Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 394

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 394
---
/m - not meaningful

Average total loans decreased $2.9 billion to $51.0 billion in 2024, compared to $53.9 billion in 2023. Middle Market business lines, which generally serve customers with annual revenue between $30 million and $500 million, decreased by $2.5 billion, including a $1.2 billion decrease in Equity Fund Services and a $1.1 billion decrease in general Middle Market. Mortgage Banker Finance, which provided short-term, revolving lines of credit to mortgage banking companies, decreased by $928 million, reflecting the Corporation's strategic exit from this line of business. Corporate Banking, which generally serves customers with revenue over $500 million, declined $606 million. These decreases were partially offset by a $1.2 billion increase in Commercial Real Estate, which generally serves real estate developers and investors.

Investment Securities

(in millions)PercentChangeDecember 3120242023ChangeU.S. Treasury securities$1,277 $1,605 $(328)(20)%Residential mortgage-backed securities (a)9,076 10,519 (1,443)(14)Commercial mortgage-backed securities (a)4,692 4,745 (53)(1)Total investment securities$15,045 $16,869 $(1,824)(11)%

(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.

On a period-end basis, investment securities were $15.0 billion at December 31, 2024, a decrease of $1.8 billion from $16.9 billion at December 31, 2023, due to paydowns of mortgage-backed securities, maturities of Treasury securities and an increase in unrealized losses, from $2.7 billion at December 31, 2023 to $2.9 billion at December 31, 2024. At December 31, 2024, the effective duration of the Corporation's securities portfolio was approximately 5.8 years. On an average basis, investment securities decreased $1.6 billion to $15.8 billion in 2024, compared to $17.4 billion in 2023, reflecting paydowns of mortgage-backed securities and maturities of Treasury securities, partially offset by a decline in average unrealized losses.

F-14

(weighted average yield) (a