Financial News

Comerica Reports Fourth Quarter 2012 Net Income Of $130 Million
11 Percent Increase in Net Income From Third Quarter 2012 Reflects Loan and Fee Income Growth, Expense Control
Full-Year 2012 Net Income of $521 Million Up 33 Percent From 2011
10 Million Shares Repurchased in 2012 Under the Share Repurchase Program
79 Percent of 2012 Net Income Returned to Shareholders
PR Newswire

DALLAS, Jan. 16, 2013 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today reported fourth quarter 2012 net income of $130 million, compared to $117 million for the third quarter 2012. Earnings per fully diluted share were 68 cents for the fourth quarter 2012, compared to 61 cents for the third quarter 2012.

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Full-year 2012 net income was $521 million, an increase of $128 million, or 33 percent, compared to 2011. 2012 net income included restructuring expenses associated with the acquisition of Sterling Bancshares, Inc. (Sterling) of $35 million ($22 million, after tax), compared to $75 million ($47 million, after tax) for 2011. Earnings per fully diluted share were $2.67 for 2012, compared to $2.09 for 2011.


     (dollar
     amounts
     in
     millions,
     except
     per
     share
     data)        4th Qtr '12       3rd Qtr '12        4th Qtr '11
     ---------    -----------       -----------        -----------
    Net
     interest
     income
     (a)                       $424                                $427        $444
     Provision
     for
     credit
     losses                16                      22                      18
     Noninterest
     income               204                     197                     182
     Noninterest
     expenses
     (b)                  427                     449                     479
     Provision
     for
     income
     taxes                 55                      36                      33

    Net
     income               130                     117                      96

    Net
     income
     attributable
     to
     common
     shares               128                     116                      95

     Diluted
     income
     per
     common
     share               0.68                    0.61                    0.48

     Average
     diluted
     shares
     (in
     millions)            188                     191                     197

    Tier
     1
     common
     capital
     ratio
     (d)                10.11%      (c)         10.35%                  10.37%
     Tangible
     common
     equity
     ratio
     (d)                 9.71                   10.25                   10.27
     --------            ----                   -----                   -----
    (a)              Included
                     accretion of
                     the purchase
                     discount on
                     the acquired
                     Sterling loan
                     portfolio of
                     $13 million
                     ($8 million,
                     after tax),
                     $15 million
                     ($9 million,
                     after tax) and
                     $26 million
                     ($16 million,
                     after tax) in
                     the fourth
                     quarter 2012,
                     third quarter
                     2012 and
                     fourth quarter
                     2011,
                     respectively.
    (b)              Included restructuring expenses of $2
                     million ($1 million, after tax), $25
                     million ($16 million, after tax) and
                     $37 million ($23 million, after tax)
                     in the fourth quarter 2012, third
                     quarter 2012 and fourth quarter
                     2011, respectively, associated with
                     the acquisition of Sterling.
    (c)             December 31, 2012 ratio is estimated.
    (d)              See Reconciliation of Non-GAAP
                     Financial Measures.

"Loan and fee income growth combined with expense control contributed to our 11 percent increase in net income, when compared to the third quarter," said Ralph W. Babb Jr., chairman and chief executive officer. "In this slow growing national economy, we continue to benefit from our position in growth markets and industry expertise, which helped drive an increase in average total loans of $522 million, primarily reflecting an increase of $762 million, or 3 percent, in commercial loans. We continue to capitalize on opportunities by allocating resources to faster growing markets and segments.

"Average total deposits increased $1.4 billion in the fourth quarter to a record $51.3 billion, primarily reflecting an increase of $1.3 billion, or 6 percent, in noninterest-bearing deposits."

"Excluding accretion, net interest income was stable in the fourth quarter, and noninterest income increased $7 million to $204 million, primarily due to increases in customer-driven categories. Credit quality continued to be strong and our capital position remains a source of strength to support our growth. We repurchased 3.1 million shares in the fourth quarter and 10.1 million shares for the full-year 2012 under our share repurchase program. Combined with dividends, we returned 79 percent of 2012 net income to shareholders.

"Looking ahead, we believe our focus on relationships, growth markets, industry expertise and expense management should assist us in increasing returns to shareholders and provide us the momentum that will not only carry us through an extended low-rate environment, but enable us to succeed in it, too."

Fourth Quarter and Full-Year 2012 Overview

Fourth Quarter 2012 Compared to Third Quarter 2012

    --  Average total loans increased $522 million, or 1 percent, to $44.1
        billion, primarily reflecting an increase of $762 million, or 3 percent,
        in commercial loans, partially offset by a decrease of $241 million, or
        2 percent, 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, Energy,
        general Middle Market and Mortgage Banker Finance, partially offset by a
        decrease in Corporate. Period-end loans increased $1.9 billion, or 4
        percent, to $46.1 billion, primarily reflecting an increase of $2.1
        billion, or 7 percent, in commercial loans, partially offset by a
        decrease of $239 million, or 2 percent, in commercial real estate loans.
    --  Average total deposits increased $1.4 billion, to $51.3 billion,
        primarily reflecting an increase of $1.3 billion, or 6 percent, in
        noninterest-bearing deposits. Period-end deposits increased $2.2
        billion, to $52.2 billion.
    --  Net interest income was $424 million in the fourth quarter 2012 compared
        to $427 million in the third quarter 2012. Excluding the $2 million
        decrease in the accretion of the purchase discount on the acquired
        Sterling loan portfolio, net interest income was stable.
    --  Strong credit quality continued in the fourth quarter 2012. Nonaccrual
        loans decreased $146 million, to $519 million at December 31, 2012. Net
        credit-related charge-offs decreased $6 million to $37 million, or 0.34
        percent of average loans, in the fourth quarter 2012. The provision for
        credit losses was $16 million in the fourth quarter 2012 compared to $22
        million in the third quarter 2012.
    --  Noninterest income increased $7 million to $204 million in the fourth
        quarter 2012 compared to $197 million for the third quarter 2012. The
        increase was primarily due to increases in customer driven categories.
    --  Noninterest expenses decreased $22 million to $427 million in the fourth
        quarter 2012, compared to $449 million in the third quarter 2012. Fourth
        quarter 2012 included final restructuring expenses of $2 million related
        to the Sterling acquisition, a decrease of $23 million compared to the
        third quarter 2012.
    --  Comerica repurchased 3.1 million shares of common stock under the share
        repurchase program in the fourth quarter 2012. Combined with the
        dividend, $121 million, or 93 percent of net income, was returned to
        shareholders in the fourth quarter.

Full-Year 2012 Compared to Full-Year 2011

    --  Net income of $521 million for 2012 increased $128 million, or 33
        percent, compared to 2011.
    --  Average total loans increased $3.2 billion, or 8 percent, to $43.3
        billion in 2012, in part due to the acquisition of Sterling and
        reflecting an increase of $4.0 billion, or 18 percent, in commercial
        loans, partially offset by a decrease of $636 million in commercial real
        estate loans. The increase in commercial loans was primarily driven by
        increases in Energy, Mortgage Banker Finance, National Dealer Services,
        general Middle Market, Technology and Life Sciences, and Corporate.
        Period-end total loans increased $3.4 billion, or 8 percent, to $46.1
        billion from year-end 2011 to year-end 2012.
    --  Average total deposits increased $5.8 billion, or 13 percent, to $49.5
        billion in 2012, in part due to the acquisition of Sterling. Period-end
        total deposits increased $4.4 billion, or 9 percent.
    --  Net interest income increased $75 million, or 5 percent, primarily due
        to an increase in average earning assets of $5.4 billion and an $18
        million increase in the accretion of the purchase discount on the
        acquired Sterling loan portfolio, partially offset by a decrease in
        yields.
    --  Credit quality improved significantly. The provision for credit losses
        declined $65 million to $79 million in 2012, compared to 2011. Net
        credit-related charge-offs decreased $158 million to $170 million.
    --  Noninterest income increased $26 million compared to 2011, primarily in
        customer-driven categories.
    --  Noninterest expenses decreased $14 million. 2012 included
        Sterling-related merger and restructuring charges of $35 million,
        compared to $75 million in 2011. Salaries and employee benefits expense
        increased $43 million, primarily due to increased pension expense and
        the impact of Sterling.
    --  10.1 million shares were repurchased in 2012, which, combined with
        dividends, returned 79 percent of 2012 net income to shareholders.

Net Interest Income



    (dollar amounts
     in millions)     4th Qtr '12          3rd Qtr '12         4th Qtr '11
    ---------------   -----------          -----------         -----------
    Net interest
     income                           $424                                    $427            $444

    Net interest
     margin                  2.87%                       2.96%                       3.19%

    Selected average
     balances:
    Total earning
     assets                        $59,276                                 $57,801         $55,676
    Total loans            44,119                      43,597                      41,454
    Total investment
     securities            10,250                       9,791                       9,781
    Federal Reserve
     Bank deposits
     (excess
     liquidity)             4,638                       4,160                       4,216


    Total deposits         51,292                      49,857                      47,779
    Total
     noninterest-
     bearing deposits      22,758                      21,469                      19,176
    -----------------      ------                      ------                      ------
    --  Net interest income of $424 million in the fourth quarter 2012 decreased
        $3 million compared to the third quarter 2012.
        --  An increase in loan volumes increased net interest income by $4
            million.
        --  The continued shift in the loan portfolio mix reduced net interest
            income $4 million. The change in loan portfolio mix primarily
            reflected a decrease in higher-yielding commercial real estate
            loans, an increase in lower-yielding commercial loans, the maturity
            of higher-yielding fixed-rate loans and positive credit quality
            migration throughout the loan portfolio.
        --  A decline in LIBOR reduced net interest income $2 million.
        --  Accretion of the purchase discount on the acquired Sterling loan
            portfolio decreased $2 million to $13 million in the fourth quarter
            2012, compared to $15 million in the third quarter 2012.
        --  Interest earned on investment securities available-for-sale
            decreased $2 million, primarily as a result of lower reinvestment
            yields on mortgage-backed investment securities, partially offset by
            an increase in volume.
        --  Funding costs decreased $1 million due to lower deposit rates. In
            addition, third quarter 2012 included a $2 million negative residual
            value adjustment to assets in the leasing portfolio.
    --  Average earning assets increased $1.5 billion in the fourth quarter
        2012, compared to the third quarter 2012, primarily reflecting a $522
        million increase in average loans, a $478 million increase in excess
        liquidity and a $459 million increase in average investment securities
        available-for-sale.
    --  Average deposits increased $1.4 billion in the fourth quarter 2012,
        compared to the third quarter 2012, primarily due to a $1.3 billion
        increase in average noninterest-bearing deposits. The rate paid on total
        average interest-bearing deposits decreased 2 basis points, to 22 basis
        points.
    --  The net interest margin of 2.87 percent decreased 9 basis points
        compared to the third quarter 2012. The net interest margin was
        negatively impacted by the continued shift in mix in the loan portfolio
        (4 basis points), lower yields on mortgage-backed securities (3 basis
        points), the decline in LIBOR (2 basis points), the increase in excess
        liquidity (2 basis points), and lower accretion on the acquired Sterling
        loan portfolio (1 basis point). The third quarter negative residual
        value adjustment (2 basis points) and lower funding costs (1 basis
        point) partially offset the decline.

