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Comerica Reports First Quarter 2010 Results

Continued Improvement in Credit Quality

Significant Declines in Net Charge-offs, Provision for Loan Losses

Net Interest Margin Expands 24 Basis Points

Full Preferred Stock Redemption and Preferred Dividends Reduce Earnings by 79 Cents Per Share

Strong Capital and Liquidity to Support Future Growth


News provided by

Comerica Incorporated

Apr 21, 2010, 06:40 ET

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DALLAS, April 21 /PRNewswire-FirstCall/ -- Comerica Incorporated (NYSE: CMA) today reported first quarter 2010 net income of $52 million, compared to a net loss of $29 million for the fourth quarter 2009. After preferred dividends on the fully redeemed $2.25 billion of preferred stock issued to the U.S. Treasury under its Capital Purchase Program of $123 million, or $0.79 per share, the net loss attributable to common shares was $71 million, or $0.46 per diluted common share, compared to a net loss per diluted common share of $0.42 for the fourth quarter 2009. Preferred dividends included $24 million of cash dividends, non-cash discount accretion of $5 million and a one-time, non-cash charge of $94 million related to the full redemption of the preferred stock in March 2010. First quarter 2010 net income also included a $17 million after-tax gain from the cash settlement of a note receivable related to the 2006 sale of an investment advisory subsidiary, recorded in "income from discontinued operations, net of tax."

(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)

(dollar amounts in millions,       1st Qtr      4th Qtr   1st Qtr
 except per share data)               '10         '09       '09
----------------------------       -------      -------  -------
Net interest income                 $415         $396      $384
Provision for loan losses            175          256       203
Noninterest income                   194          214       223
Noninterest expenses                 404          425       397

Income (loss) from continuing
 operations, net of tax               35          (29)        8
Income from discontinued
 operations, net of tax               17            -         1
Net income (loss)                     52          (29)        9
Preferred stock dividends to U.S.
 Treasury (a)                        123           33        33
Net loss attributable to common
 shares                              (71)         (62)      (24)

Diluted loss per common share      (0.46)       (0.42)    (0.16)

Tier 1 capital ratio               10.40%(b)    12.46%    11.06%
Tangible common equity ratio (c)    9.68         7.99      7.27

Net interest margin                 3.18         2.94      2.53

(a) First quarter 2010 included non-cash charges of $99 million.
(b) March 31, 2010 ratio is estimated.
(c) See Reconciliation of Non-GAAP Financial Measures.

"The encouraging signs we saw in the fourth quarter of 2009 continued in the first quarter of 2010," said Ralph W. Babb Jr., chairman and chief executive officer. "Our credit quality continued to improve, reflecting the strong credit underwriting and processes we have in place. Our net interest margin expanded further in the first quarter. We fully redeemed the preferred stock issued to the U.S. Treasury and with our solid capital position and strong liquidity are ideally positioned for future growth. We have a consistent strategy for success that is based on relationships and skill, with a dedicated workforce to deliver the quality products and services that are our hallmark.

"Our customers continue to convey a more positive and upbeat tone, and this is reflected in the increased number of loans in the pipeline. The decline in loan outstandings we saw in the fourth quarter of 2009 slowed further in the first quarter of 2010, and the pace of decline moderated in each successive month of the first quarter. All of these positive trends lead us to believe our operating fundamentals will show improvement in 2010. We are moving forward with confidence in our people and our ability to grow as the economy continues its recovery."

First Quarter 2010 Highlights Compared to Fourth Quarter 2009

  • Net interest income increased five percent, or $19 million, to $415 million for the first quarter 2010 compared to $396 million for the fourth quarter 2009. The net interest margin of 3.18 percent increased 24 basis points, from 2.94 percent in the fourth quarter 2009.
  • Net credit-related charge-offs decreased $52 million to $173 million, or 1.68 percent of average total loans, for the first quarter 2010, compared to $225 million, or 2.10 percent of average total loans, for the fourth quarter 2009.
  • The provision for credit losses decreased $77 million to $182 million for the first quarter 2010, compared to $259 million for the fourth quarter 2009.
  • In March 2010, Comerica fully redeemed $2.25 billion of preferred stock issued to the U.S. Treasury. The redemption was funded by the net proceeds from an $880 million common stock offering completed in March 2010 and from excess liquidity at the parent company. Liquidity at the parent company remained strong after the redemption of the preferred stock.
  • The tangible common equity ratio was 9.68 percent at March 31, 2010, an increase of 169 basis points from December 31, 2009. The estimated Tier 1 common ratio was 9.58 percent and the estimated Tier 1 capital ratio was 10.40 percent at March 31, 2010, an increase of 140 basis points and a decrease of 206 basis points, respectively, from December 31, 2009.

Net Interest Income and Net Interest Margin

                                     1st Qtr    4th Qtr   1st Qtr
(dollar amounts in millions)           '10        '09       '09
----------------------------         -------    -------   -------
Net interest income                     $415      $396       $384

Net interest margin                     3.18%     2.94%      2.53%

Selected average balances:
  Total earning assets               $52,941   $53,953    $61,752
  Total investment securities          7,382     8,587     10,126
  Federal Reserve Bank deposits
   (excess liquidity) (a)              4,092     2,453      1,812
  Total loans                         41,313    42,753     49,556

  Total core deposits (b)             37,236    36,742     33,832
  Total noninterest-bearing deposits  14,624    14,430     11,364

(a) See Reconciliation of Non-GAAP Financial Measures.
(b) Core deposits exclude other time deposits and foreign office time
deposits.
  • The $19 million increase in net interest income in the first quarter 2010, when compared to fourth quarter 2009, resulted primarily from an increase in the net interest margin.
  • The net interest margin of 3.18 percent increased 24 basis points, compared to fourth quarter 2009, primarily from improved loan spreads, a less costly blend of core deposits, and maturing higher-cost wholesale funding. The net interest margin was reduced by approximately 24 basis points in the first quarter 2010 from excess liquidity, which was represented by $4.1 billion of average balances deposited with the Federal Reserve Bank, compared to a reduction of 13 basis points from $2.5 billion of average balances in the fourth quarter 2009. At March 31, 2010, excess liquidity was represented by $3.8 billion of balances deposited with the Federal Reserve Bank, compared to $4.8 billion at December 31, 2009.
  • Average earning assets decreased $1.0 billion, due to a $1.4 billion decrease in average loans, partially offset by an increase of $428 million in other earning assets. The decline in loans of $1.4 billion in the first quarter 2010 continued to slow, compared to declines of $2.0 billion and $2.9 billion in the fourth quarter and third quarters of 2009, respectively, and reflected subdued demand from customers in a modestly recovering economic environment.
  • First quarter 2010 average core deposits increased $494 million compared to fourth quarter 2009, including a $942 million increase in money market and NOW deposits and a $194 million increase in noninterest-bearing deposits, partially offset by a $650 million decrease in higher-cost customer certificates of deposit.

Noninterest Income

Noninterest income was $194 million for the first quarter 2010, compared to $214 million for the fourth quarter 2009. The $20 million decrease in noninterest income in the first quarter 2010, compared to the fourth quarter 2009, reflected an $8 million decrease in net securities gains, a $6 million decrease in gains related to the repurchase of debt and small decreases in several categories of noninterest income.

Noninterest Expenses

Noninterest expenses were $404 million for the first quarter 2010, compared to $425 million for the fourth quarter 2009. The $21 million decrease in noninterest expenses in the first quarter 2010, compared to the fourth quarter 2009, was primarily due to decreases in other real estate expense ($10 million), pension expense ($9 million) and salaries expense ($5 million), partially offset by an increase in the provision for credit losses on lending-related commitments ($4 million). Full-time equivalent staff decreased by approximately 115 employees from December 31, 2009 and 481 employees, or five percent, from March 31, 2009. Certain categories of noninterest expenses are highlighted in the table below.

                                 1st Qtr     4th Qtr      1st Qtr
                                   '10         '09          '09
                                 -------     -------      -------
Salaries                           $169        $174          $171
Employee benefits
  Pension expense                     5          14            16
  Other benefits                     39          37            39
                                    ---         ---           ---
    Total employee benefits          44          51            55

Other real estate expense            12          22             7
Provision for credit losses
 on lending-related
 commitments                          7           3            (1)
---------------------------         ---         ---           ---

Discontinued Operations

Income from discontinued operations in the first quarter 2010 included a $17 million after-tax gain resulting from a successfully negotiated cash settlement of a note receivable related to the 2006 sale of Munder Capital Management, an investment advisor. The cash received of $35 million paid the note in full and concluded our commitments and financial arrangements with Munder.

Credit Quality

"We were pleased that credit quality improved at a faster pace than we had expected. This reflects our continued efforts to quickly and proactively identify and work through problem loans. We saw broad-based improvement in credit quality across all business lines, including significant declines in net charge-offs and provision for loan losses. The Commercial Real Estate business line experienced an increase in net charge-offs but saw declines in nonperforming and watch list loans. We have updated our credit outlook for full-year 2010 to reflect the significant improvement we saw in the first quarter."

  • The provision for loan losses decreased $81 million, with declines in all major markets.
  • Net loan charge-offs decreased $51 million to $173 million in the first quarter 2010, from $224 million in the fourth quarter 2009. Excluding the Commercial Real Estate business line, net loan charge-offs decreased $75 million, primarily in the Middle Market and Global Corporate Banking business lines. Net loan charge-offs in the Commercial Real Estate business line in the first quarter 2010 increased to $86 million, from $62 million in the fourth quarter 2009, with increases in the Texas, Florida and Other markets partially offset by decreases in the Midwest and Western markets.
  • Nonperforming assets decreased $41 million to $1.3 billion, or 3.06 percent of total loans and foreclosed property, at March 31, 2010.
  • During the first quarter 2010, $245 million of loan relationships greater than $2 million were transferred to nonaccrual status, a decrease of $21 million from the fourth quarter 2009. Of the transfers of loan relationships greater than $2 million to nonaccrual in the first quarter 2010, $129 million were in the Commercial Real Estate business line and $63 million were in Middle Market.
  • Nonaccrual loans were charged down 44 percent as of March 31, 2010 and December 31, 2009, compared to 36 percent one year ago.
  • Foreclosed property decreased $22 million to $89 million at March 31, 2010, from $111 million at December 31, 2009.
  • Loans past due 90 days or more and still accruing were $83 million at March 31, 2010, a decrease of $18 million compared to December 31, 2009.
  • The allowance for loan losses to total loans ratio increased to 2.42 percent at March 31, 2010, from 2.34 percent at December 31, 2009.
                                     1st Qtr   4th Qtr     1st Qtr
(dollar amounts in millions)           '10       '09         '09
----------------------------         -------  -------     -------
Net loan charge-offs                   $173      $224        $157
Net lending-related commitment
 charge-offs                              -         1           -
                                        ---       ---         ---
    Total net credit-related charge-
     offs                               173       225         157
Net loan charge-offs/Average total
 loans                                 1.68%     2.09%       1.26%
Net credit-related charge-offs/
 Average total loans                   1.68      2.10        1.26

Provision for loan losses              $175      $256        $203
Provision for credit losses on
 lending-related commitments              7         3          (1)
                                        ---       ---         ---
    Total provision for credit losses   182       259         202

Nonperforming loans                   1,162     1,181         982
Nonperforming assets (NPAs)           1,251     1,292       1,073
NPAs/Total loans and foreclosed
 property                              3.06%     3.06%       2.20%

Loans past due 90 days or more and
 still accruing                         $83      $101        $207

Allowance for loan losses               987       985         816
Allowance for credit losses on
 lending-related commitments (a)         44        37          37
                                        ---       ---         ---
    Total allowance for credit losses 1,031     1,022         853
Allowance for loan losses/Total
 loans                                 2.42%     2.34%       1.68%
Allowance for loan losses/
 Nonperforming loans                     85        83          83

(a) Included in "Accrued expenses and other liabilities" on the
consolidated balance sheets.

