Comerica(US:CMA)2025-04-21 10:23Financial 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% increase from $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%[27]. - The average balance of interest-bearing deposits was $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% of average total loans[7][16]. - Criticized loans increased by $43 million to $2.6 billion, representing 5.2% of total loans[19]. - Nonperforming assets decreased by $7 million to $301 million, or 0.60% of total loans and foreclosed property, compared to 0.61% in Q4 2024[19]. - Net charge-offs totaled $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% compared to $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% compared to the previous quarter[6][13]. - Total interest income decreased to $924 million in Q1 2025, down 5% from $967 million in Q4 2024 and down 9% from $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].