Comerica reported a net income of $113 million, or $0.80 per share, for the second quarter of 2020. Loan and deposit growth drove average balances to record highs, including $2.6 billion in Paycheck Protection Program loans. Credit quality remained solid, with net charge-offs of 37 basis points.
Net income was $113 million, or $0.80 per share.
Loan and deposit growth drove average balances to record highs, including $2.6 billion in Paycheck Protection Program loans.
Credit quality remained solid with net charge-offs of 37 basis points; excluding energy, net charge-offs were 4 basis points.
Allowance for credit losses increased to 1.99% of total loans.
Based on management expectations for recessionary conditions, Comerica anticipates a decline in average loans, stable average deposits, a decrease in net interest income, a provision for credit losses reflective of the economic environment, a decline in noninterest income, and an increase in noninterest expenses for the third quarter of 2020 compared to the second quarter of 2020.
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