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/SECOND AND FINAL ADD -- DA41365 -- Comerica Incorporated Earnings/


News provided by

Comerica Incorporated

Jan 21, 2010, 07:56 ET

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ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)

Comerica Incorporated and Subsidiaries



































Three Months Ended



December 31, 2009


September 30, 2009


December 31, 2008



Average


Average



Average


Average



Average


Average


(dollar amounts in millions)

Balance

Interest

Rate



Balance

Interest

Rate



Balance

Interest

Rate


















Commercial loans (a) (b)

$            21,971 

$              212   

3.84   

%


$               23,401   

$        223   

3.79   

%


$              28,507   

$          334   

4.65   

%

Real estate construction loans

3,703 

27   

2.90   



4,033   

29   

2.83   



4,536   

46   

4.08   


Commercial mortgage loans

10,393 

110   

4.19   



10,359   

110   

4.21   



10,613   

138   

5.17   


Residential mortgage loans

1,664 

21   

5.01   



1,720   

24   

5.66   



1,851   

27   

5.80   


Consumer loans

2,517 

23   

3.59   



2,550   

24   

3.68   



2,639   

30   

4.49   


Lease financing

1,181 

11   

3.80   



1,218   

12   

3.96   



1,359   

12   

3.63   


International loans

1,324 

12   

3.73   



1,501   

14   

3.65   



1,833   

22   

4.78   


Business loan swap income

- 

9   

-   



-   

9   

-   



-   

5   

-   



Total loans (b)

42,753 

425   

3.95   



44,782   

445   

3.94   



51,338   

614   

4.76   


















Auction-rate securities available-for-sale

923 

3   

1.37   



962   

3   

1.29   



769   

6   

2.95   


Other investment securities available-for-sale

7,664 

51   

2.67   



8,108   

62   

3.10   



7,965   

96   

4.86   



Total investment securities available-for-sale

8,587 

54   

2.53   



9,070   

65   

2.91   



8,734   

102   

4.69   


















Federal funds sold and securities purchased















 under agreements to resell

1 

-   

0.29   



2   

-   

0.29   



75   

-   

0.83   


Interest-bearing deposits with banks (c)

2,480 

1   

0.25   



3,538   

2   

0.25   



811   

1   

0.50   


Other short-term investments

132 

1   

1.55   



121   

1   

1.80   



176   

2   

3.59   



Total earning assets

53,953 

481   

3.55   



57,513   

513   

3.55   



61,134   

719   

4.68   


















Cash and due from banks

831 





873   





1,056   




Allowance for loan losses

(1,048)





(992)  





(780)  




Accrued income and other assets

4,660 





4,554   





4,571   





Total assets

$             58,396 





$               61,948   





$               65,981   




















Money market and NOW deposits (a)

$             14,113 

14   

0.39   



$               13,090   

15   

0.46   



$               12,670   

37   

1.16   


Savings deposits

1,376 

-   

0.08   



1,347   

-   

0.09   



1,264   

1   

0.29   


Customer certificates of deposit

6,823 

25   

1.42   



8,145   

46   

2.23   



8,589   

63   

2.91   



Total interest-bearing core deposits

22,312 

39   

0.69   



22,582   

61   

1.07   



22,523   

101   

1.78   


Other time deposits

1,493 

12   

3.22   



3,573   

28   

3.05   



6,702   

56   

3.35   


Foreign office time deposits

550 

-   

0.22   



660   

-   

0.24   



516   

1   

0.81   



Total interest-bearing deposits

24,355 

51   

0.83   



26,815   

89   

1.32   



29,741   

158   

2.12   


















Short-term borrowings

222 

-   

0.09   



434   

-   

0.13   



2,808   

9   

1.27   


Medium- and long-term debt

11,140 

32   

1.12   



13,311   

37   

1.10   



15,016   

118   

3.14   



Total interest-bearing sources

35,717 

83   

0.92   



40,560   

126   

1.23   



47,565   

285   

2.39   


















Noninterest-bearing deposits (a)

