Financial News

Comerica Reports Second Quarter 2015 Net Income Of $135 Million, OR 73 Cents Per Share
Average Loan Growth of $682 Million, or 1 Percent, Compared to First Quarter 2015 and $2.1 Billion, or 5 Percent, Compared to Second Quarter 2014
Revenue Increased 2 Percent Compared to First Quarter 2015
Returned $96 Million to Shareholders Through Equity Buybacks and Increased Dividend
PR Newswire

DALLAS, July 17, 2015 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today reported second quarter 2015 net income of $135 million, compared to $134 million for the first quarter 2015 and $151 million for the second quarter 2014. Earnings per diluted share were 73 cents for both the second and first quarters of 2015 and 80 cents for the second quarter 2014.

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     (dollar
     amounts
     in
     millions,
     except
     per
     share
     data)        2nd Qtr '15      1st Qtr '15         2nd Qtr '14
     ---------    -----------      -----------         -----------

     Net
     interest
     income                   $421                                 $413          $416

     Provision
     for
     credit
     losses                47                       14                        11

     Noninterest
     income
     (a)                  261                      255                       220

     Noninterest
     expenses
     (a)                  436       (b)            459                       404

     Provision
     for
     income
     taxes                 64                       61                        70


     Net
     income               135                      134                       151


     Net
     income
     attributable
     to
     common
     shares               134                      132                       149


     Diluted
     income
     per
     common
     share               0.73                     0.73                      0.80


     Average
     diluted
     shares
     (in
     millions)            182                      182                       186


     Basel
     III
     common
     equity
     Tier
     1
     capital
     ratio
     (c)
     (d)               10.53%                  10.40%                      n/a

     Tier
     1
     common
     capital
     ratio
     (c)
     (e)                  n/a                     n/a                   10.50%

     Tangible
     common
     equity
     ratio
     (e)                 9.92                     9.97                     10.39
     --------            ----                     ----                     -----


                      (a)     Effective
                              January 1,
                              2015,
                              contractual
                              changes to a
                              card program
                              resulted in a
                              change to the
                              accounting
                              presentation
                              of the
                              related
                              revenues and
                              expenses. The
                              effect of
                              this change
                              was increases
                              of $44
                              million to
                              both
                              noninterest
                              income and
                              noninterest
                              expenses in
                              both the
                              second and
                              first
                              quarters of
                              2015.

    (b)                       Reflects a $31 million reduction in
                              litigation-related expense.

    (c)                       Basel III capital rules
                              (standardized approach) became
                              effective for Comerica on January
                              1, 2015. The ratio reflects
                              transitional treatment for certain
                              regulatory deductions and
                              adjustments. For further
                              information, see "Balance Sheet and
                              Capital Management". Capital ratios
                              for prior periods are based on
                              Basel I rules.

    (d)                      June 30, 2015 ratio is estimated.

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

    n/a - not applicable.

"Our second quarter results reflect the advantages of our diverse geographic footprint and industry expertise," said Ralph W. Babb, Jr., chairman and chief executive officer. "Average loans were up $2.1 billion, or 5 percent, compared to a year ago and were up $682 million, or 1 percent, relative to the first quarter, with increases in most markets and business lines. Relative to the first quarter, average deposits increased $408 million, or 1 percent, with noninterest-bearing deposits up $668 million.

"Revenue was up 2 percent, with growth in both net interest income and fee income in the second quarter. Charge-offs, nonaccruals and criticized loans remained well below normal historical levels. The provision for credit losses increased, primarily as a result of an increase in reserves for energy exposure. Noninterest expenses decreased $23 million to $436 million, primarily due to a decrease in litigation-related expense.

"Our balance sheet is well positioned to benefit as rates rise. We remain focused on the long term with a relationship banking strategy that continues to serve us well."

Second Quarter 2015 Compared to First Quarter 2015

    --  Average total loans increased $682 million, or 1 percent, to $48.8
        billion, primarily driven by a $690 million increase in Mortgage Banker
        Finance, as well as increases in general Middle Market, Private Banking
        and National Dealer Services, partially offset by decreases of $276
        million in Energy and $151 million in Corporate Banking. Average loans
        increased across all markets except Texas, which decreased as a result
        of Energy. Period-end total loans increased $669 million, to $49.7
        billion.
    --  Average total deposits increased $408 million, or 1 percent, to $57.4
        billion, primarily driven by an increase in noninterest-bearing deposits
        of $668 million, across all markets. Period-end total deposits increased
        $690 million, to $58.3 billion.
    --  Net interest income increased $8 million, or 2 percent, to $421 million
        in the second quarter 2015, compared to $413 million in the first
        quarter 2015, primarily due to an increase in loan volume and one
        additional day in the quarter.
    --  Net charge-offs were $18 million, or 0.15 percent of average loans, in
        the second quarter 2015, compared to $8 million, or 0.07 percent, in the
        first quarter 2015. The provision for credit losses increased to $47
        million in the second quarter 2015, primarily as a result of an increase
        in reserves for energy exposure.
    --  Noninterest income increased $6 million in the second quarter 2015,
        primarily due to an increase in card fees, as well as small increases in
        several other fee categories, partially offset by a decrease in
        commercial lending fees.
    --  Noninterest expenses decreased $23 million in the second quarter 2015,
        primarily reflecting a $31 million decrease in litigation-related
        expense and a seasonal decrease in salaries and benefits expense,
        partially offset by an increase in outside processing fees.
    --  Capital remained solid at June 30, 2015, as evidenced by an estimated
        common equity Tier 1 capital ratio of 10.53 percent and a tangible
        common equity ratio of 9.92 percent.
    --  The quarterly dividend increased 5 percent, to $0.21 per share in the
        second quarter 2015, and Comerica repurchased approximately 1.0 million
        shares of common stock and 500,000 warrants under the equity repurchase
        program. These equity repurchases, together with dividends, returned $96
        million to shareholders.

Second Quarter 2015 Compared to Second Quarter 2014

    --  Average total loans increased $2.1 billion, or 5 percent, reflecting
        increases in almost all lines of business.
    --  Average total deposits increased $4.0 billion, or 8 percent, driven by
        increases in noninterest-bearing deposits of $3.4 billion, or 14
        percent, and money market and NOW deposits of $1.4 billion, or 6
        percent, partially offset by decreases in other deposit categories.
        Average deposits increased in all major lines of business and markets.
    --  Net interest income increased $5 million, largely due to loan growth,
        partially offset by an $8 million decrease in accretion on the purchased
        loan portfolio.
    --  The provision for credit losses increased $36 million, primarily as a
        result of an increase in reserves for energy exposure.
    --  Excluding the impact of a change to the accounting presentation for a
        card program, which increased both noninterest income and noninterest
        expenses by $44 million in the second quarter 2015, noninterest income
        decreased $3 million, primarily reflecting increases in fiduciary
        income, service charges and card fees, which were more than offset by
        declines in foreign exchange income and several non-fee categories; and
        noninterest expenses decreased $12 million, largely reflecting a $33
        million reduction in litigation-related expenses, partially offset by
        higher outside processing expenses related to revenue generating
        activities and an increase in technology-related contract labor
        expenses.



    Net Interest Income
    -------------------


    (dollar amounts
     in millions)       2nd Qtr '15         1st Qtr '15        2nd Qtr '14
    ---------------     -----------         -----------        -----------

    Net interest
     income                            $421                                   $413            $416


    Net interest
     margin                   2.65%                     2.64%                      2.78%


    Selected average
     balances:

    Total earning
     assets                         $63,981                                $63,480         $60,148

    Total loans              48,833                     48,151                      46,725

    Total investment
     securities               9,936                      9,907                       9,364

    Federal Reserve
     Bank deposits            4,968                      5,176                       3,801



    Total deposits           57,398                     56,990                      53,384

    Total
     noninterest-
     bearing
     deposits                27,365                     26,697                      24,011
    -------------            ------                     ------                      ------

    --  Net interest income increased $8 million to $421 million in the second
        quarter 2015, compared to the first quarter 2015.
        --  Interest on loans increased $11 million, primarily reflecting the
            benefit from an increase in average loan balances (+$5 million), the
            impact of one additional day in the second quarter (+$4 million) and
            an increase in yields (+$2 million), in part reflecting an increase
            in LIBOR rates.
        --  The increase in interest on loans was partially offset by decreases
            totaling $3 million resulting primarily from lower yields on
            investment securities, a decrease in average Federal Reserve Bank
            deposit balances and an increase in interest expense on debt.
    --  The net interest margin of 2.65 percent increased 1 basis point compared
        to the first quarter 2015, primarily due to higher loan yields.

Noninterest Income
Noninterest income increased $6 million in the second quarter 2015, compared to $255 million for the first quarter 2015. The increase primarily reflected a $5 million increase in card fees as well as small increases in service charges on deposit accounts, fiduciary income and brokerage fees, partially offset by a $3 million decrease in commercial lending fees. The increase in card fees primarily reflected increased revenue from merchant payment processing services and interchange. The decrease in commercial lending fees was primarily due to decreases in unused commitment fees and syndication agent fees.

Noninterest Expenses
Noninterest expenses decreased $23 million in the second quarter 2015, compared to $459 million for the first quarter 2015, primarily reflecting a $31 million decrease in litigation-related expenses and a $2 million decrease in salaries and benefits expense, partially offset by an $8 million increase in outside processing fees associated with revenue-generating activities. Related to litigation expense, on July 1, 2015, the Montana Supreme Court issued a ruling favorable to Comerica on a lender liability case, which reversed a jury verdict and sent the case back for a new trial. The decrease in salaries and benefits expense primarily reflected seasonal decreases in payroll taxes and share-based compensation expense, partially offset by an increase in technology-related contract labor expense and the impact on salaries of merit increases and one additional day in the second quarter.

Credit Quality
"Overall, credit quality remained solid. Net charge-offs continued to be well below normal levels at 15 basis points, or $18 million," said Babb." Net charge-offs related to our energy exposure were nominal. The provision for credit losses increased from a very low level due to an increase in criticized loans related to energy, as well as uncertainty due to continued volatility and the sustained low oil and gas prices. The reserve to total loans ratio increased to 1.24 percent, and the reserve covered nonperforming loans 1.7 times.

