DETROIT, Jan. 22 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today
reported record 2000 earnings per share of $4.63, compared to $4.14 in 1999,
an increase of 12 percent. Net income was $749 million, up 11 percent from
$673 million for 1999. Return on common equity was 21.16 percent and return
on assets was 1.86 percent, compared to 21.86 percent and 1.82 percent,
respectively, for 1999.

Net income for the fourth quarter of 2000 was $1.20 per share or $194
million, compared to $1.08 per share or $176 million for the same period in
1999, increasing 11 percent. Return on common equity was 20.64 percent and
return on assets was 1.88 percent, compared to 21.60 percent and 1.84 percent,
respectively, for the fourth quarter of 1999.

"We are pleased that 2000 marks the eighth consecutive year in which
Comerica has achieved record earnings," said Eugene A. Miller, chairman,
president and chief executive officer. "Our financial success in 2000 can be
attributed to continued strong business loan growth, our ability to
effectively manage interest rate and credit risk, and strong fee revenue
growth from our investment advisory business. We are committed to continuing
our strong financial performance in 2001 and beyond. In November, we took
steps to build on our leadership position in middle-market lending as well as
increase our lending presence in key growth areas of SBA, the entertainment
industry and emerging growth businesses, by announcing an agreement to acquire
Imperial Bancorp. The acquisition is expected to be completed by the end of
January. We intend to release a summary of Imperial's fourth quarter and
full-year 2000 earnings subsequent to closing."

Net interest income for the fourth quarter of 2000 was $428 million, an
increase of $20 million or five percent from the same period last year. This
increase was primarily due to an increase in average business loans of $3
billion or 10 percent over last year's fourth quarter. Excluding
divestitures, net interest income increased $30 million or seven percent over
last year's fourth quarter. The net interest margin was 4.46 percent for the
fourth quarter of 2000, compared to 4.40 percent in the third quarter of 2000
and 4.60 percent for the fourth quarter of 1999. Excluding divestitures, the
net interest margin decreased 8 basis points from the same period in 1999.
The net interest margin was negatively impacted by the growth in earning
assets exceeding the growth in core deposits, resulting in greater reliance on
market rate sources of funding. The net interest margin for the full-year
2000 was 4.45 percent, a decrease of 10 basis points from 1999.

Noninterest income was $198 million for the fourth quarter of 2000, a
slight increase from $195 million for the fourth quarter of 1999. Fourth
quarter 2000 other noninterest income includes an additional $13 million gain
associated with the sale of revolving check credit and bankcard loans which
occurred in the first quarter 2000, a $7 million impairment on technology-
related mutual fund deferred distribution costs and the write-down of $7
million of low-income housing investments accounted for under the equity
method. Securities losses in the fourth quarter 2000 include an additional $6
million of low-income housing investment write-downs where the underlying
investment is accounted for under the cost method. Noninterest income in the
fourth quarter 1999 includes a $9 million gain on the sale of a warrant
received from an investment in a joint venture. Excluding the effect of these
large nonrecurring items, securities gains/(losses) and the impact of the
revolving check credit and bankcard loan sale, noninterest income increased 12
percent in the fourth quarter of 2000 compared to the same period last year.
This increase was primarily due to investment advisory fee growth at Munder
Capital Management and an increase in deposit service charges and commercial
lending fees. Revenues at Munder, including those generated by providing
investment advisory services for Comerica affiliates, totaled $149 million in
2000, compared to $88 million in 1999. Due to net asset value declines in
technology-related funds, revenues in the fourth quarter 2000 decreased $16
million from the third quarter 2000. Excluding the $7 million impairment
noted above, revenues decreased $9 million from the prior quarter. Munder
contributed $23 million in 2000 and $14 million in 1999 to Comerica's
consolidated net income. At December 31, 2000, preliminary assets under
management at Munder were $48.1 billion, including $5.1 billion in the NetNet,
International NetNet and Future Tech funds.

