DALLAS, Jan. 17, 2014 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today reported fourth quarter 2013 net income of $145 million, compared to $147 million for the third quarter 2013 and $130 million for the fourth quarter 2012. Earnings per diluted share were 77 cents for the fourth quarter 2013, compared to 78 cents for the third quarter 2013 and 68 cents for the fourth quarter 2012.

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Full-year 2013 net income was $569 million, an increase of $48 million, or 9 percent, compared to 2012. Earnings per diluted share were $3.00 for 2013, an increase of 33 cents, or 12 percent, compared to 2012.

     (dollar
     amounts
     in
     millions,
     except
     per
     share
     data)        4th Qtr '13       3rd Qtr '13        4th Qtr '12
     ---------    -----------       -----------        -----------

    Net
     interest
     income
     (a)                       $430                                $412        $424

     Provision
     for
     credit
     losses                 9                       8                      16

     Noninterest
     income               204                     214                     204

     Noninterest
     expenses             429                     417                     427

     Provision
     for
     income
     taxes                 51                      54                      55


    Net
     income               145                     147                     130


    Net
     income
     attributable
     to
     common
     shares               143                     145                     128


     Diluted
     income
     per
     common
     share               0.77                    0.78                    0.68


     Average
     diluted
     shares
     (in
     millions)            186                     187                     188


     Tier
     1
     common
     capital
     ratio
     (c)                10.60%      (b)         10.72%                  10.14%

     Basel
     III
     Tier
     1
     common
     capital
     ratio
     (c)
     (d)                 10.3                    10.4                     9.8

     Tangible
     common
     equity
     ratio
     (c)                10.11                    9.87                    9.76
     --------           -----                    ----                    ----

    (a)              Included
                     accretion of
                     the purchase
                     discount on the
                     acquired loan
                     portfolio of
                     $23 million, $8
                     million and $13
                     million in the
                     fourth quarter
                     2013, third
                     quarter 2013
                     and fourth
                     quarter 2012,
                     respectively.

    (b)             December 31, 2013 ratio is estimated.

    (c)              See Reconciliation of Non-GAAP
                     Financial Measures.

    (d)              Estimated ratios based on the
                     standardized approach in the final rule
                     and excluding most elements of
                     accumulated other comprehensive income
                     (AOCI).

"Our relationship banking focus and our customers' strength in this uncertain national economy drove a 3 percent increase in average loans and a 4 percent increase in average deposits in 2013," said Ralph W. Babb Jr., chairman and chief executive officer. "2013 net income increased 9 percent, primarily as a result of tight expense control and strong credit quality, offsetting the headwinds of the continuing low rate environment.

"Average loans in the fourth quarter 2013 were stable, compared to the prior quarter, while growth trends throughout the quarter were positive, resulting in a broad-based, $1.3 billion increase in period-end loans. Earnings in the fourth quarter of 2013, compared to the prior quarter, reflected greater than expected purchase accounting accretion. This was offset by slightly lower fee income, following strong fee generation in the third quarter and the impact of slower economic activity, as well as additional costs related to regulatory compliance.

"Our solid capital position supports our growth and provides us the ability to return excess capital to our shareholders. We repurchased 7.4 million shares in 2013 under our share repurchase program; together with dividends we returned 73 percent of 2013 net income to shareholders. We recently filed our 2014-2015 capital plan with the Federal Reserve, which is expected to release its summary results in March 2014.

"In this low rate environment, our conservative, consistent approach to banking continues to serve us well, including our credit management, investment strategy, and capital position. We are pleased with our footprint, where there are many opportunities to leverage our relationship banking strategy by providing our customers with the products and services they desire."

Full-Year 2013 and Fourth Quarter Overview

Full-Year 2013 Compared to Full-Year 2012

    --  Net income of $569 million for 2013 increased $48 million, or 9 percent,
        compared to 2012.
    --  Average total loans increased $1.1 billion, or 3 percent, to $44.4
        billion, primarily reflecting an increase of $1.7 billion, or 7 percent,
        in commercial loans, partially offset by a decrease of $686 million, or
        6 percent, in combined commercial mortgage and real estate construction
        loans. The increase in commercial loans was primarily driven by
        increases in National Dealer Services, general Middle Market and Energy,
        partially offset by decreases in Mortgage Banker Finance and Corporate
        Banking.
    --  Average total deposits increased $2.2 billion, or 4 percent, to $51.7
        billion, reflecting increases of $1.4 billion, or 7 percent, in
        noninterest-bearing deposits and $803 million, or 3 percent, in
        interest-bearing deposits.
    --  Net interest income of $1.7 billion decreased by $56 million, or 3
        percent, primarily as a result of a decrease in yields and a decrease in
        accretion of the purchase discount on the acquired loan portfolio,
        partially offset by a decrease in funding costs. Loan yields decreased
        primarily as a result of shifts in the average loan portfolio mix and
        lower LIBOR rates, while yields on mortgage-backed securities declined
        primarily due to prepayments on higher-yielding securities and
        reinvestments at lower yields.
    --  Credit quality of the loan portfolio remained strong. The provision for
        credit losses declined $33 million to $46 million in 2013 compared to
        2012. Net credit-related charge-offs decreased $97 million to $73
        million.
    --  Noninterest income increased $8 million, or 1 percent, to $826 million
        in 2013. The increase reflected an increase of $13 million in
        customer-driven fee income, partially offset by a decrease of $5 million
        in noncustomer-driven categories.
    --  Noninterest expenses decreased $79 million, or 4 percent, to $1.7
        billion in 2013, primarily reflecting decreases of $35 million in merger
        and restructuring charges and $23 million in litigation-related
        expenses, as well as declines in several other categories of noninterest
        expenses, reflecting tight expense control.

Fourth Quarter 2013 Compared to Third Quarter 2013

    --  Average total loans remained stable at $44.1 billion, as increases in
        National Dealer Services and Technology and Life Sciences were offset by
        a decrease in Mortgage Banker Finance. Period-end total loans increased
        $1.3 billion, or 3 percent, to $45.5 billion, reflecting increases in
        almost all lines of business.
    --  Average total deposits increased $904 million, or 2 percent, to $52.8
        billion, reflecting increases in most lines of business and all primary
        markets. Period-end deposits increased $383 million, or 1 percent, to
        $53.3 billion, primarily reflecting an increase of $404 million in
        interest-bearing deposits.
    --  Net interest income increased $18 million, or 4 percent, to $430 million
        in the fourth quarter 2013, compared to $412 million in the third
        quarter 2013, primarily reflecting a $15 million increase in accretion
        on the acquired portfolio and a $5 million increase in interest
        collected from nonaccrual loans. The increase in accretion resulted from
        better than expected collections on the purchased credit-impaired
        portfolio due to improvements in the economic environment.
    --  The provision for credit losses was $9 million in the fourth quarter
        2013, compared to $8 million in the third quarter 2013, reflecting
        continued strong credit quality.
    --  Noninterest income decreased $10 million to $204 million in the fourth
        quarter 2013, reflecting decreases of $5 million in customer-driven fee
        income and $5 million in noncustomer-driven income.
    --  Noninterest expenses increased $12 million to $429 million in the fourth
        quarter 2013, primarily reflecting an increase of $7 million in salaries
        expense, of which $6 million was due to an increase in deferred
        compensation, and a $5 million increase in litigation-related expenses
        from a low third quarter amount.
    --  Capital remained solid at December 31, 2013, as evidenced by an
        estimated Tier 1 common capital ratio of 10.60 percent and a tangible
        common equity ratio of 10.11 percent.

Net Interest Income

    (dollar amounts in
     millions)         4th Qtr '13          3rd Qtr '13         4th Qtr '12
    ------------------ -----------          -----------         -----------

    Net interest
     income                            $430                                    $412            $424


    Net interest
     margin                   2.86%                       2.79%                       2.87%


    Selected average
     balances:

    Total earning
     assets                         $59,924                                 $58,892         $59,276

    Total loans             44,054                      44,094                      44,119

    Total investment
     securities              9,365                       9,380                      10,250

    Federal Reserve
     Bank deposits
     (excess
     liquidity)              6,260                       5,156                       4,638



    Total deposits          52,769                      51,865                      51,282

    Total noninterest-
     bearing deposits       23,532                      22,379                      22,758
    ------------------      ------                      ------                      ------

    --  Net interest income of $430 million in the fourth quarter 2013 increased
        $18 million compared to the third quarter 2013.
        --  Interest on loans increased $16 million, primarily reflecting an
            increase in the accretion of the purchase discount on the acquired
            loan portfolio ($15 million) and an increase in interest collected
            on nonaccrual loans ($5 million), partially offset by the impact of
            loan portfolio dynamics ($4 million), including a decline in LIBOR
            and other shifts in portfolio mix.
        --  Interest on mortgage-backed investment securities increased net
            interest income by $1 million, primarily as a result of improvement
            in yields due to slowing prepayment speeds.
        --  A decrease in funding costs increased net interest income by $1
            million, primarily reflecting lower deposit pricing and a shift in
            the deposit mix.
    --  The net interest margin of 2.86 percent increased 7 basis points
        compared to the third quarter 2013. The increase in net interest margin
        was primarily due to an increase in the accretion of the purchase
        discount on the acquired loan portfolio (+10 basis points), an increase
        in interest collected on nonaccrual loans (+3 basis points), the impact
        of yield improvements on mortgage-backed securities (+1 basis point) and
        lower funding costs (+1 basis point), partially offset by an increase in
        excess liquidity (-5 basis points) and lower loan yields (-3 basis
        points).
    --  Average earning assets increased $1.0 billion to $59.9 billion in the
        fourth quarter 2013, compared to the third quarter 2013, reflecting an
        increase of $1.1 billion in excess liquidity due to deposit growth.

