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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM 10-Q
______________________________
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2022
Or
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 1-10706
____________________________________________________________________________________
Comerica Incorporated
(Exact name of registrant as specified in its charter)
___________________________________________________________________________________
| | | | | |
Delaware | 38-1998421 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Comerica Bank Tower
1717 Main Street, MC 6404
Dallas, Texas 75201
(Address of principal executive offices)
(Zip Code)
(214) 462-6831
(Registrant’s telephone number, including area code)
_________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading symbol | Name of each exchange on which registered |
Common Stock, $5 par value | CMA | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☒
| Accelerated filer
| ☐
|
Non-accelerated filer
| ☐
| Smaller reporting company | ☐ |
Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
$5 par value common stock:
Outstanding as of April 25, 2022: 130,760,307 shares
COMERICA INCORPORATED AND SUBSIDIARIES
TABLE OF CONTENTS
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries
| | | | | | | | | | | |
| | | |
(in millions, except share data) | March 31, 2022 | | December 31, 2021 |
| (unaudited) | | |
ASSETS | | | |
Cash and due from banks | $ | 1,466 | | | $ | 1,236 | |
Interest-bearing deposits with banks | 12,084 | | | 21,443 | |
Other short-term investments | 181 | | | 197 | |
Investment securities available-for-sale | 18,810 | | | 16,986 | |
| | | |
Commercial loans | 29,562 | | | 29,366 | |
Real estate construction loans | 2,301 | | | 2,948 | |
Commercial mortgage loans | 11,992 | | | 11,255 | |
Lease financing | 644 | | | 640 | |
International loans | 1,248 | | | 1,208 | |
Residential mortgage loans | 1,769 | | | 1,771 | |
Consumer loans | 2,047 | | | 2,097 | |
Total loans | 49,563 | | | 49,285 | |
Allowance for loan losses | (554) | | | (588) | |
Net loans | 49,009 | | | 48,697 | |
Premises and equipment | 444 | | | 454 | |
Accrued income and other assets | 7,171 | | | 5,603 | |
Total assets | $ | 89,165 | | | $ | 94,616 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
Noninterest-bearing deposits | $ | 42,677 | | | $ | 45,800 | |
Money market and interest-bearing checking deposits | 29,746 | | | 31,349 | |
Savings deposits | 3,300 | | | 3,167 | |
Customer certificates of deposit | 1,854 | | | 1,973 | |
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Foreign office time deposits | 31 | | | 50 | |
Total interest-bearing deposits | 34,931 | | | 36,539 | |
Total deposits | 77,608 | | | 82,339 | |
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Accrued expenses and other liabilities | 1,839 | | | 1,584 | |
Medium- and long-term debt | 2,682 | | | 2,796 | |
Total liabilities | 82,129 | | | 86,719 | |
Fixed rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000 liquidation preference per share: | | | |
Authorized - 4,000 shares | | | |
Issued - 4,000 shares | 394 | | | 394 | |
Common stock - $5 par value: | | | |
Authorized - 325,000,000 shares | | | |
Issued - 228,164,824 shares | 1,141 | | | 1,141 | |
Capital surplus | 2,194 | | | 2,175 | |
Accumulated other comprehensive loss | (1,173) | | | (212) | |
Retained earnings | 10,585 | | | 10,494 | |
Less cost of common stock in treasury - 97,435,493 shares at 3/31/2022 and 97,476,872 shares at 12/31/2021 | (6,105) | | | (6,095) | |
Total shareholders’ equity | 7,036 | | | 7,897 | |
Total liabilities and shareholders’ equity | $ | 89,165 | | | $ | 94,616 | |
See notes to consolidated financial statements (unaudited).
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
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| Three Months Ended March 31, | | |
| | | | | | | |
(in millions, except per share data) | 2022 | | 2021 | | | | |
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INTEREST INCOME | | | | | | | |
Interest and fees on loans | $ | 383 | | | $ | 386 | | | | | |
Interest on investment securities | 77 | | | 69 | | | | | |
Interest on short-term investments | 9 | | | 4 | | | | | |
Total interest income | 469 | | | 459 | | | | | |
INTEREST EXPENSE | | | | | | | |
Interest on deposits | 4 | | | 7 | | | | | |
| | | | | | | |
Interest on medium- and long-term debt | 9 | | | 9 | | | | | |
Total interest expense | 13 | | | 16 | | | | | |
Net interest income | 456 | | | 443 | | | | | |
Provision for credit losses | (11) | | | (182) | | | | | |
Net interest income after provision for credit losses | 467 | | | 625 | | | | | |
NONINTEREST INCOME | | | | | | | |
Card fees | 69 | | | 71 | | | | | |
Fiduciary income | 58 | | | 53 | | | | | |
Service charges on deposit accounts | 48 | | | 48 | | | | | |
Commercial lending fees | 22 | | | 18 | | | | | |
Derivative income | 22 | | | 30 | | | | | |
Bank-owned life insurance | 13 | | | 11 | | | | | |
Letter of credit fees | 9 | | | 10 | | | | | |
Brokerage fees | 4 | | | 4 | | | | | |
| | | | | | | |
Other noninterest income | (1) | | | 25 | | | | | |
Total noninterest income | 244 | | | 270 | | | | | |
NONINTEREST EXPENSES | | | | | | | |
Salaries and benefits expense | 289 | | | 282 | | | | | |
Outside processing fee expense | 62 | | | 64 | | | | | |
Software expense | 39 | | | 39 | | | | | |
Occupancy expense | 38 | | | 39 | | | | | |
Equipment expense | 11 | | | 12 | | | | | |
FDIC insurance expense | 8 | | | 6 | | | | | |
Advertising expense | 7 | | | 6 | | | | | |
Other noninterest expenses | 19 | | | (1) | | | | | |
Total noninterest expenses | 473 | | | 447 | | | | | |
Income before income taxes | 238 | | | 448 | | | | | |
Provision for income taxes | 49 | | | 98 | | | | | |
NET INCOME | 189 | | | 350 | | | | | |
Less: | | | | | | | |
Income allocated to participating securities | 1 | | | 1 | | | | | |
Preferred stock dividends | 6 | | | 6 | | | | | |
Net income attributable to common shares | $ | 182 | | | $ | 343 | | | | | |
Earnings per common share: | | | | | | | |
Basic | $ | 1.39 | | | $ | 2.46 | | | | | |
Diluted | 1.37 | | | 2.43 | | | | | |
Comprehensive (loss) income | (772) | | | 181 | | | | | |
Cash dividends declared on common stock | 89 | | | 95 | | | | | |
Cash dividends declared per common share | 0.68 | | | 0.68 | | | | | |
See notes to consolidated financial statements (unaudited).