Balance Sheet and Capital Management

Total assets and common shareholders' equity were $57.1 billion and $5.7 billion, respectively, at March 31, 2010, compared to $59.2 billion and $4.9 billion, respectively, at December 31, 2009. There were approximately 176 million common shares outstanding at March 31, 2010.

In March 2010, Comerica fully redeemed $2.25 billion of preferred stock issued to the U.S. Treasury. The redemption was partially funded by the net proceeds from an $880 million common stock offering. Preferred stock dividends in the first quarter 2010 included cash dividends of $24 million, non-cash discount accretion of $5 million and a one-time, non-cash redemption charge of $94 million, reflecting the accelerated accretion of the remaining discount. Comerica elected not to repurchase a related warrant for 11.5 million shares of common stock issued to the U.S. Treasury.

Comerica's tangible common equity ratio was 9.68 percent at March 31, 2010, an increase of 169 basis points from December 31, 2009. The estimated Tier 1 common ratio was 9.58 percent and the estimated Tier 1 capital ratio was 10.40 percent at March 31, 2010, an increase of 140 basis points and a decrease of 206 basis points, respectively, from December 31, 2009. The increase in the tangible common equity ratio and the estimated Tier 1 common ratio reflected the increase in common shareholders' equity from the common stock offering, while the decrease in the estimated Tier 1 capital ratio reflected the net decrease in total shareholders' equity after the redemption of the preferred stock.

Full-Year 2010 Outlook

For full-year 2010, management expects the following, based on a modestly improving economic environment.

  • Management expects low single-digit loan growth from period-end March 31, 2010 to period-end December 31, 2010. Investment securities are expected to remain at a level similar to March 31, 2010.
  • Based on no increase in the Federal Funds rate, management expects an average net interest margin between 3.25 percent and 3.35 percent for full-year 2010, reflecting the benefit, compared to 2009, from improved loan pricing, lower funding costs and a lower level of excess liquidity.
  • Management expects net credit-related charge-offs between $675 million and $725 million for full-year 2010. The provision for credit losses is expected to be consistent with net credit-related charge-offs.
  • Management expects flat to low single-digit decline in noninterest income compared to 2009, after excluding $243 million of 2009 net securities gains.
  • Management expects a low single-digit decrease in noninterest expenses compared to 2009.
  • Management expects income tax expense to approximate 35 percent of income before income taxes less approximately $60 million of permanent differences related to low-income housing and bank-owned life insurance.

Business Segments

Comerica's continuing operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. The Finance Division also is included as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at March 31, 2010 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses first quarter 2010 results compared to fourth quarter 2009.

The following table presents net income (loss) by business segment.

(dollar amounts in        1st Qtr     4th Qtr       1st Qtr
 millions)                 '10         '09           '09
------------------        -------     -------      -------
Business Bank               $89          $65           $56
Retail Bank                  (7)         (12)           (7)
Wealth & Institutional
 Management                  11            5            13
----------------------      ---          ---           ---
                             93           58            62
Finance                     (59)         (62)          (50)
Other (a)                    18          (25)           (3)
---------                   ---          ---           ---
     Total                  $52         $(29)           $9
     -----                  ---         ----           ---

(a) Includes discontinued operations and items not directly
associated with the three major business segments or the Finance
Division.

Business Bank

(dollar amounts in      1st Qtr        4th Qtr         1st Qtr
 millions)                '10             '09            '09
------------------      -------         -------        -------
Net interest income
 (FTE)                     $341            $343           $312
Provision for loan
 losses                     137             179            177
Noninterest income           76              77             93
Noninterest expenses        162             165            157
Net income                   89              65             56

Net credit-related
 charge-offs                137             183            123

Selected average
 balances:
Assets                   31,293          32,655         39,505
Loans                    30,918          32,289         38,527
Deposits                 17,750          16,944         14,040

Net interest margin        4.48%           4.21%          3.28%
-------------------        ----            ----           ----
  • Average loans decreased $1.4 billion, reflecting declines across all markets and all business lines except National Dealer Services. The decline in loans slowed in the first quarter 2010.
  • Average deposits increased $806 million, reflecting increases across all markets, primarily in Global Corporate Banking, Commercial Real Estate and Mortgage Banker Finance.
  • The net interest margin of 4.48 percent increased 27 basis points, primarily due to an increase in loan spreads and an increase in noninterest-bearing deposits.
  • The provision for loan losses decreased $42 million, reflecting decreases in most business lines, partially offset by increases in Middle Market and Commercial Real Estate.
  • Noninterest expenses decreased $3 million, primarily due to decreases in other real estate and salaries and employee benefits expense, partially offset by an increase in the provision for credit losses on lending-related commitments.

Retail Bank

(dollar amounts in     1st Qtr        4th Qtr         1st Qtr
 millions)               '10             '09            '09
------------------     -------         -------        -------
Net interest income
 (FTE)                    $130            $129           $126
Provision for loan
 losses                     31              36             23
Noninterest income          44              48             46
Noninterest expenses       154             161            161
Net loss                    (7)            (12)            (7)

Net credit-related
 charge-offs                26              30             26

Selected average
 balances:
Assets                   6,106           6,257          6,875
Loans                    5,599           5,733          6,284
Deposits                16,718          17,020         17,391

Net interest margin       3.18%           3.02%          2.93%
-------------------       ----            ----           ----
  • Average loans decreased $134 million, across all markets. The decline in loans slowed in the first quarter 2010.
  • Average deposits decreased $302 million, primarily in the Midwest market, reflecting a decrease in higher-cost customer certificates of deposit, partially offset by an increase in money market and NOW deposits.
  • The net interest margin of 3.18 percent increased 16 basis points, due to an increase in loan spreads and an increase in deposit spreads related to maturing higher-cost customer certificates of deposit and an increase in NOW balances.
  • The provision for loan losses decreased $5 million.
  • Noninterest income decreased $4 million, primarily due to decreased service charges on deposit accounts.
  • Noninterest expenses decreased $7 million, primarily due to decreases in salaries and employee benefits expense and other real estate expense.

Wealth and Institutional Management

(dollar amounts in    1st Qtr        4th Qtr         1st Qtr
 millions)              '10             '09            '09
------------------    -------         -------        -------
Net interest income
 (FTE)                    $42             $42            $36
Provision for loan
 losses                    12              19             10
Noninterest income         60              60             70
Noninterest
 expenses                  73              76             75
Net income                 11               5             13

Net credit-related
 charge-offs               10              12              8

Selected average
 balances:
Assets                  4,862           4,841          4,870
Loans                   4,789           4,746          4,750
Deposits                2,791           2,849          2,429

Net interest margin      3.53%           3.50%          3.11%
-------------------      ----            ----           ----
  • Average loans increased $43 million.
  • Average deposits decreased $58 million, primarily in the Western market, reflecting decreases in noninterest-bearing deposits, money market deposits and higher-cost customer certificates of deposit, partially offset by an increase in NOW deposits.
  • The net interest margin of 3.53 percent increased three basis points, primarily due to increases in loan and deposit spreads.
  • The provision for loan losses decreased $7 million.
  • Noninterest expenses decreased $3 million, primarily due to a decrease in salaries and employee benefits expense.

Geographic Market Segments

Comerica also provides market segment results for four primary geographic markets: Midwest, Western, Texas and Florida. In addition to the four primary geographic markets, Other Markets and International are also reported as market segments. The financial results below are based on methodologies in effect at March 31, 2010 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses first quarter 2010 results compared to fourth quarter 2009.

The following table presents net income (loss) by market segment.

(dollar amounts in       1st Qtr     4th Qtr        1st Qtr
 millions)                 '10         '09            '09
------------------       -------     -------        -------
Midwest                    $26          $12            $29
Western                     22            7             (7)
Texas                       14           13             15
Florida                      1            3             (6)
Other Markets               16           23             22
International               14            -              9
-------------              ---          ---            ---
                            93           58             62
Finance & Other
 Businesses (a)            (41)         (87)           (53)
---------------            ---          ---            ---
     Total                 $52         $(29)            $9
     -----                 ---         ----            ---

 (a) Includes discontinued operations and items not directly
associated with the geographic markets.

Midwest Market

(dollar amounts in    1st Qtr        4th Qtr         1st Qtr
 millions)              '10             '09            '09
------------------    -------         -------        -------
Net interest income
 (FTE)                   $205            $205           $194
Provision for loan
 losses                    81             101             83
Noninterest income        102             106            127
Noninterest
 expenses                 186             194            194
Net income                 26              12             29

Net credit-related
 charge-offs               55              97             54

Selected average
 balances:
Assets                 15,573          16,090         19,139
Loans                  15,332          15,811         18,267
Deposits               17,068          17,200         16,697

Net interest margin      4.86%           4.73%          4.30%
-------------------      ----            ----           ----
  • Average loans decreased $479 million, reflecting declines across most business lines. The decline in loans slowed in the first quarter 2010.
  • Average deposits decreased $132 million, due to a decrease in the Retail Bank, partially offset by an increase in Global Corporate Banking.
  • The net interest margin of 4.86 percent increased 13 basis points, primarily due to an increase in loan spreads and an increase in deposit spreads related to maturing higher-cost customer certificates of deposit and an increase in money market and NOW deposits.
  • The provision for loan losses decreased $20 million, primarily due to decreases in Leasing and Personal Banking.
  • Noninterest income decreased $4 million, reflecting small decreases in several categories.
  • Noninterest expenses decreased $8 million, due to decreases in salaries and employee benefits expense and other real estate expense, partially offset by an increase in the provision for credit losses on lending-related commitments.

Western Market

(dollar amounts in     1st Qtr        4th Qtr         1st Qtr
 millions)               '10             '09            '09
------------------     -------         -------        -------
Net interest income
 (FTE)                    $161            $163           $146
Provision for loan
 losses                     59              79             88
Noninterest income          36              33             36
Noninterest expenses       105             110            104
Net income (loss)           22               7             (7)

Net credit-related
 charge-offs                64              85             76

Selected average
 balances:
Assets                  13,175          13,484         15,443
Loans                   12,980          13,289         15,253
Deposits                11,927          11,899         10,640

Net interest margin       5.04%           4.85%          3.91%
-------------------       ----            ----           ----
  • Average loans decreased $309 million, primarily due to declines in Commercial Real Estate, Technology and Life Sciences and Middle Market. The decline in loans slowed in the first quarter 2010.
  • Average deposits increased $28 million, primarily due to increases in Commercial Real Estate and Technology and Life Sciences, partially offset by a decrease in the Financial Services Division.
  • The net interest margin of 5.04 percent increased 19 basis points, primarily due to an increase in loan spreads and an increase in deposit spreads related to maturing higher-cost customer certificates of deposit and an increase in NOW balances.
  • The provision for loan losses decreased $20 million, reflecting decreases in Global Corporate Banking, Commercial Real Estate, Technology and Life Sciences, National Dealer Services and Leasing, partially offset by increased provisions for Middle Market, Specialty Businesses and Personal Banking.
  • Noninterest income increased $3 million, primarily due to an increase in commercial lending fees
  • Noninterest expenses decreased $5 million, primarily due to decreases in other real estate expense, net occupancy expense and salaries and employee benefits expense.

