Financial News

Comerica Reports First Quarter 2016 Net Income Of $60 Million, Or 34 Cents Per Share
Net Interest Income Increased $14 Million, or 3 Percent, Compared to Fourth Quarter 2015 and $34 Million, or 8 Percent, Compared to First Quarter 2015
Increased Provision for Loan Losses Reflected Reserve Build for Energy Loans
Comprehensive Revenue and Expense Initiative Expected to Drive Increased Efficiency
PR Newswire

DALLAS, April 19, 2016 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today reported first quarter 2016 net income of $60 million, compared to $116 million for the fourth quarter 2015 and $134 million for the first quarter 2015. Earnings per diluted share were 34 cents for first quarter 2016 compared to 64 cents for fourth quarter 2015 and 73 cents for first quarter 2015.

http://photos.prnewswire.com/prnvar/20010807/CMALOGO

"Our first quarter results were impacted by the current oil and gas cycle, as we significantly increased our reserve for loan losses," said Ralph W. Babb, Jr., chairman and chief executive officer. "We continue to be prudent in our reserving approach. While this approach resulted in a higher provision this quarter, our fundamental view of the energy sector has not changed significantly. Additionally, during the quarter we benefited from the December short-term rate increase, with loan yields increasing and helping to drive a $14 million increase in net interest income."





     (dollar
     amounts
     in
     millions,
     except
     per
     share
     data)                                1st Qtr '16       4th Qtr '15 1st Qtr '15
     ---------                            -----------       ----------- -----------

     Net
     interest
     income                                         $447                            $433          $413

     Provision
     for
     credit
     losses                                 148                                  60            14

     Noninterest
     income                                 246                                 268           252

     Noninterest
     expenses                               460                                 484           456

     Provision
     for
     income
     taxes                                   25                                  41            61


     Net
     income                                  60                                 116           134


     Net
     income
     attributable
     to
     common
     shares                                  59                                 115           132


     Diluted
     income
     per
     common
     share                                 0.34                                0.64          0.73


     Average
     diluted
     shares
     (in
     millions)                              176                                 179           182


     Common
     equity
     Tier
     1
     capital
     ratio
     (a)                                 10.56%                             10.54%       10.40%

     Tangible
     common
     equity
     ratio
     (b)                                  10.23                                9.70          9.97
     --------                             -----                                ----          ----

    (a)     March 31, 2016 ratio is estimated.

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

Comerica also announced today that it launched a comprehensive review of its expense and revenue base in order to meaningfully enhance profitability. The review is currently underway and will include the assistance of the Boston Consulting Group, a globally recognized consulting firm familiar with the challenges facing the U.S. banking industry. Given the breadth of the review, Comerica expects to provide more information around the opportunities identified by the next quarterly earnings announcement and deliver to shareholders, as soon as practical, a broad, enterprise-wide plan, designed to help reach tangible targets.

"We operate Comerica for the ultimate benefit of our shareholders, and all of our actions will be directed to maximize value, while not compromising our commitment to our clients, culture, regulatory standing, responsible underwriting and strong risk management," said Babb. "We have been undertaking a process through which we are identifying meaningful opportunities to enhance revenue, operate more efficiently and lower expenses, with the goal of building a more profitable organization that is better able to drive enhanced long-term value for shareholders. We are going to pursue our cost and revenue initiative with the urgency it deserves and continue to utilize our strengths and competitive position to improve our results."

First Quarter 2016 Compared to Fourth Quarter 2015

    --  Average total loans decreased $156 million to $48.4 billion, primarily
        reflecting decreases in general Middle Market, Energy and Mortgage
        Banker Finance, partially offset by an increase in Commercial Real
        Estate. Period-end total loans increased $293 million, to $49.4 billion.
    --  Average total deposits decreased $3.0 billion to $56.7 billion,
        reflecting seasonality, purposeful pricing discipline and strategic
        actions in light of new liquidity coverage ratio rules, with the largest
        declines in Corporate Banking, the Financial Services Division and
        Municipalities. Period-end total deposits decreased $3.5 billion to
        $56.4 billion. A majority of the decrease related to an elevated deposit
        level associated with the government card program at year-end.
    --  Net interest income increased $14 million to $447 million, primarily
        reflecting an increase in loan yields, mostly due to increases in
        short-term rates, and a larger average securities portfolio, partially
        offset by one fewer day in the first quarter. The net interest margin
        increased 23 basis points to 2.81 percent, primarily reflecting higher
        loan yields and a decrease in Federal Reserve Bank deposits.
    --  The provision for credit losses increased $88 million to $148 million.
        The allowance for loan losses increased $90 million to $724 million,
        primarily due to an increase in reserves in the Energy business line,
        partially offset by improvements in credit quality. Net credit-related
        charge-offs were $58 million, or 0.49 percent, including $42 million for
        Energy loans.
    --  Noninterest income decreased $22 million to $246 million, primarily due
        to decreases of $10 million in commercial lending fees, following a
        strong fourth quarter 2015, and $7 million in deferred compensation
        asset returns.
    --  Noninterest expenses decreased $24 million to $460 million, primarily
        reflecting a decrease of $14 million in salaries and benefits expense
        and smaller decreases in many other categories.
    --  Capital remained solid at March 31, 2016, as evidenced by an estimated
        common equity Tier 1 capital ratio of 10.56 percent and a tangible
        common equity ratio of 10.23 percent.
    --  Comerica repurchased approximately 1.2 million shares of common stock
        under the equity repurchase program.

First Quarter 2016 Compared to First Quarter 2015

    --  Average total loans increased $241 million, primarily reflecting
        increases in Commercial Real Estate, Technology and Life Sciences,
        National Dealer Services and Mortgage Banker Finance, partially offset
        by decreases in general Middle Market, Energy and Corporate Banking.
    --  Average total deposits decreased $282 million, primarily driven by a
        decrease in Municipalities.
    --  Net interest income increased $34 million, primarily reflecting the
        benefits from higher loan yields, a larger average securities portfolio
        and an increase in average loans.
    --  The provision for credit losses increased $134 million, primarily due to
        an increase in reserves in the Energy business line.
    --  Noninterest income decreased $6 million, primarily reflecting decreases
        in deferred compensation asset returns and commercial lending fees,
        partially offset by an increase in card fees.
    --  Noninterest expenses increased $4 million, primarily due to an increase
        in technology-related expense and higher outside processing expenses
        related to revenue generating activities, partially offset by a decrease
        in deferred compensation plan expense.

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


    (dollar amounts in
     millions)          1st Qtr '16         4th Qtr '15        1st Qtr '15
    ------------------  -----------         -----------        -----------

    Net interest
     income                            $447                                   $433            $413


    Net interest
     margin                   2.81%                     2.58%                      2.64%


    Selected average
     balances:

    Total earning
     assets                         $64,123                                $66,818         $63,480

    Total loans              48,392                     48,548                      48,151

    Total investment
     securities              12,357                     10,864                       9,907

    Federal Reserve
     Bank deposits            3,071                      7,073                       5,176



    Total deposits           56,708                     59,736                      56,990

    Total noninterest-
     bearing deposits        28,052                     29,627                      26,697
    ------------------       ------                     ------                      ------

    --  Net interest income increased $14 million to $447 million in the first
        quarter 2016, compared to the fourth quarter 2015.
        --  Interest on loans increased $11 million, primarily reflecting an
            increase in yields (+$19 million), partially offset by the effect of
            one fewer day in the first quarter (-$4 million) and lower interest
            recognized on nonaccrual loans (-$3 million). The increase in loan
            yields primarily reflected the benefit from the increase in
            short-term rates, partially offset by lower loan prepayment fees and
            other portfolio dynamics.
        --  Interest on investment securities increased $6 million, primarily
            reflecting the reinvestment of Federal Reserve Bank deposits into
            higher yielding Treasury securities in the second half of the fourth
            quarter 2015.
        --  Interest on temporary investments decreased $2 million, reflecting a
            decrease in average Federal Reserve Bank deposit balances (-$5
            million), partially offset by a benefit from the increase in
            short-term rates (+$3 million).
    --  The net interest margin of 2.81 percent increased 23 basis points
        compared to the fourth quarter 2015, primarily due to higher loan yields
        (+12 basis points) and the impact of a decrease in lower-yielding
        Federal Reserve Bank deposit balances (+13 basis points), partially
        offset by the decrease in interest recognized on nonaccrual loans (-2
        basis points).

