Company: CMA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000028412-25-000154
Chunk: 95

Company: COMERICA INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 95
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 and other assets. Salaries and benefits expense was impacted by primarily seasonal items, which included increases in annual stock-based compensation, payroll taxes and 401(k) expense, partially offset by decreases in incentive compensation and staff insurance, as well as an increase in temporary labor.

37

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Three Months Ended March 31,(dollar amounts in millions, except per share data)20252024Net interest income$575 $548 Provision for credit losses20 14 Noninterest income254 236 Noninterest expenses584 603 Income before income taxes225 167 Provision for income taxes53 29 Net income $172 $138 Diluted earnings per common share$1.25 $0.98 

Net income increased $34 million to $172 million for the three months ended March 31, 2025, compared to $138 million for the three months ended March 31, 2024, driven by an increase in net interest income, a decline in noninterest expenses and higher noninterest income (which included the impact of $39 million of losses related to BSBY cessation in the first quarter of 2024). The increase in net interest income was primarily due to the net impact of lower rates (including the impact of BSBY cessation), as well as declines in FHLB advances and brokered deposits, partially offset by decreases in deposits held with the FRB, loans and investment securities. Net income per diluted common share increased $0.27 to $1.25 for the three months ended March 31, 2025, compared to $0.98 for the three months ended March 31, 2024.

38

Analysis of Net Interest Income

Three Months EndedMarch 31, 2025March 31, 2024(dollar amounts in millions)AverageBalanceInterestAverageRateAverageBalanceInterestAverageRateCommercial loans (a)$26,112 $368 5.72 %$26,451 $348 5.30 %Real estate construction loans3,479 64 7.47 5,174 108 8.37 Commercial mortgage loans14,731 240 6.60 13,642 253 7.46 Lease financing727 10 5.69 810 12 6.11 International loans1,004 16