DALLAS, April 17, 2015 /PRNewswire/ -- Comerica
Incorporated (NYSE: CMA) today reported first quarter 2015 net
income of $134 million, compared to
$149 million for the fourth quarter
2014 and $139 million for the first
quarter 2014. Earnings per diluted share were 73 cents for the first quarter 2015, compared to
80 cents for the fourth quarter 2014
and 73 cents for the first quarter
2014.
|
(dollar amounts in
millions, except per share data)
|
1st Qtr
'15
|
|
4th Qtr
'14
|
|
1st Qtr
'14
|
|
Net interest
income
|
$
|
413
|
|
|
$
|
415
|
|
|
$
|
410
|
|
|
Provision for credit
losses
|
14
|
|
|
2
|
|
|
9
|
|
|
Noninterest income
(a)
|
256
|
|
|
225
|
|
|
208
|
|
|
Noninterest expenses
(a)
|
460
|
|
|
419
|
|
|
406
|
|
|
Provision for income
taxes
|
61
|
|
|
70
|
|
|
64
|
|
|
|
|
|
|
|
|
|
Net income
|
134
|
|
|
149
|
|
|
139
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common shares
|
132
|
|
|
148
|
|
|
137
|
|
|
|
|
|
|
|
|
|
Diluted income per
common share
|
0.73
|
|
|
0.80
|
|
|
0.73
|
|
|
|
|
|
|
|
|
|
Average diluted
shares (in millions)
|
182
|
|
|
184
|
|
|
187
|
|
|
|
|
|
|
|
|
|
Basel III common
equity Tier 1 capital ratio (b) (c)
|
10.43
|
%
|
|
n/a
|
|
|
n/a
|
|
|
Tier 1 common capital
ratio (b) (d)
|
n/a
|
|
|
10.50
|
%
|
|
10.58
|
%
|
|
Tangible common
equity ratio (d)
|
9.97
|
|
|
9.85
|
|
|
10.20
|
|
|
(a)
|
Effective January
1, 2015, contractual changes to a card program resulted in a change
to the accounting presentation of the related revenues and
expenses. The effect of this change was an increase of $44 million
to both noninterest income and noninterest expenses in the first
quarter 2015.
|
(b)
|
Basel III capital
rules (standardized approach) became effective for Comerica on
January 1, 2015. The ratio reflects transitional treatment for
certain regulatory deductions and adjustments. For further
information, see "Balance Sheet and Capital Management". Capital
ratios for prior periods are based on Basel I rules.
|
(c)
|
March 31, 2015
ratio is estimated.
|
(d)
|
See Reconciliation
of Non-GAAP Financial Measures.
|
n/a - not
applicable.
|
"Our first quarter results reflect our strong focus on
relationships and ability to generate loans in a highly competitive
environment as we maintain our pricing and credit discipline," said
Ralph W. Babb, Jr., chairman and
chief executive officer. "Average loans were up $3.1 billion, or 7 percent, compared to a year
ago. Relative to the fourth quarter, average loans grew
$790 million, or 2 percent, with
growth across all of our markets. Average loans in our Energy
business line increased about $200
million, peaking in February, then declining as customers
adjusted their cash flow needs and were able to access the capital
markets. Average loan growth was also driven by increases in
Technology and Life Sciences, National Dealer Services, general
Middle Market and Small Business.
"First quarter net interest income was relatively stable, and
credit quality continued to be strong. Our capital position remains
solid. Share repurchases under our equity repurchase program,
combined with dividends, returned $95
million to shareholders in the first quarter. We remain
focused on the long term and carrying out our relationship banking
strategy, which has served us well over many cycles, and we
continue to believe we are positioned to benefit from a rising rate
environment."
First Quarter 2015 Compared to Fourth
Quarter 2014
- Average total loans increased $790
million, or 2 percent, to $48.2
billion, primarily reflecting a $699
million increase in commercial loans. The increase in
commercial loans was primarily driven by increases in Energy,
general Middle Market, Technology and Life Sciences and National
Dealer Services. Average loans increased across all markets.
Period-end total loans increased $479
million, to $49.1
billion.
- Average total deposits decreased $770 million, or 1 percent, to $57.0 billion, following robust growth of
$2.6 billion, or 5 percent, in the
fourth quarter 2014. The decrease primarily reflected a decline in
noninterest-bearing deposits of $807
million, largely driven by Corporate Banking. Period-end
total deposits increased $84 million,
to $57.6 billion.
- Net interest income remained relatively stable at
$413 million.
- Overall credit quality remained strong. The allowance for
credit losses increased $5 million,
primarily reflecting the impact of loan growth and increased
reserves for loans related to energy(a), including a
qualitative component, partially offset by improvements in credit
quality in the remainder of the portfolio. Net charge-offs were
$8 million, or 0.07 percent of
average loans, in the first quarter 2015, compared to $1 million, or 0.01 percent, in the fourth
quarter 2014. As a result, the provision for credit losses
increased to $14 million in the first
quarter 2015.
- Excluding the impact of a change in accounting
presentation for a card program ($44
million), noninterest income decreased $13 million in the first quarter 2015, primarily
reflecting decreases in customer derivative income and commercial
lending fees.
- Excluding the impact of the change in accounting
presentation for a card program ($44
million), noninterest expenses decreased $3 million in the first quarter 2015, primarily
reflecting lower net occupancy and consulting expenses, partially
offset by a seasonal net increase in compensation
expense.
- Capital remained solid at March
31, 2015, as evidenced by an estimated common equity Tier 1
capital ratio of 10.43 percent and a tangible common equity ratio
of 9.97 percent. As previously announced, the Federal Reserve
completed its 2015 Comprehensive Capital Analysis and Review (CCAR)
in March 2015 and did not object to
the capital distributions contemplated in Comerica's capital plan.
Basel III capital rules became effective for Comerica on
January 1, 2015.
- Comerica repurchased approximately 1.4 million shares of
common stock during the first quarter 2015 under the equity
repurchase program. Together with dividends of $0.20 per share, $95
million was returned to shareholders.
First Quarter 2015 Compared to First Quarter
2014
- Average total loans increased $3.1
billion, or 7 percent, reflecting increases in almost all
lines of business.
- Average total deposits increased $4.2 billion, or 8 percent, driven by an increase
in noninterest-bearing deposits of $3.5
billion, or 15 percent, and reflecting increases in all
major lines of business.
- Net income decreased $5
million, or 3 percent, primarily reflecting revenue
increases offset by higher outside processing expenses related to
revenue generating activities and increases in the provision for
credit losses and technology-related contract labor
expenses.
(a) Loans related to energy at March 31, 2015 included approximately
$3.6 billion of outstanding loans in
our Energy business line as well as approximately $750 million of loans in other lines of business
to companies that have a sizable portion of their revenue related
to energy or could be otherwise disproportionately negatively
impacted by prolonged low oil and gas prices.
Net Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'15
|
|
4th Qtr
'14
|
|
1st Qtr
'14
|
Net interest
income
|
$
|
413
|
|
|
$
|
415
|
|
|
$
|
410
|
|
|
|
|
|
|
|
Net interest
margin
|
2.64
|
%
|
|
2.57
|
%
|
|
2.77
|
%
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Total earning
assets
|
$
|
63,480
|
|
|
$
|
64,453
|
|
|
$
|
59,916
|
|
Total
loans
|
48,151
|
|
|
47,361
|
|
|
45,075
|
|
Total investment
securities
|
9,907
|
|
|
9,365
|
|
|
9,282
|
|
Federal Reserve Bank
deposits
|
5,176
|
|
|
7,463
|
|
|
5,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
deposits
|
56,990
|
|
|
57,760
|
|
|
52,770
|
|
Total
noninterest-bearing deposits
|
26,697
|
|
|
27,504
|
|
|
23,236
|
|
- Net interest income decreased $2
million to $413 million in the
first quarter 2015, compared to the fourth quarter 2014.
- Interest on loans decreased $4
million, primarily reflecting the impact of two fewer days
in the first quarter (-$7 million), a
decrease in accretion of the purchase discount on the acquired loan
portfolio (-$6 million), lower loan
prepayment fees and interest recognized on nonaccrual loans
(-$4 million), partially offset by
the impact of a negative residual value adjustment to assets in the
leasing portfolio in the fourth quarter 2014 (+$7 million) and the
benefit from an increase in average loan balances (+$6
million).
- Interest on investment securities increased $2 million, reflecting an increase in average
balances (+$3 million), partially offset by lower yields
(-$1 million).
- The net interest margin of 2.64 percent increased 7 basis
points compared to the fourth quarter 2014, primarily reflecting a
decrease in Federal Reserve Bank deposits (+9 basis points) and the
impact of the negative leasing residual value adjustment (+5 basis
points), partially offset by a decline in accretion of the purchase
discount on the acquired loan portfolio (-4 basis points) and lower
loan prepayment fees and nonaccrual interest recognized (-2 basis
points).
- Average earning assets decreased $1.0 billion, to $63.5
billion in the first quarter 2015, compared to the fourth
quarter 2014, primarily reflecting a decrease of $2.3 billion in Federal Reserve Bank deposits,
partially offset by increases of $790
million in average loans and $542
million in average investment securities.
Noninterest Income
Effective January 1, 2015, contractual changes to a card
program resulted in a change to the accounting presentation of the
related revenues and expenses. The effect of the change was an
increase of $44 million to both
noninterest income and noninterest expenses in the first quarter
2015. Future quarters will be similarly impacted by this
change.
Excluding the impact of this change, noninterest income
decreased $13 million in the first
quarter 2015, compared to $225
million for the fourth quarter 2014. The decrease primarily
reflected decreases of $7 million in
customer derivative income and $4
million in commercial lending fees from high fourth quarter
2014 levels.
Noninterest Expenses
Excluding the impact of the
above-described change, noninterest expenses decreased $3 million in the first quarter 2015, compared to
$419 million for the fourth quarter
2014. Net occupancy expense decreased $8
million, largely reflecting a $5
million real estate optimization charge incurred in the
fourth quarter 2014 that was not repeated in the first quarter 2015
and several discrete first quarter items. Consulting fees, a
component of other noninterest expenses, were $3 million lower. Salaries and benefits expense
increased $8 million, primarily
reflecting seasonal fluctuations including increases in share-based
compensation expense and payroll taxes in the first quarter 2015,
partially offset by lower healthcare costs and the impact of two
fewer days in the quarter.
Credit Quality
"Credit quality continued to be strong
in the first quarter," said Babb. "Net charge-offs remained low at
$8 million, or 7 basis points. At
this point in the cycle, our energy portfolio continues to perform
well, with only modest negative credit migration. However, in light
of the fact that oil and gas prices remain depressed, we expect
that our criticized loans may increase from current very low levels
as the year progresses. In fact, our robust allowance methodology
resulted in an increase to our reserve for energy exposure,
including an increase to the qualitative component, in the first
quarter. Overall, we had a modest increase of $5 million in our total allowance for credit
losses and an increase in the provision for credit losses to
$14 million.
