Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 156

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 156
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'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)%Selected average balances:Loans$5,050$5,232$(182)(3)%Deposits 3,8944,130(236)(6)

Average loans decreased $182 million while average deposits decreased $236 million, primarily reflecting a decrease in noninterest-bearing deposits. Wealth Management's net income decreased $10 million to $80 million. Net interest income decreased $21 million to $187 million, primarily due to higher interest expense on deposits, partially offset by a decrease in allocated net FTP charges and lower interest income on loans. Noninterest income decreased $20 million to $287 million, primarily driven by lower investment fees and insurance commissions, while noninterest expenses decreased $29 million, reflecting lower salaries and benefits expense, which reflected the November 2023 change in presentation consistent with contractual terms with a new investment program partner, resulting in a net decrease to commission costs, with the offset recorded in noninterest income. Additionally, lower litigation-related expenses were partially offset by higher operational losses and outside processing fee expense.

Finance & Other

Years Ended December 31,PercentChange(dollar amounts in millions)20242023ChangeEarnings summary:Net interest expense$(679)$(591)$(88)15 %Provision for credit losses22—42 Noninterest income63491427 Noninterest expenses1781235544 Benefit for income taxes(176)(166)(10)6 Net loss$(620)$(501)$(