Company: CMA
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000028412-25-000197
Chunk: 205

Company: COMERICA INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 205
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 three months ended March 31, 2025, primarily due to decreases in other noninterest expenses, salaries and benefits expense (impacted by seasonal items, mostly annual stock-based compensation) and FDIC insurance expense, partially offset by increases in outside processing expense and advertising expense. Notable items included in other noninterest expenses for the three months ended June 30, 2025 included a $13 million net benefit from settlements and dismissed litigation, $4 million in gains on the sale of real estate and a $3 million interest recovery on a state tax matter. 

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Provision for Income Taxes

 Provision for income taxes decreased $8 million to $45 million for the three months ended June 30, 2025, compared to $53 million for the three months ended March 31, 2025. Favorable discrete tax items for the three months ended June 30, 2025 primarily consisted of a $9 million benefit that resulted from changes in the combined state income tax rate applicable to deferred tax assets relating to California legislation impacting apportionment for financial institutions. 

On July 4, 2025, President Trump signed into law H.R. 1, The One Big Beautiful Bill Act. The Corporation is still evaluating the provisions of the bill but does not expect the impact to be material.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Six Months Ended June 30,(dollar amounts in millions, except per share data)20252024Net interest income$1,150 $1,081 Provision for credit losses64 14 Noninterest income528 527 Noninterest expenses1,145 1,158 Income before income taxes469 436 Provision for income taxes98 92 Net income $371 $344 Diluted earnings per common share$2.66 $2.47 

Net income increased $27 million to $371 million for the six months ended June 30, 2025, compared to $344 million for the six months ended June 30, 2024, driven by an increase in net interest income and a decline in noninterest expenses, partially offset by an increase in provision for credit losses. 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 brokered deposits and FHLB advances, partially offset by decreases in deposits held with the FR