Noninterest Income

Noninterest income decreased $22 million to $246 million in the first quarter 2016, compared to $268 million for the fourth quarter 2015. The decrease primarily reflected decreases of $10 million in commercial lending fees, $7 million in deferred compensation asset returns and other impacts including lower bank-owned life insurance income and securities activity. The decrease in commercial lending fees reflected strong fourth quarter 2015 syndication agent fees as well as a decrease in commitment fees, which resulted from a combination of higher utilization levels and lower commitment totals in the first quarter 2016. Deferred compensation asset returns are offset by deferred compensation plan expense in noninterest expenses.

Noninterest Expenses

Noninterest expenses decreased $24 million to $460 million in the first quarter 2016, compared to $484 million for the fourth quarter 2015, primarily reflecting decreases of $14 million in salaries and benefits expense and decreases of $3 million each in consulting fee expense, advertising expense and net occupancy expense. The decrease in salaries and benefits expense primarily reflected decreases in pension expense, deferred compensation plan expense, technology-related contract labor expenses, and the impact of one fewer day in the quarter, partially offset by a seasonal increase in share-based compensation expense.

Credit Quality

"The provision for credit losses was $148 million and the allowance increased $90 million," said Babb. "The provision reflected the high end of the range in our 2016 guidance for the incremental impact of energy loans, adjusted upward for revised regulatory guidance, and includes the results of the Shared National Credit (SNC) exam. At March 31, 2016, our reserve allocation for loans in the Energy business line was nearly 8 percent. While the current oil and gas cycle presents a significant challenge, we believe we are adequately reserved. And remember, those reserves may not turn into losses. Aside from the provision for Energy loans, overall credit quality continued to be solid, and we are not detecting any noteworthy deterioration in Texas. Total net credit-related charge-offs were $58 million, or 49 basis points of average loans. Excluding Energy, net credit-related charge-offs for the remainder of the portfolio were low at $16 million, or 15 basis points."





    (dollar amounts in millions)                             1st Qtr '16           4th Qtr '15             1st Qtr '15
    ---------------------------                              -----------           -----------             -----------

    Credit-related charge-offs                                               $83                                   $76          $23

    Recoveries                                                        25                                25                   15
                                                                     ---                               ---                  ---

    Net credit-related charge-offs                                    58                                51                 8

    Net credit-related charge-offs/
     Average total loans                                           0.49%                            0.42%              0.07%


    Provision for credit losses                                             $148                                   $60          $14


    Nonperforming loans                                              689                               379               279

    Nonperforming assets (NPAs)                                      714                               391               288

    NPAs/Total loans and foreclosed
     property                                                      1.45%                            0.80%              0.59%


    Loans past due 90 days or more and
     still accruing                                                          $13                                   $17          $12


    Allowance for loan losses                                        724                               634               601

    Allowance for credit losses on
     lending-related commitments (a)                                  46                                45                  39
                                                                     ---                               ---               ---

    Total allowance for credit losses                                770                               679               640


    Allowance for loan losses/Period-end
     total loans                                                   1.47%                            1.29%              1.22%

    Allowance for loan losses/
     Nonperforming loans                                             105                               167                 216
    --------------------------                                       ---                               ---               ---

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

    --  Energy business line loans were $3.1 billion at both March 31, 2016 and
        December 31, 2015. Criticized Energy loans increased $590 million, to
        $1.8 billion, including a $291 million increase in nonaccrual loans.
        Energy net charge-offs were $42 million, compared to $27 million in the
        fourth quarter 2015.
    --  Net credit-related charge-offs increased $7 million to $58 million, or
        0.49 percent of average loans, in the first quarter 2016, compared to
        $51 million, or 0.42 percent, in the fourth quarter 2015. Fourth quarter
        2015 included a large charge-off resulting from irregularities
        associated with a single Small Business credit.
    --  During the first quarter 2016, $446 million of borrower relationships
        over $2 million were transferred to nonaccrual status.
    --  Criticized loans increased $735 million to $3.9 billion at March 31,
        2016, compared to $3.2 billion at December 31, 2015.

Balance Sheet and Capital Management

Total assets and common shareholders' equity were $69.0 billion and $7.6 billion, respectively, at March 31, 2016, compared to $71.9 billion and $7.6 billion, respectively, at December 31, 2015.

There were approximately 175 million common shares outstanding at March 31, 2016. Repurchases under the equity repurchase program were $42 million (1.2 million shares). Diluted average shares decreased 3 million to 176 million for the first quarter 2016.

The estimated common equity Tier 1 capital ratio, reflective of transition provisions and excluding accumulated other comprehensive income ("AOCI"), was 10.56 percent at March 31, 2016. Certain deductions and adjustments to regulatory capital began phasing in on January 1, 2015 and will be fully implemented on January 1, 2018. The estimated ratio under fully phased-in Basel III capital rules is largely the same as the transitional ratio. Comerica's tangible common equity ratio was 10.23 percent at March 31, 2016, an increase of 53 basis points from December 31, 2015.

Full-Year 2016 Outlook

Excluding the first quarter energy impact on the provision for credit losses, management expectations for full-year 2016 compared to full-year 2015, assuming the energy outlook remains stable, as well as a continuation of the current economic and low-rate environment, have not changed materially. The outlook does not reflect the impact of any revenue or expense initiatives that may be undertaken as a result of the ongoing comprehensive review. Management expects such impact to be reflected in the outlook provided on the second quarter 2016 earnings call.

    --  Average loans modestly higher, in line with Gross Domestic Product
        growth, reflecting a continued decline in Energy more than offset by
        increases in most other lines of business.
    --  Net interest income higher, reflecting the benefits from the December
        2015 short-term rate increase, loan growth and a larger securities
        portfolio more than offsetting higher funding costs.
        --  Full-year benefit from the December rise in short-term rates
            expected to be more than $90 million if deposit prices remain at
            current levels.
    --  Provision for credit losses higher, reflecting the first quarter 2016
        reserve build for Energy, with net charge-offs for the remainder of the
        year between 45 basis points and 55 basis points. Additional reserve
        changes dependent on developments in the oil and gas sector. Continued
        solid credit quality in the remainder of the portfolio, with metrics,
        absent Energy, better than historical norms.
    --  Noninterest income modestly higher, primarily due to growth in card fees
        from merchant processing services and government card. Continued focus
        on cross-sell opportunities, including wealth management products such
        as fiduciary and brokerage services.
    --  Noninterest expenses higher, reflecting continued increases in
        technology costs and regulatory expenses, increased outside processing
        in line with growing revenue, higher FDIC insurance expense in part due
        to regulatory surcharge, and typical inflationary pressures.
        Additionally, 2015 benefited from a $33 million legal reserve release,
        which is offset by lower pension expense in 2016.
    --  Income tax expense to approximate 32 percent of pre-tax income.

Business Segments

Comerica's operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at March 31, 2016 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses first quarter 2016 results compared to fourth quarter 2015.

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




    (dollar amounts in
     millions)         1st Qtr '16       4th Qtr '15            1st Qtr '15
    ------------------ -----------       -----------            -----------

    Business Bank                  $95               74%                         $200          91%                   $189 85%

    Retail Bank                 12        9                      (1)               (1)              17           8

    Wealth Management           22       17                       21                 10               16           7
    -----------------          ---      ---                      ---                ---              ---         ---

                               129     100%                     220               100%             222        100%

    Finance                   (68)                       (102)                          (89)

    Other (a)                  (1)                         (2)                             1
    --------                   ---                          ---                            ---

         Total                     $60                                      $116                         $134
         -----                     ---                                      ----                         ----

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


    Business Bank


    (dollar amounts in millions)   1st Qtr       4th Qtr       1st Qtr
                                      '16          '15           '15
    ---------------------------     -------      -------       -------

    Net interest income (FTE)               $365          $387           $370

    Provision for credit losses         151            41             25

    Noninterest income                  135           145            140

    Noninterest expenses                207           206            198

    Net income                           95           200            189


    Net credit-related charge-offs       57            35              9


    Selected average balances:

    Assets                           38,635        38,765         38,654

    Loans                            37,561        37,682         37,623

    Deposits                         29,108        31,738         30,143
    --------                         ------        ------         ------

    --  Average loans decreased $121 million, primarily reflecting decreases in
        general Middle Market, Energy and Mortgage Banker Finance, partially
        offset by an increase in Commercial Real Estate.
    --  Average deposits decreased $2.6 billion, primarily reflecting decreases
        in Corporate Banking, the Financial Services Division and
        Municipalities. The decrease reflected seasonality, purposeful pricing
        discipline and strategic actions in light of new liquidity coverage
        ratio rules.
    --  Net interest income decreased $22 million, primarily reflecting an
        increase in net funds transfer pricing (FTP) charges and the impact of
        one fewer day in the quarter, partially offset by an increase in loan
        yields. The increase in net FTP charges primarily reflected an increase
        in the cost of funds due to the increase in short-term market rates as
        well as lower funding credits due to the decrease in average deposits.
    --  The provision for credit losses increased $110 million, primarily
        reflecting increases in Energy and general Middle Market, partially
        offset by a decrease in Commercial Real Estate.
    --  Noninterest income decreased $10 million, primarily due to a decrease in
        commercial lending fees, which reflected strong fourth quarter 2015
        syndication agent fees as well as a decrease in commitment fees, which
        resulted from a combination of higher utilization levels and lower
        commitment totals in the first quarter 2016.


