Comerica Reports Second Quarter 2014 Net Income Of $151 Million, Or 80 Cents Per Share, Up 10 Percent From First Quarter 2014

 Comerica Reports Second Quarter 2014 Net Income Of $151 Million, Or 80 Cents
               Per Share, Up 10 Percent From First Quarter 2014

Average Loan Increase of $1.7 Billion and Fee Income Growth Drive Revenue
Increase of $18 Million Over First Quarter 2014

Continued to Maintain Strong Capital Ratios While Returning $95 Million to
Shareholders

PR Newswire

DALLAS, July 15, 2014

DALLAS, July 15, 2014 /PRNewswire/ --Comerica Incorporated (NYSE: CMA) today
reported second quarter 2014 net income of $151 million, compared to $139
million for the first quarter 2014 and $143 million for the second quarter
2013. Earnings per diluted share were 80 cents for the second quarter 2014,
compared to 73 cents for the first quarter 2014 and 76 cents for the second
quarter 2013.

Comerica logo.



(dollar amounts in millions, except  2nd Qtr '14     1st Qtr '14  2nd Qtr '13
per share data)
Net interest income (a)              $   416         $   410      $   414
Provision for credit losses          11              9            13
Noninterest income                   220             208          222
Noninterest expenses                 404             406          416
Provision for income taxes           70              64           64
Net income                           151             139          143
Net income attributable to common    149             137          141
shares
Diluted income per common share      0.80            0.73         0.76
Average diluted shares (in millions) 186             187          187
Tier 1 common capital ratio (c)      10.49    %  (b) 10.58    %   10.43    %
Basel III common equity Tier 1       10.2            10.3         10.1
capital ratio (c) (d)
Tangible common equity ratio (c)     10.39           10.20        10.04

    Included accretion of the purchase discount on the acquired loan portfolio
(a) of $10 million, $12 million and $7 million in the second quarter 2014,
    first quarter 2014 and second quarter 2013, respectively.
(b) June 30, 2014 ratio is estimated.
(c) See Reconciliation of Non-GAAP Financial
    Measures.
    Estimated ratios based on the standardized
    approach in the final rule, as fully
(d) phased-in, and excluding most elements of
    accumulated other comprehensive income
    (AOCI).



"We recorded a 10 percent increase in earnings per share compared to the first
quarter, a solid performance given this competitive and persistently low-rate
environment," said Ralph W. Babb Jr., chairman and chief executive officer.
"We continue to be focused on growing the bottom line by carefully managing
the things we can control, such as expanding customer relationships,
maintaining expense discipline as well as credit quality, all the while taking
a prudent, conservative approach to capital.

"With higher customer-driven fee income and broad-based loan growth, revenue
increased more than 3 percent from the first quarter. Average loans were up
$1.7 billion, or 4 percent, compared to the first quarter, and period-end
loans were up $1.4 billion, or 3 percent, with notable growth in virtually
every business line. Average deposits were up $614 million to $53.4 billion.
Credit quality continued to be strong, noninterest expenses decreased
slightly, and our solid capital position continues to support our growth.

"We attribute these results to continued improvements in the economy,
reflected particularly in the loan growth in Texas and California, as well as
our expertise in faster growing business lines and consistent focus on
relationships. Looking ahead, macro-economic conditions appear to be
favorable. The market is competitive, however, we are confident in our ability
to add new customer relationships and expand existing ones while maintaining
our credit pricing and structure discipline."

Second Quarter 2014 Compared to First Quarter 2014

  oAverage total loans increased $1.7 billion, or 4 percent, to $46.7
    billion, primarily reflecting an increase of $1.5 billion, or 5 percent in
    commercial loans. The increase in commercial loans was reflected in almost
    every line of business, led by increases in Mortgage Banker Finance ($433
    million), National Dealer Services ($290 million), Energy ($229 million),
    and Technology and Life Sciences ($200 million). Period-end total loans
    increased $1.4 billion, or 3 percent, to $47.9 billion, primarily
    reflecting a $1.2 billion, or 4 percent, increase in commercial loans.
  oAverage total deposits increased $614 million, or 1 percent, to $53.4
    billion, reflecting an increase in noninterest-bearing deposits of $775
    million, partially offset by a decrease in total interest-bearing deposits
    of $161 million. Period-end deposits increased $420 million, to $54.2
    billion.
  oNet interest income increased $6 million, or 2 percent, to $416 million in
    the second quarter 2014, compared to $410 million in the first quarter
    2014, primarily due to an increase in loan volumes, partially offset by a
    decrease in yields.
  oThe provision for credit losses increased $2 million to $11 million in the
    second quarter 2014, primarily reflecting increases in both loan volume
    and commitments. Net charge-offs were $9 million, or 0.08 percent of
    average loans, in the second quarter 2014.
  oNoninterest income increased $12 million to $220 million in the second
    quarter 2014, primarily as a result of increases in several
    customer-driven fee categories.
  oNoninterest expenses decreased $2 million to $404 million in the second
    quarter 2014, primarily reflecting a $7 million decrease in salaries and
    benefits expense, partially offset by increases in software expense,
    operational losses and outside processing fees.
  oCapital remained solid at June 30, 2014, as evidenced by an estimated Tier
    1 common capital ratio of 10.49 percent and a tangible common equity ratio
    of 10.39 percent.
  oComerica repurchased approximately 1.2 million shares of common stock
    during second quarter 2014 under the repurchase program. Together with
    dividends of $0.20 per share, $95 million was returned to shareholders.

Second Quarter 2014 Compared to Second Quarter 2013

  oAverage total loans increased $1.8 billion, or 4 percent, primarily
    reflecting an increase of $1.5 billion, or 5 percent, in commercial loans.
    The increase in total loans was driven by increases in almost all lines of
    business, partially offset by a decrease in Mortgage Banker Finance ($496
    million).
  oAverage total deposits increased $1.9 billion, or 4 percent, driven by an
    increase in noninterest-bearing deposits of $1.9 billion, or 9 percent.
  oNet income increased $8 million, or 5 percent, primarily reflecting a
    reduction in pension expense, largely due to changes in actuarial
    assumptions. Total revenue was stable despite the impact of the prolonged
    low-rate environment, and expenses were controlled.

Net Interest Income

(dollar amounts in millions)             2nd Qtr '14  1st Qtr '14  2nd Qtr '13
Net interest income                      $  416       $  410       $  414
Net interest margin                      2.78      %  2.77      %  2.83      %
Selected average balances:
Total earning assets                     $  60,148    $  59,916    $  58,928
Total loans                              46,725       45,075       44,893
Total investment securities              9,364        9,282        9,793
Federal Reserve Bank deposits (excess    3,801        5,311        3,968
liquidity)
Total deposits                           53,384       52,770       51,448
Total noninterest-bearing deposits       24,011       23,236       22,076



  oNet interest income increased $6 million to $416 million in the second
    quarter 2014, compared to the first quarter 2014.

       oInterest on loans increased $9 million, primarily reflecting the
         benefit from an increase in loan balances ($12 million) and one
         additional day in the quarter ($4 million), partially offset by
         decreases in interest collected on nonaccrual loans from an elevated
         first quarter 2014 amount ($2 million) and accretion of the purchase
         discount on the acquired loan portfolio ($2 million), as well as
         lower loan yields ($3 million).
       oInterest on investment securities decreased $2 million, primarily
         reflecting a decrease in the retrospective adjustment to premium
         amortization on mortgage-backed investment securities due to the
         slowing of expected future prepayments, compared to the first quarter
         2014.
       oIncome from short-term investments declined $1 million, largely as a
         result of a decrease in excess liquidity.

  oThe net interest margin of 2.78 percent increased 1 basis point compared
    to the first quarter 2014. The increase in net interest margin was
    primarily due to the impact of a decrease in excess liquidity (+6 basis
    points), partially offset by decreases in interest collected on nonaccrual
    loans (-1 basis points) and the accretion of the purchase discount on the
    acquired loan portfolio (-1 basis point), as well as lower loan yields (-2
    basis points) and lower yields on mortgage-backed investment securities
    (-1 basis point).
  oAverage earning assets increased $232 million, to $60.1 billion in the
    second quarter 2014, compared to the first quarter 2014, primarily
    reflecting an increase of $1.7 billion in average loans, largely offset by
    a decrease of $1.5 billion in excess liquidity.

