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COMERICA REPORTS THIRD-QUARTER EARNINGS

 DETROIT, Oct. 18 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today reported net income of $84 million or $.70 per share for the third quarter of 1993. This compares with $87 million or $.72 for the comparable quarter of 1992.
 Net income for the first nine months of 1993 was $251 million, or $2.09 per share, compared to $153 million, or $1.26 per share for the same period in 1992. Last year's results included a second quarter $92 million after-tax ($.77 per share) restructuring charge associated with the merger with Manufacturers National Corporation. Excluding the restructuring charge, earnings for the first nine months of last year would have been $245 million or $2.03 per share. The return on equity was 15.73 percent and the return on assets was 1.25 percent.
 Net interest income for the third quarter of 1993 was flat compared to the similar period in 1992. Average loans increased by $1.1 billion, or 6.2 percent. Commercial and industrial loan growth was $1.4 billion or 12 percent, offset by moderately lower levels of residential mortgage loans. The investment securities portfolio declined due mainly to the runoff of mortgage-backed securities. However, at period-end the securities portfolio had been rebuilt. The net interest margin decreased by 12 bsis points from the comparable quarter in 1992 as securities were replaced at lower yields, and the benefit of noninterest-bearing deposits lessened due to the lower interest rate environment.
 "The continued growth in our commercial loan portfolio is indicative of the strength of our asset generation capabilities," said Eugene A. Miller, chairman an ?chief executive officer. "We also are pleased with the continuing improvement of our credit quality, as evidenced by declining nonperforming loans and net charge-offs. Growth of our net interest income was held back y the effect of the lower interest rate environment on our securities portfolio. We have taken steps to mitigate these effects, and expect the results to positively impact our fourth quarter.
 "We also are nearing the end of our merger-related investment in system conversions and technology upgrades. Upon completion in 1994, Comerica will be positioned as an industry leader in the image processing arena, which should enhance our ability to continue our aggressive growth in the corporate banking market."
 Nonperforming assets decreased to $242 million, or 1.29 percent of loans and other real estate, at Sept. 30, 1993, compared to $248 million, or 1.34 percent, at June 30, 1993, and $251 million, or 1.43 percent, at Sept. 30, 1992.
 The provision for loan losses was $15 million in the third quarter of 1993, a decrease of $12 million from the same period in 1992. The decrease was due to a lower level of charge-offs as well as the improved quality of the loan portfolio, as seen in the reduced level of nonperforming assets. Net charge-offs for the quarter were $17 million or 0.37 percent of average total loans, compared with $20 million or 0.45 percent for the second quarter of 1993, and $23 million or 0.53 percent in the third quarter of 1992.
 The allowance for loan losses of $306 million represents 1.63 percent of the period-end loans at Sept. 30, 1993, compared to $308 million or 1.67 percent of period-end loans at June 30, 1993, and $293 million or 1.67 percent of period-end loans at Sept. 30, 1992.
 Noninterest income increased to $110 million in the third quarter of 1993, up 5 percent from last year's third quarter as a result of growth in trust fees, service charges, customhouse brokerage and other fees. Noninterest income currently represents 28 percent of total net interest income and noninterest income.
 Noninterest expenses increased 3 percent over the third quarter of 1992, excluding the noninterest expenses of Hibernia National Bank in Texas, which was acquired on December 31, 1992.
 At Sept. 30, 1993, assets totaled $28.5 billion compared with $27.6 billion a year earlier, and shareholders' equity was $2.2 billion compared to $2.0 billion in 1992. The equity to asset ratio increased to 7.76 percent at September 30, 1993, compared to 7.32 percent a year earlier.
 All historical financial information has been restated to reflect the pooling of Sugar Creek National Bank in the first quarter of 1993 and NorthPark National Corporation in the second quarter of 1993.
 Comerica Incorporated is a bank holding company headquartered in Detroit that operates banks in Michigan, Texas, Illinois, California and Florida.
