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Comerica Affected By Tough Market: Challenges in the residential real estate development portfolio affected performance.
Dallas -- Comerica Inc.'s fourth-quarter net income dropped by more than a third when compared to both the third quarter of 2007 and the fourth quarter of 2006. The company said that fourth-quarter earnings were largely impacted by a decrease in net interest margin and an increase in loan loss provisions.
Company chairman and CEO Ralph W. Babb Jr. stated that the higher loan loss provision was due to the challenges in residential real estate development in certain areas. "While we continued to execute our strategy, reflected by strong loan growth, particularly in our high-growth markets, challenges in the residential real estate development portfolio affected our performance," said Mr. Babb. The reported fourth-quarter income from continuing operations of $117 million, or $0.77 per diluted share, was down 35% from $180 million, or $1.17 per diluted share, reported for the third quarter 2007. It also represented a 37% drop from $185 million, or $1.16 per diluted share, reported for the fourth quarter of 2006.
The fourth quarter of 2007 included a $108 million provision for loan losses, 140% ...
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