    Retail Bank


    (dollar amounts in    1st Qtr        4th Qtr         1st Qtr
     millions)              '16             '15             '15
    ------------------   --------       --------        --------

    Net interest income
     (FTE)                         $157            $160             $151

    Provision for credit
     losses                      3              23              (8)

    Noninterest income          43              49               41

    Noninterest expenses       179             191              174

    Net income (loss)           12             (1)              17


    Net credit-related
     charge-offs                 2              25                -


    Selected average
     balances:

    Assets                   6,544           6,549            6,368

    Loans                    5,867           5,868            5,694

    Deposits                23,110          23,262           22,404
    --------                ------          ------           ------

    --  Average deposits decreased $152 million, primarily reflecting a decrease
        in Small Business.
    --  Net interest income decreased $3 million, primarily due to a decrease in
        net FTP credits, largely due to the decrease in average deposits, and
        the impact of one fewer day in the quarter.
    --  The provision for credit losses decreased $20 million, primarily due to
        a decrease in net charge-offs in Small Business.
    --  Noninterest income decreased $6 million, primarily reflecting a
        securities loss and small decreases in several categories.
    --  Noninterest expenses decreased $12 million, primarily reflecting
        decreases in salaries and benefits expense, outside processing expenses
        and smaller decreases in many other categories.


    Wealth Management


    (dollar amounts in millions)  1st Qtr       4th Qtr        1st Qtr
                                    '16            '15            '15
    ---------------------------  --------      --------       --------

    Net interest income (FTE)              $43            $47             $43

    Provision for credit losses        (5)           (7)            (1)

    Noninterest income                  59             57              58

    Noninterest expenses                73             81              77

    Net income                          22             21              16


    Net credit-related charge-
     offs (recoveries)                 (1)           (9)            (1)


    Selected average balances:

    Assets                           5,162          5,199           5,029

    Loans                            4,964          4,998           4,834

    Deposits                         4,171          4,355           3,996
    --------                         -----          -----           -----

    --  Average loans decreased $34 million.
    --  Average deposits decreased $184 million, primarily reflecting a decrease
        in Private Banking.
    --  Net interest income decreased $4 million, primarily due a decrease in
        net FTP credits, largely due to a $184 million decrease in average
        deposits as well as an increase in the cost of funds, partially offset
        by higher loan yields.
    --  The provision for credit losses increased $2 million to a negative
        provision of $5 million in the first quarter 2016, primarily reflecting
        credit quality improvements.
    --  Noninterest income increased $2 million, primarily due to higher
        fiduciary income.
    --  Noninterest expenses decreased $8 million, primarily reflecting
        decreases in operational losses, legal expenses and salaries and
        benefits expense.

Geographic Market Segments

Comerica also provides market segment results for three primary geographic markets: Michigan, California and Texas. In addition to the three primary geographic markets, Other Markets is also reported as a market segment. Other Markets includes Florida, Arizona, the International Finance division and businesses that have a significant presence outside of the three primary geographic markets. The tables below present the geographic market results based on the methodologies in effect at March 31, 2016 and are presented on a fully taxable equivalent (FTE) basis.

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




    (dollar
     amounts in
     millions)    1st Qtr '16           4th Qtr '15           1st Qtr '15
    -----------   -----------           -----------           -----------

    Michigan                  $72                 56%                           $83          37%                    $76 35%

    California    74                 57                         90                 41                72          32

    Texas       (76)              (59)                       (3)               (1)               32          14

    Other
     Markets      59                 46                         50                 23                42          19
    --------     ---                ---                        ---                ---               ---         ---

                 129               100%                       220               100%              222        100%

    Finance &
     Other (a)  (69)                                  (104)                           (88)
    ----------   ---                                    ----                             ---

         Total                $60                                         $116                          $134
         -----                ---                                         ----                          ----

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

    --  Average loans decreased $212 million in Michigan, largely reflecting a
        decrease in general Middle Market, and $130 million in Texas, primarily
        reflecting decreases in National Dealer Services, Energy and general
        Middle Market, partially offset by an increase in Commercial Real
        Estate. Average loans increased $250 million in California, primarily
        reflecting increases in Commercial Real Estate and National Dealer
        Services.
    --  Average deposits decreased $1.9 billion in California, $427 million in
        Michigan and $433 million in Texas, reflecting seasonality, purposeful
        pricing discipline and strategic actions in light of new liquidity
        coverage ratio rules.
    --  Net interest income decreased $14 million in California, $7 million in
        Michigan and $8 million in Texas. The decrease in each market primarily
        reflected the FTP impact of the decreases in average deposits and the
        impact of one fewer day in the quarter.
    --  The provision for credit losses increased $112 million in Texas, $1
        million in California and $6 million in Michigan. The increase in Texas
        primarily reflected increases in net charge-offs and reserves for Energy
        and general Middle Market. The increase in Michigan was primarily due to
        a charge-off in Corporate Banking.
    --  Noninterest income decreased $5 million in Michigan, $2 million in
        California and $2 million in Texas. The decreases in all markets were
        primarily the result of lower syndication agent and commitment fees.
    --  Noninterest expenses decreased $10 million in Michigan, $3 million in
        California and $3 million in Texas. The decrease in Michigan primarily
        reflected decreases in salaries and benefits expense, operational losses
        and outside processing fees, partially offset by an increase in asset
        disposal expense, as a benefit from the early termination of certain
        leveraged leases in the fourth quarter 2015 was not repeated. The
        decrease in California primarily reflected small decreases in many
        categories, and the decrease in Texas was due primarily to a decrease in
        salaries and benefits expense.

    Michigan Market


    (dollar amounts in          1st Qtr        4th Qtr         1st Qtr
     millions)                    '16             '15             '15
    ------------------         --------       --------        --------

    Net interest income
     (FTE)                               $176            $183             $177

    Provision for credit
     losses                          (6)           (12)             (8)

    Noninterest income                76              81               84

    Noninterest expenses             150             160              155

    Net income                        72              83               76


    Net credit-related
     charge-offs
     (recoveries)                      5             (2)               3


    Selected average balances:

    Assets                        13,402          13,601           13,736

    Loans                         12,774          12,986           13,223

    Deposits                      21,696          22,123           21,710
    --------                      ------          ------           ------


    California Market


    (dollar amounts in          1st Qtr        4th Qtr         1st Qtr
     millions)                    '16             '15             '15
    ------------------         --------       --------        --------

    Net interest income
     (FTE)                               $179            $193             $176

    Provision for credit
     losses                          (6)            (7)             (3)

    Noninterest income                38              40               34

    Noninterest expenses             104             107               97

    Net income                        74              90               72


    Net credit-related
     charge-offs                       8               1                1


    Selected average balances:

    Assets                        17,541          17,297           16,461

    Loans                         17,283          17,033           16,193

    Deposits                      16,654          18,545           16,837
    --------                      ------          ------           ------


    Texas Market


    (dollar amounts in          1st Qtr        4th Qtr         1st Qtr
     millions)                    '16             '15             '15
    ------------------         --------       --------        --------

    Net interest income
     (FTE)                               $123            $131             $131

    Provision for credit
     losses                          169              57               21

    Noninterest income                30              32               34

    Noninterest expenses             100             103               94

    Net income (loss)               (76)            (3)              32


    Net credit-related
     charge-offs                      47              33                3


    Selected average balances:

    Assets                        11,295          11,474           12,192

    Loans                         10,763          10,893           11,535

    Deposits                      10,374          10,807           11,010
    --------                      ------          ------           ------

Conference Call and Webcast

Comerica will host a conference call to review first quarter 2016 financial results at 7 a.m. CT Tuesday, April 19, 2016. Interested parties may access the conference call by calling (877) 523-5249 or (210) 591-1147 (event ID No. 63729781). The call and supplemental financial information can also be accessed via Comerica's "Investor Relations" page at www.comerica.com. A replay of the Webcast can be accessed via Comerica's "Investor Relations" page at www.comerica.com.

