Comerica Reports First Quarter 2001 Earnings

* $0.50 EPS v. $1.08 EPS 1-Q-00

* $1.21 EPS before one time/special charges

* Imperial restructuring charge of $0.52 per share; Integration on

schedule

* One-time, $0.19 per share U.K. subsidiary charge



Apr 17, 2001, 01:00 ET from Comerica Incorporated

    DETROIT, April 17 /PRNewswire/ -- Comerica Incorporated (NYSE:   CMA) today
 reported first quarter 2001 earnings per share of $0.50, compared with $1.08
 for the 2000 first quarter, a decrease of 54 percent.  Net income was $94
 million, compared with $197 million for 2000.  The company's return on common
 equity was 8.11 percent and its return on assets was 0.76 percent, compared
 with 20.66 percent and 1.72 percent, respectively, for the 2000 first quarter.
 All prior period financial information has been restated to reflect the
 acquisition of Imperial Bancorp, which was completed during the first quarter
 2001 and accounted for as a pooling-of-interests.
     Excluding the previously announced $95 million after-tax restructuring
 charge for the Imperial merger and the effect of a one-time $34 million after-
 tax charge related to long-term incentive plans at an unconsolidated
 subsidiary of Munder Capital Management (the company's investment management
 subsidiary), net income for the first quarter of 2001 was $223 million, or
 $1.21 per share.  On this basis, Comerica's return on common equity and return
 on assets were 19.85 percent and 1.81 percent, respectively.
     "Comerica delivered solid core operating results during the first quarter
 of 2001, generating continued loan and deposit growth, while maintaining
 expense discipline and satisfactory credit quality trends.  The integration of
 our recent acquisition of the $7 billion Imperial Bancorp continues on
 schedule and according to plan," said Eugene A. Miller, chairman, president,
 and chief executive officer.  "A slowing economy and volatility in the
 securities markets can be expected to slow the pace of earnings growth across
 the industry; nonetheless, we believe Comerica is well positioned to sustain
 its evolution into one of the nation's leading middle-market focused financial
 services providers.
     "Given demographic and wealth management trends, the asset and fund
 management business remains an important component of our long-term strategy
 to enhance our sources of recurring, noninterest income.  However, we are
 disappointed to report both a special one-time charge related to incentive
 compensation plans at a foreign subsidiary of Munder, and an additional
 deferred distribution costs impairment charge of $17 million after-tax related
 to decreases in the net asset value of technology mutual funds at Munder,"
 Miller added.
     Net interest income for the first quarter of 2001 totaled $512 million, an
 increase of $28 million, or 6 percent, from the same period last year.  This
 increase was primarily due to an increase in average business loans of $4
 billion, or 11 percent, over last year's first quarter.  Adjusting for the
 divestiture of revolving check credit and bankcard loans in the first quarter
 of 2000, net interest income increased $37 million, or 8 percent, over the
 same period last year.
     The net interest margin was 4.55 percent for the first quarter of 2001,
 compared with 4.60 percent for the comparable quarter of 2000.  Excluding the
 effect of the divestiture, the net interest margin decreased 2 basis points
 from the same period in 2000, primarily as a result of the changing mix of
 funding required to support the company's continued strong pace of commercial
 lending.
     Noninterest income was $170 million for the first quarter of 2001,
 compared with $255 million for the same quarter last year.  Noninterest income
 in the first quarter of 2001 was reduced by the $26 million impairment charge
 ($17 million after-tax) and a one-time $53 million charge ($34 million after-
 tax) related to an unconsolidated subsidiary which is discussed more fully
 below.  Noninterest income benefited from securities gains of $24 million, and
 $11 million of net gains resulting from the purchase and subsequent sale, all
 within the first quarter, of interest rate derivative contracts which failed
 to meet Comerica's stringent risk-reduction criteria.
     Noninterest income in the first quarter of 2000 included a $30 million
 gain associated with the sale of revolving check credit and bankcard loans
 mentioned above.  Excluding the effect of securities gains, warrant income and
 large, nonrecurring items and the impact of last year's revolving check credit
 and bankcard loan sale, noninterest income increased 3 percent in the first
 quarter 2001 from the first quarter of 2000.
     The $26 million pre-tax deferred distribution costs impairment charge at
 Munder resulted from the company's reassessment of its ability to recover the
 unamortized cost of the commissions to brokers for selling certain shares,
 principally shares in Munder's NetNet, International NetNet and Future
 Technology funds.  Net asset values in these technology funds suffered as
 market conditions weakened significantly following the peak in the first half
 of 2000.  After a fourth quarter 2000 impairment charge of $7 million, this
 sector of the equity markets declined another 26 percent in the first quarter
 2001.  This prompted Comerica's current revaluation of expected future cash
 flows from the funds, which are based on a percentage of assets under
 management and early redemption fees.  Net remaining deferred distribution
 costs at March 31, 2001, were $54 million.  Excluding the impairment charges,
 investment advisory revenues totaled $17 million in the first quarter of 2001,
 a decrease of $8 million from the fourth quarter 2000 and $17 million from the
 first quarter 2000.  The decrease is primarily attributable to the decline in
 the market values of technology-related stocks from their record highs during
 the first quarter of last year.
     At March 31, 2001, assets under management at Munder were $44 billion,
 including $2.9 billion in the NetNet, International NetNet and Future Tech
 funds.  Munder manages and offers 15 wrap-fee products, 24 equity funds, 8
 fixed income funds, 6 money market and 2 balanced funds covering a wide array
 of investment options, including its original menu of "Growth at a Reasonable
 Price" or "GARP" offerings.
     The $53 million pre-tax charge is related to long-term incentive plans at
 a United Kingdom subsidiary, Framlington Holdings Limited, of which Munder is
 a minority owner.  In May 2000, the announcement that the majority owner was
 being acquired triggered a change-in-control provision which fully vested all
 options and restricted shares.  In March 2001, all outstanding options held by
 employees were exercised and their shares were sold to Framlington, requiring
 U.S. accounting recognition of the expense.  The pre-tax charge, included in
 equity in earnings of unconsolidated subsidiaries, reflects Munder's portion
 of the resulting expense.
     Noninterest expenses, which included $94 million of the previously
 announced merger-related restructuring charge, were $450 million in the first
 quarter of 2001, compared with $367 million in 2000, an increase of 23
 percent.  Excluding the restructuring charge, noninterest expenses decreased
 $11 million, or 3 percent, compared with the same quarter last year, primarily
 due to a decline in revenue-related incentives.
     Income tax expense was reduced $7 million, or $0.04 per share, for a tax
 benefit related to the Imperial Bancorp acquisition that was immediately
 recognizable, but only after Imperial became part of Comerica.
     The provision for credit losses was $72 million in the first quarter of
 2001, an increase of $5 million compared with the first quarter of 2000.
 Included in the 2001 provision for credit losses is a merger-related charge of
 $25 million to conform the credit policies of Imperial with Comerica.  Net
 charge-offs for the quarter were $35 million or 0.34 percent of average total
 loans, compared with $34 million or 0.36 percent in the first quarter of 2000.
 Nonperforming assets were $476 million or 1.16 percent of loans and other real
 estate at March 31, 2001, compared with $339 million or 0.84 percent at
 December 31, 2000, and $230 million or 0.61 percent at March 31, 2000.  The
 increase in nonperforming assets from year-end includes the addition of one
 $70 million loan to a commercial finance company.  The allowance for credit
 losses as a percent of loans was 1.57 percent at March 31, 2001, a 3 basis
 point increase from 1.54 percent at March 31, 2000.
     The level of nonperforming assets currently is expected to trend toward
 historical averages, in a range of 115 to 130 basis points of total loans and
 other real estate for the year 2001.
     Outlook for 2001: Earnings for the full year 2001, excluding the
 restructuring charge for the Imperial merger, of which $0.52 per share was
 included in the current quarter, and the effect of a one-time $0.19 per share
 charge related to long-term incentive plans at an unconsolidated subsidiary of
 Munder, are expected to range between $4.75 and $4.95 per share, based on an
 assessment of current economic conditions, the level of equity markets and
 interest rates, progress toward business objectives and other factors.
     Assets totaled $50 billion at March 31, 2001, and $47 billion at March 31,
 2000, while common shareholders' equity was $4.4 billion at March 31, 2001,
 compared to $3.8 billion one year earlier.  Shares of common stock outstanding
 were 178 million at March 31, 2001 and 177 million at March 31, 2000.  Total
 loans were $41 billion at March 31, 2001, compared to $38 billion a year ago.
 Total deposits were $37 billion at March 31, 2001, compared to $29 billion at
 March 31, 2000.
     A conference call reviewing Comerica's first quarter 2001 financial
 results will be held at 8:30 a.m. ET today, April 17, 2001.  Interested
 parties may access the conference call by calling 706-679-5261 (event ID No.
 92476).  The call is also accessible through the Investor Relations link on
 Comerica's home page at www.comerica.com .  A replay of the conference call
 will be available approximately two hours following the call through April 24,
 2001.
     The conference call replay can be accessed by calling 800-642-1687 or
 706-645-9291 (event ID No. 92476).  The replay can also be accessed through
 the Investor Relations link on Comerica's home page at www.comerica.com .
 
     SAFE HARBOR STATEMENT
     Matters discussed in this news release contain certain forward-looking
 statements that are based on management's beliefs and assumptions based on
 information currently known to Comerica's management.  Forward-looking
 statements may include descriptions of plans or objectives of Comerica's
 management for future or past operations, products or services, and forecasts
 of the Company's revenues, earnings or other measures of economic performance
 including statements of profitability of business segments and subsidiaries,
 estimates of credit quality trends and current integration.  Such statements
 reflect the view of Comerica's management, as of the date of this conference
 call, with respect to future events and are subject to risks and
 uncertainties, such as changes in Comerica's plans, objectives, expectations
 and intentions and do not purport to speak as of any other date.  Should one
 or more of these risks materialize or should underlying beliefs or
 assumptions prove incorrect, the Company's actual results could differ
 materially from those discussed in this conference call.  Factors that could
 cause or contribute to such differences are changes in interest rates, changes
 in the industries in which Comerica has a concentration of loans, changes in
 the level of fee revenues, changes in the accounting treatment of any
 particular item, the entry of new competitors into the banking industry as a
 result of the enactment of the Gramm-Leach-Bliley Act of 1999, changes in
 general economic conditions and related credit and market conditions,
 difficulties in integrating Imperial Bancorp or retaining key personnel and
 other factors discussed in Comerica's filings with the Securities and Exchange
 Commission.
     Forward-looking statements speak only as of the date they are made.
 Comerica does not undertake to update forward-looking statements to reflect
 circumstances or events that occur after the date the forward-looking
 statements are made.  Without limiting the foregoing, Comerica undertakes no
 obligation to update earnings guidance including any of the factors that
 influence earnings.
     Comerica Incorporated is a multi-state financial services provider
 headquartered in Detroit, with bank subsidiaries in Michigan, California and
 Texas, banking operations in Florida, and businesses in several other states.
 Comerica has an investment services affiliate, Munder Capital Management, and
 operates banking subsidiaries in Canada and Mexico.
 
 
     CONSOLIDATED FINANCIAL HIGHLIGHTS
     Comerica Incorporated and Subsidiaries
 
 
                                                    Three Months Ended
     (in thousands, except
      per share data,                  March 31,    December 31,     March 31,
       average balances and ratios)      2001           2000            2000
                                     -----------    ------------    -----------
     PER SHARE AND COMMON STOCK DATA
     Diluted net income                 $0.50           $0.94          $1.08
     Cash dividends declared             0.44            0.40           0.40
     Common shareholders' equity
      (at period end)                   24.80           23.98          21.51
 
     Average diluted shares           180,248         179,453        179,232
 
     KEY RATIOS
     Return on average common equity     8.11%          16.05%         20.66%
     Return on average assets            0.76%           1.43%          1.72%
     Average common equity as a
      percentage of average assets       8.93%           8.70%          8.17%
     Core capital ratio (March 2001
      estimated)                         7.36%           7.35%          7.29%
     Total capital ratio (March 2001
      estimated)                        11.13%          11.11%         11.00%
     Leverage ratio (March 2001
      estimated)                         8.77%           8.74%          8.38%
 
     AVERAGE BALANCES (in millions)
     Commercial loans (including lease
      financing)                      $27,764         $26,997        $25,096
     International loans                2,603           2,547          2,598
     Real estate construction loans     2,955           2,826          2,282
     Commercial mortgage loans          5,500           5,275          5,000
     Residential mortgage loans           800             810            859
     Consumer loans                     1,478           1,466          1,408
                                     -----------    ------------    -----------
        Total loans                   $41,100         $39,921        $37,243
     Earning assets                    45,615          44,586         42,312
     Total assets                      49,331          48,221         45,697
     Interest-bearing deposits         24,167          22,727         20,215
     Noninterest-bearing deposits       9,370           9,357          8,612
     Total interest-bearing
      liabilities                      34,469          33,650         32,425
     Common shareholders' equity        4,407           4,195          3,733
 
     NET INTEREST INCOME
     Net interest income (fully taxable
      equivalent basis)              $513,340        $520,040       $484,554
     Fully taxable equivalent
      adjustment                        1,048             841            959
     Net interest margin                 4.55%           4.64%          4.60%
 
