Comerica 2009 Annual Report Download - page 95

Download and view the complete annual report

Please find page 95 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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
may not be realizable in a current sale of the financial instrument. The Corporation typically holds the majority
of its financial instruments until maturity and thus does not expect to realize many of the estimated amounts
disclosed. The disclosures also do not include estimated fair value amounts for items that are not defined as
financial instruments, but which have significant value. These include such items as core deposit intangibles, the
future earnings potential of significant customer relationships and the value of trust operations and other fee
generating businesses. The Corporation believes the imprecision of an estimate could be significant.
The carrying amount and estimated fair value of financial instruments not recorded at fair value in their
entirety on a recurring basis on the Corporation’s consolidated balance sheets are as follows:
December 31,
2009 2008
Carrying Estimated Carrying Estimated
Amount Fair Value Amount Fair Value
(in millions)
Assets
Cash and due from banks ......................... $ 774 $ 774 $ 913 $ 913
Federal funds sold and securities purchased under
agreements to resell ............................ ——202 202
Interest-bearing deposits with banks .................. 4,843 4,843 2,308 2,308
Loans held-for-sale .............................. 30 30 34 34
Total loans, net of allowance for loan losses (a) .......... 41,176 41,098 49,735 50,799
Customers’ liability on acceptances outstanding .......... 11 11 14 14
Loan servicing rights ............................. 7711 11
Nonmarketable equity securities (b) .................. 57 61 64 64
Liabilities
Demand deposits (noninterest-bearing) ................ 15,871 15,871 11,701 11,701
Interest-bearing deposits .......................... 23,794 23,814 30,254 30,390
Total deposits ................................ 39,665 39,685 41,955 42,091
Short-term borrowings ............................ 462 462 1,749 1,749
Acceptances outstanding .......................... 11 11 14 14
Medium- and long-term debt ....................... 11,060 10,723 15,053 13,995
Credit-related financial instruments .................... (90) (115) (98) (136)
(a) Included $1,131 million and $904 million of impaired loans recorded at fair value on a nonrecurring basis at
December 31, 2009 and 2008, respectively.
(b) Included $8 million and $64 million of indirect private equity and venture capital investments recorded at
fair value on a nonrecurring basis at December 31, 2009 and 2008, respectively.
93