You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: The year is off to a good start.
In the first quarter, we generated earnings of $2.43 per share, a 59% increase over the fourth quarter, primarily driven by strong credit quality.
Our ROE grew to over 18% and our ROA was 1.68%.
I am pleased to report that we are hearing more optimism among our customers and colleagues across our markets.
Stimulus payments to individuals and enhanced unemployment benefits, along with PPP loans to small- and medium-sized businesses have provided much needed relief to those that are struggling.
Also, the Infrastructure Bill that is being considered is expected to spread spending over many years.
This fiscal stimulus and the ramp up in the vaccine distribution, in combination with ample liquidity and low borrowing costs, has the potential to spur substantial activity.
The economic metrics are improving quickly and the outlook for the back half of the year is for strong economic growth.
As the economy continues to reopen and pre-pandemic conditions return, many businesses are beginning to experience accelerating activity.
I remain very proud of the unwavering commitment of our team to serve our customers, communities and each other.
We've again stepped up our efforts to support those affected by the pandemic.
Last month, Comerica and the Comerica Charitable Foundation pledged approximately $16 million to support small businesses and communities impacted by COVID.
This support is in addition to the $11 million committed in 2020.
As you know, last year, we funded $3.9 billion in the first round of PPP loans.
Also, so far this year, through the hard work of colleagues across the Bank, we further assisted businesses by funding close to $1 billion in the second round of PPP.
In addition, in the first quarter, we processed over $600 million in PPP loan repayments, mainly through forgiveness.
Turning to our first quarter financial performance on Slide 4.
Compared to the fourth quarter, average loans decreased with seasonally lower home purchase volumes impacting our Mortgage Banker business.
Also, total line utilization across nearly all businesses have remained low.
However, our loan pipeline has continued to grow.
Average deposits increased over $1 billion to another all-time high as customers received additional stimulus payments.
Net interest income was impacted by $17 million in lease residual adjustments in an expiring legacy portfolio.
Excluding this impact, pre-tax pre-provision net revenue increased 5% despite the shorter quarter and the decline in loan volume.
This increase in PPNR was due to continued robust fee generating activity in our expense discipline.
As far as credit, our conservative culture, diverse portfolio, as well as deep expertise has served us well.
Strong credit performance and an improvement in our economic forecast resulted in a negative provision of $182 million.
The credit reserve remains healthy at 1.59%.
Net charge-offs were only 3 basis points.
Through the cycles, our net charge-offs have typically been at or below our peer group average, including during the past year as we navigated the pandemic.
With more confidence in the economic recovery and an estimated CET1 ratio of 11.09%, we plan to restart share repurchases.
In the second quarter, we expect to make significant strides toward our 10% target, giving careful consideration to earnings generation, as well as capital needs to fund future loan growth.
Our ongoing goal is to provide an attractive return to our shareholders, which includes a dividend that currently has a yield of about 4%.
Turning to Slide 5, average loans decreased approximately $800 million.
As Curt mentioned, the biggest driver was Mortgage Banker, which declined from its record high in the fourth quarter due to lower purchase volumes.
Energy decreased as higher oil prices are resulting in improved cash flow and capital markets activity.
We had expected National Dealer loans would begin to rebound in the first quarter.
However, supply chain issues, most notably with computer chips have STIMI [Phonetic] production.
In addition, March auto sales were the second highest of all-time for that month, further depleting inventory.
Dealer loans were $1.5 billion below the first quarter of 2020.
We remain confident in the floor plan balances will eventually rebuild to historical levels.
Equity Fund Services was a bright spot, increasing over $200 million with strong fund formation.
Total period end loans reflected decreases of $900 million in Dealer and $700 million in Mortgage Banker.
Line utilization for the total portfolio declined to 47%.
We feel good about the pipeline, which now sits above pre-pandemic levels.
It increased to nearly every business line and loans in the last stage of the pipeline nearly doubled over the fourth quarter.
Ultimately, we would expect this to translate into loan growth.
As far as loan yields, there were $17 million in lease residual value adjustments, mostly on aircraft and an expiring legacy portfolio.
We have not done business in this segment for many years and no further adjustments are expected.
Excluding the 14 basis point impact from the residual adjustment, loan yields increased 3 basis points with the benefit of accelerated fees from PPP forgiveness.
Continued pricing actions, particularly adding rate floors when possible as loans renew, offset the decline in LIBOR.
Average deposits increased 2% or $1.1 billion to a new record as shown on Slide 6.
Consumer deposits increased nearly $1 billion, primarily due to seasonality and the additional stimulus received in January.
Customers continue to conserve and maintain excess cash balances.
With strong deposit growth, our loan-to-deposit ratio decreased to 69%.
The average cost of interest-bearing deposits reached an all-time low of 8 basis points, a decrease of 3 basis points from the fourth quarter and our total funding cost fell to only 9 basis points.