14,430 





13,225   





10,575   




Accrued expenses and other liabilities

1,225 





1,098   





1,540   




Total shareholders' equity

7,024 





7,065   





6,301   





Total liabilities and shareholders' equity

$          58,396 





$               61,948   





$               65,981   




















Net interest income/rate spread (FTE)


$              398   

2.63   




$         387   

2.32   




$           434   

2.29   


















FTE adjustment


$                   2   





$             2   





$               3   



















Impact of net noninterest-bearing















 sources of funds



0.31   





0.36   





0.53   


Net interest margin (as a percentage















 of average earning assets) (FTE) (b) (c)



2.94   

%




2.68   

%




2.82   

%

N/M - Not meaningful































(a) FSD balances included above:
















Loans (primarily low-rate)

$                205 

$                   -   

0.98   

%


$                    209   

$              1   

1.94   

%


$                    323   

$                1   

1.60   

%


Interest-bearing deposits

342 

-   

0.30   



384   

-   

0.47   



834   

3   

1.55   



Noninterest-bearing deposits

1,285 





1,258   





1,320   




(b) Impact of FSD loans (primarily low-rate) on the following:
















Commercial loans



(0.03)  

%




(0.02)  

%




(0.03)  

%


Total loans



(0.01)  





(0.01)  





(0.02)  



Net interest margin (FTE) (assuming loans
















   were funded by noninterest-bearing
















   deposits)



(0.01)  





-   





-   


(c) Excess liquidity, represented by average balances deposited with the Federal Reserve Bank, reduced the net interest margin by 13 basis points and 16 basis points in the fourth and third quarters of 2009, respectively,

    and by 3 basis points in the fourth quarter of 2008.  Excluding excess liquidity, the net interest margin would have been 3.07%, 2.84% and 2.85% in each respective period.



CONSOLIDATED STATISTICAL DATA (unaudited)

Comerica Incorporated and Subsidiaries


























December 31,


September 30,


June 30,


March 31,


December 31,


(in millions, except per share data)

2009


2009


2009


2009


2008














Commercial loans:











    Floor plan

$              1,367   


$                 857   


$              1,492   


$              1,763   


$              2,341   


    Other

20,323   


21,689   


23,430   


24,668   


25,658   



Total commercial loans

21,690   


22,546   


24,922   


26,431   


27,999   


Real estate construction loans:











    Commercial Real Estate business line (a)

2,988   


3,328   


3,500   


3,711   


3,831   


    Other business lines (b)

473   


542   


652   


668   


646   



Total real estate construction loans

3,461   


3,870   


4,152   


4,379   


4,477   


Commercial mortgage loans:











    Commercial Real Estate business line (a)

1,824   


1,678   


1,728   


1,659   


1,619   


    Other business lines (b)

8,633   


8,702   


8,672   


8,855   


8,870   



Total commercial mortgage loans

10,457   


10,380   


10,400   


10,514   


10,489   


Residential mortgage loans

1,651   


1,679   


1,759   


1,836   


1,852   


Consumer loans:











    Home equity

1,803   


1,804   


1,801   


1,791   


1,781   


    Other consumer

708   


740   


761   


786   


811   



Total consumer loans

2,511   


2,544   


2,562   


2,577   


2,592   


Lease financing

1,139   


1,197   


1,234   


1,232   


1,343   


International loans

1,252   


1,355   


1,523   


1,655   


1,753   



Total loans

$            42,161   


$            43,571   


$            46,552   


$            48,624   


$            50,505   














Goodwill


$                 150   


$                 150   


$                 150   


$                 150   


$                 150   


Loan servicing rights

7   


8   


9   


10   


11   














Tier 1 common capital ratio (c) (d)

8.18   

%

8.04   

%

7.66   

%

7.32   

%

7.08   

%

Tier 1 risk-based capital ratio (d)

12.46   


12.21   


11.58   


11.06   


10.66   


Total risk-based capital ratio (d)

