Comerica Reports First Quarter 2013 Net Income Of $134 Million - 70 Cents Per Share

Comerica Reports First Quarter 2013 Net Income Of $134 Million - 70 Cents Per
                                    Share

Broad-Based Average Total Loan Growth Continues

Noninterest Expenses Reflect Continued Tight Expense Control

Share Repurchases, Combined with Dividends, Returned 77 Percent of First
Quarter 2013 Net Income to Shareholders

PR Newswire

DALLAS, April 16, 2013

DALLAS, April 16, 2013 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today
reported first quarter 2013 net income of $134 million, compared to $130
million for the fourth quarter 2012. Earnings per fully diluted share were 70
cents for the first quarter 2013, compared to 68 cents for the fourth quarter
2012.

(Logo: http://photos.prnewswire.com/prnh/20010807/CMALOGO)

(dollar amounts in millions, except   1st Qtr '13     4th Qtr '12  1st Qtr '12
per share data)
Net interest income (a)               $   416         $   424      $   442
Provision for credit losses           16              16           22
Noninterest income                    200             204          206
Noninterest expenses                  416             427          448
Provision for income taxes            50              55           48
Net income                            134             130          130
Net income attributable to common     132             128          129
shares
Diluted income per common share       0.70            0.68         0.66
Average diluted shares (in millions)  187             188          196
Tier 1 common capital ratio (c)       10.40    %  (b) 10.17    %   10.30    %
Tangible common equity ratio (c)      9.86            9.76         10.25

    Included accretion of the purchase discount on the acquired loan portfolio
(a) of $11 million ($7 million, after tax), $13 million ($8 million, after
    tax) and $25 million ($16 million, after tax) in the first quarter 2013,
    fourth quarter 2012 and first quarter 2012, respectively.
(b) March 31, 2013 ratio is
    estimated.
(c) See Reconciliation of
    Non-GAAP Financial Measures

"Broad-based average loan growth in each of our primary geographic markets,
together with tight expense controls, contributed to our increased net income
in the first quarter," said Ralph W. Babb Jr., chairman and chief executive
officer. "Our commercial banking expertise drove our overall loan growth. An
expected decline in Mortgage Banker Finance was more than offset by increases
in general Middle Market, National Dealer Services, Energy, and Technology and
Life Sciences. Credit quality continued to be stable.

"We remain focused on total payout to shareholders, reflected by share
repurchases and dividends, while maintaining our strong capital ratios. We
repurchased 2.1 million shares in the first quarter and combined with
dividends, we returned 77 percent of first quarter net income to shareholders.
On March 14, we announced that the Federal Reserve had completed its 2013
capital plan review and did not object to our capital plan and contemplated
capital distributions. Our capital plan includes up to $288 million in share
repurchases for the four-quarter period that ends in the first quarter 2014."

First Quarter 2013 Compared to Fourth Quarter 2012

  oAverage total loans increased $498 million, or 1 percent, to $44.6
    billion, primarily reflecting an increase of $594 million, or 2 percent,
    in commercial loans, partially offset by a decrease of $106 million, or 1
    percent, in combined commercial mortgage and real estate construction
    loans. A $356 million decrease in Mortgage Banker Finance was more than
    offset by broad-based increases in other business lines, including general
    Middle Market, National Dealer Services, Energy, and Technology and Life
    Sciences. Period-end total loans decreased $990 million, or 2 percent, to
    $45.1 billion, primarily reflecting a decrease of $687 million in Mortgage
    Banker Finance.
  oAverage total deposits decreased $590 million, to $50.7 billion, primarily
    reflecting a decrease of $1.3 billion, or 6 percent, in
    noninterest-bearing deposits. The decrease in average noninterest-bearing
    deposits reflected a $675 million decrease in the Financial Services
    Division, which provides services to title and escrow companies.
    Period-end total deposits decreased $74 million to $52.1 billion,
    reflecting a decrease of $502 million in noninterest-bearing deposits,
    largely offset by increases of $267 million in money market and
    interest-bearing checking deposits and $222 million in customer
    certificates of deposit.
  oNet interest income was $416 million in the first quarter 2013, compared
    to $424 million in the fourth quarter 2012. The $8 million decrease in net
    interest income was primarily due to two fewer days in the first quarter.
    Accretion of the purchase discount on the acquired loan portfolio was $11
    million in the first quarter 2013, compared to $13 million in the fourth
    quarter 2012.
  oStable credit quality continued in the first quarter 2013. The provision
    for credit losses of $16 million in the first quarter 2013 was unchanged
    compared to the fourth quarter 2012.
  oNoninterest income decreased $4 million to $200 million in the first
    quarter 2013, compared to $204 million in the fourth quarter 2012,
    primarily reflecting decreases in customer derivative income and
    commercial lending fees from high fourth quarter 2012 levels.
  oNoninterest expenses decreased $11 million to $416 million in the first
    quarter 2013, compared to $427 million in the fourth quarter 2012,
    primarily due to a decrease in salaries expense.
  oComerica repurchased 2.1 million shares of common stock ($71 million) in
    the first quarter 2013 under the 2012 capital plan. Combined with
    dividends, 77 percent of net income was returned to shareholders in the
    first quarter 2013.
  oAs previously announced, the Federal Reserve completed its review of
    Comerica's 2013 capital plan in the first quarter 2013 and did not object
    to the capital distributions contemplated in the plan, including up to
    $288 million of share repurchases for the four-quarter period ending March
    31, 2014.
  oCapital remained solid at March 31, 2013, as evidenced by an estimated
    Tier 1 common capital ratio of 10.40 percent and an estimated Tier 1
    common capital ratio under fully phased-in Basel III (as proposed) of 9.4
    percent.

Net Interest Income
(dollar amounts in millions)             1st Qtr '13  4th Qtr '12  1st Qtr '12
Net interest income                      $  416       $  424       $  442
Net interest margin                      2.88      %  2.87      %  3.19      %
Selected average balances:
Total earning assets                     $  58,607    $  59,276    $  56,185
Total loans                              44,617       44,119       42,269
Total investment securities              10,021       10,250       9,889
Federal Reserve Bank deposits (excess    3,669        4,638        3,799
liquidity)
Total deposits                           50,692       51,282       48,311
Total noninterest-bearing deposits       21,506       22,758       19,637

  oNet interest income of $416 million in the first quarter 2013 decreased $8
    million compared to the fourth quarter 2012.

       oTwo fewer days in the first quarter 2013 decreased net interest
         income by $7 million.
       oAn increase in loan volumes increased net interest income by $4
         million.
       oLower loan yields due to shifts in the loan portfolio mix decreased
         net interest income by $2 million and a decline in LIBOR decreased
         net interest income by $1 million.
       oA decrease in the accretion of the purchase discount on the acquired
         loan portfolio decreased net interest income by $2 million.
       oA decrease in funding costs increased net interest income by $2
         million. The rate paid on total average interest-bearing deposits
         decreased 1 basis point to 21 basis points for the first quarter
         2013.
       oLower reinvestment yields on mortgage-backed investment securities
         and a decrease in average balances decreased net interest income by
         $2 million.

  oAverage earning assets decreased $669 million in the first quarter 2013,
    compared to the fourth quarter 2012, primarily reflecting decreases of
    $969 million in excess liquidity and $229 million in average investment
    securities available-for-sale, partially offset by a $498 million increase
    in average loans.
  oThe net interest margin of 2.88 percent increased 1 basis point compared
    to the fourth quarter 2012. The increase in net interest margin was
    primarily due to the benefit provided by a decrease in excess liquidity (4
    basis points) and lower deposit costs (1 basis point), partially offset by
    lower loan yields (2 basis points), lower accretion on the acquired loan
    portfolio (1 basis point) and lower yields on mortgage-backed investment
    securities (1 basis point).

