Comerica 2013 Annual Report Download - page 125
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
F-92
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, 2013
Amount outstanding at year-end $ 253 $ —
Weighted average interest rate at year-end 0.05% —%
Maximum month-end balance during the year $ 277 $ —
Average balance outstanding during the year 211 —
Weighted average interest rate during the year 0.07% —%
December 31, 2012
Amount outstanding at year-end $ 87 $ 23
Weighted average interest rate at year-end 0.11 % — %
Maximum month-end balance during the year $ 87 $ 23
Average balance outstanding during the year 76 —
Weighted average interest rate during the year 0.12 % — %
December 31, 2011
Amount outstanding at year-end $ 70 $ —
Weighted average interest rate at year-end 0.05 % — %
Maximum month-end balance during the year $ 317 $ 18
Average balance outstanding during the year 137 1
Weighted average interest rate during the year 0.09 % 4.33 %
NOTE 12 - MEDIUM- AND LONG-TERM DEBT
Medium- and long-term debt is summarized as follows:
(in millions)
December 31 2013 2012
Parent company
Subordinated notes:
4.80% subordinated notes due 2015 (a) $ 318 $ 330
Medium-term notes:
3.00% notes due 2015 299 299
Total parent company 617 629
Subsidiaries
Subordinated notes:
7.375% subordinated notes due 2013 —51
Floating-rate based on LIBOR index subordinated note due 2013 —26
5.70% subordinated notes due 2014 (a) 255 267
5.75% subordinated notes due 2016 (a) 681 694
5.20% subordinated notes due 2017 (a) 566 593
8.375% subordinated notes due 2024 (callable at par in 2014) 183 186
7.875% subordinated notes due 2026 (a) 213 241
Total subordinated notes 1,898 2,058
Federal Home Loan Bank advances:
Floating-rate based on LIBOR indices due 2013 to 2014 1,000 2,000
Other notes:
6.0% - 6.4% fixed-rate notes due 2020 28 33
Total subsidiaries 2,926 4,091
Total medium- and long-term debt $ 3,543 $ 4,720
(a) The carrying value of medium- and long-term debt has been adjusted to reflect the gain attributable to the risk hedged with
interest rate swaps.
Subordinated notes with remaining maturities greater than one year qualify as Tier 2 capital.