Form 8-K COMERICA INC /NEW/ For: Apr 19

April 19, 2016 6:48 AM

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 19, 2016

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

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(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, 2016. 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 19, 2016

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/ John D. Buchanan

Name: John D. Buchanan

Title: Executive Vice President - Governance,

Regulatory Relations and Legal Affairs,

and Secretary

April 19, 2016

EXHIBIT INDEX


Exhibit No.	Description


99.1	Press Release dated April 19, 2016


99.2	Earnings Presentation Slides

COMERICA REPORTS FIRST QUARTER 2016 NET INCOME OF $60 MILLION,

OR 34 CENTS PER SHARE

Net Interest Income Increased $14 Million, or 3 Percent, Compared to Fourth Quarter 2015

and $34 Million, or 8 Percent, Compared to First Quarter 2015

Increased Provision for Loan Losses Reflected Reserve Build for Energy Loans

Comprehensive Revenue and Expense Initiative Expected to Drive Increased Efficiency

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

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



(dollar amounts in millions, except per share data)	1st Qtr '16			4th Qtr '15			1st Qtr '15
Net interest income	$	447		$	433		$	413
Provision for credit losses	148			60			14
Noninterest income	246			268			252
Noninterest expenses	460			484			456
Provision for income taxes	25			41			61

Net income	60			116			134

Net income attributable to common shares	59			115			132

Diluted income per common share	0.34			0.64			0.73

Average diluted shares (in millions)	176			179			182

Common equity Tier 1 capital ratio (a)	10.56		%	10.54		%	10.40		%
Tangible common equity ratio (b)	10.23			9.70			9.97


(a)	March 31, 2016 ratio is estimated.


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

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

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

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COMERICA REPORTS FIRST QUARTER 2016 NET INCOME OF $60 MILLION - 2

First Quarter 2016 Compared to Fourth Quarter 2015


•	Average total loans decreased $156 million to $48.4 billion, primarily reflecting decreases in general Middle Market, Energy and Mortgage Banker Finance, partially offset by an increase in Commercial Real Estate. Period-end total loans increased $293 million, to $49.4 billion.

•

Average total deposits decreased $3.0 billion to $56.7 billion, reflecting seasonality, purposeful pricing discipline and strategic actions in light of new liquidity coverage ratio rules, with the largest declines in Corporate Banking, the Financial Services Division and Municipalities. Period-end total deposits decreased $3.5 billion to $56.4 billion. A majority of the decrease related to an elevated deposit level associated with the government card program at year-end.

•

Net interest income increased $14 million to $447 million, primarily reflecting an increase in loan yields, mostly due to increases in short-term rates, and a larger average securities portfolio, partially offset by one fewer day in the first quarter. The net interest margin increased 23 basis points to 2.81 percent, primarily reflecting higher loan yields and a decrease in Federal Reserve Bank deposits.


•	The provision for credit losses increased $88 million to $148 million. The allowance for loan losses increased $90 million to $724 million, primarily due to an increase in reserves in the Energy business line, partially offset by improvements in credit quality. Net credit-related charge-offs were $58 million, or 0.49 percent, including $42 million for Energy loans.


•	Noninterest income decreased $22 million to $246 million, primarily due to decreases of $10 million in commercial lending fees, following a strong fourth quarter 2015, and $7 million in deferred compensation asset returns.


•	Noninterest expenses decreased $24 million to $460 million, primarily reflecting a decrease of $14 million in salaries and benefits expense and smaller decreases in many other categories.


•	Capital remained solid at March 31, 2016, as evidenced by an estimated common equity Tier 1 capital ratio of 10.56 percent and a tangible common equity ratio of 10.23 percent.


•	Comerica repurchased approximately 1.2 million shares of common stock under the equity repurchase program.

First Quarter 2016 Compared to First Quarter 2015


•	Average total loans increased $241 million, primarily reflecting increases in Commercial Real Estate, Technology and Life Sciences, National Dealer Services and Mortgage Banker Finance, partially offset by decreases in general Middle Market, Energy and Corporate Banking.


•	Average total deposits decreased $282 million, primarily driven by a decrease in Municipalities.


•	Net interest income increased $34 million, primarily reflecting the benefits from higher loan yields, a larger average securities portfolio and an increase in average loans.


•	The provision for credit losses increased $134 million, primarily due to an increase in reserves in the Energy business line.


•	Noninterest income decreased $6 million, primarily reflecting decreases in deferred compensation asset returns and commercial lending fees, partially offset by an increase in card fees.


•	Noninterest expenses increased $4 million, primarily due to an increase in technology-related expense and higher outside processing expenses related to revenue generating activities, partially offset by a decrease in deferred compensation plan expense.

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COMERICA REPORTS FIRST QUARTER 2016 NET INCOME OF $60 MILLION - 3

Net Interest Income



(dollar amounts in millions)	1st Qtr '16			4th Qtr '15			1st Qtr '15
Net interest income	$	447		$	433		$	413

Net interest margin	2.81		%	2.58		%	2.64		%

Selected average balances:
Total earning assets	$	64,123		$	66,818		$	63,480
Total loans	48,392			48,548			48,151
Total investment securities	12,357			10,864			9,907
Federal Reserve Bank deposits	3,071			7,073			5,176


Total deposits	56,708			59,736			56,990
Total noninterest-bearing deposits	28,052			29,627			26,697


•	Net interest income increased $14 million to $447 million in the first quarter 2016, compared to the fourth quarter 2015.

◦

Interest on loans increased $11 million, primarily reflecting an increase in yields (+$19 million), partially offset by the effect of one fewer day in the first quarter (-$4 million) and lower interest recognized on nonaccrual loans (-$3 million). The increase in loan yields primarily reflected the benefit from the increase in short-term rates, partially offset by lower loan prepayment fees and other portfolio dynamics.


◦	Interest on investment securities increased $6 million, primarily reflecting the reinvestment of Federal Reserve Bank deposits into higher yielding Treasury securities in the second half of the fourth quarter 2015.


◦	Interest on temporary investments decreased $2 million, reflecting a decrease in average Federal Reserve Bank deposit balances (-$5 million), partially offset by a benefit from the increase in short-term rates (+$3 million).


•	The net interest margin of 2.81 percent increased 23 basis points compared to the fourth quarter 2015, primarily due to higher loan yields (+12 basis points) and the impact of a decrease in lower-yielding Federal Reserve Bank deposit balances (+13 basis points), partially offset by the decrease in interest recognized on nonaccrual loans (-2 basis points).

Noninterest Income

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

Noninterest Expenses

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

Credit Quality

“The provision for credit losses was $148 million and the allowance increased $90 million,” said Babb. “The provision reflected the high end of the range in our 2016 guidance for the incremental impact of energy loans, adjusted upward for revised regulatory guidance, and includes the results of the Shared National Credit (SNC) exam. At March 31, 2016, our reserve allocation for loans in the Energy business line was nearly 8

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COMERICA REPORTS FIRST QUARTER 2016 NET INCOME OF $60 MILLION - 4

percent. While the current oil and gas cycle presents a significant challenge, we believe we are adequately reserved. And remember, those reserves may not turn into losses. Aside from the provision for Energy loans, overall credit quality continued to be solid, and we are not detecting any noteworthy deterioration in Texas. Total net credit-related charge-offs were $58 million, or 49 basis points of average loans. Excluding Energy, net credit-related charge-offs for the remainder of the portfolio were low at $16 million, or 15 basis points.”



(dollar amounts in millions)	1st Qtr '16			4th Qtr '15			1st Qtr '15
Credit-related charge-offs	$	83		$	76		$	23
Recoveries	25			25			15
Net credit-related charge-offs	58			51			8
Net credit-related charge-offs/Average total loans	0.49		%	0.42		%	0.07		%

Provision for credit losses	$	148		$	60		$	14

Nonperforming loans	689			379			279
Nonperforming assets (NPAs)	714			391			288
NPAs/Total loans and foreclosed property	1.45		%	0.80		%	0.59		%

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

Allowance for loan losses	724			634			601
Allowance for credit losses on lending-related commitments (a)	46			45			39
Total allowance for credit losses	770			679			640

Allowance for loan losses/Period-end total loans	1.47		%	1.29		%	1.22		%
Allowance for loan losses/Nonperforming loans	105			167			216


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


•	Energy business line loans were $3.1 billion at both March 31, 2016 and December 31, 2015. Criticized Energy loans increased $590 million, to $1.8 billion, including a $291 million increase in nonaccrual loans. Energy net charge-offs were $42 million, compared to $27 million in the fourth quarter 2015.


•	Net credit-related charge-offs increased $7 million to $58 million, or 0.49 percent of average loans, in the first quarter 2016, compared to $51 million, or 0.42 percent, in the fourth quarter 2015. Fourth quarter 2015 included a large charge-off resulting from irregularities associated with a single Small Business credit.


•	During the first quarter 2016, $446 million of borrower relationships over $2 million were transferred to nonaccrual status.


•	Criticized loans increased $735 million to $3.9 billion at March 31, 2016, compared to $3.2 billion at December 31, 2015.