Noninterest Income
Noninterest income decreased $10 million to $204 million for the fourth quarter 2013, compared to $214 million for the third quarter 2013. Customer-driven fee income decreased $5 million and noncustomer-driven income decreased $5 million. The decrease in customer-driven fee income reflected a $2 million decrease in letter of credit fees and small decreases in other categories of noninterest income, partially offset by a $2 million increase in fiduciary income. The decrease in noncustomer-driven income was primarily due to a $6 million decrease in warrant income and a $3 million decrease in income on bank-owned life insurance, partially offset by a $6 million increase in deferred compensation plan asset returns, which was offset by an increase in deferred compensation expense as described below.

Noninterest Expenses
Noninterest expenses of $429 million in the fourth quarter 2013 increased $12 million compared to the third quarter 2013. Excluding a $6 million increase in deferred compensation expense, noninterest expenses increased $6 million, primarily reflecting the impact of a $5 million favorable outcome in litigation in the third quarter. The $6 million increase in deferred compensation expense (included in salaries expense) was offset by the increase in deferred compensation asset returns in noninterest income. Incentive compensation remained unchanged from the elevated third quarter level as financial performance relative to peers continued to improve.

Credit Quality
"The provision for credit losses was $9 million in the fourth quarter 2013, compared to $8 million in the third quarter 2013, reflecting continued strong credit quality and an increase in loan commitments and outstandings," said Babb. "Net credit-related charge-offs decreased slightly and remain at a very low level."

    (dollar amounts in millions)                            4th Qtr '13        3rd Qtr '13          4th Qtr '12
    ---------------------------                             -----------        -----------          -----------

    Net credit-related charge-offs                                        $13                                   $19       $37

    Net credit-related charge-offs/
     Average total loans                                           0.12%                      0.18%                 0.34%


    Provision for credit losses                                            $9                                    $8       $16


    Nonperforming loans (a)                                         374                        459                   541

    Nonperforming assets (NPAs) (a)                                 383                        478                   595

    NPAs/Total loans and foreclosed
     property                                                      0.84%                      1.08%                 1.29%


    Loans past due 90 days or more and
     still accruing                                                       $16                                   $25       $23


    Allowance for loan losses                                       598                        604                   629

    Allowance for credit losses on lending-
     related commitments (b)                                         36                         34                    32
                                                                    ---                        ---                   ---

    Total allowance for credit losses                               634                        638                   661


    Allowance for loan losses/Period-end
     total loans                                                   1.32%                      1.37%                 1.37%

    Allowance for loan losses/
     Nonperforming loans                                            160                        131                   116
    --------------------------                                      ---                        ---                   ---

    (a) Excludes loans acquired with credit impairment.

    (b) Included in "Accrued expenses and other liabilities" on the consolidated balance sheets.

    --  Nonaccrual loans decreased $87 million, to $350 million at December 31,
        2013, compared to $437 million at September 30, 2013.
    --  Criticized loans decreased $201 million, to $2.3 billion at December 31,
        2013, compared to $2.5 billion at September 30, 2013.
    --  During the fourth quarter 2013, $23 million of borrower relationships
        over $2 million were transferred to nonaccrual status, a decrease of $27
        million from the third quarter 2013.

Balance Sheet and Capital Management
Total assets and common shareholders' equity were $65.2 billion and $7.2 billion, respectively, at December 31, 2013, compared to $64.7 billion and $7.0 billion, respectively, at September 30, 2013. The $540 million increase in total assets primarily reflected an increase of $1.3 billion in loans, partially offset by decreases of $437 million in excess liquidity and $181 million in investment securities available-for-sale.

There were approximately 182 million common shares outstanding at December 31, 2013. Combined with the dividend of $0.17 per share, share repurchases under the share repurchase program and dividends returned 71 percent of fourth quarter 2013 net income to shareholders.

Comerica's tangible common equity ratio was 10.11 percent at December 31, 2013, an increase of 24 basis points from September 30, 2013. The estimated Tier 1 common capital ratio decreased 12 basis points, to 10.60 percent at December 31, 2013, from September 30, 2013. The estimated Tier 1 common ratio under fully phased-in Basel III capital rules and excluding most elements of AOCI was 10.3 percent percent at December 31, 2013.

Full-Year 2014 Outlook
Management expectations for full-year 2014 compared to full-year 2013, assuming a continuation of the slow growing economy and low rate environment, are as follows:

    --  Average loan growth consistent with 2013, reflecting stabilization in
        Mortgage Banker Finance near average fourth quarter 2013 levels,
        improving trends in Commercial Real Estate and continued focus on
        pricing and structure discipline.
    --  Net interest income modestly lower, reflecting a decrease in purchase
        accounting accretion, to $10 million to $20 million, and the effect of a
        continued low rate environment, partially offset by loan growth.
    --  Provision for credit losses stable as a result of continued strong
        credit quality.
    --  Noninterest income stable, reflecting continued growth in
        customer-driven fee income.
    --  Noninterest expenses lower, reflecting a more than 50 percent reduction
        in pension expense. Increases in merit, healthcare and regulatory costs
        mostly offset by continued expense discipline.
    --  Income tax expense to approximate 28 percent of pre-tax income.

Business Segments
Comerica's operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at December 31, 2013 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2013 results compared to third quarter 2013.

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

    (dollar amounts in
     millions)         4th Qtr '13           3rd Qtr '13         4th Qtr '12
    ------------------ -----------           -----------         -----------

    Business Bank               $200      84%                         $209         91%               $209 90%

    Retail Bank           14           6                    6            3               8        3

    Wealth Management     23          10                   15            6              16        7
    -----------------    ---         ---                  ---          ---             ---      ---

                         237         100%                 230          100%            233      100%

    Finance              (92)                        (87)                    (102)

    Other (a)              -                           4                       (1)
    --------             ---                         ---                      ---

         Total                  $145                          $147                         $130
         -----                  ----                          ----                         ----

    (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
                                     '13           '13            '12
    ---------------------------     -------      -------        -------

    Net interest income (FTE)               $387          $368          $387

    Provision for credit losses          24           (1)             6

    Noninterest income                   80           89             79

    Noninterest expenses                151          153            149

    Net income                          200          209            209


    Net credit-related charge-offs        6            9             26


    Selected average balances:

    Assets                           35,042       35,298         35,359

    Loans                            34,020       34,178         34,325

    Deposits                         26,873       26,284         26,051
    --------                         ------       ------         ------

    --  Average loans decreased $158 million, primarily reflecting decreases in
        Mortgage Banker Finance and Energy, partially offset by increases in
        National Dealer Services and Technology and Life Sciences. Period-end
        loans increased $1.1 billion.
    --  Average deposits increased $589 million, primarily reflecting increases
        in Corporate Banking, Technology and Life Sciences and Commercial Real
        Estate, partially offset by a decline in general Middle Market.
    --  Net interest income increased $19 million, primarily due to an increase
        in purchase accounting accretion and an increase in funds transfer
        pricing credits.
    --  The provision for credit losses increased $25 million, primarily
        reflecting an increase in period-end loan balances, partially offset by
        improved credit quality.
    --  Noninterest income decreased $9 million, primarily due to a decrease in
        warrant income.

    Retail Bank


    (dollar amounts in millions)   4th Qtr        3rd Qtr      4th Qtr
                                     '13            '13          '12
    ---------------------------     -------       -------      -------

    Net interest income (FTE)                $150         $151         $156

    Provision for credit losses          (8)           10            7

    Noninterest income                   43            45           43

    Noninterest expenses                180           177          181

    Net income                           14             6            8


    Net credit-related charge-offs        4             7            6


    Selected average balances:

    Assets                            5,997         5,967        5,952

    Loans                             5,323         5,285        5,255

    Deposits                         21,438        21,257       20,910
    --------                         ------        ------       ------

    --  Average loans increased $38 million, primarily due to an increase in
        Small Business.
    --  Average deposits increased $181 million, primarily due to an increase in
        Retail Banking.
    --  The provision for credit losses decreased $18 million, primarily due to
        improved credit quality, partially offset by an increase in period-end
        loan balances.

    Wealth Management


    (dollar amounts in millions)   4th Qtr       3rd Qtr     4th Qtr
                                     '13           '13         '12
    ---------------------------     -------      -------     -------

    Net interest income (FTE)                $47         $45         $47

    Provision for credit losses          (9)           1           2

    Noninterest income                   61           61          65

    Noninterest expenses                 82           81          84

    Net income                           23           15          16


    Net credit-related charge-offs        3            3           5


    Selected average balances:

    Assets                            4,873        4,789       4,686

    Loans                             4,711        4,631       4,539

    Deposits                          3,933        3,782       3,798
    --------                          -----        -----       -----

    --  Average loans increased $80 million, primarily due to an increase in
        Private Banking.
    --  Average deposits increased $151 million, primarily due to an increase in
        Private Banking.
    --  The provision for credit losses decreased $10 million, primarily
        reflecting improved credit quality, partially offset by an increase in
        period-end loan balances.

Geographic Market Segments
Comerica also provides market segment results for three primary geographic markets: Michigan, California and Texas. In addition to the three primary geographic markets, Other Markets is also reported as a market segment. Other Markets includes Florida, Arizona, the International Finance division and businesses that have a significant presence outside of the three primary geographic markets. The tables below present the geographic market results based on the methodologies in effect at December 31, 2013 and are presented on a fully taxable equivalent (FTE) basis.

