DETROIT, April 17 /PRNewswire-FirstCall/ -- Comerica Incorporated (NYSE: CMA) today reported first quarter 2007 income from continuing operations of $189 million, or $1.19 per diluted share, compared to $185 million, or $1.16 per diluted share, for the fourth quarter 2006 and $207 million, or $1.26 per diluted share, for the first quarter 2006. Fourth quarter 2006 income from continuing operations included income of $47 million ($31 million after-tax, or $0.19 per diluted share) from the settlement of a Financial Services Division (FSD)-related lawsuit and the net after-tax impact of a charge to tax and related interest reserves of $31 million, or $(0.19) per diluted share, discussed under "Tax-related items" below. First quarter 2006 income from continuing operations included a negative provision for loan losses of $27 million.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
In the fourth quarter 2006, Comerica sold its stake in Munder Capital Management (Munder) for an after-tax gain of $108 million ($0.68 per diluted share). Comerica reports Munder as a discontinued operation in all periods presented.
(dollar amounts in millions,
except per share data) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Net interest income $502 $502 $479
Provision for loan losses 23 22 (27)
Noninterest income 203 262 195
Noninterest expenses 407 457 429
Income from continuing operations,
net of tax 189 185 207
Net income 190 299 194
Diluted EPS from continuing
operations 1.19 1.16 1.26
Diluted EPS from discontinued
operations - 0.71 (0.08)
Diluted EPS 1.19 1.87 1.18
Return on average common
shareholders'
equity from continuing operations 14.83 % 14.03 % 16.31 %
Return on average common
shareholders' equity 14.86 22.63 15.33
Net interest margin 3.82 3.75 3.80
The following table illustrates certain items impacting diluted earnings per share from continuing operations:
(dollar amounts per diluted
share) 1st Qtr '07 4th Qtr '06 1st Qtr '06
FSD-related lawsuit settlement $- $0.19 $-
Loss on sale of Mexican bank
charter - - (0.02)
Net income (loss) from principal
investing and warrants (0.02) 0.01 0.01
Tax adjustments - (0.14) 0.09
Tax-related interest adjustments - (0.05) (0.09)
Performance-based compensation
related to Munder gain - (0.04) -
Charitable Foundation contribution - (0.04) -
"The financial results highlight our positive financial performance in the first quarter," said Ralph W. Babb Jr., chairman and chief executive officer. "Our net interest margin rose seven basis points from the fourth quarter of 2006. Credit quality was solid across all markets and expenses were well controlled."
First Quarter 2007 Compared to Fourth Quarter 2006
- On an annualized basis, excluding Financial Services Division loans,
average loans increased six percent, led by growth of 15 percent in the
Western market, five percent in the Texas market, four percent in the
Florida market, three percent in Other markets and 18 percent in the
International market, with the Midwest market down one percent. The
Texas loan growth, impacted by pay downs in January, rebounded in
February and March with low double-digit annualized average loan growth
rates.
- The net interest margin was 3.82 percent in the first quarter 2007, an
increase of seven basis points from 3.75 percent in the fourth quarter
2006.
- Net credit-related charge-offs were $19 million, or 16 basis points as
a percent of average total loans, for the first quarter 2007, compared
to $23 million, or 19 basis points as a percent of average total loans,
for the fourth quarter 2006. Fourth quarter 2006 included a $9 million
charge-off to reflect the estimated fair value of a portfolio of loans
related to manufactured housing that were transferred to held-for-sale.
- Noninterest expenses, excluding the provision for credit losses on
lending-related commitments, decreased $52 million from the fourth
quarter 2006, the detail of which is discussed in "Noninterest
expenses" below. Employee levels from continuing operations (FTE)
decreased slightly from December 31, 2006, to March 31, 2007. This
decrease occurred even as nine new banking centers were opened in the
first quarter 2007.
- The provision for income taxes decreased primarily due to a fourth
quarter 2006 adjustment to tax reserves of $22 million. Refer to "Tax-
related items" below for further discussion.
- Open market share repurchases in the first quarter 2007 totaled 3.4
million shares, or two percent of total shares outstanding at
December 31, 2006.
