/FIRST AND FINAL ADD -- CLW015 -- Comerica Third Quarter 2007 Earnings/
PRNewswire
(:CMA)
CONSOLIDATED FINANCIAL HIGHLIGHTS
Comerica Incorporated and Subsidiaries
Three Months Ended
Sept 30, June 30, Sept. 30,
(in millions, except per share data) 2007 2007 2006
PER SHARE AND COMMON STOCK DATA
Diluted income from continuing
operations $1.17 $1.25 $1.20
Diluted net income 1.18 1.25 1.23
Cash dividends declared 0.64 0.64 0.59
Common shareholders' equity (at
period end) 33.62 32.80 32.79
Average diluted shares (in thousands) 153,096 156,632 162,438
KEY RATIOS
Return on average common
shareholders' equity from continuing
operations 14.24 % 15.41 % 15.00 %
Return on average common
shareholders' equity 14.38 15.41 15.38
Return on average assets from
continuing operations 1.22 1.35 1.37
Return on average assets 1.23 1.35 1.41
Average common shareholders' equity
as a percentage of average assets 8.58 8.77 9.16
Tier 1 common capital ratio * 7.00 7.18 7.48
Tier 1 risk-based capital ratio * 7.67 7.87 8.04
Total risk-based capital ratio * 11.43 11.71 11.25
Leverage ratio * 9.61 9.68 9.68
AVERAGE BALANCES
Commercial loans $28,052 $28,324 $27,534
Real estate construction loans 4,607 4,501 4,064
Commercial mortgage loans 9,829 9,634 9,362
Residential mortgage loans 1,865 1,791 1,602
Consumer loans 2,320 2,331 2,474
Lease financing 1,319 1,287 1,323
International loans 1,882 1,925 1,766
Total loans 49,874 49,793 48,125
Earning assets 54,641 54,304 52,500
Total assets 58,546 58,118 56,790
Interest-bearing deposits 30,276 30,049 29,133
Total interest-bearing liabilities 41,406 40,157 37,555
Noninterest-bearing deposits 10,840 11,633 12,723
Common shareholders' equity 5,024 5,097 5,203
NET INTEREST INCOME
Net interest income (fully taxable
equivalent basis) $504 $510 $502
Fully taxable equivalent adjustment 1 1 -
Net interest margin 3.66 % 3.76 % 3.79 %
CREDIT QUALITY
Nonaccrual loans $272 $244 $174
Foreclosed property 19 15 23
Total nonperforming assets 291 259 197
Loans past due 90 days or more and
still accruing 63 29 18
Gross loan charge-offs 47 43 17
Loan recoveries 7 13 14
Net loan charge-offs 40 30 3
Lending-related commitment charge-
offs - - 5
Total net credit-related charge-offs 40 30 8
Allowance for loan losses 512 507 493
Allowance for credit losses on
lending-related commitments 19 19 31
Total allowance for credit losses 531 526 524
Allowance for loan losses as a
percentage of total loans 1.03 % 1.04 % 1.06 %
Net loan charge-offs as a percentage
of average total loans 0.32 0.24 0.02
Net credit-related charge-offs as a
percentage of average total loans 0.32 0.24 0.06
Nonperforming assets as a percentage
of total loans and foreclosed
property 0.59 0.53 0.42
Allowance for loan losses as a
percentage of total nonperforming
assets 176 195 251
Nine Months Ended
September 30,
(in millions, except per share data) 2007 2006
PER SHARE AND COMMON STOCK DATA
Diluted income from continuing
operations $3.61 $3.65
Diluted net income 3.63 3.64
Cash dividends declared 1.92 1.77
Common shareholders' equity (at
period end)
Average diluted shares (in thousands) 156,202 163,299
KEY RATIOS
Return on average common
shareholders' equity from continuing
operations 14.83 % 15.48 %
Return on average common
shareholders' equity 14.89 15.40
Return on average assets from
continuing operations 1.30 1.42
Return on average assets 1.30 1.41
Average common shareholders' equity
as a percentage of average assets 8.76 9.14
Tier 1 common capital ratio *
Tier 1 risk-based capital ratio *
Total risk-based capital ratio *
Leverage ratio *
AVERAGE BALANCES
Commercial loans $28,046 $27,251
Real estate construction loans 4,454 3,805
Commercial mortgage loans 9,713 9,198
Residential mortgage loans 1,788 1,544
Consumer loans 2,351 2,555
Lease financing 1,293 1,307
International loans 1,880 1,815
Total loans 49,525 47,475
Earning assets 54,036 51,955
Total assets 57,923 56,231
Interest-bearing deposits 30,247 28,395
Total interest-bearing liabilities 40,031 36,551
Noninterest-bearing deposits 11,540 13,299
Common shareholders' equity 5,074 5,141
NET INTEREST INCOME
Net interest income (fully taxable
equivalent basis) $1,517 $1,483
Fully taxable equivalent adjustment 3 2
Net interest margin 3.75 % 3.80 %
CREDIT QUALITY
Nonaccrual loans
Foreclosed property
Total nonperforming assets
Loans past due 90 days or more and
still accruing
Gross loan charge-offs 124 67
Loan recoveries 38 29
Net loan charge-offs 86 38
Lending-related commitment charge-
offs 3 11
Total net credit-related charge-offs 89 49
Allowance for loan losses
Allowance for credit losses on
lending-related commitments
Total allowance for credit losses
Allowance for loan losses as a
percentage of total loans
Net loan charge-offs as a percentage
of average total loans 0.23 % 0.11 %
Net credit-related charge-offs as a
percentage of average total loans 0.24 0.13
Nonperforming assets as a percentage
of total loans and foreclosed
property
Allowance for loan losses as a
percentage of total nonperforming
assets
* September 30, 2007 ratios are estimated
CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries
Sept. 30, June 30, Dec. 31, Sept. 30,
(in millions, except share data) 2007 2007 2006 2006
ASSETS
Cash and due from banks $1,271 $1,372 $1,434 $1,456
Federal funds sold and securities
purchased under agreements to resell 129 1,217 2,632 3,473
Other short-term investments 293 251 327 259
Investment securities available-for-
sale 4,942 4,368 3,662 3,931
Commercial loans 27,392 27,146 26,265 25,755
Real estate construction loans 4,759 4,513 4,203 4,122
