DALLAS, April 19, 2016
/PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today
reported first quarter 2016 net income of $60 million, compared to $116 million for the fourth quarter 2015 and
$134 million for the first quarter
2015. Earnings per diluted share were 34
cents for first quarter 2016 compared to 64 cents for fourth quarter 2015 and 73 cents for first quarter 2015.
"Our first quarter results were impacted by the current oil and
gas cycle, as we significantly increased our reserve for loan
losses," said Ralph W. Babb, Jr.,
chairman and chief executive officer. "We continue to be prudent in
our reserving approach. While this approach resulted in a higher
provision this quarter, our fundamental view of the energy sector
has not changed significantly. Additionally, during the quarter we
benefited from the December short-term rate increase, with loan
yields increasing and helping to drive a $14
million increase in net interest income."
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions, except per share data)
|
1st Qtr
'16
|
4th Qtr
'15
|
1st Qtr
'15
|
Net interest
income
|
$
|
447
|
|
|
$
|
433
|
|
|
$
|
413
|
|
|
Provision for credit
losses
|
148
|
|
|
60
|
|
|
14
|
|
|
Noninterest
income
|
246
|
|
|
268
|
|
|
252
|
|
|
Noninterest
expenses
|
460
|
|
|
484
|
|
|
456
|
|
|
Provision for income
taxes
|
25
|
|
|
41
|
|
|
61
|
|
|
|
|
|
|
|
|
|
Net income
|
60
|
|
|
116
|
|
|
134
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common shares
|
59
|
|
|
115
|
|
|
132
|
|
|
|
|
|
|
|
|
|
Diluted income per
common share
|
0.34
|
|
|
0.64
|
|
|
0.73
|
|
|
|
|
|
|
|
|
|
Average diluted
shares (in millions)
|
176
|
|
|
179
|
|
|
182
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital ratio (a)
|
10.56
|
%
|
|
10.54
|
%
|
|
10.40
|
%
|
|
Tangible common
equity ratio (b)
|
10.23
|
|
|
9.70
|
|
|
9.97
|
|
|
(a)
March 31, 2016 ratio is
estimated.
|
(b)
See Reconciliation of Non-GAAP
Financial Measures.
|
Comerica also announced today that it launched a comprehensive
review of its expense and revenue base in order to meaningfully
enhance profitability. The review is currently underway and
will include the assistance of the Boston Consulting Group, a
globally recognized consulting firm familiar with the challenges
facing the U.S. banking industry. Given the breadth of the review,
Comerica expects to provide more information around the
opportunities identified by the next quarterly earnings
announcement and deliver to shareholders, as soon as practical, a
broad, enterprise-wide plan, designed to help reach tangible
targets.
"We operate Comerica for the ultimate benefit of our
shareholders, and all of our actions will be directed to maximize
value, while not compromising our commitment to our clients,
culture, regulatory standing, responsible underwriting and strong
risk management," said Babb. "We have been undertaking a process
through which we are identifying meaningful opportunities to
enhance revenue, operate more efficiently and lower expenses, with
the goal of building a more profitable organization that is better
able to drive enhanced long-term value for shareholders. We are
going to pursue our cost and revenue initiative with the urgency it
deserves and continue to utilize our strengths and competitive
position to improve our results."
First Quarter 2016 Compared to Fourth
Quarter 2015
- Average total loans decreased $156
million to $48.4 billion,
primarily reflecting decreases in general Middle Market, Energy and
Mortgage Banker Finance, partially offset by an increase in
Commercial Real Estate. Period-end total loans increased
$293 million, to $49.4 billion.
- Average total deposits decreased $3.0 billion to $56.7
billion, reflecting seasonality, purposeful pricing
discipline and strategic actions in light of new liquidity coverage
ratio rules, with the largest declines in Corporate Banking, the
Financial Services Division and Municipalities. Period-end total
deposits decreased $3.5 billion to
$56.4 billion. A majority of the
decrease related to an elevated deposit level associated with the
government card program at year-end.
- Net interest income increased $14
million to $447 million,
primarily reflecting an increase in loan yields, mostly due to
increases in short-term rates, and a larger average securities
portfolio, partially offset by one fewer day in the first quarter.
The net interest margin increased 23 basis points to 2.81 percent,
primarily reflecting higher loan yields and a decrease in Federal
Reserve Bank deposits.
- The provision for credit losses increased $88 million to $148
million. The allowance for loan losses increased
$90 million to $724 million, primarily due to an increase in
reserves in the Energy business line, partially offset by
improvements in credit quality. Net credit-related charge-offs were
$58 million, or 0.49 percent,
including $42 million for Energy
loans.
- Noninterest income decreased $22
million to $246 million,
primarily due to decreases of $10
million in commercial lending fees, following a strong
fourth quarter 2015, and $7 million
in deferred compensation asset returns.
- Noninterest expenses decreased $24
million to $460 million,
primarily reflecting a decrease of $14
million in salaries and benefits expense and smaller
decreases in many other categories.
- Capital remained solid at March
31, 2016, as evidenced by an estimated common equity Tier 1
capital ratio of 10.56 percent and a tangible common equity ratio
of 10.23 percent.
- Comerica repurchased approximately 1.2 million shares of
common stock under the equity repurchase program.
First Quarter 2016 Compared to First Quarter
2015
- Average total loans increased $241
million, primarily reflecting increases in Commercial Real
Estate, Technology and Life Sciences, National Dealer Services and
Mortgage Banker Finance, partially offset by decreases in general
Middle Market, Energy and Corporate Banking.
- Average total deposits decreased $282 million, primarily driven by a decrease in
Municipalities.
- Net interest income increased $34
million, primarily reflecting the benefits from higher loan
yields, a larger average securities portfolio and an increase in
average loans.
- The provision for credit losses increased $134 million, primarily due to an increase in
reserves in the Energy business line.
- Noninterest income decreased $6
million, primarily reflecting decreases in deferred
compensation asset returns and commercial lending fees, partially
offset by an increase in card fees.
- Noninterest expenses increased $4
million, primarily due to an increase in technology-related
expense and higher outside processing expenses related to revenue
generating activities, partially offset by a decrease in deferred
compensation plan expense.
Net Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'16
|
|
4th Qtr
'15
|
|
1st Qtr
'15
|
Net interest
income
|
$
|
447
|
|
|
$
|
433
|
|
|
$
|
413
|
|
|
|
|
|
|
|
Net interest
margin
|
2.81
|
%
|
|
2.58
|
%
|
|
2.64
|
%
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Total earning
assets
|
$
|
64,123
|
|
|
$
|
66,818
|
|
|
$
|
63,480
|
|
Total
loans
|
48,392
|
|
|
48,548
|
|
|
48,151
|
|
Total investment
securities
|
12,357
|
|
|
10,864
|
|
|
9,907
|
|
Federal Reserve Bank
deposits
|
3,071
|
|
|
7,073
|
|
|
5,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
deposits
|
56,708
|
|
|
59,736
|
|
|
56,990
|
|
Total
noninterest-bearing deposits
|
28,052
|
|
|
29,627
|
|
|
26,697
|
|
|
|
- Net interest income increased $14
million to $447 million in the
first quarter 2016, compared to the fourth quarter 2015.
- Interest on loans increased $11
million, primarily reflecting an increase in yields (+$19
million), partially offset by the effect of one fewer day in the
first quarter (-$4 million) and lower
interest recognized on nonaccrual loans (-$3
million). The increase in loan yields primarily reflected
the benefit from the increase in short-term rates, partially offset
by lower loan prepayment fees and other portfolio
dynamics.
- Interest on investment securities increased $6 million, primarily reflecting the reinvestment
of Federal Reserve Bank deposits into higher yielding Treasury
securities in the second half of the fourth quarter
2015.
- Interest on temporary investments decreased $2 million, reflecting a decrease in average
Federal Reserve Bank deposit balances (-$5
million), partially offset by a benefit from the increase in
short-term rates (+$3 million).
- The net interest margin of 2.81 percent increased 23
basis points compared to the fourth quarter 2015, primarily due to
higher loan yields (+12 basis points) and the impact of a decrease
in lower-yielding Federal Reserve Bank deposit balances (+13 basis
points), partially offset by the decrease in interest recognized on
nonaccrual loans (-2 basis points).
Noninterest Income
Noninterest income decreased $22
million to $246 million in the
first quarter 2016, compared to $268
million for the fourth quarter 2015. The decrease primarily
reflected decreases of $10 million in
commercial lending fees, $7 million
in deferred compensation asset returns and other impacts including
lower bank-owned life insurance income and securities activity. The
decrease in commercial lending fees reflected strong fourth quarter
2015 syndication agent fees as well as a decrease in commitment
fees, which resulted from a combination of higher utilization
levels and lower commitment totals in the first quarter 2016.
Deferred compensation asset returns are offset by deferred
compensation plan expense in noninterest expenses.
Noninterest Expenses
Noninterest expenses decreased $24
million to $460 million in the
first quarter 2016, compared to $484
million for the fourth quarter 2015, primarily reflecting
decreases of $14 million in salaries
and benefits expense and decreases of $3
million each in consulting fee expense, advertising expense
and net occupancy expense. The decrease in salaries and benefits
expense primarily reflected decreases in pension expense, deferred
compensation plan expense, technology-related contract labor
expenses, and the impact of one fewer day in the quarter, partially
offset by a seasonal increase in share-based compensation
expense.
Credit Quality
"The provision for credit losses was $148
million and the allowance increased $90 million," said Babb. "The provision reflected
the high end of the range in our 2016 guidance for the incremental
impact of energy loans, adjusted upward for revised regulatory
guidance, and includes the results of the Shared National Credit
(SNC) exam. At March 31, 2016, our
reserve allocation for loans in the Energy business line was nearly
8 percent. While the current oil and gas cycle presents a
significant challenge, we believe we are adequately reserved. And
remember, those reserves may not turn into losses. Aside from the
provision for Energy loans, overall credit quality continued to be
solid, and we are not detecting any noteworthy deterioration in
Texas. Total net credit-related
charge-offs were $58 million, or 49
basis points of average loans. Excluding Energy, net credit-related
charge-offs for the remainder of the portfolio were low at
$16 million, or 15 basis points."
