DALLAS, Jan. 20, 2012 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today reported fourth quarter 2011 net income of $96 million, a decrease of $2 million compared to $98 million for the third quarter 2011. Fourth quarter 2011 included merger and restructuring charges of $37 million ($23 million, after tax; $0.12 per diluted share) associated with the acquisition of Sterling Bancshares, Inc. (Sterling), completed on July 28, 2011, compared to $33 million ($21 million, after tax; $0.11 per diluted share) in the third quarter 2011.

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    (dollar
     amounts
     in
     millions,
     except
     per
     share
     data)                                       4th Qtr '11       3rd Qtr '11      4th Qtr '10
    ----------                                   -----------             -----------          -----------
    Net
     interest
     income                                      $444                  $423               $405
    Provision
     for loan
     losses                                        19                    38                 57
     Noninterest
     income                                       182                   201                215
     Noninterest
     expenses
     (a)                                          478                   460                437
    Provision
     for
     income
     taxes                                         33                    28                 30

    Net
     income                                        96                    98                 96

    Net
     income
     attributable
     to
     common
     shares                                        95          97          95

    Diluted
     income
     per
     common
     share                                       0.48        0.51        0.53

    Average
     diluted
     shares
     (in
     millions)                                    197         192         178

    Tier 1
     common
     capital
     ratio
     (c)                                        10.30%   (b)      10.57%      10.13%
    Tangible
     common
     equity
     ratio
     (c)                                        10.27       10.43       10.54

    (a) Included restructuring expenses of $37 million
     and $33 million in the fourth and third quarters of
     2011, respectively, associated with the acquisition
     of Sterling.
    (b) December 31, 2011 ratio is estimated.
    (c) See Reconciliation of Non-GAAP Financial
     Measures.
    --------------------------------------------

"We were pleased to see total loan growth of $1.5 billion, or 4 percent, on a period-end basis," said Ralph W. Babb Jr., chairman and chief executive officer. "The growth was driven by a $1.9 billion, or 8 percent, increase in commercial loans, particularly in National Dealer Services, Mortgage Banker Finance, Energy Lending, Technology and Life Sciences, and Global Corporate Banking.

"We had record deposit levels of $47.8 billion at year-end, an increase of $303 million from the third quarter. In addition, our net interest income increased $21 million, or 5 percent, primarily driven by an increase in average earning assets. We continue to be pleased by the broad-based improvement in credit quality, which resulted in a decrease in the provision for loan losses."

"With respect to our acquisition of Sterling, we announced the successful completion of systems integrations and the opening of former Sterling branches as Comerica banking centers on November 14, 2011," said Babb. "All former Sterling customers can now bank at any Comerica banking center, with complete access to our full line of extended product and service offerings. This acquisition continues to be a great fit, as the former Sterling's size, geographic footprint and customer focus uniquely fits our strategy and expands our presence in Texas.

"In the fourth quarter, we repurchased 1.6 million shares, and repurchased a total of 4.1 million shares in 2011 under the share repurchase program. Combined with dividends, this resulted in a total return to shareholders of 47 percent of net income. We continue to be an active capital manager and believe we are approaching capital management from a position of strength. As required, we submitted our Capital Plan to the Federal Reserve on January 9, 2012. As previously announced, we are targeting a first quarter 2012 total payout ratio of up to 50 percent of net income through the share repurchase program and dividends."

(1) Shares repurchased under Comerica's share repurchase program.

Fourth Quarter and Full-Year 2011 Overview

Fourth Quarter 2011 Highlights Compared to Third Quarter 2011

    --  Period-end total loans increased $1.5 billion, or 4 percent, from
        September 30, 2011 to December 31, 2011, primarily reflecting an
        increase of $1.9 billion, or 8 percent, in commercial loans, partially
        offset by a decrease of $390 million in commercial real estate loans
        (commercial mortgage and real estate construction loans).  The increase
        in commercial loans was primarily driven by increases in National Dealer
        Services, Mortgage Banker Finance, Energy Lending, Technology and Life
        Sciences, and Global Corporate Banking.  Average total loans increased
        $1.4 billion, or 3 percent, in the fourth quarter, in part due to one
        additional month of Sterling.
    --  Period-end deposits increased $303 million, or one percent, primarily
        reflecting an increase of $648 million in noninterest-bearing deposits,
        partially offset by decreases in savings ($247 million) and customer
        certificates of deposit ($172 million). Average total deposits increased
        $2.7 billion, in part due to one additional month of Sterling in the
        fourth quarter.
    --  Net interest income of $444 million increased $21 million, or 5 percent,
        compared to the third quarter, primarily resulting from an increase in
        average earning assets of $2.4 billion.
    --  Credit quality continued to improve in the fourth quarter 2011. Net
        credit-related charge-offs decreased $17 million to $60 million.  The
        provision for loan losses decreased to $19 million in the fourth quarter
        2011, compared to $38 million in the third quarter 2011.
    --  Noninterest income decreased $19 million to $182 million in the fourth
        quarter 2011, compared to $201 million for the third quarter 2011,
        primarily due to a $16 million decrease in net securities gains
        (losses), reflecting a net loss of $4 million in the fourth quarter 2011
        compared to a net gain of $12 million in the third quarter 2011.
    --  Noninterest expenses increased $18 million to $478 million in the fourth
        quarter 2011, compared to $460 million in the third quarter 2011,
        primarily due to increases in severance and related expenses ($5
        million) and merger and restructuring charges ($4 million), as well as
        one additional month of Sterling expenses (approximately $8 million).

Full-Year 2011 Highlights Compared to Full-Year 2010

    --  Net income of $393 million for 2011 increased $116 million, or 42
        percent, compared to 2010.
    --  Period-end total loans increased $2.4 billion, or 6 percent, from
        year-end 2010 to year-end 2011, reflecting the acquisition of Sterling
        and primarily including a net increase of $2.9 billion, or 13 percent,
        in commercial loans, partially offset by a net decrease of $223 million
        in commercial real estate loans.  The increase in commercial loans was
        primarily driven by increases in Mortgage Banker Finance, Energy Lending
        and Technology and Life Sciences, as well as increases in Middle Market
        and Global Corporate Banking.  Average loans declined $442 million in
        2011.
    --  Period-end deposits increased $7.3 billion, or 18 percent, in part due
        to the acquisition of Sterling. Average total deposits increased $4.3
        billion.
    --  Net interest income increased $7 million in 2011, compared to 2010, as
        the benefit provided by accretion of the purchase discount on the
        acquired Sterling loan portfolio in 2011 and an increase in average
        earning assets of $1.1 billion was largely offset by decreased yields on
        mortgage-backed investment securities and a decrease in business loan
        swap income.
    --  Credit quality improved significantly.  The provision for loan losses
        declined $327 million to $153 million in 2011, compared to 2010.  Net
        credit-related charge-offs decreased $236 million to $328 million.
    --  Noninterest income increased $3 million compared to 2010.
    --  Noninterest expenses increased $122 million compared to 2010.  2011
        included Sterling-related merger and restructuring charges of $75
        million ($47 million, after-tax; $0.25 per diluted share) and five
        months of Sterling expenses.
    --  Repurchases of 4.1 million shares in 2011, combined with dividends,
        returned 47 percent of 2011 net income to shareholders.

Net Interest Income

    (dollar amounts
     in millions)                        4th Qtr '11         3rd Qtr '11      4th Qtr '10
    ---------------                      -----------         -----------      -----------
    Net interest
     income                                $444              $423           $405

    Net interest
     margin                                3.19%             3.18%          3.29%

    Selected average
     balances (a):
      Total earning
       assets                           $55,676           $53,243        $49,102
      Total investment
       securities                         9,781             8,158          7,112
      Total loans                        41,454            40,098         39,999

      Total deposits                     47,779            45,098         40,356
      Total
       noninterest-
       bearing deposits                  19,176            17,511         15,607

    (a) Average balances in 3rd quarter 2011 included
     Sterling balances from July 28 through September 30,
     2011.
    -----------------------------------------------------

    --  The $21 million increase in net interest income in the fourth quarter
        2011, when compared to the third quarter 2011, resulted primarily from
        an increase in average earning assets of $2.4 billion, partially offset
        by decreasing yields on mortgage-backed investment securities and a
        decrease in the accretion of the purchase discount on the acquired
        Sterling loan portfolio.  Decreasing yields on the mortgage-backed
        investment securities portfolio reflected the impact of lower yields on
        securities purchased to reinvest prepayments.  Accretion of the purchase
        discount was $26 million in the fourth quarter 2011, compared to $27
        million in the third quarter.
    --  Average earning assets increased $2.4 billion in the fourth quarter
        2011, compared to the third quarter 2011, reflecting increases of $1.6
        billion in average investment securities available-for-sale and $1.4
        billion in average loans, partially offset by a $584 million decrease in
        average Federal Reserve Bank deposits. The increase in average loans
        included one additional month of Sterling in the fourth quarter and
        primarily reflected increases in commercial loans in Mortgage Banker
        Finance, Energy Lending, National Dealer Services, and Technology and
        Life Sciences.
    --  Average deposits increased $2.7 billion in the fourth quarter 2011,
        compared to the third quarter 2011, in part due to one additional month
        of Sterling. Average noninterest-bearing deposits increased $1.7 billion
        and average money market and NOW deposits increased $1.1 billion.

Noninterest Income

Noninterest income was $182 million for the fourth quarter 2011, compared to $201 million for the third quarter 2011. The $19 million decrease was primarily due to decreases in net securities gains (losses) ($16 million) and card fees ($6 million), due primarily to the implementation of regulatory limits on debit card transaction processing fees, partially offset by an increase in deferred compensation asset returns ($5 million) (offset by an increase in deferred compensation plan costs in noninterest expenses). Net securities gains (losses) in the third quarter 2011 reflected net gains of $12 million due primarily to the repositioning of the acquired Sterling investment securities portfolio, compared to a net loss of $4 million in the fourth quarter 2011 that resulted primarily from a $5 million charge related to a derivative contract tied to the conversion rate of Visa Class B shares.

Noninterest Expenses

Noninterest expenses totaled $478 million in the fourth quarter 2011, an increase of $18 million compared to $460 million in the third quarter 2011. The increase was primarily due to increases in deferred compensation plan costs ($5 million) (offset by an increase in deferred compensation asset returns in noninterest income), severance and related expenses ($5 million) and merger and restructuring charges ($4 million), as well as one additional month of Sterling expenses (approximately $8 million).

Credit Quality

"We continued to see steady improvement in credit trends in the fourth quarter," said Babb. "This was the 10th consecutive quarter of decline in net charge-offs, with a $17 million decrease. The decline in net charge-offs was larger than expected, primarily the result of higher recoveries in the quarter. Other credit metrics were in line with expectations. Nonperforming assets were under $1 billion for the first time since the fourth quarter of 2008. The former Sterling loan portfolio has performed as expected. As a result of the overall improvements in credit quality, the provision for loan losses declined to $19 million."