Balance Sheet and Capital Management

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

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

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

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COMERICA REPORTS FIRST QUARTER 2016 NET INCOME OF $60 MILLION - 5

Full-Year 2016 Outlook

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


•	Average loans modestly higher, in line with Gross Domestic Product growth, reflecting a continued decline in Energy more than offset by increases in most other lines of business.


•	Net interest income higher, reflecting the benefits from the December 2015 short-term rate increase, loan growth and a larger securities portfolio more than offsetting higher funding costs.


◦	Full-year benefit from the December rise in short-term rates expected to be more than $90 million if deposit prices remain at current levels.


•	Provision for credit losses higher, reflecting the first quarter 2016 reserve build for Energy, with net charge-offs for the remainder of the year between 45 basis points and 55 basis points. Additional reserve changes dependent on developments in the oil and gas sector. Continued solid credit quality in the remainder of the portfolio, with metrics, absent Energy, better than historical norms.


•	Noninterest income modestly higher, primarily due to growth in card fees from merchant processing services and government card. Continued focus on cross-sell opportunities, including wealth management products such as fiduciary and brokerage services.


•	Noninterest expenses higher, reflecting continued increases in technology costs and regulatory expenses, increased outside processing in line with growing revenue, higher FDIC insurance expense in part due to regulatory surcharge, and typical inflationary pressures. Additionally, 2015 benefited from a $33 million legal reserve release, which is offset by lower pension expense in 2016.


•	Income tax expense to approximate 32 percent of pre-tax income.

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COMERICA REPORTS FIRST QUARTER 2016 NET INCOME OF $60 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, 2016 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses first quarter 2016 results compared to fourth quarter 2015.

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



(dollar amounts in millions)	1st Qtr '16					4th Qtr '15					1st Qtr '15
Business Bank	$	95		74	%	$	200		91	%	$	189		85	%
Retail Bank	12			9		(1		)	(1	)	17			8
Wealth Management	22			17		21			10		16			7
	129			100	%	220			100	%	222			100	%
Finance	(68		)			(102		)			(89		)
Other (a)	(1		)			(2		)			1
Total	$	60				$	116				$	134

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

Business Bank



(dollar amounts in millions)	1st Qtr '16		4th Qtr '15		1st Qtr '15
Net interest income (FTE)	$	365	$	387	$	370
Provision for credit losses	151		41		25
Noninterest income	135		145		140
Noninterest expenses	207		206		198
Net income	95		200		189

Net credit-related charge-offs	57		35		9

Selected average balances:
Assets	38,635		38,765		38,654
Loans	37,561		37,682		37,623
Deposits	29,108		31,738		30,143


•	Average loans decreased $121 million, primarily reflecting decreases in general Middle Market, Energy and Mortgage Banker Finance, partially offset by an increase in Commercial Real Estate.


•	Average deposits decreased $2.6 billion, primarily reflecting decreases in Corporate Banking, the Financial Services Division and Municipalities. The decrease reflected seasonality, purposeful pricing discipline and strategic actions in light of new liquidity coverage ratio rules.

•

Net interest income decreased $22 million, primarily reflecting an increase in net funds transfer pricing (FTP) charges and the impact of one fewer day in the quarter, partially offset by an increase in loan yields. The increase in net FTP charges primarily reflected an increase in the cost of funds due to the increase in short-term market rates as well as lower funding credits due to the decrease in average deposits.


•	The provision for credit losses increased $110 million, primarily reflecting increases in Energy and general Middle Market, partially offset by a decrease in Commercial Real Estate.


•	Noninterest income decreased $10 million, primarily due to a decrease in commercial lending fees, which reflected strong fourth quarter 2015 syndication agent fees as well as a decrease in commitment fees, which resulted from a combination of higher utilization levels and lower commitment totals in the first quarter 2016.

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COMERICA REPORTS FIRST QUARTER 2016 NET INCOME OF $60 MILLION - 7

Retail Bank



(dollar amounts in millions)	1st Qtr '16		4th Qtr '15			1st Qtr '15
Net interest income (FTE)	$	157	$	160		$	151
Provision for credit losses	3		23			(8		)
Noninterest income	43		49			41
Noninterest expenses	179		191			174
Net income (loss)	12		(1		)	17

Net credit-related charge-offs	2		25			—

Selected average balances:
Assets	6,544		6,549			6,368
Loans	5,867		5,868			5,694
Deposits	23,110		23,262			22,404


•	Average deposits decreased $152 million, primarily reflecting a decrease in Small Business.


•	Net interest income decreased $3 million, primarily due to a decrease in net FTP credits, largely due to the decrease in average deposits, and the impact of one fewer day in the quarter.


•	The provision for credit losses decreased $20 million, primarily due to a decrease in net charge-offs in Small Business.


•	Noninterest income decreased $6 million, primarily reflecting a securities loss and small decreases in several categories.


•	Noninterest expenses decreased $12 million, primarily reflecting decreases in salaries and benefits expense, outside processing expenses and smaller decreases in many other categories.

Wealth Management



(dollar amounts in millions)	1st Qtr '16			4th Qtr '15			1st Qtr '15
Net interest income (FTE)	$	43		$	47		$	43
Provision for credit losses	(5		)	(7		)	(1		)
Noninterest income	59			57			58
Noninterest expenses	73			81			77
Net income	22			21			16

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

Selected average balances:
Assets	5,162			5,199			5,029
Loans	4,964			4,998			4,834
Deposits	4,171			4,355			3,996


•	Average loans decreased $34 million.


•	Average deposits decreased $184 million, primarily reflecting a decrease in Private Banking.


•	Net interest income decreased $4 million, primarily due a decrease in net FTP credits, largely due to a $184 million decrease in average deposits as well as an increase in the cost of funds, partially offset by higher loan yields.


•	The provision for credit losses increased $2 million to a negative provision of $5 million in the first quarter 2016, primarily reflecting credit quality improvements.


•	Noninterest income increased $2 million, primarily due to higher fiduciary income.


•	Noninterest expenses decreased $8 million, primarily reflecting decreases in operational losses, legal expenses and salaries and benefits expense.

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COMERICA REPORTS FIRST QUARTER 2016 NET INCOME OF $60 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, 2016 and are presented on a fully taxable equivalent (FTE) basis.

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



(dollar amounts in millions)	1st Qtr '16					4th Qtr '15					1st Qtr '15
Michigan	$	72		56	%	$	83		37	%	$	76		35	%
California	74			57		90			41		72			32
Texas	(76		)	(59	)	(3		)	(1	)	32			14
Other Markets	59			46		50			23		42			19
	129			100	%	220			100	%	222			100	%
Finance & Other (a)	(69		)			(104		)			(88		)
Total	$	60				$	116				$	134

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

•

Average loans decreased $212 million in Michigan, largely reflecting a decrease in general Middle Market, and $130 million in Texas, primarily reflecting decreases in National Dealer Services, Energy and general Middle Market, partially offset by an increase in Commercial Real Estate. Average loans increased $250 million in California, primarily reflecting increases in Commercial Real Estate and National Dealer Services.


•	Average deposits decreased $1.9 billion in California, $427 million in Michigan and $433 million in Texas, reflecting seasonality, purposeful pricing discipline and strategic actions in light of new liquidity coverage ratio rules.


•	Net interest income decreased $14 million in California, $7 million in Michigan and $8 million in Texas. The decrease in each market primarily reflected the FTP impact of the decreases in average deposits and the impact of one fewer day in the quarter.


•	The provision for credit losses increased $112 million in Texas, $1 million in California and $6 million in Michigan. The increase in Texas primarily reflected increases in net charge-offs and reserves for Energy and general Middle Market. The increase in Michigan was primarily due to a charge-off in Corporate Banking.


•	Noninterest income decreased $5 million in Michigan, $2 million in California and $2 million in Texas. The decreases in all markets were primarily the result of lower syndication agent and commitment fees.

•

Noninterest expenses decreased $10 million in Michigan, $3 million in California and $3 million in Texas. The decrease in Michigan primarily reflected decreases in salaries and benefits expense, operational losses and outside processing fees, partially offset by an increase in asset disposal expense, as a benefit from the early termination of certain leveraged leases in the fourth quarter 2015 was not repeated. The decrease in California primarily reflected small decreases in many categories, and the decrease in Texas was due primarily to a decrease in salaries and benefits expense.

