Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 69

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 69
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•The provision for credit losses decreased $40 million, or 44 percent, to $49 million, reflecting changes in portfolio composition, lower loan balances and an improved economic outlook.

•Noninterest income decreased $24 million, or 2 percent, to $1.1 billion, which included a $19 million loss related to securities repositioning. Decreases in card fees, FHLB stock dividends, capital markets income and commercial lending fees were partially offset by an increase in risk management hedging income (mostly related to Bloomberg Short-Term Bank Yield Index (BSBY) cessation losses in 2023), a $5 million negotiated vendor payment recorded in the 2024 period and smaller increases in other categories. Refer to the "BSBY Cessation" subheading in the "Market and Liquidity Risk" section of this financial review, as well as Note 8 to the consolidated financial statements, for further discussion of de-designated interest rate hedges.

•Noninterest expenses decreased $52 million, or 2 percent, to $2.3 billion, reflecting decreases in Federal Deposit Insurance Corporation (FDIC) insurance expense (primarily special assessment), non-salary pension expense and 

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litigation-related expenses, partially offset by increases in salaries and benefits expense, occupancy expense and software expense, as well as a decrease in gains on the sale of real estate.

•The Corporation returned $476 million to common stock shareholders through dividends on its common stock of $2.84 per share and the repurchase of approximately 1.5 million shares of common stock. Additionally, the Corporation declared $23 million in dividends on its preferred stock.

RESULTS OF OPERATIONS

The following provides a comparative discussion of the Corporation's consolidated results of operations for 2024 compared to 2023. A comparative discussion of results for 2023 compared to 2022 is provided in the "Results of Operations" section beginning on page F-3 of the Corporation's 2023 Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on February 28, 2024. 

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Analysis of Net Interest Income

(dollar amounts in millions)Years Ended December 31202420232022AverageBalanceInterestAverageRateAverageBalanceInterestAverageRateAverageBalanceInterestAverageRateCommercial loans (a)$26,278 $1,407 5.36 %$30,009 $1,