DALLAS (AP) — Comerica lowered its fourth-quarter and full-year earnings on Tuesday because of an unfavorable jury verdict. The regional bank said that due to the verdict, it boosted its litigation reserve and lowered its incentive compensation expense. Chairman and CEO Ralph Babb Jr . said in a statement that the company had expected a favorable outcome from the case, which related to a credit loan given to office supply company Masters Group International Inc. in 2006. Comerica Inc.'s fourth-quarter earnings are now 62 cents per share, 15 cents per share lower than its previously reported 77 cents per share. The company's 2013 earnings are now $2.85 per share, down from $3 per share. Analysts surveyed by FactSet forecast fourth-quarter earnings of 76 cents per share and full-year earnings of $2.99 per share. The company is maintaining its 2014 outlook, excluding the impact of the verdict. The bank said Friday that it expects stable noninterest income and lower noninterest expenses in 2014 along with slightly lower net interest income. It expects loan growth to be about the same as it was in 2013 and said it believes that economic growth will remain slow and rates will stay low. Comerica said it may appeal the verdict to the Montana Supreme Court . The stock climbed $1.42 , or 3 percent, to $49.07 in morning trading.
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