Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 475

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 475
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 2023, reflecting a $5.8 billion decrease in noninterest-bearing deposits, partially offset by a $3.7 billion increase in interest-bearing deposits. The decline in noninterest-bearing deposits mostly reflected customer responsiveness to a higher rate environment, while the increase in interest-bearing deposits was primarily due to increases in money market and interest-bearing checking deposits and customer certificates of deposit, partially offset by a decline in brokered time deposits. 

Average short-term borrowings decreased by $6.4 billion to $837 million in 2024, compared to $7.2 billion in 2023, driven by a decline in short-term FHLB advances. Average medium- and long-term debt increased $1.0 billion to $6.9 billion in 2024, compared to $5.8 billion in 2023, driven by an increase in longer-term FHLB advances and the issuance of $1.0 billion in senior notes in January 2024, partially offset by a $500 million senior note maturity in July 2024. Further information on medium- and long-term debt is provided in Note 12 to the consolidated financial statements.

Capital

Total shareholders' equity increased $137 million to $6.5 billion at December 31, 2024, compared to $6.4 billion at December 31, 2023. The following table presents a summary of changes in total shareholders' equity in 2024.

F-16

(in millions)  Balance at January 1, 2024$6,406 Cumulative effect of change in accounting principle (a)(4)Net income698 Cash dividends declared on common stock(376)Cash dividends declared on preferred stock(23)Purchase of common stock(100)Other comprehensive (loss) income, net of tax:Investment securities$(154)Cash flow hedges9 Defined benefit and other postretirement plans32 Total other comprehensive loss, net of tax(113)Net issuance of common stock under employee stock plans1 Share-based compensation54 Balance at December 31, 2024$6,543 

(a) Effective January 1, 2024, the Corporation adopted ASU 2023-02, which expanded the permitted use of the proportional amortization method to certain tax credit investments.

The following table summarizes the Corporation’s repurchase activity for the year ended December 31, 2024.

(shares in thousands)Total Number of Shares Purchased