     CREDIT QUALITY
     Nonaccrual loans                $470,478        $331,361       $209,391
     Reduced-rate loans                   275           2,306          8,888
     Other real estate                  5,577           5,577         11,357
     Total nonperforming assets       476,330         339,244        229,636
     Loans 90 days past due            55,260          36,176         40,894
     Gross charge-offs                 45,327         100,855         37,121
     Recoveries                         9,916           7,293          3,569
     Net charge-offs                   35,411          93,562         33,552
 
     Allowance for credit losses as a percentage
       of total loans                    1.57%           1.51%          1.54%
     Nonperforming assets as a percentage of
       total loans and other real estate 1.16%           0.84%          0.61%
     Net loans charged off as a percentage of
       average total loans               0.34%           0.94%          0.36%
     Allowance for credit losses as a percentage
       of total nonperforming assets      135%            179%           253%
 
     ADDITIONAL DATA
     Goodwill                        $356,925        $366,550       $388,232
     Core deposit intangible            7,176           7,883         11,481
     Other intangibles                  1,215           3,472          4,047
     Loan servicing rights              8,470           6,657          6,396
     Deferred mutual fund distribution
      costs                            54,045          85,849         87,199
     Amortization of intangibles        8,685           9,549          8,731
 
 
     CONSOLIDATED BALANCE SHEETS
     Comerica Incorporated and Subsidiaries
 
 
                                       March 31,    December 31,     March 31,
     (in thousands, except share         2001           2000           2000
      data)                          -----------     -----------    -----------
     ASSETS
     Cash and due from banks        $ 2,008,803     $ 1,930,682    $ 1,855,110
 
     Short-term investments           1,990,563       1,730,158      1,912,380
 
     Investment securities available
       for sale                       3,207,455       3,890,725      3,583,006
 
     Commercial loans                26,373,429      26,009,336     24,519,861
     International loans              2,653,902       2,571,156      2,565,966
     Real estate construction loans   2,973,895       2,915,168      2,422,371
     Commercial mortgage loans        5,570,134       5,360,601      5,078,245
     Residential mortgage loans         793,075         807,064        849,912
     Consumer loans                   1,472,015       1,477,135      1,407,541
     Lease financing                  1,088,908       1,029,164        815,293
                                     -----------     -----------    -----------
         Total loans                 40,925,358      40,169,624     37,659,189
     Less allowance for credit losses  (644,556)       (608,110)      (581,482)
                                     -----------     -----------    -----------
         Net loans                   40,280,802      39,561,514     37,077,707
 
     Premises and equipment             360,145         364,246        364,104
     Customers' liability on acceptances
       outstanding                       26,917          26,668         17,179
     Accrued income and other assets  2,395,541       2,030,063      1,852,333
                                     -----------     -----------    -----------
         TOTAL ASSETS               $50,270,226     $49,534,056    $46,661,819
                                     ===========     ===========    ===========
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Noninterest-bearing deposits   $11,530,699     $10,188,475    $ 9,538,966
     Interest-bearing deposits       25,255,219      23,665,808     19,856,778
                                     -----------     -----------    -----------
         Total deposits              36,785,918      33,854,283     29,395,744
 
     Short-term borrowings              679,802       2,093,381      4,442,670
     Acceptances outstanding             26,917          26,668         17,179
     Accrued expenses and other
       liabilities                      819,774         800,386        675,561
     Medium- and long-term debt       7,289,301       8,259,179      8,073,259
                                     -----------     -----------    -----------
         Total liabilities           45,601,712      45,033,897     42,604,413
 
     Nonredeemable preferred stock
       - $50 stated value:
       Authorized - 5,000,000 shares
       Issued - 5,000,000 shares at
         3/31/01, 12/31/00 and 3/31/00  250,000         250,000        250,000
     Common stock - $5 par value:
       Authorized - 325,000,000 shares
       Issued - 178,337,648 shares at
          3/31/01, 177,703,678 shares at
          12/31/00 and 177,901,802
          shares at 3/31/00             891,688         888,519        889,509
     Capital surplus                    326,134         301,414        313,493
     Unearned employee stock ownership
       plan - 176,462 shares at 3/31/01
       and 12/31/00 and 64,993 shares
       at 3/31/00                        (6,750)         (6,750)        (3,000)
     Accumulated other comprehensive
      income                            127,490          12,097        (37,345)
     Retained earnings                3,086,915       3,085,784      2,714,213
     Deferred compensation               (6,963)        (14,494)       (22,321)
     Less cost of common stock in
       treasury - 289,397 shares at
       12/31/00 and 826,342 shares at
       3/31/00                                -         (16,411)       (47,143)
                                     -----------     -----------    -----------
         Total shareholders' equity   4,668,514       4,500,159      4,057,406
                                     -----------     -----------    -----------
         TOTAL LIABILITIES AND
           SHAREHOLDERS' EQUITY     $50,270,226     $49,534,056    $46,661,819
                                     ===========     ===========    ===========
 
 
 
 
     CONSOLIDATED STATEMENTS OF INCOME
     Comerica Incorporated and Subsidiaries
 
                                                        Three Months Ended
                                                    ---------------------------
                                                      March 31,       March 31,
     (in thousands, except per share data)              2001            2000
                                                    -----------     -----------
     INTEREST INCOME
     Interest and fees on loans                    $   865.333     $   778,173
     Interest on investment securities                  64,625          61,447
     Interest on short-term investments                 10,502          31,799
                                                    -----------     -----------
         Total interest income                         940,460         871,419
 
     INTEREST EXPENSE
     Interest on deposits                              271,927         202,896
     Interest on short-term borrowings                  39,392          53,940
     Interest on medium- and long-term debt            116,849         130,988
                                                    -----------     -----------
         Total interest expense                        428,168         387,824
                                                    -----------     -----------
         Net interest income                           512,292         483,595
     Provision for credit losses                        72,000          66,894
                                                    -----------     -----------
         Net interest income after provision
           for credit losses                           440,292         416,701
 
     NONINTEREST INCOME
     Fiduciary income                                   45,426          45,199
     Investment advisory revenue, net                   (9,489)         33,829
     Service charges on deposit accounts                49,914          45,752
     Commercial lending fees                            13,854          12,381
     Letter of credit fees                              12,776          12,857
     Warrant income                                      3,122           7,374
     Securities gains                                   23,744           5,437
     Net gain on sales of businesses                         -          30,484
     Equity in earnings of unconsolidated subsidiaries (53,300)          2,927
     Other noninterest income                           83,935          58,580
                                                    -----------     -----------
         Total noninterest income                      169,982         254,820
 
     NONINTEREST EXPENSES
     Salaries and employee benefits                    206,776         211,827
     Net occupancy expense                              28,316          27,798
     Equipment expense                                  19,397          18,946
     Outside processing fee expense                     15,827          14,487
     Restructuring charge                               94,304               -
     Customer services                                   9,258           8,176
     Other noninterest expenses                         76,099          85,561
                                                    -----------     -----------
         Total noninterest expenses                    449,977         366,795
                                                    -----------     -----------
     Income before income taxes                        160,297         304,726
     Provision for income taxes                         66,705         107,695
                                                    -----------     -----------
     NET INCOME                                    $    93,592     $   197,031
                                                    ===========     ===========
     Net income applicable to common stock         $    89,317     $   192,756
                                                    ===========     ===========
 
     Basic net income per common share             $      0.50     $      1.09
     Diluted net income per common share           $      0.50     $      1.08
 
     Cash dividends declared on common stock       $    78,389     $    62,519
     Dividends per common share                    $      0.44     $      0.40
 
 
     CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
     Comerica Incorporated and Subsidiaries
 
                                          First          Fourth         Third
                                         Quarter         Quarter       Quarter
     (in thousands, except per share      2001            2000           2000
      data)                             --------        --------       --------
 
     INTEREST INCOME
     Interest and fees on loans        $865,333        $898,831       $868,351
     Interest on investment securities   64,625          69,688         66,096
     Interest on short-term investments  10,502          16,712         14,527
                                        --------        --------       --------
         Total interest income          940,460         985,231        948,974
 
     INTEREST EXPENSE
     Interest on deposits               271,927         277,775        253,737
     Interest on short-term borrowings   39,392          48,457         46,936
     Interest on medium- and long-term
      debt                              116,849         139,800        144,619
                                        --------        --------       --------
         Total interest expense         428,168         466,032        445,292
                                        --------        --------       --------
         Net interest income            512,292         519,199        503,682
     Provision for credit losses         72,000          88,006         43,300
                                        --------        --------       --------
         Net interest income after
           provision for credit losses  440,292         431,193        460,382
 
     NONINTEREST INCOME
     Fiduciary income                    45,426          46,297         44,643
     Investment advisory revenue, net    (9,489)         18,431         34,097
     Service charges on deposit accounts 49,914          47,848         47,657
     Commercial lending fees             13,854          19,288         16,435
     Letter of credit fees               12,776          12,491         12,777
     Warrant income                       3,122             324         16,713
     Securities gains                    23,744           2,285          1,316
     Net gain on sales of businesses          -          13,184          4,000
     Equity in earnings of unconsolidated
       subsidiaries                     (53,300)            717          5,358
     Other noninterest income            83,935          55,145         61,005
                                         -------        --------       --------
         Total noninterest income       169,982         216,010        244,001
 
     NONINTEREST EXPENSES
     Salaries and employee benefits     206,776         215,328        215,151
     Net occupancy expense               28,316          28,180         27,082
     Equipment expense                   19,397          19,595         19,160
     Outside processing fee expense      15,827          14,363         15,465
     Restructuring charge                94,304               -              -
     Customer services                    9,258          10,642          9,240
     Other noninterest expenses          76,099          87,974         89,306
                                        --------        --------       --------
         Total noninterest expenses     449,977         376,082        375,404
                                        --------        --------       --------
     Income before income taxes         160,297         271,121        328,979
     Provision for income taxes          66,705          98,525        113,921
                                        --------        --------       --------
     NET INCOME                        $ 93,592        $172,596       $215,058
                                        ========        ========       ========
     Net income applicable to common
      stock                            $ 89,317        $168,321       $210,783
                                        ========        ========       ========
 
     Basic net income per common
      share                            $   0.50        $   0.95       $   1.19
     Diluted net income per common
      share                            $   0.50        $   0.94       $   1.17
 
     Cash dividends declared on common
      stock                            $ 78,389        $ 62,706       $ 62,601
     Dividends per common share        $   0.44        $   0.40       $   0.40
 
     N/M-Not meaningful
 
 
     CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
     Comerica Incorporated and Subsidiaries
 
                                                   Second           First
                                                  Quarter         Quarter
     (in thousands, except per share data)          2000            2000
                                                 --------        --------
     INTEREST INCOME
     Interest and fees on loans                  $833,916        $778,173
     Interest on investment securities             62,102          61,447
     Interest on short-term investments            14,711          31,799
                                                 --------        --------
         Total interest income                    910,729         871,419
 
     INTEREST EXPENSE
     Interest on deposits                         216,873         202,896
     Interest on short-term borrowings             66,039          53,940
     Interest on medium- and long-term debt       130,124         130,988
                                                 --------        --------
         Total interest expense                   413,036         387,824
                                                 --------        --------
         Net interest income                      497,693         483,595
     Provision for credit losses                   56,600          66,894
                                                 --------        --------
         Net interest income after
           provision for credit losses            441,093         416,701
 
     NONINTEREST INCOME
     Fiduciary income                              44,721          45,199
     Investment advisory revenue, net              32,154          33,829
     Service charges on deposit accounts           47,571          45,752
     Commercial lending fees                       12,578          12,381
     Letter of credit fees                         13,835          12,857
     Warrant income                                 5,450           7,374
     Securities gains                               7,257           5,437
     Net gain on sales of businesses                2,631          30,484
     Equity in earnings of unconsolidated
       subsidiaries                                 5,019           2,927
     Other noninterest income                      70,634          58,580
                                                 --------        --------
         Total noninterest income                 241,850         254,820
 
     NONINTEREST EXPENSES
     Salaries and employee benefits               209,150         211,827
     Net occupancy expense                         27,066          27,798
     Equipment expense                             18,831          18,946
     Outside processing fee expense                14,226          14,487
     Restructuring charge                               -               -
     Customer services                              8,824           8,176
     Other noninterest expenses                    88,145          85,561
                                                 --------        --------
         Total noninterest expenses               366,242         366,795
                                                 --------        --------
     Income before income taxes                   316,701         304,726
     Provision for income taxes                   110,651         107,695
                                                 --------        --------
     NET INCOME                                  $206,050        $197,031
                                                 ========        ========
     Net income applicable to common stock       $201,775        $192,756
                                                 ========        ========
 
     Basic net income per common share           $   1.14        $   1.09
     Diluted net income per common share         $   1.12        $   1.08
 
     Cash dividends declared on common stock     $ 62,451        $ 62,519
     Dividends per common share                  $   0.40        $   0.40
 
     N/M-Not meaningful
 
 
     CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
     Comerica Incorporated and Subsidiaries
 
