Company: CMA
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000028412-25-000235
Chunk: 232

Company: COMERICA INC
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 8
Chunk 232
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 comprehensive income, net of tax900 Net issuance of common stock under employee stock plans1 Share-based compensation36 Balance at September 30, 2025 $7,429 

On August 11, 2025, the Corporation issued and sold 400,000 shares of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (Series B Preferred Stock), no par value, with a liquidation preference of $1,000 per share of Series B Preferred Stock, which were represented by depositary shares, each representing a 1/40th ownership interest in a share of Series B Preferred Stock. Holders of the depositary shares are entitled to all proportional rights and preferences of the Series B Preferred Stock (including dividend, voting, redemption and liquidation rights). The $400 million issuance yielded approximately $392 million in proceeds, net of underwriting discounts and offering expenses. When declared, dividends will be payable quarterly on the 1st day of January, April, July and October of each year, commencing on January 1, 2026 (long first dividend period). In accordance with the terms of the Series B Preferred Stock, the Corporation anticipates the first dividend for the long first dividend period will be $11 million, payable on January 1, 2026 and recognized during the fourth quarter of 2025. Subsequent quarterly dividends, if declared, will be for $7 million and will be similarly recognized during the prior quarter. Refer to Note 9 to the consolidated financial statements for further discussion of the preferred stock. 

The following table summarizes the Corporation's repurchase activity during the nine months ended September 30, 2025.

(shares in thousands)Total Number of Shares Purchased as Part of Publicly Announced Repurchase Plans or ProgramsRemaining ShareRepurchaseAuthorization (a)Total Numberof SharesPurchased (b)Average PricePaid Per ShareTotal first quarter 2025747 12,751 755 $65.82 Total second quarter 20251,761 10,990 1,763 56.77 July 1 - 31, 20251,225 9,765 1,227 65.27 August 1 - 31, 2025856 8,909 856 67.54 September 1 - 30, 2025151 8,758 151 70.