Net Interest Income Stable and Net Interest Margin Rises
(dollar amounts in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Net interest income $502 $502 $479
Net interest margin 3.82 % 3.75 % 3.80 %
Selected average balances:
Total earning assets $53,148 $53,289 $50,977
Total loans 48,896 48,568 46,479
Total loans, excluding FSD loans
(primarily low-rate) 47,327 46,659 43,570
Total interest-bearing deposits 30,417 30,554 27,589
Total noninterest-bearing
deposits 12,162 12,649 13,609
Total noninterest-bearing
deposits, excluding FSD 8,712 8,696 8,926
- A seven basis point improvement in the net interest margin offset the
impact of two less days in the first quarter 2007 ($11 million).
Average earning assets remained relatively stable in the first quarter
2007, when compared to fourth quarter 2006.
- The first quarter 2007 net interest margin reflected stable loan yields
and a decline in deposit rates. The positive impact of lower average
Financial Services Division loans (primarily low-rate) was essentially
offset by a decline in Financial Services Division noninterest-bearing
deposits.
Steady Noninterest Income, Excluding Identified Items
Noninterest income was $203 million for the first quarter 2007, compared to $262 million for the fourth quarter 2006 and $195 million for the first quarter 2006. The $59 million decrease in noninterest income in the first quarter 2007, compared to the fourth quarter 2006, was primarily the result of income of $47 million from the settlement of a Financial Services Division- related lawsuit received in the fourth quarter 2006, a $7 million decrease in income from principal investing and warrants and a $6 million decrease in investment banking fees, partially offset by positive trends in several categories (including fiduciary income, brokerage fees and card fees). Certain categories of noninterest income are highlighted in the table below.
(in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Net income (loss) from principal
investing and warrants $(4) $3 $3
Net gain (loss) on sales of
businesses 1 - (5)
Income from lawsuit settlement - 47 -
Other noninterest income
Investment banking fees 4 10 5
Noninterest Expenses Well Controlled
Noninterest expenses were $407 million for the first quarter 2007, compared to $457 million for the fourth quarter 2006 and $429 million for the first quarter 2006. The $50 million decrease in noninterest expenses in the first quarter 2007, compared to the fourth quarter 2006, reflected decreased salaries expense of $25 million. The decrease in salaries expense was due primarily to decreased incentives tied to performance, including the fourth quarter 2006 gain on the sale of Munder, contract labor costs associated with technology-related projects, and severance, partially offset by an increase in share-based compensation expense. The increase in share-based compensation expense reflected the annual award of restricted stock to retirement-eligible employees, granted in the first quarter each year, which must be expensed in the period granted. Also reflected in the decrease in noninterest expenses was a decrease in interest on tax liabilities of $15 million (see "Tax-related items" below), and a fourth quarter 2006 contribution of $10 million to the Comerica Charitable Foundation.
Certain categories of noninterest expenses are highlighted in the table below.
(in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Salaries
Regular salaries $154 $162 $149
Severance - 5 1
Incentives 29 52 25
Share-based compensation 23 12 18
Total salaries 206 231 193
Employee benefits 46 42 50
Provision for credit losses on
lending-related commitments (2) (4) 13
Other noninterest expenses
Interest on tax liabilities n/a 15 26
Charitable Foundation
contribution - 10 -
Other real estate expense - (2) 4
Redemption premium on trust
preferred securities - 3 -
n/a - not applicable
Tax-related Items
On January 1, 2007, Comerica adopted the provisions of FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109," (FIN 48). FIN 48 permits Comerica to prospectively change its accounting policy as to where interest on tax liabilities is classified on the consolidated statements of income. Effective January 1, 2007, Comerica changed its accounting policy and began to classify interest on tax liabilities in the "provision for income taxes" on the consolidated statements of income. Prior to January 1, 2007, interest on tax liabilities was classified in "other noninterest expenses." In the first quarter 2007, the Securities and Exchange Commission requested that the American Institute of Certified Public Accountants clarify that an election to change classification under the Interpretation could only be prospective. Therefore, for all prior periods presented, interest on tax liabilities remained classified in "other noninterest expenses" on the consolidated statements of income. The provision for income taxes included interest on tax liabilities of $1 million for the first quarter 2007. Noninterest expenses in 2006 included $38 million of interest on tax liabilities, including $15 million in the fourth quarter 2006 and $26 million in the first quarter 2006.
