Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 590

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 590
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 of federal foreign tax credit carryforwards expiring between 2029 and 2035, compared to $5 million at December 31, 2023. In addition, there were $2 million of state net operating loss (NOL) carryforwards at both December 31, 2024 and 2023, the majority of which expires between 2024 and 2028. The Corporation believes it is more likely than not that the benefit from federal foreign tax credits and certain state NOL carryforwards will not be realized and, accordingly, maintains a federal valuation allowance of $9 million and a state valuation allowance of $2 million at December 31, 2024, compared to a federal valuation of $5 million and a state valuation allowance of $1 million in the comparable period in 2023. The determination regarding valuation allowances was based on available evidence of NOL carryback capacity, projected future reversals of existing taxable temporary differences, foreign tax rates, taxable income limitations per Internal Revenue Code Section 904, and assumptions made regarding future events. For further information on the Corporation’s valuation policy for deferred tax assets, refer to Note 1. 

F-89

Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTSComerica Incorporated and Subsidiaries

NOTE 19 - TRANSACTIONS WITH RELATED PARTIES 

The Corporation’s banking subsidiaries had, and expect to have in the future, transactions with the Corporation’s directors and executive officers, companies with which these individuals are associated and certain related individuals. Such transactions were made in the ordinary course of business and included extensions of credit, leases and professional services. With respect to extensions of credit, all were made on substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other customers and did not, in management’s opinion, involve more than normal risk of collectibility or present other unfavorable features. The aggregate amount of loans attributable to persons who were related parties at December 31, 2024 totaled $81 million at the beginning of 2024 and $66 million at the end of 2024. During 2024, new loans to related parties aggregated $612 million and repayments totaled $627 million.

NOTE 20 - REGULATORY CAPITAL

Banking regulations limit the transfer of assets in the form of dividends, loans or advances from the bank subsidiaries to the parent company. Under the most restrictive of these regulations, the aggregate amount of dividends which can be