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

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

Forward-looking Statements

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "contemplates," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "opportunity," "initiative," "outcome," "continue," "remain," "maintain," "on course," "trend," "objective," "looks forward," "projects," "models" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions; changes in monetary and fiscal policies, including changes in interest rates; changes in regulation or oversight; Comerica's ability to maintain adequate sources of funding and liquidity; the effects of more stringent capital or liquidity requirements; declines or other changes in the businesses or industries of Comerica's customers, in particular the energy industry; unfavorable developments concerning credit quality; operational difficulties, failure of technology infrastructure or information security incidents; reliance on other companies to provide certain key components of business infrastructure; factors impacting noninterest expenses which are beyond Comerica's control; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; reductions in Comerica's credit rating; the interdependence of financial service companies; the implementation of Comerica's strategies and business initiatives; damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; changes in customer behavior; any future strategic acquisitions or divestitures; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods; changes in accounting standards and the critical nature of Comerica's accounting policies. Comerica cautions that the foregoing list of factors is not exclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to "Item 1A. Risk Factors" beginning on page 12 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2015. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.




    CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

     Comerica
     Incorporated
     and
     Subsidiaries


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

                                             March 31,     December 31,      March 31,

    (in
     millions,
     except
     per
     share
     data)                                        2016                  2015         2015
    ----------                                    ----                  ----         ----

    PER
     COMMON
     SHARE
     AND
     COMMON
     STOCK
     DATA

     Diluted
     net
     income                                                           $0.34                 $0.64    $0.73

    Cash
     dividends
     declared                                     0.21                              0.21      0.20


     Average
     diluted
     shares
     (in
     thousands)                                176,055                           179,197   182,268
     ----------                                -------                           -------   -------

    KEY
     RATIOS

    Return
     on
     average
     common
     shareholders'
     equity                                      3.13%                            6.08%    7.20%

    Return
     on
     average
     assets                                       0.34                              0.64      0.78

    Common
     equity
     tier 1
     and
     tier 1
     risk-
     based
     capital
     ratio
     (a)                                         10.56                             10.54     10.40

    Total
     risk-
     based
     capital
     ratio
     (a)                                         12.82                             12.69     12.35

     Leverage
     ratio
     (a)                                         10.60                             10.22     10.53

     Tangible
     common
     equity
     ratio
     (b)                                         10.23                              9.70      9.97
     --------                                    -----                              ----      ----

     AVERAGE
     BALANCES

     Commercial
     loans                                                          $30,814               $31,219  $31,090

    Real
     estate
     construction
     loans                                       2,114                             1,961     1,938

     Commercial
     mortgage
     loans                                       8,961                             8,842     8,581

    Lease
     financing                                     726                               750       797

     International
     loans                                       1,419                             1,402     1,512

     Residential
     mortgage
     loans                                       1,892                             1,896     1,856

     Consumer
     loans                                       2,466                             2,478     2,377
                                                 -----                             -----     -----

    Total
     loans                                      48,392                            48,548    48,151


     Earning
     assets                                     64,123                            66,818    63,480

    Total
     assets                                     69,228                            71,907    68,735


     Noninterest-
     bearing
     deposits                                   28,052                            29,627    26,697

     Interest-
     bearing
     deposits                                   28,656                            30,109    30,293
                                                ------                            ------    ------

    Total
     deposits                                   56,708                            59,736    56,990


    Common
     shareholders'
     equity                                      7,632                             7,613     7,453
    --------------                               -----                             -----     -----

    NET
     INTEREST
     INCOME
     (fully
     taxable
     equivalent
     basis)

    Net
     interest
     income                                                            $448                  $434     $414

    Net
     interest
     margin                                      2.81%                            2.58%    2.64%
    ---------                                     ----                              ----      ----

    CREDIT
     QUALITY

    Total
     nonperforming
     assets                                                            $714                  $391     $288


    Loans
     past
     due
     90
     days
     or
     more
     and
     still
     accruing                                       13                                17        12


    Net
     credit-
     related
     charge-
     offs                                           58                                51         8


     Allowance
     for
     loan
     losses                                        724                               634       601

     Allowance
     for
     credit
     losses
     on
     lending-
     related
     commitments                                    46                                45        39
                                                   ---                               ---       ---

    Total
     allowance
     for
     credit
     losses                                        770                               679       640


     Allowance
     for
     loan
     losses
     as a
     percentage
     of
     total
     loans                                       1.47%                            1.29%    1.22%

    Net
     credit-
     related
     charge-
     offs
     as a
     percentage
     of
     average
     total
     loans                                        0.49                              0.42      0.07

     Nonperforming
     assets
     as a
     percentage
     of
     total
     loans
     and
     foreclosed
     property                                     1.45                              0.80      0.59

     Allowance
     for
     loan
     losses
     as a
     percentage
     of
     total
     nonperforming
     loans                                         105                               167       216
     -------------                                 ---                               ---       ---

    (a)             March 31, 2016 ratios are estimated.

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




     CONSOLIDATED BALANCE SHEETS

     Comerica Incorporated and Subsidiaries


                                            March 31,   December 31,        March 31,

    (in millions, except share data)               2016               2015          2015
    -------------------------------                ----               ----          ----

                                            (unaudited)                    (unaudited)

    ASSETS

    Cash and due from banks                                          $977                  $1,157   $1,170


    Interest-bearing deposits with banks          2,025                           4,990      4,792

    Other short-term investments                     94                             113        101


    Investment securities available-for-
     sale                                        10,607                          10,519      8,214

    Investment securities held-to-maturity        1,907                           1,981      1,871


    Commercial loans                             31,562                          31,659     32,091

    Real estate construction loans                2,290                           2,001      1,917

    Commercial mortgage loans                     8,982                           8,977      8,558

    Lease financing                                 731                             724        792

    International loans                           1,455                           1,368      1,433

    Residential mortgage loans                    1,874                           1,870      1,859

    Consumer loans                                2,483                           2,485      2,422
    --------------                                -----                           -----      -----

    Total loans                                  49,377                          49,084     49,072

    Less allowance for loan losses                (724)                          (634)     (601)
    ------------------------------                 ----                            ----       ----

    Net loans                                    48,653                          48,450     48,471


    Premises and equipment                          541                             550        531

    Accrued income and other assets               4,203                           4,117      4,183
    -------------------------------               -----                           -----      -----

    Total assets                                                  $69,007                 $71,877  $69,333
    ------------                                                  -------                 -------  -------


    LIABILITIES AND SHAREHOLDERS' EQUITY

    Noninterest-bearing deposits                                  $28,025                 $30,839  $27,394


    Money market and interest-bearing
     checking deposits                           22,872                          23,532     23,727

    Savings deposits                              2,006                           1,898      1,817

    Customer certificates of deposit              3,401                           3,552      4,497

    Foreign office time deposits                     47                              32        135
    ----------------------------                    ---                             ---        ---

    Total interest-bearing deposits              28,326                          29,014     30,176
    -------------------------------              ------                          ------     ------

    Total deposits                               56,351                          59,853     57,570


    Short-term borrowings                           514                              23         80

    Accrued expenses and other liabilities        1,389                           1,383      1,500

    Medium- and long-term debt                    3,109                           3,058      2,683
    --------------------------                    -----                           -----      -----

    Total liabilities                            61,363                          64,317     61,833


    Common stock - $5 par value:

    Authorized - 325,000,000 shares

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

    Capital surplus                               2,158                           2,173      2,188

    Accumulated other comprehensive loss          (328)                          (429)     (370)

    Retained earnings                             7,097                           7,084      6,841

    Less cost of common stock in treasury
     -53,086,733 shares at 3/31/16,
     52,457,113 shares at 12/31/15, and
     50,114,399 shares at 3/31/15               (2,424)                        (2,409)   (2,300)
    -------------------------------------        ------                          ------     ------

    Total shareholders' equity                    7,644                           7,560      7,500
    --------------------------                    -----                           -----      -----

    Total liabilities and shareholders'
     equity                                                       $69,007                 $71,877  $69,333
    -----------------------------------                           -------                 -------  -------




    CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

    Comerica Incorporated and Subsidiaries


                                                  First     Fourth      Third     Second          First                             First Quarter 2016 Compared To:


                                                 Quarter    Quarter    Quarter    Quarter      Quarter               Fourth Quarter 2015                 First Quarter 2015

    (in millions, except per
     share data)                                     2016       2015         2015        2015           2015          Amount     Percent                Amount      Percent
    ------------------------                         ----       ----         ----        ----           ----         ------     -------                 ------     -------