Fourth quarter 2006 reflected a charge to Comerica's combined tax and related interest reserves for disallowed loan benefits related to a series of loans to foreign borrowers of $31 million after-tax based on settlements discussed with the Internal Revenue Service. Of the total, $22 million was included in the provision for income taxes and $14 million ($9 million after- tax) was for tax-related interest included in other noninterest expenses.
Income from Discontinued Operations
In December 2006, Comerica completed the sale of its stake in Munder to an investor group and recognized an initial after-tax gain from the sale of $108 million, reflected in "income from discontinued operations, net of tax" on the consolidated statements of income. Comerica reports Munder as a discontinued operation in all periods presented; therefore, the after-tax earnings of Munder, including the gain from its sale, are reported as a single item at the bottom of the income statement. The following table summarizes significant items affecting income from discontinued operations, net of tax:
(in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Income from discontinued
operations, net of tax:
Gain on sale of Munder $1 $108 $-
Cumulative effect of change in
accounting principle - - (8)
Operating net income and other - 6 (5)
Total 1 114 (13)
Credit Quality Remained Solid
"Net charge-offs were lower and nonperforming assets were unchanged," said Babb. "We continued to manage our credit risk effectively, particularly the automotive and commercial real estate portfolios. Our people, and the enhanced risk management tools they use, have helped us to maintain solid credit quality in all markets."
- The provision for loan losses reflected challenges to industries
located in Michigan (Midwest market), including the automotive
industry.
- Fourth quarter 2006 net loan charge-offs included a $9 million charge-
off to reflect the estimated fair value of a portfolio of loans related
to manufactured housing that were transferred to held-for-sale.
- Nonperforming assets remained at the low level of 49 basis points of
total loans and foreclosed property, compared to the fourth quarter
2006. During the first quarter 2007, $69 million of loan relationships
greater than $2 million were transferred to nonaccrual status, an
increase of $3 million from the fourth quarter 2006.
(dollar amounts in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Net loan charge-offs $16 $22 $17
Net lending-related commitment
charge-offs 3 1 5
Total net credit-related
charge-offs 19 23 22
Net loan charge-offs/Average
total loans 0.13 % 0.18 % 0.14 %
Net credit-related charge-
offs/Average total loans 0.16 0.19 0.19
Provision for loan losses $23 $22 $(27)
Provision for credit losses on
lending-related commitments (2) (4) 13
Total provision for credit
losses 21 18 (14)
Nonperforming assets (NPAs) 233 232 141
NPAs/Total loans and foreclosed
property 0.49 % 0.49 % 0.32 %
Allowance for loan losses $500 $493 $472
Allowance for credit losses on
lending-related commitments* 21 26 41
Total allowance for credit
losses 521 519 513
Allowance for loan losses/Total
loans 1.04 % 1.04 % 1.06 %
Allowance for loan losses/NPAs 214 213 334
* Included in "Accrued expenses and other liabilities" on the
consolidated balance sheets
Balance Sheet and Capital Management
Total assets and common shareholders' equity were $57.5 billion and $5.1 billion, respectively, at March 31, 2007, compared to $58.0 billion and $5.2 billion, respectively, at December 31, 2006. There were approximately 156 million shares outstanding at March 31, 2007, compared to 158 million shares outstanding at December 31, 2006. Open market share repurchases for the current and prior quarter are shown in the following table:
1st Qtr '07 4th Qtr '06
Number Number
(in millions) of Shares Amount of Shares Amount
Open market share
repurchases 3.4 $207 1.5 $86
In the first quarter 2007, Comerica generated approximately $145 million of capital from the issuance of trust preferred securities, net of redemptions, and used $100 million of the proceeds to repurchase approximately 1.7 million additional shares.
Comerica's first quarter 2007 estimated tier 1 common, tier 1 and total risk-based capital ratios were 7.47 percent, 8.17 percent and 12.21 percent, respectively.
