Comerica (CMA) 8-K Results of Operations and Financial Condition

Exhibit 99.1

NEWS RELEASE

COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

Average Loans Grew $1.9 Billion from 2007

Credit Costs Stable Given Current Economic Environment

Expense Controls Include Workforce Reductions

New Preferred Stock Enhances Already Strong Capital Levels

EPS Impacts from Severance (12 Cents),

Preferred Stock Dividends (11 Cents)

DALLAS/January 22, 2009 — Comerica Incorporated (NYSE: CMA) today reported fourth quarter 2008 net income applicable to common stock of $3 million, or $0.02 per diluted share, compared to $28 million, or $0.19 per diluted share, for the third quarter 2008 and $119 million, or $0.79 per diluted share, for the fourth quarter 2007.  Fourth quarter and full-year 2008 net income applicable to common stock were each net of $17 million of accumulated preferred stock dividends related to perpetual preferred shares issued to the U. S. Treasury as part of the Capital Purchase Program (the Purchase Program).  Fourth quarter 2008 included a $192 million provision for loan losses, compared to $165 million for the third quarter 2008 and $108 million for the fourth quarter 2007.  Fourth quarter 2008 also reflected $29 million ($18 million after-tax, or $0.12 per diluted share) of severance-related expenses.

(dollar amounts in millions, except per share data)	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Net interest income	$	431		$	466		$	489
Provision for loan losses	192			165			108
Noninterest income	174			240			230
Noninterest expenses	411			514			450
Net income	20			28			119
Preferred stock dividends	17			—			—
Net income applicable to common stock	3			28			119
Diluted earnings per common share	0.02			0.19			0.79
Return on average common shareholders’ equity	0.19		%	2.25		%	9.35		%
Tier 1 capital ratio	10.67		*	7.32			7.51
Tangible common equity ratio	7.21			7.60			7.97
Net interest margin	2.82			3.11			3.43

*December 31, 2008 ratio is estimated.

Net income applicable to common stock for full-year 2008 was $196 million, or $1.29 per diluted share, compared to $686 million, or $4.43 per diluted share, for full-year 2007.  The most significant items contributing to the decrease in net income applicable to common stock were an increase in the provision for credit losses of $493 million, a decrease in net interest income of $188 million, the net $84 million loss impact in 2008 related to auction-rate securities (ARS) and $34 million of 2008 severance-related expenses.  These were partially offset by a $60 million increase in securities gains.

The following table illustrates the after-tax impact of certain items on net income applicable to common stock.

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COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

(dollar amounts in millions,	4th Qtr ’08						3rd Qtr ’08						Full Year 2008
except per share data)	Amount			Per Share			Amount			Per Share			Amount			Per Share
Net impact of ARS*	$	8		$	0.05		$	(61	)	$	(0.40	)	$	(53	)	$	(0.35	)
Gains on sales of Visa and MasterCard shares	—			—			17			0.11			39			0.26
Tax-related non-cash charges to lease income	—			—			(6		)	(0.04		)	(24		)	(0.16		)
Severance-related expenses	(18		)	(0.12		)	(1		)	(0.01		)	(21		)	(0.14		)
Reversal of Visa loss-sharing expense	—			—			—			—			8			0.05
Other tax-related items	—			—			(1		)	—			(9		)	(0.06		)
Preferred stock dividends	(17		)	(0.11		)	—			—			(17		)	(0.11		)

* Includes net loss on offer to repurchase ARS and gains on sales of ARS. Excludes impact of ARS on net interest margin.

“Mounting job losses and an economy headed deeper into recession have dampened business and consumer confidence,” said Ralph W. Babb Jr., chairman and chief executive officer. “We have stayed close to our customers during this incredibly tumultuous phase of the economic cycle, a testament to the skill and experience of our people and our strong focus on relationships.

“Our capital position is strong. Our Tier 1 capital ratio is estimated to be 10.67 percent at December 31, 2008. In addition, the quality of our capital is solid, as evidenced by a Tier 1 common capital ratio of 7.08 percent and a tangible common equity ratio of 7.21 percent. Within this uncertain economic environment, we are working diligently to leverage our strong capital, which was enhanced by our participation in the U.S. Treasury Department’s Capital Purchase Program. 

“With the appropriate pricing and credit standards in place, we are focusing our lending efforts on new and existing relationship customers for whom we serve as trusted advisors. This includes small businesses, middle market companies and wealth management clients in Texas and California. The additional capital also enables us to support the battered housing market through our purchase of mortgage-backed government agency securities.

“We are focused on controlling expenses, as evidenced by several initiatives to streamline operations and leverage technology. We have reduced our workforce by about 5 percent since the end of 2007 and expect to reduce it another 5 percent, largely to be completed by the end of the first quarter.  In addition, we are freezing salaries in 2009 for the top 20 percent of our workforce. We also plan to slow our banking center expansion program, and will continue to reduce our capital expenditures and discretionary expenses in this challenged environment.”