"Our energy customers are generally decreasing their
expenditures and accessing the capital markets, among other
actions, to help mitigate the impact of lower oil and gas prices on
their businesses. We are actively engaged with our customers,
assisting them as they navigate the cycle. Our deep understanding
of the sector and our customers is a key component of how we have
managed this business successfully for more than 30 years."
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'15
|
|
4th Qtr
'14
|
|
1st Qtr
'14
|
Net credit-related
charge-offs
|
$
|
8
|
|
|
$
|
1
|
|
|
$
|
12
|
|
Net credit-related
charge-offs/Average total loans
|
0.07
|
%
|
|
0.01
|
%
|
|
0.10
|
%
|
|
|
|
|
|
|
Provision for credit
losses
|
$
|
14
|
|
|
$
|
2
|
|
|
$
|
9
|
|
|
|
|
|
|
|
Nonperforming loans
(a)
|
279
|
|
|
290
|
|
|
338
|
|
Nonperforming assets
(NPAs) (a)
|
288
|
|
|
300
|
|
|
352
|
|
NPAs/Total loans and
foreclosed property
|
0.59
|
%
|
|
0.62
|
%
|
|
0.76
|
%
|
|
|
|
|
|
|
Loans past due 90
days or more and still accruing
|
$
|
12
|
|
|
$
|
5
|
|
|
$
|
10
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
601
|
|
|
594
|
|
|
594
|
|
Allowance for credit
losses on lending-related commitments (b)
|
39
|
|
|
41
|
|
|
37
|
|
Total allowance for
credit losses
|
640
|
|
|
635
|
|
|
631
|
|
|
|
|
|
|
|
Allowance for loan
losses/Period-end total loans
|
1.22
|
%
|
|
1.22
|
%
|
|
1.28
|
%
|
Allowance for loan
losses/Nonperforming loans
|
216
|
|
|
205
|
|
|
176
|
|
(a)
|
Excludes loans
acquired with credit impairment.
|
(b)
|
Included in
"Accrued expenses and other liabilities" on the consolidated
balance sheets.
|
|
|
- Net charge-offs increased $7
million to $8 million, or 0.07
percent of average loans, in the first quarter 2015, compared to
$1 million, or 0.01 percent, in the
fourth quarter 2014.
- Criticized loans increased $174
million to $2.1 billion at
March 31, 2015, compared to
$1.9 billion at December 31, 2014, including an increase of
approximately $50 million in
criticized loans related to energy.
Balance Sheet and Capital Management
Total assets and
common shareholders' equity were $69.3
billion and $7.5 billion,
respectively, at March 31, 2015,
compared to $69.2 billion and
$7.4 billion, respectively, at
December 31, 2014.
There were approximately 178 million common shares outstanding
at March 31, 2015. Share repurchases
of $59 million (1.4 million shares)
under the equity repurchase program, combined with dividends,
returned 71 percent of first quarter 2015 net income to
shareholders.
As previously announced, the Federal Reserve completed its 2015
CCAR review in March 2015 and did not
object to Comerica's capital plan and capital distributions
contemplated in the plan. Comerica's capital plan provides for up
to $393 million in equity repurchases
for the five-quarter period ending June 30,
2016. Comerica's capital plan further contemplates a
1-cent increase in the quarterly
dividend to $0.21 per common share.
The dividend proposal will be considered by Comerica's Board of
Directors at its next scheduled meeting on April 28, 2015.
In July 2013, U.S. banking
regulators issued a final rule for the U.S. adoption of the Basel
III regulatory capital framework ("Basel III"). Basel III includes
a more stringent definition of capital and introduces a new common
equity Tier 1 capital requirement; sets forth two comprehensive
methodologies for calculating risk-weighted assets, a standardized
approach and an advanced approach; introduces a capital
conservation buffer; and sets out minimum capital ratios and
overall capital adequacy standards. As a banking organization
subject to the standardized approach, Basel III became effective
for Comerica on January 1, 2015.
Certain deductions and adjustments to regulatory capital began
phasing in on January 1, 2015 and
will be fully implemented on January 1,
2018. The capital conservation buffer phases in beginning
January 1, 2016 and will be fully
implemented on January 1, 2019.
The estimated common equity Tier 1 capital ratio, reflective of
transition provisions and excluding most elements of accumulated
other comprehensive income ("AOCI"), was 10.43 percent at
March 31, 2015. The estimated ratio
under fully phased-in Basel III capital rules is not significantly
different from the transitional ratio. Comerica's tangible common
equity ratio was 9.97 percent at March 31,
2015, an increase of 12 basis points from December 31, 2014.
Full-Year 2015 Outlook
Management expectations for
full-year 2015 compared to full-year 2014, assuming a continuation
of the current economic and low-rate environment, are as
follows:
- Average full-year loan growth consistent with 2014,
reflecting typical seasonality throughout the year and continued
focus on pricing and structure discipline.
- Net interest income relatively stable, assuming no rise
in interest rates, reflecting a decrease of about $30 million in purchase accounting accretion, to
about $6 million, and the impact of a
continuing low rate environment on asset yields, offset by earning
asset growth.
- Provision for credit losses higher, consistent with
modest net charge-offs and continued loan growth.
- Noninterest income relatively stable, excluding the
impact of the change in accounting presentation for a card program.
Stable noninterest income reflects growth in fee income,
particularly card fees and fiduciary income, mostly offset by a
decline in warrant income and regulatory impacts on letter of
credit and derivative income.
- Noninterest expenses higher, excluding the impact of the
change in accounting presentation for a card program, reflecting
increases in technology, regulatory and pension expenses, as well
as typical inflationary pressures, with continued focus on driving
efficiencies for the long term.
- Income tax expense to approximate 33 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 March 31, 2015 and are presented on a fully
taxable equivalent (FTE) basis. The accompanying narrative
addresses first quarter 2015 results compared to fourth quarter
2014.
The following table presents net income (loss) by business
segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'15
|
|
4th Qtr
'14
|
|
1st Qtr
'14
|
Business
Bank
|
$
|
189
|
|
85
|
%
|
|
$
|
214
|
|
86
|
%
|
|
$
|
200
|
|
86
|
%
|
Retail
Bank
|
17
|
|
8
|
|
|
12
|
|
5
|
|
|
9
|
|
4
|
|
Wealth
Management
|
16
|
|
7
|
|
|
23
|
|
9
|
|
|
24
|
|
10
|
|
|
222
|
|
100
|
%
|
|
249
|
|
100
|
%
|
|
233
|
|
100
|
%
|
Finance
|
(89)
|
|
|
|
(100)
|
|
|
|
(92)
|
|
|
Other (a)
|
1
|
|
|
|
—
|
|
|
|
(2)
|
|
|
Total
|
$
|
134
|
|
|
|
$
|
149
|
|
|
|
$
|
139
|
|
|
(a)
|
Includes items not
directly associated with the three major business segments or the
Finance Division.
|
Business
Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'15
|
|
|
4th Qtr
'14
|
|
|
1st Qtr
'14
|
|
Net interest income
(FTE)
|
$
|
370
|
|
|
$
|
387
|
|
|
$
|
371
|
|
Provision for credit
losses
|
25
|
|
|
10
|
|
|
16
|
|
Noninterest
income
|
142
|
|
|
104
|
|
|
91
|
|
Noninterest
expenses
|
200
|
|
|
148
|
|
|
146
|
|
Net income
|
189
|
|
|
214
|
|
|
200
|
|
|
|
|
|
|
|
Net credit-related
charge-offs
|
9
|
|
|
—
|
|
|
11
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
38,794
|
|
|
38,039
|
|
|
35,896
|
|
Loans
|
37,763
|
|
|
37,034
|
|
|
34,926
|
|
Deposits
|
30,169
|
|
|
30,925
|
|
|
27,023
|
|
- Average loans increased $729
million, primarily reflecting increases in Energy,
Technology and Life Sciences, National Dealer Services and general
Middle Market.
- Average deposits decreased $756
million, primarily reflecting a decrease in Corporate
Banking noninterest-bearing deposits.
- Net interest income decreased $17
million, primarily due to the decrease in average deposits
and a lower funds transfer pricing (FTP) crediting rate. The
benefit from an increase in average loan balances and the impact of
a negative residual value adjustment to assets in the leasing
portfolio in the fourth quarter 2014 were largely offset by a
decrease in purchase accounting accretion and two fewer days in the
quarter.
- The allowance for credit losses increased $6 million, primarily reflecting the impact of
loan growth and increased reserves for loans related to energy,
including a qualitative component, partially offset by improvements
in credit quality in the remainder of the portfolio. The provision
for credit losses increased $15
million.
- Excluding the impact of the change in accounting
presentation for certain card programs as described previously,
noninterest income decreased $6
million, primarily due to decreases in customer derivative
income and commercial lending fees from high fourth quarter 2014
levels.
- Excluding the impact of the change in accounting
presentation for certain card programs as described previously,
noninterest expenses increased $8
million, primarily due to an increase in
allocated corporate overhead expenses and a seasonal net increase
in salaries and benefits expense.
Retail
Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'15
|
|
|
4th Qtr
'14
|
|
|
1st Qtr
'14
|
|
Net interest income
(FTE)
|
$
|
151
|
|
|
$
|
152
|
|
|
$
|
147
|
|
Provision for credit
losses
|
(8)
|
|
|
(4)
|
|
|
2
|
|
Noninterest
income
|
43
|
|
|
44
|
|
|
41
|
|
Noninterest
expenses
|
176
|
|
|
182
|
|
|
173
|
|
Net income
|
17
|
|
|
12
|
|
|
9
|
|
|
|
|
|
|
|
Net credit-related
charge-offs
|
—
|
|
|
3
|
|
|
4
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
6,229
|
|
|
6,155
|
|
|
6,061
|
|
Loans
|
5,554
|
|
|
5,482
|
|
|
5,388
|
|
Deposits
|
22,378
|
|
|
22,274
|
|
|
21,595
|
|
- Average loans increased $72
million, primarily due to increases in Small Business and
consumer loans in Retail Banking.
- Average deposits increased $104
million, primarily reflecting an increase in money market
and interest-bearing checking deposits, partially offset by
decreases in time deposits and noninterest-bearing
deposits.
- The provision for credit losses decreased $4 million, primarily due to credit quality
improvements in Small Business.
- Noninterest expenses decreased $6
million, primarily due to a decrease in occupancy expense
resulting from a real estate optimization charge incurred in the
fourth quarter 2014 that was not repeated in the first quarter
2015.
Wealth
Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'15
|
|
|
4th Qtr
'14
|
|
|
1st Qtr
'14
|
|
Net interest income
(FTE)
|
$
|
43
|
|
|
$
|
47
|
|
|
$
|
45
|
|
Provision for credit
losses
|
(1)
|
|
|
(9)
|
|
|
(8)
|
|
Noninterest
income
|
58
|
|
|
61
|
|
|
60
|
|
Noninterest
expenses
|
77
|
|
|
80
|
|
|
76
|
|
Net income
|
16
|
|
|
23
|
|
|
24
|
|
|
|
|
|
|
|
Net credit-related
charge-offs (recoveries)
|
(1)
|
|
|
(2)
|
|
|
(3)
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
5,029
|
|
|
5,034
|
|
|
4,930
|
|
Loans
|
4,834
|
|
|
4,845
|
|
|
4,761
|
|
Deposits
|
3,996
|
|
|
4,093
|
|
|
3,582
|
|
- Average deposits decreased $97
million, primarily reflecting a decrease in
noninterest-bearing deposits.
