Short-term Borrowings

12 Months Ended

Dec. 31, 2022

SHORT-TERM BORROWINGS

Federal funds purchased and securities sold under agreements to repurchase generally mature within one to four days from the transaction date. Other short-term borrowings, which may consist of borrowed securities and short-term notes, generally mature within one to 120 days from the transaction date. At December 31, 2022, other short-term borrowings consisted of advances from the Federal Home Loan Bank (FHLB) of Dallas, Texas, which provides short- and long-term funding to its members through advances collateralized by real estate-related loans, certain government agency-backed securities and other eligible assets. Actual borrowing capacity is contingent on the amount of collateral pledged to the FHLB. At December 31, 2022, $9.5 billion of real estate-related loans and $1.0 billion of investment securities were pledged to the FHLB as collateral for the short-term advances and provided an additional $7.2 billion for potential future borrowings.

At December 31, 2022, Comerica Bank (the Bank), a wholly-owned subsidiary of the Corporation, had pledged loans totaling $24.5 billion, which provided for up to $19.6 billion of available collateralized borrowing with the FRB.

The following table provides a summary of short-term borrowings.


(dollar amounts in millions)	Federal Funds Purchased and Securities Sold Under Agreements to Repurchase			Other Short-term Borrowings
December 31, 2022
Amount outstanding at year-end	$	11		$	3,200
Weighted average interest rate at year-end	4.32		%	4.54		%
Maximum month-end balance during the year	$	1,106		$	3,200
Average balance outstanding during the year	82			354
Weighted average interest rate during the year	3.28		%	4.08		%
December 31, 2021
Amount outstanding at year-end	$	—		$	—
Weighted average interest rate at year-end	—		%	—		%
Maximum month-end balance during the year	$	2		$	—
Average balance outstanding during the year	2			—
Weighted average interest rate during the year	0.06		%	—		%
December 31, 2020
Amount outstanding at year-end	$	—		$	—
Weighted average interest rate at year-end	—		%	—		%
Maximum month-end balance during the year	$	1,513		$	1,250
Average balance outstanding during the year	30			284
Weighted average interest rate during the year	0.97		%	0.25		%