Texas Market

(dollar amounts in         1st Qtr        4th Qtr         1st Qtr
 millions)                   '10             '09            '09
------------------         -------         -------        -------
Net interest income
 (FTE)                         $79             $78            $70
Provision for loan
 losses                         17              20              9
Noninterest income              20              23             21
Noninterest expenses            60              61             58
Net income                      14              13             15

Total net credit-
 related charge-offs            25              13              8

Selected average
 balances:
Assets                       6,892           7,118          8,069
Loans                        6,704           6,934          7,847
Deposits                     4,957           4,737          4,198

Net interest margin           4.79%           4.46%          3.62%
-------------------           ----            ----           ----
  • Average loans decreased $230 million, reflecting declines across all business lines. The decline in loans slowed in the first quarter 2010.
  • Average deposits increased $220 million, primarily due to an increase in Global Corporate Banking.
  • The net interest margin of 4.79 percent increased 33 basis points, primarily due to an increase in loan and deposit spreads and the benefit provided by an increase in noninterest-bearing and NOW deposits.
  • The provision for loan losses decreased $3 million, due to declines in Middle Market and Energy Lending, partially offset by an increase in Commercial Real Estate.
  • Noninterest income decreased $3 million, partially due to a decrease in commercial lending fees.

Florida Market

(dollar amounts in    1st Qtr        4th Qtr         1st Qtr
 millions)              '10             '09            '09
------------------    -------         -------        -------
Net interest income
 (FTE)                    $10             $10            $11
Provision for loan
 losses                     3               -             15
Noninterest income          3               3              3
Noninterest
 expenses                   9               9              8
Net income (loss)           1               3             (6)

Net credit-related
 charge-offs               10               4             12

Selected average
 balances:
Assets                  1,576           1,608          1,869
Loans                   1,576           1,613          1,878
Deposits                  361             333            253

Net interest margin      2.54%           2.57%          2.31%
-------------------      ----            ----           ----
  • Average loans decreased $37 million, primarily due to a decrease in Middle Market. The decline in loans slowed in the first quarter 2010.
  • Average deposits increased $28 million, primarily due to an increase in Global Corporate Banking.
  • The net interest margin of 2.54 percent decreased three basis points.
  • The provision for loan losses increased $3 million, primarily due to increases in Commercial Real Estate and Middle Market, partially offset by a decrease in Private Banking.

Conference Call and Webcast

Comerica will host a conference call to review first quarter 2010 financial results at 7 a.m. CT Wednesday, April 21, 2010. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 63304761). The call and supplemental financial information can also be accessed on the Internet at www.comerica.com. A replay will be available approximately two hours following the conference call through April 30, 2010. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 63304761). A replay of the Webcast can also be accessed via Comerica's "Investor Relations" page at www.comerica.com.

Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.

This press release contains both financial measures based on accounting principles generally accepted in the United States (GAAP) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Comerica's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconcilement to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Forward-looking Statements

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "outcome," "continue," "remain," "maintain," "trend," "objective" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are further economic downturns, changes in the pace of an economic recovery and related changes in employment levels, changes in real estate values, fuel prices, energy costs or other events that could affect customer income levels or general economic conditions, the effects of recently enacted legislation, actions taken by or proposed by the U.S. Department of Treasury, the Board of Governors of the Federal Reserve System, the Texas Department of Banking and the Federal Deposit Insurance Corporation, legislation enacted in the future, and the impact and expiration of such legislation and regulatory actions, the effects of war and other armed conflicts or acts of terrorism, the effects of natural disasters including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods, the disruption of private or public utilities, the implementation of Comerica's strategies and business models, management's ability to maintain and expand customer relationships, changes in customer borrowing, repayment, investment and deposit practices, management's ability to retain key officers and employees, changes in the accounting treatment of any particular item, the impact of regulatory examinations, declines or other changes in the businesses or industries in which Comerica has a concentration of loans, including, but not limited to, the automotive production industry and the real estate business lines, the anticipated performance of any new banking centers, the entry of new competitors in Comerica's markets, changes in the level of fee income, changes in applicable laws and regulations, including those concerning taxes, banking, securities and insurance, changes in trade, monetary and fiscal policies, including the interest rate policies of the Board of Governors of the Federal Reserve System, fluctuations in inflation or interest rates, changes in general economic, political or industry conditions and related credit and market conditions, the interdependence of financial service companies and adverse conditions in the stock market. Comerica cautions that the foregoing list of factors is not exclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to "Item 1A. Risk Factors" beginning on page 11 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2009. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
Comerica Incorporated and Subsidiaries

                                      Three Months Ended
                                      ------------------
(in millions, except per   March 31,  December 31,   March 31,
share data)                  2010         2009         2009
------------------------      ----         ----         ----
PER COMMON SHARE AND
 COMMON STOCK DATA
Diluted net loss            $(0.46)      $(0.42)      $(0.16)
Cash dividends declared       0.05         0.05         0.05
Common shareholders'
 equity (at period end)      32.15        32.27        33.40

Average diluted shares (in
 thousands)                155,155      149,445      149,257
-------------------------- -------      -------      -------
KEY RATIOS
Return on average common
 shareholders' equity        (5.61)%      (5.10)%      (1.90)%
Return on average assets      0.36        (0.19)        0.06
Tier 1 common capital
 ratio (a) (b)                9.58         8.18         7.32
Tier 1 risk-based capital
 ratio (b)                   10.40        12.46        11.06
Total risk-based capital
 ratio (b)                   14.93        16.93        15.36
Leverage ratio (b)           11.00        13.25        11.65
Tangible common equity
 ratio (a)                    9.68         7.99         7.27
----------------------        ----         ----         ----
AVERAGE BALANCES
Commercial loans           $21,015      $21,971      $27,180
Real estate construction
 loans                       3,386        3,703        4,510
Commercial mortgage loans   10,387       10,393       10,431
Residential mortgage loans   1,632        1,664        1,846
Consumer loans               2,481        2,517        2,574
Lease financing              1,130        1,181        1,300
International loans          1,282        1,324        1,715
                             -----        -----        -----
Total loans                 41,313       42,753       49,556

Earning assets              52,941       53,953       61,752
Total assets                57,519       58,396       66,737
Noninterest-bearing
 deposits                   14,624       14,430       11,364
Interest-bearing core
 deposits                   22,612       22,312       22,468
Total core deposits         37,236       36,742       33,832
Common shareholders'
 equity                      5,070        4,876        5,024
Total shareholders' equity   6,864        7,024        7,155
--------------------------   -----        -----        -----
NET INTEREST INCOME
Net interest income (fully
 taxable equivalent basis)    $416         $398         $386
Fully taxable equivalent
 adjustment                      1            2            2
Net interest margin           3.18%        2.94%        2.53%
-------------------           ----         ----         ----
CREDIT QUALITY
Nonaccrual loans            $1,145       $1,165         $982
Reduced-rate loans              17           16            -
                               ---          ---          ---
Total nonperforming loans    1,162        1,181          982
Foreclosed property             89          111           91
                               ---          ---          ---
Total nonperforming assets   1,251        1,292        1,073

Loans past due 90 days or
 more and still accruing        83          101          207

Gross loan charge-offs         184          232          161
Loan recoveries                 11            8            4
                               ---          ---          ---
Net loan charge-offs           173          224          157
Lending-related
 commitment charge-offs          -            1            -
                               ---          ---          ---
Total net credit-related
 charge-offs                   173          225          157

Allowance for loan losses      987          985          816
Allowance for credit
 losses on lending-
 related commitments            44           37           37
                               ---          ---          ---
Total allowance for credit
 losses                      1,031        1,022          853

Allowance for loan losses
 as a percentage of total
 loans                        2.42%        2.34%        1.68%
Net loan charge-offs as a
 percentage of average
 total loans                  1.68         2.09         1.26
Net credit-related
 charge-offs as a
 percentage of average
 total loans                  1.68         2.10         1.26
Nonperforming assets as a
 percentage of total loans
 and foreclosed property      3.06         3.06         2.20
Allowance for loan losses
 as a percentage of total
 nonperforming loans            85           83           83
-------------------------      ---          ---          ---

(a) See Reconciliation of Non-GAAP Financial Measures.
(b) March 31, 2010 ratios are estimated.
CONSOLIDATED BALANCE SHEETS (unaudited)
Comerica Incorporated and Subsidiaries

                                             March    December    March
                                               31,        31,      31,
(in millions, except share data)              2010       2009     2009
--------------------------------              ----       ----     ----

ASSETS
Cash and due from banks                       $769       $774     $952

Interest-bearing deposits with banks         3,860      4,843    2,558
Other short-term investments                   165        138      248

Investment securities available-for-
 sale                                        7,346      7,416   10,844
                                                 -
Commercial loans                            20,756     21,690   26,431
Real estate construction loans               3,202      3,461    4,379
Commercial mortgage loans                   10,358     10,457   10,514
Residential mortgage loans                   1,631      1,651    1,836
Consumer loans                               2,472      2,511    2,577
Lease financing                              1,120      1,139    1,232
International loans                          1,306      1,252    1,655
-------------------                          -----      -----    -----
  Total loans                               40,845     42,161   48,624
Less allowance for loan losses                (987)      (985)    (816)
------------------------------                ----       ----     ----
  Net loans                                 39,858     41,176   47,808

Premises and equipment                         637        644      676
Customers' liability on acceptances
 outstanding                                    21         11       10
Accrued income and other assets              4,450      4,247    4,274
-------------------------------              -----      -----    -----
  Total assets                             $57,106    $59,249  $67,370
  ------------                             -------    -------  -------

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits               $15,290    $15,871  $12,645

Money market and NOW deposits               16,009     14,450   12,240
Savings deposits                             1,462      1,342    1,328
Customer certificates of deposit             5,979      6,413    8,815
Other time deposits                            814      1,047    6,372
Foreign office time deposits                   412        542      494
----------------------------                   ---        ---      ---
  Total interest-bearing deposits           24,676     23,794   29,249
  -------------------------------           ------     ------   ------
  Total deposits                            39,966     39,665   41,894

Short-term borrowings                          489        462    2,207
Acceptances outstanding                         21         11       10
Accrued expenses and other liabilities       1,047      1,022    1,464
Medium- and long-term debt                   9,915     11,060   14,612
--------------------------                   -----     ------   ------
  Total liabilities                         51,438     52,220   60,187


Fixed rate cumulative perpetual
 preferred stock, series F, no par
 value, $1,000 liquidation value per
 share:
     Authorized -2,250,000 shares at
      12/31/09 and 3/31/09 
     Issued - 2,250,000 shares at 
      12/31/09 and 3/31/09                       -      2,151    2,134
Common stock - $5 par value:
     Authorized - 325,000,000 shares 
     Issued - 203,878,110 shares at 3/31/10 
      and 178,735,252 shares at 12/31/09 and
      3/31/09                                1,019        894      894
Capital surplus                              1,468        740      727
Accumulated other comprehensive loss          (303)      (336)    (238)
Retained earnings                            5,064      5,161    5,252

Less cost of common stock in treasury
 -27,575,283 shares at 3/31/10,
 27,555,623 shares at 12/31/09 and
 27,580,899 shares at 3/31/09               (1,580)    (1,581)  (1,586)
-------------------------------------       ------     ------   ------
  Total shareholders' equity                 5,668      7,029    7,183
  --------------------------                 -----      -----    -----
  Total liabilities and shareholders'
   equity                                  $57,106    $59,249  $67,370
  -----------------------------------      -------    -------  -------
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Comerica Incorporated and Subsidiaries

                                                 Three Months
                                                    Ended
                                                  March 31,
                                                  ---------
(in millions, except per share data)            2010      2009
------------------------------------            ----      ----

INTEREST INCOME
Interest and fees on loans                      $412      $452
Interest on investment securities                 61       109
Interest on short-term investments                 3         2
----------------------------------               ---       ---
         Total interest income                   476       563

INTEREST EXPENSE
Interest on deposits                              35       125
Interest on short-term borrowings                  -         2
Interest on medium- and long-term debt            26        52
--------------------------------------           ---       ---
         Total interest expense                   61       179
         ----------------------                  ---       ---
         Net interest income                     415       384
Provision for loan losses                        175       203
-------------------------                        ---       ---
          Net interest income after provision
          for loan losses                        240       181