- Net interest income decreased $4
million, primarily due to a decrease in FTP credits, largely
due to the decrease in average deposits, and two fewer days in the
quarter.
- The provision for credit losses increased $8 million, primarily reflecting a large benefit
to the provision recognized in the fourth quarter 2014 from a
reduction in reserves due to the payoff of a single large
criticized credit.
- Noninterest income decreased $3
million, primarily reflecting a securities loss in the first
quarter.
- Noninterest expenses decreased $3
million, reflecting small decreases in several
categories.
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
March 31, 2015 and are presented on a
fully taxable equivalent (FTE) basis.
The following table presents net income (loss) by market
segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'15
|
|
4th Qtr
'14
|
|
1st Qtr
'14
|
Michigan
|
$
|
73
|
|
33
|
%
|
|
$
|
79
|
|
32
|
%
|
|
$
|
66
|
|
28
|
%
|
California
|
73
|
|
33
|
|
|
83
|
|
33
|
|
|
63
|
|
27
|
|
Texas
|
32
|
|
14
|
|
|
40
|
|
16
|
|
|
48
|
|
21
|
|
Other
Markets
|
44
|
|
20
|
|
|
47
|
|
19
|
|
|
56
|
|
24
|
|
|
222
|
|
100
|
%
|
|
249
|
|
100
|
%
|
|
233
|
|
100
|
%
|
Finance & Other
(a)
|
(88)
|
|
|
|
(100)
|
|
|
|
(94)
|
|
|
Total
|
$
|
134
|
|
|
|
$
|
149
|
|
|
|
$
|
139
|
|
|
(a)
|
Includes items not
directly associated with the geographic markets.
|
- Average loans increased $416
million in California,
$208 million in Texas (primarily Energy) and $81 million in Michigan (primarily National Dealer Services).
The increase in California was led
by Technology and Life Sciences, general Middle Market and National
Dealer Services.
- Average deposits decreased $1.2
billion in California and
increased $185 million and
$180 million in Texas and Michigan, respectively. The decrease in
California was primarily due to
decreases in noninterest-bearing deposits in Corporate Banking,
general Middle Market, Technology and Life Sciences and Private
Banking.
- Net interest income decreased $16
million and $8 million in
California and Texas, respectively, and increased
$4 million in Michigan. The decrease in California primarily reflected a decrease in
FTP credits, largely due to the decrease in average deposits,
partially offset by the benefit from an increase in average loans.
The decrease in Texas was
primarily the result of a decrease in the accretion of the purchase
discount on the acquired loan portfolio. The increase in
Michigan primarily reflected the
impact of a negative leasing residual adjustment in the fourth
quarter. Net interest income in all three markets reflected the
impact of two fewer days in the first quarter.
- The allowance for credit losses increased $3 million in Michigan, $7
million in California and
$1 million in Texas. In all markets, the changes in reserves
primarily reflected the impact of loan growth and increased
reserves for loans related to energy, including a qualitative
component, partially offset by improvements in credit quality in
the remainder of the portfolio. Net charge-offs increased
$8 million in Michigan, remained stable in California and increased $1 million in Texas. The provision for credit losses
increased $11 million in Michigan, $7
million in California and
$3 million in Texas.
- Noninterest income decreased $8
million and $2 million in
Michigan and Texas, respectively, and was unchanged in
California. The decrease in
Michigan was primarily due to
decreases in customer derivative income and commercial lending
fees. The decrease in Texas was
primarily due to a decrease in commercial lending fees.
- Noninterest expenses decreased $2
million in both Michigan
and California, and increased
$1 million in Texas.
Michigan
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'15
|
|
|
4th Qtr
'14
|
|
|
1st Qtr
'14
|
|
Net interest income
(FTE)
|
$
|
177
|
|
|
$
|
173
|
|
|
$
|
183
|
|
Provision for credit
losses
|
(8)
|
|
|
(19)
|
|
|
3
|
|
Noninterest
income
|
81
|
|
|
89
|
|
|
84
|
|
Noninterest
expenses
|
155
|
|
|
157
|
|
|
161
|
|
Net income
|
73
|
|
|
79
|
|
|
66
|
|
|
|
|
|
|
|
Net credit-related
charge-offs (recoveries)
|
3
|
|
|
(5)
|
|
|
—
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
13,736
|
|
|
13,605
|
|
|
13,819
|
|
Loans
|
13,223
|
|
|
13,142
|
|
|
13,473
|
|
Deposits
|
21,710
|
|
|
21,530
|
|
|
20,642
|
|
|
California
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'15
|
|
|
4th Qtr
'14
|
|
|
1st Qtr
'14
|
|
Net interest income
(FTE)
|
$
|
176
|
|
|
$
|
192
|
|
|
$
|
172
|
|
Provision for credit
losses
|
(3)
|
|
|
(10)
|
|
|
11
|
|
Noninterest
income
|
38
|
|
|
38
|
|
|
34
|
|
Noninterest
expenses
|
100
|
|
|
102
|
|
|
96
|
|
Net income
|
73
|
|
|
83
|
|
|
63
|
|
|
|
|
|
|
|
Net credit-related
charge-offs
|
1
|
|
|
1
|
|
|
10
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
16,461
|
|
|
16,035
|
|
|
15,133
|
|
Loans
|
16,193
|
|
|
15,777
|
|
|
14,824
|
|
Deposits
|
16,837
|
|
|
18,028
|
|
|
14,782
|
|
|
Texas
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'15
|
|
|
4th Qtr
'14
|
|
|
1st Qtr
'14
|
|
Net interest income
(FTE)
|
$
|
131
|
|
|
$
|
139
|
|
|
$
|
136
|
|
Provision for credit
losses
|
21
|
|
|
18
|
|
|
6
|
|
Noninterest
income
|
36
|
|
|
38
|
|
|
34
|
|
Noninterest
expenses
|
96
|
|
|
95
|
|
|
90
|
|
Net income
|
32
|
|
|
40
|
|
|
48
|
|
|
|
|
|
|
|
Net credit-related
charge-offs
|
3
|
|
|
2
|
|
|
6
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
12,193
|
|
|
12,003
|
|
|
11,070
|
|
Loans
|
11,535
|
|
|
11,327
|
|
|
10,364
|
|
Deposits
|
11,010
|
|
|
10,825
|
|
|
10,875
|
|
Conference Call and Webcast
Comerica will host a
conference call to review first quarter 2015 financial results at
7 a.m. CT Friday, April 17, 2015.
Interested parties may access the conference call by calling (877)
523-5249 or (210) 591-1147 (event ID No. 99335770). 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; changes in
regulation or oversight; Comerica's ability to maintain adequate
sources of funding and liquidity; the effects of more stringent
capital or liquidity requirements; declines or other changes in the
businesses or industries of Comerica's customers, including the
energy industry; operational difficulties, failure of technology
infrastructure or information security incidents; reliance on other
companies to provide certain key components of business
infrastructure; factors impacting noninterest expenses which are
beyond Comerica's control; changes in the financial markets,
including fluctuations in interest rates and their impact on
deposit pricing; changes in Comerica's credit rating; unfavorable
developments concerning credit quality; the interdependence of
financial service companies; 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; 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, 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 12 of Comerica's Annual Report on Form 10-K for
the year ended December 31, 2014.
Forward-looking statements speak only as of the date they are made.
Comerica does not undertake to update forward-looking statements to
reflect facts, circumstances, assumptions or events that occur
after the date the forward-looking statements are made. For any
forward-looking statements made in this news release or in any
documents, Comerica claims the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
CONSOLIDATED
FINANCIAL HIGHLIGHTS (unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
December
31,
|
March
31,
|
(in millions,
except per share data)
|
2015
|
2014
|
2014
|
PER COMMON SHARE
AND COMMON STOCK DATA
|
|
|
|
Diluted net
income
|
$
|
0.73
|
|
$
|
0.80
|
|
$
|
0.73
|
|
Cash dividends
declared
|
0.20
|
|
0.20
|
|
0.19
|
|
|
|
|
|
Average diluted
shares (in thousands)
|
182,270
|
|
183,728
|
|
186,701
|
|
KEY
RATIOS
|
|
|
|
Return on average
common shareholders' equity
|
7.20
|
%
|
7.96
|
%
|
7.68
|
%
|
Return on average
assets
|
0.78
|
|
0.86
|
|
0.86
|
|
Common equity tier 1
risk-based capital ratio (a) (b)
|
10.43
|
|
n/a
|
|
n/a
|
|
Tier 1 common
risk-based capital ratio (c)
|
n/a
|
|
10.50
|
|
10.58
|
|
Tier 1 risk-based
capital ratio (a) (b)
|
10.43
|
|
10.50
|
|
10.58
|
|
Total risk-based
capital ratio (a) (b)
|
12.39
|
|
12.51
|
|
13.00
|
|
Leverage ratio (a)
(b)
|
10.53
|
|
10.35
|
|
10.85
|
|
Tangible common
equity ratio (c)
|
9.97
|
|
9.85
|
|
10.20
|
|
AVERAGE
BALANCES
|
|
|
|
Commercial
loans
|
$
|
31,090
|
|
$
|
30,391
|
|
$
|
28,362
|
|
Real estate
construction loans
|
1,938
|
|
1,920
|
|
1,827
|
|
Commercial mortgage
loans
|
8,581
|
|
8,609
|
|
8,770
|
|
Lease
financing
|
797
|
|
818
|
|
848
|
|
International
loans
|
1,512
|
|
1,455
|
|
1,301
|
|
Residential mortgage
loans
|
1,856
|
|
1,821
|
|
1,724
|
|
Consumer
loans
|
2,377
|
|
2,347
|
|
2,243
|
|
Total
loans
|
48,151
|
|
47,361
|
|
45,075
|
|
|
|
|
|
Earning
assets
|
63,480
|
|
64,453
|
|
59,916
|
|
Total
assets
|
68,739
|
|
69,311
|
|
64,708
|
|
|
|
|
|
Noninterest-bearing
deposits
|
26,697
|
|
27,504
|
|
23,236
|
|
Interest-bearing
deposits
|
30,293
|
|
30,256
|
|
29,534
|
|
Total
deposits
|
56,990
|
|
57,760
|
|
52,770
|
|
|
|
|
|
Common shareholders'
equity
|
7,453
|
|
7,518
|
|
7,229
|
|
NET INTEREST
INCOME (fully taxable equivalent basis)
|
|
|
|
|
|
|
Net interest
income
|
$
|
414
|
|
$
|
416
|
|
$
|
411
|
|
Net interest
margin
|
2.64
|
%
|
2.57
|
%
|
2.77
|
%
|
CREDIT
QUALITY
|
|
|
|
Total nonperforming
assets
|
$
|
288
|
|
$
|
300
|
|
$
|
352
|
|
|
|
|
|
Loans past due 90
days or more and still accruing
|
12
|
|
5
|
|
10
|
|
|
|
|
|
Net loan
charge-offs
|
8
|
|
1
|
|
12
|
|
|
|
|
|
Allowance for loan
losses
|
601
|
|
594
|
|
594
|
|
Allowance for credit
losses on lending-related commitments
|
39
|
|
41
|
|
37
|
|
Total allowance for
credit losses
|
640
|
|
635
|
|
631
|
|
|
|
|
|
Allowance for loan
losses as a percentage of total loans
|
1.22
|
%
|
1.22
|
%
|
1.28
|
%
|
Net loan charge-offs
as a percentage of average total loans (d)
|
0.07
|
|
0.01
|
|
0.10
|
|
Nonperforming assets
as a percentage of total loans and foreclosed property
|
0.59
|
|
0.62
|
|
0.76
|
|
Allowance for loan
losses as a percentage of total nonperforming loans
|
216
|
|
205
|
|
176
|
|
(a)
|
Basel III rules
became effective on January 1, 2015, with transitional provisions.