    (dollar amounts in                          4th Qtr        3rd Qtr       4th Qtr
     millions)                                    '11              '11         '10
    ------------------                          -------        -------  -------
    Net credit-related
     charge-offs                               $60             $77      $113
    Net credit-related
     charge-offs/Average
     total loans                              0.57%           0.77%     1.13%

    Provision for loan losses                  $19             $38       $57
    Provision for credit
     losses on lending-
     related
      commitments                               (1)             (3)       (3)
                                               ---             ---       ---
        Total provision for credit
         losses                                 18              35        54

    Nonperforming loans (a)                    887             958     1,123
    Nonperforming assets
     (NPAs) (a)                                981           1,045     1,235
    NPAs/Total loans and
     foreclosed property                      2.29%           2.53%     3.06%

    Loans past due 90 days or
     more and still accruing                   $58             $81       $62

    Allowance for loan losses                  726             767       901
    Allowance for credit
     losses on
      lending-related
       commitments (b)                          26              27        35
                                               ---             ---       ---
        Total allowance for credit
         losses                                752             794       936

    Allowance for loan losses/
     Total loans (c)                          1.70%           1.86%     2.24%
    Allowance for loan losses/
     Nonperforming loans                        82              80        80

    (a) Excludes loans acquired with credit impairment.
    (b) Included in "Accrued expenses and other liabilities"
     on the consolidated balance sheets.
    (c) Reflects the impact of acquired loans, which were
     initially recorded at fair value, with no related
     allowance for loan losses.
    -----------------------------------------------------

    --  Net credit-related charge-offs decreased $17 million to $60 million in
        the fourth quarter 2011, from $77 million in the third quarter 2011. The
        decrease in net credit-related charge-offs primarily reflected decreases
        in Small Business Banking ($12 million), Middle Market ($11 million) and
        Commercial Real Estate ($7 million), partially offset by an increase in
        Technology and Life Sciences ($10 million).
    --  Internal watch list loans declined $502 million in the fourth quarter
        2011, to $4.5 billion at December 31, 2011, and nonperforming assets
        decreased $64 million.
    --  During the fourth quarter 2011, $99 million of borrower relationships
        greater than $2 million were transferred to nonaccrual status, a
        decrease of $31 million from the third quarter 2011.  Of the transfers
        of borrower relationships greater than $2 million to nonaccrual in the
        fourth quarter 2011, $27 million were from Commercial Real Estate, $24
        million were from Private Banking and $21 million were from Global
        Corporate Banking.
    --  Nonperforming loans decreased $71 million, compared to September 30,
        2011, to $887 million, or 2.08 percent of total loans, at December 31,
        2011.

Balance Sheet and Capital Management

Total assets and common shareholders' equity were $61.0 billion and $6.9 billion, respectively, at December 31, 2011, compared to $60.9 billion and $7.0 billion, respectively, at September 30, 2011. There were approximately 197 million common shares outstanding at December 31, 2011. Comerica repurchased 1.6 million and 4.1 million shares of common stock in the open market in the fourth quarter and full-year 2011, respectively, under the share repurchase program.

Comerica's tangible common equity ratio was 10.27 percent at December 31, 2011, a decrease of 16 basis points from September 30, 2011. The estimated Tier 1 common capital ratio decreased 26 basis points, to 10.31 percent at December 31, 2011, from September 30, 2011.

Full-Year 2012 Outlook Compared to Full-Year 2011

For 2012, management expects the following, assuming a continuation of the current economic environment:

    --  Average loans increasing moderately.
    --  Net interest income increasing moderately.
    --  Net credit-related charge-offs declining and a relatively stable
        provision for credit losses.
    --  Noninterest income relatively stable.
    --  Noninterest expenses relatively stable.

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 included as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at December 31, 2011 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2011 results compared to third quarter 2011.

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

    (dollar amounts in      4th Qtr             3rd Qtr             4th Qtr
     millions)                '11                 '11                 '10
    ------------------      -------          -------          -------
    Business Bank        $201    94%       $179    86%       $174   117%
    Retail Bank            10     4          19     9         (14) (10)
    Wealth Management       5     2          11     5         (10)   (7)
    -----------------     ---   ---         ---   ---         ---   ---
                          216   100%        209   100%        150   100%
    Finance               (95)              (91)              (60)
    Other (a)             (25)              (20)                6
    ---------             ---               ---               ---
         Total            $96               $98               $96
         -----            ---               ---               ---

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

Business Bank

    (dollar amounts in      4th Qtr         3rd Qtr         4th Qtr
     millions)                 '11             '11             '10
    ------------------       -------         -------         -------
    Net interest income
     (FTE)                      $382            $363            $341
    Provision for loan
     losses                       (4)             20               8
    Noninterest income            73              77              81
    Noninterest expenses         161             162             158
    Net income                   201             179             174

    Net credit-related
     charge-offs                  32              40              73

    Selected average
     balances:
    Assets                    32,150          30,608          30,489
    Loans                     31,257          29,955          29,947
    Deposits                  23,296          21,759          19,892

    Net interest margin         4.83%           4.81%           4.51%
    -------------------         ----            ----            ----

    --  Average loans increased $1.3 billion, primarily reflecting increases in
        Mortgage Banker Finance, Energy Lending, National Dealer Services,
        Technology and Life Sciences and Commercial Real Estate, partially
        offset by a decrease in Global Corporate Banking.
    --  Average deposits increased $1.5 billion, reflecting increases across
        most business lines, primarily Middle Market, Energy Lending, the
        Financial Services Division, Technology and Life Sciences and Global
        Corporate Banking.
    --  Net interest income of $382 million increased $19 million, primarily due
        to increases in loan and deposit balances as well as an increase in the
        benefit provided by accretion of the purchase discount on the acquired
        Sterling loan portfolio.
    --  The provision for loan losses decreased $24 million, primarily
        reflecting decreases in Middle Market and Commercial Real Estate,
        partially offset by an increase in Technology and Life Sciences.
    --  Noninterest income decreased $4 million, primarily due to a decrease in
        warrant income.

Retail Bank

    (dollar amounts in      4th Qtr         3rd Qtr         4th Qtr
     millions)                 '11             '11             '10
    ------------------       -------         -------         -------
    Net interest income
     (FTE)                      $176            $173            $134
    Provision for loan
     losses                       15              17              29
    Noninterest income            35              47              43
    Noninterest expenses         182             174             169
    Net income (loss)             10              19             (14)

    Net credit-related
     charge-offs                  16              28              22

    Selected average
     balances:
    Assets                     6,250           5,984           5,647
    Loans                      5,571           5,483           5,192
    Deposits                  20,715          19,792          17,271

    Net interest margin         3.37%           3.46%           3.07%
    -------------------         ----            ----            ----

    --  Average loans increased $88 million, primarily due to an increase in the
        Texas market, partially offset by declines in the Midwest and Western
        markets.
    --  Average deposits increased $923 million, primarily due to one additional
        month of Sterling in the fourth quarter.
    --  Net interest income of $176 million increased $3 million, primarily due
        to an increase in average loan and deposit balances, partially offset by
        a decrease in the accretion of the purchase discount on the acquired
        Sterling loan portfolio.
    --  The provision for loan losses decreased $2 million, primarily reflecting
        a decline in Small Business Banking, partially offset by an increase in
        Personal Banking.
    --  Noninterest income declined $12 million, primarily due to a decrease in
        card fees, reflecting the implementation of regulatory limits on debit
        card transaction processing fees, and a $5 million charge related to a
        derivative contract tied to the conversion rate of Visa Class B shares.
    --  Noninterest expenses increased $8 million, primarily due to one
        additional month of Sterling noninterest expense.

Wealth Management

    (dollar amounts in       4th Qtr         3rd Qtr         4th Qtr
     millions)                  '11             '11             '10
    ------------------        -------         -------         -------
    Net interest income
     (FTE)                        $46             $45             $42
    Provision for loan
     losses                        10               6              23
    Noninterest income             55              56              59
    Noninterest expenses           83              78              93
    Net income (loss)               5              11             (10)

    Net credit-related
     charge-offs                   12               9              18

    Selected average
     balances:
    Assets                      4,672           4,674           4,834
    Loans                       4,618           4,652           4,820
    Deposits                    3,400           3,198           2,730

    Net interest margin          4.00%           3.85%           3.43%
    -------------------          ----            ----            ----

    --  Average loans decreased $34 million.
    --  Average deposits increased $202 million, primarily reflecting increases
        in the Midwest, Western and Texas markets.
    --  Net interest income of $46 million increased $1 million, primarily due
        to an increase in average deposit balances.
    --  The provision for loan losses increased $4 million.
    --  Noninterest expenses increased $5 million, primarily due to an increase
        in other real estate expenses and a charge related to technology
        upgrades.

Geographic Market Segments

Comerica also provides market segment results for four primary geographic markets: Midwest, Western, Texas and Florida. In addition to the four primary geographic markets, Other Markets and International are also reported as market segments. The financial results below are based on methodologies in effect at December 31, 2011 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2011 results compared to third quarter 2011.

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

    (dollar amounts in         4th Qtr             3rd Qtr             4th Qtr
     millions)                   '11                 '11                 '10
    ------------------         -------          -------          -------
    Midwest                  $53    25%        $59    28%        $35    23%
    Western                   65    30          50    24          41    28
    Texas                     55    26          64    30          16    11
    Florida                   (1)   (1)          1     1           1     -
    Other Markets             32    15          23    11          48    32
    International             12     5          12     6           9     6
    -------------            ---   ---         ---   ---         ---   ---
                             216   100%        209   100%        150   100%
    Finance & Other
     Businesses (a)        (120)             (111)               (54)
    ---------------         ----              ----               ---
         Total               $96               $98               $96
         -----               ---               ---               ---

    (a) Includes discontinued operations and items not directly
     associated with the geographic markets.
    -----------------------------------------------------------

Midwest Market

    (dollar amounts in      4th Qtr         3rd Qtr         4th Qtr
     millions)                 '11             '11             '10
    ------------------       -------         -------         -------
    Net interest income
     (FTE)                      $201            $199            $202
    Provision for loan
     losses                       20              21              46
    Noninterest income            85              96              99
    Noninterest expenses         185             183             201
    Net income                    53              59              35

    Net credit-related
     charge-offs                  32              33              52

    Selected average
     balances:
    Assets                    13,980          14,123          14,506
    Loans                     13,725          13,873          14,219
    Deposits                  19,076          18,511          17,959

    Net interest margin         4.18%           4.27%           4.45%
    -------------------         ----            ----            ----

    --  Average loans decreased $148 million, as an increase in National Dealer
        Services was more than offset by declines in Small Business Banking,
        Middle Market, Global Corporate Banking and Personal Banking.
    --  Average deposits increased $565 million, primarily due to increases in
        the Financial Services Division and Middle Market.
    --  Net interest income increased $2 million, primarily due to an increase
        in average deposits.
    --  The provision for loan losses decreased $1 million, primarily reflecting
        a decrease in Middle Market, partially offset by increases in Commercial
        Real Estate, Small Business Banking, and Private Banking.
    --  Noninterest income decreased $11 million, primarily due to a decline in
        card fees and a $4 million charge related to a derivative contract tied
        to Visa Class B shares, as previously described in the Retail Bank
        section.

