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Comerica Reports Fourth Quarter and 2007 Earnings
January 17, 2008 at 6:49 AM EST

Loan Growth Continues in High Growth Markets

DALLAS, Jan. 17 /PRNewswire-FirstCall/ -- Comerica Incorporated (NYSE: CMA) today reported fourth quarter 2007 income from continuing operations of $117 million, or $0.77 per diluted share, compared to $180 million, or $1.17 per diluted share, for the third quarter 2007 and $185 million, or $1.16 per diluted share, for the fourth quarter 2006. Fourth quarter 2007 included a $108 million provision for loan losses, compared to $45 million for the third quarter 2007 and $22 million for the fourth quarter 2006. Fourth quarter 2007 also included $13 million of noninterest expense related to Comerica's membership in Visa, Inc. (Visa) and fourth quarter 2006 included $47 million of noninterest income from a lawsuit settlement.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )


    (dollar amounts in millions,
     except per share data)              4th Qtr '07  3rd Qtr '07  4th Qtr '06
    Net interest income                     $489         $503         $502
    Provision for loan losses                108           45           22
    Noninterest income                       230          230          262
    Noninterest expenses                     450          423          457

    Income from continuing operations,
     net of tax                              117          180          185
    Net income                               119          181          299

    Diluted EPS from continuing
     operations                             0.77         1.17         1.16
    Diluted EPS from discontinued
     operations*                            0.02         0.01         0.71
    Diluted EPS                             0.79         1.18         1.87

    Return on average common
     shareholders'
     equity from continuing operations       9.18%       14.24%       14.03%
    Return on average common
     shareholders' equity                   9.34        14.38        22.63

    Net interest margin                     3.43         3.66         3.75

    * In the fourth quarter 2006, Comerica sold its stake in Munder Capital
      Management (Munder) and reports Munder as a discontinued operation in
      all periods presented.

Income from continuing operations for 2007 was $682 million, or $4.40 per diluted share, compared to $782 million, or $4.81 per diluted share, for 2006. The provision for loan losses was $212 million for 2007, compared to $37 million for 2006. Return on average common shareholders' equity from continuing operations was 13.41 percent for 2007 and 15.11 percent for 2006.

"2007 was a challenging year for the banking industry, including Comerica," said Ralph W. Babb Jr., chairman and chief executive officer. "While we continued to execute our strategy, reflected by strong loan growth, particularly in our high growth markets, challenges in the residential real estate development portfolio affected our performance. Our fourth quarter earnings were largely impacted by an increase in the provision for loan losses and a decline in the net interest margin, driven in part by a decision to increase the securities portfolio and a competitive funding environment. Our fourth quarter expenses were impacted by a $13 million charge related to Visa and $2 million of moving costs related to our previously announced headquarters relocation.

"We opened 30 new banking centers in 2007, 28 of them in our high-growth markets of Texas, California and Arizona. We also relocated our corporate headquarters from Detroit to Dallas, positioning our company in a more central location with greater accessibility to all of our markets. Our capital position remains solid and provides us with a cushion to weather continued challenges in the economic environment and the flexibility to continue to invest in our growth markets."

Fourth Quarter and Full Year 2007 Highlights

Fourth Quarter 2007 Compared to Third Quarter 2007

  • On an annualized basis, excluding Financial Services Division (FSD) loans, average loans increased nine percent, led by growth of 28 percent in the Texas market, eight percent in the Western market, six percent in the Florida market and two percent in the Midwest market
  • The net interest margin was 3.43 percent in the fourth quarter 2007, a decrease of 23 basis points from 3.66 percent in the third quarter 2007, largely due to securities purchases, competitive loan pricing, interest reversals on new nonaccrual loans, a competitive deposit pricing environment that had a muted reaction to recent Federal Reserve rate cuts and an increase in borrowings at higher market-driven costs due to disruptions in financial markets
  • Net credit-related charge-offs were $64 million, or 50 basis points as a percent of average total loans, for the fourth quarter 2007, compared to $40 million, or 32 basis points as a percent of average total loans, for the third quarter 2007
  • Noninterest income remained flat at $230 million and included positive trends in fiduciary income, service charges on deposit accounts and commercial lending fees, offset by a decrease in net income from principal investing and warrants
  • Noninterest expenses increased $27 million from the third quarter 2007, mostly due to the recording of a $13 million estimated liability related to membership in Visa and a $9 million increase in salaries expense, primarily due to increases in severance and deferred compensation plan costs (offset by an increase in deferred compensation asset returns in noninterest income)
  • Open market share repurchases in the fourth quarter 2007 totaled 1.0 million shares, or one percent of total shares outstanding at September 30, 2007

Full Year 2007 Compared to Full Year 2006

  • Excluding Financial Services Division loans, average loan growth was seven percent, with 16 percent growth in the Texas market, 13 percent in the Western market and 11 percent in the Florida market, with the Midwest market down one percent
  • The net interest margin was 3.66 percent
  • Total revenue increased two percent, including four percent growth in noninterest income. Excluding a $47 million Financial Services Division-related lawsuit settlement and the $12 million loss on the sale of the Mexican bank charter in 2006, total revenue growth was three percent, and noninterest income growth was eight percent
  • Net credit-related charge-offs were 31 basis points as a percent of average total loans for 2007, compared to 15 basis points for 2006
  • Noninterest expenses increased $17 million, or one percent, from 2006. 2007 included incremental expenses related to new banking centers ($23 million), the Visa charge discussed above ($13 million) and costs associated with the previously announced headquarters move to Dallas, Texas ($6 million). 2006 included interest on tax liabilities ($38 million), which was classified in the "provision for income taxes" in 2007 (see "Tax-related items" below). Full time equivalent employees increased less than one percent from December 31, 2006, to December 31, 2007, even with the addition of 30 new banking centers during the period
  • Open market share repurchases in 2007 totaled 10.0 million shares, or six percent of total shares outstanding at December 31, 2006

    Net Interest Income and Net Interest Margin
(dollar amounts in millions) 4th Qtr '07 3rd Qtr '07 4th Qtr '06 Net interest income $489 $503 $502 Net interest margin 3.43% 3.66% 3.75% Selected average balances: Total earning assets $56,621 $54,641 $53,289 Total loans 50,699 49,874 48,568 Total loans, excluding FSD loans (primarily low-rate) 49,758 48,683 46,659 Total interest-bearing deposits 31,834 30,276 30,554 Total noninterest-bearing deposits 10,533 10,840 12,649 Total noninterest-bearing deposits, excluding FSD 8,473 8,265 8,696
  • The $14 million decrease in net interest income in the fourth quarter 2007, when compared to third quarter 2007, resulted primarily from competitive loan pricing and a competitive deposit pricing environment that had a muted reaction to recent Federal Reserve rate cuts, partially offset by growth in earning assets.
  • The net interest margin of 3.43 percent declined 23 basis points, reflecting securities purchases, competitive loan pricing, a competitive deposit pricing environment, interest reversals on new nonaccrual loans and an increase in borrowings at higher market-driven costs due to disruptions in financial markets. The impact of a decline in average Financial Services Division noninterest bearing deposits was largely offset by a decline in average Financial Services Division loans (primarily low-rate).

Noninterest Income

Noninterest income was $230 million for the fourth quarter 2007, compared to $230 million for the third quarter 2007 and $262 million for the fourth quarter 2006. Noninterest income in the fourth quarter 2007, compared to the third quarter 2007, included positive trends in fiduciary income, service charges on deposit accounts, commercial lending fees and an increase in deferred compensation asset returns, offset by a decrease in net income from principal investing and warrants. Fourth quarter 2006 noninterest income included $47 million from the settlement of a Financial Services Division- related lawsuit. Certain categories of noninterest income are highlighted in the table below.

    (in millions)                     4th Qtr '07   3rd Qtr '07   4th Qtr '06
    Net income from principal
     investing and warrants                $6           $11            $3
    Net securities gains                    3             4             1
    Income from lawsuit settlement          -             -            47
    Other noninterest income
       Deferred compensation asset
        returns*                            2            (2)            3
       Investment banking fees              3             4            10

    * Compensation deferred by Comerica officers is invested in stocks and
      bonds to reflect the investment selections of the officers. Income
      (loss) earned on these assets is reported in noninterest income and the
      offsetting increase (decrease) in the liability is reported in salaries
      expense.


    Noninterest Expenses

Noninterest expenses were $450 million for the fourth quarter 2007, compared to $423 million for the third quarter 2007 and $457 million for the fourth quarter 2006. The $27 million increase in noninterest expenses in the fourth quarter 2007, compared to the third quarter 2007, reflected $13 million to record an estimated liability related to membership in Visa (discussed below), a $9 million increase in salaries expense and a $3 million increase in the provision for credit losses on lending-related commitments, partially offset by a $4 million decrease in customer services expense. The increase in salaries expense was primarily due to increases in severance and deferred compensation plan costs (offset by an increase in deferred compensation asset returns in noninterest income). Customer services expense varies from period to period as a result of changes in the level of noninterest-bearing deposits in the Corporation's Financial Services Division, the earnings credit allowance provided on these deposits and a competitive environment. In addition, noninterest expenses included approximately $2 million of costs related to the previously announced relocation of Comerica's headquarters to Dallas, Texas, in both the fourth quarter and third quarters of 2007, reflected in salaries and other noninterest expenses.

Members of the Visa card association participate in a loss sharing arrangement to allocate financial responsibilities arising from any potential adverse resolution of certain antitrust lawsuits challenging the practices of the association. Comerica recorded a $13 million expense in the fourth quarter 2007 (in "litigation and operational losses") related to this loss sharing arrangement. Comerica believes that its share of the proceeds from the expected initial public offering of Visa, anticipated in the first quarter 2008, will exceed its share of recorded losses.


    Certain categories of noninterest expenses are highlighted in the table
below.

                                         4th Qtr '07 3rd Qtr '07 4th Qtr '06
    Salaries
       Regular salaries                     $163        $162        $162
       Severance                               3           -           5
       Incentives                             36          35          48
       Deferred compensation plan costs        2          (2)          4
       Share-based compensation               12          12          12
         Total salaries                      216         207         231
    Employee benefits                         48          49          42
    Customer services                          7          11          14
    Litigation and operational losses         18           6           4
    Provision for credit losses on
     lending-related commitments               3           -          (4)
    Other noninterest expenses
       Interest on tax liabilities*          n/a         n/a          15
       Charitable Foundation contribution      2           -          10
       Other real estate expense               3           3          (2)
       Redemption premium on trust
        preferred securities                   -           -           3

    * Effective with the adoption of FASB Interpretation No. 48, "Accounting
      for Uncertainty in Income Taxes - an interpretation of FASB Statement
      No. 109," Comerica changed its accounting policy and prospectively began
      to classify interest on tax liabilities in the "provision for income
      taxes." Prior to January 1, 2007, interest on tax liabilities was
      classified in "other noninterest expenses."

    n/a - not applicable


    Tax-related Items

Interest on tax liabilities was classified in the "provision for income taxes" in 2007 and in "other noninterest expenses" in 2006. Fourth quarter 2007 interest on tax liabilities reflected a $9 million reduction ($6 million after-tax) of interest resulting from a settlement with the Internal Revenue Service on asset depreciation.

Fourth quarter 2006 reflected a charge of $31 million after-tax to Comerica's combined tax and related interest reserves for disallowed loan benefits related to a series of loans to foreign borrowers based on settlements discussed with the Internal Revenue Service. Of the total, $22 million was included in the provision for income taxes and $14 million ($9 million after-tax) was for tax-related interest included in other noninterest expenses.

Credit Quality

"We increased the provision for loan losses by $63 million from the third quarter, due to the continued residential real estate development challenges in Michigan and California," said Babb.

