Company: CMA
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000028412-25-000197
Chunk: 104

Company: COMERICA INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 1
Chunk 104
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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 FRB, loans and investment securities. Net income per diluted common share increased $0.19 to $2.66 for the six months ended June 30, 2025, compared to $2.47 for the six months ended June 30, 2024.

43

Analysis of Net Interest Income

Six Months EndedJune 30, 2025June 30, 2024(dollar amounts in millions)AverageBalanceInterestAverageRateAverageBalanceInterestAverageRateCommercial loans (a)$26,278 $740 5.68 %$26,372