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Comerica Reports Fourth Quarter 2013 Net Income Of $145 Million

       Comerica Reports Fourth Quarter 2013 Net Income Of $145 Million

Fourth Quarter 2013 EPS of 77 Cents Up 13 Percent from Fourth Quarter 2012

Full-Year 2013 EPS of $3.00 Up 12 Percent from 2012

Period-End Loans Up $1.3 Billion from Third Quarter 2013

7.4 Million Shares Repurchased in 2013 Under the Share Repurchase Program

73 Percent of 2013 Net Income Returned to Shareholders

PR Newswire

DALLAS, Jan. 17, 2014

DALLAS, Jan. 17, 2014 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today
reported fourth quarter 2013 net income of $145 million, compared to $147
million for the third quarter 2013 and $130 million for the fourth quarter
2012. Earnings per diluted share were 77 cents for the fourth quarter 2013,
compared to 78 cents for the third quarter 2013 and 68 cents for the fourth
quarter 2012.

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

Full-year 2013 net income was $569 million, an increase of $48 million, or 9
percent, compared to 2012. Earnings per diluted share were $3.00 for 2013, an
increase of 33 cents, or 12 percent, compared to 2012.

(dollar amounts in millions, except  4th Qtr '13     3rd Qtr '13  4th Qtr '12
per share data)
Net interest income (a)              $   430         $   412      $   424
Provision for credit losses          9               8            16
Noninterest income                   204             214          204
Noninterest expenses                 429             417          427
Provision for income taxes           51              54           55
Net income                           145             147          130
Net income attributable to common    143             145          128
shares
Diluted income per common share      0.77            0.78         0.68
Average diluted shares (in millions) 186             187          188
Tier 1 common capital ratio (c)      10.60    %  (b) 10.72    %   10.14    %
Basel III Tier 1 common capital      10.3            10.4         9.8
ratio (c) (d)
Tangible common equity ratio (c)     10.11           9.87         9.76

    Included accretion of the purchase discount on the acquired loan portfolio
(a) of $23 million, $8 million and $13 million in the fourth quarter 2013,
    third quarter 2013 and fourth quarter 2012, respectively.
(b) December 31, 2013 ratio is
    estimated.
(c) See Reconciliation of
    Non-GAAP Financial Measures.
    Estimated ratios based on the
    standardized approach in the
(d) final rule and excluding most
    elements of accumulated other
    comprehensive income (AOCI).



"Our relationship banking focus and our customers' strength in this uncertain
national economy drove a 3 percent increase in average loans and a 4 percent
increase in average deposits in 2013," said Ralph W. Babb Jr., chairman and
chief executive officer. "2013 net income increased 9 percent, primarily as a
result of tight expense control and strong credit quality, offsetting the
headwinds of the continuing low rate environment.

"Average loans in the fourth quarter 2013 were stable, compared to the prior
quarter, while growth trends throughout the quarter were positive, resulting
in a broad-based, $1.3 billion increase in period-end loans. Earnings in the
fourth quarter of 2013, compared to the prior quarter, reflected greater than
expected purchase accounting accretion. This was offset by slightly lower fee
income, following strong fee generation in the third quarter and the impact of
slower economic activity, as well as additional costs related to regulatory
compliance.

"Our solid capital position supports our growth and provides us the ability to
return excess capital to our shareholders. We repurchased 7.4 million shares
in 2013 under our share repurchase program; together with dividends we
returned 73 percent of 2013 net income to shareholders. We recently filed our
2014-2015 capital plan with the Federal Reserve, which is expected to release
its summary results in March 2014.

"In this low rate environment, our conservative, consistent approach to
banking continues to serve us well, including our credit management,
investment strategy, and capital position. We are pleased with our footprint,
where there are many opportunities to leverage our relationship banking
strategy by providing our customers with the products and services they
desire."

Full-Year 2013 and Fourth Quarter Overview

Full-Year 2013 Compared to Full-Year 2012

  oNet income of $569 million for 2013 increased $48 million, or 9 percent,
    compared to 2012.
  oAverage total loans increased $1.1 billion, or 3 percent, to $44.4
    billion, primarily reflecting an increase of $1.7 billion, or 7 percent,
    in commercial loans, partially offset by a decrease of $686 million, or 6
    percent, in combined commercial mortgage and real estate construction
    loans. The increase in commercial loans was primarily driven by increases
    in National Dealer Services, general Middle Market and Energy, partially
    offset by decreases in Mortgage Banker Finance and Corporate Banking.
  oAverage total deposits increased $2.2 billion, or 4 percent, to $51.7
    billion, reflecting increases of $1.4 billion, or 7 percent, in
    noninterest-bearing deposits and $803 million, or 3 percent, in
    interest-bearing deposits.
  oNet interest income of $1.7 billion decreased by $56 million, or 3
    percent, primarily as a result of a decrease in yields and a decrease in
    accretion of the purchase discount on the acquired loan portfolio,
    partially offset by a decrease in funding costs. Loan yields decreased
    primarily as a result of shifts in the average loan portfolio mix and
    lower LIBOR rates, while yields on mortgage-backed securities declined
    primarily due to prepayments on higher-yielding securities and
    reinvestments at lower yields.
  oCredit quality of the loan portfolio remained strong. The provision for
    credit losses declined $33 million to $46 million in 2013 compared to
    2012. Net credit-related charge-offs decreased $97 million to $73 million.
  oNoninterest income increased $8 million, or 1 percent, to $826 million in
    2013. The increase reflected an increase of $13 million in customer-driven
    fee income, partially offset by a decrease of $5 million in
    noncustomer-driven categories.
  oNoninterest expenses decreased $79 million, or 4 percent, to $1.7 billion
    in 2013, primarily reflecting decreases of $35 million in merger and
    restructuring charges and $23 million in litigation-related expenses, as
    well as declines in several other categories of noninterest expenses,
    reflecting tight expense control.

Fourth Quarter 2013 Compared to Third Quarter 2013

  oAverage total loans remained stable at $44.1 billion, as increases in
    National Dealer Services and Technology and Life Sciences were offset by a
    decrease in Mortgage Banker Finance. Period-end total loans increased $1.3
    billion, or 3 percent, to $45.5 billion, reflecting increases in almost
    all lines of business.
  oAverage total deposits increased $904 million, or 2 percent, to $52.8
    billion, reflecting increases in most lines of business and all primary
    markets. Period-end deposits increased $383 million, or 1 percent, to
    $53.3 billion, primarily reflecting an increase of $404 million in
    interest-bearing deposits.
  oNet interest income increased $18 million, or 4 percent, to $430 million
    in the fourth quarter 2013, compared to $412 million in the third quarter
    2013, primarily reflecting a $15 million increase in accretion on the
    acquired portfolio and a $5 million increase in interest collected from
    nonaccrual loans. The increase in accretion resulted from better than
    expected collections on the purchased credit-impaired portfolio due to
    improvements in the economic environment.
  oThe provision for credit losses was $9 million in the fourth quarter 2013,
    compared to $8 million in the third quarter 2013, reflecting continued
    strong credit quality.
  oNoninterest income decreased $10 million to $204 million in the fourth
    quarter 2013, reflecting decreases of $5 million in customer-driven fee
    income and $5 million in noncustomer-driven income.
  oNoninterest expenses increased $12 million to $429 million in the fourth
    quarter 2013, primarily reflecting an increase of $7 million in salaries
    expense, of which $6 million was due to an increase in deferred
    compensation, and a $5 million increase in litigation-related expenses
    from a low third quarter amount.
  oCapital remained solid at December 31, 2013, as evidenced by an estimated
    Tier 1 common capital ratio of 10.60 percent and a tangible common equity
    ratio of 10.11 percent.

