Form 8-K COMERICA INC /NEW/ For: Apr 17

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April 17, 2015 6:49 AM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

---------------

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 17, 2015

COMERICA INCORPORATED

(Exact name of registrant as specified in its charter)



Delaware ------------	1-10706 ----------	38-1998421 ---------------
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

Comerica Bank Tower

1717 Main Street, MC 6404

Dallas, Texas 75201

------------------------------

(Address of principal executive offices) (zip code)

(214) 462-6831

---------------------------------------------------------------------------

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


ITEMS 2.02 and 7.01	RESULTS OF OPERATIONS AND FINANCIAL CONDITION AND REGULATION FD DISCLOSURE

Comerica Incorporated (“Comerica”) today released its earnings for the quarter ended March 31, 2015. A copy of the press release and the presentation slides which will be discussed in Comerica's webcast earnings call are attached hereto as Exhibits 99.1 and 99.2, respectively.

The information in this report (including Exhibits 99.1 and 99.2 hereto) is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.


ITEM 9.01	FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

99.1 Press Release dated April 17, 2015

99.2 Earnings Presentation Slides

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

COMERICA INCORPORATED

By: /s/ Jon W. Bilstrom

Name: Jon W. Bilstrom

Title: Executive Vice President - Governance,

Regulatory Relations and Legal Affairs,

and Secretary

April 17, 2015

EXHIBIT INDEX


Exhibit No.	Description


99.1	Press Release dated April 17, 2015


99.2	Earnings Presentation Slides

COMERICA REPORTS FIRST QUARTER 2015 NET INCOME OF $134 MILLION,

OR 73 CENTS PER SHARE

Average Loan Growth of $790 Million, or 2 Percent, Compared to Fourth Quarter 2014

and $3.1 Billion, or 7 Percent, Compared to First Quarter 2014

Continued to Maintain Strong Capital Ratios While Returning $95 Million to Shareholders

DALLAS/April 17, 2015 -- Comerica Incorporated (NYSE: CMA) today reported first quarter 2015 net income of $134 million, compared to $149 million for the fourth quarter 2014 and $139 million for the first quarter 2014. Earnings per diluted share were 73 cents for the first quarter 2015, compared to 80 cents for the fourth quarter 2014 and 73 cents for the first quarter 2014.



(dollar amounts in millions, except per share data)	1st Qtr '15			4th Qtr '14			1st Qtr '14
Net interest income	$	413		$	415		$	410
Provision for credit losses	14			2			9
Noninterest income (a)	256			225			208
Noninterest expenses (a)	460			419			406
Provision for income taxes	61			70			64

Net income	134			149			139

Net income attributable to common shares	132			148			137

Diluted income per common share	0.73			0.80			0.73

Average diluted shares (in millions)	182			184			187

Basel III common equity Tier 1 capital ratio (b) (c)	10.43		%	n/a			n/a
Tier 1 common capital ratio (b) (d)	n/a			10.50		%	10.58		%
Tangible common equity ratio (d)	9.97			9.85			10.20


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


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


(c)	March 31, 2015 ratio is estimated.


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

n/a - not applicable.

"Our first quarter results reflect our strong focus on relationships and ability to generate loans in a highly competitive environment as we maintain our pricing and credit discipline,” said Ralph W. Babb, Jr., chairman and chief executive officer. "Average loans were up $3.1 billion, or 7 percent, compared to a year ago. Relative to the fourth quarter, average loans grew $790 million, or 2 percent, with growth across all of our markets. Average loans in our Energy business line increased about $200 million, peaking in February, then declining as customers adjusted their cash flow needs and were able to access the capital markets. Average loan growth was also driven by increases in Technology and Life Sciences, National Dealer Services, general Middle Market and Small Business.

"First quarter net interest income was relatively stable, and credit quality continued to be strong. Our capital position remains solid. Share repurchases under our equity repurchase program, combined with dividends, returned $95 million to shareholders in the first quarter. We remain focused on the long term and carrying out our relationship banking strategy, which has served us well over many cycles, and we continue to believe we are positioned to benefit from a rising rate environment."

-more-

COMERICA REPORTS FIRST QUARTER 2015 NET INCOME OF $134 MILLION - 2

First Quarter 2015 Compared to Fourth Quarter 2014

•

Average total loans increased $790 million, or 2 percent, to $48.2 billion, primarily reflecting a $699 million increase in commercial loans. The increase in commercial loans was primarily driven by increases in Energy, general Middle Market, Technology and Life Sciences and National Dealer Services. Average loans increased across all markets. Period-end total loans increased $479 million, to $49.1 billion.


•	Average total deposits decreased $770 million, or 1 percent, to $57.0 billion, following robust growth of $2.6 billion, or 5 percent, in the fourth quarter 2014. The decrease primarily reflected a decline in noninterest-bearing deposits of $807 million, largely driven by Corporate Banking. Period-end total deposits increased $84 million, to $57.6 billion.


•	Net interest income remained relatively stable at $413 million.

•

Overall credit quality remained strong. The allowance for credit losses increased $5 million, primarily reflecting the impact of loan growth and increased reserves for loans related to energy^(a), including a qualitative component, partially offset by improvements in credit quality in the remainder of the portfolio. Net charge-offs were $8 million, or 0.07 percent of average loans, in the first quarter 2015, compared to $1 million, or 0.01 percent, in the fourth quarter 2014. As a result, the provision for credit losses increased to $14 million in the first quarter 2015.


•	Excluding the impact of a change in accounting presentation for a card program ($44 million), noninterest income decreased $13 million in the first quarter 2015, primarily reflecting decreases in customer derivative income and commercial lending fees.


•	Excluding the impact of the change in accounting presentation for a card program ($44 million), noninterest expenses decreased $3 million in the first quarter 2015, primarily reflecting lower net occupancy and consulting expenses, partially offset by a seasonal net increase in compensation expense.

•

Capital remained solid at March 31, 2015, as evidenced by an estimated common equity Tier 1 capital ratio of 10.43 percent and a tangible common equity ratio of 9.97 percent. As previously announced, the Federal Reserve completed its 2015 Comprehensive Capital Analysis and Review (CCAR) in March 2015 and did not object to the capital distributions contemplated in Comerica's capital plan. Basel III capital rules became effective for Comerica on January 1, 2015.


•	Comerica repurchased approximately 1.4 million shares of common stock during the first quarter 2015 under the equity repurchase program. Together with dividends of $0.20 per share, $95 million was returned to shareholders.

First Quarter 2015 Compared to First Quarter 2014


•	Average total loans increased $3.1 billion, or 7 percent, reflecting increases in almost all lines of business.


•	Average total deposits increased $4.2 billion, or 8 percent, driven by an increase in noninterest-bearing deposits of $3.5 billion, or 15 percent, and reflecting increases in all major lines of business.


•	Net income decreased $5 million, or 3 percent, primarily reflecting revenue increases offset by higher outside processing expenses related to revenue generating activities and increases in the provision for credit losses and technology-related contract labor expenses.

^(a)Loans related to energy at March 31, 2015 included approximately $3.6 billion of outstanding loans in our Energy business line as well as approximately $750 million of loans in other lines of business to companies that have a sizable portion of their revenue related to energy or could be otherwise disproportionately negatively impacted by prolonged low oil and gas prices.

-more-

COMERICA REPORTS FIRST QUARTER 2015 NET INCOME OF $134 MILLION - 3

Net Interest Income



(dollar amounts in millions)	1st Qtr '15			4th Qtr '14			1st Qtr '14
Net interest income	$	413		$	415		$	410

Net interest margin	2.64		%	2.57		%	2.77		%

Selected average balances:
Total earning assets	$	63,480		$	64,453		$	59,916
Total loans	48,151			47,361			45,075
Total investment securities	9,907			9,365			9,282
Federal Reserve Bank deposits	5,176			7,463			5,311


Total deposits	56,990			57,760			52,770
Total noninterest-bearing deposits	26,697			27,504			23,236


•	Net interest income decreased $2 million to $413 million in the first quarter 2015, compared to the fourth quarter 2014.

◦

Interest on loans decreased $4 million, primarily reflecting the impact of two fewer days in the first quarter (-$7 million), a decrease in accretion of the purchase discount on the acquired loan portfolio (-$6 million), lower loan prepayment fees and interest recognized on nonaccrual loans (-$4 million), partially offset by the impact of a negative residual value adjustment to assets in the leasing portfolio in the fourth quarter 2014 (+$7 million) and the benefit from an increase in average loan balances (+$6 million).


◦	Interest on investment securities increased $2 million, reflecting an increase in average balances (+$3 million), partially offset by lower yields (-$1 million).

•

The net interest margin of 2.64 percent increased 7 basis points compared to the fourth quarter 2014, primarily reflecting a decrease in Federal Reserve Bank deposits (+9 basis points) and the impact of the negative leasing residual value adjustment (+5 basis points), partially offset by a decline in accretion of the purchase discount on the acquired loan portfolio (-4 basis points) and lower loan prepayment fees and nonaccrual interest recognized (-2 basis points).


•	Average earning assets decreased $1.0 billion, to $63.5 billion in the first quarter 2015, compared to the fourth quarter 2014, primarily reflecting a decrease of $2.3 billion in Federal Reserve Bank deposits, partially offset by increases of $790 million in average loans and $542 million in average investment securities.

Noninterest Income

Effective January 1, 2015, contractual changes to a card program resulted in a change to the accounting presentation of the related revenues and expenses. The effect of the change was an increase of $44 million to both noninterest income and noninterest expenses in the first quarter 2015. Future quarters will be similarly impacted by this change.

Excluding the impact of this change, noninterest income decreased $13 million in the first quarter 2015, compared to $225 million for the fourth quarter 2014. The decrease primarily reflected decreases of $7 million in customer derivative income and $4 million in commercial lending fees from high fourth quarter 2014 levels.

Noninterest Expenses

Excluding the impact of the above-described change, noninterest expenses decreased $3 million in the first quarter 2015, compared to $419 million for the fourth quarter 2014. Net occupancy expense decreased $8 million, largely reflecting a $5 million real estate optimization charge incurred in the fourth quarter 2014 that was not repeated in the first quarter 2015 and several discrete first quarter items. Consulting fees, a component of other noninterest expenses, were $3 million lower. Salaries and benefits expense increased $8 million, primarily reflecting seasonal fluctuations including increases in share-based compensation expense and payroll taxes in the first quarter 2015, partially offset by lower healthcare costs and the impact of two fewer days in the quarter.