 CONSOLIDATED STATEMENT OF INCOME
 Comerica Incorporated and Subsidiaries
 (in thousands, except per share data)
 Three Months Ended
 September 30
 1993 1992
 Interest Income
 Interest and fees on loans $ 349,516 $ 353,952
 Interest on investment
 securities:
 Taxable 68,229 87,138
 Exempt from federal income
 tax 9,724 13,078
 Total interest on investment
 securities 77,953 100,216
 Trading account interest 72 226
 Interest on federal funds
 sold and securities purchased
 under agreements to resell 1,077 4,233
 Interest on deposits with
 banks 6,402 9,010
 Interest on mortgages held
 for sale 3,068 2,986
 Total interest income 438,088 470,623
 Interest Expense
 Interest on deposits 128,469 166,634
 Interest on short-term
 borrowings:
 Federal funds purchased and
 securities sold under
 agreements to repurchase 8,354 10,825
 Other borrowed funds 13,276 12,191
 Interest on long-term debt 15,613 6,114
 Net interest rate swap
 income (7,539) (5,730)
 Total interest expense 158,173 190,034
 Net interest income 279,915 280,589
 Provision for loan losses 15,000 27,045
 Net interest income after
 provision for loan losses 264,915 253,544
 Noninterest Income
 Income from fiduciary
 activities 29,311 27,485
 Service charges on deposit
 accounts 30,325 28,944
 Customhouse broker fees 10,134 9,891
 Revolving credit fees 9,195 8,376
 Securities gains 526 717
 Other noninterest income 30,523 28,967
 Total noninterest income 110,014 104,380
 Noninterest Expenses
 Salaries and employee benefits 133,118 129,338
 Net occupancy expense 24,135 21,241
 Equipment expense 15,714 13,386
 FDIC insurance expense 10,758 10,960
 Restructuring charge --- ---
 Other noninterest expenses 70,096 62,046
 Total noninterest expenses 253,821 236,971
 Income before income taxes 121,108 120,953
 Provision for income taxes 37,412 34,270
 Net income $ 83,696 $ 86,683
 Net income applicable to
 common stock $ 83,696 $ 85,780
 Net Income Per Share:
 Primary $.70 $.72
 Fully diluted $.70 $.72
 Primary average shares 120,080 119,174
 Cash dividends declared $ 33,291 $ 26,744
 Dividends per share $0.28 $0.235
 Nine Months Ended
 September 30
 1993 1992
 Interest Income
 Interest and fees on loans $1,038,193 $1,098,735
 Interest on investment
 securities:
 Taxable 227,544 274,217
 Exempt from federal income
 tax 31,654 41,959
 Total interest on investment
 securities 259,198 316,176
 Trading account interest 412 1,519
 Interest on federal funds
 sold and securities purchased
 under agreements to resell 3,403 12,506
 Interest on deposits with
 banks 19,988 35,759
 Interest on mortgages held
 for sale 10,065 10,529
 Total interest income 1,331,259 1,475,224
 Interest Expense
 Interest on deposits 404,019 558,583
 Interest on short-term
 borrowings:
 Federal funds purchased and
 securities sold under
 agreements to repurchase 26,379 41,155
 Other borrowed funds 31,643 38,892
 Interest on long-term debt 44,795 18,149
 Net interest rate swap
 income (20,978) (19,696)
 Total interest expense 485,858 637,083
 Net interest income 845,401 838,141
 Provision for loan losses 55,000 87,502
 Net interest income after
 provision for loan losses 790,401 750,639
 Noninterest Income
 Income from fiduciary
 activities 91,175 85,829
 Service charges on deposit
 accounts 91,120 84,402