All prior period data is based on Basel I rules.
|
(b)
|
March 31, 2015 ratios
are estimated.
|
(c)
|
See Reconciliation of
Non-GAAP Financial Measures.
|
(d)
|
Lending-related
commitment charge-offs were zero in all periods
presented.
|
n/a - not
applicable.
|
CONSOLIDATED
BALANCE SHEETS
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
March
31,
|
December
31,
|
March
31,
|
(in millions,
except share data)
|
2015
|
2014
|
2014
|
|
(unaudited)
|
|
(unaudited)
|
ASSETS
|
|
|
|
Cash and due from
banks
|
$
|
1,170
|
|
$
|
1,026
|
|
$
|
1,186
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
4,792
|
|
5,045
|
|
4,434
|
|
Other short-term
investments
|
101
|
|
99
|
|
105
|
|
|
|
|
|
Investment securities
available-for-sale
|
8,214
|
|
8,116
|
|
9,487
|
|
Investment securities
held-to-maturity
|
1,871
|
|
1,935
|
|
—
|
|
|
|
|
|
Commercial
loans
|
32,091
|
|
31,520
|
|
29,774
|
|
Real estate
construction loans
|
1,917
|
|
1,955
|
|
1,847
|
|
Commercial mortgage
loans
|
8,558
|
|
8,604
|
|
8,801
|
|
Lease
financing
|
792
|
|
805
|
|
849
|
|
International
loans
|
1,433
|
|
1,496
|
|
1,250
|
|
Residential mortgage
loans
|
1,859
|
|
1,831
|
|
1,751
|
|
Consumer
loans
|
2,422
|
|
2,382
|
|
2,217
|
|
Total
loans
|
49,072
|
|
48,593
|
|
46,489
|
|
Less allowance for
loan losses
|
(601)
|
|
(594)
|
|
(594)
|
|
Net loans
|
48,471
|
|
47,999
|
|
45,895
|
|
|
|
|
|
Premises and
equipment
|
531
|
|
532
|
|
583
|
|
Accrued income and
other assets
|
4,186
|
|
4,438
|
|
3,991
|
|
Total
assets
|
$
|
69,336
|
|
$
|
69,190
|
|
$
|
65,681
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Noninterest-bearing
deposits
|
$
|
27,394
|
|
$
|
27,224
|
|
$
|
23,955
|
|
|
|
|
|
Money market and
interest-bearing checking deposits
|
23,727
|
|
23,954
|
|
22,485
|
|
Savings
deposits
|
1,817
|
|
1,752
|
|
1,742
|
|
Customer certificates
of deposit
|
4,497
|
|
4,421
|
|
5,099
|
|
Foreign office time
deposits
|
135
|
|
135
|
|
469
|
|
Total
interest-bearing deposits
|
30,176
|
|
30,262
|
|
29,795
|
|
Total
deposits
|
57,570
|
|
57,486
|
|
53,750
|
|
|
|
|
|
Short-term
borrowings
|
80
|
|
116
|
|
160
|
|
Accrued expenses and
other liabilities
|
1,500
|
|
1,507
|
|
954
|
|
Medium- and long-term
debt
|
2,686
|
|
2,679
|
|
3,534
|
|
Total
liabilities
|
61,836
|
|
61,788
|
|
58,398
|
|
|
|
|
|
Common stock - $5 par
value:
|
|
|
|
Authorized -
325,000,000 shares
|
|
|
|
Issued - 228,164,824
shares
|
1,141
|
|
1,141
|
|
1,141
|
|
Capital
surplus
|
2,188
|
|
2,188
|
|
2,182
|
|
Accumulated other
comprehensive loss
|
(370)
|
|
(412)
|
|
(325)
|
|
Retained
earnings
|
6,841
|
|
6,744
|
|
6,414
|
|
Less cost of common
stock in treasury - 50,114,399 shares at 3/31/15, 49,146,225 shares
at 12/31/14, and 46,492,524 shares at 3/31/14
|
(2,300)
|
|
(2,259)
|
|
(2,129)
|
|
Total shareholders'
equity
|
7,500
|
|
7,402
|
|
7,283
|
|
Total liabilities and
shareholders' equity
|
$
|
69,336
|
|
$
|
69,190
|
|
$
|
65,681
|
|
CONSOLIDATED
QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
|
Fourth
|
Third
|
Second
|
First
|
|
First Quarter 2015
Compared To:
|
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|
Fourth Quarter
2014
|
|
First Quarter
2014
|
(in millions,
except per share data)
|
2015
|
2014
|
2014
|
2014
|
2014
|
|
Amount
|
Percent
|
|
Amount
|
Percent
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
379
|
|
$
|
383
|
|
$
|
381
|
|
$
|
385
|
|
$
|
376
|
|
|
$
|
(4)
|
|
(1)%
|
|
|
$
|
3
|
|
1
|
%
|
Interest on
investment securities
|
53
|
|
51
|
|
52
|
|
53
|
|
55
|
|
|
2
|
|
4
|
|
|
(2)
|
|
(3)
|
|
Interest on
short-term investments
|
3
|
|
4
|
|
3
|
|
3
|
|
4
|
|
|
(1)
|
|
(28)
|
|
|
(1)
|
|
—
|
|
Total interest
income
|
435
|
|
438
|
|
436
|
|
441
|
|
435
|
|
|
(3)
|
|
(1)
|
|
|
—
|
|
—
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
11
|
|
12
|
|
11
|
|
11
|
|
11
|
|
|
(1)
|
|
(4)
|
|
|
—
|
|
—
|
|
Interest on medium-
and long-term debt
|
11
|
|
11
|
|
11
|
|
14
|
|
14
|
|
|
—
|
|
—
|
|
|
(3)
|
|
(14)
|
|
Total interest
expense
|
22
|
|
23
|
|
22
|
|
25
|
|
25
|
|
|
(1)
|
|
(2)
|
|
|
(3)
|
|
(9)
|
|
Net interest
income
|
413
|
|
415
|
|
414
|
|
416
|
|
410
|
|
|
(2)
|
|
(1)
|
|
|
3
|
|
1
|
|
Provision for credit
losses
|
14
|
|
2
|
|
5
|
|
11
|
|
9
|
|
|
12
|
|
N/M
|
|
|
5
|
|
52
|
|
Net interest income
after provision for credit
losses
|
399
|
|
413
|
|
409
|
|
405
|
|
401
|
|
|
(14)
|
|
(4)
|
|
|
(2)
|
|
—
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
55
|
|
53
|
|
54
|
|
54
|
|
54
|
|
|
2
|
|
4
|
|
|
1
|
|
2
|
|
Fiduciary
income
|
48
|
|
47
|
|
44
|
|
45
|
|
44
|
|
|
1
|
|
2
|
|
|
4
|
|
8
|
|
Commercial lending
fees
|
25
|
|
29
|
|
26
|
|
23
|
|
20
|
|
|
(4)
|
|
(14)
|
|
|
5
|
|
24
|
|
Card fees
|
68
|
|
24
|
|
23
|
|
22
|
|
23
|
|
|
44
|
|
N/M
|
|
|
45
|
|
N/M
|
|
Letter of credit
fees
|
13
|
|
14
|
|
14
|
|
15
|
|
14
|
|
|
(1)
|
|
(6)
|
|
|
(1)
|
|
(9)
|
|
Bank-owned life
insurance
|
9
|
|
8
|
|
11
|
|
11
|
|
9
|
|
|
1
|
|
1
|
|
|
—
|
|
—
|
|
Foreign exchange
income
|
10
|
|
10
|
|
9
|
|
12
|
|
9
|
|
|
—
|
|
—
|
|
|
1
|
|
11
|
|
Brokerage
fees
|
4
|
|
4
|
|
4
|
|
4
|
|
5
|
|
|
—
|
|
—
|
|
|
(1)
|
|
(7)
|
|
Net securities
(losses) gains
|
(2)
|
|
—
|
|
(1)
|
|
—
|
|
1
|
|
|
(2)
|
|
N/M
|
|
|
(3)
|
|
N/M
|
|
Other noninterest
income
|
26
|
|
36
|
|
31
|
|
34
|
|
29
|
|
|
(10)
|
|
(25)
|
|
|
(3)
|
|
(8)
|
|
Total noninterest
income
|
256
|
|
225
|
|
215
|
|
220
|
|
208
|
|
|
31
|
|
14
|
|
|
48
|
|
23
|
|
NONINTEREST
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits
expense
|
253
|
|
245
|
|
248
|
|
240
|
|
247
|
|
|
8
|
|
3
|
|
|
6
|
|
3
|
|
Net occupancy
expense
|
38
|
|
46
|
|
46
|
|
39
|
|
40
|
|
|
(8)
|
|
(17)
|
|
|
(2)
|
|
(6)
|
|
Equipment
expense
|
13
|
|
14
|
|
14
|
|
15
|
|
14
|
|
|
(1)
|
|
(4)
|
|
|
(1)
|
|
(7)
|
|
Outside processing
fee expense
|
78
|
|
33
|
|
31
|
|
30
|
|
28
|
|
|
45
|
|
N/M
|
|
|
50
|
|
N/M
|
|
Software
expense
|
23
|
|
23
|
|
25
|
|
25
|
|
22
|
|
|
—
|
|
—
|
|
|
1
|
|
6
|
|
Litigation-related
expense
|
1
|
|
—
|
|
(2)
|
|
3
|
|
3
|
|
|
1
|
|
N/M
|
|
|
(2)
|
|
(66)
|
|
FDIC insurance
expense
|
9
|
|
8
|
|
9
|
|
8
|
|
8
|
|
|
1
|
|
11
|
|
|
1
|
|
19
|
|
Advertising
expense
|
6
|
|
7
|
|
5
|
|
5
|
|
6
|
|
|
(1)
|
|
(17)
|
|
|
—
|
|
—
|
|
Gain on debt
redemption
|
—
|
|
—
|
|
(32)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Other noninterest
expenses
|
39
|
|
43
|
|
53
|
|
39
|
|
38
|
|
|
(4)
|
|
(9)
|
|
|
1
|
|
3
|
|
Total noninterest
expenses
|
460
|
|
419
|
|
397
|
|
404
|
|
406
|
|
|
41
|
|
10
|
|
|
54
|
|
13
|
|
Income before income
taxes
|
195
|
|
219
|
|
227
|
|
221
|
|
203
|
|
|
(24)
|
|
(11)
|
|
|
(8)
|
|
(4)
|
|
Provision for income
taxes
|
61
|
|
70
|
|
73
|
|
70
|
|
64
|
|
|
(9)
|
|
(14)
|
|
|
(3)
|
|
(5)
|
|
NET
INCOME
|
134
|
|
149
|
|
154
|
|
151
|
|
139
|
|
|
(15)
|
|
(10)
|
|
|
(5)
|
|
(3)
|
|
Less income allocated
to participating securities
|
2
|
|
1
|
|
2
|
|
2
|
|
2
|
|
|
1
|
|
N/M
|
|
|
—
|