  • The allowance to loan ratio increased to 1.10 percent at December 31, 2007, from 1.03 percent at September 30, 2007
  • The provision for loan losses and loan quality reflected ongoing challenges to the residential real estate development industry located in Michigan (Midwest market) and both northern and southern California (Western market)
  • Nonperforming assets increased to 83 basis points of total loans and foreclosed property for the fourth quarter 2007. During the fourth quarter 2007, $185 million of loan relationships greater than $2 million were transferred to nonaccrual status, an increase of $91 million from the third quarter 2007. Of the transfers of loan relationships greater than $2 million to nonaccrual in the fourth quarter 2007, $143 million were in the real estate industry, $60 million were from the Midwest market and $103 million were from the Western market


    (dollar amounts in millions)     4th Qtr '07  3rd Qtr '07   4th Qtr '06
    Net loan charge-offs                 $63          $40           $22
    Net lending-related commitment
     charge-offs                           1             -            1
         Total net credit-related
          charge-offs                     64            40           23
    Net loan charge-offs/Average
     total loans                        0.50%         0.32%        0.18%
    Net credit-related charge-
     offs/Average total loans           0.50          0.32          0.19

    Provision for loan losses           $108           $45           $22
    Provision for credit losses on
     lending-related commitments           3             -            (4)
         Total provision for
          credit losses                  111            45            18

    Nonperforming assets (NPAs)          423           291           232
    NPAs/Total loans and
     foreclosed property                0.83%         0.59%         0.49%

    Allowance for loan losses           $557          $512          $493
    Allowance for credit losses on
     lending-related commitments*         21            19            26
         Total allowance for
          credit losses                  578           531           519
    Allowance for loan
     losses/Total loans                 1.10%         1.03%         1.04%
    Allowance for loan
     losses/Nonperforming loans          138           188           231

    *Included in "Accrued expenses and other liabilities" on the consolidated
     balance sheets.

Balance Sheet and Capital Management

Total assets and common shareholders' equity were $62.3 billion and $5.1 billion, respectively, at December 31, 2007, compared to $60.0 billion and $5.1 billion, respectively, at September 30, 2007. There were approximately 150 million shares outstanding at December 31, 2007, compared to 151 million shares outstanding at September 30, 2007. Open market share repurchases for the current and prior quarter and full year 2007 are shown in the following table:

                      4th Qtr '07        3rd Qtr '07        Full Year 2007
                        Number              Number            Number
    (in millions)      of Shares  Amount  of Shares  Amount  of Shares  Amount

    Open market
     share repurchases   1.0       $47       2.0     $109     10.0       $580

Comerica's fourth quarter 2007 estimated Tier 1 common, Tier 1 and total risk-based capital ratios were 6.80 percent, 7.46 percent and 11.11 percent, respectively.

Full Year 2008 Outlook Compared to Full Year 2007 from Continuing Operations

  • Mid to high single-digit average loan growth, excluding Financial Services Division loans, with flat growth in the Midwest market, high single-digit growth in the Western market and low double-digit growth in the Texas market
  • Average earning asset growth in excess of average loan growth
  • Average Financial Services Division noninterest-bearing deposits of $1.2 to $1.4 billion. Financial Services Division loans will fluctuate in tandem with the level of noninterest-bearing deposits
  • Based on a 50 basis point Federal Reserve rate cut in January and a 25 basis point cut in March 2008, average full year net interest margin between 3.20 and 3.25 percent, including the effects of higher levels of securities, lower value of noninterest-bearing deposits, absence of the benefit of maturing swaps with negative spreads (10 basis points in 2007) and the 2008 FAS 91 impact discussed below
  • Average net credit-related charge-offs between 40 and 50 basis points of average loans, with a provision for credit losses exceeding net charge-offs
  • Low single-digit growth in noninterest income
  • Low single-digit decline in noninterest expenses, excluding the provision for credit losses on lending-related commitments and including the 2008 FAS 91 impact discussed below
  • Effective tax rate of about 32 percent
  • Maintain a Tier one common capital ratio similar to year-end 2007
  • Statement of Financial Accounting Standards No. 91 (FAS 91) - Accounting for Loan Origination Fees and Costs. Beginning in 2008, a change in the application of FAS 91 will result in deferral and amortization (over the loan life) to net interest income of more fees and costs. Based on assumptions for loan growth, loan fees and average loan life, the estimated impact on 2008, compared to 2007, will be to lower the net interest margin by about 3-4 basis points (approximately $20 million), lower noninterest expenses by about 3-4 percent (approximately $60 million) and increase earnings per share by about four cents per quarter

Business Segments

Comerica's continuing operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. The Finance Division also is included as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at December 31, 2007 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2007 results compared to third quarter 2007.

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

    (dollar amounts in millions)  4th Qtr '07    3rd Qtr '07    4th Qtr '06
    Business Bank                  $90     88%   $134     72%   $154     80%
    Retail Bank                     (1)    (1)     32     17      27     14
    Wealth & Institutional
     Management                     13     13      20     11      11      6
                                   102    100%    186    100%    192    100%
    Finance                          1              2             (4)
    Other*                          16             (7)           111
         Total                    $119           $181           $299

    * Includes discontinued operations and items not directly associated with
      the three major business segments or the Finance Division.


    Business Bank
    (dollar amounts in millions)     4th Qtr '07   3rd Qtr '07   4th Qtr '06
    Net interest income (FTE)           $327          $332          $335
    Provision for loan losses             88            43            15
    Noninterest income                    80            82           116
    Noninterest expenses                 186           177           194
    Net income                            90           134           154

    Net credit-related charge-offs        50            30             6

    Selected average balances:
    Assets                            41,327        40,796        39,872
    Loans                             40,285        39,746        38,766
      FSD loans                          941         1,191         1,909
    Deposits                          15,931        15,948        17,110
      FSD deposits                     3,181         3,789         5,291

    Net interest margin                 3.22%         3.31%         3.43%

  • Average loans, excluding the Financial Services Division, increased $789 million, or eight percent on an annualized basis, with strong growth in Energy, Middle Market and Technology and Life Sciences
  • Average deposits increased $591 million, excluding the $608 million decline in the Financial Services Division, primarily due to growth in Technology and Life Sciences, Global Corporate and Middle Market, partially offset by a decrease in Commercial Real Estate
  • The net interest margin of 3.22 percent decreased nine basis points, primarily due to narrowing loan and deposit spreads resulting from competitive loan and deposit pricing
  • The provision for loan losses increased $45 million, primarily due to declining credit quality in Commercial Real Estate (residential real estate developers) and increased reserves in Technology and Life Sciences primarily related to a single customer, partially offset by a decline in reserves related to the automotive supplier portfolio, which continued to reduce in size and exhibited stable credit quality metrics
  • Noninterest expenses increased $9 million, primarily due to an increase in net corporate overhead expenses resulting from year end adjustments to allocation rates
    Retail Bank
    (dollar amounts in millions)     4th Qtr '07   3rd Qtr '07   4th Qtr '06
    Net interest income (FTE)           $151          $159          $159
    Provision for loan losses             26             7             6
    Noninterest income                    55            56            53
    Noninterest expenses                 182           160           164
    Net income                            (1)           32            27

    Net credit-related charge-offs        14             9            16

    Selected average balances:
    Assets                             6,998         6,854         6,810
    Loans                              6,229         6,111         6,100
    Deposits                          17,254        17,144        16,969

    Net interest margin                 3.47%         3.68%         3.71%
  • Average loans increased $118 million, or eight percent on an annualized basis, primarily due to growth in the Small Business Banking portfolio in the Texas and Western markets
  • Average deposits increased $110 million, primarily due to growth in the Western and Texas markets
  • The net interest margin of 3.47 percent decreased 21 basis points, primarily due to a decline in deposit spreads resulting from competitive pricing
  • The provision for loan losses increased $19 million, primarily due to a modest increase in charge-offs related to Small Business Banking
  • Noninterest expenses increased $22 million, primarily due to the Visa- related expense discussed above, an increase in net corporate overhead expenses for the same reason noted in the Business Bank and an increase in expenses related to the opening of 17 new banking centers in the fourth quarter

    Wealth and Institutional Management
    (dollar amounts in millions)        4th Qtr '07  3rd Qtr '07  4th Qtr '06
    Net interest income (FTE)               $36          $36          $36
    Provision for loan losses                 1           (5)           2
    Noninterest income                       72           70           67
    Noninterest expenses                     86           81           86
    Net income                               13           20           11

    Net credit-related charge-offs            -            1            1

    Selected average balances:
    Assets                                4,321        4,152        3,794
    Loans                                 4,146        3,989        3,646
    Deposits                              2,552        2,378        2,351

    Net interest margin                    3.41%        3.58%        3.90%

  • Average loans increased $157 million, or 16 percent on an annualized basis
  • Average deposits increased $174 million, primarily due to an increase money market investment deposits in the Western market
  • The net interest margin of 3.41 percent declined 17 basis points, primarily due to lower loan and deposit spreads resulting from competitive pricing
  • The provision for loan losses increased $6 million. The third quarter negative provision included a large improvement related to a single customer in the Midwest market
  • Noninterest income increased $2 million, primarily in fiduciary income
  • Noninterest expenses increased $5 million, partially due to an increase in net corporate overhead expenses, for the same reason noted in the Business Bank

Geographic Market Segments

Comerica also provides market segment results for four primary geographic markets: Midwest, Western, Texas and Florida. In addition to the four primary geographic markets, Other Markets and International are also reported as market segments. In the fourth quarter 2007, Comerica revised the definition of Other Markets to include businesses with a national perspective, which were previously included primarily in the Midwest market. The financial results below are based on methodologies in effect at December 31, 2007 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2007 results compared to third quarter 2007.

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

    (dollar amounts in
     millions)                 4th Qtr '07      3rd Qtr '07     4th Qtr '06
    Midwest                    $55      55%     $75      41%    $58     30%
    Western                     (5)     (5)      50      27      83     44
    Texas                       12      12       26      14      17      9
    Florida                     (1)     (1)       3       1       3      1
    Other Markets               30      29       17       9      24     12
    International               11      10       15       8       7      4
                               102     100%     186     100%    192    100%
    Finance & Other*            17               (5)            107
       Total                  $119              $181           $299

* Includes discontinued operations and items not directly associated with the geographic markets.


    Midwest
    (dollar amounts in millions)   4th Qtr '07   3rd Qtr '07    4th Qtr '06
    Net interest income (FTE)         $206          $216           $224
    Provision for loan losses           20            15             40
    Noninterest income                 120           119            116
    Noninterest expenses               218           206            215
    Net income                          55            75             58

    Net credit-related charge-offs      38            23             12

    Selected average balances:
    Assets                          19,228        19,131         19,297
    Loans                           18,602        18,526         18,671
    Deposits                        16,117        15,636         15,860

    Net interest margin               4.38%         4.60%          4.74%
  • Average loans increased $76 million, or two percent on an annualized basis, primarily due to increases in the Global Corporate, Private Banking, National Dealer Services and Small Business Banking lines of business, partially offset by a decrease in Middle Market Banking
  • Average deposits increased $481 million, primarily in the Global Corporate and Small Business Banking lines of business
  • The net interest margin of 4.38 percent declined 22 basis points, primarily due to a decline in loan and deposit spreads resulting from competitive loan and deposit pricing
  • The provision for loan losses increased $5 million, primarily due to an increase in credit risk in the Commercial Real Estate line of business (residential real estate developers) and a modest increase in charge- offs related to Small Business Banking, partially offset by a decline in reserves related to the automotive supplier portfolio, which continued to reduce in size and exhibited stable credit quality metrics
  • Noninterest expenses increased $12 million, partially due to the Visa- related expense as discussed above, the provision for credit losses on lending-related commitments and net corporate overhead expenses, for the same reason noted in the Business Bank

    Western Market
    (dollar amounts in millions)   4th Qtr '07    3rd Qtr '07    4th Qtr '06
    Net interest income (FTE)         $173           $177           $178
    Provision for loan losses           92             23            (15)
    Noninterest income                  35             36             74
    Noninterest expenses               121            110            122
    Net income                          (5)            50             83

    Net credit-related charge-offs      22              7             (2)

    Selected average balances:
    Assets                          17,137         17,095         16,572
    Loans                           16,615         16,543         16,037
      FSD loans                        941          1,191          1,909
    Deposits                        13,012         13,009         14,145
      FSD deposits                   3,045          3,607          5,130