Noninterest Income
Noninterest income decreased $4 million to $200 million for the first quarter
2013, compared to $204 million for the fourth quarter 2012. The decrease was
primarily due to decreases of $5 million in customer derivative income and $4
million in commercial lending fees, both from high fourth quarter 2012 levels,
partially offset by a $3 million seasonal increase in service charges on
deposit accounts.

Noninterest Expenses
Noninterest expenses decreased $11 million to $416 million in the first
quarter 2013, compared to $427 million in the fourth quarter 2012. The
decrease was primarily due to decreases of $8 million in salaries expense,
largely reflecting two fewer days in the quarter and a decrease in severance
expense, $3 million in net occupancy expense, $2 million in restructuring
expenses and $2 million in other real estate expense, partially offset by an
increase of $4 million in employee benefits expense, primarily due to an
increase in pension expense.

Provision for Income Taxes
The provision for income taxes was $50 million in the first quarter 2013,
compared to $55 million in the fourth quarter 2012. The fourth quarter 2012
provision for income taxes included adjustments for certain discrete state tax
items totaling $5 million.

Credit Quality
"Our strong credit culture continued to be reflected in solid credit quality
metrics," said Babb. "We had lower net charge-offs along with a decline in
nonperforming assets. Our provision for credit losses was basically unchanged
from the fourth quarter 2012."

(dollar amounts in millions)             1st Qtr '13  4th Qtr '12  1st Qtr '12
Net credit-related charge-offs           $   24       $   37       $   45
Net credit-related charge-offs/Average   0.21     %   0.34     %   0.43     %
total loans
Provision for credit losses              $   16       $   16       $   22
Nonperforming loans (a)                  515          541          856
Nonperforming assets (NPAs) (a)          555          595          923
NPAs/Total loans and foreclosed property 1.23     %   1.29     %   2.14     %
Loans past due 90 days or more and still $   25       $   23       $   50
accruing
Allowance for loan losses                617          629          704
Allowance for credit losses on           36           32           25
lending-related commitments (b)
Total allowance for credit losses        653          661          729
Allowance for loan losses/Period-end     1.37     %   1.37     %   1.64     %
total loans
Allowance for loan losses/Nonperforming  120          116          82
loans

(a) Excludes loans acquired with credit impairment.
(b) Included in "Accrued expenses and other liabilities" on the
    consolidated balance sheets.

  oNonaccrual loans decreased $25 million, to $494 million at March 31, 2013,
    compared to $519 million at December 31, 2012.
  oInternal watch list loans remained stable at $3.1 billion at both March
    31, 2013 and December 31, 2012.
  oDuring the first quarter 2013, $34 million of borrower relationships over
    $2 million were transferred to nonaccrual status, a decrease of $2 million
    from the fourth quarter 2012. 

Full-Year 2013 Outlook
For full-year 2013, management expects the following compared to 2012,
assuming a continuation of the current slow growing economic environment:

  oContinued growth in average loans at a slower pace, with economic
    uncertainty impacting demand and a continued focus on maintaining pricing
    and structure discipline in a competitive environment.
  oLower net interest income, reflecting both a decline of $40 million to $50
    million in purchase accounting accretion and the effect of continued low
    rates. Loan growth should partially offset the impact of low rates on
    loans and securities.
  oProvision for credit losses stable, reflecting loan growth offset by a
    decline in nonperforming loans and net charge-offs.
  oCustomer-driven noninterest income relatively stable, reflecting
    cross-sell initiatives and selective pricing adjustments partially offset
    by regulatory pressures on certain products, such as customer derivatives.
    Outlook does not include expectations for non-customer driven income.
  oLower noninterest expense, reflecting further cost savings due to tight
    expense control and no restructuring expenses.
  oEffective tax rate of approximately 27.5 percent.

Business Segments
Comerica's operations are strategically aligned into three major business
segments: the Business Bank, the Retail Bank and Wealth Management. The
Finance Division is also reported 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, 2013 and are presented on a fully taxable
equivalent (FTE) basis. The accompanying narrative addresses first quarter
2013 results compared to fourth quarter 2012.

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

(dollar amounts in millions) 1st Qtr '13   4th Qtr '12   1st Qtr '12
Business Bank                $ 198  85  %  $ 209  90  %  $ 203  89  %
Retail Bank                  10     4      8      3      13     6
Wealth Management            25     11     16     7      13     5
                             233    100 %  233    100 %  229    100 %
Finance                      (98)          (100)         (88)
Other (a)                    (1)           (3)           (11)
Total                        $ 134         $ 130         $ 130

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

Business Bank
(dollar amounts in millions)   1st Qtr '13   4th Qtr '12   1st Qtr '12
Net interest income (FTE)      $    375      $    387      $    373
Provision for credit losses    20            6             2
Noninterest income             77            79            81
Noninterest expenses           146           149           158
Net income                     198           209           203
Net credit-related charge-offs 16            26            28
Selected average balances:
Assets                         35,780        35,359        33,178
Loans                          34,753        34,325        32,238
Deposits                       25,514        26,051        23,997

  oAverage loans increased $428 million, primarily reflecting an increase in
    Middle Market, partially offset by a decrease in Mortgage Banker Finance.
    The increase in Middle Market was primarily due to increases in general
    Middle Market, National Dealer Services, Energy, and Technology and Life
    Sciences.
  oAverage deposits decreased $537 million, primarily reflecting a decrease
    in Middle Market, partially offset by an increase in Corporate. The
    decrease in Middle Market was primarily due to decreases in the Financial
    Services Division, Technology and Life Sciences, and Energy.
  oNet interest income decreased $12 million, primarily due to two fewer days
    in the quarter, a decrease in funds transfer pricing (FTP) credits, due to
    a decrease in average deposits, and lower loan yields, partially offset by
    the benefit provided by an increase in average loans.
  oThe provision for credit losses increased $14 million, primarily
    reflecting an increase due to the impact of enhancements to the approach
    used to estimate probability of default statistics used in determining the
    allowance for loan losses, partially offset by improvements in credit
    quality.
  oNoninterest income decreased $2 million, primarily due to decreases in
    commercial lending fees, customer derivative income and letter of credit
    fees, partially offset by an increase in service charges on deposit
    accounts.
  oNoninterest expenses decreased $3 million, primarily due to decreases in
    salaries expense and legal fees.

Retail Bank
(dollar amounts in millions)   1st Qtr '13   4th Qtr '12   1st Qtr '12
Net interest income (FTE)      $    155      $    156      $    167
Provision for credit losses    6             7             6
Noninterest income             41            43            42
Noninterest expenses           175           181           183
Net income (loss)              10            8             13
Net credit-related charge-offs 8             6             12
Selected average balances:
Assets                         5,973         5,952         6,173
Loans                          5,276         5,255         5,462
Deposits                       21,049        20,910        20,373

  oAverage loans increased $21 million, primarily due to an increase in Small
    Business, partially offset by a decrease in Retail Banking.
  oAverage deposits increased $139 million, primarily due to an increase in
    Retail Banking, partially offset by a decrease in Small Business.
  oNoninterest income decreased $2 million, primarily due to decreases in
    customer derivative income in Small Business and service charges on
    deposit accounts.
  oNoninterest expense decreased $6 million, primarily due to a decrease in
    salaries expense and smaller decreases in several other noninterest
    expense categories.