NONINTEREST INCOME
Service charges on deposit accounts               56        58
Fiduciary income                                  39        42
Commercial lending fees                           22        18
Letter of credit fees                             18        16
Card fees                                         13        12
Foreign exchange income                           10         9
Bank-owned life insurance                          8         8
Brokerage fees                                     6         9
Net securities gains                               2        13
Other noninterest income                          20        38
------------------------                         ---       ---
         Total noninterest income                194       223

NONINTEREST EXPENSES
Salaries                                         169       171
Employee benefits                                 44        55
-----------------                                ---       ---
     Total salaries and employee benefits        213       226
Net occupancy expense                             42        41
Equipment expense                                 17        16
Outside processing fee expense                    23        25
Software expense                                  22        20
FDIC insurance expense                            17        15
Other real estate expense                         12         7
Legal fees                                         9         7
Litigation and operational losses                  1         2
Provision for credit losses on lending-
 related commitments                               7        (1)
Other noninterest expenses                        41        39
--------------------------                       ---       ---
         Total noninterest expenses              404       397
         --------------------------              ---       ---
Income from continuing operations before
 income taxes                                     30         7
Provision (benefit) for income taxes              (5)       (1)
------------------------------------             ---       ---
Income from continuing operations                 35         8
Income from discontinued operations, net of
 tax                                              17         1
-------------------------------------------      ---       ---
NET INCOME                                        52         9
Preferred stock dividends                        123        33
Income allocated to participating
 securities                                        -         -
Net loss attributable to common shares          $(71)     $(24)
--------------------------------------          ----      ----

Basic earnings per common share:
      Loss from continuing operations         $(0.57)   $(0.17)
      Net loss                                 (0.46)    (0.16)

Diluted earnings per common share:
     Loss from continuing operations           (0.57)    (0.17)
     Net loss                                  (0.46)    (0.16)

Cash dividends declared on common stock            9         7
Cash dividends declared per common share        0.05      0.05
----------------------------------------        ----      ----
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME (unaudited)
Comerica Incorporated and Subsidiaries

                                First   Fourth    Third   Second    First
(in millions, except           Quarter  Quarter  Quarter  Quarter  Quarter
 per share data)                2010     2009     2009     2009     2009
--------------------            ----     ----     ----     ----     ----

INTEREST INCOME
Interest and fees on
 loans                          $412     $424     $444     $447     $452
Interest on
 investment
 securities                       61       53       64      103      109
Interest on short-
 term investments                  3        2        3        2        2
------------------               ---      ---      ---      ---      ---
        Total interest income    476      479      511      552      563

INTEREST EXPENSE
Interest on deposits              35       52       89      106      125
Interest on short-
 term borrowings                   -        -        -        -        2
Interest on medium-
 and long-term debt               26       31       37       44       52
-------------------              ---      ---      ---      ---      ---
        Total interest expense    61       83      126      150      179
        ----------------------   ---      ---      ---      ---      ---
        Net interest income      415      396      385      402      384
Provision for loan
 losses                          175      256      311      312      203
------------------               ---      ---      ---      ---      ---
         Net interest income
         after provision for
         loan losses             240      140       74       90      181

NONINTEREST INCOME
Service charges on
 deposit accounts                 56       56       59       55       58
Fiduciary income                  39       38       40       41       42
Commercial lending
 fees                             22       21       21       19       18
Letter of credit
 fees                             18       19       18       16       16
Card fees                         13       14       13       12       12
Foreign exchange
 income                           10       11       10       11        9
Bank-owned life
 insurance                         8        9        8       10        8
Brokerage fees                     6        7        7        8        9
Net securities gains               2       10      107      113       13
Other noninterest
 income                           20       29       32       13       38
-----------------                ---      ---      ---      ---      ---
        Total noninterest
         income                  194      214      315      298      223

NONINTEREST EXPENSES
Salaries                         169      174      171      171      171
Employee benefits                 44       51       51       53       55
-----------------                ---      ---      ---      ---      ---
     Total salaries and
      employee benefits          213      225      222      224      226
Net occupancy
 expense                          42       43       40       38       41
Equipment expense                 17       16       15       15       16
Outside processing
 fee expense                      23       23       24       25       25
Software expense                  22       23       21       20       20
FDIC insurance
 expense                          17       15       15       45       15
Other real estate
 expense                          12       22       10        9        7
Legal fees                         9       12        8       10        7
Litigation and
 operational losses                1        3        3        2        2
Provision for credit
 losses on lending-
 related commitments               7        3        2       (4)      (1)
Other noninterest
 expenses                         41       40       39       45       39
-----------------                ---      ---      ---      ---      ---
        Total noninterest
         expenses                404      425      399      429      397
        -----------------        ---      ---      ---      ---      ---
Income (loss) from
 continuing
 operations before
 income taxes                     30      (71)     (10)     (41)       7
Provision (benefit)
 for income taxes                 (5)     (42)     (29)     (59)      (1)
-------------------              ---      ---      ---      ---      ---
Income (loss) from
 continuing
 operations                       35      (29)      19       18        8
Income from
 discontinued
 operations, net of
 tax                              17        -        -        -        1
-------------------              ---      ---      ---      ---      ---
NET INCOME (LOSS)                 52      (29)      19       18        9
Preferred stock
 dividends                       123       33       34       34       33
Income allocated to
 participating
 securities                        -        -        1        -        -
Net loss
 attributable to
 common shares                  $(71)    $(62)    $(16)    $(16)    $(24)
----------------                ----     ----     ----     ----     ----

Basic earnings per
 common share:
      Loss from continuing
       operations             $(0.57)  $(0.42)  $(0.10)  $(0.11)  $(0.17)
      Net loss                 (0.46)   (0.42)   (0.10)   (0.11)   (0.16)

Diluted earnings per
 common share:
     Loss from continuing
      operations               (0.57)   (0.42)   (0.10)   (0.11)   (0.17)
     Net loss                  (0.46)   (0.42)   (0.10)   (0.11)   (0.16)

Cash dividends
 declared on common
 stock                             9        8        7        8        7
Cash dividends
 declared per common
 share                          0.05     0.05     0.05     0.05     0.05
--------------------            ----     ----     ----     ----     ----


                                       First Quarter 2010 Compared To:
                                       -------------------------------
                                     Fourth Quarter       First Quarter
(in millions, except                      2009               2009
 per share data)                    Amount   Percent    Amount   Percent
--------------------                ------   -------    ------   -------

INTEREST INCOME
Interest and fees on
 loans                               $(12)       (3)%    $(40)      (9)%
Interest on
 investment
 securities                             8        16       (48)     (44)
Interest on short-
 term investments                       1        49         1       74
------------------                    ---       ---       ---      ---
        Total interest income          (3)       (1)      (87)     (15)

INTEREST EXPENSE
Interest on deposits                  (17)      (30)      (90)     (72)
Interest on short-
 term borrowings                        -        27        (2)     (96)
Interest on medium-
 and long-term debt                    (5)      (19)      (26)     (51)
-------------------                   ---       ---       ---      ---
        Total interest expense        (22)      (26)     (118)     (66)
        ----------------------        ---       ---      ----      ---
        Net interest income            19         5        31        8
Provision for loan
 losses                               (81)      (32)      (28)     (14)
------------------                    ---       ---       ---      ---
         Net interest income after
         provision for loan losses    100        71        59       32

NONINTEREST INCOME
Service charges on
 deposit accounts                       -         -        (2)      (3)
Fiduciary income                        1         1        (3)      (7)
Commercial lending
 fees                                   1         2         4       21
Letter of credit fees                  (1)       (3)        2       18
Card fees                              (1)       (1)        1       14
Foreign exchange
 income                                (1)       (7)        1        4
Bank-owned life
 insurance                             (1)       (9)        -        -
Brokerage fees                         (1)      (15)       (3)     (35)
Net securities gains                   (8)      (81)      (11)     (86)
Other noninterest
 income                                (9)      (33)      (18)     (48)
-----------------                     ---       ---       ---      ---
        Total noninterest income      (20)       (9)      (29)     (13)

NONINTEREST EXPENSES
Salaries                               (5)       (3)       (2)      (1)
Employee benefits                      (7)      (14)      (11)     (20)
-----------------                     ---       ---       ---      ---
     Total salaries and
      employee benefits               (12)       (6)      (13)      (6)
Net occupancy expense                  (1)       (2)        1        2
Equipment expense                       1         6         1        5
Outside processing
 fee expense                            -         -        (2)      (8)
Software expense                       (1)       (3)        2       10
FDIC insurance
 expense                                2        11         2       11
Other real estate
 expense                              (10)      (45)        5       80
Legal fees                             (3)      (27)        2       18
Litigation and
 operational losses                    (2)      (43)       (1)     (33)
Provision for credit
 losses on lending-
 related commitments                    4       N/M         8      N/M
Other noninterest
 expenses                               1         -         2        9
-----------------                     ---       ---       ---      ---
        Total noninterest expenses    (21)       (5)        7        2
        --------------------------    ---       ---       ---      ---
Income (loss) from
 continuing
 operations before
 income taxes                         101       N/M        23      N/M
Provision (benefit)
 for income taxes                      37        88        (4)     N/M
-------------------                   ---                 ---      ---
Income (loss) from
 continuing
 operations                            64       N/M        27      N/M
Income from
 discontinued
 operations, net of
 tax                                   17       N/M        16      N/M
-------------------                   ---       ---       ---      ---
NET INCOME (LOSS)                      81       N/M        43      N/M
Preferred stock
 dividends                             90       N/M        90      N/M
Income allocated to
 participating
 securities                             -         -         -        -
Net loss attributable
 to common shares                     $(9)    $(14)%     $(47)     N/M%
---------------------                 ---     -----      ----      ---

Basic earnings per
 common share:
      Loss from continuing
       operations                  $(0.15)    (0.36)%  $(0.40)     N/M%
      Net loss                      (0.04)    (0.10)    (0.30)     N/M

Diluted earnings per
 common share:
     Loss from continuing
      operations                    (0.15)    (0.36)    (0.40)     N/M
     Net loss                       (0.04)    (0.10)    (0.30)     N/M

Cash dividends
 declared on common
 stock                                  1        17         2       18
Cash dividends
 declared per common
 share                                  -         -         -        -
--------------------                  ---       ---       ---      ---

N/M - Not meaningful
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)
Comerica Incorporated and Subsidiaries

                                           2010         2009
                                           ----         ----
(in millions)                            1st Qtr  4th Qtr   3rd Qtr
                                         -------  -------   -------

Balance at beginning of period              $985      $953      $880

Loan charge-offs:
    Commercial                                49       113       113
    Real estate construction:
        Commercial Real Estate business
         line (a)                             71        33        63
        Other business lines (b)               3         -         1
          Total real estate construction      74        33        64
    Commercial mortgage:
        Commercial Real Estate business
         line (a)                             16        27        24
        Other business lines (b)              28        25        15
          Total commercial mortgage           44        52        39
    Residential mortgage                       2         6        11
    Consumer                                   8         9         7
    Lease financing                            -         6         6
    International                              7        13         5
    -------------                            ---       ---       ---
        Total loan charge-offs               184       232       245

Recoveries on loans previously
 charged-off:
    Commercial                                 7         7         3
    Real estate construction                   1         -         1
    Commercial mortgage                        3         1         -
    Residential mortgage                       -         -         -
    Consumer                                   -         -         1
    Lease financing                            -         -         -
    International                              -         -         1
        Total recoveries                      11         8         6
Net loan charge-offs                         173       224       239
Provision for loan losses                    175       256       311
Foreign currency translation
 adjustment                                    -         -         1
Balance at end of period                    $987      $985      $953
------------------------                    ----      ----      ----