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

    (dollar
     amounts in
     millions)  4th Qtr '13         3rd Qtr '13             4th Qtr '12
    ----------- -----------         -----------             -----------

    Michigan                  $63               26%                      $73        32%               $74 32%

    California           76        32                     71              31             62       26

    Texas                52        22                     35              15             47       20

    Other
     Markets             46        20                     51              22             50       22
    --------            ---       ---                    ---             ---            ---      ---

                        237       100%                   230             100%           233      100%

    Finance &
     Other (a)          (92)                        (83)                      (103)
    ----------          ---                         ---                       ----

         Total               $145                                   $147                    $130
         -----               ----                                   ----                    ----

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

    --  Average loans increased $429 million and $47 million in California and
        Michigan, respectively, and decreased $176 million in Texas. The
        increases in California and Michigan primarily reflected an increase in
        National Dealer Services. Technology and Life Sciences also contributed
        to the increase in California. The decrease in Texas was primarily due
        to a decrease in Energy.
    --  Average deposits increased $36 million in Michigan, primarily due to an
        increase in Small Business. In California, average deposits increased
        $652 million, primarily reflecting increases in Corporate Banking and
        Private Banking. The increase in Texas of $238 million was primarily due
        to increases in Technology and Life Sciences, Energy and Retail Banking.
    --  The provision for credit losses decreased $12 million in Texas and $5
        million in California, primarily reflecting improved credit quality,
        partially offset by an increase in period-end loan balances. In
        Michigan, the provision increased $15 million, primarily due to an
        increase in period-end loan balances.
    --  Noninterest income in California decreased $5 million, primarily due to
        a decrease in warrant income.

    Michigan Market


    (dollar amounts in millions)   4th Qtr        3rd Qtr       4th Qtr
                                     '13            '13            '12
    ---------------------------     -------       -------        -------

    Net interest income (FTE)                $187          $186           $192

    Provision for credit losses           7            (8)            (8)

    Noninterest income                   89            88             97

    Noninterest expenses                170           167            180

    Net income                           63            73             74


    Net credit-related charge-offs       (4)            1              1


    Selected average balances:

    Assets                           13,712        13,744         13,782

    Loans                            13,323        13,276         13,415

    Deposits                         20,501        20,465         20,019
    --------                         ------        ------         ------

    California Market


    (dollar amounts in millions)   4th Qtr        3rd Qtr       4th Qtr
                                     '13            '13            '12
    ---------------------------     -------       -------        -------

    Net interest income (FTE)                $176          $171          $178

    Provision for credit losses          (8)           (3)             7

    Noninterest income                   37            42             35

    Noninterest expenses                100           101            100

    Net income                           76            71             62


    Net credit-related charge-offs       (2)            8             12


    Selected average balances:

    Assets                           14,710        14,245         13,549

    Loans                            14,431        14,002         13,275

    Deposits                         15,219        14,567         15,457
    --------                         ------        ------         ------

    Texas Market


    (dollar amounts in millions)   4th Qtr       3rd Qtr      4th Qtr
                                      '13          '13          '12
    ---------------------------     -------      -------      -------

    Net interest income (FTE)               $147         $129         $136

    Provision for credit losses           5           17            4

    Noninterest income                   33           35           31

    Noninterest expenses                 93           92           90

    Net income                           52           35           47


    Net credit-related charge-offs       13            4            5


    Selected average balances:

    Assets                           10,458       10,642       10,554

    Loans                             9,766        9,942        9,818

    Deposits                         10,536       10,298        9,809
    --------                         ------       ------        -----

Conference Call and Webcast
Comerica will host a conference call to review fourth quarter 2013 financial results at 7 a.m. CT Friday, January 17, 2014. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 23046513). The call and supplemental financial information can also be accessed via Comerica's "Investor Relations" page at www.comerica.com. A replay of the Webcast can be accessed via Comerica's "Investor Relations" page at www.comerica.com.

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

This press release contains both financial measures based on accounting principles generally accepted in the United States (GAAP) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Comerica's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Forward-looking Statements
Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "contemplates," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "opportunity," "initiative," "outcome," "continue," "remain," "maintain," "on course," "trend," "objective," "looks forward" 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; any future acquisitions or divestitures; 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; 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 13 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2012 and on page 68 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                       Three Months Ended                          Years Ended
                                                                       ------------------                          -----------

                                                  December 31,  September 30,  December 31,           December 31,

    (in millions, except per share data)                  2013           2013          2012     2013       2012
    -----------------------------------                   ----           ----          ----     ----       ----

    PER COMMON SHARE AND COMMON STOCK DATA

    Diluted net income                                                  $0.77                  $0.78                      $0.68                  $3.00   $2.67

    Cash dividends declared                               0.17                         0.17     0.15                       0.68          0.55

    Common shareholders' equity (at period end)          39.39                        37.94    36.87

    Tangible common equity (at period end) (a)           35.81                        34.38    33.38


    Average diluted shares (in thousands)              186,166                      187,104  187,954                    186,927       192,473
    ------------------------------------               -------                      -------  -------                    -------       -------

    KEY RATIOS

    Return on average common shareholders' equity         8.26%                        8.50%    7.36%                      8.17%         7.43%

    Return on average assets                              0.90                         0.92     0.81                       0.89          0.83

    Tier 1 common capital ratio (a) (b)                  10.60                        10.72    10.14

    Tier 1 risk-based capital ratio (b)                  10.60                        10.72    10.14

    Total risk-based capital ratio (b)                   13.05                        13.42    13.15

    Leverage ratio (b)                                   10.82                        10.88    10.57

    Tangible common equity ratio (a)                     10.11                         9.87     9.76
    -------------------------------                      -----                         ----     ----

    AVERAGE BALANCES

    Commercial loans                                                  $27,683                $27,759                    $27,462                $27,971 $26,224

    Real estate construction loans:

    Commercial Real Estate business line (c)             1,363                        1,263    1,033                      1,241         1,031

    Other business lines (d)                               289                          259      266                        245           359
                                                           ---                          ---      ---                        ---           ---

    Total real estate construction loans                 1,652                        1,522    1,299                      1,486         1,390

    Commercial mortgage loans:

    Commercial Real Estate business line (c)             1,608                        1,714    1,939                      1,738         2,259

    Other business lines (d)                             7,106                        7,229    7,580                      7,322         7,583
                                                         -----                        -----    -----                      -----         -----

    Total commercial mortgage loans                      8,714                        8,943    9,519                      9,060         9,842

    Lease financing                                        838                          839      839                        847           864

    International loans                                  1,303                        1,252    1,314                      1,275         1,272

    Residential mortgage loans                           1,679                        1,642    1,525                      1,620         1,505

    Consumer loans                                       2,185                        2,137    2,161                      2,153         2,209
                                                         -----                        -----    -----                      -----         -----

    Total loans                                         44,054                       44,094   44,119                     44,412        43,306


    Earning assets                                      59,924                       58,892   59,276                     59,091        57,483

    Total assets                                        64,605                       63,660   64,257                     63,936        62,572


    Noninterest-bearing deposits                        23,532                       22,379   22,758                     22,379        21,004

    Interest-bearing deposits                           29,237                       29,486   28,524                     29,332        28,529
                                                        ------                       ------   ------                     ------        ------

    Total deposits                                      52,769                       51,865   51,282                     51,711        49,533


    Common shareholders' equity                          7,010                        6,923    7,062                      6,968         7,012
    ---------------------------                          -----                        -----    -----                      -----         -----

    NET INTEREST INCOME

    Net interest income (fully taxable equivalent
     basis)                                                              $431                   $413                       $425                 $1,675  $1,731

    Fully taxable equivalent adjustment                      1                            1        1                          3             3

    Net interest margin (fully taxable equivalent
     basis)                                               2.86%                        2.79%    2.87%                      2.84%         3.03%
    ---------------------------------------------         ----                         ----     ----                       ----          ----

    CREDIT QUALITY

    Nonaccrual loans                                                     $350                   $437                       $519

    Reduced-rate loans                                      24                           22       22
                                                           ---                          ---      ---

    Total nonperforming loans (e)                          374                          459      541

    Foreclosed property                                      9                           19       54
                                                           ---                          ---      ---

    Total nonperforming assets (e)                         383                          478      595


    Loans past due 90 days or more and still
     accruing                                               16                           25       23


    Gross loan charge-offs                                  41                           39       60                             $153             $245

    Loan recoveries                                         28                           20       23                         80            75
                                                           ---                          ---      ---                        ---           ---

    Net loan charge-offs                                    13                           19       37                         73           170


    Allowance for loan losses                              598                          604      629

    Allowance for credit losses on lending-
     related commitments                                    36                           34       32
                                                           ---                          ---      ---

    Total allowance for credit losses                      634                          638      661


    Allowance for loan losses as a percentage of
     total loans                                          1.32%                        1.37%    1.37%

    Net loan charge-offs as a percentage of
     average total loans (f)                              0.12                         0.18     0.34                       0.16%         0.39%

    Nonperforming assets as a percentage of total
     loans and foreclosed property (e)                    0.84                         1.08     1.29

    Allowance for loan losses as a percentage of
     total nonperforming loans                             160                          131      116
    --------------------------------------------           ---                          ---      ---

    (a)            See Reconciliation of Non-GAAP
                   Financial Measures.

    (b)            December 31, 2013 ratios are
                   estimated.

    (c)            Primarily loans to real estate
                   developers.

    (d)            Primarily loans secured by owner-
                   occupied real estate.

    (e)            Excludes loans acquired with credit-
                   impairment.

    (f)            Lending-related commitment charge-
                   offs were insignificant in all
                   periods presented.