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'16
|
|
4th Qtr
'15
|
|
1st Qtr
'15
|
Credit-related
charge-offs
|
$
|
83
|
|
|
$
|
76
|
|
|
$
|
23
|
|
Recoveries
|
25
|
|
|
25
|
|
|
15
|
|
Net credit-related
charge-offs
|
58
|
|
|
51
|
|
|
8
|
|
Net credit-related
charge-offs/Average total loans
|
0.49
|
%
|
|
0.42
|
%
|
|
0.07
|
%
|
|
|
|
|
|
|
Provision for credit
losses
|
$
|
148
|
|
|
$
|
60
|
|
|
$
|
14
|
|
|
|
|
|
|
|
Nonperforming
loans
|
689
|
|
|
379
|
|
|
279
|
|
Nonperforming assets
(NPAs)
|
714
|
|
|
391
|
|
|
288
|
|
NPAs/Total loans and
foreclosed property
|
1.45
|
%
|
|
0.80
|
%
|
|
0.59
|
%
|
|
|
|
|
|
|
Loans past due 90
days or more and still accruing
|
$
|
13
|
|
|
$
|
17
|
|
|
$
|
12
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
724
|
|
|
634
|
|
|
601
|
|
Allowance for credit
losses on lending-related commitments (a)
|
46
|
|
|
45
|
|
|
39
|
|
Total allowance for
credit losses
|
770
|
|
|
679
|
|
|
640
|
|
|
|
|
|
|
|
Allowance for loan
losses/Period-end total loans
|
1.47
|
%
|
|
1.29
|
%
|
|
1.22
|
%
|
Allowance for loan
losses/Nonperforming loans
|
105
|
|
|
167
|
|
|
216
|
|
(a)
Included in "Accrued expenses and
other liabilities" on the consolidated balance
sheets.
|
- Energy business line loans were $3.1 billion at both March
31, 2016 and December 31, 2015. Criticized Energy loans
increased $590 million, to
$1.8 billion, including a
$291 million increase in nonaccrual
loans. Energy net charge-offs were $42
million, compared to $27
million in the fourth quarter 2015.
- Net credit-related charge-offs increased $7 million to $58
million, or 0.49 percent of average loans, in the first
quarter 2016, compared to $51
million, or 0.42 percent, in the fourth quarter 2015. Fourth
quarter 2015 included a large charge-off resulting from
irregularities associated with a single Small Business
credit.
- During the first quarter 2016, $446 million of borrower relationships over
$2 million were transferred to
nonaccrual status.
- Criticized loans increased $735
million to $3.9 billion at
March 31, 2016, compared to
$3.2 billion at December 31,
2015.
Balance Sheet and Capital Management
Total assets and common shareholders' equity were $69.0 billion and $7.6
billion, respectively, at March 31, 2016, compared to
$71.9 billion and $7.6 billion, respectively, at December 31,
2015.
There were approximately 175 million common shares outstanding
at March 31, 2016. Repurchases under the equity repurchase
program were $42 million (1.2 million
shares). Diluted average shares decreased 3 million to 176 million
for the first quarter 2016.
The estimated common equity Tier 1 capital ratio, reflective of
transition provisions and excluding accumulated other comprehensive
income ("AOCI"), was 10.56 percent at March 31, 2016. Certain
deductions and adjustments to regulatory capital began phasing in
on January 1, 2015 and will be fully
implemented on January 1, 2018. The
estimated ratio under fully phased-in Basel III capital rules is
largely the same as the transitional ratio. Comerica's tangible
common equity ratio was 10.23 percent at March 31, 2016, an
increase of 53 basis points from December 31, 2015.
Full-Year 2016 Outlook
Excluding the first quarter energy impact on the provision for
credit losses, management expectations for full-year 2016 compared
to full-year 2015, assuming the energy outlook remains stable, as
well as a continuation of the current economic and low-rate
environment, have not changed materially. The outlook does not
reflect the impact of any revenue or expense initiatives that may
be undertaken as a result of the ongoing comprehensive review.
Management expects such impact to be reflected in the outlook
provided on the second quarter 2016 earnings call.
- Average loans modestly higher, in line with Gross
Domestic Product growth, reflecting a continued decline in Energy
more than offset by increases in most other lines of
business.
- Net interest income higher, reflecting the benefits from
the December 2015 short-term rate
increase, loan growth and a larger securities portfolio more than
offsetting higher funding costs.
- Full-year benefit from the December rise in short-term
rates expected to be more than $90
million if deposit prices remain at current
levels.
- Provision for credit losses higher, reflecting the first
quarter 2016 reserve build for Energy, with net charge-offs for the
remainder of the year between 45 basis points and 55 basis points.
Additional reserve changes dependent on developments in the oil and
gas sector. Continued solid credit quality in the remainder of the
portfolio, with metrics, absent Energy, better than historical
norms.
- Noninterest income modestly higher, primarily due to
growth in card fees from merchant processing services and
government card. Continued focus on cross-sell opportunities,
including wealth management products such as fiduciary and
brokerage services.
- Noninterest expenses higher, reflecting continued
increases in technology costs and regulatory expenses, increased
outside processing in line with growing revenue, higher FDIC
insurance expense in part due to regulatory surcharge, and typical
inflationary pressures. Additionally, 2015 benefited from a
$33 million legal reserve release,
which is offset by lower pension expense in 2016.
- Income 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
March 31, 2016 and are presented on a fully taxable equivalent
(FTE) basis. The accompanying narrative addresses first quarter
2016 results compared to fourth quarter 2015.
The following table presents net income (loss) by business
segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'16
|
|
4th Qtr
'15
|
|
1st Qtr
'15
|
Business
Bank
|
$
|
95
|
|
74
|
%
|
|
$
|
200
|
|
91
|
%
|
|
$
|
189
|
|
85
|
%
|
Retail
Bank
|
12
|
|
9
|
|
|
(1)
|
|
(1)
|
|
|
17
|
|
8
|
|
Wealth
Management
|
22
|
|
17
|
|
|
21
|
|
10
|
|
|
16
|
|
7
|
|
|
129
|
|
100
|
%
|
|
220
|
|
100
|
%
|
|
222
|
|
100
|
%
|
Finance
|
(68)
|
|
|
|
(102)
|
|
|
|
(89)
|
|
|
Other (a)
|
(1)
|
|
|
|
(2)
|
|
|
|
1
|
|
|
Total
|
$
|
60
|
|
|
|
$
|
116
|
|
|
|
$
|
134
|
|
|
(a)
|
Includes items not
directly associated with the three major business segments or the
Finance Division.
|
Business
Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'16
|
|
|
4th Qtr
'15
|
|
|
1st Qtr
'15
|
|
Net interest income
(FTE)
|
$
|
365
|
|
|
$
|
387
|
|
|
$
|
370
|
|
Provision for credit
losses
|
151
|
|
|
41
|
|
|
25
|
|
Noninterest
income
|
135
|
|
|
145
|
|
|
140
|
|
Noninterest
expenses
|
207
|
|
|
206
|
|
|
198
|
|
Net income
|
95
|
|
|
200
|
|
|
189
|
|
|
|
|
|
|
|
Net credit-related
charge-offs
|
57
|
|
|
35
|
|
|
9
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
38,635
|
|
|
38,765
|
|
|
38,654
|
|
Loans
|
37,561
|
|
|
37,682
|
|
|
37,623
|
|
Deposits
|
29,108
|
|
|
31,738
|
|
|
30,143
|
|
|
|
- Average loans decreased $121
million, primarily reflecting decreases in general Middle
Market, Energy and Mortgage Banker Finance, partially offset by an
increase in Commercial Real Estate.
- Average deposits decreased $2.6
billion, primarily reflecting decreases in Corporate
Banking, the Financial Services Division and Municipalities. The
decrease reflected seasonality, purposeful pricing discipline and
strategic actions in light of new liquidity coverage ratio
rules.
- Net interest income decreased $22
million, primarily reflecting an increase in net funds
transfer pricing (FTP) charges and the impact of one fewer day in
the quarter, partially offset by an increase in loan yields. The
increase in net FTP charges primarily reflected an increase in the
cost of funds due to the increase in short-term market rates as
well as lower funding credits due to the decrease in average
deposits.
- The provision for credit losses increased $110 million, primarily reflecting increases in
Energy and general Middle Market, partially offset by a decrease in
Commercial Real Estate.
- Noninterest income decreased $10
million, primarily due to a decrease in commercial lending
fees, which reflected strong fourth quarter 2015 syndication agent
fees as well as a decrease in commitment fees, which resulted from
a combination of higher utilization levels and lower commitment
totals in the first quarter 2016.
Retail
Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'16
|
|
|
4th Qtr
'15
|
|
|
1st Qtr
'15
|
|
Net interest income
(FTE)
|
$
|
157
|
|
|
$
|
160
|
|
|
$
|
151
|
|
Provision for credit
losses
|
3
|
|
|
23
|
|
|
(8)
|
|
Noninterest
income
|
43
|
|
|
49
|
|
|
41
|
|
Noninterest
expenses
|
179
|
|
|
191
|
|
|
174
|
|
Net income
(loss)
|
12
|
|
|
(1)
|
|
|
17
|
|
|
|
|
|
|
|
Net credit-related
charge-offs
|
2
|
|
|
25
|
|
|
—
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
6,544
|
|
|
6,549
|
|
|
6,368
|
|
Loans
|
5,867
|
|
|
5,868
|
|
|
5,694
|
|
Deposits
|
23,110
|
|
|
23,262
|
|
|
22,404
|
|
|
|
|
- Average deposits decreased $152
million, primarily reflecting a decrease in Small
Business.
- Net interest income decreased $3
million, primarily due to a decrease in net FTP credits,
largely due to the decrease in average deposits, and the impact of
one fewer day in the quarter.