Western Market

    (dollar amounts in       4th Qtr         3rd Qtr         4th Qtr
     millions)                  '11             '11             '10
    ------------------        -------         -------         -------
    Net interest income
     (FTE)                       $170            $166            $158
    Provision for loan
     losses                       (12)             14              11
    Noninterest income             33              32              35
    Noninterest expenses          109             105             109
    Net income                     65              50              41

    Net credit-related
     charge-offs                    5              32              43

    Selected average
     balances:
    Assets                     12,266          12,110          12,698
    Loans                      12,026          11,889          12,497
    Deposits                   13,671          12,975          12,448

    Net interest margin          4.92%           5.06%           5.01%
    -------------------          ----            ----            ----

    --  Average loans increased $137 million, primarily due to increases in
        Technology and Life Sciences and National Dealer Services, partially
        offset by a decrease in Middle Market.
    --  Average deposits increased $696 million, primarily reflecting increases
        in Middle Market, Technology and Life Sciences, Global Corporate Banking
        and Private Banking.
    --  Net interest income increased $4 million, primarily due to an increase
        in average deposits.
    --  The provision for loan losses decreased $26 million, primarily
        reflecting decreases in Small Business Banking, Commercial Real Estate
        and Middle Market.
    --  Noninterest expenses increased $4 million, primarily due to increases in
        salaries and benefits expenses and other real estate expenses.

Texas Market

    (dollar amounts in      4th Qtr         3rd Qtr         4th Qtr
     millions)                 '11             '11             '10
    ------------------       -------         -------         -------
    Net interest income
     (FTE)                      $158            $143             $80
    Provision for loan
     losses                        8              (7)             15
    Noninterest income            26              29              27
    Noninterest expenses          89              80              67
    Net income                    55              64              16

    Net credit-related
     charge-offs                   4               2               9

    Selected average
     balances:
    Assets                     9,712           8,510           6,653
    Loans                      8,952           8,145           6,435
    Deposits                  10,333           8,865           5,557

    Net interest margin         6.07%           6.40%           4.91%
    -------------------         ----            ----            ----

    --  Average loans increased $807 million, primarily reflecting increases in
        Energy Lending, Small Business Banking, Commercial Real Estate and
        Middle Market, in part due to one additional month of Sterling in the
        fourth quarter.
    --  Average deposits increased $1.5 billion, primarily reflecting one
        additional month of Sterling.
    --  Net interest income increased $15 million, primarily due to one
        additional month of Sterling.
    --  The provision for loan losses increased $15 million, primarily
        reflecting increases in Middle Market and Small Business Banking.
    --  Noninterest income decreased $3 million, primarily due to a decrease in
        warrant income.
    --  Noninterest expenses increased $9 million, primarily due to one
        additional month of Sterling.

Florida Market

    (dollar amounts in     4th Qtr         3rd Qtr         4th Qtr
     millions)                '11             '11             '10
    ------------------      -------         -------         -------
    Net interest income
     (FTE)                      $11             $11             $11
    Provision for loan
     losses                       4               2               4
    Noninterest income            4               4               3
    Noninterest expenses         13              11               9
    Net income                   (1)              1               1

    Net credit-related
     charge-offs                  7               5               7

    Selected average
     balances:
    Assets                    1,435           1,450           1,587
    Loans                     1,457           1,477           1,612
    Deposits                    435             404             375

    Net interest margin        2.89%           2.94%           2.64%
    -------------------        ----            ----            ----

    --  Average loans decreased $20 million, as an increase in National Dealer
        Services was more than offset by decreases in Commercial Real Estate and
        Private Banking.
    --  The provision for loan losses increased $2 million, primarily reflecting
        an increase in Commercial Real Estate.

Conference Call and Webcast

Comerica will host a conference call to review fourth quarter and full-year 2011 financial results at 7 a.m. CT Friday, January 20, 2012. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 37433486). The call and supplemental financial information can also be accessed on the Internet at www.comerica.com. A telephone replay will be available approximately two hours following the conference call through January 31, 2012. The conference call replay can be accessed by calling (855) 859-2056 or (404) 537-3406 (event ID No. 37433486). A replay of the Webcast can also be accessed via Comerica's "Investor Relations" page at www.comerica.com.

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

This press release contains both financial measures based on accounting principles generally accepted in the United States (GAAP) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Comerica's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconcilement 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," "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," "pending," "looks forward" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions and related credit and market conditions; changes in trade, monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board; adverse conditions in the capital markets; the interdependence of financial service companies; changes in regulation or oversight, including the effects of recently enacted legislation, actions taken by or proposed by the U.S. Treasury, the Board of Governors of the Federal Reserve System, the Texas Department of Banking and the Federal Deposit Insurance Corporation, legislation or regulations enacted in the future, and the impact and expiration of such legislation and regulatory actions; unfavorable developments concerning credit quality; the acquisition of Sterling Bancshares, Inc., or any future acquisitions; the effects of more stringent capital or liquidity requirements; declines or other changes in the businesses or industries in which Comerica has a concentration of loans, including, but not limited to, the automotive production industry and the real estate business lines; the implementation of Comerica's strategies and business models, including the anticipated performance of any new banking centers and the implementation of revenue enhancements and efficiency improvements; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; operational difficulties or information security problems; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; the entry of new competitors in Comerica's markets; changes in customer borrowing, repayment, investment and deposit practices; 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; the effectiveness of methods of reducing risk exposures; the effects of war and other armed conflicts or acts of terrorism and the effects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods. 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 16 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2010, "Item 1A. Risk Factors" beginning on page 65 of Comerica's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, "Item 1A. Risk Factors" beginning on page 74 of Comerica's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 and "Item 1A. Risk Factors" beginning on page 81 of Comerica's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
    Comerica Incorporated and Subsidiaries


                                                 Three Months Ended                        Years Ended
                                                 ------------------
                                         December       September      December
                                            31,          30,          31,               December 31,

    (in millions,
     except per
     share data)                             2011         2011         2010             2011         2010
    -------------                            ----         ----         ----             ----         ----
    PER COMMON SHARE AND
     COMMON STOCK DATA
    Diluted net
     income                             $0.48        $0.51        $0.53            $2.09        $0.88
    Cash dividends
     declared                            0.10         0.10         0.10             0.40         0.25
    Common
     shareholders'
     equity (at
     period end)                        34.80        34.94        32.82

    Average diluted
     shares (in
     thousands)                       196,729      191,634      178,266          186,168      173,026
    ---------------                   -------      -------      -------          -------      -------
    KEY RATIOS
    Return on
     average common
     shareholders'
     equity                              5.51%        5.91%        6.53%            6.18%        2.74%
    Return on
     average assets                      0.63         0.67         0.71             0.69         0.50
    Tier 1 common
     capital ratio
     (a) (b)                            10.31        10.57        10.13
    Tier 1 risk-
     based capital
     ratio (b)                          10.35        10.65        10.13
    Total risk-
     based capital
     ratio (b)                          14.18        14.84        14.54
    Leverage ratio
     (b)                                10.92        11.41        11.26
    Tangible common
     equity ratio
     (a)                                10.27        10.43        10.54
    ---------------                     -----        -----        -----
    AVERAGE BALANCES
    Commercial loans                  $23,515      $22,127      $21,464          $22,208      $21,090
    Real estate
     construction loans:
          Commercial Real
           Estate business
           line (c)                     1,189        1,291        1,944            1,429        2,404
          Other business
           lines (d)                      430          408          427              414          435
                    Total real
                     estate
                     construction
                     loans              1,619        1,699        2,371            1,843        2,839
    Commercial mortgage
     loans:
         Commercial Real
          Estate business
          line (c)                      2,552        2,415        2,016            2,217        2,000
         Other business
          lines (d)                     7,836        7,860        7,949            7,808        8,244
                    Total commercial
                     mortgage loans    10,388       10,275        9,965           10,025       10,244
    Residential
     mortgage loans                     1,591        1,606        1,600            1,580        1,607
    Consumer loans                      2,294        2,292        2,367            2,278        2,429
    Lease financing                       919          936        1,044              950        1,086
    International
     loans                              1,128        1,163        1,188            1,191        1,222
                                        -----        -----        -----            -----        -----
    Total loans                        41,454       40,098       39,999           40,075       40,517

    Earning assets                     55,676       53,243       49,102           52,121       51,004
    Total assets                       61,045       58,238       53,756           56,917       55,553
    Noninterest-
     bearing
     deposits                          19,176       17,511       15,607           16,994       15,094
    Interest-
     bearing
     deposits                          28,603       27,587       24,749           26,768       24,392
    Total deposits                     47,779       45,098       40,356           43,762       39,486
    Common
     shareholders'
     equity                             6,947        6,633        5,870            6,351        5,625
    Total
     shareholders'
     equity                             6,947        6,633        5,870            6,351        6,068
    --------------                      -----        -----        -----            -----        -----
    NET INTEREST INCOME
    Net interest
     income (fully
     taxable
     equivalent
     basis)                              $445      $424      $406     $1,657    $1,651
    Fully taxable
     equivalent
     adjustment                             1            1            1                4            5
    Net interest
     margin (fully
     taxable
     equivalent
     basis)                              3.19%     3.18%     3.29%      3.19%     3.24%
    --------------                       ----         ----         ----             ----         ----
    CREDIT QUALITY
    Nonaccrual loans                     $860         $929       $1,080
    Reduced-rate
     loans                                 27           29           43
                                          ---          ---          ---
    Total
     nonperforming
     loans (e)                            887          958        1,123
    Foreclosed
     property                              94           87          112
                                          ---          ---          ---
    Total
     nonperforming
     assets (e)                           981        1,045        1,235

    Loans past due
     90 days or more
     and still
     accruing                              58           81           62

    Gross loan
     charge-offs                           85           90          140             $423         $627
    Loan recoveries                        25           13           27               95           63
                                          ---          ---          ---              ---          ---
    Net loan charge-
     offs                                  60           77          113              328          564
    Lending-related
     commitment
     charge-offs                            -            -            -                -            -
                                          ---          ---          ---              ---          ---
    Total net
     credit-related
     charge-offs                           60           77          113              328          564

    Allowance for
     loan losses                          726          767          901
    Allowance for
     credit losses
     on lending-
     related
     commitments                           26        27        35
                                          ---          ---          ---
    Total allowance
     for credit
     losses                               752          794          936

    Allowance for
     loan losses as
     a percentage of
     total loans (f)                     1.70%        1.86%        2.24%
    Net loan charge-
     offs as a
     percentage of
     average total
     loans                               0.57      0.77      1.13       0.82%     1.39%
    Net credit-
     related charge-
     offs as a
     percentage of
     average total
     loans                               0.57      0.77      1.13       0.82      1.39
    Nonperforming
     assets as a
     percentage of
     total loans and
     foreclosed
     property (e)                        2.29      2.53      3.06
    Allowance for
     loan losses as
     a percentage of
     total
     nonperforming
     loans                                 82        80        80
    ----------------                      ---          ---          ---

    (a) See Reconciliation of Non-GAAP Financial Measures.
    (b) December 31, 2011 ratios are estimated.
    (c) Primarily loans to real estate investors and developers.
    (d) Primarily loans secured by owner-occupied real estate.
    (e) Excludes loans acquired with credit-impairment.
    (f) Reflects the impact of acquired loans, which were initially
     recorded at fair value with no related allowance for loan losses.

