Company: CMA
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000028412-25-000235
Chunk: 3

Company: COMERICA INC
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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 an all-stock transaction. Under the terms of the Merger Agreement, the Corporation's shareholders will receive 1.8663 Fifth Third shares for each Corporation share. The transaction (the Merger) is subject to shareholder approvals for both Fifth Third and the Corporation, customary regulatory approvals and closing conditions, and is anticipated to close at the end of the first quarter of 2026. For further discussion of the Merger, refer to Note 17 to the consolidated financial statements. 

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RESULTS OF OPERATIONS

In accordance with Item 303(c) of Regulation S-K, the Corporation is providing a comparison of the quarter ended September 30, 2025 against the preceding sequential quarter. The Corporation believes providing a sequential discussion of its results of operations provides more relevant information for investors and stakeholders to understand and analyze the business. Balance sheet items are discussed in terms of average balances unless otherwise noted.

Three Months Ended September 30, 2025 Compared to Three Months Ended June 30, 2025

Three Months Ended(dollar amounts in millions, except per share data)September 30, 2025June 30, 2025Net interest income$574 $575 Provision for credit losses22 44 Noninterest income264 274 Noninterest expenses589 561 Income before income taxes227 244 Provision for income taxes51 45 Net income $176 $199 Diluted earnings per common share$1.35 $1.42 

Net income for the three months ended September 30, 2025 was $176 million, a decrease of $23 million compared to $199 million for the three months ended June 30, 2025, driven by an increase in noninterest expenses and a decrease in noninterest income, partially offset by a decrease in provision for credit losses. Net income per diluted common share for the three months ended September 30, 2025 was $1.35 compared to net income per diluted common share of $1.42 for the three months ended June 30, 2025, a decrease of $0.07 per diluted common share. 

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Analysis of Net Interest Income

Three Months EndedSeptember 30, 2025June 30, 2025(dollar amounts in millions)AverageBalanceInterestAverageRateAverageBalanceInterestAverageRateCommercial loans (a)$26,500 $377 5.63 %$26,441 $372 5.65 %Real estate