    INTEREST INCOME

    Interest and fees on
     loans                                                     $406                            $395                    $390                                $388                      $378                   $11                 3%        $28       7%

    Interest on investment
     securities                                        62                     56                  54              53                   53                                   6            10           9                  18

    Interest on short-term
     investments                                        4                      6                   4               3                    4                                 (2)         (21)          -                  -
    ----------------------                            ---                    ---                 ---             ---                  ---                                 ---           ---         ---                ---

    Total interest income                             472                    457                 448             444                  435                                  15             3          37                   9

    INTEREST EXPENSE

    Interest on deposits                               10                     10                  11              11                   11                                   -            -        (1)                (9)

    Interest on medium- and
     long-term debt                                    15                     14                  15              12                   11                                   1             8           4                  30
    -----------------------                           ---                    ---                 ---             ---                  ---                                 ---           ---         ---                 ---

    Total interest expense                             25                     24                  26              23                   22                                   1             4           3                  13
    ----------------------                            ---                    ---                 ---             ---                  ---                                 ---           ---         ---                 ---

    Net interest income                               447                    433                 422             421                  413                                     $14           3                          $34         8

    Provision for credit
     losses                                           148                     60                  26              47                   14                                  88           n/m        134                 n/m
    --------------------                              ---                    ---                 ---             ---                  ---                                 ---           ---        ---                 ---

    Net interest income
     after provision                                  299                    373                 396             374                  399                                (74)         (20)      (100)               (25)

    for credit losses

    NONINTEREST INCOME

    Card fees                                          74                     75                  72              68                   64                                 (1)          (1)         10                  15

    Service charges on
     deposit accounts                                  55                     55                  57              56                   55                                   -            -          -                  -

    Fiduciary income                                   46                     45                  47              48                   47                                   1             3         (1)                (3)

    Commercial lending fees                            20                     30                  22              22                   25                                (10)         (33)        (5)               (18)

    Letter of credit fees                              13                     14                  13              13                   13                                 (1)          (5)          -                  -

    Bank-owned life
     insurance                                          9                     11                  10              10                    9                                 (2)         (16)          -                  -

    Foreign exchange income                            10                     11                  10               9                   10                                 (1)          (3)          -                  -

    Brokerage fees                                      4                      4                   5               4                    4                                   -            -          -                  -

    Net securities losses                             (2)                     -                  -              -                 (2)                                (2)          n/m          -                  -

    Other noninterest income                           17                     23                  26              27                   27                                 (6)         (29)       (10)               (37)
    ------------------------                          ---                    ---                 ---             ---                  ---                                 ---           ---         ---                 ---

    Total noninterest income                          246                    268                 262             257                  252                                (22)          (8)        (6)                (2)

    NONINTEREST EXPENSES

    Salaries and benefits
     expense                                          248                    262                 243             251                  253                                (14)          (5)        (5)                (2)

    Outside processing fee
     expense                                           79                     81                  84              82                   74                                 (2)          (2)          5                   7

    Net occupancy expense                              38                     41                  41              39                   38                                 (3)          (7)          -                  -

    Equipment expense                                  13                     14                  13              13                   13                                 (1)          (4)          -                  -

    Software expense                                   29                     26                  26              24                   23                                   3            11           6                  21

    FDIC insurance expense                             11                     10                   9               9                    9                                   1             5           2                  24

    Advertising expense                                 4                      7                   6               5                    6                                 (3)         (49)        (2)               (42)

    Litigation-related
     expense                                            -                     -                (3)           (30)                   1                                   -            -        (1)               (70)

    Other noninterest
     expenses                                          38                     43                  40              39                   39                                 (5)         (10)        (1)                (1)
    -----------------                                 ---                    ---                 ---             ---                  ---                                 ---           ---         ---                 ---

    Total noninterest
     expenses                                         460                    484                 459             432                  456                                (24)          (5)          4                   1
    -----------------                                 ---                    ---                 ---             ---                  ---                                 ---           ---         ---                 ---

    Income before income
     taxes                                             85                    157                 199             199                  195                                (72)         (46)      (110)               (56)

    Provision for income
     taxes                                             25                     41                  63              64                   61                                (16)         (39)       (36)               (58)
    --------------------                              ---                    ---                 ---             ---                  ---                                 ---           ---         ---                 ---

    NET INCOME                                         60                    116                 136             135                  134                                (56)         (48)       (74)               (55)

    Less income allocated to
     participating
     securities                                         1                      1                   2               1                    2                                   -            -        (1)               (63)
    ------------------------                          ---                    ---                 ---             ---                  ---                                 ---          ---        ---                 ---

    Net income attributable
     to common shares                                           $59                            $115                    $134                                $134                      $132                 $(56)             (48)%      $(73)   (55)%
    -----------------------                                     ---                            ----                    ----                                ----                      ----                  ----               ----        ----     ----

    Earnings per common share:

    Basic                                                     $0.34                           $0.65                   $0.76                               $0.76                     $0.75               $(0.31)             (48)%    $(0.41)   (55)%

    Diluted                                          0.34                   0.64                0.74            0.73                 0.73                              (0.30)         (47)     (0.39)               (53)


    Comprehensive income                              161                     32                 187             109                  176                                 129       n/m           (15)                (9)


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

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


    n/m - not meaningful




    ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)

    Comerica Incorporated
     and Subsidiaries


                                                     2016                                              2015
                                                     ----                                              ----

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


    Balance at beginning of
     period                                               $634                                   $622                $618           $601 $594


    Loan charge-offs:

    Commercial                                         72                     73                    30            17             19

    Commercial mortgage                                 -                     1                     -            2              -

    Lease financing                                     -                     -                    -            1              -

    International                                       3                      -                    1            11              2

    Residential mortgage                                -                     -                    -            1              -

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

    Total loan charge-offs                             77                     76                    34            35             23


    Recoveries on loans
     previously charged-
     off:

    Commercial                                         12                      6                     8            10              9

    Real estate construction                            -                     -                    -            1              -

    Commercial mortgage                                12                     11                     2             5              3

    Residential mortgage                                -                     1                     -            -             1

    Consumer                                            1                      7                     1             1              2
    --------                                          ---                    ---                   ---           ---            ---

    Total recoveries                                   25                     25                    11            17             15
    ----------------                                  ---                    ---                   ---           ---            ---

    Net loan charge-offs                               52                     51                    23            18              8

    Provision for loan
     losses                                           141                     63                    28            35             16

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

    Balance at end of period                              $724                                   $634                $622           $618 $601
    ------------------------                              ----                                   ----                ----           ---- ----


    Allowance for loan
     losses as a percentage
     of total loans                                 1.47%                 1.29%                1.27%        1.24%         1.22%


    Net loan charge-offs as
     a percentage of average
     total loans                                     0.43                   0.42                  0.19          0.15           0.07
    ------------------------                         ----                   ----                  ----          ----           ----





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

    Comerica Incorporated and
     Subsidiaries


                                                 2016                                                         2015
                                                 ----                                                         ----

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


    Balance at beginning
     of period                                            $45                                            $48               $50         $39   $41

    Charge-offs on
     lending-related
     commitments (a)                              (6)                               -                     -        (1)         -

    Provision for credit
     losses on lending-
     related commitments                            7                              (3)                   (2)         12        (2)
    --------------------                          ---                              ---                    ---         ---        ---

    Balance at end of
     period                                               $46                                            $45               $48         $50   $39
    -----------------                                     ---                                            ---               ---         ---   ---


    Unfunded lending-
     related commitments
     sold                                                 $11                                     $        -          $     -        $12    $1
    --------------------                                  ---                                   ---      ---        ---   ---        ---   ---

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




    NONPERFORMING ASSETS (unaudited)

    Comerica Incorporated and Subsidiaries


                                                           2016                                                                            2015
                                                           ----                                                                            ----

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


    SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS

    Nonaccrual loans:

    Business loans:

      Commercial                                                    $547                                              $238                                 $214                                 $186                                 $113

      Real estate construction                                -                                  1                       1                           1                       1

      Commercial mortgage                                    47                                  60                      66                          77                      82

      Lease financing                                         6                                   6                       8                          11                       -

      International                                          27                                   8                       8                           9                       1

        Total nonaccrual business
         loans                                              627                                 313                     297                         284                     197

    Retail loans:

      Residential mortgage                                   26                                  27                      31                          35                      37

      Consumer:

      Home equity                                            27                                  27                      28                          29                      31

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

      Total consumer                                         28                                  27                      29                          30                      32
      --------------                                        ---                                 ---                     ---                         ---                     ---