                                          First Quarter 2001 Compared To:
                                     Fourth Quarter 2000     First Quarter 2000
     (in thousands, except per        Amount    Percent       Amount    Percent
      share data)                   --------    -------     --------    -------
 
     INTEREST INCOME
     Interest and fees on loans    $(33,498)      (3.7)%   $ 87,160      11.2%
     Interest on investment
      securities                     (5,063)      (7.3)       3,178       5.2
     Interest on short-term
      investments                    (6,210)     (37.2)     (21,297)    (67.0)
                                    --------    -------     --------    -------
         Total interest income      (44,771)      (4.5)      69,041       7.9
 
     INTEREST EXPENSE
     Interest on deposits            (5,848)      (2.1)      69,031      34.0
     Interest on short-term
      borrowings                     (9,065)     (18.7)     (14,548)    (27.0)
     Interest on medium- and long-
      term debt                     (22,951)     (16.4)     (14,139)    (10.8)
                                    --------    -------     --------    -------
         Total interest expense     (37,864)      (8.1)      40,344      10.4
                                    --------    -------     --------    -------
         Net interest income         (6,907)      (1.3)      28,697       5.9
     Provision for credit losses    (16,006)     (18.2)       5,106       7.6
                                    --------    -------     --------    -------
         Net interest income after
           provision for credit
           losses                     9,099        2.1       23,591       5.7
 
     NONINTEREST INCOME
     Fiduciary income                  (871)      (1.9)         227       0.5
     Investment advisory revenue,
      net                           (27,920)    (151.5)     (43,318)   (128.0)
     Service charges on deposit
      accounts                        2,066        4.3        4,162       9.1
     Commercial lending fees         (5,434)     (28.2)       1,473      11.9
     Letter of credit fees              285        2.3          (81)     (0.6)
     Warrant income                   2,798        N/M       (4,252)    (57.7)
     Securities gains                21,459        N/M       18,307       N/M
     Net gain on sales of
      businesses                    (13,184)       N/M      (30,484)      N/M
     Equity in earnings of unconsolidated
       subsidiaries                 (54,017)       N/M      (56,227)      N/M
     Other noninterest income        28,790       52.2       25,355      43.3
                                    --------    -------     --------    -------
         Total noninterest income   (46,028)     (21.3)     (84,838)    (33.3)
 
     NONINTEREST EXPENSES
     Salaries and employee benefits  (8,552)      (4.0)      (5,051)     (2.4)
     Net occupancy expense              136        0.5          518       1.9
     Equipment expense                 (198)      (1.0)         451       2.4
     Outside processing fee expense   1,464       10.2        1,340       9.2
     Restructuring charge            94,304        N/M       94,304       N/M
     Customer services               (1,384)     (13.0)       1,082      13.2
     Other noninterest expenses     (11,875)     (13.5)      (9,462)    (11.1)
                                    --------    -------     --------    -------
         Total noninterest expenses  73,895       19.6       83,182      22.7
                                    --------    -------     --------    -------
     Income before income taxes    (110,824)     (40.9)    (144,429)    (47.4)
     Provision for income taxes     (31,820)     (32.3)     (40,990)    (38.1)
                                    --------    -------     --------    -------
     NET INCOME                    $(79,004)     (45.8)%  $(103,439)    (52.5)%
                                    ========    =======     ========    =======
     Net income applicable to
      common stock                 $(79,004)     (46.9)%  $(103,439)    (53.7)%
                                    ========    =======     ========    =======
 
     Basic net income per common
      share                        $  (0.45)     (47.4)%  $   (0.59)    (54.1)%
     Diluted net income per common
      share                        $  (0.44)     (46.8)%  $   (0.58)    (53.7)%
 
     Cash dividends declared on
      common stock                 $ 15,683       25.0 %  $  15,870      25.4 %
     Dividends per common share    $   0.04       10.0 %  $    0.04      10.0 %
 
     N/M-Not meaningful
 
 
     QUARTERLY SELECTED ASSET QUALITY DATA
     Comerica Incorporated and Subsidiaries
 
                                          2001                   2000
                                        --------        -----------------------
     (in thousands)                     1st QTR         4th QTR        3rd QTR
                                        --------        --------       --------
     ALLOWANCE FOR CREDIT LOSSES
     Beginning period balance          $608,110        $613,663       $601,117
     Loans charged off:
       Commercial                       (38,610)        (99,211)       (39,836)
       International                     (3,136)              -           (580)
       Real estate construction          (1,000)              -              -
       Commercial mortgage               (1,526)             (9)           (64)
       Residential mortgage                   -             (84)            (2)
       Consumer                            (942)         (1,074)          (792)
       Lease financing                     (113)           (477)            (7)
                                        --------        --------       --------
         Total loans charged off        (45,327)       (100,855)       (41,281)
 
     Recoveries on loans previously charged off:
       Commercial                         6,982           4,604          8,797
       Real estate construction             116             119              7
       Commercial mortgage                  136           1,009             18
       Residential mortgage                 431               -              -
       Consumer                           1,625           1,531          1,687
       Lease financing                      626              30             36
                                        --------        --------       --------
         Total recoveries                 9,916           7,293         10,545
                                        --------        --------       --------
         Net loans charged off          (35,411)        (93,562)       (30,736)
     Provision for credit losses         72,000          88,006         43,300
     Foreign currency translation
      adjustment                           (143)              3            (18)
                                        --------        --------       --------
     Balance at period end             $644,556        $608,110       $613,663
                                        ========        ========       ========
 
     As a percent of total loans           1.57%           1.51%          1.57%
 
     Net loans charged off to average
       total loans                         0.34            0.94           0.31
 
     NONPERFORMING ASSETS
     Nonaccrual loans:
       Commercial                      $389,206        $244,390       $229,026
       International                     48,721          57,929         36,770
       Real estate construction           6,942           4,542          4,947
       Commercial mortgage               18,356          17,398         17,251
       Residential mortgage                 289             185            522
       Consumer                           3,147           3,080          3,322
       Lease financing                    3,817           3,837          4,051
                                        --------        --------       --------
         Total nonaccrual loans         470,478         331,361        295,889
     Reduced-rate loans                     275           2,306          2,271
                                        --------        --------       --------
         Total nonperforming loans      470,753         333,667        298,160
     Other real estate                    5,577           5,577          5,007
                                        --------        --------       --------
         Total nonperforming assets    $476,330        $339,244       $303,167
                                        ========        ========       ========
 
     Nonperforming loans as a percentage
       of total loans                      1.15%           0.83%          0.76%
     Nonperforming assets as a percentage of
       total loans and other real estate   1.16            0.84           0.78
     Allowance for credit losses as a
       percentage of total nonperforming
       assets                               135             179            202
 
     Loans past due 90 days or more    $ 55,260        $ 36,176       $ 53,427
 
 
     QUARTERLY SELECTED ASSET QUALITY DATA
     Comerica Incorporated and Subsidiaries
 
 
                                                             2000
                                                   ------------------------
     (in thousands)                                 2nd QTR         1st QTR
                                                   --------        --------
     ALLOWANCE FOR CREDIT LOSSES
     Beginning period balance                      $581,482        $548,147
     Loans charged off:
       Commercial                                   (37,719)        (22,585)
     International                                   (2,851)         (7,750)
       Real estate construction                           -               -
       Commercial mortgage                             (437)              -
       Residential mortgage                             (48)              -
       Consumer                                      (3,135)         (6,309)
       Lease financing                                  (81)           (477)
                                                   --------        --------
         Total loans charged off                    (44,271)        (37,121)
 
 
     Recoveries on loans previously charged off:
       Commercial                                     4,897           1,466
       Real estate construction                           7              13
       Commercial mortgage                              545             112
       Residential mortgage                              (7)             28
       Consumer                                       1,860           1,872
       Lease financing                                   37              78
                                                   --------        --------
         Total recoveries                             7,339           3,569
                                                   --------        --------
         Net loans charged off                      (36,932)        (33,552)
     Provision for credit losses                     56,600          66,894
     Foreign currency translation adjustment            (33)             (7)
                                                   --------        --------
     Balance at period end                         $601,117        $581,482
                                                   ========        ========
 
     As a percent of total loans                       1.54%           1.54%
 
     Net loans charged off to average
       total loans                                     0.38            0.36
 
     NONPERFORMING ASSETS
     Nonaccrual loans:
       Commercial                                  $226,094        $153,807
       International                                 25,242          36,482
       Real estate construction                         248             249
       Commercial mortgage                           17,189           8,750
       Residential mortgage                             505             528
       Consumer                                       3,490           4,935
       Lease financing                                4,961           4,640
                                                   --------        --------
         Total nonaccrual loans                     277,729         209,391
     Reduced-rate loans                               7,789           8,888
                                                   --------        --------
         Total nonperforming loans                  285,518         218,279
     Other real estate                               10,915          11,357
                                                   --------        --------
         Total nonperforming assets                $296,433        $229,636
                                                   ========        ========
 
     Nonperforming loans as a percentage
       of total loans                                  0.73%           0.58%
     Nonperforming assets as a percentage of
       total loans and other real estate               0.76            0.61
     Allowance for credit losses as a
       percentage of total nonperforming
       assets                                           203             253
 
     Loans past due 90 days or more                $ 38,769        $ 40,894
 
 
 
     ANALYSIS OF NET INTEREST INCOME (FTE)
     Comerica Incorporated and Subsidiaries
 
                                            Three Months Ended
                    -----------------------------------------------------------
                          March 31, 2001                 December 31, 2000
                    ----------------------------    ---------------------------
                      Average            Average    Average             Average
     (dollar amounts  Balance  Interest   Rate      Balance   Interest   Rate
      in millions)  ----------------------------    ---------------------------
     Commercial loans  $26,705  $552.4    8.39%   $26,036     $599.3     9.16%
     International
      loans              2,603    58.5    9.12      2,547       61.8     9.65
     Real estate
      construction loans 2,955    69.8    9.58      2,826       73.6    10.35
     Commercial mortgage
      loans              5,500   116.1    8.56      5,275      118.7     8.95
     Residential mortgage
      loans                800    15.5    7.74        810       15.6     7.72
     Consumer loans      1,478    33.7    9.21      1,466       34.4     9.37
     Lease financing     1,059    17.0    6.42        961       15.4     6.40
     Business loan swap
       income/(expense)      -     3.0       -          -      (19.5)       -
                    ----------------------------    ---------------------------
         Total loans    41,100   866.0    8.54     39,921      899.3     8.96
 
     Investment securities available
       for sale (1)      3,881    65.0    6.74      3,856       70.0     7.72
 
     Short-term
      investments          634    10.5    6.74        809       16.8     8.24
                    ----------------------------    ---------------------------
         Total earning
          assets        45,615   941.5    8.36     44,586      986.1     8.80
 
     Cash and due from
      banks              1,776                      1,905
     Allowance for credit
      losses              (621)                      (622)
     Other assets        2,561                      2,352
                        -------                    -------
         Total Assets  $49,331                    $48,221
                        =======                    =======
 
     Money market and NOW
      accounts         $ 9,456    74.9    3.21    $ 9,361       82.1     3.49
     Savings deposits    1,323     5.0    1.52      1,351        5.9     1.73
     Certificates of
      deposit           12,901   182.1    5.73     11,524      177.6     6.13
     Foreign office time
      deposits             487     9.9    8.22        491       12.2     9.88
                    ----------------------------    ---------------------------
         Total interest-bearing
           deposits     24,167   271.9    4.56     22,727      277.8     4.86
 
     Short-term
      borrowings         2,573    39.4    6.21      2,830       48.5     6.81
     Medium- and long-
      term debt          7,729   116.9    6.13      8,093      139.8     6.88
                    ----------------------------    ---------------------------
         Total interest-bearing
           sources      34,469   428.2    5.04     33,650      466.1     5.51
 
     Noninterest-bearing
      deposits           9,370                      9,357
     Other liabilities     835                        769
     Preferred stock       250                        250
     Common shareholders'
      equity             4,407                      4,195
                        -------                    -------
         Total Liabilities and
           Shareholders'
           Equity      $49,331                    $48,221
                        =======                    =======
 
     Net interest income/Rate
       spread (FTE)             $513.3    3.32                $520.0     3.29
                                ======                        ======
 
     FTE adjustment             $  1.0                        $  0.8
                                ======                        ======
     Impact of net noninterest-bearing
       sources of funds                   1.23                           1.35
                                          ----                           ----
     Net interest margin as a percent of
       average earning assets (FTE)       4.55%                          4.64%
                                          ====                           ====
 
     (1) The average rate for investment securities available for sale was
 computed using average historical cost.
 