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COMERICA REPORTS FIRST QUARTER 2016 NET INCOME OF $60 MILLION - 9

Michigan Market



(dollar amounts in millions)	1st Qtr '16			4th Qtr '15			1st Qtr '15
Net interest income (FTE)	$	176		$	183		$	177
Provision for credit losses	(6		)	(12		)	(8		)
Noninterest income	76			81			84
Noninterest expenses	150			160			155
Net income	72			83			76

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

Selected average balances:
Assets	13,402			13,601			13,736
Loans	12,774			12,986			13,223
Deposits	21,696			22,123			21,710

California Market



(dollar amounts in millions)	1st Qtr '16			4th Qtr '15			1st Qtr '15
Net interest income (FTE)	$	179		$	193		$	176
Provision for credit losses	(6		)	(7		)	(3		)
Noninterest income	38			40			34
Noninterest expenses	104			107			97
Net income	74			90			72

Net credit-related charge-offs	8			1			1

Selected average balances:
Assets	17,541			17,297			16,461
Loans	17,283			17,033			16,193
Deposits	16,654			18,545			16,837

Texas Market



(dollar amounts in millions)	1st Qtr '16			4th Qtr '15			1st Qtr '15
Net interest income (FTE)	$	123		$	131		$	131
Provision for credit losses	169			57			21
Noninterest income	30			32			34
Noninterest expenses	100			103			94
Net income (loss)	(76		)	(3		)	32

Net credit-related charge-offs	47			33			3

Selected average balances:
Assets	11,295			11,474			12,192
Loans	10,763			10,893			11,535
Deposits	10,374			10,807			11,010

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COMERICA REPORTS FIRST QUARTER 2016 NET INCOME OF $60 MILLION - 10

Conference Call and Webcast

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

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

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

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COMERICA REPORTS FIRST QUARTER 2016 NET INCOME OF $60 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, in particular the energy industry; unfavorable developments concerning credit quality; operational difficulties, failure of technology infrastructure or information security incidents; reliance on other companies to provide certain key components of business infrastructure; factors impacting noninterest expenses which are beyond Comerica's control; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; reductions in Comerica's credit rating; the interdependence of financial service companies; the implementation of Comerica's strategies and business initiatives; damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; changes in customer behavior; any future strategic acquisitions or divestitures; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods; changes in accounting standards and the critical nature of Comerica's accounting policies. Comerica cautions that the foregoing list of factors is not exclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 12 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2015. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.



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

	Chelsea R. Smith
	(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)	2016			2015			2015
PER COMMON SHARE AND COMMON STOCK DATA
Diluted net income	$	0.34		$	0.64		$	0.73
Cash dividends declared	0.21			0.21			0.20

Average diluted shares (in thousands)	176,055			179,197			182,268
KEY RATIOS
Return on average common shareholders' equity	3.13		%	6.08		%	7.20		%
Return on average assets	0.34			0.64			0.78
Common equity tier 1 and tier 1 risk-based capital ratio (a)	10.56			10.54			10.40
Total risk-based capital ratio (a)	12.82			12.69			12.35
Leverage ratio (a)	10.60			10.22			10.53
Tangible common equity ratio (b)	10.23			9.70			9.97
AVERAGE BALANCES
Commercial loans	$	30,814		$	31,219		$	31,090
Real estate construction loans	2,114			1,961			1,938
Commercial mortgage loans	8,961			8,842			8,581
Lease financing	726			750			797
International loans	1,419			1,402			1,512
Residential mortgage loans	1,892			1,896			1,856
Consumer loans	2,466			2,478			2,377
Total loans	48,392			48,548			48,151

Earning assets	64,123			66,818			63,480
Total assets	69,228			71,907			68,735

Noninterest-bearing deposits	28,052			29,627			26,697
Interest-bearing deposits	28,656			30,109			30,293
Total deposits	56,708			59,736			56,990

Common shareholders' equity	7,632			7,613			7,453
NET INTEREST INCOME (fully taxable equivalent basis)
Net interest income	$	448		$	434		$	414
Net interest margin	2.81		%	2.58		%	2.64		%
CREDIT QUALITY
Total nonperforming assets	$	714		$	391		$	288

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

Net credit-related charge-offs	58			51			8

Allowance for loan losses	724			634			601
Allowance for credit losses on lending-related commitments	46			45			39
Total allowance for credit losses	770			679			640

Allowance for loan losses as a percentage of total loans	1.47		%	1.29		%	1.22		%
Net credit-related charge-offs as a percentage of average total loans	0.49			0.42			0.07
Nonperforming assets as a percentage of total loans and foreclosed property	1.45			0.80			0.59
Allowance for loan losses as a percentage of total nonperforming loans	105			167			216

(a) March 31, 2016 ratios are estimated.

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



CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries

	March 31,			December 31,			March 31,
(in millions, except share data)	2016			2015			2015
	(unaudited)						(unaudited)
ASSETS
Cash and due from banks	$	977		$	1,157		$	1,170

Interest-bearing deposits with banks	2,025			4,990			4,792
Other short-term investments	94			113			101

Investment securities available-for-sale	10,607			10,519			8,214
Investment securities held-to-maturity	1,907			1,981			1,871

Commercial loans	31,562			31,659			32,091
Real estate construction loans	2,290			2,001			1,917
Commercial mortgage loans	8,982			8,977			8,558
Lease financing	731			724			792
International loans	1,455			1,368			1,433
Residential mortgage loans	1,874			1,870			1,859
Consumer loans	2,483			2,485			2,422
Total loans	49,377			49,084			49,072
Less allowance for loan losses	(724		)	(634		)	(601		)
Net loans	48,653			48,450			48,471

Premises and equipment	541			550			531
Accrued income and other assets	4,203			4,117			4,183
Total assets	$	69,007		$	71,877		$	69,333

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	28,025		$	30,839		$	27,394

Money market and interest-bearing checking deposits	22,872			23,532			23,727
Savings deposits	2,006			1,898			1,817
Customer certificates of deposit	3,401			3,552			4,497
Foreign office time deposits	47			32			135
Total interest-bearing deposits	28,326			29,014			30,176
Total deposits	56,351			59,853			57,570

Short-term borrowings	514			23			80
Accrued expenses and other liabilities	1,389			1,383			1,500
Medium- and long-term debt	3,109			3,058			2,683
Total liabilities	61,363			64,317			61,833

Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141			1,141
Capital surplus	2,158			2,173			2,188
Accumulated other comprehensive loss	(328		)	(429		)	(370		)
Retained earnings	7,097			7,084			6,841
Less cost of common stock in treasury - 53,086,733 shares at 3/31/16, 52,457,113 shares at 12/31/15, and 50,114,399 shares at 3/31/15	(2,424		)	(2,409		)	(2,300		)
Total shareholders' equity	7,644			7,560			7,500
Total liabilities and shareholders' equity	$	69,007		$	71,877		$	69,333



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

	First			Fourth		Third			Second			First			First Quarter 2016 Compared To:
	Quarter			Quarter		Quarter			Quarter			Quarter			Fourth Quarter 2015					First Quarter 2015
(in millions, except per share data)	2016			2015		2015			2015			2015			Amount			Percent		Amount			Percent
INTEREST INCOME
Interest and fees on loans	$	406		$	395	$	390		$	388		$	378		$	11		3	%	$	28		7	%
Interest on investment securities	62			56		54			53			53			6			10		9			18
Interest on short-term investments	4			6		4			3			4			(2		)	(21	)	—			—
Total interest income	472			457		448			444			435			15			3		37			9
INTEREST EXPENSE
Interest on deposits	10			10		11			11			11			—			—		(1		)	(9	)
Interest on medium- and long-term debt	15			14		15			12			11			1			8		4			30
Total interest expense	25			24		26			23			22			1			4		3			13
Net interest income	447			433		422			421			413			$	14		3		$	34		8
Provision for credit losses	148			60		26			47			14			88			n/m		134			n/m
Net interest income after provision for credit losses	299			373		396			374			399			(74		)	(20	)	(100		)	(25	)
NONINTEREST INCOME
Card fees	74			75		72			68			64			(1		)	(1	)	10			15
Service charges on deposit accounts	55			55		57			56			55			—			—		—			—
Fiduciary income	46			45		47			48			47			1			3		(1		)	(3	)
Commercial lending fees	20			30		22			22			25			(10		)	(33	)	(5		)	(18	)
Letter of credit fees	13			14		13			13			13			(1		)	(5	)	—			—
Bank-owned life insurance	9			11		10			10			9			(2		)	(16	)	—			—
Foreign exchange income	10			11		10			9			10			(1		)	(3	)	—			—
Brokerage fees	4			4		5			4			4			—			—		—			—
Net securities losses	(2		)	—		—			—			(2		)	(2		)	n/m		—			—
Other noninterest income	17			23		26			27			27			(6		)	(29	)	(10		)	(37	)
Total noninterest income	246			268		262			257			252			(22		)	(8	)	(6		)	(2	)
NONINTEREST EXPENSES
Salaries and benefits expense	248			262		243			251			253			(14		)	(5	)	(5		)	(2	)
Outside processing fee expense	79			81		84			82			74			(2		)	(2	)	5			7
Net occupancy expense	38			41		41			39			38			(3		)	(7	)	—			—
Equipment expense	13			14		13			13			13			(1		)	(4	)	—			—
Software expense	29			26		26			24			23			3			11		6			21
FDIC insurance expense	11			10		9			9			9			1			5		2			24
Advertising expense	4			7		6			5			6			(3		)	(49	)	(2		)	(42	)
Litigation-related expense	—			—		(3		)	(30		)	1			—			—		(1		)	(70	)
Other noninterest expenses	38			43		40			39			39			(5		)	(10	)	(1		)	(1	)
Total noninterest expenses	460			484		459			432			456			(24		)	(5	)	4			1
Income before income taxes	85			157		199			199			195			(72		)	(46	)	(110		)	(56	)
Provision for income taxes	25			41		63			64			61			(16		)	(39	)	(36		)	(58	)
NET INCOME	60			116		136			135			134			(56		)	(48	)	(74		)	(55	)
Less income allocated to participating securities	1			1		2			1			2			—			—		(1		)	(63	)
Net income attributable to common shares	$	59		$	115	$	134		$	134		$	132		$	(56	)	(48	)%	$	(73	)	(55	)%
Earnings per common share:
Basic	$	0.34		$	0.65	$	0.76		$	0.76		$	0.75		$	(0.31	)	(48	)%	$	(0.41	)	(55	)%
Diluted	0.34			0.64		0.74			0.73			0.73			(0.30		)	(47	)	(0.39		)	(53	)