|
—
|
|
Net income
attributable to common shares
|
$
|
132
|
|
$
|
148
|
|
$
|
152
|
|
$
|
149
|
|
$
|
137
|
|
|
$
|
(16)
|
|
(10)%
|
|
|
$
|
(5)
|
|
(3)%
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.75
|
|
$
|
0.83
|
|
$
|
0.85
|
|
$
|
0.83
|
|
$
|
0.76
|
|
|
$
|
(0.08)
|
|
(10)%
|
|
|
$
|
(0.01)
|
|
(1)%
|
|
Diluted
|
0.73
|
|
0.80
|
|
0.82
|
|
0.80
|
|
0.73
|
|
|
(0.07)
|
|
(9)
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
176
|
|
54
|
|
141
|
|
172
|
|
205
|
|
|
122
|
|
N/M
|
|
|
(29)
|
|
(14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared on common stock
|
36
|
|
36
|
|
36
|
|
36
|
|
35
|
|
|
—
|
|
—
|
|
|
1
|
|
3
|
|
Cash dividends
declared per common share
|
0.20
|
|
0.20
|
|
0.20
|
|
0.20
|
|
0.19
|
|
|
—
|
|
—
|
|
|
0.01
|
|
5
|
|
ANALYSIS OF THE
ALLOWANCE FOR LOAN LOSSES (unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
(in
millions)
|
1st
Qtr
|
|
4th
Qtr
|
3rd
Qtr
|
2nd
Qtr
|
1st
Qtr
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
594
|
|
|
$
|
592
|
|
$
|
591
|
|
$
|
594
|
|
$
|
598
|
|
|
|
|
|
|
|
|
Loan
charge-offs:
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
19
|
|
|
8
|
|
13
|
|
19
|
|
19
|
|
Commercial
mortgage
|
—
|
|
|
2
|
|
7
|
|
5
|
|
8
|
|
International
|
2
|
|
|
6
|
|
—
|
|
—
|
|
—
|
|
Residential
mortgage
|
—
|
|
|
1
|
|
1
|
|
—
|
|
—
|
|
Consumer
|
2
|
|
|
3
|
|
3
|
|
4
|
|
3
|
|
Total loan
charge-offs
|
23
|
|
|
20
|
|
24
|
|
28
|
|
30
|
|
|
|
|
|
|
|
|
Recoveries on loans
previously charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
9
|
|
|
6
|
|
6
|
|
11
|
|
11
|
|
Real estate
construction
|
—
|
|
|
2
|
|
1
|
|
1
|
|
—
|
|
Commercial
mortgage
|
3
|
|
|
10
|
|
12
|
|
3
|
|
3
|
|
Lease
financing
|
—
|
|
|
—
|
|
—
|
|
—
|
|
2
|
|
Residential
mortgage
|
1
|
|
|
—
|
|
1
|
|
3
|
|
—
|
|
Consumer
|
2
|
|
|
1
|
|
1
|
|
1
|
|
2
|
|
Total
recoveries
|
15
|
|
|
19
|
|
21
|
|
19
|
|
18
|
|
Net loan
charge-offs
|
8
|
|
|
1
|
|
3
|
|
9
|
|
12
|
|
Provision for loan
losses
|
16
|
|
|
4
|
|
4
|
|
6
|
|
8
|
|
Foreign currency
translation adjustment
|
(1)
|
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
Balance at end of
period
|
$
|
601
|
|
|
$
|
594
|
|
$
|
592
|
|
$
|
591
|
|
$
|
594
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage of total loans
|
1.22
|
%
|
|
1.22
|
%
|
1.24
|
%
|
1.23
|
%
|
1.28
|
%
|
|
|
|
|
|
|
|
Net loan charge-offs
as a percentage of average total loans
|
0.07
|
|
|
0.01
|
|
0.03
|
|
0.08
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF THE
ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS
(unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
(in
millions)
|
1st
Qtr
|
|
4th
Qtr
|
3rd
Qtr
|
2nd
Qtr
|
1st
Qtr
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
41
|
|
|
$
|
43
|
|
$
|
42
|
|
$
|
37
|
|
$
|
36
|
|
Add: Provision for
credit losses on lending-related commitments
|
(2)
|
|
|
(2)
|
|
1
|
|
5
|
|
1
|
|
Balance at end of
period
|
$
|
39
|
|
|
$
|
41
|
|
$
|
43
|
|
$
|
42
|
|
$
|
37
|
|
|
|
|
|
|
|
|
Unfunded
lending-related commitments sold
|
$
|
1
|
|
|
$
|
—
|
|
$
|
9
|
|
$
|
—
|
|
$
|
—
|
|
NONPERFORMING
ASSETS (unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
(in
millions)
|
1st
Qtr
|
|
4th
Qtr
|
3rd
Qtr
|
2nd
Qtr
|
1st
Qtr
|
|
|
|
|
|
|
|
SUMMARY OF
NONPERFORMING ASSETS AND PAST DUE LOANS
|
|
|
Nonaccrual
loans:
|
|
|
|
|
|
|
Business
loans:
|
|
|
|
|
|
|
Commercial
|
$
|
113
|
|
|
$
|
109
|
|
$
|
93
|
|
$
|
72
|
|
$
|
54
|
|
Real estate
construction
|
1
|
|
|
2
|
|
18
|
|
19
|
|
19
|
|
Commercial
mortgage
|
82
|
|
|
95
|
|
144
|
|
156
|
|
162
|
|
International
|
1
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total
nonaccrual business loans
|
197
|
|
|
206
|
|
255
|
|
247
|
|
235
|
|
Retail
loans:
|
|
|
|
|
|
|
Residential
mortgage
|
37
|
|
|
36
|
|
42
|
|
45
|
|
48
|
|
Consumer:
|
|
|
|
|
|
|
Home
equity
|
31
|
|
|
30
|
|
31
|
|
32
|
|
32
|
|
Other
consumer
|
1
|
|
|
1
|
|
1
|
|
2
|
|
2
|
|
Total
consumer
|
32
|
|
|
31
|
|
32
|
|
34
|
|
34
|
|
Total
nonaccrual retail loans
|
69
|
|
|
67
|
|
74
|
|
79
|
|
82
|
|
Total nonaccrual
loans
|
266
|
|
|
273
|
|
329
|
|
326
|
|
317
|
|
Reduced-rate
loans
|
13
|
|
|
17
|
|
17
|
|
21
|
|
21
|
|
Total nonperforming
loans (a)
|
279
|
|
|
290
|
|
346
|
|
347
|
|
338
|
|
Foreclosed
property
|
9
|
|
|
10
|
|
11
|
|
13
|
|
14
|
|
Total nonperforming
assets (a)
|
$
|
288
|
|
|
$
|
300
|
|
$
|
357
|
|
$
|
360
|
|
$
|
352
|
|
|
|
|
|
|
|
|
Nonperforming loans
as a percentage of total loans
|
0.57
|
%
|
|
0.60
|
%
|
0.73
|
%
|
0.73
|
%
|
0.73
|
%
|
Nonperforming assets
as a percentage of total loans
and foreclosed
property
|
0.59
|
|
|
0.62
|
|
0.75
|
|
0.75
|
|
0.76
|
|
Allowance for loan
losses as a percentage of total
nonperforming
loans
|
216
|
|
|
205
|
|
171
|
|
170
|
|
176
|
|
Loans past due 90
days or more and still accruing
|
$
|
12
|
|
|
$
|
5
|
|
$
|
13
|
|
$
|
7
|
|
$
|
10
|
|
|
|
|
|
|
|
|
ANALYSIS OF
NONACCRUAL LOANS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans at
beginning of period
|
$
|
273
|
|
|
$
|
329
|
|
$
|
326
|
|
$
|
317
|
|
$
|
350
|
|
Loans transferred to
nonaccrual (b)
|
39
|
|
|
41
|
|
54
|
|
53
|
|
19
|
|
Nonaccrual business
loan gross charge-offs (c)
|
(21)
|
|
|
(16)
|
|
(20)
|
|
(24)
|
|
(27)
|
|
Loans transferred to
accrual status (b)
|
(4)
|
|
|
(18)
|
|
—
|
|
—
|
|
—
|
|
Nonaccrual business
loans sold (d)
|
(2)
|
|
|
(24)
|
|
(3)
|
|
(6)
|
|
(3)
|
|
Payments/Other
(e)
|
(19)
|
|
|
(39)
|
|
(28)
|
|
(14)
|
|
(22)
|
|
Nonaccrual loans at
end of period
|
$
|
266
|
|
|
$
|
273
|
|
$
|
329
|
|
$
|
326
|
|
$
|
317
|
|
(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
loans
|
$
|
21
|
|
|
$
|
16
|
|
$
|
20
|
|
$
|
24
|
|
$
|
27
|
|
Performing criticized
loans
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Consumer and
residential mortgage loans
|
2
|
|
|
4
|
|
4
|
|
4
|
|
3
|
|
Total gross loan
charge-offs
|
$
|
23
|
|
|
$
|
20
|
|
$
|
24
|
|
$
|
28
|
|
$
|
30
|
|
(d) Analysis of loans
sold:
|
|
|
Nonaccrual business
loans
|
$
|
2
|
|
|
$
|
24
|
|
$
|
3
|
|
$
|
6
|
|
$
|
3
|
|
Performing criticized
loans
|
7
|
|
|
5
|
|
—
|
|
8
|
|
6
|
|
Total criticized
loans sold
|
$
|
9
|
|
|
$
|
29
|
|
$
|
3
|
|
$
|
14
|
|
$
|
9
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
2015
|
|
December 31,
2014
|
|
March 31,
2014
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
(dollar amounts in
millions)
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
$
|
31,090
|
|
$
|
235
|
|
3.06
|
%
|
|
$
|
30,391
|
|
$
|
238
|
|
3.11
|
%
|
|
$
|
28,362
|
|
$
|
221
|
|
3.17
|
%
|
Real estate
construction loans
|
1,938
|
|
16
|
|
3.36
|
|
|
1,920
|
|
16
|
|
3.40
|
|
|
1,827
|
|
15
|
|
3.40
|
|
Commercial mortgage
loans
|
8,581
|
|
73
|
|
3.44
|
|
|
8,609
|
|
81
|
|
3.70
|
|
|
8,770
|
|
86
|
|
3.97
|
|
Lease
financing
|
797
|
|
6
|
|
3.05
|
|
|
818
|
|
(1)
|
|
(0.43)
|
|
|
848
|
|
9
|
|
4.07
|
|
International
loans
|
1,512
|
|
14
|
|
3.71