Net Interest Income

(dollar amounts in millions)             4th Qtr '13  3rd Qtr '13  4th Qtr '12
Net interest income                      $  430       $  412       $  424
Net interest margin                      2.86      %  2.79      %  2.87      %
Selected average balances:
Total earning assets                     $  59,924    $  58,892    $  59,276
Total loans                              44,054       44,094       44,119
Total investment securities              9,365        9,380        10,250
Federal Reserve Bank deposits (excess    6,260        5,156        4,638
liquidity)
Total deposits                           52,769       51,865       51,282
Total noninterest-bearing deposits       23,532       22,379       22,758

  oNet interest income of $430 million in the fourth quarter 2013 increased
    $18 million compared to the third quarter 2013.

       oInterest on loans increased $16 million, primarily reflecting an
         increase in the accretion of the purchase discount on the acquired
         loan portfolio ($15 million) and an increase in interest collected on
         nonaccrual loans ($5 million), partially offset by the impact of loan
         portfolio dynamics ($4 million), including a decline in LIBOR and
         other shifts in portfolio mix.
       oInterest on mortgage-backed investment securities increased net
         interest income by $1 million, primarily as a result of improvement
         in yields due to slowing prepayment speeds.
       oA decrease in funding costs increased net interest income by $1
         million, primarily reflecting lower deposit pricing and a shift in
         the deposit mix.

  oThe net interest margin of 2.86 percent increased 7 basis points compared
    to the third quarter 2013. The increase in net interest margin was
    primarily due to an increase in the accretion of the purchase discount on
    the acquired loan portfolio (+10 basis points), an increase in interest
    collected on nonaccrual loans (+3 basis points), the impact of yield
    improvements on mortgage-backed securities (+1 basis point) and lower
    funding costs (+1 basis point), partially offset by an increase in excess
    liquidity (-5 basis points) and lower loan yields (-3 basis points).
  oAverage earning assets increased $1.0 billion to $59.9 billion in the
    fourth quarter 2013, compared to the third quarter 2013, reflecting an
    increase of $1.1 billion in excess liquidity due to deposit growth.

Noninterest Income
Noninterest income decreased $10 million to $204 million for the fourth
quarter 2013, compared to $214 million for the third quarter 2013.
Customer-driven fee income decreased $5 million and noncustomer-driven income
decreased $5 million. The decrease in customer-driven fee income reflected a
$2 million decrease in letter of credit fees and small decreases in other
categories of noninterest income, partially offset by a $2 million increase in
fiduciary income. The decrease in noncustomer-driven income was primarily due
to a $6 million decrease in warrant income and a $3 million decrease in income
on bank-owned life insurance, partially offset by a $6 million increase in
deferred compensation plan asset returns, which was offset by an increase in
deferred compensation expense as described below.

Noninterest Expenses
Noninterest expenses of $429 million in the fourth quarter 2013 increased $12
million compared to the third quarter 2013. Excluding a $6 million increase in
deferred compensation expense, noninterest expenses increased $6 million,
primarily reflecting the impact of a $5 million favorable outcome in
litigation in the third quarter. The $6 million increase in deferred
compensation expense (included in salaries expense) was offset by the increase
in deferred compensation asset returns in noninterest income. Incentive
compensation remained unchanged from the elevated third quarter level as
financial performance relative to peers continued to improve.

Credit Quality
"The provision for credit losses was $9 million in the fourth quarter 2013,
compared to $8 million in the third quarter 2013, reflecting continued strong
credit quality and an increase in loan commitments and outstandings," said
Babb. "Net credit-related charge-offs decreased slightly and remain at a very
low level."

(dollar amounts in millions)             4th Qtr '13  3rd Qtr '13  4th Qtr '12
Net credit-related charge-offs           $   13       $   19       $   37
Net credit-related charge-offs/Average   0.12     %   0.18     %   0.34     %
total loans
Provision for credit losses              $   9        $   8        $   16
Nonperforming loans (a)                  374          459          541
Nonperforming assets (NPAs) (a)          383          478          595
NPAs/Total loans and foreclosed property 0.84     %   1.08     %   1.29     %
Loans past due 90 days or more and still $   16       $   25       $   23
accruing
Allowance for loan losses                598          604          629
Allowance for credit losses on           36           34           32
lending-related commitments (b)
Total allowance for credit losses        634          638          661
Allowance for loan losses/Period-end     1.32     %   1.37     %   1.37     %
total loans
Allowance for loan losses/Nonperforming  160          131          116
loans
(a) Excludes loans acquired with credit impairment.
(b) Included in "Accrued expenses and other liabilities" on the consolidated
balance sheets.

  oNonaccrual loans decreased $87 million, to $350 million at December 31,
    2013, compared to $437 million at September 30, 2013.
  oCriticized loans decreased $201 million, to $2.3 billion at December 31,
    2013, compared to $2.5 billion at September 30, 2013.
  oDuring the fourth quarter 2013, $23 million of borrower relationships over
    $2 million were transferred to nonaccrual status, a decrease of $27
    million from the third quarter 2013.

Balance Sheet and Capital Management
Total assets and common shareholders' equity were $65.2 billion and $7.2
billion, respectively, at December 31, 2013, compared to $64.7 billion and
$7.0 billion, respectively, at September 30, 2013. The $540 million increase
in total assets primarily reflected an increase of $1.3 billion in loans,
partially offset by decreases of $437 million in excess liquidity and $181
million in investment securities available-for-sale.

There were approximately 182 million common shares outstanding at December 31,
2013. Combined with the dividend of $0.17 per share, share repurchases under
the share repurchase program and dividends returned 71 percent of fourth
quarter 2013 net income to shareholders.

Comerica's tangible common equity ratio was 10.11 percent at December 31,
2013, an increase of 24 basis points from September 30, 2013. The estimated
Tier 1 common capital ratio decreased 12 basis points, to 10.60 percent at
December 31, 2013, from September 30, 2013. The estimated Tier 1 common ratio
under fully phased-in Basel III capital rules and excluding most elements of
AOCI was 10.3 percent percent at December 31, 2013.

Full-Year 2014 Outlook
Management expectations for full-year 2014 compared to full-year 2013,
assuming a continuation of the slow growing economy and low rate environment,
are as follows:

  oAverage loan growth consistent with 2013, reflecting stabilization in
    Mortgage Banker Finance near average fourth quarter 2013 levels, improving
    trends in Commercial Real Estate and continued focus on pricing and
    structure discipline.
  oNet interest income modestly lower, reflecting a decrease in purchase
    accounting accretion, to $10 million to $20 million, and the effect of a
    continued low rate environment, partially offset by loan growth.
  oProvision for credit losses stable as a result of continued strong credit
    quality.
  oNoninterest income stable, reflecting continued growth in customer-driven
    fee income.
  oNoninterest expenses lower, reflecting a more than 50 percent reduction in
    pension expense. Increases in merit, healthcare and regulatory costs
    mostly offset by continued expense discipline.
  oIncome tax expense to approximate 28 percent of pre-tax income.

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 December 31, 2013 and are presented on a fully
taxable equivalent (FTE) basis. The accompanying narrative addresses fourth
quarter 2013 results compared to third quarter 2013.

