Company: CMA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000028412-25-000154
Chunk: 174

Company: COMERICA INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 174
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$(4)$(3)For further information on the Corporation’s consolidation policy, see Note 1 to the consolidated financial statements in the Corporation's 2024 Annual Report.

NOTE 8 - MEDIUM- AND LONG-TERM DEBT

Medium- and long-term debt is summarized as follows:(in millions)March 31, 2025December 31, 2024Parent companySubordinated notes:3.80% subordinated notes due 2026$245 $243 Medium- and long-term notes:4.00% notes due 2029528 519 5.982% notes due 2030999 984 Total medium- and long-term notes1,527 1,503 Total parent company1,772 1,746 SubsidiariesSubordinated notes:4.00% subordinated notes due 2025347 345 7.875% subordinated notes due 2026157 157 5.332% subordinated notes due 2033463 451 Total subordinated notes967 953 FHLB advances:5.07% advance due March 2025— 1,000 4.79% advance due 2026999 997 4.49% advance due 2027999 992 4.49% advance due 2028996 985 Total FHLB advances2,994 3,974 Total subsidiaries3,961 4,927 Total medium- and long-term debt$5,733 $6,673 Fixed interest rates have been swapped to a variable rate and designated in a hedging relationship for all notes outstanding at both March 31, 2025 and December 31, 2024. Accordingly, carrying value has been adjusted to reflect the change in fair value of the debt as a result of changes in the benchmark rate. Subordinated notes with remaining maturities greater than one year qualify as Tier 2 capital.Comerica Bank (the Bank), a wholly-owned subsidiary of Comerica, Incorporated, is a member of the FHLB, which provides short- and long-term funding to its members through advances collateralized by real estate-related assets. Borrowing 

25

Table of ContentsNotes to Consolidated Financial Statements (unaudited)Comerica Incorporated and Subsidiaries

capacity is contingent on the amount of collateral available to be pledged to the FHLB. At March 31, 2025, FHLB