Commercial mortgage loans 9,994 9,728 9,659 9,485
Residential mortgage loans 1,892 1,839 1,677 1,622
Consumer loans 2,397 2,321 2,423 2,498
Lease financing 1,319 1,314 1,353 1,321
International loans 1,843 1,904 1,851 1,712
Total loans 49,596 48,765 47,431 46,515
Less allowance for loan losses (512) (507) (493) (493)
Net loans 49,084 48,258 46,938 46,022
Premises and equipment 635 616 568 540
Customers' liability on acceptances
outstanding 39 40 56 64
Accrued income and other assets 3,415 2,448 2,384 2,729
Total assets $59,808 $58,570 $58,001 $58,474
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $11,076 $12,763 $13,901 $15,132
Money market and NOW deposits 14,814 15,212 15,250 14,711
Savings deposits 1,402 1,397 1,365 1,378
Customer certificates of deposit 8,010 7,567 7,223 7,057
Institutional certificates of deposit 5,049 5,479 5,783 5,783
Foreign office time deposits 1,355 789 1,405 869
Total interest-bearing deposits 30,630 30,444 31,026 29,798
Total deposits 41,706 43,207 44,927 44,930
Short-term borrowings 2,813 297 635 225
Acceptances outstanding 39 40 56 64
Accrued expenses and other liabilities 1,267 1,260 1,281 1,292
Medium- and long-term debt 8,906 8,748 5,949 6,755
Total liabilities 54,731 53,552 52,848 53,266
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 178,735,252 shares at
9/30/07, 6/30/07, 12/31/06 and
9/30/06 894 894 894 894
Capital surplus 551 539 520 507
Accumulated other comprehensive loss (238) (308) (324) (128)
Retained earnings 5,484 5,400 5,282 5,079
Less cost of common stock in treasury
- 27,725,572 shares at 9/30/07,
25,725,671 shares
at 6/30/07, 21,161,161 shares at
12/31/06 and 19,892,137 shares at
9/30/06 (1,614) (1,507) (1,219) (1,144)
Total shareholders' equity 5,077 5,018 5,153 5,208
Total liabilities and
shareholders' equity $59,808 $58,570 $58,001 $58,474
CONSOLIDATED STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries
Three Months Nine Months
Ended Ended
September 30, September 30,
(in millions, except per share data) 2007 2006 2007 2006
INTEREST INCOME
Interest and fees on loans $895 $843 $2,628 $2,358
Interest on investment securities 52 43 140 132
Interest on short-term investments 5 7 18 20
Total interest income 952 893 2,786 2,510
INTEREST EXPENSE
Interest on deposits 294 272 864 707
Interest on short-term borrowings 29 28 75 115
Interest on medium- and long-term
debt 126 91 333 207
Total interest expense 449 391 1,272 1,029
Net interest income 503 502 1,514 1,481
Provision for loan losses 45 15 104 15
Net interest income after
provision for loan losses 458 487 1,410 1,466
NONINTEREST INCOME
Service charges on deposit accounts 55 56 164 164
Fiduciary income 49 45 147 133
Commercial lending fees 19 16 52 46
Letter of credit fees 16 17 47 48
Foreign exchange income 11 9 30 28
Brokerage fees 11 10 32 30
Card fees 14 11 40 34
Bank-owned life insurance 8 8 27 31
Net income from principal investing
and warrants 11 - 13 7
Net securities gains (losses) 4 - 4 (1)
Net gain (loss) on sales of businesses - (7) 3 (12)
Other noninterest income 32 30 99 85
Total noninterest income 230 195 658 593
NONINTEREST EXPENSES
Salaries 207 202 628 592
Employee benefits 49 48 145 142
Total salaries and employee
benefits 256 250 773 734
Net occupancy expense 34 31 102 91
Equipment expense 15 13 45 41
Outside processing fee expense 23 21 67 64
Software expense 16 13 46 41
Customer services 11 11 36 33
Litigation and operational losses 6 3 - 7
Provision for credit losses on
lending-related commitments - (5) (4) 9
Other noninterest expenses 62 62 176 197
Total noninterest expenses 423 399 1,241 1,217
Income from continuing operations
before income taxes 265 283 827 842
Provision for income taxes 85 88 262 245
Income from continuing operations 180 195 565 597
Income (loss) from discontinued
operations, net of tax 1 5 2 (3)
NET INCOME $181 $200 $567 $594
Basic earnings per common share:
Income from continuing operations $1.18 $1.22 $3.67 $3.70
Net income 1.20 1.25 3.69 3.69
Diluted earnings per common share:
Income from continuing operations 1.17 1.20 3.61 3.65
Net income 1.18 1.23 3.63 3.64
Cash dividends declared on common
stock 97 94 296 286
Dividends per common share 0.64 0.59 1.92 1.77
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries
Third Second First Fourth Third
Quarter Quarter Quarter Quarter Quarter
(in millions, except per share 2007 2007 2007 2006 2006
data)
INTEREST INCOME
Interest and fees on loans $895 $882 $851 $858 $843
Interest on investment securities 52 46 42 42 43
Interest on short-term investments 5 5 8 12 7
Total interest income 952 933 901 912 893
INTEREST EXPENSE
Interest on deposits 294 284 286 298 272
Interest on short-term borrowings 29 24 22 15 28
Interest on medium- and long-term
debt 126 116 91 97 91
Total interest expense 449 424 399 410 391
Net interest income 503 509 502 502 502
Provision for loan losses 45 36 23 22 15
Net interest income after
provision for loan losses 458 473 479 480 487
NONINTEREST INCOME
Service charges on deposit accounts 55 55 54 54 56
Fiduciary income 49 49 49 47 45
Commercial lending fees 19 17 16 19 16
Letter of credit fees 16 15 16 16 17
Foreign exchange income 11 10 9 10 9
Brokerage fees 11 10 11 10 10
Card fees 14 14 12 12 11
Bank-owned life insurance 8 9 10 9 8
Net income (loss) from principal
investing and warrants 11 6 (4) 3 -
Net securities gains 4 - - 1 -
Net gain (loss) on sales of businesses - 2 1 - (7)
Income from lawsuit settlement - - - 47 -
Other noninterest income 32 38 29 34 30
Total noninterest income 230 225 203 262 195
NONINTEREST EXPENSES