Noninterest Income

Noninterest income increased $7 million to $204 million for the fourth quarter 2012 compared to $197 million for the third quarter 2012. The increase was primarily due to increases in customer driven categories, including increases in commercial lending fees of $3 million, customer derivative income of $3 million and fiduciary income of $3 million, partially offset by a decrease in letter of credit fees of $2 million.

Noninterest Expenses

Noninterest expenses decreased $22 million to $427 million in the fourth quarter 2012, compared to $449 million in the third quarter 2012. The decrease was primarily due to decreases of $23 million in restructuring expenses, $4 million in legal fees and $2 million in employee benefits expense, partially offset by an increase of $4 million in severance expense. In addition, noninterest expenses were reduced by $6 million in the third quarter 2012 due to gains on sales of assets. Restructuring charges related to the Sterling acquisition are complete.

Provision for Income Taxes

The provision for income taxes was $55 million in the fourth quarter 2012, compared to $36 million in the third quarter 2012. The $19 million increase in the provision for income taxes reflected the increase in income before income taxes, as well as adjustments for certain discrete state tax items totaling $5 million in the fourth quarter 2012. In addition, the third quarter 2012 provision for income taxes included a benefit of $4 million from interest on tax refunds, net of tax.

Credit Quality

"Credit quality continued to be strong in the fourth quarter, with lower nonaccrual loans, watch list loans and provision for credit losses," said Babb. "With net charge-offs of 34 basis points, we are well within our historically normal range. We have demonstrated throughout the cycle that we can effectively manage credit."


    (dollar amounts in millions)       4th Qtr '12      3rd Qtr '12       4th Qtr '11
    ---------------------------        -----------      -----------       -----------
    Net credit-related charge-offs                  $37                               $43       $60
    Net credit-related charge-offs/
     Average total loans                      0.34%                 0.39%                 0.57%

    Provision for credit losses                     $16                               $22       $18

    Nonperforming loans (a)                    541                   692                   887
    Nonperforming assets (NPAs) (a)            587                   755                   981
    NPAs/Total loans and foreclosed
     property                                 1.27%                 1.71%                 2.29%

    Loans past due 90 days or more and
     still accruing                                 $23                               $36       $58

    Allowance for loan losses                  629                   647                   726
    Allowance for credit losses on
     lending-related commitments (b)            32                    35                    26
                                               ---                   ---                   ---
    Total allowance for credit losses          661                   682                   752

    Allowance for loan losses/Period-
     end total loans                          1.37%                 1.46%                 1.70%
    Allowance for loan losses/Average
     total loans                              1.43                  1.48                  1.75
    Allowance for loan losses/
     Nonperforming loans                       116                    94                    82
    --------------------------                 ---                   ---                   ---
    (a)              Excludes loans acquired with credit
                     impairment.
    (b)              Included in "Accrued expenses and
                     other liabilities" on the
                     consolidated balance sheets.
    --  Internal watch list loans continued the downward trend, declining $565
        million in the fourth quarter 2012, to $3.1 billion at December 31,
        2012. Nonperforming assets decreased $168 million to $587 million at
        December 31, 2012.
    --  During the fourth quarter 2012, $36 million of borrower relationships
        over $2 million were transferred to nonaccrual status, an increase of $1
        million from the third quarter 2012.

Balance Sheet and Capital Management

Total assets and common shareholders' equity were $65.4 billion and $6.9 billion, respectively, at December 31, 2012, compared to $63.3 billion and $7.1 billion, respectively, at September 30, 2012. There were approximately 188 million common shares outstanding at December 31, 2012. Comerica repurchased $93 million of common stock (3.1 million shares) under the share repurchase program during the fourth quarter 2012. Combined with the dividend of $0.15 per share in the fourth quarter 2012, share repurchases and dividends returned 93 percent of fourth quarter 2012 net income to shareholders. Common shareholders' equity also reflected a $160 million decline in accumulated other comprehensive income, net of tax, including temporary unrealized losses on investment securities available-for-sale of $49 million and a net decline of $111 million due to actuarial losses as a result of changes in defined benefit plan assumptions, net of amortization. For full-year 2012, share repurchases totaled $304 million (10.1 million shares), which, combined with dividends, returned 79 percent of 2012 net income to shareholders.

Comerica's tangible common equity ratio was 9.71 percent at December 31, 2012, a decrease of 54 basis points from September 30, 2012. The estimated Tier 1 common capital ratio decreased 24 basis points, to 10.11 percent at December 31, 2012, from September 30, 2012. The estimated Tier 1 common ratio under fully phased-in Basel III (as proposed) was 9.1 percent at December 31, 2012.

Full-Year 2013 Outlook

For 2013, management expects the following compared to 2012, assuming a continuation of the current slow growing economic environment:

    --  Continued growth in average loans at a slower pace, with economic
        uncertainty impacting demand and a continued focus on maintaining
        pricing and structure discipline in a competitive environment.
    --  Lower net interest income, reflecting both a decline of $40 million to
        $50 million in purchase accounting accretion and the effect of continued
        low rates. Loan growth should partially offset the impact of low rates
        on loans and securities.
    --  Provision for credit losses stable, reflecting loan growth offset by a
        decline in nonperforming loans and net charge-offs.
    --  Increase in customer-driven noninterest income, reflecting continued
        cross-sell initiatives and selective pricing adjustments. (Outlook does
        not include expectations for non-customer driven income).
    --  Lower noninterest expense, reflecting further cost savings due to tight
        expense control and no restructuring expenses.
    --  Income tax expense to approximate 36.5 percent of pre-tax income less
        approximately $66 million in tax benefits.

Business Segments

Comerica's operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at December 31, 2012 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2012 results compared to third quarter 2012.

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


    (dollar amounts
     in millions)     4th Qtr '12          3rd Qtr '12              4th Qtr '11
    ---------------   -----------          -----------              -----------
    Business Bank                  $212                90%                       $211       84%              $201 94%
    Retail Bank                 8         3                       10                8            10       4
    Wealth Management          16         7                       18                8             5       2
    -----------------         ---       ---                      ---              ---           ---     ---
                              236       100%                     239              100%          216     100%
    Finance                  (105)                         (103)                       (94)
    Other (a)                  (1)                          (19)                       (26)
    --------                  ---                           ---                        ---
        Total                      $130                                     $117                    $96
        -----                      ----                                     ----                    ---
    (a)               Includes items not directly
                       associated with the three
                       major business segments or
                       the Finance Division.

Business Bank



    (dollar amounts in millions)  4th Qtr        3rd Qtr       4th Qtr
                                    '12            '12           '11
    ---------------------------  --------       --------      --------
    Net interest income (FTE)              $393          $386           $381
    Provision for credit losses          8            15            (6)
    Noninterest income                  79            76            73
    Noninterest expenses               149           144           162
    Net income                         212           211           201

    Net credit-related charge-
     offs                               26            27            32

    Selected average balances:
    Assets                          35,362        34,863        32,151
    Loans                           34,325        33,856        31,260
    Deposits                        26,051        25,143        23,296
    --------                        ------        ------        ------
    --  Average loans increased $469 million, primarily reflecting increases in
        Middle Market and Mortgage Banker Finance, partially offset by decreases
        in Corporate and Commercial Real Estate. The increase in Middle Market
        was primarily due to increases in National Dealer Services, Energy and
        general Middle Market.
    --  Average deposits increased $908 million, primarily reflecting increases
        in Corporate, Middle Market and Mortgage Banker Finance. The increase in
        Middle Market was primarily due to an increase in the Financial Services
        Division.
    --  Net interest income increased $7 million, primarily due to a decrease in
        net funds transfer pricing (FTP) charges on loans and an increase in
        loan volume, partially offset by a decrease in accretion on the acquired
        Sterling loan portfolio.
    --  The provision for credit losses decreased $7 million, primarily
        reflecting decreases in Corporate and Commercial Real Estate, partially
        offset by an increase in Middle Market. The increase in Middle Market
        primarily reflected increases in the Environmental Services Group and
        general Middle Market.
    --  Noninterest income increased $3 million, primarily due to increases in
        commercial lending fees and customer derivative income, partially offset
        by a decrease in letter of credit fees.
    --  Noninterest expenses increased $5 million, primarily due to increases in
        salaries expenses and net allocated corporate overhead expenses,
        partially offset by a decrease in legal expenses. The increase in
        salaries primarily reflected increases in severance and business unit
        incentives. In addition, noninterest expenses were reduced in the third
        quarter due to gains on sales of assets.

Retail Bank



    (dollar amounts in millions)  4th Qtr        3rd Qtr       4th Qtr
                                     '12           '12           '11
    ---------------------------  --------       --------      --------
    Net interest income (FTE)              $156          $161          $176
    Provision for credit losses          7             6            15
    Noninterest income                  43            41            35
    Noninterest expenses               181           181           182
    Net income (loss)                    8            10            10

    Net credit-related charge-
     offs                                6            13            16

    Selected average balances:
    Assets                           5,952         5,964         6,250
    Loans                            5,255         5,265         5,571
    Deposits                        20,910        20,682        20,715
    --------                        ------        ------        ------
    --  Average loans decreased $10 million, primarily due to a decrease in
        Personal Banking.|
    --  Average deposits increased $228 million, primarily due to an increase in
        Small Business.
    --  Net interest income decreased $5 million, primarily due to a decrease in
        net FTP funding credits on deposits and lower accretion on the acquired
        Sterling loan portfolio.
    --  Noninterest income increased $2 million, primarily due to an increase in
        customer derivative income.

Wealth Management



    (dollar amounts in millions)  4th Qtr       3rd Qtr      4th Qtr
                                     '12          '12          '11
    ---------------------------  --------      --------     --------
    Net interest income (FTE)              $47          $47          $47
    Provision for credit losses          2            3           11
    Noninterest income                  65           62           55
    Noninterest expenses                84           78           83
    Net income                          16           18            5

    Net credit-related charge-
     offs                                5            3           12

    Selected average balances:
    Assets                           4,686        4,566        4,672
    Loans                            4,539        4,476        4,623
    Deposits                         3,798        3,667        3,400
    --------                         -----        -----        -----
    --  Average loans increased $63 million, primarily due to an increase in
        Private Banking. |
    --  Average deposits increased $131 million, primarily due to increases in
        Private Banking.
    --  Noninterest income increased $3 million, primarily the result of
        increases in fiduciary income and net securities gains.
    --  Noninterest expenses increased $6 million, primarily as a result of an
        operational loss.