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

Cash dividends declared on common stock	37			37		37			37			36			—			—		1			3
Cash dividends declared per common share	0.21			0.21		0.21			0.21			0.20			—			—		0.01			5

n/m - not meaningful



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

	2016			2015
(in millions)	1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr

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

Loan charge-offs:
Commercial	72			73			30			17			19
Commercial mortgage	—			1			—			2			—
Lease financing	—			—			—			1			—
International	3			—			1			11			2
Residential mortgage	—			—			—			1			—
Consumer	2			2			3			3			2
Total loan charge-offs	77			76			34			35			23

Recoveries on loans previously charged-off:
Commercial	12			6			8			10			9
Real estate construction	—			—			—			1			—
Commercial mortgage	12			11			2			5			3
Residential mortgage	—			1			—			—			1
Consumer	1			7			1			1			2
Total recoveries	25			25			11			17			15
Net loan charge-offs	52			51			23			18			8
Provision for loan losses	141			63			28			35			16
Foreign currency translation adjustment	1			—			(1		)	—			(1		)
Balance at end of period	$	724		$	634		$	622		$	618		$	601

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

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



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

	2016			2015
(in millions)	1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr

Balance at beginning of period	$	45		$	48		$	50		$	39		$	41
Charge-offs on lending-related commitments (a)	(6		)	—			—			(1		)	—
Provision for credit losses on lending-related commitments	7			(3		)	(2		)	12			(2		)
Balance at end of period	$	46		$	45		$	48		$	50		$	39

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


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



NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries

	2016			2015
(in millions)	1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr

SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Business loans:
Commercial	$	547		$	238		$	214		$	186		$	113
Real estate construction	—			1			1			1			1
Commercial mortgage	47			60			66			77			82
Lease financing	6			6			8			11			—
International	27			8			8			9			1
Total nonaccrual business loans	627			313			297			284			197
Retail loans:
Residential mortgage	26			27			31			35			37
Consumer:
Home equity	27			27			28			29			31
Other consumer	1			—			1			1			1
Total consumer	28			27			29			30			32
Total nonaccrual retail loans	54			54			60			65			69
Total nonaccrual loans	681			367			357			349			266
Reduced-rate loans	8			12			12			12			13
Total nonperforming loans	689			379			369			361			279
Foreclosed property	25			12			12			9			9
Total nonperforming assets	$	714		$	391		$	381		$	370		$	288

Nonperforming loans as a percentage of total loans	1.40		%	0.77		%	0.75		%	0.72		%	0.57		%
Nonperforming assets as a percentage of total loans and foreclosed property	1.45			0.80			0.78			0.74			0.59
Allowance for loan losses as a percentage of total nonperforming loans	105			167			169			171			216
Loans past due 90 days or more and still accruing	$	13		$	17		$	5		$	18		$	12

ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	367		$	357		$	349		$	266		$	273
Loans transferred to nonaccrual (a)	446			105			69			145			39
Nonaccrual business loan gross charge-offs (b)	(75		)	(49		)	(31		)	(31		)	(21		)
Loans transferred to accrual status (a)	—			—			—			—			(4		)
Nonaccrual business loans sold (c)	(21		)	—			—			(1		)	(2		)
Payments/Other (d)	(36		)	(46		)	(30		)	(30		)	(19		)
Nonaccrual loans at end of period	$	681		$	367		$	357		$	349		$	266
(a) Based on an analysis of nonaccrual loans with book balances greater than $2 million.
(b) Analysis of gross loan charge-offs:
Nonaccrual business loans	$	75		$	49		$	31		$	31		$	21
Performing business loans	—			25			—			—			—
Consumer and residential mortgage loans	2			2			3			4			2
Total gross loan charge-offs	$	77		$	76		$	34		$	35		$	23
(c) Analysis of loans sold:
Nonaccrual business loans	$	21		$	—		$	—		$	1		$	2
Performing criticized loans	—			3			—			—			7
Total criticized loans sold	$	21		$	3		$	—		$	1		$	9
(d) Includes net changes related to nonaccrual loans with balances less than $2 million, payments on nonaccrual loans with book balances greater than $2 million and transfers of nonaccrual loans to foreclosed property. Excludes business loan gross charge-offs and business nonaccrual loans sold.



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

	Three Months Ended
	March 31, 2016							December 31, 2015							March 31, 2015
	Average					Average		Average					Average		Average					Average
(dollar amounts in millions)	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate

Commercial loans	$	30,814		$	250	3.25	%	$	31,219		$	245	3.11	%	$	31,090		$	234	3.06	%
Real estate construction loans	2,114			19		3.66		1,961			18		3.58		1,938			16		3.36
Commercial mortgage loans	8,961			80		3.59		8,842			76		3.43		8,581			73		3.44
Lease financing	726			6		3.33		750			6		3.29		797			6		3.05
International loans	1,419			13		3.65		1,402			12		3.40		1,512			14		3.71
Residential mortgage loans	1,892			19		3.94		1,896			18		3.75		1,856			17		3.76
Consumer loans	2,466			20		3.33		2,478			21		3.38		2,377			19		3.21
Total loans	48,392			407		3.38		48,548			396		3.24		48,151			379		3.19

Mortgage-backed securities (a)	9,356			51		2.22		9,226			51		2.25		9,071			51		2.26
Other investment securities	3,001			11		1.50		1,638			5		1.37		836			2		1.10
Total investment securities (a)	12,357			62		2.05		10,864			56		2.11		9,907			53		2.16

Interest-bearing deposits with banks	3,265			4		0.50		7,300			5		0.28		5,323			4		0.26
Other short-term investments	109			—		0.93		106			1		0.91		99			—		1.11
Total earning assets	64,123			473		2.97		66,818			458		2.73		63,480			436		2.78

Cash and due from banks	1,068							1,071							1,027
Allowance for loan losses	(680		)					(641		)					(601		)
Accrued income and other assets	4,717							4,659							4,829
Total assets	$	69,228						$	71,907						$	68,735

Money market and interest-bearing checking deposits	$	23,193		6		0.11		$	24,368		6		0.11		$	23,960		6		0.11
Savings deposits	1,936			—		0.02		1,883			—		0.02		1,786			—		0.03
Customer certificates of deposit	3,477			4		0.40		3,763			4		0.39		4,423			4		0.37
Foreign office time deposits	50			—		0.33		95			—		0.59		124			1		1.46
Total interest-bearing deposits	28,656			10		0.14		30,109			10		0.14		30,293			11		0.15

Short-term borrowings	365			—		0.45		92			—		0.06		110			—		0.06
Medium- and long-term debt	3,093			15		1.94		3,089			14		1.79		2,686			11		1.73
Total interest-bearing sources	32,114			25		0.32		33,290			24		0.29		33,089			22		0.27

Noninterest-bearing deposits	28,052							29,627							26,697
Accrued expenses and other liabilities	1,430							1,377							1,496
Total shareholders' equity	7,632							7,613							7,453
Total liabilities and shareholders' equity	$	69,228						$	71,907						$	68,735

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

FTE adjustment				$	1						$	1						$	1

Impact of net noninterest-bearing sources of funds						0.16							0.14							0.13
Net interest margin (as a percentage of average earning assets) (FTE)						2.81	%						2.58	%						2.64	%

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



CONSOLIDATED STATISTICAL DATA (unaudited)
Comerica Incorporated and Subsidiaries

	March 31,			December 31,			September 30,			June 30,			March 31,
(in millions, except per share data)	2016			2015			2015			2015			2015

Commercial loans:
Floor plan	$	3,902		$	3,939		$	3,538		$	3,840		$	3,544
Other	27,660			27,720			28,239			28,883			28,547
Total commercial loans	31,562			31,659			31,777			32,723			32,091
Real estate construction loans	2,290			2,001			1,874			1,795			1,917
Commercial mortgage loans	8,982			8,977			8,787			8,674			8,558
Lease financing	731			724			751			786			792
International loans	1,455			1,368			1,382			1,420			1,433
Residential mortgage loans	1,874			1,870			1,880			1,865			1,859
Consumer loans:
Home equity	1,738			1,720			1,714			1,682			1,678
Other consumer	745			765			777			796			744
Total consumer loans	2,483			2,485			2,491			2,478			2,422
Total loans	$	49,377		$	49,084		$	48,942		$	49,741		$	49,072

Goodwill	$	635		$	635		$	635		$	635		$	635
Core deposit intangible	9			10			10			11			12
Other intangibles	4			4			4			4			3

Common equity tier 1 capital (a)	7,331			7,350			7,327			7,280			7,230
Risk-weighted assets (a)	69,427			69,731			69,718			69,967			69,514

Common equity tier 1 and tier 1 risk-based capital ratio (a)	10.56		%	10.54		%	10.51		%	10.40		%	10.40		%
Total risk-based capital ratio (a)	12.82			12.69			12.82			12.38			12.35
Leverage ratio (a)	10.60			10.22			10.28			10.56			10.53
Tangible common equity ratio (b)	10.23			9.70			9.91			9.92			9.97