16.93   


16.79   


15.97   


15.36   


14.72   


Leverage ratio (d)

13.22   


12.46   


12.11   


11.65   


11.77   


Tangible common equity ratio (c)

7.99   


7.96   


7.55   


7.27   


7.21   














Book value per common share

$              31.82   


$              31.90   


$              32.70   


$              33.32   


$              33.31   


Market value per share for the quarter:











    High


32.30   


31.83   


26.47   


21.20   


37.01   


    Low


26.49   


19.94   


16.03   


11.72   


15.05   


    Close


29.57   


29.67   


21.15   


18.31   


19.85   














Quarterly ratios:











    Return on average common shareholders' equity

(5.10)  

%

(1.27)  

%

(1.25)  

%

(1.90)  

%

0.19   

%

    Return on average assets

(0.19)  


0.12   


0.11   


0.06   


0.12   


    Efficiency ratio

70.52   


67.14   


72.75   


66.61   


68.19   














Number of banking centers

447   


444   


441   


440   


439   














Number of employees - full time equivalent

9,330   


9,384   


9,497   


9,696   


10,186   














(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) December 31, 2009 ratios are estimated.



PARENT COMPANY ONLY BALANCE SHEETS (unaudited)

Comerica Incorporated








December 31,

September 30,

December 31,

(in millions, except share data) 


2009

2009

2008






ASSETS





Cash and due from subsidiary bank


$                     5 

$                     7 

$                  11 

Short-term investments with subsidiary bank


2,150 

2,169 

2,329 

Other short-term investments


86 

84 

80 

Investment in subsidiaries, principally banks


5,710 

5,711 

5,690 

Premises and equipment


4 

4 

5 

Other assets


186 

197 

210 

     Total assets


$              8,141 

$              8,172 

$             8,325 






LIABILITIES AND SHAREHOLDERS' EQUITY





Medium- and long-term debt


$                 986 

$                 992 

$             1,002 

Other liabilities


126 

145 

171 

     Total liabilities


1,112 

1,137 

1,173 






Fixed rate cumulative perpetual preferred stock, series F,





  no par value, $1,000 liquidation preference per share:





    Authorized - 2,250,000 shares





    Issued  - 2,250,000 shares at 12/31/09, 09/30/09 and 12/31/08


2,151 

2,145 

2,129 

Common stock - $5 par value:





  Authorized - 325,000,000 shares





   Issued - 178,735,252 shares at 12/31/09, 09/30/09 and 12/31/08


894 

894 

894 

Capital surplus


740 

738 

722 

Accumulated other comprehensive loss


(336)

(361)

(309)

Retained earnings


5,161 

5,205 

5,345 

Less cost of common stock in treasury - 27,555,623 shares at 12/31/09, 27,620,576 shares





  at 09/30/09 and 28,244,967 shares at 12/31/08


(1,581)

(1,586)

(1,629)

     Total shareholders' equity


7,029 

7,035 

7,152 

     Total liabilities and shareholders' equity


$              8,141 

$              8,172 

$             8,325 



CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)

Comerica Incorporated and Subsidiaries

















Accumulated






Nonredeemable

Common Stock


Other



Total



Preferred

Shares


Capital

Comprehensive

Retained

Treasury

Shareholders'

(in millions, except per share data)

Stock

Outstanding

Amount

Surplus

Loss

Earnings

Stock

Equity











BALANCE AT JANUARY 1, 2008

$                        - 

150.0 

$                   894 

$                 564 

$                 (177)

$              5,497 

$             (1,661)

$             5,117 

Net income


- 

- 

- 

- 

- 

213 

- 

213 

Other comprehensive loss, net of tax


- 

- 

- 

- 

(132)

- 

- 

(132)

Total comprehensive income









81 

Cash dividends declared on common stock ($2.31 per share)


- 

- 

- 

- 

- 

(348)

- 

(348)

Purchase of common stock


- 

- 

- 

- 

- 

- 

(1)

(1)