 Customhouse broker fees 29,349 28,281
 Revolving credit fees 26,003 24,583
 Securities gains 1,567 3,204
 Other noninterest income 91,986 81,620
 Total noninterest income 331,200 307,919
 Noninterest Expenses
 Salaries and employee benefits 403,213 385,827
 Net occupancy expense 72,714 63,005
 Equipment expense 46,090 42,317
 FDIC insurance expense 33,699 33,124
 Restructuring charge --- 128,000
 Other noninterest expenses 205,832 193,686
 Total noninterest expenses 761,548 845,959
 Income before income taxes 360,053 212,599
 Provision for income taxes 109,505 59,851
 Net income $ 250,548 $ 152,748
 Net income applicable to
 common stock $ 250,506 $ 150,038
 Net Income Per Share:
 Primary $2.09 $1.26
 Fully diluted $2.08 $1.25
 Primary average shares 120,079 119,014
 Cash dividends declared $ 93,284 $ 78,472
 Dividends per share $0.79 $0.705
 CONSOLIDATED BALANCE SHEETS
 Comerica Incorporated and Subsidiaries
 (in thousands, except per share data)
 Sept. 30 Dec. 31
 1993 1992
 Assets
 Cash and due from banks $1,407,581 $1,579,742
 Interest-bearing deposits
 with banks 905,408 1,321,515
 Federal funds sold and
 securities purchased
 under agreements to
 resell 40,830 86,632
 Trading account securities 10,413 109,379
 Mortgages held for sale 230,470 234,712
 U.S. Government and agency
 securities 5,208,220 3,823,979
 State and municipal
 securities 574,741 693,658
 Other securities 537,290 645,714
 Total investment
 securities (market
 value of $6,464,853 at
 9/30/93, $5,298,213 at
 12/31/92, and $5,442,615
 at 9/30/92) 6,320,251 5,163,351
 Commercial loans 8,828,146 8,213,241
 International loans 1,056,125 736,397
 Real estate construction
 loans 442,502 470,831
 Commercial mortgage loans 2,629,013 2,665,884
 Residential mortgage loans 1,937,542 2,125,891
 Consumer loans 3,660,334 3,836,109
 Lease financing 198,261 166,632
 Total loans 18,751,923 18,214,985
 Less allowance for loan
 losses (305,892) (308,007)
 Net loans 18,446,031 17,906,978
 Premises and equipment 384,686 374,291
 Customers' liability on
 acceptances outstanding 41,807 25,664
 Accrued interest income and
 other assets 682,459 753,550
 Total assets $28,469,936 $27,555,814
 Liabilities
 Demand deposits
 (noninterest-bearing) $4,501,769 $4,567,593
 Interest-bearing deposits 14,661,764 15,733,980
 Deposits in foreign offices 1,030,869 897,945
 Total deposits 20,194,402 21,199,518
 Federal funds purchased and
 securities sold under
 agreements to repurchase 841,021 1,646,291
 Other borrowed funds 3,681,190 1,575,418
 Acceptances outstanding 41,807 25,664
 Accrued expenses and other
 liabilities 234,919 272,594
 Long-term debt 1,267,309 741,192
 Total liabilities 26,260,648 25,460,677
 Shareholders' Equity
 Redeemable preferred stock-
 $50 stated value:
 Authorized - 10,000,000
 shares
 Issued - 835,688 shares
 at 12/31/92 and 9/30/92 --- 37,605
 Common stock - $5 par value:
 Authorized - 250,000,000
 shares
 Issued - 120,081,660 shares
 at 9/30/93, 61,843,866
 shares at 12/31/92 and
 61,272,474 shares
 at 9/30/92 600,408 309,219
 Capital surplus 541,449 538,097
 Retained earnings 1,097,941 1,239,078
 Less cost of common stock in
 treasury-1,033,466 shares
 at 9/30/93, 898,988 shares
 at 12/31/92 and 843,714
 shares at 9/30/92 (30,510) (28,862)