Salaries 207 215 206 231 202
Employee benefits 49 50 46 42 48
Total salaries and employee
benefits 256 265 252 273 250
Net occupancy expense 34 33 35 34 31
Equipment expense 15 15 15 14 13
Outside processing fee expense 23 24 20 21 21
Software expense 16 15 15 15 13
Customer services 11 11 14 14 11
Litigation and operational losses
(recoveries) 6 (9) 3 4 3
Provision for credit losses on
lending-related commitments - (2) (2) (4) (5)
Other noninterest expenses 62 59 55 86 62
Total noninterest expenses 423 411 407 457 399
Income from continuing operations
before income taxes 265 287 275 285 283
Provision for income taxes 85 91 86 100 88
Income from continuing operations 180 196 189 185 195
Income from discontinued operations,
net of tax 1 - 1 114 5
NET INCOME $181 $196 $190 $299 $200
Basic earnings per common share:
Income from continuing
operations $1.18 $1.28 $1.21 $1.17 $1.22
Net income 1.20 1.28 1.21 1.89 1.25
Diluted earnings per common share:
Income from continuing
operations 1.17 1.25 1.19 1.16 1.20
Net income 1.18 1.25 1.19 1.87 1.23
Cash dividends declared on common
stock 97 98 101 94 94
Dividends per common share 0.64 0.64 0.64 0.59 0.59
Third Quarter 2007 Compared To:
Second Quarter Third Quarter
2007 2006
(in millions, except per share data) Amount Percent Amount Percent
INTEREST INCOME
Interest and fees on loans $13 1.6 % $52 6.2 %
Interest on investment securities 6 11.5 9 21.4
Interest on short-term investments - (14.3) (2) (32.2)
Total interest income 19 2.0 59 6.6
INTEREST EXPENSE
Interest on deposits 10 3.2 22 8.1
Interest on short-term borrowings 5 23.2 1 4.3
Interest on medium- and long-term debt 10 7.7 35 37.6
Total interest expense 25 5.5 58 14.7
Net interest income (6) (1.0) 1 0.4
Provision for loan losses 9 25.0 30 200.0
Net interest income after
provision for loan losses (15) (3.0) (29) (5.8)
NONINTEREST INCOME
Service charges on deposit accounts - 0.6 (1) (0.9)
Fiduciary income - (0.2) 4 10.2
Commercial lending fees 2 11.6 3 22.4
Letter of credit fees 1 2.3 (1) (6.2)
Foreign exchange income 1 4.5 2 15.7
Brokerage fees 1 13.5 1 17.2
Card fees - 2.1 3 18.6
Bank-owned life insurance (1) (7.8) - 2.1
Net income (loss) from principal
investing and warrants 5 N/M 11 N/M
Net securities gains 4 N/M 4 N/M
Net gain (loss) on sales of
businesses (2) N/M 7 N/M
Income from lawsuit settlement - N/M - N/M
Other noninterest income (6) (15.0) 2 7.4
Total noninterest income 5 2.2 35 17.8
NONINTEREST EXPENSES
Salaries (8) (4.0) 5 2.2
Employee benefits (1) (0.7) 1 3.4
Total salaries and employee
benefits (9) (3.3) 6 2.4
Net occupancy expense 1 5.5 3 8.7
Equipment expense - 0.8 2 14.8
Outside processing fee expense (1) (2.4) 2 10.8
Software expense 1 11.6 3 17.4
Customer services - (5.4) - (5.1)
Litigation and operational losses
(recoveries) 15 N/M 3 140.5
Provision for credit losses on
lending-related commitments 2 N/M 5 N/M
Other noninterest expenses 3 3.4 - 2.8
Total noninterest expenses 12 3.1 24 6.4
Income from continuing operations
before income taxes (22) (7.8) (18) (6.7)
Provision for income taxes (6) (5.3) (3) (3.0)
Income from continuing operations (16) (8.9) (15) (8.3)
Income from discontinued operations,
net of tax 1 N/M (4) N/M
NET INCOME $(15) (8.0)% $(19) (9.7)%
Basic earnings per common share:
Income from continuing
operations $(0.10) (7.8)% $(0.04) (3.3)%
Net income (0.08) (6.3) (0.05) (4.0)
Diluted earnings per common share:
Income from continuing
operations (0.08) (6.4) (0.03) (2.5)
Net income (0.07) (5.6) (0.05) (4.1)
Cash dividends declared on common
stock (1) (1.7) 3 2.7
Dividends per common share - - 0.05 8.5
N/M - Not meaningful
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
Comerica Incorporated and Subsidiaries
2007 2006
(in millions) 3rd 2nd 1st 4th 3rd
Qtr Qtr Qtr Qtr Qtr
Balance at beginning of period $507 $500 $493 $493 $481
Loan charge-offs:
Commercial 30 19 13 7 9
Real estate construction:
Commercial Real Estate
business line 6 6 1 - -
Other business lines 2 2 - - -
Total real estate
construction 8 8 1 - -
Commercial mortgage:
Commercial Real Estate
business line 2 3 3 3 1
Other business lines 4 10 14 4 4
Total commercial
mortgage 6 13 17 7 5
Residential mortgage - - - - -
Consumer 3 3 3 13 3
Lease financing - - - 3 -
International - - - 1 -
Total loan charge-offs 47 43 34 31 17
Recoveries on loans previously
charged-off:
Commercial 5 5 10 5 13
Real estate construction - - - - -
Commercial mortgage 1 2 - 1 1
Residential mortgage - - - - -
Consumer 1 1 1 1 -
Lease financing - - 4 - -
International - 5 3 2 -
Total recoveries 7 13 18 9 14
Net loan charge-offs 40 30 16 22 3
Provision for loan losses 45 36 23 22 15
Foreign currency translation
adjustment - 1 - - -
Balance at end of period $512 $507 $500 $493 $493
Allowance for loan losses as a
percentage of total loans 1.03 % 1.04 % 1.04 % 1.04 % 1.06 %
Net loan charge-offs as a
percentage of average
total loans 0.32 0.24 0.13 0.18 0.02
Net credit-related charge-offs
as a percentage of average
total loans 0.32 0.24 0.16 0.19 0.06
ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS
Comerica Incorporated and Subsidiaries
2007 2006
(in millions) 3rd 2nd 1st 4th 3rd
Qtr Qtr Qtr Qtr Qtr
Balance at beginning of period $19 $21 $26 $31 $41
Less: Charge-offs on lending-related
commitments (1) - - 3 1 5
Add: Provision for credit losses on
lending-related commitments - (2) (2) (4) (5)
Balance at end of period $19 $19 $21 $26 $31
Unfunded lending-related commitments
sold $- $- $60 $20 $28
(1) Charge-offs result from the sale of unfunded lending-related
commitments.