"Our Energy customers are generally decreasing their loan commitments and outstandings as they take the necessary actions to adjust to lower energy prices, such as reducing their expenses, disposing of assets, and tapping the capital markets. On average, loan to values remained stable from the last redetermination.

Over the past 30 years, we have built our energy business with a strategy to withstand the ups and downs of the cycles."




    (dollar amounts in millions)       2nd Qtr '15     1st Qtr '15        2nd Qtr '14
    ---------------------------        -----------     -----------        -----------

    Net loan charge-offs                           $18                                 $8          $9

    Net loan charge-offs/Average
     total loans                             0.15%                 0.07%                  0.08%


    Provision for credit losses                    $47                                $14         $11


    Nonperforming loans (a)                    361                    279                     347

    Nonperforming assets (NPAs) (a)            370                    288                     360

    NPAs/Total loans and foreclosed
     property                                0.74%                 0.59%                  0.75%


    Loans past due 90 days or more and
     still accruing                                $18                                $12          $7


    Allowance for loan losses                  618                    601                     591

    Allowance for credit losses on
     lending-related commitments (b)            50                     39                      42
                                               ---                    ---                     ---

    Total allowance for credit losses          668                    640                     633


    Allowance for loan losses/Period-
     end total loans                         1.24%                 1.22%                  1.23%

    Allowance for loan losses/
     Nonperforming loans                       171                    216                     170
    --------------------------                 ---                    ---                     ---

              (a)     Excludes loans acquired with
                      credit impairment.

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

    --  The provision for credit losses increased to $47 million in the second
        quarter 2015, primarily reflecting higher reserves for loans related to
        energy((a)) as a result of an increase in criticized loans and the
        impact of continued volatility and sustained low energy prices. To a
        lesser extent, Technology and Life Sciences as well as Corporate Banking
        contributed to the increase in the provision, largely as a result of
        charge-offs and variability. These increases were partially offset by
        credit quality improvements in the remainder of the portfolio.
    --  Net charge-offs increased $10 million to $18 million, or 0.15 percent of
        average loans, in the second quarter 2015, compared to $8 million, or
        0.07 percent, in the first quarter 2015.
    --  During the second quarter 2015, $145 million of borrower relationships
        over $2 million were transferred to nonaccrual status, of which $100
        million were loans related to energy.
    --  Criticized loans increased $294 million to $2.4 billion at June 30,
        2015, compared to $2.1 billion at March 31, 2015, reflecting an increase
        of approximately $329 million in criticized loans related to energy.

    (a)  Loans related to energy at June 30,
     2015 included approximately $3.3 billion
     of outstanding loans in our Energy
     business line as well as approximately
     $725 million of loans in other lines of
     business to companies that have a
     sizable portion of their revenue related
     to energy or could be otherwise
     disproportionately negatively impacted
     by prolonged low oil and gas prices.

Balance Sheet and Capital Management
Total assets and common shareholders' equity were $69.9 billion and $7.5 billion, respectively, at June 30, 2015, compared to $69.3 billion and $7.5 billion, respectively, at March 31, 2015.

There were approximately 178 million common shares outstanding at June 30, 2015. Share repurchases of $49 million (1.0 million shares) and warrant repurchases of $10 million (500,000 warrants) under the equity repurchase program, combined with dividends of 21 cents per share, returned 71 percent of second quarter 2015 net income to shareholders. Diluted average shares remained stable at 182 million for the second quarter 2015, as an increase in share dilution from options and warrants due to an increase in Comerica's average stock price offset the impact of equity repurchases.

The estimated common equity Tier 1 capital ratio, reflective of transition provisions and excluding accumulated other comprehensive income ("AOCI"), was 10.53 percent at June 30, 2015. Certain deductions and adjustments to regulatory capital began phasing in on January 1, 2015 and will be fully implemented on January 1, 2018. The estimated ratio under fully phased-in Basel III capital rules is not significantly different from the transitional ratio. Comerica's tangible common equity ratio was 9.92 percent at June 30, 2015, a decrease of 5 basis points from March 31, 2015.

Full-Year 2015 Outlook
Management expectations for full-year 2015 compared to full-year 2014, assuming a continuation of the current economic and low-rate environment, are as follows:

    --  Average full-year loan growth consistent with 2014, reflecting seasonal
        declines in Mortgage Banker Finance and National Dealer Services in the
        second half of the year, a continued decline in Energy, and a sustained
        focus on pricing and structure discipline.
    --  Net interest income relatively stable, assuming no rise in interest
        rates, reflecting a decrease of about $30 million in purchase accounting
        accretion, to about $6 million, and the impact of a continuing low rate
        environment on asset yields, offset by earning asset growth.
    --  Provision for credit losses higher, with third and fourth quarter net
        charge-offs each at levels similar to the second quarter. If energy
        prices remain low, continued negative migration is possible, which may
        be offset by lower exposure balances.
    --  Noninterest income relatively stable, excluding the impact of the change
        in accounting presentation for a card program. Stable noninterest income
        reflects growth in fee income, particularly card fees and fiduciary
        income, mostly offset by a decline in warrant income and regulatory
        impacts on letter of credit and derivative income.
    --  Noninterest expenses higher, excluding the impact of the change in
        accounting presentation for a card program, with continued focus on
        driving efficiencies for the long term. Expenses for the second half of
        2015 are expected to be higher than the first half, reflecting three
        more days in the second half, the impact of merit increases, a ramp-up
        in the second half of technology and regulatory expenses, as well as
        higher pension, outside processing and occupancy expenses.
    --  Income tax expense to approximate 32 percent of pre-tax income.

Business Segments
Comerica's operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at June 30, 2015 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses second quarter 2015 results compared to first quarter 2015.

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




    (dollar amounts
     in millions)   2nd Qtr '15        1st Qtr '15            2nd Qtr '14
    --------------- -----------        -----------            -----------

    Business Bank               $182               81%                        $189          85%                   $197 82%

    Retail Bank              18         8                      17                  8               16           7

    Wealth
     Management              26        11                      16                  7               25          11
    -----------             ---       ---                     ---                ---              ---         ---

                            226      100%                    222               100%             238        100%

    Finance                (90)                        (89)                          (91)

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

        Total                   $135                                     $134                         $151
        -----                   ----                                     ----                         ----


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


    Business Bank


    (dollar amounts in millions)  2nd Qtr       1st Qtr        2nd Qtr
                                    '15           '15            '14
    ---------------------------  --------      --------       --------

    Net interest income (FTE)             $375           $370            $375

    Provision for credit losses        61             25              35

    Noninterest income                140            142             100

    Noninterest expenses              176            200             143

    Net income                        182            189             197


    Net credit-related charge-
     offs                              22              9               9


    Selected average balances:

    Assets                         39,135         38,654          37,305

    Loans                          38,109         37,623          36,367

    Deposits                       30,229         30,143          27,351
    --------                       ------         ------          ------

    --  Average loans increased $486 million, primarily reflecting increases in
        Mortgage Banker Finance, general Middle Market and National Dealer
        Services, partially offset by decreases in Energy and Corporate Banking.
    --  Average deposits increased $86 million, primarily reflecting increases
        in Technology and Life Sciences, general Middle Market and Corporate
        Banking, partially offset by a decrease in Commercial Real Estate.
    --  Net interest income increased $5 million, primarily due to the benefit
        from an increase in average loan balances and one more day in the
        quarter, partially offset by a lower funds transfer pricing (FTP)
        crediting rate.
    --  The provision for credit losses increased $36 million, reflecting higher
        reserves for loans related to energy as a result of an increase in
        criticized loans and the impact of continued volatility and sustained
        low energy prices. To a lesser extent, Technology and Life Sciences as
        well as Corporate Banking contributed to the increase in the provision,
        largely as a result of charge-offs and variability. These increases were
        partially offset by credit quality improvements in the remainder of the
        portfolio.
    --  Noninterest income decreased $2 million, primarily due to decreases in
        customer derivative income and commercial lending fees, partially offset
        by an increase in card fees.
    --  Noninterest expenses decreased $24 million, primarily driven by a
        reduction in litigation-related expense, partially offset by an increase
        in outside processing fees.



    Retail Bank


    (dollar amounts in    2nd Qtr        1st Qtr        2nd Qtr
     millions)              '15            '15             '14
    ------------------   --------       --------       --------

    Net interest income
     (FTE)                         $155           $151             $152

    Provision for credit
     losses                    (8)           (8)             (6)

    Noninterest income          46             42               41

    Noninterest expenses       182            175              174

    Net income                  18             17               16


    Net credit-related
     charge-offs                 1              -               3


    Selected average
     balances:

    Assets                   6,459          6,368            6,222

    Loans                    5,770          5,694            5,554

    Deposits                22,747         22,404           21,890
    --------                ------         ------           ------

    --  Average loans increased $76 million, largely due to an increase in Small
        Business.
    --  Average deposits increased $343 million, primarily reflecting an
        increase in noninterest-bearing deposits.
    --  Net interest income increased $4 million, primarily due to an increase
        in net FTP credits, largely due to the increase in average deposits and
        the impact of one additional day in the quarter.
    --  Noninterest income increased $4 million, due to small increases in
        several fee categories.
    --  Noninterest expenses increased $7 million, primarily reflecting an
        increase in outside processing fees and salaries expense. Salaries
        expense increased primarily due to the impact of merit increases and one
        additional day in the quarter.



    Wealth Management


    (dollar amounts in millions)  2nd Qtr       1st Qtr       2nd Qtr
                                    '15           '15            '14
    ---------------------------  --------      --------      --------

    Net interest income (FTE)              $45           $43             $44

    Provision for credit losses        (9)          (1)           (10)

    Noninterest income                  60            58              62

    Noninterest expenses                74            77              76

    Net income                          26            16              25


    Net credit-related charge-
     offs (recoveries)                 (5)          (1)            (3)


    Selected average balances:

    Assets                           5,153         5,029           4,987

    Loans                            4,954         4,834           4,804

    Deposits                         4,060         3,996           3,616
    --------                         -----         -----           -----

    --  Average loans increased $120 million.
    --  Average deposits increased $64 million, primarily reflecting an increase
        in noninterest-bearing deposits.
    --  Net interest income increased $2 million, largely driven by the increase
        in average loan balances and one additional day in the quarter.
    --  The provision for credit losses decreased $8 million, primarily
        reflecting credit quality improvement.
    --  Noninterest income increased $2 million, primarily reflecting the impact
        of a securities loss in the first quarter which was not repeated.
    --  Noninterest expenses decreased $3 million, reflecting small decreases in
        several categories.