The decrease in the net loss of $18 million in the Other segment primarily reflected the after-tax impact of the decrease in restructuring expenses in the fourth quarter 2012, compared to the third quarter 2012.

Geographic Market Segments

The geographic market segments were realigned in the fourth quarter 2012 to reflect Comerica's three largest geographic markets: Michigan, California and Texas. Other Markets includes Florida, Arizona, the International Finance division and businesses that have a significant presence outside of the three primary geographic markets. The tables below present the geographic market results based on the methodologies in effect at December 31, 2012 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2012 results compared to third quarter 2012.

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


    (dollar
     amounts
     in
     millions) 4th Qtr '12          3rd Qtr '12              4th Qtr '11
    ---------- -----------          -----------              -----------
    Michigan                 $74                31%                       $71        30%              $54 25%
    California          64        27                       70              29             67      31
    Texas               45        19                       45              19             55      26
    Other
     Markets            53        23                       53              22             40      18
    --------           ---       ---                      ---             ---            ---     ---
                       236       100%                     239             100%           216     100%
    Finance &
     Other (a)        (106)                         (122)                      (120)
    ----------        ----                          ----                       ----
        Total               $130                                     $117                    $96
        -----               ----                                     ----                    ---
    (a)             Includes items not directly
                     associated with the
                     geographic markets.

Michigan Market



    (dollar amounts in millions)  4th Qtr         3rd Qtr       4th Qtr
                                    '12             '12           '11
    ---------------------------  --------        --------      --------
    Net interest income (FTE)               $193          $194          $202
    Provision for credit losses         (9)             2            20
    Noninterest income                  98             95            85
    Noninterest expenses               183            175           185
    Net income                          74             71            54

    Net credit-related charge-
     offs                                1             12            32

    Selected average balances:
    Assets                          13,782         13,784        13,976
    Loans                           13,415         13,475        13,725
    Deposits                        20,019         19,628        19,076
    --------                        ------         ------        ------
    --  Average loans decreased $60 million, primarily due to decreases in
        Corporate, Personal Banking and Commercial Real Estate, partially offset
        by an increase in Middle Market, primarily in National Dealer Services.
    --  Average deposits increased $391 million, primarily due to increases in
        Corporate, Middle Market and Small Business.
    --  The provision for credit losses decreased $11 million, primarily due to
        a decrease in general Middle Market.
    --  Noninterest income increased $3 million, primarily reflecting increases
        in customer derivative income and commercial lending fees.
    --  Noninterest expenses increased $8 million, primarily due to an
        operational loss and third quarter 2012 gains on sales of assets that
        reduced noninterest expenses.

California Market



    (dollar amounts in millions)  4th Qtr        3rd Qtr       4th Qtr
                                    '12            '12           '11
    ---------------------------  --------       --------      --------
    Net interest income (FTE)              $180          $178           $166
    Provision for credit losses          6             5           (12)
    Noninterest income                  35            34            32
    Noninterest expenses               100            98           101
    Net income                          64            70            67

    Net credit-related charge-
     offs                               12            11             5

    Selected average balances:
    Assets                          13,551        13,173        11,959
    Loans                           13,275        12,915        11,743
    Deposits                        15,457        14,965        13,472
    --------                        ------        ------        ------
    --  Average loans increased $360 million, primarily due to an increase in
        Middle Market, primarily reflecting an increase in National Dealer
        Services.
    --  Average deposits increased $492 million, primarily due to increases in
        Middle Market and Private Banking. The increase in Middle Market was
        primarily due to an increase in general Middle Market.
    --  Net interest income increased $2 million, primarily due to an increase
        in average loan balances and a decrease in net FTP funding charges.
    --  The provision for loan losses increased $1 million, primarily due to an
        increase in Middle Market, partially offset by decreases in Commercial
        Real Estate and Corporate.
    --  Noninterest expenses increased $2 million, primarily due to nominal
        increases in several categories, partially offset by a decrease in legal
        expenses.

Texas Market



    (dollar amounts in millions)  4th Qtr        3rd Qtr       4th Qtr
                                  '12            '12           '11
    ---------------------------  --------       --------      --------
    Net interest income (FTE)              $138          $139          $158
    Provision for credit losses          9            10             8
    Noninterest income                  31            30            26
    Noninterest expenses                90            89            89
    Net income                          45            45            55

    Net credit-related charge-
     offs                                5             7             4

    Selected average balances:
    Assets                          10,555        10,327         9,712
    Loans                            9,818         9,585         8,952
    Deposits                         9,809         9,941        10,333
    --------                         -----         -----        ------
    --  Average loans increased $233 million, primarily due to an increase in
        Middle Market. The increase in Middle Market was primarily due to an
        increase in Energy.
    --  Average deposits decreased $132 million, primarily reflecting decreases
        in Middle Market and Corporate, partially offset by increases in Small
        Business and Personal Banking.
    --  Net interest income decreased $1 million, primarily due to a decrease in
        accretion on the acquired Sterling loan portfolio.
    --  The provision for credit losses decreased $1 million, primarily due to a
        decrease in Private Banking.

Conference Call and Webcast

Comerica will host a conference call to review fourth quarter 2012 financial results at 7 a.m. CT Wednesday, January 16, 2013. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 80972031). The call and supplemental financial information can also be accessed via Comerica's "Investor Relations" page at www.comerica.com. A telephone replay will be available approximately two hours following the conference call through January 31, 2013. The conference call replay can be accessed by calling (855) 859-2056 or (404) 537-3406 (event ID No. 80972031). 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 a reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Forward-looking Statements

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "contemplates," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "opportunity," "initiative," "outcome," "continue," "remain," "maintain," "on course," "trend," "objective," "looks forward" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions; changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; changes in Comerica's credit rating; the interdependence of financial service companies; changes in regulation or oversight; unfavorable developments concerning credit quality; 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 of Comerica's customers; the implementation of Comerica's strategies and business models, including 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, failure of technology infrastructure or information security incidents; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; competitive product and pricing pressures among financial institutions within Comerica's markets; changes in customer behavior; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods; changes in accounting standards and the critical nature of Comerica's accounting policies. Comerica cautions that the foregoing list of factors is not exclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to "Item 1A. Risk Factors" beginning on page 12 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2011 and "Item 1A. Risk Factors" beginning on page 73 of Comerica's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012. 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 31,      September 30,    December 31,   December 31,
    (in millions, except per share data)                                     2012                  2012         2011        2012    2011
    -----------------------------------                                      ----                  ----         ----        ----    ----
    PER COMMON SHARE AND COMMON STOCK DATA
    Diluted net income                                                                            $0.68                    $0.61           $0.48                  $2.67   $2.09
    Cash dividends declared                                                  0.15                               0.15        0.10            0.55          0.40
    Common shareholders' equity (at period end)                             36.87                              37.01       34.80
    Tangible common equity (at period end) (a)                              33.38                              33.56       31.42

    Average diluted shares (in thousands)                                 187,954                            191,492     196,729         192,473       186,168
    ------------------------------------                                  -------                            -------     -------         -------       -------
    KEY RATIOS
    Return on average common shareholders' equity                            7.36%                              6.67%       5.51%           7.43%         6.18%
    Return on average assets                                                 0.81                               0.74        0.63            0.83          0.69
    Tier 1 common capital ratio (a) (b)                                     10.11                              10.35       10.37
    Tier 1 risk-based capital ratio (b)                                     10.11                              10.35       10.41
    Total risk-based capital ratio (b)                                      13.11                              13.67       14.25
    Leverage ratio (b)                                                      10.52                              10.73       10.92
    Tangible common equity ratio (a)                                         9.71                              10.25       10.27
    -------------------------------                                          ----                              -----       -----
    AVERAGE BALANCES
    Commercial loans                                                                            $27,462                  $26,700         $23,515                $26,224 $22,208
    Real estate construction loans:
    Commercial Real Estate business line (c)                                1,033                                999       1,189           1,031         1,429
    Other business lines (d)                                                  266                                390         430             359           414
                                                                              ---                                ---         ---             ---           ---
    Total real estate construction loans                                    1,299                              1,389       1,619           1,390         1,843
    Commercial mortgage loans:
    Commercial Real Estate business line (c)                                1,939                              2,140       2,552           2,259         2,217
    Other business lines (d)                                                7,580                              7,530       7,836           7,583         7,808
                                                                            -----                              -----       -----           -----         -----
    Total commercial mortgage loans                                         9,519                              9,670      10,388           9,842        10,025
    Lease financing                                                           839                                852         919             864           950
    International loans                                                     1,314                              1,302       1,128           1,272         1,191
    Residential mortgage loans                                              1,525                              1,488       1,591           1,505         1,580
    Consumer loans                                                          2,161                              2,196       2,294           2,209         2,278
                                                                            -----                              -----       -----           -----         -----
    Total loans                                                            44,119                             43,597      41,454          43,306        40,075

    Earning assets                                                         59,276                             57,801      55,676          57,484        52,121
    Total assets                                                           64,559                             63,276      61,045          62,855        56,917
    Noninterest-bearing deposits                                           22,758                             21,469      19,176          21,004        16,994
    Interest-bearing deposits                                              28,534                             28,388      28,603          28,536        26,768
                                                                           ------                             ------      ------          ------        ------
    Total deposits                                                         51,292                             49,857      47,779          49,540        43,762

    Common shareholders' equity                                             7,062                              7,045       6,947           7,012         6,351
    ---------------------------                                             -----                              -----       -----           -----         -----
    NET INTEREST INCOME
    Net interest income (fully taxable equivalent basis)                                           $425                     $428            $445                 $1,731  $1,657
    Fully taxable equivalent adjustment                                         1                                  1           1               3             4
    Net interest margin (fully taxable equivalent basis)                     2.87%                              2.96%       3.19%           3.03%         3.19%
    ---------------------------------------------------                      ----                               ----        ----            ----          ----
    CREDIT QUALITY
    Nonaccrual loans                                                                               $519                     $665            $860
    Reduced-rate loans                                                         22                                 27          27
                                                                              ---                                ---         ---
    Total nonperforming loans (e)                                             541                                692         887
    Foreclosed property                                                        46                                 63          94
                                                                              ---                                ---         ---
    Total nonperforming assets (e)                                            587                                755         981

    Loans past due 90 days or more and still accruing                          23                                 36          58

    Gross loan charge-offs                                                     60                                 59          85                  $245             $423
    Loan recoveries                                                            23                                 16          25              75            95
                                                                              ---                                ---         ---             ---           ---
    Net loan charge-offs                                                       37                                 43          60             170           328

    Allowance for loan losses                                                 629                                647         726
    Allowance for credit losses on lending-related commitments                 32                                 35          26
                                                                              ---                                ---         ---
    Total allowance for credit losses                                         661                                682         752

    Allowance for loan losses as a percentage of total loans                 1.37%                              1.46%       1.70%
    Net loan charge-offs as a percentage of average total loans (f)          0.34                               0.39        0.57            0.39%         0.82%
    Nonperforming assets as a percentage of total loans and
     foreclosed property (e)                                                 1.27                               1.71        2.29
    Allowance for loan losses as a percentage of total nonperforming
     loans                                                                    116                                 94          82
    ----------------------------------------------------------------          ---                                ---         ---
    (a)            See Reconciliation of Non-GAAP
                   Financial Measures.
    (b)            December 31, 2012 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)            Lending-related commitment
                   charge-offs were zero in all
                   periods presented.