Issuance of preferred stock and related warrant


2,126 

- 

- 

124 

- 

- 

- 

2,250 

Accretion of discount on preferred stock


3 

- 

- 

- 

- 

(3)

- 

- 

Net issuance of common stock under employee stock plans


- 

0.5 

- 

(19)

- 

(14)

33 

- 

Share-based compensation

- 

- 

- 

53 

- 

- 

- 

53 

BALANCE AT DECEMBER 31, 2008

$                2,129 

150.5 

$                   894 

$                 722 

$                 (309)

$              5,345 

$             (1,629)

$             7,152 

Net income


- 

- 

- 

- 

- 

17 

- 

17 

Other comprehensive loss, net of tax


- 

- 

- 

- 

(27)

- 

- 

(27)

Total comprehensive loss









(10)

Cash dividends declared on preferred stock


- 

- 

- 

- 

- 

(113)

- 

(113)

Cash dividends declared on common stock ($0.20 per share)


- 

- 

- 

- 

- 

(30)

- 

(30)

Purchase of common stock


- 

(0.1)

- 

- 

- 

- 

(1)

(1)

Accretion of discount on preferred stock


22 

- 

- 

- 

- 

(22)

- 

- 

Net issuance of common stock under employee stock plans


- 

0.8 

- 

(15)

- 

(36)

48 

(3)

Share-based compensation


- 

- 

- 

32 

- 

- 

- 

32 

Other


- 

- 

- 

1 

- 

- 

1 

2 

BALANCE AT DECEMBER 31, 2009

$                2,151 

151.2 

$                   894 

$                 740 

$                 (336)

$              5,161 

$             (1,581)

$             7,029 



BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)

Comerica Incorporated and Subsidiaries



















Wealth &








(dollar amounts in millions)

Business  


Retail


Institutional








Three Months Ended December 31, 2009

Bank


Bank


Management


Finance


Other


Total


Earnings summary:













Net interest income (expense) (FTE)

$                343   


$                129   


$                  42   


$               (125)  


$                    9   


$                398   


Provision for loan losses

180   


36   


19   


-   


22   


257   


Noninterest income

77   


48   


60   


26   


3   


214   


Noninterest expenses

164   


161   


76   


2   


21   


424   


Provision (benefit) for income taxes (FTE)

11   


(8)  


2   


(39)  


(6)  


(40)  


Income from discontinued operations,













 net of tax

-   


-   


-   


-   


-   


-   


Net income (loss)

$                  65   


$                 (12)  


$                    5   


$                 (62)  


$                 (25)  


$                 (29)  


Net credit-related charge-offs

$                183   


$                  30   


$                  12   


$                     -   


$                     -   


$                225   
















Selected average balances:













Assets


$           32,655   


$             6,257   


$             4,841   


$           10,683   


$             3,960   


$           58,396   


Loans


32,289   


5,733   


4,746   


-   


(15)  


42,753   


Deposits


16,944   


17,020   


2,849   


1,892   


80   


38,785   


Liabilities

16,903   


16,978   


2,837   


13,722   


932   


51,372   


Attributed equity

3,376   


606   


373   


899   


1,770   


7,024   
















Statistical data:













Return on average assets (a)

0.80   

%

(0.27)  

%

0.38   

%

N/M


N/M


(0.19)  

%

Return on average attributed equity

7.70   


(7.76)  


4.91   


N/M


N/M


(5.10)  


Net interest margin (b)

4.21   


3.02   


3.50   


N/M


N/M


2.94   


Efficiency ratio

38.98   


90.98   


75.98   


N/M


N/M


70.52   










Wealth &










Business  


Retail


Institutional








Three Months Ended September 30, 2009

Bank


Bank


Management


Finance


Other


Total


Earnings summary:













Net interest income (expense) (FTE)

$                346   


$                127   


$                  42   


$               (136)  


$                    8   


$                387   


Provision for loan losses

252   


42   


20   


-   


(3)  