      Total nonaccrual retail loans                          54                                  54                      60                          65                      69
      -----------------------------                         ---                                 ---                     ---                         ---                     ---

    Total nonaccrual loans                                  681                                 367                     357                         349                     266

    Reduced-rate loans                                        8                                  12                      12                          12                      13
    ------------------                                      ---                                 ---                     ---                         ---                     ---

    Total nonperforming loans                               689                                 379                     369                         361                     279

    Foreclosed property                                      25                                  12                      12                           9                       9
    -------------------                                     ---                                 ---                     ---                         ---                     ---

    Total nonperforming assets                                      $714                                              $391                                 $381                                 $370                                 $288
    --------------------------                                      ----                                              ----                                 ----                                 ----                                 ----


    Nonperforming loans as a
     percentage of total loans                            1.40%                              0.77%                  0.75%                      0.72%                  0.57%

    Nonperforming assets as a
     percentage of total loans and
     foreclosed property                                   1.45                                0.80                    0.78                        0.74                    0.59

    Allowance for loan losses as a
     percentage of total
     nonperforming loans                                    105                                 167                     169                         171                     216

    Loans past due 90 days or more
     and still accruing                                              $13                                               $17                                   $5                                  $18                                  $12
    ------------------------------                                   ---                                               ---                                  ---                                  ---                                  ---


    ANALYSIS OF NONACCRUAL LOANS

    Nonaccrual loans at beginning
     of period                                                      $367                                              $357                                 $349                                 $266                                 $273

    Loans transferred to
     nonaccrual (a)                                         446                                 105                      69                         145                      39

    Nonaccrual business loan gross
     charge-offs (b)                                       (75)                               (49)                   (31)                       (31)                   (21)

    Loans transferred to accrual
     status (a)                                               -                                  -                      -                          -                    (4)

    Nonaccrual business loans sold
     (c)                                                   (21)                                  -                      -                        (1)                    (2)

    Payments/Other (d)                                     (36)                               (46)                   (30)                       (30)                   (19)
    ------------------                                      ---                                 ---                     ---                         ---                     ---

    Nonaccrual loans at end of
     period                                                         $681                                              $367                                 $357                                 $349                                 $266
    --------------------------                                      ----                                              ----                                 ----                                 ----                                 ----

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

    (b) Analysis of gross loan charge-offs:

      Nonaccrual business loans                                      $75                                               $49                                  $31                                  $31                                  $21

      Performing business loans                               -                                 25                       -                          -                      -

      Consumer and residential
       mortgage loans                                         2                                   2                       3                           4                       2
                                                            ---                                 ---                     ---                         ---                     ---

      Total gross loan charge-offs                                   $77                                               $76                                  $34                                  $35                                  $23
                                                                     ---                                               ---                                  ---                                  ---                                  ---

    (c) Analysis of loans sold:

          Nonaccrual business loans                                  $21                                       $         -                          $        -                                  $1                                   $2

          Performing criticized loans                         -                                  3                       -                          -                      7
                                                            ---                                ---                     ---                        ---                    ---

        Total criticized loans sold                                  $21                                                $3                           $        -                                  $1                                   $9
                                                                     ---                                               ---                         ---      ---                                 ---                                  ---

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




    ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)

    Comerica Incorporated and Subsidiaries


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

                                                            March 31, 2016                      December 31, 2015                                  March 31, 2015
                                                            --------------                      -----------------                                  --------------

                                                  Average              Average       Average                    Average               Average                 Average

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


    Commercial loans                                        $30,814                  $250                 3.25%                                        $31,219                      $245             3.11%                          $31,090        $234 3.06%

    Real estate construction
     loans                                           2,114                    19      3.66                               1,961                    18                     3.58                1,938            16               3.36

    Commercial mortgage loans                        8,961                    80      3.59                               8,842                    76                     3.43                8,581            73               3.44

    Lease financing                                    726                     6      3.33                                 750                     6                     3.29                  797             6               3.05

    International loans                              1,419                    13      3.65                               1,402                    12                     3.40                1,512            14               3.71

    Residential mortgage
     loans                                           1,892                    19      3.94                               1,896                    18                     3.75                1,856            17               3.76

    Consumer loans                                   2,466                    20      3.33                               2,478                    21                     3.38                2,377            19               3.21
    --------------                                   -----                   ---      ----                               -----                   ---                     ----                -----           ---               ----

    Total loans                                     48,392                   407      3.38                              48,548                   396                     3.24               48,151           379               3.19


    Mortgage-backed
     securities (a)                                  9,356                    51      2.22                               9,226                    51                     2.25                9,071            51               2.26

    Other investment
     securities                                      3,001                    11      1.50                               1,638                     5                     1.37                  836             2               1.10
    ----------------                                 -----                   ---      ----                               -----                   ---                     ----                  ---           ---               ----

    Total investment
     securities (a)                                 12,357                    62      2.05                              10,864                    56                     2.11                9,907            53               2.16


    Interest-bearing
     deposits with banks                             3,265                     4      0.50                               7,300                     5                     0.28                5,323             4               0.26

    Other short-term
     investments                                       109                     -     0.93                                 106                     1                     0.91                   99             -              1.11
    ----------------                                   ---                   ---     ----                                 ---                   ---                     ----                  ---           ---              ----

    Total earning assets                            64,123                   473      2.97                              66,818                   458                     2.73               63,480           436               2.78


    Cash and due from banks                          1,068                                    1,071                                                      1,027

    Allowance for loan losses                        (680)                                   (641)                                                     (601)

    Accrued income and other
     assets                                          4,717                                    4,659                                                      4,829
                                                     -----                                    -----                                                      -----

    Total assets                                            $69,228                                                  $71,907                                                    $68,735
                                                            -------                                                  -------                                                    -------


    Money market and
     interest-bearing
     checking deposits                                      $23,193              6              0.11                                        $24,368                        6          0.11                          $23,960                 6 0.11

    Savings deposits                                 1,936                     -     0.02                               1,883                     -                    0.02                1,786             -              0.03

    Customer certificates of
     deposit                                         3,477                     4      0.40                               3,763                     4                     0.39                4,423             4               0.37

    Foreign office time
     deposits                                           50                     -     0.33                                  95                     -                    0.59                  124             1               1.46
    -------------------                                ---                   ---     ----                                 ---                   ---                    ----                  ---           ---               ----

    Total interest-bearing
     deposits                                       28,656                    10      0.14                              30,109                    10                     0.14               30,293            11               0.15


    Short-term borrowings                              365                     -     0.45                                  92                     -                    0.06                  110             -              0.06

    Medium- and long-term
     debt                                            3,093                    15      1.94                               3,089                    14                     1.79                2,686            11               1.73
    ---------------------                            -----                   ---      ----                               -----                   ---                     ----                -----           ---               ----

    Total interest-bearing
     sources                                        32,114                    25      0.32                              33,290                    24                     0.29               33,089            22               0.27


    Noninterest-bearing
     deposits                                       28,052                                   29,627                                                     26,697

    Accrued expenses and
     other liabilities                               1,430                                    1,377                                                      1,496

    Total shareholders'
     equity                                          7,632                                    7,613                                                      7,453
                                                     -----                                    -----                                                      -----

    Total liabilities and
     shareholders' equity                                   $69,228                                                  $71,907                                                    $68,735
                                                            -------                                                  -------                                                    -------


    Net interest income/rate spread (FTE)                                $448      2.65                                                     $434                     2.44                                        $414               2.51
                                                                         ----                                                              ----                                                                ----


    FTE adjustment                                                         $1                                                      $1                                                             $1


    Impact of net noninterest-bearing sources
     of funds                                                            0.16                                                    0.14                                            0.13
    -----------------------------------------                            ----                                                  ----                                            ----

    Net interest margin (as a percentage of
     average earning assets) (FTE)                                      2.81%                                                  2.58%                                          2.64%
    ---------------------------------------                              ----                                                  ----                                            ----

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




    CONSOLIDATED STATISTICAL DATA (unaudited)

    Comerica Incorporated and Subsidiaries


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

    (in millions, except per
     share data)                                   2016          2015            2015         2015         2015
    ------------------------                       ----          ----            ----         ----         ----


    Commercial loans:

    Floor plan                                                $3,902                                  $3,939               $3,538             $3,840  $3,544

    Other                                        27,660                       27,720                   28,239      28,883             28,547
    -----                                        ------                       ------                   ------      ------             ------

    Total commercial loans                       31,562                       31,659                   31,777      32,723             32,091

    Real estate construction
     loans                                        2,290                        2,001                    1,874       1,795              1,917

    Commercial mortgage loans                     8,982                        8,977                    8,787       8,674              8,558

