DALLAS, Oct. 17, 2014 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today reported third quarter 2014 net income of $154 million, compared to $151 million for the second quarter 2014 and $147 million for the third quarter 2013. Earnings per diluted share were 82 cents for the third quarter 2014, compared to 80 cents for the second quarter 2014 and 78 cents for the third quarter 2013. Third quarter results reflected a net benefit of $5 million, after tax, or 3 cents per share, from certain actions including a $32 million gain on the early redemption of debt, a $9 million contribution to the Comerica Charitable Foundation and other charges totaling $15 million (see "Noninterest Expenses" section for further details).

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




     (dollar
     amounts
     in
     millions,
     except
     per
     share
     data)        3rd Qtr '14      2nd Qtr '14         3rd Qtr '13
     ---------    -----------      -----------         -----------

     Net
     interest
     income
     (a)                      $414                                 $416          $412

     Provision
     for
     credit
     losses                 5                       11                         8

     Noninterest
     income               215                      220                       228

     Noninterest
     expenses             397       (b)            404                       417

     Provision
     for
     income
     taxes                 73                       70                        68


     Net
     income               154                      151                       147


     Net
     income
     attributable
     to
     common
     shares               152                      149                       145


     Diluted
     income
     per
     common
     share               0.82                     0.80                      0.78


     Average
     diluted
     shares
     (in
     millions)            185                      186                       187


     Tier
     1
     common
     capital
     ratio
     (d)               10.69%      (c)         10.50%                   10.72%

     Basel
     III
     common
     equity
     Tier
     1
     capital
     ratio
     (d)
     (e)                 10.4                     10.3                      10.4

     Tangible
     common
     equity
     ratio
     (d)                 9.94                    10.39                      9.87
     --------            ----                    -----                      ----


    (a)               Included
                      accretion of
                      the purchase
                      discount on
                      the acquired
                      loan portfolio
                      of $3 million,
                      $10 million
                      and $8 million
                      in the third
                      quarter 2014,
                      second quarter
                      2014 and third
                      quarter 2013,
                      respectively.

    (b)               Reflected a net benefit of $8 million
                      from certain actions, including a $32
                      million gain on the early redemption
                      of debt, a $9 million contribution to
                      the Comerica Charitable Foundation and
                      other charges totaling $15 million.
                      See "Noninterest Expenses" section for
                      further details.

    (c)              September 30, 2014 ratio is estimated.

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

    (e)               Estimated ratios based on the
                      standardized approach in the final
                      rule, as fully phased-in, and
                      excluding most elements of accumulated
                      other comprehensive income (AOCI).

"The third quarter reflected broad-based average loan growth as well as significant deposit growth across virtually all business lines," said Ralph W. Babb Jr., chairman and chief executive officer. "We also had solid credit quality and expenses that continue to be well controlled.

"Average total loans were up $3 billion, or 7 percent on a year-over-year basis, and were up $434 million, or 1 percent, compared to the second quarter. The pace of loan growth declined relative to the second quarter due to the typical seasonality, such as model changeover in our dealer services business and summer slowdown, as well as moderating growth in the overall economy. It is clear that our customers are becoming stronger and more confident, however, they remain somewhat cautious and continue to build liquidity. This is reflected in the $2.9 billion, or 13 percent, year-over-year increase in average noninterest-bearing deposits and the $1.3 billion, or 5 percent, increase over the second quarter.

"With the continued low interest rate environment and rising regulatory and technology demands, we took certain actions in the third quarter intended to assist us in partially offsetting these headwinds. As a result, our third quarter expenses included charges associated with a number of projects focused on further efficiency as well as a donation to our charitable foundation.

"We are focused on the long-term and building enduring customer relationships. Our customers appreciate the value proposition we provide, with products and services that meet their needs. We continue to be well positioned for rising rates and to benefit as the economy improves."

Third Quarter 2014 Compared to Second Quarter 2014


    --  Average total loans increased $434 million, or 1 percent, to $47.2
        billion, reflecting broad-based increases led by Mortgage Banker Finance
        ($276 million), Technology and Life Sciences ($110 million) and Energy
        ($95 million), partially offset by decreases in National Dealer Services
        ($178 million) and general Middle Market ($142 million). Period-end
        total loans decreased $174 million, to $47.7 billion, primarily
        reflecting declines in National Dealer Services ($356 million), general
        Middle Market ($246 million) and Mortgage Banker Finance ($102 million),
        partially offset by increases in almost all other lines of business.
    --  Average total deposits increased $1.8 billion, or 3 percent, to $55.2
        billion, reflecting increases in noninterest-bearing deposits of $1.3
        billion and interest-bearing deposits of $515 million. Average deposits
        increased in almost all lines of business, led by Middle Market.
        Period-end deposits increased $3.4 billion, to $57.6 billion, reflecting
        increases in noninterest-bearing deposits of $2.7 billion and
        interest-bearing deposits of $695 million.
    --  Net interest income decreased $2 million to $414 million in the third
        quarter 2014, compared to $416 million in the second quarter 2014,
        primarily reflecting a $7 million decline in accretion of the purchase
        discount on the acquired loan portfolio partially offset by the benefit
        from an increase in loan volume.
    --  The provision for credit losses decreased $6 million to $5 million in
        the third quarter 2014, compared to $11 million in the second quarter
        2014. Net charge-offs were $3 million, or 0.03 percent of average loans,
        in the third quarter 2014, compared to $9 million, or 0.08 percent, in
        the second quarter 2014.
    --  Noninterest income decreased $5 million to $215 million in the third
        quarter 2014, reflecting a $3 million decrease in customer-driven fee
        income and a $2 million decrease in noncustomer-driven income.
    --  Noninterest expenses decreased $7 million to $397 million in the third
        quarter 2014, primarily reflecting a net benefit of $8 million as a
        result of certain actions taken in the current quarter, which included a
        $32 million gain on the early redemption of debt, a $9 million
        contribution to the Comerica Charitable Foundation and other charges
        totaling $15 million. Expenses were stable excluding the impact of these
        actions.
    --  Capital remained solid at September 30, 2014, as evidenced by an
        estimated Tier 1 common capital ratio of 10.69 percent and a tangible
        common equity ratio of 9.94 percent.
    --  Comerica repurchased approximately 1.2 million shares of common stock
        during third quarter 2014 under the repurchase program. Together with
        dividends of $0.20 per share, $95 million was returned to shareholders.

Third Quarter 2014 Compared to Third Quarter 2013


    --  Average total loans increased $3.1 billion, or 7 percent, reflecting
        increases in almost all lines of business.
    --  Average total deposits increased $3.3 billion, or 6 percent, driven by
        an increase in noninterest-bearing deposits of $2.9 billion, or 13
        percent.
    --  Net income increased $7 million, or 4 percent, primarily reflecting
        decreases in noninterest expenses, reflecting lower pension expense, and
        the provision for credit losses, partially offset by a decrease in
        noninterest income.




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


    (dollar amounts
     in millions)       3rd Qtr '14         2nd Qtr '14        3rd Qtr '13
    ---------------     -----------         -----------        -----------

    Net interest
     income                            $414                                   $416            $412


    Net interest
     margin                   2.67%                     2.78%                      2.79%


    Selected average
     balances:

    Total earning
     assets                         $61,672                                $60,148         $58,892

    Total loans              47,159                     46,725                      44,094

    Total investment
     securities               9,388                      9,364                       9,380

    Federal Reserve
     Bank deposits            4,877                      3,801                       5,156



    Total deposits           55,163                     53,384                      51,865

    Total
     noninterest-
     bearing deposits        25,275                     24,011                      22,379
    -----------------        ------                     ------                      ------

    --  Net interest income decreased $2 million to $414 million in the third
        quarter 2014, compared to the second quarter 2014.
        --  Interest on loans decreased $4 million, reflecting a decrease in
            accretion of the purchase discount on the acquired loan portfolio
            (-$7 million), the impact of a negative residual value adjustment to
            assets in the leasing portfolio (-$2 million), a decrease in
            interest recognized on nonaccrual loans (-$1 million), the benefit
            from an increase in loan balances ($4 million) more than offsetting
            other loan portfolio dynamics (-$2 million), and the benefit from
            one additional day in the third quarter ($4 million).
        --  Interest on investment securities decreased $1 million, primarily
            reflecting the second quarter 2014 benefit from a retrospective
            adjustment to premium amortization on mortgage-backed investment
            securities related to the slowing of expected future prepayments.
        --  Interest on short-term investments increased $1 million compared to
            the second quarter 2014, due to an increase in Federal Reserve Bank
            deposits.
        --  Interest expense on medium- and long-term debt decreased $2 million,
            primarily reflecting the net impact of maturities, redemptions and
            issuances during the second and third quarters.
    --  The net interest margin of 2.67 percent decreased 11 basis points
        compared to the second quarter 2014, primarily reflecting a decline in
        accretion of the purchase discount on the acquired loan portfolio (-5
        basis points), an increase in Federal Reserve Bank deposits (-4 basis
        points), other loan portfolio dynamics (-1 basis point), and the impact
        of the negative leasing residual value adjustment (-1 basis point).
    --  Average earning assets increased $1.5 billion, to $61.7 billion in the
        third quarter 2014, compared to the second quarter 2014, primarily as a
        result of increases of $1.1 billion in interest-bearing deposits with
        banks and $434 million in average loans.

Noninterest Income
Noninterest income decreased $5 million to $215 million for the third quarter 2014, compared to $220 million for the second quarter 2014, reflecting decreases in customer-driven fee income of $3 million and noncustomer-driven income of $2 million. The decrease in customer-driven fee income primarily reflected decreases in foreign exchange income and investment banking fees, partially offset by an increase in commercial lending fees.