    CONSOLIDATED BALANCE SHEETS
    Comerica Incorporated and Subsidiaries

                                                          December 31,  September 30,     December 31,
    (in millions, except share data)                              2012               2012         2011
    -------------------------------                               ----               ----         ----
                                                          (unaudited)    (unaudited)
    ASSETS
    Cash and due from banks                                                        $1,395                  $933     $982

    Federal funds sold                                             100                               -        -
    Interest-bearing deposits with banks                         3,039                           3,005    2,574
    Other short-term investments                                   125                             146      149

    Investment securities available-for-sale                    10,297                          10,569   10,104

    Commercial loans                                            29,513                          27,460   24,996
    Real estate construction loans                               1,240                           1,392    1,533
    Commercial mortgage loans                                    9,472                           9,559   10,264
    Lease financing                                                859                             837      905
    International loans                                          1,293                           1,277    1,170
    Residential mortgage loans                                   1,527                           1,495    1,526
    Consumer loans                                               2,153                           2,174    2,285
    --------------                                               -----                           -----    -----
    Total loans                                                 46,057                          44,194   42,679
    Less allowance for loan losses                                (629)                           (647)    (726)
    ------------------------------                                ----                            ----     ----
    Net loans                                                   45,428                          43,547   41,953

    Premises and equipment                                         622                             625      675
    Accrued income and other assets                              4,353                           4,489    4,571
    -------------------------------                              -----                           -----    -----
    Total assets                                                                  $65,359               $63,314  $61,008
    ------------                                                                  -------               -------  -------

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Noninterest-bearing deposits                                                  $23,279               $21,753  $19,764

    Money market and interest-bearing checking deposits         21,284                          20,407   20,311
    Savings deposits                                             1,606                           1,589    1,524
    Customer certificates of deposit                             5,531                           5,742    5,808
    Foreign office time deposits                                   502                             486      348
    ----------------------------                                   ---                             ---      ---
    Total interest-bearing deposits                             28,923                          28,224   27,991
    -------------------------------                             ------                          ------   ------
    Total deposits                                              52,202                          49,977   47,755

    Short-term borrowings                                          110                              63       70
    Accrued expenses and other liabilities                       1,385                           1,450    1,371
    Medium- and long-term debt                                   4,720                           4,740    4,944
    --------------------------                                   -----                           -----    -----
    Total liabilities                                           58,417                          56,230   54,140

    Common stock - $5 par value:
    Authorized - 325,000,000 shares
    Issued - 228,164,824 shares                                  1,141                           1,141    1,141
    Capital surplus                                              2,162                           2,153    2,170
    Accumulated other comprehensive loss                          (413)                           (253)    (356)
    Retained earnings                                            5,931                           5,831    5,546
    Less cost of common stock in treasury -39,889,610
     shares at 12/31/12, 36,790,174 shares at 9/30/12 and
     30,831,076 shares at 12/31/11                              (1,879)                         (1,788)  (1,633)
    -----------------------------------------------------       ------                          ------   ------
    Total shareholders' equity                                   6,942                           7,084    6,868
    --------------------------                                   -----                           -----    -----
    Total liabilities and shareholders' equity                                    $65,359               $63,314  $61,008
    ------------------------------------------                                    -------               -------  -------


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

                                                 Three Months Ended                 Years Ended
                                                    December 31,                   December 31,
                                                    ------------                   ------------
    (in millions, except
     per share data)                             2012              2011       2012              2011
    --------------------                         ----              ----       ----              ----
    INTEREST INCOME
    Interest and fees on
     loans                                                         $398                         $415             $1,617 $1,564
    Interest on investment
     securities                                    55                     63                           234   233
    Interest on short-
     term investments                               3                      3                            12    12
    ------------------                            ---                    ---                           ---   ---
    Total interest income                         456                    481                         1,863 1,809
    INTEREST EXPENSE
    Interest on deposits                           16                     21                            70    90
    Interest on medium-
     and long-term debt                            16                     16                            65    66
    -------------------                           ---                    ---                           ---   ---
    Total interest expense                         32                     37                           135   156
    ----------------------                        ---                    ---                           ---   ---
    Net interest income                           424                    444                         1,728 1,653
    Provision for credit
     losses                                        16                     18                            79   144
    --------------------                          ---                    ---                           ---   ---
    Net interest income
     after provision for
     credit losses                                408                    426                         1,649 1,509
    NONINTEREST INCOME
    Service charges on
     deposit accounts                              52                     52                           214   208
    Fiduciary income                               42                     36                           158   151
    Commercial lending
     fees                                          25                     23                            96    87
    Letter of credit fees                          17                     18                            71    73
    Card fees                                      12                     11                            47    58
    Foreign exchange
     income                                         9                     10                            38    40
    Bank-owned life
     insurance                                      9                     10                            39    37
    Brokerage fees                                  5                      5                            19    22
    Net securities gains
     (losses)                                       1                     (4)                           12    14
    Other noninterest
     income                                        32                     21                           124   102
    -----------------                             ---                    ---                           ---   ---
    Total noninterest
     income                                       204                    182                           818   792
    NONINTEREST EXPENSES
    Salaries                                      196                    205                           778   770
    Employee benefits                              59                     52                           240   205
    -----------------                             ---                    ---                           ---   ---
    Total salaries and
     employee benefits                            255                    257                         1,018   975
    Net occupancy expense                          42                     47                           163   169
    Equipment expense                              15                     17                            65    66
    Outside processing fee
     expense                                       28                     27                           107   101
    Software expense                               23                     23                            90    88
    Merger and
     restructuring charges                          2                     37                            35    75
    FDIC insurance expense                          9                      8                            38    43
    Advertising expense                             6                      7                            27    28
    Other real estate
     expense                                        3                      3                             9    22
    Other noninterest
     expenses                                      44                     53                           205   204
    -----------------                             ---                    ---                           ---   ---
    Total noninterest
     expenses                                     427                    479                         1,757 1,771
    -----------------                             ---                    ---                         ----- -----
    Income before income
     taxes                                        185                    129                           710   530
    Provision for income
     taxes                                         55                     33                           189   137
    --------------------                          ---                    ---                           ---   ---
    NET INCOME                                    130                     96                           521   393
    Less income allocated
     to participating
     securities                                     2                      1                             6     4
    ---------------------                         ---                    ---                           ---   ---
    Net income
     attributable to
     common shares                                                 $128                          $95               $515   $389
    ----------------                                               ----                          ---               ----   ----
    Earnings per common
     share:
    Basic                                                         $0.68                        $0.48              $2.68  $2.11
    Diluted                                      0.68                   0.48                          2.67  2.09

    Comprehensive income
     (loss)                                       (30)                   (30)                          464   426

    Cash dividends
     declared on common
     stock                                         28                     20                           106    75
    Cash dividends
     declared per common
     share                                       0.15                   0.10                          0.55  0.40
    --------------------                         ----                   ----                          ----  ----