Geographic Market Segments
Comerica also provides market segment results for three primary geographic markets: Michigan, California and Texas. In addition to the three primary geographic markets, Other Markets is also reported as a market segment. Other Markets includes Florida, Arizona, the International Finance division and businesses that have a significant presence outside of the three primary geographic markets. The tables below present the geographic market results based on the methodologies in effect at June 30, 2015 and are presented on a fully taxable equivalent (FTE) basis.

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




    (dollar
     amounts
     in
     millions) 2nd Qtr '15        1st Qtr '15            2nd Qtr '14
    ---------- -----------        -----------            -----------

    Michigan                $98               44%                        $73          33%                   $77 32%

    California          71        31                      73                33               63          27

    Texas               14         6                      32                14               39          16

    Other
     Markets            43        19                      44                20               59          25
    --------           ---       ---                     ---               ---              ---         ---

                       226      100%                    222              100%             238        100%

    Finance &
     Other
     (a)              (91)                        (88)                         (87)
    ---------          ---                          ---                           ---

       Total               $135                                     $134                        $151
       -----               ----                                     ----                        ----


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

    --  Average loans increased $236 million in California and $67 million in
        Michigan (primarily general Middle Market), and decreased $281 million
        in Texas (primarily Energy). The increase in California was led by
        Technology and Life Sciences, National Dealer Services and Private
        Banking.
    --  Average deposits increased $438 million in California and decreased $51
        million and $4 million in Texas and Michigan, respectively. The increase
        in California was primarily due to increases in Technology and Life
        Sciences and general Middle Market, partially offset by a decrease in
        Commercial Real Estate.
    --  Net interest income increased $5 million and $2 million in California
        and Michigan, respectively, and decreased $1 million in Texas. The
        increase in California primarily reflected the benefit from an increase
        in loan balances, while the decrease in Texas was primarily the result
        of decreased loan balances. Net interest income in all three markets
        reflected the benefit from one additional day in the quarter.
    --  Net charge-offs decreased $5 million in Michigan, and increased $5
        million in California and $2 million in Texas. The provision for credit
        losses decreased $5 million in Michigan and increased $7 million in
        California and $22 million in Texas. The decrease in Michigan primarily
        reflected improved credit quality throughout the portfolio. The increase
        in Texas was driven by higher reserves due to an increase in criticized
        loans related to energy and the impact of continued volatility and
        sustained low energy prices, while the increase in California primarily
        reflected higher reserves in Technology and Life Sciences.
    --  Noninterest income increased $5 million in Michigan, remained unchanged
        in California and decreased $5 million in Texas. The increase in
        Michigan primarily reflected small increases in several fee categories.
        The decrease in Texas was primarily due to decreases in commercial
        lending fees, customer derivative income and foreign exchange income.
    --  Noninterest expenses decreased $26 million in Michigan, primarily
        reflecting a decrease in litigation-related expense, decreased $2
        million in Texas and increased $1 million in California.


    Michigan Market


    (dollar amounts in          2nd Qtr        1st Qtr        2nd Qtr
     millions)                    '15            '15             '14
    ------------------         --------       --------       --------

    Net interest income
     (FTE)                               $179           $177             $182

    Provision for credit
     losses                         (13)           (8)             (9)

    Noninterest income                85             80               89

    Noninterest expenses             128            154              159

    Net income                        98             73               77


    Net credit-related
     charge-offs
     (recoveries)                    (2)             3               10


    Selected average balances:

    Assets                        13,852         13,736           13,851

    Loans                         13,290         13,223           13,482

    Deposits                      21,706         21,710           20,694
    --------                      ------         ------           ------



    California Market


    (dollar amounts in          2nd Qtr        1st Qtr        2nd Qtr
     millions)                    '15            '15             '14
    ------------------         --------       --------       --------

    Net interest income
     (FTE)                               $181           $176             $176

    Provision for credit
     losses                            4            (3)              14

    Noninterest income                37             37               38

    Noninterest expenses             100             99              100

    Net income                        71             73               63


    Net credit-related
     charge-offs                       6              1                5


    Selected average balances:

    Assets                        16,696         16,461           15,721

    Loans                         16,429         16,193           15,439

    Deposits                      17,275         16,837           15,370
    --------                      ------         ------           ------



    Texas Market


    (dollar amounts in          2nd Qtr        1st Qtr        2nd Qtr
     millions)                    '15            '15             '14
    ------------------         --------       --------       --------

    Net interest income
     (FTE)                               $130           $131             $137

    Provision for credit
     losses                           43             21               22

    Noninterest income                31             36               35

    Noninterest expenses              94             96               89

    Net income                        14             32               39


    Net credit-related
     charge-offs                       5              3                2


    Selected average balances:

    Assets                        11,878         12,192           11,661

    Loans                         11,254         11,535           10,966

    Deposits                      10,959         11,010           10,724
    --------                      ------         ------           ------

Conference Call and Webcast
Comerica will host a conference call to review second quarter 2015 financial results at 8 a.m. CT Friday, July 17, 2015. Interested parties may access the conference call by calling (877) 523-5249 or (210) 591-1147 (event ID No. 61399381). The call and supplemental financial information can also be accessed via Comerica's "Investor Relations" page at www.comerica.com. A replay of the Webcast can be accessed via Comerica's "Investor Relations" page at www.comerica.com.

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

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

Forward-looking Statements
Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "contemplates," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "opportunity," "initiative," "outcome," "continue," "remain," "maintain," "on course," "trend," "objective," "looks forward," "projects," "models" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions; changes in monetary and fiscal policies, including changes in interest rates; changes in regulation or oversight; Comerica's ability to maintain adequate sources of funding and liquidity; the effects of more stringent capital or liquidity requirements; declines or other changes in the businesses or industries of Comerica's customers, including the energy industry; operational difficulties, failure of technology infrastructure or information security incidents; reliance on other companies to provide certain key components of business infrastructure; factors impacting noninterest expenses which are beyond Comerica's control; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; changes in Comerica's credit rating; unfavorable developments concerning credit quality; the interdependence of financial service companies; the implementation of Comerica's strategies and business initiatives; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; changes in customer behavior; any future strategic acquisitions or divestitures; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods; changes in accounting standards and the critical nature of Comerica's accounting policies. Comerica cautions that the foregoing list of factors is not exclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to "Item 1A. Risk Factors" beginning on page 12 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2014. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.




    CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

    Comerica
     Incorporated and
     Subsidiaries


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

                                           June 30,        March 31,       June 30,            June 30,

    (in millions, except
     per share data)                            2015                  2015        2014                2015    2014
    --------------------                        ----                  ----        ----                ----    ----

    PER COMMON SHARE AND
     COMMON STOCK DATA

    Diluted net income                                              $0.73                          $0.73             $0.80                  $1.46    $1.54

    Cash dividends
     declared                                   0.21                             0.20                0.20              0.41          0.39


    Average diluted
     shares (in
     thousands)                              182,422                          182,268             186,108           182,281       186,402
    ---------------                          -------                          -------             -------           -------       -------

    KEY RATIOS

    Return on average
     common
     shareholders'
     equity                                    7.21%                           7.20%              8.27%            7.20%        7.97%

    Return on average
     assets                                     0.79                             0.78                0.93              0.78          0.90

    Common equity tier 1
     risk-based capital
     ratio (a) (b)                             10.53                            10.40                 n/a

    Tier 1 common risk-
     based capital ratio
     (c)                                         n/a                             n/a              10.50

    Tier 1 risk-based
     capital ratio (a)
     (b)                                       10.53                            10.40               10.50

    Total risk-based
     capital ratio (a)
     (b)                                       12.53                            12.35               12.52

    Leverage ratio (a)
     (b)                                       10.57                            10.53               10.93

    Tangible common
     equity ratio (c)                           9.92                             9.97               10.39
    -----------------                           ----                             ----               -----

    AVERAGE BALANCES

    Commercial loans                                              $31,788                        $31,090           $29,890                $31,442  $29,130

    Real estate
     construction loans                        1,807                            1,938               1,913             1,872         1,871

    Commercial mortgage
     loans                                     8,672                            8,581               8,749             8,627         8,759

    Lease financing                              795                              797                 850               796           849

    International loans                        1,453                            1,512               1,328             1,482         1,315

    Residential mortgage
     loans                                     1,877                            1,856               1,773             1,866         1,749

    Consumer loans                             2,441                            2,377               2,222             2,409         2,232
                                               -----                            -----               -----             -----         -----

    Total loans                               48,833                           48,151              46,725            48,494        45,905


    Earning assets                            63,981                           63,480              60,148            63,732        60,033

    Total assets                              68,963                           68,735              64,878            68,852        64,794


    Noninterest-bearing
     deposits                                 27,365                           26,697              24,011            27,033        23,626

    Interest-bearing
     deposits                                 30,033                           30,293              29,373            30,163        29,453
                                              ------                           ------              ------            ------        ------

    Total deposits                            57,398                           56,990              53,384            57,196        53,079


    Common shareholders'
     equity                                    7,512                            7,453               7,331             7,482         7,280
    --------------------                       -----                            -----               -----             -----         -----

    NET INTEREST INCOME
     (fully taxable
     equivalent basis)

    Net interest income                                              $422                           $414              $417                   $836     $828

    Net interest margin                        2.65%                           2.64%              2.78%            2.65%        2.78%
    -------------------                         ----                             ----                ----              ----          ----

    CREDIT QUALITY

    Total nonperforming
     assets                                                          $370                           $288              $360


    Loans past due 90
     days or more and
     still accruing                               18                               12                   7


    Net loan charge-offs                          18                                8                   9                   $26                $21


    Allowance for loan
     losses                                      618                              601                 591

    Allowance for credit
     losses on lending-
     related commitments                          50                               39                  42
                                                 ---                              ---                 ---

    Total allowance for
     credit losses                               668                              640                 633


    Allowance for loan
     losses as a
     percentage of total
     loans                                     1.24%                           1.22%              1.23%

    Net loan charge-
     offs as a
     percentage of
     average total loans                        0.15                             0.07                0.08             0.11%        0.09%

    Nonperforming assets
     as a percentage of
     total loans and
     foreclosed property                        0.74                             0.59                0.75

    Allowance for loan
     losses as a
     percentage of total
     nonperforming loans                         171                              216                 170
    --------------------                         ---                              ---                 ---

             (a)     Basel III
                     rules became
                     effective on
                     January 1,
                     2015, with
                     transitional
                     provisions.
                     All prior
                     period data
                     is based on
                     Basel I
                     rules.