Slide 7 provides details on our securities portfolio.
Period end balances are up modestly as we recently began to gradually deploy some of our excess liquidity by opportunistically increasing the size of the portfolio.
Lower rates on the replacement of about $1 billion in payments received during the quarter resulted in the yield on the portfolio declining to 1.89%.
Yields on repayments averaged approximately 235 basis points, while recent reinvestments have been in the low-180s.
We expect to mostly offset the yield pressure on MBS in the near term with a modestly larger portfolio.
However, maturing treasuries will likely be a slight headwind in the back half of the year, depending on the mix of MBS and treasuries we would likely replace them with, as well as market conditions.
Turning to Slide 8, excluding the impact of the lease residual adjustment and two fewer days in the quarter, net interest income was roughly stable and the net interest margin would have increased 2 basis points.
As far as the details, interest income on loans decreased $28 million and reduced the net interest margin by 8 basis points.
This was primarily due to the $17 million of lease residual adjustments, which had a 9 basis point impact on the margin, as well as two fewer days in the quarter, which had a $7 million impact.
Lower loan balances had a $5 million impact and were partially offset by a $3 million increase in fees related to PPP loans.
Other portfolio dynamics had a $2 million unfavorable impact and included lower LIBOR, partially offset by pricing actions.
Lower securities yields, as I outlined in the previous slide, had a $2 million or 1 basis point negative impact.
Continued prudent management of deposit pricing added $3 million and 1 basis point to the margin and a reduction in wholesale funding added $1 million and 1 basis point.
Average balances of the Fed were relatively steady and remain extraordinarily high at $12.5 billion.
This continues to weigh heavily on the margin with the gross impact of approximately 41 basis points.
Credit quality was strong and metrics are moving in the right direction as shown on Slide 9.
Net charge-offs were only $3 million or 3 basis points.
Non-performing assets decreased $34 million and at 64 basis points of total loans, they are about only half of our 20-year average.
Inflows to non-accrual were also very low.
Criticized loans declined $366 million and comprised 5% of the total portfolio.
Positive migration in the portfolio, combined with growing confidence and improving economic forecast, resulted in a decrease in our allowance for credit losses.
Of note, both the social distancing-related segments, as well as the Energy portfolio have performed better-than-expected.
However, we continue to apply a more severe economic forecast to these areas.
Our total reserve ratio is very healthy at 1.59% or 1.72% excluding PPP loans and remains well above pre-pandemic levels.
Non-interest income increased $5 million as outlined in Slide 10, sustaining the positive trend we've seen for the past year.
Derivative income increased $11 million as volumes remain robust, particularly for energy hedges, combined with a $10 million benefit from a change in the credit valuation adjustment.
Note that we have made a change in reporting, we have combined foreign exchange and customer derivative income, which was previously included in other non-interest income into a combined derivative income line item.
Prior periods have been adjusted to reflect this change.
Warrants and investment banking fees moved higher and we had smaller increases in fiduciary and deposit service charges.
Partly offsetting this, commercial lending fees decreased $6 million with the seasonal decline in syndication activity.
Deferred comp asset returns were $3 million, a $6 million decrease from the fourth quarter and are offset in non-interest expenses.
Note, card fees remained elevated.
They were over 20% higher than a year ago due to government card and merchant activity spurred by the economic stimulus and changes in customer behavior related to the COVID environment.
All in all, another strong quarter for fee income.
Turning to expenses on Slide 11, which decreased $18 million or 4%.
Starting with salaries and benefits, which were up $11 million due to seasonal factors.
This increase was driven by annual stock compensation and payroll taxes resetting.
Providing a partial offset was a decrease in deferred comp, as well as a reduction due to two fewer days in the quarter and seasonally lower staff insurance costs.
All other expenses decreased $29 million.
As discussed last quarter, strong investment performance in 2020 has resulted in an $8 million reduction in pension costs, which is included in other non-interest expense.
In addition, effective January 1, we adopted a change in the accounting method for our pension plan.
Previous quarters have been adjusted, specifically fourth quarter pension expense was reduced by $8 million.
This change also decreased AOCI and increased retained earnings at year-end by $104 million, which resulted in a 16 basis point increase to our CET1 ratio.
Finally, we realized seasonal decreases in advertising and occupancy, lower operating losses and FDIC expense, as well as smaller decreases in other categories.
Our strong expense discipline is assisting us in navigating this low rate environment as we invest for the future.
Our CET1 ratio increased to an estimated 11.09% as shown on Slide 12.
As always, our priority is to use our capital to support our customers and drive growth while providing an attractive return to our shareholders.
In this regard, we have maintained a very competitive dividend yield.
As far as share repurchases, we have a long track record of actively managing our capital and returning excess capital to shareholders.