NONPERFORMING ASSETS
Comerica Incorporated and Subsidiaries
2007 2006
(in millions) 3rd 2nd 1st 4th 3rd
Qtr Qtr Qtr Qtr Qtr
SUMMARY OF NONPERFORMING
ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Commercial $64 $88 $73 $97 $83
Real estate construction:
Commercial Real
Estate business line 55 37 21 18 4
Other business lines 4 7 4 2 -
Total real estate
construction 59 44 25 20 4
Commercial mortgage:
Commercial Real
Estate business line 63 20 17 18 10
Other business lines 77 84 84 54 46
Total commercial
mortgage 140 104 101 72 56
Residential mortgage 1 1 1 1 1
Consumer 4 3 4 4 5
Lease financing - - 4 8 12
International 4 4 10 12 13
Total nonaccrual
loans 272 244 218 214 174
Reduced-rate loans - - - - -
Total
nonperforming
loans 272 244 218 214 174
Foreclosed property 19 15 15 18 23
Total
nonperforming
assets $291 $259 $233 $232 $197
Nonperforming loans as a
percentage of total loans 0.55 % 0.50 % 0.45 % 0.45 % 0.37 %
Nonperforming assets as a
percentage of total loans
and foreclosed property 0.59 0.53 0.49 0.49 0.42
Allowance for loan losses as
a percentage
of total nonperforming
assets 176 195 214 213 251
Loans past due 90 days or
more and still accruing $63 $29 $15 $14 $18
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning
of period $244 $218 $214 $174 $157
Loans transferred to
nonaccrual (1) 94 107 69 66 39
Nonaccrual business loan
gross charge-offs (2) (44) (40) (31) (16) (14)
Loans transferred to
accrual status (1) - (8) - - -
Nonaccrual business
loans sold (3) (11) - (4) - -
Payments/Other (4) (11) (33) (30) (10) (8)
Nonaccrual loans at end of
period $272 $244 $218 $214 $174
(1) Based on an analysis of
nonaccrual loans with book
balances greater than $2
million.
(2) Analysis of gross loan
charge-offs:
Nonaccrual business
loans $44 $40 $31 $16 $14
Performing watch list
loans - - - 2 -
Consumer and
residential mortgage
loans 3 3 3 13 3
Total gross loan charge-
offs $47 $43 $34 $31 $17
(3) Analysis of loans sold:
Nonaccrual business
loans $11 $- $4 $- $-
Performing watch list
loans - - - 25 7
Total loans sold $11 $- $4 $25 $7
(4) Includes net changes related to nonaccrual loans with balances less
than $2 million, other than business loan gross charge-offs
and nonaccrual loans sold, and payments on nonaccrual loans with
book balances greater than $2 million.
ANALYSIS OF NET INTEREST INCOME (FTE)
Comerica Incorporated and Subsidiaries
Nine Months Ended
September 30, 2007 September 30, 2006
(dollar amounts in Average Average Average Average
millions) Balance Interest Rate Balance Interest Rate
Commercial loans
(1)(2) $28,046 $1,538 7.33 % $27,251 $1,375 6.75 %
Real estate
construction loans 4,454 282 8.47 3,805 244 8.57
Commercial mortgage
loans 9,713 534 7.35 9,198 496 7.22
Residential mortgage
loans 1,788 82 6.12 1,544 69 5.99
Consumer loans 2,351 125 7.12 2,555 135 7.07
Lease financing 1,293 32 3.26 1,307 40 4.04
International loans 1,880 99 7.07 1,815 94 6.93
Business loan swap
expense - (61) - - (93) -
Total loans(2) 49,525 2,631 7.10 47,475 2,360 6.65
Investment securities
available-for-sale 4,080 140 4.47 4,042 132 4.20
Federal funds sold and
securities purchased
under agreements to
resell 189 8 5.36 269 10 5.06
Other short-term
investments 242 10 5.73 169 10 7.66
Total earning
assets 54,036 2,789 6.89 51,955 2,512 6.44
Cash and due from
banks 1,390 1,589
Allowance for loan
losses (513) (497)
Accrued income and
other assets 3,010 3,184
Total assets $57,923 $56,231
Money market and NOW
deposits (1) $14,858 344 3.09 $15,597 327 2.80
Savings deposits 1,393 9 0.91 1,463 8 0.76
Customer certificates
of deposit 7,505 250 4.46 6,275 181 3.86
Institutional
certificates of
deposit 5,490 224 5.45 4,053 156 5.13
Foreign office time
deposits 1,001 37 4.92 1,007 35 4.70
Total interest-
bearing deposits 30,247 864 3.82 28,395 707 3.33
Short-term borrowings 1,919 75 5.24 3,193 115 4.84
Medium- and long-term
debt 7,865 333 5.65 4,963 207 5.57
Total interest-
bearing sources 40,031 1,272 4.25 36,551 1,029 3.76
Noninterest-bearing
deposits (1) 11,540 13,299
Accrued expenses and
other liabilities 1,278 1,240
Shareholders' equity 5,074 5,141
Total liabilities
and shareholders'
equity 57,923 56,231
Net interest
income/rate spread
(FTE) $1,517 2.64 $1,483 2.68
FTE adjustment $3 $2
Impact of net
noninterest-bearing
sources of funds 1.11 1.12
Net interest margin
(as a percentage
of average earning
assets) (FTE) (2) 3.75 % 3.80 %
(1) FSD balances
included above:
Loans (primarily
low-rate) $1,445 $7 0.63 % $2,516 $10 0.55 %
Interest-bearing
deposits 1,230 36 3.95 1,835 53 3.84
Noninterest
-bearing
deposits 3,097 4,516
(2) Impact of FSD
loans (primarily
low-rate) on the
following:
Commercial loans (0.36)% (0.63)%
Total loans (0.20) (0.34)
Net interest
margin (FTE)
(assuming loans
were funded by
noninterest-
bearing deposits) (0.09) (0.18)
ANALYSIS OF NET INTEREST INCOME (FTE)
Comerica Incorporated and Subsidiaries
Three Months Ended
September 30, 2007 June 30, 2007
(dollar amounts in Average Inter- Average Average Inter- Average