Noninterest Expenses
Noninterest expenses decreased $7 million to $397 million for the third quarter 2014, compared to $404 million for the second quarter 2014, primarily as a result of a net $8 million benefit from certain actions taken in the third quarter 2014. Excluding these actions, the $1 million increase in noninterest expenses primarily reflected the impact of one additional day in salaries and benefits expense and small increases in net occupancy expense and several other categories, partially offset by lower litigation-related expenses.

The actions taken in the third quarter 2014 included:


    --  Gain on early redemption of debt of $32 million.
    --  Contribution to the Comerica Charitable Foundation of $9 million,
        included in other noninterest expenses.
    --  Other charges totaling $15 million associated with real estate
        optimization and several other efficiency-related actions, which
        included $6 million in salaries and benefits expense (severance-related)
        and $5 million in occupancy expense.


    Credit Quality
    --------------


    (dollar amounts in millions)       3rd Qtr '14     2nd Qtr '14        3rd Qtr '13
    ---------------------------        -----------     -----------        -----------

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

    Net credit-related charge-offs/
     Average total loans                     0.03%                 0.08%                  0.18%


    Provision for credit losses                     $5                                $11          $8


    Nonperforming loans (a)                    346                    347                     459

    Nonperforming assets (NPAs) (a)            357                    360                     478

    NPAs/Total loans and foreclosed
     property                                0.75%                 0.75%                  1.08%


    Loans past due 90 days or more and
     still accruing                                $13                                 $7         $25


    Allowance for loan losses                  592                    591                     604

    Allowance for credit losses on
     lending-related commitments (b)            43                     42                      34
                                               ---                    ---                     ---

    Total allowance for credit losses          635                    633                     638


    Allowance for loan losses/Period-
     end total loans                         1.24%                 1.23%                  1.37%

    Allowance for loan losses/
     Nonperforming loans                       171                    170                     131
    --------------------------                 ---                    ---                     ---


    (a)               Excludes loans acquired with credit
                      impairment.

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

    --  Net charge-offs decreased $6 million to $3 million, or 0.03 percent of
        average loans, in the third quarter 2014, compared to $9 million, or
        0.08 percent, in the second quarter 2014.
    --  Criticized loans decreased $94 million to $2.1 billion at September 30,
        2014, compared to $2.2 billion at June 30, 2014.

Balance Sheet and Capital Management
Total assets and common shareholders' equity were $68.9 billion and $7.4 billion, respectively, at September 30, 2014, compared to $65.3 billion and $7.4 billion, respectively, at June 30, 2014.

There were approximately 180 million common shares outstanding at September 30, 2014. Share repurchases of $59 million (1.2 million shares) under the repurchase program, combined with dividends, returned 62 percent of third quarter 2014 net income to shareholders.

In the third quarter 2014, Comerica early redeemed $150 million of 8.375% subordinated notes, at par, and issued $250 million of 3.80% subordinated notes due in July 2026. The early redemption resulted in a $32 million gain in the third quarter 2014.

Comerica's tangible common equity ratio was 9.94 percent at September 30, 2014, a decrease of 45 basis points from June 30, 2014. The estimated Tier 1 common capital ratio increased 19 basis points, to 10.69 percent at September 30, 2014, from June 30, 2014. The estimated common equity Tier 1 ratio under fully phased-in Basel III capital rules and excluding most elements of AOCI was 10.4 percent at September 30, 2014.

Full-Year and Fourth Quarter 2014 Outlook

Management expectations for full-year 2014 compared to full-year 2013 have not changed from the previously provided outlook, with the exception of the following:


    --  Average loans - previous outlook was for growth in average loans of 4
        percent to 6 percent and now growth is expected to be in the middle of
        the range, or about 5 percent.
    --  Net interest income - previous outlook for purchase accounting accretion
        was $25 million to $30 million and now accretion is expected to be at
        the upper end of the range, or about $30 million.

For fourth quarter 2014 compared to third quarter 2014, management expects the following, assuming a continuation of the current economic and low-rate environment:


    --  Slight growth in average loans, reflecting a seasonal decline in
        Mortgage Banker Finance, a seasonal increase in National Dealer
        Services, and slight growth in our remaining business lines similar to
        the third quarter, with continued focus on pricing and structure
        discipline.
    --  Slight growth in net interest income, reflecting fourth quarter purchase
        accounting accretion of about $5 million. Loan growth approximately
        offsets continued pressure from low rate environment.
    --  Provision for credit losses to remain low, similar to the provisions in
        the first half of 2014.
    --  Noninterest income relatively stable, with stable customer-driven income
        and lower noncustomer-driven income.
    --  Noninterest expenses higher, reflecting higher technology and consulting
        expenses, a seasonal increase in benefits expense and certain fourth
        quarter actions expected to result in additional charges of about $5
        million to $7 million. Third quarter included a net benefit of $8
        million from actions taken.

Business Segments
Comerica's operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at September 30, 2014 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses third quarter 2014 results compared to second quarter 2014.

In the second quarter 2014, Comerica enhanced the approach used to determine the standard reserve factors used in estimating the allowance for credit losses, which had the effect of capturing certain elements in the quantitative component of the reserve that had formerly been included in the qualitative assessment. The impact of the change was largely neutral to the total allowance for loan losses at June 30, 2014. However, because standard reserves are allocated to the segments at the loan level, while qualitative reserves are allocated at the portfolio level, the impact of the methodology change on the allowance of each segment reflected the characteristics of the individual loans within each segment's portfolio, causing segment reserves to increase or decrease accordingly.

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




    (dollar amounts
     in millions)     3rd Qtr '14        2nd Qtr '14            3rd Qtr '13
    ---------------   -----------        -----------            -----------

    Business Bank                 $210               91%                        $195          82%                   $209 91%

    Retail Bank                 7         3                      15                  6                6           3

    Wealth Management          13         6                      28                 12               15           6
    -----------------         ---       ---                     ---                ---              ---         ---

                              230      100%                    238               100%             230        100%

    Finance                  (73)                        (91)                          (87)

    Other (a)                 (3)                           4                              4
    --------                  ---                          ---                            ---

          Total                   $154                                     $151                         $147
          -----                   ----                                     ----                         ----


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




    Business Bank


    (dollar amounts in         3rd Qtr         2nd Qtr        3rd Qtr
     millions)                 '14             '14            '13
    ------------------        --------        --------       --------

    Net interest income (FTE)            $377           $376            $368

    Provision for credit
     losses                          (4)            32             (1)

    Noninterest income                94             95             103

    Noninterest expenses             152            143             153

    Net income                       210            195             209


    Net credit-related
     charge-offs
     (recoveries)                    (2)             7               9


    Selected average
     balances:

    Assets                        37,898         37,467          35,295

    Loans                         36,894         36,529          34,178

    Deposits                      28,841         27,382          26,284
    --------                      ------         ------          ------

    --  Average loans increased $365 million, reflecting increases in most lines
        of business, led by Mortgage Banker Finance, Technology and Life
        Sciences, Commercial Real Estate and Corporate Banking, partially offset
        by decreases in National Dealer Services and general Middle Market.
    --  Average deposits increased $1.5 billion, primarily reflecting increases
        in noninterest-bearing deposits in almost all lines of business.
    --  Net interest income increased $1 million, primarily due to the benefit
        from an increase in average loan balances and one additional day in the
        quarter, as well as an increase in net funds transfer pricing (FTP)
        credits, largely due to the increase in average deposits, partially
        offset by a decrease in purchase accounting accretion, the impact of a
        negative leasing residual value adjustment and lower loan yields.
    --  The provision for credit losses decreased $36 million, primarily due to
        impact on the second quarter provision of enhancements made to the
        approach utilized to determine the allowance for credit losses, as well
        as improvements in credit quality.
    --  Noninterest income decreased $1 million, primarily due to decreases in
        foreign exchange income and warrant income, partially offset by an
        increase in commercial lending fees.
    --  Noninterest expenses increased $9 million, primarily due to an increase
        in allocated corporate overhead expenses related to certain actions
        taken in the third quarter 2014 including a contribution to the Comerica
        Charitable Foundation, charges associated with real estate optimization
        and several other efficiency-related actions.




    Retail Bank


    (dollar amounts in    3rd Qtr        2nd Qtr        3rd Qtr
     millions)              '14            '14             '13
    ------------------   --------       --------       --------

    Net interest income
     (FTE)                         $150           $149             $151

    Provision for credit
     losses                      -           (4)              10

    Noninterest income          41             41               45

    Noninterest expenses       181            171              177

    Net income                   7             15                6


    Net credit-related
     charge-offs                 -             4                7


    Selected average
     balances:

    Assets                   6,117          6,051            5,967

    Loans                    5,452          5,385            5,285

    Deposits                21,785         21,648           21,257
    --------                ------         ------           ------

    --  Average loans increased $67 million, reflecting increases in both Small
        Business and Retail Banking.
    --  Average deposits increased $137 million, primarily reflecting an
        increase in noninterest-bearing deposits, partially offset by a decline
        in Retail Banking certificates of deposit.
    --  Net interest income increased $1 million, primarily due to the benefit
        provided by an increase in average loan balances and the impact of one
        additional day in the quarter.
    --  The provision for credit losses increased $4 million, primarily due to
        the impact on the second quarter 2014 provision of enhancements to the
        approach utilized to determine the allowance for credit losses.
    --  Noninterest expenses increased $10 million, primarily due to an increase
        in allocated corporate overhead expenses, for the same reasons as
        described above in the Business Bank section.