    (b)              June 30, 2015 ratios are
                     estimated.

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

    n/a - not applicable.




    CONSOLIDATED BALANCE SHEETS

    Comerica Incorporated and
     Subsidiaries


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

    (in millions, except share data)            2015              2015           2014           2014
    -------------------------------             ----              ----           ----           ----

                                         (unaudited) (unaudited)                      (unaudited)

    ASSETS

    Cash and due from banks                                    $1,148                                  $1,170              $1,026  $1,226


    Interest-bearing deposits with banks       4,817                           4,792                     5,045      2,668

    Other short-term investments                 119                             101                        99        109


    Investment securities available-
     for-sale                                  8,267                           8,214                     8,116      9,534

    Investment securities held-to-
     maturity                                  1,952                           1,871                     1,935          -


    Commercial loans                          32,723                          32,091                    31,520     30,986

    Real estate construction loans             1,795                           1,917                     1,955      1,939

    Commercial mortgage loans                  8,674                           8,558                     8,604      8,747

    Lease financing                              786                             792                       805        822

    International loans                        1,420                           1,433                     1,496      1,352

    Residential mortgage loans                 1,865                           1,859                     1,831      1,775

    Consumer loans                             2,478                           2,422                     2,382      2,261
    --------------                             -----                           -----                     -----      -----

    Total loans                               49,741                          49,072                    48,593     47,882

    Less allowance for loan losses             (618)                          (601)                    (594)     (591)
    ------------------------------              ----                            ----                      ----       ----

    Net loans                                 49,123                          48,471                    47,999     47,291


    Premises and equipment                       541                             531                       532        562

    Accrued income and other assets            3,978                           4,183                     4,434      3,933
    -------------------------------            -----                           -----                     -----      -----

    Total assets                                              $69,945                                 $69,333             $69,186 $65,323
    ------------                                              -------                                 -------             ------- -------


    LIABILITIES AND SHAREHOLDERS' EQUITY

    Noninterest-bearing deposits                              $28,167                                 $27,394             $27,224 $24,774


    Money market and interest-bearing
     checking deposits                        23,786                          23,727                    23,954     22,555

    Savings deposits                           1,841                           1,817                     1,752      1,731

    Customer certificates of deposit           4,367                           4,497                     4,421      4,962

    Foreign office time deposits                  99                             135                       135        148
    ----------------------------                 ---                             ---                       ---        ---

    Total interest-bearing deposits           30,093                          30,176                    30,262     29,396
    -------------------------------           ------                          ------                    ------     ------

    Total deposits                            58,260                          57,570                    57,486     54,170


    Short-term borrowings                         56                              80                       116        176

    Accrued expenses and other
     liabilities                               1,265                           1,500                     1,507        990

    Medium- and long-term debt                 2,841                           2,683                     2,675      2,618
    --------------------------                 -----                           -----                     -----      -----

    Total liabilities                         62,422                          61,833                    61,784     57,954


    Common stock - $5 par value:

    Authorized - 325,000,000 shares

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

    Capital surplus                            2,158                           2,188                     2,188      2,175

    Accumulated other comprehensive loss       (396)                          (370)                    (412)     (304)

    Retained earnings                          6,908                           6,841                     6,744      6,520

    Less cost of common stock in
     treasury -49,803,515 shares at
     6/30/15, 50,114,399 shares at March
     31, 2015, 49,146,225 shares at
     12/31/14, and 47,194,492 shares at
     6/30/14                                 (2,288)                        (2,300)                  (2,259)   (2,163)
    ------------------------------------      ------                          ------                    ------     ------

    Total shareholders' equity                 7,523                           7,500                     7,402      7,369
    --------------------------                 -----                           -----                     -----      -----

    Total liabilities and shareholders'
     equity                                                   $69,945                                 $69,333             $69,186 $65,323
    -----------------------------------                       -------                                 -------             ------- -------




    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

    Comerica Incorporated
     and Subsidiaries


                                                   Three Months Ended             Six Months Ended

                                                      June 30,                   June 30,
                                                      --------                   --------

    (in millions, except
     per share data)                              2015                 2014       2015                2014
    --------------------                          ----                 ----       ----                ----

    INTEREST INCOME

    Interest and fees on
     loans                                                            $389                          $385               $767  $761

    Interest on
     investment
     securities                                     52                        53                             105  108

    Interest on short-
     term investments                                3                         3                               7    7
    ------------------                             ---                       ---                             ---  ---

    Total interest income                          444                       441                             879  876

    INTEREST EXPENSE

    Interest on deposits                            11                        11                              22   22

    Interest on medium-
     and long-term debt                             12                        14                              23   28
    -------------------                            ---                       ---                             ---  ---

    Total interest
     expense                                        23                        25                              45   50
    --------------                                 ---                       ---                             ---  ---

    Net interest income                            421                       416                             834  826

    Provision for credit
     losses                                         47                        11                              61   20
    --------------------                           ---                       ---                             ---  ---

    Net interest income
     after provision for
     credit losses                                 374                       405                             773  806

    NONINTEREST INCOME

    Service charges on
     deposit accounts                               56                        54                             111  108

    Fiduciary income                                48                        45                              95   89

    Commercial lending
     fees                                           22                        23                              47   43

    Card fees                                       72                        22                             139   45

    Letter of credit fees                           13                        15                              26   29

    Bank-owned life
     insurance                                      10                        11                              19   20

    Foreign exchange
     income                                          9                        12                              19   21

    Brokerage fees                                   5                         4                               9    9

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

    Other noninterest
     income                                         26                        34                              53   63
    -----------------                              ---                       ---                             ---  ---

    Total noninterest
     income                                        261                       220                             516  428

    NONINTEREST EXPENSES

    Salaries and benefits
     expense                                       251                       240                             504  487

    Net occupancy expense                           39                        39                              77   79

    Equipment expense                               13                        15                              26   29

    Outside processing
     fee expense                                    85                        30                             162   58

    Software expense                                24                        25                              47   47

    Litigation-related
     expense                                      (30)                        3                            (29)   6

    FDIC insurance
     expense                                         9                         8                              18   16

    Advertising expense                              6                         5                              12   11

    Other noninterest
     expenses                                       39                        39                              78   77
    -----------------                              ---                       ---                             ---  ---

    Total noninterest
     expenses                                      436                       404                             895  810
    -----------------                              ---                       ---                             ---  ---

    Income before income
     taxes                                         199                       221                             394  424

    Provision for income
     taxes                                          64                        70                             125  134
    --------------------                           ---                       ---                             ---  ---

    NET INCOME                                     135                       151                             269  290

    Less income allocated
     to participating
     securities                                      1                         2                               3    4
    ---------------------                          ---                       ---                             ---  ---

    Net income
     attributable to
     common shares                                                    $134                          $149               $266  $286
    ----------------                                                  ----                          ----               ----  ----

    Earnings per common
     share:

    Basic                                                            $0.76                         $0.83              $1.51 $1.59

    Diluted                                       0.73                      0.80                            1.46 1.54


    Comprehensive income                           109                       172                             285  377


    Cash dividends
     declared on common
     stock                                          37                        36                              73   71

    Cash dividends
     declared per common
     share                                        0.21                      0.20                            0.41 0.39
    --------------------                          ----                      ----                            ---- ----




    CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

    Comerica Incorporated and Subsidiaries


                                               Second       First       Fourth      Third      Second                         Second Quarter 2015 Compared To:


                                               Quarter     Quarter     Quarter     Quarter     Quarter     First Quarter 2015                  Second Quarter 2014

    (in millions, except
     per share data)                                2015       2015           2014         2014       2014         Amount      Percent                   Amount    Percent
    --------------------                            ----       ----           ----         ----       ----         ------      -------                   ------    -------

    INTEREST INCOME

    Interest and fees on
     loans                                                    $389                                 $378                        $383                                 $381              $385               $11               3%      $4      1%

    Interest on
     investment
     securities                                       52                       53                     51                52                      53                             (1)      (1)      (1)            (2)

    Interest on short-
     term investments                                  3                        4                      4                 3                       3                             (1)      (9)        -                     -
    ------------------                               ---                      ---                    ---               ---                     ---                             ---       ---       ---                   ---

    Total interest income                            444                      435                    438               436                     441                               9         2         3               1

    INTEREST EXPENSE

    Interest on deposits                              11                       11                     12                11                      11                               -        -        -                     -

    Interest on medium-
     and long-term debt                               12                       11                     11                11                      14                               1         5       (2)            (8)
    -------------------                              ---                      ---                    ---               ---                     ---                             ---       ---       ---             ---

    Total interest
     expense                                          23                       22                     23                22                      25                               1         2       (2)            (5)
    --------------                                   ---                      ---                    ---               ---                     ---                             ---       ---       ---             ---

    Net interest income                              421                      413                    415               414                     416                               8         2         5               1

    Provision for credit
     losses                                           47                       14                      2                 5                      11                              33       n/m       36             n/m
    --------------------                             ---                      ---                    ---               ---                     ---                             ---       ---      ---             ---

    Net interest income
     after provision for
     credit losses                                   374                      399                    413               409                     405                            (25)      (6)     (31)            (8)

    NONINTEREST INCOME

    Service charges on
     deposit accounts                                 56                       55                     53                54                      54                               1         3         2               4

    Fiduciary income                                  48                       47                     47                44                      45                               1         1         3               6

    Commercial lending
     fees                                             22                       25                     29                26                      23                             (3)      (9)      (1)            (3)

    Card fees                                         72                       67                     24                23                      22                               5         7        50             n/m

    Letter of credit fees                             13                       13                     14                14                      15                               -        -      (2)            (8)

    Bank-owned life
     insurance                                        10                        9                      8                11                      11                               1         5       (1)           (10)