millions) Balance est Rate Balance est Rate
Commercial loans (1) (2) $28,052 $520 7.37 % $28,324 $517 7.31 %
Real estate construction
loans 4,607 97 8.33 4,501 95 8.45
Commercial mortgage loans 9,829 181 7.30 9,634 178 7.39
Residential mortgage loans 1,865 29 6.12 1,791 28 6.15
Consumer loans 2,320 41 7.06 2,331 41 7.15
Lease financing 1,319 11 3.25 1,287 11 3.33
International loans 1,882 33 6.98 1,925 34 7.17
Business loan swap expense - (16) - - (21) -
Total loans (2) 49,874 896 7.13 49,793 883 7.11
Investment securities
available-for-sale 4,405 52 4.60 4,085 46 4.46
Federal funds sold and
securities purchased
under agreements to resell 99 1 5.25 195 2 5.37
Other short-term
investments 263 4 5.27 231 3 5.21
Total earning assets 54,641 953 6.91 54,304 934 6.89
Cash and due from banks 1,351 1,341
Allowance for loan losses (521) (516)
Accrued income and other
assets 3,075 2,989
Total assets $58,546 $58,118
Money market and NOW
deposits (1) $14,996 119 3.14 $14,825 114 3.08
Savings deposits 1,380 3 0.97 1,419 3 0.91
Customer certificates of
deposit 7,702 87 4.48 7,463 83 4.46
Institutional certificates
of deposit 5,170 72 5.49 5,484 74 5.43
Foreign office time
deposits 1,028 13 4.96 858 10 4.81
Total interest-
bearing deposits 30,276 294 3.85 30,049 284 3.80
Short-term borrowings 2,278 29 5.15 1,816 24 5.30
Medium- and long-term debt 8,852 126 5.61 8,292 116 5.63
Total interest-
bearing sources 41,406 449 4.29 40,157 424 4.24
Noninterest-bearing
deposits (1) 10,840 11,633
Accrued expenses and other
liabilities 1,276 1,231
Shareholders' equity 5,024 5,097
Total liabilities and
shareholders' equity $58,546 $58,118
Net interest income/rate
spread (FTE) $504 2.62 $510 2.65
FTE adjustment $1 $1
Impact of net noninterest-
bearing
sources of funds 1.04 1.11
Net interest margin (as a
percentage
of average earning
assets) (FTE) (2) 3.66 % 3.76 %
(1) FSD balances included
above:
Loans (primarily low-
rate) $1,191 $2 0.71 % $1,580 $2 0.52 %
Interest-bearing
deposits 1,214 12 4.06 1,228 12 3.88
Noninterest-bearing
deposits 2,575 3,277
(2) Impact of FSD loans
(primarily low-rate) on
the following:
Commercial loans (0.30) % (0.40) %
Total loans (0.16) (0.21)
Net interest margin
(FTE) (assuming
loans were
funded by
noninterest-
bearing
deposits) (0.07) (0.10)
Three Months Ended
September 30, 2006
Average Average
(dollar amounts in millions) Balance Interest Rate
Commercial loans (1) (2) $27,534 $498 7.18 %
Real estate construction loans 4,064 90 8.79
Commercial mortgage loans 9,362 175 7.42
Residential mortgage loans 1,602 24 6.08
Consumer loans 2,474 45 7.32
Lease financing 1,323 13 4.00
International loans 1,766 33 7.35
Business loan swap expense - (35) -
Total loans (2) 48,125 843 6.96
Investment securities available-for-
sale 3,887 43 4.22
Federal funds sold and securities
purchased under agreements to resell 282 4 5.39
Other short-term investments 206 3 6.23
Total earning assets 52,500 893 6.74
Cash and due from banks 1,561
Allowance for loan losses (495)
Accrued income and other assets 3,224
Total assets $56,790
Money market and NOW deposits (1) $14,885 116 3.07
Savings deposits 1,434 3 0.87
Customer certificates of deposit 6,710 70 4.17
Institutional certificates of deposit 5,180 72 5.45
Foreign office time deposits 924 11 4.96
Total interest-bearing
deposits 29,133 272 3.70
Short-term borrowings 2,125 28 5.29
Medium- and long-term debt 6,297 91 5.73
Total interest-bearing
sources 37,555 391 4.13
Noninterest-bearing deposits (1) 12,723
Accrued expenses and other
liabilities 1,309
Shareholders' equity 5,203
Total liabilities and
shareholders' equity $56,790
Net interest income/rate spread (FTE) $502 2.61
FTE adjustment $-
Impact of net noninterest-bearing
sources of funds 1.18
Net interest margin (as a percentage
of average earning assets) (FTE)
(2) 3.79 %
(1) FSD balances included above:
Loans (primarily low-rate) $2,093 $3 0.64 %
Interest-bearing deposits 1,465 15 3.95
Noninterest-bearing deposits 4,079
(2) Impact of FSD loans (primarily
low-rate) on the following:
Commercial loans (0.54) %
Total loans (0.28)
Net interest margin (FTE)
(assuming loans were
funded by noninterest-
bearing deposits) (0.14)
CONSOLIDATED STATISTICAL DATA
Comerica Incorporated and Subsidiaries
Sept. 30, June 30, March 31,
(in millions, except per share data) 2007 2007 2007
Commercial loans:
Floor plan $2,601 $3,012 $2,970
Other 24,791 24,134 23,711
Total commercial loans 27,392 27,146 26,681
Real estate construction loans:
Commercial Real Estate business
line 4,007 3,777 3,708
Other business lines 752 736 754
Total real estate construction
loans 4,759 4,513 4,462
Commercial mortgage loans:
Commercial Real Estate business
line 1,467 1,344 1,286
Other business lines 8,527 8,384 8,306
Total commercial mortgage loans 9,994 9,728 9,592
Residential mortgage loans 1,892 1,839 1,741
Consumer loans:
Home equity 1,582 1,585 1,570
Other consumer 815 736 822
Total consumer loans 2,397 2,321 2,392
Lease financing 1,319 1,314 1,273
International loans 1,843 1,904 1,848