New Accounting Pronouncements
Comerica adopted FSP 13-2 (Accounting for a Projected Change in the Timing of Cash Flows Related to Income Taxes Generated by a Leveraged Lease Transaction) and FIN 48 (Accounting for Uncertainty in Income Taxes) as of January 1, 2007. The effect of adoption was a reduction to retained earnings of $46 million and a lowering of 2007 income earned on lease financing loans for FSP 13-2 and an increase to retained earnings of $3 million for FIN 48. The effects of FSP 13-2 will reverse over periods ranging from four to 20 years.
Full Year 2007 Outlook
Comerica's outlook for full-year 2007, compared to full-year 2006, is as follows:
- Mid to high single-digit average loan growth, excluding Financial
Services Division loans, with flat growth in the Midwest market, and
low double-digit growth in the Western and Texas markets
- Average earning asset growth slightly less than average loan growth
- Average Financial Services Division noninterest-bearing deposits
remaining at first quarter 2007 level of $3.5 billion. Financial
Services Division loans will fluctuate in 2007 with the level of
noninterest-bearing deposits
- Average full year net interest margin of about 3.75 percent to 3.80
percent
- Average net credit-related charge-offs of about 20 basis points of
average loans, with a provision for credit losses modestly exceeding
net charge-offs
- Low single-digit growth in noninterest income, from a 2006 adjusted
base of $820 million which excludes the Financial Services Division-
related lawsuit settlement and the loss on sale of the Mexican bank
charter
- Flat noninterest expenses, excluding the provision for credit losses on
lending-related commitments. Outlook reflects anticipated 2007 costs
associated with the previously announced headquarters move to Dallas,
Texas (expected to be about $10 million) and tax-related interest in
2006 (classified in the provision for income taxes in 2007)
- Effective tax rate of about 32 percent
- Active capital management within targeted capital ratios (tier 1 common
of 6.50 percent to 7.50 percent and tier 1 of 7.25 percent to 8.25
percent)
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, 2007 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses first quarter 2007 results compared to fourth quarter 2006.
The following table presents net income (loss) by business segment.
(dollar amounts in
millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Business Bank $141 72 % $154 80 % $151 73 %
Retail Bank 33 17 27 14 38 19
Wealth & Institutional
Management 21 11 11 6 17 8
195 100 % 192 100 % 206 100 %
Finance 1 (4) (2)
Other* (6) 111 (10)
Total $190 $299 $194
* Includes discontinued operations and items not directly
associated with the three major business segments or the Finance
Division
Business Bank
(dollar amounts in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Net interest income (FTE) $329 $335 $315
Provision for loan losses 14 15 (29)
Noninterest income 61 116 63
Noninterest expenses 170 194 193
Net income 141 154 151
Net credit-related charge-offs 15 6 16
Selected average balances:
Assets 40,059 39,872 38,100
Loans 39,015 38,766 36,883
FSD loans 1,569 1,909 2,909
Deposits 16,710 17,110 18,899
FSD deposits 4,698 5,291 6,969
Net interest margin 3.42 % 3.43 % 3.45 %
- The net interest margin was relatively unchanged, as both loan spreads
and deposits spreads were relatively stable.
- Excluding the $340 million decline in the Financial Services Division,
average loans increased $589 million, or six percent on an annualized
basis, primarily due to growth in the National Dealer Services, Middle
Market and Global Corporate Banking business lines.
- Average deposits increased $193 million, excluding the $593 million
decline in the Financial Services Division, primarily in the Technology
and Life Sciences and Global Corporate Banking business lines.
- Noninterest income decreased $55 million, primarily due to income of
$47 million from a Financial Services Division-related lawsuit
settlement in the fourth quarter 2006, lower investment banking fees
and a negative warrant fair value adjustment in the first quarter 2007.
- Noninterest expenses decreased $24 million, primarily due to decreases
in net corporate overhead expenses, incentive compensation and legal
fees. Net corporate overhead expenses decreased due to the impact on
overhead of higher fourth quarter 2006 tax-related interest expense
(see "Tax-related Items" above) and a fourth quarter 2006 contribution
to the Comerica Charitable Foundation.
