Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 143

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 143
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 billion decrease in noninterest-bearing deposits, partially offset by a $3.7 billion increase in interest-bearing deposits. Brokered time deposits decreased $960 million, and decreases in Technology and Life Sciences, Mortgage Banker Finance (reflecting strategic exit), Wealth Management, Energy and National Dealer Services were partially offset by increases in general Middle Market and Corporate Banking.

•Average short-term borrowings decreased $6.4 billion, or 88 percent, to $837 million, reflecting a reduction in short-term FHLB advances, while average medium- and long-term debt increased $1.0 billion to $6.9 billion, mostly reflecting an increase in longer-term FHLB advances.

•Net interest income decreased $324 million, or 13 percent, to $2.2 billion, and the net interest margin decreased 18 basis points to 2.88 percent, driven by a decline in loan volume, the net impact of higher rates and a change in deposit mix from noninterest-bearing to interest-bearing deposits, partially offset by a decline in short-term FHLB advances. 

•The provision for credit losses decreased $40 million, or 44 percent, to $49 million, reflecting changes in portfolio composition, lower loan balances and an improved economic outlook.

•Noninterest income decreased $24 million, or 2 percent, to $1.1 billion, which included a $19 million loss related to securities repositioning. Decreases in card fees, FHLB stock dividends, capital markets income and commercial lending fees were partially offset by an increase in risk management hedging income (mostly related to Bloomberg Short-Term Bank Yield Index (BSBY) cessation losses in 2023), a $5 million negotiated vendor payment recorded in the 2024 period and smaller increases in other categories. Refer to the "BSBY Cessation" subheading in the "Market and Liquidity Risk" section of this financial review, as well as Note 8 to the consolidated financial statements, for further discussion of de-designated interest rate hedges.

•Noninterest expenses decreased $52 million, or 2 percent, to $2.3 billion, reflecting decreases in Federal Deposit Insurance Corporation (FDIC) insurance expense (primarily special assessment), non-salary pension expense and 

F-3

litigation-related expenses, partially offset by increases in salaries and benefits expense, occupancy expense and software expense, as well as a decrease in gains on the sale of real estate.

•The Corporation returned $476