-more-

COMERICA REPORTS FIRST QUARTER 2015 NET INCOME OF $134 MILLION - 4

Credit Quality

"Credit quality continued to be strong in the first quarter," said Babb. "Net charge-offs remained low at $8 million, or 7 basis points. At this point in the cycle, our energy portfolio continues to perform well, with only modest negative credit migration. However, in light of the fact that oil and gas prices remain depressed, we expect that our criticized loans may increase from current very low levels as the year progresses. In fact, our robust allowance methodology resulted in an increase to our reserve for energy exposure, including an increase to the qualitative component, in the first quarter. Overall, we had a modest increase of $5 million in our total allowance for credit losses and an increase in the provision for credit losses to $14 million.

"Our energy customers are generally decreasing their expenditures and accessing the capital markets, among other actions, to help mitigate the impact of lower oil and gas prices on their businesses. We are actively engaged with our customers, assisting them as they navigate the cycle. Our deep understanding of the sector and our customers is a key component of how we have managed this business successfully for more than 30 years."



(dollar amounts in millions)	1st Qtr '15			4th Qtr '14			1st Qtr '14
Net credit-related charge-offs	$	8		$	1		$	12
Net credit-related charge-offs/Average total loans	0.07		%	0.01		%	0.10		%

Provision for credit losses	$	14		$	2		$	9

Nonperforming loans (a)	279			290			338
Nonperforming assets (NPAs) (a)	288			300			352
NPAs/Total loans and foreclosed property	0.59		%	0.62		%	0.76		%

Loans past due 90 days or more and still accruing	$	12		$	5		$	10

Allowance for loan losses	601			594			594
Allowance for credit losses on lending-related commitments (b)	39			41			37
Total allowance for credit losses	640			635			631

Allowance for loan losses/Period-end total loans	1.22		%	1.22		%	1.28		%
Allowance for loan losses/Nonperforming loans	216			205			176


(a)	Excludes loans acquired with credit impairment.


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


•	Net charge-offs increased $7 million to $8 million, or 0.07 percent of average loans, in the first quarter 2015, compared to $1 million, or 0.01 percent, in the fourth quarter 2014.


•	Criticized loans increased $174 million to $2.1 billion at March 31, 2015, compared to $1.9 billion at December 31, 2014, including an increase of approximately $50 million in criticized loans related to energy.

Balance Sheet and Capital Management

Total assets and common shareholders' equity were $69.3 billion and $7.5 billion, respectively, at March 31, 2015, compared to $69.2 billion and $7.4 billion, respectively, at December 31, 2014.

There were approximately 178 million common shares outstanding at March 31, 2015. Share repurchases of $59 million (1.4 million shares) under the equity repurchase program, combined with dividends, returned 71 percent of first quarter 2015 net income to shareholders.

As previously announced, the Federal Reserve completed its 2015 CCAR review in March 2015 and did not object to Comerica's capital plan and capital distributions contemplated in the plan. Comerica's capital plan provides for up to $393 million in equity repurchases for the five-quarter period ending June 30, 2016. Comerica's capital plan further contemplates a 1-cent increase in the quarterly dividend to $0.21 per common share. The dividend proposal will be considered by Comerica's Board of Directors at its next scheduled meeting on April 28, 2015.

-more-

COMERICA REPORTS FIRST QUARTER 2015 NET INCOME OF $134 MILLION - 5

In July 2013, U.S. banking regulators issued a final rule for the U.S. adoption of the Basel III regulatory capital framework ("Basel III"). Basel III includes a more stringent definition of capital and introduces a new common equity Tier 1 capital requirement; sets forth two comprehensive methodologies for calculating risk-weighted assets, a standardized approach and an advanced approach; introduces a capital conservation buffer; and sets out minimum capital ratios and overall capital adequacy standards. As a banking organization subject to the standardized approach, Basel III became effective for Comerica on January 1, 2015. Certain deductions and adjustments to regulatory capital began phasing in on January 1, 2015 and will be fully implemented on January 1, 2018. The capital conservation buffer phases in beginning January 1, 2016 and will be fully implemented on January 1, 2019.

The estimated common equity Tier 1 capital ratio, reflective of transition provisions and excluding most elements of accumulated other comprehensive income ("AOCI"), was 10.43 percent at March 31, 2015. The estimated ratio under fully phased-in Basel III capital rules is not significantly different from the transitional ratio. Comerica's tangible common equity ratio was 9.97 percent at March 31, 2015, an increase of 12 basis points from December 31, 2014.

Full-Year 2015 Outlook

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


•	Average full-year loan growth consistent with 2014, reflecting typical seasonality throughout the year and continued focus on pricing and structure discipline.


•	Net interest income relatively stable, assuming no rise in interest rates, reflecting a decrease of about $30 million in purchase accounting accretion, to about $6 million, and the impact of a continuing low rate environment on asset yields, offset by earning asset growth.


•	Provision for credit losses higher, consistent with modest net charge-offs and continued loan growth.


•	Noninterest income relatively stable, excluding the impact of the change in accounting presentation for a card program. Stable noninterest income reflects growth in fee income, particularly card fees and fiduciary income, mostly offset by a decline in warrant income and regulatory impacts on letter of credit and derivative income.


•	Noninterest expenses higher, excluding the impact of the change in accounting presentation for a card program, reflecting increases in technology, regulatory and pension expenses, as well as typical inflationary pressures, with continued focus on driving efficiencies for the long term.


•	Income tax expense to approximate 33 percent of pre-tax income.

-more-

COMERICA REPORTS FIRST QUARTER 2015 NET INCOME OF $134 MILLION - 6

Business Segments

Comerica's operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at March 31, 2015 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses first quarter 2015 results compared to fourth quarter 2014.

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



(dollar amounts in millions)	1st Qtr '15					4th Qtr '14					1st Qtr '14
Business Bank	$	189		85	%	$	214		86	%	$	200		86	%
Retail Bank	17			8		12			5		9			4
Wealth Management	16			7		23			9		24			10
	222			100	%	249			100	%	233			100	%
Finance	(89		)			(100		)			(92		)
Other (a)	1					—					(2		)
Total	$	134				$	149				$	139

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

Business Bank



(dollar amounts in millions)	1st Qtr '15		4th Qtr '14		1st Qtr '14
Net interest income (FTE)	$	370	$	387	$	371
Provision for credit losses	25		10		16
Noninterest income	142		104		91
Noninterest expenses	200		148		146
Net income	189		214		200

Net credit-related charge-offs	9		—		11

Selected average balances:
Assets	38,794		38,039		35,896
Loans	37,763		37,034		34,926
Deposits	30,169		30,925		27,023


•	Average loans increased $729 million, primarily reflecting increases in Energy, Technology and Life Sciences, National Dealer Services and general Middle Market.


•	Average deposits decreased $756 million, primarily reflecting a decrease in Corporate Banking noninterest-bearing deposits.

•

Net interest income decreased $17 million, primarily due to the decrease in average deposits and a lower funds transfer pricing (FTP) crediting rate. The benefit from an increase in average loan balances and the impact of a negative residual value adjustment to assets in the leasing portfolio in the fourth quarter 2014 were largely offset by a decrease in purchase accounting accretion and two fewer days in the quarter.


•	The allowance for credit losses increased $6 million, primarily reflecting the impact of loan growth and increased reserves for loans related to energy, including a qualitative component, partially offset by improvements in credit quality in the remainder of the portfolio. The provision for credit losses increased $15 million.


•	Excluding the impact of the change in accounting presentation for certain card programs as described previously, noninterest income decreased $6 million, primarily due to decreases in customer derivative income and commercial lending fees from high fourth quarter 2014 levels.


•	Excluding the impact of the change in accounting presentation for certain card programs as described previously, noninterest expenses increased $8 million, primarily due to an increase in allocated corporate overhead expenses and a seasonal net increase in salaries and benefits expense.

-more-

COMERICA REPORTS FIRST QUARTER 2015 NET INCOME OF $134 MILLION - 7

Retail Bank



(dollar amounts in millions)	1st Qtr '15			4th Qtr '14			1st Qtr '14
Net interest income (FTE)	$	151		$	152		$	147
Provision for credit losses	(8		)	(4		)	2
Noninterest income	43			44			41
Noninterest expenses	176			182			173
Net income	17			12			9

Net credit-related charge-offs	—			3			4

Selected average balances:
Assets	6,229			6,155			6,061
Loans	5,554			5,482			5,388
Deposits	22,378			22,274			21,595


•	Average loans increased $72 million, primarily due to increases in Small Business and consumer loans in Retail Banking.


•	Average deposits increased $104 million, primarily reflecting an increase in money market and interest-bearing checking deposits, partially offset by decreases in time deposits and noninterest-bearing deposits.


•	The provision for credit losses decreased $4 million, primarily due to credit quality improvements in Small Business.


•	Noninterest expenses decreased $6 million, primarily due to a decrease in occupancy expense resulting from a real estate optimization charge incurred in the fourth quarter 2014 that was not repeated in the first quarter 2015.

Wealth Management



(dollar amounts in millions)	1st Qtr '15			4th Qtr '14			1st Qtr '14
Net interest income (FTE)	$	43		$	47		$	45
Provision for credit losses	(1		)	(9		)	(8		)
Noninterest income	58			61			60
Noninterest expenses	77			80			76
Net income	16			23			24

Net credit-related charge-offs (recoveries)	(1		)	(2		)	(3		)

Selected average balances:
Assets	5,029			5,034			4,930
Loans	4,834			4,845			4,761
Deposits	3,996			4,093			3,582


•	Average deposits decreased $97 million, primarily reflecting a decrease in noninterest-bearing deposits.


•	Net interest income decreased $4 million, primarily due to a decrease in FTP credits, largely due to the decrease in average deposits, and two fewer days in the quarter.


•	The provision for credit losses increased $8 million, primarily reflecting a large benefit to the provision recognized in the fourth quarter 2014 from a reduction in reserves due to the payoff of a single large criticized credit.


•	Noninterest income decreased $3 million, primarily reflecting a securities loss in the first quarter.


•	Noninterest expenses decreased $3 million, reflecting small decreases in several categories.

-more-

COMERICA REPORTS FIRST QUARTER 2015 NET INCOME OF $134 MILLION - 8

Geographic Market Segments

Comerica also provides market segment results for three primary geographic markets: Michigan, California and Texas. In addition to the three primary geographic markets, Other Markets is also reported as a market segment. Other Markets includes Florida, Arizona, the International Finance division and businesses that have a significant presence outside of the three primary geographic markets. The tables below present the geographic market results based on the methodologies in effect at March 31, 2015 and are presented on a fully taxable equivalent (FTE) basis.