Retail Bank
(dollar amounts in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Net interest income (FTE) $157 $159 $155
Provision for loan losses 5 6 6
Noninterest income 52 53 50
Noninterest expenses 153 164 143
Net income 33 27 38
Net credit-related charge-offs 4 16 5
Selected average balances:
Assets 6,840 6,810 6,782
Loans 6,095 6,100 6,076
Deposits 17,033 16,969 16,736
Net interest margin 3.74 % 3.71 % 3.76 %
- The net interest margin of 3.74 percent increased three basis points,
primarily due to an increase in deposit spreads, partially offset by a
decline in loan spreads.
- Average loans remained relatively flat, as increases in small business
commercial loans were offset by a decline in consumer loans resulting
from the first quarter 2007 sale of $74 million of manufactured housing
loans.
- Average deposits increased $64 million, primarily due to growth in
customer certificates of deposit.
- Fourth quarter 2006 net credit-related charge-offs included $9 million
related to the transfer of the previously mentioned manufactured
housing loans to held-for-sale.
- Noninterest expenses decreased $11 million, primarily due to a decrease
in net corporate overhead expenses (as described in the Business Bank).
- Opened nine new banking centers in the first quarter 2007.
Wealth and Institutional Management
(dollar amounts in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Net interest income (FTE) $36 $36 $37
Provision for loan losses (1) 2 -
Noninterest income 71 67 64
Noninterest expenses 76 86 75
Net income 21 11 17
Net credit-related charge-offs - 1 -
Selected average balances:
Assets 3,898 3,794 3,623
Loans 3,747 3,646 3,473
Deposits 2,317 2,351 2,449
Net interest margin 3.88 % 3.90 % 4.28 %
- Average loans increased $101 million, or 11 percent on an annualized
basis.
- Average deposits decreased $34 million, primarily due to decreased
noninterest-bearing accounts.
- Noninterest income increased $4 million, primarily due to increased
trust fees in the first quarter 2007.
- Noninterest expenses decreased $10 million, primarily due to a decrease
in net corporate overhead expenses (as described in the Business Bank),
severance and incentive compensation.
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, 2007 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses first quarter 2007 results compared to fourth quarter 2006.
The following table presents net income (loss) by market segment.
(dollar amounts in
millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Midwest $90 45 % $78 41 % $99 48 %
Western 66 34 83 43 66 32
Texas 22 11 17 9 23 11
Florida 3 2 3 1 4 2
Other Markets 5 3 4 2 4 2
International 9 5 7 4 10 5
195 100 % 192 100 % 206 100 %
Finance & Other* (5) 107 (12)
Total $190 $299 $194
* Includes discontinued operations and items not directly
associated with the geographic markets
Midwest
(dollar amounts in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Net interest income (FTE) $244 $248 $243
Provision for loan losses 30 37 -
Noninterest income 116 123 117
Noninterest expenses 206 232 223
Net income 90 78 99
Net credit-related charge-offs 22 23 17
Selected average balances:
Assets 22,755 22,843 22,332
Loans 21,783 21,836 21,303
Deposits 16,657 16,713 17,039
Net interest margin 4.52 % 4.49 % 4.51 %
- The net interest margin of 4.52 percent increased three basis points,
primarily due to an increase in deposit spreads, partially offset by a
decrease in loan spreads.
- Average loans decreased $53 million, primarily due to the first quarter
2007 sale of $74 million of manufactured housing loans.
- Average deposits decreased $56 million, primarily due to a decline in
money market accounts.
- The provision for loan losses decreased $7 million. Fourth quarter
2006 included a $9 million charge-off related to the sale of
manufactured housing loans, discussed above.
- Noninterest income decreased $7 million, primarily due to a decrease in
investment banking fees.
- Noninterest expenses decreased $26 million, primarily due to decreases
in net corporate overhead expenses (as described in the Business Bank)
and incentive compensation.
- Two new banking centers were opened in Michigan.