 Total shareholders'
 equity 2,209,288 2,095,137
 Total liabilities and
 shareholders' equity $28,469,936 $27,555,814
 CONSOLIDATED BALANCE SHEET
 Comerica Incorporated and Subsidiaries
 (in thousands, except per share data)
 Sept. 30
 1992
 Assets
 Cash and due from banks $ 1,660,975
 Interest-bearing deposits
 with banks 837,419
 Federal funds sold and
 securities purchased
 under agreements to
 resell 1,307,967
 Trading account securities 72,943
 Mortgages held for sale 164,764
 U.S. Government and agency
 securities 3,728,173
 State and municipal
 securities 764,356
 Other securities 750,062
 Total investment
 securities (market
 value of $6,464,853
 at 9/30/93, $5,298,213
 at 12/31/92, and
 $5,442,615 at 9/30/92 5,242,591
 Commercial loans 7,866,237
 International loans 662,998
 Real estate construction
 loans 490,011
 Commercial mortgage loans 2,465,911
 Residential mortgage loans 2,269,667
 Consumer loans 3,629,173
 Lease financing 195,591
 Total loans 17,579,588
 Less allowance for loan
 losses (293,442)
 Net loans 17,286,146
 Premises and equipment 348,186
 Customers' liability on
 acceptances outstanding 32,566
 Accrued interest income and
 other assets 657,088
 Total assets $27,610,645
 Liabilities
 Demand deposits
 (noninterest-bearing) $ 3,919,122
 Interest-bearing deposits 15,389,865
 Deposits in foreign offices 1,366,513
 Total deposits 20,675,500
 Federal funds purchased and
 securities sold under
 agreements to repurchase 744,264
 Other borrowed funds 3,302,344
 Acceptances outstanding 32,566
 Accrued expenses and other
 liabilities 335,820
 Long-term debt 500,389
 Total liabilities 25,590,883
 Shareholders' Equity
 Redeemable preferred stock-
 $50 stated value:
 Authorized - 10,000,000
 shares
 Issued - 835,688 shares
 at 12/31/92 and 9/30/92 37,605
 Common stock - $5 par value:
 Authorized - 250,000,000
 shares
 Issued - 120,081,660 shares
 at 9/30/93, 61,843,866
 shares at 12/31/92 and
 61,272,474 shares
 at 9/30/92 306,362
 Capital surplus 518,884
 Retained earnings 1,181,970
 Less cost of common stock in
 treasury-1,033,466 shares
 at 9/30/93, 898,988 shares
 at 12/31/92 and 843,714
 shares at 9/30/92 (25,059)
 Total shareholders'
 equity 2,019,762
 Total liabilities and
 shareholders' equity $27,610,645
 CONSOLIDATED FINANCIAL HIGHLIGHTS
 Comerica Incorporated and Subsidiaries
 (in thousands, except per share data and ratios)
 Three Months Ended
 Sept. 30
 1993 1992
 Per Share and Common Stock
 Data
 Primary net income $ .70 $ .72
 Fully diluted net
 income .70 .72
 Cash dividends declared .28 .235
 Shareholders' equity
 (at Sept. 30) 18.56 16.89
 Primary average shares 120,080 119,174
 Fully diluted average shares 120,107 119,988
 Fully diluted period end
 shares 119,982 120,013
 Key Ratios (in percent)
 Return on average total
 equity 15.44 17.68
 Return on average common
 equity 15.44 17.84
 Return on average assets 1.25 1.32
 Average common equity as
 a percentage of average
 assets 8.09 7.32
 Core capital ratio 8.70 8.86
 Total capital ratio 11.56 11.28
 Leverage ratio 7.80 7.24
 Average Balances
 Total assets $26,796,610 $26,261,990
 Total earning assets 24,593,599 24,185,543
 Loans 18,393,983 17,315,792
 Interest-bearing deposits 15,966,618 16,884,167
 Noninterest-bearing deposits 4,415,200 3,936,760
