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Comerica Q4'19 charge-offs increase YOY on select energy credit impairments

Dallas-based Comerica Inc. reported net income attributable to shares of $267 million, or $1.85 per share, for the fourth quarter of 2019, down from $308 million, or $1.88 per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $1.76.

Provisions for credit losses for the fourth quarter of 2019 was $8 million, a decrease from $16 million in the year-ago period. Net credit-related charge-offs for the quarter were $21 million, or 0.16% of average total loans, compared with $11 million, or 0.09% of average total loans, in the year-ago period. Comerica said charge-offs "continued to primarily consist of valuation impairments on select energy credits as capital markets for this sector remain soft." Excluding energy-related charge-offs, net-credit related charge-offs as a percentage of average total loans for the quarter would be 0.01%.

Net interest margin for the quarter was 3.20%, a decrease from 3.52% in the previous quarter and 3.69% in the year-ago period. Net interest income for the quarter decreased year over year to $544 million from $614 million. Noninterest income for the quarter, however, increased year over year to $266 million from $250 million.

Average balance of total loans as of the end of the fourth quarter of 2019 was $50.51 billion, compared with $50.89 billion in the previous quarter and $48.83 billion in the year-ago period.

Average balance of total deposits as of the end of the fourth quarter of 2019 was $57.18 billion, compared with $55.72 billion in the previous quarter and $55.73 billion in the year-ago period.

Comerica reported net income attributable to shares of $1.19 billion, or $7.87 per share, in full year 2019, down from $1.23 billion, or $7.20 per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the year was $7.77.

For 2020, Comerica expects a decrease in net interest income due to the net impact of lower interest rates, 2019 funding actions and lower nonaccrual interest recoveries, which will be partially offset by loan growth. The company on Jan. 1 adopted a new accounting standard for measuring credit losses. As a result, it expects allowance for credit losses to decrease by 5 percent or less from current levels as of the adoption date.