    Net interest margin               4.13%          4.24%          4.40%

  • Excluding the Financial Services Division, average loans increased $322 million, or eight percent on an annualized basis, primarily due to \ growth in the Middle Market Banking, Technology and Life Sciences and Private Banking lines of business
  • Excluding the Financial Services Division, average deposits increased $565 million, primarily due to growth in the Middle Market Banking, Private Banking, Retail Banking, Technology and Life Sciences and Entertainment Lending lines of business
  • The net interest margin of 4.13 percent declined 11 basis points due to a decline in deposits spreads resulting from competitive pricing
  • The provision for loan losses increased $69 million, primarily due to a decline in credit quality in Commercial Real Estate (residential real estate developers), a modestly higher level of charge-offs related to Small Business Banking and increased reserves in Technology and Life Sciences primarily related to a single customer
  • Noninterest expenses increased $11 million, primarily due to banking center expansion, the Visa-related expense discussed above, advertising expenses and net corporate overhead expenses, for the same reason noted in the Business Bank, partially offset by a decrease in customer service expenses
  • Eleven new banking centers were opened in the fourth quarter, eight in California and three in Arizona. In 2007, a total of 13 new banking centers were opened in California and three in Arizona

    Texas Market
    (dollar amounts in millions)      4th Qtr '07     3rd Qtr '07  4th Qtr '06
    Net interest income (FTE)             $72             $71          $69
    Provision for loan losses               8              (2)           3
    Noninterest income                     23              24           20
    Noninterest expenses                   67              58           59
    Net income                             12              26           17

    Total net credit-related charge-
     offs                                   3               1            2

    Selected average balances:
    Assets                              7,678           7,172        6,631
    Loans                               7,382           6,902        6,360
    Deposits                            3,935           3,920        3,794

    Net interest margin                  3.85%           4.08%        4.27%

  • Average loans increased $480 million, or 28 percent on an annualized basis, primarily in Energy, Small Business Banking and Global Corporate
  • Average deposits increased $15 million
  • The net interest margin of 3.85 percent decreased 23 basis points, primarily due to narrowing deposit spreads resulting from competitive pricing
  • The provision for loan losses increased $10 million, primarily due to a modestly higher level of charge-offs related to Small Business Banking
  • Noninterest expenses increased $9 million, primarily due to an increase in advertising expenses, the Visa-related expense discussed above and an increase in net corporate overhead expenses, for the same reason noted in the Business Bank
  • Six new banking centers were opened in the fourth quarter, and a total of 12 new banking centers were opened in 2007

    Florida Market
    (dollar amounts in millions)      4th Qtr '07   3rd Qtr '07   4th Qtr '06
    Net interest income (FTE)             $12           $13           $11
    Provision for loan losses               5             3             1
    Noninterest income                      4             4             4
    Noninterest expenses                   12            10            10
    Net income                             (1)            3             3

    Net credit-related charge-offs          -             1             -

    Selected average balances:
    Assets                              1,731         1,706         1,631
    Loans                               1,717         1,692         1,611
    Deposits                              299           271           292

    Net interest margin                  2.70%         2.97%         2.80%


    -- Average loans increased $25 million, or six percent on an annualized
       basis

    -- Average deposits increased $28 million

    -- The net interest margin of 2.70 percent decreased 27 basis points,
       primarily due to a decrease in loan spreads resulting from competitive
       pricing

    -- The provision for loan losses increased $2 million, primarily due to a
       decline in credit quality in the Commercial Real Estate line of
       business


    Conference Call and Webcast

Comerica will host a conference call to review fourth quarter 2007 financial results at 7 a.m. CT Thursday, January 17, 2008. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 28504995). The call and supplemental financial information can also be accessed on the Internet at www.comerica.com. A replay will be available approximately two hours following the conference call until January 31, 2008. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 28504995). A replay of the Webcast can also be accessed via Comerica's "Investor Relations" page at www.comerica.com.

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

    CONSOLIDATED FINANCIAL HIGHLIGHTS
    Comerica Incorporated and Subsidiaries

                                                  Three Months Ended
                                            Dec. 31,   Sept. 30,    Dec. 31,
    (in millions, except per share data)      2007        2007        2006
    PER SHARE AND COMMON STOCK DATA
    Diluted income from continuing
     operations                              $0.77       $1.17       $1.16
    Diluted net income                        0.79        1.18        1.87
    Cash dividends declared                   0.64        0.64        0.59
    Common shareholders' equity (at
     period end)                             34.18       33.62       32.70

    Average diluted shares (in thousands)  150,943     153,096     160,063

    KEY RATIOS
    Return on average common
     shareholders' equity from continuing
     operations                               9.18%      14.24%      14.03%
    Return on average common
     shareholders' equity                     9.34       14.38       22.63
    Return on average assets from
     continuing operations                    0.77        1.22        1.29
    Return on average assets                  0.79        1.23        2.07
    Average common shareholders' equity
     as a percentage of average assets        8.42        8.58        9.16
    Tier 1 common capital ratio *             6.80        7.01        7.54
    Tier 1 risk-based capital ratio *         7.46        7.68        8.03
    Total risk-based capital ratio *         11.11       11.44       11.64
    Leverage ratio *                          9.30        9.60        9.77

    AVERAGE BALANCES
    Commercial loans                       $28,393     $28,052     $27,609
    Real estate construction loans           4,846       4,607       4,204
    Commercial mortgage loans                9,941       9,829       9,515
    Residential mortgage loans               1,891       1,865       1,647
    Consumer loans                           2,412       2,320       2,468
    Lease financing                          1,327       1,319       1,335
    International loans                      1,889       1,882       1,790
    Total loans                             50,699      49,874      48,568

    Earning assets                          56,621      54,641      53,289
    Total assets                            60,507      58,546      57,612
    Interest-bearing deposits               31,834      30,276      30,554
    Total interest-bearing liabilities      43,574      41,406      38,334
    Noninterest-bearing deposits            10,533      10,840      12,649
    Common shareholders' equity              5,096       5,024       5,280

    NET INTEREST INCOME
    Net interest income (fully taxable
     equivalent basis)                        $489        $504        $503
    Fully taxable equivalent adjustment          -           1           1
    Net interest margin                       3.43%       3.66%       3.75%

    CREDIT QUALITY
    Nonaccrual loans                          $391        $272        $214
    Reduced-rate loans                          13           -           -
    Total nonperforming loans                  404         272         214
    Foreclosed property                         19          19          18
    Total nonperforming assets                 423         291         232

    Loans past due 90 days or more and
     still accruing                             53          56          14

    Gross loan charge-offs                      72          47          31
    Loan recoveries                              9           7           9
    Net loan charge-offs                        63          40          22
    Lending-related commitment charge-
     offs                                        1           -           1
    Total net credit-related charge-offs        64          40          23

    Allowance for loan losses                  557         512         493
    Allowance for credit losses on
     lending-related commitments                21          19          26
    Total allowance for credit losses          578         531         519

    Allowance for loan losses as a
     percentage of total loans                1.10%       1.03%       1.04%
    Net loan charge-offs as a percentage
     of average total loans                   0.50        0.32        0.18
    Net credit-related charge-offs as a
     percentage of average total loans        0.50        0.32        0.19
    Nonperforming assets as a percentage
     of total loans and foreclosed
     property                                 0.83        0.59        0.49
    Allowance for loan losses as a
     percentage of total nonperforming
     loans                                     138         188         231



                                                         Years Ended
                                                         December 31,
    (in millions, except per share data)            2007             2006
    PER SHARE AND COMMON STOCK DATA
    Diluted income from continuing
     operations                                    $4.40             $4.81
    Diluted net income                              4.43              5.49
    Cash dividends declared                         2.56              2.36
    Common shareholders' equity (at
     period end)

    Average diluted shares (in thousands)        154,809           162,488

    KEY RATIOS
    Return on average common shareholders'
     equity from continuing operations             13.41 %           15.11 %
    Return on average common
     shareholders' equity                          13.50             17.24
    Return on average assets from
     continuing operations                          1.16              1.38
    Return on average assets                        1.17              1.58
    Average common shareholders' equity
     as a percentage of average assets              8.67              9.15
    Tier 1 common capital ratio *
    Tier 1 risk-based capital ratio *
    Total risk-based capital ratio *
    Leverage ratio *

    AVERAGE BALANCES
    Commercial loans                             $28,132           $27,341
    Real estate construction loans                 4,552             3,905
    Commercial mortgage loans                      9,771             9,278
    Residential mortgage loans                     1,814             1,570
    Consumer loans                                 2,367             2,533
    Lease financing                                1,302             1,314
    International loans                            1,883             1,809
    Total loans                                   49,821            47,750

    Earning assets                                54,688            52,291
    Total assets                                  58,574            56,579
    Interest-bearing deposits                     30,647            28,939
    Total interest-bearing liabilities            40,924            37,000
    Noninterest-bearing deposits                  11,287            13,135
    Common shareholders' equity                    5,079             5,176

    NET INTEREST INCOME
    Net interest income (fully taxable
     equivalent basis)                            $2,006            $1,986
    Fully taxable equivalent adjustment                3                 3
    Net interest margin                             3.66%             3.79%

    CREDIT QUALITY
    Nonaccrual loans
    Reduced-rate loans
    Total nonperforming loans
    Foreclosed property
    Total nonperforming assets

    Loans past due 90 days or more and
     still accruing

    Gross loan charge-offs                           196                98
    Loan recoveries                                   47                38
    Net loan charge-offs                             149                60
    Lending-related commitment charge-offs             4                12
    Total net credit-related charge-offs             153                72

    Allowance for loan losses
    Allowance for credit losses on
     lending-related commitments
    Total allowance for credit losses

    Allowance for loan losses as a
     percentage of total loans
    Net loan charge-offs as a percentage
     of average total loans                         0.30%             0.13%
    Net credit-related charge-offs as a
     percentage of average total loans              0.31              0.15
    Nonperforming assets as a percentage
     of total loans and foreclosed
     property
    Allowance for loan losses as a
     percentage of total nonperforming loans

    * December 31, 2007 ratios are estimated



    CONSOLIDATED BALANCE SHEETS
    Comerica Incorporated and Subsidiaries

                                             Dec. 31,   Sept. 30,    Dec. 31,
    (in millions, except share data)           2007        2007        2006

    ASSETS
    Cash and due from banks                   $1,440      $1,271      $1,434
    Federal funds sold and securities
     purchased under agreements to resell         36         129       2,632
    Other short-term investments                 373         293         327
    Investment securities available-
     for-sale                                  6,296       4,942       3,662
    Commercial loans                          28,223      27,392      26,265
    Real estate construction loans             4,816       4,759       4,203
    Commercial mortgage loans                 10,048       9,994       9,659
    Residential mortgage loans                 1,915       1,892       1,677
    Consumer loans                             2,464       2,397       2,423
    Lease financing                            1,351       1,319       1,353
    International loans                        1,926       1,843       1,851
         Total loans                          50,743      49,596      47,431
    Less allowance for loan losses              (557)       (512)       (493)
         Net loans                            50,186      49,084      46,938

    Premises and equipment                       650         635         568
    Customers' liability on acceptances
     outstanding                                  48          39          56
    Accrued income and other assets            3,302       3,629       2,384
         Total assets                        $62,331     $60,022     $58,001

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Noninterest-bearing deposits             $11,920     $11,290     $13,901

    Money market and NOW deposits             15,261      14,814      15,250
    Savings deposits                           1,325       1,402       1,365
    Customer certificates of deposit           8,357       8,010       7,223
    Institutional certificates of deposit      6,147       5,049       5,783
    Foreign office time deposits               1,268       1,355       1,405
         Total interest-bearing deposits      32,358      30,630      31,026
         Total deposits                       44,278      41,920      44,927

    Short-term borrowings                      2,807       2,813         635
    Acceptances outstanding                       48          39          56
    Accrued expenses and other
     liabilities                               1,251       1,267       1,281
    Medium- and long-term debt                 8,821       8,906       5,949
         Total liabilities                    57,205      54,945      52,848

    Common stock - $5 par value:
         Authorized - 325,000,000 shares
         Issued - 178,735,252 shares at
          12/31/07, 9/30/07 and 12/31/06         894         894         894
    Capital surplus                              564         551         520
    Accumulated other comprehensive loss        (177)       (238)       (324)
    Retained earnings                          5,506       5,484       5,282
    Less cost of common stock in treasury
     - 28,747,097 shares at 12/31/07,
     27,725,572 shares at 9/30/07 and
     21,161,161 shares at 12/31/06            (1,661)     (1,614)     (1,219)
         Total shareholders' equity            5,126       5,077       5,153
         Total liabilities and
          shareholders' equity               $62,331     $60,022     $58,001



