Company: CMA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000028412-25-000154
Chunk: 103

Company: COMERICA INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 103
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,900 (280)(7)

n/m - not meaningful

Average loans for the three months ended March 31, 2025 decreased $168 million from the three months ended March 31, 2024, while average deposits decreased $280 million for the same period. Wealth Management's net income was $21 million for the three months ended March 31, 2025, an increase of $8 million from the three months ended March 31, 2024. Net interest income and noninterest expenses were relatively stable, while noninterest income increased $6 million, primarily driven by higher investment fees.

43

Finance & Other

Three Months Ended March 31,PercentChange(dollar amounts in millions)20252024ChangeEarnings summary:Net interest expense$(199)$(176)$(23)13 %Provision for credit losses—(2)2n/mNoninterest income22(5)27n/mNoninterest expenses4050(10)(20)Benefit for income taxes(51)(37)(14)36 Net loss$(166)$(192)$26(13)%Selected average balances:Loans$—$12$(12)n/mDeposits 1,8914,814(2,923)(61)%n/m - not meaningful

Average deposits for the three months ended March 31, 2025, which primarily consisted of centrally-managed brokered time deposits fully insured by the FDIC, decreased $2.9 billion from the three months ended March 31, 2024. Net loss for the Finance and Other category was $166 million for the three months ended March 31, 2025, a decrease of $26 million from the three months ended March 31, 2024. Net interest expense increased $23 million, reflecting the impact of interest rate swaps (which are centrally managed) as well as increased balances from higher-cost funding sources. Noninterest income increased $27 million, primarily due to higher risk management hedging income (impact of BSBY cessation in the 2024 period), partially offset by a decrease in investment fees. Noninterest expenses decreased $10 million, reflecting decreases in consulting fees and allocated corporate expenses, partially offset by higher salaries and benefits expense.

The following table lists the Corporation's banking centers by geographic market. 

March 31,20252024Michigan158176Texas114116California8892Other Markets20 24 Total380 408 

FINANCIAL CONDITION

First Quarter 202