Comerica(CMA) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter 2025 net income was $172 million, translating to$1.25 per share, an increase from $138 million in the first quarter of 2024[1]. - Noninterest income increased by$4 million to $254 million, although excluding a prior loss, it would have decreased by$15 million[8]. - Net income attributable to common shares for Q1 2025 was $165 million, a 2$163 million in Q4 2024 and a 26% increase from $131 million in Q1 2024[28]. - The company reported a comprehensive income of$638 million in Q1 2025, compared to a comprehensive loss of $(636) million in Q4 2024[28]. - Cash dividends declared on common stock remained stable at$93 million for Q1 2025, consistent with the previous quarter[28]. - Cash dividends declared on common stock were $0.71 per share for the three months ended March 31, 2025[37]. Loan and Deposit Trends - Average loans decreased by$403 million to $50.2 billion, while average deposits decreased by$1.4 billion to $61.9 billion[2][5]. - Total loans outstanding were$50.2 billion in Q1 2025, with total earning assets at $70.4 billion[32]. - Total deposits decreased to$61.899 billion in Q1 2025 from $63.347 billion in Q4 2024[25]. - Total deposits decreased to$61,505 million as of March 31, 2025, down from $63,811 million at December 31, 2024, a decrease of 3.6$38.4 billion in Q1 2025, with total interest-bearing sources at $45.1 billion[32]. Credit Quality - Provision for credit losses decreased by$1 million to $20 million, with net charge-offs at 0.21$43 million to $2.6 billion, representing 5.2$7 million to $301 million, or 0.60$26 million, an increase from $16 million in Q4 2024[19]. - The provision for credit losses was$20 million in Q1 2025, a slight decrease from $21 million in Q4 2024, but an increase of 39$14 million in Q1 2024[28]. - Total nonperforming loans at the end of Q1 2025 were $301 million, slightly down from$308 million in Q4 2024, with nonperforming loans as a percentage of total loans at 0.60%[30]. Capital and Efficiency Ratios - The common equity Tier 1 capital ratio was estimated at 12.05%, well above the 10% target[9]. - Common equity tier 1 capital ratio increased to 12.05% in Q1 2025 from 11.89% in Q4 2024[25]. - Total shareholders' equity increased to $7.052 billion as of March 31, 2025, from$6.543 billion at December 31, 2024[40]. - The tangible common equity ratio was 7.82% as of March 31, 2025, compared to 7.00% at December 31, 2024[40]. - The efficiency ratio improved to 70.28%, down from 76.91% in the first quarter of 2024[1]. - The efficiency ratio was 70.28% in Q1 2025, compared to 69.51% in Q4 2024[25]. Interest Income and Margin - Net interest income remained stable at $575 million, with a net interest margin increase of 12 basis points to 3.18$924 million in Q1 2025, down 5% from $967 million in Q4 2024 and down 9$1,019 million in Q1 2024[28]. - Net interest income remained stable at $575 million for both Q1 2025 and Q4 2024[25]. - The net interest income for Q1 2025 was$575 million, maintaining the same level as in Q4 2024, with a net interest margin of 3.18%[32]. - Average loans for the three months ended March 31, 2025, were $50.214 billion, a slight decrease from$50.617 billion in the previous quarter[38]. Asset and Liability Management - Total assets decreased to $77,622 million as of March 31, 2025, down from$79,297 million at December 31, 2024, representing a decline of 2.1%[27]. - Total liabilities decreased to $70,570 million as of March 31, 2025, down from$72,754 million at December 31, 2024, reflecting a decline of 3.0%[27]. - Total uninsured deposits as of March 31, 2025, amount to $32,291 million, a decrease from$33,387 million on December 31, 2024[42]. - Total uninsured deposits, excluding affiliate deposits, stand at $28,447 million as of March 31, 2025, compared to$29,511 million on December 31, 2024[42]. - Affiliate deposits decreased to $3,844 million as of March 31, 2025, down from$3,876 million on December 31, 2024[42].