Third-quarter earnings rose more than 19% at Comerica (CMA) in Dallas from a year ago but fell short of expectations.
The $63.3 billion-asset company reported income of $116 million for the third quarter, Comerica said Wednesday. Its earnings per share of 61 cents missed estimates from analysts polled by Bloomberg by three cents.
Third-quarter earnings per share included restructuring expenses of eight cents associated with the acquisition of Sterling Bancshares, compared with two cents for the second quarter.
Net interest income was $427 million, up less than 1% from a year ago but down almost 2% from the second quarter. Noninterest income fell about 2%, to $197 million, year over year.
Comerica's provision for credit losses was $22 million, down 37% year over year. Noninterest expense fell 3%, to $449 million.
Comerica's shares were trading at $30.22 Wednesday morning, down more than 2% from Tuesday's closing.