Noninterest Income
Noninterest income increased $12 million to $220 million for the second
quarter 2014, compared to $208 million for the first quarter 2014, largely due
to an increase in customer-driven fees. The $9 million increase in
customer-driven fee income was primarily due to increases of $3 million each
in commercial lending fees and foreign exchange income, as well as smaller
increases in several other customer-driven fee categories. Noncustomer-driven
income increased $3 million, primarily due to increases in income from
warrants and bank-owned life insurance.

Noninterest Expenses
Noninterest expenses decreased $2 million to $404 million for the second
quarter 2014, compared to $406 million for the first quarter 2014, primarily
reflecting a $7 million decrease in salaries and benefits expense as well as
smaller decreases in several other noninterest expense categories, partially
offset by increases of $3 million each in software expense and operational
losses, and $2 million in outside processing fees. The $7 million decrease in
salaries and benefits expense primarily reflected seasonal decreases in
payroll taxes and share-based compensation expense, partially offset by the
full quarter impact of merit increases and one more day in the second quarter.

Credit Quality
(dollar amounts in millions)             2nd Qtr '14  1st Qtr '14  2nd Qtr '13
Net credit-related charge-offs           $   9        $   12       $   17
Net credit-related charge-offs/Average   0.08     %   0.10     %   0.15     %
total loans
Provision for credit losses              $   11       $   9        $   13
Nonperforming loans (a)                  347          338          471
Nonperforming assets (NPAs) (a)          360          352          500
NPAs/Total loans and foreclosed property 0.75     %   0.76     %   1.10     %
Loans past due 90 days or more and still $   7        $   10       $   20
accruing
Allowance for loan losses                591          594          613
Allowance for credit losses on           42           37           36
lending-related commitments (b)
Total allowance for credit losses        633          631          649
Allowance for loan losses/Period-end     1.23     %   1.28     %   1.35     %
total loans
Allowance for loan losses/Nonperforming  170          176          130
loans

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



  oNonaccrual loans increased $9 million, to $326 million at June 30, 2014,
    compared to $317 million at March 31, 2014.
  oCriticized loans increased $49 million, to $2.2 billion at June 30, 2014,
    compared to $2.1 billion at March 31, 2014.
  oDuring the second quarter 2014, $53 million of borrower relationships over
    $2 million were transferred to nonaccrual status, an increase of $34
    million from the first quarter 2014.

Balance Sheet and Capital Management
Total assets and common shareholders' equity were $65.3 billion and $7.4
billion, respectively, at June 30, 2014, compared to $65.7 billion and $7.3
billion, respectively, at March 31, 2014.

There were approximately 181 million common shares outstanding at June 30,
2014. Comerica increased the quarterly dividend by 1 cent, or 5 percent, to
$0.20 per share in the second quarter 2014. Share repurchases of $59 million
(1.2 million shares), combined with dividends, returned 63 percent of second
quarter 2014 net income to shareholders.

In the second quarter 2014, Comerica issued $350 million of 2.125% senior
notes due in May 2019 and announced the intention to call $150 million of
subordinated notes, at par, on July 15, 2014. The subordinated notes,
originally due in July 2024, had a carrying value of $182 million at June 30,
2014, which will result in a gain in the third quarter 2014 of approximately
$32 million.

Comerica's tangible common equity ratio was 10.39 percent at June 30, 2014, an
increase of 19 basis points from March 31, 2014. The estimated Tier 1 common
capital ratio decreased 9 basis points, to 10.49 percent at June 30, 2014,
from March 31, 2014. The estimated common equity Tier 1 ratio under fully
phased-in Basel III capital rules and excluding most elements of AOCI was 10.2
percent percent at June 30, 2014.

Full-Year 2014 Outlook
Management expectations for full-year 2014, compared to 2013, assumes a
continuation of the current economic and low-rate environment and excludes the
approximately $32 million gain on the July 2014 early redemption of debt,
which is viewed as non-core.

  oModerate growth of 4 percent to 6 percent in average loans. Range reflects
    growth in the first half along with possible outcomes in the second half
    of 2014 in both seasonal declines in National Dealer Services and Mortgage
    Banker Finance as well as growth in our remaining business lines, which
    slowed throughout the second quarter.
  oNet interest income modestly lower, reflecting a decline in purchase
    accounting accretion, to $25 million to $30 million, and the effect of
    continued pressure from the low-rate environment, approximately offset by
    loan growth.
  oProvision for credit losses and net charge-offs stable. Increases to the
    allowance for credit losses due to loan growth offset by continued strong
    credit quality.
  oNoninterest income modestly lower, reflecting stable customer-driven fee
    income and lower noncustomer-driven income.
  oNoninterest expenses lower, reflecting lower litigation-related expenses
    and a more than 50 percent decrease in pension expense, to about $39
    million.
  oIncome tax expense to approximate 32 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 June 30, 2014 and are presented on a fully taxable
equivalent (FTE) basis. The accompanying narrative addresses second quarter
2014 results compared to first quarter 2014.

In the second quarter 2014, Comerica enhanced the approach used to determine
the standard reserve factors used in estimating the allowance for credit
losses, which had the effect of capturing certain elements in the quantitative
component of the reserve that had formerly been included in the qualitative
assessment. The impact of the change was largely neutral to the total
allowance for loan losses at June 30, 2014. However, because standard reserves
are allocated to the segments at the loan level, while qualitative reserves
are allocated at the portfolio level, the impact of the methodology change on
the allowance of each segment reflected the characteristics of the individual
loans within each segment's portfolio, causing segment reserves to increase or
decrease accordingly.

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

(dollar amounts in millions) 2nd Qtr '14   1st Qtr '14   2nd Qtr '13
Business Bank                $ 195  82  %  $ 198  85  %  $ 207  85  %
Retail Bank                  15     6      9      4      11     5
Wealth Management            28     12     26     11     24     10
                             238    100 %  233    100 %  242    100 %
Finance                      (91)          (92)          (98)
Other (a)                    4             (2)           (1)
 Total                    $ 151         $ 139         $ 143

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



Business Bank
(dollar amounts in millions)   2nd Qtr '14   1st Qtr '14   2nd Qtr '13
Net interest income (FTE)      $    376      $    371      $    372
Provision for credit losses    32            16            10
Noninterest income             95            87            94
Noninterest expenses           143           146           147
Net income                     195           198           207
Net credit-related charge-offs 7             11            11
Selected average balances:
Assets                         37,467        35,896        36,014
Loans                          36,529        34,927        34,955
Deposits                       27,382        27,023        25,987



  oAverage loans increased $1.6 billion, reflecting increases in almost every
    line of business, led by Mortgage Banker Finance, National Dealer
    Services, Energy, and Technology and Life Sciences.
  oAverage deposits increased $359 million, primarily reflecting increases in
    general Middle Market and Corporate Banking.
  oNet interest income increased $5 million, primarily due to the benefit
    provided by an increase in average loans and one additional day in the
    quarter, partially offset by lower loan yields and a decrease in purchase
    accounting accretion.
  oThe provision for credit losses increased $16 million, primarily due to
    the enhancements to the approach utilized to determine the allowance for
    credit losses discussed above, as well as an increase in loan balances.
  oNoninterest income increased $8 million, primarily due to increases in
    commercial lending fees, warrant income and small increases in several
    other categories.
  oNoninterest expenses decreased $3 million, primarily due to a decrease in
    litigation-related expenses.



