Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 573

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 573
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Weighted average interest rate at year-end4.32 %4.54 %Maximum month-end balance during the year$1,106 $3,200 Average balance outstanding during the year82 354 Weighted average interest rate during the year3.28 %4.08 %

NOTE 12 - MEDIUM- AND LONG-TERM DEBT

Medium- and long-term debt is summarized as follows:(in millions)December 3120242023Parent companySubordinated notes:3.80% subordinated notes due 2026$243 $241 Medium- and long-term notes:4.00% notes due 2029519 523 5.982% notes due 2030984 — Total medium- and long-term notes1,503 523 Total parent company1,746 764 SubsidiariesSubordinated notes:4.00% subordinated notes due 2025345 337 7.875% subordinated notes due 2026157 162 5.332% subordinated notes due 2033451 466 Total subordinated notes953 965 Medium- and long-term notes:2.50% notes due July 2024— 489 Total medium- and long-term notes— 489 Federal Home Loan Bank (FHLB) advances:5.07% advance due 2025 1,000 995 4.79% advance due 2026997 997 4.49% advance due 2027992 999 4.49% advance due 2028985 997 Total FHLB advances3,974 3,988 Total subsidiaries4,927 5,442 Total medium- and long-term debt$6,673 $6,206 Fixed interest rates have been swapped to a variable rate and designated in a hedging relationship for all notes outstanding at both December 31, 2024 and 2023. Accordingly, carrying value has been adjusted to reflect the change in fair 

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Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTSComerica Incorporated and Subsidiaries

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,