311   


Noninterest income

72   


50   


66   


121   


6   


315   


Noninterest expenses

160   


154   


73   


3   


9   


399   


Provision (benefit) for income taxes (FTE)

(16)  


(8)  


5   


(11)  


3   


(27)  


Income from discontinued operations,













 net of tax

-   


-   


-   


-   


-   


-   


Net income (loss)

$                  22   


$                 (11)  


$                  10   


$                   (7)  


$                    5   


$                  19   


Net credit-related charge-offs

$                195   


$                  34   


$                  10   


$                     -   


$                     -   


$                239   
















Selected average balances:













Assets


$           34,822   


$             6,445   


$             4,856   


$           11,426   


$             4,399   


$           61,948   


Loans


34,116   


5,904   


4,760   


2   


-   


44,782   


Deposits


15,735   


17,563   


2,735   


3,969   


38   


40,040   


Liabilities

16,002   


17,532   


2,725   


18,361   


263   


54,883   


Attributed equity

3,464   


629   


373   


959   


1,640   


7,065   
















Statistical data:













Return on average assets (a)

0.24   

%

(0.24)  

%

0.80   

%

N/M


N/M


0.12   

%

Return on average attributed equity

2.45   


(6.92)  


10.40   


N/M


N/M


(1.27)  


Net interest margin (b)

4.01   


2.87   


3.48   


N/M


N/M


2.68   


Efficiency ratio

38.35   


86.86   


70.84   


N/M


N/M


67.14   










Wealth &










Business  


Retail


Institutional








Three Months Ended December 30, 2008

Bank


Bank


Management


Finance


Other


Total


Earnings summary:













Net interest income (expense) (FTE)

$                329   


$                129   


$                  38   


$                 (66)  


$                    4   


$                434   


Provision for loan losses

138   


44   


13   


-   


(3)  


192   


Noninterest income

61   


49   


73   


13   


(22)  


174   


Noninterest expenses

172   


180   


80   


3   


(24)  


411   


Provision (benefit) for income taxes (FTE)

27   


(12)  


5   


(19)  


(15)  


(14)  


Income from discontinued operations,













 net of tax

-   


-   


-   


-   


1   


1   


Net income (loss)

$                  53   


$                 (34)  


$                  13   


$                 (37)  


$                  25   


$                  20   


Net credit-related charge-offs

$                101   


$                  23   


$                    9   


$                     -   


$                     -   


$                133   
















Selected average balances:













Assets


$           41,332   


$             7,007   


$             4,879   


$           10,959   


$             1,804   


$           65,981   


Loans


40,245   


6,379   


4,724   


(4)  


(6)  


51,338   


Deposits


13,789   


17,065   


2,255   


6,892   


315   


40,316   


Liabilities

14,367   


17,053   


2,300   


25,220   


740   


59,680   


Attributed equity

3,337   


665   


341   


979   


979   


6,301   
















Statistical data:













Return on average assets (a)

0.51   

%

(0.76)  

%

1.05   

%

N/M


N/M


0.12   

%

Return on average attributed equity

6.33   


(20.18)  


15.03   


N/M


N/M


0.19   


Net interest margin (b)

3.24   


3.01   


3.14   


N/M


N/M


2.82   


Efficiency ratio

44.15   


100.79   


75.73   


N/M


N/M


68.19   


(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





























Finance




(dollar amounts in millions)









Other




& Other




Three Months Ended December 31, 2009


Midwest


Western


Texas


Florida


Markets


International


Businesses


Total


Earnings summary:

















Net interest income (expense) (FTE)

$          205   


$          163   


$            78   


$            10   


$            40   


$                18   


$        (116)  


$          398   


Provision for loan losses

102   


79   


20   


-   


15   


19   


22   


257   


Noninterest income

106   


33   


23   


3   


11   


9   


29   


214   


Noninterest expenses

192   


110   


61   


9   


21   


8   


23   


424   


Provision (benefit) for income taxes (FTE)

4   


-   


7   


1   


(7)  


-   


(45)  