 
     ANALYSIS OF NET INTEREST INCOME (FTE)
     Comerica Incorporated and Subsidiaries
 
                                              Three Months Ended
                                         ----------------------------
                                                March 31, 2000
                                         ----------------------------
                                         Average              Average
     (dollar amounts in millions)        Balance   Interest     Rate
                                         ----------------------------
     Commercial loans                    $24,287     $507.8      8.41%
     International loans                   2,598       56.2      8.70
     Real estate construction loans        2,282       54.8      9.66
     Commercial mortgage loans             5,000      106.1      8.53
     Residential mortgage loans              859       16.2      7.56
     Consumer loans                        1,408       31.1      8.86
     Lease financing                         809       13.1      6.46
     Business loan swap
       income/(expense)                        -       (6.6)        -
                                         ----------------------------
         Total loans                      37,243      778.7      8.41
 
     Investment securities available
       for sale (1)                        3,550       61.9      6.88
 
     Short-term investments                1,519       31.8      8.41
                                         ----------------------------
         Total earning assets             42,312      872.4      8.28
 
     Cash and due from banks               1,800
     Allowance for credit losses            (559)
     Other assets                          2,144
                                         -------
         Total Assets                    $45,697
                                         =======
     Money market and NOW accounts       $ 9,192       67.6      2.96
     Savings deposits                      1,432        5.6      1.58
     Certificates of deposit               8,375      109.3      5.25
     Foreign office time deposits          1,216       20.4      6.73
                                         ----------------------------
         Total interest-bearing
           deposits                       20,215      202.9      4.04
 
     Short-term borrowings                 3,589       53.9      6.05
     Medium- and long-term debt            8,621      131.0      6.11
                                         ----------------------------
         Total interest-bearing
           sources                        32,425      387.8      4.81
 
     Noninterest-bearing deposits          8,612
     Other liabilities                       677
     Preferred stock                         250
     Common shareholders' equity           3,733
                                         -------
         Total Liabilities and
           Shareholders' Equity          $45,697
                                         =======
 
     Net interest income/Rate
       spread (FTE)                                  $484.6      3.47
                                                     ======
 
     FTE adjustment                                  $  1.0
                                                     ======
     Impact of net noninterest-bearing
       sources of funds                                          1.13
                                                                -----
     Net interest margin as a percent of
       average earning assets (FTE)                              4.60%
                                                                =====
 
     (1) The average rate for investment securities available for sale was
 computed using average historical cost.
 
 
     CONSOLIDATED STATISTICAL DATA
     Comerica Incorporated and Subsidiaries
 
 
                                       March 31,    December 31,  September 30,
     (In thousands, except per share     2001          2000           2000
      data)                          -----------    -----------    -----------
 
     Commercial loans:
       Floor plan                   $ 2,217,405     $ 2,063,619    $ 1,559,050
       Other                         24,156,024      23,945,717     23,851,548
                                    -----------     -----------    -----------
         Total commercial            26,373,429      26,009,336     25,410,598
     International loans              2,653,902       2,571,156      2,483,910
     Real estate construction loans   2,973,895       2,915,168      2,771,393
     Commercial mortgage loans        5,570,134       5,360,601      5,195,445
     Residential mortgage loans         793,075         807,064        817,483
     Consumer loans:
       Credit card                       21,303          21,517         19,995
       Home equity                      964,753         976,100        954,427
       Other consumer                   485,959         479,518        483,667
                                     -----------     -----------    -----------
         Total consumer               1,472,015       1,477,135      1,458,089
     Lease financing                  1,088,908       1,029,164        940,241
                                     -----------     -----------    -----------
           Total loans              $40,925,358     $40,169,624    $39,077,159
                                     ===========     ===========    ===========
 
     Goodwill                       $   356,925     $   366,550    $   374,611
     Core deposit intangible              7,176           7,883          9,056
     Other intangible assets              1,215           3,472          3,723
     Loan servicing rights                8,470           6,657          6,644
     Deferred mutual fund distribution
      costs                              54,045          85,849        104,307
 
     Amortization of intangibles
      (quarterly)                         8,685           9,549          9,596
 
     Leverage ratio*                       8.77%           8.74%          8.75%
     Tier 1 risk-based capital ratio*      7.36            7.35           7.36
     Total risk-based capital ratio*      11.13           11.11          11.32
 
     Book value per share           $     24.80     $     23.98    $     23.22
 
     Market value for the quarter:
       High                         $     65.15     $     61.13    $     59.44
       Low                                53.00           47.19          45.00
       Close                              61.50           59.38          58.44
 
     Return on average common equity       8.11%          16.05%         20.87%
     Return on average assets              0.76            1.43           1.83
     Efficiency ratio                     68.22           51.25          50.23
 
     Number of commercial banking offices   353             354            347
 
     Number of employees-full time
      equivalent                         11,525          11,444         11,387
 
 
     * March 31, 2001 ratios estimated
 
     CONSOLIDATED STATISTICAL DATA
     Comerica Incorporated and Subsidiaries
 
 
                                                    June 30,       March 31,
     (In thousands, except per share data)           2000            2000
                                                  -----------     -----------
     Commercial loans:
       Floor plan                                 $ 1,853,836     $ 1,815,606
       Other                                       23,547,430      22,704,255
                                                  -----------     -----------
         Total commercial                          25,401,266      24,519,861
     International loans                            2,612,539       2,565,966
     Real estate construction loans                 2,576,986       2,422,371
     Commercial mortgage loans                      5,145,662       5,078,245
     Residential mortgage loans                       828,092         849,912
     Consumer loans:
       Credit card                                     26,945          22,657
       Home equity                                    938,191         901,107
       Other consumer                                 473,235         483,777
                                                  -----------     -----------
         Total consumer                             1,438,371       1,407,541
     Lease financing                                  858,065         815,293
                                                  -----------     -----------
           Total loans                            $38,860,981     $37,659,189
                                                  ===========     ===========
 
     Goodwill                                     $   380,726     $   388,232
     Core deposit intangible                           10,229          11,481
     Other intangible assets                            3,973           4,047
     Deferred mutual fund distribution costs          105,904          87,199
 
     Loan servicing rights                              6,851           6,396
 
     Amortization of intangibles (quarterly)            9,622           8,731
 
     Leverage ratio*                                     8.53%           8.38%
     Tier 1 risk-based capital ratio*                    7.22            7.29
     Total risk-based capital ratio*                    10.78           11.00
 
     Book value per share                         $     22.34     $     21.51
 
     Market value for the quarter:
       High                                       $     54.38     $     46.25
       Low                                              39.88           32.94
       Close                                            44.88           41.88
 
     Return on average common equity                    20.80%          20.66%
     Return on average assets                            1.77            1.72
     Efficiency ratio                                   49.95           49.98
 
     Number of commercial banking offices                 346             347
 
     Number of employees-full time equivalent          11,614          11,513
 
 
     * March 31, 2001 ratios estimated
 
 
     PARENT COMPANY ONLY BALANCE SHEETS
     Comerica Incorporated
 
 
                                       March 31,    December 31,      March 31,
     (in thousands, except share data)   2001          2000             2000
                                     -----------    -----------     -----------
     ASSETS
     Cash and due from banks       $    90,603    $     9,918     $       247
 
     Time deposits with banks            6,400        112,100          68,500
     Investment securities available
       for sale                             50         47,262          25,024
     Investment in subsidiaries,
       principally banks             4,876,415      4,634,579       4,259,863
     Premises and equipment              3,310          3,391           4,141
     Other assets                      136,334         66,009          50,957
                                     -----------    -----------     -----------
           TOTAL ASSETS            $ 5,113,112    $ 4,873,259     $ 4,408,732
                                     ===========    ===========     ===========
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Commercial paper              $   116,983    $    79,985     $    74,891
     Long-term debt                    163,886        157,414         158,263
     Advances from nonbanking
      subsidiaries                           -          4,453               -
     Other liabilities                 163,729        131,248         118,172
                                     -----------    -----------     -----------
           Total liabilities           444,598        373,100         351,326
 
     Nonredeemable preferred stock
       - $50 stated value:
       Authorized - 5,000,000 shares
       Issued - 5,000,000 shares at 3/31/01,
         12/31/00, and 3/31/00         250,000        250,000         250,000
     Common stock - $5 par value:
       Authorized - 325,000,000 shares
       Issued - 178,337,648 shares at 3/31/01,
         177,703,678 shares at 12/31/00 and
         177,901,802 shares at
         3/31/00                       891,688        888,519         889,509
     Capital surplus                   326,134        301,414         313,493
     Unearned employee stock ownership plan
       shares - 176,642 shares at 3/31/01 and
       12/31/00 and 64,993 shares at
       3/31/00                          (6,750)        (6,750)         (3,000)
     Accumulated other comprehensive
      income                           127,490         12,097         (37,345)
     Retained earnings               3,086,915      3,085,784       2,714,213
     Deferred compensation              (6,963)       (14,494)        (22,321)
     Less cost of common stock in
       treasury - 289,397 shares at 12/31/00
       and 826,342 shares at
       3/31/00                               -        (16,411)        (47,143)
                                     -----------    -----------     -----------
     Total shareholders' equity      4,668,514      4,500,159       4,057,406
                                     -----------    -----------     -----------
           TOTAL LIABILITIES AND
             SHAREHOLDERS' EQUITY  $ 5,113,112    $ 4,873,259     $ 4,408,732
                                     ===========    ===========     ===========
 
 
     CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
     Comerica Incorporated and Subsidiaries
 
 
                          Nonredeem-                     Accumulated
                            able                           Other
     (in thousands,       Preferred  Common   Capital  Comprehensive  Retained
      except share data)   Stock     Stock    Surplus     Income      Earnings
                         ---------  --------  --------   --------    ----------
     BALANCES AT
      JANUARY 1, 2000     $250,000  $889,453 $226,001    $(21,704)  $2,677,210
     Net income for 2000         -         -        -           -      197,031
     Other comprehensive income,
       net of tax                -         -        -     (15,641)           -
 
     Total comprehensive
      income                     -         -        -           -            -
     Common stock dividend       -         -   84,906           -      (84,927)
     Cash dividends declared:
       Preferred stock           -         -        -           -       (4,275)
       Common stock              -         -        -           -      (62,519)
     Purchase and retirement of
       41,400 shares of common
       stock                     -      (207)  (1,902)          -            -
     Purchase of 331,362 shares
       of common stock           -         -        -           -            -
     Net issuance of common stock
       under employee stock
       plans                     -       263    4,488           -       (8,307)
     Amortization of deferred
       compensation              -         -        -           -            -
                          --------  --------  --------   --------    ----------
     BALANCES AT MARCH 31,
      2000                $250,000  $889,509 $313,493    $(37,345)  $2,714,213
                          ========  ======== ========    ========   ==========
 
     BALANCES AT JANUARY 1,
      2001                $250,000  $888,519 $301,414    $ 12,097   $3,085,784
     Net income for 2001         -         -        -           -       93,592
     Other comprehensive income,
       net of tax                -         -        -     115,393            -
 
     Total comprehensive
      income                     -         -        -           -            -
     Cash dividends declared:
       Preferred stock           -         -        -           -       (4,275)
       Common stock              -         -        -           -      (78,389)
     Purchase of 45,000 shares
       of common stock           -         -        -           -            -
     Net issuance of common stock
       under employee stock
       plans                     -     3,169   24,720           -       (9,797)
     Amortization of deferred
       compensation              -         -        -           -            -
                          --------  --------  --------    --------   ----------
     BALANCES AT MARCH 31,
      2001                $250,000  $891,688 $326,134    $127,490    $3,086,915
                          ========  ======== ========    ========    ==========
 
 
     CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
     Comerica Incorporated and Subsidiaries
 
 
                             Unearned
                             Employee
                               Stock                                 Total
     (in thousands, except   Ownership    Deferred     Treasury   Shareholders'
       share data)          Plan Shares  Compensation    Stock       Equity
                            ----------   ------------  ---------    ----------
     BALANCES AT JANUARY 1,
      2000                   $(3,750)      $(21,998)  $(47,161)    $3,948,051
     Net income for 2000           -              -          -        197,031
     Other comprehensive income,
       net of tax                  -              -          -        (15,641)
                                                                     ----------
     Total comprehensive income    -              -          -        181,390
     Common stock dividend         -              -          -            (21)
     Cash dividends declared:
       Preferred stock             -              -          -         (4,275)
       Common stock                -              -          -        (62,519)
     Purchase and retirement of
       41,400 shares of common
       stock                       -              -          -         (2,109)
     Purchase of 331,362 shares
     of common stock               -              -    (13,112)       (13,112)
     Net issuance of common stock
       under employee stock
       plans                     750         (2,711)    13,130          7,613
     Amortization of deferred
       compensation                -          2,388          -          2,388
                               -------       --------   --------     ----------
     BALANCES AT MARCH 31,
      2000                   $(3,000)      $(22,321)  $(47,143)    $4,057,406
                              =======       ========   ========     ==========
 
     BALANCES AT JANUARY 1,
      2001                   $(6,750)      $(14,494)  $(16,411)    $4,500,159
     Net income for 2001           -              -          -         93,592
     Other comprehensive income,
       net of tax                  -              -          -        115,393
                                                                     ----------
     Total comprehensive
      income                       -              -          -        208,985
     Cash dividends declared:
       Preferred stock             -              -          -         (4,275)
       Common stock                -              -          -        (78,389)
     Purchase of 45,000 shares
       of common stock             -              -     (2,760)        (2,760)
     Net issuance of common stock
       under employee stock plans  -         (3,857)    19,171         33,406
     Amortization of deferred
       compensation                -         11,388          -         11,388
                               -------        -------   --------     ----------
     BALANCES AT MARCH 31,
      2001                   $(6,750)       $(6,963)  $      -     $4,668,514
                              =======        =======   ========     ==========
 