    Wealth Management


    (dollar amounts in millions)  3rd Qtr        2nd Qtr       3rd Qtr
                                  '14            '14           '13
    ---------------------------  --------       --------      --------

    Net interest income (FTE)               $47           $46             $45

    Provision for credit losses           7           (9)              1

    Noninterest income                   63            67              61

    Noninterest expenses                 82            79              81

    Net income                           13            28              15


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


    Selected average balances:

    Assets                            5,007         4,996           4,789

    Loans                             4,813         4,811           4,631

    Deposits                          4,155         3,827           3,782
    --------                          -----         -----           -----

    --  Average deposits increased $328 million, primarily reflecting an
        increase in interest-bearing balances.
    --  Net interest income increased $1 million due to an increase in net FTP
        credits, largely due to the increase in average deposits.
    --  The provision for loan losses increased $16 million, primarily due to
        the impact on the second quarter 2014 provision of enhancements to the
        approach utilized to determine the allowance for credit losses.
    --  Noninterest income decreased $4 million, primarily reflecting a decrease
        in investment banking fees and small decreases in several other
        categories.
    --  Noninterest expenses increased $3 million, primarily reflecting an
        increase in allocated corporate overhead related to certain actions
        taken in the third quarter 2014 including a contribution to the Comerica
        Charitable Foundation, charges associated with real estate optimization
        and several other efficiency-related actions, as well as increases in
        salaries and benefits expense and occupancy expenses, primarily the
        result of other efficiency-related actions in the third quarter,
        partially offset by a decrease in litigation-related expenses.

Geographic Market Segments
Comerica also provides market segment results for three primary geographic markets: Michigan, California and Texas. In addition to the three primary geographic markets, Other Markets is also reported as a market segment. Other Markets includes Florida, Arizona, the International Finance division and businesses that have a significant presence outside of the three primary geographic markets. The tables below present the geographic market results based on the methodologies in effect at September 30, 2014 and are presented on a fully taxable equivalent (FTE) basis.

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




    (dollar
     amounts
     in
     millions)  3rd Qtr '14        2nd Qtr '14            3rd Qtr '13
    ----------  -----------        -----------            -----------

    Michigan                 $68               29%                        $80          34%                   $75 33%

    California           63        28                      63                26               69          30

    Texas                40        17                      36                15               35          15

    Other
     Markets             59        26                      59                25               51          22
    --------            ---       ---                     ---               ---              ---         ---

                        230      100%                    238              100%             230        100%

    Finance &
     Other (a)         (76)                        (87)                         (83)
    ----------          ---                          ---                           ---

          Total             $154                                     $151                        $147
          -----             ----                                     ----                        ----


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

    --  Average loans increased $181 million and $70 million in Texas and
        California, respectively, and decreased $234 million in Michigan. The
        increase in Texas was led by Energy and Private Banking. California
        increases were led by Commercial Real Estate and general Middle Market,
        partially offset by decreases in National Dealer Services and Technology
        and Life Sciences. The decrease in Michigan primarily reflected declines
        in general Middle Market and National Dealer Services.
    --  Average deposits increased $980 million and $520 million in California
        and Michigan, respectively, and decreased $91 million in Texas. The
        increase in California reflected increases in most lines of business and
        included increases of $432 million and $548 million in
        noninterest-bearing and interest-bearing deposits, respectively. The
        increase in Michigan was primarily in general Middle Market
        noninterest-bearing deposits.
    --  Net interest income increased $6 million in California and decreased $7
        million in Texas and $3 million in Michigan. The increase in California
        primarily reflected an increase in FTP credits, largely due to the
        increase in average deposits, and the benefit from an increase in
        average loans. The decrease in Texas was primarily the result of a
        decrease in the accretion of the purchase discount on the acquired loan
        portfolio. The decrease in Michigan primarily reflected lower loan
        yields, in part due to a negative leasing residual adjustment, and the
        impact of a decrease in average loans. All three markets benefited from
        the impact of one additional day in the third quarter.
    --  The provision for credit losses decreased $19 million in Texas,
        decreased $1 million in Michigan and remained flat in California. The
        decrease in Texas primarily reflected the impact on the second quarter
        provision of increased reserves on two credits and positive credit
        quality migration.
    --  Noninterest income decreased $7 million in Michigan and $2 million in
        California, and increased $1 million in Texas. The decrease in Michigan
        primarily reflected a decrease in investment banking fees and small
        decreases in several other noninterest income categories. In California,
        the decrease was primarily the result of decreases in foreign exchange
        and warrant income.
    --  Noninterest expenses increased $7 million, $6 million and $2 million in
        Michigan, Texas and California, respectively, primarily due to increased
        allocated corporate overhead expenses, for the same reasons as
        previously described in the Business Bank section. In California,
        decreases in litigation-related expenses and operational losses
        partially offset the increase.


    Michigan Market


    (dollar amounts in         3rd Qtr        2nd Qtr        3rd Qtr
     millions)                   '14            '14             '13
    ------------------        --------       --------       --------

    Net interest income (FTE)           $179           $182             $186

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

    Noninterest income               87             94               88

    Noninterest expenses            166            159              167

    Net income                       68             80               75


    Net credit-related
     charge-offs
     (recoveries)                     3             10                1


    Selected average
     balances:

    Assets                       13,724         13,851           13,744

    Loans                        13,248         13,482           13,276

    Deposits                     21,214         20,694           20,465
    --------                     ------         ------           ------


    California Market


    (dollar amounts in millions)  3rd Qtr        2nd Qtr        3rd Qtr
                                     '14           '14            '13
    ---------------------------  --------       --------       --------

    Net interest income (FTE)              $182           $176            $171

    Provision for credit losses         14             14               -

    Noninterest income                  37             39              42

    Noninterest expenses               103            101             101

    Net income                          63             63              69


    Net credit-related charge-
     offs (recoveries)                   6              5               8


    Selected average balances:

    Assets                          15,768         15,721          14,250

    Loans                           15,509         15,439          14,002

    Deposits                        16,350         15,370          14,567
    --------                        ------         ------          ------


    Texas Market


    (dollar amounts in millions)  3rd Qtr        2nd Qtr        3rd Qtr
                                     '14           '14            '13
    ---------------------------  --------       --------       --------

    Net interest income (FTE)              $130           $137            $129

    Provision for credit losses          3             22              17

    Noninterest income                  32             31              35

    Noninterest expenses                95             89              92

    Net income                          40             36              35


    Net credit-related charge-
     offs                                -             2               4


    Selected average balances:

    Assets                          11,835         11,661          10,642

    Loans                           11,147         10,966           9,942

    Deposits                        10,633         10,724          10,298
    --------                        ------         ------          ------

Conference Call and Webcast
Comerica will host a conference call to review third quarter 2014 financial results at 7 a.m. CT Friday, October 17, 2014. Interested parties may access the conference call by calling (877) 523-5249 or (210) 591-1147 (event ID No. 3671820). The call and supplemental financial information can also be accessed via Comerica's "Investor Relations" page at www.comerica.com. A replay of the Webcast can be accessed via Comerica's "Investor Relations" page at www.comerica.com.

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

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

Forward-looking Statements
Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "contemplates," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "opportunity," "initiative," "outcome," "continue," "remain," "maintain," "on course," "trend," "objective," "looks forward," "projects," "models" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions; changes in monetary and fiscal policies, including changes in interest rates; volatility and disruptions in global capital and credit markets; changes in Comerica's credit rating; the interdependence of financial service companies; changes in regulation or oversight; unfavorable developments concerning credit quality; the effects of more stringent capital or liquidity requirements; declines or other changes in the businesses or industries of Comerica's customers; operational difficulties, failure of technology infrastructure or information security incidents; the implementation of Comerica's strategies and business initiatives; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; competitive product and pricing pressures among financial institutions within Comerica's markets; changes in customer behavior; any future strategic acquisitions or divestitures; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires and floods; changes in accounting standards and the critical nature of Comerica's accounting policies. Comerica cautions that the foregoing list of factors is not exclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to "Item 1A. Risk Factors" beginning on page 12 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2013. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.




    CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

    Comerica Incorporated and Subsidiaries


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

                                            September 30, June 30,   September 30,          September 30,

    (in millions, except
     per share data)                                 2014      2014             2013      2014           2013
    --------------------                             ----      ----             ----      ----           ----

    PER COMMON SHARE AND COMMON STOCK
     DATA

    Diluted net income                                       $0.82                     $0.80                                 $0.78                  $2.35    $2.23

    Cash dividends
     declared                                        0.20                      0.20      0.17                                  0.59          0.51


    Average diluted
     shares (in
     thousands)                                   185,401                   186,108   187,104                               186,064       187,180
    ---------------                               -------                   -------   -------                               -------       -------

    KEY RATIOS

    Return on average
     common shareholders'
     equity                                         8.29%                    8.27%    8.50%                                8.08%        8.14%

    Return on average
     assets                                          0.93                      0.93      0.92                                  0.91          0.89

    Tier 1 common capital
     ratio (a) (b)                                  10.69                     10.50     10.72

    Tier 1 risk-based
     capital ratio (b)                              10.69                     10.50     10.72

    Total risk-based
     capital ratio (b)                              12.95                     12.52     13.42

    Leverage ratio (b)                              10.80                     10.93     10.88

    Tangible common
     equity ratio (a)                                9.94                     10.39      9.87
    -----------------                                ----                     -----      ----

    AVERAGE BALANCES

    Commercial loans                                       $30,188                   $29,890                               $27,759                $29,487  $28,069

    Real estate
     construction loans                             1,973                     1,913     1,522                                 1,905         1,430

    Commercial mortgage
     loans                                          8,698                     8,749     8,943                                 8,739         9,177

    Lease financing                                   823                       850       839                                   840           850

    International loans                             1,417                     1,328     1,252                                 1,349         1,265