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

(dollar amounts in millions) 4th Qtr '13   3rd Qtr '13   4th Qtr '12
Business Bank                $ 200  84  %  $ 209  91  %  $ 209  90  %
Retail Bank                  14     6      6      3      8      3
Wealth Management            23     10     15     6      16     7
                             237    100 %  230    100 %  233    100 %
Finance                      (92)          (87)          (102)
Other (a)                    —             4             (1)
Total                   $ 145         $ 147         $ 130

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



Business Bank
(dollar amounts in millions)   4th Qtr '13   3rd Qtr '13   4th Qtr '12
Net interest income (FTE)      $    387      $    368      $    387
Provision for credit losses    24            (1)           6
Noninterest income             80            89            79
Noninterest expenses           151           153           149
Net income                     200           209           209
Net credit-related charge-offs 6             9             26
Selected average balances:
Assets                         35,042        35,298        35,359
Loans                          34,020        34,178        34,325
Deposits                       26,873        26,284        26,051

  oAverage loans decreased $158 million, primarily reflecting decreases in
    Mortgage Banker Finance and Energy, partially offset by increases in
    National Dealer Services and Technology and Life Sciences. Period-end
    loans increased $1.1 billion.
  oAverage deposits increased $589 million, primarily reflecting increases in
    Corporate Banking, Technology and Life Sciences and Commercial Real
    Estate, partially offset by a decline in general Middle Market.
  oNet interest income increased $19 million, primarily due to an increase in
    purchase accounting accretion and an increase in funds transfer pricing
    credits.
  oThe provision for credit losses increased $25 million, primarily
    reflecting an increase in period-end loan balances, partially offset by
    improved credit quality.
  oNoninterest income decreased $9 million, primarily due to a decrease in
    warrant income.

Retail Bank
(dollar amounts in millions)   4th Qtr '13   3rd Qtr '13    4th Qtr '12
Net interest income (FTE)      $    150      $    151       $    156
Provision for credit losses    (8)           10             7
Noninterest income             43            45             43
Noninterest expenses           180           177            181
Net income                     14            6              8
Net credit-related charge-offs 4             7              6
Selected average balances:
Assets                         5,997         5,967          5,952
Loans                          5,323         5,285          5,255
Deposits                       21,438        21,257         20,910

  oAverage loans increased $38 million, primarily due to an increase in Small
    Business.
  oAverage deposits increased $181 million, primarily due to an increase in
    Retail Banking.
  oThe provision for credit losses decreased $18 million, primarily due to
    improved credit quality, partially offset by an increase in period-end
    loan balances.

Wealth Management
(dollar amounts in millions)   4th Qtr '13   3rd Qtr '13   4th Qtr '12
Net interest income (FTE)      $     47      $     45      $     47
Provision for credit losses    (9)           1             2
Noninterest income             61            61            65
Noninterest expenses           82            81            84
Net income                     23            15            16
Net credit-related charge-offs 3             3             5
Selected average balances:
Assets                         4,873         4,789         4,686
Loans                          4,711         4,631         4,539
Deposits                       3,933         3,782         3,798

  oAverage loans increased $80 million, primarily due to an increase in
    Private Banking.
  oAverage deposits increased $151 million, primarily due to an increase in
    Private Banking.
  oThe provision for credit losses decreased $10 million, primarily
    reflecting improved credit quality, partially offset by an increase in
    period-end loan balances.

Geographic Market Segments
Comerica also provides market segment results for three primary geographic
markets: Michigan, California and Texas. In addition to the three primary
geographic markets, Other Markets is also reported as a market segment. 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 December 31, 2013 and are presented on
a fully taxable equivalent (FTE) basis.

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

(dollar amounts in millions) 4th Qtr '13   3rd Qtr '13   4th Qtr '12
Michigan                     $ 63   26  %  $ 73   32  %  $ 74   32  %
California                   76     32     71     31     62     26
Texas                        52     22     35     15     47     20
Other Markets                46     20     51     22     50     22
                             237    100 %  230    100 %  233    100 %
Finance & Other (a)          (92)          (83)          (103)
Total                   $ 145         $ 147         $ 130

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

  oAverage loans increased $429 million and $47 million in California and
    Michigan, respectively, and decreased $176 million in Texas. The increases
    in California and Michigan primarily reflected an increase in National
    Dealer Services. Technology and Life Sciences also contributed to the
    increase in California. The decrease in Texas was primarily due to a
    decrease in Energy.
  oAverage deposits increased $36 million in Michigan, primarily due to an
    increase in Small Business. In California, average deposits increased $652
    million, primarily reflecting increases in Corporate Banking and Private
    Banking. The increase in Texas of $238 million was primarily due to
    increases in Technology and Life Sciences, Energy and Retail Banking.
  oThe provision for credit losses decreased $12 million in Texas and $5
    million in California, primarily reflecting improved credit quality,
    partially offset by an increase in period-end loan balances. In Michigan,
    the provision increased $15 million, primarily due to an increase in
    period-end loan balances.
  oNoninterest income in California decreased $5 million, primarily due to a
    decrease in warrant income.

Michigan Market
(dollar amounts in millions)   4th Qtr '13   3rd Qtr '13   4th Qtr '12
Net interest income (FTE)      $    187      $    186      $    192
Provision for credit losses    7             (8)           (8)
Noninterest income             89            88            97
Noninterest expenses           170           167           180
Net income                     63            73            74
Net credit-related charge-offs (4)           1             1
Selected average balances:
Assets                         13,712        13,744        13,782
Loans                          13,323        13,276        13,415
Deposits                       20,501        20,465        20,019



California Market
(dollar amounts in millions)   4th Qtr '13   3rd Qtr '13   4th Qtr '12
Net interest income (FTE)      $    176      $    171      $    178
Provision for credit losses    (8)           (3)           7
Noninterest income             37            42            35
Noninterest expenses           100           101           100
Net income                     76            71            62
Net credit-related charge-offs (2)           8             12
Selected average balances:
Assets                         14,710        14,245        13,549
Loans                          14,431        14,002        13,275
Deposits                       15,219        14,567        15,457



Texas Market
(dollar amounts in millions)   4th Qtr '13   3rd Qtr '13   4th Qtr '12
Net interest income (FTE)      $    147      $    129      $    136
Provision for credit losses    5             17            4
Noninterest income             33            35            31
Noninterest expenses           93            92            90
Net income                     52            35            47
Net credit-related charge-offs 13            4             5
Selected average balances:
Assets                         10,458        10,642        10,554
Loans                          9,766         9,942         9,818
Deposits                       10,536        10,298        9,809