Wealth Management
(dollar amounts in millions)   1st Qtr '13   4th Qtr '12   1st Qtr '12
Net interest income (FTE)      $     46      $     47      $     47
Provision for credit losses    (6)           2             12
Noninterest income             65            65            65
Noninterest expenses           79            84            80
Net income                     25            16            13
Net credit-related charge-offs —             5             5
Selected average balances:
Assets                         4,738         4,686         4,636
Loans                          4,588         4,539         4,569
Deposits                       3,682         3,798         3,611

  oAverage loans increased $49 million, primarily due to an increase in
    Private Banking.
  oAverage deposits decreased $116 million, primarily due to a decrease in
    Private Banking.
  oThe provision for credit losses decreased $8 million, primarily due to
    improvements in credit quality, partially offset by the impact of
    enhancements to the approach used to estimate probability of default
    statistics used in determining the allowance for loan losses.
  oNoninterest expenses decreased $5 million, primarily due to an operational
    loss recorded in the fourth quarter and a decrease in salaries expense.

Geographic Market Segments
The geographic market segments were realigned in the fourth quarter 2012 to
reflect Comerica's three largest geographic markets: Michigan, California and
Texas. Other Markets includes Florida, Arizona, the International Finance
division and businesses that have a significant presence outside of the three
primary geographic markets. The tables below present the geographic market
results based on the methodologies in effect at March 31, 2013 and are
presented on a fully taxable equivalent (FTE) basis.

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

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

(dollar amounts in millions) 1st Qtr '13   4th Qtr '12   1st Qtr '12
Michigan                     $ 77   33  %  $ 74   32  %  $ 78   34  %
California                   56     24     62     26     64     28
Texas                        44     19     47     20     41     18
Other Markets                56     24     50     22     46     20
                             233    100 %  233    100 %  229    100 %
Finance & Other (a)          (99)          (103)         (99)
Total                   $ 134         $ 130         $ 130

  oAverage loans increased $235 million in Michigan, $267 million in
    California and $253 million in Texas.
  oAverage deposits decreased $1.1 billion in California and increased $236
    million in Michigan and $150 million in Texas. The decrease in California
    was primarily due to decreases in Middle Market and Private Banking,
    partially offset by an increase in Corporate. The decrease in Middle
    Market primarily reflected decreases in the Financial Services Division
    and Technology and Life Sciences.
  oThe provision for credit losses in California increased $14 million,
    primarily reflecting an increase due to the impact of enhancements in the
    approach used to estimate probability of default statistics used in
    determining the allowance for loan losses.

Michigan Market
(dollar amounts in millions)   1st Qtr '13   4th Qtr '12   1st Qtr '12
Net interest income (FTE)      $    189      $    192      $    196
Provision for credit losses    (8)           (8)           (3)
Noninterest income             92            97            98
Noninterest expenses           168           180           179
Net income                     77            74            78
Net credit-related charge-offs 5             1             18
Selected average balances:
Assets                         14,042        13,782        14,092
Loans                          13,650        13,415        13,829
Deposits                       20,255        20,019        19,415

California Market
(dollar amounts in millions)   1st Qtr '13   4th Qtr '12   1st Qtr '12
Net interest income (FTE)      $    171      $    178      $    165
Provision for credit losses    21            7             (3)
Noninterest income             35            35            33
Noninterest expenses           97            100           99
Net income                     56            62            64
Net credit-related charge-offs 10            12            11
Selected average balances:
Assets                         13,795        13,549        12,310
Loans                          13,542        13,275        12,096
Deposits                       14,356        15,457        13,688



Texas Market
(dollar amounts in millions)   1st Qtr '13   4th Qtr '12   1st Qtr '12
Net interest income (FTE)      $    135      $    136      $    150
Provision for credit losses    8             4             25
Noninterest income             31            31            31
Noninterest expenses           91            90            93
Net income                     44            47            41
Net credit-related charge-offs 6             5             7
Selected average balances:
Assets                         10,795        10,554        10,080
Loans                          10,071        9,818         9,295
Deposits                       9,959         9,809         10,229



Conference Call and Webcast
Comerica will host a conference call to review first quarter 2013 financial
results at 7 a.m. CT Tuesday, April 16, 2013. Interested parties may access
the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No.
22329365). The call and supplemental financial information can also be
accessed via Comerica's "Investor Relations" page at www.comerica.com. A
telephone replay will be available approximately two hours following the
conference call through April 30, 2013. The conference call replay can be
accessed by calling (855) 859-2056 or (404) 537-3406 (event ID No. 22329365).
A replay of the Webcast can also be accessed via Comerica's "Investor
Relations" page at www.comerica.com.

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

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

Forward-looking Statements
Any statements in this news release that are not historical facts are
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. Words such as "anticipates," "believes," "contemplates,"
"feels," "expects," "estimates," "seeks," "strives," "plans," "intends,"
"outlook," "forecast," "position," "target," "mission," "assume,"
"achievable," "potential," "strategy," "goal," "aspiration," "opportunity,"
"initiative," "outcome," "continue," "remain," "maintain," "on course,"
"trend," "objective," "looks forward" 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 general economic, political or
industry conditions; changes in monetary and fiscal policies, including the
interest rate policies of the Federal Reserve Board; volatility and
disruptions in global capital and credit markets; changes in Comerica's credit
rating; the interdependence of financial service companies; changes in
regulation or oversight; unfavorable developments concerning credit quality;
any future acquisitions or divestitures; the effects of more stringent capital
or liquidity requirements; declines or other changes in the businesses or
industries of Comerica's customers; the implementation of Comerica's
strategies and business models; Comerica's ability to utilize technology to
efficiently and effectively develop, market and deliver new products and
services; operational difficulties, failure of technology infrastructure or
information security incidents; changes in the financial markets, including
fluctuations in interest rates and their impact on deposit pricing;
competitive product and pricing pressures among financial institutions within
Comerica's markets; changes in customer behavior; management's ability to
maintain and expand customer relationships; management's ability to retain key
officers and employees; the impact of legal and regulatory proceedings or
determinations; the effectiveness of methods of reducing risk exposures; the
effects of terrorist activities and other hostilities; the effects of
catastrophic events including, but not limited to, hurricanes, tornadoes,
earthquakes, fires, droughts and floods; changes in accounting standards and
the critical nature of Comerica's accounting policies. Comerica cautions that
the foregoing list of factors is not exclusive. For discussion of factors that
may cause actual results to differ from expectations, please refer to our
filings with the Securities and Exchange Commission. In particular, please
refer to "Item 1A. Risk Factors" beginning on page 13 of Comerica's Annual
Report on Form 10-K for the year ended December 31, 2012. Forward-looking
statements speak only as of the date they are made. Comerica does not
undertake to update forward-looking statements to reflect facts,
circumstances, assumptions or events that occur after the date the
forward-looking statements are made. For any forward-looking statements made
in this news release or in any documents, Comerica claims the protection of
the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.



CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
Comerica Incorporated and Subsidiaries
                                            Three Months Ended
                                            March 31,  December 31, March 31,
(in millions, except per share data)        2013       2012         2012
PER COMMON SHARE AND COMMON STOCK DATA
Diluted net income                          $ 0.70     $  0.68      $ 0.66
Cash dividends declared                     0.17       0.15         0.10
Common shareholders' equity (at period end) 37.38      36.87        35.44
Tangible common equity (at period end) (a)  33.87      33.38        32.06
Average diluted shares (in thousands)       187,442    187,954      196,021
KEY RATIOS
Return on average common shareholders'      7.68     % 7.36       % 7.50     %
equity
Return on average assets                    0.84       0.81         0.85
Tier 1 common capital ratio (a) (b)         10.40      10.17        10.30
Tier 1 risk-based capital ratio (b)         10.40      10.17        10.30
Total risk-based capital ratio (b)          13.45      13.18        14.03
Leverage ratio (b)                          10.76      10.57        10.99
Tangible common equity ratio (a)            9.86       9.76         10.25
AVERAGE BALANCES
Commercial loans                            $ 28,056   $  27,462    $ 24,736
Real estate construction loans:
Commercial Real Estate business line (c)    1,116      1,033        1,056
Other business lines (d)                    198        266          397
Total real estate construction loans        1,314      1,299        1,453
Commercial mortgage loans:
Commercial Real Estate business line (c)    1,836      1,939        2,520
Other business lines (d)                    7,562      7,580        7,682
Total commercial mortgage loans             9,398      9,519        10,202
Lease financing                             857        839          897
International loans                         1,282      1,314        1,205
Residential mortgage loans                  1,556      1,525        1,519
Consumer loans                              2,154      2,161        2,257
Total loans                                 44,617     44,119       42,269
Earning assets                              58,607     59,276       56,185
Total assets                                63,451     64,257       61,345
Noninterest-bearing deposits                21,506     22,758       19,637
Interest-bearing deposits                   29,186     28,524       28,674
Total deposits                              50,692     51,282       48,311
Common shareholders' equity                 6,956      7,062        6,939
NET INTEREST INCOME
Net interest income (fully taxable          $ 416      $  425       $ 443
equivalent basis)
Fully taxable equivalent adjustment         —          1            1
Net interest margin (fully taxable          2.88     % 2.87       % 3.19     %
equivalent basis)
CREDIT QUALITY
Nonaccrual loans                            $ 494      $  519       $ 830
Reduced-rate loans                          21         22           26
Total nonperforming loans (e)               515        541          856
Foreclosed property                         40         54           67
Total nonperforming assets (e)              555        595          923
Loans past due 90 days or more and still    25         23           50
accruing
Gross loan charge-offs                      38         60           62
Loan recoveries                             14         23           17
Net loan charge-offs                        24         37           45
Allowance for loan losses                   617        629          704
Allowance for credit losses on              36         32           25
lending-related commitments
Total allowance for credit losses           653        661          729
Allowance for loan losses as a percentage   1.37     % 1.37       % 1.64     %
of total loans
Net loan charge-offs as a percentage of     0.21       0.34         0.43
average total loans (f)
Nonperforming assets as a percentage of     1.23       1.29         2.14
total loans and foreclosed property (e)
Allowance for loan losses as a percentage   120        116          82
of total nonperforming loans

(a) See Reconciliation of Non-GAAP Financial Measures.
(b) March 31, 2013 ratios are estimated.
(c) Primarily loans to real estate investors and developers.
(d) Primarily loans secured by owner-occupied real estate.
(e) Excludes loans acquired with credit-impairment.
(f) Lending-related commitment charge-offs were zero in all periods
    presented.



CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries
                                          March 31,   December 31, March 31,
(in millions, except share data)          2013        2012         2012
                                          (unaudited)              (unaudited)
ASSETS
Cash and due from banks                   $  877      $  1,395     $  984
Federal funds sold                        —           100          10
Interest-bearing deposits with banks      4,720       3,039        2,965
Other short-term investments              115         125          180
Investment securities available-for-sale  10,286      10,297       10,061
Commercial loans                          28,508      29,513       25,640
Real estate construction loans            1,396       1,240        1,442
Commercial mortgage loans                 9,317       9,472        10,079
Lease financing                           853         859          872
International loans                       1,269       1,293        1,256
Residential mortgage loans                1,568       1,527        1,485
Consumer loans                            2,156       2,153        2,238
Total loans                               45,067      46,057       43,012
Less allowance for loan losses            (617)       (629)        (704)
Net loans                                 44,450      45,428       42,308
Premises and equipment                    618         622          670
Accrued income and other assets           3,819       4,063        5,147
Total assets                              $  64,885   $  65,069    $  62,325
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits              $  22,777   $  23,279    $  20,741
Money market and interest-bearing         21,540      21,273       20,502
checking deposits
Savings deposits                          1,652       1,606        1,586
Customer certificates of deposit          5,753       5,531        6,145
Foreign office time deposits              395         502          332
Total interest-bearing deposits           29,340      28,912       28,565
Total deposits                            52,117      52,191       49,306
Short-term borrowings                     58          110          82
Accrued expenses and other liabilities    1,023       1,106        1,033
Medium- and long-term debt                4,699       4,720        4,919
Total liabilities                         57,897      58,127       55,340
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares               1,141       1,141        1,141
Capital surplus                           2,157       2,162        2,154
Accumulated other comprehensive loss      (410)       (413)        (326)
Retained earnings                         6,020       5,931        5,630
Less cost of common stock in treasury -
41,361,612 shares at 3/31/13, 39,889,610  (1,920)     (1,879)      (1,614)
shares at 12/31/12 and 31,032,920 shares
at 3/31/12
Total shareholders' equity                6,988       6,942        6,985
Total liabilities and shareholders'       $  64,885   $  65,069    $  62,325
equity



CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and
Subsidiaries
              First   Fourth  Third   Second  First    First Quarter 2013 Compared To:
              Quarter Quarter Quarter Quarter Quarter  Fourth Quarter   First Quarter
                                                       2012             2012
(in millions,
except per    2013    2012    2012    2012    2012     Amount  Percent  Amount  Percent
share data)
INTEREST
INCOME
Interest and  $ 390   $ 398   $ 400   $ 408   $ 411    $ (8)   (2)%     $ (21)  (5)%
fees on loans
Interest on
investment    53      55      57      59      63       (2)     (4)      (10)    (16)
securities
Interest on
short-term    3       3       3       3       3        —       —        —       —
investments
Total
interest      446     456     460     470     477      (10)    (2)      (31)    (7)
income
INTEREST
EXPENSE
Interest on   15      16      17      18      19       (1)     (7)      (4)     (21)
deposits
Interest on
medium- and   15      16      16      17      16       (1)     (3)      (1)     (6)
long-term
debt
Total
interest      30      32      33      35      35       (2)     (5)      (5)     (14)
expense
Net interest  416     424     427     435     442      (8)     (2)      (26)    (6)
income
Provision for 16      16      22      19      22       —       —        (6)     (27)
credit losses
Net interest
income after
provision     400     408     405     416     420      (8)     (2)      (20)    (5)

