Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 142

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 142
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 Corporation also provides other products and services that meet the financial needs of its customers which generate noninterest income, the Corporation's secondary source of revenue. Growth in loans, deposits and noninterest income is affected by many factors, including economic conditions in the markets the Corporation serves, the financial requirements and economic health of customers and the ability to add new customers and/or increase the number of products used by current customers. Success in providing products and services depends on the financial needs of customers and the types of products desired.

The accounting and reporting policies of the Corporation and its subsidiaries conform to generally accepted accounting principles (GAAP) in the United States (U.S.). The Corporation's consolidated financial statements are prepared based on the application of accounting policies, the most significant of which are described in Note 1 to the consolidated financial statements. When necessary, the Corporation uses reasonable assumptions to develop estimates that affect the consolidated results of operations. The most critical of these estimates are discussed in the “Critical Accounting Estimates” section of this financial review. 

Full-Year 2024 compared to Full-Year 2023 

•Net income decreased $183 million, or 21 percent, to $698 million, reflecting decreases in net interest income and noninterest income, partially offset by decreases in noninterest expenses and provision for credit losses. The decrease in net interest income was driven by lower loan volume, the net impact of higher rates and a change in deposit mix from noninterest-bearing to interest-bearing deposits, partially offset by a decline in short-term Federal Home Loan Bank (FHLB) advances. Diluted net income per common share was $5.02 in 2024 compared to $6.44 in 2023. 

•Average loans decreased $2.9 billion, or 5 percent, to $51.0 billion, which included decreases in Equity Fund Services, general Middle Market, Mortgage Banker Finance (reflecting a strategic exit from the business line) and Corporate Banking, partially offset by an increase in Commercial Real Estate.

•Average securities decreased $1.6 billion, or 9 percent, to $15.8 billion, reflecting paydowns and maturities, partially offset by a decline in average unrealized losses. In the fourth quarter of 2024, $827 million in Treasury securities were sold and replaced with higher-yielding Treasury securities to reposition a portion of the Corporation's securities portfolio.

•Average deposits decreased $2.1 billion, or 3 percent, to $63.9 billion, which included a $5.8