    CONSOLIDATED BALANCE SHEETS

    Comerica Incorporated and Subsidiaries


                                            December 31,  September 30, December 31,

    (in millions, except share data)                2013           2013         2012
    -------------------------------                 ----           ----         ----

                                            (unaudited)    (unaudited)

    ASSETS

    Cash and due from banks                                      $1,140                $1,384   $1,395


    Federal funds sold                                 -                           -      100

    Interest-bearing deposits with banks           5,311                       5,704    3,039

    Other short-term investments                     112                         106      125


    Investment securities available-for-
     sale                                          9,307                       9,488   10,297


    Commercial loans                              28,815                      27,897   29,513

    Real estate construction loans                 1,762                       1,552    1,240

    Commercial mortgage loans                      8,787                       8,785    9,472

    Lease financing                                  845                         829      859

    International loans                            1,327                       1,286    1,293

    Residential mortgage loans                     1,697                       1,650    1,527

    Consumer loans                                 2,237                       2,152    2,153
    --------------                                 -----                       -----    -----

    Total loans                                   45,470                      44,151   46,057

    Less allowance for loan losses                  (598)                       (604)    (629)
    ------------------------------                  ----                        ----     ----

    Net loans                                     44,872                      43,547   45,428


    Premises and equipment                           594                         604      622

    Accrued income and other assets                3,874                       3,837    4,063
    -------------------------------                -----                       -----    -----

    Total assets                                                $65,210               $64,670  $65,069
    ------------                                                -------               -------  -------


    LIABILITIES AND SHAREHOLDERS' EQUITY

    Noninterest-bearing deposits                                $23,875               $23,896  $23,279


    Money market and interest-bearing
     checking deposits                            22,332                      21,697   21,273

    Savings deposits                               1,673                       1,645    1,606

    Customer certificates of deposit               5,063                       5,180    5,531

    Foreign office time deposits                     349                         491      502
    ----------------------------                     ---                         ---      ---

    Total interest-bearing deposits               29,417                      29,013   28,912
    -------------------------------               ------                      ------   ------

    Total deposits                                53,292                      52,909   52,191


    Short-term borrowings                            253                         226      110

    Accrued expenses and other liabilities           941                       1,001    1,106

    Medium- and long-term debt                     3,543                       3,565    4,720
    --------------------------                     -----                       -----    -----

    Total liabilities                             58,029                      57,701   58,127


    Common stock - $5 par value:

    Authorized - 325,000,000 shares

    Issued - 228,164,824 shares                    1,141                       1,141    1,141

    Capital surplus                                2,179                       2,171    2,162

    Accumulated other comprehensive loss            (391)                       (541)    (413)

    Retained earnings                              6,349                       6,239    5,931

    Less cost of common stock in treasury -
     45,860,786 shares at 12/31/13,
     44,483,659 shares at 9/30/13 and
     39,889,610 shares at 12/31/12                (2,097)                     (2,041)  (1,879)
    ---------------------------------------       ------                      ------   ------

    Total shareholders' equity                     7,181                       6,969    6,942
    --------------------------                     -----                       -----    -----

    Total liabilities and shareholders'
     equity                                                     $65,210               $64,670  $65,069
    -----------------------------------                         -------               -------  -------

    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)                                    2013     2012             2013  2012
    ------------------------                        ----     ----             ----  ----

    INTEREST INCOME

    Interest and fees on
     loans                                                   $397                   $398                       $1,556 $1,617

    Interest on investment
     securities                                       55                  55                    214        234

    Interest on short-term
     investments                                       4                   3                     14         12
    ----------------------                           ---                 ---                    ---        ---

    Total interest income                            456                 456                  1,784      1,863

    INTEREST EXPENSE

    Interest on deposits                              12                  16                     55         70

    Interest on medium- and
     long-term debt                                   14                  16                     57         65
    -----------------------                          ---                 ---                    ---        ---

    Total interest expense                            26                  32                    112        135
    ----------------------                           ---                 ---                    ---        ---

    Net interest income                              430                 424                  1,672      1,728

    Provision for credit
     losses                                            9                  16                     46         79
    --------------------                             ---                 ---                    ---        ---

    Net interest income after
     provision for credit
     losses                                          421                 408                  1,626      1,649

    NONINTEREST INCOME

    Service charges on
     deposit accounts                                 53                  52                    214        214

    Fiduciary income                                  43                  42                    171        158

    Commercial lending fees                           28                  25                     99         96

    Card fees                                         19                  17                     74         65

    Letter of credit fees                             15                  17                     64         71

    Bank-owned life insurance                          9                   9                     40         39

    Foreign exchange income                            9                   9                     36         38

    Brokerage fees                                     4                   5                     17         19

    Net securities gains
     (losses)                                          -                   1                     (1)        12

    Other noninterest income                          24                  27                    112        106
    ------------------------                         ---                 ---                    ---        ---

    Total noninterest income                         204                 204                    826        818

    NONINTEREST EXPENSES

    Salaries                                         203                 196                    769        778

    Employee benefits                                 61                  59                    246        240
    -----------------                                ---                 ---                    ---        ---

    Total salaries and
     employee benefits                               264                 255                  1,015      1,018

    Net occupancy expense                             41                  42                    160        163

    Equipment expense                                 15                  15                     60         65

    Outside processing fee
     expense                                          30                  28                    119        107

    Software expense                                  24                  23                     90         90

    FDIC insurance expense                             7                   9                     33         38

    Advertising expense                                3                   6                     21         27

    Other real estate expense                         (1)                  3                      2          9

    Merger and restructuring
     charges                                           -                   2                      -         35

    Other noninterest
     expenses                                         46                  44                    178        205
    -----------------                                ---                 ---                    ---        ---

    Total noninterest
     expenses                                        429                 427                  1,678      1,757
    -----------------                                ---                 ---                  -----      -----

    Income before income
     taxes                                           196                 185                    774        710

    Provision for income
     taxes                                            51                  55                    205        189
    --------------------                             ---                 ---                    ---        ---

    NET INCOME                                       145                 130                    569        521

    Less income allocated to
     participating securities                          2                   2                      8          6
    -------------------------                        ---                 ---                    ---        ---

    Net income attributable
     to common shares                                        $143                   $128                         $561   $515
    -----------------------                                  ----                   ----                         ----   ----

    Earnings per common
     share:

    Basic                                                   $0.79                  $0.68                        $3.07  $2.68

    Diluted                                         0.77                0.68                   3.00       2.67


    Comprehensive income
     (loss)                                          295                 (30)                   591        464


    Cash dividends declared
     on common stock                                  31                  28                    126        106

    Cash dividends declared
     per common share                               0.17                0.15                   0.68       0.55
    -----------------------                         ----                ----                   ----       ----

    CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                   Fourth    Third    Second   First        Fourth                          Fourth Quarter 2013 Compared To:


                                                                   Quarter   Quarter Quarter  Quarter      Quarter           Third Quarter 2013               Fourth Quarter 2012

    (in millions, except per share data)                               2013     2013     2013     2013           2012      Amount   Percent               Amount   Percent
    -----------------------------------                                ----     ----     ----     ----           ----      ------   -------               ------   -------

    INTEREST INCOME

    Interest and fees on loans                                                  $397                    $381                 $388                            $390                  $398           $16         4%   $(1)   -  %

    Interest on investment securities                                    55                54             52            53                55                             1            2     -            -

    Interest on short-term investments                                    4                 4              3             3                 3                             -            -     1           27
    ----------------------------------                                  ---               ---            ---           ---               ---                           ---          ---   ---          ---

    Total interest income                                               456               439            443           446               456                            17            4     -            -

    INTEREST EXPENSE

    Interest on deposits                                                 12                13             15            15                16                            (1)          (8)   (4)         (24)

    Interest on medium- and long-term debt                               14                14             14            15                16                             -            -    (2)         (15)
    --------------------------------------                              ---               ---            ---           ---               ---                           ---          ---   ---          ---

    Total interest expense                                               26                27             29            30                32                            (1)          (5)   (6)         (20)
    ----------------------                                              ---               ---            ---           ---               ---                           ---          ---   ---          ---

    Net interest income                                                 430               412            414           416               424                            18            4     6            1

    Provision for credit losses                                           9                 8             13            16                16                             1           22    (7)         (42)
    ---------------------------                                         ---               ---            ---           ---               ---                           ---          ---   ---          ---

    Net interest income after provision                                 421               404            401           400               408                            17            4    13            3

    for credit losses

    NONINTEREST INCOME

    Service charges on deposit accounts                                  53                53             53            55                52                             -            -     1            1

    Fiduciary income                                                     43                41             44            43                42                             2            2     1            4

    Commercial lending fees                                              28                28             22            21                25                             -            -     3            6

    Card fees                                                            19                20             18            17                17                            (1)          (1)    2           15

    Letter of credit fees                                                15                17             16            16                17                            (2)          (9)   (2)         (13)

    Bank-owned life insurance                                             9                12             10             9                 9                            (3)         (25)    -            -

    Foreign exchange income                                               9                 9              9             9                 9                             -            -     -            -

    Brokerage fees                                                        4                 4              4             5                 5                             -            -    (1)         (14)

    Net securities gains (losses)                                         -                 1             (2)            -                 1                            (1)         (43)   (1)         (82)

    Other noninterest income                                             24                29             34            25                27                            (5)         (16)   (3)          (6)
    ------------------------                                            ---               ---            ---           ---               ---                           ---          ---   ---          ---

    Total noninterest income                                            204               214            208           200               204                           (10)          (5)    -            -

    NONINTEREST EXPENSES

    Salaries                                                            203               196            182           188               196                             7            4     7            4

    Employee benefits                                                    61                59             63            63                59                             2            3     2            4
    -----------------                                                   ---               ---            ---           ---               ---                           ---          ---   ---          ---

    Total salaries and employee benefits                                264               255            245           251               255                             9            3     9            4

    Net occupancy expense                                                41                41             39            39                42                             -            -    (1)          (2)

    Equipment expense                                                    15                15             15            15                15                             -            -     -            -

    Outside processing fee expense                                       30                31             30            28                28                            (1)          (7)    2            5

    Software expense                                                     24                22             22            22                23                             2           11     1            6

    FDIC insurance expense                                                7                 9              8             9                 9                            (2)         (19)   (2)         (22)

    Advertising expense                                                   3                 6              6             6                 6                            (3)         (49)   (3)         (48)

    Other real estate expense                                            (1)                1              1             1                 3                            (2)         N/M    (4)         N/M

    Merger and restructuring charges                                      -                 -              -             -                 2                             -            -    (2)         N/M

    Other noninterest expenses                                           46                37             50            45                44                             9           23     2            1
    --------------------------                                          ---               ---            ---           ---               ---                           ---          ---   ---          ---

    Total noninterest expenses                                          429               417            416           416               427                            12            3     2            -
    --------------------------                                          ---               ---            ---           ---               ---                           ---          ---   ---          ---