Common shareholders' equity per share of common stock	$	43.66		$	43.03		$	43.02		$	42.18		$	42.12
Tangible common equity per share of common stock (b)	39.96			39.33			39.36			38.53			38.47
Market value per share for the quarter:
High	41.74			47.44			52.93			53.45			47.94
Low	30.48			39.52			40.01			44.38			40.09
Close	37.87			41.83			41.10			51.32			45.13

Quarterly ratios:
Return on average common shareholders' equity	3.13		%	6.08		%	7.19		%	7.21		%	7.20		%
Return on average assets	0.34			0.64			0.76			0.79			0.78
Efficiency ratio (c)	66.07			69.00			66.98			63.49			68.37

Number of banking centers	477			477			477			477			482

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

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


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


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



PARENT COMPANY ONLY BALANCE SHEETS (unaudited)
Comerica Incorporated

	March 31,			December 31,			March 31,
(in millions, except share data)	2016			2015			2015

ASSETS
Cash and due from subsidiary bank	$	5		$	4		$	5
Short-term investments with subsidiary bank	546			569			1,139
Other short-term investments	84			89			95
Investment in subsidiaries, principally banks	7,612			7,523			7,479
Premises and equipment	2			3			2
Other assets	172			137			158
Total assets	$	8,421		$	8,325		$	8,878

LIABILITIES AND SHAREHOLDERS' EQUITY
Medium- and long-term debt	$	626		$	608		$	1,216
Other liabilities	151			157			162
Total liabilities	777			765			1,378

Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141			1,141
Capital surplus	2,158			2,173			2,188
Accumulated other comprehensive loss	(328		)	(429		)	(370		)
Retained earnings	7,097			7,084			6,841
Less cost of common stock in treasury - 53,086,733 shares at 3/31/16, 52,457,113 shares at 12/31/15 and 50,114,399 shares at 3/31/15	(2,424		)	(2,409		)	(2,300		)
Total shareholders' equity	7,644			7,560			7,500
Total liabilities and shareholders' equity	$	8,421		$	8,325		$	8,878



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

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

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

BALANCE AT DECEMBER 31, 2015	175.7		$	1,141	$	2,173		$	(429	)	$	7,084		$	(2,409	)	$	7,560
Net income	—		—		—			—			60			—			60
Other comprehensive income, net of tax	—		—		—			101			—			—			101
Cash dividends declared on common stock ($0.21 per share)	—		—		—			—			(37		)	—			(37		)
Purchase of common stock	(1.4	)	—		—			—			—			(49		)	(49		)
Net issuance of common stock under employee stock plans	0.8		—		(35		)	—			(10		)	34			(11		)
Share-based compensation	—		—		20			—			—			—			20
BALANCE AT MARCH 31, 2016	175.1		$	1,141	$	2,158		$	(328	)	$	7,097		$	(2,424	)	$	7,644



BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries


(dollar amounts in millions)	Business			Retail			Wealth
Three Months Ended March 31, 2016	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	365		$	157		$	43		$	(121	)	$	4		$	448
Provision for credit losses	151			3			(5		)	—			(1		)	148
Noninterest income	135			43			59			14			(5		)	246
Noninterest expenses	207			179			73			2			(1		)	460
Provision (benefit) for income taxes (FTE)	47			6			12			(41		)	2			26
Net income (loss)	$	95		$	12		$	22		$	(68	)	$	(1	)	$	60
Net credit-related charge-offs (recoveries)	$	57		$	2		$	(1	)	$	—		$	—		$	58

Selected average balances:
Assets	$	38,635		$	6,544		$	5,162		$	14,186		$	4,701		$	69,228
Loans	37,561			5,867			4,964			—			—			48,392
Deposits	29,108			23,110			4,171			103			216			56,708

Statistical data:
Return on average assets (a)	0.98		%	0.20		%	1.70		%	N/M			N/M			0.34		%
Efficiency ratio (b)	41.41			88.47			71.32			N/M			N/M			66.07

	Business			Retail			Wealth
Three Months Ended December 31, 2015	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	387		$	160		$	47		$	(162	)	$	2		$	434
Provision for credit losses	41			23			(7		)	—			3			60
Noninterest income	145			49			57			15			2			268
Noninterest expenses	206			191			81			2			4			484
Provision (benefit) for income taxes (FTE)	85			(4		)	9			(47		)	(1		)	42
Net income (loss)	$	200		$	(1	)	$	21		$	(102	)	$	(2	)	$	116
Net credit-related charge-offs (recoveries)	$	35		$	25		$	(9	)	$	—		$	—		$	51

Selected average balances:
Assets	$	38,765		$	6,549		$	5,199		$	12,678		$	8,716		$	71,907
Loans	37,682			5,868			4,998			—			—			48,548
Deposits	31,738			23,262			4,355			120			261			59,736

Statistical data:
Return on average assets (a)	2.06		%	(0.03		)%	1.68		%	N/M			N/M			0.64		%
Efficiency ratio (b)	38.73			91.68			77.01			N/M			N/M			69.00

	Business			Retail			Wealth
Three Months Ended March 31, 2015	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	370		$	151		$	43		$	(152	)	$	2		$	414
Provision for credit losses	25			(8		)	(1		)	—			(2		)	14
Noninterest income	140			41			58			12			1			252
Noninterest expenses	198			174			77			2			5			456
Provision (benefit) for income taxes (FTE)	98			9			9			(53		)	(1		)	62
Net income (loss)	$	189		$	17		$	16		$	(89	)	$	1		$	134
Net credit-related charge-offs (recoveries)	$	9		$	—		$	(1	)	$	—		$	—		$	8

Selected average balances:
Assets	$	38,654		$	6,368		$	5,029		$	12,137		$	6,547		$	68,735
Loans	37,623			5,694			4,834			—			—			48,151
Deposits	30,143			22,404			3,996			170			277			56,990

Statistical data:
Return on average assets (a)	1.95		%	0.30		%	1.29		%	N/M			N/M			0.78		%
Efficiency ratio (b)	38.88			90.68			74.59			N/M			N/M			68.37

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

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

FTE - Fully Taxable Equivalent

N/M - Not Meaningful



MARKET SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries


(dollar amounts in millions)										Other			Finance
Three Months Ended March 31, 2016	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	176		$	179		$	123		$	87		$	(117	)	$	448
Provision for credit losses	(6		)	(6		)	169			(8		)	(1		)	148
Noninterest income	76			38			30			93			9			246
Noninterest expenses	150			104			100			105			1			460
Provision (benefit) for income taxes (FTE)	36			45			(40		)	24			(39		)	26
Net income (loss)	$	72		$	74		$	(76	)	$	59		$	(69	)	$	60
Net credit-related charge-offs (recoveries)	$	5		$	8		$	47		$	(2	)	$	—		$	58

Selected average balances:
Assets	$	13,402		$	17,541		$	11,295		$	8,103		$	18,887		$	69,228
Loans	12,774			17,283			10,763			7,572			—			48,392
Deposits	21,696			16,654			10,374			7,665			319			56,708

Statistical data:
Return on average assets (a)	1.27		%	1.68		%	(2.52		)%	2.87		%	N/M			0.34		%
Efficiency ratio (b)	59.31			47.87			65.09			58.09			N/M			66.07

										Other			Finance
Three Months Ended December 31, 2015	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	183		$	193		$	131		$	87		$	(160	)	$	434
Provision for credit losses	(12		)	(7		)	57			19			3			60
Noninterest income	81			40			32			98			17			268
Noninterest expenses	160			107			103			108			6			484
Provision (benefit) for income taxes (FTE)	33			43			6			8			(48		)	42
Net income (loss)	$	83		$	90		$	(3	)	$	50		$	(104	)	$	116
Net credit-related charge-offs (recoveries)	$	(2	)	$	1		$	33		$	19		$	—		$	51

Selected average balances:
Assets	$	13,601		$	17,297		$	11,474		$	8,141		$	21,394		$	71,907
Loans	12,986			17,033			10,893			7,636			—			48,548
Deposits	22,123			18,545			10,807			7,880			381			59,736

Statistical data:
Return on average assets (a)	1.43		%	1.83		%	(0.10		)%	2.36		%	N/M			0.64		%
Efficiency ratio (b)	60.92			45.99			62.85			58.01			N/M			69.00

										Other			Finance
Three Months Ended March 31, 2015	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	177		$	176		$	131		$	80		$	(150	)	$	414
Provision for credit losses	(8		)	(3		)	21			6			(2		)	14
Noninterest income	84			34			34			87			13			252
Noninterest expenses	155			97			94			103			7			456
Provision (benefit) for income taxes (FTE)	38			44			18			16			(54		)	62
Net income (loss)	$	76		$	72		$	32		$	42		$	(88	)	$	134
Net credit-related charge-offs	$	3		$	1		$	3		$	1		$	—		$	8

Selected average balances:
Assets	$	13,736		$	16,461		$	12,192		$	7,662		$	18,684		$	68,735
Loans	13,223			16,193			11,535			7,200			—			48,151
Deposits	21,710			16,837			11,010			6,986			447			56,990