    Foreign exchange
     income                                            9                       10                     10                 9                      12                             (1)     (11)      (3)           (24)

    Brokerage fees                                     5                        4                      4                 4                       4                               1         5         1               9

    Net securities
     (losses) gains                                    -                     (2)                     -              (1)                      -                              2        66         -                     -

    Other noninterest
     income                                           26                       27                     36                31                      34                             (1)      (4)      (8)           (24)
    -----------------                                ---                      ---                    ---               ---                     ---                             ---       ---       ---             ---

    Total noninterest
     income                                          261                      255                    225               215                     220                               6         2        41              18

    NONINTEREST EXPENSES

    Salaries and benefits
     expense                                         251                      253                    245               248                     240                             (2)      (1)       11               5

    Net occupancy expense                             39                       38                     46                46                      39                               1         3         -                     -

    Equipment expense                                 13                       13                     14                14                      15                               -        -      (2)           (12)

    Outside processing
     fee expense                                      85                       77                     33                31                      30                               8        12        55             n/m

    Software expense                                  24                       23                     23                25                      25                               1         1       (1)            (3)

    Litigation-related
     expense                                        (30)                       1                      -              (2)                      3                            (31)    n/m       (33)            n/m

    FDIC insurance
     expense                                           9                        9                      8                 9                       8                               -        -        1               7

    Advertising expense                                6                        6                      7                 5                       5                               -        -        1                      -

    Gain on debt
     redemption                                        -                       -                     -             (32)                      -                              -        -        -                     -

    Other noninterest
     expenses                                         39                       39                     43                53                      39                               -        -        -                     -
    -----------------                                ---                      ---                    ---               ---                     ---                             ---      ---      ---                   ---

    Total noninterest
     expenses                                        436                      459                    419               397                     404                            (23)      (5)       32               8
    -----------------                                ---                      ---                    ---               ---                     ---                             ---       ---       ---             ---

    Income before income
     taxes                                           199                      195                    219               227                     221                               4         3      (22)           (10)

    Provision for income
     taxes                                            64                       61                     70                73                      70                               3         6       (6)            (8)
    --------------------                             ---                      ---                    ---               ---                     ---                             ---       ---       ---             ---

    NET INCOME                                       135                      134                    149               154                     151                               1         1      (16)           (11)

    Less income allocated
     to participating
     securities                                        1                        2                      1                 2                       2                             (1)        -      (1)                     -
    ---------------------                            ---                      ---                    ---               ---                     ---                             ---       ---      ---                    ---

    Net income
     attributable to
     common shares                                            $134                                 $132                        $148                                 $152              $149                $2               1%   $(15)  (11)%
    ----------------                                          ----                                 ----                        ----                                 ----              ----               ---              ---     ----    ----

    Earnings per common share:

    Basic                                                    $0.76                                $0.75                       $0.83                                $0.85             $0.83             $0.01               1% $(0.07)   (8)%

    Diluted                                         0.73                     0.73                   0.80              0.82                    0.80                               -        -   (0.07)            (9)


    Comprehensive income                             109                      176                     54               141                     172                            (67)     (38)     (63)           (37)


    Cash dividends
     declared on common
     stock                                            37                       36                     36                36                      36                               1         5         1               3

    Cash dividends
     declared per common
     share                                          0.21                     0.20                   0.20              0.20                    0.20                            0.01         5      0.01               5
    --------------------                            ----                     ----                   ----              ----                    ----                            ----       ---      ----             ---


    n/m - not meaningful


    ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)

    Comerica Incorporated
     and Subsidiaries


                                                                  2015                                    2014
                                                                  ----                                    ----

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


    Balance at beginning of
     period                                                  $601                      $594                     $592           $591 $594


    Loan charge-offs:

    Commercial                                         22               19                           8       13             19

    Commercial mortgage                                 2                -                          2        7              5

    Lease financing                                     1                -                          -       -             -

    International                                       6                2                           6        -             -

    Residential mortgage                                1                -                          1        1              -

    Consumer                                            3                2                           3        3              4
    --------                                          ---              ---                         ---      ---            ---

    Total loan charge-offs                             35               23                          20       24             28


    Recoveries on loans
     previously charged-
     off:

    Commercial                                         10                9                           6        6             11

    Real estate construction                            1                -                          2        1              1

    Commercial mortgage                                 5                3                          10       12              3

    Residential mortgage                                -               1                           -       1              3

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

    Total recoveries                                   17               15                          19       21             19
    ----------------                                  ---              ---                         ---      ---            ---

    Net loan charge-offs                               18                8                           1        3              9

    Provision for loan
     losses                                            35               16                           4        4              6

    Foreign currency
     translation adjustment                             -             (1)                        (1)       -             -
    -----------------------                           ---             ---                         ---      ---           ---

    Balance at end of period                                 $618                      $601                     $594           $592 $591
    ------------------------                                 ----                      ----                     ----           ---- ----


    Allowance for loan
     losses as a percentage
     of total loans                                 1.24%           1.22%                      1.22%   1.24%         1.23%


    Net loan charge-offs as
     a percentage of average
     total loans                                     0.15             0.07                        0.01     0.03           0.08
    ------------------------                         ----             ----                        ----     ----           ----


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

    Comerica
     Incorporated and
     Subsidiaries


                                                                2015                                       2014
                                                                ----                                       ----

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


    Balance at
     beginning of
     period                                               $39                               $41                   $43       $42      $37

    Less: Charge-offs
     on lending-
     related
     commitments (a)                              1                    -                                -     -       -

    Add: Provision for
     credit losses on
     lending-related
     commitments                                 12                  (2)                              (2)     1        5
    ------------------                          ---                  ---                               ---    ---      ---

    Balance at end of
     period                                               $50                               $39                   $41       $43      $42
    -----------------                                     ---                               ---                   ---       ---      ---


    Unfunded lending-
     related
     commitments sold                                     $12                                $1                $    -       $9    $   -
    -----------------                                     ---                               ---              ---  ---      ---  --- ---

                     Charge-offs
                      result from
                      the sale of
                         unfunded
                         lending-
                          related
             (a)     commitments.


    NONPERFORMING ASSETS (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                            2015                                                             2014
                                                                            ----                                                             ----

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


    SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS

    Nonaccrual loans:

    Business loans:

      Commercial                                                  $186                                 $113                                           $109                                  $93                       $72

      Real estate construction                             1                       1                                     2                      18                      19

      Commercial mortgage                                 77                      82                                    95                     144                     156

      Lease financing                                     11                       -                                    -                      -                      -

      International                                        9                       1                                     -                      -                      -

      Total nonaccrual business
       loans                                             284                     197                                   206                     255                     247

    Retail loans:

      Residential mortgage                                35                      37                                    36                      42                      45

      Consumer:

      Home equity                                         29                      31                                    30                      31                      32

      Other consumer                                       1                       1                                     1                       1                       2
      --------------                                     ---                     ---                                   ---                     ---                     ---

        Total consumer                                    30                      32                                    31                      32                      34
        --------------                                   ---                     ---                                   ---                     ---                     ---

      Total nonaccrual retail
       loans                                              65                      69                                    67                      74                      79
      -----------------------                            ---                     ---                                   ---                     ---                     ---

    Total nonaccrual loans                               349                     266                                   273                     329                     326

    Reduced-rate loans                                    12                      13                                    17                      17                      21
    ------------------                                   ---                     ---                                   ---                     ---                     ---

    Total nonperforming loans
     (a)                                                 361                     279                                   290                     346                     347

    Foreclosed property                                    9                       9                                    10                      11                      13
    -------------------                                  ---                     ---                                   ---                     ---                     ---

    Total nonperforming assets
     (a)                                                          $370                                 $288                                           $300                                 $357                      $360
    --------------------------                                    ----                                 ----                                           ----                                 ----                      ----


    Nonperforming loans as a
     percentage of total loans                         0.72%                  0.57%                                0.60%                  0.73%                  0.73%

    Nonperforming assets as a
     percentage of total loans
     and foreclosed property                            0.74                    0.59                                  0.62                    0.75                    0.75

    Allowance for loan losses
     as a percentage of total
     nonperforming loans                                 171                     216                                   205                     171                     170

    Loans past due 90 days or
     more and still accruing                                       $18                                  $12                                             $5                                  $13                        $7
    -------------------------                                      ---                                  ---                                            ---                                  ---                       ---


    ANALYSIS OF NONACCRUAL LOANS

    Nonaccrual loans at
     beginning of period                                          $266                                 $273                                           $329                                 $326                      $317

    Loans transferred to
     nonaccrual (b)                                      145                      39                                    41                      54                      53

    Nonaccrual business loan
     gross charge-offs (c)                              (31)                   (21)                                 (16)                   (20)                   (24)

    Loans transferred to
     accrual status (b)                                    -                    (4)                                 (18)                      -                      -

    Nonaccrual business loans
     sold (d)                                            (1)                    (2)                                 (24)                    (3)                    (6)

    Payments/Other (e)                                  (30)                   (19)                                 (39)                   (28)                   (14)
    ------------------                                   ---                     ---                                   ---                     ---                     ---

    Nonaccrual loans at end of
     period                                                       $349                                 $266                                           $273                                 $329                      $326
    --------------------------                                    ----                                 ----                                           ----                                 ----                      ----

    (a) Excludes loans acquired with credit impairment.

    (b) Based on an analysis of nonaccrual loans with book balances greater than $2 million.

    (c) Analysis of gross loan charge-offs:

        Nonaccrual business loans                                  $31                                  $21                                            $16                                  $20                       $24

        Consumer and residential
         mortgage loans                                    4                       2                                     4                       4                       4
                                                         ---                     ---                                   ---                     ---                     ---

      Total gross loan charge-
       offs                                                        $35                                  $23                                            $20                                  $24                       $28
                                                                   ---                                  ---                                            ---                                  ---                       ---

    (d) Analysis of loans sold:

          Nonaccrual business loans                                 $1                                   $2                                            $24                                   $3                        $6

          Performing criticized loans                      -                      7                                     5                       -                      8
                                                         ---                    ---                                   ---                     ---                    ---

       Total criticized loans sold                                  $1                                   $9                                            $29                                   $3                       $14
                                                                   ---                                  ---                                            ---                                  ---                       ---

    (e) Includes net changes related to nonaccrual loans with balances less than $2 million, payments on nonaccrual loans with book balances greater than $2 million and transfers of nonaccrual loans to foreclosed
     property. Excludes business loan gross charge-offs and business nonaccrual loans sold.


    ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)

    Comerica Incorporated
     and Subsidiaries


                                                                              Six Months Ended
                                                                              ----------------

                                                           June 30, 2015                                      June 30, 2014
                                                         -------------                                  -------------

                                               Average              Average                  Average                    Average

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


    Commercial loans                                     $31,442                            $478                  3.06%                               $29,130        $453   3.13%

    Real estate
     construction loans                           1,872                    32                3.43                               1,871              32           3.42

    Commercial mortgage
     loans                                        8,627                   146                3.41                               8,759             170           3.92

    Lease financing                                 796                    12                3.12                                 849              16           3.66

    International loans                           1,482                    27                3.69                               1,315              24           3.66

    Residential mortgage
     loans                                        1,866                    35                3.77                               1,749              33           3.84

    Consumer loans                                2,409                    39                3.23                               2,232              35           3.19
    --------------                                -----                   ---                ----                               -----             ---           ----

    Total loans (a)                              48,494                   769                3.19                              45,905             763           3.35


    Mortgage-backed
     securities (b)                               9,064                   100                2.24                               8,954             107           2.39

    Other investment
     securities                                     858                     5                1.13                                 369               1           0.44
    ----------------                                ---                   ---                ----                                 ---             ---           ----

    Total investment
     securities (b)                               9,922                   105                2.15                               9,323             108           2.31


    Interest-bearing
     deposits with banks                          5,216                     7                0.25                               4,695               7           0.26

    Other short-term
     investments                                    100                     -               0.75                                 110               -          0.63
    ----------------                                ---                   ---               ----                                 ---             ---          ----

    Total earning assets                         63,732                   881                2.79                              60,033             878           2.94


    Cash and due from
     banks                                        1,034                                                 917

    Allowance for loan
     losses                                       (607)                                              (602)

    Accrued income and
     other assets                                 4,693                                               4,446
                                                  -----                                               -----

    Total assets                                         $68,852                                                            $64,794
                                                         -------                                                            -------


    Money market and
     interest-bearing
     checking deposits                                   $23,809                     13                 0.11                                 $22,279             12    0.11

    Savings deposits                              1,810                     -               0.02                               1,721               -          0.03

    Customer certificates
     of deposit                                   4,423                     8                0.37                               5,075               9           0.36

    Foreign office time
     deposits                                       121                     1                1.36                                 378               1           0.52
    -------------------                             ---                   ---                ----                                 ---             ---           ----

    Total interest-
     bearing deposits                            30,163                    22                0.14                              29,453              22           0.15


    Short-term borrowings                            94                     -               0.05                                 198               -          0.03

    Medium- and long-
     term debt                                    2,675                    23                1.78                               3,270              28           1.64
    -----------------                             -----                   ---                ----                               -----             ---           ----

    Total interest-
     bearing sources                             32,932                    45                0.28                              32,921              50           0.30


    Noninterest-bearing
     deposits                                    27,033                                              23,626

    Accrued expenses and
     other liabilities                            1,405                                                 967

    Total shareholders'
     equity                                       7,482                                               7,280
                                                  -----                                               -----

    Total liabilities and
     shareholders' equity                                $68,852                                                            $64,794
                                                         -------                                                            -------


    Net interest income/
     rate spread (FTE)                                                  $836                2.51                                               $828           2.64
                                                                        ----                                                                  ----


    FTE adjustment                                                        $2                                                              $2


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

    Net interest margin
     (as a percentage of
     average earning
     assets) (FTE) (a)                                                 2.65%                                                          2.78%
    --------------------                                                ----                                                          ----


    (a)              Accretion of the purchase
                     discount on the acquired loan
                     portfolio of $4 million and
                     $22 million in the six months
                     ended June 30, 2015 and 2014,
                     respectively, increased the
                     net interest margin by 1 basis
                     point and 7 basis points in
                     each respective period.

    (b)              Includes investment securities
                     available-for-sale and
                     investment securities held-
                     to-maturity.


    ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)

    Comerica Incorporated
     and Subsidiaries


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

                                                           June 30, 2015                          March 31, 2015                                        June 30, 2014
                                                         -------------                      --------------                                    -------------

                                               Average              Average      Average                    Average              Average               Average

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


    Commercial loans                                     $31,788                $244                  3.07%                                      $31,090                   $234           3.06%                       $29,890         $231 3.10%

    Real estate
     construction loans                           1,807                    16    3.51                               1,938                    16                   3.36              1,913          16             3.44

    Commercial mortgage
     loans                                        8,672                    73    3.38                               8,581                    73                   3.44              8,749          85             3.88

    Lease financing                                 795                     6    3.19                                 797                     6                   3.05                850           7             3.26

    International loans                           1,453                    13    3.68                               1,512                    14                   3.71              1,328          12             3.64

    Residential mortgage
     loans                                        1,877                    18    3.78                               1,856                    17                   3.76              1,773          17             3.82

    Consumer loans                                2,441                    20    3.25                               2,377                    19                   3.21              2,222          18             3.22
    --------------                                -----                   ---    ----                               -----                   ---                   ----              -----         ---             ----

    Total loans (a)                              48,833                   390    3.20                              48,151                   379                   3.19             46,725         386             3.31


    Mortgage-backed
     securities (b)                               9,057                    49    2.23                               9,071                    51                   2.26              8,996          53             2.35

    Other investment
     securities                                     879                     3    1.16                                 836                     2                   1.10                368           -            0.46
    ----------------                                ---                   ---    ----                                 ---                   ---                   ----                ---         ---            ----

    Total investment
     securities (b)                               9,936                    52    2.13                               9,907                    53                   2.16              9,364          53             2.28


    Interest-bearing
     deposits with banks                          5,110                     3    0.25                               5,323                     4                   0.26              3,949           3             0.25

    Other short-term
     investments                                    102                     -   0.42                                  99                     -                  1.11                110           -            0.61
    ----------------                                ---                   ---   ----                                 ---                   ---                  ----                ---         ---            ----

    Total earning assets                         63,981                   445    2.79                              63,480                   436                   2.78             60,148         442             2.95


    Cash and due from
     banks                                        1,041                                   1,027                                                      921

    Allowance for loan
     losses                                       (613)                                  (601)                                                   (602)

    Accrued income and
     other assets                                 4,554                                   4,829                                                    4,411
                                                  -----                                   -----                                                    -----

    Total assets                                         $68,963                                                $68,735                                                $64,878
                                                         -------                                                -------                                                -------


    Money market and
     interest-bearing
     checking deposits                                   $23,659              6             0.11                                       $23,960                      6        0.11                      $22,296                 6 0.10

    Savings deposits                              1,834                     -   0.02                               1,786                     -                  0.03              1,742           -            0.03

    Customer certificates
     of deposit                                   4,422                     4    0.37                               4,423                     4                   0.37              5,041           5             0.36

    Foreign office time
     deposits                                       118                     1    1.26                                 124                     1                   1.46                294           -            0.68
    -------------------                             ---                   ---    ----                                 ---                   ---                   ----                ---         ---            ----

    Total interest-
     bearing deposits                            30,033                    11    0.14                              30,293                    11                   0.15             29,373          11             0.15


    Short-term borrowings                            78                     -   0.04                                 110                     -                  0.06                210           -            0.03

    Medium- and long-
     term debt                                    2,661                    12    1.83                               2,686                    11                   1.73              2,998          14             1.77
    -----------------                             -----                   ---    ----                               -----                   ---                   ----              -----         ---             ----

    Total interest-
     bearing sources                             32,772                    23    0.28                              33,089                    22                   0.27             32,581          25             0.30


    Noninterest-bearing
     deposits                                    27,365                                  26,697                                                   24,011

    Accrued expenses and
     other liabilities                            1,314                                   1,496                                                      955

    Total shareholders'
     equity                                       7,512                                   7,453                                                    7,331
                                                  -----                                   -----                                                    -----

    Total liabilities and
     shareholders' equity                                $68,963                                                $68,735                                                $64,878
                                                         -------                                                -------                                                -------


    Net interest income/
     rate spread (FTE)                                                  $422    2.51                                                     $414                   2.51                                    $417              2.65
                                                                        ----                                                            ----                                                        ----


    FTE adjustment                                                        $1                                                  $1                                                   $1


    Impact of net
     noninterest-bearing
     sources of funds                                                   0.14                                                0.13                                          0.13
    --------------------                                                ----                                              ----                                          ----

    Net interest margin
     (as a percentage of
     average earning
     assets) (FTE) (a)                                                 2.65%                                              2.64%                                        2.78%
    --------------------                                                ----                                              ----                                          ----


    (a)              Accretion of the purchase
                     discount on the acquired loan
                     portfolio of $2 million, $2
                     million and $10 million in the
                     second quarter 2015, the first
                     quarter 2015 and the second
                     quarter 2014, respectively,
                     increased the net interest
                     margin by 1 basis point, 2
                     basis points and 7 basis
                     points in each respective
                     period.

    (b)              Includes investment securities
                     available-for-sale and
                     investment securities held-
                     to-maturity.