    Income before income taxes                                          196               201            193           184               185                            (5)          (2)   11            6

    Provision for income taxes                                           51                54             50            50                55                            (3)          (5)   (4)          (7)
    --------------------------                                          ---               ---            ---           ---               ---                           ---          ---   ---          ---

    NET INCOME                                                          145               147            143           134               130                            (2)          (2)   15           11

    Less income allocated to participating
     securities                                                           2                 2              2             2                 2                             -            -     -            -
    --------------------------------------                              ---               ---            ---           ---               ---                           ---          ---   ---          ---

    Net income attributable to common shares                                    $143                    $145                 $141                            $132                  $128           $(2)      (2)%   $15   11%
    ----------------------------------------                                    ----                    ----                 ----                            ----                  ----           ---       ---    ---  ---

    Earnings per common share:

    Basic                                                                      $0.79                   $0.80                $0.77                           $0.71                 $0.68        $(0.01)      (1)% $0.11   16%

    Diluted                                                            0.77              0.78           0.76          0.70              0.68                         (0.01)          (1) 0.09           13


    Comprehensive income (loss)                                         295               144             15           137               (30)                          151          N/M   325          N/M


    Cash dividends declared on common stock                              31                31             32            32                28                             -            -     3           10

    Cash dividends declared per common share                           0.17              0.17           0.17          0.17              0.15                             -            -  0.02           13
    ----------------------------------------                           ----              ----           ----          ----              ----                           ---          ---  ----          ---

    N/M - Not Meaningful

    ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                                                        2013       2012
                                                                                                        ----       ----

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


    Balance at beginning of period                                    $604                   $613                  $617       $629 $647


    Loan charge-offs:

    Commercial                                                 31                20            19              21         42

    Real estate construction:

    Commercial Real Estate business
     line (a)                                                   -                 1             2               -          1

    Other business lines (b)                                    -                 -             -               -          -
    -----------------------                                   ---               ---           ---             ---        ---

    Total real estate construction                              -                 1             2               -          1

    Commercial mortgage:

    Commercial Real Estate business
     line (a)                                                   1                 6             2               1          5

    Other business lines (b)                                    4                 3             7              12          6
    -----------------------                                   ---               ---           ---             ---        ---

    Total commercial mortgage                                   5                 9             9              13         11

    International                                               -                 -             -               -          -

    Residential mortgage                                        1                 1             1               1          2

    Consumer                                                    4                 8             4               3          4
    --------                                                  ---               ---           ---             ---        ---

    Total loan charge-offs                                     41                39            35              38         60


    Recoveries on loans previously charged-off:

    Commercial                                                 17                 8            11               6         13

    Real estate construction                                    3                 2             1               1          1

    Commercial mortgage                                         5                 7             3               5          6

    Lease financing                                             -                 1             -               -          -

    International                                               -                 -             -               -          1

    Residential mortgage                                        1                 1             1               1          1

    Consumer                                                    2                 1             2               1          1
    --------                                                  ---               ---           ---             ---        ---

    Total recoveries                                           28                20            18              14         23
    ----------------                                          ---               ---           ---             ---        ---

    Net loan charge-offs                                       13                19            17              24         37

    Provision for loan losses                                   7                10            13              12         19
    -------------------------                                 ---               ---           ---             ---        ---

    Balance at end of period                                          $598                   $604                  $613       $617 $629
    ------------------------                                          ----                   ----                  ----       ---- ----


    Allowance for loan losses as a
     percentage of total loans                               1.32%             1.37%         1.35%           1.37%      1.37%


    Net loan charge-offs as a
     percentage of average total loans                       0.12              0.18          0.15            0.21       0.34
    ----------------------------------                       ----              ----          ----            ----       ----

    (a)            Primarily charge-offs of
                   loans to real estate
                   developers.

    (b)            Primarily charge-offs of
                   loans secured by owner-
                   occupied real estate.

    ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                                               2013         2012
                                                                                               ----         ----

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


    Balance at beginning
     of period                                           $34                          $36               $36           $32     $35

    Add: Provision for
     credit losses on
     lending-related
     commitments                                  2                 (2)                 -             4           (3)
    ------------------                          ---                ---                ---           ---          ---

    Balance at end of
     period                                              $36                          $34               $36           $36     $32
    -----------------                                    ---                          ---               ---           ---     ---


    Unfunded lending-
     related commitments
     sold                                                 $1                           $2                $1            $2   $   -
    --------------------                                 ---                          ---               ---           --- --- ---

    NONPERFORMING ASSETS (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                                                                      2013                2012
                                                                                                                      ----                ----

    (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                                                       $81                             $107                            $102                             $102                                     $103

         Real estate construction:

              Commercial Real Estate business line
               (a)                                                20                    24                  26                      30                               30

              Other business lines (b)                             1                     1                   2                       3                                3
              -----------------------                            ---                   ---                 ---                     ---                              ---

                   Total real estate construction                 21                    25                  28                      33                               33

         Commercial mortgage:

              Commercial Real Estate business line
               (a)                                                51                    67                  69                      86                               94

              Other business lines (b)                           105                   139                 157                     178                              181
              -----------------------                            ---                   ---                 ---                     ---                              ---

                   Total commercial mortgage                     156                   206                 226                     264                              275

         Lease financing                                           -                     -                   -                       -                                3

         International                                             4                     -                   -                       -                                -

         Total nonaccrual business loans                         262                   338                 356                     399                              414

    Retail loans:

         Residential mortgage                                     53                    63                  62                      65                               70

         Consumer:

              Home equity                                         33                    34                  28                      28                               31

              Other consumer                                       2                     2                   3                       2                                4
              --------------                                     ---                   ---                 ---                     ---                              ---

                   Total consumer                                 35                    36                  31                      30                               35
                   --------------                                ---                   ---                 ---                     ---                              ---

    Total nonaccrual retail loans                                 88                    99                  93                      95                              105
    -----------------------------                                ---                   ---                 ---                     ---                              ---

    Total nonaccrual loans                                       350                   437                 449                     494                              519

    Reduced-rate loans                                            24                    22                  22                      21                               22
    ------------------                                           ---                   ---                 ---                     ---                              ---

    Total nonperforming loans (c)                                374                   459                 471                     515                              541

    Foreclosed property                                            9                    19                  29                      40                               54
    -------------------                                          ---                   ---                 ---                     ---                              ---

    Total nonperforming assets (c)                                       $383                             $478                            $500                             $555                                     $595
    -----------------------------                                        ----                             ----                            ----                             ----                                     ----


    Nonperforming loans as a percentage
     of total loans                                             0.82%                 1.04%               1.04%                   1.14%                            1.17%

    Nonperforming assets as a percentage
     of total loans                                             0.84                  1.08                1.10                    1.23                             1.29

    and foreclosed property

    Allowance for loan losses as a
     percentage of total                                         160                   131                 130                     120                              116

    nonperforming loans

    Loans past due 90 days or more and
     still accruing                                                       $16                              $25                             $20                              $25                                      $23
    ----------------------------------                                    ---                              ---                             ---                              ---                                      ---


    ANALYSIS OF NONACCRUAL LOANS

    Nonaccrual loans at beginning of
     period                                                              $437                             $449                            $494                             $519                                     $665

    Loans transferred to nonaccrual (d)                           23                    50                  37                      34                               36

    Nonaccrual business loan gross
     charge-offs (e)                                             (33)                  (25)                (25)                    (34)                             (54)

    Nonaccrual business loans sold (f)                           (14)                  (17)                 (9)                     (7)                             (48)

    Payments/Other (g)                                           (63)                  (20)                (48)                    (18)                             (80)
    ------------------                                           ---                   ---                 ---                     ---                              ---

    Nonaccrual loans at end of period                                    $350                             $437                            $449                             $494                                     $519
    ---------------------------------                                    ----                             ----                            ----                             ----                                     ----

    (a) Primarily loans to real estate 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                                             $33                              $25                             $25                              $34                                      $54

    Performing criticized loans                                    3                     5                   5                       -                                -

    Consumer and residential mortgage
     loans                                                         5                     9                   5                       4                                6
                                                                 ---                   ---                 ---                     ---                              ---

    Total gross loan charge-offs                                          $41                              $39                             $35                              $38                                      $60
                                                                          ---                              ---                             ---                              ---                                      ---

    (f) Analysis of loans sold:

    Nonaccrual business loans                                             $14                              $17                              $9                               $7                                      $48

    Performing criticized loans                                   22                    31                  40                      12                               24
                                                                 ---                   ---                 ---                     ---                              ---

    Total loans sold                                                      $36                              $48                             $49                              $19                                      $72
                                                                          ---                              ---                             ---                              ---                                      ---

    (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, 2013                            December 31, 2012
                                                                               -----------------                        -----------------

                                                                    Average               Average           Average                  Average

    (dollar amounts in millions)                                    Balance   Interest      Rate            Balance      Interest      Rate
    ---------------------------                                     -------   --------      ----            -------      --------      ----


    Commercial loans                                                            $27,971                    $917               3.28%                            $26,224      $903 3.44%

    Real estate construction loans                                     1,486                    57         3.85                           1,390             62         4.44

    Commercial mortgage loans                                          9,060                   372         4.11                           9,842            437         4.44

    Lease financing                                                      847                    27         3.23                             864             26         3.01

    International loans                                                1,275                    48         3.74                           1,272             47         3.73

    Residential mortgage loans                                         1,620                    66         4.09                           1,505             68         4.55

    Consumer loans                                                     2,153                    71         3.30                           2,209             76         3.42
    --------------                                                     -----                   ---         ----                           -----            ---         ----

    Total loans (a)                                                   44,412                 1,558         3.51                          43,306          1,619         3.74


    Mortgage-backed securities available-for-sale                      9,246                   213         2.33                           9,446            231         2.52

    Other investment securities available-for-sale                       391                     2         0.48                             469              4         0.77
    ----------------------------------------------                       ---                   ---         ----                             ---            ---         ----