 Total interest-bearing
 liabilities 19,946,476 20,024,682
 Common shareholders' equity 2,168,711 1,923,014
 Net Interest Income
 Net interest
 margin (in percent) 4.66 4.78
 Fully taxable equivalent
 adjustment $ 7,739 $ 8,506
 Credit Quality
 Nonaccrual loans $ 184,380 $ 217,302
 Reduced-rate loans 1,865 262
 Other real estate 55,910 33,717
 Total nonperforming assets 242,155 251,281
 Loans 90 days past due 60,215 73,254
 Gross charge-offs 27,079 28,894
 Recoveries 9,852 5,753
 Net charge-offs 17,227 23,141
 Allowance for loan losses
 as a percentage of total
 loans (in percent) 1.63 1.67
 Nonperforming assets as a
 percentage of total loans
 and other real estate (in
 percent) 1.29 1.43
 Net loans charged off as a
 percentage of average
 total loans (in percent) .37 .53
 Allowance for loan losses as
 a percentage of total
 nonperforming assets (in
 percent) 126 117
 Additional Data
 Goodwill $ 129,599 $ 128,716
 Mortgage servicing
 intangible 19,564 25,795
 Core deposit intangible 28,529 35,326
 Other intangibles 10,298 10,713
 Nine Months Ended
 Sept. 30
 1993 1992
 Per Share and Common Stock
 Data
 Primary net income $ 2.09 $ 1.26
 Fully diluted net income 2.08 1.25
 Cash dividends declared .79 .705
 Shareholders' equity
 (at Sept. 30) --- ---
 Primary average shares 120,079 119,014
 Fully diluted average shares 120,302 119,872
 Fully diluted period end
 shares --- ? ---
 Key Ratios (in percent)
 Return on average total
 equity 15.73 10.31
 Return on average common
 equity 15.73 10.33
 Return on average assets 1.25 .76
 Average common equity as
 a percentage of average
 assets 7.96 7.27
 Core capital ratio --- ---
 Total capital ratio --- ---
 Leverage ratio --- ---
 Average Balances
 Total assets $26,684,383 $26,628,900
 Total earning assets 24,543,327 24,594,457
 Loans 18,143,132 17,441,235
 Interest-bearing deposits 16,383,861 17,316,494
 Noninterest bearing deposits 4,251,139 3,743,923
 Total interest-bearing
 liabilities 20,043,475 20,543,700
 Common shareholders' equity 2,122,915 1,937,022
 Net Interest Income
 Net interest
 margin (in percent) 4.72 4.69
 Fully taxable equivalent
 adjustment $ 23,040 $ 27,975
 Credit Quality
 Nonaccrual loans --- ---
 Reduced-rate loans --- ---
 Other real estate --- ---
 Total nonperforming assets --- ---
 Loans 90 days past due --- ---
 Gross charge-offs $ 81,194 $ 89,323
 Recoveries 24,071 15,075
 Net charge-offs 57,123 74,248
 Allowance for loan losses
 as a percentage of total
 loans (in percent) --- ---
 Nonperforming assets as a
 percentage of total loans
 and other real estate --- ---
 Net loans charged off as
 a percentage of average
 total loans (in percent) .42 .57
 Allowance for loan losses as
 a percentage of total
 nonperforming assets (in
 percent) --- ---
 Additional Data
 Goodwill --- ---
 Mortgage servicing
 intangible --- ---
 Core deposit intangible --- ---
 Other intangibles --- ---
 -0- 10/18/93
 /CONTACT: (Media) Sharon R. McMurray,313-222-4881, or Wayne J. Mielke, 313-222-4732, or (Investor) Leonard B. Carleton, 313-222-4940, or Judith V. Hicks, 313-222-6317, all of Comerica/
 (CMA)


CO: Comerica Incorporated ST: Michigan IN: FIN SU: ERN

KE -- DE013 -- 3283 10/18/93 10:31 EDT
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