S&P 500 (NYSE:SPY) component Comerica Inc. (NYSE:CMA) reported its results for the second quarter. Comerica Incorporated is a financial holding company that operates in business, retail and wealth management.
Comerica Earnings Cheat Sheet for the Second Quarter
Results: Net income for Comerica Inc. rose to $95 million (53 cents per share) vs. $68 million (39 cents per share) in the same quarter a year earlier. This marks a rise of 39.7% from the year earlier quarter.
Actual vs. Wall St. Expectations: CMA fell in line with the mean analyst estimate of 53 cents per share.
Quoting Management: “Total average loans were down one percent and period-end loans were up modestly from March 31, 2011. We were pleased to see commercial loan growth in the second quarter, driven primarily by increases in Middle Market, Global Corporate Banking and Specialty Businesses, partially offset by a decrease in floor plan loans in National Dealer Services,” said Ralph W. Babb Jr., chairman and chief executive officer. “Commercial Real Estate declined, offsetting the commercial loan growth. We expect the pace of decline in Commercial Real Estate to lessen in the second half of 2011 and National Dealer Services to rebound in the fourth quarter. Our core deposits continued to increase in the second quarter, which led to higher excess liquidity and a lower net interest margin. Credit quality continued to improve and expenses were well controlled.”
The company fell in line with estimates last quarter after topping expectations in the previous two quarters. In the first quarter, it topped the mark by 9 cents, and in the fourth quarter of the last fiscal year, it was ahead by 22 cents.
Competitors to Watch: U.S. Bancorp (NYSE:USB), Citigroup (NYSE:C), Dearborn Bancorp, Inc. (NASDAQ:DEAR), Wells Fargo & Company (NYSE:WFC), Bank of America Corp. (NYSE:BAC), Regions Financial Corp. (NYSE:RF), JPMorgan Chase & Co. (NYSE:JPM), Citizens Republic Bancorp, Inc. (NASDAQ:CRBC), and Old National Bancorp (NYSE:ONB
(Source: Xignite Financials)