    Residential mortgage
     loans                                          1,792                     1,773     1,642                                 1,763         1,600

    Consumer loans                                  2,268                     2,222     2,137                                 2,244         2,142
                                                    -----                     -----     -----                                 -----         -----

    Total loans                                    47,159                    46,725    44,094                                46,327        44,533


    Earning assets                                 61,672                    60,148    58,892                                60,585        58,810

    Total assets                                   66,401                    64,879    63,657                                65,336        63,707


    Noninterest-bearing
     deposits                                      25,275                    24,011    22,379                                24,182        21,991

    Interest-bearing
     deposits                                      29,888                    29,373    29,486                                29,599        29,364
                                                   ------                    ------    ------                                ------        ------

    Total deposits                                 55,163                    53,384    51,865                                53,781        51,355


    Common shareholders'
     equity                                         7,411                     7,331     6,920                                 7,324         6,950
    --------------------                            -----                     -----     -----                                 -----         -----

    NET INTEREST INCOME (fully taxable
     equivalent basis)

    Net interest income                                       $415                      $417                                  $413                 $1,243   $1,244

    Net interest margin                             2.67%                    2.78%    2.79%                                2.74%        2.83%
    -------------------                              ----                      ----      ----                                  ----          ----

    CREDIT QUALITY

    Total nonperforming
     assets (c)                                               $357                      $360                                  $478


    Loans past due 90
     days or more and
     still accruing                                    13                         7        25


    Net loan charge-offs                                3                         9        19                                       $24                $60


    Allowance for loan
     losses                                           592                       591       604

    Allowance for credit
     losses on lending-
     related commitments                               43                        42        34
                                                      ---                       ---       ---

    Total allowance for
     credit losses                                    635                       633       638


    Allowance for loan
     losses as a
     percentage of total
     loans                                          1.24%                    1.23%    1.37%

    Net loan charge-offs
     as a percentage of
     average total loans
     (d)                                             0.03                      0.08      0.18                                 0.07%        0.18%

    Nonperforming assets
     as a percentage of
     total loans and
     foreclosed property
     (c)                                             0.75                      0.75      1.08

    Allowance for loan
     losses as a
     percentage of total
     nonperforming loans                              171                       170       131
    --------------------                              ---                       ---       ---


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

    (b)              September 30, 2014 ratios are
                     estimated.

    (c)              Excludes loans acquired with
                     credit-impairment.

    (d)              Lending-related commitment
                     charge-offs were zero in all
                     periods presented.




    CONSOLIDATED BALANCE SHEETS

    Comerica Incorporated and Subsidiaries


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

    (in millions, except share data)                2014         2014           2013             2013
    -------------------------------                 ----         ----           ----             ----

                                            (unaudited)  (unaudited)                  (unaudited)

    ASSETS

    Cash and due from banks                                   $1,039                                    $1,226              $1,140  $1,384


    Interest-bearing deposits with banks           6,748                      2,668                       5,311      5,704

    Other short-term investments                     112                        109                         112        106


    Investment securities available-for-
     sale                                          9,468                      9,534                       9,307      9,488


    Commercial loans                              30,759                     30,986                      28,815     27,897

    Real estate construction loans                 1,992                      1,939                       1,762      1,552

    Commercial mortgage loans                      8,603                      8,747                       8,787      8,785

    Lease financing                                  805                        822                         845        829

    International loans                            1,429                      1,352                       1,327      1,286

    Residential mortgage loans                     1,797                      1,775                       1,697      1,650

    Consumer loans                                 2,323                      2,261                       2,237      2,152
    --------------                                 -----                      -----                       -----      -----

    Total loans                                   47,708                     47,882                      45,470     44,151

    Less allowance for loan losses                 (592)                     (591)                      (598)     (604)
    ------------------------------                  ----                       ----                        ----       ----

    Net loans                                     47,116                     47,291                      44,872     43,547


    Premises and equipment                           524                        562                         594        604

    Accrued income and other assets                3,880                      3,935                       3,888      3,834
    -------------------------------                -----                      -----                       -----      -----

    Total assets                                             $68,887                                   $65,325             $65,224 $64,667
    ------------                                             -------                                   -------             ------- -------


    LIABILITIES AND SHAREHOLDERS' EQUITY

    Noninterest-bearing deposits                             $27,490                                   $24,774             $23,875 $23,896


    Money market and interest-bearing
     checking deposits                            23,523                     22,555                      22,332     21,697

    Savings deposits                               1,753                      1,731                       1,673      1,645

    Customer certificates of deposit               4,698                      4,962                       5,063      5,180

    Foreign office time deposits                     117                        148                         349        491
    ----------------------------                     ---                        ---                         ---        ---

    Total interest-bearing deposits               30,091                     29,396                      29,417     29,013
    -------------------------------               ------                     ------                      ------     ------

    Total deposits                                57,581                     54,170                      53,292     52,909


    Short-term borrowings                            202                        176                         253        226

    Accrued expenses and other
     liabilities                                   1,002                        990                         986      1,001

    Medium- and long-term debt                     2,669                      2,620                       3,543      3,565
    --------------------------                     -----                      -----                       -----      -----

    Total liabilities                             61,454                     57,956                      58,074     57,701


    Common stock - $5 par value:

      Authorized - 325,000,000 shares

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

    Capital surplus                                2,183                      2,175                       2,179      2,171

    Accumulated other comprehensive loss           (317)                     (304)                      (391)     (541)

    Retained earnings                              6,631                      6,520                       6,318      6,236

    Less cost of common stock in treasury
     -47,992,721 shares at 9/30/14;
     47,194,492 shares at 6/30/14;
     45,860,786 shares at 12/31/13 and
     44,483,659 shares at 9/30/13                (2,205)                   (2,163)                    (2,097)   (2,041)
    -------------------------------------         ------                     ------                      ------     ------

    Total shareholders' equity                     7,433                      7,369                       7,150      6,966
    --------------------------                     -----                      -----                       -----      -----

    Total liabilities and shareholders'
     equity                                                  $68,887                                   $65,325             $65,224 $64,667
    -----------------------------------                      -------                                   -------             ------- -------




    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

    Comerica Incorporated and Subsidiaries


                                                    Three Months Ended               Nine Months Ended

                                                      September 30,                    September 30,
                                                    -------------                -------------

    (in millions, except
     per share data)                               2014      2013           2014    2013
    --------------------                           ----      ----           ----    ----

    INTEREST INCOME

    Interest and fees on
     loans                                                  $381                  $381                        $1,142 $1,159

    Interest on investment
     securities                                      52                  54                     160       159

    Interest on short-
     term investments                                 3                   4                       9        10
    ------------------                              ---                 ---                     ---       ---

    Total interest income                           436                 439                   1,311     1,328

    INTEREST EXPENSE

    Interest on deposits                             11                  13                      33        43

    Interest on medium-
     and long-term debt                              11                  14                      38        43
    -------------------                             ---                 ---                     ---       ---

    Total interest expense                           22                  27                      71        86
    ----------------------                          ---                 ---                     ---       ---

    Net interest income                             414                 412                   1,240     1,242

    Provision for credit
     losses                                           5                   8                      25        37
    --------------------                            ---                 ---                     ---       ---

    Net interest income
     after provision for
     credit losses                                  409                 404                   1,215     1,205

    NONINTEREST INCOME

    Service charges on
     deposit accounts                                54                  53                     162       161

    Fiduciary income                                 44                  41                     133       128

    Commercial lending
     fees                                            26                  28                      69        71

    Card fees                                        20                  20                      59        55

    Letter of credit fees                            14                  17                      43        49

    Bank-owned life
     insurance                                       11                  12                      31        31

    Foreign exchange
     income                                           9                   9                      30        27

    Brokerage fees                                    4                   4                      13        14

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

    Other noninterest
     income                                          34                  43                     103       128
    -----------------                               ---                 ---                     ---       ---

    Total noninterest
     income                                         215                 228                     643       663

    NONINTEREST EXPENSES

    Salaries and benefits
     expense                                        248                 255                     735       751

    Net occupancy expense                            46                  41                     125       119

    Equipment expense                                14                  15                      43        45

    Outside processing fee
     expense                                         31                  31                      89        89

    Software expense                                 25                  22                      72        66

    Litigation-related
     expense                                        (2)                (4)                      4         -

    FDIC insurance expense                            9                   9                      25        26

    Advertising expense                               5                   6                      16        18

    Gain on debt
     redemption                                    (32)                  -                   (32)      (1)

    Other noninterest
     expenses                                        53                  42                     130       136
    -----------------                               ---                 ---                     ---       ---

    Total noninterest
     expenses                                       397                 417                   1,207     1,249
    -----------------                               ---                 ---                   -----     -----

    Income before income
     taxes                                          227                 215                     651       619

    Provision for income
     taxes                                           73                  68                     207       195
    --------------------                            ---                 ---                     ---       ---

    NET INCOME                                      154                 147                     444       424

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

    Net income
     attributable to
     common shares                                          $152                  $145                          $438   $418
    ----------------                                        ----                  ----                          ----   ----

    Earnings per common share:

    Basic                                                  $0.85                 $0.80                         $2.44  $2.28

    Diluted                                        0.82                0.78                    2.35      2.23


    Comprehensive income                            141                 144                     518       296


    Cash dividends
     declared on common
     stock                                           36                  31                     107        95

    Cash dividends
     declared per common
     share                                         0.20                0.17                    0.59      0.51
    --------------------                           ----                ----                    ----      ----




    CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

    Comerica Incorporated and Subsidiaries


                                                  Third      Second       First      Fourth       Third                          Third Quarter 2014 Compared To:


                                                 Quarter     Quarter     Quarter     Quarter     Quarter     Second Quarter 2014                 Third Quarter 2013