With more confidence in the path of the economic recovery, we plan to resume share repurchases in the second quarter.
We expect to make significant strides toward our CET1 target of 10%.
Slide 13 provides our outlook for the second quarter relative to the first quarter.
In addition, we have provided expected trends for the second half of the year relative to the second quarter outlook.
In the second quarter, excluding PPP loans, we expect loan volume to be stable.
We expect growth in several lines of business led by middle market as a result of increasing M&A, as well as working capital and capex needs.
However, this will be offset by continuing headwinds in Mortgage Banker, National Dealer and Energy.
In line with the MBA forecast, Mortgage Banker is expected to decline as refi volumes begin to cool with higher rates.
We expect National Dealer to continue to decrease as auto inventory levels are challenged by strong demand combined with supply issues.
Also, Energy loans are expected to remain on the current declining trend as higher oil prices are driving improved cash flow and capital markets activity.
As far as PPP loans, it is difficult to predict.
However, we believe loan forgiveness will pick up toward the end of the second quarter and the bulk should be repaid by year-end.
Excluding PPP loan activity, we believe loans should grow across nearly all business lines in the second half of the year.
This is based on our robust pipeline and expectations that the economy will continue to strengthen.
We expect average deposits to remain strong with the second quarter benefiting from the latest federal stimulus.
These record levels are expected to wane in the back half of the year as customers start to put cash to work.
As far as net interest income, the $17 million lease residual adjustment we took in the first quarter will not recur.
That aside, all other factors, including PPP are expected to offset each other in the second quarter.
For example, headwinds from lower reinvestment yields on securities should be offset by a modestly larger portfolio.
As we move into the second half of the year, we expect pressure on securities yields and swap maturities to be roughly offset by non-PPP loan growth.
In addition, lower PPP loan volume and accelerated fees are expected to be a headwind.
Of course, PPP activity is difficult to predict and may result in variability.
Credit quality is expected to remain strong.
Assuming the economy remains in the current path, we expect our allowance should move toward pre-pandemic levels.
We expect non-interest income in the second quarter to benefit from higher card fees driven by recent stimulus payments, as well as increased syndication fees following lower seasonal activity in the first quarter.
Also, we expect growth in fiduciary income reflecting annual tax-related activity and new business generation.
This growth is expected to be more than offset by a decline in derivatives and warrants income from elevated levels, as well as deferred comp, which is not assumed to repeat.
As we progress through the year, we believe customer-driven fee categories in general should grow with improving economic conditions.
However, card fees are expected to be a headwind as the benefit from growing merchant and corporate volumes could be more than offset by lower government card activity due to the absence of further individual stimulus payments.
We expect expenses to be stable in the second quarter.
Salary and benefit expenses are expected to decrease in the second quarter with lower stock comp, as well as lower payroll taxes, partly offset by annual merit and one additional day.
Offsetting this decrease, we expect a rise in outside processing tied to growth in card fees, as well as seasonally higher marketing and occupancy expenses.
As far as the second half of the year, by maintaining our focus on expenses, we expect to offset higher tech spend.
In addition, we expect increases in certain line items due to seasonality and revenue growth.
Finally, as I indicated on the previous slide, we plan to restart share repurchases in the second quarter.
As I mentioned at the beginning of the call, we are off to a good start and we expect the economy will continue to improve throughout this year.
We believe firming manufacturing conditions, increasing business and consumer confidence, as well as pent-up demand will support strong economic growth.
It is hard to believe that just over a year ago we drastically changed the ways in which we work and live.
We have demonstrated the resilience of our business model as we embraced our core values and rose to the occasion to support our customers, communities and each other.
Our success is anchored by our ability to provide our expertise and experience to build and solidify deep, enduring relationships, particularly during challenging times.
I'm extremely proud of the work our team has done to ensure we continue to deliver the same high-level of service.
We are focused on delivering a more diversified and balanced revenue base with an emphasis on fee generation, and our progress is demonstrated in our results as non-interest income has increased in each of the past four quarters.
Our robust card platform is a great example has helped position us for the recent and likely ongoing changes in customer behavior.
Also, our fiduciary business is growing with strong collaboration between Wealth Management, Commercial and Retail Bank divisions.
In February, we increased the breadth and scale of our Trust Alliance business through the acquisition of a small group with expertise in this area.
In addition, we are committed to maintaining our strong expense discipline.
Our technology investments are enhancing the customer and colleague experience, helping to attract and retain customers and improving colleague efficiency.
Finally, our disciplined credit culture and strong capital base continue to serve us well.
These key strengths provide the foundation to continue to deliver long-term shareholder value.

user
compname reports q1 earnings per common share of $2.43.
qtrly earnings per common share $2.43.
qtrly provision for credit losses decreased $165 million to a benefit of $182 million versus q4 .

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