    Total investment securities available-for-sale                     9,637                   215         2.25                           9,915            235         2.43


    Interest-bearing deposits with banks (b)                           4,930                    13         0.26                           4,128             10         0.26

    Other short-term investments                                         112                     1         1.22                             134              2         1.65
    ----------------------------                                         ---                   ---         ----                             ---            ---         ----

    Total earning assets                                              59,091                 1,787         3.03                          57,483          1,866         3.27


    Cash and due from banks                                              987                                         983

    Allowance for loan losses                                           (622)                                       (693)

    Accrued income and other assets                                    4,480                                       4,799
                                                                       -----                                       -----

    Total assets                                                                $63,936                                                 $62,572
                                                                                -------                                                 -------


    Money market and interest-bearing checking
     deposits                                                                   $21,704             28              0.13                               $20,622           35 0.17

    Savings deposits                                                   1,657                     1         0.03                           1,593              1         0.06

    Customer certificates of deposit                                   5,471                    23         0.42                           5,902             31         0.53

    Foreign office time deposits                                         500                     3         0.52                             412              3         0.63
    ----------------------------                                         ---                   ---         ----                             ---            ---         ----

    Total interest-bearing deposits                                   29,332                    55         0.19                          28,529             70         0.25


    Short-term borrowings                                                211                     -         0.07                              76              -         0.12

    Medium- and long-term debt                                         3,972                    57         1.45                           4,818             65         1.36
    --------------------------                                         -----                   ---         ----                           -----            ---         ----

    Total interest-bearing sources                                    33,515                   112         0.33                          33,423            135         0.41


    Noninterest-bearing deposits                                      22,379                                      21,004

    Accrued expenses and other liabilities                             1,074                                       1,133

    Total shareholders' equity                                         6,968                                       7,012
                                                                       -----                                       -----

    Total liabilities and shareholders' equity                                  $63,936                                                 $62,572
                                                                                -------                                                 -------


    Net interest income/rate spread (FTE)                                                   $1,675         2.70                                         $1,731         2.86
                                                                                            ------                                                      ------


    FTE adjustment                                                                              $3                                                 $3


    Impact of net noninterest-bearing sources of funds                                        0.14                                              0.17
    --------------------------------------------------                                        ----                                              ----

    Net interest margin (as a percentage of average earning assets)
     (FTE) (a) (b)                                                                            2.84%                                              3.03%
    ---------------------------------------------------------------                           ----                                              ----

    (a)            Accretion of the purchase
                   discount on the acquired loan
                   portfolio of $49 million and
                   $71 million in 2013 and 2012,
                   respectively, increased the net
                   interest margin by 8 basis
                   points and 12 basis points in
                   each respective period.

    (b)            Excess liquidity, represented by
                   average balances deposited with
                   the Federal Reserve Bank,
                   reduced the net interest margin
                   by 23 basis points and 21 basis
                   points in 2013 and 2012,
                   respectively.

    ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                                                                       Three Months Ended
                                                                                                                       ------------------

                                                                                 December 31, 2013                       September 30, 2013                                  December 31, 2012
                                                                               -----------------                   ------------------                              -----------------

                                                                    Average               Average      Average                  Average            Average               Average

    (dollar amounts in millions)                                    Balance   Interest      Rate       Balance      Interest      Rate             Balance   Interest      Rate
    ---------------------------                                     -------   --------      ----       -------      --------      ----             -------   --------      ----


    Commercial loans                                                            $27,683               $228               3.26%                                  $27,759                           $226         3.25%                  $27,462      $230 3.33%

    Real estate construction loans                                     1,652                    15    3.50                           1,522                15                  3.78                       1,299        15         4.32

    Commercial mortgage loans                                          8,714                   101    4.62                           8,943                88                  3.90                       9,519       100         4.22

    Lease financing                                                      838                     7    3.27                             839                 7                  3.21                         839         7         3.27

    International loans                                                1,303                    12    3.78                           1,252                12                  3.76                       1,314        12         3.73

    Residential mortgage loans                                         1,679                    17    3.97                           1,642                17                  3.98                       1,525        16         4.24

    Consumer loans                                                     2,185                    18    3.24                           2,137                17                  3.27                       2,161        19         3.38
    --------------                                                     -----                   ---    ----                           -----               ---                  ----                       -----       ---         ----

    Total loans (a)                                                   44,054                   398    3.58                          44,094               382                  3.44                      44,119       399         3.60


    Mortgage-backed securities available-for-sale                      8,969                    55    2.46                           8,989                54                  2.41                       9,831        55         2.29

    Other investment securities available-for-sale                       396                     -    0.45                             391                 -                  0.43                         419         -         0.76
    ----------------------------------------------                       ---                   ---    ----                             ---               ---                  ----                         ---       ---         ----

    Total investment securities available-for-sale                     9,365                    55    2.37                           9,380                54                  2.32                      10,250        55         2.22


    Interest-bearing deposits with banks (b)                           6,400                     4    0.26                           5,308                 4                  0.26                       4,785         2         0.25

    Other short-term investments                                         105                     -    0.69                             110                 -                  0.77                         122         1         1.13
    ----------------------------                                         ---                   ---    ----                             ---               ---                  ----                         ---       ---         ----

    Total earning assets                                              59,924                   457    3.03                          58,892               440                  2.97                      59,276       457         3.08


    Cash and due from banks                                              970                                  1,027                                               1,030

    Allowance for loan losses                                           (609)                                  (622)                                               (654)

    Accrued income and other assets                                    4,320                                  4,363                                               4,605
                                                                       -----                                  -----                                               -----

    Total assets                                                                $64,605                                            $63,660                                                     $64,257
                                                                                -------                                            -------                                                     -------


    Money market and interest-bearing checking
     deposits                                                                   $22,030             6          0.12                                  $21,894                     7                0.13                   $20,760            9 0.16

    Savings deposits                                                   1,667                     -    0.03                           1,680                 -                  0.04                       1,603         -         0.03

    Customer certificates of deposit                                   5,078                     5    0.38                           5,384                 6                  0.41                       5,634         6         0.49

    Foreign office time deposits                                         462                     1    0.47                             528                 -                  0.48                         527         1         0.60
    ----------------------------                                         ---                   ---    ----                             ---               ---                  ----                         ---       ---         ----

    Total interest-bearing deposits                                   29,237                    12    0.17                          29,486                13                  0.18                      28,524        16         0.22


    Short-term borrowings                                                279                     -    0.06                             249                 -                  0.06                          70         -         0.12

    Medium- and long-term debt                                         3,563                    14    1.53                           3,590                14                  1.54                       4,735        16         1.35
    --------------------------                                         -----                   ---    ----                           -----               ---                  ----                       -----       ---         ----

    Total interest-bearing sources                                    33,079                    26    0.31                          33,325                27                  0.32                      33,329        32         0.38


    Noninterest-bearing deposits                                      23,532                                 22,379                                              22,758

    Accrued expenses and other liabilities                               984                                  1,033                                               1,108

    Total shareholders' equity                                         7,010                                  6,923                                               7,062
                                                                       -----                                  -----                                               -----

    Total liabilities and shareholders' equity                                  $64,605                                            $63,660                                                     $64,257
                                                                                -------                                            -------                                                     -------


    Net interest income/rate spread (FTE)                                                     $431    2.72                                              $413                  2.65                                         $425         2.70
                                                                                              ----                                                      ----                                                               ----


    FTE adjustment                                                                              $1                                             $1                                                               $1


    Impact of net noninterest-bearing sources of funds                                        0.14                                          0.14                                                 0.17
    --------------------------------------------------                                        ----                                          ----                                                 ----

    Net interest margin (as a percentage of average earning assets)
     (FTE) (a) (b)                                                                            2.86%                                          2.79%                                                2.87%
    ---------------------------------------------------------------                           ----                                          ----                                                 ----

    (a)            Accretion of the purchase
                   discount on the acquired loan
                   portfolio of $23 million, $8
                   million and $13 million in the
                   fourth and third quarters of
                   2013 and the fourth quarter of
                   2012, respectively, increased
                   the net interest margin by 15
                   basis points, 5 basis points
                   and 9 basis points in each
                   respective period.

    (b)            Excess liquidity, represented by
                   average balances deposited with
                   the Federal Reserve Bank,
                   reduced the net interest margin
                   by 31 basis points and 24 basis
                   points in the fourth and third
                   quarters of 2013, respectively,
                   and by 22 basis points in the
                   fourth quarter of 2012.