for credit
losses
NONINTEREST
INCOME
Service
charges on    55      52      53      53      56       3       5        (1)     (2)
deposit
accounts
Fiduciary     43      42      39      39      38       1       4        5       11
income
Commercial    21      25      22      24      25       (4)     (17)     (4)     (14)
lending fees
Letter of     16      17      19      18      17       (1)     (7)      (1)     (7)
credit fees
Card fees     12      12      12      12      11       —       —        1       6
Foreign
exchange      9       9       9       10      10       —       —        (1)     (4)
income
Bank-owned
life          9       9       10      10      10       —       —        (1)     (12)
insurance
Brokerage     5       5       5       4       5        —       —        —       —
fees
Net
securities    —       1       —       6       5        (1)     (89)     (5)     (96)
gains
Other
noninterest   30      32      28      35      29       (2)     (1)      1       1
income
Total
noninterest   200     204     197     211     206      (4)     (2)      (6)     (3)
income
NONINTEREST
EXPENSES
Salaries      188     196     192     189     201      (8)     (4)      (13)    (7)
Employee      63      59      61      61      59       4       7        4       6
benefits
Total
salaries and  251     255     253     250     260      (4)     (1)      (9)     (4)
employee
benefits
Net occupancy 39      42      40      40      41       (3)     (7)      (2)     (6)
expense
Equipment     15      15      17      16      17       —       —        (2)     (10)
expense
Outside
processing    28      28      27      26      26       —       —        2       7
fee expense
Software      22      23      23      21      23       (1)     (2)      (1)     (3)
expense
Merger and
restructuring —       2       25      8       —        (2)     N/M      —       —
charges
FDIC
insurance     9       9       9       10      10       —       —        (1)     (10)
expense
Advertising   6       6       7       7       7        —       —        (1)     (15)
expense
Other real
estate        1       3       2       —       4        (2)     (58)     (3)     (70)
expense
Other
noninterest   45      44      46      55      60       1       —        (15)    (26)
expenses
Total
noninterest   416     427     449     433     448      (11)    (3)      (32)    (7)
expenses
Income before 184     185     153     194     178      (1)     (1)      6       3
income taxes
Provision for 50      55      36      50      48       (5)     (9)      2       4
income taxes
NET INCOME    134     130     117     144     130      4       3        4       3
Less income
allocated to  2       2       1       2       1        —       —        1       21
participating
securities
Net income
attributable  $ 132   $ 128   $ 116   $ 142   $ 129    $ 4     3%       $ 3     2%
to common
shares
Earnings per
common share:
Basic         $ 0.71  $ 0.68  $ 0.61  $ 0.73  $ 0.66   $ 0.03  4%       $ 0.05  8%
Diluted       0.70    0.68    0.61    0.73    0.66     0.02    3        0.04    6
Comprehensive 137     (30)    165     169     160      167     N/M      (23)    (15)
income (loss)
Cash
dividends     32      28      29      29      20       4       12       12      61
declared on
common stock
Cash
dividends     0.17    0.15    0.15    0.15    0.10     0.02    13       0.07    70
declared per
common share
N/M - Not Meaningful



ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)
Comerica Incorporated and Subsidiaries
                                      2013     2012
(in millions)                         1st Qtr  4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
Balance at beginning of period        $ 629    $ 647   $ 667   $ 704   $ 726
Loan charge-offs:
Commercial                            21       42      19      26      25
Real estate construction:
Commercial Real Estate business line  —        1       2       2       2
(a)
Other business lines (b)              —        —       —       1       —
Total real estate construction        —        1       2       3       2
Commercial mortgage:
Commercial Real Estate business line  1        5       12      16      13
(a)
Other business lines (b)              12       6       13      11      13
Total commercial mortgage             13       11      25      27      26
International                         —        —       1       —       2
Residential mortgage                  1        2       6       3       2
Consumer                              3        4       6       5       5
Total loan charge-offs                38       60      59      64      62
Recoveries on loans previously
charged-off:
Commercial                            6        13      7       10      9
Real estate construction              1        1       3       1       1
Commercial mortgage                   5        6       5       4       3
International                         —        1       —       —       1
Residential mortgage                  1        1       —       —       1
Consumer                              1        1       1       4       2
Total recoveries                      14       23      16      19      17
Net loan charge-offs                  24       37      43      45      45
Provision for loan losses             12       19      23      8       23
Balance at end of period              $ 617    $ 629   $ 647   $ 667   $ 704
Allowance for loan losses as a        1.37  %  1.37  % 1.46  % 1.52  % 1.64  %
percentage of total loans
Net loan charge-offs as a percentage  0.21     0.34    0.39    0.42    0.43
of average total loans

(a) Primarily charge-offs of loans to real estate investors and
    developers.
(b) Primarily charge-offs of loans secured by owner-occupied
    real estate.

ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS
(unaudited)
Comerica Incorporated and Subsidiaries
                                      2013     2012
(in millions)                         1st Qtr  4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
Balance at beginning of period        $  32    $  35   $  36   $  25   $  26
Add: Provision for credit losses on   4        (3)     (1)     11      (1)
lending-related commitments
Balance at end of period              $  36    $  32   $  35   $  36   $  25
Unfunded lending-related commitments  $  2     $  —    $  —    $  —    $  —
sold



NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
                       2013             2012
(in millions)          1st Qtr          4th Qtr      3rd Qtr   2nd Qtr 1st Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Business loans:
Commercial             $   102          $   103      $  154    $ 175   $ 205
Real estate
construction:
Commercial Real Estate 30               30           45        60      77
business line (a)
Other business lines   3                3            6         9       8
(b)
Total real estate      33               33           51        69      85
construction
Commercial mortgage:
Commercial Real Estate 86               94           137       155     174
business line (a)
Other business lines   178              181          219       220     275
(b)
Total commercial       264              275          356       375     449
mortgage
Lease financing        —                3            3         4       4
International          —                —            —         —       4
Total nonaccrual       399              414          564       623     747
business loans
Retail loans:
Residential mortgage   65               70           69        76      69
Consumer:
Home equity            28               31           28        16      9
Other consumer         2                4            4         4       5
Total consumer         30               35           32        20      14
Total nonaccrual       95               105          101       96      83
retail loans
Total nonaccrual loans 494              519          665       719     830
Reduced-rate loans     21               22           27        28      26
Total nonperforming    515              541          692       747     856
loans (c)
Foreclosed property    40               54           63        67      67
Total nonperforming    $   555          $   595      $  755    $ 814   $ 923
assets (c)
Nonperforming loans as
a percentage of total  1.14      %      1.17      %  1.57    % 1.70  % 1.99  %
loans
Nonperforming assets
as a percentage of
total loans            1.23             1.29         1.71      1.85    2.14

and foreclosed
property
Allowance for loan
losses as a percentage
of total               120              116          94        89      82

nonperforming loans
Loans past due 90 days
or more and still      $   25           $   23       $  36     $ 43    $ 50
accruing
ANALYSIS OF NONACCRUAL
LOANS
Nonaccrual loans at    $   519          $   665      $  719    $ 830   $ 860
beginning of period
Loans transferred to   34               36           35        47      69
nonaccrual (d)
Nonaccrual business
loan gross charge-offs (34)             (54)         (46)      (56)    (55)
(e)
Loans transferred to   —                —            —         (41)    —
accrual status (d)
Nonaccrual business    (7)              (48)         (20)      (16)    (7)
loans sold (f)
Payments/Other (g)     (18)             (80)         (23)      (45)    (37)
Nonaccrual loans at    $   494          $   519      $  665    $ 719   $ 830
end of period
(a) Primarily loans to real estate investors and developers.
(b) Primarily loans secured by owner-occupied real estate.
(c) Excludes loans acquired with credit impairment.
(d) Based on an analysis of nonaccrual loans with book balances greater than
$2 million.
(e) Analysis of gross
loan charge-offs:
Nonaccrual business    $   34           $   54       $  46     $ 56    $ 55
loans
Performing watch list  —                —            1         —       —
loans
Consumer and
residential mortgage   4                6            12        8       7
loans
Total gross loan       $   38           $   60       $  59     $ 64    $ 62
charge-offs
(f) Analysis of loans
sold:
Nonaccrual        $   7            $   48       $  20     $ 16    $ 7
business loans
Performing watch  12               24           42        7       11
list loans
Total loans sold       $   19           $   72       $  62     $ 23    $ 18
(g) Includes net changes related to nonaccrual loans with balances less than
$2 million, payments on nonaccrual loans with book balances greater than $2
million and transfers of nonaccrual loans to foreclosed property. Excludes
business loan gross charge-offs and business nonaccrual loans sold.



ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)
Comerica Incorporated and Subsidiaries
                             Three Months Ended
                      March 31, 2013                     December 31,             March 31, 2012
                                                         2012
                    Average            Average    Average                Average            Average
(dollar amounts in  Balance   Interest Rate       Balance   Interest     Balance   Interest Rate
millions)
Commercial loans    $ 28,056  $  229   3.31  %  $ 27,462  $ 230  3.33 %  $ 24,736  $  219   3.56  %
Real estate         1,314     13       4.15     1,299     15     4.32    1,453     17       4.58
construction loans
Commercial mortgage 9,398     95       4.08     9,519     100    4.22    10,202    119      4.73
loans
Lease financing     857       7        3.23     839       7      3.27    897       8        3.41
International loans 1,282     11       3.62     1,314     12     3.73    1,205     11       3.76
Residential         1,556     17       4.39     1,525     16     4.24    1,519     18       4.77
mortgage loans
Consumer loans      2,154     18       3.36     2,161     19     3.38    2,257     20       3.49
Total loans (a)     44,617    390      3.54     44,119    399    3.60    42,269    412      3.92
Auction-rate
securities          176       —        0.31     216       —      0.81    352       —        0.63
available-for-sale
Other investment
securities          9,845     53       2.21     10,034    55     2.25    9,537     63       2.73
available-for-sale
Total investment
securities          10,021    53       2.17     10,250    55     2.22    9,889     63       2.65
available-for-sale
Interest-bearing
deposits with banks 3,852     2        0.27     4,785     2      0.25    3,892     2        0.26
(b)
Other short-term    117       1        2.30     122       1      1.13    135       1        1.97
investments
Total earning       58,607    446      3.09     59,276    457    3.08    56,185    478      3.44
assets
Cash and due from   979                         1,030                    999
banks
Allowance for loan  (633)                       (654)                    (737)
losses
Accrued income and  4,498                       4,605                    4,898
other assets
Total assets        $ 63,451                    $ 64,257                 $ 61,345
Money market and
interest-bearing    $ 21,294  7        0.14     $ 20,760  9      0.16    $ 20,795  10       0.19
checking deposits
Savings deposits    1,623     —        0.03     1,603     —      0.03    1,543     —        0.08
Customer
certificates of     5,744     7        0.47     5,634     6      0.49    5,978     8        0.57
deposit
Foreign office time 525       1        0.55     527       1      0.60    358       1        0.57
deposits
Total
interest-bearing    29,186    15       0.21     28,524    16     0.22    28,674    19       0.26
deposits
Short-term          123       —        0.11     70        —      0.12    78        —        0.11
borrowings
Medium- and         4,707     15       1.32     4,735     16     1.35    4,940     16       1.34
long-term debt
Total
interest-bearing    34,016    30       0.36     33,329    32     0.38    33,692    35       0.42
sources
Noninterest-bearing 21,506                      22,758                   19,637
deposits
Accrued expenses
and other           973                         1,108                    1,077
liabilities
Total shareholders' 6,956                       7,062                    6,939
equity
Total liabilities
and shareholders'   $ 63,451                    $ 64,257                 $ 61,345
equity
Net interest
income/rate spread            $  416   2.73               $ 425  2.70              $  443   3.02
(FTE)
FTE adjustment                $  —                        $ 1                      $  1
Impact of net
noninterest-bearing                    0.15                      0.17                       0.17
sources of funds
Net interest margin
(as a percentage of
average earning                        2.88  %                   2.87 %                     3.19  %
assets) (FTE) (a)
(b)

    Accretion of the purchase discount on the acquired loan portfolio of $11
    million, $13 million and $25 million in the first quarter of 2013 and the
(a) fourth and first quarters of 2012, respectively, increased the net
    interest margin by 8 basis points, 9 basis points and 18 basis points in
    the first quarter of 2013 and the fourth and first quarters of 2012,
    respectively.
    Excess liquidity, represented by average balances deposited with the
(b) Federal Reserve Bank, reduced the net interest margin by 17 basis points
    in the first quarter of 2013 and by 22 basis points and 21 basis points in
    the fourth and first quarters of 2012, respectively.



CONSOLIDATED STATISTICAL DATA (unaudited)
Comerica Incorporated and Subsidiaries
                   March 31,  December 31, September 30, June 30,   March 31,
(in millions,
except per share   2013       2012         2012          2012       2012
data)
Commercial loans:
Floor plan         $ 2,963    $  2,939     $  2,276      $ 2,406    $ 2,152
Other              25,545     26,574       25,184        24,610     23,488
Total commercial   28,508     29,513       27,460        27,016     25,640
loans
Real estate
construction
loans:
Commercial Real
Estate business    1,185      1,049        1,003         991        1,055
line (a)
Other business     211        191          389           386        387
lines (b)
Total real estate  1,396      1,240        1,392         1,377      1,442
construction loans
Commercial
mortgage loans:
Commercial Real
Estate business    1,812      1,873        2,020         2,315      2,501
line (a)
Other business     7,505      7,599        7,539         7,515      7,578
lines (b)
Total commercial   9,317      9,472        9,559         9,830      10,079
mortgage loans
Lease financing    853        859          837           858        872
International      1,269      1,293        1,277         1,224      1,256
loans
Residential        1,568      1,527        1,495         1,469      1,485
mortgage loans
Consumer loans:
Home equity        1,498      1,537        1,570         1,584      1,612
Other consumer     658        616          604           634        626
Total consumer     2,156      2,153        2,174         2,218      2,238
loans
Total loans        $ 45,067   $  46,057    $  44,194     $ 43,992   $ 43,012
Goodwill           $ 635      $  635       $  635        $ 635      $ 635
Core deposit       19         20           23            25         27
intangible
Loan servicing     2          2            2             3          3
rights
Tier 1 common
capital ratio (c)  10.40    % 10.17      % 10.38      %  10.43    % 10.30    %
(d)
Tier 1 risk-based  10.40      10.17        10.38         10.43      10.30
capital ratio (c)
Total risk-based   13.45      13.18        13.70         13.96      14.03
capital ratio (c)
Leverage ratio (c) 10.76      10.57        10.78         10.97      10.99
Tangible common    9.86       9.76         10.30         10.31      10.25
equity ratio (d)
Common
shareholders'      $ 37.38    $  36.87     $  37.01      $ 36.18    $ 35.44
equity per share
of common stock
Tangible common
equity per share   33.87      33.38        33.56         32.76      32.06
of common stock
(d)
Market value per
share for the
quarter:
High               36.99      32.14        33.38         32.88      34.00
Low                30.73      27.72        29.32         27.88      26.25
Close              35.95      30.34        31.05         30.71      32.36
Quarterly ratios:
Return on average
common             7.68     % 7.36       % 6.67       %  8.22     % 7.50     %
shareholders'
equity
Return on average  0.84       0.81         0.75          0.93       0.85
assets
Efficiency ratio   67.58      68.08        71.68         67.53      69.70
(e)
Number of banking  487        487          490           493        495
centers
Number of
employees - full   8,932      8,967        9,008         9,014      9,195
time equivalent

(a) Primarily loans to real estate investors and developers.
(b) Primarily loans secured by owner-occupied real estate.
(c) March 31, 2013 ratios are estimated.
(d) See Reconciliation of Non-GAAP Financial Measures.
    Noninterest expenses as a percentage of the sum of net
(e) interest income (FTE) and noninterest income excluding net
    securities gains.