    CONSOLIDATED STATEMENTS OF INCOME
    Comerica Incorporated and Subsidiaries



                                        Three Months  Ended   Years Ended
                                            December 31,      December 31,
    (in millions, except per share data)    2007    2006     2007     2006

    INTEREST INCOME
    Interest and fees on loans              $873    $858   $3,501   $3,216
    Interest on investment securities         66      42      206      174
    Interest on short-term investments         5      12       23       32
        Total interest income                944     912    3,730    3,422

    INTEREST EXPENSE
    Interest on deposits                     303     298    1,167    1,005
    Interest on short-term borrowings         30      15      105      130
    Interest on medium- and long-term debt   122      97      455      304
        Total interest expense               455     410    1,727    1,439
        Net interest income                  489     502    2,003    1,983
    Provision for loan losses                108      22      212       37
        Net interest income after
         provision for loan losses           381     480    1,791    1,946

    NONINTEREST INCOME
    Service charges on deposit accounts       57      54      221      218
    Fiduciary income                          52      47      199      180
    Commercial lending fees                   23      19       75       65
    Letter of credit fees                     16      16       63       64
    Foreign exchange income                   10      10       40       38
    Brokerage fees                            11      10       43       40
    Card fees                                 14      12       54       46
    Bank-owned life insurance                  9       9       36       40
    Net income from principal investing
     and warrants                              6       3       19       10
    Net securities gains                       3       1        7        -
    Net gain (loss) on sales of
     businesses                                -       -        3      (12)
    Income from lawsuit settlement             -      47        -       47
    Other noninterest income                  29      34      128      119
        Total noninterest income             230     262      888      855

    NONINTEREST EXPENSES
    Salaries                                 216     231      844      823
    Employee benefits                         48      42      193      184
      Total salaries and employee benefits   264     273    1,037    1,007
    Net occupancy expense                     36      34      138      125
    Equipment expense                         15      14       60       55
    Outside processing fee expense            24      21       91       85
    Software expense                          17      15       63       56
    Customer services                          7      14       43       47
    Litigation and operational losses         18       4       18       11
    Provision for credit losses on
     lending-related commitments               3      (4)      (1)       5
    Other noninterest expenses                66      86      242      283
        Total noninterest expenses           450     457    1,691    1,674
    Income from continuing operations
     before income taxes                     161     285      988    1,127
    Provision for income taxes                44     100      306      345
    Income from continuing operations        117     185      682      782
    Income from discontinued operations,
     net of tax                                2     114        4      111
    NET INCOME                              $119    $299     $686     $893


    Basic earnings per common share:
      Income from continuing operations    $0.78   $1.17    $4.47    $4.88
      Net income                            0.80    1.89     4.49     5.57

    Diluted earnings per common share:
      Income from continuing operations     0.77    1.16     4.40     4.81
      Net income                            0.79    1.87     4.43     5.49

    Cash dividends declared on common
     stock                                    97      94      393      380
    Dividends per common share              0.64    0.59     2.56     2.36



    CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
    Comerica Incorporated and Subsidiaries


                                        Fourth  Third  Second   First   Fourth
                                       Quarter Quarter Quarter Quarter Quarter
    (in millions, except per             2007    2007    2007    2007    2006
     share data)

    INTEREST INCOME
    Interest and fees on loans           $873    $895    $882    $851    $858
    Interest on investment securities      66      52      46      42      42
    Interest on short-term investments      5       5       5       8      12
          Total interest income           944     952     933     901     912

    INTEREST EXPENSE
    Interest on deposits                  303     294     284     286     298
    Interest on short-term borrowings      30      29      24      22      15
    Interest on medium- and
     long-term debt                       122     126     116      91      97
          Total interest expense          455     449     424     399     410
          Net interest income             489     503     509     502     502
    Provision for loan losses             108      45      36      23      22
          Net interest income after
           provision for loan losses      381     458     473     479     480

    NONINTEREST INCOME
    Service charges on deposit accounts    57      55      55      54      54
    Fiduciary income                       52      49      49      49      47
    Commercial lending fees                23      19      17      16      19
    Letter of credit fees                  16      16      15      16      16
    Foreign exchange income                10      11      10       9      10
    Brokerage fees                         11      11      10      11      10
    Card fees                              14      14      14      12      12
    Bank-owned life insurance               9       8       9      10       9
    Net income (loss) from principal
     investing and warrants                 6      11       6      (4)      3
    Net securities gains                    3       4       -       -       1
    Net gain (loss) on sales of
     businesses                             -       -       2       1       -
    Income from lawsuit settlement          -       -       -       -      47
    Other noninterest income               29      32      38      29      34
          Total noninterest income        230     230     225     203     262

    NONINTEREST EXPENSES
    Salaries                              216     207     215     206     231
    Employee benefits                      48      49      50      46      42
      Total salaries and employee
       benefits                           264     256     265     252     273
    Net occupancy expense                  36      34      33      35      34
    Equipment expense                      15      15      15      15      14
    Outside processing fee expense         24      23      24      20      21
    Software expense                       17      16      15      15      15
    Customer services                       7      11      11      14      14
    Litigation and operational losses
     (recoveries)                          18       6      (9)      3       4
    Provision for credit losses on
     lending-related commitments            3       -      (2)     (2)     (4)
    Other noninterest expenses             66      62      59      55      86
          Total noninterest expenses      450     423     411     407     457
    Income from continuing operations
     before income taxes                  161     265     287     275     285
    Provision for income taxes             44      85      91      86     100
    Income from continuing operations     117     180     196     189     185
    Income from discontinued operations,
     net of tax                             2       1       -       1     114
    NET INCOME                           $119    $181    $196    $190    $299

    Basic earnings per common share:
      Income from continuing
       operations                       $0.78   $1.18   $1.28   $1.21   $1.17
      Net income                         0.80    1.20    1.28    1.21    1.89

    Diluted earnings per common share:
      Income from continuing
       operations                        0.77    1.17    1.25    1.19    1.16
      Net income                         0.79    1.18    1.25    1.19    1.87

    Cash dividends declared on common
     stock                                 97      97      98     101      94
    Dividends per common share           0.64    0.64    0.64    0.64    0.59



                                           Fourth Quarter 2007 Compared To:
                                            Third Quarter      Fourth Quarter
                                                 2007               2006
    (in millions, except per share data)    Amount  Percent    Amount  Percent

    INTEREST INCOME
    Interest and fees on loans               $(22)   (2.5)%      $15     1.7
    Interest on investment securities          14    27.8         24    57.0
    Interest on short-term investments          -     7.5         (7)  (58.9)
          Total interest income                (8)   (0.8)        32     3.4

    INTEREST EXPENSE
    Interest on deposits                        9     3.2          5     1.7
    Interest on short-term borrowings           1     1.4         15   112.8
    Interest on medium- and long-term debt     (4)   (1.9)        25    25.8
          Total interest expense                6     1.6         45    11.2
          Net interest income                 (14)   (3.0)       (13)   (2.9)
    Provision for loan losses                  63     N/M         86     N/M
          Net interest income after
           provision for loan losses          (77)  (17.1)       (99)  (20.9)

    NONINTEREST INCOME
    Service charges on deposit accounts         2     2.8          3     4.6
    Fiduciary income                            3     5.5          5    10.5
    Commercial lending fees                     4    23.0          4    19.9
    Letter of credit fees                       -     1.4          -    (1.9)
    Foreign exchange income                    (1)   (1.6)         -     5.3
    Brokerage fees                              -    (5.4)         1     6.4
    Card fees                                   -     2.6          2    19.0
    Bank-owned life insurance                   1     1.7          -     1.7
    Net income (loss) from principal
     investing and warrants                    (5)    N/M          3     N/M
    Net securities gains                       (1)    N/M          2     N/M
    Net gain (loss) on sales of
     businesses                                 -     N/M          -     N/M
    Income from lawsuit settlement              -     N/M        (47)    N/M
    Other noninterest income                   (3)   (4.7)        (5)  (10.3)
          Total noninterest income              -     0.5        (32)  (11.8)

    NONINTEREST EXPENSES
    Salaries                                    9     4.7        (15)   (6.0)
    Employee benefits                          (1)   (2.5)         6    11.4
      Total salaries and employee
       benefits                                 8     3.4         (9)   (3.2)
    Net occupancy expense                       2     2.9          2     4.8
    Equipment expense                           -    (1.8)         1     9.3
    Outside processing fee expense              1     4.6          3    12.7
    Software expense                            1     7.4          2    13.0
    Customer services                          (4)  (30.0)        (7)  (43.3)
    Litigation and operational losses
     (recoveries)                              12     N/M         14     N/M
    Provision for credit losses on
     lending-related commitments                3     N/M          7     N/M
    Other noninterest expenses                  4     3.9        (20)  (24.4)
          Total noninterest expenses           27     6.2         (7)   (1.6)
    Income from continuing operations
     before income taxes                     (104)  (39.1)      (124)  (43.5)
    Provision for income taxes                (41)  (48.4)       (56)  (55.9)
    Income from continuing operations         (63)  (34.6)       (68)  (36.8)
    Income from discontinued operations,
     net of tax                                 1     N/M       (112)    N/M
    NET INCOME                               $(62)  (34.2)%    $(180)  (60.2)

    Basic earnings per common share:
      Income from continuing
       operations                          $(0.40)  (33.9)%   $(0.39)  (33.3)
      Net income                            (0.40)  (33.3)     (1.09)  (57.7)

    Diluted earnings per common share:
      Income from continuing
       operations                           (0.40)  (34.2)     (0.39)  (33.6)
      Net income                            (0.39)  (33.1)     (1.08)  (57.8)

    Cash dividends declared on common
     stock                                      -    (0.9)         3     3.0
    Dividends per common share                  -      -        0.05     8.5

    N/M - Not meaningful



    ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
    Comerica Incorporated and Subsidiaries

                                                   2007                2006
    (in millions)                    4th Qtr 3rd Qtr 2nd Qtr 1st Qtr  4th Qtr

    Balance at beginning of period     $512    $507    $500    $493    $493

    Loan charge-offs:
      Commercial                         27      30      19      13       7
      Real estate construction:
        Commercial Real Estate
         business line                   24       6       6       1       -
        Other business lines              1       2       2       -       -
          Total real estate
           construction                  25       8       8       1       -
        Commercial mortgage:
         Commercial Real Estate
          business line                   7       2       3       3       3
         Other business lines             9       4      10      14       4
           Total commercial
            mortgage                     16       6      13      17       7
        Residential mortgage              -       -       -       -       -
        Consumer                          4       3       3       3      13
        Lease financing                   -       -       -       -       3
        International                     -       -       -       -       1
           Total loan charge-offs        72      47      43      34      31

    Recoveries on loans previously
     charged-off:
        Commercial                        7       5       5      10       5
        Real estate construction          -       -       -       -       -
        Commercial mortgage               1       1       2       -       1
        Residential mortgage              -       -       -       -       -
        Consumer                          1       1       1       1       1
        Lease financing                   -       -       -       4       -
        International                     -       -       5       3       2
           Total recoveries               9       7      13      18       9
    Net loan charge-offs                 63      40      30      16      22
    Provision for loan losses           108      45      36      23      22
    Foreign currency translation
     adjustment                           -       -       1       -       -
    Balance at end of period           $557    $512    $507    $500    $493

    Allowance for loan losses as a
     percentage of total loans         1.10%   1.03%   1.04%   1.04%   1.04%

    Net loan charge-offs as a
     percentage of average total
     loans                             0.50    0.32    0.24    0.13    0.18

    Net credit-related charge-offs as
     a percentage of average total
     loans                             0.50    0.32    0.24    0.16    0.19



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

                                                   2007                2006
    (in millions)                    4th Qtr 3rd Qtr 2nd Qtr 1st Qtr  4th Qtr

    Balance at beginning of period      $19     $19     $21     $26     $31
    Less: Charge-offs on lending-
     related commitments (1)              1       -       -       3       1
    Add: Provision for credit losses
     on lending-related commitments       3       -      (2)     (2)     (4)
    Balance at end of period            $21     $19     $19     $21     $26

