Comerica in Dallas disclosed several special items that will impact fourth-quarter results.
The $85.7 billion-asset company said in a regulatory filing that it expects to record a $109 million expense tied to the special assessment by the Federal Deposit Insurance Corp.
The company said it has begun certain initiatives to “calibrate expenses to enhance earnings power” that should lead to $25 million in expenses.
Finally, Comerica expects to recognize a $91 million net noncash pretax charge in noninterest income and a net noncash pretax benefit of $3 million in net interest income as it redesignates swaps to Secured Overnight Financing Rate-referenced loans.
The company said it expects to accrete back into income the financial impact of these charges over the remaining maturities of the swaps, with most taking place in 2025 and 2026.