Retail Bank
(dollar amounts in millions)   2nd Qtr '14   1st Qtr '14   2nd Qtr '13
Net interest income (FTE)      $    149      $    146      $    154
Provision for credit losses    (4)           2             5
Noninterest income             41            41            46
Noninterest expenses           171           171           178
Net income                     15            9             11
Net credit-related charge-offs 4             4             4
Selected average balances:
Assets                         6,051         6,052         5,962
Loans                          5,385         5,381         5,271
Deposits                       21,648        21,361        21,241



  oAverage deposits increased $287 million, primarily reflecting an increase
    in noninterest-bearing deposits.
  oNet interest income increased $3 million, primarily due to an increase in
    net funds transfer pricing (FTP) credits, largely due to the increase in
    average deposits, and the impact of one additional day in the quarter.
  oThe provision for credit losses decreased $6 million, primarily reflecting
    a benefit from the enhancements to the approach utilized to determine the
    allowance for credit losses discussed above and improvements in credit
    quality.



Wealth Management
(dollar amounts in millions)          2nd Qtr '14   1st Qtr '14   2nd Qtr '13
Net interest income (FTE)             $     46      $     46      $     46
Provision for credit losses           (9)           (8)           (3)
Noninterest income                    67            64            65
Noninterest expenses                  79            78            77
Net income                            28            26            24
Net credit-related (recoveries)       (2)           (3)           2
charge-offs
Selected average balances:
Assets                                4,996         4,939         4,828
Loans                                 4,811         4,767         4,667
Deposits                              3,827         3,816         3,701



  oAverage loans increased $44 million, primarily due to an increase in
    Private Banking.
  oNoninterest income increased $3 million, primarily reflecting small
    increases in several categories.
  oNoninterest expenses increased $1 million, as an increase in
    litigation-related expenses was partially offset by a decrease in
    allocated corporate overhead expenses.

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 June 30, 2014 and are presented on a
fully taxable equivalent (FTE) basis.

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

(dollar amounts in millions) 2nd Qtr '14   1st Qtr '14   2nd Qtr '13
Michigan                     $ 80   34  %  $ 68   29  %  $ 77   32  %
California                   63     26     63     27     65     27
Texas                        36     15     46     20     46     19
Other Markets                59     25     56     24     54     22
                             238    100 %  233    100 %  242    100 %
Finance & Other (a)          (87)          (94)          (99)
 Total                    $ 151         $ 139         $ 143

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



  oAverage loans increased $9 million, $615 million and $602 million in
    Michigan, California and Texas, respectively. The increases in average
    loans in California and Texas were broad-based, with increases in nearly
    all business lines. California was led by an increase in National Dealer
    Services, while the increase in Texas was led by Energy.
  oAverage deposits increased $52 million in Michigan, primarily due to an
    increase in Retail Banking, partially offset by decreases in general
    Middle Market and Corporate Banking. In California, average deposits
    increased $588 million, primarily reflecting increases in general Middle
    Market and Corporate Banking, partially offset by a decrease in Technology
    and Life Sciences. The decrease in Texas of $151 million was primarily due
    to a decrease in general Middle Market.
  oNet interest income increased $4 million in California and $1 million in
    Texas, and decreased $1 million in Michigan. The increases in California
    and Texas primarily reflected the benefit from an increase in average
    loans and one additional day in the quarter, partially offset by a decline
    in loan yields. Texas was also impacted by a decrease in accretion on the
    acquired loan portfolio.
  oThe provision for credit losses increased $16 million in Texas and$3
    million in California, and decreased $12 million in Michigan. The impact
    of the enhancements to the approach utilized to determine the allowance
    for credit losses, as previously discussed in the Business Segment
    section, resulted in increased reserves in California, were largely
    neutral to Texas and reduced reserves in Michigan. The increase in Texas
    was primarily due to an increase in loan balances and risk rating
    downgrades on two specific credits. California's increase was primarily
    due to an increase in loan balances and increased reserves on two credits.
    Credit quality in Texas and California continues to be very strong.
    Improved credit quality and a reduction in loan balances contributed to
    the decline in the Michigan reserve.
  oNoninterest income increased $7 million and $5 million in Michigan and
    California, respectively, and was stable in Texas. Warrant income
    increased in California, and there were small increases in several other
    noninterest income categories in both markets.
  oNoninterest expenses increased $5 million in California, primarily due to
    increases in litigation-related expenses and operational losses. In
    Michigan and Texas, noninterest expenses declined $2 million and $1
    million, respectively.



Michigan Market
(dollar amounts in millions)          2nd Qtr '14   1st Qtr '14   2nd Qtr '13
Net interest income (FTE)             $    182      $    183      $    187
Provision for credit losses           (9)           3             (4)
Noninterest income                    94            87            88
Noninterest expenses                  159           161           161
Net income                            80            68            77
Net credit-related charge-offs        10            —             4
(recoveries)
Selected average balances:
Assets                                13,851        13,819        14,022
Loans                                 13,482        13,473        13,598
Deposits                              20,694        20,642        20,159



California Market
(dollar amounts in millions)          2nd Qtr '14   1st Qtr '14   2nd Qtr '13
Net interest income (FTE)             $    176      $    172      $    173
Provision for credit losses           14            11            7
Noninterest income                    39            34            36
Noninterest expenses                  101           96            100
Net income                            63            63            65
Net credit-related charge-offs        5             10            12
(recoveries)
Selected average balances:
Assets                                15,721        15,133        14,155
Loans                                 15,439        14,824        13,912
Deposits                              15,370        14,782        14,671



Texas Market
(dollar amounts in millions)   2nd Qtr '14   1st Qtr '14   2nd Qtr '13
Net interest income (FTE)      $    137      $    136      $    131
Provision for credit losses    22            6             6
Noninterest income             31            31            34
Noninterest expenses           89            90            89
Net income                     36            46            46
Net credit-related charge-offs 2             6             (3)
Selected average balances:
Assets                         11,661        11,070        10,886
Loans                          10,966        10,364        10,179
Deposits                       10,724        10,875        10,187