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



(dollar amounts in millions)	1st Qtr '15					4th Qtr '14					1st Qtr '14
Michigan	$	73		33	%	$	79		32	%	$	66		28	%
California	73			33		83			33		63			27
Texas	32			14		40			16		48			21
Other Markets	44			20		47			19		56			24
	222			100	%	249			100	%	233			100	%
Finance & Other (a)	(88		)			(100		)			(94		)
Total	$	134				$	149				$	139

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


•	Average loans increased $416 million in California, $208 million in Texas (primarily Energy) and $81 million in Michigan (primarily National Dealer Services). The increase in California was led by Technology and Life Sciences, general Middle Market and National Dealer Services.


•	Average deposits decreased $1.2 billion in California and increased $185 million and $180 million in Texas and Michigan, respectively. The decrease in California was primarily due to decreases in noninterest-bearing deposits in Corporate Banking, general Middle Market, Technology and Life Sciences and Private Banking.

•

Net interest income decreased $16 million and $8 million in California and Texas, respectively, and increased $4 million in Michigan. The decrease in California primarily reflected a decrease in FTP credits, largely due to the decrease in average deposits, partially offset by 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 increase in Michigan primarily reflected the impact of a negative leasing residual adjustment in the fourth quarter. Net interest income in all three markets reflected the impact of two fewer days in the first quarter.

•

The allowance for credit losses increased $3 million in Michigan, $7 million in California and $1 million in Texas. In all markets, the changes in reserves primarily reflected the impact of loan growth and increased reserves for loans related to energy, including a qualitative component, partially offset by improvements in credit quality in the remainder of the portfolio. Net charge-offs increased $8 million in Michigan, remained stable in California and increased $1 million in Texas. The provision for credit losses increased $11 million in Michigan, $7 million in California and $3 million in Texas.


•	Noninterest income decreased $8 million and $2 million in Michigan and Texas, respectively, and was unchanged in California. The decrease in Michigan was primarily due to decreases in customer derivative income and commercial lending fees. The decrease in Texas was primarily due to a decrease in commercial lending fees.


•	Noninterest expenses decreased $2 million in both Michigan and California, and increased $1 million in Texas.

-more-

COMERICA REPORTS FIRST QUARTER 2015 NET INCOME OF $134 MILLION - 9

Michigan Market



(dollar amounts in millions)	1st Qtr '15			4th Qtr '14			1st Qtr '14
Net interest income (FTE)	$	177		$	173		$	183
Provision for credit losses	(8		)	(19		)	3
Noninterest income	81			89			84
Noninterest expenses	155			157			161
Net income	73			79			66

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

Selected average balances:
Assets	13,736			13,605			13,819
Loans	13,223			13,142			13,473
Deposits	21,710			21,530			20,642

California Market



(dollar amounts in millions)	1st Qtr '15			4th Qtr '14			1st Qtr '14
Net interest income (FTE)	$	176		$	192		$	172
Provision for credit losses	(3		)	(10		)	11
Noninterest income	38			38			34
Noninterest expenses	100			102			96
Net income	73			83			63

Net credit-related charge-offs	1			1			10

Selected average balances:
Assets	16,461			16,035			15,133
Loans	16,193			15,777			14,824
Deposits	16,837			18,028			14,782

Texas Market



(dollar amounts in millions)	1st Qtr '15		4th Qtr '14		1st Qtr '14
Net interest income (FTE)	$	131	$	139	$	136
Provision for credit losses	21		18		6
Noninterest income	36		38		34
Noninterest expenses	96		95		90
Net income	32		40		48

Net credit-related charge-offs	3		2		6

Selected average balances:
Assets	12,193		12,003		11,070
Loans	11,535		11,327		10,364
Deposits	11,010		10,825		10,875

-more-

COMERICA REPORTS FIRST QUARTER 2015 NET INCOME OF $134 MILLION - 10

Conference Call and Webcast

Comerica will host a conference call to review first quarter 2015 financial results at 7 a.m. CT Friday, April 17, 2015. Interested parties may access the conference call by calling (877) 523-5249 or (210) 591-1147 (event ID No. 99335770). 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.

-more-

COMERICA REPORTS FIRST QUARTER 2015 NET INCOME OF $134 MILLION - 11

Forward-looking Statements

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



Media Contact:	Investor Contacts:
Wayne J. Mielke	Darlene P. Persons
(214) 462-4463	(214) 462-6831

	Brittany L. Butler
	(214) 462-6834



CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
Comerica Incorporated and Subsidiaries

	Three Months Ended
	March 31,			December 31,			March 31,
(in millions, except per share data)	2015			2014			2014
PER COMMON SHARE AND COMMON STOCK DATA
Diluted net income	$	0.73		$	0.80		$	0.73
Cash dividends declared	0.20			0.20			0.19

Average diluted shares (in thousands)	182,270			183,728			186,701
KEY RATIOS
Return on average common shareholders' equity	7.20		%	7.96		%	7.68		%
Return on average assets	0.78			0.86			0.86
Common equity tier 1 risk-based capital ratio (a) (b)	10.43			n/a			n/a
Tier 1 common risk-based capital ratio (c)	n/a			10.50			10.58
Tier 1 risk-based capital ratio (a) (b)	10.43			10.50			10.58
Total risk-based capital ratio (a) (b)	12.39			12.51			13.00
Leverage ratio (a) (b)	10.53			10.35			10.85
Tangible common equity ratio (c)	9.97			9.85			10.20
AVERAGE BALANCES
Commercial loans	$	31,090		$	30,391		$	28,362
Real estate construction loans	1,938			1,920			1,827
Commercial mortgage loans	8,581			8,609			8,770
Lease financing	797			818			848
International loans	1,512			1,455			1,301
Residential mortgage loans	1,856			1,821			1,724
Consumer loans	2,377			2,347			2,243
Total loans	48,151			47,361			45,075

Earning assets	63,480			64,453			59,916
Total assets	68,739			69,311			64,708

Noninterest-bearing deposits	26,697			27,504			23,236
Interest-bearing deposits	30,293			30,256			29,534
Total deposits	56,990			57,760			52,770

Common shareholders' equity	7,453			7,518			7,229
NET INTEREST INCOME (fully taxable equivalent basis)
Net interest income	$	414		$	416		$	411
Net interest margin	2.64		%	2.57		%	2.77		%
CREDIT QUALITY
Total nonperforming assets	$	288		$	300		$	352

Loans past due 90 days or more and still accruing	12			5			10

Net loan charge-offs	8			1			12

Allowance for loan losses	601			594			594
Allowance for credit losses on lending-related commitments	39			41			37
Total allowance for credit losses	640			635			631

Allowance for loan losses as a percentage of total loans	1.22		%	1.22		%	1.28		%
Net loan charge-offs as a percentage of average total loans (d)	0.07			0.01			0.10
Nonperforming assets as a percentage of total loans and foreclosed property	0.59			0.62			0.76
Allowance for loan losses as a percentage of total nonperforming loans	216			205			176


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


(b)	March 31, 2015 ratios are estimated.


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


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

n/a - not applicable.



CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries

	March 31,			December 31,			March 31,
(in millions, except share data)	2015			2014			2014
	(unaudited)						(unaudited)
ASSETS
Cash and due from banks	$	1,170		$	1,026		$	1,186

Interest-bearing deposits with banks	4,792			5,045			4,434
Other short-term investments	101			99			105

Investment securities available-for-sale	8,214			8,116			9,487
Investment securities held-to-maturity	1,871			1,935			—

Commercial loans	32,091			31,520			29,774
Real estate construction loans	1,917			1,955			1,847
Commercial mortgage loans	8,558			8,604			8,801
Lease financing	792			805			849
International loans	1,433			1,496			1,250
Residential mortgage loans	1,859			1,831			1,751
Consumer loans	2,422			2,382			2,217
Total loans	49,072			48,593			46,489
Less allowance for loan losses	(601		)	(594		)	(594		)
Net loans	48,471			47,999			45,895

Premises and equipment	531			532			583
Accrued income and other assets	4,186			4,438			3,991
Total assets	$	69,336		$	69,190		$	65,681

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	27,394		$	27,224		$	23,955

Money market and interest-bearing checking deposits	23,727			23,954			22,485
Savings deposits	1,817			1,752			1,742
Customer certificates of deposit	4,497			4,421			5,099
Foreign office time deposits	135			135			469
Total interest-bearing deposits	30,176			30,262			29,795
Total deposits	57,570			57,486			53,750

Short-term borrowings	80			116			160
Accrued expenses and other liabilities	1,500			1,507			954
Medium- and long-term debt	2,686			2,679			3,534
Total liabilities	61,836			61,788			58,398

Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141			1,141
Capital surplus	2,188			2,188			2,182
Accumulated other comprehensive loss	(370		)	(412		)	(325		)
Retained earnings	6,841			6,744			6,414
Less cost of common stock in treasury - 50,114,399 shares at 3/31/15, 49,146,225 shares at 12/31/14, and 46,492,524 shares at 3/31/14	(2,300		)	(2,259		)	(2,129		)
Total shareholders' equity	7,500			7,402			7,283
Total liabilities and shareholders' equity	$	69,336		$	69,190		$	65,681



CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries

	First			Fourth		Third			Second		First		First Quarter 2015 Compared To:
	Quarter			Quarter		Quarter			Quarter		Quarter		Fourth Quarter 2014					First Quarter 2014
(in millions, except per share data)	2015			2014		2014			2014		2014		Amount			Percent		Amount			Percent
INTEREST INCOME
Interest and fees on loans	$	379		$	383	$	381		$	385	$	376	$	(4	)	(1	)%	$	3		1	%
Interest on investment securities	53			51		52			53		55		2			4		(2		)	(3	)
Interest on short-term investments	3			4		3			3		4		(1		)	(28	)	(1		)	—
Total interest income	435			438		436			441		435		(3		)	(1	)	—			—
INTEREST EXPENSE
Interest on deposits	11			12		11			11		11		(1		)	(4	)	—			—
Interest on medium- and long-term debt	11			11		11			14		14		—			—		(3		)	(14	)
Total interest expense	22			23		22			25		25		(1		)	(2	)	(3		)	(9	)
Net interest income	413			415		414			416		410		(2		)	(1	)	3			1
Provision for credit losses	14			2		5			11		9		12			N/M		5			52
Net interest income after provision for credit losses	399			413		409			405		401		(14		)	(4	)	(2		)	—
NONINTEREST INCOME
Service charges on deposit accounts	55			53		54			54		54		2			4		1			2
Fiduciary income	48			47		44			45		44		1			2		4			8
Commercial lending fees	25			29		26			23		20		(4		)	(14	)	5			24
Card fees	68			24		23			22		23		44			N/M		45			N/M
Letter of credit fees	13			14		14			15		14		(1		)	(6	)	(1		)	(9	)
Bank-owned life insurance	9			8		11			11		9		1			1		—			—
Foreign exchange income	10			10		9			12		9		—			—		1			11
Brokerage fees	4			4		4			4		5		—			—		(1		)	(7	)
Net securities (losses) gains	(2		)	—		(1		)	—		1		(2		)	N/M		(3		)	N/M
Other noninterest income	26			36		31			34		29		(10		)	(25	)	(3		)	(8	)
Total noninterest income	256			225		215			220		208		31			14		48			23
NONINTEREST EXPENSES
Salaries and benefits expense	253			245		248			240		247		8			3		6			3
Net occupancy expense	38			46		46			39		40		(8		)	(17	)	(2		)	(6	)
Equipment expense	13			14		14			15		14		(1		)	(4	)	(1		)	(7	)
Outside processing fee expense	78			33		31			30		28		45			N/M		50			N/M
Software expense	23			23		25			25		22		—			—		1			6
Litigation-related expense	1			—		(2		)	3		3		1			N/M		(2		)	(66	)
FDIC insurance expense	9			8		9			8		8		1			11		1			19
Advertising expense	6			7		5			5		6		(1		)	(17	)	—			—
Gain on debt redemption	—			—		(32		)	—		—		—			—		—			—
Other noninterest expenses	39			43		53			39		38		(4		)	(9	)	1			3
Total noninterest expenses	460			419		397			404		406		41			10		54			13
Income before income taxes	195			219		227			221		203		(24		)	(11	)	(8		)	(4	)
Provision for income taxes	61			70		73			70		64		(9		)	(14	)	(3		)	(5	)
NET INCOME	134			149		154			151		139		(15		)	(10	)	(5		)	(3	)
Less income allocated to participating securities	2			1		2			2		2		1			N/M		—			—
Net income attributable to common shares	$	132		$	148	$	152		$	149	$	137	$	(16	)	(10	)%	$	(5	)	(3	)%
Earnings per common share:
Basic	$	0.75		$	0.83	$	0.85		$	0.83	$	0.76	$	(0.08	)	(10	)%	$	(0.01	)	(1	)%
Diluted	0.73			0.80		0.82			0.80		0.73		(0.07		)	(9	)	—			—

Comprehensive income	176			54		141			172		205		122			N/M		(29		)	(14	)

Cash dividends declared on common stock	36			36		36			36		35		—			—		1			3
Cash dividends declared per common share	0.20			0.20		0.20			0.20		0.19		—			—		0.01			5

N/M - Not Meaningful



ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)
Comerica Incorporated and Subsidiaries

	2015			2014
(in millions)	1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr

Balance at beginning of period	$	594		$	592		$	591		$	594		$	598

Loan charge-offs:
Commercial	19			8			13			19			19
Commercial mortgage	—			2			7			5			8
International	2			6			—			—			—
Residential mortgage	—			1			1			—			—
Consumer	2			3			3			4			3
Total loan charge-offs	23			20			24			28			30

Recoveries on loans previously charged-off:
Commercial	9			6			6			11			11
Real estate construction	—			2			1			1			—
Commercial mortgage	3			10			12			3			3
Lease financing	—			—			—			—			2
Residential mortgage	1			—			1			3			—
Consumer	2			1			1			1			2
Total recoveries	15			19			21			19			18
Net loan charge-offs	8			1			3			9			12
Provision for loan losses	16			4			4			6			8
Foreign currency translation adjustment	(1		)	(1		)	—			—			—
Balance at end of period	$	601		$	594		$	592		$	591		$	594

Allowance for loan losses as a percentage of total loans	1.22		%	1.22		%	1.24		%	1.23		%	1.28		%

Net loan charge-offs as a percentage of average total loans	0.07			0.01			0.03			0.08			0.10



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

	2015			2014
(in millions)	1st Qtr			4th Qtr			3rd Qtr		2nd Qtr		1st Qtr

Balance at beginning of period	$	41		$	43		$	42	$	37	$	36
Add: Provision for credit losses on lending-related commitments	(2		)	(2		)	1		5		1
Balance at end of period	$	39		$	41		$	43	$	42	$	37

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



NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries

	2015			2014
(in millions)	1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr

SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Business loans:
Commercial	$	113		$	109		$	93		$	72		$	54
Real estate construction	1			2			18			19			19
Commercial mortgage	82			95			144			156			162
International	1			—			—			—			—
Total nonaccrual business loans	197			206			255			247			235
Retail loans:
Residential mortgage	37			36			42			45			48
Consumer:
Home equity	31			30			31			32			32
Other consumer	1			1			1			2			2
Total consumer	32			31			32			34			34
Total nonaccrual retail loans	69			67			74			79			82
Total nonaccrual loans	266			273			329			326			317
Reduced-rate loans	13			17			17			21			21
Total nonperforming loans (a)	279			290			346			347			338
Foreclosed property	9			10			11			13			14
Total nonperforming assets (a)	$	288		$	300		$	357		$	360		$	352

Nonperforming loans as a percentage of total loans	0.57		%	0.60		%	0.73		%	0.73		%	0.73		%
Nonperforming assets as a percentage of total loans and foreclosed property	0.59			0.62			0.75			0.75			0.76
Allowance for loan losses as a percentage of total nonperforming loans	216			205			171			170			176
Loans past due 90 days or more and still accruing	$	12		$	5		$	13		$	7		$	10

ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	273		$	329		$	326		$	317		$	350
Loans transferred to nonaccrual (b)	39			41			54			53			19
Nonaccrual business loan gross charge-offs (c)	(21		)	(16		)	(20		)	(24		)	(27		)
Loans transferred to accrual status (b)	(4		)	(18		)	—			—			—
Nonaccrual business loans sold (d)	(2		)	(24		)	(3		)	(6		)	(3		)
Payments/Other (e)	(19		)	(39		)	(28		)	(14		)	(22		)
Nonaccrual loans at end of period	$	266		$	273		$	329		$	326		$	317
(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	$	21		$	16		$	20		$	24		$	27
Performing criticized loans	—			—			—			—			—
Consumer and residential mortgage loans	2			4			4			4			3
Total gross loan charge-offs	$	23		$	20		$	24		$	28		$	30
(d) Analysis of loans sold:
Nonaccrual business loans	$	2		$	24		$	3		$	6		$	3
Performing criticized loans	7			5			—			8			6
Total criticized loans sold	$	9		$	29		$	3		$	14		$	9
(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

	Three Months Ended
	March 31, 2015							December 31, 2014								March 31, 2014
	Average					Average		Average						Average		Average					Average
(dollar amounts in millions)	Balance			Interest		Rate		Balance			Interest			Rate		Balance			Interest		Rate

Commercial loans	$	31,090		$	235	3.06	%	$	30,391		$	238		3.11	%	$	28,362		$	221	3.17	%
Real estate construction loans	1,938			16		3.36		1,920			16			3.40		1,827			15		3.40
Commercial mortgage loans	8,581			73		3.44		8,609			81			3.70		8,770			86		3.97
Lease financing	797			6		3.05		818			(1		)	(0.43	)	848			9		4.07
International loans	1,512			14		3.71		1,455			13			3.68		1,301			12		3.68
Residential mortgage loans	1,856			17		3.76		1,821			18			3.86		1,724			17		3.86
Consumer loans	2,377			19		3.21		2,347			19			3.20		2,243			17		3.16
Total loans (a)	48,151			380		3.19		47,361			384			3.22		45,075			377		3.39

Mortgage-backed securities (b)	9,071			51		2.26		8,954			50			2.27		8,911			55		2.42
Other investment securities	836			2		1.10		411			1			0.49		371			—		0.43
Total investment securities (b)	9,907			53		2.16		9,365			51			2.19		9,282			55		2.34

Interest-bearing deposits with banks	5,323			3		0.26		7,622			4			0.26		5,448			4		0.26
Other short-term investments	99			—		1.11		105			—			0.48		111			—		0.66
Total earning assets	63,480			436		2.78		64,453			439			2.71		59,916			436		2.94

Cash and due from banks	1,027							937								913
Allowance for loan losses	(601		)					(597		)						(603		)
Accrued income and other assets	4,833							4,518								4,482
Total assets	$	68,739						$	69,311							$	64,708

Money market and interest-bearing checking deposits	$	23,960		6		0.11		$	23,841		7			0.11		$	22,261		6		0.11
Savings deposits	1,786			—		0.03		1,771			—			0.03		1,700			—		0.03
Customer certificates of deposit	4,423			4		0.37		4,510			4			0.37		5,109			5		0.36
Foreign office time deposits	124			1		1.46		134			1			1.74		464			—		0.42
Total interest-bearing deposits	30,293			11		0.15		30,256			12			0.15		29,534			11		0.15

Short-term borrowings	110			—		0.06		172			—			0.04		185			—		0.03
Medium- and long-term debt	2,690			11		1.72		2,678			11			1.71		3,545			14		1.53
Total interest-bearing sources	33,093			22		0.27		33,106			23			0.27		33,264			25		0.30

Noninterest-bearing deposits	26,697							27,504								23,236
Accrued expenses and other liabilities	1,496							1,183								979
Total shareholders' equity	7,453							7,518								7,229
Total liabilities and shareholders' equity	$	68,739						$	69,311							$	64,708

Net interest income/rate spread (FTE)				$	414	2.51					$	416		2.44					$	411	2.64

FTE adjustment				$	1						$	1							$	1

Impact of net noninterest-bearing sources of funds						0.13								0.13							0.13
Net interest margin (as a percentage of average earning assets) (FTE) (a)						2.64	%							2.57	%						2.77	%

(a) Accretion of the purchase discount on the acquired loan portfolio of $3 million, $9 million and $12 million in the first quarter of 2015, the fourth quarter 2014 and the first quarter 2014, respectively, increased the net interest margin by 2 basis points, 5 basis points and 8 basis points in each respective period.