    CONSOLIDATED STATISTICAL DATA (unaudited)

    Comerica Incorporated and
     Subsidiaries


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

    (in millions, except per
     share data)                                   2015       2015           2014             2014        2014
    ------------------------                       ----       ----           ----             ----        ----


    Commercial loans:

    Floor plan                                             $3,840                                    $3,544               $3,790             $3,183  $3,576

    Other                                        28,883                   28,547                      27,730      27,576             27,410
    -----                                        ------                   ------                      ------      ------             ------

    Total commercial loans                       32,723                   32,091                      31,520      30,759             30,986

    Real estate construction
     loans                                        1,795                    1,917                       1,955       1,992              1,939

    Commercial mortgage loans                     8,674                    8,558                       8,604       8,603              8,747

    Lease financing                                 786                      792                         805         805                822

    International loans                           1,420                    1,433                       1,496       1,429              1,352

    Residential mortgage
     loans                                        1,865                    1,859                       1,831       1,797              1,775

    Consumer loans:

    Home equity                                   1,682                    1,678                       1,658       1,634              1,574

    Other consumer                                  796                      744                         724         689                687
    --------------                                  ---                      ---                         ---         ---                ---

    Total consumer loans                          2,478                    2,422                       2,382       2,323              2,261
    --------------------                          -----                    -----                       -----       -----              -----

    Total loans                                           $49,741                                   $49,072              $48,593            $47,708 $47,882
    -----------                                           -------                                   -------              -------            ------- -------


    Goodwill                                                 $635                                      $635                 $635               $635    $635

    Core deposit intangible                          11                       12                          13          14                 14

    Other intangibles                                 4                        3                           2           1                  1


    Common equity tier 1
     capital (a) (b)                              7,280                    7,230                         n/a        n/a               n/a

    Tier 1 common capital (c)                       n/a                     n/a                      7,169       7,105              7,027

    Risk-weighted assets (a)
     (b)                                         69,145                   69,514                      68,273      67,106             66,911


    Common equity tier 1
     risk-based capital
     ratio (a) (b)                               10.53%                  10.40%                        n/a        n/a               n/a

    Tier 1 common risk-based
     capital ratio (c)                              n/a                     n/a                     10.50%     10.59%            10.50%

    Tier 1 risk-based
     capital ratio (a) (b)                        10.53                    10.40                       10.50       10.59              10.50

    Total risk-based capital
     ratio (a) (b)                                12.53                    12.35                       12.51       12.83              12.52

    Leverage ratio (a) (b)                        10.57                    10.53                       10.35       10.79              10.93

    Tangible common equity
     ratio (c)                                     9.92                     9.97                        9.85        9.94              10.39


    Common shareholders'
     equity per share of
     common stock                                          $42.18                                    $42.12               $41.35             $41.26  $40.72

    Tangible common equity
     per share of common
     stock (c)                                    38.53                    38.47                       37.72       37.65              37.12

    Market value per share
     for the quarter:

    High                                          53.45                    47.94                       50.14       52.72              52.60

    Low                                           44.38                    40.09                       42.73       48.33              45.34

    Close                                         51.32                    45.13                       46.84       49.86              50.16


    Quarterly ratios:

    Return on average common
     shareholders' equity                         7.21%                   7.20%                      7.96%      8.29%             8.27%

    Return on average assets                       0.79                     0.78                        0.86        0.93               0.93

    Efficiency ratio (d)                          63.68                    68.50                       65.26       62.87              63.35


    Number of banking centers                       477                      482                         481         481                481


    Number of employees -
     full time equivalent                         8,901                    8,831                       8,876       8,913              8,901
    ---------------------                         -----                    -----                       -----       -----              -----


                      (a)     Basel III
                              rules became
                              effective
                              January 1,
                              2015, with
                              transitional
                              provisions.
                              All prior
                              period data
                              is based on
                              Basel I
                              rules.

    (b)                       June 30, 2015 amounts and ratios
                              are estimated.

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

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

    n/a - not applicable.


    PARENT COMPANY ONLY BALANCE SHEETS (unaudited)

    Comerica
     Incorporated


                                                  June 30,   December 31,  June 30,

    (in
     millions,
     except
     share
     data)                                              2015          2014        2014
    ----------                                          ----          ----        ----


    ASSETS

    Cash and
     due from
     subsidiary
     bank                                                              $7              $        -     $5

    Short-
     term
     investments
     with
     subsidiary
     bank                                                861                    1,133          796

    Other
     short-
     term
     investments                                          94                       94           96

    Investment
     in
     subsidiaries,
     principally
     banks                                             7,500                    7,411        7,369

    Premises
     and
     equipment                                             2                        2            2

    Other
     assets                                              122                      138          217
    -------                                              ---                      ---          ---

      Total
       assets                                                      $8,586                  $8,778  $8,485
      -------                                                      ------                  ------  ------


     LIABILITIES
     AND
     SHAREHOLDERS'
     EQUITY

    Medium-
     and long-
     term debt                                                       $903                  $1,208    $958

    Other
     liabilities                                         160                      168          158
    ------------                                         ---                      ---          ---

      Total
       liabilities                                     1,063                    1,376        1,116


    Common
     stock -
     $5 par
     value:

    Authorized
     -
     325,000,000
     shares

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

    Capital
     surplus                                           2,158                    2,188        2,175

     Accumulated
     other
     comprehensive
     loss                                              (396)                   (412)       (304)

    Retained
     earnings                                          6,908                    6,744        6,520

    Less cost
     of common                                    and
     stock in                                     47,194,492
     treasury                                     shares at
     -                                            6/30/14
     49,803,515
     shares at
     6/30/15,
     49,146,225
     shares at
     12/31/14                                        (2,288)                 (2,259)     (2,163)
    -----------                                       ------                   ------       ------

      Total
       shareholders'
       equity                                          7,523                    7,402        7,369
      --------------                                   -----                    -----        -----

      Total
       liabilities
       and
       shareholders'
       equity                                                      $8,586                  $8,778  $8,485
      --------------                                               ------                  ------  ------


    CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                                       Accumulated

                                                  Common Stock                           Other                                    Total
                                                  ------------

                                               Shares                    Capital   Comprehensive      Retained  Treasury   Shareholders'

    (in millions, except
     per share data)                        Outstanding     Amount       Surplus        Loss          Earnings   Stock         Equity
    --------------------                    -----------     ------       -------        ----          --------   -----         ------


    BALANCE AT DECEMBER
     31, 2013                                     182.3                              $1,141                           $2,179                      $(391)             $6,318        $(2,097)  $7,150

    Net income                                                   -                     -                      -                        -        290              -             290

    Other comprehensive
     income, net of tax                                          -                     -                      -                       87           -             -              87

    Cash dividends
     declared on common
     stock ($0.39 per
     share)                                                      -                     -                      -                        -       (71)             -            (71)

    Purchase of common
     stock                                        (3.0)                         -                  -                     -                  -            (141)     (141)

    Net issuance of
     common stock under
     employee stock plans                           1.6                          -               (25)                     -               (17)               74         32

    Share-based
     compensation                                                -                     -                     22                         -          -             -              22

    Other                                                        -                     -                    (1)                        -          -             1                -

    BALANCE AT JUNE 30,
     2014                                         180.9                              $1,141                           $2,175                      $(304)             $6,520        $(2,163)  $7,369
    -------------------                           -----                              ------                           ------                       -----              ------         -------   ------


    BALANCE AT DECEMBER
     31, 2014                                     179.0                              $1,141                           $2,188                      $(412)             $6,744        $(2,259)  $7,402

    Net income                                                   -                     -                      -                        -        269              -             269

    Other comprehensive
     income, net of tax                                          -                     -                      -                       16           -             -              16

    Cash dividends
     declared on common
     stock ($0.41 per
     share)                                                      -                     -                      -                        -       (73)             -            (73)

    Purchase of common
     stock                                        (2.5)                         -                  -                     -                  -            (115)     (115)

    Purchase and
     retirement of
     warrants                                                    -                     -                   (10)                        -          -             -            (10)

    Net issuance of
     common stock under
     employee stock plans                           0.9                          -               (23)                     -               (10)               43         10

    Net issuance of
     common stock for
     warrants                                       1.0                          -               (21)                     -               (22)               43          -

    Share-based
     compensation                                                -                     -                     24                         -          -             -              24

    BALANCE AT JUNE 30,
     2015                                         178.4                              $1,141                           $2,158                      $(396)             $6,908        $(2,288)  $7,523
    -------------------                           -----                              ------                           ------                       -----              ------         -------   ------


    BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)

    Comerica
     Incorporated and
     Subsidiaries



    (dollar amounts
     in millions)                        Business          Retail          Wealth

    Three Months
     Ended June 30,
     2015                                  Bank             Bank         Management         Finance    Other         Total
    ---------------                        ----             ----         ----------         -------    -----         -----

    Earnings summary:

    Net interest
     income (expense)
     (FTE)                                            $375                             $155                     $45                 $(155)                   $2         $422

    Provision for
     credit losses                              61                   (8)                          (9)            -            3                 47

    Noninterest
     income                                    140                    46                            60            14             1                261

    Noninterest
     expenses                                  176                   182                            74             3             1                436

    Provision
     (benefit) for
     income taxes
     (FTE)                                      96                     9                            14          (54)            -                65
                                               ---                   ---                           ---           ---           ---

    Net income (loss)                                 $182                              $18                     $26                  $(90)                 $(1)        $135
                                                      ----                              ---                     ---                   ----                   ---         ----

    Net loan charge-
     offs
     (recoveries)                                      $22                               $1                    $(5)            $        -              $     -         $18


    Selected average
     balances:

    Assets                                         $39,135                           $6,459                  $5,153                $11,721                $6,495      $68,963

    Loans                                   38,109                 5,770                         4,954             -            -            48,833

    Deposits                                30,229                22,747                         4,060            93           269             57,398


    Statistical data:

    Return on average
     assets (a)                              1.87%                0.30%                        2.01%          N/M          N/M             0.79%

    Efficiency ratio
     (b)                                     34.19                 89.88                         70.27           N/M          N/M             63.68
                                             -----                 -----                         -----           ---          ---             -----


                                         Business          Retail          Wealth

    Three Months
     Ended March 31,
     2015                                  Bank             Bank         Management         Finance    Other         Total
    ----------------                       ----             ----         ----------         -------    -----         -----

    Earnings summary:

    Net interest
     income (expense)
     (FTE)                                            $370                             $151                     $43                 $(152)                   $2         $414

    Provision for
     credit losses                              25                   (8)                          (1)            -          (2)                14

    Noninterest
     income                                    142                    42                            58            12             1                255

    Noninterest
     expenses                                  200                   175                            77             2             5                459

    Provision
     (benefit) for
     income taxes
     (FTE)                                      98                     9                             9          (53)          (1)                62
                                               ---                   ---                           ---           ---           ---

    Net income (loss)                                 $189                              $17                     $16                  $(89)                   $1         $134
                                                      ----                              ---                     ---                   ----                   ---         ----

    Net loan charge-
     offs
     (recoveries)                                       $9                         $      -                   $(1)            $        -              $     -          $8


    Selected average
     balances:

    Assets                                         $38,654                           $6,368                  $5,029                $12,137                $6,547      $68,735

