Comerica Incorporated (CMA) Q3 2022 Earnings Call Transcript

Comerica Incorporated (NYSE:CMA) Q3 2022 Earnings Conference Call October 19, 2022 8:00 AM ET

Company Participants

Kelly Gage - Director, IR

Curtis C. Farmer - Chairman, President and CEO

James J. Herzog - EVP and CFO

Peter L. Sefzik - EVP, Executive Director, Commercial Bank

Melinda A. Chausse - EVP and Chief Credit Officer

Conference Call Participants

Jon Arfstrom - RBC Capital Markets

Scott Siefers - Piper Sandler

Ebrahim Poonawala - Bank of America Securities

John Pancari - Evercore ISI

Kenneth Usdin - Jefferies

Jennifer Demba - Truist Securities

Bill Carcache - Wolfe Research

Steven Alexopoulos - J.P. Morgan

Terence McEvoy - Stephens Inc.

Operator

Hello, and thank you for standing by, and welcome to the Comerica Third Quarter 2022 Earnings Conference Call. At this time, all participants are in 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, Tod. Good morning, everyone, and welcome to Comerica's third quarter 2022 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 Executive Director of our Commercial Bank, Peter Sefzik. During this presentation, we will be referring to slides, which will 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. 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. Also this conference call will reference non-GAAP measures and in that regard I direct you to the reconciliation of these measures on our website coamerica.com. Please refer to the Safe Harbor Statement in 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.

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

Curtis C. Farmer

Good morning, everyone. Thank you for joining our call. Today, we reported third quarter 2022 results including a record earnings at $351 million or $2.60 per share, an increase of 35% over the second quarter. We generated excellent financial results with all-time high revenue of $985 million, up 19%, improved our efficiency ratio to 51%, and maintained a strong credit position with our percentage of criticized loans well below our historical average.