Noninterest expenses were $295 million for the fourth quarter of 2000,
compared to $288 million in 1999, an increase of two percent. Noninterest
expenses in the fourth quarter 1999 include $3 million of severance and a $3
million legal settlement. Excluding the effect of these large nonrecurring
items and the impact of the revolving check credit and bankcard loan sale,
noninterest expenses increased six percent in the fourth quarter of 2000
compared to the same period last year. An increase in advertising expense,
due principally to marketing costs for mutual funds, was the primary factor
contributing to the increase in expenses.

The provision for credit losses was $32 million in the fourth quarter of
2000, an increase of $8 million from the third quarter of 2000 and a decrease
of $13 million compared to the fourth quarter of 1999. Net charge-offs for
the quarter were $17 million or 0.20 percent of average total loans, compared
with $32 million or 0.39 percent in the fourth quarter of 1999.
Nonperforming assets were $273 million or 0.76 percent of loans and other real
estate at December 31, 2000, compared to $241 million or 0.69 percent at
September 30, 2000, and $182 million or 0.56 percent at December 31, 1999.
The allowance for credit losses as a percent of loans was 1.49 percent at
December 31, 2000, a three basis point increase from 1.46 percent at December
31, 1999.

Assets totaled $42 billion at December 31, 2000 and $39 billion at
December 31, 1999, while common shareholders' equity was $3.8 billion at
December 31, 2000, compared to $3.2 billion one year earlier. Shares of
common stock outstanding were 157 million at December 31, 2000 and 1999.
Total loans were $36 billion at December 31, 2000, compared to $33 billion a
year ago. Total deposits were $27 billion at December 31, 2000, compared to
$23 billion at December 31, 1999.

A conference call reviewing Comerica's fourth quarter 2000 financial
results will be held at 9 a.m. EST today, January 22, 2001. Interested
parties may access the conference call by calling 706-679-5261 (event ID No.
260422). The call is also accessible on the Internet at www.comerica.com . A
replay of the conference call will be available approximately two hours
following the call through January 26, 2001. The conference call replay can
be accessed by calling 800-642-1687 or 706-645-9291 (event ID No. 260422).
The replay can also be accessed via Comerica's investor relations home page at
www.comerica.com .

This release includes forward-looking statements as that term is used in
the securities laws. All statements regarding Comerica's expected financial
position, strategies and growth prospects and general economic conditions
expected to exist in the future are forward-looking statements. The words
anticipates, believes, estimates, seeks, plans, projects, intends and similar
expression, as they relate to Comerica or its management, are intended to
identify forward-looking statements. Although Comerica believes that the
expectations reflected in these forward-looking statements are reasonable and
has based these expectations on Comerica's beliefs and assumptions it has
made, such expectations may prove incorrect. Forward-looking statements speak
only as of the date they are made. Comerica does not undertake to update
forward-looking statements to reflect circumstances or events that occur after
the date the forward-looking statements are made. Certain historical
financial information included in this earnings release has been reclassified
to conform to the current presentation.

Comerica Incorporated is a multi-state financial services provider
headquartered in Detroit, with bank subsidiaries in Michigan, California and
Texas, banking operations in Florida, and businesses in several other states.
Comerica has an investment services affiliate, Munder Capital Management, and
operates banking subsidiaries in Canada and Mexico.

