Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 164

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 164
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4, 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 as Part of Publicly Announced Repurchase Plans or Programs Remaining ShareRepurchaseAuthorization (a)Total Numberof SharesPurchased (b)Average PricePaid Per ShareFirst Quarter 2024— 4,997 19 $50.95 Second Quarter 2024— 4,997 2 54.32 Third Quarter 2024— 4,997 2 51.21 Fourth Quarter 20241,499 13,498 1,502 63.49 Total 20241,499 13,498 1,525 63.30 

(a) Maximum number of shares that may be repurchased under the publicly announced plans or programs.

(b) Consists of approximately 26,000 shares purchased related to deferred compensation plans during the year ended December 31, 2024 and is not considered part of the Corporation's repurchase program.

In October 2024, the Corporation resumed repurchasing its common shares under its previously established share repurchase plan by entering an accelerated share repurchase agreement to repurchase $100 million of its common stock, which was completed in the fourth quarter of 2024. In January 2025, the Corporation announced that it intended to repurchase $50 million of common stock during the first quarter of 2025, and on February 3, 2025, the Corporation entered into an Accelerated Share Repurchase transaction (ASR) to repurchase $50 million of common stock. Under the terms of the ASR agreement, the Corporation received an initial delivery of common shares representing approximately 80% of the expected total to be repurchased. Subject to certain adjustments pursuant to the ASR agreement, the final number of shares repurchased and delivered under the ASR agreement will be based on the volume weighted average share price of Comerica’s common stock during the term of the transaction, which is expected to be completed in the first quarter of 2025.

Since the inception of the share repurchase program in 2010, a total of 107.2 million shares have been authorized for repurchase. There is no expiration date for the share