Conference Call and Webcast
Comerica will host a conference call to review second quarter 2014 financial
results at 7 a.m. CT Tuesday, July 15, 2014. Interested parties may access the
conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No.
61649842). 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," "projects," "models" 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 changes in interest rates; 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;
the effects of more stringent capital or liquidity requirements; declines or
other changes in the businesses or industries of Comerica's customers;
operational difficulties, failure of technology infrastructure or information
security incidents; the implementation of Comerica's strategies and business
initiatives; Comerica's ability to utilize technology to efficiently and
effectively develop, market and deliver new products and services; 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; any future strategic acquisitions or divestitures; 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 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 12 of Comerica's Annual
Report on Form 10-K for the year ended December 31, 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                Six Months Ended
                       June 30,   March 31,  June 30,    June 30,
(in millions, except   2014       2014       2013        2014       2013
per share data)
PER COMMON SHARE AND
COMMON STOCK DATA
Diluted net income     $ 0.80     $ 0.73     $ 0.76      $ 1.54     $ 1.46
Cash dividends         0.20       0.19       0.17        0.39       0.34
declared
Average diluted shares 186,108    186,701    186,998     186,402    187,219
(in thousands)
KEY RATIOS
Return on average
common shareholders'   8.27     % 7.68     % 8.23     %  7.97     % 7.95     %
equity
Return on average      0.93       0.86       0.90        0.90       0.87
assets
Tier 1 common capital  10.49      10.58      10.43
ratio (a) (b)
Tier 1 risk-based      10.49      10.58      10.43
capital ratio (b)
Total risk-based       12.50      13.00      13.29
capital ratio (b)
Leverage ratio (b)     10.93      10.85      10.81
Tangible common equity 10.39      10.20      10.04
ratio (a)
AVERAGE BALANCES
Commercial loans       $ 29,890   $ 28,362   $ 28,393    $ 29,130   $ 28,225
Real estate            1,913      1,827      1,453       1,871      1,384
construction loans
Commercial mortgage    8,749      8,770      9,192       8,759      9,295
loans
Lease financing        850        848        855         849        856
International loans    1,328      1,301      1,262       1,315      1,272
Residential mortgage   1,773      1,724      1,602       1,749      1,579
loans
Consumer loans         2,222      2,243      2,136       2,232      2,145
Total loans            46,725     45,075     44,893      45,905     44,756
Earning assets         60,148     59,916     58,928      60,033     58,769
Total assets           64,879     64,708     63,706      64,794     63,733
Noninterest-bearing    24,011     23,236     22,076      23,626     21,793
deposits
Interest-bearing       29,373     29,534     29,372      29,453     29,302
deposits
Total deposits         53,384     52,770     51,448      53,079     51,095
Common shareholders'   7,331      7,229      6,979       7,280      6,966
equity
NET INTEREST INCOME
(fully taxable
equivalent basis)
Net interest income    $ 417      $ 411      $ 415       $ 828      $ 831
Net interest margin    2.78     % 2.77     % 2.83     %  2.78     % 2.86     %
CREDIT QUALITY
Total nonperforming    $ 360      $ 352      $ 500
assets (c)
Loans past due 90 days
or more and still      7          10         20
accruing
Net loan charge-offs   9          12         17          $ 21       $ 41
Allowance for loan     591        594        613
losses
Allowance for credit
losses on              42         37         36
lending-related
commitments
Total allowance for    633        631        649
credit losses
Allowance for loan
losses as a percentage 1.23     % 1.28     % 1.35     %
of total loans
Net loan charge-offs
as a percentage of     0.08       0.10       0.15        0.09     % 0.18     %
average total loans
(d)
Nonperforming assets
as a percentage of
total loans and        0.75       0.76       1.10
foreclosed property
(c)
Allowance for loan
losses as a percentage 170        176        130
of total nonperforming
loans

(a) See Reconciliation of Non-GAAP Financial Measures.
(b) June 30, 2014 ratios are estimated.
(c) Excludes loans acquired with credit-impairment.
(d) Lending-related commitment charge-offs were zero in all
    periods presented.





CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries
                              June 30,    March 31,   December 31, June 30,
(in millions, except share    2014        2014        2013         2013
data)
                              (unaudited) (unaudited)              (unaudited)
ASSETS
Cash and due from banks       $  1,226    $  1,186    $  1,140     $  1,016
Interest-bearing deposits     2,668       4,434       5,311        2,909
with banks
Other short-term investments  109         105         112          119
Investment securities         9,534       9,487       9,307        9,631
available-for-sale
Commercial loans              30,986      29,774      28,815       29,186
Real estate construction      1,939       1,847       1,762        1,479
loans
Commercial mortgage loans     8,747       8,801       8,787        9,007
Lease financing               822         849         845          843
International loans           1,352       1,250       1,327        1,209
Residential mortgage loans    1,775       1,751       1,697        1,611
Consumer loans                2,261       2,217       2,237        2,124
Total loans                   47,882      46,489      45,470       45,459
Less allowance for loan       (591)       (594)       (598)        (613)
losses
Net loans                     47,291      45,895      44,872       44,846
Premises and equipment        562         583         594          604
Accrued income and other      3,935       3,991       3,888        3,819
assets
Total assets                  $  65,325   $  65,681   $  65,224    $  62,944
LIABILITIES AND SHAREHOLDERS'
EQUITY
Noninterest-bearing deposits  $  24,774   $  23,955   $  23,875    $  21,870
Money market and
interest-bearing checking     22,555      22,485      22,332       21,677
deposits
Savings deposits              1,731       1,742       1,673        1,677
Customer certificates of      4,962       5,099       5,063        5,594
deposit
Foreign office time deposits  148         469         349          437
Total interest-bearing        29,396      29,795      29,417       29,385
deposits
Total deposits                54,170      53,750      53,292       51,255
Short-term borrowings         176         160         253          131
Accrued expenses and other    990         954         986          1,049
liabilities
Medium- and long-term debt    2,620       3,534       3,543        3,601
Total liabilities             57,956      58,398      58,074       56,036
Common stock - $5 par value:
Authorized - 325,000,000
shares
Issued - 228,164,824 shares   1,141       1,141       1,141        1,141
Capital surplus               2,175       2,182       2,179        2,160
Accumulated other             (304)       (325)       (391)        (538)
comprehensive loss
Retained earnings             6,520       6,414       6,318        6,124
Less cost of common stock in
treasury - 47,194,492 shares
at 6/30/14; 46,492,524 shares (2,163)     (2,129)     (2,097)      (1,979)
at 3/31/14; 45,860,786 shares
at 12/31/13 and 42,999,083
shares at 6/30/13
Total shareholders' equity    7,369       7,283       7,150        6,908
Total liabilities and         $  65,325   $  65,681   $  65,224    $  62,944
shareholders' equity





CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
                                          Three Months Ended  Six Months Ended
                                          June 30,            June 30,
(in millions, except per share data)      2014       2013     2014     2013
INTEREST INCOME
Interest and fees on loans                $  385     $ 388    $  761   $ 778
Interest on investment securities         53         52       108      105
Interest on short-term investments        3          3        7        6
Total interest income                     441        443      876      889
INTEREST EXPENSE
Interest on deposits                      11         15       22       30
Interest on medium- and long-term debt    14         14       28       29
Total interest expense                    25         29       50       59
Net interest income                       416        414      826      830
Provision for credit losses               11         13       20       29
Net interest income after provision for   405        401      806      801
credit losses
NONINTEREST INCOME
Service charges on deposit accounts       54         53       108      108
Fiduciary income                          45         44       89       87
Commercial lending fees                   23         22       43       43
Card fees                                 19         18       38       35
Letter of credit fees                     15         16       29       32
Bank-owned life insurance                 11         10       20       19
Foreign exchange income                   12         9        21       18
Brokerage fees                            4          4        9        9
Net securities (losses) gains             —          (2)      1        (2)
Other noninterest income                  37         48       70       86
Total noninterest income                  220        222      428      435
NONINTEREST EXPENSES
Salaries and employee benefits expense    240        245      487      496
Net occupancy expense                     39         39       79       78
Equipment expense                         15         15       29       30
Outside processing fee expense            30         30       58       58
Software expense                          25         22       47       44
Litigation-related expense                3          1        6        4
FDIC insurance expense                    8          8        16       17
Advertising expense                       5          6        11       12
Other noninterest expenses                39         50       77       93
Total noninterest expenses                404        416      810      832
Income before income taxes                221        207      424      404
Provision for income taxes                70         64       134      127
NET INCOME                                151        143      290      277
Less income allocated to participating    2          2        4        4
securities
Net income attributable to common shares  $  149     $ 141    $  286   $ 273
Earnings per common share:
Basic                                     $  0.83    $ 0.77   $  1.59  $ 1.48
Diluted                                   0.80       0.76     1.54     1.46
Comprehensive income                      172        15       377      152
Cash dividends declared on common stock   36         32       71       64
Cash dividends declared per common share  0.20       0.17     0.39     0.34





CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
                   Second  First   Fourth  Third   Second   Second Quarter 2014 Compared To:
                   Quarter Quarter Quarter Quarter Quarter  First Quarter    Second Quarter
                                                            2014             2013
(in millions,
except per share   2014    2014    2013    2013    2013     Amount  Percent  Amount  Percent
data)
INTEREST INCOME
Interest and fees  $ 385   $ 376   $ 397   $ 381   $ 388    $ 9     2     %  $ (3)   (1)   %
on loans
Interest on
investment         53      55      55      54      52       (2)     (2)      1       3
securities
Interest on
short-term         3       4       4       4       3        (1)     (27)     —       —
investments
Total interest     441     435     456     439     443      6       2        (2)     —
income
INTEREST EXPENSE
Interest on        11      11      12      13      15       —       —        (4)     (23)
deposits
Interest on
medium- and        14      14      14      14      14       —       —        —       —
long-term debt
Total interest     25      25      26      27      29       —       —        (4)     (16)
expense
Net interest       416     410     430     412     414      6       2        2       1
income
Provision for      11      9       9       8       13       2       26       (2)     (15)
credit losses
Net interest
income after
provision          405     401     421     404     401      4       1        4       1

for credit losses
NONINTEREST INCOME
Service charges on 54      54      53      53      53       —       —        1       2
deposit accounts
Fiduciary income   45      44      43      41      44       1       2        1       4
Commercial lending 23      20      28      28      22       3       16       1       3
fees
Card fees          19      19      19      20      18       —       —        1       3
Letter of credit   15      14      15      17      16       1       2        (1)     (11)
fees
Bank-owned life    11      9       9       12      10       2       13       1       6
insurance
Foreign exchange   12      9       9       9       9        3       31       3       29
income
Brokerage fees     4       5       4       4       4        (1)     (10)     —       —
Net securities     —       1       —       1       (2)      (1)     N/M      2       N/M
gains (losses)
Other noninterest  37      33      39      43      48       4       16       (11)    (19)
income
Total noninterest  220     208     219     228     222      12      6        (2)     (1)
income
NONINTEREST
EXPENSES
Salaries and       240     247     258     255     245      (7)     (3)      (5)     (2)
benefits expense
Net occupancy      39      40      41      41      39       (1)     (3)      —       —
expense
Equipment expense  15      14      15      15      15       1       3        —       —
Outside processing 30      28      30      31      30       2       6        —       —
fee expense
Software expense   25      22      24      22      22       3       11       3       12
Litigation-related 3       3       52      (4)     1        —       —        2       N/M
expense
FDIC insurance     8       8       7       9       8        —       —        —       —
expense
Advertising        5       6       3       6       6        (1)     —        (1)     (9)
expense
Other noninterest  39      38      43      42      50       1       5        (11)    (20)
expenses
Total noninterest  404     406     473     417     416      (2)     —        (12)    (3)
expenses
Income before      221     203     167     215     207      18      9        14      7
income taxes
Provision for      70      64      50      68      64       6       10       6       10
income taxes
NET INCOME         151     139     117     147     143      12      9        8       5
Less income
allocated to       2       2       2       2       2        —       —        —       —
participating
securities
Net income
attributable to    $ 149   $ 137   $ 115   $ 145   $ 141    $ 12    9     %  $ 8     6     %
common shares
Earnings per
common share:
Basic              $ 0.83  $ 0.76  $ 0.64  $ 0.80  $ 0.77   $ 0.07  9     %  $ 0.06  8     %
Diluted            0.80    0.73    0.62    0.78    0.76     0.07    10       0.04    5
Comprehensive      172     205     267     144     15       (33)    (16)     157     N/M
income
Cash dividends
declared on common 36      35      31      31      32       1       5        4       15
stock
Cash dividends
declared per       0.20    0.19    0.17    0.17    0.17     0.01    5        0.03    18
common share

N/M - Not Meaningful





ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)
Comerica Incorporated and Subsidiaries
                                      2014             2013
(in millions)                         2nd Qtr 1st Qtr  4th Qtr 3rd Qtr 2nd Qtr
Balance at beginning of period        $ 594   $ 598    $ 604   $ 613   $ 617
Loan charge-offs:
Commercial                            19      19       31      20      19
Real estate construction              —       —        —       1       2
Commercial mortgage                   5       8        5       9       9
Residential mortgage                  —       —        1       1       1
Consumer                              4       3        4       8       4
Total loan charge-offs                28      30       41      39      35
Recoveries on loans previously
charged-off:
Commercial                            11      11       17      8       11
Real estate construction              1       —        3       2       1
Commercial mortgage                   3       3        5       7       3
Lease financing                       —       2        —       1       —
Residential mortgage                  3       —        1       1       1
Consumer                              1       2        2       1       2
Total recoveries                      19      18       28      20      18
Net loan charge-offs                  9       12       13      19      17
Provision for loan losses             6       8        7       10      13
Balance at end of period              $ 591   $ 594    $ 598   $ 604   $ 613
Allowance for loan losses as a        1.23  % 1.28  %  1.32  % 1.37  % 1.35  %
percentage of total loans
Net loan charge-offs as a percentage  0.08    0.10     0.12    0.18    0.15
of average total loans





ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS
(unaudited)
Comerica Incorporated and Subsidiaries
                                      2014             2013
(in millions)                         2nd Qtr 1st Qtr  4th Qtr 3rd Qtr 2nd Qtr
Balance at beginning of period        $  37   $  36    $  34   $  36   $  36
Add: Provision for credit losses on   5       1        2       (2)     —
lending-related commitments
Balance at end of period              $  42   $  37    $  36   $  34   $  36
Unfunded lending-related commitments  $  —    $  —     $  1    $  2    $  1
sold





NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
                      2014                           2013
(in millions)         2nd Qtr       1st Qtr          4th Qtr   3rd Qtr 2nd Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Business loans:
 Commercial         $   72        $   54           $  81     $ 107   $ 102
 Real estate        19            19               21        25      28
construction
 Commercial         156           162              156       206     226
mortgage
 International      —             —                4         —       —
 Total nonaccrual   247           235              262       338     356
business loans
Retail loans:
 Residential        45            48               53        63      62
mortgage
 Consumer:
 Home equity        32            32               33        34      28
 Other consumer     2             2                2         2       3
 Total consumer     34            34               35        36      31
 Total nonaccrual   79            82               88        99      93
retail loans
Total nonaccrual      326           317              350       437     449
loans
Reduced-rate loans    21            21               24        22      22
Total nonperforming   347           338              374       459     471
loans (a)
Foreclosed property   13            14               9         19      29
Total nonperforming   $   360       $   352          $  383    $ 478   $ 500
assets (a)
Nonperforming loans
as a percentage of    0.73      %   0.73      %      0.82    % 1.04  % 1.04  %
total loans
Nonperforming assets
as a percentage of
total loans           0.75          0.76             0.84      1.08    1.10

and foreclosed
property
Allowance for loan
losses as a
percentage of total   170           176              160       131     130