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

                                                                          Fourth     Third      Second   First   Fourth                  Fourth Quarter 2012 Compared To:
                                                                                                                                         --------------------------------
                                                                          Quarter   Quarter     Quarter Quarter  Quarter     Third Quarter 2012                     Fourth Quarter 2011
    (in millions, except per share data)                                      2012         2012    2012     2012        2011       Amount             Percent                 Amount    Percent
    -----------------------------------                                       ----         ----    ----     ----        ----       ------             -------                 ------    -------
    INTEREST INCOME
    Interest and fees on loans                                                             $398                         $400                                 $408                              $411        $415          $(2)        -  %  $(17) (4)%
    Interest on investment securities                                           55                   57                   59                 63                         63                            (2)    (2)   (8)        (12)
    Interest on short-term investments                                           3                    3                    3                  3                          3                             -      -     -           -
    ----------------------------------                                         ---                  ---                  ---                ---                        ---                           ---    ---   ---         ---
    Total interest income                                                      456                  460                  470                477                        481                            (4)    (1)  (25)         (5)
    INTEREST EXPENSE
    Interest on deposits                                                        16                   17                   18                 19                         21                            (1)    (6)   (5)        (23)
    Interest on medium- and long-term debt                                      16                   16                   17                 16                         16                             -      -     -           -
    --------------------------------------                                     ---                  ---                  ---                ---                        ---                           ---    ---   ---         ---
    Total interest expense                                                      32                   33                   35                 35                         37                            (1)    (3)   (5)        (13)
    ----------------------                                                     ---                  ---                  ---                ---                        ---                           ---    ---   ---         ---
    Net interest income                                                        424                  427                  435                442                        444                            (3)     -   (20)         (4)
    Provision for credit losses                                                 16                   22                   19                 22                         18                            (6)   (25)   (2)         (7)
    ---------------------------                                                ---                  ---                  ---                ---                        ---                           ---    ---   ---         ---
    Net interest income after provision                                        408                  405                  416                420                        426                             3      1   (18)         (4)
    for credit losses
    NONINTEREST INCOME
    Service charges on deposit accounts                                         52                   53                   53                 56                         52                            (1)    (2)    -           -
    Fiduciary income                                                            42                   39                   39                 38                         36                             3      4     6          14
    Commercial lending fees                                                     25                   22                   24                 25                         23                             3     19     2           8
    Letter of credit fees                                                       17                   19                   18                 17                         18                            (2)    (8)   (1)        (10)
    Card fees                                                                   12                   12                   12                 11                         11                             -      -     1          10
    Foreign exchange income                                                      9                    9                   10                 10                         10                             -      -    (1)        (13)
    Bank-owned life insurance                                                    9                   10                   10                 10                         10                            (1)    (7)   (1)         (8)
    Brokerage fees                                                               5                    5                    4                  5                          5                             -      -     -           -
    Net securities gains (losses)                                                1                    -                    6                  5                         (4)                            1    N/M     5         N/M
    Other noninterest income                                                    32                   28                   35                 29                         21                             4      5    11          55
    ------------------------                                                   ---                  ---                  ---                ---                        ---                           ---    ---   ---         ---
    Total noninterest income                                                   204                  197                  211                206                        182                             7      4    22          12
    NONINTEREST EXPENSES
    Salaries                                                                   196                  192                  189                201                        205                             4      3    (9)         (5)
    Employee benefits                                                           59                   61                   61                 59                         52                            (2)    (4)    7          13
    -----------------                                                          ---                  ---                  ---                ---                        ---                           ---    ---   ---         ---
    Total salaries and employee benefits                                       255                  253                  250                260                        257                             2      1    (2)         (1)
    Net occupancy expense                                                       42                   40                   40                 41                         47                             2      4    (5)        (10)
    Equipment expense                                                           15                   17                   16                 17                         17                            (2)    (6)   (2)        (11)
    Outside processing fee expense                                              28                   27                   26                 26                         27                             1      7     1           6
    Software expense                                                            23                   23                   21                 23                         23                             -      -     -           -
    Merger and restructuring charges                                             2                   25                    8                  -                         37                           (23)   (94)  (35)        (95)
    FDIC insurance expense                                                       9                    9                   10                 10                          8                             -      -     1           6
    Advertising expense                                                          6                    7                    7                  7                          7                            (1)   (16)   (1)        (15)
    Other real estate expense                                                    3                    2                    -                  4                          3                             1     36     -           -
    Other noninterest expenses                                                  44                   46                   55                 60                         53                            (2)    (2)   (9)        (16)
    --------------------------                                                 ---                  ---                  ---                ---                        ---                           ---    ---   ---         ---
    Total noninterest expenses                                                 427                  449                  433                448                        479                           (22)    (5)  (52)        (11)
    --------------------------                                                 ---                  ---                  ---                ---                        ---                           ---    ---   ---         ---
    Income before income taxes                                                 185                  153                  194                178                        129                            32     20    56          43
    Provision for income taxes                                                  55                   36                   50                 48                         33                            19     50    22          64
    --------------------------                                                 ---                  ---                  ---                ---                        ---                           ---    ---   ---         ---
    NET INCOME                                                                 130                  117                  144                130                         96                            13     11    34          36
    Less income allocated to participating securities                            2                    1                    2                  1                          1                             1     12     1          82
    -------------------------------------------------                          ---                  ---                  ---                ---                        ---                           ---    ---   ---         ---
    Net income attributable to common shares                                               $128                         $116                                 $142                              $129         $95          $12        11%     $33   36%
    ----------------------------------------                                               ----                         ----                                 ----                              ----         ---          ---       ---      ---  ---
    Earnings per common share:
    Basic                                                                                 $0.68                        $0.61                                $0.73                             $0.66       $0.48        $0.07        11%   $0.20   42%
    Diluted                                                                   0.68                 0.61                 0.73               0.66                       0.48                          0.07     11  0.20          42

    Comprehensive income (loss)                                                (30)                 165                  169                160                        (30)                         (195)   N/M     -           -

    Cash dividends declared on common stock                                     28                   29                   29                 20                         20                            (1)    (1)    8          43
    Cash dividends declared per common share                                  0.15                 0.15                 0.15               0.10                       0.10                             -      -  0.05          50
    ----------------------------------------                                  ----                 ----                 ----               ----                       ----                           ---    ---  ----         ---
    N/M - Not Meaningful


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

                                                                                             2012          2011
                                                                                             ----          ----
    (in millions)                                        4th Qtr   3rd Qtr 2nd Qtr   1st Qtr       4th Qtr
    ------------                                         -------   ------- -------   -------       -------

    Balance at beginning of period                                    $647                   $667                $704       $726 $767

    Loan charge-offs:
    Commercial                                                 42                19            26            25         28
    Real estate construction:
    Commercial Real Estate business
     line (a)                                                   1                 2             2             2          4
    Other business lines (b)                                    -                 -             1             -          1
    -----------------------                                   ---               ---           ---           ---        ---
    Total real estate construction                              1                 2             3             2          5
    Commercial mortgage:
    Commercial Real Estate business
     line (a)                                                   5                12            16            13         17
    Other business lines (b)                                    6                13            11            13         24
    -----------------------                                   ---               ---           ---           ---        ---
    Total commercial mortgage                                  11                25            27            26         41
    International                                               -                 1             -             2          2
    Residential mortgage                                        2                 6             3             2          2
    Consumer                                                    4                 6             5             5          7
    --------                                                  ---               ---           ---           ---        ---
    Total loan charge-offs                                     60                59            64            62         85

    Recoveries on loans previously
     charged-off:
    Commercial                                                 13                 7            10             9         11
    Real estate construction                                    1                 3             1             1          4
    Commercial mortgage                                         6                 5             4             3          9
    International                                               1                 -             -             1          -
    Residential mortgage                                        1                 -             -             1          -
    Consumer                                                    1                 1             4             2          1
    --------                                                  ---               ---           ---           ---        ---
    Total recoveries                                           23                16            19            17         25
    ----------------                                          ---               ---           ---           ---        ---
    Net loan charge-offs                                       37                43            45            45         60
    Provision for loan losses                                  19                23             8            23         19
    -------------------------                                 ---               ---           ---           ---        ---
    Balance at end of period                                          $629                   $647                $667       $704 $726
    ------------------------                                          ----                   ----                ----       ---- ----

    Allowance for loan losses as a
     percentage of total loans                               1.37%             1.46%         1.52%         1.64%      1.70%

    Net loan charge-offs as a
     percentage of average total loans                       0.34              0.39          0.42          0.43       0.57
    ----------------------------------                       ----              ----          ----          ----       ----
                   Primarily
                   charge-
                   offs of
                   loans to
                   real estate
                   investors
                   and
             (a)   developers.
                   Primarily
                   charge-
                   offs of
                   loans
                   secured by
                   owner-
                   occupied
                   real
    (b)            estate.


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

                                                                               2012               2011
                                                                               ----               ----
    (in millions)                       4th Qtr      3rd Qtr    2nd Qtr    1st Qtr             4th Qtr
    ------------                        -------      -------    -------    -------             -------

    Balance at
     beginning of
     period                                                $35                             $36              $25      $26 $27
    Add: Provision
     for credit
     losses on
     lending-related
     commitments                              (3)                    (1)                    11          (1)      (1)
    ----------------                         ---                    ---                    ---         ---      ---
    Balance at end of
     period                                                $32                             $35              $36      $25 $26
    -----------------                                      ---                             ---              ---      --- ---


    NONPERFORMING ASSETS (unaudited)
    Comerica Incorporated and Subsidiaries

                                                                                                            2012                2011
                                                                                                            ----                ----
    (in millions)                                  4th Qtr   3rd Qtr    2nd Qtr     1st Qtr             4th Qtr
    ------------                                   -------   -------    -------     -------             -------

    SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
    Nonaccrual loans:
    Business loans:
    Commercial                                                  $103                            $154                            $175                            $205                                     $237
    Real estate construction:
    Commercial Real Estate
     business line (a)                                   30                   45                  60                      77                              93
    Other business lines (b)                              3                    6                   9                       8                               8
    -----------------------                             ---                  ---                 ---                     ---                             ---
    Total real estate
     construction                                        33                   51                  69                      85                             101
    Commercial mortgage:
    Commercial Real Estate
     business line (a)                                   94                  137                 155                     174                             159
    Other business lines (b)                            181                  219                 220                     275                             268
    -----------------------                             ---                  ---                 ---                     ---                             ---
    Total commercial mortgage                           275                  356                 375                     449                             427
    Lease financing                                       3                    3                   4                       4                               5
    International                                         -                    -                   -                       4                               8
    -------------                                       ---                  ---                 ---                     ---                             ---
    Total nonaccrual business
     loans                                              414                  564                 623                     747                             778
    Retail loans:
    Residential mortgage                                 70                   69                  76                      69                              71
    Consumer:
    Home equity                                          31                   28                  16                       9                               5
    Other consumer                                        4                    4                   4                       5                               6
    --------------                                      ---                  ---                 ---                     ---                             ---
    Total consumer                                       35                   32                  20                      14                              11
    --------------                                      ---                  ---                 ---                     ---                             ---
    Total nonaccrual retail
     loans                                              105                  101                  96                      83                              82
    -----------------------                             ---                  ---                 ---                     ---                             ---
    Total nonaccrual loans                              519                  665                 719                     830                             860
    Reduced-rate loans                                   22                   27                  28                      26                              27
    ------------------                                  ---                  ---                 ---                     ---                             ---
    Total nonperforming loans
     (c)                                                541                  692                 747                     856                             887
    Foreclosed property                                  46                   63                  67                      67                              94
    -------------------                                 ---                  ---                 ---                     ---                             ---
    Total nonperforming assets
     (c)                                                        $587                            $755                            $814                            $923                                     $981
    --------------------------                                  ----                            ----                            ----                            ----                                     ----

    Nonperforming loans as a
     percentage of total loans                         1.17%                1.57%               1.70%                   1.99%                           2.08%
    Nonperforming assets as a
     percentage of total loans                         1.27                 1.71                1.85                    2.14                            2.29
    and foreclosed property
    Allowance for loan losses as
     a percentage of total                              116                   94                  89                      82                              82
    nonperforming loans
    Loans past due 90 days or
     more and still accruing                                     $23                             $36                             $43                             $50                                      $58
    -------------------------                                    ---                             ---                             ---                             ---                                      ---

    ANALYSIS OF NONACCRUAL LOANS
    Nonaccrual loans at
     beginning of period                                        $665                            $719                            $830                            $860                                     $929
    Loans transferred to
     nonaccrual (d)                                      36                   35                  47                      69                              99
    Nonaccrual business loan
     gross charge-offs (e)                              (54)                 (46)                (56)                    (55)                            (76)
    Loans transferred to accrual
     status (d)                                           -                    -                 (41)                      -                               -
    Nonaccrual business loans
     sold (f)                                           (48)                 (20)                (16)                     (7)                            (19)
    Payments/Other (g)                                  (80)                 (23)                (45)                    (37)                            (73)
    ------------------                                  ---                  ---                 ---                     ---                             ---
    Nonaccrual loans at end of
     period                                                     $519                            $665                            $719                            $830                                     $860
    --------------------------                                  ----                            ----                            ----                            ----                                     ----
    (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                                    $54                             $46                             $56                             $55                                      $76
    Performing watch list loans                           -                    1                   -                       -                               -
    Consumer and residential
     mortgage loans                                       6                   12                   8                       7                               9
                                                        ---                  ---                 ---                     ---                             ---
    Total gross loan charge-offs                                 $60                             $59                             $64                             $62                                      $85
                                                                 ---                             ---                             ---                             ---                                      ---
    (f) Analysis of loans sold:
    Nonaccrual business loans                                    $48                             $20                             $16                              $7                                      $19
    Performing watch list loans                          24                   42                   7                      11                               -
                                                        ---                  ---                 ---                     ---                             ---
    Total loans sold                                             $72                             $62                             $23                             $18                                      $19
                                                                 ---                             ---                             ---                             ---                                      ---
    (g) Includes net changes related to nonaccrual loans with balances less than $2 million, payments on nonaccrual loans with book balances greater than $2 million and transfers of nonaccrual loans to foreclosed property.
     Excludes business loan gross charge-offs and business nonaccrual loans sold.


