC") and are or will be available on Key's website (www.key.com/ir) and on the SEC's website (www.sec.gov). These factors may include, among others, deterioration of commercial real estate market fundamentals, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, the soundness of other financial institutions and the impact of changes in the interest rate environment. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances. Notes to Editors: A live Internet broadcast of KeyCorp's conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts' questions can be accessed through the Investor Relations section at https://www.key.com/ir at 9:00 a.m. ET, on July 18, 2024. A replay of the call will be available on our website through July 18, 2025. For up-to-date company information, media contacts, and facts and figures about Key's lines of business, visit our Media Newsroom at https://www.key.com/newsroom.  KeyCorpSecond Quarter 2024Financial Supplement Page 13 Basis of Presentation 14 Financial Highlights 16 GAAP to Non-GAAP Reconciliation 18 Consolidated Balance Sheets 19 Consolidated Statements of Income 20 Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations 22 Noninterest Expense 22 Personnel Expense 23 Loan Composition 23 Loans Held for Sale Composition 23 Summary of Changes in Loans Held for Sale 23 Summary of Loan and Lease Loss Experience From Continuing Operations 25 Asset Quality Statistics From Continuing Operations 25 Summary of Nonperforming Assets and Past Due Loans From Continuing Operations 25 Summary of Changes in Nonperforming Loans From Continuing Operations 26 Line of Business Results 26 Selected Items Impact on Earnings Basis of Presentation Use of Non-GAAP Financial MeasuresThis document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Key's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this document, the financial supplement, or conference call slides related to this document, all of which can be found on Key's website (www.key.com/ir). Annualized DataCertain returns, yields, performance ratios, or quarterly growth rates are presented on an "annualized" basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Taxable EquivalentIncome from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at the federal statutory rate. This adjustment puts all earning assets, most notably tax-exempt municipal securities, and certain lease assets, on a common basis that facilitates comparison of results to results of peers. Earnings Per Share EquivalentCertain income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total consolidated earnings per share performance excluding the impact of such items. When the impact of certain income or expense items is disclosed separately, the after-tax amount is computed using the marginal tax rate, with this then being the amount used to calculate the earnings per share equivalent. Financial Highlights (Dollars in millions, except per share amounts) Three months ended 6/30/2024 3/31/2024 6/30/2023 Summary of operations Net interest income (TE) $           899 $           886 $           986 Noninterest income 627 647 609 Total revenue (TE) 1,526 1,533 1,595 Provision for credit losses 100 101 167 Noninterest expense 1,079 1,143 1,076 Income (loss) from continuing operations attributable to Key 273 219 286 Income (loss) from discontinued operations, net of taxes 1 — 1 Net income (loss) attributable to Key 274 219 287