|
|
|
1,455
|
|
13
|
|
3.68
|
|
|
1,301
|
|
12
|
|
3.68
|
|
Residential mortgage
loans
|
1,856
|
|
17
|
|
3.76
|
|
|
1,821
|
|
18
|
|
3.86
|
|
|
1,724
|
|
17
|
|
3.86
|
|
Consumer
loans
|
2,377
|
|
19
|
|
3.21
|
|
|
2,347
|
|
19
|
|
3.20
|
|
|
2,243
|
|
17
|
|
3.16
|
|
Total loans
(a)
|
48,151
|
|
380
|
|
3.19
|
|
|
47,361
|
|
384
|
|
3.22
|
|
|
45,075
|
|
377
|
|
3.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities (b)
|
9,071
|
|
51
|
|
2.26
|
|
|
8,954
|
|
50
|
|
2.27
|
|
|
8,911
|
|
55
|
|
2.42
|
|
Other investment
securities
|
836
|
|
2
|
|
1.10
|
|
|
411
|
|
1
|
|
0.49
|
|
|
371
|
|
—
|
|
0.43
|
|
Total investment
securities (b)
|
9,907
|
|
53
|
|
2.16
|
|
|
9,365
|
|
51
|
|
2.19
|
|
|
9,282
|
|
55
|
|
2.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
5,323
|
|
3
|
|
0.26
|
|
|
7,622
|
|
4
|
|
0.26
|
|
|
5,448
|
|
4
|
|
0.26
|
|
Other short-term
investments
|
99
|
|
—
|
|
1.11
|
|
|
105
|
|
—
|
|
0.48
|
|
|
111
|
|
—
|
|
0.66
|
|
Total earning
assets
|
63,480
|
|
436
|
|
2.78
|
|
|
64,453
|
|
439
|
|
2.71
|
|
|
59,916
|
|
436
|
|
2.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
1,027
|
|
|
|
|
937
|
|
|
|
|
913
|
|
|
|
Allowance for loan
losses
|
(601)
|
|
|
|
|
(597)
|
|
|
|
|
(603)
|
|
|
|
Accrued income and
other assets
|
4,833
|
|
|
|
|
4,518
|
|
|
|
|
4,482
|
|
|
|
Total
assets
|
$
|
68,739
|
|
|
|
|
$
|
69,311
|
|
|
|
|
$
|
64,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and
interest-bearing checking deposits
|
$
|
23,960
|
|
6
|
|
0.11
|
|
|
$
|
23,841
|
|
7
|
|
0.11
|
|
|
$
|
22,261
|
|
6
|
|
0.11
|
|
Savings
deposits
|
1,786
|
|
—
|
|
0.03
|
|
|
1,771
|
|
—
|
|
0.03
|
|
|
1,700
|
|
—
|
|
0.03
|
|
Customer certificates
of deposit
|
4,423
|
|
4
|
|
0.37
|
|
|
4,510
|
|
4
|
|
0.37
|
|
|
5,109
|
|
5
|
|
0.36
|
|
Foreign office time
deposits
|
124
|
|
1
|
|
1.46
|
|
|
134
|
|
1
|
|
1.74
|
|
|
464
|
|
—
|
|
0.42
|
|
Total
interest-bearing deposits
|
30,293
|
|
11
|
|
0.15
|
|
|
30,256
|
|
12
|
|
0.15
|
|
|
29,534
|
|
11
|
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
110
|
|
—
|
|
0.06
|
|
|
172
|
|
—
|
|
0.04
|
|
|
185
|
|
—
|
|
0.03
|
|
Medium- and long-term
debt
|
2,690
|
|
11
|
|
1.72
|
|
|
2,678
|
|
11
|
|
1.71
|
|
|
3,545
|
|
14
|
|
1.53
|
|
Total
interest-bearing sources
|
33,093
|
|
22
|
|
0.27
|
|
|
33,106
|
|
23
|
|
0.27
|
|
|
33,264
|
|
25
|
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
26,697
|
|
|
|
|
27,504
|
|
|
|
|
23,236
|
|
|
|
Accrued expenses and
other liabilities
|
1,496
|
|
|
|
|
1,183
|
|
|
|
|
979
|
|
|
|
Total shareholders'
equity
|
7,453
|
|
|
|
|
7,518
|
|
|
|
|
7,229
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
68,739
|
|
|
|
|
$
|
69,311
|
|
|
|
|
$
|
64,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/rate spread (FTE)
|
|
$
|
414
|
|
2.51
|
|
|
|
$
|
416
|
|
2.44
|
|
|
|
$
|
411
|
|
2.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE
adjustment
|
|
$
|
1
|
|
|
|
|
$
|
1
|
|
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of net
noninterest-bearing sources of funds
|
|
|
0.13
|
|
|
|
|
0.13
|
|
|
|
|
0.13
|
|
Net interest margin
(as a percentage of average earning assets) (FTE) (a)
|
|
|
2.64
|
%
|
|
|
|
2.57
|
%
|
|
|
|
2.77
|
%
|
(a)
|
Accretion of
the purchase discount on the acquired loan portfolio of $3 million,
$9 million and $12 million in the first quarter of 2015, the fourth
quarter 2014 and the first quarter 2014, respectively, increased
the net interest margin by 2 basis points, 5 basis points and 8
basis points in each respective period.
|
(b)
|
Includes investment
securities available-for-sale and investment securities
held-to-maturity.
|
CONSOLIDATED
STATISTICAL DATA (unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
March
31,
|
December
31,
|
September
30,
|
June
30,
|
March
31,
|
(in millions,
except per share data)
|
2015
|
2014
|
2014
|
2014
|
2014
|
|
|
|
|
|
|
Commercial
loans:
|
|
|
|
|
|
Floor plan
|
$
|
3,544
|
|
$
|
3,790
|
|
$
|
3,183
|
|
$
|
3,576
|
|
$
|
3,437
|
|
Other
|
28,547
|
|
27,730
|
|
27,576
|
|
27,410
|
|
26,337
|
|
Total commercial
loans
|
32,091
|
|
31,520
|
|
30,759
|
|
30,986
|
|
29,774
|
|
Real estate
construction loans
|
1,917
|
|
1,955
|
|
1,992
|
|
1,939
|
|
1,847
|
|
Commercial mortgage
loans
|
8,558
|
|
8,604
|
|
8,603
|
|
8,747
|
|
8,801
|
|
Lease
financing
|
792
|
|
805
|
|
805
|
|
822
|
|
849
|
|
International
loans
|
1,433
|
|
1,496
|
|
1,429
|
|
1,352
|
|
1,250
|
|
Residential mortgage
loans
|
1,859
|
|
1,831
|
|
1,797
|
|
1,775
|
|
1,751
|
|
Consumer
loans:
|
|
|
|
|
|
Home
equity
|
1,678
|
|
1,658
|
|
1,634
|
|
1,574
|
|
1,533
|
|
Other
consumer
|
744
|
|
724
|
|
689
|
|
687
|
|
684
|
|
Total consumer
loans
|
2,422
|
|
2,382
|
|
2,323
|
|
2,261
|
|
2,217
|
|
Total
loans
|
$
|
49,072
|
|
$
|
48,593
|
|
$
|
47,708
|
|
$
|
47,882
|
|
$
|
46,489
|
|
|
|
|
|
|
|
Goodwill
|
$
|
635
|
|
$
|
635
|
|
$
|
635
|
|
$
|
635
|
|
$
|
635
|
|
Core deposit
intangible
|
12
|
|
13
|
|
14
|
|
14
|
|
15
|
|
Other
intangibles
|
3
|
|
2
|
|
1
|
|
1
|
|
1
|
|
|
|
|
|
|
|
Common equity tier 1
capital (a) (b)
|
7,230
|
|
n/a
|
|
n/a
|
|
n/a
|
|
n/a
|
|
Tier 1 common capital
(c)
|
n/a
|
|
7,169
|
|
7,105
|
|
7,027
|
|
6,962
|
|
Risk-weighted assets
(a) (b)
|
69,314
|
|
68,273
|
|
67,106
|
|
66,911
|
|
65,788
|
|
|
|
|
|
|
|
Common equity tier 1
risk-based capital ratio (a) (b)
|
10.43
|
%
|
n/a
|
|
n/a
|
|
n/a
|
|
n/a
|
|
Tier 1 common
risk-based capital ratio (c)
|
n/a
|
|
10.50
|
%
|
10.59
|
%
|
10.50
|
%
|
10.58
|
%
|
Tier 1 risk-based
capital ratio (a) (b)
|
10.43
|
|
10.50
|
|
10.59
|
|
10.50
|
|
10.58
|
|
Total risk-based
capital ratio (a) (b)
|
12.39
|
|
12.51
|
|
12.83
|
|
12.52
|
|
13.00
|
|
Leverage ratio (a)
(b)
|
10.53
|
|
10.35
|
|
10.79
|
|
10.93
|
|
10.85
|
|
Tangible common
equity ratio (c)
|
9.97
|
|
9.85
|
|
9.94
|
|
10.39
|
|
10.20
|
|
|
|
|
|
|
|
Common shareholders'
equity per share of common stock
|
$
|
42.12
|
|
$
|
41.35
|
|
$
|
41.26
|
|
$
|
40.72
|
|
$
|
40.09
|
|
Tangible common
equity per share of common stock (c)
|
38.47
|
|
37.72
|
|
37.65
|
|
37.12
|
|
36.50
|
|
Market value per
share for the quarter:
|
|
|
High
|
47.94
|
|
50.14
|
|
52.72
|
|
52.60
|
|
53.50
|
|
Low
|
40.09
|
|
42.73
|
|
48.33
|
|
45.34
|
|
43.96
|
|
Close
|
45.13
|
|
46.84
|
|
49.86
|
|
50.16
|
|
51.80
|
|
|
|
|
|
|
|
Quarterly
ratios:
|
|
|
|
|
|
Return on average
common shareholders' equity
|
7.20
|
%
|
7.96
|
%
|
8.29
|
%
|
8.27
|
%
|
7.68
|
%
|
Return on average
assets
|
0.78
|
|
0.86
|
|
0.93
|
|
0.93
|
|
0.86
|
|
Efficiency ratio
(d)
|
68.55
|
|
65.26
|
|
62.87
|
|
63.35
|
|
65.79
|
|
|
|
|
|
|
|
Number of banking
centers
|
482
|
|
481
|
|
481
|
|
481
|
|
483
|
|
|
|
|
|
|
|
Number of employees -
full time equivalent
|
8,831
|
|
8,876
|
|
8,913
|
|
8,901
|
|
8,907
|
|
|
|
(a)
|
Basel III rules
became effective January 1, 2015, with transitional provisions. All
prior period data is based on Basel I rules.
