Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 281

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 281
---
-dealer subsidiary, to Ameriprise Financial Institutions Group (Ameriprise), an independent financial services broker. Since this transition, brokerage fees include income from sales of select investment products of an independent financial services broker, net of commissions passed through to employees licensed by the independent broker to sell their products. Brokerage fees increased $21 million, or 69 percent, reflecting the full-year impact of the Corporation's new investment program partner, including additional service fee revenue.

Net losses on debt securities totaled $19 million for the year ended December 31, 2024, with no corresponding amount in the 2023 period, and was related to the sale of $827 million of Treasury securities that were replaced with higher-yielding Treasury securities with a duration of 1.9 years.

Other noninterest income decreased $23 million, or 29 percent, as detailed below, driven by a decrease in FHLB stock dividends reflecting redemptions of stock corresponding with the decline in advances, partially offset by a $5 million negotiated vendor payment received during the 2024 period.

(in millions)Years Ended December 31202420232022FHLB and FRB stock dividends$17 $30 $3 Deferred compensation asset returns (a)11 13 (18)Securities trading income (b)— 13 13 Insurance commissions (b)— 12 13 All other noninterest income32 15 20 Other noninterest income$60 $83 $31 

(a)    Compensation deferred by the Corporation's officers and directors is invested based on investment selections of such officers and directors. Income earned on these assets is reported in noninterest income and the offsetting change in deferred compensation plan liabilities is reported in salaries and benefits expense. 

(b)    Results reflect changes in presentation consistent with contractual terms with an investment program partner beginning in November 2023. Comparative impacts attributable to prior year’s presentation included decreases in securities trading income and insurance commissions, with a corresponding increase in brokerage fees.

Noninterest Expenses 

(in millions)Years Ended December 31202420232022Salaries and benefits expense (a)$1,352 $1,306 $1,208 Outside processing fee expense273 277 251 Occupancy expense181 171 175 Software expense181 171 161 FDIC insurance expense76 180 31 Equipment expense52 50 50 Advertising expense41 40 38 Other noninterest expenses (a