- The provision for credit losses decreased $20 million, primarily due to a decrease in net
charge-offs in Small Business.
- Noninterest income decreased $6
million, primarily reflecting a securities loss and small
decreases in several categories.
- Noninterest expenses decreased $12
million, primarily reflecting decreases in salaries and
benefits expense, outside processing expenses and smaller decreases
in many other categories.
Wealth
Management
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'16
|
|
|
4th Qtr
'15
|
|
|
1st Qtr
'15
|
|
Net interest income
(FTE)
|
$
|
43
|
|
|
$
|
47
|
|
|
$
|
43
|
|
Provision for credit
losses
|
(5)
|
|
|
(7)
|
|
|
(1)
|
|
Noninterest
income
|
59
|
|
|
57
|
|
|
58
|
|
Noninterest
expenses
|
73
|
|
|
81
|
|
|
77
|
|
Net income
|
22
|
|
|
21
|
|
|
16
|
|
|
|
|
|
|
|
Net credit-related
charge-offs (recoveries)
|
(1)
|
|
|
(9)
|
|
|
(1)
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
5,162
|
|
|
5,199
|
|
|
5,029
|
|
Loans
|
4,964
|
|
|
4,998
|
|
|
4,834
|
|
Deposits
|
4,171
|
|
|
4,355
|
|
|
3,996
|
|
|
|
|
- Average loans decreased $34
million.
- Average deposits decreased $184
million, primarily reflecting a decrease in Private
Banking.
- Net interest income decreased $4
million, primarily due a decrease in net FTP credits,
largely due to a $184 million
decrease in average deposits as well as an increase in the cost of
funds, partially offset by higher loan yields.
- The provision for credit losses increased $2 million to a negative provision of
$5 million in the first quarter 2016,
primarily reflecting credit quality improvements.
- Noninterest income increased $2
million, primarily due to higher fiduciary
income.
- Noninterest expenses decreased $8
million, primarily reflecting decreases in operational
losses, legal expenses and salaries and benefits
expense.
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, 2016 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
'16
|
|
4th Qtr
'15
|
|
1st Qtr
'15
|
Michigan
|
$
|
72
|
|
56
|
%
|
|
$
|
83
|
|
37
|
%
|
|
$
|
76
|
|
35
|
%
|
California
|
74
|
|
57
|
|
|
90
|
|
41
|
|
|
72
|
|
32
|
|
Texas
|
(76)
|
|
(59)
|
|
|
(3)
|
|
(1)
|
|
|
32
|
|
14
|
|
Other
Markets
|
59
|
|
46
|
|
|
50
|
|
23
|
|
|
42
|
|
19
|
|
|
129
|
|
100
|
%
|
|
220
|
|
100
|
%
|
|
222
|
|
100
|
%
|
Finance & Other
(a)
|
(69)
|
|
|
|
(104)
|
|
|
|
(88)
|
|
|
Total
|
$
|
60
|
|
|
|
$
|
116
|
|
|
|
$
|
134
|
|
|
(a)
|
Includes items not
directly associated with the geographic markets.
|
- Average loans decreased $212
million in Michigan,
largely reflecting a decrease in general Middle Market, and
$130 million in Texas, primarily reflecting decreases in
National Dealer Services, Energy and general Middle Market,
partially offset by an increase in Commercial Real Estate. Average
loans increased $250 million in
California, primarily reflecting
increases in Commercial Real Estate and National Dealer
Services.
- Average deposits decreased $1.9
billion in California,
$427 million in Michigan and $433
million in Texas,
reflecting seasonality, purposeful pricing discipline and strategic
actions in light of new liquidity coverage ratio rules.
- Net interest income decreased $14
million in California,
$7 million in Michigan and $8
million in Texas. The
decrease in each market primarily reflected the FTP impact of the
decreases in average deposits and the impact of one fewer day in
the quarter.
- The provision for credit losses increased $112 million in Texas, $1
million in California and
$6 million in Michigan. The increase in Texas primarily reflected increases in net
charge-offs and reserves for Energy and general Middle Market. The
increase in Michigan was primarily
due to a charge-off in Corporate Banking.
- Noninterest income decreased $5
million in Michigan,
$2 million in California and $2
million in Texas. The
decreases in all markets were primarily the result of lower
syndication agent and commitment fees.
- Noninterest expenses decreased $10
million in Michigan,
$3 million in California and $3
million in Texas. The
decrease in Michigan primarily
reflected decreases in salaries and benefits expense, operational
losses and outside processing fees, partially offset by an increase
in asset disposal expense, as a benefit from the early termination
of certain leveraged leases in the fourth quarter 2015 was not
repeated. The decrease in California primarily reflected small decreases
in many categories, and the decrease in Texas was due primarily to a decrease in
salaries and benefits expense.
Michigan
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'16
|
|
|
4th Qtr
'15
|
|
|
1st Qtr
'15
|
|
Net interest income
(FTE)
|
$
|
176
|
|
|
$
|
183
|
|
|
$
|
177
|
|
Provision for credit
losses
|
(6)
|
|
|
(12)
|
|
|
(8)
|
|
Noninterest
income
|
76
|
|
|
81
|
|
|
84
|
|
Noninterest
expenses
|
150
|
|
|
160
|
|
|
155
|
|
Net income
|
72
|
|
|
83
|
|
|
76
|
|
|
|
|
|
|
|
Net credit-related
charge-offs (recoveries)
|
5
|
|
|
(2)
|
|
|
3
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
13,402
|
|
|
13,601
|
|
|
13,736
|
|
Loans
|
12,774
|
|
|
12,986
|
|
|
13,223
|
|
Deposits
|
21,696
|
|
|
22,123
|
|
|
21,710
|
|
|
California
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'16
|
|
|
4th Qtr
'15
|
|
|
1st Qtr
'15
|
|
Net interest income
(FTE)
|
$
|
179
|
|
|
$
|
193
|
|
|
$
|
176
|
|
Provision for credit
losses
|
(6)
|
|
|
(7)
|
|
|
(3)
|
|
Noninterest
income
|
38
|
|
|
40
|
|
|
34
|
|
Noninterest
expenses
|
104
|
|
|
107
|
|
|
97
|
|
Net income
|
74
|
|
|
90
|
|
|
72
|
|
|
|
|
|
|
|
Net credit-related
charge-offs
|
8
|
|
|
1
|
|
|
1
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
17,541
|
|
|
17,297
|
|
|
16,461
|
|
Loans
|
17,283
|
|
|
17,033
|
|
|
16,193
|
|
Deposits
|
16,654
|
|
|
18,545
|
|
|
16,837
|
|
|
Texas
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
1st Qtr
'16
|
|
|
4th Qtr
'15
|
|
|
1st Qtr
'15
|
|
Net interest income
(FTE)
|
$
|
123
|
|
|
$
|
131
|
|
|
$
|
131
|
|
Provision for credit
losses
|
169
|
|
|
57
|
|
|
21
|
|
Noninterest
income
|
30
|
|
|
32
|
|
|
34
|
|
Noninterest
expenses
|
100
|
|
|
103
|
|
|
94
|
|
Net income
(loss)
|
(76)
|
|
|
(3)
|
|
|
32
|
|
|
|
|
|
|
|
Net credit-related
charge-offs
|
47
|
|
|
33
|
|
|
3
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
Assets
|
11,295
|
|
|
11,474
|
|
|
12,192
|
|
Loans
|
10,763
|
|
|
10,893
|
|
|
11,535
|
|
Deposits
|
10,374
|
|
|
10,807
|
|
|
11,010
|
|
Conference Call and Webcast
Comerica will host a conference call to review first quarter
2016 financial results at 7 a.m. CT
Tuesday, April 19, 2016. Interested parties may access
the conference call by calling (877) 523-5249 or (210) 591-1147
(event ID No. 63729781). 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, in particular the
energy industry; unfavorable developments concerning credit
quality; 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; reductions in Comerica's credit rating; the
interdependence of financial service companies; the implementation
of Comerica's strategies and business initiatives; damage to
Comerica's reputation; 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, 2015.
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)
|
2016
|
2015
|
2015
|
PER COMMON SHARE
AND COMMON STOCK DATA
|
|
|
|
Diluted net
income
|
$
|
0.34
|
|
$
|
0.64
|
|
$
|
0.73
|
|
Cash dividends
declared
|
0.21
|
|
0.21
|
|
0.20
|
|
|
|
|
|
Average diluted
shares (in thousands)
|
176,055
|
|
179,197
|
|
182,268
|
|
KEY
RATIOS
|
|
|
|
Return on average
common shareholders' equity
|
3.13
|
%
|
6.08
|
%
|
7.20
|
%
|
Return on average
assets
|
0.34
|
|
0.64
|
|
0.78
|
|
Common equity tier 1
and tier 1 risk-based capital ratio (a)
|
10.56
|
|
10.54
|
|
10.40
|
|
Total risk-based
capital ratio (a)
|
12.82
|
|
12.69
|
|
12.35
|
|
Leverage ratio
(a)
|
10.60
|
|
10.22
|
|
10.53
|
|
Tangible common
equity ratio (b)
|
10.23
|
|
9.70
|
|
9.97
|
|
AVERAGE
BALANCES
|
|
|
|
Commercial
loans
|
$
|
30,814
|
|
$
|
31,219
|
|
$
|
31,090
|
|
Real estate
construction loans
|
2,114
|
|
1,961
|
|
1,938
|
|
Commercial mortgage
loans
|
8,961
|
|
8,842
|
|
8,581
|
|
Lease
financing
|
726
|
|
750
|
|
797
|
|
International
loans
|
1,419
|
|
1,402
|
|
1,512
|
|
Residential mortgage
loans
|
1,892
|
|
1,896
|
|
1,856
|
|
Consumer
loans
|
2,466
|
|
2,478
|
|
2,377
|
|
Total
loans
|
48,392
|
|
48,548
|
|
48,151
|
|
|
|
|
|
Earning
assets
|
64,123
|
|
66,818
|
|
63,480
|
|
Total
assets
|
69,228
|
|
71,907
|
|
68,735
|
|
|
|
|
|
Noninterest-bearing
deposits
|
28,052
|
|
29,627
|
|
26,697
|
|
Interest-bearing
deposits
|
28,656
|
|
30,109
|
|
30,293
|
|
Total
deposits
|
56,708
|
|
59,736
|
|
56,990
|
|
|
|
|
|
Common shareholders'
equity
|
7,632
|
|
7,613
|
|
7,453
|
|
NET INTEREST
INCOME (fully taxable equivalent basis)
|
|
|
|
Net interest
income
|
$
|
448
|
|
$
|
434
|
|
$
|
414
|
|
Net interest
margin
|
2.81
|
%
|
2.58
|
%
|
2.64
|
%
|
CREDIT
QUALITY
|
|
|
|
Total nonperforming
assets
|
$
|
714
|
|
$
|
391
|
|
$
|
288
|
|
|
|
|
|
Loans past due 90
days or more and still accruing
|
13
|
|
17
|
|
12
|
|
|
|
|
|
Net credit-related
charge-offs
|
58
|
|
51
|
|
8
|
|
|
|
|
|
Allowance for loan
losses
|
724
|
|
634
|
|
601
|
|
Allowance for credit
losses on lending-related commitments
|
46
|
|
45
|
|
39
|
|
Total allowance for
credit losses
|
770
|
|
679
|
|
640
|
|
|
|
|
|
Allowance for loan
losses as a percentage of total loans
|
1.47
|
%
|
1.29
|
%
|
1.22
|
%
|
Net credit-related
charge-offs as a percentage of average total loans
|
0.49
|
|
0.42
|
|
0.07
|
|
Nonperforming assets
as a percentage of total loans and foreclosed property
|
1.45
|
|
0.80
|
|
0.59
|
|
Allowance for loan
losses as a percentage of total nonperforming loans
|
105
|
|
167
|
|
216
|
|
(a)
|
March 31, 2016
ratios are estimated.
