Financial services company Comerica Incorporated (NYSE: CMA) reported a decrease in net interest income and adjusted earnings for the third quarter of 2024.
- The company reported third-quarter earnings per share of $1.33, compared to $1.84 per share in the year-ago quarter
- Adjusted earnings dropped to $1.37 per share in the September quarter from $1.76 per share last year
- Net interest income dropped to $534 million in the three months from $601 million in the prior year
- Loans decreased by $210 million sequentially to $50.9 billion in Q3, mainly reflecting declines in National Dealer Services and Corporate Banking
- The average yield on loans decreased 8 basis points quarter-over-quarter to 6.24% during the three months, reflecting lower nonaccrual interest
- Securities increased $130 million Q-o-Q to $15.9 billion in Q3, reflecting a decrease in average unrealized losses, partially offset by pay-downs and maturities
- Third-quarter deposits increased $841 million quarter-over-quarter to $63.9 billion, with an increase in interest-bearing deposits getting partially offset by a decrease non-interest bearing deposits