Statistical data:
Return on average assets (a)	1.36		%	1.61		%	0.99		%	2.21		%	N/M			0.78		%
Efficiency ratio (b)	59.51			46.21			57.48			60.77			N/M			68.37

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

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

FTE - Fully Taxable Equivalent

N/M - Not Meaningful



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

	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2016			2015			2015			2015			2015

Tangible Common Equity Ratio:
Common shareholders' equity	$	7,644		$	7,560		$	7,622		$	7,523		$	7,500
Less:
Goodwill	635			635			635			635			635
Other intangible assets	13			14			14			15			15
Tangible common equity	$	6,996		$	6,911		$	6,973		$	6,873		$	6,850

Total assets	$	69,007		$	71,877		$	71,012		$	69,945		$	69,333
Less:
Goodwill	635			635			635			635			635
Other intangible assets	13			14			14			15			15
Tangible assets	$	68,359		$	71,228		$	70,363		$	69,295		$	68,683

Common equity ratio	11.08		%	10.52		%	10.73		%	10.76		%	10.82		%
Tangible common equity ratio	10.23			9.70			9.91			9.92			9.97

Tangible Common Equity per Share of Common Stock:
Common shareholders' equity	$	7,644		$	7,560		$	7,622		$	7,523		$	7,500
Tangible common equity	6,996			6,911			6,973			6,873			6,850

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

Common shareholders' equity per share of common stock	$	43.66		$	43.03		$	43.02		$	42.18		$	42.12
Tangible common equity per share of common stock	39.96			39.33			39.36			38.53			38.47

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

Comerica Incorporated First Quarter 2016Financial Review April 19, 2016 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, in particular the energy industry; unfavorable developments concerning creditquality; operational difficulties, failure of technology infrastructure or information security incidents; reliance on other companies to provide certainkey components of business infrastructure; factors impacting noninterest expenses which are beyond Comerica's control; changes in the financialmarkets, including fluctuations in interest rates and their impact on deposit pricing; reductions in Comerica's credit rating; the interdependence offinancial service companies; the implementation of Comerica's strategies and business initiatives; damage to Comerica's reputation; Comerica'sability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricingpressures 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 oflegal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities andother 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 isnot exclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities andExchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 12 of Comerica's Annual Report on Form 10-K forthe year ended December 31, 2015. Forward-looking statements speak only as of the date they are made. Comerica does not undertake toupdate forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statementsare made. For any forward-looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harborfor forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 2

3 Financial Summary 1Q16 4Q15 1Q15 Diluted income per common share $0.34 $0.64 $0.73 Net interest income $447 $433 $413 Net interest margin 2.81% 2.58% 2.64% Provision for credit losses 148 60 14 Net credit-related charge-offs to average loans 0.49% 0.42% 0.07% Noninterest income 246 268 252 Noninterest expenses 460 484 456 Net income 60 116 134 Total average loans $48,392 $48,548 $48,151 Total average deposits 56,708 59,736 56,990 Basel III common equity Tier 1 capital ratio 10.56%1 10.54% 10.40% Average diluted shares (millions) 176 179 182 $ in millions, except per share data ● n/a – not applicable ● 1Estimated 4 First Quarter 2016 Results $ in millions, except per share data ● 1Q16 compared to 4Q15 ● 1EPS based on diluted income per share. ● 2See slide 28for a reconciliation of non-GAAP financial measures. ● 31Q16 repurchases under the equity repurchase program. ● 4Net credit-related charge-offs 1Q16 Change From4Q15 1Q15Total average loans $48,392 (156) 241 Total average deposits 56,708 (3,028) (282) Net interest income 447 14 34 Provision for credit losses 148 88 134 Net credit-related charge-offs 58 7 50 Noninterest income 246 (22) (6) Noninterest expenses 460 (24) 4 Net income 60 (56) (74) Earnings per share (EPS)1 0.34 (0.30) (0.39) Tangible Book Value Per Share2 39.96 0.63 1.49 Equity repurchases3 1.2MM sharesor $42MM Key QoQ Performance Drivers • Loans relatively stable • Deposits declined with purposeful pricing & LCR strategy • Net interest income up 3% with rise in rates • Provision reflected reserve build for energy & net charge-offs4 of 49 bps • Noninterest income lower due to decline in commercial loan fees following strong 4Q15 • Expenses decreased 5% with lower salaries/benefits & reductions in several other categories • TBV increased 2%, to $39.962

5 Loans Relatively StableYields increase; maintaining pricing and structure discipline 1Q16 compared to 4Q15 ● 1Utilization of commercial commitments as a percentage of total commercial commitments at period-end. Total Loans($ in billions) 48.2 48.8 49.0 48.5 48.4 49.1 49.4 3.19 3.20 3.17 3.24 3.38 1Q15 2Q15 3Q15 4Q15 1Q16 4Q15 1Q16 Loan Yields Average Balances Period-end Average loans decreased $156MM - General Middle Market - Energy- Mortgage Banker Finance+ Commercial Real Estate+ National Dealer Services Period-end loans increased $293MM + Commercial Real Estate- Corporate BankingLoan yields +14 bps  Average 30-day LIBOR rose ~23 bpsCommitments down ~3% to $54.4B  Line utilization1 increased to 51%Loan pipeline increased 6 Deposit Decline Reflects Purposeful Pricing & LCR StrategyDeposits costs stable 1Q16 compared to 4Q15 ● 1Interest costs on interest-bearing deposits ● 2At 3/31/16 Average Balances Period-end Total Deposits($ in billions) 57.0 57.4 59.1 59.7 56.7 59.9 56.4 0.15 0.14 0.14 0.14 0.14 1Q15 2Q15 3Q15 4Q15 1Q16 4Q15 1Q16 Deposit Rates 1 Average deposits decreased - Corporate Banking- Financial Services Division- Municipalities  About 2/3 of total deposits are commercial  Loan to Deposit Ratio2 of 87% Interest-bearing50% Noninterest-bearing50% Deposits: Large Proportion NIB($ in billions, Period-end) Total$56.4

Securities Portfolio($ in billions) 7 3/31/16 ● 1Estimated as of 3/31/16. Excludes auction rate securities (ARS). ● 2Net unrealized pre-tax gain on the available-for-sale (AFS) portfolio. ● 3Net unamortized premium on the MBS portfolio. Securities portfolio increased During 4Q15, invested $1.9B of excess reserves into higher yielding, high quality securities while maintaining asset sensitive position  Duration of 3.3 years1 • Extends to 4.1 years under a 200 bps instantaneous rate increase1  Net unrealized pre-tax gain of $177MM2  Net unamortized premium of $34MM3  GNMA ~40% of MBS portfolio 9.1 9.1 9.1 9.2 9.4 9.5 9.5 9.9 9.9 10.2 10.9 12.4 12.5 12.5 2.16 2.13 2.11 2.11 2.05 1Q15 2Q15 3Q15 4Q15 1Q16 4Q15 1Q16 Treasury Securities & OtherMortgage-backed Securities (MBS)Securities Yields Average Balances Period-end Increased Securities Portfolio in 4Q15Yield declined with mix shift of portfolio Net Interest Income($ in millions) 8 Net Interest Income Increased 3%NIM expands 23 bps 1Q16 compared to 4Q15 413 421 422 433 447 2.64 2.65 2.54 2.58 2.81 1Q15 2Q15 3Q15 4Q15 1Q16 NIM Net Interest Income and Rate NIM $433MM 4Q15 2.58% +20MM+ 1MM- 3MM- 2MM- 4MM - 1MM Loan impacts:+ higher short-term rates+ portfolio dynamics- nonaccrual interest- fees in the margin- one fewer day- lower volume +0.13 - 0.02- 0.01 + 6MM Higher securities balance - 5MM+ 3MM Fed balances:- lower balances+ higher rate +0.13 - 1MM Higher wholesale funding cost $447MM 1Q16 2.81%