(40)  


Income from discontinued operations,

















 net of tax

-   


-   


-   


-   


-   


-   


-   


-   


Net income (loss)

$            13   


$              7   


$            13   


$              3   


$            22   


$                  -   


$          (87)  


$          (29)  


Net credit-related charge-offs

$            97   


$            85   


$            13   


$              4   


$            13   


$                13   


$              -   


$          225   




















Selected average balances:

















Assets


$     16,090   


$     13,484   


$       7,118   


$       1,608   


$       3,765   


$           1,688   


$     14,643   


$     58,396   


Loans


15,811   


13,289   


6,934   


1,613   


3,458   


1,663   


(15)  


42,753   


Deposits


17,201   


11,899   


4,737   


333   


1,704   


939   


1,972   


38,785   


Liabilities

17,186   


11,817   


4,723   


318   


1,746   


928   


14,654   


51,372   


Attributed equity

1,529   


1,386   


691   


176   


401   


172   


2,669   


7,024   




















Statistical data:

















Return on average assets (a)

0.28   

%

0.21   

%

0.75   

%

0.63   

%

2.32   

%

0.06   

%

N/M


(0.19)  

%

Return on average attributed equity

3.38   


2.00   


7.74   


5.72   


21.78   


0.58   


N/M


(5.10)  


Net interest margin (b)

4.73   


4.85   


4.46   


2.57   


4.57   


4.22   


N/M


2.94   


Efficiency ratio

61.97   


56.08   


60.26   


69.94   


42.41   


28.74   


N/M


70.52   














Finance














Other




& Other




Three Months Ended September 30, 2009


Midwest


Western


Texas


Florida


Markets


International


Businesses


Total


Earnings summary:

















Net interest income (expense) (FTE)

$          209   


$          159   


$            77   


$            11   


$            39   


$                20   


$        (128)  


$          387   


Provision for loan losses

144   


101   


29   


24   


10   


6   


(3)  


311   


Noninterest income

107   


33   


22   


3   


14   


9   


127   


315   


Noninterest expenses

188   


106   


58   


10   


17   


8   


12   


399   


Provision (benefit) for income taxes (FTE)

(10)  


(8)  


5   


(8)  


(3)  


5   


(8)  


(27)  


Income from discontinued operations,

















 net of tax

-   


-   


-   


-   


-   


-   


-   


-   


Net income (loss)

$            (6)  


$            (7)  


$              7   


$          (12)  


$            29   


$                10   


$            (2)  


$            19   


Net credit-related charge-offs

$          102   


$            95   


$            22   


$              9   


$            10   


$                  1   


$              -   


$          239   




















Selected average balances:

















Assets


$     16,987   


$     14,114   


$       7,444   


$       1,673   


$       3,997   


$           1,908   


$     15,825   


$     61,948   


Loans


16,387   


13,923   


7,221   


1,674   


3,683   


1,892   


2   


44,782   


Deposits


17,395   


11,146   


4,609   


327   


1,696   


860   


4,007   


40,040   


Liabilities

17,667   


11,060   


4,618   


317   


1,748   


849   


18,624   


54,883   


Attributed equity

1,577   


1,393   


722   


180   


418   


176   


2,599   


7,065   




















Statistical data:

















Return on average assets (a)

(0.14)  

%

(0.20)  

%

0.39   

%

(2.81)  

%

2.92   

%

1.94   

%

N/M


0.12   

%

Return on average attributed equity

(1.74)  


(1.99)  


4.01   


(26.20)  


27.91   


21.01   


N/M


(1.27)  


Net interest margin (b)

4.72   


4.53   


4.22   


2.70   


4.24   


4.08   


N/M


2.68   


Efficiency ratio

59.58   


54.96   


59.18   


70.34   


34.57   


28.39   


N/M


67.14   














Finance














Other




& Other




Three Months Ended December 30, 2008


Midwest


Western


Texas


Florida


Markets


International


Businesses


Total


Earnings summary:

