Total loans $49,596 $48,765 $47,989
Goodwill $150 $150 $150
Loan servicing rights 13 13 14
Tier 1 common capital ratio* 7.00 % 7.18 % 7.49 %
Tier 1 risk-based capital ratio* 7.67 7.87 8.19
Total risk-based capital ratio * 11.43 11.71 12.15
Leverage ratio* 9.61 9.68 10.00
Book value per share $33.62 $32.80 $32.84
Market value per share for the
quarter:
High $61.34 $63.89 $63.39
Low 50.26 58.18 56.77
Close 51.28 59.47 59.12
Quarterly ratios:
Return on average common
shareholders' equity from
continuing operations 14.24 % 15.41 % 14.83 %
Return on average common
shareholders' equity 14.38 15.41 14.86
Return on average assets from
continuing operations 1.22 1.35 1.33
Return on average assets 1.23 1.35 1.33
Efficiency ratio 58.00 55.97 57.66
Number of banking centers 403 402 402
Number of employees - full time
equivalent
Continuing operations 10,683 10,687 10,661
Discontinued operations - - -
Dec. 31, Sept. 30,
(in millions, except per share data) 2006 2006
Commercial loans:
Floor plan $3,198 $2,628
Other 23,067 23,127
Total commercial loans 26,265 25,755
Real estate construction loans:
Commercial Real Estate business line 3,449 3,352
Other business lines 754 770
Total real estate construction
loans 4,203 4,122
Commercial mortgage loans:
Commercial Real Estate business line 1,534 1,529
Other business lines 8,125 7,956
Total commercial mortgage loans 9,659 9,485
Residential mortgage loans 1,677 1,622
Consumer loans:
Home equity 1,591 1,668
Other consumer 832 830
Total consumer loans 2,423 2,498
Lease financing 1,353 1,321
International loans 1,851 1,712
Total loans $47,431 $46,515
Goodwill $150 $213
Loan servicing rights 14 15
Tier 1 common capital ratio* 7.54 % 7.48 %
Tier 1 risk-based capital ratio* 8.02 8.04
Total risk-based capital ratio * 11.63 11.25
Leverage ratio* 9.76 9.68
Book value per share $32.70 $32.79
Market value per share for the quarter:
High $59.72 $58.95
Low 55.82 51.45
Close 58.68 56.92
Quarterly ratios:
Return on average common
shareholders' equity from
continuing operations 14.03 % 15.00 %
Return on average common
shareholders' equity 22.63 15.38
Return on average assets from
continuing operations 1.29 1.37
Return on average assets 2.07 1.41
Efficiency ratio 59.81 57.15
Number of banking centers 393 382
Number of employees - full time equivalent
Continuing operations 10,700 10,568
Discontinued operations - 167
* September 30, 2007 ratios are estimated
PARENT COMPANY ONLY BALANCE SHEETS
Comerica Incorporated
Sept. 30, Dec. 31, Sept. 30,
(in millions, except share data) 2007 2006 2006
ASSETS
Cash and due from subsidiary bank $5 $122 $7
Short-term investments with
subsidiary bank 222 246 294
Other short-term investments 101 92 88
Investment in subsidiaries,
principally banks 5,799 5,586 5,719
Premises and equipment 4 4 4
Other assets 152 152 150
Total assets $6,283 $6,202 $6,262
LIABILITIES AND SHAREHOLDERS' EQUITY
Long-term debt $956 $806 $807
Other liabilities 250 243 247
Total liabilities 1,206 1,049 1,054
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 178,735,252 shares at
9/30/07, 12/31/06 and 9/30/06 894 894 894
Capital surplus 551 520 507
Accumulated other comprehensive loss (238) (324) (128)
Retained earnings 5,484 5,282 5,079
Less cost of common stock in treasury
- 27,725,572 shares at 9/30/07,
21,161,161 shares at 12/31/06 and
19,892,137 shares at 9/30/06 (1,614) (1,219) (1,144)
Total shareholders' equity 5,077 5,153 5,208
Total liabilities and
shareholders' equity $6,283 $6,202 $6,262
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Comerica Incorporated and Subsidiaries
Accumulated
Other
Compre- Total
Common Stock Capital hen- Share
(in millions, except In Sur- sive Retained Treasury holders'
per share data) Shares Amount plus Loss Earnings Stock Equity
BALANCE AT JANUARY 1,
2006 162.9 $894 $461 $(170) $4,796 $(913) $5,068
Net income - - - - 594 - 594
Other comprehensive
income, net of tax - - - 42 - - 42
Total comprehensive
income 636
Cash dividends declared
on common stock ($1.77
per share) - - - - (286) - (286)
Purchase of common
stock (5.2) - - - - (299) (299)
Net issuance of common
stock under employee
stock plans 1.4 - (16) - (25) 85 44
Recognition of share-
based compensation
expense - - 45 - - - 45
Employee deferred
compensation
obligations (0.3) - 17 - - (17) -
BALANCE AT SEPTEMBER
30, 2006 158.8 $894 $507 $(128) $5,079 $(1,144) $5,208
BALANCE AT DECEMBER 31,
2006 157.6 $894 $520 $(324) $5,282 $(1,219) $5,153
FSP 13-2 transition
adjustment, net of tax - - - - (46) - (46)
FIN 48 transition
adjustment, net of tax - - - - 3 - 3
BALANCE AT JANUARY 1,
2007 157.6 894 520 (324) 5,239 (1,219) 5,110
Net income - - - - 567 - 567
Other comprehensive
income, net of tax - - - 86 - - 86
Total comprehensive
income - - - - - - 653
Cash dividends declared
on common stock ($1.92
per share) - - - - (296) - (296)
Purchase of common
stock (9.0) - - - - (533) (533)
Net issuance of common
stock under employee
stock plans 2.4 - (16) - (26) 139 97
Recognition of share-
based compensation
expense - - 46 - - - 46