Fourth Quarter and Full Year 2008 Overview

Fourth Quarter 2008 Compared to Third Quarter 2008

·On an annualized basis, average loans, excluding Financial Services Division (FSD) loans, declined one percent, with declines of seven percent in the Western market and two percent in the Midwest market partially offset by growth of 15 percent in the Texas market. The declines reflected reduced demand from customers in rapidly deteriorating economic environments.  Average loans, excluding Financial Services Division loans, increased three percent when compared to the fourth quarter 2007.

·On an annualized basis, excluding Financial Services Division deposits, average noninterest-bearing deposits increased seven percent.

·The net interest margin of 2.82 percent decreased from 3.11 percent in the third quarter 2008, and reflected the negative impact of three Federal Reserve rate cuts totaling 175 basis points in a challenging deposit pricing environment, partially offset by improved loan pricing.

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COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

Fourth Quarter 2008 Compared to Third Quarter 2008 (continued)

·Net credit-related charge-offs were $133 million, or 104 basis points as a percent of average total loans, for the fourth quarter 2008, compared to $116 million, or 90 basis points as a percent of average total loans, for the third quarter 2008.  The provision for loan losses was $192 million for the fourth quarter 2008, compared to $165 million for the third quarter 2008, and the period-end allowance to total loans ratio increased to 1.52 percent from 1.38 percent at September 30, 2008.

·Noninterest expenses decreased $103 million from the third quarter, primarily due to the third quarter $96 million charge related to the repurchase of ARS and an $11 million decrease in the provision for credit losses on lending-related commitments. This decrease was partially offset by severance-related expenses of $29 million in the fourth quarter 2008 related to the elimination of about five percent of the workforce.

·The estimated Tier 1 common and Tier 1 capital ratios were 7.08 percent and 10.67 percent, respectively.

Full Year 2008 Compared to Full Year 2007

·Average loan growth, excluding Financial Services Division loans, was six percent, with growth of 14 percent in the Texas market, six percent in the Western market and three percent in the Midwest market.

·Excluding Financial Services Division deposits, average noninterest-bearing deposits increased six percent.

·The net interest margin was 3.02 percent for 2008, compared to 3.66 percent for 2007.  The 2008 average Federal Funds rate declined more than 300 basis points from the average rate for 2007.

·Net credit-related charge-offs were 91 basis points as a percent of average total loans for 2008, compared to 31 basis points for 2007, largely due to deterioration in the residential real estate development sector as housing prices continued to fall.

·Excluding the $88 million net charge related to the repurchase of ARS in 2008, noninterest expenses decreased $28 million, or two percent, from 2007.

Net Interest Income and Net Interest Margin

(dollar amounts in millions)	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Net interest income	$	431		$	466		$	489
Net interest margin	2.82		%	3.11		%	3.43		%
Selected average balances:
Total earning assets	$	61,134		$	59,946		$	56,621
Total investment securities	8,734			8,146			5,533
Total loans	51,338			51,508			50,699
Total loans, excluding FSD loans (primarily low-rate)	51,015			51,107			49,758
Total core deposits*, excluding FSD	30,944			31,439			32,129
Total noninterest-bearing deposits	10,575			10,646			10,533
Total noninterest-bearing deposits, excluding FSD	9,255			9,104			8,473

*Core deposits exclude other time deposits and foreign office time deposits.

·The $35 million decrease in net interest income in the fourth quarter 2008, when compared to third quarter 2008, reflected the negative impact of three Federal Reserve rate cuts totaling 175 basis points in a challenging deposit pricing environment, partially offset by improved loan spreads.

·December 31, 2008 core deposits, excluding the Financial Services Division, decreased $224 million compared to September 30, 2008, due to a decrease in money market investment accounts, partially offset by an increase in customer certificates of deposit.

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COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

·Total average Financial Services Division deposits decreased $295 million from the third quarter 2008. This division serves title and escrow companies that facilitate residential mortgage transactions and benefits from customer deposits related to mortgage escrow balances. Deposits declined due to the impact of reduced home prices, as well as lower home mortgage financing and refinancing activity.

Noninterest Income

Noninterest income was $174 million for the fourth quarter 2008, compared to $240 million for the third quarter 2008 and $230 million for the fourth quarter 2007. Net securities gains in the fourth quarter 2008 included $4 million from the sale of ARS and net securities gains in the third quarter 2008 included $27 million from the sale of Comerica’s remaining ownership of Visa shares. Decreases in deferred compensation asset returns of $12 million and net income (loss) from principal investing and warrants of $6 million also contributed to the decline in noninterest income.  Certain categories of noninterest income are highlighted in the table below.