|
(b)
|
See Reconciliation of
Non-GAAP Financial Measures.
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
|
March 31,
|
December 31,
|
March 31,
|
(in millions,
except share data)
|
2016
|
2015
|
2015
|
|
(unaudited)
|
|
(unaudited)
|
ASSETS
|
|
|
|
Cash and due from
banks
|
$
|
977
|
|
$
|
1,157
|
|
$
|
1,170
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
2,025
|
|
4,990
|
|
4,792
|
|
Other short-term
investments
|
94
|
|
113
|
|
101
|
|
|
|
|
|
Investment securities
available-for-sale
|
10,607
|
|
10,519
|
|
8,214
|
|
Investment securities
held-to-maturity
|
1,907
|
|
1,981
|
|
1,871
|
|
|
|
|
|
Commercial
loans
|
31,562
|
|
31,659
|
|
32,091
|
|
Real estate
construction loans
|
2,290
|
|
2,001
|
|
1,917
|
|
Commercial mortgage
loans
|
8,982
|
|
8,977
|
|
8,558
|
|
Lease
financing
|
731
|
|
724
|
|
792
|
|
International
loans
|
1,455
|
|
1,368
|
|
1,433
|
|
Residential mortgage
loans
|
1,874
|
|
1,870
|
|
1,859
|
|
Consumer
loans
|
2,483
|
|
2,485
|
|
2,422
|
|
Total
loans
|
49,377
|
|
49,084
|
|
49,072
|
|
Less allowance for
loan losses
|
(724)
|
|
(634)
|
|
(601)
|
|
Net loans
|
48,653
|
|
48,450
|
|
48,471
|
|
|
|
|
|
Premises and
equipment
|
541
|
|
550
|
|
531
|
|
Accrued income and
other assets
|
4,203
|
|
4,117
|
|
4,183
|
|
Total
assets
|
$
|
69,007
|
|
$
|
71,877
|
|
$
|
69,333
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Noninterest-bearing
deposits
|
$
|
28,025
|
|
$
|
30,839
|
|
$
|
27,394
|
|
|
|
|
|
Money market and
interest-bearing checking deposits
|
22,872
|
|
23,532
|
|
23,727
|
|
Savings
deposits
|
2,006
|
|
1,898
|
|
1,817
|
|
Customer certificates
of deposit
|
3,401
|
|
3,552
|
|
4,497
|
|
Foreign office time
deposits
|
47
|
|
32
|
|
135
|
|
Total
interest-bearing deposits
|
28,326
|
|
29,014
|
|
30,176
|
|
Total
deposits
|
56,351
|
|
59,853
|
|
57,570
|
|
|
|
|
|
Short-term
borrowings
|
514
|
|
23
|
|
80
|
|
Accrued expenses and
other liabilities
|
1,389
|
|
1,383
|
|
1,500
|
|
Medium- and long-term
debt
|
3,109
|
|
3,058
|
|
2,683
|
|
Total
liabilities
|
61,363
|
|
64,317
|
|
61,833
|
|
|
|
|
|
Common stock - $5 par
value:
|
|
|
|
Authorized -
325,000,000 shares
|
|
|
|
Issued - 228,164,824
shares
|
1,141
|
|
1,141
|
|
1,141
|
|
Capital
surplus
|
2,158
|
|
2,173
|
|
2,188
|
|
Accumulated other
comprehensive loss
|
(328)
|
|
(429)
|
|
(370)
|
|
Retained
earnings
|
7,097
|
|
7,084
|
|
6,841
|
|
Less cost of common
stock in treasury - 53,086,733 shares at 3/31/16, 52,457,113 shares
at 12/31/15, and 50,114,399 shares at 3/31/15
|
(2,424)
|
|
(2,409)
|
|
(2,300)
|
|
Total shareholders'
equity
|
7,644
|
|
7,560
|
|
7,500
|
|
Total liabilities and
shareholders' equity
|
$
|
69,007
|
|
$
|
71,877
|
|
$
|
69,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
|
Fourth
|
Third
|
Second
|
First
|
|
First Quarter 2016
Compared To:
|
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|
Fourth Quarter
2015
|
|
First Quarter
2015
|
(in millions,
except per share data)
|
2016
|
2015
|
2015
|
2015
|
2015
|
|
Amount
|
Percent
|
|
Amount
|
Percent
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
406
|
|
$
|
395
|
|
$
|
390
|
|
$
|
388
|
|
$
|
378
|
|
|
$
|
11
|
|
3
|
%
|
|
$
|
28
|
|
7
|
%
|
Interest on
investment securities
|
62
|
|
56
|
|
54
|
|
53
|
|
53
|
|
|
6
|
|
10
|
|
|
9
|
|
18
|
|
Interest on
short-term investments
|
4
|
|
6
|
|
4
|
|
3
|
|
4
|
|
|
(2)
|
|
(21)
|
|
|
—
|
|
—
|
|
Total interest
income
|
472
|
|
457
|
|
448
|
|
444
|
|
435
|
|
|
15
|
|
3
|
|
|
37
|
|
9
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
10
|
|
10
|
|
11
|
|
11
|
|
11
|
|
|
—
|
|
—
|
|
|
(1)
|
|
(9)
|
|
Interest on medium-
and long-term debt
|
15
|
|
14
|
|
15
|
|
12
|
|
11
|
|
|
1
|
|
8
|
|
|
4
|
|
30
|
|
Total interest
expense
|
25
|
|
24
|
|
26
|
|
23
|
|
22
|
|
|
1
|
|
4
|
|
|
3
|
|
13
|
|
Net interest
income
|
447
|
|
433
|
|
422
|
|
421
|
|
413
|
|
|
$
|
14
|
|
3
|
|
|
$
|
34
|
|
8
|
|
Provision for credit
losses
|
148
|
|
60
|
|
26
|
|
47
|
|
14
|
|
|
88
|
|
n/m
|
|
|
134
|
|
n/m
|
|
Net interest income
after provision
for credit
losses
|
299
|
|
373
|
|
396
|
|
374
|
|
399
|
|
|
(74)
|
|
(20)
|
|
|
(100)
|
|
(25)
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Card fees
|
74
|
|
75
|
|
72
|
|
68
|
|
64
|
|
|
(1)
|
|
(1)
|
|
|
10
|
|
15
|
|
Service charges on
deposit accounts
|
55
|
|
55
|
|
57
|
|
56
|
|
55
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Fiduciary
income
|
46
|
|
45
|
|
47
|
|
48
|
|
47
|
|
|
1
|
|
3
|
|
|
(1)
|
|
(3)
|
|
Commercial lending
fees
|
20
|
|
30
|
|
22
|
|
22
|
|
25
|
|
|
(10)
|
|
(33)
|
|
|
(5)
|
|
(18)
|
|
Letter of credit
fees
|
13
|
|
14
|
|
13
|
|
13
|
|
13
|
|
|
(1)
|
|
(5)
|
|
|
—
|
|
—
|
|
Bank-owned life
insurance
|
9
|
|
11
|
|
10
|
|
10
|
|
9
|
|
|
(2)
|
|
(16)
|
|
|
—
|
|
—
|
|
Foreign exchange
income
|
10
|
|
11
|
|
10
|
|
9
|
|
10
|
|
|
(1)
|
|
(3)
|
|
|
—
|
|
—
|
|
Brokerage
fees
|
4
|
|
4
|
|
5
|
|
4
|
|
4
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
Net securities
losses
|
(2)
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
|
(2)
|
|
n/m
|
|
|
—
|
|
—
|
|
Other noninterest
income
|
17
|
|
23
|
|
26
|
|
27
|
|
27
|
|
|
(6)
|
|
(29)
|
|
|
(10)
|
|
(37)
|
|
Total noninterest
income
|
246
|
|
268
|
|
262
|
|
257
|
|
252
|
|
|
(22)
|
|
(8)
|
|
|
(6)
|
|
(2)
|
|
NONINTEREST
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits
expense
|
248
|
|
262
|
|
243
|
|
251
|
|
253
|
|
|
(14)
|
|
(5)
|
|
|
(5)
|
|
(2)
|
|
Outside processing
fee expense
|
79
|
|
81
|
|
84
|
|
82
|
|
74
|
|
|
(2)
|
|
(2)
|
|
|
5
|
|
7
|
|
Net occupancy
expense
|
38
|
|
41
|
|
41
|
|
39
|
|
38
|
|
|
(3)
|
|
(7)
|
|
|
—
|
|
—
|
|
Equipment
expense
|
13
|
|
14
|
|
13
|
|
13
|
|
13
|
|
|
(1)
|
|
(4)
|
|
|
—
|
|
—
|
|
Software
expense
|
29
|
|
26
|
|
26
|
|
24
|
|
23
|
|
|
3
|
|
11
|
|
|
6
|
|
21
|
|
FDIC insurance
expense
|
11
|
|
10
|
|
9
|
|
9
|
|
9
|
|
|
1
|
|
5
|
|
|
2
|
|
24
|
|
Advertising
expense
|
4
|
|
7
|
|
6
|
|
5
|
|
6
|
|
|
(3)
|
|
(49)
|
|
|
(2)
|
|
(42)
|
|
Litigation-related
expense
|
—
|
|
—
|
|
(3)
|
|
(30)
|
|
1
|
|
|
—
|
|
—
|
|
|
(1)
|
|
(70)
|
|
Other noninterest
expenses
|
38
|
|
43
|
|
40
|
|
39
|
|
39
|
|
|
(5)
|
|
(10)
|
|
|
(1)
|
|
(1)
|
|
Total noninterest
expenses
|
460
|
