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Parent Company Financial Statements Parent Company Financial Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets - Comerica Incorporated | BALANCE SHEETS - COMERICA INCORPORATED
(in millions, except share data) |  |  |
December 31 | 2024 |  | 2023
Assets |  |  |
Cash and due from subsidiary banks | $ | 1,218 |  |  | $ | 1,415 |
Investment securities | 35 |  |  | — |
Other short-term investments | 89 |  |  | 104 |
Receivable due from subsidiary bank | 850 |  |  | — |
Investment in subsidiaries, principally banks | 6,212 |  |  | 5,777 |
Accrued income and other assets | 220 |  |  | 180 |
Total assets | $ | 8,624 |  |  | $ | 7,476 |
Liabilities and Shareholders’ Equity |  |  |
Medium- and long-term debt | $ | 1,746 |  |  | $ | 764 |
Accrued expenses and other liabilities | 335 |  |  | 306 |
Total liabilities | 2,081 |  |  | 1,070 |
Fixed-rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000 liquidation preference per share: |  |  |
Authorized - 4,000 shares |  |  |
Issued - 4,000 shares | 394 |  |  | 394 |
Common stock - $5 par value: |  |  |
Authorized - 325,000,000 shares |  |  |
Issued - 228,164,824 shares | 1,141 |  |  | 1,141 |
Capital surplus | 2,218 |  |  | 2,224 |
Accumulated other comprehensive loss | (3,161) |  |  | (3,048) |
Retained earnings | 12,017 |  |  | 11,727 |
Less cost of common stock in treasury - 96,755,368 shares at 12/31/2024 and 96,266,568 shares at 12/31/2023 | (6,066) |  |  | (6,032) |
Total shareholders’ equity | 6,543 |  |  | 6,406 |
Total liabilities and shareholders’ equity | $ | 8,624 |  |  | $ | 7,476 |
Statements of Income - Comerica Incorporated | STATEMENTS OF INCOME - COMERICA INCORPORATED
(in millions) |  |  |  |  |
Years Ended December 31 | 2024 |  | 2023 |  | 2022
Income |  |  |  |  |
Income from subsidiaries: |  |  |  |  |
Dividends from subsidiaries | $ | 200 |  |  | $ | 677 |  |  | $ | 1,067 |
Other interest income | 58 |  |  | 53 |  |  | 13 |
Intercompany management fees | 85 |  |  | 75 |  |  | 109 |
Total income | 343 |  |  | 805 |  |  | 1,189 |
Expenses |  |  |  |  |
Interest on medium- and long-term debt | 124 |  |  | 79 |  |  | 47 |
Salaries and benefits expense | 71 |  |  | 62 |  |  | 53 |
Other noninterest expenses | 15 |  |  | 13 |  |  | 46 |
Total expenses | 210 |  |  | 154 |  |  | 146 |
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries | 133 |  |  | 651 |  |  | 1,043 |
Benefit for income taxes | (11) |  |  | (2) |  |  | (3) |
Income before equity in undistributed earnings of subsidiaries | 144 |  |  | 653 |  |  | 1,046 |
Equity in undistributed earnings of subsidiaries, principally banks | 554 |  |  | 228 |  |  | 105 |
Net income | 698 |  |  | 881 |  |  | 1,151 |
Less income allocated to participating securities | 4 |  |  | 4 |  |  | 6 |
Preferred stock dividends | 23 |  |  | 23 |  |  | 23 |
Net income attributable to common shares | $ | 671 |  |  | $ | 854 |  |  | $ | 1,122 |
Statements of Cash Flows - Comerica Incorporated | STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED
(in millions) |  |  |  |  |
Years Ended December 31 | 2024 |  | 2023 |  | 2022
Operating Activities |  |  |  |  |
Net income | $ | 698 |  |  | $ | 881 |  |  | $ | 1,151 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Undistributed earnings of subsidiaries, principally banks | (554) |  |  | (228) |  |  | (105) |
Net periodic defined benefit cost | 1 |  |  | 1 |  |  | 2 |
Share-based compensation expense | 20 |  |  | 18 |  |  | 22 |
Benefit for deferred income taxes | (8) |  |  | (2) |  |  | — |
Other, net | 21 |  |  | 28 |  |  | 24 |
Net cash provided by operating activities | 178 |  |  | 698 |  |  | 1,094 |
Investing Activities |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |
Maturities and redemptions | 70 |  |  | — |  |  | — |
Purchases | (103) |  |  | — |  |  | — |
Advance to subsidiary bank | (850) |  |  | — |  |  | — |
Repayment of subsidiary advance | — |  |  | 150 |  |  | — |
Other, net | — |  |  | — |  |  | 2 |
Net cash (used in) provided by investing activities | (883) |  |  | 150 |  |  | 2 |
Financing Activities |  |  |  |  |
Medium- and long-term debt: |  |  |  |  |
Maturities | — |  |  | (850) |  |  | — |
Issuances | 1,000 |  |  | — |  |  | — |
Cash dividends paid on preferred stock | (23) |  |  | (23) |  |  | (23) |
Common Stock: |  |  |  |  |
Repurchases | (100) |  |  | — |  |  | (36) |
Stock tendered for payment of withholding taxes | (14) |  |  | (17) |  |  | (7) |
Cash dividends paid | (377) |  |  | (371) |  |  | (353) |
Issuances under employee stock plans | 22 |  |  | 18 |  |  | 28 |
Net cash provided by (used in) financing activities | 508 |  |  | (1,243) |  |  | (391) |
Net (decrease) increase in cash and cash equivalents | (197) |  |  | (395) |  |  | 705 |
Cash and cash equivalents at beginning of period | 1,415 |  |  | 1,810 |  |  | 1,105 |
Cash and cash equivalents at end of period | $ | 1,218 |  |  | $ | 1,415 |  |  | $ | 1,810 |
Interest paid | $ | 115 |  |  | $ | 76 |  |  | $ | 41 |

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