 

SOURCE Comerica Incorporated
    DETROIT, April 17 /PRNewswire/ -- Comerica Incorporated (NYSE:   CMA) today
 reported first quarter 2001 earnings per share of $0.50, compared with $1.08
 for the 2000 first quarter, a decrease of 54 percent.  Net income was $94
 million, compared with $197 million for 2000.  The company's return on common
 equity was 8.11 percent and its return on assets was 0.76 percent, compared
 with 20.66 percent and 1.72 percent, respectively, for the 2000 first quarter.
 All prior period financial information has been restated to reflect the
 acquisition of Imperial Bancorp, which was completed during the first quarter
 2001 and accounted for as a pooling-of-interests.
     Excluding the previously announced $95 million after-tax restructuring
 charge for the Imperial merger and the effect of a one-time $34 million after-
 tax charge related to long-term incentive plans at an unconsolidated
 subsidiary of Munder Capital Management (the company's investment management
 subsidiary), net income for the first quarter of 2001 was $223 million, or
 $1.21 per share.  On this basis, Comerica's return on common equity and return
 on assets were 19.85 percent and 1.81 percent, respectively.
     "Comerica delivered solid core operating results during the first quarter
 of 2001, generating continued loan and deposit growth, while maintaining
 expense discipline and satisfactory credit quality trends.  The integration of
 our recent acquisition of the $7 billion Imperial Bancorp continues on
 schedule and according to plan," said Eugene A. Miller, chairman, president,
 and chief executive officer.  "A slowing economy and volatility in the
 securities markets can be expected to slow the pace of earnings growth across
 the industry; nonetheless, we believe Comerica is well positioned to sustain
 its evolution into one of the nation's leading middle-market focused financial
 services providers.
     "Given demographic and wealth management trends, the asset and fund
 management business remains an important component of our long-term strategy
 to enhance our sources of recurring, noninterest income.  However, we are
 disappointed to report both a special one-time charge related to incentive
 compensation plans at a foreign subsidiary of Munder, and an additional
 deferred distribution costs impairment charge of $17 million after-tax related
 to decreases in the net asset value of technology mutual funds at Munder,"
 Miller added.
     Net interest income for the first quarter of 2001 totaled $512 million, an
 increase of $28 million, or 6 percent, from the same period last year.  This
 increase was primarily due to an increase in average business loans of $4
 billion, or 11 percent, over last year's first quarter.  Adjusting for the
 divestiture of revolving check credit and bankcard loans in the first quarter
 of 2000, net interest income increased $37 million, or 8 percent, over the
 same period last year.
     The net interest margin was 4.55 percent for the first quarter of 2001,
 compared with 4.60 percent for the comparable quarter of 2000.  Excluding the
 effect of the divestiture, the net interest margin decreased 2 basis points
 from the same period in 2000, primarily as a result of the changing mix of
 funding required to support the company's continued strong pace of commercial
 lending.
     Noninterest income was $170 million for the first quarter of 2001,
 compared with $255 million for the same quarter last year.  Noninterest income
 in the first quarter of 2001 was reduced by the $26 million impairment charge
 ($17 million after-tax) and a one-time $53 million charge ($34 million after-
 tax) related to an unconsolidated subsidiary which is discussed more fully
 below.  Noninterest income benefited from securities gains of $24 million, and
 $11 million of net gains resulting from the purchase and subsequent sale, all
 within the first quarter, of interest rate derivative contracts which failed
 to meet Comerica's stringent risk-reduction criteria.
     Noninterest income in the first quarter of 2000 included a $30 million
 gain associated with the sale of revolving check credit and bankcard loans
 mentioned above.  Excluding the effect of securities gains, warrant income and
 large, nonrecurring items and the impact of last year's revolving check credit
 and bankcard loan sale, noninterest income increased 3 percent in the first
 quarter 2001 from the first quarter of 2000.
     The $26 million pre-tax deferred distribution costs impairment charge at
 Munder resulted from the company's reassessment of its ability to recover the
 unamortized cost of the commissions to brokers for selling certain shares,
 principally shares in Munder's NetNet, International NetNet and Future
 Technology funds.  Net asset values in these technology funds suffered as
 market conditions weakened significantly following the peak in the first half
 of 2000.  After a fourth quarter 2000 impairment charge of $7 million, this
 sector of the equity markets declined another 26 percent in the first quarter
 2001.  This prompted Comerica's current revaluation of expected future cash
 flows from the funds, which are based on a percentage of assets under
 management and early redemption fees.  Net remaining deferred distribution
 costs at March 31, 2001, were $54 million.  Excluding the impairment charges,
 investment advisory revenues totaled $17 million in the first quarter of 2001,
 a decrease of $8 million from the fourth quarter 2000 and $17 million from the
 first quarter 2000.  The decrease is primarily attributable to the decline in
 the market values of technology-related stocks from their record highs during
 the first quarter of last year.
     At March 31, 2001, assets under management at Munder were $44 billion,
 including $2.9 billion in the NetNet, International NetNet and Future Tech
 funds.  Munder manages and offers 15 wrap-fee products, 24 equity funds, 8
 fixed income funds, 6 money market and 2 balanced funds covering a wide array
 of investment options, including its original menu of "Growth at a Reasonable
 Price" or "GARP" offerings.
     The $53 million pre-tax charge is related to long-term incentive plans at
 a United Kingdom subsidiary, Framlington Holdings Limited, of which Munder is
 a minority owner.  In May 2000, the announcement that the majority owner was
 being acquired triggered a change-in-control provision which fully vested all
 options and restricted shares.  In March 2001, all outstanding options held by
 employees were exercised and their shares were sold to Framlington, requiring
 U.S. accounting recognition of the expense.  The pre-tax charge, included in
 equity in earnings of unconsolidated subsidiaries, reflects Munder's portion
 of the resulting expense.
     Noninterest expenses, which included $94 million of the previously
 announced merger-related restructuring charge, were $450 million in the first
 quarter of 2001, compared with $367 million in 2000, an increase of 23
 percent.  Excluding the restructuring charge, noninterest expenses decreased
 $11 million, or 3 percent, compared with the same quarter last year, primarily
 due to a decline in revenue-related incentives.
     Income tax expense was reduced $7 million, or $0.04 per share, for a tax
 benefit related to the Imperial Bancorp acquisition that was immediately
 recognizable, but only after Imperial became part of Comerica.
     The provision for credit losses was $72 million in the first quarter of
 2001, an increase of $5 million compared with the first quarter of 2000.
 Included in the 2001 provision for credit losses is a merger-related charge of
 $25 million to conform the credit policies of Imperial with Comerica.  Net
 charge-offs for the quarter were $35 million or 0.34 percent of average total
 loans, compared with $34 million or 0.36 percent in the first quarter of 2000.
 Nonperforming assets were $476 million or 1.16 percent of loans and other real
 estate at March 31, 2001, compared with $339 million or 0.84 percent at
 December 31, 2000, and $230 million or 0.61 percent at March 31, 2000.  The
 increase in nonperforming assets from year-end includes the addition of one
 $70 million loan to a commercial finance company.  The allowance for credit
 losses as a percent of loans was 1.57 percent at March 31, 2001, a 3 basis
 point increase from 1.54 percent at March 31, 2000.
     The level of nonperforming assets currently is expected to trend toward
 historical averages, in a range of 115 to 130 basis points of total loans and
 other real estate for the year 2001.
     Outlook for 2001: Earnings for the full year 2001, excluding the
 restructuring charge for the Imperial merger, of which $0.52 per share was
 included in the current quarter, and the effect of a one-time $0.19 per share
 charge related to long-term incentive plans at an unconsolidated subsidiary of
 Munder, are expected to range between $4.75 and $4.95 per share, based on an
 assessment of current economic conditions, the level of equity markets and
 interest rates, progress toward business objectives and other factors.
     Assets totaled $50 billion at March 31, 2001, and $47 billion at March 31,
 2000, while common shareholders' equity was $4.4 billion at March 31, 2001,
 compared to $3.8 billion one year earlier.  Shares of common stock outstanding
 were 178 million at March 31, 2001 and 177 million at March 31, 2000.  Total
 loans were $41 billion at March 31, 2001, compared to $38 billion a year ago.
 Total deposits were $37 billion at March 31, 2001, compared to $29 billion at
 March 31, 2000.
     A conference call reviewing Comerica's first quarter 2001 financial
 results will be held at 8:30 a.m. ET today, April 17, 2001.  Interested
 parties may access the conference call by calling 706-679-5261 (event ID No.
 92476).  The call is also accessible through the Investor Relations link on
 Comerica's home page at www.comerica.com .  A replay of the conference call
 will be available approximately two hours following the call through April 24,
 2001.
     The conference call replay can be accessed by calling 800-642-1687 or
 706-645-9291 (event ID No. 92476).  The replay can also be accessed through
 the Investor Relations link on Comerica's home page at www.comerica.com .
 
     SAFE HARBOR STATEMENT
     Matters discussed in this news release contain certain forward-looking
 statements that are based on management's beliefs and assumptions based on
 information currently known to Comerica's management.  Forward-looking
 statements may include descriptions of plans or objectives of Comerica's
 management for future or past operations, products or services, and forecasts
 of the Company's revenues, earnings or other measures of economic performance
 including statements of profitability of business segments and subsidiaries,
 estimates of credit quality trends and current integration.  Such statements
 reflect the view of Comerica's management, as of the date of this conference
 call, with respect to future events and are subject to risks and
 uncertainties, such as changes in Comerica's plans, objectives, expectations
 and intentions and do not purport to speak as of any other date.  Should one
 or more of these risks materialize or should underlying beliefs or
 assumptions prove incorrect, the Company's actual results could differ
 materially from those discussed in this conference call.  Factors that could
 cause or contribute to such differences are changes in interest rates, changes
 in the industries in which Comerica has a concentration of loans, changes in
 the level of fee revenues, changes in the accounting treatment of any
 particular item, the entry of new competitors into the banking industry as a
 result of the enactment of the Gramm-Leach-Bliley Act of 1999, changes in
 general economic conditions and related credit and market conditions,
 difficulties in integrating Imperial Bancorp or retaining key personnel and
 other factors discussed in Comerica's filings with the Securities and Exchange
 Commission.
     Forward-looking statements speak only as of the date they are made.
 Comerica does not undertake to update forward-looking statements to reflect
 circumstances or events that occur after the date the forward-looking
 statements are made.  Without limiting the foregoing, Comerica undertakes no
 obligation to update earnings guidance including any of the factors that
 influence earnings.
     Comerica Incorporated is a multi-state financial services provider
 headquartered in Detroit, with bank subsidiaries in Michigan, California and
 Texas, banking operations in Florida, and businesses in several other states.
 Comerica has an investment services affiliate, Munder Capital Management, and
 operates banking subsidiaries in Canada and Mexico.
 
 
     CONSOLIDATED FINANCIAL HIGHLIGHTS
     Comerica Incorporated and Subsidiaries
 
 
                                                    Three Months Ended
     (in thousands, except
      per share data,                  March 31,    December 31,     March 31,
       average balances and ratios)      2001           2000            2000
                                     -----------    ------------    -----------
     PER SHARE AND COMMON STOCK DATA
     Diluted net income                 $0.50           $0.94          $1.08
     Cash dividends declared             0.44            0.40           0.40
     Common shareholders' equity
      (at period end)                   24.80           23.98          21.51
 
     Average diluted shares           180,248         179,453        179,232
 
     KEY RATIOS
     Return on average common equity     8.11%          16.05%         20.66%
     Return on average assets            0.76%           1.43%          1.72%
     Average common equity as a
      percentage of average assets       8.93%           8.70%          8.17%
     Core capital ratio (March 2001
      estimated)                         7.36%           7.35%          7.29%
     Total capital ratio (March 2001
      estimated)                        11.13%          11.11%         11.00%
     Leverage ratio (March 2001
      estimated)                         8.77%           8.74%          8.38%
 
     AVERAGE BALANCES (in millions)
     Commercial loans (including lease
      financing)                      $27,764         $26,997        $25,096
     International loans                2,603           2,547          2,598
     Real estate construction loans     2,955           2,826          2,282
     Commercial mortgage loans          5,500           5,275          5,000
     Residential mortgage loans           800             810            859
     Consumer loans                     1,478           1,466          1,408
                                     -----------    ------------    -----------
        Total loans                   $41,100         $39,921        $37,243
     Earning assets                    45,615          44,586         42,312
     Total assets                      49,331          48,221         45,697
     Interest-bearing deposits         24,167          22,727         20,215
     Noninterest-bearing deposits       9,370           9,357          8,612
     Total interest-bearing
      liabilities                      34,469          33,650         32,425
     Common shareholders' equity        4,407           4,195          3,733
 
     NET INTEREST INCOME
     Net interest income (fully taxable
      equivalent basis)              $513,340        $520,040       $484,554
     Fully taxable equivalent
      adjustment                        1,048             841            959
     Net interest margin                 4.55%           4.64%          4.60%
 