Employee deferred
compensation
obligations - - 1 - - (1) -
BALANCE AT SEPTEMBER
30, 2007 151.0 $894 $551 $(238) $5,484 $(1,614) $5,077
BUSINESS SEGMENT FINANCIAL RESULTS
Comerica Incorporated and Subsidiaries
Wealth &
(dollar amounts in millions) Business Retail Institutional
Three Months Ended September 30, 2007 Bank Bank Management
Earnings summary:
Net interest income (expense) (FTE) $332 $159 $36
Provision for loan losses 43 7 (5)
Noninterest income 82 56 70
Noninterest expenses 177 160 81
Provision (benefit) for income taxes (FTE) 60 16 10
Income from discontinued operations,
net of tax - - -
Net income (loss) $134 $32 $20
Net credit-related charge-offs $30 $9 $1
Selected average balances:
Assets $40,796 $6,854 $4,152
Loans 39,746 6,111 3,989
Deposits 15,948 17,144 2,378
Liabilities 16,783 17,158 2,385
Attributed equity 2,902 848 338
Statistical data:
Return on average assets (1) 1.32 % 0.71 % 1.90 %
Return on average attributed equity 18.52 15.05 23.39
Net interest margin (2) 3.31 3.68 3.58
Efficiency ratio 43.47 74.31 75.95
(dollar amounts in millions)
Three Months Ended September 30, 2007 Finance Other Total
Earnings summary:
Net interest income (expense) (FTE) $(16) $(7) $504
Provision for loan losses - - 45
Noninterest income 17 5 230
Noninterest expenses 2 3 423
Provision (benefit) for income taxes (FTE) (3) 3 86
Income from discontinued operations,
net of tax - 1 1
Net income (loss) $2 $(7) $181
Net credit-related charge-offs $- $- $40
Selected average balances:
Assets $5,564 $1,180 $58,546
Loans 2 26 49,874
Deposits 5,748 (102) 41,116
Liabilities 16,971 225 53,522
Attributed equity 615 321 5,024
Statistical data:
Return on average assets (1) N/M N/M 1.23 %
Return on average attributed equity N/M N/M 14.38
Net interest margin (2) N/M N/M 3.66
Efficiency ratio N/M N/M 58.00
Wealth &
Business Retail Institutional
Three Months Ended June 30, 2007 Bank Bank Management
Earnings summary:
Net interest income (expense) (FTE) $338 $160 $36
Provision for loan losses 32 4 2
Noninterest income 68 57 70
Noninterest expenses 176 160 79
Provision (benefit) for income taxes (FTE) 62 18 9
Income from discontinued operations,
net of tax - - -
Net income (loss) $136 $35 $16
Net credit-related charge-offs $24 $6 $-
Selected average balances:
Assets $40,848 $6,828 $4,009
Loans 39,824 6,100 3,860
Deposits 16,432 17,191 2,295
Liabilities 17,263 17,204 2,303
Attributed equity 2,914 846 325
Statistical data:
Return on average assets (1) 1.33 % 0.78 % 1.59 %
Return on average attributed equity 18.69 16.56 19.55
Net interest margin (2) 3.39 3.73 3.72
Efficiency ratio 43.49 73.61 74.74
Three Months Ended June 30, 2007 Finance Other Total
Earnings summary:
Net interest income (expense) (FTE) $(18) $(6) $510
Provision for loan losses - (2) 36
Noninterest income 16 14 225
Noninterest expenses 3 (7) 411
Provision (benefit) for income taxes (FTE) (5) 8 92
Income from discontinued operations,
net of tax - - -
Net income (loss) $- $9 $196
Net credit-related charge-offs $- $- $30
Selected average balances:
Assets $5,296 $1,137 $58,118
Loans 2 7 49,793
Deposits 5,840 (76) 41,682
Liabilities 16,033 218 53,021
Attributed equity 595 417 5,097
Statistical data:
Return on average assets (1) N/M N/M 1.35 %
Return on average attributed equity N/M N/M 15.41
Net interest margin (2) N/M N/M 3.76
Efficiency ratio N/M N/M 55.97
Wealth &
Business Retail Institutional
Three Months Ended September 30, 2006 Bank Bank Management
Earnings summary:
Net interest income (expense) (FTE) $331 $161 $37
Provision for loan losses 6 4 -
Noninterest income 56 53 63
Noninterest expenses 171 151 76
Provision (benefit) for income taxes (FTE) 63 19 8
Income from discontinued operations,
net of tax - - -
Net income (loss) $147 $40 $16
Net credit-related charge-offs $2 $6 $-
Selected average balances:
Assets $39,690 $6,766 $3,683
Loans 38,473 6,067 3,547
Deposits 17,184 16,751 2,317
Liabilities 18,112 16,754 2,315
Attributed equity 2,640 827 292
Statistical data:
Return on average assets (1) 1.48 % 0.90 % 1.74 %
Return on average attributed equity 22.30 19.11 21.95
Net interest margin (2) 3.42 3.81 4.12
Efficiency ratio 44.14 70.42 76.01
Three Months Ended September 30, 2006 Finance Other Total
Earnings summary:
Net interest income (expense) (FTE) $(25) $(2) $502
Provision for loan losses - 5 15
Noninterest income 16 7 195
Noninterest expenses 3 (2) 399
Provision (benefit) for income taxes
(FTE) (7) 5 88
Income from discontinued operations,
net of tax - 5 5
Net income (loss) $(5) $2 $200
Net credit-related charge-offs $- $- $8
Selected average balances:
Assets $5,068 $1,583 $56,790
Loans 18 20 48,125
Deposits 5,682 (78) 41,856
Liabilities 14,061 345 51,587
Attributed equity 496 948 5,203
Statistical data:
Return on average assets (1) N/M N/M 1.41 %
Return on average attributed equity N/M N/M 15.38
Net interest margin (2) N/M N/M 3.79
Efficiency ratio N/M N/M 57.15
(1) Return on average assets is calculated based on the greater of
average assets or average liabilities and attributed equity.