|
484
|
|
459
|
|
432
|
|
456
|
|
|
(24)
|
|
(5)
|
|
|
4
|
|
1
|
|
Income before income
taxes
|
85
|
|
157
|
|
199
|
|
199
|
|
195
|
|
|
(72)
|
|
(46)
|
|
|
(110)
|
|
(56)
|
|
Provision for income
taxes
|
25
|
|
41
|
|
63
|
|
64
|
|
61
|
|
|
(16)
|
|
(39)
|
|
|
(36)
|
|
(58)
|
|
NET
INCOME
|
60
|
|
116
|
|
136
|
|
135
|
|
134
|
|
|
(56)
|
|
(48)
|
|
|
(74)
|
|
(55)
|
|
Less income allocated
to participating securities
|
1
|
|
1
|
|
2
|
|
1
|
|
2
|
|
|
—
|
|
—
|
|
|
(1)
|
|
(63)
|
|
Net income
attributable to common shares
|
$
|
59
|
|
$
|
115
|
|
$
|
134
|
|
$
|
134
|
|
$
|
132
|
|
|
$
|
(56)
|
|
(48)
|
%
|
|
$
|
(73)
|
|
(55)
|
%
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.34
|
|
$
|
0.65
|
|
$
|
0.76
|
|
$
|
0.76
|
|
$
|
0.75
|
|
|
$
|
(0.31)
|
|
(48)
|
%
|
|
$
|
(0.41)
|
|
(55)
|
%
|
Diluted
|
0.34
|
|
0.64
|
|
0.74
|
|
0.73
|
|
0.73
|
|
|
(0.30)
|
|
(47)
|
|
|
(0.39)
|
|
(53)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
161
|
|
32
|
|
187
|
|
109
|
|
176
|
|
|
129
|
|
n/m
|
|
|
(15)
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared on common stock
|
37
|
|
37
|
|
37
|
|
37
|
|
36
|
|
|
—
|
|
—
|
|
|
1
|
|
3
|
|
Cash dividends
declared per common share
|
0.21
|
|
0.21
|
|
0.21
|
|
0.21
|
|
0.20
|
|
|
—
|
|
—
|
|
|
0.01
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF THE
ALLOWANCE FOR LOAN LOSSES (unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
(in
millions)
|
1st
Qtr
|
|
4th
Qtr
|
3rd
Qtr
|
2nd
Qtr
|
1st
Qtr
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
634
|
|
|
$
|
622
|
|
$
|
618
|
|
$
|
601
|
|
$
|
594
|
|
|
|
|
|
|
|
|
Loan
charge-offs:
|
|
|
|
|
|
|
Commercial
|
72
|
|
|
73
|
|
30
|
|
17
|
|
19
|
|
Commercial
mortgage
|
—
|
|
|
1
|
|
—
|
|
2
|
|
—
|
|
Lease
financing
|
—
|
|
|
—
|
|
—
|
|
1
|
|
—
|
|
International
|
3
|
|
|
—
|
|
1
|
|
11
|
|
2
|
|
Residential
mortgage
|
—
|
|
|
—
|
|
—
|
|
1
|
|
—
|
|
Consumer
|
2
|
|
|
2
|
|
3
|
|
3
|
|
2
|
|
Total loan
charge-offs
|
77
|
|
|
76
|
|
34
|
|
35
|
|
23
|
|
|
|
|
|
|
|
|
Recoveries on loans
previously charged-off:
|
|
|
|
|
|
|
Commercial
|
12
|
|
|
6
|
|
8
|
|
10
|
|
9
|
|
Real estate
construction
|
—
|
|
|
—
|
|
—
|
|
1
|
|
—
|
|
Commercial
mortgage
|
12
|
|
|
11
|
|
2
|
|
5
|
|
3
|
|
Residential
mortgage
|
—
|
|
|
1
|
|
—
|
|
—
|
|
1
|
|
Consumer
|
1
|
|
|
7
|
|
1
|
|
1
|
|
2
|
|
Total
recoveries
|
25
|
|
|
25
|
|
11
|
|
17
|
|
15
|
|
Net loan
charge-offs
|
52
|
|
|
51
|
|
23
|
|
18
|
|
8
|
|
Provision for loan
losses
|
141
|
|
|
63
|
|
28
|
|
35
|
|
16
|
|
Foreign currency
translation adjustment
|
1
|
|
|
—
|
|
(1)
|
|
—
|
|
(1)
|
|
Balance at end of
period
|
$
|
724
|
|
|
$
|
634
|
|
$
|
622
|
|
$
|
618
|
|
$
|
601
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage of total loans
|
1.47
|
%
|
|
1.29
|
%
|
1.27
|
%
|
1.24
|
%
|
1.22
|
%
|
|
|
|
|
|
|
|
Net loan charge-offs
as a percentage of average total loans
|
0.43
|
|
|
0.42
|
|
0.19
|
|
0.15
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF THE
ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS
(unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
(in
millions)
|
1st
Qtr
|
|
4th
Qtr
|
3rd
Qtr
|
2nd
Qtr
|
1st
Qtr
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
45
|
|
|
$
|
48
|
|
$
|
50
|
|
$
|
39
|
|
$
|
41
|
|
Charge-offs on
lending-related commitments (a)
|
(6)
|
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
Provision for credit
losses on lending-related commitments
|
7
|
|
|
(3)
|
|
(2)
|
|
12
|
|
(2)
|
|
Balance at end of
period
|
$
|
46
|
|
|
$
|
45
|
|
$
|
48
|
|
$
|
50
|
|
$
|
39
|
|
|
|
|
|
|
|
|
Unfunded
lending-related commitments sold
|
$
|
11
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
12
|
|
$
|
1
|
|
(a) Charge-offs result from the sale of unfunded
lending-related commitments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING
ASSETS (unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
(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
|
$
|
547
|
|
|
$
|
238
|
|
$
|
214
|
|
$
|
186
|
|
$
|
113
|
|
Real estate
construction
|
—
|
|
|
1
|
|
1
|
|
1
|
|
1
|
|
Commercial
mortgage
|
47
|
|
|
60
|
|
66
|
|
77
|
|
82
|
|
Lease
financing
|
6
|
|
|
6
|
|
8
|
|
11
|
|
—
|
|
International
|
27
|
|
|
8
|
|
8
|
|
9
|
|
1
|
|
Total nonaccrual business loans
|
627
|
|
|
313
|
|
297
|
|
284
|
|
197
|
|
Retail
loans:
|
|
|
|
|
|
|
Residential
mortgage
|
26
|
|
|
27
|
|
31
|
|
35
|
|
37
|
|
Consumer:
|
|
|
|
|
|
|
Home
equity
|
27
|
|
|
27
|
|
28
|
|
29
|
|
31
|
|
Other
consumer
|
1
|
|
|
—
|
|
1
|
|
1
|
|
1
|
|
Total
consumer
|
28
|
|
|
27
|
|
29
|
|
30
|
|
32
|
|
Total
nonaccrual retail loans
|
54
|
|
|
54
|
|
60
|
|
65
|
|
69
|
|
Total nonaccrual
loans
|
681
|
|
|
367
|
|
357
|
|
349
|
|
266
|
|
Reduced-rate
loans
|
8
|
|
|
12
|
|
12
|
|
12
|
|
13
|
|
Total nonperforming
loans
|
689
|
|
|
379
|
|
369
|
|
361
|
|
279
|
|
Foreclosed
property
|
25
|
|
|
12
|
|
12
|
|
9
|
|
9
|
|
Total nonperforming
assets
|
$
|
714
|
|
|
$
|
391
|
|
$
|
381
|
|
$
|
370
|
|
$
|
288
|
|
|
|
|
|
|
|
|
Nonperforming loans
as a percentage of total loans
|
1.40
|
%
|
|
0.77
|
%
|
0.75
|
%
|
0.72
|
%
|
0.57
|
%
|
Nonperforming assets
as a percentage of total loans and foreclosed property
|
1.45
|
|
|
0.80
|
|
0.78
|
|
0.74
|
|
0.59
|
|
Allowance for loan
losses as a percentage of total nonperforming loans
|
105
|
|
|
167
|
|
169
|
|
171
|
|
216
|
|
Loans past due 90
days or more and still accruing
|
$
|
13
|
|
|
$
|
17
|
|
$
|
5
|
|
$
|
18
|
|
$
|
12
|
|
|
|
|
|
|
|
|
ANALYSIS OF
NONACCRUAL LOANS
|
|
|
|
|
|
|
Nonaccrual loans at
beginning of period
|
$
|
367
|
|
|
$
|
357
|
|
$
|
349
|
|
$
|
266
|
|
$
|
273
|
|
Loans transferred to
nonaccrual (a)
|
446
|
|
|
105
|
|
69
|
|
145
|
|
39
|
|
Nonaccrual business
loan gross charge-offs (b)
|
(75)
|
|
|
(49)
|
|
(31)
|
|
(31)
|
|
(21)
|
|
Loans transferred to
accrual status (a)
|
—
|
|
|
—
|
|
—
|
|
—
|
|
(4)
|
|
Nonaccrual business
loans sold (c)
|
(21)
|
|
|
—
|
|
—
|
|
(1)
|
|
(2)
|
|
Payments/Other
(d)
|
(36)
|
|
|
(46)
|
|
(30)
|
|
(30)
|
|
(19)
|
|
Nonaccrual loans at
end of period
|
$
|
681
|
|
|
$
|
367
|
|
$
|
357
|
|
$
|
349
|
|
$
|
266
|
|
(a) Based on an
analysis of nonaccrual loans with book balances greater than $2
million.