Allowance for loan losses as a
 percentage of total loans                  2.42%     2.34%     2.19%

Net loan charge-offs as a
 percentage of average total loans          1.68      2.09      2.14

Net credit-related charge-offs as
 a percentage of average total
 loans                                      1.68      2.10      2.14
---------------------------------           ----      ----      ----


                                                       2009
                                                       ----
(in millions)                                 2nd Qtr       1st Qtr
                                              -------       -------

Balance at beginning of period                    $816          $770

Loan charge-offs:
    Commercial                                      88            61
    Real estate construction:
        Commercial Real Estate business
         line (a)                                   81            57
        Other business lines (b)                     -             -
          Total real estate construction            81            57
    Commercial mortgage:
        Commercial Real Estate business
         line (a)                                   23            16
        Other business lines (b)                    23            18
          Total commercial mortgage                 46            34
    Residential mortgage                             2             2
    Consumer                                        12             6
    Lease financing                                 24             -
    International                                    4             1
    -------------                                  ---           ---
        Total loan charge-offs                     257           161

Recoveries on loans previously
 charged-off:
    Commercial                                       5             3
    Real estate construction                         -             -
    Commercial mortgage                              2             -
    Residential mortgage                             -             -
    Consumer                                         -             1
    Lease financing                                  1             -
    International                                    1             -
        Total recoveries                             9             4
Net loan charge-offs                               248           157
Provision for loan losses                          312           203
Foreign currency translation
 adjustment                                          -             -
Balance at end of period                          $880          $816
------------------------                          ----          ----

Allowance for loan losses as a
 percentage of total loans                        1.89%         1.68%

Net loan charge-offs as a
 percentage of average total loans                2.08          1.26

Net credit-related charge-offs as
 a percentage of average total
 loans                                            2.08          1.26
---------------------------------                 ----          ----

(a) Primarily charge-offs of loans to real estate investors and
developers.
(b) Primarily charge-offs of loans secured by owner-occupied real estate.
ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED
COMMITMENTS (unaudited)
Comerica Incorporated and Subsidiaries

                                              2010       2009
                                              ----       ----
(in millions)                             1st Qtr  4th Qtr  3rd Qtr
-------------                             -------  -------  -------

Balance at beginning of period                 $37      $35      $33
Less: Charge-offs on lending-related
 commitments (a)                                 -        1        -
Add: Provision for credit losses on
 lending-related commitments                     7        3        2
Balance at end of period                       $44      $37      $35
------------------------                       ---      ---      ---

Unfunded lending-related commitments sold       $-       $3       $1
-----------------------------------------      ---      ---      ---


                                                        2009
                                                        ----
(in millions)                                   2nd Qtr       1st Qtr
-------------                                   -------       -------

Balance at beginning of period                       $37           $38
Less: Charge-offs on lending-related
 commitments (a)                                       -             -
Add: Provision for credit losses on
 lending-related commitments                          (4)           (1)
Balance at end of period                             $33           $37
------------------------                             ---           ---

Unfunded lending-related commitments sold             $-            $-
-----------------------------------------            ---           ---

(a) Charge-offs result from the sale of unfunded lending-related
commitments.
NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries

                                        2010          2009
                                        ----          ----
(in millions)                          1st Qtr  4th Qtr   3rd Qtr
-------------                          -------    ----     ----

SUMMARY OF NONPERFORMING ASSETS
 AND PAST DUE LOANS
Nonaccrual loans:
    Commercial                            $209     $238     $290
    Real estate construction:
        Commercial Real Estate
         business line (a)               516      507      542
        Other business lines
         (b)                               3        4        4
            Total real estate
             construction                519      511      546
    Commercial mortgage:
        Commercial Real Estate
         business line (a)               105      127      137
        Other business lines
         (b)                             226      192      161
            Total commercial
             mortgage                    331      319      298
    Residential mortgage                  58       50       27
    Consumer                              13       12        8
    Lease financing                       11       13       18
    International                          4       22        7
            Total nonaccrual loans     1,145    1,165    1,194
Reduced-rate loans                        17       16        2
            Total nonperforming
             loans                     1,162    1,181    1,196
Foreclosed property                       89      111      109
            Total nonperforming
             assets                   $1,251   $1,292   $1,305
            -------------------       ------   ------   ------

Nonperforming loans as
 a percentage of total
 loans                                  2.85%    2.80%    2.74%

Nonperforming assets
 as a percentage of
 total loans and
 foreclosed property                    3.06     3.06     2.99

Allowance for loan
 losses as a
 percentage of total
 nonperforming loans                      85       83       80
Loans past due 90 days
 or more and still
 accruing                                $83     $101     $161



ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at
 beginning of period                  $1,165   $1,194   $1,130
     Loans transferred to
      nonaccrual (c)                     245      266      361
     Nonaccrual business
      loan gross charge-
      offs (d)                          (174)    (217)    (226)
     Loans transferred to
      accrual status (c)                   -        -       (4)
     Nonaccrual business
      loans sold (e)                     (44)     (10)     (41)
     Payments/Other (f)                  (47)     (68)     (26)
Nonaccrual loans at
 end of period                        $1,145   $1,165   $1,194
-------------------                   ------   ------   ------

(a) Primarily loans to real estate investors and developers.
(b) Primarily loans secured by owner-occupied real estate.
(c) Based on an analysis of nonaccrual loans with book
 balances greater than $2 million.
(d) Analysis of gross loan charge-offs:

      Nonaccrual business
       loans                            $174     $217     $226
      Performing watch list
       loans                               -        -        1
      Consumer and
       residential mortgage
       loans                              10       15       18
                                         ---      ---      ---
         Total gross loan charge-offs   $184     $232     $245
                                        ----
(e) Analysis of loans sold:

      Nonaccrual business
       loans                             $44      $10      $41
      Performing watch list
       loans                              12        1       24
                                         ---      ---      ---
         Total loans sold                $56      $11      $65
         ----------------                ---      ---      ---


                                                     2009
                                                     ----
(in millions)                                  2nd Qtr  1st Qtr
-------------                                  -------  -------

SUMMARY OF NONPERFORMING ASSETS AND PAST DUE
 LOANS
Nonaccrual loans:
    Commercial                                    $327     $258
    Real estate construction:
        Commercial Real Estate business line
         (a)                                       472      426
        Other business lines (b)                     4        5
            Total real estate construction         476      431
    Commercial mortgage:
        Commercial Real Estate business line
         (a)                                       134      131
        Other business lines (b)                   175      138
            Total commercial mortgage              309      269
    Residential mortgage                             7        8
    Consumer                                         7        8
    Lease financing                                  -        2
    International                                    4        6
            Total nonaccrual loans               1,130      982
Reduced-rate loans                                   -        -
            Total nonperforming loans            1,130      982
Foreclosed property                                100       91
            Total nonperforming assets          $1,230   $1,073
            --------------------------          ------   ------

Nonperforming loans as a percentage of
 total loans                                      2.43%    2.02%

Nonperforming assets as a percentage
 of total loans and foreclosed
 property                                         2.64     2.20

Allowance for loan losses as a
 percentage of total nonperforming
 loans                                              78       83
Loans past due 90 days or more and
 still accruing                                   $210     $207



ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of
 period                                           $982     $917
     Loans transferred to nonaccrual (c)           419      241
     Nonaccrual business loan gross charge-
      offs (d)                                    (242)    (153)
     Loans transferred to accrual status (c)         -       (4)
     Nonaccrual business loans sold (e)            (10)      (3)
     Payments/Other (f)                            (19)     (16)
Nonaccrual loans at end of period               $1,130     $982
---------------------------------               ------     ----

(a) Primarily loans to real estate investors and developers.
(b) Primarily loans secured by owner-occupied real estate.
(c) Based on an analysis of nonaccrual loans with book balances
 greater than $2 million.
(d) Analysis of gross loan charge-offs:

      Nonaccrual business loans                   $242     $153
      Performing watch list loans                    1        -
      Consumer and residential mortgage
       loans                                        14        8
                                                   ---      ---
         Total gross loan charge-offs             $257     $161
                                              
(e) Analysis of loans sold:

      Nonaccrual business loans                    $10       $3
      Performing watch list loans                    6        -
                                                   ---      ---
         Total loans sold                          $16       $3
         ----------------                          ---      ---

(f) Includes net changes related to nonaccrual loans with balances
less than $2 million, payments on nonaccrul loans with book balances
greater than $2 million and transfers of nonaccrual loans to
foreclosed property. Excludes business loan gross charge-offs and
business nonaccrual loans sold.
ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)
Comerica Incorporated and Subsidiaries

                                             Three Months Ended
                                             ------------------
                                               March 31, 2010
                                               --------------
                                       Average               Average
(dollar amounts in millions)           Balance   Interest      Rate
----------------------------           -------   --------      ----

Commercial loans                       $21,015       $205   3.96%
Real estate construction loans           3,386         25   2.95
Commercial mortgage loans               10,387        107   4.18
Residential mortgage loans               1,632         22   5.41
Consumer loans                           2,481         22   3.58
Lease financing                          1,130         11   3.75
International loans                      1,282         12   3.93
Business loan swap income                    -          8      -
                                           ---        ---    ---
  Total loans                           41,313        412   4.04

Auction-rate securities available-
 for-sale                                  879          2   0.93
Other investment securities
 available-for-sale                      6,503         60   3.72
                                         -----        ---   ----
  Total investment securities
   available-for-sale                    7,382         62   3.38

Federal funds sold and securities
 purchased under agreements to
 resell                                      -          -      -
Interest-bearing deposits with
 banks (a)                               4,122          2   0.25
Other short-term investments               124          1   1.75
                                           ---        ---   ----
  Total earning assets                  52,941        477   3.65

Cash and due from banks                    788
Allowance for loan losses              (1,058)
Accrued income and other assets          4,848
                                         -----
  Total assets                         $57,519
                                       -------

Money market and NOW deposits          $15,055         12   0.32
Savings deposits                         1,384          -   0.07
Customer certificates of deposit         6,173         15   1.02
                                         -----        ---   ----
  Total interest-bearing core
   deposits                             22,612         27   0.50
Other time deposits                        877          8   3.53
Foreign office time deposits               458          -   0.21
                                           ---        ---   ----
  Total interest-bearing deposits       23,947         35   0.60

Short-term borrowings                      234          -   0.11
Medium- and long-term debt              10,775         26   0.95
                                        ------        ---   ----
  Total interest-bearing sources        34,956         61   0.71
                                                      ---   ----

Noninterest-bearing deposits            14,624
Accrued expenses and other
 liabilities                             1,075
Total shareholders' equity               6,864
                                         -----
  Total liabilities and shareholders'
   equity                              $57,519
                                       -------

Net interest income/rate spread
 (FTE)                                               $416   2.94
                                                     ----

FTE adjustment                                         $1
                                                      ---

Impact of net noninterest-bearing
 sources of funds                                           0.24
                                                            ----
Net interest margin (as a
 percentage of average earning
 assets) (FTE) (a)                                          3.18%
------------------------------                              ----


                                             Three Months Ended
                                             ------------------
                                             December 31, 2009
                                             -----------------
                                       Average               Average
(dollar amounts in millions)           Balance   Interest      Rate
----------------------------           -------   --------      ----

Commercial loans                       $21,971       $212   3.84%
Real estate construction loans           3,703         27   2.90
Commercial mortgage loans               10,393        110   4.19
Residential mortgage loans               1,664         21   5.01
Consumer loans                           2,517         23   3.59
Lease financing                          1,181         11   3.80
International loans                      1,324         12   3.73
Business loan swap income                    -          9      -
                                           ---        ---    ---
  Total loans                           42,753        425   3.95