Conference Call and Webcast
Comerica will host a conference call to review fourth quarter 2013 financial
results at 7 a.m. CT Friday, January 17, 2014. Interested parties may access
the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No.
23046513). The call and supplemental financial information can also be
accessed via Comerica's "Investor Relations" page at www.comerica.com. A
replay of the Webcast can 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 and on page 68 of the
Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30,
2013. 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                Years Ended
                       December   September  December    December 31,
                       31,        30,        31,
(in millions, except   2013       2013       2012        2013       2012
per share data)
PER COMMON SHARE AND
COMMON STOCK DATA
Diluted net income     $ 0.77     $ 0.78     $ 0.68      $ 3.00     $ 2.67
Cash dividends         0.17       0.17       0.15        0.68       0.55
declared
Common shareholders'   39.39      37.94      36.87
equity (at period end)
Tangible common equity 35.81      34.38      33.38
(at period end) (a)
Average diluted shares 186,166    187,104    187,954     186,927    192,473
(in thousands)
KEY RATIOS
Return on average
common shareholders'   8.26     % 8.50     % 7.36     %  8.17     % 7.43     %
equity
Return on average      0.90       0.92       0.81        0.89       0.83
assets
Tier 1 common capital  10.60      10.72      10.14
ratio (a) (b)
Tier 1 risk-based      10.60      10.72      10.14
capital ratio (b)
Total risk-based       13.05      13.42      13.15
capital ratio (b)
Leverage ratio (b)     10.82      10.88      10.57
Tangible common equity 10.11      9.87       9.76
ratio (a)
AVERAGE BALANCES
Commercial loans       $ 27,683   $ 27,759   $ 27,462    $ 27,971   $ 26,224
Real estate
construction loans:
Commercial Real Estate 1,363      1,263      1,033       1,241      1,031
business line (c)
Other business lines   289        259        266         245        359
(d)
Total real estate      1,652      1,522      1,299       1,486      1,390
construction loans
Commercial mortgage
loans:
Commercial Real Estate 1,608      1,714      1,939       1,738      2,259
business line (c)
Other business lines   7,106      7,229      7,580       7,322      7,583
(d)
Total commercial       8,714      8,943      9,519       9,060      9,842
mortgage loans
Lease financing        838        839        839         847        864
International loans    1,303      1,252      1,314       1,275      1,272
Residential mortgage   1,679      1,642      1,525       1,620      1,505
loans
Consumer loans         2,185      2,137      2,161       2,153      2,209
Total loans            44,054     44,094     44,119      44,412     43,306
Earning assets         59,924     58,892     59,276      59,091     57,483
Total assets           64,605     63,660     64,257      63,936     62,572
Noninterest-bearing    23,532     22,379     22,758      22,379     21,004
deposits
Interest-bearing       29,237     29,486     28,524      29,332     28,529
deposits
Total deposits         52,769     51,865     51,282      51,711     49,533
Common shareholders'   7,010      6,923      7,062       6,968      7,012
equity
NET INTEREST INCOME
Net interest income
(fully taxable         $ 431      $ 413      $ 425       $ 1,675    $ 1,731
equivalent basis)
Fully taxable          1          1          1           3          3
equivalent adjustment
Net interest margin
(fully taxable         2.86     % 2.79     % 2.87     %  2.84     % 3.03     %
equivalent basis)
CREDIT QUALITY
Nonaccrual loans       $ 350      $ 437      $ 519
Reduced-rate loans     24         22         22
Total nonperforming    374        459        541
loans (e)
Foreclosed property    9          19         54
Total nonperforming    383        478        595
assets (e)
Loans past due 90 days
or more and still      16         25         23
accruing
Gross loan charge-offs 41         39         60          $ 153      $ 245
Loan recoveries        28         20         23          80         75
Net loan charge-offs   13         19         37          73         170
Allowance for loan     598        604        629
losses
Allowance for credit
losses on              36         34         32
lending-related
commitments
Total allowance for    634        638        661
credit losses
Allowance for loan
losses as a percentage 1.32     % 1.37     % 1.37     %
of total loans
Net loan charge-offs
as a percentage of     0.12       0.18       0.34        0.16     % 0.39     %
average total loans
(f)
Nonperforming assets
as a percentage of
total loans and        0.84       1.08       1.29
foreclosed property
(e)
Allowance for loan
losses as a percentage 160        131        116
of total nonperforming
loans

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



CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries
                                       December 31, September 30, December 31,
(in millions, except share data)       2013         2013          2012
                                       (unaudited)  (unaudited)
ASSETS
Cash and due from banks                $  1,140     $   1,384     $  1,395
Federal funds sold                     —            —             100
Interest-bearing deposits with banks   5,311        5,704         3,039
Other short-term investments           112          106           125
Investment securities                  9,307        9,488         10,297
available-for-sale
Commercial loans                       28,815       27,897        29,513
Real estate construction loans         1,762        1,552         1,240
Commercial mortgage loans              8,787        8,785         9,472
Lease financing                        845          829           859
International loans                    1,327        1,286         1,293
Residential mortgage loans             1,697        1,650         1,527
Consumer loans                         2,237        2,152         2,153
Total loans                            45,470       44,151        46,057
Less allowance for loan losses         (598)        (604)         (629)
Net loans                              44,872       43,547        45,428
Premises and equipment                 594          604           622
Accrued income and other assets        3,874        3,837         4,063
Total assets                           $  65,210    $   64,670    $  65,069
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits           $  23,875    $   23,896    $  23,279
Money market and interest-bearing      22,332       21,697        21,273
checking deposits
Savings deposits                       1,673        1,645         1,606
Customer certificates of deposit       5,063        5,180         5,531
Foreign office time deposits           349          491           502
Total interest-bearing deposits        29,417       29,013        28,912
Total deposits                         53,292       52,909        52,191
Short-term borrowings                  253          226           110
Accrued expenses and other liabilities 941          1,001         1,106
Medium- and long-term debt             3,543        3,565         4,720
Total liabilities                      58,029       57,701        58,127
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares            1,141        1,141         1,141
Capital surplus                        2,179        2,171         2,162
Accumulated other comprehensive loss   (391)        (541)         (413)
Retained earnings                      6,349        6,239         5,931
Less cost of common stock in treasury
- 45,860,786 shares at 12/31/13,       (2,097)      (2,041)       (1,879)
44,483,659 shares at 9/30/13 and
39,889,610 shares at 12/31/12
Total shareholders' equity             7,181        6,969         6,942
Total liabilities and shareholders'    $  65,210    $   64,670    $  65,069
equity



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
                                         Three Months Ended  Years Ended
                                         December 31,        December 31,
(in millions, except per share data)     2013       2012     2013     2012
INTEREST INCOME
Interest and fees on loans               $  397     $ 398    $ 1,556  $ 1,617
Interest on investment securities        55         55       214      234
Interest on short-term investments       4          3        14       12
Total interest income                    456        456      1,784    1,863
INTEREST EXPENSE
Interest on deposits                     12         16       55       70
Interest on medium- and long-term debt   14         16       57       65
Total interest expense                   26         32       112      135
Net interest income                      430        424      1,672    1,728
Provision for credit losses              9          16       46       79
Net interest income after provision for  421        408      1,626    1,649
credit losses
NONINTEREST INCOME
Service charges on deposit accounts      53         52       214      214
Fiduciary income                         43         42       171      158
Commercial lending fees                  28         25       99       96
Card fees                                19         17       74       65
Letter of credit fees                    15         17       64       71
Bank-owned life insurance                9          9        40       39
Foreign exchange income                  9          9        36       38
Brokerage fees                           4          5        17       19
Net securities gains (losses)            —          1        (1)      12
Other noninterest income                 24         27       112      106
Total noninterest income                 204        204      826      818
NONINTEREST EXPENSES
Salaries                                 203        196      769      778
Employee benefits                        61         59       246      240
Total salaries and employee benefits     264        255      1,015    1,018
Net occupancy expense                    41         42       160      163
Equipment expense                        15         15       60       65
Outside processing fee expense           30         28       119      107
Software expense                         24         23       90       90
FDIC insurance expense                   7          9        33       38
Advertising expense                      3          6        21       27
Other real estate expense                (1)        3        2        9
Merger and restructuring charges         —          2        —        35
Other noninterest expenses               46         44       178      205
Total noninterest expenses               429        427      1,678    1,757
Income before income taxes               196        185      774      710
Provision for income taxes               51         55       205      189
NET INCOME                               145        130      569      521
Less income allocated to participating   2          2        8        6
securities
Net income attributable to common shares $  143     $ 128    $ 561    $ 515
Earnings per common share:
Basic                                    $  0.79    $ 0.68   $ 3.07   $ 2.68
Diluted                                  0.77       0.68     3.00     2.67
Comprehensive income (loss)              295        (30)     591      464
Cash dividends declared on common stock  31         28       126      106
Cash dividends declared per common share 0.17       0.15     0.68     0.55



CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
              Fourth  Third   Second  First   Fourth   Fourth Quarter 2013 Compared To:
              Quarter Quarter Quarter Quarter Quarter  Third Quarter      Fourth Quarter
                                                       2013               2012
(in millions,
except per    2013    2013    2013    2013    2012     Amount    Percent  Amount  Percent
share data)
INTEREST
INCOME
Interest and  $ 397   $ 381   $ 388   $ 390   $ 398    $ 16      4     %  $ (1)   —     %
fees on loans
Interest on
investment    55      54      52      53      55       1         2        —       —
securities
Interest on
short-term    4       4       3       3       3        —         —        1       27
investments
Total
interest      456     439     443     446     456      17        4        —       —
income
INTEREST
EXPENSE
Interest on   12      13      15      15      16       (1)       (8)      (4)     (24)
deposits
Interest on
medium- and   14      14      14      15      16       —         —        (2)     (15)
long-term
debt
Total
interest      26      27      29      30      32       (1)       (5)      (6)     (20)
expense
Net interest  430     412     414     416     424      18        4        6       1
income
Provision for 9       8       13      16      16       1         22       (7)     (42)
credit losses
Net interest
income after
provision     421     404     401     400     408      17        4        13      3

for credit
losses
NONINTEREST
INCOME
Service
charges on    53      53      53      55      52       —         —        1       1
deposit
accounts
Fiduciary     43      41      44      43      42       2         2        1       4
income
Commercial    28      28      22      21      25       —         —        3       6
lending fees
Card fees     19      20      18      17      17       (1)       (1)      2       15
Letter of     15      17      16      16      17       (2)       (9)      (2)     (13)
credit fees
Bank-owned
life          9       12      10      9       9        (3)       (25)     —       —
insurance
Foreign
exchange      9       9       9       9       9        —         —        —       —
income
Brokerage     4       4       4       5       5        —         —        (1)     (14)
fees
Net
securities    —       1       (2)     —       1        (1)       (43)     (1)     (82)
gains
(losses)
Other
noninterest   24      29      34      25      27       (5)       (16)     (3)     (6)
income
Total
noninterest   204     214     208     200     204      (10)      (5)      —       —
income
NONINTEREST
EXPENSES
Salaries      203     196     182     188     196      7         4        7       4
Employee      61      59      63      63      59       2         3        2       4
benefits
Total
salaries and  264     255     245     251     255      9         3        9       4
employee
benefits
Net occupancy 41      41      39      39      42       —         —        (1)     (2)
expense
Equipment     15      15      15      15      15       —         —        —       —
expense
Outside
processing    30      31      30      28      28       (1)       (7)      2       5
fee expense
Software      24      22      22      22      23       2         11       1       6
expense
FDIC
insurance     7       9       8       9       9        (2)       (19)     (2)     (22)
expense
Advertising   3       6       6       6       6        (3)       (49)     (3)     (48)
expense
Other real
estate        (1)     1       1       1       3        (2)       N/M      (4)     N/M
expense
Merger and
restructuring —       —       —       —       2        —         —        (2)     N/M
charges
Other
noninterest   46      37      50      45      44       9         23       2       1
expenses
Total
noninterest   429     417     416     416     427      12        3        2       —
expenses
Income before 196     201     193     184     185      (5)       (2)      11      6
income taxes
Provision for 51      54      50      50      55       (3)       (5)      (4)     (7)
income taxes
NET INCOME    145     147     143     134     130      (2)       (2)      15      11
Less income
allocated to  2       2       2       2       2        —         —        —       —
participating
securities
Net income
attributable  $ 143   $ 145   $ 141   $ 132   $ 128    $ (2)     (2)   %  $ 15    11    %
to common
shares
Earnings per
common share:
Basic         $ 0.79  $ 0.80  $ 0.77  $ 0.71  $ 0.68   $ (0.01)  (1)   %  $ 0.11  16    %
Diluted       0.77    0.78    0.76    0.70    0.68     (0.01)    (1)      0.09    13
Comprehensive 295     144     15      137     (30)     151       N/M      325     N/M
income (loss)
Cash
dividends     31      31      32      32      28       —         —        3       10
declared on
common stock
Cash
dividends     0.17    0.17    0.17    0.17    0.15     —         —        0.02    13
declared per
common share
N/M - Not Meaningful



ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)
Comerica Incorporated and Subsidiaries
                                      2013                             2012
(in millions)                         4th Qtr 3rd Qtr 2nd Qtr 1st Qtr  4th Qtr
Balance at beginning of period        $ 604   $ 613   $ 617   $ 629    $ 647
Loan charge-offs:
Commercial                            31      20      19      21       42
Real estate construction:
Commercial Real Estate business line  —       1       2       —        1
(a)
Other business lines (b)              —       —       —       —        —
Total real estate construction        —       1       2       —        1
Commercial mortgage:
Commercial Real Estate business line  1       6       2       1        5
(a)
Other business lines (b)              4       3       7       12       6
Total commercial mortgage             5       9       9       13       11
International                         —       —       —       —        —
Residential mortgage                  1       1       1       1        2
Consumer                              4       8       4       3        4
Total loan charge-offs                41      39      35      38       60
Recoveries on loans previously
charged-off:
Commercial                            17      8       11      6        13
Real estate construction              3       2       1       1        1
Commercial mortgage                   5       7       3       5        6
Lease financing                       —       1       —       —        —
International                         —       —       —       —        1
Residential mortgage                  1       1       1       1        1
Consumer                              2       1       2       1        1
Total recoveries                      28      20      18      14       23
Net loan charge-offs                  13      19      17      24       37
Provision for loan losses             7       10      13      12       19
Balance at end of period              $ 598   $ 604   $ 613   $ 617    $ 629
Allowance for loan losses as a        1.32  % 1.37  % 1.35  % 1.37  %  1.37  %
percentage of total loans
Net loan charge-offs as a percentage  0.12    0.18    0.15    0.21     0.34
of average total loans

(a) Primarily charge-offs of loans to real estate 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)                         4th Qtr 3rd Qtr 2nd Qtr 1st Qtr  4th Qtr
Balance at beginning of period        $  34   $  36   $  36   $  32    $  35
Add: Provision for credit losses on   2       (2)     —       4        (3)
lending-related commitments
Balance at end of period              $  36   $  34   $  36   $  36    $  32
Unfunded lending-related commitments  $  1    $  2    $  1    $  2     $  —
sold



NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
                           2013                                        2012
(in millions)              4th Qtr       3rd Qtr    2nd Qtr   1st Qtr  4th Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Business loans:
Commercial            $   81        $  107     $  102    $ 102    $ 103
Real estate
construction:
Commercial Real  20            24         26        30       30
Estate business line (a)
Other business   1             1          2         3        3
lines (b)
Total real  21            25         28        33       33
estate construction
Commercial mortgage:
Commercial Real  51            67         69        86       94
Estate business line (a)
Other business   105           139        157       178      181
lines (b)
Total       156           206        226       264      275
commercial mortgage
Lease financing       —             —          —         —        3
International         4             —          —         —        —
Total nonaccrual      262           338        356       399      414
business loans
Retail loans:
Residential mortgage  53            63         62        65       70
Consumer:
Home equity      33            34         28        28       31
Other consumer   2             2          3         2        4
Total       35            36         31        30       35
consumer
Total nonaccrual retail    88            99         93        95       105
loans
Total nonaccrual loans     350           437        449       494      519
Reduced-rate loans         24            22         22        21       22
Total nonperforming loans  374           459        471       515      541
(c)
Foreclosed property        9             19         29        40       54
Total nonperforming assets $   383       $  478     $  500    $ 555    $ 595
(c)
Nonperforming loans as a   0.82      %   1.04    %  1.04    % 1.14  %  1.17  %
percentage of total loans
Nonperforming assets as a
percentage of total loans  0.84          1.08       1.10      1.23     1.29