PARENT COMPANY ONLY BALANCE SHEETS (unaudited)
Comerica Incorporated
                                              March 31, December 31, March 31,
(in millions, except share data)              2013      2012         2012
ASSETS
Cash and due from subsidiary bank             $  23     $   2        6
Short-term investments with subsidiary bank   450       431          388
Other short-term investments                  91        88           94
Investment in subsidiaries, principally banks 7,054     7,045        7,120
Premises and equipment                        4         4            5
Other assets                                  156       150          183
Total assets                             $  7,778  $   7,720    $  7,796
LIABILITIES AND SHAREHOLDERS' EQUITY
Medium- and long-term debt                    $  626    $   629      $  660
Other liabilities                             164       149          151
Total liabilities                        790       778          811
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares              1,141     1,141        1,141
Capital surplus                               2,157     2,162        2,154
Accumulated other comprehensive loss          (410)     (413)        (326)
Retained earnings                             6,020     5,931        5,630
Less cost of common stock in treasury -
41,361,612 shares at 3/31/13, 39,889,610      (1,920)   (1,879)      (1,614)
shares at 12/31/12 and 31,032,920 shares at
3/31/12
Total shareholders' equity               6,988     6,942        6,985
Total liabilities and shareholders'      $  7,778  $   7,720    $  7,796
equity



CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
Comerica Incorporated and
Subsidiaries
                                            Accumulated
              Common Stock                  Other                             Total
              Shares               Capital  Comprehensive Retained Treasury   Shareholders'
(in millions,
except per    Outstanding Amount   Surplus  Loss          Earnings Stock      Equity
share data)
BALANCE AT
DECEMBER 31,  197.3       $ 1,141  $ 2,170  $   (356)     $ 5,546  $ (1,633)  $   6,868
2011
Net income    —           —        —        —             130      —          130
Other
comprehensive —           —        —        30            —        —          30
income, net
of tax
Cash
dividends
declared on   —           —        —        —             (20)     —          (20)
common stock
($0.10 per
share)
Purchase of   (1.2)       —        —        —             —        (36)       (36)
common stock
Net issuance
of common
stock under   1.1         —        (32)     —             (26)     58         —
employee
stock plans
Share-based   —           —        13       —             —        —          13
compensation
Other         (0.1)       —        3        —             —        (3)        —
BALANCE AT
MARCH 31,     197.1       $ 1,141  $ 2,154  $   (326)     $ 5,630  $ (1,614)  $   6,985
2012
BALANCE AT
DECEMBER 31,  188.3       $ 1,141  $ 2,162  $   (413)     $ 5,931  $ (1,879)  $   6,942
2012
Net income    —           —        —        —             134      —          134
Other
comprehensive —           —        —        3             —        —          3
income, net
of tax
Cash
dividends
declared on   —           —        —        —             (32)     —          (32)
common stock
($0.17 per
share)
Purchase of   (2.2)       —        —        —             —        (74)       (74)
common stock
Net issuance
of common
stock under   0.7         —        (15)     —             (13)     33         5
employee
stock plans
Share-based   —           —        10       —             —        —          10
compensation
BALANCE AT
MARCH 31,     186.8       $ 1,141  $ 2,157  $   (410)     $ 6,020  $ (1,920)  $   6,988
2013



BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries
(dollar
amounts in     Business    Retail     Wealth
millions)
Three Months
Ended March    Bank        Bank       Management  Finance    Other     Total
31, 2013
Earnings
summary:
Net interest
income         $ 375       $ 155      $  46       $ (167)    $ 7       $ 416
(expense)
(FTE)
Provision for  20          6          (6)         —          (4)       16
credit losses
Noninterest    77          41         65          14         3         200
income
Noninterest    146         175        79          3          13        416
expenses
Provision
(benefit) for  88          5          13          (58)       2         50
income taxes
(FTE)
Net income     $ 198       $ 10       $  25       $ (98)     $ (1)     $ 134
(loss)
Net
credit-related $ 16        $ 8        $  —        —          —         $ 24
charge-offs
Selected
average
balances:
Assets         $ 35,780    $ 5,973    $  4,738    $ 11,747   $ 5,213   $ 63,451
Loans          34,753      5,276      4,588       —          —         44,617
Deposits       25,514      21,049     3,682       275        172       50,692
Statistical
data:
Return on
average assets 2.21     %  0.18    %  2.12     %  N/M        N/M       0.84     %
(a)
Efficiency     32.30       89.37      71.09       N/M        N/M       67.58
ratio (b)
               Business    Retail     Wealth
Three Months
Ended December Bank        Bank       Management  Finance    Other     Total
31, 2012
Earnings
summary:
Net interest
income         $ 387       $ 156      $  47       $ (176)    $ 11      $ 425
(expense)
(FTE)
Provision for  6           7          2           —          1         16
credit losses
Noninterest    79          43         65          15         2         204
income
Noninterest    149         181        84          3          10        427
expenses
Provision
(benefit) for  102         3          10          (64)       5         56
income taxes
(FTE)
Net income     $ 209       $ 8        $  16       $ (100)    $ (3)     $ 130
(loss)
Net
credit-related $ 26        $ 6        $  5        —          —         $ 37
charge-offs
Selected
average
balances:
Assets         $ 35,359    $ 5,952    $  4,686    $ 12,137   $ 6,123   $ 64,257
Loans          34,325      5,255      4,539       —          —         44,119
Deposits       26,051      20,910     3,798       310        213       51,282
Statistical
data:
Return on
average assets 2.37     %  0.15    %  1.35     %  N/M        N/M       0.81     %
(a)
Efficiency     31.93       90.36      76.88       N/M        N/M       68.08
ratio (b)
               Business    Retail     Wealth
Three Months
Ended March    Bank        Bank       Management  Finance    Other     Total
31, 2012
Earnings
summary:
Net interest
income         $ 373       $ 167      $  47       $ (152)    8         $ 443
(expense)
(FTE)
Provision for  2           6          12          —          2         22
credit losses
Noninterest    81          42         65          13         5         206
income
Noninterest    158         183        80          3          24        448
expenses
Provision
(benefit) for  91          7          7           (54)       (2)       49
income taxes
(FTE)
Net income     $ 203       $ 13       $  13       $ (88)     $ (11)    $ 130
(loss)
Net
credit-related $ 28        $ 12       $  5        —          —         $ 45
charge-offs
Selected
average
balances:
Assets         $ 33,178    $ 6,173    $  4,636    $ 11,827   $ 5,531   $ 61,345
Loans          32,238      5,462      4,569       —          —         42,269
Deposits       23,997      20,373     3,611       161        169       48,311
Statistical
data:
Return on
average assets 2.45     %  0.25    %  1.07     %  N/M        N/M       0.85     %
(a)
Efficiency     34.86       87.54      75.00       N/M        N/M       69.70
ratio (b)

(a) Return on average assets is calculated based on the greater of average
assets or average liabilities and attributed equity.
(b) Noninterest expenses as a percentage of the sum of net interest income
(FTE) and noninterest income excluding net securities gains.
FTE - Fully Taxable Equivalent
N/M - Not Meaningful



