Company: CMA
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000028412-25-000197
Chunk: 83

Company: COMERICA INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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 $6,673 Fixed interest rates have been swapped to a variable rate and designated in a hedging relationship for all notes outstanding at both June 30, 2025 and December 31, 2024. Accordingly, carrying value has been adjusted to reflect the change in fair value of the debt as a result of changes in the benchmark rate. Subordinated notes with remaining maturities greater than one year qualify as Tier 2 capital.Comerica Bank (the Bank), a wholly-owned subsidiary of Comerica Incorporated, is a member of the FHLB, which provides short- and long-term funding to its members through advances collateralized by real estate-related assets. Borrowing capacity is contingent on the amount of collateral available to be pledged to the FHLB. At June 30, 2025, total FHLB borrowings were $5.0 billion, with remaining capacity for future borrowing of $11.9 billion, secured by real estate-related loans totaling $22.0 billion and investment securities totaling $5.9 billion. Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $9 million and $10 million at June 30, 2025 and December 31, 2024, respectively.

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Table of ContentsNotes to Consolidated Financial Statements (unaudited)Comerica Incorporated and Subsidiaries

NOTE 9 - SHAREHOLDERS' EQUITY

Series A Preferred StockIn May 2020, the Corporation issued and sold 4,000 shares of 5.625% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock), without par value, with a liquidation preference of $100,000 per share of Series A Preferred Stock, which were represented by depositary shares, each representing a 1/100th ownership interest in a share of Series A Preferred Stock. Holders of the depositary shares were entitled to all proportional rights and preferences of the Series A Preferred Stock (including dividend, voting, redemption and liquidation rights). The $400 million issuance yielded $394 million in proceeds, net of underwriting discounts and offering expenses. 

On June 10, 2025, the Corporation delivered a notice of redemption notifying the holders of the Series A Preferred Stock and corresponding depositary shares that the Corporation would be redeeming all 4,000 outstanding shares of Series A Preferred Stock and the corresponding depositary shares at