    (in millions, except
     per share data)                                  2014       2014           2014         2013       2013         Amount      Percent                   Amount   Percent
    --------------------                              ----       ----           ----         ----       ----         ------      -------                   ------   -------

    INTEREST INCOME

    Interest and fees on
     loans                                                      $381                                 $385                        $376                                $397                $381                $(4)             (1)%  $    -   -   %

    Interest on investment
     securities                                         52                       53                     55                55                      54                              (1)      (2)        (2)              (5)

    Interest on short-
     term investments                                    3                        2                      4                 4                       4                                1        26         (1)             (10)
    ------------------                                 ---                      ---                    ---               ---                     ---                              ---       ---         ---               ---

    Total interest income                              436                      440                    435               456                     439                              (4)      (1)        (3)              (1)

    INTEREST EXPENSE

    Interest on deposits                                11                       11                     11                12                      13                                -        -        (2)             (15)

    Interest on medium-
     and long-term debt                                 11                       13                     14                14                      14                              (2)     (12)        (3)             (16)
    -------------------                                ---                      ---                    ---               ---                     ---                              ---       ---         ---               ---

    Total interest expense                              22                       24                     25                26                      27                              (2)      (5)        (5)             (16)
    ----------------------                             ---                      ---                    ---               ---                     ---                              ---       ---         ---               ---

    Net interest income                                414                      416                    410               430                     412                              (2)      (1)          2                 -

    Provision for credit
     losses                                              5                       11                      9                 9                       8                              (6)     (58)        (3)             (38)
    --------------------                               ---                      ---                    ---               ---                     ---                              ---       ---         ---               ---

    Net interest income
     after provision                                   409                      405                    401               421                     404                                4         1           5                 1

    for credit losses

    NONINTEREST INCOME

    Service charges on
     deposit accounts                                   54                       54                     54                53                      53                                -        -          1                 1

    Fiduciary income                                    44                       45                     44                43                      41                              (1)      (2)          3                 6

    Commercial lending
     fees                                               26                       23                     20                28                      28                                3        11         (2)              (7)

    Card fees                                           20                       19                     20                19                      20                                1         7           -                -

    Letter of credit fees                               14                       15                     14                15                      17                              (1)      (2)        (3)             (15)

    Bank-owned life
     insurance                                          11                       11                      9                 9                      12                                -        -        (1)             (15)

    Foreign exchange
     income                                              9                       12                      9                 9                       9                              (3)     (23)          -                -

    Brokerage fees                                       4                        4                      5                 4                       4                                -        -          -                -

    Net securities
     (losses) gains                                    (1)                       -                     1                 -                      1                              (1)      N/M        (2)              N/M

    Other noninterest
     income                                             34                       37                     32                39                      43                              (3)      (9)        (9)             (22)
    -----------------                                  ---                      ---                    ---               ---                     ---                              ---       ---         ---               ---

    Total noninterest
     income                                            215                      220                    208               219                     228                              (5)      (2)       (13)              (6)

    NONINTEREST EXPENSES

    Salaries and benefits
     expense                                           248                      240                    247               258                     255                                8         3         (7)              (3)

    Net occupancy expense                               46                       39                     40                41                      41                                7        17           5                14

    Equipment expense                                   14                       15                     14                15                      15                              (1)      (2)        (1)              (6)

    Outside processing fee
     expense                                            31                       30                     28                30                      31                                1         2           -                -

    Software expense                                    25                       25                     22                24                      22                                -        -          3                14

    Litigation-related
     expense                                           (2)                       3                      3                52                     (4)                             (5)      N/M          2                64

    FDIC insurance expense                               9                        8                      8                 7                       9                                1        10           -                -

    Advertising expense                                  5                        5                      6                 3                       6                                -        -        (1)             (10)

    Gain on debt
     redemption                                       (32)                       -                     -                -                      -                            (32)      N/M       (32)              N/M

    Other noninterest
     expenses                                           53                       39                     38                43                      42                               14        34          11                24
    -----------------                                  ---                      ---                    ---               ---                     ---                              ---       ---         ---               ---

    Total noninterest
     expenses                                          397                      404                    406               473                     417                              (7)      (2)       (20)              (5)
    -----------------                                  ---                      ---                    ---               ---                     ---                              ---       ---         ---               ---

    Income before income
     taxes                                             227                      221                    203               167                     215                                6         2          12                 5

    Provision for income
     taxes                                              73                       70                     64                50                      68                                3         4           5                 7
    --------------------                               ---                      ---                    ---               ---                     ---                              ---       ---         ---               ---

    NET INCOME                                         154                      151                    139               117                     147                                3         1           7                 4

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

    Net income
     attributable to
     common shares                                              $152                                 $149                        $137                                $115                $145                  $3                1%      $7   5%
    ----------------                                            ----                                 ----                        ----                                ----                ----                 ---               ---      ---  ---

    Earnings per common share:

    Basic                                                      $0.85                                $0.83                       $0.76                               $0.64               $0.80               $0.02                2%   $0.05   6%

    Diluted                                           0.82                     0.80                   0.73              0.62                    0.78                             0.02         2        0.04                 5


    Comprehensive income                               141                      172                    205               267                     144                             (31)     (18)        (3)              (2)


    Cash dividends
     declared on common
     stock                                              36                       36                     35                31                      31                                -        -          5                16

    Cash dividends
     declared per common
     share                                            0.20                     0.20                   0.19              0.17                    0.17                                -        -       0.03                18
    --------------------                              ----                     ----                   ----              ----                    ----                              ---      ---       ----               ---


    N/M - Not Meaningful




    ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                             2014                        2013
                                                                             ----                        ----

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


    Balance at beginning of
     period                                                  $591                  $594             $598                $604 $613


    Loan charge-offs:

    Commercial                                         13                 19          19               31            20

    Real estate construction                            -                 -          -               -            1

    Commercial mortgage                                 7                  5           8                5             9

    Residential mortgage                                1                  -          -               1             1

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

    Total loan charge-offs                             24                 28          30               41            39


    Recoveries on loans previously
     charged-off:

    Commercial                                          6                 11          11               17             8

    Real estate construction                            1                  1           -               3             2

    Commercial mortgage                                12                  3           3                5             7

    Lease financing                                     -                 -          2                -            1

    Residential mortgage                                1                  3           -               1             1

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

    Total recoveries                                   21                 19          18               28            20
    ----------------                                  ---                ---         ---              ---           ---

    Net loan charge-offs                                3                  9          12               13            19

    Provision for loan losses                           4                  6           8                7            10
    -------------------------                         ---                ---         ---              ---           ---

    Balance at end of period                                 $592                  $591             $594                $598 $604
    ------------------------                                 ----                  ----             ----                ---- ----


    Allowance for loan losses
     as a percentage of total
     loans                                          1.24%             1.23%      1.28%           1.32%        1.37%


    Net loan charge-offs as
     a percentage of average
     total loans                                     0.03               0.08        0.10             0.12          0.18
    ------------------------                         ----               ----        ----             ----          ----




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

    Comerica Incorporated and Subsidiaries


                                                                           2014                         2013
                                                                           ----                         ----

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


    Balance at
     beginning of
     period                                              $42                               $37                $36        $34   $36

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

    Balance at end of
     period                                              $43                               $42                $37        $36   $34
    -----------------                                    ---                               ---                ---        ---   ---


    Unfunded lending-
     related
     commitments sold                                     $9                       $         -            $    -        $1    $2
    -----------------                                    ---                     ---       ---          ---  ---       ---   ---




    NONPERFORMING ASSETS (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                                                   2014                                            2013
                                                                                                   ----                                            ----

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


    SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS

    Nonaccrual loans:

    Business loans:

      Commercial                                                    $93                                   $72                                  $54                                            $81                              $107

      Real estate construction                             18                       19                      19                                   21                       25

      Commercial mortgage                                 144                      156                     162                                  156                      206

      International                                         -                       -                      -                                   4                        -

      Total nonaccrual business
       loans                                              255                      247                     235                                  262                      338

    Retail loans:

      Residential mortgage                                 42                       45                      48                                   53                       63

      Consumer:

      Home equity                                          31                       32                      32                                   33                       34

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

        Total consumer                                     32                       34                      34                                   35                       36
        --------------                                    ---                      ---                     ---                                  ---                      ---

      Total nonaccrual retail
       loans                                               74                       79                      82                                   88                       99
      -----------------------                             ---                      ---                     ---                                  ---                      ---

    Total nonaccrual loans                                329                      326                     317                                  350                      437

    Reduced-rate loans                                     17                       21                      21                                   24                       22
    ------------------                                    ---                      ---                     ---                                  ---                      ---

    Total nonperforming loans
     (a)                                                  346                      347                     338                                  374                      459

    Foreclosed property                                    11                       13                      14                                    9                       19
    -------------------                                   ---                      ---                     ---                                  ---                      ---

    Total nonperforming assets
     (a)                                                           $357                                  $360                                 $352                                           $383                              $478
    --------------------------                                     ----                                  ----                                 ----                                           ----                              ----


    Nonperforming loans as a
     percentage of total loans                          0.73%                   0.73%                  0.73%                               0.82%                   1.04%

    Nonperforming assets as a
     percentage of total loans                           0.75                     0.75                    0.76                                 0.84                     1.08

    and foreclosed property

    Allowance for loan losses as
     a percentage of total                                171                      170                     176                                  160                      131

    nonperforming loans

    Loans past due 90 days or
     more and still accruing                                        $13                                    $7                                  $10                                            $16                               $25
    -------------------------                                       ---                                   ---                                  ---                                            ---                               ---


    ANALYSIS OF NONACCRUAL LOANS

    Nonaccrual loans at
     beginning of period                                           $326                                  $317                                 $350                                           $437                              $449

    Loans transferred to
     nonaccrual (b)                                        54                       53                      19                                   23                       50

    Nonaccrual business loan
     gross charge-offs (c)                               (20)                    (24)                   (27)                                (33)                    (25)

    Nonaccrual business loans
     sold (d)                                             (3)                     (6)                    (3)                                (14)                    (17)

    Payments/Other (e)                                   (28)                    (14)                   (22)                                (63)                    (20)
    ------------------                                    ---                      ---                     ---                                  ---                      ---

    Nonaccrual loans at end of
     period                                                        $329                                  $326                                 $317                                           $350                              $437
    --------------------------                                     ----                                  ----                                 ----                                           ----                              ----

    (a) Excludes loans acquired with credit impairment.

