Company: CMA
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000028412-25-000197
Chunk: 7

Company: COMERICA INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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Three Months Ended(in millions)June 30, 2025March 31, 2025FHLB and FRB stock dividends$3 $3 Deferred compensation asset returns (a)5 (2)All other noninterest income6 8 Other noninterest income$14 $9 

(a)Compensation deferred by the Corporation's officers and directors is invested based on investment selections of the officers and directors. Income earned on these assets is reported in other noninterest income and the corresponding change in deferred compensation plan liabilities is reported in salaries and benefits expense.

Noninterest Expenses

Three Months Ended(in millions)June 30, 2025March 31, 2025Salaries and benefits expense$358 $368 Outside processing fee expense67 64 Software expense48 48 Occupancy expense46 46 Equipment expense13 13 FDIC insurance expense11 14 Advertising expense11 8 Other noninterest expenses 7 23 Total noninterest expenses$561 $584 

Noninterest expenses decreased $23 million to $561 million for the three months ended June 30, 2025, compared to $584 million for the 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