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)
Comerica Incorporated and Subsidiaries
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| | | | | Accumulated | | | |
| Nonredeemable | Common Stock | | Other | | | Total |
| Preferred | Shares | | Capital | Comprehensive | Retained | Treasury | Shareholders' |
(in millions, except per share data) | Stock | Outstanding | Amount | Surplus | Income (Loss) | Earnings | Stock | Equity |
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BALANCE AT DECEMBER 31, 2020 | $ | 394 | | 139.2 | | $ | 1,141 | | $ | 2,185 | | $ | 64 | | $ | 9,727 | | $ | (5,461) | | $ | 8,050 | |
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Net income | — | | — | | — | | — | | — | | 350 | | — | | 350 | |
Other comprehensive loss, net of tax | — | | — | | — | | — | | (169) | | — | | — | | (169) | |
Cash dividends declared on common stock ($0.68 per share) | — | | — | | — | | — | | — | | (95) | | — | | (95) | |
Cash dividends declared on preferred stock | — | | — | | — | | — | | — | | (6) | | — | | (6) | |
Purchase of common stock | — | | (0.1) | | — | | — | | — | | — | | (3) | | (3) | |
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Net issuance of common stock under employee stock plans | — | | 0.5 | | — | | (24) | | — | | (1) | | 28 | | 3 | |
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Share-based compensation | — | | — | | — | | 22 | | — | | — | | — | | 22 | |
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BALANCE AT MARCH 31, 2021 | $ | 394 | | 139.6 | | $ | 1,141 | | $ | 2,183 | | $ | (105) | | $ | 9,975 | | $ | (5,436) | | $ | 8,152 | |
BALANCE AT DECEMBER 31, 2021 | $ | 394 | | 130.7 | | $ | 1,141 | | $ | 2,175 | | $ | (212) | | $ | 10,494 | | $ | (6,095) | | $ | 7,897 | |
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Net income | — | | — | | — | | — | | — | | 189 | | — | | 189 | |
Other comprehensive loss, net of tax | — | | — | | — | | — | | (961) | | — | | — | | (961) | |
Cash dividends declared on common stock ($0.68 per share) | — | | — | | — | | — | | — | | (89) | | — | | (89) | |
Cash dividends declared on preferred stock | — | | — | | — | | — | | — | | (6) | | — | | (6) | |
Purchase of common stock | — | | (0.4) | | — | | — | | — | | — | | (36) | | (36) | |
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Net issuance of common stock under employee stock plans | — | | 0.4 | | — | | (9) | | — | | (3) | | 26 | | 14 | |
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Share-based compensation | — | | — | | — | | 28 | | — | | — | | — | | 28 | |
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BALANCE AT MARCH 31, 2022 | $ | 394 | | 130.7 | | $ | 1,141 | | $ | 2,194 | | $ | (1,173) | | $ | 10,585 | | $ | (6,105) | | $ | 7,036 | |
See notes to consolidated financial statements (unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Comerica Incorporated and Subsidiaries
| | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| | | | | |
(in millions) | 2022 | | 2021 | | |
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OPERATING ACTIVITIES | | | | | |
Net income | $ | 189 | | | $ | 350 | | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
Provision for credit losses | (11) | | | (182) | | | |
(Benefit) provision for deferred income taxes | (2) | | | 39 | | | |
Depreciation and amortization | 23 | | | 25 | | | |
Net periodic defined benefit credit | (22) | | | (20) | | | |
Share-based compensation expense | 28 | | | 22 | | | |
Net amortization of securities | 10 | | | 8 | | | |
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Net change in: | | | | | |
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Accrued income receivable | (1) | | | (5) | | | |
Accrued expenses payable | (93) | | | 26 | | | |
Other, net | (831) | | | (104) | | | |
Net cash (used in) provided by operating activities | (710) | | | 159 | | | |
INVESTING ACTIVITIES | | | | | |
Investment securities available-for-sale: | | | | | |
Maturities and redemptions | 806 | | | 992 | | | |
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Purchases | (3,605) | | | (1,750) | | | |
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Net change in loans | (391) | | | 1,685 | | | |
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Net increase in premises and equipment | (17) | | | (18) | | | |
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Federal Home Loan Bank stock: | | | | | |
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Redemptions | |