Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 310

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 310
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 Note 5 to the consolidated financial statements.

Residential Real Estate Lending

At December 31, 2024, residential real estate loans represented 7 percent of total loans. The following table summarizes the Corporation's residential mortgage and home equity loan portfolios by geographic market.

December 31, 2024December 31, 2023(dollar amounts in millions)ResidentialMortgage LoansPercent  ofTotalHomeEquity LoansPercent ofTotalResidentialMortgage LoansPercent ofTotalHomeEquity LoansPercent ofTotalGeographic market:Michigan$576 30 %$420 23 %$548 29 %$444 25 %California889 46 931 52 871 46 911 51 Texas273 14 365 20 272 14 351 20 Other Markets191 10 86 5 198 11 86 4 Total$1,929 100 %$1,802 100 %$1,889 100 %$1,792 100 %

Residential real estate loans, which consist of traditional residential mortgages and home equity loans and lines of credit, totaled $3.7 billion at December 31, 2024. The residential real estate portfolio is principally located within the Corporation's primary geographic markets. Substantially all residential real estate loans past due 90 days or more are placed on nonaccrual status, and substantially all junior lien home equity loans that are current or less than 90 days past due are placed on nonaccrual status if full collection of the senior position is in doubt. At no later than 180 days past due, such loans are charged off to current appraised values less costs to sell.

Residential mortgages totaled $1.9 billion at December 31, 2024, and were primarily larger, variable-rate mortgages originated and retained for certain private banking relationship customers. Of the $1.9 billion of residential mortgage loans outstanding, $37 million were on nonaccrual status at December 31, 2024, an increase of $18 million compared to December 31, 2023. The home equity portfolio totaled $1.8 billion at December 31, 2024, of which 95 percent were outstanding under primarily variable-rate, interest-only home equity lines of credit and 5 percent were in amortizing status. Of the $1.8 billion of home equity