Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 398

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 398
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Total Finance and Other3,451 4,506 (1,055)(23)Total deposits$63,901 $66,018 $(2,117)(3)%

Average deposits decreased $2.1 billion to $63.9 billion in 2024, compared to $66.0 billion in 2023, reflecting a $5.8 billion decrease in noninterest-bearing deposits, partially offset by a $3.7 billion increase in interest-bearing deposits. The decline in noninterest-bearing deposits mostly reflected customer responsiveness to a higher rate environment, while the increase in interest-bearing deposits was primarily due to increases in money market and interest-bearing checking deposits and customer certificates of deposit, partially offset by a decline in brokered time deposits. 

Average short-term borrowings decreased by $6.4 billion to $837 million in 2024, compared to $7.2 billion in 2023, driven by a decline in short-term FHLB advances. Average medium- and long-term debt increased $1.0 billion to $6.9 billion in 2024, compared to $5.8 billion in 2023, driven by an increase in longer-term FHLB advances and the issuance of $1.0 billion in senior notes in January 2024, partially offset by a $500 million senior note maturity in July 2024. Further information on medium- and long-term debt is provided in Note 12 to the consolidated financial statements.

Capital

Total shareholders' equity increased $137 million to $6.5 billion at December 31, 2024, compared to $6.4 billion at December 31, 2023. The following table presents a summary of changes in total shareholders' equity in 2024.

F-16

(in millions)  Balance at January 1, 2024$6,406 Cumulative effect of change in accounting principle (a)(4)Net income698 Cash dividends declared on common stock(376)Cash dividends declared on preferred stock(23)Purchase of common stock(100)Other comprehensive (loss) income, net of tax:Investment securities$(154)Cash flow hedges9 Defined benefit and other postretirement plans32 Total other comprehensive loss, net of tax(113)Net issuance of common stock under employee stock plans1 Share-based compensation54 Balance at December 31, 2024$6,543 

(a) Effective January 1, 202