Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 390

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 390
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592603(11)(2)Noninterest expenses1,0491,106(57)(5)Provision for income taxes295342(47)(14)Net income$1,070$1,116$(46)(4)%Net charge-offs$47$20$27n/mSelected average balances:Loans$43,584$46,432$(2,848)(6)%Deposits 32,26433,019(755)(2)

n/m - not meaningful

Average loans decreased $2.8 billion, as decreases in Equity Fund Services, general Middle Market, Mortgage Banker Finance (reflecting a strategic exit) and Corporate Banking were partially offset by an increase in Commercial Real Estate. Average deposits decreased $755 million, which included decreases in Technology and Life Sciences, Mortgage Banker Finance (reflecting a strategic exit), Energy and National Dealer Services, partially offset by increases in general Middle Market and Corporate Banking.

The Commercial Bank's net income decreased $46 million to $1.1 billion. Net interest income decreased $182 million due to higher 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