Q3 2024 Comerica Inc Earnings Call Transcript
Key Points
- Comerica Inc (CMA) reported third quarter earnings of $184 million or $1.33 per share, exceeding expectations across most line items.
- Strong customer activity drove higher average deposits, which helped net interest income outperform guidance for the quarter.
- Credit quality remains solid with net charge offs historically low, reflecting proven underwriting discipline.
- The company celebrated its 175th anniversary, highlighting its long-standing history and strength in navigating industry changes.
- Comerica Inc (CMA) plans to repurchase $100 million of its common stock shares starting in the fourth quarter, indicating strong capital management.
- High inflation and elevated rates continue to pressure loan demand, with a projected 5% decline in average loans for 2024.
- Non-interest income decreased by $14 million from the second quarter, primarily due to non-customer related income.
- The company expects full year 2024 net interest income to decline 13% to 14% compared to 2023.
- Commercial real estate loans are expected to decline, posing a potential headwind for future growth.
- There is uncertainty regarding the timing and specifics of the transition of the Direct Express Program, which could impact future deposit balances.
Greetings and welcome to the Comerica Bank third quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now turn the conference over to your host, Kelly Gage, Director of Investor Relations. Thank you. You may begin.
Thanks Melissa. Good morning and welcome to Comerica's third quarter 2024 earnings conference call. Participating on this call will be our President, Chairman, and CEO, Curt Farmer; Chief Financial Officer, Jim Herzog; Chief Credit Officer, Melinda Chausse; and Chief Banking Officer, Peter Sefzik.
During this presentation, we will be referring to slides which provide additional details. The presentation slides in our press release are available on the SEC's website as well as in the Investor Relations section of our website comerica.com.
The presentation in this conference call contain forward-looking statements. In that regard, you should be mindful of the risks and uncertainties that can cause actual results to vary
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