     CREDIT QUALITY
     Nonaccrual loans                $470,478        $331,361       $209,391
     Reduced-rate loans                   275           2,306          8,888
     Other real estate                  5,577           5,577         11,357
     Total nonperforming assets       476,330         339,244        229,636
     Loans 90 days past due            55,260          36,176         40,894
     Gross charge-offs                 45,327         100,855         37,121
     Recoveries                         9,916           7,293          3,569
     Net charge-offs                   35,411          93,562         33,552
 
     Allowance for credit losses as a percentage
       of total loans                    1.57%           1.51%          1.54%
     Nonperforming assets as a percentage of
       total loans and other real estate 1.16%           0.84%          0.61%
     Net loans charged off as a percentage of
       average total loans               0.34%           0.94%          0.36%
     Allowance for credit losses as a percentage
       of total nonperforming assets      135%            179%           253%
 
     ADDITIONAL DATA
     Goodwill                        $356,925        $366,550       $388,232
     Core deposit intangible            7,176           7,883         11,481
     Other intangibles                  1,215           3,472          4,047
     Loan servicing rights              8,470           6,657          6,396
     Deferred mutual fund distribution
      costs                            54,045          85,849         87,199
     Amortization of intangibles        8,685           9,549          8,731
 
 
     CONSOLIDATED BALANCE SHEETS
     Comerica Incorporated and Subsidiaries
 
 
                                       March 31,    December 31,     March 31,
     (in thousands, except share         2001           2000           2000
      data)                          -----------     -----------    -----------
     ASSETS
     Cash and due from banks        $ 2,008,803     $ 1,930,682    $ 1,855,110
 
     Short-term investments           1,990,563       1,730,158      1,912,380
 
     Investment securities available
       for sale                       3,207,455       3,890,725      3,583,006
 
     Commercial loans                26,373,429      26,009,336     24,519,861
     International loans              2,653,902       2,571,156      2,565,966
     Real estate construction loans   2,973,895       2,915,168      2,422,371
     Commercial mortgage loans        5,570,134       5,360,601      5,078,245
     Residential mortgage loans         793,075         807,064        849,912
     Consumer loans                   1,472,015       1,477,135      1,407,541
     Lease financing                  1,088,908       1,029,164        815,293
                                     -----------     -----------    -----------
         Total loans                 40,925,358      40,169,624     37,659,189
     Less allowance for credit losses  (644,556)       (608,110)      (581,482)
                                     -----------     -----------    -----------
         Net loans                   40,280,802      39,561,514     37,077,707
 
     Premises and equipment             360,145         364,246        364,104
     Customers' liability on acceptances
       outstanding                       26,917          26,668         17,179
     Accrued income and other assets  2,395,541       2,030,063      1,852,333
                                     -----------     -----------    -----------
         TOTAL ASSETS               $50,270,226     $49,534,056    $46,661,819
                                     ===========     ===========    ===========
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Noninterest-bearing deposits   $11,530,699     $10,188,475    $ 9,538,966
     Interest-bearing deposits       25,255,219      23,665,808     19,856,778
                                     -----------     -----------    -----------
         Total deposits              36,785,918      33,854,283     29,395,744
 
     Short-term borrowings              679,802       2,093,381      4,442,670
     Acceptances outstanding             26,917          26,668         17,179
     Accrued expenses and other
       liabilities                      819,774         800,386        675,561
     Medium- and long-term debt       7,289,301       8,259,179      8,073,259
                                     -----------     -----------    -----------
         Total liabilities           45,601,712      45,033,897     42,604,413
 
     Nonredeemable preferred stock
       - $50 stated value:
       Authorized - 5,000,000 shares
       Issued - 5,000,000 shares at
         3/31/01, 12/31/00 and 3/31/00  250,000         250,000        250,000
     Common stock - $5 par value:
       Authorized - 325,000,000 shares
       Issued - 178,337,648 shares at
          3/31/01, 177,703,678 shares at
          12/31/00 and 177,901,802
          shares at 3/31/00             891,688         888,519        889,509
     Capital surplus                    326,134         301,414        313,493
     Unearned employee stock ownership
       plan - 176,462 shares at 3/31/01
       and 12/31/00 and 64,993 shares
       at 3/31/00                        (6,750)         (6,750)        (3,000)
     Accumulated other comprehensive
      income                            127,490          12,097        (37,345)
     Retained earnings                3,086,915       3,085,784      2,714,213
     Deferred compensation               (6,963)        (14,494)       (22,321)
     Less cost of common stock in
       treasury - 289,397 shares at
       12/31/00 and 826,342 shares at
       3/31/00                                -         (16,411)       (47,143)
                                     -----------     -----------    -----------
         Total shareholders' equity   4,668,514       4,500,159      4,057,406
                                     -----------     -----------    -----------
         TOTAL LIABILITIES AND
           SHAREHOLDERS' EQUITY     $50,270,226     $49,534,056    $46,661,819
                                     ===========     ===========    ===========
 
 
 
 
     CONSOLIDATED STATEMENTS OF INCOME
     Comerica Incorporated and Subsidiaries
 
                                                        Three Months Ended
                                                    ---------------------------
                                                      March 31,       March 31,
     (in thousands, except per share data)              2001            2000
                                                    -----------     -----------
     INTEREST INCOME
     Interest and fees on loans                    $   865.333     $   778,173
     Interest on investment securities                  64,625          61,447
     Interest on short-term investments                 10,502          31,799
                                                    -----------     -----------
         Total interest income                         940,460         871,419
 
     INTEREST EXPENSE
     Interest on deposits                              271,927         202,896
     Interest on short-term borrowings                  39,392          53,940
     Interest on medium- and long-term debt            116,849         130,988
                                                    -----------     -----------
         Total interest expense                        428,168         387,824
                                                    -----------     -----------
         Net interest income                           512,292         483,595
     Provision for credit losses                        72,000          66,894
                                                    -----------     -----------
         Net interest income after provision
           for credit losses                           440,292         416,701
 
     NONINTEREST INCOME
     Fiduciary income                                   45,426          45,199
     Investment advisory revenue, net                   (9,489)         33,829
     Service charges on deposit accounts                49,914          45,752
     Commercial lending fees                            13,854          12,381
     Letter of credit fees                              12,776          12,857
     Warrant income                                      3,122           7,374
     Securities gains                                   23,744           5,437
     Net gain on sales of businesses                         -          30,484
     Equity in earnings of unconsolidated subsidiaries (53,300)          2,927
     Other noninterest income                           83,935          58,580
                                                    -----------     -----------
         Total noninterest income                      169,982         254,820
 
     NONINTEREST EXPENSES
     Salaries and employee benefits                    206,776         211,827
     Net occupancy expense                              28,316          27,798
     Equipment expense                                  19,397          18,946
     Outside processing fee expense                     15,827          14,487
     Restructuring charge                               94,304               -
     Customer services                                   9,258           8,176
     Other noninterest expenses                         76,099          85,561
                                                    -----------     -----------
         Total noninterest expenses                    449,977         366,795
                                                    -----------     -----------
     Income before income taxes                        160,297         304,726
     Provision for income taxes                         66,705         107,695
                                                    -----------     -----------
     NET INCOME                                    $    93,592     $   197,031
                                                    ===========     ===========
     Net income applicable to common stock         $    89,317     $   192,756
                                                    ===========     ===========
 
     Basic net income per common share             $      0.50     $      1.09
     Diluted net income per common share           $      0.50     $      1.08
 
     Cash dividends declared on common stock       $    78,389     $    62,519
     Dividends per common share                    $      0.44     $      0.40
 
 
     CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
     Comerica Incorporated and Subsidiaries
 
                                          First          Fourth         Third
                                         Quarter         Quarter       Quarter
     (in thousands, except per share      2001            2000           2000
      data)                             --------        --------       --------
 
     INTEREST INCOME
     Interest and fees on loans        $865,333        $898,831       $868,351
     Interest on investment securities   64,625          69,688         66,096
     Interest on short-term investments  10,502          16,712         14,527
                                        --------        --------       --------
         Total interest income          940,460         985,231        948,974
 
     INTEREST EXPENSE
     Interest on deposits               271,927         277,775        253,737
     Interest on short-term borrowings   39,392          48,457         46,936
     Interest on medium- and long-term
      debt                              116,849         139,800        144,619
                                        --------        --------       --------
         Total interest expense         428,168         466,032        445,292
                                        --------        --------       --------
         Net interest income            512,292         519,199        503,682
     Provision for credit losses         72,000          88,006         43,300
                                        --------        --------       --------
         Net interest income after
           provision for credit losses  440,292         431,193        460,382
 
     NONINTEREST INCOME
     Fiduciary income                    45,426          46,297         44,643
     Investment advisory revenue, net    (9,489)         18,431         34,097
     Service charges on deposit accounts 49,914          47,848         47,657
     Commercial lending fees             13,854          19,288         16,435
     Letter of credit fees               12,776          12,491         12,777
     Warrant income                       3,122             324         16,713
     Securities gains                    23,744           2,285          1,316
     Net gain on sales of businesses          -          13,184          4,000
     Equity in earnings of unconsolidated
       subsidiaries                     (53,300)            717          5,358
     Other noninterest income            83,935          55,145         61,005
                                         -------        --------       --------
         Total noninterest income       169,982         216,010        244,001
 
     NONINTEREST EXPENSES
     Salaries and employee benefits     206,776         215,328        215,151
     Net occupancy expense               28,316          28,180         27,082
     Equipment expense                   19,397          19,595         19,160
     Outside processing fee expense      15,827          14,363         15,465
     Restructuring charge                94,304               -              -
     Customer services                    9,258          10,642          9,240
     Other noninterest expenses          76,099          87,974         89,306
                                        --------        --------       --------
         Total noninterest expenses     449,977         376,082        375,404
                                        --------        --------       --------
     Income before income taxes         160,297         271,121        328,979
     Provision for income taxes          66,705          98,525        113,921
                                        --------        --------       --------
     NET INCOME                        $ 93,592        $172,596       $215,058
                                        ========        ========       ========
     Net income applicable to common
      stock                            $ 89,317        $168,321       $210,783
                                        ========        ========       ========
 
     Basic net income per common
      share                            $   0.50        $   0.95       $   1.19
     Diluted net income per common
      share                            $   0.50        $   0.94       $   1.17
 
     Cash dividends declared on common
      stock                            $ 78,389        $ 62,706       $ 62,601
     Dividends per common share        $   0.44        $   0.40       $   0.40
 
     N/M-Not meaningful
 
 
     CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
     Comerica Incorporated and Subsidiaries
 
                                                   Second           First
                                                  Quarter         Quarter
     (in thousands, except per share data)          2000            2000
                                                 --------        --------
     INTEREST INCOME
     Interest and fees on loans                  $833,916        $778,173
     Interest on investment securities             62,102          61,447
     Interest on short-term investments            14,711          31,799
                                                 --------        --------
         Total interest income                    910,729         871,419
 
     INTEREST EXPENSE
     Interest on deposits                         216,873         202,896
     Interest on short-term borrowings             66,039          53,940
     Interest on medium- and long-term debt       130,124         130,988
                                                 --------        --------
         Total interest expense                   413,036         387,824
                                                 --------        --------
         Net interest income                      497,693         483,595
     Provision for credit losses                   56,600          66,894
                                                 --------        --------
         Net interest income after
           provision for credit losses            441,093         416,701
 
     NONINTEREST INCOME
     Fiduciary income                              44,721          45,199
     Investment advisory revenue, net              32,154          33,829
     Service charges on deposit accounts           47,571          45,752
     Commercial lending fees                       12,578          12,381
     Letter of credit fees                         13,835          12,857
     Warrant income                                 5,450           7,374
     Securities gains                               7,257           5,437
     Net gain on sales of businesses                2,631          30,484
     Equity in earnings of unconsolidated
       subsidiaries                                 5,019           2,927
     Other noninterest income                      70,634          58,580
                                                 --------        --------
         Total noninterest income                 241,850         254,820
 
     NONINTEREST EXPENSES
     Salaries and employee benefits               209,150         211,827
     Net occupancy expense                         27,066          27,798
     Equipment expense                             18,831          18,946
     Outside processing fee expense                14,226          14,487
     Restructuring charge                               -               -
     Customer services                              8,824           8,176
     Other noninterest expenses                    88,145          85,561
                                                 --------        --------
         Total noninterest expenses               366,242         366,795
                                                 --------        --------
     Income before income taxes                   316,701         304,726
     Provision for income taxes                   110,651         107,695
                                                 --------        --------
     NET INCOME                                  $206,050        $197,031
                                                 ========        ========
     Net income applicable to common stock       $201,775        $192,756
                                                 ========        ========
 
     Basic net income per common share           $   1.14        $   1.09
     Diluted net income per common share         $   1.12        $   1.08
 
     Cash dividends declared on common stock     $ 62,451        $ 62,519
     Dividends per common share                  $   0.40        $   0.40
 
     N/M-Not meaningful
 
 
     CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
     Comerica Incorporated and Subsidiaries
 
                                          First Quarter 2001 Compared To:
                                     Fourth Quarter 2000     First Quarter 2000
     (in thousands, except per        Amount    Percent       Amount    Percent
      share data)                   --------    -------     --------    -------
 
