Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 285

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 285
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 interest expense on deposits and lower interest income on loans. The provision for credit losses decreased $43 million to $47 million, reflecting changes in portfolio composition, lower loan balances and an improved economic outlook. Net charge-offs increased $27 million to $47 million, driven by general Middle Market, partially offset by Energy, Technology and Life Sciences and Corporate Banking. Noninterest income decreased $11 million, primarily due to lower card and commercial lending fees, partially offset by a $5 million negotiated vendor payment recorded in the first quarter of 2024. Noninterest expenses decreased $57 million, primarily reflecting a decrease in FDIC insurance expense (related to special assessment) and lower operational losses and litigation-related expenses. 

Retail Bank

Years Ended December 31,PercentChange(dollar amounts in millions)20242023ChangeEarnings summary:Net interest income$813$846$(33)(4)%Provision for credit losses23(1)(48)Noninterest income112119(7)(5)Noninterest expenses707728(21)(3)Provision for income taxes4858(10)(17)Net income$168$176$(8)(4)%Net charge-offs$4$2$258 %Selected average balances:Loans$2,335$2,237$984 %Deposits 24,29224,363(71)— 

Average loans increased $98 million while average deposits decreased $71 million. The Retail Bank's net income decreased $8 million to $168 million. Net interest income decreased $33 million to $813 million, primarily due to higher interest expense on deposits, partially offset by higher FTP crediting rates on deposits. Noninterest income decreased $7 million to $112 million, primarily due to lower card fees. Noninterest expenses decreased $21 million, primarily due to a decrease in FDIC insurance expense (related to special assessment) and an increase in gains on the sale of real estate, offset by an increase in occupancy expenses.

F-11

Wealth Management

Years Ended December 31,PercentChange(dollar amounts in millions)20242023ChangeEarnings summary:Net interest income$187$208$(21)(10)%Provision for credit losses(2)(6)4(80)Noninterest income287307(20)(6)Noninterest expenses373402(29)(7)Provision for income taxes2329(6)(21)Net income$80$90$(10)(11)%Net charge-offs$1$—$1(56)%