266 349 357 367 681 2,067 2,361 2,898 3,193 3,928 4.2 4.7 5.9 6.5 8.0 1Q15 2Q15 3Q15 4Q15 1Q16 NALsCriticized as a % of Total Loans Criticized Loans2($ in millions) 9 Continued to Build Reserve for Energy LoansEnergy business line reserve allocation1 now nearly 8% 3/31/16 ●1Bank's entire allowance is available to cover any & all losses. Allocation of allowance for energy loans reflects ourrobust allowance methodology which contains quantitative and qualitative components. ● 2Criticized loans are consistent withregulatory defined Special Mention, Substandard, Doubtful & Loss loan classifications. ● 3Net credit-related charge-offs ● 4Energy-related 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. Allowance for Credit Losses($ in millions) 640 668 670 679 770 1.22 1.24 1.27 1.29 1.47 1Q15 2Q15 3Q15 4Q15 1Q16 Allowance for Loan Losses as a % of total loans $ in millions Ex-Energy TotalTotal loans $46,280 $49,377% of total 94% 100% Criticized2 2,095 3,928Ratio 4.5% 8.0%Q/Q change 145 735 Nonaccrual 258 681Ratio 0.6% 1.4%Q/Q change 23 314 Net charge-offs3 16 58Ratio 0.15% 0.49% $ in millions Loans Criticized NAL 1Q16 NCO3 E&P $2,162 $1,446 $362 $7 Midstream 509 109 -0- -0- Services 426 278 61 35 Total Energy $3,097 $1,833 $423 $42 Energy-related4 534 185 33 3 Energy Credit Metrics Portfolio Credit Metrics 10 Rigorous Review of Every Energy Customer Downgrading loans based on total leverage, cash flow & liquidity 3/31/16 ● 1Hedging as of last redetermination received for each customer based on PDP reserves (Proved Developed Producing). ● 2Based on most recent available customer financial statements. ● 3Commitments totaling ~$200MM  $2.2B loans at 3/31/16  ~130 customers  Wells/fields broadly diversified among major producing basins  Only $18MM in 2nd lien loans  2 loans in bankruptcy (plus 1 in Services)  Hedged 50% or more of production1:• At least one year = 60% of customers• At least two years = 29% of customers  Spring redeterminations 26% complete • Borrowing bases declined ~22% on average  Senior debt to cash flow leverage2:• ~34% = 0 to 2.0x• ~22% = 2.1 to 3.0x  Collateral deficiencies:• 9 relationships3 totaling ~$40MM• Typical deficiency amortizes over 6 months E&P Loans  $426MM loans, 11% decline from 4Q15  ~50 customers  Customer revenues: 70% production  Average balance sheet leverage2: • ~60% < 2:1x • ~34% > 4:1x  Very few have debt behind our senior debt Energy Services Loans Exploration & Production 70% Midstream16% Services14% Natural Gas 9% Oil42% Mixed19% Diverse Customer Base(Based on period-end outstandings)

11 Noninterest Income LowerFollowing strong commercial loan fees in 4Q15 1Q16 compared to 4Q15 ●1Excludes impact of deferred compensation of $(5)MM, $2MM, $(4)MM, in 1Q16, 4Q15 & 3Q15, respectively & $1MM in both 2Q15 & 1Q15, which is offset in noninterest expense. The Corporation believes this information will assist investors, regulators, management and others in comparing quarter over quarter results. 252 257 262 268 246 1Q15 2Q15 3Q15 4Q15 1Q16 Noninterest Income ($ in millions) Noninterest income - $10MM Commercial Lending fees (Syndication & Credit Line fees) - $ 7MM Deferred comp (returns on plan assets offset in noninterest expense) - $ 2MM Securities losses - $ 2MM Bank owned life insurance (BOLI) Total Noninterest Income excluding Deferred Comp1 251 256 266 266 251 12 Noninterest Expenses Declined 5%Continued focus on expense control 1Q16 compared to 4Q15 ●1Excludes impact of deferred compensation of $(5)MM, $2MM, $(4)MM, in 1Q16, 4Q15 & 3Q15, respectively & $1MM in both 2Q15 & 1Q15, which is offset in noninterest income. The Corporation believes this information will assist investors, regulators, management and others in comparing quarter over quarter results. Noninterest expenses - $14MM Salaries & Benefits expense - $8MM Pension expense- $7MM Deferred comp (offset in noninterest income) - Technology-related contract labor- One fewer day+ Annual stock compensation - $3MM Occupancy - $3MM Advertising - $3MM Consultant Fees (other expense) 456 432 459 484 460 1Q15 2Q15 3Q15 4Q15 1Q16 Noninterest Expenses($ in millions) Total Noninterest Expense excluding Deferred Comp1 455 431 463 482 465

13 Active Capital ManagementContinued to reduce share count through repurchase 1Shares & warrants repurchased under equity repurchase program. ● 2See Supplemental Financial Data slides for a reconciliation of non-GAAP financial measures. ● 3LTM = last twelve months Equity repurchases1:  Pace of buyback linked to financial performance & balance sheet movement  1Q16: 1.2MM shares for $42MM  4Q15: 1.5MM shares for $65MM  3Q15: 1.2MM shares for $59MM  2Q15: 1.0MM shares & 500,000 warrants for $59MM $31.40 $33.36 $35.64 $37.72 $39.33 $39.96 2011 2012 2013 2014 2015 1Q16 Tangible Book Value Per Share2 Dividends Per Share Growth 0.40 0.55 0.68 0.79 0.83 0.84 2011 2012 2013 2014 2015 LTM1Q16 197 188 182 179 176 175 2011 2012 2013 2014 2015 1Q16 Common Shares Outstanding(in millions) 3 Why is Comerica Asset Sensitive? 14 3/31/16 ● 1Estimated outlook as of 4/19/16 based on simulation modeling. This analysis incorporates a dynamic balance sheet assuming historical relationships for all other variables. ● 2As of 2/29/16 Interest Rate Sensitivity Update Additional Annual Net Interest Income1Estimated Increase From Movement in Fed Rates Deposit Beta ($ in millions) 0% 25% 50% 75% +25 bps ~$85 ~$70 ~$55 ~$40 +50 bps ~165 ~135 ~105 ~75 +100 bps ~325 ~270 ~215 ~155 ~$90MM expected benefit to FY16 from 12/15 rate rise, if deposit prices remain at current levels  Predominately floating rate loans • < 2% have floors2  Fixed rate securities < 20% of earning assets  Relatively large non-maturity deposit base  Abnormally low interest rate environment Fixed Rate~15% Libor-Based~65%Prime-Based~20% Loan Portfolio ($ in billions, Period-end) Total $49.4B

15 Outlook as of 4/19/16 FY16 compared to FY15 Average loans Modest growth, in line with GDP growth • Continued decline in Energy more than offset by increases in most remaining businesses• Continued focus on pricing and structure discipline Net interest income Higher• Benefit from December 2015 rise in short-term rates• Loan growth and larger securities portfolio more than offset higher funding costs Provision Higher, reflecting 1Q16 reserve build for Energy• Continued solid credit quality in the remainder of portfolio• Net charge-offs 45-55 bps• Additional reserve changes dependent on developments in the oil & gas sector Noninterest income Modest growth • Growth in card fees from merchant processing & government card• Continued focus on cross-sell opportunities, including fiduciary & brokerage services Noninterest expenses Higher, with continued expense discipline & focus on driving efficiencies • Increases in technology projects & regulatory expenses• Increase in outside processing in line with growing revenue• Increase in FDIC surcharge in part related to regulatory surcharge • Typical inflationary pressures (merit raises, staff insurance, occupancy, etc.)• FY15 benefitted from $33MM legal reserve release which is offset by lower pension expense Management 2016 Outlook Assuming continuation of current economic & low rate environment Excludes any impact from further revenue & expense initiatives 16 Appendix

17 Loans by Business and Market Average $ in billions ● 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets.  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 1Q16 4Q15 1Q15 Middle MarketGeneralEnergyNational Dealer ServicesEntertainmentTech. & Life SciencesEnvironmental Services $12.83.16.20.73.30.9 $13.03.26.20.73.30.9 $13.53.75.90.62.91.0 Total Middle Market $27.0 $27.3 $27.6 Corporate BankingUS BankingInternational 2.41.7 2.41.7 2.71.9 Mortgage Banker Finance 1.7 1.7 1.4 Commercial Real Estate 4.8 4.6 4.2 BUSINESS BANK $37.6 $37.7 $37.7 Small Business 3.9 3.9 3.7 Retail Banking 1.9 1.9 1.9 RETAIL BANK $5.8 $5.8 $5.6 Private Banking 5.0 5.0 4.8 WEALTH MANAGEMENT 5.0 5.0 $4.8 TOTAL $48.4 $48.5 $48.2 By Market 1Q16 4Q15 1Q15 Michigan $12.8 $13.0 $13.3 California 17.3 17.0 16.2 Texas 10.8 10.9 11.5 Other Markets1 7.5 7.6 7.2 TOTAL $48.4 $48.5 $48.2 18 Deposits by Business and Market Average $ in billions ● 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets. ● 2Finance/ Other includes items not directly associated with the geographic markets or the three major business segments.  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 1Q16 4Q15 1Q15 Middle MarketGeneralEnergyNational Dealer ServicesEntertainmentTech. & Life SciencesEnvironmental Services $14.90.60.30.26.20.1 $16.00.70.30.16.30.2 $15.60.70.20.16.10.2 Total Middle Market $22.3 $23.6 $22.9 Corporate BankingUS BankingInternational $2.22.3 $3.32.4 2.62.0 Mortgage Banker Finance 0.6 0.6 0.6 Commercial Real Estate 1.7 1.8 2.1 BUSINESS BANK $29.1 $31.7 $30.2 Small Business 3.1 3.2 2.9 Retail Banking 20.0 20.0 19.5 RETAIL BANK $23.1 $23.2 $22.4 Private Banking 4.2 4.4 4.0 WEALTH MANAGEMENT $4.2 $4.4 $4.0 Finance/ Other2 0.3 0.4 0.4 TOTAL $56.7 $59.7 $57.0 By Market 1Q16 4Q15 1Q15 Michigan $21.7 $22.1 $21.7 California 16.7 18.5 16.8 Texas 10.4 10.8 11.1 Other Markets1 7.6 7.9 7.0 Finance/ Other2 0.3 0.4 0.4 TOTAL $56.7 $59.7 $57.0