|
(b)
|
March 31, 2015
amounts and ratios are estimated.
|
(c)
|
See Reconciliation of
Non-GAAP Financial Measures.
|
(d)
|
Noninterest expenses
as a percentage of the sum of net interest income (FTE) and
noninterest income excluding net securities gains
(losses).
|
n/a - not
applicable.
|
PARENT COMPANY
ONLY BALANCE SHEETS (unaudited)
|
Comerica
Incorporated
|
|
|
|
|
|
March
31,
|
December
31,
|
March
31,
|
(in millions,
except share data)
|
2015
|
2014
|
2014
|
|
|
|
|
ASSETS
|
|
|
|
Cash and due from
subsidiary bank
|
$
|
5
|
|
$
|
—
|
|
$
|
5
|
|
Short-term
investments with subsidiary bank
|
1,139
|
|
1,133
|
|
531
|
|
Other short-term
investments
|
95
|
|
94
|
|
97
|
|
Investment in
subsidiaries, principally banks
|
7,479
|
|
7,411
|
|
7,276
|
|
Premises and
equipment
|
2
|
|
2
|
|
3
|
|
Other
assets
|
161
|
|
142
|
|
156
|
|
Total
assets
|
$
|
8,881
|
|
$
|
8,782
|
|
$
|
8,068
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Medium- and long-term
debt
|
$
|
1,219
|
|
$
|
1,212
|
|
$
|
614
|
|
Other
liabilities
|
162
|
|
168
|
|
171
|
|
Total
liabilities
|
1,381
|
|
1,380
|
|
785
|
|
|
|
|
|
Common stock - $5 par
value:
|
|
|
|
Authorized -
325,000,000 shares
|
|
|
|
Issued -
228,164,824 shares
|
1,141
|
|
1,141
|
|
1,141
|
|
Capital
surplus
|
2,188
|
|
2,188
|
|
2,182
|
|
Accumulated other
comprehensive loss
|
(370)
|
|
(412)
|
|
(325)
|
|
Retained
earnings
|
6,841
|
|
6,744
|
|
6,414
|
|
Less cost of common
stock in treasury - 50,114,339 shares at 3/31/15, 49,146,225 shares
at 12/31/14 and 46,492,524 shares at 3/31/14
|
(2,300)
|
|
(2,259)
|
|
(2,129)
|
|
Total
shareholders' equity
|
7,500
|
|
7,402
|
|
7,283
|
|
Total
liabilities and shareholders' equity
|
$
|
8,881
|
|
$
|
8,782
|
|
$
|
8,068
|
|
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 share data)
|
Outstanding
|
Amount
|
Surplus
|
Loss
|
Earnings
|
Stock
|
Equity
|
|
|
|
|
|
|
|
|
BALANCE AT
DECEMBER 31, 2013
|
182.3
|
|
$
|
1,141
|
|
$
|
2,179
|
|
$
|
(391)
|
|
$
|
6,318
|
|
$
|
(2,097)
|
|
$
|
7,150
|
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
139
|
|
—
|
|
139
|
|
Other comprehensive
income, net of tax
|
—
|
|
—
|
|
—
|
|
66
|
|
—
|
|
—
|
|
66
|
|
Cash dividends
declared on common stock ($0.19 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
(35)
|
|
—
|
|
(35)
|
|
Purchase of common
stock
|
(1.7)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(80)
|
|
(80)
|
|
Net issuance of
common stock under employee stock plans
|
1.1
|
|
—
|
|
(11)
|
|
—
|
|
(8)
|
|
48
|
|
29
|
|
Share-based
compensation
|
—
|
|
—
|
|
14
|
|
—
|
|
—
|
|
—
|
|
14
|
|
BALANCE AT MARCH
31, 2014
|
181.7
|
|
$
|
1,141
|
|
$
|
2,182
|
|
$
|
(325)
|
|
$
|
6,414
|
|
$
|
(2,129)
|
|
$
|
7,283
|
|
|
|
|
|
|
|
|
|
BALANCE AT
DECEMBER 31, 2014
|
179.0
|
|
$
|
1,141
|
|
$
|
2,188
|
|
$
|
(412)
|
|
$
|
6,744
|
|
$
|
(2,259)
|
|
$
|
7,402
|
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
134
|
|
—
|
|
134
|
|
Other comprehensive
income, net of tax
|
—
|
|
—
|
|
—
|
|
42
|
|
—
|
|
—
|
|
42
|
|
Cash dividends
declared on common stock ($0.20 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
(36)
|
|
—
|
|
(36)
|
|
Purchase of common
stock
|
(1.5)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(66)
|
|
(66)
|
|
Net issuance of
common stock under employee stock plans
|
0.6
|
|
—
|
|
(16)
|
|
—
|
|
(2)
|
|
25
|
|
7
|
|
Share-based
compensation
|
—
|
|
—
|
|
16
|
|
—
|
|
—
|
|
—
|
|
16
|
|
Other
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
1
|
|
BALANCE AT MARCH
31, 2015
|
178.1
|
|
$
|
1,141
|
|
$
|
2,188
|
|
$
|
(370)
|
|
$
|
6,841
|
|
$
|
(2,300)
|
|
$
|
7,500
|
|
BUSINESS SEGMENT
FINANCIAL RESULTS (unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
Business
|
|
Retail
|
|
Wealth
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
Bank
|
|
Bank
|
|
Management
|
|
Finance
|
|
Other
|
|
Total
|
Earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense) (FTE)
|
$
|
370
|
|
|
$
|
151
|
|
|
$
|
43
|
|
|
$
|
(152)
|
|
|
$
|
2
|
|
|
$
|
414
|
|
Provision for credit
losses
|
25
|
|
|
(8)
|
|
|
(1)
|
|
|
—
|
|
|
(2)
|
|
|
14
|
|
Noninterest
income
|
142
|
|
|
43
|
|
|
58
|
|
|
12
|
|
|
1
|
|
|
256
|
|
Noninterest
expenses
|
200
|
|
|
176
|
|
|
77
|
|
|
2
|
|
|
5
|
|
|
460
|
|
Provision (benefit)
for income taxes (FTE)
|
98
|
|
|
9
|
|
|
9
|
|
|
(53)
|
|
|
(1)
|
|
|
62
|
|
Net income
(loss)
|
$
|
189
|
|
|
$
|
17
|
|
|
$
|
16
|
|
|
$
|
(89)
|
|
|
$
|
1
|
|
|
$
|
134
|
|
Net credit-related
charge-offs (recoveries)
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
(1)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
38,794
|
|
|
$
|
6,229
|
|
|
$
|
5,029
|
|
|
$
|
12,140
|
|
|
$
|
6,547
|
|
|
$
|
68,739
|
|
Loans
|
37,763
|
|
|
5,554
|
|
|
4,834
|
|
|
—
|
|
|
—
|
|
|
48,151
|
|
Deposits
|
30,169
|
|
|
22,378
|
|
|
3,996
|
|
|
170
|
|
|
277
|
|
|
56,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statistical
data:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (a)
|
1.95
|
%
|
|
0.29
|
%
|
|
1.29
|
%
|
|
N/M
|
|
|
N/M
|
|
|
0.78
|
%
|
Efficiency ratio
(b)
|
39.20
|
|
|
90.92
|
|
|
74.58
|
|
|
N/M
|
|
|
N/M
|
|
|
68.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
|
|
Retail
|
|
Wealth
|
|
|
|
|
|
|
Three Months Ended
December 31, 2014
|
Bank
|
|
Bank
|
|
Management
|
|
Finance
|
|
Other
|
|
Total
|
Earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense) (FTE)
|
$
|
387
|
|
|
$
|
152
|
|
|
$
|
47
|
|
|
$
|
(177)
|
|
|
$
|
7
|
|
|
$
|
416
|
|
Provision for credit
losses
|
10
|
|
|
(4)
|
|
|
(9)
|
|
|
—
|
|
|
5
|
|
|
2
|
|
Noninterest
income
|
104
|
|
|
44
|
|
|
61
|
|
|
16
|
|
|
—
|
|
|
225
|
|
Noninterest
expenses
|
148
|
|
|
182
|
|
|
80
|
|
|
3
|
|
|
6
|
|
|
419
|
|
Provision (benefit)
for income taxes (FTE)
|
119
|
|
|
6
|
|
|
14
|
|
|
(64)
|
|
|
(4)
|
|
|
71
|
|
Net income
(loss)
|
$
|
214
|
|
|
$
|
12
|
|
|
$
|
23
|
|
|
$
|
(100)
|
|
|
$
|
—
|
|
|
$
|
149
|
|
Net credit-related
charge-offs (recoveries)
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
(2)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
38,039
|
|
|
$
|
6,155
|
|
|
$
|
5,034
|
|
|
$
|
12,222
|
|
|
$
|
7,861
|
|
|
$
|
69,311
|
|
Loans
|
37,034
|
|
|
5,482
|
|
|
4,845
|
|
|
—
|
|
|
—
|
|
|
47,361
|
|
Deposits
|
30,925
|
|
|
22,274
|
|
|
4,093
|
|
|
195
|
|
|
273
|
|
|
57,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statistical
data:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (a)
|
2.26
|
%
|
|
0.20
|
%
|
|
1.79
|
%
|
|
N/M
|
|
|
N/M
|
|
|
0.86
|
%
|
Efficiency ratio
(b)
|
30.13
|
|
|
92.61
|
|
|
74.48
|
|
|
N/M
|
|
|
N/M
|
|
|
65.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
|
|
Retail
|
|
Wealth
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
Bank
|
|
Bank
|
|
Management
|
|
Finance
|
|
Other
|
|
Total
|
Earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense) (FTE)
|
$
|
371
|
|
|
$
|
147
|
|
|
$
|
45
|
|
|
$
|
(158)
|
|
|
6
|
|
|
$
|
411
|
|
Provision for credit
losses
|
16
|
|
|
2
|
|
|
(8)
|
|
|
—
|
|
|
(1)
|
|
|
9
|
|
Noninterest
income
|
91
|
|
|
41
|
|
|
60
|
|
|
14
|
|
|
2
|
|
|
208
|
|
Noninterest
expenses
|
146
|
|
|
173
|
|
|
76
|
|
|
3
|
|
|
8
|
|
|
406
|
|
Provision (benefit)
for income taxes (FTE)
|
100
|
|
|
4
|
|
|
13
|
|
|
(55)
|
|
|
3
|
|
|
65
|
|
Net income
(loss)
|
$
|
200
|
|
|
$
|
9
|
|
|
$
|
24
|
|
|
$
|
(92)
|
|
|
$
|
(2)
|
|
|
$
|
139
|
|
Net credit-related
charge-offs (recoveries)
|
$
|
11
|
|
|
$
|
4
|
