Comerica Incorporated (CMA) Q1 2023 Earnings Call Transcript

Comerica Incorporated (NYSE:CMA) Q1 2023 Results Conference Call April 20, 2023 8:00 AM ET

Company Participants

Kelly Gage - Director, Investor Relations

Curtis Farmer - Chairman, President, and Chief Executive Officer

Jim Herzog - Chief Financial Officer

Peter Sefzik - Senior EVP & Chief Banking Officer

Melinda Chausse - Chief Credit Officer

Conference Call Participants

Steven Alexopoulos - J.P. Morgan

Ebrahim Poonawala - BofA Securities, Research Division

Manan Gosalia - Morgan Stanley

Brody Preston – UBS

Peter Winter - D.A. Davidson

Operator

Hello, and thank you for standing by. Welcome to the Comerica First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions].

I would now like to turn the conference over to Kelly Gage, Director of Investor Relations. Please go ahead.

Kelly Gage

Thanks, Leah. Good morning, and welcome to Comerica's First Quarter 2023 Earnings Conference Call. Participating on this call will be our President, Chairman and CEO, Curt Farmer; Chief Financial Officer, Jim Herzog; Chief Credit Officer, Melinda Chausse; and Chief Director of Banking, Peter Sefzik.

During this presentation, we'll be referring to slides, which provide additional details. The presentation slides and our press release are available on the SEC's website as well as in the Investor Relations section of our website, comerica.com.

This conference call contains forward-looking statements. And in that regard, you should be mindful of the risks and uncertainties that can cause actual results to vary materially from expectations. Forward-looking statements speak only as of the date of this presentation, and we undertake no obligation to update any forward-looking statements. Please refer to the safe harbor statement on today's earnings release on Slide 2, which is incorporated into this call, as well as our SEC filings for factors that can cause actual results to differ.

Also, this conference call will reference non-GAAP measures. And in that regard, I will direct you to the reconciliation of these measures in the earnings materials that are available on our website, comerica.com.

Now I'll turn the call over to Curt, who will begin on Slide 3.

Curtis Farmer

Good morning, everyone, and thank you for joining our call. Today, we reported first quarter earnings per share of $2.39, driven by continued loan growth, a favorable rate environment, and effective management of balance sheet, credit, and capital.