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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
F-93
The Bank is a member of the FHLB, which provides short- and long-term funding collateralized by mortgage-related
assets to its members. FHLB advances bear interest at variable rates based on LIBOR and were secured by a blanket lien on $13
billion of real estate-related loans at December 31, 2013.
In the third quarter 2013, the Bank exercised its option to redeem, at par, a $25 million floating-rate subordinated note
which had an original maturity date of 2018, and recognized a pretax gain of $1 million, included in "other noninterest expenses"
in the consolidated statements of income.
At December 31, 2013, the principal maturities of medium- and long-term debt were as follows:
(in millions)
Years Ending December 31
2014 $ 1,256
2015 606
2016 650
2017 500
2018 2
Thereafter 314
Total $ 3,328
NOTE 13 - SHAREHOLDERS’ EQUITY
The Federal Reserve completed its review of the Corporation's 2013 capital plan in March 2013 and did not object to the
capital distributions contemplated in the plan. The capital plan includes up to $288 million of equity repurchases for the four-
quarter period ending March 31, 2014. In January 2013, the Board of Directors of the Corporation (the Board) approved a 13
percent increase in the quarterly cash dividend, from 15 cents per share to 17 cents per share, and in January 2014, the Board
approved a 12 percent increase, to 19 cents per share, effective with the April 2014 dividend payment.
In November 2010, the Board authorized the repurchase of up to 12.6 million shares of Comerica Incorporated outstanding
common stock and authorized the purchase of up to all 11.5 million of the Corporation’s original outstanding warrants. On April
24, 2012 and April 23, 2013, the Board authorized the repurchase of up to an additional 5.7 million shares and up to an additional
10.0 million shares of Comerica Incorporated outstanding common stock, respectively. There is no expiration date for the
Corporation's share repurchase program. Open market repurchases of common stock totaled 10.1 million shares and 4.1 million
shares in 2012 and 2011, respectively. There were no open market repurchases of warrants in 2012 and 2011. The following table
summarizes the Corporation’s share repurchase activity for the year ended December 31, 2013.
(shares in thousands)
Total Number of Shares and
Warrants Purchased as
Part of Publicly Announced
Repurchase Plans or
Programs
Remaining
Repurchase
Authorization (a)
Total Number
of Shares
Purchased (b)
Average Price
Paid Per
Share
Average Price
Paid Per
Warrant (c)
Total first quarter 2013 2,090 13,461 2,182 33.94 —
Total second quarter 2013 1,910 21,551 (d) 1,913 37.67 —
Total third quarter 2013 1,714 19,837 1,737 41.98 —
October 2013 1,057 18,780 1,060 40.37 —
November 2013 470 18,310 470 44.63 —
December 2013 183 18,127 183 45.29 —
Total fourth quarter 2013 1,710 18,127 1,713 42.07 —
Total 2013 7,424 18,127 7,545 $ 38.58 $ —
(a) Maximum number of shares and warrants that may yet be purchased under the publicly announced plans or programs.
(b) Includes approximately 122,000 shares purchased pursuant to deferred compensation plans and shares purchased from employees to pay
for taxes related to restricted stock vesting under the terms of an employee share-based compensation plan during the year ended
December 31, 2013. These transactions are not considered part of the Corporation's repurchase program.
(c) The Corporation made no repurchases of warrants under the repurchase program during the year ended December 31, 2013.
(d) Includes the impact of the additional share repurchase authorization approved by the Board on April 23, 2013.
In July 2011, in connection with the acquisition of Sterling, the Corporation issued 24.3 million shares of common stock
with an acquisition date fair value of $793 million. Based on the merger agreement, outstanding and unexercised options to
purchase Sterling common stock were converted into fully vested options to purchase common stock of the Corporation. In