MARKET SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and
Subsidiaries
(dollar
amounts in                                         Other      Finance
millions)
Three Months
Ended March    Michigan    California  Texas       Markets    & Other    Total
31, 2013
Earnings
summary:
Net interest
income         $ 189       $ 171       $ 135       $ 81       $ (160)    $ 416
(expense)
(FTE)
Provision for  (8)         21          8           (1)        (4)        16
credit losses
Noninterest    92          35          31          25         17         200
income
Noninterest    168         97          91          44         16         416
expenses
Provision
(benefit) for  44          32          23          7          (56)       50
income taxes
(FTE)
Net income     $ 77        $ 56        $ 44        $ 56       $ (99)     $ 134
(loss)
Net
credit-related $ 5         $ 10        $ 6         $ 3        $ —        $ 24
charge-offs
Selected
average
balances:
Assets         $ 14,042    $ 13,795    $ 10,795    $ 7,859    $ 16,960   $ 63,451
Loans          13,650      13,542      10,071      7,354      —          44,617
Deposits       20,255      14,356      9,959       5,675      447        50,692
Statistical
data:
Return on
average assets 1.47     %  1.45     %  1.54     %  2.86    %  N/M        0.84     %
(a)
Efficiency     59.53       47.04       54.99       42.11      N/M        67.58
ratio (b)
                                                   Other      Finance
Three Months
Ended December Michigan    California  Texas       Markets    & Other    Total
31, 2012
Earnings
summary:
Net interest
income         $ 192       $ 178       $ 136       $ 84       $ (165)    $ 425
(expense)
(FTE)
Provision for  (8)         7           4           12         1          16
credit losses
Noninterest    97          35          31          24         17         204
income
Noninterest    180         100         90          44         13         427
expenses
Provision
(benefit) for  43          44          26          2          (59)       56
income taxes
(FTE)
Net income     $ 74        $ 62        $ 47        $ 50       $ (103)    $ 130
(loss)
Net
credit-related $ 1         $ 12        $ 5         $ 19       $ —        $ 37
charge-offs
Selected
average
balances:
Assets         $ 13,782    $ 13,549    $ 10,554    $ 8,112    $ 18,260   $ 64,257
Loans          13,415      13,275      9,818       7,611      —          44,119
Deposits       20,019      15,457      9,809       5,474      523        51,282
Statistical
data:
Return on
average assets 1.42     %  1.50     %  1.71     %  2.48    %  N/M        0.81     %
(a)
Efficiency     62.16       47.04       53.87       41.35      N/M        68.08
ratio (b)
                                                   Other      Finance
Three Months
Ended March    Michigan    California  Texas       Markets    & Other    Total
31, 2012
Earnings
summary:
Net interest
income         $ 196       $ 165       $ 150       $ 76       $ (144)    $ 443
(expense)
(FTE)
Provision for  (3)         (3)         25          1          2          22
credit losses
Noninterest    98          33          31          26         18         206
income
Noninterest    179         99          93          50         27         448
expenses
Provision
(benefit) for  40          38          22          5          (56)       49
income taxes
(FTE)
Net income     $ 78        $ 64        $ 41        $ 46       $ (99)     $ 130
(loss)
Net
credit-related $ 18        $ 11        $ 7         $ 9        $ —        $ 45
charge-offs
Selected
average
balances:
Assets         $ 14,092    $ 12,310    $ 10,080    $ 7,505    $ 17,358   $ 61,345
Loans          13,829      12,096      9,295       7,049      —          42,269
Deposits       19,415      13,688      10,229      4,649      330        48,311
Statistical
data:
Return on
average assets 1.53     %  1.74     %  1.43     %  2.43    %  N/M        0.85     %
(a)
Efficiency     60.88       50.50       51.10       51.93      N/M        69.70
ratio (b)

(a) Return on average assets is calculated based on the greater of average
assets or average liabilities and attributed equity.
(b) Noninterest expenses as a percentage of the sum of net interest income
(FTE) and noninterest income excluding net securities gains.
FTE - Fully Taxable Equivalent
N/M - Not Meaningful



RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)
Comerica Incorporated and Subsidiaries
                   March 31,  December 31, September 30, June 30,   March 31,
(dollar amounts in 2013       2012         2012          2012       2012
millions)
Tier 1 Common
Capital Ratio:
Tier 1 capital (a) $ 6,748    $  6,705     $  6,685      $ 6,676    $ 6,647
(b)
Less:
Trust preferred    —          —            —             —          —
securities
Tier 1 common      $ 6,748    $  6,705     $  6,685      $ 6,676    $ 6,647
capital (b)
Risk-weighted      $ 64,895   $  65,954    $  64,432     $ 64,028   $ 64,526
assets (a) (b)
Tier 1 risk-based  10.40    % 10.17      % 10.38      %  10.43    % 10.30    %
capital ratio (b)
Tier 1 common      10.40      10.17        10.38         10.43      10.30
capital ratio (b)
Basel III Tier 1
Common Capital
Ratio:
Tier 1 capital (b) $ 6,748
Basel III proposed (410)
adjustments (c)
Basel III Tier 1   $ 6,338
common capital (c)
Risk-weighted      $ 64,895
assets (a) (b)
Basel III proposed 2,609
adjustments (c)
Basel III
risk-weighted      $ 67,504
assets (c)
Tier 1 common      10.4     %
capital ratio (b)
Basel III Tier 1
common capital     9.4
ratio (c)
Tangible Common
Equity Ratio:
Common
shareholders'      $ 6,988    $  6,942     $  7,084      $ 7,028    $ 6,985
equity
Less:
Goodwill           635        635          635           635        635
Other intangible   21         22           25            28         30
assets
Tangible common    $ 6,332    $  6,285     $  6,424      $ 6,365    $ 6,320
equity
Total assets       $ 64,885   $  65,069    $  63,000     $ 62,380   $ 62,325
Less:
Goodwill           635        635          635           635        635
Other intangible   21         22           25            28         30
assets
Tangible assets    $ 64,229   $  64,412    $  62,340     $ 61,717   $ 61,660
Common equity      10.77    % 10.67      % 11.24      %  11.27    % 11.21    %
ratio
Tangible common    9.86       9.76         10.30         10.31      10.25
equity ratio
Tangible Common
Equity per Share
of Common Stock:
Common
shareholders'      $ 6,988    $  6,942     $  7,084      $ 7,028    $ 6,985
equity
Tangible common    6,332      6,285        6,424         6,365      6,320
equity
Shares of common
stock outstanding  187        188          191           194        197
(in millions)
Common
shareholders'      $ 37.38    $  36.87     $  37.01      $ 36.18    $ 35.44
equity per share
of common stock
Tangible common
equity per share   33.87      33.38        33.56         32.76      32.06
of common stock

(a) Tier 1 capital and risk-weighted assets as defined by regulation.
(b) March 31, 2013 Tier 1 capital and risk-weighted assets are estimated.
(c) March 31, 2013 Basel III Tier 1 capital and risk-weighted assets are
estimated based on the proposed rules for the U.S. adoption of the Basel III
regulatory capital framework issued in June 2012.



The Tier 1 common capital ratio removes preferred stock and qualifying trust
preferred securities from Tier 1 capital as defined by and calculated in
conformity with bank regulations. The Basel III Tier 1 common capital ratio
further adjusts Tier 1 common capital and risk-weighted assets to account for
the proposed changes issued in the U.S. banking regulators proposed rules for
the U.S. adoption of the Basel III regulatory capital framework issued in June
2012. The tangible common equity ratio removes preferred stock and the effect
of intangible assets from capital and the effect of intangible assets from
total assets. Tangible common equity per share of common stock removes the
effect of intangible assets from common shareholders equity per share of
common stock. Comerica believes these measurements are meaningful measures of
capital adequacy used by investors, regulators, management and others to
evaluate the adequacy of common equity and to compare against other companies
in the industry.

SOURCE Comerica Incorporated

Website: http://www.comerica.com
Contact: Media, Wayne J. Mielke, (214) 462-4463; or Investors, Darlene P.
Persons, (214) 462-6831, or Brittany L. Butler, (214) 462-6834
 
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