    CONSOLIDATED BALANCE SHEETS
     Comerica Incorporated and Subsidiaries


                                                December   September  December
                                                                                31, 30, 31,
    (in millions, except
     share data)                                     2011        2011      2010
    --------------------                             ----        ----      ----
                                              (unaudited) (unaudited)
    ASSETS
    Cash and due from
     banks                                         $982        $981      $668

    Interest-bearing
     deposits with banks                          2,574       4,217     1,415
    Other short-term
     investments                                    149         137       141

    Investment securities
     available-for-sale                          10,104       9,732     7,560

    Commercial loans                             24,996      23,113    22,145
    Real estate
     construction loans                           1,533       1,648     2,253
    Commercial mortgage
     loans                                       10,264      10,539     9,767
    Residential mortgage
     loans                                        1,526       1,643     1,619
    Consumer loans                                2,285       2,309     2,311
    Lease financing                                 905         927     1,009
    International loans                           1,170       1,046     1,132
    -------------------                           -----       -----     -----
              Total loans                        42,679      41,225    40,236
    Less allowance for
     loan losses                                   (726)       (767)     (901)
    ------------------                             ----        ----      ----
              Net loans                          41,953      40,458    39,335

    Premises and
     equipment                                      675         685       630
    Customers' liability
     on acceptances
     outstanding                                     22           8         9
    Accrued income and
     other assets                                 4,549       4,670     3,909
    ------------------                            -----       -----     -----
              Total assets                      $61,008     $60,888   $53,667
              ------------                      -------     -------   -------

    LIABILITIES AND
     SHAREHOLDERS' EQUITY
    Noninterest-bearing
     deposits                                   $19,764     $19,116   $15,538

    Money market and NOW
     deposits                                    20,311      20,237    17,622
    Savings deposits                              1,524       1,771     1,397
    Customer certificates
     of deposit                                   5,808       5,980     5,482
    Other time deposits                               -          45         -
    Foreign office time
     deposits                                       348         303       432
    -------------------                             ---         ---       ---
              Total interest-bearing deposits    27,991      28,336    24,933
              -------------------------------    ------      ------    ------
              Total deposits                     47,755      47,452    40,471

    Short-term borrowings                            70         164       130
    Acceptances
     outstanding                                     22           8         9
    Accrued expenses and
     other liabilities                            1,349       1,304     1,126
    Medium- and long-
     term debt                                    4,944       5,009     6,138
    -----------------                             -----       -----     -----
              Total liabilities                  54,140      53,937    47,874

    Common stock -$5 par
     value:
         Authorized -
          325,000,000 shares
         Issued -228,164,824
          shares at 12/31/11
          and 9/30/11,
              and 203,878,110
               shares at 12/31/10                 1,141       1,141     1,019
    Capital surplus                               2,170       2,162     1,481
    Accumulated other
     comprehensive loss                            (356)       (230)     (389)
    Retained earnings                             5,546       5,471     5,247
    Less cost of common
     stock in treasury -
     30,831,076 shares at
     12/31/11,
          29,238,425 shares at
           9/30/11 and
           27,342,518 shares at
           12/31/10                              (1,633)     (1,593)   (1,565)
          ---------------------                  ------      ------    ------
              Total shareholders' equity          6,868       6,951     5,793
              --------------------------          -----       -----     -----
               Total liabilities and
               shareholders' equity             $61,008     $60,888   $53,667
              ----------------------            -------     -------   -------

    CONSOLIDATED STATEMENTS OF INCOME
     (unaudited)
    Comerica Incorporated and Subsidiaries


                                               Three Months
                                                                             Ended Years Ended
                                              December 31,      December 31,
                                              ------------      ------------
    (in millions,
     except per
     share data)                            2011    2010    2011    2010
    ----------------                          ----    ----    ----    ----

    INTEREST
     INCOME
    Interest and
     fees on
     loans                                  $415    $394  $1,564  $1,617
    Interest on
     investment
     securities                               63      49     233     226
    Interest on
     short-term
     investments                               3       2      12      10
    ------------                             ---     ---     ---     ---
                Total interest income        481     445   1,809   1,853

    INTEREST
     EXPENSE
    Interest on
     deposits                                 21      24      90     115
    Interest on
     short-term
     borrowings                                -       1       -       1
    Interest on
     medium- and
     long-term
     debt                                     16      15      66      91
    ------------                                     ---
                Total interest expense        37      40     156     207
                ----------------------       ---     ---     ---     ---
                Net interest income          444     405   1,653   1,646
    Provision for
     loan losses                              19      57     153     480
    -------------                            ---     ---     ---     ---
                 Net interest income after
                 provision for loan losses   425     348   1,500   1,166

    NONINTEREST
     INCOME
    Service
     charges on
     deposit
     accounts                                 52      49     208     208
    Fiduciary
     income                                   36      39     151     154
    Commercial
     lending fees                             23      29      87      95
    Letter of
     credit fees                              18      20      73      76
    Card fees                                 11      15      58      58
    Foreign
     exchange
     income                                   10      11      40      39
    Bank-owned
     life
     insurance                                10      14      37      40
    Brokerage
     fees                                      5       7      22      25
    Net
     securities
     gains
     (losses)                                 (4)      -      14       3
    Other
     noninterest
     income                                   21      31     102      91
    ------------                             ---     ---     ---     ---
                Total noninterest income     182     215     792     789

    NONINTEREST
     EXPENSES
    Salaries                                 205     205     770     740
    Employee
     benefits                                 52      43     205     179
    ---------                                ---     ---     ---     ---
         Total
          salaries and
          employee
          benefits                           257     248     975     919
    Net occupancy
     expense                                  47      42     169     162
    Equipment
     expense                                  17      16      66      63
    Outside
     processing
     fee expense                              27      27     101      96
    Software
     expense                                  23      23      88      89
    Merger and
     restructuring
     charges                                  37       -      75       -
    FDIC
     insurance
     expense                                   8      15      43      62
    Legal fees                                14       9      43      35
    Advertising
     expense                                   7       8      28      30
    Other real
     estate
     expense                                   3       5      22      29
    Litigation
     and
     operational
     losses                                    1       6      17      11
    Provision for
     credit
     losses on
     lending-
     related
     commitments                              (1)     (3)     (9)     (2)
    Other
     noninterest
     expenses                                 38      41     144     146
    ------------                             ---     ---     ---     ---
                Total noninterest expenses   478     437   1,762   1,640
                --------------------------   ---     ---   -----   -----
    Income from
     continuing
     operations
     before
     income taxes                            129     126     530     315
    Provision for
     income taxes                             33      30     137      55
    -------------                            ---     ---     ---     ---
    Income from
     continuing
     operations                               96      96     393     260
    Income from
     discontinued
     operations,
     net of tax                                -       -       -      17
    -------------                            ---     ---     ---     ---
    NET INCOME                                96      96     393     277
    Less:
        Preferred
         stock
         dividends                             -       -       -     123
        Income
         allocated to
         participating
         securities                            1       1       4       1
        --------------                       ---     ---     ---     ---
    Net income
     attributable
     to common
     shares                                  $95     $95    $389    $153
    -------------                            ---     ---    ----    ----

    Basic
     earnings per
     common
     share:
          Income from
           continuing
           operations                      $0.48   $0.54   $2.11   $0.79
          Net income                        0.48    0.54    2.11    0.90

    Diluted
     earnings per
     common
     share:
         Income from
          continuing
          operations                        0.48    0.53    2.09    0.78
         Net income                         0.48    0.53    2.09    0.88

    Cash
     dividends
     declared on
     common stock                             20      18      75      44
    Cash
     dividends
     declared per
     common share                           0.10    0.10    0.40    0.25
    -------------                           ----    ----    ----    ----

    CONSOLIDATED QUARTERLY STATEMENTS OF INCOME (unaudited)
    Comerica Incorporated and Subsidiaries


                                   Fourth    Third   Second    First   Fourth              Fourth Quarter 2011 Compared To:
                                                                                           --------------------------------
                                                                                       Third Quarter            Fourth Quarter
                                                       Quarter  Quarter  Quarter  Quarter  Quarter              2011              2010
    (in
     millions,
     except per
     share
     data)                          2011     2011     2011     2011     2010   Amount   Percent     Amount    Percent
    ----------                      ----     ----     ----     ----     ----      ------   -------        ------    -------

    INTEREST
     INCOME
    Interest
     and fees
     on loans                       $415     $405     $369     $375     $394          $10        3%          $21          5%
    Interest on
     investment
     securities                       63       54       59       57       49            9       16            14         27
    Interest on
     short-
     term
     investments                       3        4        3        2        2           (1)      (7)            1        N/M
    ------------                     ---      ---      ---      ---      ---          ---      ---           ---        ---
              Total interest
              income                 481      463      431      434      445           18        4            36          8

    INTEREST
     EXPENSE
    Interest on
     deposits                         21       24       23       22       24           (3)     (10)           (3)       (16)
    Interest on
     short-
     term
     borrowings                        -        -        -        -        1            -      (34)           (1)       (78)
    Interest on
     medium-
     and long-
     term debt                        16       16       17       17       15            -        2             1          2
    -----------                      ---      ---      ---      ---      ---          ---      ---           ---        ---
              Total interest
              expense                 37       40       40       39       40           (3)      (5)           (3)        (9)
             ---------------         ---      ---      ---      ---      ---          ---      ---           ---        ---
              Net interest
              income                 444      423      391      395      405           21        5            39         10
    Provision
     for loan
     losses                           19       38       47       49       57          (19)     (50)          (38)       (67)
    ---------                        ---      ---      ---      ---      ---          ---      ---           ---        ---
              Net interest
              income after
              provision for
              loan losses            425      385      344      346      348           40       10            77         22