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

                                                                                       Years Ended
                                                                                       -----------
                                                                December 31, 2012                        December 31, 2011
                                                                -----------------                        -----------------
                                                      Average                       Average           Average                  Average
    (dollar amounts in millions)                      Balance        Interest         Rate            Balance        Interest   Rate
    ---------------------------                       -------        --------         ----            -------        --------   ----

    Commercial loans                                                        $26,224                            $903                   3.44%                      $22,208      $820 3.69%
    Real estate construction loans                       1,390                           62                    4.44                           1,843           80         4.37
    Commercial mortgage loans                            9,842                          437                    4.44                          10,025          424         4.23
    Lease financing                                        864                           26                    3.01                             950           33         3.51
    International loans                                  1,272                           47                    3.73                           1,191           46         3.83
    Residential mortgage loans                           1,505                           68                    4.55                           1,580           83         5.27
    Consumer loans                                       2,209                           76                    3.42                           2,278           80         3.50
    --------------                                       -----                          ---                    ----                           -----          ---         ----
    Total loans (a)                                     43,306                        1,619                    3.74                          40,075        1,566         3.91

    Auction-rate securities available-for-sale             275                            2                    0.79                             479            4         0.72
    Other investment securities available-for-sale       9,640                          233                    2.48                           7,692          231         3.06
    ----------------------------------------------       -----                          ---                    ----                           -----          ---         ----
    Total investment securities available-for-sale       9,915                          235                    2.43                           8,171          235         2.91

    Interest-bearing deposits with banks (b)             4,129                           10                    0.26                           3,746            9         0.24
    Other short-term investments                           134                            2                    1.65                             129            3         2.17
    ----------------------------                           ---                          ---                    ----                             ---          ---         ----
    Total earning assets                                57,484                        1,866                    3.27                          52,121        1,813         3.49

    Cash and due from banks                                983                                                            921
    Allowance for loan losses                             (693)                                                          (838)
    Accrued income and other assets                      5,081                                                          4,713
                                                         -----                                                          -----
    Total assets                                                            $62,855                                                         $56,917
                                                                            -------                                                         -------

    Money market and interest-bearing checking
     deposits                                                               $20,629                35                    0.17                            $19,088           47 0.25
    Savings deposits                                     1,593                            1                    0.06                           1,550            2         0.11
    Customer certificates of deposit                     5,902                           31                    0.53                           5,719           39         0.68
    Foreign office and other time deposits                 412                            3                    0.63                             411            2         0.48
    --------------------------------------                 ---                          ---                    ----                             ---          ---         ----
    Total interest-bearing deposits                     28,536                           70                    0.25                          26,768           90         0.33

    Short-term borrowings                                   76                            -                    0.12                             138            -         0.13
    Medium- and long-term debt                           4,818                           65                    1.36                           5,519           66         1.20
    --------------------------                           -----                          ---                    ----                           -----          ---         ----
    Total interest-bearing sources                      33,430                          135                    0.41                          32,425          156         0.48

    Noninterest-bearing deposits                        21,004                                                         16,994
    Accrued expenses and other liabilities               1,409                                                          1,147
    Total shareholders' equity                           7,012                                                          6,351
                                                         -----                                                          -----
    Total liabilities and shareholders' equity                              $62,855                                                         $56,917
                                                                            -------                                                         -------

    Net interest income/rate spread (FTE)                                            $1,731                    2.86                                       $1,657         3.01
                                                                                     ------                                                               ------

    FTE adjustment                                                                       $3                                                           $4
                                                                                        ---                                                          ---

    Impact of net noninterest-bearing sources of
     funds                                                                             0.17                                                    0.18
    --------------------------------------------                                       ----                                                    ----
    Net interest margin (as a percentage of average
     earning assets) (FTE) (a) (b)                                                     3.03%                                                   3.19%
    -----------------------------------------------                                    ----                                                    ----
    (a)             Accretion of the purchase
                    discount on the acquired loan
                    portfolio of $71 million and
                    $53 million in the 2012 and
                    2011, respectively, increased
                    the net interest margin by 12
                    basis points and 10 basis
                    points in the 2012 and 2011,
                    respectively.
    (b)             Excess liquidity, represented by
                    average balances deposited with
                    the Federal Reserve Bank,
                    reduced the net interest margin
                    by 21 basis points and 22 basis
                    points in the 2012 and 2011,
                    respectively.


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

                                                                                               Three Months Ended
                                                                                               ------------------
                                                                December 31, 2012                           September 30, 2012                                    December 31, 2011
                                                                -----------------                           ------------------                                    -----------------
                                                      Average                       Average      Average                     Average               Average                   Average
    (dollar amounts in millions)                      Balance        Interest         Rate       Balance      Interest        Rate                 Balance Interest            Rate
    ---------------------------                       -------        --------         ----       -------      --------        ----                 ------- --------            ----

    Commercial loans                                                        $27,462                     $230                        3.33%                                           $26,700                $227        3.38%                   $23,515      $216 3.64%
    Real estate construction loans                       1,299                           15             4.32                                1,389                 15                         4.36                1,619         21         5.26
    Commercial mortgage loans                            9,519                          100             4.22                                9,670                106                         4.34               10,388        119         4.54
    Lease financing                                        839                            7             3.27                                  852                  4                         2.04                  919          8         3.44
    International loans                                  1,314                           12             3.73                                1,302                 12                         3.77                1,128         10         3.63
    Residential mortgage loans                           1,525                           16             4.24                                1,488                 17                         4.67                1,591         20         5.06
    Consumer loans                                       2,161                           19             3.38                                2,196                 19                         3.44                2,294         21         3.58
    --------------                                       -----                          ---             ----                                -----                ---                         ----                -----        ---         ----
    Total loans (a)                                     44,119                          399             3.60                               43,597                400                         3.66               41,454        415         3.98

    Auction-rate securities available-for-sale             216                            -             0.81                                  234                  1                         0.97                  426          1         0.64
    Other investment securities available-for-sale      10,034                           55             2.25                                9,557                 57                         2.42                9,355         62         2.74
    ----------------------------------------------      ------                          ---             ----                                -----                ---                         ----                -----        ---         ----
    Total investment securities available-for-sale      10,250                           55             2.22                                9,791                 58                         2.38                9,781         63         2.64

    Interest-bearing deposits with banks (b)             4,785                            2             0.25                                4,276                  3                         0.26                4,308          3         0.24
    Other short-term investments                           122                            1             1.13                                  137                  -                         1.88                  133          1         2.26
    ----------------------------                           ---                          ---             ----                                  ---                ---                         ----                  ---        ---         ----
    Total earning assets                                59,276                          457             3.08                               57,801                461                         3.19               55,676        482         3.45

    Cash and due from banks                              1,030                                                     971                                                                  959
    Allowance for loan losses                             (654)                                                   (673)                                                                (773)
    Accrued income and other assets                      4,907                                                   5,177                                                                5,183
                                                         -----                                                   -----                                                                -----
    Total assets                                                            $64,559                                                       $63,276                                                       $61,045
                                                                            -------                                                       -------                                                       -------

    Money market and interest-bearing checking
     deposits                                                               $20,770          9                    0.16                                       $20,495                            8          0.17                   $20,716           12 0.21
    Savings deposits                                     1,603                            -             0.03                                1,618                  -                         0.04                1,652          -         0.12
    Customer certificates of deposit                     5,634                            6             0.49                                5,894                  8                         0.52                5,872          9         0.60
    Foreign office and other time deposits                 527                            1             0.60                                  381                  1                         0.71                  363          -         0.40
    --------------------------------------                 ---                          ---             ----                                  ---                ---                         ----                  ---        ---         ----
    Total interest-bearing deposits                     28,534                           16             0.22                               28,388                 17                         0.24               28,603         21         0.29

    Short-term borrowings                                   70                            -             0.12                                   89                  -                         0.12                  142          -         0.07
    Medium- and long-term debt                           4,735                           16             1.35                                4,745                 16                         1.35                4,976         16         1.30
    --------------------------                           -----                          ---             ----                                -----                ---                         ----                -----        ---         ----
    Total interest-bearing sources                      33,339                           32             0.38                               33,222                 33                         0.40               33,721         37         0.44

    Noninterest-bearing deposits                        22,758                                                  21,469                                                               19,176
    Accrued expenses and other liabilities               1,400                                                   1,540                                                                1,201
    Total shareholders' equity                           7,062                                                   7,045                                                                6,947
                                                         -----                                                   -----                                                                -----
    Total liabilities and shareholders' equity                              $64,559                                                       $63,276                                                       $61,045
                                                                            -------                                                       -------                                                       -------

    Net interest income/rate spread (FTE)                                              $425             2.70                                                    $428                         2.79                            $445         3.01
                                                                                       ----                                                                     ----                                                         ----

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

    Impact of net noninterest-bearing sources of
     funds                                                                             0.17                                                  0.17                                                 0.18
    --------------------------------------------                                       ----                                                  ----                                                 ----
    Net interest margin (as a percentage of average
     earning assets) (FTE) (a) (b)                                                     2.87%                                                 2.96%                                                3.19%
    -----------------------------------------------                                    ----                                                  ----                                                 ----
    (a)                Accretion of the purchase
                       discount on the acquired loan
                       portfolio of $13 million, $15
                       million and $26 million in the
                       fourth and third quarters of
                       2012 and the fourth quarter of
                       2011, respectively, increased
                       the net interest margin by 9
                       basis points, 10 basis points
                       and 19 basis points in the
                       fourth and third quarters of
                       2012 and the fourth quarter of
                       2011, respectively.
    (b)                Excess liquidity, represented by
                       average balances deposited with
                       the Federal Reserve Bank,
                       reduced the net interest margin
                       by 22 basis points and by 21
                       basis points in the fourth and
                       third quarters of 2012,
                       respectively, and by 24 basis
                       points in the fourth quarter of
                       2011.