and foreclosed property
Allowance for loan losses
as a percentage of total   160           131        130       120      116

nonperforming loans
Loans past due 90 days or  $   16        $  25      $  20     $ 25     $ 23
more and still accruing
ANALYSIS OF NONACCRUAL
LOANS
Nonaccrual loans at        $   437       $  449     $  494    $ 519    $ 665
beginning of period
Loans transferred to       23            50         37        34       36
nonaccrual (d)
Nonaccrual business loan   (33)          (25)       (25)      (34)     (54)
gross charge-offs (e)
Nonaccrual business loans  (14)          (17)       (9)       (7)      (48)
sold (f)
Payments/Other (g)         (63)          (20)       (48)      (18)     (80)
Nonaccrual loans at end of $   350       $  437     $  449    $ 494    $ 519
period
(a) Primarily loans to real estate 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 loans  $   33        $  25      $  25     $ 34     $ 54
Performing criticized      3             5          5         —        —
loans
Consumer and residential   5             9          5         4        6
mortgage loans
Total gross loan           $   41        $  39      $  35     $ 38     $ 60
charge-offs
(f) Analysis of loans
sold:
Nonaccrual business loans  $   14        $  17      $  9      $ 7      $ 48
Performing criticized      22            31         40        12       24
loans
Total loans sold           $   36        $  48      $  49     $ 19     $ 72
(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
                        Years Ended
                        December 31, 2013           December 31, 2012
                        Average            Average  Average            Average
(dollar amounts in      Balance   Interest Rate     Balance   Interest Rate
millions)
Commercial loans        $ 27,971  $ 917    3.28  %  $ 26,224  $ 903    3.44  %
Real estate             1,486     57       3.85     1,390     62       4.44
construction loans
Commercial mortgage     9,060     372      4.11     9,842     437      4.44
loans
Lease financing         847       27       3.23     864       26       3.01
International loans     1,275     48       3.74     1,272     47       3.73
Residential mortgage    1,620     66       4.09     1,505     68       4.55
loans
Consumer loans          2,153     71       3.30     2,209     76       3.42
Total loans (a)         44,412    1,558    3.51     43,306    1,619    3.74
Mortgage-backed
securities              9,246     213      2.33     9,446     231      2.52
available-for-sale
Other investment
securities              391       2        0.48     469       4        0.77
available-for-sale
Total investment
securities              9,637     215      2.25     9,915     235      2.43
available-for-sale
Interest-bearing        4,930     13       0.26     4,128     10       0.26
deposits with banks (b)
Other short-term        112       1        1.22     134       2        1.65
investments
Total earning assets    59,091    1,787    3.03     57,483    1,866    3.27
Cash and due from banks 987                         983
Allowance for loan      (622)                       (693)
losses
Accrued income and      4,480                       4,799
other assets
Total assets            $ 63,936                    $ 62,572
Money market and
interest-bearing        $ 21,704  28       0.13     $ 20,622  35       0.17
checking deposits
Savings deposits        1,657     1        0.03     1,593     1        0.06
Customer certificates   5,471     23       0.42     5,902     31       0.53
of deposit
Foreign office time     500       3        0.52     412       3        0.63
deposits
Total interest-bearing  29,332    55       0.19     28,529    70       0.25
deposits
Short-term borrowings   211       —        0.07     76        —        0.12
Medium- and long-term   3,972     57       1.45     4,818     65       1.36
debt
Total interest-bearing  33,515    112      0.33     33,423    135      0.41
sources
Noninterest-bearing     22,379                      21,004
deposits
Accrued expenses and    1,074                       1,133
other liabilities
Total shareholders'     6,968                       7,012
equity
Total liabilities and   $ 63,936                    $ 62,572
shareholders' equity
Net interest
income/rate spread                $ 1,675  2.70               $ 1,731  2.86
(FTE)
FTE adjustment                    $ 3                         $ 3
Impact of net
noninterest-bearing                        0.14                        0.17
sources of funds
Net interest margin (as
a percentage of average                    2.84  %                     3.03  %
earning assets) (FTE)
(a) (b)

    Accretion of the purchase discount on the acquired loan portfolio of $49
(a) million and $71 million in 2013 and 2012, respectively, increased the net
    interest margin by 8 basis points and 12 basis points in each respective
    period.
    Excess liquidity, represented by average balances deposited with the
(b) Federal Reserve Bank, reduced the net interest margin by 23 basis points
    and 21 basis points in 2013 and 2012, respectively.



ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)
Comerica Incorporated and Subsidiaries
                    Three Months Ended
                    December 31, 2013           September 30, 2013          December 31, 2012
                    Average            Average  Average            Average  Average            Average
(dollar amounts in  Balance   Interest Rate     Balance   Interest Rate     Balance   Interest Rate
millions)
Commercial loans    $ 27,683  $  228   3.26  %  $ 27,759  $  226   3.25  %  $ 27,462  $  230   3.33  %
Real estate         1,652     15       3.50     1,522     15       3.78     1,299     15       4.32
construction loans
Commercial mortgage 8,714     101      4.62     8,943     88       3.90     9,519     100      4.22
loans
Lease financing     838       7        3.27     839       7        3.21     839       7        3.27
International loans 1,303     12       3.78     1,252     12       3.76     1,314     12       3.73
Residential         1,679     17       3.97     1,642     17       3.98     1,525     16       4.24
mortgage loans
Consumer loans      2,185     18       3.24     2,137     17       3.27     2,161     19       3.38
Total loans (a)     44,054    398      3.58     44,094    382      3.44     44,119    399      3.60
Mortgage-backed
securities          8,969     55       2.46     8,989     54       2.41     9,831     55       2.29
available-for-sale
Other investment
securities          396       —        0.45     391       —        0.43     419       —        0.76
available-for-sale
Total investment
securities          9,365     55       2.37     9,380     54       2.32     10,250    55       2.22
available-for-sale
Interest-bearing
deposits with banks 6,400     4        0.26     5,308     4        0.26     4,785     2        0.25
(b)
Other short-term    105       —        0.69     110       —        0.77     122       1        1.13
investments
Total earning       59,924    457      3.03     58,892    440      2.97     59,276    457      3.08
assets
Cash and due from   970                         1,027                       1,030
banks
Allowance for loan  (609)                       (622)                       (654)
losses
Accrued income and  4,320                       4,363                       4,605
other assets
Total assets        $ 64,605                    $ 63,660                    $ 64,257
Money market and
interest-bearing    $ 22,030  6        0.12     $ 21,894  7        0.13     $ 20,760  9        0.16
checking deposits
Savings deposits    1,667     —        0.03     1,680     —        0.04     1,603     —        0.03
Customer
certificates of     5,078     5        0.38     5,384     6        0.41     5,634     6        0.49
deposit
Foreign office time 462       1        0.47     528       —        0.48     527       1        0.60
deposits
Total
interest-bearing    29,237    12       0.17     29,486    13       0.18     28,524    16       0.22
deposits
Short-term          279       —        0.06     249       —        0.06     70        —        0.12
borrowings
Medium- and         3,563     14       1.53     3,590     14       1.54     4,735     16       1.35
long-term debt
Total
interest-bearing    33,079    26       0.31     33,325    27       0.32     33,329    32       0.38
sources
Noninterest-bearing 23,532                      22,379                      22,758
deposits
Accrued expenses
and other           984                         1,033                       1,108
liabilities
Total shareholders' 7,010                       6,923                       7,062
equity
Total liabilities
and shareholders'   $ 64,605                    $ 63,660                    $ 64,257
equity
Net interest
income/rate spread            $  431   2.72               $  413   2.65               $  425   2.70
(FTE)
FTE adjustment                $  1                        $  1                        $  1
Impact of net
noninterest-bearing                    0.14                        0.14                        0.17
sources of funds
Net interest margin
(as a percentage of
average earning                        2.86  %                     2.79  %                     2.87  %
assets) (FTE) (a)
(b)

    Accretion of the purchase discount on the acquired loan portfolio of $23
    million, $8 million and $13 million in the fourth and third quarters of
(a) 2013 and the fourth quarter of 2012, respectively, increased the net
    interest margin by 15 basis points, 5 basis points and 9 basis points in
    each respective period.
    Excess liquidity, represented by average balances deposited with the
(b) Federal Reserve Bank, reduced the net interest margin by 31 basis points
    and 24 basis points in the fourth and third quarters of 2013,
    respectively, and by 22 basis points in the fourth quarter of 2012.