|
(b) Analysis of gross
loan charge-offs:
|
|
|
|
|
|
|
Nonaccrual
business loans
|
$
|
75
|
|
|
$
|
49
|
|
$
|
31
|
|
$
|
31
|
|
$
|
21
|
|
Performing
business loans
|
—
|
|
|
25
|
|
—
|
|
—
|
|
—
|
|
Consumer and
residential mortgage loans
|
2
|
|
|
2
|
|
3
|
|
4
|
|
2
|
|
Total gross
loan charge-offs
|
$
|
77
|
|
|
$
|
76
|
|
$
|
34
|
|
$
|
35
|
|
$
|
23
|
|
(c) Analysis of loans
sold:
|
|
|
|
|
|
|
Nonaccrual
business loans
|
$
|
21
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
1
|
|
$
|
2
|
|
Performing
criticized loans
|
—
|
|
|
3
|
|
—
|
|
—
|
|
7
|
|
Total criticized loans sold
|
$
|
21
|
|
|
$
|
3
|
|
$
|
—
|
|
$
|
1
|
|
$
|
9
|
|
(d) 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,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
(dollar amounts in
millions)
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
$
|
30,814
|
|
$
|
250
|
|
3.25
|
%
|
|
$
|
31,219
|
|
$
|
245
|
|
3.11
|
%
|
|
$
|
31,090
|
|
$
|
234
|
|
3.06
|
%
|
Real estate
construction loans
|
2,114
|
|
19
|
|
3.66
|
|
|
1,961
|
|
18
|
|
3.58
|
|
|
1,938
|
|
16
|
|
3.36
|
|
Commercial mortgage
loans
|
8,961
|
|
80
|
|
3.59
|
|
|
8,842
|
|
76
|
|
3.43
|
|
|
8,581
|
|
73
|
|
3.44
|
|
Lease
financing
|
726
|
|
6
|
|
3.33
|
|
|
750
|
|
6
|
|
3.29
|
|
|
797
|
|
6
|
|
3.05
|
|
International
loans
|
1,419
|
|
13
|
|
3.65
|
|
|
1,402
|
|
12
|
|
3.40
|
|
|
1,512
|
|
14
|
|
3.71
|
|
Residential mortgage
loans
|
1,892
|
|
19
|
|
3.94
|
|
|
1,896
|
|
18
|
|
3.75
|
|
|
1,856
|
|
17
|
|
3.76
|
|
Consumer
loans
|
2,466
|
|
20
|
|
3.33
|
|
|
2,478
|
|
21
|
|
3.38
|
|
|
2,377
|
|
19
|
|
3.21
|
|
Total
loans
|
48,392
|
|
407
|
|
3.38
|
|
|
48,548
|
|
396
|
|
3.24
|
|
|
48,151
|
|
379
|
|
3.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities (a)
|
9,356
|
|
51
|
|
2.22
|
|
|
9,226
|
|
51
|
|
2.25
|
|
|
9,071
|
|
51
|
|
2.26
|
|
Other investment
securities
|
3,001
|
|
11
|
|
1.50
|
|
|
1,638
|
|
5
|
|
1.37
|
|
|
836
|
|
2
|
|
1.10
|
|
Total investment
securities (a)
|
12,357
|
|
62
|
|
2.05
|
|
|
10,864
|
|
56
|
|
2.11
|
|
|
9,907
|
|
53
|
|
2.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
3,265
|
|
4
|
|
0.50
|
|
|
7,300
|
|
5
|
|
0.28
|
|
|
5,323
|
|
4
|
|
0.26
|
|
Other short-term
investments
|
109
|
|
—
|
|
0.93
|
|
|
106
|
|
1
|
|
0.91
|
|
|
99
|
|
—
|
|
1.11
|
|
Total earning
assets
|
64,123
|
|
473
|
|
2.97
|
|
|
66,818
|
|
458
|
|
2.73
|
|
|
63,480
|
|
436
|
|
2.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
1,068
|
|
|
|
|
1,071
|
|
|
|
|
1,027
|
|
|
|
Allowance for loan
losses
|
(680)
|
|
|
|
|
(641)
|
|
|
|
|
(601)
|
|
|
|
Accrued income and
other assets
|
4,717
|
|
|
|
|
4,659
|
|
|
|
|
4,829
|
|
|
|
Total
assets
|
$
|
69,228
|
|
|
|
|
$
|
71,907
|
|
|
|
|
$
|
68,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and
interest-bearing checking deposits
|
$
|
23,193
|
|
6
|
|
0.11
|
|
|
$
|
24,368
|
|
6
|
|
0.11
|
|
|
$
|
23,960
|
|
6
|
|
0.11
|
|
Savings
deposits
|
1,936
|
|
—
|
|
0.02
|
|
|
1,883
|
|
—
|
|
0.02
|
|
|
1,786
|
|
—
|
|
0.03
|
|
Customer certificates
of deposit
|
3,477
|
|
4
|
|
0.40
|
|
|
3,763
|
|
4
|
|
0.39
|
|
|
4,423
|
|
4
|
|
0.37
|
|
Foreign office time
deposits
|
50
|
|
—
|
|
0.33
|
|
|
95
|
|
—
|
|
0.59
|
|
|
124
|
|
1
|
|
1.46
|
|
Total
interest-bearing deposits
|
28,656
|
|
10
|
|
0.14
|
|
|
30,109
|
|
10
|
|
0.14
|
|
|
30,293
|
|
11
|
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
365
|
|
—
|
|
0.45
|
|
|
92
|
|
—
|
|
0.06
|
|
|
110
|
|
—
|
|
0.06
|
|
Medium- and long-term
debt
|
3,093
|
|
15
|
|
1.94
|
|
|
3,089
|
|
14
|
|
1.79
|
|
|
2,686
|
|
11
|
|
1.73
|
|
Total
interest-bearing sources
|
32,114
|
|
25
|
|
0.32
|
|
|
33,290
|
|
24
|
|
0.29
|
|
|
33,089
|
|
22
|
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
28,052
|
|
|
|
|
29,627
|
|
|
|
|
26,697
|
|
|
|
Accrued expenses and
other liabilities
|
1,430
|
|
|
|
|
1,377
|
|
|
|
|
1,496
|
|
|
|
Total shareholders'
equity
|
7,632
|
|
|
|
|
7,613
|
|
|
|
|
7,453
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
69,228
|
|
|
|
|
$
|
71,907
|
|
|
|
|
$
|
68,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/rate spread (FTE)
|
|
$
|
448
|
|
2.65
|
|
|
|
$
|
434
|
|
2.44
|
|
|
|
$
|
414
|
|
2.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE
adjustment
|
|
$
|
1
|
|
|
|
|
$
|
1
|
|
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of net
noninterest-bearing sources of funds
|
|
|
0.16
|
|
|
|
|
0.14
|
|
|
|
|
0.13
|
|
Net interest margin
(as a percentage of average earning assets) (FTE)
|
|
|
2.81
|
%
|
|
|
|
2.58
|
%
|
|
|
|
2.64
|
%
|
(a)
|
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)
|
2016
|
2015
|
2015
|
2015
|
2015
|
|
|
|
|
|
|
Commercial
loans:
|
|
|
|
|
|
Floor plan
|
$
|
3,902
|
|
$
|
3,939
|
|
$
|
3,538
|
|
$
|
3,840
|
|
$
|
3,544
|
|
Other
|
27,660
|
|
27,720
|
|
28,239
|
|
28,883
|
|
28,547
|
|
Total commercial
loans
|
31,562
|
|
31,659
|
|
31,777
|
|
32,723
|
|
32,091
|
|
Real estate
construction loans
|
2,290
|
|
2,001
|
|
1,874
|
|
1,795
|
|
1,917
|
|
Commercial mortgage
loans
|
8,982
|
|
8,977
|
|
8,787
|
|
8,674
|
|
8,558
|
|
Lease
financing
|
731
|
|
724
|
|
751
|
|
786
|
|
792
|
|
International
loans
|
1,455
|
|
1,368
|
|
1,382
|
|
1,420
|
|
1,433
|
|
Residential mortgage
loans
|
1,874
|
|
1,870
|
|
1,880
|
|
1,865
|
|
1,859
|
|
Consumer
loans:
|
|
|
|
|
|
Home
equity
|
1,738
|
|
1,720
|
|
1,714
|
|
1,682
|
|
1,678
|
|
Other
consumer
|
745
|
|
765
|
|
777
|
|
796
|
|
744
|
|
Total consumer
loans
|
2,483
|
|
2,485
|
|
2,491
|
|
2,478
|
|
2,422
|
|
Total
loans
|
$
|
49,377
|
|
$
|
49,084
|
|
$
|
48,942
|
|
$
|
49,741
|
|
$
|
49,072
|
|
|
|
|
|
|
|
Goodwill
|
$
|
635
|
|
$
|
635
|
|
$
|
635
|
|
$
|
635
|
|
$
|
635
|
|
Core deposit
intangible
|
9
|
|
10
|
|
10
|
|
11
|
|
12
|
|
Other
intangibles
|
4
|
|
4
|
|
4
|
|
4
|
|
3
|
|
|
|
|
|
|
|
Common equity tier 1
capital (a)
|
7,331
|
|
7,350
|
|
7,327
|
|
7,280
|
|
7,230
|
|
Risk-weighted assets
(a)
|
69,427
|
|
69,731
|
|
69,718
|
|
69,967
|
|
69,514
|
|
|
|
|
|
|
|
Common equity tier 1
and tier 1 risk-based capital ratio (a)
|
10.56
|
%
|
10.54
|
%
|
10.51
|
%
|
10.40
|
%
|
10.40
|
%
|
Total risk-based
capital ratio (a)
|
12.82
|
|
12.69
|
|
12.82
|
|
12.38
|
|
12.35
|
|
Leverage ratio
(a)
|
10.60
|
|
10.22
|
|
10.28
|
|
10.56
|
|
10.53
|
|
Tangible common