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



CONSOLIDATED STATISTICAL DATA (unaudited)
Comerica Incorporated and Subsidiaries

	March 31,			December 31,			September 30,			June 30,			March 31,
(in millions, except per share data)	2015			2014			2014			2014			2014

Commercial loans:
Floor plan	$	3,544		$	3,790		$	3,183		$	3,576		$	3,437
Other	28,547			27,730			27,576			27,410			26,337
Total commercial loans	32,091			31,520			30,759			30,986			29,774
Real estate construction loans	1,917			1,955			1,992			1,939			1,847
Commercial mortgage loans	8,558			8,604			8,603			8,747			8,801
Lease financing	792			805			805			822			849
International loans	1,433			1,496			1,429			1,352			1,250
Residential mortgage loans	1,859			1,831			1,797			1,775			1,751
Consumer loans:
Home equity	1,678			1,658			1,634			1,574			1,533
Other consumer	744			724			689			687			684
Total consumer loans	2,422			2,382			2,323			2,261			2,217
Total loans	$	49,072		$	48,593		$	47,708		$	47,882		$	46,489

Goodwill	$	635		$	635		$	635		$	635		$	635
Core deposit intangible	12			13			14			14			15
Other intangibles	3			2			1			1			1

Common equity tier 1 capital (a) (b)	7,230			n/a			n/a			n/a			n/a
Tier 1 common capital (c)	n/a			7,169			7,105			7,027			6,962
Risk-weighted assets (a) (b)	69,314			68,273			67,106			66,911			65,788

Common equity tier 1 risk-based capital ratio (a) (b)	10.43		%	n/a			n/a			n/a			n/a
Tier 1 common risk-based capital ratio (c)	n/a			10.50		%	10.59		%	10.50		%	10.58		%
Tier 1 risk-based capital ratio (a) (b)	10.43			10.50			10.59			10.50			10.58
Total risk-based capital ratio (a) (b)	12.39			12.51			12.83			12.52			13.00
Leverage ratio (a) (b)	10.53			10.35			10.79			10.93			10.85
Tangible common equity ratio (c)	9.97			9.85			9.94			10.39			10.20

Common shareholders' equity per share of common stock	$	42.12		$	41.35		$	41.26		$	40.72		$	40.09
Tangible common equity per share of common stock (c)	38.47			37.72			37.65			37.12			36.50
Market value per share for the quarter:
High	47.94			50.14			52.72			52.60			53.50
Low	40.09			42.73			48.33			45.34			43.96
Close	45.13			46.84			49.86			50.16			51.80

Quarterly ratios:
Return on average common shareholders' equity	7.20		%	7.96		%	8.29		%	8.27		%	7.68		%
Return on average assets	0.78			0.86			0.93			0.93			0.86
Efficiency ratio (d)	68.55			65.26			62.87			63.35			65.79

Number of banking centers	482			481			481			481			483

Number of employees - full time equivalent	8,831			8,876			8,913			8,901			8,907


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


(b)	March 31, 2015 amounts and ratios are estimated.


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


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

n/a - not applicable.



PARENT COMPANY ONLY BALANCE SHEETS (unaudited)
Comerica Incorporated

	March 31,			December 31,			March 31,
(in millions, except share data)	2015			2014			2014

ASSETS
Cash and due from subsidiary bank	$	5		$	—		$	5
Short-term investments with subsidiary bank	1,139			1,133			531
Other short-term investments	95			94			97
Investment in subsidiaries, principally banks	7,479			7,411			7,276
Premises and equipment	2			2			3
Other assets	161			142			156
Total assets	$	8,881		$	8,782		$	8,068

LIABILITIES AND SHAREHOLDERS' EQUITY
Medium- and long-term debt	$	1,219		$	1,212		$	614
Other liabilities	162			168			171
Total liabilities	1,381			1,380			785

Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141			1,141
Capital surplus	2,188			2,188			2,182
Accumulated other comprehensive loss	(370		)	(412		)	(325		)
Retained earnings	6,841			6,744			6,414
Less cost of common stock in treasury - 50,114,339 shares at 3/31/15, 49,146,225 shares at 12/31/14 and 46,492,524 shares at 3/31/14	(2,300		)	(2,259		)	(2,129		)
Total shareholders' equity	7,500			7,402			7,283
Total liabilities and shareholders' equity	$	8,881		$	8,782		$	8,068



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

								Accumulated
	Common Stock							Other									Total
	Shares				Capital			Comprehensive			Retained			Treasury			Shareholders'
(in millions, except per share data)	Outstanding		Amount		Surplus			Loss			Earnings			Stock			Equity

BALANCE AT DECEMBER 31, 2013	182.3		$	1,141	$	2,179		$	(391	)	$	6,318		$	(2,097	)	$	7,150
Net income	—		—		—			—			139			—			139
Other comprehensive income, net of tax	—		—		—			66			—			—			66
Cash dividends declared on common stock ($0.19 per share)	—		—		—			—			(35		)	—			(35		)
Purchase of common stock	(1.7	)	—		—			—			—			(80		)	(80		)
Net issuance of common stock under employee stock plans	1.1		—		(11		)	—			(8		)	48			29
Share-based compensation	—		—		14			—			—			—			14
BALANCE AT MARCH 31, 2014	181.7		$	1,141	$	2,182		$	(325	)	$	6,414		$	(2,129	)	$	7,283

BALANCE AT DECEMBER 31, 2014	179.0		$	1,141	$	2,188		$	(412	)	$	6,744		$	(2,259	)	$	7,402
Net income	—		—		—			—			134			—			134
Other comprehensive income, net of tax	—		—		—			42			—			—			42
Cash dividends declared on common stock ($0.20 per share)	—		—		—			—			(36		)	—			(36		)
Purchase of common stock	(1.5	)	—		—			—			—			(66		)	(66		)
Net issuance of common stock under employee stock plans	0.6		—		(16		)	—			(2		)	25			7
Share-based compensation	—		—		16			—			—			—			16
Other	—		—		—			—			1			—			1
BALANCE AT MARCH 31, 2015	178.1		$	1,141	$	2,188		$	(370	)	$	6,841		$	(2,300	)	$	7,500



BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries


(dollar amounts in millions)	Business			Retail			Wealth
Three Months Ended March 31, 2015	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	370		$	151		$	43		$	(152	)	$	2		$	414
Provision for credit losses	25			(8		)	(1		)	—			(2		)	14
Noninterest income	142			43			58			12			1			256
Noninterest expenses	200			176			77			2			5			460
Provision (benefit) for income taxes (FTE)	98			9			9			(53		)	(1		)	62
Net income (loss)	$	189		$	17		$	16		$	(89	)	$	1		$	134
Net credit-related charge-offs (recoveries)	$	9		$	—		$	(1	)	$	—		$	—		$	8

Selected average balances:
Assets	$	38,794		$	6,229		$	5,029		$	12,140		$	6,547		$	68,739
Loans	37,763			5,554			4,834			—			—			48,151
Deposits	30,169			22,378			3,996			170			277			56,990

Statistical data:
Return on average assets (a)	1.95		%	0.29		%	1.29		%	N/M			N/M			0.78		%
Efficiency ratio (b)	39.20			90.92			74.58			N/M			N/M			68.55

	Business			Retail			Wealth
Three Months Ended December 31, 2014	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	387		$	152		$	47		$	(177	)	$	7		$	416
Provision for credit losses	10			(4		)	(9		)	—			5			2
Noninterest income	104			44			61			16			—			225
Noninterest expenses	148			182			80			3			6			419
Provision (benefit) for income taxes (FTE)	119			6			14			(64		)	(4		)	71
Net income (loss)	$	214		$	12		$	23		$	(100	)	$	—		$	149
Net credit-related charge-offs (recoveries)	$	—		$	3		$	(2	)	$	—		$	—		$	1

Selected average balances:
Assets	$	38,039		$	6,155		$	5,034		$	12,222		$	7,861		$	69,311
Loans	37,034			5,482			4,845			—			—			47,361
Deposits	30,925			22,274			4,093			195			273			57,760

Statistical data:
Return on average assets (a)	2.26		%	0.20		%	1.79		%	N/M			N/M			0.86		%
Efficiency ratio (b)	30.13			92.61			74.48			N/M			N/M			65.26

	Business			Retail			Wealth
Three Months Ended March 31, 2014	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	371		$	147		$	45		$	(158	)	6			$	411
Provision for credit losses	16			2			(8		)	—			(1		)	9
Noninterest income	91			41			60			14			2			208
Noninterest expenses	146			173			76			3			8			406
Provision (benefit) for income taxes (FTE)	100			4			13			(55		)	3			65
Net income (loss)	$	200		$	9		$	24		$	(92	)	$	(2	)	$	139
Net credit-related charge-offs (recoveries)	$	11		$	4		$	(3	)	$	—		$	—		$	12

Selected average balances:
Assets	$	35,896		$	6,061		$	4,930		$	11,129		$	6,692		$	64,708
Loans	34,926			5,388			4,761			—			—			45,075
Deposits	27,023			21,595			3,582			353			217			52,770

Statistical data:
Return on average assets (a)	2.22		%	0.15		%	1.96		%	N/M			N/M			0.86		%
Efficiency ratio (b)	31.70			91.79			73.13			N/M			N/M			65.79

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

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

FTE - Fully Taxable Equivalent

N/M - Not Meaningful



MARKET SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries


(dollar amounts in millions)										Other			Finance
Three Months Ended March 31, 2015	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	177		$	176		$	131		$	80		$	(150	)	$	414
Provision for credit losses	(8		)	(3		)	21			6			(2		)	14
Noninterest income	81			38			36			88			13			256
Noninterest expenses	155			100			96			102			7			460
Provision (benefit) for income taxes (FTE)	38			44			18			16			(54		)	62
Net income (loss)	$	73		$	73		$	32		$	44		$	(88	)	$	134
Net credit-related charge-offs (recoveries)	$	3		$	1		$	3		$	1		$	—		$	8

Selected average balances:
Assets	$	13,736		$	16,461		$	12,193		$	7,662		$	18,687		$	68,739
Loans	13,223			16,193			11,535			7,200			—			48,151
Deposits	21,710			16,837			11,010			6,986			447			56,990

Statistical data:
Return on average assets (a)	1.30		%	1.62		%	1.01		%	2.29		%	N/M			0.78		%
Efficiency ratio (b)	60.22			46.82			57.43			60.01			N/M			68.55

										Other			Finance
Three Months Ended December 31, 2014	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	173		$	192		$	139		$	82		$	(170	)	$	416
Provision for credit losses	(19		)	(10		)	18			8			5			2
Noninterest income	89			38			38			44			16			225
Noninterest expenses	157			102			95			56			9			419
Provision (benefit) for income taxes (FTE)	45			55			24			15			(68		)	71
Net income (loss)	$	79		$	83		$	40		$	47		$	(100	)	$	149
Net credit-related charge-offs (recoveries)	$	(5	)	$	1		$	2		$	3		$	—		$	1