    NONINTEREST
     INCOME
    Service
     charges on
     deposit
     accounts                         52       53       51       52       49           (1)      (3)            3          6
    Fiduciary
     income                           36       37       39       39       39           (1)      (2)           (3)        (7)
    Commercial
     lending
     fees                             23       22       21       21       29            1       10            (6)       (20)
    Letter of
     credit
     fees                             18       19       18       18       20           (1)      (2)           (2)        (9)
    Card fees                         11       17       15       15       15           (6)     (32)           (4)       (26)
    Foreign
     exchange
     income                           10       11       10        9       11           (1)      (3)           (1)        (1)
    Bank-owned
     life
     insurance                        10       10        9        8       14            -        2            (4)       (31)
    Brokerage
     fees                              5        5        6        6        7            -      (11)           (2)       (28)
    Net
     securities
     gains
     (losses)                         (4)      12        4        2        -          (16)     N/M            (4)       N/M
    Other
     noninterest
     income                           21       15       29       37       31            6       34           (10)       (31)
    ------------                     ---      ---      ---      ---      ---          ---      ---           ---        ---
              Total noninterest
              income                 182      201      202      207      215          (19)      (9)          (33)       (15)

    NONINTEREST
     EXPENSES
    Salaries                         205      192      185      188      205           13        7             -          -
    Employee
     benefits                         52       53       50       50       43           (1)      (1)            9         20
    ---------                        ---      ---      ---      ---      ---          ---      ---           ---        ---
         Total
          salaries
          and
          employee
          benefits                   257      245      235      238      248        12        5          9          4
    Net
     occupancy
     expense                          47       44       38       40       42            3        8             5         13
    Equipment
     expense                          17       17       17       15       16            -        5             1          8
    Outside
     processing
     fee
     expense                          27       25       25       24       27            2        5             -         (1)
    Software
     expense                          23       22       20       23       23            1        4             -         (6)
    Merger and
     restructuring
     charges                          37       33        5        -        -            4       12            37        N/M
    FDIC
     insurance
     expense                           8        8       12       15       15            -       18            (7)       (40)
    Legal fees                        14       12        8        9        9            2       16             5         59
    Advertising
     expense                           7        7        7        7        8            -       (2)           (1)       (10)
    Other real
     estate
     expense                           3        5        6        8        5           (2)     (45)           (2)       (33)
    Litigation
     and
     operational
     losses                            1        8        5        3        6           (7)     (89)           (5)       (84)
    Provision
     for credit
     losses on
     lending-
     related
     commitments                      (1)      (3)      (2)      (3)      (3)        2       57          2         66
    Other
     noninterest
     expenses                         38       37       33       36       41            1        3            (3)        (7)
    ------------                     ---      ---      ---      ---      ---          ---      ---           ---        ---
              Total noninterest
              expenses               478      460      409      415      437           18        4            41         10
             ------------------      ---      ---      ---      ---      ---          ---      ---           ---        ---
    Income
     before
     income
     taxes                           129      126      137      138      126            3        3             3          3
    Provision
     for income
     taxes                            33       28       41       35       30            5       21             3         12
    -----------                      ---      ---      ---      ---      ---          ---      ---           ---        ---
    NET INCOME                        96       98       96      103       96           (2)      (2)            -          -
    Less:
        Income
         allocated
         to
         participating
         securities                    1        1        1        1        1         -       (7)         -        (11)
                                                                                               ---                      ---
    Net income
     attributable
     to common
     shares                          $95      $97      $95     $102      $95          $(2)     (2)%           $-          -  %
    -------------                    ---      ---      ---     ----      ---          ---      ---           ---        ---   ---

    Earnings
     per common
     share:
         Basic                     $0.48    $0.51    $0.54    $0.58    $0.54       $(0.03)     (6)%       $(0.06)      (11)%
         Diluted                    0.48     0.51     0.53     0.57     0.53        (0.03)      (6)        (0.05)        (9)

    Cash
     dividends
     declared
     on common
     stock                            20       20       18       17       18         -        -          2         12
    Cash
     dividends
     declared
     per common
     share                          0.10     0.10     0.10     0.10     0.10         -        -          -          -
    -----------                     ----     ----     ----     ----     ----          ---      ---           ---        ---

    N/M -Not
     meaningful

    ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)
    Comerica Incorporated and Subsidiaries


                                                                              2011          2010
                                                                              ----          ----
     (in
     millions)                   4th Qtr        3rd Qtr     2nd Qtr       1st Qtr      4th Qtr
                                 -------        -------     -------       -------      -------

     Balance
     at
     beginning
     of
     period                          $767        $806     $849       $901        $957

     Loan
     charge-
     offs:
        Commercial                     28             33          66            65        43
         Real
         estate
         construction:
             Commercial
             Real
             Estate
             business
             line
             (a)                        4          11       12          8          34
             Other
             business
             lines
             (b)                        1              -           -             1         -
               Total
               real
               estate
               construction             5             11          12             9        34
         Commercial
         mortgage:
             Commercial
             Real
             Estate
             business
             line
             (a)                       17          12        8          9           9
             Other
             business
             lines
             (b)                       24             21          23            25        34
               Total
               commercial
               mortgage                41             33          31            34        43
         Residential
         mortgage                       2              4           7             2         5
        Consumer                        7              9           9             8        15
         Lease
         financing                      -              -           -             -         -
        International                   2              -           -             5         -
        -------------                 ---                                                ---
             Total
             loan
             charge-
             offs                      85             90         125           123       140

     Recoveries
     on
     loans
     previously
     charged-
     off:
        Commercial                     11              5          13             4         7
         Real
         estate
         construction                   4              3           5             2         3
         Commercial
         mortgage                       9              3           5             9        10
         Residential
         mortgage                       -              1           1             -         1
        Consumer                        1              1           1             1         2
         Lease
         financing                      -              -           6             5         4
        International                   -              -           4             1         -
             Total
             recoveries                25             13          35            22        27

     Net
     loan
     charge-
     offs                              60             77          90           101       113
     Provision
     for
     loan
     losses                            19             38          47            49        57
     Balance
     at
     end
     of
     period                          $726        $767     $806       $849        $901
     -------                         ----           ----        ----          ----      ----

     Allowance
     for
     loan
     losses
     as
     a
     percentage
     of
     total
     loans
     (c)                             1.70%       1.86%    2.06%      2.17%       2.24%

     Net
     loan
     charge-
     offs
     as
     a
     percentage
     of
     average
     total
     loans                           0.57        0.77     0.92       1.03        1.13

     Net
     credit-
     related
     charge-
     offs
     as
     a
     percentage
     of
     average
     total
     loans                           0.57        0.77     0.92       1.03        1.13
     ----------                      ----           ----        ----          ----      ----
    (a) Primarily charge-offs of loans to real estate
     investors and developers.
    (b) Primarily charge-offs of loans secured by owner-
     occupied real estate.
    (c) Reflects the impact of acquired loans, which were
     initially recorded at fair value with no related
     allowance for loan losses.

    ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-
     RELATED COMMITMENTS (unaudited)
    Comerica Incorporated and Subsidiaries


                                                                                 2011          2010
                                                                                 ----          ----
     (in
     millions)                        4th Qtr         3rd Qtr   2nd Qtr     1st Qtr        4th Qtr
                                      -------         -------   -------     -------        -------

     Balance
     at
     beginning
     of
     period                                $27          $30    $32       $35          $38
     Add:
     Provision
     for
     credit
     losses
     on
     lending-
     related
     commitments                            (1)          (3)    (2)       (3)          (3)
     Balance
     at
     end
     of
     period                                $26          $27    $30       $32          $35
     -------                               ---             ---       ---          ---           ---

     Unfunded
     lending-
     related
     commitments
     sold                                   $-           $-     $3        $2           $-
     -----------                           ---             ---       ---          ---           ---

    NONPERFORMING ASSETS (unaudited)
    Comerica Incorporated and Subsidiaries


                                                                                    2011     2010
                                                                                    ----     ----
                                                                            2nd     1st
    (in millions)                                                    4th Qtr    3rd Qtr   Qtr     Qtr 4th Qtr
    -------------                              -------       -------       ----    ----   -------

    SUMMARY OF
     NONPERFORMING
     ASSETS AND PAST
     DUE LOANS
    Nonaccrual loans:
      Business loans:
        Commercial                              $237          $258        $261    $226     $252
        Real estate
         construction:
         Commercial Real
          Estate business
          line (a)                                93           109         137     195      259
         Other business
          lines (b)                                8             3           2       3        4
           Total real estate
            construction                         101           112         139     198      263
        Commercial
         mortgage:
         Commercial Real
          Estate business
          line (a)                               159           198         186     197      181
         Other business
          lines (b)                              268           275         269     293      302
           Total commercial
            mortgage                             427           473         455     490      483
        Lease financing                            5             5           6       7        7
        International                              8             7           7       4        2
        -------------                            ---           ---         ---     ---      ---
       Total nonaccrual
        business loans                           778           855         868     925    1,007
      Retail loans:
        Residential
         mortgage                                 71            65          60      58       55
        Consumer:
         Home equity                               5             4           4       6        5
        Other consumer                             6             5           9       7       13
        --------------                           ---           ---         ---     ---      ---
          Total consumer                          11             9          13      13       18
          --------------                         ---           ---         ---     ---      ---
        Total nonaccrual
         retail loans                             82            74          73      71       73
        ----------------                         ---           ---         ---     ---      ---
      Total nonaccrual
       loans                                     860           929         941     996    1,080
    Reduced-rate loans                            27            29          33      34       43
    Total
     nonperforming
     loans (c)                                   887           958         974   1,030    1,123
    Foreclosed
     property                                     94            87          70      74      112
    Total
     nonperforming
     assets (c)                                 $981        $1,045      $1,044  $1,104   $1,235
    --------------                              ----        ------      ------  ------   ------

    Nonperforming
     loans as a
     percentage of
     total loans                                2.08%         2.32%       2.49%   2.63%    2.79%
    Nonperforming
     assets as a
     percentage of
     total loans
        and foreclosed
         property                               2.29          2.53        2.66    2.81     3.06
    Allowance for loan
     losses as a
     percentage
        of total
         nonperforming
         loans                                    82            80          83      82       80
    Loans past due 90
     days or more and
     still accruing                              $58           $81         $64     $72      $62



    ANALYSIS OF
     NONACCRUAL LOANS
    Nonaccrual loans
     at beginning of
     period                                     $929          $941        $996  $1,080   $1,163
         Loans transferred
          to nonaccrual (d)                       99           130         150     149      173
         Nonaccrual
          business loan
          gross charge-
          offs (e)                               (76)          (76)       (109)   (111)    (120)
         Loans transferred
          to accrual status
          (d)                                      -           (15)          -      (4)      (4)
         Nonaccrual
          business loans
          sold (f)                               (19)          (15)         (9)    (60)     (41)
         Payments/Other
          (g)                                    (73)          (36)        (87)    (58)     (91)
    Nonaccrual loans
     at end of period                           $860          $929        $941    $996   $1,080
    -----------------                           ----          ----        ----    ----   ------

    (a) Primarily
     loans to real
     estate investors
     and developers.
    (b) Primarily
     loans secured by
     owner-occupied
     real estate.
    (c) Excludes loans
     acquired with
     credit
     impairment.
    (d) Based on an
     analysis of
     nonaccrual loans
     with book
     balances greater
     than $2 million.
    (e) Analysis of
     gross loan
     charge-offs:

          Nonaccrual
           business loans                        $76           $76        $109    $111     $120
          Performing watch
           list loans                              -             1           -       2        -
          Consumer and
           residential
           mortgage loans                          9            13          16      10       20
                                                 ---           ---         ---     ---      ---
                   Total gross loan
                   charge-offs                   $85           $90        $125    $123     $140
                                          ----------
    (f) Analysis of
     loans sold:

          Nonaccrual
           business loans                        $19           $15          $9     $60      $41
          Performing watch
           list loans                              -            16           6      35       29
                                                 ---           ---         ---     ---      ---
                  Total loans sold               $19           $31         $15     $95      $70
                                                 ---
    (g) Includes net changes related to nonaccrual loans with balances
     less than $2 million, payments on nonaccrual loans with book balances
     greater than $2 million and transfers of nonaccrual loans to
     foreclosed property. Excludes business loan gross charge-offs and
     business nonaccrual loans sold.