equity ratio (b)
|
10.23
|
|
9.70
|
|
9.91
|
|
9.92
|
|
9.97
|
|
|
|
|
|
|
|
Common shareholders'
equity per share of common stock
|
$
|
43.66
|
|
$
|
43.03
|
|
$
|
43.02
|
|
$
|
42.18
|
|
$
|
42.12
|
|
Tangible common
equity per share of common stock (b)
|
39.96
|
|
39.33
|
|
39.36
|
|
38.53
|
|
38.47
|
|
Market value per
share for the quarter:
|
|
|
|
|
|
High
|
41.74
|
|
47.44
|
|
52.93
|
|
53.45
|
|
47.94
|
|
Low
|
30.48
|
|
39.52
|
|
40.01
|
|
44.38
|
|
40.09
|
|
Close
|
37.87
|
|
41.83
|
|
41.10
|
|
51.32
|
|
45.13
|
|
|
|
|
|
|
|
Quarterly
ratios:
|
|
|
|
|
|
Return on average
common shareholders' equity
|
3.13
|
%
|
6.08
|
%
|
7.19
|
%
|
7.21
|
%
|
7.20
|
%
|
Return on average
assets
|
0.34
|
|
0.64
|
|
0.76
|
|
0.79
|
|
0.78
|
|
Efficiency ratio
(c)
|
66.07
|
|
69.00
|
|
66.98
|
|
63.49
|
|
68.37
|
|
|
|
|
|
|
|
Number of banking
centers
|
477
|
|
477
|
|
477
|
|
477
|
|
482
|
|
|
|
|
|
|
|
Number of employees -
full time equivalent
|
8,869
|
|
8,880
|
|
8,941
|
|
8,901
|
|
8,831
|
|
(a)
|
March 31, 2016
amounts and 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
|
|
|
|
|
|
|
|
|
March 31,
|
December 31,
|
March 31,
|
(in millions,
except share data)
|
2016
|
2015
|
2015
|
|
|
|
|
ASSETS
|
|
|
|
Cash and due from
subsidiary bank
|
$
|
5
|
|
$
|
4
|
|
$
|
5
|
|
Short-term
investments with subsidiary bank
|
546
|
|
569
|
|
1,139
|
|
Other short-term
investments
|
84
|
|
89
|
|
95
|
|
Investment in
subsidiaries, principally banks
|
7,612
|
|
7,523
|
|
7,479
|
|
Premises and
equipment
|
2
|
|
3
|
|
2
|
|
Other
assets
|
172
|
|
137
|
|
158
|
|
Total
assets
|
$
|
8,421
|
|
$
|
8,325
|
|
$
|
8,878
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Medium- and long-term
debt
|
$
|
626
|
|
$
|
608
|
|
$
|
1,216
|
|
Other
liabilities
|
151
|
|
157
|
|
162
|
|
Total
liabilities
|
777
|
|
765
|
|
1,378
|
|
|
|
|
|
Common stock - $5 par
value:
|
|
|
|
Authorized - 325,000,000
shares
|
|
|
|
Issued - 228,164,824
shares
|
1,141
|
|
1,141
|
|
1,141
|
|
Capital
surplus
|
2,158
|
|
2,173
|
|
2,188
|
|
Accumulated other
comprehensive loss
|
(328)
|
|
(429)
|
|
(370)
|
|
Retained
earnings
|
7,097
|
|
7,084
|
|
6,841
|
|
Less cost of common
stock in treasury - 53,086,733 shares at 3/31/16, 52,457,113 shares
at 12/31/15 and 50,114,399 shares at 3/31/15
|
(2,424)
|
|
(2,409)
|
|
(2,300)
|
|
Total
shareholders' equity
|
7,644
|
|
7,560
|
|
7,500
|
|
Total liabilities
and shareholders' equity
|
$
|
8,421
|
|
$
|
8,325
|
|
$
|
8,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 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
|
|
|
|
|
|
|
|
|
|
BALANCE AT
DECEMBER 31, 2015
|
175.7
|
|
$
|
1,141
|
|
$
|
2,173
|
|
$
|
(429)
|
|
$
|
7,084
|
|
$
|
(2,409)
|
|
$
|
7,560
|
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
60
|
|
—
|
|
60
|
|
Other comprehensive
income, net of tax
|
—
|
|
—
|
|
—
|
|
101
|
|
—
|
|
—
|
|
101
|
|
Cash dividends
declared on common stock ($0.21 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
(37)
|
|
—
|
|
(37)
|
|
Purchase of common
stock
|
(1.4)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(49)
|
|
(49)
|
|
Net issuance of
common stock under employee stock plans
|
0.8
|
|
—
|
|
(35)
|
|
—
|
|
(10)
|
|
34
|
|
(11)
|
|
Share-based
compensation
|
—
|
|
—
|
|
20
|
|
—
|
|
—
|
|
—
|
|
20
|
|
BALANCE AT MARCH
31, 2016
|
175.1
|
|
$
|
1,141
|
|
$
|
2,158
|
|
$
|
(328)
|
|
$
|
7,097
|
|
$
|
(2,424)
|
|
$
|
7,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS
SEGMENT FINANCIAL RESULTS (unaudited)
|
Comerica
Incorporated and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
Business
|
|
Retail
|
|
Wealth
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
Bank
|
|
Bank
|
|
Management
|
|
Finance
|
|
Other
|
|
Total
|
Earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense) (FTE)
|
$
|
365
|
|
|
$
|
157
|
|
|
$
|
43
|
|
|
$
|
(121)
|
|
|
$
|
4
|
|
|
$
|
448
|
|
Provision for credit
losses
|
151
|
|
|
3
|
|
|
(5)
|
|
|
—
|
|
|
(1)
|
|
|
148
|
|
Noninterest
income
|
135
|
|
|
43
|
|
|
59
|
|
|
14
|
|
|
(5)
|
|
|
246
|
|
Noninterest
expenses
|
207
|
|
|
179
|
|
|
73
|
|
|
2
|
|
|
(1)
|
|
|
460
|
|
Provision (benefit)
for income taxes (FTE)
|
47
|
|
|
6
|
|
|
12
|
|
|
(41)
|
|
|
2
|
|
|
26
|
|
Net income
(loss)
|
$
|
95
|
|
|
$
|
12
|
|
|
$
|
22
|
|
|
$
|
(68)
|
|
|
$
|
(1)
|
|
|
$
|
60
|
|
Net credit-related
charge-offs (recoveries)
|
$
|
57
|
|
|
$
|
2
|
|
|
$
|
(1)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
38,635
|
|
|
$
|
6,544
|
|
|
$
|
5,162
|
|
|
$
|
14,186
|
|
|
$
|
4,701
|
|
|
$
|
69,228
|
|
Loans
|
37,561
|
|
|
5,867
|
|
|
4,964
|
|
|
—
|
|
|
—
|
|
|
48,392
|
|
Deposits
|
29,108
|
|
|
23,110
|
|
|
4,171
|
|
|
103
|
|
|
216
|
|
|
56,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statistical
data:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (a)
|
0.98
|
%
|
|
0.20
|
%
|
|
1.70
|
%
|
|
N/M
|
|
|
N/M
|
|
|
0.34
|
%
|
Efficiency ratio
(b)
|
41.41
|
|
|
88.47
|
|
|
71.32
|
|
|
N/M
|
|
|
N/M
|
|
|
66.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
|
|
Retail
|
|
Wealth
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
Bank
|
|
Bank
|
|
Management
|
|
Finance
|
|
Other
|
|
Total
|
Earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense) (FTE)
|
$
|
387
|
|
|
$
|
160
|
|
|
$
|
47
|
|
|
$
|
(162)
|
|
|
$
|
2
|
|
|
$
|
434
|
|
Provision for credit
losses
|
41
|
|
|
23
|
|
|
(7)
|
|
|
—
|
|
|
3
|
|
|
60
|
|
Noninterest
income
|
145
|
|
|
49
|
|
|
57
|
|
|
15
|
|
|
2
|
|
|
268
|
|
Noninterest
expenses
|
206
|
|
|
191
|
|
|
81
|
|
|
2
|
|
|
4
|
|
|
484
|
|
Provision (benefit)
for income taxes (FTE)
|
85
|
|
|
(4)
|
|
|
9
|
|
|
(47)
|
|
|
(1)
|
|
|
42
|
|
Net income
(loss)
|
$
|
200
|
|
|
$
|
(1)
|
|
|
$
|
21
|
|
|
$
|
(102)
|
|
|
$
|
(2)
|
|
|
$
|
116
|
|
Net credit-related
charge-offs (recoveries)
|
$
|
35
|
|
|
$
|
25
|
|
|
$
|
(9)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
38,765
|
|
|
$
|
6,549
|
|
|
$
|
5,199
|
|
|
$
|
12,678
|
|
|
$
|
8,716
|
|
|
$
|
71,907
|
|
Loans
|
37,682
|
|
|
5,868
|
|
|
4,998
|
|
|
—
|
|
|
—
|
|
|
48,548
|
|
Deposits
|
31,738
|
|
|
23,262
|
|
|
4,355
|
|
|
120
|
|
|
261
|
|
|
59,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statistical
data:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (a)
|
2.06
|