CONSOLIDATED STATISTICAL DATA (unaudited)
Comerica Incorporated and Subsidiaries
                   December 31, September 30, June 30,   March 31,  December
                                                                    31,
(in millions,
except per share   2013         2013          2013       2013       2012
data)
Commercial loans:
Floor plan         $  3,504     $  2,869      $ 3,241    $ 2,963    $ 2,939
Other              25,311       25,028        25,945     25,545     26,574
Total commercial   28,815       27,897        29,186     28,508     29,513
loans
Real estate
construction
loans:
Commercial Real
Estate business    1,447        1,283         1,223      1,185      1,049
line (a)
Other business     315          269           256        211        191
lines (b)
Total real estate  1,762        1,552         1,479      1,396      1,240
construction loans
Commercial
mortgage loans:
Commercial Real
Estate business    1,678        1,592         1,743      1,812      1,873
line (a)
Other business     7,109        7,193         7,264      7,505      7,599
lines (b)
Total commercial   8,787        8,785         9,007      9,317      9,472
mortgage loans
Lease financing    845          829           843        853        859
International      1,327        1,286         1,209      1,269      1,293
loans
Residential        1,697        1,650         1,611      1,568      1,527
mortgage loans
Consumer loans:
Home equity        1,517        1,501         1,474      1,498      1,537
Other consumer     720          651           650        658        616
Total consumer     2,237        2,152         2,124      2,156      2,153
loans
Total loans        $  45,470    $  44,151     $ 45,459   $ 45,067   $ 46,057
Goodwill           $  635       $  635        $ 635      $ 635      $ 635
Core deposit       16           17            18         19         20
intangible
Loan servicing     1            1             2          2          2
rights
Tier 1 common
capital ratio (c)  10.60      % 10.72      %  10.43    % 10.37    % 10.14    %
(d)
Tier 1 risk-based  10.60        10.72         10.43      10.37      10.14
capital ratio (c)
Total risk-based   13.05        13.42         13.29      13.41      13.15
capital ratio (c)
Leverage ratio (c) 10.82        10.88         10.81      10.75      10.57
Tangible common    10.11        9.87          10.04      9.86       9.76
equity ratio (d)
Common
shareholders'      $  39.39     $  37.94      $ 37.32    $ 37.41    $ 36.87
equity per share
of common stock
Tangible common
equity per share   35.81        34.38         33.79      33.90      33.38
of common stock
(d)
Market value per
share for the
quarter:
High               48.69        43.49         40.44      36.99      32.14
Low                38.64        38.56         33.55      30.73      27.72
Close              47.54        39.31         39.83      35.95      30.34
Quarterly ratios:
Return on average
common             8.26       % 8.50       %  8.23     % 7.68     % 7.36     %
shareholders'
equity
Return on average  0.90         0.92          0.90       0.84       0.81
assets
Efficiency ratio   67.55        66.66         66.43      67.58      68.08
(e)
Number of banking  483          484           484        487        487
centers
Number of
employees - full   8,948        8,918         8,929      9,001      9,035
time equivalent

(a) Primarily loans to real estate developers.
(b) Primarily loans secured by owner-occupied real estate.
(c) December 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
                                       December 31, September 30, December 31,
(in millions, except share data)       2013         2013          2012
ASSETS
Cash and due from subsidiary bank      $   31       $   36        $   2
Short-term investments with subsidiary 482          480           431
bank
Other short-term investments           96           92            88
Investment in subsidiaries,            7,204        7,008         7,045
principally banks
Premises and equipment                 4            4             4
Other assets                           139          134           150
Total assets                      $   7,956    $   7,754     $   7,720
LIABILITIES AND SHAREHOLDERS' EQUITY
Medium- and long-term debt             $   617      $   620       $   629
Other liabilities                      158          165           149
Total liabilities                 775          785           778
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares       1,141        1,141         1,141
Capital surplus                        2,179        2,171         2,162
Accumulated other comprehensive loss   (391)        (541)         (413)
Retained earnings                      6,349        6,239         5,931
Less cost of common stock in treasury
- 45,860,786 shares at 12/31/13,       (2,097)      (2,041)       (1,879)
44,483,659 shares at 9/30/13 and
39,889,610 shares at 12/31/12
Total shareholders' equity        7,181        6,969         6,942
Total liabilities and             $   7,956    $   7,754     $   7,720
shareholders' 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    —           —        —        —             521      —          521
Other
comprehensive —           —        —        (57)          —        —          (57)
loss, net of
tax
Cash
dividends
declared on   —           —        —        —             (106)    —          (106)
common stock
($0.55 per
share)
Purchase of   (10.2)      —        —        —             —        (308)      (308)
common stock
Net issuance
of common
stock under   1.2         —        (46)     —             (30)     63         (13)
employee
stock plans
Share-based   —           —        37       —             —        —          37
compensation
Other         —           —        1        —             —        (1)        —
BALANCE AT
DECEMBER 31,  188.3       $ 1,141  $ 2,162  $   (413)     $ 5,931  $ (1,879)  $   6,942
2012
Net income    —           —        —        —             569      —          569
Other
comprehensive —           —        —        22            —        —          22
income, net
of tax
Cash
dividends
declared on   —           —        —        —             (126)    —          (126)
common stock
($0.68 per
share)
Purchase of   (7.5)       —        —        —             —        (291)      (291)
common stock
Net issuance
of common
stock under   1.5         —        (17)     —             (25)     72         30
employee
stock plans
Share-based   —           —        35       —             —        —          35
compensation
Other         —           —        (1)      —             —        1          —
BALANCE AT
DECEMBER 31,  182.3       $ 1,141  $ 2,179  $   (391)     $ 6,349  $ (2,097)  $   7,181
2013



BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries
(dollar
amounts in     Business    Retail     Wealth
millions)
Three Months
Ended December Bank        Bank       Management  Finance    Other     Total
31, 2013
Earnings
summary:
Net interest
income         $ 387       $ 150      $  47       $ (161)    $ 8       $ 431
(expense)
(FTE)
Provision for  24          (8)        (9)         —          2         9
credit losses
Noninterest    80          43         61          14         6         204
income
Noninterest    151         180        82          2          14        429
expenses
Provision
(benefit) for  92          7          12          (57)       (2)       52
income taxes
(FTE)
Net income     $ 200       $ 14       $  23       $ (92)     $ —       $ 145
(loss)
Net
credit-related $ 6         $ 4        $  3        —          —         $ 13
charge-offs
Selected
average
balances:
Assets         $ 35,042    $ 5,997    $  4,873    $ 11,032   $ 7,661   $ 64,605
Loans          34,020      5,323      4,711       —          —         44,054
Deposits       26,873      21,438     3,933       323        202       52,769
Statistical
data:
Return on
average assets 2.29     %  0.25    %  1.86     %  N/M        N/M       0.90     %
(a)
Efficiency     32.23       93.18      75.84       N/M        N/M       67.55
ratio (b)
               Business    Retail     Wealth
Three Months
Ended          Bank        Bank       Management  Finance    Other     Total
September 30,
2013
Earnings
summary:
Net interest
income         $ 368       $ 151      $  45       $ (159)    $ 8       $ 413
(expense)
(FTE)
Provision for  (1)         10         1           —          (2)       8
credit losses
Noninterest    89          45         61          18         1         214
income
Noninterest    153         177        81          2          4         417
expenses
Provision
(benefit) for  96          3          9           (56)       3         55
income taxes
(FTE)
Net income     $ 209       $ 6        $  15       $ (87)     $ 4       $ 147
(loss)
Net
credit-related $ 9         $ 7        $  3        —          —         $ 19
charge-offs
Selected
average
balances:
Assets         $ 35,298    $ 5,967    $  4,789    $ 11,097   $ 6,509   $ 63,660
Loans          34,178      5,285      4,631       —          —         44,094
Deposits       26,284      21,257     3,782       319        223       51,865
Statistical
data:
Return on
average assets 2.38     %  0.12    %  1.21     %  N/M        N/M       0.92     %
(a)
Efficiency     33.50       90.27      77.22       N/M        N/M       66.66
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          (62)       3         56
income taxes
(FTE)
Net income     $ 209       $ 8        $  16       $ (102)    $ (1)     $ 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)

(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 December Michigan    California  Texas       Markets    & Other    Total
31, 2013
Earnings
summary:
Net interest
income         $ 187       $ 176       $ 147       $ 74       $ (153)    $ 431
(expense)
(FTE)
Provision for  7           (8)         5           3          2          9
credit losses
Noninterest    89          37          33          25         20         204
income
Noninterest    170         100         93          50         16         429
expenses
Provision
(benefit) for  36          45          30          —          (59)       52
income taxes
(FTE)
Net income     $ 63        $ 76        $ 52        $ 46       $ (92)     $ 145
(loss)
Net
credit-related $ (4)       $ (2)       $ 13        $ 6        $ —        $ 13
charge-offs
(recoveries)
Selected
average
balances:
Assets         $ 13,712    $ 14,710    $ 10,458    $ 7,032    $ 18,693   $ 64,605
Loans          13,323      14,431      9,766       6,534      —          44,054
Deposits       20,501      15,219      10,536      5,988      525        52,769
Statistical
data:
Return on
average assets 1.18     %  1.87     %  1.76     %  2.65    %  N/M        0.90     %
(a)
Efficiency     61.53       47.00       51.71       49.70      N/M        67.55
ratio (b)
                                                   Other      Finance
Three Months
Ended          Michigan    California  Texas       Markets    & Other    Total
September 30,
2013
Earnings
summary:
Net interest
income         $ 186       $ 171       $ 129       $ 78       $ (151)    $ 413
(expense)
(FTE)
Provision for  (8)         (3)         17          4          (2)        8
credit losses
Noninterest    88          42          35          30         19         214
income
Noninterest    167         101         92          51         6          417
expenses
Provision
(benefit) for  42          44          20          2          (53)       55
income taxes
(FTE)
Net income     $ 73        $ 71        $ 35        $ 51       $ (83)     $ 147
(loss)
Net
credit-related $ 1         $ 8         $ 4         $ 6        $ —        $ 19
charge-offs
Selected
average
balances:
Assets         $ 13,744    $ 14,245    $ 10,642    $ 7,423    $ 17,606   $ 63,660
Loans          13,276      14,002      9,942       6,874      —          44,094
Deposits       20,465      14,567      10,298      5,993      542        51,865
Statistical
data:
Return on
average assets 1.38     %  1.84     %  1.21     %  2.73    %  N/M        0.92     %
(a)
Efficiency     60.89       47.37       56.52       47.65      N/M        66.66
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     62.14       47.04       53.87       41.38      N/M        68.08
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
                 December 31, September 30, June 30,   March 31,  December 31,
(dollar amounts  2013         2013          2013       2013       2012
in millions)
Tier 1 Common
Capital Ratio:
Tier 1 and Tier
1 common capital $  6,924     $  6,862      $ 6,800    $ 6,748    $  6,705
(a) (b)
Risk-weighted    $  65,301    $  64,027     $ 65,220   $ 65,099   $  66,115
assets (a) (b)
Tier 1 and Tier
1 common
risk-based       10.60      % 10.72      %  10.43    % 10.37    % 10.14      %
capital ratio
(b)
Basel III Tier 1
Common Capital
Ratio:
Tier 1 common    $  6,924     $  6,862      $ 6,800    $ 6,748    $  6,705
capital (b)
Basel III        (6)          (4)           —          (1)        (39)
adjustments (c)
Basel III Tier 1
common capital   6,918        6,858         6,800      6,747      6,666
(c)
Risk-weighted    $  65,301    $  64,027     $ 65,220   $ 65,099   $  66,115
assets (a) (b)
Basel III        1,735        1,726         2,091      1,996      1,854
adjustments (c)
Basel III
risk-weighted    $  67,036    $  65,753     $ 67,311   $ 67,095   $  67,969
assets (c)
Tier 1 common
capital ratio    10.6       % 10.7       %  10.4     % 10.4     % 10.1       %
(b)
Basel III Tier 1
common capital   10.3         10.4          10.1       10.1       9.8
ratio (c)
Tangible Common
Equity Ratio:
Common
shareholders'    $  7,181     $  6,969      $ 6,911    $ 6,988    $  6,942
equity
Less:
Goodwill         635          635           635        635        635
Other intangible 17           18            20         21         22
assets
Tangible common  $  6,529     $  6,316      $ 6,256    $ 6,332    $  6,285
equity
Total assets     $  65,210    $  64,670     $ 62,947   $ 64,885   $  65,069
Less:
Goodwill         635          635           635        635        635
Other intangible 17           18            20         21         22
assets
Tangible assets  $  64,558    $  64,017     $ 62,292   $ 64,229   $  64,412
Common equity    11.01      % 10.78      %  10.98    % 10.77    % 10.67      %
ratio
Tangible common  10.11        9.87          10.04      9.86       9.76
equity ratio
Tangible Common
Equity per Share
of Common Stock:
Common
shareholders'    $  7,181     $  6,969      $ 6,911    $ 6,988    $  6,942
equity
Tangible common  6,529        6,316         6,256      6,332      6,285
equity
Shares of common
stock            182          184           185        187        188
outstanding (in
millions)
Common
shareholders'    $  39.39     $  37.94      $ 37.32    $ 37.41    $  36.87
equity per share
of common stock
Tangible common
equity per share 35.81        34.38         33.79      33.90      33.38
of common stock

(a) Tier 1 capital and risk-weighted assets as defined by regulation.
(b) December 31, 2013 Tier 1 capital and risk-weighted assets are estimated.
    Estimated ratios based on the standardized approach in the final rule for
(c) the U.S. adoption of the Basel III regulatory capital framework and
    excluding most elements of AOCI.



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 final rule approved by U.S. banking regulators in July 2013 for the U.S.
adoption of the Basel III regulatory capital framework. The final Basel III
capital rules are effective January 1, 2015 for banking organizations subject
to the standardized approach. 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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