Selected average balances:
Assets	$	13,605		$	16,035		$	12,003		$	7,585		$	20,083		$	69,311
Loans	13,142			15,777			11,327			7,115			—			47,361
Deposits	21,530			18,028			10,825			6,909			468			57,760

Statistical data:
Return on average assets (a)	1.41		%	1.75		%	1.32		%	2.47		%	NM			0.86		%
Efficiency ratio (b)	59.91			44.25			53.62			44.34			NM			65.26

										Other			Finance
Three Months Ended March 31, 2014	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	183		$	172		$	136		$	72		$	(152	)	$	411
Provision for credit losses	3			11			6			(10		)	(1		)	9
Noninterest income	84			34			34			40			16			208
Noninterest expenses	161			96			90			48			11			406
Provision (benefit) for income taxes (FTE)	37			36			26			18			(52		)	65
Net income (loss)	$	66		$	63		$	48		$	56		$	(94	)	$	139
Net credit-related charge-offs (recoveries)	$	—		$	10		$	6		$	(4	)	$	—		$	12

Selected average balances:
Assets	$	13,819		$	15,133		$	11,070		$	6,865		$	17,821		$	64,708
Loans	13,473			14,824			10,364			6,414			—			45,075
Deposits	20,642			14,782			10,875			5,901			570			52,770

Statistical data:
Return on average assets (a)	1.22		%	1.59		%	1.56		%	3.28		%	N/M			0.86		%
Efficiency ratio (b)	60.47			46.66			52.94			43.28			N/M			65.79

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

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

FTE - Fully Taxable Equivalent

N/M - Not Meaningful



RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)
Comerica Incorporated and Subsidiaries

	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2015			2014			2014			2014			2014

Tier 1 Common Capital Ratio:
Tier 1 and Tier 1 common capital (a)	n/a			$	7,169		$	7,105		$	7,027		$	6,962

Risk-weighted assets (a)	n/a			68,273			67,106			66,911			65,788

Tier 1 and Tier 1 common risk-based capital ratio	n/a			10.50		%	10.59		%	10.50		%	10.58		%

Tangible Common Equity Ratio:
Common shareholders' equity	$	7,500		$	7,402		$	7,433		$	7,369		$	7,283
Less:
Goodwill	635			635			635			635			635
Other intangible assets	15			15			15			15			16
Tangible common equity	$	6,850		$	6,752		$	6,783		$	6,719		$	6,632

Total assets	$	69,336		$	69,190		$	68,887		$	65,325		$	65,681
Less:
Goodwill	635			635			635			635			635
Other intangible assets	15			15			15			15			16
Tangible assets	$	68,686		$	68,540		$	68,237		$	64,675		$	65,030

Common equity ratio	10.82		%	10.70		%	10.79		%	11.28		%	11.09		%
Tangible common equity ratio	9.97			9.85			9.94			10.39			10.20

Tangible Common Equity per Share of Common Stock:
Common shareholders' equity	$	7,500		$	7,402		$	7,433		$	7,369		$	7,283
Tangible common equity	6,850			6,752			6,783			6,719			6,632

Shares of common stock outstanding (in millions)	178			179			180			181			182

Common shareholders' equity per share of common stock	$	42.12		$	41.35		$	41.26		$	40.72		$	40.09
Tangible common equity per share of common stock	38.47			37.72			37.65			37.12			36.50

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

n/a - not applicable.

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

Comerica Incorporated First Quarter 2015Financial Review April 17, 2015 2 Safe Harbor Statement Any statements in this presentation that are not historical facts are forward-looking statements as defined in the Private Securities LitigationReform 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 andsimilar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as theyrelate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated onthe beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of thispresentation and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives ofComerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures ofeconomic 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 anduncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual resultscould differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, politicalor industry conditions; changes in monetary and fiscal policies, including changes in interest rates; changes in regulation or oversight; Comerica'sability to maintain adequate sources of funding and liquidity; the effects of more stringent capital or liquidity requirements; declines or otherchanges in the businesses or industries of Comerica's customers, including the energy industry; operational difficulties, failure of technologyinfrastructure or information security incidents; reliance on other companies to provide certain key components of business infrastructure; factorsimpacting noninterest expenses which are beyond Comerica's control; changes in the financial markets, including fluctuations in interest rates andtheir impact on deposit pricing; changes in Comerica's credit rating; unfavorable developments concerning credit quality; the interdependence offinancial service companies; the implementation of Comerica's strategies and business initiatives; Comerica's ability to utilize technology toefficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financialinstitutions within Comerica's markets; changes in customer behavior; any future strategic acquisitions or divestitures; management's ability tomaintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatoryproceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; theeffects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods; changes in accountingstandards and the critical nature of Comerica's accounting policies. Comerica cautions that the foregoing list of factors is not exclusive. Fordiscussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and ExchangeCommission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 12 of Comerica's Annual Report on Form 10-K for the yearended December 31, 2014. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to updateforward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements aremade. For any forward-looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor forforward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

3 Financial Summary $ in millions, except per share data ● n/a – not applicable ● 1Basel III capital rules (standardized approach) became effective for Comerica on 1/1/15. The ratio reflects transitional treatment for certain regulatory deductions and adjustments. Capitalratios for prior periods are based on Basel I rules. ● 2See Supplemental Financial Data slides for a reconciliation of non-GAAP financial measures. ● 3Estimated ● 4Including the $44MM impact of accounting presentation of a card program. 1Q15 4Q14 1Q14 Diluted income per common share $0.73 $0.80 $0.73 Net interest income $413 $415 $410 Loan accretion 3 9 12 Provision for credit losses 14 2 9 Noninterest income4 256 225 208 Noninterest expenses4 460 419 406 Net income 134 149 139 Total average loans $48,151 $47,361 $45,075 Total average deposits 56,990 57,760 52,770 Basel III common equity Tier 1 capital ratio1 10.43%3 n/a n/a Tier 1 common capital ratio1,2 n/a 10.50% 10.58% Average diluted shares (millions) 182 184 187 4 First Quarter 2015 Results $ in millions, except per share data ● n/m – not meaningful ● 1Q15 compared to 4Q14 ● 1Excluding the $44MM impact of accounting presentation of a card program. The Corporation believes this information will assist investors, regulators, management and others in comparing results to prior quarters. ● 2EPS based on diluted income per share. ● 3See Supplemental Financial Data slides for a reconciliation of non-GAAP financial measures. ● 4Shares repurchased under the equity repurchase program. 1Q15 Change From4Q14 1Q14Total average loans 48,151 790 3,076 Total average deposits 56,990 (770) 4,220 Net interest income 413 (2) 3 Loan accretion 3 (6) (9) Provision for credit losses 14 12 5 Noninterest income 256 n/m n/m Excl. impact of acct. presentation1 212 (13) 4 Noninterest expenses 460 n/m n/m Excl. impact of acct. presentation1 416 (3) 10 Net income 134 (15) (5) Earnings per share (EPS)2 0.73 (0.07) -- Tangible Book Value Per Share3 38.47 0.75 1.97 Shares repurchased4 1.4MM shares or $59MM Key QoQ Performance Drivers  Strong average loan growth across all markets & most businesses  Net interest income relatively stable  Credit quality remains strong  Excluding $44MM impact of change in accounting presentation of a card program: • Noninterest income lower due to lower derivative activity & commercial lending fees • Expenses decline with lower occupancy expense offset by seasonally higher compensation  Share repurchases4, combined with dividends, returned $95 million to shareholders

5 Diverse Footprint Drives Growth $ in billions 10.4 11.0 11.1 11.3 11.5 1Q14 2Q14 3Q14 4Q14 1Q15 Average Loans 10.9 10.7 10.6 10.8 11.1 1Q14 2Q14 3Q14 4Q14 1Q15 Average Deposits 14.8 15.4 15.5 15.8 16.2 1Q14 2Q14 3Q14 4Q14 1Q15 Average Loans 14.8 15.4 16.4 18.0 16.8 1Q14 2Q14 3Q14 4Q14 1Q15 Average Deposits 13.5 13.5 13.3 13.2 13.3 1Q14 2Q14 3Q14 4Q14 1Q15 Average Loans 20.6 20.7 21.2 21.6 21.7 1Q14 2Q14 3Q14 4Q14 1Q15 Average Deposits +11% +1% +9% +14% +5% -2% +2% +2% +3% -7% +1% +1% 6 Broad-based Loan GrowthLoan Yields Relatively Stable 1Q15 compared to 4Q14 ● 1Utilization of commercial commitments as a percentage of total commercial commitments at period-end. Total Loans($ in billions) 45.1 46.7 47.2 47.4 48.2 48.6 49.1 3.39 3.31 3.22 3.22 3.19 1Q14 2Q14 3Q14 4Q14 1Q15 4Q14 1Q15 Loan Yields Average Balances Period-end Total average loans increased $790MM, or 2%+ $208MM Energy+ $178MM Tech. & Life Sciences+ $145MM National Dealer+ $135MM General Middle Market+ $ 52MM Small BusinessPeriod-end loans grew $479MM  Commitments stable at $56.6B  Line utilization1 of 50%, up from 49%  Loan pipeline increasedLoan yields:- 5 bps lower accretion+6 bps 4Q14 lease residual charge- 3 bps lower nonaccrual interest & prepayment fees- 1 bps other loan portfolio dynamics

7 Average Deposits Decline Following Robust 4Q14Period-end Balances Relatively Stable 1Interest costs on interest-bearing deposits ● 21Q15 compared to 4Q14 ● 3At 3/31/15 Average Balances Period-end Strong Deposit Base($ in billions) 52.8 53.4 55.2 57.8 57.0 57.5 57.6 0.15 0.15 0.15 0.15 0.15 1Q14 2Q14 3Q14 4Q14 1Q15 4Q14 1Q15 Deposit Rates1 Total average deposits decreased $770MM2:  Noninterest-bearing deposits decreased $807MM to $26.7B  Interest-bearing deposits stable at $30.3B  About 2/3 of total deposits are commercial Loan to Deposit Ratio3 of 85% 8 Securities Portfolio At 3/31/15 ● 1Estimated as of 3/31/15. Excludes auction rate securities (ARS). ● 2Net unrealized pre-tax gain on the available-for-sale (AFS) portfolio. Securities Portfolio:  Duration of 3.6 years1 • Extends to 4.5 years under a 200 bps instantaneous rate increase1  Net unrealized pre-tax gain of $128MM2  Net unamortized premium of $45MM  GNMA about 27% of MBS portfolio  Purchased ~$500MM in Treasury Securities (late in 4Q14) 8.9 9.0 9.0 9.0 9.1 9.2 9.3 9.3 9.4 9.4 9.4 9.9 10.1 10.1 2.42 2.35 2.29 2.27 2.26 1Q14 2Q14 3Q14 4Q14 1Q15 4Q14 1Q15 Other (Incl. Treasury Securities)Mortgage-backed Securities (MBS)MBS Yield Securities Portfolio($ in billions) Average Balances Period-end

