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comerica inc (CMA) Key Developments

Comerica Incorporated Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge Loan Charge-Offs for the Fourth Quarter Ended December 31, 2014; Provides Earnings Guidance for the Year 2015

Comerica Incorporated announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $438 million against $456 million a year ago. Income before income taxes was $219 million against $167 million a year ago. Net income was $149 million against $117 million a year ago. Net income attributable to common shares was $148 million against $115 million a year ago. Earnings per diluted common share were $0.80 against $0.62 a year ago. Return on average common shareholders equity was 7.96% against 6.66% a year ago. Return on average assets was 0.86% against 0.72% a year ago. Net interest income increased $1 million to $415 million in the fourth quarter 2014, compared to $414 million in the third quarter 2014, primarily reflecting a $6 million increase in accretion on the acquired loan portfolio and higher loan volumes, partially offset by a $5 million increase in negative residual value adjustments to assets in the leasing portfolio. Net interest income after provision for losses was $413 million compared to $421 million a year ago. For the full year, the company reported total interest income of $1,750 million against $1,784 million a year ago. Income before income taxes was $870 million against $786 million a year ago. Net income was $593 million against $541 million a year ago. Net income attributable to common shares was $586 million against $533 million a year ago. Earnings per diluted common share were $3.16 against $2.85 a year ago. Return on average common shareholders equity was 8.05% against 7.76% a year ago. Return on average assets was 0.89% against 0.85% a year ago. 2014 net income increased 10% from a year ago, reflecting lower litigation-related expenses, a decrease in pension expense, and continued drive for efficiency. Net interest income was $1.7 billion for 2014 decreased by $17 million, or 1%, primarily as a result of a $15 million decrease in accretion of the purchase discount on the acquired loan portfolio. Net interest income after provision for losses was $1,628 million compared to $1,626 million a year ago. The company announced net charge-offs were $1 million, or 0.01% of average loans, in the fourth quarter 2014, compared to $3 million, or 0.03%, in the third quarter 2014. The company announced that management expectations for full-year 2015 compared to full-year 2014, assuming a continuation of the slow growing economy and low rate environment, are as follows: net interest income relatively stable, assuming no rise in interest rates, reflecting a decrease of about $30 million in purchase accounting accretion, to $4 million to $6 million, and the impact of a continuing low rate environment on asset yields, offset by earning asset growth. Income tax expense to approximate 33% of pre-tax income.

Comerica Incorporated(NYSE:CMA) added to S&P 500 Value Index

Comerica Incorporated(NYSE:CMA) added to S&P 500 Value Index

Comerica Incorporated(NYSE:CMA) dropped from S&P 500 Growth Index

Comerica Incorporated(NYSE:CMA) dropped from S&P 500 Growth Index

Comerica Incorporated to Report Q4, 2014 Results on Jan 16, 2015

Comerica Incorporated announced that they will report Q4, 2014 results at 9:00 AM, Eastern Standard Time on Jan 16, 2015

Comerica Incorporated, Q4 2014 Earnings Call, Jan 16, 2015

Comerica Incorporated, Q4 2014 Earnings Call, Jan 16, 2015

 

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