Comerica (CMA) in Dallas reported higher earnings for the second quarter thanks heavily to savings on salary-related expenses.
Net income for the second quarter was $151 million, up by 6% from the second quarter of last year.
The $65 billion-asset bank increased loans 4%, to $47 billion, from a year earlier.
Yet net interest income remained almost unchanged from the previous year at $416 million. Its net interest margin dropped by 5 basis points over the same period to 2.78%.
Income from fee-based services dipped approximately 1%, to $220 million.
Noninterest expenses were $404 million, a 3% decline from the previous year. Comerica attributed the change to "seasonal decreases in payroll taxes and share-based compensation."
Net credit-related chargeoffs dropped by 47% to $9 million from the second quarter of last year. The credit loss provision fell by 15%, to $11 million.
"We continue to be focused on growing the bottom line by carefully managing the things we can control, such as expanding customer relationships, maintaining expense discipline as well as credit quality, all while taking a prudent, conservative approach to capital," Ralph W. Babb Jr., Comerica's chairman and chief executive, said in a press release Tuesday.
Comerica operates more than 480 offices in Texas, California, Michigan, Arizona and Florida.