%
|
|
(0.03)
|
%
|
|
1.68
|
%
|
|
N/M
|
|
|
N/M
|
|
|
0.64
|
%
|
Efficiency ratio
(b)
|
38.73
|
|
|
91.68
|
|
|
77.01
|
|
|
N/M
|
|
|
N/M
|
|
|
69.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
140
|
|
|
41
|
|
|
58
|
|
|
12
|
|
|
1
|
|
|
252
|
|
Noninterest
expenses
|
198
|
|
|
174
|
|
|
77
|
|
|
2
|
|
|
5
|
|
|
456
|
|
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
|
$
|
38,654
|
|
|
$
|
6,368
|
|
|
$
|
5,029
|
|
|
$
|
12,137
|
|
|
$
|
6,547
|
|
|
$
|
68,735
|
|
Loans
|
37,623
|
|
|
5,694
|
|
|
4,834
|
|
|
—
|
|
|
—
|
|
|
48,151
|
|
Deposits
|
30,143
|
|
|
22,404
|
|
|
3,996
|
|
|
170
|
|
|
277
|
|
|
56,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statistical
data:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (a)
|
1.95
|
%
|
|
0.30
|
%
|
|
1.29
|
%
|
|
N/M
|
|
|
N/M
|
|
|
0.78
|
%
|
Efficiency ratio
(b)
|
38.88
|
|
|
90.68
|
|
|
74.59
|
|
|
N/M
|
|
|
N/M
|
|
|
68.37
|
|
(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, 2016
|
Michigan
|
|
California
|
|
Texas
|
|
Markets
|
|
&
Other
|
|
Total
|
Earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense) (FTE)
|
$
|
176
|
|
|
$
|
179
|
|
|
$
|
123
|
|
|
$
|
87
|
|
|
$
|
(117)
|
|
|
$
|
448
|
|
Provision for credit
losses
|
(6)
|
|
|
(6)
|
|
|
169
|
|
|
(8)
|
|
|
(1)
|
|
|
148
|
|
Noninterest
income
|
76
|
|
|
38
|
|
|
30
|
|
|
93
|
|
|
9
|
|
|
246
|
|
Noninterest
expenses
|
150
|
|
|
104
|
|
|
100
|
|
|
105
|
|
|
1
|
|
|
460
|
|
Provision (benefit)
for income taxes (FTE)
|
36
|
|
|
45
|
|
|
(40)
|
|
|
24
|
|
|
(39)
|
|
|
26
|
|
Net income
(loss)
|
$
|
72
|
|
|
$
|
74
|
|
|
$
|
(76)
|
|
|
$
|
59
|
|
|
$
|
(69)
|
|
|
$
|
60
|
|
Net credit-related
charge-offs (recoveries)
|
$
|
5
|
|
|
$
|
8
|
|
|
$
|
47
|
|
|
$
|
(2)
|
|
|
$
|
—
|
|
|
$
|
58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
13,402
|
|
|
$
|
17,541
|
|
|
$
|
11,295
|
|
|
$
|
8,103
|
|
|
$
|
18,887
|
|
|
$
|
69,228
|
|
Loans
|
12,774
|
|
|
17,283
|
|
|
10,763
|
|
|
7,572
|
|
|
—
|
|
|
48,392
|
|
Deposits
|
21,696
|
|
|
16,654
|
|
|
10,374
|
|
|
7,665
|
|
|
319
|
|
|
56,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statistical
data:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (a)
|
1.27
|
%
|
|
1.68
|
%
|
|
(2.52)
|
%
|
|
2.87
|
%
|
|
N/M
|
|
|
0.34
|
%
|
Efficiency ratio
(b)
|
59.31
|
|
|
47.87
|
|
|
65.09
|
|
|
58.09
|
|
|
N/M
|
|
|
66.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
Finance
|
|
|
Three Months Ended
December 31, 2015
|
Michigan
|
|
California
|
|
Texas
|
|
Markets
|
|
&
Other
|
|
Total
|
Earnings
summary:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense) (FTE)
|
$
|
183
|
|
|
$
|
193
|
|
|
$
|
131
|
|
|
$
|
87
|
|
|
$
|
(160)
|
|
|
$
|
434
|
|
Provision for credit
losses
|
(12)
|
|
|
(7)
|
|
|
57
|
|
|
19
|
|
|
3
|
|
|
60
|
|
Noninterest
income
|
81
|
|
|
40
|
|
|
32
|
|
|
98
|
|
|
17
|
|
|
268
|
|
Noninterest
expenses
|
160
|
|
|
107
|
|
|
103
|
|
|
108
|
|
|
6
|
|
|
484
|
|
Provision (benefit)
for income taxes (FTE)
|
33
|
|
|
43
|
|
|
6
|
|
|
8
|
|
|
(48)
|
|
|
42
|
|
Net income
(loss)
|
$
|
83
|
|
|
$
|
90
|
|
|
$
|
(3)
|
|
|
$
|
50
|
|
|
$
|
(104)
|
|
|
$
|
116
|
|
Net credit-related
charge-offs (recoveries)
|
$
|
(2)
|
|
|
$
|
1
|
|
|
$
|
33
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
13,601
|
|
|
$
|
17,297
|
|
|
$
|
11,474
|
|
|
$
|
8,141
|
|
|
$
|
21,394
|
|
|
$
|
71,907
|
|
Loans
|
12,986
|
|
|
17,033
|
|
|
10,893
|
|
|
7,636
|
|
|
—
|
|
|
48,548
|
|
Deposits
|
22,123
|
|
|
18,545
|
|
|
10,807
|
|
|
7,880
|
|
|
381
|
|
|
59,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statistical
data:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (a)
|
1.43
|
%
|
|
1.83
|
%
|
|
(0.10)
|
%
|
|
2.36
|
%
|
|
N/M
|
|
|
0.64
|
%
|
Efficiency ratio
(b)
|
60.92
|
|
|
45.99
|
|
|
62.85
|
|
|
58.01
|
|
|
N/M
|
|
|
69.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
84
|
|
|
34
|
|
|
34
|
|
|
87
|
|
|
13
|
|
|
252
|
|
Noninterest
expenses
|
155
|
|
|
97
|
|
|
94
|
|
|
103
|
|
|
7
|
|
|
456
|
|
Provision (benefit)
for income taxes (FTE)
|
38
|
|
|
44
|
|
|
18
|
|
|
16
|
|
|
(54)
|
|
|
62
|
|
Net income
(loss)
|
$
|
76
|
|
|
$
|
72
|
|
|
$
|
32
|
|
|
$
|
42
|
|
|
$
|
(88)
|
|
|
$
|
134
|
|
Net credit-related
charge-offs
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances:
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
13,736
|
|
|
$
|
16,461
|
|
|
$
|
12,192
|
|
|
$
|
7,662
|
|
|
$
|
18,684
|
|
|
$
|
68,735
|
|
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)
|
1.36
|
%
|
|
1.61
|
%
|
|
0.99
|
%
|
|
2.21
|
%
|
|
N/M
|
|
|
0.78
|
%
|
Efficiency ratio
(b)
|
59.51
|
|
|
46.21
|
|
|
57.48
|
|
|
60.77
|
|
|
N/M
|
|
|
68.37
|
|
(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)
|
2016
|
2015
|
2015
|
2015
|
2015
|
|
|
|
|
|
|
Tangible Common
Equity Ratio:
|
|
|
|
|
|
Common shareholders'
equity
|
$
|
7,644
|
|
$
|
7,560
|
|
$
|
7,622
|
|
$
|
7,523
|
|
$
|
7,500
|
|
Less:
|
|
|
|
|
|
Goodwill
|
635
|
|
635
|
|
635
|
|
635
|
|
635
|
|
Other intangible
assets
|
13
|
|
14
|
|
14
|
|
15
|
|
15
|
|
Tangible common
equity
|
$
|
6,996
|
|
$
|
6,911
|
|
$
|
6,973
|
|
$
|
6,873
|
|
$
|
6,850
|
|
|
|
|
|
|
|
Total
assets
|
$
|
69,007
|
|
$
|
71,877
|
|
$
|
71,012
|
|
$
|
69,945
|
|
$
|
69,333
|
|
Less:
|
|
|
|
|
|
Goodwill
|
635
|
|
635
|
|
635
|
|
635
|
|
635
|
|
Other intangible
assets
|
13
|
|
14
|
|
14
|
|
15
|
|
15
|
|
Tangible
assets
|
$
|
68,359
|
|
$
|
71,228
|
|
$
|
70,363
|
|
$
|
69,295
|
|
$
|
68,683
|
|
|
|
|
|
|
|
Common equity
ratio
|
11.08
|
%
|
10.52
|
%
|
10.73
|
%
|
10.76
|
%
|
10.82
|
%
|
Tangible common
equity ratio
|
10.23
|
|
9.70
|
|
9.91
|
|
9.92
|
|
9.97
|
|
|
|
|
|
|
|
Tangible Common
Equity per Share of Common Stock:
|
|
|
|
|
|
Common shareholders'
equity
|
$
|
7,644
|
|
$
|
7,560
|
|
$
|
7,622
|
|
$
|
7,523
|
|
$
|
7,500
|
|
Tangible common
equity
|
6,996
|
|
6,911
|
|
6,973
|
|
6,873
|
|
6,850
|
|
|
|
|
|
|
|
Shares of common
stock outstanding (in millions)
|
175
|
|
176
|
|
177
|
|
178
|
|
178
|
|
|
|
|
|
|
|
Common shareholders'
equity per share of common stock
|
$
|
43.66
|
|
$
|
43.03
|
|
$
|
43.02
|
|
$
|
42.18
|
|
$
|
42.12
|
|
Tangible common
equity per share of common stock
|
39.96
|
|
39.33
|
|
39.36
|
|
38.53
|
|
38.47
|
|
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