    ANALYSIS OF NET INTEREST INCOME (FTE)
    Comerica Incorporated and Subsidiaries


                                                                              Years Ended
                                                                              -----------
                                                          December 31, 2011                    December 31, 2010
                                                          -----------------                    -----------------
                                                     Average                  Average        Average                Average
    (dollar amounts in
     millions)                                       Balance     Interest      Rate          Balance   Interest      Rate
    ------------------                             -------     --------    ----         -------   --------    ----

    Commercial loans                                 $22,208       $819   3.69%          $21,090       $820   3.89%
    Real estate construction
     loans                                             1,843         81   4.37             2,839         90   3.17
    Commercial mortgage loans                         10,025        424   4.23            10,244        421   4.10
    Residential mortgage loans                         1,580         83   5.27             1,607         85   5.30
    Consumer loans                                     2,278         80   3.50             2,429         86   3.54
    Lease financing                                      950         33   3.51             1,086         42   3.88
    International loans                                1,191         46   3.83             1,222         48   3.94
    Business loan swap income                              -          -      -                 -         28      -
                                                         ---        ---    ---               ---        ---    ---
                 Total loans (a)                      40,075      1,566   3.91            40,517      1,620   4.00

    Auction-rate securities
     available-for-sale                                  479          4   0.72               745          8   1.01
    Other investment
     securities available-
     for-sale                                          7,692        231   3.06             6,419        220   3.51
                                                       -----        ---   ----             -----        ---   ----
                  Total investment securities
                  available-for-sale                   8,171        235   2.91             7,164        228   3.24

    Federal funds sold and securities
     purchased
      under agreements to resell                           5          -   0.32                 6          -   0.36
    Interest-bearing deposits
     with banks (b)                                    3,741          9   0.24             3,191          8   0.25
    Other short-term
     investments                                         129          3   2.17               126          2   1.58
                                                         ---        ---   ----               ---        ---   ----
                 Total earning assets                 52,121      1,813   3.49            51,004      1,858   3.65

    Cash and due from banks                              921                                 825
    Allowance for loan losses                           (838)                            (1,019)
    Accrued income and other
     assets                                            4,713                               4,743
                                                       -----                               -----
                 Total assets                        $56,917                             $55,553
                                                     -------

    Money market and NOW
     deposits                                        $19,088         47   0.25           $16,355         51   0.31
    Savings deposits                                   1,550          2   0.11             1,394          1   0.08
    Customer certificates of
     deposit                                           5,719         39   0.68             5,875         53   0.90
                                                       -----        ---   ----             -----        ---   ----
                  Total interest-bearing core
                  deposits                            26,357         88   0.33            23,624        105   0.44
    Other time deposits                                   23          -   0.42               306          9   3.04
    Foreign office time
     deposits                                            388          2   0.48               462          1   0.31
                                                         ---        ---   ----               ---        ---   ----
                  Total interest-bearing
                  deposits                            26,768         90   0.33            24,392        115   0.47

    Short-term borrowings                                138          -   0.13               216          1   0.25
    Medium- and long-term debt                         5,519         66   1.20             8,684         91   1.05
                                                       -----        ---   ----             -----        ---   ----
                 Total interest-bearing sources       32,425        156   0.48            33,292        207   0.62

    Noninterest-bearing
     deposits                                         16,994                              15,094
    Accrued expenses and other
     liabilities                                       1,147                               1,099
    Total shareholders' equity                         6,351                               6,068
                                                       -----                               -----
                  Total liabilities and
                  shareholders' equity               $56,917                             $55,553
                                                  ----------

    Net interest income/rate spread
     (FTE)                                                       $1,657   3.01                       $1,651   3.03
                                                                 ------                              ------

    FTE adjustment                                                   $4                                  $5
                                                                    ---                                 ---

    Impact of net noninterest-bearing
     sources of funds                                                     0.18                                0.21
    ---------------------------------                                     ----                                ----
    Net interest margin (as a
     percentage
      of average earning assets) (FTE)
       (a) (b)                                                            3.19%                               3.24%
      --------------------------------                                    ----                                ----

    (a) Accretion of the purchase discount on the acquired loan portfolio of
     $53 million increased the net interest margin by 10  basis points in 2011.
    (b) Excess liquidity, represented by average balances deposited with the
     Federal Reserve Bank, reduced the net interest margin by 22 basis points
     and 20 basis points in 2011 and 2010, respectively.

    ANALYSIS OF NET INTEREST INCOME (FTE)
    Comerica Incorporated and Subsidiaries


                                                                        Three Months Ended
                                                                        ------------------
                                   December 31, 2011                      September 30, 2011                   December 31, 2010
                                   -----------------                      ------------------                   -----------------
                            Average                Average         Average                Average       Average                Average
     (dollar
     amounts
     in
     millions)              Balance   Interest    Rate          Balance   Interest    Rate        Balance   Interest    Rate
     ---------              -------   --------    ----          -------   --------    ----        -------   --------    ----

     Commercial
     loans                   $23,515      $216   3.64%            $22,127      $207   3.70%          $21,464      $206   3.80%
    Real
     estate
     construction
     loans                     1,619        21   5.26               1,699        23   5.28             2,371        21   3.50
     Commercial
     mortgage
     loans                    10,388       119   4.54              10,275       115   4.42             9,965       100   3.97
     Residential
     mortgage
     loans                     1,591        20   5.06               1,606        21   5.30             1,600        20   5.11
     Consumer
     loans                     2,294        21   3.58               2,292        20   3.56             2,367        21   3.50
    Lease
     financing                   919         8   3.44                 936         8   3.46             1,044        11   4.36
     International
     loans                     1,128        10   3.63               1,163        11   4.01             1,188        11   3.86
     Business
     loan
     swap
     income                        -         -      -                   -         -      -                 -         4      -
                                 ---       ---    ---                 ---       ---    ---               ---       ---    ---
      Total
       loans
       (a)                    41,454       415   3.98              40,098       405   4.01            39,999       394   3.92

     Auction-
     rate
     securities
     available-
     for-
     sale                        426         1   0.64          437         1   0.63          617       2   0.92
    Other
     investment
     securities
     available-
     for-
     sale                      9,355        62   2.74        7,721        54   2.87        6,495      48   3.07
                               -----       ---   ----               -----       ---   ----             -----       ---   ----
      Total
       investment
       securities
       available-
       for-
       sale                    9,781        63   2.64        8,158        55   2.74        7,112      50   2.87

    Federal funds
     sold and
     securities
     purchased
      under
       agreements
       to
       resell                     15         -   0.32                   -         -   0.44                 8         -   0.32
     Interest-
     bearing
     deposits
     with
     banks
     (b)                       4,293         3   0.24        4,851         3   0.23        1,856       1   0.25
    Other
     short-
     term
     investments                 133         1   2.26                 136         1   2.30               127         1   1.40
                                 ---       ---   ----                 ---       ---   ----               ---       ---   ----
      Total
       earning
       assets                 55,676       482   3.45              53,243       464   3.47            49,102       446   3.62

    Cash
     and
     due
     from
     banks                       959            969            871
     Allowance
     for
     loan
     losses                     (773)                                (814)                              (979)
     Accrued
     income
     and
     other
     assets                    5,183          4,840          4,762
                               -----                                -----                              -----
      Total
       assets                $61,045                              $58,238                            $53,756
                             -------                              -------                            -------

    Money
     market
     and
     NOW
     deposits                $20,716       $12   0.21      $19,595       $13   0.25      $17,302     $13   0.29
     Savings
     deposits                  1,652         -   0.12               1,659         -   0.14             1,385         -   0.09
     Customer
     certificates
     of
     deposit                   5,872         9   0.60               5,878        10   0.66             5,602        11   0.80
                               -----       ---   ----               -----       ---   ----             -----       ---   ----
      Total
       interest-
       bearing
       core
       deposits               28,240        21   0.29       27,132        23   0.33       24,289      24   0.39
    Other
     time
     deposits                     14         -   0.63                  76         -   0.38                 -         -      -
     Foreign
     office
     time
     deposits                    349         -   0.39                 379         1   0.52               460         -   0.45
                                 ---       ---   ----                 ---       ---   ----               ---       ---   ----
      Total
       interest-
       bearing
       deposits               28,603        21   0.29              27,587        24   0.33            24,749        24   0.40

    Short-
     term
     borrowings                  142         -   0.07                 204         -   0.08               174         1   0.27
     Medium-
      and
      long-
     term
     debt                      4,976        16   1.30        5,168        16   1.23        6,201      15   1.02
                               -----       ---   ----               -----       ---   ----             -----       ---   ----
      Total
       interest-
       bearing
       sources                33,721        37   0.44              32,959        40   0.47            31,124        40   0.52

     Noninterest-
     bearing
     deposits                 19,176                               17,511                             15,607
     Accrued
     expenses
     and
     other
     liabilities               1,201          1,135          1,155
    Total
     shareholders'
     equity                    6,947                                6,633                              5,870
                               -----                                -----                              -----
      Total
       liabilities
       and
       shareholders'
       equity                $61,045        $58,238        $53,756
                             -------                              -------                            -------

    Net interest
     income/rate
     spread (FTE)                         $445   3.01                          $424   3.00                        $406   3.10
                                          ----                                 ----                               ----

    FTE adjustment                          $1                                   $1                                 $1
                                           ---                                  ---                                ---

    Impact of net
     noninterest-
     bearing
     sources of
     funds                              0.18       0.18       0.19
                                                 ----                                 ----                               ----
    Net interest
     margin (as a
     percentage
      of average
       earning
       assets) (FTE)
       (a) (b)                                   3.19%                                3.18%                              3.29%
      --------------                             ----                                 ----                               ----

    (a) Accretion of the purchase discount on the acquired loan portfolio of $26 million in the
     fourth quarter and $27 million in the third quarter of 2011 increased the net interest
     margin by 19 basis points and by 20 basis points in the fourth and third quarters of 2011,
     respectively.
    (b) Excess liquidity, represented by average balances deposited with the Federal Reserve
     Bank, reduced the net interest margin by 24 basis points and by 29 basis points in the
     fourth and third quarters of 2011, respectively, and by 12 basis points in the fourth
     quarter of 2010.

