Comerica 2014 Annual Report Download - page 105

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
F-68
A summary of the Corporation’s investment securities in an unrealized loss position as of December 31, 2014 and 2013
follows:
Temporarily Impaired
Less than 12 Months 12 Months or more Total
(in millions) Fair
Value Unrealized
Losses Fair
Value Unrealized
Losses Fair
Value Unrealized
Losses
December 31, 2014
U.S. Treasury and other U.S. government
agency securities $ 298 $ — (a) $ — $ — $ 298 $ — (a)
Residential mortgage-backed securities (b) 626 3 3,112 71 3,738 74
State and municipal securities (c) — — 22 1 22 1
Corporate debt securities (c) — — 1 — (a) 1 — (a)
Equity and other non-debt securities (c) — — 112 1 112 1
Total impaired securities $ 924 $ 3 $ 3,247 $ 73 $ 4,171 $ 76
December 31, 2013
Residential mortgage-backed securities (b) $ 5,825 $ 187 $ 11 $ 1 $ 5,836 $ 188
State and municipal securities (c) — — 22 2 22 2
Corporate debt securities (c) — — 1 — (a) 1 — (a)
Equity and other non-debt securities (c) — — 148 9 148 9
Total impaired securities $ 5,825 $ 187 $ 182 $ 12 $ 6,007 $ 199
(a) Unrealized losses less than $0.5 million.
(b) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
(c) Primarily auction-rate securities.
At December 31, 2014, the Corporation had 142 securities in an unrealized loss position with no credit impairment,
including 80 residential mortgage-backed securities, 43 equity and other non-debt auction-rate preferred securities, 17 state and
municipal auction-rate securities, one corporate auction-rate debt security and one U.S. Treasury security. As of December 31,
2014, approximately 89 percent of the aggregate par value of auction-rate securities have been redeemed or sold since acquisition,
of which approximately 95 percent were redeemed at or above cost. The unrealized losses for these securities resulted from changes
in market interest rates and liquidity. The Corporation ultimately expects full collection of the carrying amount of these securities,
does not intend to sell the securities in an unrealized loss position, and it is not more-likely-than-not that the Corporation will be
required to sell the securities in an unrealized loss position prior to recovery of amortized cost. The Corporation does not consider
these securities to be other-than-temporarily impaired at December 31, 2014.