CONSOLIDATED FINANCIAL HIGHLIGHTS

Comerica Incorporated and Subsidiaries

Three Months Ended
(in thousands, except per share data, December 31, September 30,
average balances and ratios) 2000 2000
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PER SHARE AND COMMON STOCK DATA
Diluted net income $1.20 $1.18
Cash dividends declared 0.40 0.40
Common shareholders' equity (at period end) 23.94 22.95
Average diluted shares 158,770 158,622
KEY RATIOS
Return on average common equity 20.64% 21.26%
Return on average assets 1.88% 1.89%
Average common equity as a percentage of
average assets 8.91% 8.71%
Core capital ratio (December 2000 estimated) 7.15% 7.03%
Total capital ratio (December 2000 estimated) 11.07% 11.08%
Leverage ratio (December 2000 estimated) 8.91% 8.71%
AVERAGE BALANCES (in millions)
Commercial loans (including lease financing) $23,114 $22,734
International loans 2,547 2,537
Real estate construction loans 2,233 2,108
Commercial mortgage loans 5,185 5,073
Residential mortgage loans 809 825
Consumer loans 1,426 1,402
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Total loans $35,314 $34,679
Earning assets 38,271 37,495
Total assets 41,341 40,506
Interest-bearing deposits 19,587 18,715
Noninterest-bearing deposits 6,522 6,500
Total interest-bearing liabilities 30,317 29,685
Common shareholders' equity 3,682 3,528
NET INTEREST INCOME
Net interest income (fully taxable equivalent
basis) $428,624 $415,095
Fully taxable equivalent adjustment 841 940
Net interest margin 4.46% 4.40%
CREDIT QUALITY
Nonaccrual loans $267,235 $236,021
Reduced-rate loans 348 299
Other real estate 5,052 4,181
Total nonperforming assets 272,635 240,501
Loans 90 days past due 35,820 53,338
Gross charge-offs 22,021 24,461
Recoveries 4,553 3,472
Net charge-offs 17,468 20,989
Allowance for credit losses as a percentage
of total loans 1.49% 1.50%
Nonperforming assets as a percentage of
total loans and other real estate 0.76% 0.69%
Net loans charged off as a percentage of
average total loans 0.20% 0.24%
Allowance for credit losses as a percentage
of total nonperforming assets 197% 218%
ADDITIONAL DATA
Goodwill $364,806 $372,811
Core deposit intangible 7,883 9,056
Other intangibles 1,313 1,411
Loan servicing rights 3,558 3,306
Amortization of intangibles 9,340 9,388

Three Months Ended
(in thousands, except per share data, December 31,
average balances and ratios) 1999
-----------
PER SHARE AND COMMON STOCK DATA
Diluted net income $1.08
Cash dividends declared 0.36
Common shareholders' equity (at period end) 20.60
Average diluted shares 158,316
KEY RATIOS
Return on average common equity 21.60%
Return on average assets 1.84%
Average common equity as a percentage of
average assets 8.31%
Core capital ratio (December 2000 estimated) 6.95%
Total capital ratio (December 2000 estimated) 10.72%
Leverage ratio (December 2000 estimated) 8.39%
AVERAGE BALANCES (in millions)
Commercial loans (including lease financing) $21,184
International loans 2,537
Real estate construction loans 1,658
Commercial mortgage loans 4,623
Residential mortgage loans 870
Consumer loans 1,825
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Total loans $32,697
Earning assets 35,297
Total assets 38,194
Interest-bearing deposits 16,321
Noninterest-bearing deposits 6,309
Total interest-bearing liabilities 27,974
Common shareholders' equity 3,174
NET INTEREST INCOME
Net interest income (fully taxable equivalent
basis) $409,345
Fully taxable equivalent adjustment 1,070
Net interest margin 4.60%
CREDIT QUALITY
Nonaccrual loans $165,093
Reduced-rate loans 7,347
Other real estate 9,595
Total nonperforming assets 182,035
Loans 90 days past due 47,676
Gross charge-offs 44,626
Recoveries 12,636
Net charge-offs 31,990
Allowance for credit losses as a percentage
of total loans 1.46%
Nonperforming assets as a percentage of
total loans and other real estate 0.56%
Net loans charged off as a percentage of
average total loans 0.39%
Allowance for credit losses as a percentage
of total nonperforming assets 262%
ADDITIONAL DATA
Goodwill $316,469
Core deposit intangible 12,767
Other intangibles 1,587
Loan servicing rights 4,605
Amortization of intangibles 8,504