     INTEREST INCOME
     Interest and fees on loans    $(33,498)      (3.7)%   $ 87,160      11.2%
     Interest on investment
      securities                     (5,063)      (7.3)       3,178       5.2
     Interest on short-term
      investments                    (6,210)     (37.2)     (21,297)    (67.0)
                                    --------    -------     --------    -------
         Total interest income      (44,771)      (4.5)      69,041       7.9
 
     INTEREST EXPENSE
     Interest on deposits            (5,848)      (2.1)      69,031      34.0
     Interest on short-term
      borrowings                     (9,065)     (18.7)     (14,548)    (27.0)
     Interest on medium- and long-
      term debt                     (22,951)     (16.4)     (14,139)    (10.8)
                                    --------    -------     --------    -------
         Total interest expense     (37,864)      (8.1)      40,344      10.4
                                    --------    -------     --------    -------
         Net interest income         (6,907)      (1.3)      28,697       5.9
     Provision for credit losses    (16,006)     (18.2)       5,106       7.6
                                    --------    -------     --------    -------
         Net interest income after
           provision for credit
           losses                     9,099        2.1       23,591       5.7
 
     NONINTEREST INCOME
     Fiduciary income                  (871)      (1.9)         227       0.5
     Investment advisory revenue,
      net                           (27,920)    (151.5)     (43,318)   (128.0)
     Service charges on deposit
      accounts                        2,066        4.3        4,162       9.1
     Commercial lending fees         (5,434)     (28.2)       1,473      11.9
     Letter of credit fees              285        2.3          (81)     (0.6)
     Warrant income                   2,798        N/M       (4,252)    (57.7)
     Securities gains                21,459        N/M       18,307       N/M
     Net gain on sales of
      businesses                    (13,184)       N/M      (30,484)      N/M
     Equity in earnings of unconsolidated
       subsidiaries                 (54,017)       N/M      (56,227)      N/M
     Other noninterest income        28,790       52.2       25,355      43.3
                                    --------    -------     --------    -------
         Total noninterest income   (46,028)     (21.3)     (84,838)    (33.3)
 
     NONINTEREST EXPENSES
     Salaries and employee benefits  (8,552)      (4.0)      (5,051)     (2.4)
     Net occupancy expense              136        0.5          518       1.9
     Equipment expense                 (198)      (1.0)         451       2.4
     Outside processing fee expense   1,464       10.2        1,340       9.2
     Restructuring charge            94,304        N/M       94,304       N/M
     Customer services               (1,384)     (13.0)       1,082      13.2
     Other noninterest expenses     (11,875)     (13.5)      (9,462)    (11.1)
                                    --------    -------     --------    -------
         Total noninterest expenses  73,895       19.6       83,182      22.7
                                    --------    -------     --------    -------
     Income before income taxes    (110,824)     (40.9)    (144,429)    (47.4)
     Provision for income taxes     (31,820)     (32.3)     (40,990)    (38.1)
                                    --------    -------     --------    -------
     NET INCOME                    $(79,004)     (45.8)%  $(103,439)    (52.5)%
                                    ========    =======     ========    =======
     Net income applicable to
      common stock                 $(79,004)     (46.9)%  $(103,439)    (53.7)%
                                    ========    =======     ========    =======
 
     Basic net income per common
      share                        $  (0.45)     (47.4)%  $   (0.59)    (54.1)%
     Diluted net income per common
      share                        $  (0.44)     (46.8)%  $   (0.58)    (53.7)%
 
     Cash dividends declared on
      common stock                 $ 15,683       25.0 %  $  15,870      25.4 %
     Dividends per common share    $   0.04       10.0 %  $    0.04      10.0 %
 
     N/M-Not meaningful
 
 
     QUARTERLY SELECTED ASSET QUALITY DATA
     Comerica Incorporated and Subsidiaries
 
                                          2001                   2000
                                        --------        -----------------------
     (in thousands)                     1st QTR         4th QTR        3rd QTR
                                        --------        --------       --------
     ALLOWANCE FOR CREDIT LOSSES
     Beginning period balance          $608,110        $613,663       $601,117
     Loans charged off:
       Commercial                       (38,610)        (99,211)       (39,836)
       International                     (3,136)              -           (580)
       Real estate construction          (1,000)              -              -
       Commercial mortgage               (1,526)             (9)           (64)
       Residential mortgage                   -             (84)            (2)
       Consumer                            (942)         (1,074)          (792)
       Lease financing                     (113)           (477)            (7)
                                        --------        --------       --------
         Total loans charged off        (45,327)       (100,855)       (41,281)
 
     Recoveries on loans previously charged off:
       Commercial                         6,982           4,604          8,797
       Real estate construction             116             119              7
       Commercial mortgage                  136           1,009             18
       Residential mortgage                 431               -              -
       Consumer                           1,625           1,531          1,687
       Lease financing                      626              30             36
                                        --------        --------       --------
         Total recoveries                 9,916           7,293         10,545
                                        --------        --------       --------
         Net loans charged off          (35,411)        (93,562)       (30,736)
     Provision for credit losses         72,000          88,006         43,300
     Foreign currency translation
      adjustment                           (143)              3            (18)
                                        --------        --------       --------
     Balance at period end             $644,556        $608,110       $613,663
                                        ========        ========       ========
 
     As a percent of total loans           1.57%           1.51%          1.57%
 
     Net loans charged off to average
       total loans                         0.34            0.94           0.31
 
     NONPERFORMING ASSETS
     Nonaccrual loans:
       Commercial                      $389,206        $244,390       $229,026
       International                     48,721          57,929         36,770
       Real estate construction           6,942           4,542          4,947
       Commercial mortgage               18,356          17,398         17,251
       Residential mortgage                 289             185            522
       Consumer                           3,147           3,080          3,322
       Lease financing                    3,817           3,837          4,051
                                        --------        --------       --------
         Total nonaccrual loans         470,478         331,361        295,889
     Reduced-rate loans                     275           2,306          2,271
                                        --------        --------       --------
         Total nonperforming loans      470,753         333,667        298,160
     Other real estate                    5,577           5,577          5,007
                                        --------        --------       --------
         Total nonperforming assets    $476,330        $339,244       $303,167
                                        ========        ========       ========
 
     Nonperforming loans as a percentage
       of total loans                      1.15%           0.83%          0.76%
     Nonperforming assets as a percentage of
       total loans and other real estate   1.16            0.84           0.78
     Allowance for credit losses as a
       percentage of total nonperforming
       assets                               135             179            202
 
     Loans past due 90 days or more    $ 55,260        $ 36,176       $ 53,427
 
 
     QUARTERLY SELECTED ASSET QUALITY DATA
     Comerica Incorporated and Subsidiaries
 
 
                                                             2000
                                                   ------------------------
     (in thousands)                                 2nd QTR         1st QTR
                                                   --------        --------
     ALLOWANCE FOR CREDIT LOSSES
     Beginning period balance                      $581,482        $548,147
     Loans charged off:
       Commercial                                   (37,719)        (22,585)
     International                                   (2,851)         (7,750)
       Real estate construction                           -               -
       Commercial mortgage                             (437)              -
       Residential mortgage                             (48)              -
       Consumer                                      (3,135)         (6,309)
       Lease financing                                  (81)           (477)
                                                   --------        --------
         Total loans charged off                    (44,271)        (37,121)
 
 
     Recoveries on loans previously charged off:
       Commercial                                     4,897           1,466
       Real estate construction                           7              13
       Commercial mortgage                              545             112
       Residential mortgage                              (7)             28
       Consumer                                       1,860           1,872
       Lease financing                                   37              78
                                                   --------        --------
         Total recoveries                             7,339           3,569
                                                   --------        --------
         Net loans charged off                      (36,932)        (33,552)
     Provision for credit losses                     56,600          66,894
     Foreign currency translation adjustment            (33)             (7)
                                                   --------        --------
     Balance at period end                         $601,117        $581,482
                                                   ========        ========
 
     As a percent of total loans                       1.54%           1.54%
 
     Net loans charged off to average
       total loans                                     0.38            0.36
 
     NONPERFORMING ASSETS
     Nonaccrual loans:
       Commercial                                  $226,094        $153,807
       International                                 25,242          36,482
       Real estate construction                         248             249
       Commercial mortgage                           17,189           8,750
       Residential mortgage                             505             528
       Consumer                                       3,490           4,935
       Lease financing                                4,961           4,640
                                                   --------        --------
         Total nonaccrual loans                     277,729         209,391
     Reduced-rate loans                               7,789           8,888
                                                   --------        --------
         Total nonperforming loans                  285,518         218,279
     Other real estate                               10,915          11,357
                                                   --------        --------
         Total nonperforming assets                $296,433        $229,636
                                                   ========        ========
 
     Nonperforming loans as a percentage
       of total loans                                  0.73%           0.58%
     Nonperforming assets as a percentage of
       total loans and other real estate               0.76            0.61
     Allowance for credit losses as a
       percentage of total nonperforming
       assets                                           203             253
 
     Loans past due 90 days or more                $ 38,769        $ 40,894
 
 
 
     ANALYSIS OF NET INTEREST INCOME (FTE)
     Comerica Incorporated and Subsidiaries
 
                                            Three Months Ended
                    -----------------------------------------------------------
                          March 31, 2001                 December 31, 2000
                    ----------------------------    ---------------------------
                      Average            Average    Average             Average
     (dollar amounts  Balance  Interest   Rate      Balance   Interest   Rate
      in millions)  ----------------------------    ---------------------------
     Commercial loans  $26,705  $552.4    8.39%   $26,036     $599.3     9.16%
     International
      loans              2,603    58.5    9.12      2,547       61.8     9.65
     Real estate
      construction loans 2,955    69.8    9.58      2,826       73.6    10.35
     Commercial mortgage
      loans              5,500   116.1    8.56      5,275      118.7     8.95
     Residential mortgage
      loans                800    15.5    7.74        810       15.6     7.72
     Consumer loans      1,478    33.7    9.21      1,466       34.4     9.37
     Lease financing     1,059    17.0    6.42        961       15.4     6.40
     Business loan swap
       income/(expense)      -     3.0       -          -      (19.5)       -
                    ----------------------------    ---------------------------
         Total loans    41,100   866.0    8.54     39,921      899.3     8.96
 
     Investment securities available
       for sale (1)      3,881    65.0    6.74      3,856       70.0     7.72
 
     Short-term
      investments          634    10.5    6.74        809       16.8     8.24
                    ----------------------------    ---------------------------
         Total earning
          assets        45,615   941.5    8.36     44,586      986.1     8.80
 
     Cash and due from
      banks              1,776                      1,905
     Allowance for credit
      losses              (621)                      (622)
     Other assets        2,561                      2,352
                        -------                    -------
         Total Assets  $49,331                    $48,221
                        =======                    =======
 
     Money market and NOW
      accounts         $ 9,456    74.9    3.21    $ 9,361       82.1     3.49
     Savings deposits    1,323     5.0    1.52      1,351        5.9     1.73
     Certificates of
      deposit           12,901   182.1    5.73     11,524      177.6     6.13
     Foreign office time
      deposits             487     9.9    8.22        491       12.2     9.88
                    ----------------------------    ---------------------------
         Total interest-bearing
           deposits     24,167   271.9    4.56     22,727      277.8     4.86
 
     Short-term
      borrowings         2,573    39.4    6.21      2,830       48.5     6.81
     Medium- and long-
      term debt          7,729   116.9    6.13      8,093      139.8     6.88
                    ----------------------------    ---------------------------
         Total interest-bearing
           sources      34,469   428.2    5.04     33,650      466.1     5.51
 
     Noninterest-bearing
      deposits           9,370                      9,357
     Other liabilities     835                        769
     Preferred stock       250                        250
     Common shareholders'
      equity             4,407                      4,195
                        -------                    -------
         Total Liabilities and
           Shareholders'
           Equity      $49,331                    $48,221
                        =======                    =======
 
     Net interest income/Rate
       spread (FTE)             $513.3    3.32                $520.0     3.29
                                ======                        ======
 
     FTE adjustment             $  1.0                        $  0.8
                                ======                        ======
     Impact of net noninterest-bearing
       sources of funds                   1.23                           1.35
                                          ----                           ----
     Net interest margin as a percent of
       average earning assets (FTE)       4.55%                          4.64%
                                          ====                           ====
 
     (1) The average rate for investment securities available for sale was
 computed using average historical cost.
 