nonperforming loans
Loans past due 90
days or more and      $   7         $   10           $  16     $ 25    $ 20
still accruing
ANALYSIS OF
NONACCRUAL LOANS
Nonaccrual loans at   $   317       $   350          $  437    $ 449   $ 494
beginning of period
Loans transferred to  53            19               23        50      37
nonaccrual (b)
Nonaccrual business
loan gross            (24)          (27)             (33)      (25)    (25)
charge-offs (c)
Nonaccrual business   (6)           (3)              (14)      (17)    (9)
loans sold (d)
Payments/Other (e)    (14)          (22)             (63)      (20)    (48)
Nonaccrual loans at   $   326       $   317          $  350    $ 437   $ 449
end of period
(a) Excludes loans acquired with credit impairment.
(b) Based on an analysis of nonaccrual loans with book balances greater than
$2 million.
(c) Analysis of gross
loan charge-offs:
Nonaccrual business   $   24        $   27           $  33     $ 25    $ 25
loans
Performing criticized —             —                3         5       5
loans
Consumer and
residential mortgage  4             3                5         9       5
loans
Total gross loan      $   28        $   30           $  41     $ 39    $ 35
charge-offs
(d) Analysis of loans
sold:
Nonaccrual business   $   6         $   3            $  14     $ 17    $ 9
loans
Performing criticized 8             6                22        31      40
loans
Total criticized      $   14        $   9            $  36     $ 48    $ 49
loans sold
(e) 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
                        Six Months Ended
                        June 30, 2014               June 30, 2013
                        Average            Average  Average            Average
(dollar amounts in      Balance   Interest Rate     Balance   Interest Rate
millions)
Commercial loans        $ 29,130  $  453   3.13  %  $ 28,225  $  462   3.30  %
Real estate             1,871     32       3.42     1,384     28       4.10
construction loans
Commercial mortgage     8,759     170      3.92     9,295     183      3.97
loans
Lease financing         849       16       3.66     856       14       3.23
International loans     1,315     24       3.66     1,272     23       3.72
Residential mortgage    1,749     33       3.84     1,579     33       4.21
loans
Consumer loans          2,232     35       3.19     2,145     36       3.33
Total loans (a)         45,905    763      3.35     44,756    779      3.51
Mortgage-backed
securities              8,954     107      2.39     9,532     104      2.18
available-for-sale
Other investment
securities              369       1        0.44     374       1        0.55
available-for-sale
Total investment
securities              9,323     108      2.31     9,906     105      2.16
available-for-sale
Interest-bearing        4,695     7        0.26     3,990     5        0.26
deposits with banks (b)
Other short-term        110       —        0.63     117       1        1.67
investments
Total earning assets    60,033    878      2.94     58,769    890      3.06
Cash and due from banks 917                         975
Allowance for loan      (602)                       (629)
losses
Accrued income and      4,446                       4,618
other assets
Total assets            $ 64,794                    $ 63,733
Money market and
interest-bearing        $ 22,279  12       0.11     $ 21,442  15       0.14
checking deposits
Savings deposits        1,721     —        0.03     1,640     —        0.03
Customer certificates   5,075     9        0.36     5,715     13       0.45
of deposit
Foreign office time     378       1        0.52     505       2        0.57
deposits
Total interest-bearing  29,453    22       0.15     29,302    30       0.20
deposits
Short-term borrowings   198       —        0.03     158       —        0.09
Medium- and long-term   3,270     28       1.64     4,374     29       1.37
debt
Total interest-bearing  32,921    50       0.30     33,834    59       0.35
sources
Noninterest-bearing     23,626                      21,793
deposits
Accrued expenses and    967                         1,140
other liabilities
Total shareholders'     7,280                       6,966
equity
Total liabilities and   $ 64,794                    $ 63,733
shareholders' equity
Net interest
income/rate spread                $  828   2.64               $  831   2.71
(FTE)
FTE adjustment                    $  2                        $  1
Impact of net
noninterest-bearing                        0.14                        0.15
sources of funds
Net interest margin (as
a percentage of average                    2.78  %                     2.86  %
earning assets) (FTE)
(a) (b)

    Accretion of the purchase discount on the acquired loan portfolio of $22
(a) million and $18 million in the six months ended June 30, 2014 and 2013,
    respectively, increased the net interest margin by 7 basis points and 6
    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 20 basis points
    and 18 basis points in the six months ended June 30, 2014 and 2013,
    respectively.





ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)
Comerica Incorporated and Subsidiaries
                    Three Months Ended
                    June 30, 2014               March 31, 2014              June 30, 2013
                    Average            Average  Average            Average  Average            Average
(dollar amounts in  Balance   Interest Rate     Balance   Interest Rate     Balance   Interest Rate
millions)
Commercial loans    $ 29,890  $  231   3.10  %  $ 28,362  $  221   3.17  %  $ 28,393  $  233   3.29  %
Real estate         1,913     16       3.44     1,827     15       3.40     1,453     15       4.04
construction loans
Commercial mortgage 8,749     85       3.88     8,770     86       3.97     9,192     88       3.86
loans
Lease financing     850       7        3.26     848       9        4.07     855       7        3.22
International loans 1,328     12       3.64     1,301     12       3.68     1,262     12       3.81
Residential         1,773     17       3.82     1,724     17       3.86     1,602     16       4.04
mortgage loans
Consumer loans      2,222     18       3.22     2,243     17       3.16     2,136     18       3.30
Total loans (a)     46,725    386      3.31     45,075    377      3.39     44,893    389      3.47
Mortgage-backed
securities          8,996     53       2.35     8,911     55       2.42     9,415     51       2.22
available-for-sale
Other investment
securities          368       —        0.46     371       —        0.43     378       1        0.52
available-for-sale
Total investment
securities          9,364     53       2.28     9,282     55       2.34     9,793     52       2.15
available-for-sale
Interest-bearing
deposits with banks 3,949     3        0.25     5,448     4        0.26     4,125     3        0.26
(b)
Other short-term    110       —        0.61     111       —        0.66     117       —        1.05
investments
Total earning       60,148    442      2.95     59,916    436      2.94     58,928    444      3.02
assets
Cash and due from   921                         913                         972
banks
Allowance for loan  (602)                       (603)                       (625)
losses
Accrued income and  4,412                       4,482                       4,431
other assets
Total assets        $ 64,879                    $ 64,708                    $ 63,706
Money market and
interest-bearing    $ 22,296  6        0.10     $ 22,261  6        0.11     $ 21,544  8        0.13
checking deposits
Savings deposits    1,742     —        0.03     1,700     —        0.03     1,658     —        0.03
Customer
certificates of     5,041     5        0.36     5,109     5        0.36     5,685     6        0.43
deposit
Foreign office time 294       —        0.68     464       —        0.42     485       1        0.60
deposits
Total
interest-bearing    29,373    11       0.15     29,534    11       0.15     29,372    15       0.19
deposits
Short-term          210       —        0.03     185       —        0.03     193       —        0.07
borrowings
Medium- and         2,999     14       1.77     3,545     14       1.53     4,044     14       1.43
long-term debt
Total
interest-bearing    32,582    25       0.30     33,264    25       0.30     33,609    29       0.34
sources
Noninterest-bearing 24,011                      23,236                      22,076
deposits
Accrued expenses
and other           955                         979                         1,042
liabilities
Total shareholders' 7,331                       7,229                       6,979
equity
Total liabilities
and shareholders'   $ 64,879                    $ 64,708                    $ 63,706
equity
Net interest
income/rate spread            $  417   2.65               $  411   2.64               $  415   2.68
(FTE)
FTE adjustment                $  1                        $  1                        $  1
Impact of net
noninterest-bearing                    0.13                        0.13                        0.15
sources of funds
Net interest margin
(as a percentage of
average earning                        2.78  %                     2.77  %                     2.83  %
assets) (FTE) (a)
(b)

    Accretion of the purchase discount on the acquired loan portfolio of $10
    million, $12 million and $7 million in the second and first quarters of
(a) 2014 and the second quarter of 2013, respectively, increased the net
    interest margin by 7 basis points, 8 basis points and 5 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 17 basis points,
    24 basis points and 18 basis points in the second and first quarters of
    2014 and the second quarter of 2013, respectively.