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

    (c) Analysis of gross loan charge-offs:

        Nonaccrual business loans                                   $20                                   $24                                  $27                                            $33                               $25

        Performing criticized loans                         -                       -                      -                                   3                        5

        Consumer and residential
         mortgage loans                                     4                        4                       3                                    5                        9
                                                          ---                      ---                     ---                                  ---                      ---

        Total gross loan charge-
         offs                                                       $24                                   $28                                  $30                                            $41                               $39
                                                                    ---                                   ---                                  ---                                            ---                               ---

    (d) Analysis of loans sold:

          Nonaccrual business loans                                  $3                                    $6                                   $3                                            $14                               $17

          Performing criticized loans                       -                       8                       6                                   22                       31
                                                          ---                     ---                     ---                                  ---                      ---

        Total criticized loans sold                                  $3                                   $14                                   $9                                            $36                               $48
                                                                    ---                                   ---                                  ---                                            ---                               ---

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




    ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                                 Nine Months Ended
                                                                                 -----------------

                                                          September 30, 2014                              September 30, 2013
                                                          ------------------                              ------------------

                                                 Average               Average                  Average                    Average

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


    Commercial loans                                        $29,487                             $689                 3.12%                                  $28,069          $688   3.28%

    Real estate construction
     loans                                          1,905                     49                 3.42                               1,430                43             3.98

    Commercial mortgage
     loans                                          8,739                    246                 3.77                               9,177               271             3.95

    Lease financing                                   840                     20                 3.23                                 850                21             3.22

    International loans                             1,349                     37                 3.64                               1,265                35             3.73

    Residential mortgage
     loans                                          1,763                     50                 3.81                               1,600                50             4.13

    Consumer loans                                  2,244                     54                 3.21                               2,142                53             3.32
    --------------                                  -----                    ---                 ----                               -----               ---             ----

    Total loans (a)                                46,327                  1,145                 3.30                              44,533             1,161             3.49


    Mortgage-backed
     securities available-
     for-sale                                       8,976                    159                 2.36                               9,339               158             2.29

    Other investment
     securities available-
     for-sale                                         369                      1                 0.44                                 390                 1             0.48
    ----------------------                            ---                    ---                 ----                                 ---               ---             ----

    Total investment
     securities available-
     for-sale                                       9,345                    160                 2.28                               9,729               159             2.21


    Interest-bearing
     deposits with banks (b)                        4,803                      9                 0.25                               4,433                 9             0.26

    Other short-term
     investments                                      110                      -                0.60                                 115                 1             1.38
    ----------------                                  ---                    ---                ----                                 ---               ---             ----

    Total earning assets                           60,585                  1,314                 2.90                              58,810             1,330             3.03


    Cash and due from banks                           932                                                  993

    Allowance for loan
     losses                                         (602)                                               (627)

    Accrued income and other
     assets                                         4,421                                                4,531
                                                    -----                                                -----

    Total assets                                            $65,336                                                             $63,707
                                                            -------                                                             -------


    Money market and
     interest-bearing
     checking deposits                                      $22,571                     18                 0.11                                    $21,594               22    0.13

    Savings deposits                                1,734                      -                0.03                               1,654                 -            0.03

    Customer certificates of
     deposit                                        4,990                     13                 0.36                               5,603                19             0.44

    Foreign office time
     deposits                                         304                      2                 0.68                                 513                 2             0.54
    -------------------                               ---                    ---                 ----                                 ---               ---             ----

    Total interest-bearing
     deposits                                      29,599                     33                 0.15                              29,364                43             0.19


    Short-term borrowings                             209                      -                0.03                                 189                 -            0.07

    Medium- and long-term
     debt                                           3,062                     38                 1.67                               4,109                43             1.42
    ---------------------                           -----                    ---                 ----                               -----               ---             ----

    Total interest-bearing
     sources                                       32,870                     71                 0.29                              33,662                86             0.34


    Noninterest-bearing
     deposits                                      24,182                                               21,991

    Accrued expenses and
     other liabilities                                960                                                1,104

    Total shareholders'
     equity                                         7,324                                                6,950
                                                    -----                                                -----

    Total liabilities and
     shareholders' equity                                   $65,336                                                             $63,707
                                                            -------                                                             -------


    Net interest income/rate spread (FTE)                              $1,243                 2.61                                               $1,244             2.69
                                                                       ------                                                                   ------


    FTE adjustment                                                         $3                                                                $2


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

    Net interest margin (as a percentage of
     average earning assets) (FTE) (a) (b)                              2.74%                                                            2.83%
    ---------------------------------------                              ----                                                            ----


    (a)              Accretion of the purchase
                     discount on the acquired loan
                     portfolio of $25 million and
                     $26 million in the nine months
                     ended September 30, 2014 and
                     2013, respectively, increased
                     the net interest margin by 6
                     basis points in each period.

    (b)              Average balances deposited with
                     the Federal Reserve Bank
                     reduced the net interest margin
                     by 20 basis points in both the
                     nine-month periods ended
                     September 30, 2014 and 2013.




    ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)

    Comerica Incorporated and Subsidiaries


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

                                                          September 30, 2014                     June 30, 2014                                  September 30, 2013
                                                          ------------------                     -------------                                  ------------------

                                                 Average               Average       Average                    Average              Average                Average

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


    Commercial loans                                        $30,188                  $236                 3.11%                                      $29,890                      $231            3.10%                       $27,759        $226 3.25%

    Real estate construction
     loans                                          1,973                     17      3.41                               1,913                   16                    3.44                1,522           15             3.78

    Commercial mortgage
     loans                                          8,698                     76      3.45                               8,749                   85                    3.88                8,943           88             3.90

    Lease financing                                   823                      4      2.33                                 850                    7                    3.26                  839            7             3.21

    International loans                             1,417                     13      3.59                               1,328                   12                    3.64                1,252           12             3.76

    Residential mortgage
     loans                                          1,792                     17      3.76                               1,773                   17                    3.82                1,642           17             3.98

    Consumer loans                                  2,268                     19      3.24                               2,222                   18                    3.22                2,137           17             3.27
    --------------                                  -----                    ---      ----                               -----                  ---                    ----                -----          ---             ----

    Total loans (a)                                47,159                    382      3.22                              46,725                  386                    3.31               44,094          382             3.44


    Mortgage-backed
     securities available-
     for-sale                                       9,020                     52      2.29                               8,996                   53                    2.35                8,989           54             2.41

    Other investment
     securities available-
     for-sale                                         368                      -     0.43                                 368                    -                   0.46                  391            -            0.43
    ----------------------                            ---                    ---     ----                                 ---                  ---                   ----                  ---          ---            ----

    Total investment
     securities available-
     for-sale                                       9,388                     52      2.22                               9,364                   53                    2.28                9,380           54             2.32


    Interest-bearing
     deposits with banks (b)                        5,015                      3      0.25                               3,949                    2                    0.25                5,308            4             0.26

    Other short-term
     investments                                      110                      -     0.54                                 110                    -                   0.61                  110            -            0.77
    ----------------                                  ---                    ---     ----                                 ---                  ---                   ----                  ---          ---            ----

    Total earning assets                           61,672                    437      2.82                              60,148                  441                    2.95               58,892          440             2.97


    Cash and due from banks                           963                                       921                                                    1,027

    Allowance for loan
     losses                                         (601)                                    (602)                                                   (622)

    Accrued income and other
     assets                                         4,367                                     4,412                                                    4,360
                                                    -----                                     -----                                                    -----

    Total assets                                            $66,401                                                  $64,879                                                  $63,657
                                                            -------                                                  -------                                                  -------


    Money market and
     interest-bearing
     checking deposits                                      $23,146              6              0.11                                       $22,296                       6          0.10                       $21,894                7 0.13

    Savings deposits                                1,759                      -     0.03                               1,742                    -                   0.03                1,680            -            0.04

    Customer certificates of
     deposit                                        4,824                      4      0.36                               5,041                    5                    0.36                5,384            6             0.41

    Foreign office time
     deposits                                         159                      1      1.43                                 294                    -                   0.68                  528            -            0.48
    -------------------                               ---                    ---      ----                                 ---                  ---                   ----                  ---          ---            ----

    Total interest-bearing
     deposits                                      29,888                     11      0.15                              29,373                   11                    0.15               29,486           13             0.18


    Short-term borrowings                             231                      -     0.03                                 210                    -                   0.03                  249            -            0.06

    Medium- and long-term
     debt                                           2,652                     11      1.75                               2,999                   13                    1.77                3,590           14             1.54
    ---------------------                           -----                    ---      ----                               -----                  ---                    ----                -----          ---             ----

    Total interest-bearing
     sources                                       32,771                     22      0.28                              32,582                   24                    0.30               33,325           27             0.32


    Noninterest-bearing
     deposits                                      25,275                                    24,011                                                   22,379

    Accrued expenses and
     other liabilities                                944                                       955                                                    1,033

    Total shareholders'
     equity                                         7,411                                     7,331                                                    6,920
                                                    -----                                     -----                                                    -----

    Total liabilities and
     shareholders' equity                                   $66,401                                                  $64,879                                                  $63,657
                                                            -------                                                  -------                                                  -------


    Net interest income/rate spread (FTE)                                $415      2.54                                                    $417                    2.65                                     $413              2.65
                                                                         ----                                                             ----                                                            ----


    FTE adjustment                                                         $1                                                     $1                                                           $1


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

    Net interest margin (as a percentage of
     average earning assets) (FTE) (a) (b)                              2.67%                                                 2.78%                                         2.79%
    ---------------------------------------                              ----                                                 ----                                           ----


    (a)              Accretion of the purchase
                     discount on the acquired loan
                     portfolio of $3 million, $10
                     million and $8 million in the
                     third and second quarters of
                     2014 and the third quarter of
                     2013, respectively, increased
                     the net interest margin by 2
                     basis points, 7 basis points
                     and 5 basis points in each
                     respective period.