|
|
$
|
(3)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
35,896
|
|
|
$
|
6,061
|
|
|
$
|
4,930
|
|
|
$
|
11,129
|
|
|
$
|
6,692
|
|
|
$
|
64,708
|
|
Loans
|
34,926
|
|
|
5,388
|
|
|
4,761
|
|
|
—
|
|
|
—
|
|
|
45,075
|
|
Deposits
|
27,023
|
|
|
21,595
|
|
|
3,582
|
|
|
353
|
|
|
217
|
|
|
52,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statistical
data:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (a)
|
2.22
|
%
|
|
0.15
|
%
|
|
1.96
|
%
|
|
N/M
|
|
|
N/M
|
|
|
0.86
|
%
|
Efficiency ratio
(b)
|
31.70
|
|
|
91.79
|
|
|
73.13
|
|
|
N/M
|
|
|
N/M
|
|
|
65.79
|
|
(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
millions)
|
|
|
|
|
|
|
Other
|
|
Finance
|
|
|
Three Months Ended
March 31, 2015
|
Michigan
|
|
California
|
|
Texas
|
|
Markets
|
|
&
Other
|
|
Total
|
Earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense) (FTE)
|
$
|
177
|
|
|
$
|
176
|
|
|
$
|
131
|
|
|
$
|
80
|
|
|
$
|
(150)
|
|
|
$
|
414
|
|
Provision for credit
losses
|
(8)
|
|
|
(3)
|
|
|
21
|
|
|
6
|
|
|
(2)
|
|
|
14
|
|
Noninterest
income
|
81
|
|
|
38
|
|
|
36
|
|
|
88
|
|
|
13
|
|
|
256
|
|
Noninterest
expenses
|
155
|
|
|
100
|
|
|
96
|
|
|
102
|
|
|
7
|
|
|
460
|
|
Provision (benefit)
for income taxes (FTE)
|
38
|
|
|
44
|
|
|
18
|
|
|
16
|
|
|
(54)
|
|
|
62
|
|
Net income
(loss)
|
$
|
73
|
|
|
$
|
73
|
|
|
$
|
32
|
|
|
$
|
44
|
|
|
$
|
(88)
|
|
|
$
|
134
|
|
Net credit-related
charge-offs (recoveries)
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
13,736
|
|
|
$
|
16,461
|
|
|
$
|
12,193
|
|
|
$
|
7,662
|
|
|
$
|
18,687
|
|
|
$
|
68,739
|
|
Loans
|
13,223
|
|
|
16,193
|
|
|
11,535
|
|
|
7,200
|
|
|
—
|
|
|
48,151
|
|
Deposits
|
21,710
|
|
|
16,837
|
|
|
11,010
|
|
|
6,986
|
|
|
447
|
|
|
56,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statistical
data:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (a)
|
1.30
|
%
|
|
1.62
|
%
|
|
1.01
|
%
|
|
2.29
|
%
|
|
N/M
|
|
|
0.78
|
%
|
Efficiency ratio
(b)
|
60.22
|
|
|
46.82
|
|
|
57.43
|
|
|
60.01
|
|
|
N/M
|
|
|
68.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
Finance
|
|
|
Three Months Ended
December 31, 2014
|
Michigan
|
|
California
|
|
Texas
|
|
Markets
|
|
&
Other
|
|
Total
|
Earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense) (FTE)
|
$
|
173
|
|
|
$
|
192
|
|
|
$
|
139
|
|
|
$
|
82
|
|
|
$
|
(170)
|
|
|
$
|
416
|
|
Provision for credit
losses
|
(19)
|
|
|
(10)
|
|
|
18
|
|
|
8
|
|
|
5
|
|
|
2
|
|
Noninterest
income
|
89
|
|
|
38
|
|
|
38
|
|
|
44
|
|
|
16
|
|
|
225
|
|
Noninterest
expenses
|
157
|
|
|
102
|
|
|
95
|
|
|
56
|
|
|
9
|
|
|
419
|
|
Provision (benefit)
for income taxes (FTE)
|
45
|
|
|
55
|
|
|
24
|
|
|
15
|
|
|
(68)
|
|
|
71
|
|
Net income
(loss)
|
$
|
79
|
|
|
$
|
83
|
|
|
$
|
40
|
|
|
$
|
47
|
|
|
$
|
(100)
|
|
|
$
|
149
|
|
Net credit-related
charge-offs (recoveries)
|
$
|
(5)
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
13,605
|
|
|
$
|
16,035
|
|
|
$
|
12,003
|
|
|
$
|
7,585
|
|
|
$
|
20,083
|
|
|
$
|
69,311
|
|
Loans
|
13,142
|
|
|
15,777
|
|
|
11,327
|
|
|
7,115
|
|
|
—
|
|
|
47,361
|
|
Deposits
|
21,530
|
|
|
18,028
|
|
|
10,825
|
|
|
6,909
|
|
|
468
|
|
|
57,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statistical
data:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (a)
|
1.41
|
%
|
|
1.75
|
%
|
|
1.32
|
%
|
|
2.47
|
%
|
|
NM
|
|
|
0.86
|
%
|
Efficiency ratio
(b)
|
59.91
|
|
|
44.25
|
|
|
53.62
|
|
|
44.34
|
|
|
NM
|
|
|
65.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
Finance
|
|
|
Three Months Ended
March 31, 2014
|
Michigan
|
|
California
|
|
Texas
|
|
Markets
|
|
&
Other
|
|
Total
|
Earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense) (FTE)
|
$
|
183
|
|
|
$
|
172
|
|
|
$
|
136
|
|
|
$
|
72
|
|
|
$
|
(152)
|
|
|
$
|
411
|
|
Provision for credit
losses
|
3
|
|
|
11
|
|
|
6
|
|
|
(10)
|
|
|
(1)
|
|
|
9
|
|
Noninterest
income
|
84
|
|
|
34
|
|
|
34
|
|
|
40
|
|
|
16
|
|
|
208
|
|
Noninterest
expenses
|
161
|
|
|
96
|
|
|
90
|
|
|
48
|
|
|
11
|
|
|
406
|
|
Provision (benefit)
for income taxes (FTE)
|
37
|
|
|
36
|
|
|
26
|
|
|
18
|
|
|
(52)
|
|
|
65
|
|
Net income
(loss)
|
$
|
66
|
|
|
$
|
63
|
|
|
$
|
48
|
|
|
$
|
56
|
|
|
$
|
(94)
|
|
|
$
|
139
|
|
Net credit-related
charge-offs (recoveries)
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
6
|
|
|
$
|
(4)
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (a)
|
1.22
|
%
|
|
1.59
|
%
|
|
1.56
|
%
|
|
3.28
|
%
|
|
N/M
|
|
|
0.86
|
%
|
Efficiency ratio
(b)
|
60.47
|
|
|
46.66
|
|
|
52.94
|
|
|
43.28
|
|
|
N/M
|
|
|
65.79
|
|
(a)
|
Return on average
assets is calculated based on the greater of average assets or
average liabilities and attributed equity.
|
(b)
|
Noninterest expenses
as a percentage of the sum of net interest income (FTE) and
noninterest income excluding net securities gains.
|
FTE - Fully Taxable
Equivalent
|
N/M - Not
Meaningful
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES (unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
March
31,
|
December
31,
|
September
30,
|
June
30,
|
March
31,
|
(dollar amounts in
millions)
|
2015
|
2014
|
2014
|
2014
|
2014
|
|
|
|
|
|
|
Tier 1 Common
Capital Ratio:
|
|
|
|
|
|
Tier 1 and Tier 1
common capital (a)
|
n/a
|
|
$
|
7,169
|
|
$
|
7,105
|
|
$
|
7,027
|
|
$
|
6,962
|
|
|
|
|
|
|
|
Risk-weighted assets
(a)
|
n/a
|
|
68,273
|
|
67,106
|
|
66,911
|
|
65,788
|
|
|
|
|
|
|
|
Tier 1 and Tier 1
common risk-based capital ratio
|
n/a
|
|
10.50
|
%
|
10.59
|
%
|
10.50
|
%
|
10.58
|
%
|
|
|
|
|
|
|
Tangible Common
Equity Ratio:
|
|
|
|
|
|
Common shareholders'
equity
|
$
|
7,500
|
|
$
|
7,402
|
|
$
|
7,433
|
|
$
|
7,369
|
|
$
|
7,283
|
|
Less:
|
|
|
|
|
|
Goodwill
|
635
|
|
635
|
|
635
|
|
635
|
|
635
|
|
Other intangible
assets
|
15
|
|
15
|
|
15
|
|
15
|
|
16
|
|
Tangible common
equity
|
$
|
6,850
|
|
$
|
6,752
|
|
$
|
6,783
|
|
$
|
6,719
|
|
$
|
6,632
|
|
|
|
|
|
|
|
Total
assets
|
$
|
69,336
|
|
$
|
69,190
|
|
$
|
68,887
|
|
$
|
65,325
|
|
$
|
65,681
|
|
Less:
|
|
|
|
|
|
Goodwill
|
635
|
|
635
|
|
635
|
|
635
|
|
635
|
|
Other intangible
assets
|
15
|
|
15
|
|
15
|
|
15
|
|
16
|
|
Tangible
assets
|
$
|
68,686
|
|
$
|
68,540
|
|
$
|
68,237
|
|
$
|
64,675
|
|
$
|
65,030
|
|
|
|
|
|
|
|
Common equity
ratio
|
10.82
|
%
|
10.70
|
%
|
10.79
|
%
|
11.28
|
%
|
11.09
|
%
|
Tangible common
equity ratio
|
9.97
|
|
9.85
|
|
9.94
|
|
10.39
|
|
10.20
|
|
|
|
|
|
|
|
Tangible Common
Equity per Share of Common Stock:
|
|
|
|
|
|
Common shareholders'
equity
|
$
|
7,500
|
|
$
|
7,402
|
|
$
|
7,433
|
|
$
|
7,369
|
|
$
|
7,283
|
|
Tangible common
equity
|
6,850
|
|
6,752
|
|
6,783
|
|
6,719
|
|
6,632
|
|
|
|
|
|
|
|
Shares of common
stock outstanding (in millions)
|
178
|
|
179
|
|
180
|
|
181
|
|
182
|
|
|
|
|
|
|
|
Common shareholders'
equity per share of common stock
|
$
|
42.12
|
|
$
|
41.35
|
|
$
|
41.26
|
|
$
|
40.72
|
|
$
|
40.09
|
|
Tangible common
equity per share of common stock
|
38.47
|
|
37.72
|
|
37.65
|
|
37.12
|
|
36.50
|
|
(a)
|
Tier 1 capital and
risk-weighted assets as defined by Basel I risk-based capital
rules.
|
n/a - not
applicable.
|
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 Basel I risk-based
capital rules in effect through December 31,
2014. Effective January 1,
2015, regulatory capital components and risk-weighted assets
are defined by and calculated in conformity with Basel III
risk-based capital rules. 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