Net interest income (expense) (FTE)

$          202   


$          157   


$            72   


$            11   


$            38   


$                16   


$          (62)  


$          434   


Provision for loan losses

59   


70   


19   


14   


27   


6   


(3)  


192   


Noninterest income

109   


34   


20   


4   


9   


7   


(9)  


174   


Noninterest expenses

218   


114   


63   


11   


16   


10   


(21)  


411   


Provision (benefit) for income taxes (FTE)

20   


5   


6   


(3)  


(11)  


3   


(34)  


(14)  


Income from discontinued operations,

















 net of tax

-   


-   


-   


-   


-   


-   


1   


1   


Net income (loss)

$            14   


$              2   


$              4   


$            (7)  


$            15   


$                  4   


$           (12)  


$            20   


Net credit-related charge-offs

$            38   


$            65   


$              8   


$              6   


$            16   


$                   -   


$               -   


$          133   




















Selected average balances:

















Assets


$     19,942   


$     16,243   


$       8,215   


$       1,938   


$       4,612   


$           2,268   


$     12,763   


$     65,981   


Loans


18,966   


16,032   


7,974   


1,942   


4,248   


2,186   


(10)  


51,338   


Deposits


16,204   


10,762   


4,070   


222   


1,206   


645   


7,207   


40,316   


Liabilities

16,733   


10,716   


4,090   


216   


1,330   


635   


25,960   


59,680   


Attributed equity

1,613   


1,381   


650   


146   


405   


148   


1,958   


6,301   




















Statistical data:

















Return on average assets (a)

0.28   

%

0.05   

%

0.20   

%

(1.46)  

%

1.30   

%

0.69   

%

N/M


0.12   

%

Return on average attributed equity

3.47   


0.63   


2.49   


(19.46)  


14.86   


10.62   


N/M


0.19   


Net interest margin (b)

4.21   


3.88   


3.57   


2.26   


3.55   


2.83   


N/M


2.82   


Efficiency ratio

70.37   


59.54   


68.41   


72.81   


37.57   


43.36   


N/M


68.19   


(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













December 31,


September 30,


June 30,


March 31,


December 31,


(dollar amounts in millions)

2009


2009


2009


2009


2008


Tier 1 capital (a) (b)

$          7,704   


$          7,735   


$            7,774   


$               7,760   


$           7,805   


Less:











Fixed rate cumulative perpetual preferred stock

2,151   


2,145   


2,140   


2,134   


2,129   


Trust preferred securities

495   


495   


495   


495   


495   


Tier 1 common capital (b)

$          5,058   


$          5,095   


$            5,139   


$               5,131   


$           5,181   


Risk-weighted assets (a) (b)

$        61,842   


$        63,355   


$          67,124   


$             70,135   


$         73,207   


Tier 1 common capital ratio (b)

8.18   

%

8.04   

%

7.66   

%

7.32   

%

7.08   

%












Total shareholders' equity

$          7,029   


$          7,035   


$            7,093   


$               7,183   


$           7,152   


Less:











Fixed rate cumulative perpetual preferred stock

2,151   


2,145   


2,140   


2,134   


2,129   


Goodwill

150   


150   


150   


150   


150   


Other intangible assets

8   


8   


10   


11   


12   


Tangible common equity

$          4,720   


$          4,732   


$            4,793   


$               4,888   


$           4,861   


Total assets

$        59,263   


$        59,590   


$          63,630   


$             67,370   


$         67,548   


Less:











Goodwill

150   


150   


150   


150   


150   


Other intangible assets

8   


8   


10   


11   


12   


Tangible assets

$        59,105   


$        59,432   


$          63,470   


$             67,209   


$         67,386   


Tangible common equity ratio

7.99   

%

7.96   

%

7.55   

%

7.27   

%

7.21   

%












(a) Tier 1 capital and risk-weighted assets as defined by regulation.

(b) December 31, 2009 Tier 1 capital and risk-weighted assets are estimated.


SOURCE Comerica Incorporated

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