Auction-rate securities available-
 for-sale                                  923          3   1.37
Other investment securities
 available-for-sale                      7,664         51   2.67
                                         -----        ---   ----
  Total investment securities
   available-for-sale                    8,587         54   2.53

Federal funds sold and securities
 purchased under agreements to
 resell                                      1          -   0.29
Interest-bearing deposits with
 banks (a)                               2,480          1   0.25
Other short-term investments               132          1   1.55
                                           ---        ---   ----
  Total earning assets                  53,953        481   3.55

Cash and due from banks                    831
Allowance for loan losses              (1,048)
Accrued income and other assets          4,660
                                         -----
  Total assets                         $58,396
                                       -------

Money market and NOW deposits          $14,113         14   0.39
Savings deposits                         1,376          -   0.08
Customer certificates of deposit         6,823         25   1.42
                                         -----        ---   ----
  Total interest-bearing core
   deposits                             22,312         39   0.69
Other time deposits                      1,493         12   3.22
Foreign office time deposits               550          -   0.22
                                           ---        ---   ----
  Total interest-bearing deposits       24,355         51   0.83

Short-term borrowings                      222          -   0.09
Medium- and long-term debt              11,140         32   1.12
                                        ------        ---   ----
  Total interest-bearing sources        35,717         83   0.92
                                                      ---   ----

Noninterest-bearing deposits            14,430
Accrued expenses and other
 liabilities                             1,225
Total shareholders' equity               7,024
                                         -----
  Total liabilities and shareholders'
   equity                              $58,396
                                       -------

Net interest income/rate spread
 (FTE)                                               $398   2.63
                                                     ----

FTE adjustment                                         $2
                                                      ---

Impact of net noninterest-bearing
 sources of funds                                           0.31
                                                            ----
Net interest margin (as a
 percentage of average earning
 assets) (FTE) (a)                                          2.94%
------------------------------                              ----


                                           Three Months Ended
                                           ------------------
                                               March 31, 2009
                                               --------------
                                       Average               Average
(dollar amounts in millions)           Balance   Interest      Rate
----------------------------           -------   --------      ----

Commercial loans                       $27,180       $228   3.39%
Real estate construction loans           4,510         33   2.99
Commercial mortgage loans               10,431        109   4.22
Residential mortgage loans               1,846         26   5.66
Consumer loans                           2,574         24   3.79
Lease financing                          1,300          9   2.82
International loans                      1,715         16   3.85
Business loan swap income                    -          8      -
                                           ---        ---    ---
  Total loans                           49,556        453   3.70

Auction-rate securities available-
 for-sale                                1,108          5   1.71
Other investment securities
 available-for-sale                      9,018        105   4.82
                                         -----        ---   ----
  Total investment securities
   available-for-sale                   10,126        110   4.46

Federal funds sold and securities
 purchased under agreements to
 resell                                     57          -   0.32
Interest-bearing deposits with
 banks (a)                               1,848          1   0.23
Other short-term investments               165          1   1.67
                                           ---        ---   ----
  Total earning assets                  61,752        565   3.71

Cash and due from banks                    950
Allowance for loan losses                 (832)
Accrued income and other assets          4,867
                                         -----
  Total assets                         $66,737
                                       -------

Money market and NOW deposits          $12,334         19   0.63
Savings deposits                         1,278          1   0.18
Customer certificates of deposit         8,856         58   2.67
                                         -----        ---   ----
  Total interest-bearing core
   deposits                             22,468         78   1.41
Other time deposits                      6,280         46   3.01
Foreign office time deposits               670          1   0.42
                                           ---        ---   ----
  Total interest-bearing deposits       29,418        125   1.73

Short-term borrowings                    2,362          2   0.29
Medium- and long-term debt              14,924         52   1.40
                                        ------        ---   ----
  Total interest-bearing sources        46,704        179   1.55
                                                      ---   ----

Noninterest-bearing deposits            11,364
Accrued expenses and other
 liabilities                             1,514
Total shareholders' equity               7,155
                                         -----
  Total liabilities and shareholders'
   equity                              $66,737
                                       -------

Net interest income/rate spread
 (FTE)                                               $386   2.16
                                                     ----

FTE adjustment                                         $2
                                                      ---

Impact of net noninterest-bearing
 sources of funds                                           0.37
                                                            ----
Net interest margin (as a
 percentage of average earning
 assets) (FTE) (a)                                          2.53%
------------------------------                              ----

(a) Excess liquidity, represented by average balances deposited with
the Federal Reserve Bank, reduced the net interest margin by 24
basis points in the first quarter of 2010, and by 13 basis points
and 7 basis points in the fourth and first quarters of 2009,
respectively.  Excluding excess liquidity, the net interest margin
would have been 3.42%, 3.07% and 2.60% in each respective period.
See Reconciliation of Non-GAAP Financial Measures.
CONSOLIDATED STATISTICAL DATA (unaudited)
Comerica Incorporated and Subsidiaries

                                          March  December  September
(in millions, except per share              31,     31,       30,
 data)                                     2010     2009     2009
------------------------------             ----     ----     ----

Commercial loans:
     Floor plan                          $1,351   $1,367     $857
     Other                               19,405   20,323   21,689
     -----                               ------   ------   ------
       Total commercial loans           20,756   21,690   22,546
Real estate construction loans:
     Commercial Real Estate business
      line (a)                           2,741    2,988    3,328
     Other business lines (b)              461      473      542
     ------------------------              ---      ---      ---
        Total real estate construction
        loans                            3,202    3,461    3,870
Commercial mortgage loans:
     Commercial Real Estate business
      line (a)                           1,880    1,824    1,678
     Other business lines (b)            8,478    8,633    8,702
     ------------------------            -----    -----    -----
        Total commercial mortgage
        loans                           10,358   10,457   10,380
Residential mortgage loans               1,631    1,651    1,679
Consumer loans:
     Home equity                         1,769    1,803    1,804
     Other consumer                        703      708      740
     --------------                        ---      ---      ---
       Total consumer loans              2,472    2,511    2,544

Lease financing                          1,120    1,139    1,197
International loans                      1,306    1,252    1,355
-------------------                      -----    -----    -----
       Total loans                     $40,845  $42,161  $43,571
       -----------                     -------  -------  -------

Goodwill                                  $150     $150     $150
Loan servicing rights                        6        7        8

Tier 1 common capital ratio (c) (d)       9.58%    8.18%    8.04%
Tier 1 risk-based capital ratio (d)      10.40    12.46    12.21
Total risk-based capital ratio (d)       14.93    16.93    16.79
Leverage ratio (d)                       11.00    13.25    12.46
Tangible common equity ratio (c)          9.68     7.99     7.96

Book value per common share             $32.15   $32.27   $32.36
Market value per share for the
 quarter:
     High                                39.36    32.30    31.83
     Low                                 29.68    26.49    19.94
     Close                               38.04    29.57    29.67

Quarterly ratios:
     Return on average common
      shareholders' equity              (5.61)%  (5.10)%  (1.27)%
     Return on average assets             0.36    (0.19)    0.12
     Efficiency ratio                    66.45    70.68    67.14

Number of banking centers                  449      447      444

Number of employees -full time
 equivalent                              9,215    9,330    9,384


                                           June      March
(in millions, except per share             30,       31,
 data)                                     2009     2009
------------------------------             ----     ----

Commercial loans:
     Floor plan                          $1,492   $1,763
     Other                               23,430   24,668
     -----                               ------   ------
       Total commercial loans           24,922   26,431
Real estate construction loans:
     Commercial Real Estate business
      line (a)                           3,500    3,711
     Other business lines (b)              652      668
     ------------------------              ---      ---
        Total real estate construction
        loans                            4,152    4,379
Commercial mortgage loans:
     Commercial Real Estate business
      line (a)                           1,728    1,659
     Other business lines (b)            8,672    8,855
     ------------------------            -----    -----
        Total commercial mortgage
        loans                           10,400   10,514
Residential mortgage loans               1,759    1,836
Consumer loans:
     Home equity                         1,801    1,791
     Other consumer                        761      786
     --------------                        ---      ---
       Total consumer loans              2,562    2,577

Lease financing                          1,234    1,232
International loans                      1,523    1,655
-------------------                      -----    -----
       Total loans                     $46,552  $48,624
       -----------                     -------  -------

Goodwill                                  $150     $150
Loan servicing rights                        9       10

Tier 1 common capital ratio (c) (d)       7.66%    7.32%
Tier 1 risk-based capital ratio (d)      11.58    11.06
Total risk-based capital ratio (d)       15.97    15.36
Leverage ratio (d)                       12.11    11.65
Tangible common equity ratio (c)          7.55     7.27

Book value per common share             $32.78   $33.40
Market value per share for the
 quarter:
     High                                26.47    21.20
     Low                                 16.03    11.72
     Close                               21.15    18.31

Quarterly ratios:
     Return on average common
      shareholders' equity              (1.25)%  (1.90)%
     Return on average assets             0.11     0.06
     Efficiency ratio                    72.75    66.61

Number of banking centers                  441      440

Number of employees -full time
 equivalent                              9,497    9,696

(a) Primarily loans to real estate investors and developers.
(b) Primarily loans secured by owner-occupied real estate.
(c) See Reconciliation of Non-GAAP Financial Measures.
(d) March 31, 2010 ratios are estimated.
PARENT COMPANY ONLY BALANCE SHEETS (unaudited)
Comerica Incorporated

                                            March   December
                                             31,       31,     March 31,
(in millions, except share data)            2010       2009        2009
--------------------------------            ----       ----        ----

ASSETS
Cash and due from subsidiary bank            $14         $5         $15
Short-term investments with subsidiary
 bank                                        651      2,150       2,229
Other short-term investments                  86         86          75
Investment in subsidiaries, principally
 banks                                     5,818      5,710       5,780
Premises and equipment                         4          4           4
Other assets                                 206        186         216
      Total assets                        $6,779     $8,141      $8,319
      ------------                        ------     ------      ------

LIABILITIES AND SHAREHOLDERS' EQUITY
Medium- and long-term debt                  $989       $986        $999
Other liabilities                            122        126         137
      Total liabilities                    1,111      1,112       1,136

Fixed rate cumulative perpetual
 preferred stock, series F, no par
 value, $1,000 liquidation preference
 per share:
    Authorized -2,250,000 shares at
     12/31/09 and 3/31/09 
    Issued  - 2,250,000 shares at 12/31/09 
     and 3/31/09                               -      2,151       2,134
Common stock - $5 par value:
    Authorized -325,000,000 shares 
    Issued - 203,878,110 shares at 3/31/10 
     and 178,735,252 shares at 12/31/09 
     and 3/31/09                           1,019        894         894
Capital surplus                            1,468        740         727
Accumulated other comprehensive loss        (303)      (336)       (238)
Retained earnings                          5,064      5,161       5,252
Less cost of common stock in treasury -
 27,575,283 shares at 3/31/10,
 27,555,623 shares at 12/31/09 and
 27,580,899 shares at 3/31/09             (1,580)    (1,581)     (1,586)
      Total shareholders' equity           5,668      7,029       7,183
      Total liabilities and shareholders'
       equity                             $6,779     $8,141      $8,319
      ----------------------------------- ------     ------      ------
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
Comerica Incorporated and Subsidiaries

                                            Common Stock
                                            ------------
(in millions, except per     Preferred    Shares             Capital
 share data)                   Stock    Outstanding  Amount  Surplus
------------------------       -----    -----------  ------  -------

BALANCE AT DECEMBER 31, 2008    $2,129        150.5     $894    $722
Net income                           -            -        -       -
Other comprehensive income,
 net of tax                          -            -        -       -
Total comprehensive income
Cash dividends declared on
 preferred stock                     -            -        -       -
Cash dividends declared on
 common stock ($0.05 per
 share)                              -            -        -       -
Accretion of discount on
 preferred stock                     5            -        -       -
Net issuance of common stock
 under employee stock plans          -          0.7        -     (12)
Share-based compensation             -            -        -      11
Other                                -            -        -       6
-----                              ---          ---      ---     ---
BALANCE AT MARCH 31, 2009       $2,134        151.2     $894    $727
-------------------------       ------        -----     ----    ----