    Unfunded lending-related
     commitments sold                   $22      $-      $-     $60     $20

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



        NONPERFORMING ASSETS
        Comerica Incorporated and Subsidiaries

                                                   2007               2006
    (in millions)                   4th Qtr 3rd Qtr 2nd Qtr 1st Qtr  4th Qtr

    SUMMARY OF NONPERFORMING ASSETS
     AND PAST DUE LOANS
    Nonaccrual loans:
      Commercial                      $75     $64     $88     $73     $97
      Real estate construction:
        Commercial Real
         Estate business line         161      55      37      21      18
        Other business lines            6       4       7       4       2
          Total real estate
           construction               167      59      44      25      20
      Commercial mortgage:
        Commercial Real
         Estate business line          66      63      20      17      18
        Other business lines           75      77      84      84      54
          Total commercial
           mortgage                   141     140     104     101      72
      Residential mortgage              1       1       1       1       1
      Consumer                          3       4       3       4       4
      Lease financing                   -       -       -       4       8
      International                     4       4       4      10      12
          Total nonaccrual
           loans                      391     272     244     218     214
    Reduced-rate loans                 13       -       -       -       -
          Total nonperforming
           loans                      404     272     244     218     214
    Foreclosed property                19      19      15      15      18
          Total nonperforming
           assets                    $423    $291    $259    $233    $232

    Nonperforming loans as a
     percentage of total loans       0.80%   0.55%   0.50%   0.45%   0.45%
    Nonperforming assets as a
     percentage of total loans
     and foreclosed property         0.83    0.59    0.53    0.49    0.49
    Allowance for loan losses as
     a percentage of total
     nonperforming loans              138     188     207     229     231
    Loans past due 90 days or
     more and still accruing          $53     $56     $29     $15     $14


    ANALYSIS OF NONACCRUAL LOANS
    Nonaccrual loans at beginning
     of period                       $272    $244    $218    $214    $174
      Loans transferred to
       nonaccrual (1)                 185      94     107      69      66
      Nonaccrual business loan
       gross charge-offs (2)          (68)    (44)    (40)    (31)    (16)
      Loans transferred to
       accrual status (1)               -      (5)     (8)      -       -
      Nonaccrual business
       loans sold (3)                   -     (11)      -      (4)      -
      Payments/Other (4)                2      (6)    (33)    (30)    (10)
    Nonaccrual loans at end of
     period                          $391    $272    $244    $218    $214

    (1) Based on an analysis of nonaccrual loans with book balances greater
        than $2 million.
    (2) Analysis of gross loan charge-offs:

          Nonaccrual business
           loans                      $68     $44     $40     $31     $16
          Performing watch list
           loans                        -       -       -       -       2
          Consumer and
           residential mortgage
           loans                        4       3       3       3      13
             Total gross loan charge-
              offs                    $72     $47     $43     $34     $31

    (3) Analysis of loans sold:

          Nonaccrual business
           loans                       $-     $11      $-      $4      $-
          Performing watch list
           loans                       13       -       -       -      25
             Total loans sold         $13     $11      $-      $4     $25

    (4) Includes net changes related to nonaccrual loans with balances less
        than $2 million, other than business loan gross charge-offs and
        nonaccrual loans sold, and payments on nonaccrual loans with book
        balances greater than $2 million.


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

                                                  Years Ended
                                      December 31, 2007  December 31, 2006

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

    Commercial loans(1)(2) $28,132   $2,038   7.25%  $27,341  $1,877   6.87%
    Real estate
     construction loans      4,552      374    8.21    3,905    336    8.61
    Commercial mortgage
     loans                   9,771      709    7.26    9,278    675    7.27
    Residential mortgage
     loans                   1,814      111    6.13    1,570     95    6.02
    Consumer loans           2,367      166    7.00    2,533    181    7.13
    Lease financing          1,302       40    3.04    1,314     52    4.00
    International loans      1,883      133    7.06    1,809    127    7.01
    Business loan swap
     expense                     -      (67)      -        -   (124)      -
       Total loans (2)      49,821    3,504    7.03   47,750  3,219    6.74

    Investment securities
     available-for-sale      4,447      206    4.56    3,992    174    4.22
    Federal funds sold
     and securities purchased
     under agreements to
     resell                    164        9    5.28      283     14    5.15
    Other short-term
     investments               256       14    5.65      266     18    6.69
       Total earning assets 54,688    3,733    6.82   52,291  3,425    6.53


    Cash and due from banks  1,352                     1,557
    Allowance for loan losses (520)                     (499)
    Accrued income and other
     assets                  3,054                     3,230
       Total assets        $58,574                   $56,579

    Money market and NOW
     deposits (1)          $14,937      460    3.08  $15,373    443   2.88
    Savings deposits         1,389       13    0.93    1,441     11   0.79
    Customer certificates
     of deposit              7,687      342    4.45    6,505    261   4.01
    Institutional
     certificates of deposit 5,563      300    5.39    4,489    235   5.23
    Foreign office time
     deposits                1,071       52    4.85    1,131     55   4.82
    Total interest-bearing
     deposits               30,647    1,167    3.81   28,939  1,005   3.47
    Short-term borrowings    2,080      105    5.06    2,654    130   4.89
    Medium- and long-term
     debt                    8,197      455    5.55    5,407    304   5.63
    Total interest-bearing
     sources                40,924    1,727    4.22   37,000  1,439   3.89
    Noninterest-bearing
     deposits (1)           11,287                    13,135
    Accrued expenses and
     other liabilities       1,284                     1,268
    Shareholders' equity     5,079                     5,176
       Total liabilities and
        shareholders'
        equity             $58,574                   $56,579

    Net interest income
     /rate spread (FTE)              $2,006    2.60          $1,986   2.64


    FTE adjustment                       $3                      $3

    Impact of net noninterest-bearing
     sources of funds                          1.06                   1.15
    Net interest margin (as a percentage
     of average earning assets) (FTE) (2)
                                               3.66%                  3.79%

    (1) FSD balances included above:
            Loans (primarily
             low-rate)      $ 1,318      $9    0.69% $ 2,363   $ 13   0.57%
            Interest-bearing
             deposits         1,202      47    3.91    1,710     66   3.86
            Noninterest-bearing
             deposits         2,836                    4,374

    (2) Impact of FSD loans
        (primarily low-rate) on
        the following:

            Commercial loans          (0.32)%                        (0.59)%
            Total loans               (0.18)                         (0.32)
            Net interest
             margin (FTE)
             (assuming loans
             were funded by
             noninterest-
             bearing deposits)        (0.08)                         (0.16)



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

                                             Three Months Ended
                                 December 31, 2007       September 30, 2007
    (dollar amounts in        Average         Average  Average        Average
     millions)                Balance Interest  Rate   Balance Interest Rate

    Commercial loans (1) (2)   $28,393  $500   7.00%   $28,052  $520    7.37%
    Real estate construction
     loans                       4,846    92   7.48      4,607    97   8.33
    Commercial mortgage loans    9,941   175   7.01      9,829   181   7.30
    Residential mortgage loans   1,891    29   6.16      1,865    29   6.12
    Consumer loans               2,412    41   6.64      2,320    41   7.06
    Lease financing              1,327     8   2.41      1,319    11   3.25
    International loans          1,889    34   7.03      1,882    33   6.98
    Business loan swap expense       -    (6)     -          -   (16)     -
         Total loans (2)        50,699   873   6.84     49,874   896   7.13

    Investment securities
     available-for-sale          5,533    66   4.76      4,405    52   4.60
    Federal funds sold and
     securities purchased
     under agreements to resell     90     1   4.79         99     1   5.25
    Other short-term
     investments                   299     4   5.44        263     4   5.27
         Total earning assets   56,621   944   6.62     54,641   953   6.91

    Cash and due from banks      1,241                   1,351
    Allowance for loan losses     (541)                   (521)
    Accrued income and other
     assets                      3,186                   3,075
         Total assets          $60,507                 $58,546

    Money market and NOW
     deposits (1)              $15,174   116   3.03    $14,996   119   3.14
    Savings deposits             1,374     4   1.00      1,380     3   0.97
    Customer certificates of
     deposit                     8,229    92   4.44      7,702    87   4.48
    Institutional certificates
     of deposit                  5,779    76   5.22      5,170    72   5.49
    Foreign office time
     deposits                    1,278    15   4.69      1,028    13   4.96
         Total interest-
          bearing deposits      31,834   303   3.77     30,276   294   3.85

    Short-term borrowings        2,560    30   4.64      2,278    29   5.15
    Medium- and long-term debt   9,180   122   5.31      8,852   126   5.61
         Total interest-
          bearing sources       43,574   455   4.15     41,406   449   4.29

    Noninterest-bearing
     deposits (1)               10,533                  10,840
    Accrued expenses and other
     liabilities                 1,304                   1,276
    Shareholders' equity         5,096                   5,024
        Total liabilities and
         shareholders' equity  $60,507                 $58,546

    Net interest income/rate
     spread (FTE)                       $489   2.47             $504   2.62

    FTE adjustment                        $-                      $1

    Impact of net noninterest-
     bearing sources of funds                  0.96                    1.04
    Net interest margin (as a
     percentage of average earning
     assets) (FTE) (2)                         3.43%                   3.66%

    (1) FSD balances included
        above:
         Loans (primarily low-
          rate)                   $941    $2   0.98%    $1,191    $2   0.71%
         Interest-bearing
          deposits               1,121    11   3.78      1,214    12   4.06
         Noninterest-bearing
          deposits               2,060                   2,575
    (2) Impact of FSD loans
        (primarily low-rate) on
        the following:
         Commercial loans                     (0.21)%                 (0.30)%
         Total loans                          (0.11)                  (0.16)
         Net interest margin
          (FTE) (assuming loans were
          funded by noninterest-
          bearing deposits)                   (0.04)                  (0.07)



                                                 Three Months Ended
                                                  December 31, 2006
                                            Average              Average
    (dollar amounts in millions)            Balance    Interest    Rate

    Commercial loans (1) (2)               $27,609      $502       7.21%
    Real estate construction loans           4,204        92       8.72
    Commercial mortgage loans                9,515       178       7.43
    Residential mortgage loans               1,647        25       6.11
    Consumer loans                           2,468        46       7.34
    Lease financing                          1,335        13       3.88
    International loans                      1,790        33       7.25
    Business loan swap expense                   -       (30)         -
            Total loans (2)                 48,568       859       7.02

    Investment securities available-for-
     sale                                    3,842        42       4.27
    Federal funds sold and securities
     purchased under agreements to resell      325         4       5.38
    Other short-term investments               554         8       5.80
            Total earning assets            53,289       913       6.79

    Cash and due from banks                  1,460
    Allowance for loan losses                 (504)
    Accrued income and other assets          3,367
            Total assets                   $57,612

    Money market and NOW deposits (1)      $14,705       117       3.15
    Savings deposits                         1,376         3       0.90
    Customer certificates of deposit         7,191        80       4.39
    Institutional certificates of deposit    5,783        79       5.44
    Foreign office time deposits             1,499        19       5.06
            Total interest-bearing deposits 30,554       298       3.87

    Short-term borrowings                    1,053        15       5.30
    Medium- and long-term debt               6,727        97       5.76
            Total interest-bearing
             sources                        38,334       410       4.24

    Noninterest-bearing deposits (1)        12,649
    Accrued expenses and other
     liabilities                             1,349
    Shareholders' equity                     5,280
            Total liabilities and
             shareholders' equity          $57,612

    Net interest income/rate spread (FTE)               $503       2.55

    FTE adjustment                                        $1

    Impact of net noninterest-bearing
      sources of funds                                             1.20
    Net interest margin (as a percentage
      of average earning assets) (FTE)(2)                          3.75%

    (1) FSD balances included above:
            Loans (primarily low-rate)      $1,909        $3       0.66%
            Interest-bearing deposits        1,338        13       3.94
            Noninterest-bearing deposits     3,953
    (2) Impact of FSD loans (primarily
        low-rate) on the following:
            Commercial loans                                      (0.49)%
            Total loans                                           (0.25)
            Net interest margin (FTE)
             (assuming loans were funded by
             noninterest-bearing deposits)                        (0.11)