9 Net Interest Income Relatively StableLoan Volume Offset by 2 Fewer Days in 1Q15 11Q15 compared to 4Q14 ● 2For standard model assumptions see slide #16. Estimate is based on simulation modeling analysis. 12 10 3 9 3 410 416 414 415 413 2.77 2.78 2.67 2.57 2.64 1Q14 2Q14 3Q14 4Q14 1Q15 Accretion NIM Net Interest Income($ in millions) Net Interest Income and Rate NIM1: $415MM 4Q14 2.57% -7-6-4 +7+6 Loan impacts:Two fewer days in 1Q15Loan accretionLower prepayment fees &nonaccrual interest Lease residual value adj. (4Q)Loan growth ---0.04-0.02 +0.05-- +2 Securities impacts -0.01 +1 Deposit impacts -- -1 Lower balances at the Fed +0.09 $413MM 1Q15 2.64% +200 bps rate rise = ~$220MM2 Estimated increase to net interest income over 12 months 10 Continued Strong Credit QualityProvision of $14MM At 3/31/15 ● 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, Doubtful and Loss loan classifications. ● 2Loans related to energy at 3/31/15 included approximately $3.6B of loans in our Energy business line & approximately $750MM loans in other businesses that have a sizable portion of their revenue related to energy or could be otherwise disproportionately negatively impacted by prolonged low oil and gas prices. 2,139 2,188 2,094 1,893 2,067 0.76 0.75 0.75 0.62 0.59 1Q14 2Q14 3Q14 4Q14 1Q15 NPAs as a Percentage of Total Loans + ORE Net Loan Charge-offs($ in millions) Criticized Loans1($ in millions) 594 591 592 594 601 1.8 1.7 1.7 2.1 2.2 1Q14 2Q14 3Q14 4Q14 1Q15 NPL Coverage 12 9 3 1 8 10 8 3 1 7 1Q14 2Q14 3Q14 4Q14 1Q15 NCO Ratio  Closely monitoring Energy business line, as well as energy-related exposure2  At this point in the cycle, energy portfolio continues to perform well  Increased reserve allocation for energy exposure (including qualitative component) Energy (In basis points) Allowance for Loan Losses($ in millions)

11 Noninterest IncomeImpacted by a Change in Accounting Presentation of a Card Program 1Q15 compared to 4Q14 ● Excluding the impact of a change in accounting presentation of a card program, noninterest income would have decreased by $13MM. 44208 220 215 225 256 1Q14 2Q14 3Q14 4Q14 1Q15 Impact of change in accountingpresentation of a card program Noninterest Income ($ in millions) Noninterest income: +$44MM Impact of a change in accounting presentation of a card program (previously presented revenues net of expenses) - $7MM Customer Derivative Income, reflecting a few large transactions in 4Q14 - $4MM Commercial Lending Fees, reflecting a seasonal decline post robust year-end activity 12 Noninterest ExpensesImpacted by a Change in Accounting Presentation of a Card Program 1Q15 compared to 4Q14 ● Excluding the impact of accounting presentation of a card program, noninterest expenses would have decreased by $3MM. Noninterest expenses: +$44MM Impact of a change in accounting presentation of a card program - $8MM Occupancy expense, primarily reflecting a real estate optimization charge taken in 4Q14 & several discrete 1Q15 items - $3MM Consulting expense +$8MM Salaries & benefits expense: + Annual stock compensation + Seasonally higher payroll taxes+ Pension- 2 Fewer days - Seasonally lower healthcare 44406 404 397 419 460 1Q14 2Q14 3Q14 4Q14 1Q15 Impact of change in accountingpresentation of a card program Noninterest Expenses($ in millions)

13 19% 21% 23% 24% 27% 28% 58% 53% 42% 44%47% 79% 76% 66% 71% 2011 2012 2013 2014 1Q15 Dividends Share Repurchases Active Capital Management 1Outlook as of 4/17/15 ● 2See Supplemental Financial Data slides for a reconciliation of non-GAAP financial measures ●3Shares repurchased under equity repurchase program Shareholder Payout3($ in millions)2014 Capital Plan Completed: $236MM or 5MM shares repurchased 2Q14 through 1Q15 • $59MM or 1.4MM shares repurchased in 1Q  Increased quarterly dividend to $0.20 per share in 2Q14 2015 Capital Plan Target1:  Up to $393MM share repurchases over five quarters (2Q15 through 2Q16)  Board to consider dividend increase to $0.21 at April meeting Dividends Per Share Growth 0.40 0.55 0.68 0.79 2011 2012 2013 2014 +98% 3 $31.40 $33.36 $35.64 $37.72 $38.47 2011 2012 2013 2014 1Q15 Tangible Book Value Per Share2 14 Management 2015 OutlookAssuming Continuation of Current Economic & Low Rate Environment Outlook as of 4/17/15 ● 1$44MM impact of accounting presentation of a card program contracts (previously presented revenues net of expenses) FY15 compared to FY14: Outlook Unchanged Average loans Continued Growth, Consistent with FY14 • Typical seasonality throughout year (Mortgage Banker & National Dealer)• Continued focus on pricing and structure discipline Net interest income Relatively Stable, Assuming continuation of current rate environment• Contribution from asset growth offset by impact from low rate environment on asset yields and decrease in purchase accounting accretion of ~$30MM Provision Higher• Consistent with modest net charge-offs and continued loan growth Noninterest income Relatively Stable, Excluding impact of a change in accounting presentation of card program1• Growth in fee income, particularly Card and Fiduciary, mostly offset by a decline in warrant income and regulatory impacts on letters of credit and derivative income Noninterest expenses Higher, Excluding impact of a change in accounting presentation of card program1• Increases in technology (+~$32MM), regulatory (+~$8MM) and pension (+~$7MM) expenses• Typical inflationary pressures• Continued focus on driving efficiencies for the long-term Income taxes ~33% of pre-tax income

Appendix 16 Interest Rate SensitivityRemain Well Positioned for Rising Rates At 3/31/15 ● For methodology see the Company’s Form 10K, as filed with the SEC and as updated by this slide. Estimates are based on simulation modeling analysis. Estimated Net Interest Income: Annual (12 month) SensitivitiesBased on Various AssumptionsAdditional Scenarios are Relative to 1Q15 Standard Model($ in millions) ~110 ~190 ~200 ~210 ~220 ~260 ~320 Up 100bps Addl. $3BDepositDecline Addl.20%Increasein Beta Addl. $1BDepositDecline 1Q15StandardModel Addl.~3%LoanGrowth Up 300bps 0.1 Interest Rates 200 bps gradual, non-parallel rise Loan Balances Modest increase Deposit Balances Modest decrease Deposit Pricing (Beta) Historical price movements with short-term rates Securities Portfolio Increased for LCR compliance Loan Spreads Held at current levels MBS Prepayments Third-party projections and historical experience Hedging (Swaps) No additions modeled Standard Model Assumptions

17 Loans by Business and Market Average $ in billions  Middle Market: Serving companies with revenues generally between $20-$500MM  Corporate Banking: Serving companies (and their U.S. based subsidiaries) with revenues generally over $500MM  Small Business: Serving companies with revenues generally under $20MM By Line of Business 1Q15 4Q14 1Q14 Middle MarketGeneralEnergyNational Dealer ServicesEntertainmentTech. & Life SciencesEnvironmental Services $13.53.75.90.62.91.0 $13.43.55.70.62.71.0 $13.53.05.30.52.30.9 Total Middle Market $27.6 $26.9 $25.5 Corporate BankingUS BankingInternational 2.71.9 2.71.8 2.71.8 Mortgage Banker Finance 1.4 1.4 0.9 Commercial Real Estate 4.2 4.2 4.0 BUSINESS BANK $37.8 $37.0 $34.9 Small Business 3.7 3.7 3.6 Retail Banking 1.9 1.8 1.8 RETAIL BANK $5.6 $5.5 $5.4 Private Banking 4.8 4.9 4.8 WEALTH MANAGEMENT $4.8 $4.9 $4.8 TOTAL $48.2 $47.4 $45.1 By Market 1Q15 4Q14 1Q14 Michigan $13.3 $13.2 $13.5 California 16.2 15.8 14.8 Texas 11.5 11.3 10.4 Other Markets 7.2 7.1 6.4 TOTAL $48.2 $47.4 $45.1 18 Deposits by Business and Market Average $ in billions  Middle Market: Serving companies with revenues generally between $20-$500MM  Corporate Banking: Serving companies (and their U.S. based subsidiaries) with revenues generally over $500MM  Small Business: Serving companies with revenues generally under $20MM By Line of Business 1Q15 4Q14 1Q14 Middle MarketGeneralEnergyNational Dealer ServicesEntertainmentTech. & Life SciencesEnvironmental Services $15.60.70.20.16.10.2 $15.80.70.20.16.20.1 $14.10.50.20.15.70.1 Total Middle Market $22.9 $23.1 $20.7 Corporate BankingUS BankingInternational 2.62.0 3.31.9 2.51.7 Mortgage Banker Finance 0.6 0.5 0.6 Commercial Real Estate 2.1 2.1 1.5 BUSINESS BANK $30.2 $30.9 $27.0 Small Business 2.9 2.9 2.6 Retail Banking 19.5 19.4 19.0 RETAIL BANK $22.4 $22.3 $21.6 Private Banking 4.0 4.1 3.6 WEALTH MANAGEMENT $4.0 $4.1 $3.6 Finance/ Other 0.4 0.5 0.6 TOTAL $57.0 $57.8 $52.8 By Market 1Q15 4Q14 1Q14 Michigan $21.7 $21.6 $20.6 California 16.8 18.0 14.8 Texas 11.1 10.8 10.9 Other Markets 7.0 6.9 5.9 Finance/ Other 0.4 0.5 0.6 TOTAL $57.0 $57.8 $52.8

