Comerica Bank provides personal and business banking products and services. Its personal banking products and services include checking accounts, savings accounts, cards, certificates of deposit, online services, and additional services; home and personal loans; and brokerage services, individual retirement accounts, education savings, and insurance. The company’s business banking products and services include checking accounts, financing, savings accounts, and cards and online services; treasury management in the areas of receivables, payables, fraud protection, information management, and liquidity management; international finance, global trade, and foreign exchange; trust and custody ser...
2601 North Lamar Boulevard
Austin, TX 78705
Founded in 1849
Comerica Bank Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2014 ; Provides Guidance for the Year 2015
Jan 16 15
Comerica Bank announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $438 million, net interest income of $415 million, income before income taxes of $219 million, net income attributable to common shares of $148 million or $0.8 per diluted share, return on average common shareholders' equity of 7.96%, return on average assets of 0.86% compared to the total interest income of $456 million, net interest income of $430 million, income before income taxes of $167 million, net income attributable to common shares of $115 million or $0.62 per diluted share, return on average common shareholders' equity of 6.66%, return on average assets of 0.72% for the same quarter a year ago.
For the year, the company reported total interest income of $1,750 million, net interest income of $1,655 million, income before income taxes of $870 million, net income attributable to common shares of $586 million or $3.16 per diluted share, return on average common shareholders' equity of 8.05%, return on average assets of 0.89% compared to the total interest income of $1,784 million, net interest income of $1,672 million, income before income taxes of $786 million, net income attributable to common shares of $533 million or $2.85 per diluted share, return on average common shareholders' equity of 7.76%, return on average assets of 0.85% for the previous year.
The company provided guidance for the year 2015. Management expectations for full-year 2015 compared to full-year 2014, assuming a continuation of the current economic and low-rate environment. 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. Provision for credit losses higher, consistent with modest net charge-offs and continued loan growth. Noninterest income relatively stable, reflecting growth in fee income, particularly card fees and fiduciary income, mostly offset by regulatory impacts on letter of credit, derivative and warrant income. Noninterest expenses higher, reflecting increases in technology, regulatory and pension expenses, as well as typical inflationary pressures, with continued focus on driving efficiencies for the long term. Income tax expense to approximate 33% of pre-tax income.
Comerica Bank Names Stu Bell as Senior Vice President and Alternate Group Manager of Its Technology & Life Sciences Division in Dallas
Jan 11 15
Comerica Bank named Stu Bell as senior vice president and alternate group manager of its Technology & Life Sciences division in Dallas.
Comerica Bank names Davenport Johnson as National Director of Retail Sales and Service
Sep 2 14
Comerica Bank named Senior Vice President Rhonda Davenport Johnson as its National Director of Retail Sales and Service, effective immediately. Davenport Johnson is now responsible for the development and leadership of all retail sales and customer service banking activities nationally, including overseeing all banking centers and contact centers. She reports to Michael J. Aust, executive vice president and executive director of Comerica's Retail Bank. Since joining Comerica in 1987, Davenport Johnson has held positions of increasing scope and responsibility in banking center management, including as a Retail Bank regional manager in Michigan, and has served in other business roles, including Business Banking, new business development and operations. In her most current role as director of the Comerica Bank Loan Center (CLC), she oversaw all CLC operations for compliance, mortgage, home equity, consumer and small business loans generated through Comerica's national operations.