 
     ANALYSIS OF NET INTEREST INCOME (FTE)
     Comerica Incorporated and Subsidiaries
 
                                              Three Months Ended
                                         ----------------------------
                                                March 31, 2000
                                         ----------------------------
                                         Average              Average
     (dollar amounts in millions)        Balance   Interest     Rate
                                         ----------------------------
     Commercial loans                    $24,287     $507.8      8.41%
     International loans                   2,598       56.2      8.70
     Real estate construction loans        2,282       54.8      9.66
     Commercial mortgage loans             5,000      106.1      8.53
     Residential mortgage loans              859       16.2      7.56
     Consumer loans                        1,408       31.1      8.86
     Lease financing                         809       13.1      6.46
     Business loan swap
       income/(expense)                        -       (6.6)        -
                                         ----------------------------
         Total loans                      37,243      778.7      8.41
 
     Investment securities available
       for sale (1)                        3,550       61.9      6.88
 
     Short-term investments                1,519       31.8      8.41
                                         ----------------------------
         Total earning assets             42,312      872.4      8.28
 
     Cash and due from banks               1,800
     Allowance for credit losses            (559)
     Other assets                          2,144
                                         -------
         Total Assets                    $45,697
                                         =======
     Money market and NOW accounts       $ 9,192       67.6      2.96
     Savings deposits                      1,432        5.6      1.58
     Certificates of deposit               8,375      109.3      5.25
     Foreign office time deposits          1,216       20.4      6.73
                                         ----------------------------
         Total interest-bearing
           deposits                       20,215      202.9      4.04
 
     Short-term borrowings                 3,589       53.9      6.05
     Medium- and long-term debt            8,621      131.0      6.11
                                         ----------------------------
         Total interest-bearing
           sources                        32,425      387.8      4.81
 
     Noninterest-bearing deposits          8,612
     Other liabilities                       677
     Preferred stock                         250
     Common shareholders' equity           3,733
                                         -------
         Total Liabilities and
           Shareholders' Equity          $45,697
                                         =======
 
     Net interest income/Rate
       spread (FTE)                                  $484.6      3.47
                                                     ======
 
     FTE adjustment                                  $  1.0
                                                     ======
     Impact of net noninterest-bearing
       sources of funds                                          1.13
                                                                -----
     Net interest margin as a percent of
       average earning assets (FTE)                              4.60%
                                                                =====
 
     (1) The average rate for investment securities available for sale was
 computed using average historical cost.
 
 
     CONSOLIDATED STATISTICAL DATA
     Comerica Incorporated and Subsidiaries
 
 
                                       March 31,    December 31,  September 30,
     (In thousands, except per share     2001          2000           2000
      data)                          -----------    -----------    -----------
 
     Commercial loans:
       Floor plan                   $ 2,217,405     $ 2,063,619    $ 1,559,050
       Other                         24,156,024      23,945,717     23,851,548
                                    -----------     -----------    -----------
         Total commercial            26,373,429      26,009,336     25,410,598
     International loans              2,653,902       2,571,156      2,483,910
     Real estate construction loans   2,973,895       2,915,168      2,771,393
     Commercial mortgage loans        5,570,134       5,360,601      5,195,445
     Residential mortgage loans         793,075         807,064        817,483
     Consumer loans:
       Credit card                       21,303          21,517         19,995
       Home equity                      964,753         976,100        954,427
       Other consumer                   485,959         479,518        483,667
                                     -----------     -----------    -----------
         Total consumer               1,472,015       1,477,135      1,458,089
     Lease financing                  1,088,908       1,029,164        940,241
                                     -----------     -----------    -----------
           Total loans              $40,925,358     $40,169,624    $39,077,159
                                     ===========     ===========    ===========
 
     Goodwill                       $   356,925     $   366,550    $   374,611
     Core deposit intangible              7,176           7,883          9,056
     Other intangible assets              1,215           3,472          3,723
     Loan servicing rights                8,470           6,657          6,644
     Deferred mutual fund distribution
      costs                              54,045          85,849        104,307
 
     Amortization of intangibles
      (quarterly)                         8,685           9,549          9,596
 
     Leverage ratio*                       8.77%           8.74%          8.75%
     Tier 1 risk-based capital ratio*      7.36            7.35           7.36
     Total risk-based capital ratio*      11.13           11.11          11.32
 
     Book value per share           $     24.80     $     23.98    $     23.22
 
     Market value for the quarter:
       High                         $     65.15     $     61.13    $     59.44
       Low                                53.00           47.19          45.00
       Close                              61.50           59.38          58.44
 
     Return on average common equity       8.11%          16.05%         20.87%
     Return on average assets              0.76            1.43           1.83
     Efficiency ratio                     68.22           51.25          50.23
 
     Number of commercial banking offices   353             354            347
 
     Number of employees-full time
      equivalent                         11,525          11,444         11,387
 
 
     * March 31, 2001 ratios estimated
 
     CONSOLIDATED STATISTICAL DATA
     Comerica Incorporated and Subsidiaries
 
 
                                                    June 30,       March 31,
     (In thousands, except per share data)           2000            2000
                                                  -----------     -----------
     Commercial loans:
       Floor plan                                 $ 1,853,836     $ 1,815,606
       Other                                       23,547,430      22,704,255
                                                  -----------     -----------
         Total commercial                          25,401,266      24,519,861
     International loans                            2,612,539       2,565,966
     Real estate construction loans                 2,576,986       2,422,371
     Commercial mortgage loans                      5,145,662       5,078,245
     Residential mortgage loans                       828,092         849,912
     Consumer loans:
       Credit card                                     26,945          22,657
       Home equity                                    938,191         901,107
       Other consumer                                 473,235         483,777
                                                  -----------     -----------
         Total consumer                             1,438,371       1,407,541
     Lease financing                                  858,065         815,293
                                                  -----------     -----------
           Total loans                            $38,860,981     $37,659,189
                                                  ===========     ===========
 
     Goodwill                                     $   380,726     $   388,232
     Core deposit intangible                           10,229          11,481
     Other intangible assets                            3,973           4,047
     Deferred mutual fund distribution costs          105,904          87,199
 
     Loan servicing rights                              6,851           6,396
 
     Amortization of intangibles (quarterly)            9,622           8,731
 
     Leverage ratio*                                     8.53%           8.38%
     Tier 1 risk-based capital ratio*                    7.22            7.29
     Total risk-based capital ratio*                    10.78           11.00
 
     Book value per share                         $     22.34     $     21.51
 
     Market value for the quarter:
       High                                       $     54.38     $     46.25
       Low                                              39.88           32.94
       Close                                            44.88           41.88
 
     Return on average common equity                    20.80%          20.66%
     Return on average assets                            1.77            1.72
     Efficiency ratio                                   49.95           49.98
 
     Number of commercial banking offices                 346             347
 
     Number of employees-full time equivalent          11,614          11,513
 
 
     * March 31, 2001 ratios estimated
 
 
     PARENT COMPANY ONLY BALANCE SHEETS
     Comerica Incorporated
 
 
                                       March 31,    December 31,      March 31,
     (in thousands, except share data)   2001          2000             2000
                                     -----------    -----------     -----------
     ASSETS
     Cash and due from banks       $    90,603    $     9,918     $       247
 
     Time deposits with banks            6,400        112,100          68,500
     Investment securities available
       for sale                             50         47,262          25,024
     Investment in subsidiaries,
       principally banks             4,876,415      4,634,579       4,259,863
     Premises and equipment              3,310          3,391           4,141
     Other assets                      136,334         66,009          50,957
                                     -----------    -----------     -----------
           TOTAL ASSETS            $ 5,113,112    $ 4,873,259     $ 4,408,732
                                     ===========    ===========     ===========
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Commercial paper              $   116,983    $    79,985     $    74,891
     Long-term debt                    163,886        157,414         158,263
     Advances from nonbanking
      subsidiaries                           -          4,453               -
     Other liabilities                 163,729        131,248         118,172
                                     -----------    -----------     -----------
           Total liabilities           444,598        373,100         351,326
 
     Nonredeemable preferred stock
       - $50 stated value:
       Authorized - 5,000,000 shares
       Issued - 5,000,000 shares at 3/31/01,
         12/31/00, and 3/31/00         250,000        250,000         250,000
     Common stock - $5 par value:
       Authorized - 325,000,000 shares
       Issued - 178,337,648 shares at 3/31/01,
         177,703,678 shares at 12/31/00 and
         177,901,802 shares at
         3/31/00                       891,688        888,519         889,509
     Capital surplus                   326,134        301,414         313,493
     Unearned employee stock ownership plan
       shares - 176,642 shares at 3/31/01 and
       12/31/00 and 64,993 shares at
       3/31/00                          (6,750)        (6,750)         (3,000)
     Accumulated other comprehensive
      income                           127,490         12,097         (37,345)
     Retained earnings               3,086,915      3,085,784       2,714,213
     Deferred compensation              (6,963)       (14,494)        (22,321)
     Less cost of common stock in
       treasury - 289,397 shares at 12/31/00
       and 826,342 shares at
       3/31/00                               -        (16,411)        (47,143)
                                     -----------    -----------     -----------
     Total shareholders' equity      4,668,514      4,500,159       4,057,406
                                     -----------    -----------     -----------
           TOTAL LIABILITIES AND
             SHAREHOLDERS' EQUITY  $ 5,113,112    $ 4,873,259     $ 4,408,732
                                     ===========    ===========     ===========
 
 
     CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
     Comerica Incorporated and Subsidiaries
 
 
                          Nonredeem-                     Accumulated
                            able                           Other
     (in thousands,       Preferred  Common   Capital  Comprehensive  Retained
      except share data)   Stock     Stock    Surplus     Income      Earnings
                         ---------  --------  --------   --------    ----------
     BALANCES AT
      JANUARY 1, 2000     $250,000  $889,453 $226,001    $(21,704)  $2,677,210
     Net income for 2000         -         -        -           -      197,031
     Other comprehensive income,
       net of tax                -         -        -     (15,641)           -
 
     Total comprehensive
      income                     -         -        -           -            -
     Common stock dividend       -         -   84,906           -      (84,927)
     Cash dividends declared:
       Preferred stock           -         -        -           -       (4,275)
       Common stock              -         -        -           -      (62,519)
     Purchase and retirement of
       41,400 shares of common
       stock                     -      (207)  (1,902)          -            -
     Purchase of 331,362 shares
       of common stock           -         -        -           -            -
     Net issuance of common stock
       under employee stock
       plans                     -       263    4,488           -       (8,307)
     Amortization of deferred
       compensation              -         -        -           -            -
                          --------  --------  --------   --------    ----------
     BALANCES AT MARCH 31,
      2000                $250,000  $889,509 $313,493    $(37,345)  $2,714,213
                          ========  ======== ========    ========   ==========
 
     BALANCES AT JANUARY 1,
      2001                $250,000  $888,519 $301,414    $ 12,097   $3,085,784
     Net income for 2001         -         -        -           -       93,592
     Other comprehensive income,
       net of tax                -         -        -     115,393            -
 
     Total comprehensive
      income                     -         -        -           -            -
     Cash dividends declared:
       Preferred stock           -         -        -           -       (4,275)
       Common stock              -         -        -           -      (78,389)
     Purchase of 45,000 shares
       of common stock           -         -        -           -            -
     Net issuance of common stock
       under employee stock
       plans                     -     3,169   24,720           -       (9,797)
     Amortization of deferred
       compensation              -         -        -           -            -
                          --------  --------  --------    --------   ----------
     BALANCES AT MARCH 31,
      2001                $250,000  $891,688 $326,134    $127,490    $3,086,915
                          ========  ======== ========    ========    ==========
 
 
     CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
     Comerica Incorporated and Subsidiaries
 
 
                             Unearned
                             Employee
                               Stock                                 Total
     (in thousands, except   Ownership    Deferred     Treasury   Shareholders'
       share data)          Plan Shares  Compensation    Stock       Equity
                            ----------   ------------  ---------    ----------
     BALANCES AT JANUARY 1,
      2000                   $(3,750)      $(21,998)  $(47,161)    $3,948,051
     Net income for 2000           -              -          -        197,031
     Other comprehensive income,
       net of tax                  -              -          -        (15,641)
                                                                     ----------
     Total comprehensive income    -              -          -        181,390
     Common stock dividend         -              -          -            (21)
     Cash dividends declared:
       Preferred stock             -              -          -         (4,275)
       Common stock                -              -          -        (62,519)
     Purchase and retirement of
       41,400 shares of common
       stock                       -              -          -         (2,109)
     Purchase of 331,362 shares
     of common stock               -              -    (13,112)       (13,112)
     Net issuance of common stock
       under employee stock
       plans                     750         (2,711)    13,130          7,613
     Amortization of deferred
       compensation                -          2,388          -          2,388
                               -------       --------   --------     ----------
     BALANCES AT MARCH 31,
      2000                   $(3,000)      $(22,321)  $(47,143)    $4,057,406
                              =======       ========   ========     ==========
 
     BALANCES AT JANUARY 1,
      2001                   $(6,750)      $(14,494)  $(16,411)    $4,500,159
     Net income for 2001           -              -          -         93,592
     Other comprehensive income,
       net of tax                  -              -          -        115,393
                                                                     ----------
     Total comprehensive
      income                       -              -          -        208,985
     Cash dividends declared:
       Preferred stock             -              -          -         (4,275)
       Common stock                -              -          -        (78,389)
     Purchase of 45,000 shares
       of common stock             -              -     (2,760)        (2,760)
     Net issuance of common stock
       under employee stock plans  -         (3,857)    19,171         33,406
     Amortization of deferred
       compensation                -         11,388          -         11,388
                               -------        -------   --------     ----------
     BALANCES AT MARCH 31,
      2001                   $(6,750)       $(6,963)  $      -     $4,668,514
                              =======        =======   ========     ==========
 
 SOURCE  Comerica Incorporated

RELATED LINKS

http://www.comerica.com