Parent Company Financial Statements Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2024

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


(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


(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