    Lease financing                                 731                          724                      751         786                792

    International loans                           1,455                        1,368                    1,382       1,420              1,433

    Residential mortgage loans                    1,874                        1,870                    1,880       1,865              1,859

    Consumer loans:

    Home equity                                   1,738                        1,720                    1,714       1,682              1,678

    Other consumer                                  745                          765                      777         796                744
    --------------                                  ---                          ---                      ---         ---                ---

    Total consumer loans                          2,483                        2,485                    2,491       2,478              2,422
    --------------------                          -----                        -----                    -----       -----              -----

    Total loans                                              $49,377                                 $49,084              $48,942            $49,741 $49,072
    -----------                                              -------                                 -------              -------            ------- -------


    Goodwill                                                    $635                                    $635                 $635               $635    $635

    Core deposit intangible                           9                           10                       10          11                 12

    Other intangibles                                 4                            4                        4           4                  3


    Common equity tier 1
     capital (a)                                  7,331                        7,350                    7,327       7,280              7,230

    Risk-weighted assets (a)                     69,427                       69,731                   69,718      69,967             69,514


    Common equity tier 1 and
     tier 1 risk-based capital
     ratio (a)                                   10.56%                      10.54%                  10.51%     10.40%            10.40%

    Total risk-based capital
     ratio (a)                                    12.82                        12.69                    12.82       12.38              12.35

    Leverage ratio (a)                            10.60                        10.22                    10.28       10.56              10.53

    Tangible common equity
     ratio (b)                                    10.23                         9.70                     9.91        9.92               9.97


    Common shareholders' equity
     per share of common stock                                $43.66                                  $43.03               $43.02             $42.18  $42.12

    Tangible common equity per
     share of common stock (b)                    39.96                        39.33                    39.36       38.53              38.47

    Market value per share for the quarter:

    High                                          41.74                        47.44                    52.93       53.45              47.94

    Low                                           30.48                        39.52                    40.01       44.38              40.09

    Close                                         37.87                        41.83                    41.10       51.32              45.13


    Quarterly ratios:

    Return on average common
     shareholders' equity                         3.13%                       6.08%                   7.19%      7.21%             7.20%

    Return on average assets                       0.34                         0.64                     0.76        0.79               0.78

    Efficiency ratio (c)                          66.07                        69.00                    66.98       63.49              68.37


    Number of banking centers                       477                          477                      477         477                482


    Number of employees -full
     time equivalent                              8,869                        8,880                    8,941       8,901              8,831
    -------------------------                     -----                        -----                    -----       -----              -----

    (a)              March 31, 2016 amounts and ratios
                     are estimated.

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

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




    PARENT COMPANY ONLY BALANCE SHEETS (unaudited)

    Comerica Incorporated


                                                  March 31,  December 31,      March 31,

    (in millions, except share
     data)                                              2016              2015        2015
    --------------------------                          ----              ----        ----


    ASSETS

    Cash and due from
     subsidiary bank                                                       $5                    $4      $5

    Short-term investments
     with subsidiary bank                                546                          569      1,139

    Other short-term
     investments                                          84                           89         95

    Investment in subsidiaries,
     principally banks                                 7,612                        7,523      7,479

    Premises and equipment                                 2                            3          2

    Other assets                                         172                          137        158
    ------------                                         ---                          ---        ---

          Total assets                                                 $8,421                $8,325  $8,878
          ------------                                                 ------                ------  ------


    LIABILITIES AND
     SHAREHOLDERS' EQUITY

    Medium- and long-term debt                                           $626                  $608  $1,216

    Other liabilities                                    151                          157        162
    -----------------                                    ---                          ---        ---

          Total liabilities                              777                          765      1,378


    Common stock -$5 par
     value:

        Authorized -325,000,000
         shares

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

    Capital surplus                                    2,158                        2,173      2,188

    Accumulated other
     comprehensive loss                                (328)                       (429)     (370)

    Retained earnings                                  7,097                        7,084      6,841

    Less cost of common stock
     in treasury -53,086,733
     shares at 3/31/16,
     52,457,113 shares at
     12/31/15 and 50,114,399
     shares at 3/31/15                               (2,424)                     (2,409)   (2,300)
    -------------------------                         ------                       ------     ------

          Total shareholders' equity                   7,644                        7,560      7,500
          --------------------------                   -----                        -----      -----

          Total liabilities and
           shareholders' equity                                        $8,421                $8,325  $8,878
          ---------------------                                        ------                ------  ------




    CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                                      Accumulated

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

                                                 Shares                    Capital   Comprehensive      Retained  Treasury   Shareholders'

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


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

    Net income                                                     -                     -                      -                        -        134             -            134

    Other comprehensive
     income, net of tax                                            -                     -                      -                       42           -            -             42

    Cash dividends declared
     on common stock ($0.20
     per share)                                                    -                     -                      -                        -       (36)            -           (36)

    Purchase of common
     stock                                          (1.5)                         -                  -                     -                  -            (66)     (66)

    Net issuance of common
     stock under employee
     stock plans                                      0.6                          -               (16)                     -                (2)              25         7

    Share-based
     compensation                                                  -                     -                     16                         -          -            -             16

    Other                                                          -                     -                      -                        -          1             -              1

    BALANCE AT MARCH 31,
     2015                                           178.1                              $1,141                           $2,188                      $(370)           $6,841        $(2,300)  $7,500
    --------------------                            -----                              ------                           ------                       -----            ------         -------   ------


    BALANCE AT DECEMBER 31,
     2015                                           175.7                              $1,141                           $2,173                      $(429)           $7,084        $(2,409)  $7,560

    Net income                                                     -                     -                      -                        -         60             -             60

    Other comprehensive
     income, net of tax                                            -                     -                      -                      101           -            -            101

    Cash dividends declared
     on common stock ($0.21
     per share)                                                    -                     -                      -                        -       (37)            -           (37)

    Purchase of common
     stock                                          (1.4)                         -                  -                     -                  -            (49)     (49)

    Net issuance of common
     stock under employee
     stock plans                                      0.8                          -               (35)                     -               (10)              34      (11)

    Share-based
     compensation                                                  -                     -                     20                         -          -            -             20

    BALANCE AT MARCH 31,
     2016                                           175.1                              $1,141                           $2,158                      $(328)           $7,097        $(2,424)  $7,644
    --------------------                            -----                              ------                           ------                       -----            ------         -------   ------




     BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)

     Comerica Incorporated and Subsidiaries



    (dollar amounts
     in millions)                      Business             Retail            Wealth

    Three Months
     Ended March
     31, 2016                            Bank                Bank           Management         Finance    Other         Total
    ------------                         ----                ----           ----------         -------    -----         -----

    Earnings summary:

    Net interest
     income
     (expense)
     (FTE)                                             $365                               $157                     $43                 $(121)                  $4    $448

    Provision for
     credit losses                           151                          3                           (5)            -          (1)               148

    Noninterest
     income                                  135                         43                            59            14           (5)               246

    Noninterest
     expenses                                207                        179                            73             2           (1)               460

    Provision
     (benefit) for
     income taxes
     (FTE)                                    47                          6                            12          (41)            2                 26
                                             ---                        ---                           ---           ---           ---

    Net income
     (loss)                                             $95                                $12                     $22                  $(68)                $(1)    $60
                                                        ---                                ---                     ---                   ----                  ---     ---

    Net credit-
     related
     charge-offs
     (recoveries)                                       $57                                 $2                    $(1)            $        -              $    -    $58


    Selected average balances:

    Assets                                          $38,635                             $6,544                  $5,162                $14,186               $4,701 $69,228

    Loans                                 37,561                      5,867                         4,964             -            -            48,392

    Deposits                              29,108                     23,110                         4,171           103           216             56,708


    Statistical data:

    Return on
     average assets
     (a)                                   0.98%                     0.20%                        1.70%          N/M          N/M             0.34%

    Efficiency
     ratio (b)                             41.41                      88.47                         71.32           N/M          N/M             66.07
                                           -----                      -----                         -----           ---          ---             -----


                                       Business             Retail            Wealth

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

    Earnings summary:

    Net interest
     income
     (expense)
     (FTE)                                             $387                               $160                     $47                 $(162)                  $2    $434

    Provision for
     credit losses                            41                         23                           (7)            -            3                 60

    Noninterest
     income                                  145                         49                            57            15             2                268

    Noninterest
     expenses                                206                        191                            81             2             4                484

    Provision
     (benefit) for
     income taxes
     (FTE)                                    85                        (4)                            9          (47)          (1)                42
                                             ---                        ---                           ---           ---           ---