CONSOLIDATED STATISTICAL DATA (unaudited)
Comerica Incorporated and Subsidiaries
                   June 30,   March 31,  December 31, September 30, June 30,
(in millions,
except per share   2014       2014       2013         2013          2013
data)
Commercial loans:
Floor plan         $ 3,576    $ 3,437    $  3,504     $  2,869      $ 3,241
Other              27,410     26,337     25,311       25,028        25,945
Total commercial   30,986     29,774     28,815       27,897        29,186
loans
Real estate        1,939      1,847      1,762        1,552         1,479
construction loans
Commercial         8,747      8,801      8,787        8,785         9,007
mortgage loans
Lease financing    822        849        845          829           843
International      1,352      1,250      1,327        1,286         1,209
loans
Residential        1,775      1,751      1,697        1,650         1,611
mortgage loans
Consumer loans:
Home equity        1,574      1,533      1,517        1,501         1,474
Other consumer     687        684        720          651           650
Total consumer     2,261      2,217      2,237        2,152         2,124
loans
Total loans        $ 47,882   $ 46,489   $  45,470    $  44,151     $ 45,459
Goodwill           $ 635      $ 635      $  635       $  635        $ 635
Core deposit       14         15         16           17            18
intangible
Loan servicing     1          1          1            1             2
rights
Tier 1 common
capital ratio (a)  10.49    % 10.58    % 10.64      % 10.72      %  10.43    %
(b)
Tier 1 risk-based  10.49      10.58      10.64        10.72         10.43
capital ratio (a)
Total risk-based   12.50      13.00      13.10        13.42         13.29
capital ratio (a)
Leverage ratio (a) 10.93      10.85      10.77        10.88         10.81
Tangible common    10.39      10.20      10.07        9.87          10.04
equity ratio (b)
Common
shareholders'      $ 40.72    $ 40.09    $  39.22     $  37.93      $ 37.31
equity per share
of common stock
Tangible common
equity per share   37.12      36.50      35.64        34.37         33.77
of common stock
(b)
Market value per
share for the
quarter:
High               52.60      53.50      48.69        43.49         40.44
Low                45.34      43.96      38.64        38.56         33.55
Close              50.16      51.80      47.54        39.31         39.83
Quarterly ratios:
Return on average
common             8.27     % 7.68     % 6.66       % 8.50       %  8.23     %
shareholders'
equity
Return on average  0.93       0.86       0.72         0.92          0.90
assets
Efficiency ratio   63.35      65.79      72.81        65.18         65.03
(c)
Number of banking  481        483        483          484           484
centers
Number of
employees - full   8,901      8,907      8,948        8,918         8,929
time equivalent

(a) June 30, 2014 ratios are estimated.
(b) See Reconciliation of Non-GAAP Financial Measures.
(c) Noninterest expenses as a percentage of the sum of net interest income
    (FTE) and noninterest income excluding net securities gains (losses).





PARENT COMPANY ONLY BALANCE SHEETS (unaudited)
Comerica Incorporated
                                                June 30, December 31, June 30,
(in millions, except share data)                2014     2013         2013
ASSETS
Cash and due from subsidiary bank               $ 5      $   31       $ 3
Short-term investments with subsidiary bank     796      482          473
Other short-term investments                    96       96           92
Investment in subsidiaries, principally banks   7,369    7,171        6,976
Premises and equipment                          2        4            4
Other assets                                    219      139          137
Total assets                                  $ 8,487  $   7,923    $ 7,685
LIABILITIES AND SHAREHOLDERS' EQUITY
Medium- and long-term debt                      $ 960    $   617      $ 622
Other liabilities                               158      156          155
 Total liabilities                             1,118    773          777
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares                     1,141    1,141        1,141
Capital surplus                                 2,175    2,179        2,160
Accumulated other comprehensive loss            (304)    (391)        (538)
Retained earnings                               6,520    6,318        6,124
Less cost of common stock in treasury -
47,194,492 shares at 6/30/14; 45,860,786 shares (2,163)  (2,097)      (1,979)
at 12/31/13 and 42,999,083 shares at 6/30/13
 Total shareholders' equity                    7,369    7,150        6,908
 Total liabilities and shareholders' equity    $ 8,487  $   7,923    $ 7,685





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,  188.3       $ 1,141  $ 2,162  $   (413)     $ 5,928  $ (1,879)  $   6,939
2012
Net income    —           —        —        —             277      —          277
Other
comprehensive —           —        —        (125)         —        —          (125)
loss, net of
tax
Cash
dividends
declared on   —           —        —        —             (64)     —          (64)
common stock
($0.34 per
share)
Purchase of   (4.1)       —        —        —             —        (146)      (146)
common stock
Net issuance
of common
stock under   1.0         —        (19)     —             (17)     45         9
employee
stock plans
Share-based   —           —        18       —             —        —          18
compensation
Other         —           —        (1)      —             —        1          —
BALANCE AT    185.2       $ 1,141  $ 2,160  $   (538)     $ 6,124  $ (1,979)  $   6,908
JUNE 30, 2013
BALANCE AT
DECEMBER 31,  182.3       $ 1,141  $ 2,179  $   (391)     $ 6,318  $ (2,097)  $   7,150
2013
Net income    —           —        —        —             290      —          290
Other
comprehensive —           —        —        87            —        —          87
income, net
of tax
Cash
dividends
declared on   —           —        —        —             (71)     —          (71)
common stock
($0.39 per
share)
Purchase of   (3.0)       —        —        —             —        (141)      (141)
common stock
Net issuance
of common
stock under   1.6         —        (25)     —             (17)     74         32
employee
stock plans
Share-based   —           —        22       —             —        —          22
compensation
Other         —           —        (1)      —             —        1          —
BALANCE AT    180.9       $ 1,141  $ 2,175  $   (304)     $ 6,520  $ (2,163)  $   7,369
JUNE 30, 2014





BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and
Subsidiaries
(dollar
amounts in     Business    Retail     Wealth
millions)
Three Months
Ended June 30, Bank        Bank       Management  Finance    Other     Total
2014
Earnings
summary:
Net interest
income         $ 376       $ 149      $  46       $ (160)    $ 6       $ 417
(expense)
(FTE)
Provision for  32          (4)        (9)         —          (8)       11
credit losses
Noninterest    95          41         67          15         2         220
income
Noninterest    143         171        79          2          9         404
expenses
Provision
(benefit) for  101         8          15          (56)       3         71
income taxes
(FTE)
Net income     $ 195       $ 15       $  28       $ (91)     $ 4       $ 151
(loss)
Net
credit-related $ 7         $ 4        $  (2)      $ —        $ —       $ 9
charge-offs
(recoveries)
Selected
average
balances:
Assets         $ 37,467    $ 6,051    $  4,996    $ 11,056   $ 5,309   $ 64,879
Loans          36,529      5,385      4,811       —          —         46,725
Deposits       27,382      21,648     3,827       258        269       53,384
Statistical
data:
Return on
average assets 2.09     %  0.27    %  2.24     %  N/M        N/M       0.93     %
(a)
Efficiency     30.43       89.99      69.66       N/M        N/M       63.35
ratio (b)
               Business    Retail     Wealth
Three Months
Ended March    Bank        Bank       Management  Finance    Other     Total
31, 2014
Earnings
summary:
Net interest
income         $ 371       $ 146      $  46       $ (158)    $ 6       $ 411
(expense)
(FTE)
Provision for  16          2          (8)         —          (1)       9
credit losses
Noninterest    87          41         64          14         2         208
income
Noninterest    146         171        78          3          8         406
expenses
Provision
(benefit) for  98          5          14          (55)       3         65
income taxes
(FTE)
Net income     $ 198       $ 9        $  26       $ (92)     $ (2)     $ 139
(loss)
Net
credit-related $ 11        $ 4        $  (3)      $ —        $ —       $ 12
charge-offs
Selected
average
balances:
Assets         $ 35,896    $ 6,052    $  4,939    $ 11,129   $ 6,692   $ 64,708
Loans          34,927      5,381      4,767       —          —         45,075
Deposits       27,023      21,361     3,816       353        217       52,770
Statistical
data:
Return on
average assets 2.20     %  0.16    %  2.15     %  N/M        N/M       0.86     %
(a)
Efficiency     31.96       91.44      71.31       N/M        N/M       65.79
ratio (b)
               Business    Retail     Wealth
Three Months
Ended June 30, Bank        Bank       Management  Finance    Other     Total
2013
Earnings
summary:
Net interest
income         $ 372       $ 154      $  46       $ (165)    8         $ 415
(expense)
(FTE)
Provision for  10          5          (3)         —          1         13
credit losses
Noninterest    94          46         65          15         2         222
income
Noninterest    147         178        77          3          11        416
expenses
Provision
(benefit) for  102         6          13          (55)       (1)       65
income taxes
(FTE)
Net income     $ 207       $ 11       $  24       $ (98)     $ (1)     $ 143
(loss)
Net
credit-related $ 11        $ 4        $  2        $ —        $ —       $ 17
charge-offs
Selected
average
balances:
Assets         $ 36,014    $ 5,962    $  4,828    $ 11,514   $ 5,388   $ 63,706
Loans          34,955      5,271      4,667       —          —         44,893
Deposits       25,987      21,241     3,701       283        236       51,448
Statistical
data:
Return on
average assets 2.30     %  0.20    %  2.00     %  N/M        N/M       0.90     %
(a)
Efficiency     31.48       87.98      69.86       N/M        N/M       65.03
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 June 30, Michigan    California  Texas       Markets    & Other    Total
2014
Earnings
summary:
Net interest
income         $ 182       $ 176       $ 137       $ 76       $ (154)    $ 417
(expense)
(FTE)
Provision for  (9)         14          22          (8)        (8)        11
credit losses
Noninterest    94          39          31          39         17         220
income
Noninterest    159         101         89          44         11         404
expenses
Provision
(benefit) for  46          37          21          20         (53)       71
income taxes
(FTE)
Net income     $ 80        $ 63        $ 36        $ 59       $ (87)     $ 151
(loss)
Net
credit-related $ 10        $ 5         $ 2         $ (8)      $ —        $ 9
charge-offs
(recoveries)
Selected
average
balances:
Assets         $ 13,851    $ 15,721    $ 11,661    $ 7,281    $ 16,365   $ 64,879
Loans          13,482      15,439      10,966      6,838      —          46,725
Deposits       20,694      15,370      10,724      6,069      527        53,384
Statistical
data:
Return on
average assets 1.48     %  1.54     %  1.23     %  3.23    %  NM         0.93     %
(a)
Efficiency     57.70       46.78       52.61       38.94      NM         63.35
ratio (b)
                                                   Other      Finance
Three Months
Ended March    Michigan    California  Texas       Markets    & Other    Total
31, 2014
Earnings
summary:
Net interest
income         $ 183       $ 172       $ 136       $ 72       $ (152)    $ 411
(expense)
(FTE)
Provision for  3           11          6           (10)       (1)        9
credit losses
Noninterest    87          34          31          40         16         208
income
Noninterest    161         96          90          48         11         406
expenses
Provision
(benefit) for  38          36          25          18         (52)       65
income taxes
(FTE)
Net income     $ 68        $ 63        $ 46        $ 56       $ (94)     $ 139
(loss)
Net
credit-related $ —         $ 10        $ 6         $ (4)      $ —        $ 12
charge-offs
(recoveries)
Selected
average
balances:
Assets         $ 13,819    $ 15,133    $ 11,070    $ 6,865    $ 17,821   $ 64,708
Loans          13,473      14,824      10,364      6,414      —          45,075
Deposits       20,642      14,782      10,875      5,901      570        52,770
Statistical
data:
Return on
average assets 1.26     %  1.59     %  1.50     %  3.28    %  N/M        0.86     %
(a)
Efficiency     59.71       46.72       53.83       43.39      N/M        65.79
ratio (b)
                                                   Other      Finance
Three Months
Ended June 30, Michigan    California  Texas       Markets    & Other    Total
2013
Earnings
summary:
Net interest
income         $ 187       $ 173       $ 131       $ 81       $ (157)    $ 415
(expense)
(FTE)
Provision for  (4)         7           6           3          1          13
credit losses
Noninterest    88          36          34          47         17         222
income
Noninterest    161         100         89          52         14         416
expenses
Provision
(benefit) for  41          37          24          19         (56)       65
income taxes
(FTE)
Net income     $ 77        $ 65        $ 46        $ 54       $ (99)     $ 143
(loss)
Net
credit-related $ 4         $ 12        $ (3)       $ 4        $ —        $ 17
charge-offs
Selected
average
balances:
Assets         $ 14,022    $ 14,155    $ 10,886    $ 7,741    $ 16,902   $ 63,706
Loans          13,598      13,912      10,179      7,204      —          44,893
Deposits       20,159      14,671      10,187      5,912      519        51,448
Statistical
data:
Return on
average assets 1.47     %  1.65     %  1.62     %  2.79    %  N/M        0.90     %
(a)
Efficiency     58.17       47.73       53.39       41.16      N/M        65.03
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
                   June 30,   March 31,  December 31, September 30, June 30,
(dollar amounts in 2014       2014       2013         2013          2013
millions)
Tier 1 Common
Capital Ratio:
Tier 1 and Tier 1
common capital (a) $ 7,027    $ 6,962    $  6,895     $  6,862      $ 6,800
(b)
Risk-weighted      67,009     65,788     64,825       64,027        65,220
assets (a) (b)
Tier 1 and Tier 1
common risk-based  10.49    % 10.58    % 10.64      % 10.72      %  10.43    %
capital ratio (b)
Basel III Common
Equity Tier 1
Capital Ratio:
Tier 1 common      $ 7,027    $ 6,962    $  6,895     $  6,862      $ 6,800
capital (b)
Basel III          (2)        (2)        (6)          (4)           —
adjustments (c)
Basel III common
equity Tier 1      7,025      6,960      6,889        6,858         6,800
capital (c)
Risk-weighted      $ 67,009   $ 65,788   $  64,825    $  64,027     $ 65,220
assets (a) (b)
Basel III          1,599      1,590      1,754        1,726         2,091
adjustments (c)
Basel III
risk-weighted      $ 68,608   $ 67,378   $  66,579    $  65,753     $ 67,311
assets (c)
Tier 1 common      10.5     % 10.6     % 10.6       % 10.7       %  10.4     %
capital ratio (b)
Basel III common
equity Tier 1      10.2       10.3       10.3         10.4          10.1
capital ratio (c)
Tangible Common
Equity Ratio:
Common
shareholders'      $ 7,369    $ 7,283    $  7,150     $  6,966      $ 6,908
equity
Less:
Goodwill           635        635        635          635           635
Other intangible   15         16         17           18            20
assets
Tangible common    $ 6,719    $ 6,632    $  6,498     $  6,313      $ 6,253
equity
Total assets       $ 65,325   $ 65,681   $  65,224    $  64,667     $ 62,944
Less:
Goodwill           635        635        635          635           635
Other intangible   15         16         17           18            20
assets
Tangible assets    $ 64,675   $ 65,030   $  64,572    $  64,014     $ 62,289
Common equity      11.28    % 11.09    % 10.97      % 10.78      %  10.98    %
ratio
Tangible common    10.39      10.20      10.07        9.87          10.04
equity ratio
Tangible Common
Equity per Share
of Common Stock:
Common
shareholders'      $ 7,369    $ 7,283    $  7,150     $  6,966      $ 6,908
equity
Tangible common    6,719      6,632      6,498        6,313         6,253
equity
Shares of common
stock outstanding  181        182        182          184           185
(in millions)
Common
shareholders'      $ 40.72    $ 40.09    $  39.22     $  37.93      $ 37.31
equity per share
of common stock
Tangible common
equity per share   37.12      36.50      35.64        34.37         33.77
of common stock

(a) Tier 1 capital and risk-weighted assets as defined by regulation.
(b) June 30, 2014 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, as fully
    phased-in, 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 common equity Tier 1 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, as fully
phased-in. 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.

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SOURCE Comerica Incorporated

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