Western Market
(dollar amounts in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Net interest income (FTE) $176 $178 $168
Provision for loan losses (11) (15) (14)
Noninterest income 28 74 28
Noninterest expenses 110 122 109
Net income 66 83 66
Net credit-related charge-offs (5) (2) -
Selected average balances:
Assets 16,782 16,572 16,261
Loans 16,241 16,037 15,644
FSD loans 1,569 1,909 2,909
Deposits 13,696 14,145 15,405
FSD deposits 4,515 5,130 6,855
Net interest margin 4.40 % 4.40 % 4.25 %
- Excluding the Financial Services Division, average loans increased
$544 million, or 15 percent on an annualized basis, primarily due to
growth in the Middle Market Banking, National Dealer Services,
Technology and Life Sciences, Commercial Real Estate, Entertainment
Lending and Global Corporate Banking business lines.
- Excluding the Financial Services Division, average deposits increased
$166 million, primarily due to interest-bearing checking, money market
accounts and growth in customer certificates of deposit.
- Noninterest income decreased $46 million, primarily due to income from
a $47 million Financial Services Division-related lawsuit settlement in
the fourth quarter 2006 and a negative warrant fair value adjustment in
the first quarter 2007.
- Noninterest expenses decreased $12 million, primarily due to lower net
corporate overhead expenses (as described in the Business Bank) and
legal fees.
- Three new banking centers were opened in California.
Texas Market
(dollar amounts in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Net interest income (FTE) $67 $69 $61
Provision for loan losses (1) 3 (4)
Noninterest income 19 20 18
Noninterest expenses 54 59 50
Net income 22 17 23
Total net credit-related charge-
offs 3 2 1
Selected average balances:
Assets 6,719 6,631 5,611
Loans 6,444 6,360 5,355
Deposits 3,843 3,794 3,662
Net interest margin 4.19 % 4.27 % 4.46 %
- The net interest margin of 4.19 percent declined eight basis points,
primarily due to a decline in loan spreads.
- Average loans increased $84 million, or five percent on an annualized
basis, primarily due to growth in Commercial Real Estate, Global
Corporate Banking, National Dealer Services and Small Business. The
Texas loan growth, impacted by pay downs in January, rebounded in
February and March with low double-digit annualized average loan growth
rates.
- Average deposits increased $49 million, primarily due to growth in
interest-bearing checking and customer certificates of deposit.
- The provision for loan losses decreased $4 million, primarily due to
improved credit quality.
- Noninterest expenses decreased $5 million, primarily due to a decrease
in net corporate overhead expenses (as described in the Business Bank).
- Four new banking centers were opened.
Florida Market
(dollar amounts in millions) 1st Qtr '07 4th Qtr '06 1st Qtr '06
Net interest income (FTE) $11 $11 $10
Provision for loan losses 1 1 -
Noninterest income 4 4 4
Noninterest expenses 9 10 8
Net income 3 3 4
Net credit-related charge-offs - - 2
Selected average balances:
Assets 1,646 1,631 1,390
Loans 1,626 1,611 1,371
Deposits 284 292 307
Net interest margin 2.84 % 2.80 % 2.91 %
- Average loans increased $15 million, or four percent on an annualized
basis.
- Average deposits decreased $8 million.
Conference Call and Webcast
Comerica will host a conference call to review first quarter 2007 financial results at 8 a.m. ET Tuesday, April 17, 2007. Interested parties may access the conference call by calling (706) 679-5261 (event ID No. 3046574). The call and supplemental financial information can also be accessed on the Internet at http://www.comerica.com/. A replay will be available approximately two hours following the conference call until May 1, 2007. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 3046574). A replay of the Webcast can also be accessed via Comerica's "Investor Relations" page at http://www.comerica.com/.
Comerica Incorporated is a financial services company strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. Comerica Bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, Canada and Mexico
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 changes in the pace of an economic recovery and related changes in employment levels, 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 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, 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, automotive production, 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 conditions and related credit and market conditions and adverse conditions in the stock market. Comerica cautions that the foregoing list of factors is not exclusive. 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.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOPRN Photo Desk, photodesk@prnewswire.com
SOURCE: Comerica Incorporated
CONTACT: Media, Wayne J. Mielke, +1-313-222-4732, or Investors, Darlene
P. Persons, +1-313-222-2840, or Paul Jaremski, +1-313-222-6317, all of
Comerica
Web site: http://www.comerica.com/