    CONSOLIDATED STATISTICAL DATA (unaudited)
    Comerica Incorporated and Subsidiaries


                                                        September
                                                       December 31,            30,        June 30, March 31, December 31,
    (in
     millions,
     except per
     share
     data)                                 2011           2011       2011        2011        2010
    -----------                            ----               ----           ----         ----         ----

    Commercial loans:
         Floor plan                     $1,822             $1,209         $1,478       $1,893       $2,017
         Other                          23,174             21,904         20,574       19,467       20,128
         -----                          ------             ------         ------       ------       ------
               Total commercial
               loans                    24,996             23,113         22,052       21,360       22,145
    Real estate
     construction loans:
         Commercial
          Real
          Estate
          business
          line (a)                       1,103          1,226      1,343       1,606       1,826
         Other
          business
          lines (b)                        430                422            385          417          427
         ----------                        ---                ---            ---          ---          ---
               Total real estate
               construction
               loans                     1,533              1,648          1,728        2,023        2,253
    Commercial mortgage
     loans:
         Commercial
          Real
          Estate
          business
          line (a)                       2,507          2,602      1,930       1,918       1,937
         Other
          business
          lines (b)                      7,757              7,937          7,649        7,779        7,830
         ----------                      -----              -----          -----        -----        -----
               Total commercial
               mortgage loans           10,264             10,539          9,579        9,697        9,767
    Residential
     mortgage
     loans                               1,526              1,643          1,491        1,550        1,619
    Consumer loans:
         Home equity                     1,655              1,683          1,622        1,661        1,704
         Other
          consumer                         630                626            610          601          607
         ---------                         ---                ---            ---          ---          ---
               Total consumer
               loans                     2,285              2,309          2,232        2,262        2,311
    Lease
     financing                             905                927            949          958        1,009
     International
     loans                               1,170              1,046          1,162        1,326        1,132
     -------------                       -----              -----          -----        -----        -----
              Total loans              $42,679            $41,225        $39,193      $39,176      $40,236
              -----------              -------            -------        -------      -------      -------

    Goodwill                              $635               $635           $150         $150         $150
    Core
     deposit
     intangible                             29                 32              -            -            -
    Loan
     servicing
     rights                                  3                  3              4            4            5

    Tier 1
     common
     capital
     ratio (c)
     (d)                                 10.31%         10.57%     10.53%      10.35%      10.13%
    Tier 1
     risk-
     based
     capital
     ratio (d)                           10.35          10.65      10.53       10.35       10.13
    Total risk-
     based
     capital
     ratio (d)                           14.18              14.84          14.80        14.80        14.54
    Leverage
     ratio (d)                           10.92              11.41          11.40        11.37        11.26
    Tangible
     common
     equity
     ratio (c)                           10.27              10.43          10.90        10.43        10.54

    Book value
     per common
     share                              $34.80             $34.94         $34.15       $33.25       $32.82
    Market value per share
     for the quarter:
         High                            27.37              35.79          39.00        43.53        43.44
         Low                             21.53              21.48          33.08        36.20        34.43
         Close                           25.80              22.97          34.57        36.72        42.24

    Quarterly ratios:
         Return on
          average
          common
          shareholders'
          equity                          5.51%          5.91%      6.41%       7.08%       6.53%
         Return on
          average
          assets                          0.63               0.67           0.70         0.77         0.71
         Efficiency
          ratio                          75.78              75.11          69.33        69.05        70.38

    Number of
     banking
     centers                               494                502            446          445          444

    Number of
     employees
     -full
     time
     equivalent                          9,397          9,701      8,915       8,955       9,001

    (a) Primarily loans to real estate investors and developers.
    (b) Primarily loans secured by owner-occupied real estate.
    (c) See Reconciliation of Non-GAAP Financial Measures.
    (d) December 31, 2011 ratios are estimated.

    PARENT COMPANY ONLY BALANCE SHEETS (unaudited)
    Comerica Incorporated

                                                   December   September   December
                                                      31,        30,         31,
    (in millions, except share data)                    2011        2011       2010
    --------------------------------                    ----        ----       ----

    ASSETS
    Cash and due from subsidiary bank                     $7          $3         $-
    Short-term investments with
     subsidiary bank                                     411         440        327
    Other short-term investments                          90          86         86
    Investment in subsidiaries,
     principally banks                                 7,011       7,098      5,957
    Premises and equipment                                 4           3          4
    Other assets                                         177         189        181
          Total assets                                $7,700      $7,819     $6,555
          ------------                                ------      ------     ------

    LIABILITIES AND SHAREHOLDERS'
     EQUITY
    Medium- and long-term debt                          $666        $722       $635
    Other liabilities                                    166         146        127
          Total liabilities                              832         868        762

    Common stock - $5 par value:
        Authorized -325,000,000 shares
        Issued -228,164,824 shares at
         12/31/11 and 9/30/11, and
         203,878,110 shares at 12/31/10                1,141       1,141      1,019
    Capital surplus                                    2,170       2,162      1,481
    Accumulated other comprehensive
     loss                                               (356)       (230)      (389)
    Retained earnings                                  5,546       5,471      5,247
    Less cost of common stock in
     treasury - 30,831,076 shares at
     12/31/11, 29,238,425 shares at
     9/30/11, and 27,342,518
        shares at 12/31/10                            (1,633)     (1,593)    (1,565)
          Total shareholders' equity                   6,868       6,951      5,793
          Total liabilities and
           shareholders' equity                       $7,700      $7,819     $6,555
          ---------------------                       ------      ------     ------

    CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
    Comerica Incorporated and Subsidiaries


                                                                                  Accumulated
                                                      Common Stock                     Other                               Total
                                                      ------------
                                      Preferred     Shares              Capital   Comprehensive  Retained  Treasury   Shareholders'
    (in millions,
     except per
     share data)                        Stock     Outstanding  Amount   Surplus       Loss       Earnings    Stock        Equity
    -------------                       -----     -----------  ------   -------       ----       --------    -----        ------

    BALANCE AT
     DECEMBER 31,
     2009                                $2,151         151.2     $894      $740          $(336)   $5,161    $(1,581)        $7,029
    Net income                                -             -        -         -              -       277          -            277
    Other
     comprehensive
     loss, net of
     tax                                      -             -        -         -            (53)        -          -            (53)
                                                                                                                                ---
    Total
     comprehensive
     income                                                                                                                     224
    Cash dividends
     declared on
     preferred stock                          -             -        -         -              -       (38)         -            (38)
    Cash dividends
     declared on
     common stock
     ($0.25 per
     share)                                   -             -        -         -              -       (44)         -            (44)
    Purchase of
     common stock                             -          (0.1)       -         -              -         -         (4)            (4)
    Issuance of
     common stock                             -          25.1      125       724              -         -          -            849
    Redemption of
     preferred stock                     (2,250)            -        -         -              -         -          -         (2,250)
    Redemption
     discount
     accretion on
     preferred stock                         94             -        -         -              -       (94)         -              -
    Accretion of
     discount on
     preferred stock                          5             -        -         -              -        (5)         -              -
    Net issuance of
     common stock
     under employee
     stock plans                              -           0.3        -       (11)             -       (10)        19             (2)
    Share-based
     compensation                             -             -        -        32              -         -          -             32
    Other                                     -             -        -        (4)             -         -          1             (3)
    -----                                   ---                    ---       ---            ---       ---        ---
    BALANCE AT
     DECEMBER 31,
     2010                                    $-         176.5   $1,019    $1,481          $(389)   $5,247    $(1,565)        $5,793
    Net income                                -             -        -         -              -       393          -            393
    Other
     comprehensive
     income, net of
     tax                                      -             -        -         -             33         -          -             33
                                                                                                                                ---
    Total
     comprehensive
     income                                                                                                                     426
    Cash dividends
     declared on
     common stock
     ($0.40 per
     share)                                   -             -        -         -              -       (75)         -            (75)
    Purchase of
     common stock                             -          (4.3)       -         -              -         -       (116)          (116)
    Acquisition of
     Sterling
     Bancshares,
     Inc.                                     -          24.3      122       681              -         -          -            803
    Net issuance of
     common stock
     under employee
     stock plans                              -           0.8        -       (29)             -       (19)        48              -
    Share-based
     compensation                             -             -        -        37              -         -          -             37
    BALANCE AT
     DECEMBER 31,
     2011                                    $-         197.3   $1,141    $2,170          $(356)   $5,546    $(1,633)        $6,868
    -------------                           ---         -----   ------    ------          -----    ------    -------         ------

    BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
     Comerica Incorporated and Subsidiaries


    (dollar
     amounts
     in
     millions)               Business         Retail          Wealth         Finance      Other   Total
    Three
     Months
     Ended
     December
     31,
     2011                       Bank       Bank     Management
    Earnings summary:
    Net
     interest
     income
     (expense)
     (FTE)                        $382       $176          $46      $(168)        $9       $445
     Provision
     for
     loan
     losses                         (4)            15               10              -         (2)       19
     Noninterest
     income                         73             35               55             16          3       182
     Noninterest
     expenses                      161            182               83              3         49       478
     Provision
     (benefit)
     for
     income
     taxes
     (FTE)                          97          4            3        (60)       (10)        34
    Net
     income
     (loss)                       $201            $10               $5           $(95)      $(25)      $96
                                  ----            ---              ---           ----       ----       ---
    Net
     credit-
     related
     charge-
     offs                          $32        $16          $12         $-         $-        $60

    Selected average
     balances:
    Assets                     $32,150         $6,250           $4,672        $11,926     $6,047   $61,045
    Loans                       31,257          5,571            4,618              3          5    41,454
    Deposits                    23,296         20,715            3,400            200        168    47,779

    Statistical data:
    Return
     on
     average
     assets
     (a)                          2.50%      0.18%        0.45%       N/M        N/M       0.63%
    Net
     interest
     margin
     (b)                          4.83           3.37             4.00            N/M        N/M      3.19
     Efficiency
     ratio                       35.55          84.36            82.12            N/M        N/M     75.78


    Three
     Months
     Ended
     September
     30,
     2011                    Business     Retail      Wealth     Finance      Other    Total
                                Bank           Bank         Management
    Earnings summary:
    Net
     interest
     income
     (expense)
     (FTE)                        $363       $173          $45      $(167)       $10       $424
     Provision
     for
     loan
     losses                         20             17                6              -         (5)       38
     Noninterest
     income                         77             47               56             25         (4)      201
     Noninterest
     expenses                      162            174               78              3         43       460
     Provision
     (benefit)
     for
     income
     taxes
     (FTE)                          79         10            6        (54)       (12)        29
    Net
     income
     (loss)                       $179            $19              $11           $(91)      $(20)      $98
                                  ----            ---              ---           ----       ----       ---
    Net
     credit-
     related
     charge-
     offs                          $40        $28           $9         $-         $-        $77