    CONSOLIDATED STATISTICAL DATA (unaudited)
    Comerica Incorporated and Subsidiaries

                                                          December 31,  September 30, June 30,    March 31, December 31,
    (in millions, except per share data)                          2012           2012       2012       2012             2011
    -----------------------------------                           ----           ----       ----       ----             ----

    Commercial loans:
    Floor plan                                                                 $2,939                                 $2,276           $2,406          $2,152  $1,822
    Other                                                       26,574                    25,184                      24,610  23,488          23,174
    -----                                                       ------                    ------                      ------  ------          ------
    Total commercial loans                                      29,513                    27,460                      27,016  25,640          24,996
    Real estate construction loans:
    Commercial Real Estate business line (a)                     1,049                     1,003                         991   1,055           1,103
    Other business lines (b)                                       191                       389                         386     387             430
    -----------------------                                        ---                       ---                         ---     ---             ---
    Total real estate construction loans                         1,240                     1,392                       1,377   1,442           1,533
    Commercial mortgage loans:
    Commercial Real Estate business line (a)                     1,873                     2,020                       2,315   2,501           2,507
    Other business lines (b)                                     7,599                     7,539                       7,515   7,578           7,757
    -----------------------                                      -----                     -----                       -----   -----           -----
    Total commercial mortgage loans                              9,472                     9,559                       9,830  10,079          10,264
    Lease financing                                                859                       837                         858     872             905
    International loans                                          1,293                     1,277                       1,224   1,256           1,170
    Residential mortgage loans                                   1,527                     1,495                       1,469   1,485           1,526
    Consumer loans:
    Home equity                                                  1,537                     1,570                       1,584   1,612           1,655
    Other consumer                                                 616                       604                         634     626             630
    --------------                                                 ---                       ---                         ---     ---             ---
    Total consumer loans                                         2,153                     2,174                       2,218   2,238           2,285
    --------------------                                         -----                     -----                       -----   -----           -----
    Total loans                                                               $46,057                                $44,194          $43,992         $43,012 $42,679
    -----------                                                               -------                                -------          -------         ------- -------

    Goodwill                                                                     $635                                   $635             $635            $635    $635
    Core deposit intangible                                         20                        23                          25      27              29
    Loan servicing rights                                            2                         2                           3       3               3

    Tier 1 common capital ratio (c) (d)                          10.11%                    10.35%                      10.38%  10.27%          10.37%
    Tier 1 risk-based capital ratio (d)                          10.11                     10.35                       10.38   10.27           10.41
    Total risk-based capital ratio (d)                           13.11                     13.67                       13.90   13.99           14.25
    Leverage ratio (d)                                           10.52                     10.73                       10.92   10.94           10.92
    Tangible common equity ratio (c)                              9.71                     10.25                       10.27   10.21           10.27

    Common shareholders' equity per share of common stock                      $36.87                                 $37.01           $36.18          $35.44  $34.80
    Tangible common equity per share of common stock (c)         33.38                     33.56                       32.76   32.06           31.42
    Market value per share for the quarter:
    High                                                         32.14                     33.38                       32.88   34.00           27.37
    Low                                                          27.72                     29.32                       27.88   26.25           21.53
    Close                                                        30.34                     31.05                       30.71   32.36           25.80

    Quarterly ratios:
    Return on average common shareholders' equity                 7.36%                     6.67%                       8.22%   7.50%           5.51%
    Return on average assets                                      0.81                      0.74                        0.93    0.84            0.63
    Efficiency ratio                                             68.08                     71.68                       67.53   69.70           75.97

    Number of banking centers                                      489                       490                         493     495             494

    Number of employees - full time equivalent                   8,967                     9,008                       9,014   9,195           9,397
    ------------------------------------------                   -----                     -----                       -----   -----           -----
                   Primarily
                   loans to
                   real estate
                   investors
                   and
    (a)            developers.
    (b)            Primarily loans secured by owner-
                   occupied real estate.
    (c)            See Reconciliation of Non-GAAP
                   Financial Measures.
    (d)            December 31, 2012 ratios are
                   estimated.


    PARENT COMPANY ONLY BALANCE SHEETS (unaudited)
    Comerica Incorporated

                                                          December 31,  September 30,    December 31,
    (in millions, except share data)                              2012              2012         2011
    -------------------------------                               ----              ----         ----

    ASSETS
    Cash and due from subsidiary bank                                                 $2                  $13  7
    Short-term investments with subsidiary bank                    431                            418     411
    Other short-term investments                                    88                             88      90
    Investment in subsidiaries, principally banks                7,045                          7,200   7,011
    Premises and equipment                                           4                              4       4
    Other assets                                                   150                            150     177
    ------------                                                   ---                            ---     ---
    Total assets                                                                  $7,720               $7,873    $7,700
    ------------                                                                  ------               ------    ------

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Medium- and long-term debt                                                      $629                 $632      $666
    Other liabilities                                              149                            157     166
    -----------------                                              ---                            ---     ---
    Total liabilities                                              778                            789     832

    Common stock - $5 par value:
    Authorized - 325,000,000 shares
    Issued - 228,164,824 shares                                  1,141                          1,141   1,141
    Capital surplus                                              2,162                          2,153   2,170
    Accumulated other comprehensive loss                          (413)                          (253)   (356)
    Retained earnings                                            5,931                          5,831   5,546
    Less cost of common stock in treasury -39,889,610
     shares at 12/31/12, 36,790,174 shares at 9/30/12 and
     30,831,076 shares at 12/31/11                              (1,879)                        (1,788) (1,633)
    -----------------------------------------------------       ------                         ------  ------
    Total shareholders' equity                                   6,942                          7,084   6,868
    --------------------------                                   -----                          -----   -----
    Total liabilities and shareholders' equity                                    $7,720               $7,873    $7,700
    ------------------------------------------                                    ------               ------    ------


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

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

    BALANCE AT DECEMBER 31, 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
    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
    Net income                                                                              -                -                         -                          -   521            -     521
    Other comprehensive loss, net of tax                                                    -                -                         -                        (57)    -            -     (57)
    Cash dividends declared on common stock ($0.55 per share)                               -                -                         -                          -  (106)           -    (106)
    Purchase of common stock                                                            (10.2)               -                         -                          -     -         (308)   (308)
    Net issuance of common stock under employee stock plans                               1.2                -                       (46)                         -   (30)          63     (13)
    Share-based compensation                                                                -                -                        37                          -     -            -      37
    Other                                                                                   -                -                         1                          -     -           (1)      -
    -----                                                                                 ---              ---                       ---                        ---   ---          ---     ---
    BALANCE AT DECEMBER 31, 2012                                                        188.3                            $1,141                              $2,162        $(413)       $5,931  $(1,879) $6,942
    ----------------------------                                                        -----                            ------                              ------        -----        ------  -------  ------


    BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
    Comerica Incorporated and Subsidiaries


    (dollar amounts in millions)                   Business           Retail           Wealth
    Three Months Ended December 31, 2012             Bank              Bank          Management        Finance   Other         Total
    ------------------------------------             ----              ----          ----------        -------   -----         -----
    Earnings summary:
    Net interest income (expense) (FTE)                          $393                             $156                    $47               $(181)               $10              $425
    Provision for credit losses                            8                      7                           2             -         (1)              16
    Noninterest income                                    79                     43                          65            15          2              204
    Noninterest expenses                                 149                    181                          84             3         10              427
    Provision (benefit) for income taxes (FTE)           103                      3                          10           (64)         4               56
                                                         ---                    ---                         ---           ---        ---
    Net income (loss)                                            $212                               $8                    $16               $(105)               $(1)             $130
                                                                 ----                              ---                    ---               -----                ---              ----
    Net credit-related charge-offs                                $26                               $6                     $5          -                -             $37

    Selected average balances:
    Assets                                                    $35,362                           $5,952                 $4,686             $12,439             $6,120           $64,559
    Loans                                             34,325                  5,255                       4,539             -          -           44,119
    Deposits                                          26,051                 20,910                       3,798           320        213           51,292

    Statistical data:
    Return on average assets (a)                        2.41%                  0.14%                       1.35%          N/M        N/M             0.81%
    Efficiency ratio                                   31.49                  90.68                       76.96           N/M        N/M            68.08
                                                       -----                  -----                       -----           ---        ---            -----

                                                   Business           Retail           Wealth
    Three Months Ended September 30, 2012            Bank              Bank          Management        Finance   Other         Total
    -------------------------------------            ----              ----          ----------        -------   -----         -----
    Earnings summary:
    Net interest income (expense) (FTE)                          $386                             $161                    $47               $(176)               $10              $428
    Provision for credit losses                           15                      6                           3             -         (2)              22
    Noninterest income                                    76                     41                          62            14          4              197
    Noninterest expenses                                 144                    181                          78             3         43              449
    Provision (benefit) for income taxes (FTE)            92                      5                          10           (62)        (8)              37
                                                         ---                    ---                         ---           ---        ---
    Net income (loss)                                            $211                              $10                    $18               $(103)              $(19)             $117
                                                                 ----                              ---                    ---               -----               ----              ----
    Net credit-related charge-offs                                $27                              $13                     $3          -                -             $43

    Selected average balances:
    Assets                                                    $34,863                           $5,964                 $4,566             $12,166             $5,717           $63,276
    Loans                                             33,856                  5,265                       4,476             -          -           43,597
    Deposits                                          25,143                 20,682                       3,667           193        172           49,857

    Statistical data:
    Return on average assets (a)                        2.42%                  0.18%                       1.61%          N/M        N/M             0.74%
    Efficiency ratio                                   31.23                  89.39                       71.14           N/M        N/M            71.68
    ----------------                                   -----                  -----                       -----           ---        ---            -----

                                                   Business           Retail           Wealth
    Three Months Ended December 31, 2011             Bank              Bank          Management        Finance   Other         Total
    ------------------------------------             ----              ----          ----------        -------   -----         -----
    Earnings summary:
    Net interest income (expense) (FTE)                          $381                             $176                    $47               $(169)         10             $445
    Provision for credit losses                           (6)                    15                          11             -         (1)              19
    Noninterest income                                    73                     35                          55            18          1              182
    Noninterest expenses                                 162                    182                          83             3         48              478
    Provision (benefit) for income taxes (FTE)            97                      4                           3           (60)       (10)              34
                                                         ---                    ---                         ---           ---        ---              ---
    Net income (loss)                                            $201                              $10                     $5                $(94)              $(26)              $96
                                                                 ----                              ---                    ---                ----               ----               ---
    Net credit-related charge-offs                                $32                              $16                    $12          -                -             $60