    CONSOLIDATED STATISTICAL DATA
    Comerica Incorporated and Subsidiaries

                                         December 31, September 30, June 30,
    (in millions, except per share data)     2007        2007        2007

    Commercial loans:
         Floor plan                         $2,878      $2,601      $3,012
         Other                              25,345      24,791      24,134
            Total commercial loans          28,223      27,392      27,146
    Real estate construction loans:
         Commercial Real Estate business
          line                               4,089       4,007       3,777
         Other business lines                  727         752         736
            Total real estate construction
             loans                           4,816       4,759       4,513
    Commercial mortgage loans:
         Commercial Real Estate business
          line                               1,377       1,467       1,344
         Other business lines                8,671       8,527       8,384
            Total commercial mortgage
             loans                          10,048       9,994       9,728
    Residential mortgage loans               1,915       1,892       1,839
    Consumer loans:
         Home equity                         1,616       1,582       1,585
         Other consumer                        848         815         736
            Total consumer loans             2,464       2,397       2,321
    Lease financing                          1,351       1,319       1,314
    International loans                      1,926       1,843       1,904
            Total loans                    $50,743     $49,596     $48,765

    Goodwill                                  $150        $150        $150
    Loan servicing rights                       12          13          13

    Tier 1 common capital ratio*              6.80%       7.01%       7.18%
    Tier 1 risk-based capital ratio*          7.46        7.68        7.87
    Total risk-based capital ratio *         11.11       11.44       11.71
    Leverage ratio*                           9.30        9.60        9.68

    Book value per share                    $34.18      $33.62      $32.80

    Market value per share for the
     quarter:
         High                               $54.88      $61.34      $63.89
         Low                                 39.62       50.26       58.18
         Close                               43.53       51.28       59.47

    Quarterly ratios:
         Return on average common
          shareholders' equity from
          continuing operations               9.18%      14.24%      15.41%
         Return on average common
          shareholders' equity                9.34       14.38       15.41
         Return on average assets from
          continuing operations               0.77        1.22        1.35
         Return on average assets             0.79        1.23        1.35
         Efficiency ratio                    62.76       58.00       55.97

    Number of banking centers                  417         403         402

    Number of employees - full time
     equivalent                             10,782      10,683      10,687



                                                 March 31,       December 31,
    (in millions, except per share data)           2007              2006

    Commercial loans:
         Floor plan                               $2,970            $3,198
         Other                                    23,711            23,067
            Total commercial loans                26,681            26,265
    Real estate construction loans:
         Commercial Real Estate business
          line                                     3,708             3,449
         Other business lines                        754               754
            Total real estate construction
             loans                                 4,462             4,203
    Commercial mortgage loans:
         Commercial Real Estate business
          line                                     1,286             1,534
         Other business lines                      8,306             8,125
            Total commercial mortgage loans        9,592             9,659
    Residential mortgage loans                     1,741             1,677
    Consumer loans:
         Home equity                               1,570             1,591
         Other consumer                              822               832
            Total consumer loans                   2,392             2,423
    Lease financing                                1,273             1,353
    International loans                            1,848             1,851
            Total loans                          $47,989           $47,431

    Goodwill                                        $150              $150
    Loan servicing rights                             14                14

    Tier 1 common capital ratio*                    7.49%             7.54%
    Tier 1 risk-based capital ratio*                8.19              8.03
    Total risk-based capital ratio *               12.15             11.64
    Leverage ratio*                                10.00              9.77

    Book value per share                          $32.84            $32.70

    Market value per share for the quarter:
         High                                     $63.39            $59.72
         Low                                       56.77             55.82
         Close                                     59.12             58.68

    Quarterly ratios:
         Return on average common
          shareholders' equity from
          continuing operations                    14.83%            14.03%
         Return on average common
          shareholders' equity                     14.86             22.63
         Return on average assets from
          continuing operations                     1.33              1.29
         Return on average assets                   1.33              2.07
         Efficiency ratio                          57.66             59.81

    Number of banking centers                        402               393

    Number of employees - full time
     equivalent                                   10,661            10,700

    * December 31, 2007 ratios are estimated



    PARENT COMPANY ONLY BALANCE SHEETS
    Comerica Incorporated

                                       December 31, September 30, December 31,
    (in millions, except per share data)   2007         2007          2006

    ASSETS
    Cash and due from subsidiary bank           $1           $5         $122
    Short-term investments with
     subsidiary bank                           224          222          246
    Other short-term investments               102          101           92
    Investment in subsidiaries,
     principally banks                       5,849        5,799        5,586
    Premises and equipment                       4            4            4
    Other assets                               156          152          152
          Total assets                      $6,336       $6,283       $6,202

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Medium- and long-term debt                $968         $956         $806
    Other liabilities                          242          250          243
          Total liabilities                  1,210        1,206        1,049

    Common stock - $5 par value:
       Authorized - 325,000,000 shares
       Issued - 178,735,252 shares at
        12/31/07, 9/30/07, and 12/31/06        894          894          894
    Capital surplus                            564          551          520
    Accumulated other comprehensive loss      (177)        (238)        (324)
    Retained earnings                        5,506        5,484        5,282
    Less cost of common stock in treasury
     - 28,747,097 shares at 12/31/07,
     27,725,572 shares at 9/30/07 and
     21,161,161 shares at 12/31/06          (1,661)      (1,614)      (1,219)
          Total shareholders' equity         5,126        5,077        5,153
          Total liabilities and
           shareholders' equity             $6,336       $6,283       $6,202


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

                                             Accumulated
                                                Other
                                               Compre-                 Total
                           Common Stock Capital hen-                   Share-
    (in millions, except     In          Sur-  sive Retained Treasury holders'
    per share data)        Shares Amount plus  Loss  Earnings Stock    Equity

    BALANCE AT JANUARY 1,
     2006                   162.9  $894  $461  $(170) $4,796    $(913) $5,068
    Net income                 -     -     -      -      893       -      893
    Other comprehensive
     income, net of tax        -     -     -      55      -        -       55
    Total comprehensive
     income                                                               948
    Cash dividends declared
     on common stock ($2.36
     per share)                -     -     -      -     (380)       -    (380)
    Purchase of common
     stock                   (6.7)   -     -      -        -     (384)   (384)
    Net issuance of common
     stock under employee
     stock plans              1.7    -    (15)    -      (27)      95      53
    Recognition of share-
     based compensation
     expense                    -    -     57     -       -        -       57
    Employee deferred
     compensation
     obligations             (0.3)   -     17     -       -       (17)      -
    SFAS 158 transition
     adjustment, net of tax     -     -     -   (209)      -        -    (209)
    BALANCE AT DECEMBER 31,
     2006                   157.6  $894  $520  $(324) $5,282  $(1,219) $5,153

    FSP 13-2 transition
     adjustment, net of tax    -     -     -      -      (46)      -      (46)
    FIN 48 transition
     adjustment, net of tax    -     -     -      -        3       -        3
    BALANCE AT JANUARY 1,
     2007                   157.6   894   520   (324)  5,239   (1,219)  5,110
    Net income                 -     -     -      -      686       -      686
    Other comprehensive
     income, net of tax        -     -     -     147      -        -      147
    Total comprehensive
     income                    -     -     -      -       -        -      833
    Cash dividends declared
     on common stock ($2.56
     per share)                -     -     -      -     (393)      -     (393)
    Purchase of common
     stock                  (10.0)   -     -      -       -      (580)   (580)
    Net issuance of common
     stock under employee
     stock plans              2.4    -    (16)    -      (26)     139      97
    Recognition of share-
     based compensation
     expense                   -     -     59     -       -        -       59
    Employee deferred
     compensation
     obligations               -     -      1     -       -        (1)      -
    BALANCE AT DECEMBER 31,
     2007                   150.0  $894  $564  $(177) $5,506  $(1,661) $5,126



    BUSINESS SEGMENT FINANCIAL RESULTS
    Comerica Incorporated and Subsidiaries


    Three Months                           Wealth &
    Ended December 31,     Business Retail Institutional
    2007                     Bank    Bank  Management   Finance  Other  Total
    Earnings summary:

    Net interest income
     (expense) (FTE)          $327    $151     $36       $(17)    $(8)   $489
    Provision for loan losses   88      26       1          -      (7)    108
    Noninterest income          80      55      72         16       7     230
    Noninterest expenses       186      182     86          3      (7)    450
    Provision (benefit) for
     income taxes (FTE)         43       (1)     8         (5)     (1)     44
    Income from discontinued
     operations, net of tax      -        -      -          -       2       2
    Net income (loss)          $90      $(1)   $13         $1     $16    $119
    Net credit-related
     charge-offs               $50      $14     $-         $-      $-     $64

    Selected average
     balances:
    Assets                 $41,327   $6,998 $4,321     $6,785  $1,076 $60,507
    Loans                   40,285    6,229  4,146          5      34  50,699
    Deposits                15,931   17,254  2,552      6,622       8  42,367
    Liabilities             16,765   17,266  2,561     18,472     347  55,411
    Attributed equity        3,073      872    353        724      74   5,096

    Statistical data:
    Return on average
     assets (1)               0.88%   (0.02)% 1.21%       N/M     N/M    0.79%
    Return on average
    attributed equity        11.80    (0.44) 14.78        N/M     N/M    9.34
    Net interest margin (2)   3.22     3.47   3.41        N/M     N/M    3.43
    Efficiency ratio         45.87    88.52  79.66        N/M     N/M   62.76


    Three Months                           Wealth &
    Ended September 30,    Business Retail Institutional
    2007                    Bank    Bank   Management   Finance  Other  Total

    Earnings summary:
    Net interest income
     (expense) (FTE)          $332     $159    $36       $(16)    $(7)   $504
    Provision for loan losses   43        7     (5)         -       -      45
    Noninterest income          82       56     70         17       5     230

    Noninterest expenses       177      160     81          2       3     423
    Provision (benefit)
     for income taxes (FTE)     60       16     10         (3)      3      86
    Income from discontinued
     operations, net of tax      -        -      -          -       1       1
    Net income (loss)         $134      $32    $20         $2     $(7)   $181
    Net credit-related
     charge-offs               $30       $9     $1         $-      $-     $40

    Selected average
     balances:
    Assets                 $40,796   $6,854 $4,152     $5,564  $1,180 $58,546
    Loans                   39,746    6,111  3,989          2      26  49,874
    Deposits                15,948   17,144  2,378      5,748    (102) 41,116
    Liabilities             16,783   17,158  2,385     16,971     225  53,522
    Attributed equity        2,902      848    338        615     321   5,024

    Statistical data:
    Return on average
     assets (1)               1.32%    0.71%  1.90%       N/M     N/M    1.23%
    Return on average
     attributed equity       18.52    15.05  23.39        N/M     N/M   14.38
    Net interest margin (2)   3.31     3.68   3.58        N/M     N/M    3.66
    Efficiency ratio         43.47    74.31  75.95        N/M     N/M   58.00


    Three Months                           Wealth &
    Ended December 31,    Business Retail  Institutional
    2006                    Bank    Bank   Management   Finance  Other  Total

    Earnings summary:
    Net interest income
    (expense) (FTE)           $335     $159    $36       $(23)    $(4)   $503
    Provision for loan
     losses                     15        6      2          -      (1)     22
    Noninterest income         116       53     67         16      10     262
    Noninterest expenses       194      164     86          7       6     457
    Provision (benefit) for
     income taxes (FTE)         88       15      4        (10)      4     101
    Income from discontinued
     operations, net of tax      -        -      -          -     114     114
    Net income (loss)         $154      $27    $11        $(4)   $111    $299
    Net credit-related
     charge-offs                $6      $16     $1         $-      $-     $23

    Selected average
     balances:
    Assets                 $39,872   $6,810 $3,794     $5,515  $1,621 $57,612
    Loans                   38,766    6,100  3,646         25      31  48,568
    Deposits                17,110   16,969  2,351      6,817     (44) 43,203
    Liabilities             17,993   16,978  2,348     14,623     390  52,332
    Attributed equity        2,748      833    307        568     824   5,280