    (b)              Average balances deposited with
                     the Federal Reserve Bank
                     reduced the net interest margin
                     by 21 basis points, 17 basis
                     points and 24 basis points in
                     the third and second quarters
                     of 2014 and the third quarter
                     of 2013, respectively.




    CONSOLIDATED STATISTICAL DATA (unaudited)

    Comerica Incorporated and Subsidiaries


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

    (in millions, except per
     share data)                                       2014      2014         2014            2013             2013
    ------------------------                           ----      ----         ----            ----             ----


    Commercial loans:

    Floor plan                                                $3,183                                      $3,576               $3,437             $3,504  $2,869

    Other                                            27,576                27,410                          26,337      25,311             25,028
    -----                                            ------                ------                          ------      ------             ------

    Total commercial loans                           30,759                30,986                          29,774      28,815             27,897

    Real estate construction
     loans                                            1,992                 1,939                           1,847       1,762              1,552

    Commercial mortgage loans                         8,603                 8,747                           8,801       8,787              8,785

    Lease financing                                     805                   822                             849         845                829

    International loans                               1,429                 1,352                           1,250       1,327              1,286

    Residential mortgage
     loans                                            1,797                 1,775                           1,751       1,697              1,650

    Consumer loans:

    Home equity                                       1,634                 1,574                           1,533       1,517              1,501

    Other consumer                                      689                   687                             684         720                651
    --------------                                      ---                   ---                             ---         ---                ---

    Total consumer loans                              2,323                 2,261                           2,217       2,237              2,152
    --------------------                              -----                 -----                           -----       -----              -----

    Total loans                                              $47,708                                     $47,882              $46,489            $45,470 $44,151
    -----------                                              -------                                     -------              -------            ------- -------


    Goodwill                                                    $635                                        $635                 $635               $635    $635

    Core deposit intangible                              14                    14                              15          16                 17

    Loan servicing rights                                 1                     1                               1           1                  1


    Tier 1 common capital
     ratio (a) (b)                                   10.69%               10.50%                         10.58%     10.64%            10.72%

    Tier 1 risk-based
     capital ratio (a)                                10.69                 10.50                           10.58       10.64              10.72

    Total risk-based capital
     ratio (a)                                        12.95                 12.52                           13.00       13.10              13.42

    Leverage ratio (a)                                10.80                 10.93                           10.85       10.77              10.88

    Tangible common equity
     ratio (b)                                         9.94                 10.39                           10.20       10.07               9.87


    Common shareholders'
     equity per share of
     common stock                                             $41.26                                      $40.72               $40.09             $39.22  $37.93

    Tangible common equity
     per share of common
     stock (b)                                        37.65                 37.12                           36.50       35.64              34.37

    Market value per share for the quarter:

    High                                              52.72                 52.60                           53.50       48.69              43.49

    Low                                               48.33                 45.34                           43.96       38.64              38.56

    Close                                             49.86                 50.16                           51.80       47.54              39.31


    Quarterly ratios:

    Return on average common
     shareholders' equity                             8.29%                8.27%                          7.68%      6.66%             8.50%

    Return on average assets                           0.93                  0.93                            0.86        0.72               0.92

    Efficiency ratio (c)                              62.87                 63.35                           65.79       72.81              65.18


    Number of banking centers                           481                   481                             483         483                484


    Number of employees -
     full time equivalent                             8,913                 8,901                           8,907       8,948              8,918
    ---------------------                             -----                 -----                           -----       -----              -----


    (a)              September 30, 2014 ratios are
                     estimated.

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

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




    PARENT COMPANY ONLY BALANCE SHEETS (unaudited)

    Comerica Incorporated


                                                  September 30, December 31,      September 30,

    (in millions, except share
     data)                                                 2014              2013            2013
    --------------------------                             ----              ----            ----


    ASSETS

    Cash and due from
     subsidiary bank                                                          $5                       $31     $36

    Short-term investments
     with subsidiary bank                                 1,136                              482        480

    Other short-term
     investments                                             97                               96         92

    Investment in subsidiaries,
     principally banks                                    7,433                            7,171      7,005

    Premises and equipment                                    2                                4          4

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

        Total assets                                                      $8,807                    $7,923  $7,751
        ------------                                                      ------                    ------  ------


    LIABILITIES AND
     SHAREHOLDERS' EQUITY

    Medium- and long-term debt                                            $1,202                      $617    $620

    Other liabilities                                       172                              156        165
    -----------------                                       ---                              ---        ---

        Total liabilities                                 1,374                              773        785


    Common stock -$5 par
     value:

       Authorized -325,000,000
        shares

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

    Capital surplus                                       2,183                            2,179      2,171

    Accumulated other
     comprehensive loss                                   (317)                           (391)     (541)

    Retained earnings                                     6,631                            6,318      6,236

    Less cost of common stock
     in treasury -47,992,721
     shares at 9/30/14;
     45,860,786 shares at
     12/31/13 and 44,483,659
     shares at 9/30/13                                  (2,205)                         (2,097)   (2,041)
    -------------------------                            ------                           ------     ------

        Total shareholders' equity                        7,433                            7,150      6,966
        --------------------------                        -----                            -----      -----

        Total liabilities and
         shareholders' equity                                             $8,807                    $7,923  $7,751
        ---------------------                                             ------                    ------  ------




    CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)

    Comerica Incorporated and Subsidiaries


                                                                                       Accumulated

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

                                                Shares                    Capital   Comprehensive      Retained  Treasury   Shareholders'

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


    BALANCE AT DECEMBER
     31, 2012                                      188.3                              $1,141                           $2,162                       $(413)             $5,928         $(1,879)  $6,939

    Net income                                                    -                     -                      -                        -         424              -              424

    Other comprehensive
     loss, net of tax                                             -                     -                      -                    (128)           -             -            (128)

    Cash dividends
     declared on common
     stock ($0.51 per
     share)                                                       -                     -                      -                        -        (95)             -             (95)

    Purchase of common
     stock                                         (5.8)                         -                  -                     -                  -             (218)     (218)

    Net issuance of common
     stock under employee
     stock plans                                     1.2                          -               (18)                     -               (21)                56         17

    Share-based
     compensation                                                 -                     -                     27                         -           -             -               27

    BALANCE AT SEPTEMBER
     30, 2013                                      183.7                              $1,141                           $2,171                       $(541)             $6,236         $(2,041)  $6,966
    --------------------                           -----                              ------                           ------                        -----              ------          -------   ------


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

    Net income                                                    -                     -                      -                        -         444              -              444

    Other comprehensive
     income, net of tax                                           -                     -                      -                       74            -             -               74

    Cash dividends
     declared on common
     stock ($0.59 per
     share)                                                       -                     -                      -                        -       (107)             -            (107)

    Purchase of common
     stock                                         (4.1)                         -                  -                     -                  -             (200)     (200)

    Net issuance of common
     stock under employee
     stock plans                                     2.0                          -               (26)                     -               (24)                91         41

    Share-based
     compensation                                                 -                     -                     31                         -           -             -               31

       Other                                                      -                     -                    (1)                        -           -             1                 -

    BALANCE AT SEPTEMBER
     30, 2014                                      180.2                              $1,141                           $2,183                       $(317)             $6,631         $(2,205)  $7,433
    --------------------                           -----                              ------                           ------                        -----              ------          -------   ------




    BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)

    Comerica Incorporated and Subsidiaries



    (dollar amounts
     in millions)                        Business          Retail          Wealth

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

    Earnings summary:

    Net interest
     income (expense)
     (FTE)                                            $377                            $150                      $47                 $(166)                   $7         $415

    Provision for
     credit losses                             (4)                    -                            7             -            2                  5

    Noninterest
     income                                     94                    41                            63            15             2                215

    Noninterest
     expenses                                  152                   181                            82          (29)           11                397

    Provision
     (benefit) for
     income taxes
     (FTE)                                     113                     3                             8          (49)          (1)                74
                                               ---                   ---                           ---           ---           ---

    Net income (loss)                                 $210                              $7                      $13                  $(73)                 $(3)        $154
                                                      ----                             ---                      ---                   ----                   ---         ----

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


    Selected average balances:

    Assets                                         $37,898                          $6,117                   $5,007                $11,026                $6,353      $66,401

    Loans                                   36,894                 5,452                         4,813             -            -            47,159

    Deposits                                28,841                21,785                         4,155           128           254             55,163


    Statistical data:

    Return on average
     assets (a)                              2.22%                0.12%                        1.05%          N/M          N/M             0.93%

    Efficiency ratio
     (b)                                     32.32                 93.96                         74.98           N/M          N/M             62.87
                                             -----                 -----                         -----           ---          ---             -----