    CONSOLIDATED STATISTICAL DATA (unaudited)

    Comerica Incorporated and Subsidiaries


                                              December 31,  September 30, June 30,   March 31, December 31,

    (in millions, except per share data)              2013           2013      2013       2013         2012
    -----------------------------------               ----           ----      ----       ----         ----


    Commercial loans:

    Floor plan                                                     $3,504                            $2,869           $3,241          $2,963  $2,939

    Other                                           25,311                   25,028                  25,945  25,545          26,574
    -----                                           ------                   ------                  ------  ------          ------

    Total commercial loans                          28,815                   27,897                  29,186  28,508          29,513

    Real estate construction loans:

    Commercial Real Estate business line (a)         1,447                    1,283                   1,223   1,185           1,049

    Other business lines (b)                           315                      269                     256     211             191
    -----------------------                            ---                      ---                     ---     ---             ---

    Total real estate construction loans             1,762                    1,552                   1,479   1,396           1,240

    Commercial mortgage loans:

    Commercial Real Estate business line (a)         1,678                    1,592                   1,743   1,812           1,873

    Other business lines (b)                         7,109                    7,193                   7,264   7,505           7,599
    -----------------------                          -----                    -----                   -----   -----           -----

    Total commercial mortgage loans                  8,787                    8,785                   9,007   9,317           9,472

    Lease financing                                    845                      829                     843     853             859

    International loans                              1,327                    1,286                   1,209   1,269           1,293

    Residential mortgage loans                       1,697                    1,650                   1,611   1,568           1,527

    Consumer loans:

    Home equity                                      1,517                    1,501                   1,474   1,498           1,537

    Other consumer                                     720                      651                     650     658             616
    --------------                                     ---                      ---                     ---     ---             ---

    Total consumer loans                             2,237                    2,152                   2,124   2,156           2,153
    --------------------                             -----                    -----                   -----   -----           -----

    Total loans                                                   $45,470                           $44,151          $45,459         $45,067 $46,057
    -----------                                                   -------                           -------          -------         ------- -------


    Goodwill                                                         $635                              $635             $635            $635    $635

    Core deposit intangible                             16                       17                      18      19              20

    Loan servicing rights                                1                        1                       2       2               2


    Tier 1 common capital ratio (c) (d)              10.60%                   10.72%                  10.43%  10.37%          10.14%

    Tier 1 risk-based capital ratio (c)              10.60                    10.72                   10.43   10.37           10.14

    Total risk-based capital ratio (c)               13.05                    13.42                   13.29   13.41           13.15

    Leverage ratio (c)                               10.82                    10.88                   10.81   10.75           10.57

    Tangible common equity ratio (d)                 10.11                     9.87                   10.04    9.86            9.76


    Common shareholders' equity per share of
     common stock                                                  $39.39                            $37.94           $37.32          $37.41  $36.87

    Tangible common equity per share of
     common stock (d)                                35.81                    34.38                   33.79   33.90           33.38

    Market value per share for the quarter:

    High                                             48.69                    43.49                   40.44   36.99           32.14

    Low                                              38.64                    38.56                   33.55   30.73           27.72

    Close                                            47.54                    39.31                   39.83   35.95           30.34


    Quarterly ratios:

    Return on average common shareholders'
     equity                                           8.26%                    8.50%                   8.23%   7.68%           7.36%

    Return on average assets                          0.90                     0.92                    0.90    0.84            0.81

    Efficiency ratio (e)                             67.55                    66.66                   66.43   67.58           68.08


    Number of banking centers                          483                      484                     484     487             487


    Number of employees -full time
     equivalent                                      8,948                    8,918                   8,929   9,001           9,035
    ------------------------------                   -----                    -----                   -----   -----           -----

    (a)            Primarily loans to real estate
                   developers.

    (b)            Primarily loans secured by owner-
                   occupied real estate.

    (c)            December 31, 2013 ratios are
                   estimated.

    (d)            See Reconciliation of Non-GAAP
                   Financial Measures.

    (e)            Noninterest expenses as a percentage
                   of the sum of net interest income
                   (FTE) and noninterest income
                   excluding net securities gains.

    PARENT COMPANY ONLY BALANCE SHEETS (unaudited)

    Comerica Incorporated


                                                 December 31,  September 30, December 31,

    (in millions, except share
     data)                                               2013           2013         2012
    --------------------------                           ----           ----         ----


    ASSETS

    Cash and due from subsidiary
     bank                                                                $31                   $36      $2

    Short-term investments with
     subsidiary bank                                      482                         480      431

    Other short-term investments                           96                          92       88

    Investment in subsidiaries,
     principally banks                                  7,204                       7,008    7,045

    Premises and equipment                                  4                           4        4

    Other assets                                          139                         134      150
    ------------                                          ---                         ---      ---

         Total assets                                                 $7,956                $7,754  $7,720
         ------------                                                 ------                ------  ------


    LIABILITIES AND SHAREHOLDERS' EQUITY

    Medium- and long-term debt                                          $617                  $620    $629

    Other liabilities                                     158                         165      149
    -----------------                                     ---                         ---      ---

         Total liabilities                                775                         785      778


    Common stock - $5 par value:

         Authorized - 325,000,000 shares

         Issued -228,164,824 shares                     1,141                       1,141    1,141

    Capital surplus                                     2,179                       2,171    2,162

    Accumulated other
     comprehensive loss                                  (391)                       (541)    (413)

    Retained earnings                                   6,349                       6,239    5,931

    Less cost of common stock in
     treasury -45,860,786
     shares at 12/31/13,
     44,483,659 shares at
     9/30/13 and 39,889,610
     shares at 12/31/12                                (2,097)                     (2,041) (1,879)
    ----------------------------                       ------                      ------   ------

         Total shareholders' equity                     7,181                       6,969    6,942
         --------------------------                     -----                       -----    -----

         Total liabilities and
          shareholders' equity                                        $7,956                $7,754  $7,720
         ---------------------                                        ------                ------  ------

    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, 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

    Net income                                                                              -               -                    -                        -        569           -           569

    Other comprehensive income, net of tax                                                  -               -                    -                       22          -           -            22

    Cash dividends declared on common stock ($0.68 per
     share)                                                                                 -               -                    -                        -       (126)          -          (126)

    Purchase of common stock                                                  (7.5)                  -                -                     -                  -         (291)        (291)

    Net issuance of common stock under employee stock
     plans                                                                     1.5                   -              (17)                    -                (25)          72           30

    Share-based compensation                                                                -               -                   35                        -          -           -            35

    Other                                                                                   -               -                   (1)                       -          -           1             -

    BALANCE AT DECEMBER 31, 2013                                             182.3                      $1,141                         $2,179                     $(391)            $6,349        $(2,097) $7,181
    ----------------------------                                             -----                      ------                         ------                     -----             ------        -------  ------

    BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)

    Comerica Incorporated and Subsidiaries



    (dollar amounts in millions)                   Business           Retail           Wealth

    Three Months Ended December 31, 2013             Bank              Bank          Management        Finance   Other         Total
    ------------------------------------             ----              ----          ----------        -------   -----         -----

    Earnings summary:

    Net interest income (expense) (FTE)                          $387                             $150                    $47               $(161)                 $8              $431

    Provision for credit losses                           24                     (8)                         (9)            -          2                9

    Noninterest income                                    80                     43                          61            14          6              204

    Noninterest expenses                                 151                    180                          82             2         14              429

    Provision (benefit) for income taxes (FTE)            92                      7                          12           (57)        (2)              52
                                                         ---                    ---                         ---           ---        ---

    Net income (loss)                                            $200                              $14                    $23                $(92)           $      -              $145
                                                                 ----                              ---                    ---                ----          ---    ---              ----

    Net credit-related charge-offs                                 $6                               $4                     $3          -                -              $13


    Selected average balances:

    Assets                                                    $35,042                           $5,997                 $4,873             $11,032              $7,661           $64,605

    Loans                                             34,020                  5,323                       4,711             -          -           44,054

    Deposits                                          26,873                 21,438                       3,933           323        202           52,769


    Statistical data:

    Return on average assets (a)                        2.29%                  0.25%                       1.86%          N/M        N/M             0.90%

    Efficiency ratio (b)                               32.23                  93.18                       75.84           N/M        N/M            67.55
    -------------------                                -----                  -----                       -----           ---        ---            -----


                                                   Business           Retail           Wealth

    Three Months Ended September 30, 2013            Bank              Bank          Management        Finance   Other         Total
    -------------------------------------            ----              ----          ----------        -------   -----         -----

    Earnings summary:

    Net interest income (expense) (FTE)                          $368                             $151                    $45               $(159)                 $8              $413

    Provision for credit losses                           (1)                    10                           1             -         (2)               8

    Noninterest income                                    89                     45                          61            18          1              214

    Noninterest expenses                                 153                    177                          81             2          4              417

    Provision (benefit) for income taxes (FTE)            96                      3                           9           (56)         3               55
                                                         ---                    ---                         ---           ---        ---

    Net income (loss)                                            $209                               $6                    $15                $(87)                 $4              $147
                                                                 ----                              ---                    ---                ----                 ---              ----

    Net credit-related charge-offs                                 $9                               $7                     $3          -                -              $19


    Selected average balances:

    Assets                                                    $35,298                           $5,967                 $4,789             $11,097              $6,509           $63,660

    Loans                                             34,178                  5,285                       4,631             -          -           44,094

    Deposits                                          26,284                 21,257                       3,782           319        223           51,865


    Statistical data:

    Return on average assets (a)                        2.38%                  0.12%                       1.21%          N/M        N/M             0.92%

    Efficiency ratio (b)                               33.50                  90.27                       77.22           N/M        N/M            66.66
    -------------------                                -----                  -----                       -----           ---        ---            -----


                                                   Business           Retail           Wealth

    Three Months Ended December 31, 2012             Bank              Bank          Management        Finance   Other         Total
    ------------------------------------             ----              ----          ----------        -------   -----         -----

    Earnings summary:

    Net interest income (expense) (FTE)                          $387                             $156                    $47               $(176)          11             $425

    Provision for credit losses                            6                      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)           102                      3                          10           (62)         3               56
                                                         ---                    ---                         ---           ---        ---              ---

    Net income (loss)                                            $209                               $8                    $16               $(102)                $(1)             $130
                                                                 ----                              ---                    ---               -----                 ---              ----

    Net credit-related charge-offs                                $26                               $6                     $5          -                -              $37


    Selected average balances:

    Assets                                                    $35,359                           $5,952                 $4,686             $12,137              $6,123           $64,257

    Loans                                             34,325                  5,255                       4,539             -          -           44,119

    Deposits                                          26,051                 20,910                       3,798           310        213           51,282


    Statistical data:

    Return on average assets (a)                        2.37%                  0.15%                       1.35%          N/M        N/M             0.81%

    Efficiency ratio (b)                               31.93                  90.36                       76.88           N/M        N/M            68.08
    -------------------                                -----                  -----                       -----           ---        ---            -----

    (a)            Return on average assets is
                   calculated based on the
                   greater of average assets or
                   average liabilities and
                   attributed equity.

    (b)            Noninterest expenses as a
                   percentage of the sum of net
                   interest income (FTE) and
                   noninterest income excluding
                   net securities gains.