    Selected average balances:
    Assets                                                    $32,151                           $6,250                 $4,672             $11,959             $6,013           $61,045
    Loans                                             31,260                  5,571                       4,623             -          -           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%
    Efficiency ratio                                   35.87                  84.52                       82.18           N/M        N/M            75.97
    ----------------                                   -----                  -----                       -----           ---        ---            -----
    (a)            Return on
                   average
                   assets is
                   calculated
                   based on
                   the greater
                   of average
                   assets or
                   average
                   liabilities
                   and
                   attributed
                   equity.
    FTE -Fully Taxable
     Equivalent
    N/M - Not Meaningful


    MARKET SEGMENT FINANCIAL RESULTS (unaudited)
    Comerica Incorporated and Subsidiaries


    (dollar amounts in millions)                                                                      Other    Finance
    Three Months Ended December 31, 2012         Michigan           California         Texas         Markets   & Other          Total
    ------------------------------------         --------           ----------         -----         -------   -------          -----
    Earnings summary:
    Net interest income (expense) (FTE)                        $193                             $180                      $138                $85             $(171)        $425
    Provision for credit losses                         (9)                         6                       9               11         (1)            16
    Noninterest income                                  98                         35                      31               23         17            204
    Noninterest expenses                               183                        100                      90               41         13            427
    Provision (benefit) for income taxes (FTE)          43                         45                      25                3        (60)            56
                                                       ---                        ---                     ---              ---        ---            ---
    Net income (loss)                                           $74                              $64                       $45                $53             $(106)        $130
                                                                ---                              ---                       ---                ---             -----         ----
    Net credit-related charge-offs                               $1                              $12                        $5                $19         -          $37

    Selected average balances:
    Assets                                                  $13,782                          $13,551                   $10,555             $8,112           $18,559      $64,559
    Loans                                           13,415                     13,275                   9,818            7,611          -         44,119
    Deposits                                        20,019                     15,457                   9,809            5,474        533         51,292

    Statistical data:
    Return on average assets (a)                      1.40%                      1.56%                   1.63%            2.65%       N/M           0.81%
    Efficiency ratio                                 62.77                      46.47                   53.38            38.84        N/M          68.08
    ----------------                                 -----                      -----                   -----            -----        ---          -----

                                                                                                      Other    Finance
    Three Months Ended September 30, 2012        Michigan           California         Texas         Markets   & Other          Total
    -------------------------------------        --------           ----------         -----         -------   -------          -----
    Earnings summary:
    Net interest income (expense) (FTE)                        $194                             $178                      $139                $83             $(166)        $428
    Provision for credit losses                          2                          5                      10                7         (2)            22
    Noninterest income                                  95                         34                      30               20         18            197
    Noninterest expenses                               175                         98                      89               41         46            449
    Provision (benefit) for income taxes (FTE)          41                         39                      25                2        (70)            37
                                                       ---                        ---                     ---              ---        ---            ---
    Net income (loss)                                           $71                              $70                       $45                $53             $(122)        $117
                                                                ---                              ---                       ---                ---             -----         ----
    Net credit-related charge-offs                              $12                              $11                        $7                $13         -          $43

    Selected average balances:
    Assets                                                  $13,784                          $13,173                   $10,327             $8,109           $17,883      $63,276
    Loans                                           13,475                     12,915                   9,585            7,622          -         43,597
    Deposits                                        19,628                     14,965                   9,941            4,958        365         49,857

    Statistical data:
    Return on average assets (a)                      1.38%                      1.75%                   1.61%            2.64%       N/M           0.74%
    Efficiency ratio                                 60.40                      46.13                   52.50            40.00        N/M          71.68
    ----------------                                 -----                      -----                   -----            -----        ---          -----

                                                                                                      Other    Finance
    Three Months Ended December 31, 2011         Michigan           California         Texas         Markets   & Other          Total
    ------------------------------------         --------           ----------         -----         -------   -------          -----
    Earnings summary:
    Net interest income (expense) (FTE)                        $202                             $166                      $158                $78             $(159)        $445
    Provision for credit losses                         20                        (12)                      8                4         (1)            19
    Noninterest income                                  85                         32                      26               20         19            182
    Noninterest expenses                               185                        101                      89               52         51            478
    Provision (benefit) for income taxes (FTE)          28                         42                      32                2        (70)            34
                                                       ---                        ---                     ---              ---        ---            ---
    Net income (loss)                                           $54                              $67                       $55                $40             $(120)         $96
                                                                ---                              ---                       ---                ---             -----          ---
    Net credit-related charge-offs                              $32                               $5                        $4                $19         -          $60

    Selected average balances:
    Assets                                                  $13,976                          $11,959                    $9,712             $7,426           $17,972      $61,045
    Loans                                           13,725                     11,743                   8,952            7,034          -         41,454
    Deposits                                        19,076                     13,472                  10,333            4,530        368         47,779

    Statistical data:
    Return on average assets (a)                      1.07%                      1.86%                   1.92%            2.14%       N/M           0.63%
    Efficiency ratio                                 63.84                      51.18                   48.23            53.73        N/M          75.97
    ----------------                                 -----                      -----                   -----            -----        ---          -----
    (a)            Return on
                   average
                   assets is
                   calculated
                   based on
                   the greater
                   of average
                   assets or
                   average
                   liabilities
                   and
                   attributed
                   equity.
    FTE -Fully Taxable
     Equivalent
    N/M - Not Meaningful


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

                                                              December 31,  September 30,     June 30,   March 31,  December 31,
    (dollar amounts in millions)                                      2012               2012      2012        2012             2011
    ---------------------------                                       ----               ----      ----        ----             ----

    Tier 1 Common Capital Ratio:
    Tier 1 capital (a) (b)                                                             $6,705                                 $6,685          $6,676         $6,647  $6,582
    Less:
    Trust preferred securities                                           -                            -                            -      -             25
                                                                       ---                          ---                          ---    ---            ---
    Tier 1 common capital (b)                                                          $6,705                                 $6,685          $6,676         $6,647  $6,557
    ------------------------                                                           ------                                 ------          ------         ------  ------

    Risk-weighted assets (a) (b)                                                      $66,312                                $64,568         $64,312        $64,742 $63,244
    ---------------------------                                                       -------                                -------         -------        ------- -------

    Tier 1 risk-based capital ratio (b)                              10.11%                       10.35%                       10.38% 10.27%         10.41%
    Tier 1 common capital ratio (b)                                  10.11                        10.35                        10.38  10.27          10.37
    ------------------------------                                   -----                        -----                        -----  -----          -----

    Basel III Tier 1 Common Capital Ratio:
    Tier 1 common capital (b)                                                          $6,705
    Basel III proposed adjustments (c)                                (452)
    ---------------------------------                                 ----
    Basel III Tier 1 common capital (c)                                                $6,253
    ----------------------------------                                                 ------

    Risk-weighted assets (a) (b)                                                      $66,312
    Basel III proposed adjustments (c)                               2,410
                                                                     -----
    Basel III risk-weighted assets (c)                                                $68,722
    ---------------------------------                                                 -------

    Tier 1 common capital ratio (b)                                   10.1%
    Basel III Tier 1 common capital ratio (c)                          9.1
    ----------------------------------------                           ---

    Tangible Common Equity Ratio:
    Common shareholders' equity                                                        $6,942                                 $7,084          $7,028         $6,985  $6,868
    Less:
    Goodwill                                                           635                          635                          635    635            635
    Other intangible assets                                             22                           25                           28     30             32
                                                                       ---                          ---                          ---    ---            ---
    Tangible common equity                                                             $6,285                                 $6,424          $6,365         $6,320  $6,201
    ----------------------                                                             ------                                 ------          ------         ------  ------

    Total assets                                                                      $65,359                                $63,314         $62,650        $62,593 $61,008
    Less:
    Goodwill                                                           635                          635                          635    635            635
    Other intangible assets                                             22                           25                           28     30             32
                                                                       ---                          ---                          ---    ---            ---
    Tangible assets                                                                   $64,702                                $62,654         $61,987        $61,928 $60,341
    ---------------                                                                   -------                                -------         -------        ------- -------

    Common equity ratio                                              10.62%                       11.19%                       11.22% 11.16%         11.26%
    Tangible common equity ratio                                      9.71                        10.25                        10.27  10.21          10.27
    ----------------------------                                      ----                        -----                        -----  -----          -----

    Tangible Common Equity per Share of Common Stock:
    Common shareholders' equity                                                        $6,942                                 $7,084          $7,028         $6,985  $6,868
    Tangible common equity                                           6,285                        6,424                        6,365  6,320          6,201
    ----------------------                                           -----                        -----                        -----  -----          -----

    Shares of common stock outstanding (in millions)                   188                          191                          194    197            197
    -----------------------------------------------                    ---                          ---                          ---    ---            ---

    Common shareholders' equity per share of common
     stock                                                                             $36.87                                 $37.01          $36.18         $35.44  $34.80
    Tangible common equity per share of common stock                 33.38                        33.56                        32.76  32.06          31.42
    ------------------------------------------------                 -----                        -----                        -----  -----          -----
    (a)                Tier 1 capital and risk-
                       weighted assets as defined
                       by regulation.
    (b)                December 31, 2012 Tier 1
                       capital and risk-weighted
                       assets are estimated.
    (c)                December 31, 2012 Basel III
                       Tier 1 common capital and
                       risk-weighted assets are
                       estimated based on the
                       proposed rules for the U.S.
                       adoption of the Basel III
                       regulatory capital
                       framework issued in June
                       2012.

The Tier 1 common capital ratio removes preferred stock and qualifying trust preferred securities from Tier 1 capital as defined by and calculated in conformity with bank regulations. The Basel III Tier 1 common capital ratio further adjusts Tier 1 common capital and risk-weighted assets to account for the proposed changes issued in the U.S. banking regulators proposed rules for the U.S. adoption of the Basel III regulatory capital framework issued in June 2012. The tangible common equity ratio removes preferred stock and the effect of intangible assets from capital and the effect of intangible assets from total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders equity per share of common stock. Comerica believes these measurements are meaningful measures of capital adequacy used by investors, regulators, management and others to evaluate the adequacy of common equity and to compare against other companies in the industry.

SOURCE Comerica Incorporated

For further information: Media, Wayne J. Mielke, (214) 462-4463, or Investor Contacts, Darlene P. Persons, (214) 462-6831, or Brittany L. Butler, (214) 462-6834
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