Comerica posts 2Q loss on charges

DALLAS - Comerica Inc. said Tuesday it posted a second-quarter loss as the regional bank took a $34 million charge to pay preferred dividends to the government under the U.S. Treasury Department's financial rescue program.

Comerica posted a loss applicable to common shareholders of $16 million, or 10 cents per share, for the three months ended June 30 compared with a profit of $56 million, or 37 cents per share, for the same quarter last year.

Excluding the preferred dividends, Comerica posted a profit of $18 million.

The Dallas-based bank reported its total core deposits, excluding those at its financial services division, increased $1.1 billion from the first quarter of 2009. Its provision for loan losses grew to $312 million from $170 million in the same quarter last year.

Net interest income, or the difference between how much it costs a bank to borrow money and how much it receives from lending money to customers, fell to $402 million from $442 million in the year-ago period.

Noninterest income rose to $298 million from $242 million, mainly as a result of $113 million of net securities gains.

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