    FTE - Fully Taxable Equivalent

    N/M - Not Meaningful

    MARKET SEGMENT FINANCIAL RESULTS (unaudited)

    Comerica Incorporated and Subsidiaries



    (dollar amounts in millions)                                                                          Other    Finance

    Three Months Ended December 31, 2013         Michigan            California         Texas          Markets   & Other            Total
    ------------------------------------         --------            ----------         -----          -------   -------            -----

    Earnings summary:

    Net interest income (expense) (FTE)                        $187                              $176                         $147                $74             $(153)    $431

    Provision for credit losses                          7                          (8)                       5                  3          2              9

    Noninterest income                                  89                          37                       33                 25         20            204

    Noninterest expenses                               170                         100                       93                 50         16            429

    Provision (benefit) for income taxes (FTE)          36                          45                       30                  -        (59)            52
                                                       ---                         ---                      ---                ---        ---            ---

    Net income (loss)                                           $63                               $76                          $52                $46              $(92)    $145
                                                                ---                               ---                          ---                ---              ----     ----

    Net credit-related charge-offs (recoveries)                 $(4)                              $(2)                         $13                 $6         $       -      $13


    Selected average balances:

    Assets                                                  $13,712                           $14,710                      $10,458             $7,032           $18,693  $64,605

    Loans                                           13,323                      14,431                    9,766              6,534          -         44,054

    Deposits                                        20,501                      15,219                   10,536              5,988        525         52,769


    Statistical data:

    Return on average assets (a)                      1.18%                       1.87%                    1.76%              2.65%       N/M           0.90%

    Efficiency ratio (b)                             61.53                       47.00                    51.71              49.70        N/M          67.55
    -------------------                              -----                       -----                    -----              -----        ---          -----


                                                                                                        Other    Finance

    Three Months Ended September 30, 2013        Michigan            California         Texas          Markets   & Other            Total
    -------------------------------------        --------            ----------         -----          -------   -------            -----

    Earnings summary:

    Net interest income (expense) (FTE)                        $186                              $171                         $129                $78             $(151)    $413

    Provision for credit losses                         (8)                         (3)                      17                  4         (2)             8

    Noninterest income                                  88                          42                       35                 30         19            214

    Noninterest expenses                               167                         101                       92                 51          6            417

    Provision (benefit) for income taxes (FTE)          42                          44                       20                  2        (53)            55
                                                       ---                         ---                      ---                ---        ---            ---

    Net income (loss)                                           $73                               $71                          $35                $51              $(83)    $147
                                                                ---                               ---                          ---                ---              ----     ----

    Net credit-related charge-offs                               $1                                $8                           $4                 $6         $       -      $19


    Selected average balances:

    Assets                                                  $13,744                           $14,245                      $10,642             $7,423           $17,606  $63,660

    Loans                                           13,276                      14,002                    9,942              6,874          -         44,094

    Deposits                                        20,465                      14,567                   10,298              5,993        542         51,865


    Statistical data:

    Return on average assets (a)                      1.38%                       1.84%                    1.21%              2.73%       N/M           0.92%

    Efficiency ratio (b)                             60.89                       47.37                    56.52              47.65        N/M          66.66
    -------------------                              -----                       -----                    -----              -----        ---          -----


                                                                                                        Other    Finance

    Three Months Ended December 31, 2012         Michigan            California         Texas          Markets   & Other            Total
    ------------------------------------         --------            ----------         -----          -------   -------            -----

    Earnings summary:

    Net interest income (expense) (FTE)                        $192                              $178                         $136                $84             $(165)    $425

    Provision for credit losses                         (8)                          7                        4                 12          1             16

    Noninterest income                                  97                          35                       31                 24         17            204

    Noninterest expenses                               180                         100                       90                 44         13            427

    Provision (benefit) for income taxes (FTE)          43                          44                       26                  2        (59)            56
                                                       ---                         ---                      ---                ---        ---            ---

    Net income (loss)                                           $74                               $62                          $47                $50             $(103)    $130
                                                                ---                               ---                          ---                ---             -----     ----

    Net credit-related charge-offs                               $1                               $12                           $5                $19         $       -      $37


    Selected average balances:

    Assets                                                  $13,782                           $13,549                      $10,554             $8,112           $18,260  $64,257

    Loans                                           13,415                      13,275                    9,818              7,611          -         44,119

    Deposits                                        20,019                      15,457                    9,809              5,474        523         51,282


    Statistical data:

    Return on average assets (a)                      1.42%                       1.50%                    1.71%              2.48%       N/M           0.81%

    Efficiency ratio (b)                             62.14                       47.04                    53.87              41.38        N/M          68.08
    -------------------                              -----                       -----                    -----              -----        ---          -----

    (a)            Return on average assets is
                   calculated based on the
                   greater of average assets or
                   average liabilities and
                   attributed equity.

    (b)            Noninterest expenses as a
                   percentage of the sum of net
                   interest income (FTE) and
                   noninterest income excluding
                   net securities gains.

    FTE - Fully Taxable Equivalent

    N/M - Not Meaningful

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)

    Comerica Incorporated and Subsidiaries


                                         December 31,  September 30, June 30,   March 31,  December 31,

    (dollar amounts in
     millions)                                   2013           2013      2013        2013         2012
    ------------------                           ----           ----      ----        ----         ----


    Tier 1 Common Capital Ratio:

    Tier 1 and Tier 1
     common capital (a)
     (b)                                                      $6,924                             $6,862          $6,800         $6,748  $6,705
    -------------------                                       ------                             ------          ------         ------  ------


    Risk-weighted
     assets (a) (b)                                          $65,301                            $64,027         $65,220        $65,099 $66,115
    ---------------                                          -------                            -------         -------        ------- -------


    Tier 1 and Tier 1
     common risk-based
     capital ratio (b)                          10.60%                   10.72%                   10.43% 10.37%         10.14%


    Basel III Tier 1 Common Capital Ratio:

    Tier 1 common
     capital (b)                                              $6,924                             $6,862          $6,800         $6,748  $6,705

    Basel III
     adjustments (c)                               (6)                      (4)                       -     (1)           (39)
    ----------------                              ---                      ---                      ---    ---            ---

    Basel III Tier 1
     common capital (c)                         6,918                    6,858                    6,800  6,747          6,666
    -------------------                         -----                    -----                    -----  -----          -----


    Risk-weighted
     assets (a) (b)                                          $65,301                            $64,027         $65,220        $65,099 $66,115

    Basel III
     adjustments (c)                            1,735                    1,726                    2,091  1,996          1,854
                                                -----                    -----                    -----  -----          -----

    Basel III risk-
     weighted assets (c)                                     $67,036                            $65,753         $67,311        $67,095 $67,969
    --------------------                                     -------                            -------         -------        ------- -------


    Tier 1 common
     capital ratio (b)                           10.6%                    10.7%                    10.4%  10.4%          10.1%

    Basel III Tier 1
     common capital
     ratio (c)                                   10.3                     10.4                     10.1   10.1            9.8
    ----------------                             ----                     ----                     ----   ----            ---


    Tangible Common Equity Ratio:

    Common shareholders'
     equity                                                   $7,181                             $6,969          $6,911         $6,988  $6,942

    Less:

    Goodwill                                      635                      635                      635    635            635

    Other intangible
     assets                                        17                       18                       20     21             22
                                                  ---                      ---                      ---    ---            ---

    Tangible common
     equity                                                   $6,529                             $6,316          $6,256         $6,332  $6,285
    ---------------                                           ------                             ------          ------         ------  ------


    Total assets                                             $65,210                            $64,670         $62,947        $64,885 $65,069

    Less:

    Goodwill                                      635                      635                      635    635            635

    Other intangible
     assets                                        17                       18                       20     21             22
                                                  ---                      ---                      ---    ---            ---

    Tangible assets                                          $64,558                            $64,017         $62,292        $64,229 $64,412
    ---------------                                          -------                            -------         -------        ------- -------


    Common equity ratio                         11.01%                   10.78%                   10.98% 10.77%         10.67%

    Tangible common
     equity ratio                               10.11                     9.87                    10.04   9.86           9.76
    ---------------                             -----                     ----                    -----   ----           ----


    Tangible Common Equity per Share of
     Common Stock:

    Common shareholders'
     equity                                                   $7,181                             $6,969          $6,911         $6,988  $6,942

    Tangible common
     equity                                     6,529                    6,316                    6,256  6,332          6,285
    ---------------                             -----                    -----                    -----  -----          -----


    Shares of common
     stock outstanding
     (in millions)                                182                      184                      185    187            188
    ------------------                            ---                      ---                      ---    ---            ---


    Common shareholders'
     equity per share of
     common stock                                             $39.39                             $37.94          $37.32         $37.41  $36.87

    Tangible common
     equity per share of
     common stock                               35.81                    34.38                    33.79  33.90          33.38
    --------------------                        -----                    -----                    -----  -----          -----

    (a)            Tier 1 capital and risk-weighted
                   assets as defined by regulation.

    (b)            December 31, 2013 Tier 1 capital
                   and risk-weighted assets are
                   estimated.

    (c)            Estimated ratios based on the
                   standardized approach in the
                   final rule for the U.S. adoption
                   of the Basel III regulatory
                   capital framework and excluding
                   most elements of AOCI.

The Tier 1 common capital ratio removes preferred stock and qualifying trust preferred securities from Tier 1 capital as defined by and calculated in conformity with bank regulations. The Basel III Tier 1 common capital ratio further adjusts Tier 1 common capital and risk-weighted assets to account for the final rule approved by U.S. banking regulators in July 2013 for the U.S. adoption of the Basel III regulatory capital framework. The final Basel III capital rules are effective January 1, 2015 for banking organizations subject to the standardized approach. The tangible common equity ratio removes preferred stock and the effect of intangible assets from capital and the effect of intangible assets from total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders equity per share of common stock. Comerica believes these measurements are meaningful measures of capital adequacy used by investors, regulators, management and others to evaluate the adequacy of common equity and to compare against other companies in the industry.

SOURCE Comerica Incorporated