(2) 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
Comerica Incorporated and Subsidiaries
(dollar amounts in millions)
Three Months Ended September 30,
2007 Midwest Western Texas Florida
Earnings summary:
Net interest income (expense) (FTE) $241 $177 $71 $13
Provision for loan losses 24 23 (2) 3
Noninterest income 124 36 24 4
Noninterest expenses 220 110 58 10
Provision (benefit) for income taxes
(FTE) 32 30 13 1
Income from discontinued operations,
net of tax - - - -
Net income (loss) $89 $50 $26 $3
Net credit-related charge-offs
(recoveries) $30 $7 $1 $1
Selected average balances:
Assets $22,792 $17,095 $7,172 $1,706
Loans 21,816 16,543 6,902 1,692
Deposits 16,608 13,009 3,920 271
Liabilities 17,396 13,044 3,937 273
Attributed equity 1,978 1,201 597 97
Statistical data:
Return on average assets (1) 1.56 % 1.17 % 1.44 % 0.58 %
Return on average attributed equity 17.99 16.69 17.36 10.19
Net interest margin (2) 4.38 4.24 4.08 2.97
Efficiency ratio 60.55 51.82 60.90 58.59
(dollar amounts in millions) Finance
Other Inter- & Other
Three Months Ended September 30, 2007 Markets national Businesses Total
Earnings summary:
Net interest income (expense) (FTE) $8 $17 $(23) $504
Provision for loan losses 3 (6) - 45
Noninterest income 9 11 22 230
Noninterest expenses 9 11 5 423
Provision (benefit) for income taxes
(FTE) 2 8 - 86
Income from discontinued operations,
net of tax - - 1 1
Net income (loss) $3 $15 $(5) $181
Net credit-related charge-offs
(recoveries) $2 $(1) $- $40
Selected average balances:
Assets $767 $2,270 $6,744 $58,546
Loans 757 2,136 28 49,874
Deposits 503 1,159 5,646 41,116
Liabilities 502 1,174 17,196 53,522
Attributed equity 64 151 936 5,024
Statistical data:
Return on average assets (1) 1.77 % 2.66 % N/M 1.23 %
Return on average attributed equity 21.29 40.10 N/M 14.38
Net interest margin (2) 4.16 3.02 N/M 3.66
Efficiency ratio 55.17 43.17 N/M 58.00
Three Months Ended June 30, 2007 Midwest Western Texas Florida
Earnings summary:
Net interest income (expense) (FTE) $248 $179 $69 $11
Provision for loan losses 34 5 3 2
Noninterest income 122 32 20 3
Noninterest expenses 217 113 56 9
Provision (benefit) for income taxes
(FTE) 32 35 10 1
Income from discontinued operations,
net of tax - - - -
Net income (loss) $87 $58 $20 $2
Net credit-related charge-offs
(recoveries) $29 $4 $1 $1
Selected average balances:
Assets $22,875 $17,257 $6,844 $1,666
Loans 21,946 16,715 6,570 1,649
Deposits 16,477 13,595 3,836 290
Liabilities 17,252 13,633 3,852 294
Attributed equity 1,981 1,206 594 90
Statistical data:
Return on average assets (1) 1.52 % 1.36 % 1.14 % 0.53 %
Return on average attributed equity 17.55 19.51 13.13 9.76
Net interest margin (2) 4.52 4.29 4.22 2.68
Efficiency ratio 58.60 53.59 63.11 63.23
Finance
Other Inter- & Other
Three Months Ended June 30, 2007 Markets national Businesses Total
Earnings summary:
Net interest income (expense) (FTE) $8 $19 $(24) $510
Provision for loan losses - (6) (2) 36
Noninterest income 9 9 30 225
Noninterest expenses 9 11 (4) 411
Provision (benefit) for income taxes
(FTE) 3 8 3 92
Income from discontinued operations,
net of tax - - - -
Net income (loss) $5 $15 $9 $196
Net credit-related charge-offs
(recoveries) $- $(5) $- $30
Selected average balances:
Assets $769 $2,274 $6,433 $58,118
Loans 759 2,145 9 49,793
Deposits 473 1,247 5,764 41,682
Liabilities 472 1,267 16,251 53,021
Attributed equity 59 155 1,012 5,097
Statistical data:
Return on average assets (1) 2.53 % 2.60 % N/M 1.35 %
Return on average attributed equity 33.10 38.21 N/M 15.41
Net interest margin (2) 3.98 3.33 N/M 3.76
Efficiency ratio 54.26 40.28 N/M 55.97
Three Months Ended September 30,
2006 Midwest Western Texas Florida
Earnings summary:
Net interest income (expense) (FTE) $251 $176 $67 $11
Provision for loan losses 24 (4) (1) (3)
Noninterest income 117 23 19 4
Noninterest expenses 206 108 54 9
Provision (benefit) for income taxes
(FTE) 36 35 11 3
Income from discontinued operations,
net of tax - - - -
Net income (loss) $102 $60 $22 $6
Net credit-related charge-offs
(recoveries) $5 $- $3 $-
Selected average balances:
Assets $22,922 $16,430 $6,388 $1,549
Loans 21,842 15,887 6,121 1,532
Deposits 16,716 13,975 3,672 313
Liabilities 17,538 14,041 3,687 317
Attributed equity 1,845 1,097 537 85
Statistical data:
Return on average assets (1) 1.77 % 1.47 % 1.40 % 1.62 %
Return on average attributed equity 22.02 22.04 16.62 29.57
Net interest margin (2) 4.56 4.39 4.30 2.81
Efficiency ratio 55.98 54.30 62.34 59.79
Finance
Other Inter- & Other
Three Months Ended September 30, 2006 Markets national Businesses Total
Earnings summary:
Net interest income (expense) (FTE) $7 $17 $(27) $502
Provision for loan losses (1) (5) 5 15
Noninterest income 7 2 23 195
Noninterest expenses 8 13 1 399
Provision (benefit) for income taxes
(FTE) 2 3 (2) 88
Income from discontinued operations,
net of tax - - 5 5
Net income (loss) $5 $8 $(3) $200
Net credit-related charge-offs
(recoveries) $- $- $- $8
Selected average balances:
Assets $693 $2,157 $6,651 $56,790
Loans 685 2,020 38 48,125
Deposits 500 1,076 5,604 41,856
Liabilities 498 1,100 14,406 51,587
Attributed equity 53 142 1,444 5,203
Statistical data:
Return on average assets (1) 2.59 % 1.40 % N/M 1.41 %
Return on average attributed equity 33.71 21.37 N/M 15.38
Net interest margin (2) 4.55 3.17 N/M 3.79
Efficiency ratio 58.27 67.17 N/M 57.15
(1) Return on average assets is calculated based on the greater of average
assets or average liabilities and attributed equity.
(2) 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
SOURCE: Comerica Incorporated
