Comerica 2009 Annual Report Download - page 35

Download and view the complete annual report

Please find page 35 of the 2009 Comerica annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

2008. The decrease in average commercial real estate loans to borrowers in the Commercial Real Estate business
line in 2009 largely resulted from the Corporation’s efforts to reduce exposure to the residential real estate
developer business. The remaining $9.4 billion and $9.5 billion of average commercial real estate loans in other
business lines in 2009 and 2008, respectively, were primarily loans secured by owner-occupied real estate. In
addition to the $14.6 billion of average 2009 commercial real estate loans discussed above, the Commercial Real
Estate business line also had $851 million of average 2009 loans not classified as commercial real estate on the
consolidated balance sheet.
Average residential mortgage loans, which primarily include mortgages originated and retained for certain
relationship customers, decreased $130 million, or seven percent, to $1.8 billion in 2009, from 2008.
Average home equity loans increased $127 million, or eight percent, in 2009, from 2008, as a result of an
increase in draws on new and existing commitments extended.
For more information on real estate loans, refer to the ‘‘Commercial and Residential Real Estate Lending’’
portion of the ‘‘Risk Management’’ section of this financial review.
Management expects low single-digit period-end loan growth for 2010, compared to period-end 2009.
ANALYSIS OF INVESTMENT SECURITIES PORTFOLIO
(Fully Taxable Equivalent)
Weighted
Maturity (a) Average
Within 1 Year 1 - 5 Years 5 - 10 Years After 10 Years Total Maturity
December 31, 2009 Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Yrs./Mos.
(dollar amounts in millions)
Available-for-sale
U.S. Treasury and other
U.S. government agency
securities ........... $103 0.43% $ — —% $ — —% $ — —% $ 103 0.45% 0/6
Government-sponsored
enterprise residential
mortgage-backed securities . 119 3.78 146 3.61 542 4.15 5,454 3.77 6,261 3.80 13/4
State and municipal
securities (b) .......... 1 9.55 — — — — 46 1.91 47 2.15 18/0
Corporate debt securities:
Auction-rate debt securities . — — — — — — 150 2.96 150 2.96 31/7
Other corporate debt
securities ........... 43 0.25 7 7.55 — — — — 50 1.22 0/7
Equity and other non-debt
securities:
Auction-rate preferred
securities (c) ......... — — — — — — 706 1.08 706 1.08 —
Money market and other
mutual funds (d) ...... —— —— —— 99— 99— —
Total investment securities
available-for-sale .......... $266 1.92% $153 3.80% $542 4.15% $6,455 3.44% $7,416 3.45% 13/5
(a) Based on final contractual maturity.
(b) Primarily auction-rate securities.
(c) Auction-rate preferred securities have no contractual maturity and are excluded from weighted average maturity.
(d) Balances are excluded from the calculation of total yield and weighted average maturity.
33