    Statistical data:
    Return on average
     assets (1)               1.54%    0.61%  1.17%       N/M     N/M    2.07%
    Return on average
     attributed equity       22.32    13.00  14.43        N/M     N/M   22.63
    Net interest margin (2)   3.43     3.71   3.90        N/M     N/M    3.75

    Efficiency ratio         43.11    77.81  82.90        N/M     N/M   59.81

    (1) Return on average assets is calculated based on the greater of average
        assets or average liabilities and attributed equity.
    (2) Net interest margin is calculated based on the greater of average
        earning assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful



    MARKET SEGMENT FINANCIAL RESULTS
    Comerica Incorporated and Subsidiaries


    (dollar amounts in millions)
    Three Months Ended December                                        Other
     31, 2007                    Midwest   Western   Texas   Florida  Markets
    Earnings summary:
    Net interest income
     (expense) (FTE)               $206      $173      $72      $12      $35
    Provision for loan losses        20        92        8        5       (7)
    Noninterest income              120        35       23        4       16
    Noninterest expenses            218       121       67       12       25
    Provision (benefit) for
     income taxes (FTE)              33         -        8        -        3
    Income from discontinued
     operations, net of tax           -         -        -        -        -
    Net income (loss)               $55       $(5)     $12      $(1)     $30
    Net credit-related charge-
     offs (recoveries)              $38       $22       $3       $-       $1

    Selected average balances:
    Assets                      $19,228   $17,137   $7,678   $1,731   $4,591
    Loans                        18,602    16,615    7,382    1,717    4,192
    Deposits                     16,117    13,012    3,935      299    1,495
    Liabilities                  16,797    13,044    3,953      297    1,613
    Attributed equity             1,766     1,264      635      111      369

    Statistical data:
    Return on average assets (1)   1.15%    (0.12)%   0.65%   (0.15)%   2.61%
    Return on average
     attributed equity            12.56     (1.65)    7.91    (2.32)   32.55
    Net interest margin (2)        4.38      4.13     3.85     2.70     3.36
    Efficiency ratio              67.03     58.21    70.71    72.82    49.56


    Three Months Ended                                                Other
     September 30, 2007         Midwest   Western   Texas   Florida  Markets
    Earnings summary:
    Net interest income
     (expense) (FTE)               $216      $177      $71      $13      $33
    Provision for loan losses        15        23       (2)       3       12
    Noninterest income              119        36       24        4       14
    Noninterest expenses            206       110       58       10       23
    Provision (benefit) for
     income taxes (FTE)              39        30       13        1       (5)
    Income from discontinued
     operations, net of tax           -         -        -        -        -
    Net income (loss)               $75       $50      $26       $3      $17
    Net credit-related charge-
     offs (recoveries)              $23        $7       $1       $1       $9

    Selected average balances:
    Assets                      $19,131   $17,095   $7,172   $1,706   $4,428
    Loans                        18,526    16,543    6,902    1,692    4,047
    Deposits                     15,636    13,009    3,920      271    1,475
    Liabilities                  16,307    13,044    3,937      273    1,591
    Attributed equity             1,699     1,201      597       97      343

    Statistical data:
    Return on average assets (1)   1.57%     1.17%    1.44%    0.58%    1.59%
    Return on average
     attributed equity            17.61     16.69    17.36    10.19    20.50
    Net interest margin (2)        4.60      4.24     4.08     2.97     3.33
    Efficiency ratio              61.94     51.84    60.91    58.59    48.92


    Three Months Ended December                                       Other
     31, 2006                   Midwest   Western   Texas   Florida  Markets
    Earnings summary:
    Net interest income
     (expense) (FTE)               $224      $178      $69      $11      $32
    Provision for loan losses        40       (15)       3        1       (4)
    Noninterest income              116        74       20        4       14
    Noninterest expenses            215       122       59       10       26
    Provision (benefit) for
     income taxes (FTE)              27        62       10        1        -
    Income from discontinued
     operations, net of tax           -         -        -        -        -
    Net income (loss)               $58       $83      $17       $3      $24
    Net credit-related charge-
     offs (recoveries)              $12       $(2)      $2       $-      $11

    Selected average balances:
    Assets                      $19,297   $16,572   $6,631   $1,631   $4,251
    Loans                        18,671    16,037    6,360    1,611    3,863
    Deposits                     15,860    14,145    3,794      292    1,292
    Liabilities                  16,530    14,180    3,807      296    1,428
    Attributed equity             1,650     1,140      559       87      307

    Statistical data:
    Return on average assets (1)   1.19%     2.01%    1.03%    0.70%    2.24%
    Return on average
     attributed equity            13.96     29.14    12.20    13.03    31.03
    Net interest margin (2)        4.74      4.40     4.27     2.80     3.30
    Efficiency ratio              63.32     48.59    66.36    66.69    56.21

    (1) Return on average assets is calculated based on the greater of average
        assets or average liabilities and attributed equity.
    (2) Net interest margin is calculated based on the greater of average
        earning assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful



         MARKET SEGMENT FINANCIAL RESULTS
         Comerica Incorporated and Subsidiaries


    (dollar amounts in millions)                          Finance
                                                          & Other
    Three Months Ended December 31, 2007  International  Businesses   Total
    Earnings summary:
    Net interest income (expense) (FTE)         $16        $(25)       $489
    Provision for loan losses                    (3)         (7)        108
    Noninterest income                            9          23         230
    Noninterest expenses                         11          (4)        450
    Provision (benefit) for income taxes
     (FTE)                                        6          (6)         44
    Income from discontinued operations,
     net of tax                                   -           2           2
    Net income (loss)                           $11         $17        $119
    Net credit-related charge-offs
     (recoveries)                                $-          $-         $64

    Selected average balances:
    Assets                                   $2,281      $7,861     $60,507
    Loans                                     2,152          39      50,699
    Deposits                                    879       6,630      42,367
    Liabilities                                 888      18,819      55,411
    Attributed equity                           153         798       5,096

    Statistical data:
    Return on average assets (1)               1.85%        N/M        0.79%
    Return on average attributed equity       27.60         N/M        9.34
    Net interest margin (2)                    2.77         N/M        3.43
    Efficiency ratio                          47.39         N/M       62.76



                                                           Finance
                                                           & Other
    Three Months Ended September 30, 2007  International  Businesses  Total
    Earnings summary:
    Net interest income (expense) (FTE)         $17        $(23)       $504
    Provision for loan losses                    (6)          -          45
    Noninterest income                           11          22         230
    Noninterest expenses                         11           5         423
    Provision (benefit) for income taxes
     (FTE)                                        8           -          86
    Income from discontinued operations,
     net of tax                                   -           1           1
    Net income (loss)                           $15         $(5)       $181
    Net credit-related charge-offs
     (recoveries)                               $(1)         $-         $40

    Selected average balances:
    Assets                                   $2,270      $6,744     $58,546
    Loans                                     2,136          28      49,874
    Deposits                                  1,159       5,646      41,116
    Liabilities                               1,174      17,196      53,522
    Attributed equity                           151         936       5,024

    Statistical data:
    Return on average assets (1)               2.66%       N/M         1.23%
    Return on average attributed equity       40.10         N/M       14.38
    Net interest margin (2)                    3.02         N/M        3.66
    Efficiency ratio                          43.17         N/M       58.00



                                                          Finance
                                                          & Other
    Three Months Ended December 31, 2006  International  Businesses    Total
    Earnings summary:
    Net interest income (expense) (FTE)         $16        $(27)       $503
    Provision for loan losses                    (2)         (1)         22
    Noninterest income                            8          26         262
    Noninterest expenses                         12          13         457
    Provision (benefit) for income taxes
     (FTE)                                        7          (6)        101
    Income from discontinued operations,
     net of tax                                   -         114         114
    Net income (loss)                            $7        $107        $299
    Net credit-related charge-offs
     (recoveries)                                $-          $-         $23

    Selected average balances:
    Assets                                   $2,094      $7,136     $57,612
    Loans                                     1,970          56      48,568
    Deposits                                  1,047       6,773      43,203
    Liabilities                               1,078      15,013      52,332
    Attributed equity                           145       1,392       5,280

    Statistical data:
    Return on average assets (1)               1.37 %       N/M        2.07 %
    Return on average attributed equity       19.74         N/M       22.63
    Net interest margin (2)                    3.25         N/M        3.75
    Efficiency ratio                          50.47         N/M       59.81
    (1) Return on average assets is calculated based on the greater of average
        assets or average liabilities and attributed equity.
    (2) Net interest margin is calculated based on the greater of average
        earning assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful



    BUSINESS SEGMENT FINANCIAL RESULTS
    Comerica Incorporated and Subsidiaries

                                                                    Wealth &
    (dollar amounts in millions)            Business     Retail  Institutional
    Year Ended December 31, 2007              Bank        Bank     Management
    Earnings summary:
    Net interest income (expense) (FTE)      $1,326       $627        $145
    Provision for loan losses                   178         41          (3)
    Noninterest income                          291        220         283
    Noninterest expenses                        708        655         322
    Provision (benefit) for income taxes
     (FTE)                                      228         52          39
    Income from discontinued operations,
     net of tax                                   -          -           -
    Net income                                 $503        $99         $70
    Net credit-related charge-offs             $117        $34          $2

    Selected average balances:
    Assets                                  $40,762     $6,880      $4,096
    Loans                                    39,721      6,134       3,937
    Deposits                                 16,253     17,156       2,386
    Liabilities                              17,091     17,169       2,392
    Attributed equity                         2,935        850         332

    Statistical data:
    Return on average assets (1)               1.23 %     0.55 %      1.70 %
    Return on average attributed equity       17.11      11.68       21.03
    Net interest margin (2)                    3.33       3.65        3.64
    Efficiency ratio                          44.10      77.29       75.29

    (dollar amounts in millions)
    Year Ended December 31, 2007              Finance     Other      Total
    Earnings summary:
    Net interest income (expense) (FTE)        $(69)      $(23)     $2,006
    Provision for loan losses                     -         (4)        212
    Noninterest income                           65         29         888
    Noninterest expenses                         10         (4)      1,691
    Provision (benefit) for income taxes
     (FTE)                                      (18)         8         309
    Income from discontinued operations,
     net of tax                                   -          4           4
    Net income                                   $4        $10        $686

    Net credit-related charge-offs               $-         $-        $153

    Selected average balances:
    Assets                                   $5,669     $1,167     $58,574
    Loans                                         7         22      49,821
    Deposits                                  6,174        (35)     41,934
    Liabilities                              16,531        312      53,495
    Attributed equity                           628        334       5,079

    Statistical data:
    Return on average assets (1)                N/M        N/M        1.17 %
    Return on average attributed equity         N/M        N/M       13.50
    Net interest margin (2)                     N/M        N/M        3.66
    Efficiency ratio                            N/M        N/M       58.58


                                                                    Wealth &
                                            Business     Retail  Institutional
    Year Ended December 31, 2006              Bank        Bank     Management
    Earnings summary:
    Net interest income (expense) (FTE)      $1,315       $637        $147
    Provision for loan losses                    14         23           1
    Noninterest income                          305        210         259
    Noninterest expenses                        741        608         313
    Provision (benefit) for income taxes
     (FTE)                                      276         72          31
    Income from discontinued operations,
     net of tax                                   -          -           -
    Net income (loss)                          $589       $144         $61
    Net credit-related charge-offs              $37        $35          $-

    Selected average balances:
    Assets                                  $39,263     $6,786      $3,677
    Loans                                    38,081      6,084       3,534
    Deposits                                 17,775     16,807       2,394
    Liabilities                              18,677     16,810       2,392
    Attributed equity                         2,639        831         299

    Statistical data:
    Return on average assets (1)               1.50 %     0.81 %      1.67 %
    Return on average attributed equity       22.30      17.30       20.49
    Net interest margin (2)                    3.45       3.79        4.15
    Efficiency ratio                          45.78      71.75       77.10


    Year Ended December 31, 2006              Finance     Other      Total
    Earnings summary:
    Net interest income (expense) (FTE)       $(100)      $(13)     $1,986
    Provision for loan losses                     -         (1)         37
    Noninterest income                           64         17         855
    Noninterest expenses                         14         (2)      1,674
    Provision (benefit) for income taxes
     (FTE)                                      (32)         1         348
    Income from discontinued operations,
      net of tax                                  -        111         111
    Net income (loss)                          $(18)      $117        $893
    Net credit-related charge-offs               $-         $-         $72

