Comerica Incorporated (NYSE: CMA) reported a decrease in net interest income and adjusted earnings for the second quarter of 2024.
- The company reported second-quarter earnings per share of $1.49, compared to $2.01 per share in the year-ago quarter
- Loans decreased by $301 million sequentially to $51.1 billion in Q2, mainly reflecting weakness in Equity Fund Services and Wealth Management
- The average yield on loans, including swaps, decreased 1 basis point quarter-over-quarter to 6.32% during the three months
- Securities decreased by $578 million sequentially to $15.8 billion in the June quarter, reflecting pay-downs and an increase in average unrealized losses
- Q2 deposits dropped by $2.3 billion from the prior quarter to $63.1 billion, with interest-bearing and noninterest-bearing deposits declining
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