19 Energy Line of Business At 3/31/15  Granular portfolio: ~200 customers  30+ years experience with strong performance through cycles  $3.6B in loans at period-end 3/31/15, unchanged from 12/31/14  Utilization rate of 50% (vs 49% at 12/31/14)  ~95% of loans have security  Semi-annual borrowing base re-determinations about 45% complete at 4/15/15 Average Loans($ in millions) 1,81 1 1,65 6 1,46 9 1,32 7 1,29 6 1,14 9 1,19 6 1,26 9 1,42 3 1,45 6 1,63 5 1,94 7 2,30 5 2,45 2 2,64 1 2,85 1 3,00 2 2,95 1 2,89 5 2,75 2 2,98 2 3,23 6 3,33 2 3,49 2 3,70 0 1Q0 9 2Q0 9 3Q0 9 4Q0 9 1Q1 0 2Q1 0 3Q1 0 4Q1 0 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 0 0 0 0 36 69 19 10 13 6 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20141Q15 Strong Credit Quality(In basis points) Energy Net Charge-offs to Avg. Energy Loans Exploration & Production 70%Midstream15% Service15% Natural Gas 10% Oil42% Mixed18% Diverse Customer Base(Based on period-end outstandings) 20 Mortgage Banker Finance At 3/31/15  40+ years’ experience with reputation for consistent, reliable approach  Provide short-term warehouse financing: bridge from origination of residential mortgage until sale into end market  Extensive backroom provides collateral monitoring and customer service  Focus on full banking relationships Average Deposits($ in millions) 360 481 52 3 551 6 37 513 372 399 4 41 454 49 7 62 5 645 665 643 566 565 516 516 526 55 5 1Q1 0 2Q1 0 3Q1 0 4Q1 0 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 425 707 943 1 ,101 566 61 4 923 1,53 5 1,48 3 1,50 7 1,99 6 2,09 4 1,73 7 1,81 5 1,60 5 1,10 9 886 1,31 9 1,59 5 1,39 7 1,39 9 1Q1 0 2Q1 0 3Q1 0 4Q1 0 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 Average Loans($ in millions)

21 National Dealer Services At 3/31/15 ● 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) Toyota/Lexus15% Honda/Acura 13% Ford 8% GM 9% Chrysler 9% Mercedes 3% Nissan/ Infiniti 8%Other European 11% Other Asian 13% Other111% Franchise Distribution(Based on period-end loan outstandings) Geographic DispersionCalifornia 62% Texas 9%Michigan 18% Other 11% Average Loans($ in billions)  65+ years of Floor Plan lending, with 20+ years on a national basis  Top tier strategy  Focus on “Mega Dealer” (five or more dealerships in group)  Strong credit quality  Robust monitoring of company inventory and performance 1.9 1.7 1.3 1.5 1.9 2.3 2.3 2.5 2.8 3.1 2.9 3.2 3.2 3.5 3.2 3.4 3.5 3.8 3.6 3.1 3.4 3.8 4.3 4.3 4.6 4.9 5.1 4.9 5.3 5.3 5.7 5.5 5.7 5.9 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 Floor Plan 22 Technology and Life Sciences At 3/31/15  20+ year history  Products and services tailored to meet the needs of emerging companies throughout their lifecycle  Strong relationships with top-tier investors  National business headquartered in Palo Alto, CA, operating from 14 offices in the U.S. and Toronto  Top notch relationship managers with extensive industry expertise Average Loans($ in billions) 1.1 1.1 1.1 1.2 1.2 1.2 1. 3 1.5 1.6 1.7 1 .8 1.9 2.0 1.9 2.0 2. 1 2.3 2. 5 2.6 2.7 2 .9 1Q1 0 2Q1 0 3Q1 0 4Q1 0 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 3.3 3.4 3.3 3.5 3. 7 4.1 4.2 4.4 4 .7 5.1 5.2 5.2 5.0 5.0 5.1 5.2 5 .7 5.6 5.9 6 .2 6.1 1Q1 0 2Q1 0 3Q1 0 4Q1 0 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 Average Deposits($ in billions)

23 Commercial Real Estate Line of Business At 3/31/15 ● 1Includes CRE line of business loans not secured by real estate. ● 2Excludes CRE line of business loans not secured by real estate. 5.7 5.4 5.1 4.8 4.4 4.0 4.4 4.6 4.4 4.3 3.9 3.7 3.7 3.8 3.8 3.8 4 .0 4.1 4.2 4.2 4.2 1Q1 0 2Q1 0 3Q1 0 4Q1 0 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 Commercial MortgagesReal Estate ConstructionCommercial & Other Average Loans($ in billions) 5.5 5.6 6.1 6.4 6.4 1Q14 2Q14 3Q14 4Q14 1Q15 Commitments($ in billions; Based on period-end) +16% 1 Michigan$243 7% California$1,765 52% Texas$905 27%Florida$115 3% Other$374 11% CRE by Market2($ in millions; Based on location of property) 24 Shared National Credit (SNC) Relationships At 3/31/15 ● SNCs are not a line of business. The balances shown above are included in the line of business balances. ●SNCs are facilities greater than $20 million shared by three or more federally supervised financial institutions which are reviewed by regulatory authorities at the agent bank level.  SNC relationships included in business line balances  Approximately 850 borrowers  Strategy: Pursue full relationships with ancillary business  Comerica is agent for approx. 19%  Adhere to same credit underwriting standards as rest of loan book  Credit quality mirrors total portfolio Period-end Loans of $10.8B Commercial Real Estate$0.7B 6% Corporate $2.7B 25% General$2.4B 22%National Dealer $0.4B 4% Energy$3.3B 30% Entertainment$0.3B 3% Tech. & Life Sciences$0.3B 3% Environmental Services $0.4B 4% Mortgage Banker$0.3B 3% = Total Middle Market (66%)

25 Government Card ProgramsGenerate Valuable Retail Deposits At 3/31/15 ● 1Source: the Nilson Report July 2014, based on 2013 data ● 2Based on a 2014 survey conducted by KRC Research ● 3Source: U.S. Department of the Treasury ● 4Source: Social Security Administration 720 948 1,221 1,444 1,592 2011 2012 2013 2014 YTD 2015 US Treasury ProgramState Card Programs Growing Average Noninterest-Bearing Deposits($ in millions)  #1 prepaid card issuer in US1  State/ Local government benefit programs:• 49 distinct programs  US Treasury DirectExpress Program:• Exclusive provider of prepaid debit cards since 2008; contract extended to January 2020• ~80k new accounts per month• 95% of Direct Express card holders report they are satisfied2• Eliminating monthly benefit checks, resulting in significant taxpayer savings3 # of Social Security Beneficiaries4(in millions) 25 30 35 40 45 50 55 60 1970 1975 1980 1985 1990 1995 2000 2005 2010 Key Facts 26 Funding and Maturity Profile At 3/31/15 ● 1Face value at maturity. ● 2$300MM of subordinated notes mature on 5/1/2015.  ~$7B unencumbered securities  Loan to deposit ratio of 85%  Access to wholesale debt markets  Federal Home Loan Bank of Dallas• $-0- outstanding • $5B borrowing capacity  Fed funds/ Repo markets  Brokered deposits Multiple Funding Sources Debt Profile by Maturity1($ in millions) 600 650 500 350 400 2015 2016 2017 2019 2020+ Subordinated Notes Senior Notes Equity$7.5B 11% Interest-Bearing Deposits$30.2B 45% Noninterest-Bearing Deposits$27.4B 40% Wholesale Debt $2.8B 4% Funding ProfileAt March 31, 2015 2

27 Holding Company Debt Rating As of 4/7/15 ● Source: SNL Financial ● Debt Ratings are not a recommendation to buy, sell, or hold securities Senior Unsecured/Long-Term Issuer Rating S&P Moody’s Fitch BB&T A- A2 A+ BOK Financial A- A2 A Comerica A- A3 A M&T Bank A- A3 A- KeyCorp BBB+ Baa1 A- Fifth Third BBB+ Baa1 A SunTrust BBB+ Baa1 BBB+ Huntington BBB Baa1 A- Regions Financial BBB Ba1 BBB Zions Bancorporation BBB- Ba1 BBB- First Horizon National Corp BB+ Baa3 BBB- Synovus Financial Corp BB- Ba3 BB+ Wells Fargo & Company A+ A2 AA- U.S. Bancorp A+ A1 AA- JP Morgan A A3 A+ PNC Financial Services Group A- A3 A+ Bank of America A- Baa2 A Pee r Ba nks Larg e Ba nks Supplemental Financial DataReconciliation of non-GAAP financial measures with financial measures defined by GAAP ($ in millions) The Tier 1 common capital ratio removes preferred stock and qualifying trust preferred securities from Tier 1 capital as defined by and calculated in conformity with Basel I risk-based capital rules in effect through 12/31/14. Effective 1/1/15, regulatory capital components and risk-weighted assets are defined by and calculated in conformity with Basel III risk-based capital rules. The tangible common equity ratio removes preferred stock and the effect of intangible assets from capital and the effect of intangible assets from total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders equity per share of common stock.The Corporation 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.1Tier 1 Capital and risk-weighted assets as defined by Basel I risk-based capital rules.n/a – not applicable. 3/31/15 12/31/14 3/31/14 12/31/13 12/31/12 12/31/11 Tier 1 and Tier 1 common capital1Risk-weighted assets1Tier 1 and Tier 1 common capital ratio n/an/an/a 7,16968,27310.50% 6,96265,78810.58% 6,89564,82510.64% 6,70566,11510.14% Common shareholders’ equityLess: GoodwillLess: Other intangible assets $7,50063515 $7,40263515 $7,28363516 $7,15063517 $6,93963522 $6,86563532Tangible common equity $6,850 $6,752 $6,632 $6,498 $6,282 $6,198Total assetsLess: GoodwillLess: Other intangible assets $69,33663515 $69,19063515 $65,68163516 $65,22463517 $65,06663522 $61,00563532Tangible assets $68,686 $68,540 $65,030 $64,572 $64,409 $60,338Common equity ratio 10.82% 10.70% 11.09% 10.97% 10.67% 11.26%Tangible common equity ratio 9.97 9.85 10.20 10.07 9.76 10.27 Common shareholders’ equity $7,500 $7,402 $7,283 $7,150 $6,939 $6,865Tangible common equity $6,850 $6,752 $6,632 $6,498 $6,282 $6,198Shares of common stock outstanding (in millions) 178 179 182 182 188 197 Common shareholders’ equity per share of common stock $42.12 $41.35 $40.09 $39.22 $36.86 $34.79Tangible common equity per share of common stock 38.47 37.72 36.50 35.64 33.36 31.40 28

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Form 8-K COMERICA INC /NEW/ For: Apr 17

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