Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 117

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 117
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B and the fair value of pledged assets, as well as applicable FHLB haircuts.

At December 31, 2024, the Bank had pledged real estate-related loans totaling $22.5 billion and investment securities totaling $6.0 billion to the FHLB, which provided for up to $17.0 billion of collateralized borrowing with the FHLB.

The FRB provides liquidity through its discount window, where banks may borrow funds based on the discounted fair value of pledged assets. At December 31, 2024, the Bank pledged $20.3 billion of loans to the FRB, which provided for up to $16.8 billion of collateralized borrowing through the discount window.

The table below details the Corporation's sources of available liquidity at December 31, 2024.

(dollar amounts in millions)Total CapacityBorrowings OutstandingAvailable LiquidityCash on deposit with FRB (a)$5,811 Unencumbered investment securities (b)8,018 Secured borrowing facilities:FHLB $17,026 $4,000 13,026 FRB16,841 — 16,841 Total available liquidity$43,696 

(a)Included in interest-bearing deposits with banks on the Consolidated Balance Sheet.

(b)Market value of available-for-sale investment securities that the Corporation can pledge or sell without third-party consent.

The Corporation may also use brokered deposits and external debt as additional sources of funding, and maintains a shelf registration statement with the Securities and Exchange Commission through which it may issue securities. The ability of the Corporation and the Bank to raise unsecured funding at competitive rates is impacted by rating agencies' views of the credit quality, liquidity, capital, earnings and other relevant factors related to the Corporation and the Bank. As of December 31, 2024, the three major rating agencies had assigned the following ratings to long-term senior unsecured obligations of the Corporation and the Bank, as well as long-term deposits at the Bank. A security rating is not a recommendation to buy, sell, or hold 

F-32

securities and may be subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.

Debt RatingsDeposit RatingsComerica IncorporatedComerica BankComerica BankDecember 31, 2024RatingRatingOutlookRatingMoody’s Investors Service (a)Baa1Baa1Negative A1