Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 78

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 78
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)151 164 84 Total noninterest expenses$2,307 $2,359 $1,998 

(a)Results reflect above-described changes in presentation consistent with contractual terms with Ameriprise beginning in November 2023. Comparative impacts attributable to prior year’s presentation included decreases of $21 million in salaries and benefits expense (commission expenses) and $1 million in outside processing expense, with a corresponding increase in brokerage fees.

Noninterest expenses decreased $52 million to $2.3 billion, due to decreases in FDIC insurance expense and other noninterest expenses, partially offset by increases in salaries and benefits expense, software expense and occupancy expense.

F-8

FDIC insurance expense decreased $104 million, or 58 percent, reflecting a decline of $96 million in a special assessment approved by the FDIC Board of Directors in November 2023 to recover the loss to the Deposit Insurance Fund following the failures of Silicon Valley Bank and Signature Bank. Additionally, risk-based assessment fees declined $8 million, reflecting changes in balance sheet composition.

Other noninterest expenses decreased $13 million, or 8 percent, including decreases in non-salary pension expense and litigation-related expenses, partially offset by a decline in gains on the sale of real estate.

Salaries and benefits expense increased $46 million, or 4 percent, reflecting increases from annual merit increases and staff additions, performance-based compensation and staff insurance, partially offset by a decline in severance costs. 

Software expense increased $10 million, or 6 percent, driven by higher cloud computing costs, partially offset by a decrease in rental and maintenance fees. 

Occupancy expense increased $10 million, or 5 percent, reflecting higher depreciation on corporate offices and accelerated lease amortization related to closures of bank branches.

Income Taxes and Related Items

The provision for income taxes was $190 million in 2024, compared to $263 million in 2023. Net deferred tax assets were $1.0 billion at both December 31, 2024 and December 31, 2023. Refer to Note 18 to the consolidated financial statements for information about the components of net deferred tax assets. The Corporation evaluated deferred tax assets of $1.3 billion and determined that a valuation allowance of $11 million for federal foreign tax credits and certain state net operating loss (NOL) carryforwards was needed at December 31, 2024, compared to $6 million at December 31, 2023. For further information on the Corporation’s