BALANCE AT DECEMBER 31, 2009    $2,151        151.2     $894    $740
Net income                           -            -        -       -
Other comprehensive income,
 net of tax                          -            -        -       -
Total comprehensive income
Cash dividends declared on
 preferred stock                     -            -        -       -
Cash dividends declared on
 common stock ($0.05 per
 share)                              -            -        -       -
Purchase of common stock             -            -        -       -
Issuance of common stock             -         25.1      125     724
Redemption of preferred
 stock                          (2,250)           -        -       -
Redemption discount
 accretion on preferred
 stock                              94            -        -       -
Accretion of discount on
 preferred stock                     5            -        -       -
Net issuance of common stock
 under employee stock plans          -            -        -       -
Share-based compensation             -            -        -       4
Other                                -            -        -       -
BALANCE AT MARCH 31, 2010           $-        176.3   $1,019  $1,468
-------------------------          ---        -----   ------  ------


                     Accumulated
(in millions,           Other                               Total
 except per share   Comprehensive  Retained  Treasury   Shareholders'
 data)                   Loss      Earnings   Stock         Equity
-----------------        ----      --------   -----         ------

BALANCE AT DECEMBER
 31, 2008                   $(309)   $5,345    $(1,629)        $7,152
Net income                      -         9          -              9
Other comprehensive
 income, net of tax            71         -          -             71
                                                                  ---
Total comprehensive
 income                                                            80
Cash dividends
 declared on
 preferred stock                -       (57)         -            (57)
Cash dividends
 declared on common
 stock ($0.05 per
 share)                         -        (7)         -             (7)
Accretion of
 discount on
 preferred stock                -        (5)         -              -
Net issuance of
 common stock under
 employee stock
 plans                          -       (33)        43             (2)
Share-based
 compensation                   -         -          -             11
Other                           -         -          -              6
-----                         ---       ---        ---
BALANCE AT MARCH
 31, 2009                   $(238)   $5,252    $(1,586)        $7,183
----------------            -----    ------    -------         ------

BALANCE AT DECEMBER
 31, 2009                   $(336)   $5,161    $(1,581)        $7,029
Net income                      -        52          -             52
Other comprehensive
 income, net of tax            33         -          -             33
                                                                  ---
Total comprehensive
 income                                                            85
Cash dividends
 declared on
 preferred stock                -       (38)         -            (38)
Cash dividends
 declared on common
 stock ($0.05 per
 share)                         -        (9)         -             (9)
Purchase of common
 stock                          -         -         (2)            (2)
Issuance of common
 stock                          -         -          -            849
Redemption of
 preferred stock                -         -          -         (2,250)
Redemption discount
 accretion on
 preferred stock                -       (94)         -              -
Accretion of
 discount on
 preferred stock                -        (5)         -              -
Net issuance of
 common stock under
 employee stock
 plans                          -        (3)         3              -
Share-based
 compensation                   -         -          -              4
Other                           -         -          -              -
BALANCE AT MARCH
 31, 2010                   $(303)   $5,064    $(1,580)        $5,668
----------------            -----    ------    -------         ------
BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries

                            
(dollar amounts in millions)                             Wealth &
Three Months Ended March 31,    Business  Retail      Institutional
 2010                             Bank     Bank         Management
----------------------------      ----     ----         ----------
Earnings summary:
Net interest income (expense)
 (FTE)                              $341     $130            $42
Provision for loan losses            137       31             12
Noninterest income                    76       44             60
Noninterest expenses                 162      154             73
Provision (benefit) for income
 taxes (FTE)                          29       (4)             6
Income from discontinued
 operations, net of tax                -        -              -
Net income (loss)                    $89      $(7)           $11
                                     ---      ---            ---
Net credit-related charge-offs      $137      $26            $10

Selected average balances:
Assets                           $31,293   $6,106         $4,862
Loans                             30,918    5,599          4,789
Deposits                          17,750   16,718          2,791
Liabilities                       17,711   16,678          2,777
Attributed equity                  3,159      589            357

Statistical data:
Return on average assets (a)        1.13%  (0.17)%          0.92%
Return on average attributed
 equity                            11.24    (4.86)         12.50
Net interest margin (b)             4.48     3.18           3.53
Efficiency ratio                   38.72    88.44          73.18

(dollar amounts in millions)
Three Months Ended March 31,
 2010                            Finance      Other        Total
----------------------------     -------      -----        -----
Earnings summary:
Net interest income (expense)
 (FTE)                             $(105)         $8         $416
Provision for loan losses              -          (5)         175
Noninterest income                    12           2          194
Noninterest expenses                   2          13          404
Provision (benefit) for income
 taxes (FTE)                         (36)          1           (4)
Income from discontinued
 operations, net of tax                -          17           17
Net income (loss)                   $(59)        $18          $52
                                    ----         ---          ---
Net credit-related charge-offs        $-          $-         $173

Selected average balances:
Assets                            $9,416      $5,842      $57,519
Loans                                  9          (2)      41,313
Deposits                           1,218          94       38,571
Liabilities                       12,601         888       50,655
Attributed equity                    919       1,840        6,864

Statistical data:
Return on average assets (a)         N/M         N/M         0.36%
Return on average attributed
 equity                              N/M         N/M        (5.61)
Net interest margin (b)              N/M         N/M         3.18
Efficiency ratio                     N/M         N/M        66.45
                                     ---         ---        -----


                                                        Wealth &
Three Months Ended December 31,  Business  Retail     Institutional
 2009                              Bank     Bank       Management
-------------------------------    ----     ----       ----------
Earnings summary:
Net interest income (expense)
 (FTE)                              $343     $129            $42
Provision for loan losses            179       36             19
Noninterest income                    77       48             60
Noninterest expenses                 165      161             76
Provision (benefit) for income
 taxes (FTE)                          11       (8)             2
Income from discontinued
 operations, net of tax                -        -              -
Net income (loss)                    $65     $(12)            $5
                                     ---     ----            ---
Net credit-related charge-offs      $183      $30            $12

Selected average balances:
Assets                           $32,655   $6,257         $4,841
Loans                             32,289    5,733          4,746
Deposits                          16,944   17,020          2,849
Liabilities                       16,903   16,978          2,837
Attributed equity                  3,376      606            373

Statistical data:
Return on average assets (a)        0.80%  (0.27)%          0.38%
Return on average attributed
 equity                             7.70    (7.76)          4.91
Net interest margin (b)             4.21     3.02           3.50
Efficiency ratio                   39.22    90.98          75.98
----------------

Three Months Ended December 31,
 2009                            Finance      Other        Total
-------------------------------  -------      -----        -----
Earnings summary:
Net interest income (expense)
 (FTE)                             $(125)         $9         $398
Provision for loan losses              -          22          256
Noninterest income                    26           3          214
Noninterest expenses                   2          21          425
Provision (benefit) for income
 taxes (FTE)                         (39)         (6)         (40)
Income from discontinued
 operations, net of tax                -           -            -
Net income (loss)                   $(62)       $(25)        $(29)
                                    ----        ----         ----
Net credit-related charge-offs        $-          $-         $225

Selected average balances:
Assets                           $10,683      $3,960      $58,396
Loans                                  -         (15)      42,753
Deposits                           1,892          80       38,785
Liabilities                       13,722         932       51,372
Attributed equity                    899       1,770        7,024

Statistical data:
Return on average assets (a)         N/M         N/M       (0.19)%
Return on average attributed
 equity                              N/M         N/M        (5.10)
Net interest margin (b)              N/M         N/M         2.94
Efficiency ratio                     N/M         N/M        70.68
----------------                     ---         ---        -----

                                                        Wealth &
Three Months Ended March 31,    Business  Retail     Institutional
 2009                             Bank     Bank        Management
----------------------------      ----     ----        ----------
Earnings summary:
Net interest income (expense)
 (FTE)                              $312     $126            $36
Provision for loan losses            177       23             10
Noninterest income                    93       46             70
Noninterest expenses                 157      161             75
Provision (benefit) for income
 taxes (FTE)                          15       (5)             8
Income from discontinued
 operations, net of tax                -        -              -
Net income (loss)                    $56      $(7)           $13
                                     ---      ---            ---
Net credit-related charge-offs      $123      $26             $8

Selected average balances:
Assets                           $39,505   $6,875         $4,870
Loans                             38,527    6,284          4,750
Deposits                          14,040   17,391          2,429
Liabilities                       14,372   17,367          2,418
Attributed equity                  3,345      658            340

Statistical data:
Return on average assets (a)        0.57%  (0.16)%          1.10%
Return on average attributed
 equity                             6.78    (4.48)         15.80
Net interest margin (b)             3.28     2.93           3.11
Efficiency ratio                   38.55    94.01          74.09
----------------                   -----    -----          -----

Three Months Ended March 31,
 2009                            Finance      Other        Total
----------------------------     -------      -----        -----
Earnings summary:
Net interest income (expense)
 (FTE)                              $(99)        $11         $386
Provision for loan losses              -          (7)         203
Noninterest income                    20          (6)         223
Noninterest expenses                   4           -          397
Provision (benefit) for income
 taxes (FTE)                         (33)         16            1
Income from discontinued
 operations, net of tax                -           1            1
Net income (loss)                   $(50)        $(3)          $9
                                    ----         ---          ---
Net credit-related charge-offs        $-          $-         $157

Selected average balances:
Assets                           $12,703      $2,784      $66,737
Loans                                 (4)         (1)      49,556
Deposits                           6,786         136       40,782
Liabilities                       24,914         511       59,582
Attributed equity                  1,177       1,635        7,155

Statistical data:
Return on average assets (a)         N/M         N/M         0.06%
Return on average attributed
 equity                              N/M         N/M        (1.90)
Net interest margin (b)              N/M         N/M         2.53
Efficiency ratio                     N/M         N/M        66.61
----------------                     ---         ---        -----

(a) Return on average assets is calculated based on the greater of
average assets or average liabilities and attributed equity.
(b) Net interest margin is calculated based on the greater of average
earning assets or average deposits and purchased funds.
FTE - Fully Taxable Equivalent
N/M – Not Meaningful
MARKET SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries

(dollar amounts in millions)
Three Months Ended March 31,
 2010                           Midwest  Western  Texas   Florida
----------------------------    -------  -------  -----   -------
Earnings summary:
Net interest income (expense)
 (FTE)                             $205     $161     $79      $10
Provision for loan losses            81       59      17        3
Noninterest income                  102       36      20        3
Noninterest expenses                186      105      60        9
Provision (benefit) for income
 taxes (FTE)                         14       11       8
Income from discontinued
 operations,
  net of tax                          -        -       -        -
Net income (loss)                   $26      $22     $14       $1
                                    ---      ---     ---      ---
Net credit-related charge-offs      $55      $64     $25      $10

Selected average balances:
Assets                          $15,573  $13,175  $6,892   $1,576
Loans                            15,332   12,980   6,704    1,576
Deposits                         17,068   11,927   4,957      361
Liabilities                      17,044   11,846   4,941      347
Attributed equity                 1,446    1,315     670      164

Statistical data:
Return on average assets (a)      0.55 %   0.67 %  0.84 %   0.17 %
Return on average attributed
 equity                            7.09     6.68    8.66     1.60
Net interest margin (b)            4.86     5.04    4.79     2.54
Efficiency ratio                  60.64    53.08   60.36    72.04
----------------