    Net income
     (loss)                                            $200                               $(1)                    $21                 $(102)                $(2)   $116
                                                       ----                                ---                     ---                  -----                  ---    ----

    Net credit-
     related
     charge-offs
     (recoveries)                                       $35                                $25                    $(9)            $        -              $    -    $51


    Selected average balances:

    Assets                                          $38,765                             $6,549                  $5,199                $12,678               $8,716 $71,907

    Loans                                 37,682                      5,868                         4,998             -            -            48,548

    Deposits                              31,738                     23,262                         4,355           120           261             59,736


    Statistical data:

    Return on
     average assets
     (a)                                   2.06%                   (0.03)%                        1.68%          N/M          N/M             0.64%

    Efficiency
     ratio (b)                             38.73                      91.68                         77.01           N/M          N/M             69.00
    ----------                             -----                      -----                         -----           ---          ---             -----


                                       Business             Retail            Wealth

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

    Earnings summary:

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

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

    Noninterest
     income                                  140                         41                            58            12             1                252

    Noninterest
     expenses                                198                        174                            77             2             5                456

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

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

    Net credit-
     related
     charge-offs
     (recoveries)                                        $9                           $      -                   $(1)            $        -              $    -     $8


    Selected average balances:

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

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

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


    Statistical data:

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

    Efficiency
     ratio (b)                             38.88                      90.68                         74.59           N/M          N/M             68.37
    ----------                             -----                      -----                         -----           ---          ---             -----

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

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

    FTE - Fully Taxable Equivalent

    N/M - Not Meaningful




     MARKET SEGMENT FINANCIAL RESULTS (unaudited)

     Comerica Incorporated and Subsidiaries



    (dollar amounts in millions)                                                             Other        Finance

    Three Months
     Ended March
     31, 2016                          Michigan           California        Texas          Markets       & Other           Total
    ------------                       --------           ----------        -----          -------       -------           -----

    Earnings summary:

    Net interest
     income
     (expense)
     (FTE)                                           $176                            $179                            $123                   $87                $(117)   $448

    Provision for
     credit losses                           (6)                       (6)                       169                 (8)          (1)              148

    Noninterest
     income                                   76                         38                         30                  93             9               246

    Noninterest
     expenses                                150                        104                        100                 105             1               460

    Provision
     (benefit) for
     income taxes
     (FTE)                                    36                         45                       (40)                 24          (39)               26
                                             ---                        ---                        ---                 ---           ---               ---

    Net income
     (loss)                                           $72                             $74                           $(76)                  $59                 $(69)    $60
                                                      ---                             ---                            ----                   ---                  ----     ---

    Net credit-
     related
     charge-offs
     (recoveries)                                      $5                              $8                             $47                  $(2)            $       -    $58


    Selected average balances:

    Assets                                        $13,402                         $17,541                         $11,295                $8,103               $18,887 $69,228

    Loans                                 12,774                     17,283                     10,763               7,572             -           48,392

    Deposits                              21,696                     16,654                     10,374               7,665           319            56,708


    Statistical data:

    Return on
     average assets
     (a)                                   1.27%                     1.68%                   (2.52)%              2.87%          N/M            0.34%

    Efficiency
     ratio (b)                             59.31                      47.87                      65.09               58.09           N/M            66.07
    ----------                             -----                      -----                      -----               -----           ---            -----


                                                                                          Other        Finance

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

    Earnings summary:

    Net interest
     income
     (expense)
     (FTE)                                           $183                            $193                            $131                   $87                $(160)   $434

    Provision for
     credit losses                          (12)                       (7)                        57                  19             3                60

    Noninterest
     income                                   81                         40                         32                  98            17               268

    Noninterest
     expenses                                160                        107                        103                 108             6               484

    Provision
     (benefit) for
     income taxes
     (FTE)                                    33                         43                          6                   8          (48)               42
                                             ---                        ---                        ---                 ---           ---               ---

    Net income
     (loss)                                           $83                             $90                            $(3)                  $50                $(104)   $116
                                                      ---                             ---                             ---                   ---                 -----    ----

    Net credit-
     related
     charge-offs
     (recoveries)                                    $(2)                             $1                             $33                   $19             $       -    $51


    Selected average balances:

    Assets                                        $13,601                         $17,297                         $11,474                $8,141               $21,394 $71,907

    Loans                                 12,986                     17,033                     10,893               7,636             -           48,548

    Deposits                              22,123                     18,545                     10,807               7,880           381            59,736


    Statistical data:

    Return on
     average assets
     (a)                                   1.43%                     1.83%                   (0.10)%              2.36%          N/M            0.64%

    Efficiency
     ratio (b)                             60.92                      45.99                      62.85               58.01           N/M            69.00
    ----------                             -----                      -----                      -----               -----           ---            -----


                                                                                          Other        Finance

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

    Earnings summary:

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

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

    Noninterest
     income                                   84                         34                         34                  87            13               252

    Noninterest
     expenses                                155                         97                         94                 103             7               456

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

    Net income
     (loss)                                           $76                             $72                             $32                   $42                 $(88)   $134
                                                      ---                             ---                             ---                   ---                  ----    ----

    Net credit-
     related
     charge-offs                                       $3                              $1                              $3                    $1             $       -     $8


    Selected average balances:

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

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

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


    Statistical data:

    Return on
     average assets
     (a)                                   1.36%                     1.61%                     0.99%              2.21%          N/M            0.78%

    Efficiency
     ratio (b)                             59.51                      46.21                      57.48               60.77           N/M            68.37
    ----------                             -----                      -----                      -----               -----           ---            -----

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

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

    FTE - Fully Taxable Equivalent

    N/M - Not Meaningful




    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)

    Comerica Incorporated and Subsidiaries


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

    (dollar amounts in
     millions)                                  2016            2015            2015         2015         2015
    ------------------                          ----            ----            ----         ----         ----


    Tangible Common Equity Ratio:

    Common shareholders'
     equity                                                  $7,644                                  $7,560               $7,622             $7,523  $7,500

    Less:

    Goodwill                                     635                            635                      635         635                635

    Other intangible
     assets                                       13                             14                       14          15                 15
                                                 ---                            ---                      ---         ---                ---

    Tangible common
     equity                                                  $6,996                                  $6,911               $6,973             $6,873  $6,850
    ---------------                                          ------                                  ------               ------             ------  ------


    Total assets                                            $69,007                                 $71,877              $71,012            $69,945 $69,333

    Less:

    Goodwill                                     635                            635                      635         635                635

    Other intangible
     assets                                       13                             14                       14          15                 15
                                                 ---                            ---                      ---         ---                ---

    Tangible assets                                         $68,359                                 $71,228              $70,363            $69,295 $68,683
    ---------------                                         -------                                 -------              -------            ------- -------


    Common equity ratio                       11.08%                        10.52%                  10.73%     10.76%            10.82%

    Tangible common
     equity ratio                              10.23                           9.70                     9.91        9.92               9.97
    ---------------                            -----                           ----                     ----        ----               ----


    Tangible Common Equity per Share of
     Common Stock:

    Common shareholders'
     equity                                                  $7,644                                  $7,560               $7,622             $7,523  $7,500

    Tangible common
     equity                                    6,996                          6,911                    6,973       6,873              6,850
    ---------------                            -----                          -----                    -----       -----              -----


    Shares of common
     stock outstanding
     (in millions)                               175                            176                      177         178                178
    ------------------                           ---                            ---                      ---         ---                ---


    Common shareholders'
     equity per share of
     common stock                                            $43.66                                  $43.03               $43.02             $42.18  $42.12

    Tangible common
     equity per share of
     common stock                              39.96                          39.33                    39.36       38.53              38.47
    --------------------                       -----                          -----                    -----       -----              -----

The tangible common equity ratio removes preferred stock and the effect of intangible assets from capital and the effect of intangible assets from total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders equity per share of common stock. Comerica believes these measurements are meaningful measures of capital adequacy used by investors, regulators, management and others to evaluate the adequacy of common equity and to compare against other companies in the industry.

Logo - http://photos.prnewswire.com/prnh/20010807/CMALOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/comerica-reports-first-quarter-2016-net-income-of-60-million-or-34-cents-per-share-300253475.html

SOURCE Comerica Incorporated

For further information: Media: Wayne J. Mielke, (214) 462-4463; Investor: Darlene P. Persons, (214) 462-6831, Chelsea R. Smith, (214) 462-6834
Press releases, archived webcasts/presentations/conference calls, and SEC filings speak only to the date they are issued, made or filed, respectively. Investors should not rely on such information as being unchanged in making investment decisions.
Comerica - Raise Your Expectations