19 Interest Rate SensitivityRemain well positioned for rising rates 3/31/16 ● For methodology see the Company’s Form 10-K, as filed with the SEC. Estimates are based on simulation modeling analysis. Estimated Net Interest Income: Annual (12 month) SensitivitiesBased on Various AssumptionsAdditional Scenarios are Relative to 1Q16 Standard Model($ in millions) ~100 ~160 ~180 ~190 ~200 ~240 ~300 Up 100bps Addl.$3BDepositDecline Addl.20%Increasein Beta Addl.$1BDepositDecline 1Q16StandardModel Addl.~3%LoanGrowth Up 300bps 0.1 Interest Rates 200 bps gradual, non-parallel rise Loan Balances Modest increase Deposit Balances Moderate decrease Deposit Pricing (Beta) Historical price movements with short-term rates Securities Portfolio Increased for LCR compliance Loan Spreads Held at current levels MBS Prepayments Third-party projections and historical experience Hedging (Swaps) No additions modeled Standard Model Assumptions 20 Energy Line of Business & Energy-relatedGranular, contracting portfolios 3/31/16 ● 1Energy-related loans in other businesses that have a sizable portion of their revenue related to energy or could be otherwise disproportionately negatively impacted by prolonged low oil and gas prices. Natural Gas 13% Oil40% 535 463 481 479 509535 530 513 480 426 2,496 2,316 2,249 2,111 2,162 3,566 3,309 3,243 3,070 3,097 1Q15 2Q15 3Q15 4Q15 1Q16 Midstream Services Exploration & Production Energy Business Line Loans ($ in millions; Period-end) Mixed18% ~100 Energy-related Customers1($ in millions; Period-end) General Middle Market-TX52% Corp Banking20% Small Business13% TLS8%Other7% Total$534 780 741 722 614 624 534 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Total Loan Outstandings6,930 6,624 6,541 6,134 5,573 50% 48% 48% 49% 54% 1Q15 2Q15 3Q15 4Q15 1Q16 Total Commitments Utilization Rate

21 3/31/16 ● 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 3/17/16 ● 2$ in billions; 1Q16 estimated ● 3Based on MBA annual mortgage origination estimates. 566 614 923 1,53 5 1,48 3 1,50 7 1,9 96 2,09 4 1,73 7 1,81 5 1,60 5 1,10 9 886 1 ,319 1, 595 1,39 7 1,39 9 2 ,089 2,13 6 1,74 2 1,67 4 200 300 400 500 600 700 800 900 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 2Q1 5 3Q1 5 4Q1 5 1Q1 6 Actual MBAMortgageOriginationVolumes Average Loans($ in millions) Mortgage Banker Finance50 Years experience with reputation for consistent, reliable approach MBA Mortgage Originations Forecast1($ in billions) 338 461 426 405 350 445 400 328 295 1Q15Actual 2Q15Actual 3Q15Actual 4Q15Actual 1Q16 2Q16 3Q16 4Q16 1Q17 Purchase Refinance 1,2  Provide warehouse financing: bridge from residential mortgage origination to sale to end market  Extensive backroom provides collateral monitoring and customer service  Focus on full banking relationships  Granular portfolio with 100+ relationships  Market share more than doubled over past five years3  Underlying mortgages are typically related to home purchases as opposed to refinancesAs of 1Q16: • Comerica: ~70% purchase • Industry: 53% purchase1 22 National Dealer Services65+ years of floor plan lending Toyota/Lexus16% Honda/Acura 14% Ford 11% GM 8% Chrysler 10% Mercedes 3% Nissan/ Infiniti 6% Other European 12% Other Asian 12% Other18% Franchise Distribution(Based on period-end loan outstandings) Geographic DispersionCalifornia 64% Texas 7%Michigan 18% Other 11% Average Loans($ in billions)  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 3.6 3.5 3.7 3.8 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 6.0 6.0 6.2 6.2 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 2Q1 5 3Q1 5 4Q1 5 1Q1 6 Floor Plan Total $6.4B 3/31/16 ● 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans)

0.3 0.3 0.4 0.6 1.1 1.4 1.3 1.8 2.0 2.5 3.1 3.3 2011 2012 2013 2014 2015 1Q16 Equity Fund Services 23 Technology and Life Sciences20+ Years experience provides competitive advantage Technology & Life Sciences Avg. Loans($ in billions) Customer Segment Overview(based on period-end loans)  Strong relationships with top-tier investors  Granular portfolio: ~825 customers (including ~185 customers in Equity Fund Services)  Closely monitor cash balances  Numerous verticals, many with concentration limits• Ad tech ● Cyber security• Software ● Life sciences Net Charge-off Ratio1(In basis points) Total $3.3B 80 57 61 89 108 86 2011 2012 2013 2014 2015 1Q16 Early Stage~15% Growth~20%Late Stage~15% Equity Fund Services~45% Leveraged Finance~5% l . 3/31/16 ● 1TLS net charge-offs to avg. TLS loans 4.4 4.1 3.7 4.1 4.6 5.1 2011 2012 2013 2014 2015 1Q16 CRE Period-end2($ in billions) Multifamily47% Retail11% Commercial12% Office7% Single Family7% Multi use3% Land Carry6% Other7% Dallas 34% Houston 30% Austin 23% San Antonio7% Other 6% Commercial Real Estate Line of BusinessLong history of working with well established developers 3/31/16 ● 1Excludes CRE line of business loans not secured by real estate. ● 2Includes CRE line of business loans not secured by real estate. CRE by Property Type1($ in millions; Period-end, based on location of property) Michigan6% California46% Texas30%Florida2% Other16% CRE by Market1($ in millions; Period-end, based on location of property) Total$4,138 Total$4,138 Total$1,247 24

25 Shared National Credit (SNC) Relationships At 3/31/16 ● 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 loans increased $387MM, over 4Q15, led by a $172MM increase in Tech. & Life Sciences & $102MM increase in General Middle Market  SNC relationships included in business line balances  Approximately 780 borrowers  Comerica is agent for approx. 20%  Strategy: Pursue full relationships with ancillary business  Adhere to same credit underwriting standards as rest of loan book Period-end Loans($ in billions) Commercial Real Estate$0.7 7% Corporate Banking$2.4 22% General$2.1 20%National Dealer Services$0.5 5% Energy$2.9 28% Entertainment$0.4 3% Environmental Services$0.3 3% Tech. & Life Sciences$0.9 8% Mortgage Banker$0.4 4% = Total Middle Market (67%) Total$10.6 Equity$7.6 11% Interest-Bearing Deposits$28.3 42% Noninterest-Bearing Deposits$28.0 42% Wholesale Debt$3.6 5% 26 Funding and Maturity Profile 3/31/16 ● 1April 2016 maturity. ● 2Face value at maturity.  Wholesale debt markets  Federal Home Loan Bank of Dallas• $501MM outstanding1• $6B borrowing capacity  Brokered deposits• $-0-outstanding  Fed funds/ Repo markets Multiple Funding Sources Debt Profile by Maturity2($ in millions) 1,151 500 350 1,425 2016 2017 2019 2020+ Subordinated NotesSenior NotesFHLB Advance Funding ProfileAt March 31, 2016($ in billions) 1

Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A2 A- -- BB&T A2 A- A+ BOK Financial A2 BBB+ A M&T Bank A3 A- A Comerica A3 BBB+ A Zions Bancorporation Ba1 BBB- BBB- Huntington Baa1 BBB A- KeyCorp Baa1 BBB+ A- Fifth Third Baa1 BBB+ A SunTrust Baa1 BBB+ A- First Horizon National Corp Baa3 BB+ BBB- Regions Financial Baa3 BBB BBB U.S. Bancorp A1 A+ AA Wells Fargo & Company A2 A AA- JP Morgan A3 A- A+ PNC Financial Services Group A3 A- A+ Bank of America Baa1 BBB+ A 27 Holding Company Debt Rating As of 4/14/16 ● Source: SNL Financial ● Debt Ratings are not a recommendation to buy, sell, or hold securities. 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 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. 03/31/16 12/31/15 03/31/15 12/31/14 12/31/13 12/31/12 12/31/11Common shareholders’ equityLess: GoodwillLess: Other intangible assets $7,64463513 $7,56063514 $7,50063515 $7,40263515 $7,15063517 $6,93963522 $6,86563532 Tangible common equity $6,966 $6,911 $6,850 $6,752 $6,498 $6,282 $6,198 Total assetsLess: GoodwillLess: Other intangible assets $69,00763513 $71,87763514 $69,33363515 $69,18663515 $65,22463517 $65,06663522 $61,00563532 Tangible assets $68,359 $71,228 $68,683 $68,536 $64,572 $64,409 $60,338Common equity ratio 11.08% 10.52% 10.82 10.70% 10.97% 10.67% 11.26%Tangible common equity ratio 10.23 9.70 9.97 9.85 10.07 9.76 10.27 Common shareholders’ equity $7,644 $7,560 $7,500 $7,402 $7,150 $6,939 $6,865Tangible common equity 6,996 6,911 6,850 6,752 6,498 6,282 6,198Shares of common stock outstanding (in millions) 175 176 178 179 182 188 197Common shareholders’ equity per share of common stock $43.66 $43.03 $42.12 $41.35 $39.22 $36.86 $34.79Tangible common equity per share of common stock 39.96 39.33 38.47 37.72 35.64 33.36 31.40 28

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