                            
(dollar amounts in millions)              Finance
Three Months Ended March 31,  Other       & Other
 2010                         Markets  International  Businesses   Total
----------------------------  -------  -------------  ----------   -----
Earnings summary:
Net interest income (expense)
 (FTE)                          $40            $18         $(97)    $416
Provision for loan losses        23             (3)          (5)     175
Noninterest income               10              9           14      194
Noninterest expenses             21              8           15      404
Provision (benefit) for
 income taxes (FTE)             (10)             8          (35)      (4)
Income from discontinued
 operations,
  net of tax                      -              -           17       17
Net income (loss)               $16            $14         $(41)     $52
                                ---            ---         ----      ---
Net credit-related charge-
 offs                           $14             $5           $-     $173

Selected average balances:
Assets                       $3,417         $1,628      $15,258  $57,519
Loans                         3,126          1,588            7   41,313
Deposits                      1,973            973        1,312   38,571
Liabilities                   2,010            978       13,489   50,655
Attributed equity               352            158        2,759    6,864

Statistical data:
Return on average assets (a)   1.85 %         3.50 %        N/M     0.36%
Return on average attributed
 equity                       17.97          36.09          N/M    (5.61)
Net interest margin (b)        5.23           4.64          N/M     3.18
Efficiency ratio              43.87          29.12          N/M    66.45
----------------                                           --



Three Months Ended December 31,
 2009                           Midwest  Western  Texas   Florida
------------------------------- -------  -------  -----   -------
Earnings summary:
Net interest income (expense)
 (FTE)                             $205     $163     $78      $10
Provision for loan losses           101       79      20        -
Noninterest income                  106       33      23        3
Noninterest expenses                194      110      61        9
Provision (benefit) for income
 taxes (FTE)                          4                7        1
Income from discontinued
 operations,
  net of tax                          -        -       -        -
Net income (loss)                   $12       $7     $13       $3
                                    ---      ---     ---      ---
Net credit-related charge-offs      $97      $85     $13       $4

Selected average balances:
Assets                          $16,090  $13,484  $7,118   $1,608
Loans                            15,811   13,289   6,934    1,613
Deposits                         17,200   11,899   4,737      333
Liabilities                      17,185   11,817   4,723      318
Attributed equity                 1,529    1,386     691      176

Statistical data:
Return on average assets (a)      0.26 %   0.21 %  0.75 %   0.63 %
Return on average attributed
 equity                            3.17     2.00    7.73     5.72
Net interest margin (b)            4.73     4.85    4.46     2.57
Efficiency ratio                  62.55    56.08   60.22    69.94
----------------


                                          Finance
Three Months Ended December   Other      & Other
 31, 2009                    Markets   International  Businesses   Total
---------------------------  -------   -------------  ----------   -----
Earnings summary:
Net interest income
 (expense) (FTE)                $40            $18        $(116)    $398
Provision for loan losses        15             19           22      256
Noninterest income               11              9           29      214
Noninterest expenses             20              8           23      425
Provision (benefit) for
 income taxes (FTE)              (7)                        (45)     (40)
Income from discontinued
 operations,
  net of tax                      -              -            -        -
Net income (loss)               $23             $-         $(87)    $(29)
                                ---            ---         ----     ----
Net credit-related charge-
 offs                           $13            $13           $-     $225

Selected average balances:
Assets                       $3,765         $1,688      $14,643  $58,396
Loans                         3,458          1,663          (15)  42,753
Deposits                      1,705            939        1,972   38,785
Liabilities                   1,747            928       14,654   51,372
Attributed equity               401            172        2,669    7,024

Statistical data:
Return on average assets (a)   2.41 %         0.06 %         N/M   (0.19)%
Return on average attributed
 equity                       22.60           0.58          N/M    (5.10)
Net interest margin (b)        4.57           4.22          N/M     2.94
Efficiency ratio              40.93          28.74          N/M    70.68
----------------                                                 --


Three Months Ended March 31,
 2009                           Midwest  Western  Texas   Florida
----------------------------    -------  -------  -----   -------
Earnings summary:
Net interest income (expense)
 (FTE)                             $194     $146     $70      $11
Provision for loan losses            83       88       9       15
Noninterest income                  127       36      21        3
Noninterest expenses                194      104      58        8
Provision (benefit) for income
 taxes (FTE)                         15       (3)      9       (3)
Income from discontinued
 operations,
  net of tax                          -        -       -        -
Net income (loss)                   $29      $(7)    $15      $(6)
                                    ---      ---     ---      ---
Net credit-related charge-offs      $54      $76      $8      $12

Selected average balances:
Assets                          $19,139  $15,443  $8,069   $1,869
Loans                            18,267   15,253   7,847    1,878
Deposits                         16,697   10,640   4,198      253
Liabilities                      17,012   10,571   4,212      245
Attributed equity                 1,604    1,375     679      152

Statistical data:
Return on average assets (a)      0.62 %  (0.18)%  0.72 %  (1.29)%
Return on average attributed
 equity                            7.45    (1.98)   8.53   (15.87)
Net interest margin (b)            4.30     3.91    3.62     2.31
Efficiency ratio                  60.06    57.17   64.43    61.06
----------------                                       -        -


                                          Finance
Three Months Ended March 31,  Other      & Other
 2009                        Markets   International   Businesses  Total
---------------------------- -------   -------------   ----------  -----
Earnings summary:
Net interest income
 (expense) (FTE)                $39            $14         $(88)    $386
Provision for loan losses        15              -           (7)     203
Noninterest income               14              8           14      223
Noninterest expenses             21              8            4      397
Provision (benefit) for
 income taxes (FTE)              (5)             5          (17)       1
Income from discontinued
 operations,
  net of tax                      -              -            1        1
Net income (loss)               $22             $9         $(53)      $9
                                ---            ---         ----      ---
Net credit-related charge-
 offs                            $6             $1           $-     $157

Selected average balances:
Assets                       $4,553         $2,177      $15,487  $66,737
Loans                         4,246          2,070           (5)  49,556
Deposits                      1,359            713        6,922   40,782
Liabilities                   1,415            702       25,425   59,582
Attributed equity               383            150        2,812    7,155

Statistical data:
Return on average assets (a)   1.93 %         1.69 %         N/M    0.06%
Return on average attributed
 equity                       22.97          24.55          N/M    (1.90)
Net interest margin (b)        3.65           2.74          N/M     2.53
Efficiency ratio              43.82          33.86          N/M    66.61
----------------                                             --

(a) Return on average assets is calculated based on the greater of
average assets or average liabilities and attributed equity.
(b) Net interest margin is calculated based on the greater of average
earning assets or average deposits and purchased funds.
FTE - Fully Taxable Equivalent
N/M – Not Meaningful
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)
Comerica Incorporated and Subsidiaries

(dollar amounts in          March 31,     December 31,      September 30,
 millions)                        2010         2009             2009
------------------                ----         ----             ----
Tier 1 capital (a) (b)          $6,311       $7,704           $7,735
Less:
  Fixed rate cumulative
   perpetual preferred stock         -        2,151            2,145
  Trust preferred securities       495          495              495
  --------------------------       ---          ---              ---
Tier 1 common capital (b)       $5,816       $5,058           $5,095
-------------------------       ------       ------           ------
Risk-weighted assets (a)
 (b)                           $60,680      $61,815          $63,355
Tier 1 common capital
 ratio (b)                        9.58%        8.18%            8.04%
---------------------             ----         ----             ----

Total shareholders' equity      $5,668       $7,029           $7,035
Less:
  Fixed rate cumulative
   perpetual preferred stock         -        2,151            2,145
  Goodwill                         150          150              150
  Other intangible assets            7            8                8
  -----------------------          ---          ---              ---
Tangible common equity          $5,511       $4,720           $4,732
----------------------          ------       ------           ------
Total assets                   $57,106      $59,249          $59,590
Less:
  Goodwill                         150          150              150
  Other intangible assets            7            8                8
  -----------------------          ---          ---              ---
Tangible assets                $56,949      $59,091          $59,432
---------------                -------      -------          -------
Tangible common equity
 ratio                            9.68%        7.99%            7.96%
----------------------            ----         ----             ----

                                  2010                2009
                                  ----                ----
                               1st Qtr     4th Qtr            3rd Qtr
                               -------     -------            -------
Net interest income (FTE)         $416         $398             $387
Less:
  Interest earned on excess
   liquidity (c)                     3            2                2
  -------------------------        ---          ---              ---
Net interest income (FTE),
 excluding excess
 liquidity                        $413         $396             $385
--------------------------        ----         ----             ----

Average earning assets         $52,941      $53,953          $57,513
Less:
    Average net unrealized
     gains on investment
     securities available-
     for-sale                       62          107              102
    ----------------------         ---          ---              ---
Average earning assets for
 net interest margin (FTE)      52,879       53,846           57,411
Less:
  Excess liquidity (c)           4,092        2,453            3,492
  --------------------           -----        -----            -----
    Average earning assets for
     net interest margin
     (FTE), excluding excess
     liquidity                 $48,787      $51,393          $53,919
    -------------------------- -------      -------          -------

Net interest margin (FTE)         3.18%        2.94%            2.68%
Net interest margin (FTE),
 excluding excess
 liquidity                        3.42         3.07             2.84

Impact of excess liquidity
 on net interest margin
 (FTE)                           (0.24)       (0.13)           (0.16)
--------------------------       -----        -----            -----


                                          June 30,         March 31,
(dollar amounts in millions)                2009             2009
----------------------------                ----             ----
Tier 1 capital (a) (b)                      $7,774           $7,760
Less:
  Fixed rate cumulative perpetual
   preferred stock                           2,140            2,134
  Trust preferred securities                   495              495
  --------------------------                   ---              ---
Tier 1 common capital (b)                   $5,139           $5,131
-------------------------                   ------           ------
Risk-weighted assets (a) (b)               $67,124          $70,135
Tier 1 common capital ratio (b)               7.66%            7.32%
-------------------------------               ----             ----

Total shareholders' equity                  $7,093           $7,183
Less:
  Fixed rate cumulative perpetual
   preferred stock                           2,140            2,134
  Goodwill                                     150              150
  Other intangible assets                       10               11
  -----------------------                      ---              ---
Tangible common equity                      $4,793           $4,889
----------------------                      ------           ------
Total assets                               $63,630          $67,370
Less:
  Goodwill                                     150              150
  Other intangible assets                       10               11
  -----------------------                      ---              ---
Tangible assets                            $63,470          $67,209
---------------                            -------          -------
Tangible common equity ratio                  7.55%            7.27%
----------------------------                  ----             ----

                                                     2009
                                                     ----
                                           2nd Qtr          1st Qtr
                                           -------          -------
Net interest income (FTE)                     $404             $386
Less:
  Interest earned on excess liquidity
   (c)                                           1                1
  -----------------------------------          ---              ---
Net interest income (FTE), excluding
 excess liquidity                             $403             $385
------------------------------------          ----             ----

Average earning assets                     $59,522          $61,752
Less:
    Average net unrealized gains on
     investment securities available-
     for-sale                                  239              212
    ---------------------------------          ---              ---
Average earning assets for net
 interest margin (FTE)                      59,283           61,540
Less:
  Excess liquidity (c)                       1,833            1,812
  --------------------                       -----            -----
    Average earning assets for net
     interest margin (FTE), excluding
     excess liquidity                      $57,450          $59,728
    ---------------------------------      -------          -------

Net interest margin (FTE)                     2.73%            2.53%
Net interest margin (FTE), excluding
 excess liquidity                             2.81             2.60

Impact of excess liquidity on net
 interest margin (FTE)                       (0.08)           (0.07)
---------------------------------            -----            -----

(a) Tier 1 capital and risk-weighted assets as defined by regulation.
(b) March 31, 2010 Tier 1 capital and risk-weighted assets are estimated.
(c) Excess liquidity represented by interest earned on and average
balances deposited with the Federal Reserve Bank.

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