    Selected average balances:
    Assets                                   $5,271     $1,582     $56,579
    Loans                                        18         33      47,750
    Deposits                                  5,186        (88)     42,074
    Liabilities                              13,198        326      51,403
    Attributed equity                           499        908       5,176

    Statistical data:
    Return on average assets (1)                N/M        N/M        1.58 %
    Return on average attributed equity         N/M        N/M       17.24
    Net interest margin (2)                     N/M        N/M        3.79
    Efficiency ratio                            N/M        N/M       58.92


                                                                    Wealth &
                                            Business     Retail  Institutional
    Year Ended December 31, 2005              Bank        Bank     Management
    Earnings summary:
    Net interest income (expense) (FTE)      $1,395       $612        $147
    Provision for loan losses                   (42)         4          (3)
    Noninterest income                          284        208         253
    Noninterest expenses                        728        546         304
    Provision (benefit) for income taxes
     (FTE)                                      335         96          36
    Income from discontinued operations,
     net of tax                                   -          -           -
    Net income (loss)                          $658       $174         $63
    Net credit-related charge-offs              $86        $25          $6

    Selected average balances:
    Assets                                  $35,708     $6,554      $3,487
    Loans                                    34,561      5,882       3,338
    Deposits                                 20,424     16,841       2,458
    Liabilities                              21,160     16,832       2,453
    Attributed equity                         2,528        805         300

    Statistical data:
    Return on average assets (1)               1.84 %     0.99 %      1.81 %
    Return on average attributed equity       26.02      21.64       21.07
    Net interest margin (2)                    4.02       3.63        4.39
    Efficiency ratio                          43.37      66.54       76.13


    Year Ended December 31, 2005             Finance       Other      Total
    Earnings summary:
    Net interest income (expense) (FTE)       $(183)      $(11)     $1,960
    Provision for loan losses                     -         (6)        (47)
    Noninterest income                           63         11         819
    Noninterest expenses                         10         25       1,613
    Provision (benefit) for income taxes
     (FTE)                                      (59)       (11)        397
    Income from discontinued operations,
     net of tax                                   -         45          45
    Net income (loss)                          $(71)       $37        $861
    Net credit-related charge-offs               $-        $(1)       $116

    Selected average balances:
    Assets                                   $5,218     $1,539     $52,506
    Loans                                       (15)        50      43,816
    Deposits                                    896         21      40,640
    Liabilities                               6,510        454      47,409
    Attributed equity                           510        954       5,097

    Statistical data:
    Return on average assets (1)                N/M        N/M        1.64 %
    Return on average attributed equity         N/M        N/M       16.90
    Net interest margin (2)                     N/M        N/M        4.06
    Efficiency ratio                            N/M        N/M       58.01

    (1) Return on average assets is calculated based on the greater of
        average assets or average liabilities and attributed equity.
    (2) Net interest margin is calculated based on the greater of average
        earning assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M -        - Not Meaningful



             MARKET SEGMENT FINANCIAL RESULTS
         Comerica Incorporated and Subsidiaries


    (dollar amounts in millions)
    Year Ended December 31,                                           Other
     2007                    Midwest   Western    Texas    Florida   Markets
    Earnings summary:
    Net interest income
     (expense) (FTE)           $863      $706      $279       $47      $136
    Provision for loan
     losses                      88       108         8        11        16
    Noninterest income          471       131        86        14        54
    Noninterest expenses        821       455       235        39        92
    Provision (benefit) for
     income taxes (FTE)         148       104        43         4        (7)
    Income from discontinued
     operations, net of tax       -         -         -         -         -
    Net income                 $277      $170       $79        $7       $89
    Net credit-related
     charge-offs               $110       $28        $9        $2       $10

    Selected average
     balances:
    Assets                  $19,189   $17,069    $7,106    $1,687    $4,435
    Loans                    18,598    16,530     6,827     1,672     4,041
    Deposits                 15,819    13,325     3,884       286     1,386
    Liabilities              16,484    13,361     3,900       288     1,503
    Attributed equity         1,722     1,212       596        96       335

    Statistical data:
    Return on average
     assets (1)                1.44%     0.99%     1.12%     0.43%     2.01%
    Return on average
     attributed equity        16.02     13.99     13.40      7.51     26.61
    Net interest margin (2)    4.62      4.26      4.08      2.80      3.36
    Efficiency ratio          61.76     54.45     64.32     63.65     48.42


                                                           Finance
    (dollar amounts in millions)                          & Other
    Year Ended December 31, 2007           International  Businesses   Total
    Earnings summary:
    Net interest income (expense) (FTE)         $67         $(92)     $2,006
    Provision for loan losses                   (15)          (4)        212
    Noninterest income                           38           94         888
    Noninterest expenses                         43            6       1,691
    Provision (benefit) for income taxes
     (FTE)                                       27          (10)        309
    Income from discontinued operations,
     net of tax                                   -            4           4
    Net income                                  $50          $14        $686
    Net credit-related charge-offs              $(6)          $-        $153

    Selected average balances:
    Assets                                   $2,252       $6,836     $58,574
    Loans                                     2,124           29      49,821
    Deposits                                  1,095        6,139      41,934
    Liabilities                               1,116       16,843      53,495
    Attributed equity                           156          962       5,079

    Statistical data:
    Return on average assets (1)               2.20%         N/M        1.17%
    Return on average attributed equity       31.86          N/M       13.50
    Net interest margin (2)                    3.08          N/M        3.66
    Efficiency ratio                          43.12          N/M       58.58


    Year Ended December 31,                                           Other
     2006                    Midwest   Western    Texas    Florida   Markets
    Earnings summary:
    Net interest income
     (expense) (FTE)           $908      $701      $261       $43      $118
    Provision for loan
     losses                      77       (32)       (2)        3         6
    Noninterest income          452       160        76        14        52
    Noninterest expenses        811       450       216        34       101
    Provision (benefit) for
     income taxes (FTE)         153       170        41         6        (9)
    Income from discontinued
     operations, net of tax       -         -         -         -         -
    Net income                 $319      $273       $82       $14       $72
    Net credit-related
     charge-offs                $48        $1        $7        $2       $13

    Selected average
     balances:
    Assets                  $19,407   $16,445    $6,174    $1,528    $3,971
    Loans                    18,737    15,882     5,911     1,508     3,598
    Deposits                 16,061    14,592     3,699       306     1,253
    Liabilities              16,734    14,658     3,709       308     1,378
    Attributed equity         1,623     1,102       529        80       278

    Statistical data:
    Return on average
     assets (1)                1.64%     1.66%     1.33%     0.88%     1.81%
    Return on average
     attributed equity        19.67     24.79     15.56     16.81     25.81
    Net interest margin (2)    4.83      4.41      4.39      2.84      3.29
    Efficiency ratio          59.57     52.29     64.14     60.34     59.32


                                                         Finance
                                                         & Other
    Year Ended December 31, 2006        International   Businesses    Total
    Earnings summary:
    Net interest income (expense) (FTE)         $68        $(113)     $1,986
    Provision for loan losses                   (14)          (1)         37
    Noninterest income                           20           81         855
    Noninterest expenses                         50           12       1,674
    Provision (benefit) for income taxes
     (FTE)                                       18          (31)        348
    Income from discontinued operations,
     net of tax                                   -          111         111
    Net income                                  $34          $99        $893
    Net credit-related charge-offs               $1           $-         $72

    Selected average balances:
    Assets                                   $2,201       $6,853     $56,579
    Loans                                     2,063           51      47,750
    Deposits                                  1,065        5,098      42,074
    Liabilities                               1,092       13,524      51,403
    Attributed equity                           157        1,407       5,176

    Statistical data:
    Return on average assets (1)               1.52%        N/M         1.58%
    Return on average attributed equity       21.37          N/M       17.24
    Net interest margin (2)                    3.17          N/M        3.79
    Efficiency ratio                          57.73          N/M       58.92


    Year Ended December 31,                                           Other
     2005                    Midwest   Western    Texas    Florida   Markets
    Earnings summary:
    Net interest income
     (expense) (FTE)           $923      $784      $242       $39       $89
    Provision for loan
     losses                      46       (68)       (8)        1         2
    Noninterest income          460       122        75        13        40
    Noninterest expenses        794       434       189        28        75
    Provision (benefit) for
     income taxes (FTE)         192       202        47         8       (10)
    Income from discontinued
     operations, net of tax       -         -         -         -         -
    Net income (loss)          $351      $338       $89       $15       $62
    Net credit-related
     charge-offs                $79       $14        $6        $7        $5

    Selected average
     balances:
    Assets                  $19,502   $14,219    $5,176    $1,301    $2,827
    Loans                    18,796    13,638     4,998     1,288     2,596
    Deposits                 16,781    16,852     3,655       299       996
    Liabilities              17,396    16,865     3,651       297     1,089
    Attributed equity         1,646     1,046       471        66       206

    Statistical data:
    Return on average
     assets (1)                1.80%     1.89%     1.72%     1.15%     2.18%
    Return on average
     attributed equity        21.39     32.30     18.87     22.72     29.89
    Net interest margin (2)    4.90      4.65      4.82      3.06      3.44
    Efficiency ratio          57.40     47.92     59.76     54.77     57.72



                                                       Finance
                                                       & Other
    Year Ended December 31, 2005        International Businesses    Total
    Earnings summary:
    Net interest income (expense) (FTE)      $77        $(194)     $1,960
    Provision for loan losses                (14)          (6)        (47)
    Noninterest income                        35           74         819
    Noninterest expenses                      58           35       1,613
    Provision (benefit) for income taxes
     (FTE)                                    28          (70)        397
    Income from discontinued operations,
      net of tax                             - -           45          45
    Net income (loss)                        $40         $(34)       $861
    Net credit-related charge-offs            $6          $(1)       $116

    Selected average balances:
    Assets                                $2,724       $6,757     $52,506
    Loans                                  2,465           35      43,816
    Deposits                               1,140          917      40,640
    Liabilities                            1,147        6,964      47,409
    Attributed equity                        198        1,464       5,097

    Statistical data:
    Return on average assets (1)            1.46%         N/M        1.64%
    Return on average attributed equity    20.11          N/M       16.90
    Net interest margin (2)                 2.92          N/M        4.06
    Efficiency ratio                       51.74          N/M       58.01

    (1) Return on average assets is calculated based on the greater of average
        assets or average liabilities and attributed equity.
    (2) Net interest margin is calculated based on the greater of average
        earning assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful

Forward-looking Statements

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "outcome," "continue," "remain," "maintain," "trend," "objective" 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 the pace of an economic recovery and related changes in employment levels, changes related to the headquarters relocation or to its underlying assumptions, the effects of war and other armed conflicts or acts of terrorism, the effects of natural disasters including, but not limited to, hurricanes, tornadoes, earthquakes and floods, the disruption of private or public utilities, the implementation of Comerica's strategies and business models, management's ability to maintain and expand customer relationships, changes in customer borrowing, repayment, investment and deposit practices, management's ability to retain key officers and employees, changes in the accounting treatment of any particular item, the impact of regulatory examinations, declines or other changes in the businesses or industries in which Comerica has a concentration of loans, including, but not limited to, the automotive production industry and the real estate business lines, the anticipated performance of any new banking centers, the entry of new competitors in Comerica's markets, changes in the level of fee income, changes in applicable laws and regulations, including those concerning taxes, banking, securities and insurance, changes in trade, monetary and fiscal policies, including the interest rate policies of the Board of Governors of the Federal Reserve System, fluctuations in inflation or interest rates, changes in general economic, political or industry conditions and related credit and market conditions, and adverse conditions in the stock market. Comerica cautions that the foregoing list of factors is not exclusive. 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.

SOURCE Comerica Incorporated

CONTACT:
Media: Wayne J. Mielke,
+1-214-462-4463,
Investors: Darlene P. Persons,
+1-313-222-2840,
or Paul Jaremski,
+1-214-969-6476,
all of Comerica Incorporated

Web site: http://www.comerica.com
(CMA)

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