    Selected average
     balances:
    Assets                     $30,608         $5,984           $4,674        $10,177     $6,795   $58,238
    Loans                       29,955          5,483            4,652              2          6    40,098
    Deposits                    21,759         19,792            3,198            236        113    45,098

    Statistical data:
    Return
     on
     average
     assets
     (a)                          2.34%      0.38%        0.95%       N/M        N/M       0.67%
    Net
     interest
     margin
     (b)                          4.81           3.46             3.85            N/M        N/M      3.18
     Efficiency
     ratio                       36.91          79.11            78.00            N/M        N/M     75.11
     ----------                  -----          -----            -----            ---        ---     -----

    Three
     Months
     Ended
     December
     31,
     2010                    Business     Retail      Wealth     Finance      Other    Total
                                Bank           Bank         Management
    Earnings summary:
    Net
     interest
     income
     (expense)
     (FTE)                        $341       $134          $42      $(111)        $-       $406
     Provision
     for
     loan
     losses                          8             29               23              -         (3)       57
     Noninterest
     income                         81             43               59             23          9       215
     Noninterest
     expenses                      158            169               93             12          5       437
     Provision
     (benefit)
     for
     income
     taxes
     (FTE)                          82         (7)          (5)       (40)         1         31
    Net
     income
     (loss)                       $174           $(14)            $(10)          $(60)        $6       $96
                                  ----           ----             ----           ----        ---       ---
    Net
     credit-
     related
     charge-
     offs                          $73        $22          $18         $-         $-       $113

    Selected average
     balances:
    Assets                     $30,489         $5,647           $4,834         $9,228     $3,558   $53,756
    Loans                       29,947          5,192            4,820             28         12    39,999
    Deposits                    19,892         17,271            2,730            310        153    40,356

    Statistical data:
    Return
     on
     average
     assets
     (a)                          2.29%    (0.32)%      (0.82)%       N/M        N/M       0.71%
    Net
     interest
     margin
     (b)                          4.51           3.07             3.43            N/M        N/M      3.29
     Efficiency
     ratio                       37.25          95.17            92.86            N/M        N/M     70.38
     ----------                  -----          -----            -----            ---        ---     -----
    (a) Return on average assets is calculated based on the greater of average assets
     or average liabilities and attributed equity.
    (b) Net interest margin is calculated based on the greater of average earning
     assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful
    --------------------

    MARKET SEGMENT FINANCIAL RESULTS (unaudited)
     Comerica Incorporated and Subsidiaries


    (dollar amounts
     in millions)                    Midwest       Western       Texas        Florida        Other         International   Finance      Total
    Three Months Ended
     December 31, 2011                                                                        Markets                        & Other
                                                                                                                            Businesses
    Earnings summary:
    Net interest
     income
     (expense) (FTE)                    $201          $170         $158           $11           $46                  $18       $(159)     $445
    Provision for
     loan losses                          20           (12)           8             4             -                    1          (2)       19
    Noninterest
     income                               85            33           26             4             7                    8          19       182
    Noninterest
     expenses                            185           109           89            13            23                    7          52       478
    Provision
     (benefit) for
     income taxes
     (FTE)                                28            41           32            (1)           (2)                   6         (70)       34
    Net income
     (loss)                              $53           $65          $55           $(1)          $32                  $12       $(120)      $96
                                         ---           ---          ---           ---           ---                  ---       -----       ---
    Net credit-
     related charge-
     offs                                $32            $5           $4            $7           $10                   $2          $-       $60

    Selected average
     balances:
    Assets                           $13,980       $12,266       $9,712        $1,435        $4,011               $1,668     $17,973   $61,045
    Loans                             13,725        12,026        8,952         1,457         3,718                1,568           8    41,454
    Deposits                          19,076        13,671       10,333           435         2,414                1,482         368    47,779

    Statistical data:
    Return on
     average assets
     (a)                                1.05%         1.77%        1.92%       (0.37)%         3.20%                2.78%        N/M      0.63%
    Net interest
     margin (b)                         4.18          4.92         6.07          2.89          4.90                 4.42         N/M      3.19
    Efficiency ratio                   63.69         53.94        48.13         92.29         43.68                28.20         N/M     75.78
    ----------------                   -----         -----        -----         -----         -----                -----          --     -----
    Three Months
     Ended September
     30, 2011                        Midwest       Western       Texas        Florida        Other         International   Finance      Total
                                                                                            Markets                        & Other
                                                                                                                          Businesses
    Earnings summary:
    Net interest
     income
     (expense) (FTE)                    $199          $166         $143           $11           $41                  $21       $(157)     $424
    Provision for
     loan losses                          21            14           (7)            2            11                    2          (5)       38
    Noninterest
     income                               96            32           29             4            10                    9          21       201
    Noninterest
     expenses                            183           105           80            11            25                   10          46       460
    Provision
     (benefit) for
     income taxes
     (FTE)                                32            29           35             1            (8)                   6         (66)       29
    Net income
     (loss)                              $59           $50          $64            $1           $23                  $12       $(111)      $98
                                         ---           ---          ---           ---           ---                  ---       -----       ---
    Net credit-
     related charge-
     offs
     (recoveries)                        $33           $32           $2            $5            $5                   $-          $-       $77

    Selected average
     balances:
    Assets                           $14,123       $12,110       $8,510        $1,450        $3,369               $1,705     $16,972   $58,239
    Loans                             13,873        11,889        8,145         1,477         3,075                1,631           8    40,098
    Deposits                          18,511        12,975        8,865           404         2,391                1,603         349    45,098

    Statistical data:
    Return on
     average assets
     (a)                                1.21%         1.42%        2.66%         0.29%         2.76%                2.76%        N/M      0.67%
    Net interest
     margin (b)                         4.27          5.06         6.40          2.94          5.36                 5.00         N/M      3.18
    Efficiency ratio                   61.78         53.15        46.51         78.07         50.73                31.23         N/M     75.11
                                       -----         -----        -----         -----         -----                -----          --     -----
    Three Months
     Ended December
     31, 2010                        Midwest       Western       Texas        Florida        Other         International   Finance      Total
                                                                                            Markets                        & Other
                                                                                                                          Businesses
    Earnings summary:
    Net interest
     income
     (expense) (FTE)                    $202          $158          $80           $11           $48                  $18       $(111)     $406
    Provision for
     loan losses                          46            11           15             4           (19)                   3          (3)       57
    Noninterest
     income                               99            35           27             3            10                    9          32       215
    Noninterest
     expenses                            201           109           67             9            24                   10          17       437
    Provision
     (benefit) for
     income taxes
     (FTE)                                19            32            9             -             5                    5         (39)       31
    Net income
     (loss)                              $35           $41          $16            $1           $48                   $9        $(54)      $96
                                         ---           ---          ---           ---           ---                  ---        ----       ---
    Net credit-
     related charge-
     offs                                $52           $43           $9            $7            $2                   $-          $-      $113

    Selected average
     balances:
    Assets                           $14,506       $12,698       $6,653        $1,587        $3,911               $1,615     $12,786   $53,756
    Loans                             14,219        12,497        6,435         1,612         3,651                1,545          40    39,999
    Deposits                          17,959        12,448        5,557           375         2,242                1,312         463    40,356

    Statistical data:
    Return on
     average assets
     (a)                                0.72%         1.21%        0.96%         0.13%         4.93%                2.24%        N/M      0.71%
    Net interest
     margin (b)                         4.45          5.01         4.91          2.64          5.32                 4.38         N/M      3.29
    Efficiency ratio                   66.64         56.46        62.62         68.68         40.07                36.08         N/M     70.38
    ----------------                   -----         -----        -----         -----         -----                -----          --     -----
    (a) Return on average assets is calculated based on the greater of average assets or average liabilities and
     attributed equity.
    (b) Net interest margin is calculated based on the greater of average earning assets or average deposits and
     purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful
    --------------------

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)
    Comerica Incorporated and Subsidiaries

                                  December             September              June          March   December
                                     31,                   30,                 30,           31,       31,
    (dollar
     amounts in
     millions)                         2011                  2011              2011           2011       2010
                                       ----                  ----              ----           ----       ----
    Tier 1 Common Capital
     Ratio:
    Tier 1
     capital
     (a) (b)                         $6,582                $6,560            $6,193         $6,107     $6,027
    Less:
      Trust
       preferred
       securities                        25                    49                 -              -          -
      -----------                       ---                   ---               ---            ---        ---
    Tier 1
     common
     capital
     (b)                             $6,557                $6,511            $6,193         $6,107     $6,027
    --------                         ------                ------            ------         ------     ------
    Risk-
     weighted
     assets (a)
     (b)                            $63,577               $61,593           $58,795        $58,998    $59,506
    Tier 1
     capital
     ratio (b)                        10.35%                10.65%            10.53%         10.35%     10.13%
    Tier 1
     common
     capital
     ratio (b)                        10.31                 10.57             10.53          10.35      10.13
    ----------                        -----                 -----             -----          -----      -----
    Tangible Common Equity
     Ratio:
    Total
     common
     shareholders'
     equity                          $6,868                $6,951            $6,038         $5,877     $5,793
    Less:
      Goodwill                          635                   635               150            150        150
      Other
       intangible
       assets                            32                    35                 4              5          6
      -----------                       ---                   ---               ---            ---        ---
    Tangible
     common
     equity                          $6,201                $6,281            $5,884         $5,722     $5,637
    --------                         ------                ------            ------         ------     ------
    Total
     assets                         $61,008               $60,888           $54,141        $55,017    $53,667
    Less:
      Goodwill                          635                   635               150            150        150
      Other
       intangible
       assets                            32                    35                 4              5          6
      -----------                       ---                   ---               ---            ---        ---
    Tangible
     assets                         $60,341               $60,218           $53,987        $54,862    $53,511
    --------                        -------               -------           -------        -------    -------
    Common
     equity
     ratio                           $11.26%               $11.42%           $11.15%        $10.68%    $10.80%
    Tangible
     common
     equity
     ratio                            10.27                 10.43             10.90          10.43      10.54
    --------                          -----                 -----             -----          -----      -----
    (a) Tier 1 capital and risk-weighted assets as defined by regulation.
    (b) December 31, 2011 Tier 1 capital and risk-weighted assets are estimated.

    The Tier 1 common capital ratio removes preferred stock and qualifying trust preferred
     securities from Tier 1 capital as defined by and calculated in conformity with bank
     regulations.  The tangible common equity removes preferred stock and the effect of
     intangible assets from capital and the effect of intangible assets from total assets.
     Comerica believes these measurements are meaningful measures of capital adequacy used
     by investors, regulators, management and others to evaluate the adequacy of common
     equity and to compare against other companies in the industry.

SOURCE Comerica Incorporated