                                         Business          Retail          Wealth

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

    Earnings summary:

    Net interest
     income (expense)
     (FTE)                                            $376                            $149                      $46                 $(160)                   $6         $417

    Provision for
     credit losses                              32                   (4)                          (9)            -          (8)                11

    Noninterest
     income                                     95                    41                            67            15             2                220

    Noninterest
     expenses                                  143                   171                            79             2             9                404

    Provision
     (benefit) for
     income taxes
     (FTE)                                     101                     8                            15          (56)            3                 71
                                               ---                   ---                           ---           ---           ---

    Net income (loss)                                 $195                             $15                      $28                  $(91)                   $4         $151
                                                      ----                             ---                      ---                   ----                   ---         ----

    Net credit-
     related charge-
     offs
     (recoveries)                                       $7                              $4                     $(2)            $        -              $     -          $9


    Selected average balances:

    Assets                                         $37,467                          $6,051                   $4,996                $11,056                $5,309      $64,879

    Loans                                   36,529                 5,385                         4,811             -            -            46,725

    Deposits                                27,382                21,648                         3,827           258           269             53,384


    Statistical data:

    Return on average
     assets (a)                              2.09%                0.27%                        2.24%          N/M          N/M             0.93%

    Efficiency ratio
     (b)                                     30.43                 89.99                         69.66           N/M          N/M             63.35
    ----------------                         -----                 -----                         -----           ---          ---             -----


                                         Business          Retail          Wealth

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

    Earnings summary:

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

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

    Noninterest
     income                                    103                    45                            61            18             1                228

    Noninterest
     expenses                                  153                   177                            81             2             4                417

    Provision
     (benefit) for
     income taxes
     (FTE)                                     110                     3                             9          (56)            3                 69
                                               ---                   ---                           ---           ---           ---                ---

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

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


    Selected average balances:

    Assets                                         $35,295                          $5,967                   $4,789                $11,097                $6,509      $63,657

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

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


    Statistical data:

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

    Efficiency ratio
     (b)                                     32.49                 90.27                         77.22           N/M          N/M             65.18
    ----------------                         -----                 -----                         -----           ---          ---             -----


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

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

    FTE - Fully Taxable Equivalent

    N/M - Not Meaningful




    MARKET SEGMENT FINANCIAL RESULTS (unaudited)

    Comerica Incorporated and Subsidiaries



    (dollar amounts in millions)                                                              Other        Finance

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

    Earnings summary:

    Net interest
     income (expense)
     (FTE)                                            $179                            $182                              $130                   $83                 $(159)   $415

    Provision for
     credit losses                             (8)                       14                          3                   (6)            2                 5

    Noninterest
     income                                     87                        37                         32                    42            17               215

    Noninterest
     expenses                                  166                       103                         95                    51          (18)              397

    Provision
     (benefit) for
     income taxes
     (FTE)                                      40                        39                         24                    21          (50)               74
                                               ---                       ---                        ---                   ---           ---               ---

    Net income (loss)                                  $68                             $63                               $40                   $59                  $(76)   $154
                                                       ---                             ---                               ---                   ---                   ----    ----

    Net credit-
     related charge-
     offs
     (recoveries)                                       $3                              $6                         $       -                 $(6)             $       -     $3


    Selected average balances:

    Assets                                         $13,724                         $15,768                           $11,835                $7,695                $17,379 $66,401

    Loans                                   13,248                    15,509                     11,147                 7,255             -           47,159

    Deposits                                21,214                    16,350                     10,633                 6,584           382            55,163


    Statistical data:

    Return on average
     assets (a)                              1.22%                    1.46%                     1.34%                3.08%          N/M            0.93%

    Efficiency ratio
     (b)                                     62.28                     46.72                      58.75                 41.16           N/M            62.87
    ----------------                         -----                     -----                      -----                 -----           ---            -----


                                                                                           Other        Finance

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

    Earnings summary:

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

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

    Noninterest
     income                                     94                        39                         31                    39            17               220

    Noninterest
     expenses                                  159                       101                         89                    44            11               404

    Provision
     (benefit) for
     income taxes
     (FTE)                                      46                        37                         21                    20          (53)               71
                                               ---                       ---                        ---                   ---           ---               ---

    Net income (loss)                                  $80                             $63                               $36                   $59                  $(87)   $151
                                                       ---                             ---                               ---                   ---                   ----    ----

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


    Selected average balances:

    Assets                                         $13,851                         $15,721                           $11,661                $7,281                $16,365 $64,879

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

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


    Statistical data:

    Return on average
     assets (a)                              1.48%                    1.54%                     1.23%                3.24%           NM            0.93%

    Efficiency ratio
     (b)                                     57.70                     46.78                      52.61                 38.93            NM            63.35
    ----------------                         -----                     -----                      -----                 -----           ---            -----


                                                                                           Other        Finance

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

    Earnings summary:

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

    Provision for
     credit losses                            (11)                        -                        17                     4           (2)                8

    Noninterest
     income                                     88                        42                         35                    44            19               228

    Noninterest
     expenses                                  167                       101                         92                    51             6               417

    Provision
     (benefit) for
     income taxes
     (FTE)                                      43                        43                         20                    16          (53)               69
                                               ---                       ---                        ---                   ---           ---               ---

    Net income (loss)                                  $75                             $69                               $35                   $51                  $(83)   $147
                                                       ---                             ---                               ---                   ---                   ----    ----

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


    Selected average balances:

    Assets                                         $13,744                         $14,250                           $10,642                $7,415                $17,606 $63,657

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

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


    Statistical data:

    Return on average
     assets (a)                              1.43%                    1.80%                     1.20%                2.70%          N/M            0.92%

    Efficiency ratio
     (b)                                     60.89                     47.38                      56.52                 42.04           N/M            65.18
    ----------------                         -----                     -----                      -----                 -----           ---            -----


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

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

    FTE - Fully Taxable Equivalent

    N/M - Not Meaningful




    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)

    Comerica Incorporated and Subsidiaries


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

    (dollar amounts in
     millions)                                     2014        2014         2014            2013             2013
    ------------------                             ----        ----         ----            ----             ----


    Tier 1 Common Capital Ratio:

    Tier 1 and Tier 1
     common capital (a)
     (b)                                                    $7,105                                      $7,027               $6,962             $6,895  $6,862


    Risk-weighted
     assets (a) (b)                              66,481                  66,911                          65,788      64,825             64,027
    ---------------                              ------                  ------                          ------      ------             ------


    Tier 1 and Tier 1
     common risk-based
     capital ratio (b)                           10.69%                 10.50%                         10.58%     10.64%            10.72%


    Basel III Common Equity Tier 1
     Capital Ratio:

    Tier 1 common
     capital (b)                                            $7,105                                      $7,027               $6,962             $6,895  $6,862

    Basel III
     adjustments (c)                                (1)                    (1)                            (2)        (6)               (4)
    ----------------                                ---                     ---                             ---         ---                ---

    Basel III common
     equity Tier 1
     capital (c)                                  7,104                   7,026                           6,960       6,889              6,858
    ----------------                              -----                   -----                           -----       -----              -----


    Risk-weighted
     assets (a) (b)                                        $66,481                                     $66,911              $65,788            $64,825 $64,027

    Basel III
     adjustments (c)                              1,627                   1,594                           1,590       1,754              1,726
                                                  -----                   -----                           -----       -----              -----

    Basel III risk-
     weighted assets
     (c)                                                   $68,108                                     $68,505              $67,378            $66,579 $65,753
    ----------------                                       -------                                     -------              -------            ------- -------


    Tier 1 common
     capital ratio (b)                            10.7%                  10.5%                          10.6%      10.6%             10.7%

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


    Tangible Common Equity Ratio:

    Common
     shareholders'
     equity                                                 $7,433                                      $7,369               $7,283             $7,150  $6,966

    Less:

    Goodwill                                        635                     635                             635         635                635

    Other intangible
     assets                                          15                      15                              16          17                 18
                                                    ---                     ---                             ---         ---                ---

    Tangible common
     equity                                                 $6,783                                      $6,719               $6,632             $6,498  $6,313
    ---------------                                         ------                                      ------               ------             ------  ------


    Total assets                                           $68,887                                     $65,325              $65,681            $65,224 $64,667

    Less:

    Goodwill                                        635                     635                             635         635                635

    Other intangible
     assets                                          15                      15                              16          17                 18
                                                    ---                     ---                             ---         ---                ---

    Tangible assets                                        $68,237                                     $64,675              $65,030            $64,572 $64,014
    ---------------                                        -------                                     -------              -------            ------- -------


    Common equity ratio                          10.79%                 11.28%                         11.09%     10.97%            10.78%

    Tangible common
     equity ratio                                  9.94                   10.39                           10.20       10.07               9.87
    ---------------                                ----                   -----                           -----       -----               ----


    Tangible Common Equity per Share of
     Common Stock:

    Common
     shareholders'
     equity                                                 $7,433                                      $7,369               $7,283             $7,150  $6,966

    Tangible common
     equity                                       6,783                   6,719                           6,632       6,498              6,313
    ---------------                               -----                   -----                           -----       -----              -----


    Shares of common
     stock outstanding
     (in millions)                                  180                     181                             182         182                184
    ------------------                              ---                     ---                             ---         ---                ---


    Common
     shareholders'
     equity per share
     of common stock                                        $41.26                                      $40.72               $40.09             $39.22  $37.93

    Tangible common
     equity per share
     of common stock                              37.65                   37.12                           36.50       35.64              34.37
    -----------------                             -----                   -----                           -----       -----              -----


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

    (b)              September 30, 2014 Tier 1
                     capital and risk-weighted
                     assets are estimated.

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

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

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

SOURCE Comerica Incorporated