    Loans                                   37,623                 5,694                         4,834             -            -            48,151

    Deposits                                30,143                22,404                         3,996           170           277             56,990


    Statistical data:

    Return on average
     assets (a)                              1.95%                0.30%                        1.29%          N/M          N/M             0.78%

    Efficiency ratio
     (b)                                     39.20                 90.57                         74.58           N/M          N/M             68.55
    ----------------                         -----                 -----                         -----           ---          ---             -----


                                         Business          Retail          Wealth

    Three Months
     Ended June 30,
     2014                                  Bank             Bank         Management         Finance    Other         Total
    ---------------                        ----             ----         ----------         -------    -----         -----

    Earnings summary:

    Net interest
     income (expense)
     (FTE)                                            $375                             $152                     $44                 $(160)              6        $417

    Provision for
     credit losses                              35                   (6)                         (10)            -          (8)                11

    Noninterest
     income                                    100                    41                            62            15             2                220

    Noninterest
     expenses                                  143                   174                            76             2             9                404

    Provision
     (benefit) for
     income taxes
     (FTE)                                     100                     9                            15          (56)            3                 71
                                               ---                   ---                           ---           ---           ---                ---

    Net income (loss)                                 $197                              $16                     $25                  $(91)                   $4         $151
                                                      ----                              ---                     ---                   ----                   ---         ----

    Net loan charge-
     offs
     (recoveries)                                       $9                               $3                    $(3)            $        -              $     -          $9


    Selected average
     balances:

    Assets                                         $37,305                           $6,222                  $4,987                $11,055                $5,309      $64,878

    Loans                                   36,367                 5,554                         4,804             -            -            46,725

    Deposits                                27,351                21,890                         3,616           258           269             53,384


    Statistical data:

    Return on average
     assets (a)                              2.11%                0.29%                        2.02%          N/M          N/M             0.93%

    Efficiency ratio
     (b)                                     30.07                 90.06                         72.11           N/M          N/M             63.35
    ----------------                         -----                 -----                         -----           ---          ---             -----


    (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 June 30,
     2015                              Michigan          California        Texas         Markets    & Other          Total
    ---------------                    --------          ----------        -----         -------    -------          -----

    Earnings
     summary:

    Net interest
     income
     (expense)
     (FTE)                                          $179                            $181                       $130                   $85                $(153)   $422

    Provision for
     credit losses                          (13)                        4                       43               10             3                47

    Noninterest
     income                                   85                        37                       31               93            15               261

    Noninterest
     expenses                                128                       100                       94              110             4               436

    Provision
     (benefit) for
     income taxes
     (FTE)                                    51                        43                       10               15          (54)               65
                                             ---                       ---                      ---              ---           ---               ---

    Net income
     (loss)                                          $98                             $71                        $14                   $43                 $(91)   $135
                                                     ---                             ---                        ---                   ---                  ----    ----

    Net loan
     charge-offs
     (recoveries)                                   $(2)                             $6                         $5                    $9             $       -    $18


    Selected
     average
     balances:

    Assets                                       $13,852                         $16,696                    $11,878                $8,321               $18,216 $68,963

    Loans                                 13,290                    16,429                   11,254            7,860             -           48,833

    Deposits                              21,706                    17,275                   10,959            7,096           362            57,398


    Statistical
     data:

    Return on
     average assets
     (a)                                   1.73%                    1.54%                   0.46%           2.05%          N/M            0.79%

    Efficiency
     ratio (b)                             48.21                     46.04                    58.20            61.45           N/M            63.68
    ----------                             -----                     -----                    -----            -----           ---            -----


                                                                                          Other     Finance

    Three Months
     Ended March
     31, 2015                          Michigan          California        Texas         Markets    & Other          Total
    ------------                       --------          ----------        -----         -------    -------          -----

    Earnings
     summary:

    Net interest
     income
     (expense)
     (FTE)                                          $177                            $176                       $131                   $80                $(150)   $414

    Provision for
     credit losses                           (8)                      (3)                      21                6           (2)               14

    Noninterest
     income                                   80                        37                       36               89            13               255

    Noninterest
     expenses                                154                        99                       96              103             7               459

    Provision
     (benefit) for
     income taxes
     (FTE)                                    38                        44                       18               16          (54)               62
                                             ---                       ---                      ---              ---           ---               ---

    Net income
     (loss)                                          $73                             $73                        $32                   $44                 $(88)   $134
                                                     ---                             ---                        ---                   ---                  ----    ----

    Net loan
     charge-offs                                      $3                              $1                         $3                    $1             $       -     $8


    Selected
     average
     balances:

    Assets                                       $13,736                         $16,461                    $12,192                $7,662               $18,684 $68,735

    Loans                                 13,223                    16,193                   11,535            7,200             -           48,151

    Deposits                              21,710                    16,837                   11,010            6,986           447            56,990


    Statistical
     data:

    Return on
     average assets
     (a)                                   1.30%                    1.63%                   1.01%           2.26%          N/M            0.78%

    Efficiency
     ratio (b)                             60.23                     46.36                    57.43            61.45           N/M            68.55
    ----------                             -----                     -----                    -----            -----           ---            -----


                                                                                          Other     Finance

    Three Months
     Ended June 30,
     2014                              Michigan          California        Texas         Markets    & Other          Total
    ---------------                    --------          ----------        -----         -------    -------          -----

    Earnings
     summary:

    Net interest
     income
     (expense)
     (FTE)                                          $182                            $176                       $137                   $76                $(154)   $417

    Provision for
     credit losses                           (9)                       14                       22              (8)          (8)               11

    Noninterest
     income                                   89                        38                       35               41            17               220

    Noninterest
     expenses                                159                       100                       89               45            11               404

    Provision
     (benefit) for
     income taxes
     (FTE)                                    44                        37                       22               21          (53)               71
                                             ---                       ---                      ---              ---           ---               ---

    Net income
     (loss)                                          $77                             $63                        $39                   $59                 $(87)   $151
                                                     ---                             ---                        ---                   ---                  ----    ----

    Net loan
     charge-offs
     (recoveries)                                    $10                              $5                         $2                  $(8)            $       -     $9


    Selected
     average
     balances:

    Assets                                       $13,851                         $15,721                    $11,661                $7,281               $16,364 $64,878

    Loans                                 13,482                    15,439                   10,966            6,838             -           46,725

    Deposits                              20,694                    15,370                   10,724            6,069           527            53,384


    Statistical
     data:

    Return on
     average assets
     (a)                                   1.42%                    1.54%                   1.30%           3.28%          N/M            0.93%

    Efficiency
     ratio (b)                             58.67                     46.64                    51.67            38.73           N/M            63.35
    ----------                             -----                     -----                    -----            -----           ---            -----


    (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


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

    (dollar amounts in
     millions)                               2015         2015           2014             2014        2014
    ------------------                       ----         ----           ----             ----        ----


    Tier 1 Common
     Capital Ratio:

    Tier 1 and Tier 1
     common capital
     (a)                                 n/a                   n/a                                         $7,169                    $7,105            $7,027


    Risk-weighted
     assets (a)                          n/a                   n/a                              68,269             67,102             66,909
    -------------                        ---                   ---                              ------             ------             ------


    Tier 1 and Tier 1
     common risk-
     based capital
     ratio                               n/a                   n/a                              10.50%            10.59%            10.50%
    -----------------                    ---                   ---                               -----              -----              -----


    Tangible Common
     Equity Ratio:

    Common
     shareholders'
     equity                                            $7,523                                    $7,500                      $7,402             $7,433         $7,369

    Less:

    Goodwill                                  635                        635                         635                635                635

    Other intangible
     assets                                    15                         15                          15                 15                 15
                                              ---                        ---                         ---                ---                ---

    Tangible common
     equity                                            $6,873                                    $6,850                      $6,752             $6,783         $6,719
    ---------------                                    ------                                    ------                      ------             ------         ------


    Total assets                                      $69,945                                   $69,333                     $69,186            $68,883        $65,323

    Less:

    Goodwill                                  635                        635                         635                635                635

    Other intangible
     assets                                    15                         15                          15                 15                 15
                                              ---                        ---                         ---                ---                ---

    Tangible assets                                   $69,295                                   $68,683                     $68,536            $68,233        $64,673
    ---------------                                   -------                                   -------                     -------            -------        -------


    Common equity
     ratio                                 10.76%                    10.82%                     10.70%            10.79%            11.28%

    Tangible common
     equity ratio                            9.92                       9.97                        9.85               9.94              10.39
    ---------------                          ----                       ----                        ----               ----              -----


    Tangible Common
     Equity per Share
     of Common Stock:

    Common
     shareholders'
     equity                                            $7,523                                    $7,500                      $7,402             $7,433         $7,369

    Tangible common
     equity                                 6,873                      6,850                       6,752              6,783              6,719
    ---------------                         -----                      -----                       -----              -----              -----


    Shares of common
     stock outstanding
     (in millions)                            178                        178                         179                180                181
    ------------------                        ---                        ---                         ---                ---                ---


    Common
     shareholders'
     equity per share
     of common stock                                   $42.18                                    $42.12                      $41.35             $41.26         $40.72

    Tangible common
     equity per share
     of common stock                        38.53                      38.47                       37.72              37.65              37.12
    -----------------                       -----                      -----                       -----              -----              -----


                    Tier 1 capital and risk-
                     weighted assets as
                     defined by Basel I
                     risk-based capital
    (a)              rules.

    n/a - not applicable.

The Tier 1 common capital ratio removes preferred stock and qualifying trust preferred securities from Tier 1 capital as defined by and calculated in conformity with Basel I risk-based capital rules in effect through December 31, 2014. Effective January 1, 2015, regulatory capital components and risk-weighted assets are defined by and calculated in conformity with Basel III risk-based capital rules. The tangible common equity ratio removes preferred stock and the effect of intangible assets from capital and the effect of intangible assets from total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders equity per share of common stock. Comerica believes these measurements are meaningful measures of capital adequacy used by investors, regulators, management and others to evaluate the adequacy of common equity and to compare against other companies in the industry.

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SOURCE Comerica Incorporated

For further information: Media Contact: Wayne J. Mielke, (214) 462-4463; Investor Contacts: Darlene P. Persons, (214) 462-6831, Chelsea R. Smith, (214) 462-6834
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