(in millions)	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Net securities gains	$	4		$	27		$	3
Other noninterest income
Net income (loss) from principal investing and warrants	(5		)	1			6
Deferred compensation asset returns*	(18		)	(6		)	2

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

Noninterest Expenses

Noninterest expenses were $411 million for the fourth quarter 2008, compared to $514 million for the third quarter 2008 and $450 million for the fourth quarter 2007. The $103 million decrease in noninterest expenses in the fourth quarter 2008, compared to the third quarter 2008, reflected a fourth quarter reversal of $8 million of the third quarter $96 million charge related to the repurchase of ARS (included in “litigation and operational losses”), an $11 million decrease in the provision for credit losses on lending-related commitments and a $5 million decrease in salaries expense, partially offset by a $7 million increase in employee benefits, mostly due to severance-related expenses.  The fourth quarter 2008 ARS reversal resulted from fewer than expected eligible securities submitted for repurchase by customers. The decrease in salaries expense was primarily due to decreases in incentives and deferred compensation plan costs (offset by a decrease in deferred compensation asset returns in noninterest income), partially offset by an increase in severance related to the elimination of approximately 570 positions, most to occur early in first quarter 2009. Severance-related expenses were $29 million in the fourth quarter 2008.  Certain categories of noninterest expenses are highlighted in the following table.

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COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Salaries
Regular salaries	$	152		$	155		$	163
Severance	24			2			3
Incentives	19			31			36
Deferred compensation plan costs	(18		)	(6		)	2
Share-based compensation	10			10			12
Total salaries	187			192			216
Employee benefits
Regular benefits	48			46			48
Severance-related benefits	5			—			—
Total employee benefits	53			46			48
Litigation and operational losses	3		*	105		*	18
Provision for credit losses on lending-related commitments	(2		)	9			3
Other noninterest expenses
FDIC insurance	7			6			1

*  Fourth quarter 2008 litigation and operational losses were net of a reversal of $8 million of the $96 million charge related to the repurchase of auction-rate securities from customers recorded in the third quarter 2008.

Credit Quality

“Our credit costs remained stable, even as the economy deteriorated rapidly in the fourth quarter,” said Babb. “We continue to monitor the performance of our customers very closely with credit quality reviews, risk rating migration analysis and stress testing.  In addition, we are aggressively managing our problem loans by moving them to our workout area at the first sign of stress.  We are working hard to stay ahead of the issues. Our strong focus on credit is evidenced by the continued reduction of exposure to California residential real estate development as well as the automotive industry, given the challenges that these sectors continue to face.”

·The allowance to total loans ratio increased to 1.52 percent at December 31, 2008, from 1.38 percent at September 30, 2008 and 1.10 percent at December 31, 2007.

·The provision for loan losses and loan quality reflected increasing challenges in the Midwest and the weakened economies in other markets.

·Net credit-related charge-offs in the Commercial Real Estate business line in the fourth quarter 2008 were $59 million, of which $37 million were from residential real estate developers in the Western market. Comparable numbers for the third quarter 2008 were $57 million in total, of which $39 million were from residential real estate developers in the Western market.

·Net loan charge-offs excluding the Commercial Real Estate business line were $74 million in the fourth quarter 2008, or 66 basis points of average non-Commercial Real Estate loans, compared to $59 million, or 52 basis points, in the third quarter 2008.

·Nonperforming assets increased to 1.94 percent of total loans and foreclosed property at December 31, 2008. During the fourth quarter, $258 million of loan relationships greater than $2 million were transferred to nonaccrual status, a decrease of $22 million from the third quarter 2008.  Of the transfers of loan relationships greater than $2 million to nonaccrual in the fourth quarter 2008, $163 million were in the Commercial Real Estate business line, an increase of $18 million from the third quarter 2008.

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COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

(dollar amounts in millions)	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Net loan charge-offs	$	133		$	116		$	63
Net lending-related commitment charge-offs	—			—			1
Total net credit-related charge-offs	133			116			64
Net loan charge-offs/Average total loans	1.04		%	0.90		%	0.50		%
Net credit-related charge-offs/Average total loans	1.04			0.90			0.50
Provision for loan losses	$	192		$	165		$	108
Provision for credit losses on lending-related commitments	(2		)	9			3
Total provision for credit losses	190			174			111
Nonperforming loans	916			863			404
Nonperforming assets (NPAs)	982			881			423
NPAs/Total loans and foreclosed property	1.94		%	1.71		%	0.83		%
Allowance for loan losses	$	770		$	712		$	557
Allowance for credit losses on lending-related commitments*	38			40			21
Total allowance for credit losses	808			752			578
Allowance for loan losses/Total loans	1.52		%	1.38		%	1.10		%
Allowance for loan losses/Nonperforming loans	84			82			138

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

Balance Sheet and Capital Management

Total assets and common shareholders’ equity were $67.5 billion and $5.0 billion, respectively, at December 31, 2008, compared to $65.2 billion and $5.1 billion, respectively, at September 30, 2008. To preserve and enhance balance sheet strength in this uncertain economic environment, Comerica lowered the quarterly cash dividend rate by 50 percent in the fourth quarter 2008, to $0.33 per common share.  The preferred stock issued under the Purchase Program in the fourth quarter 2008 qualifies as Tier 1 capital and pays a cumulative dividend rate of five percent per annum on the face value of $2.25 billion.  The cash dividend combined with the accretion of a related discount results in an effective preferred dividend rate of 6.3 percent.  The related discount resulted from a difference between the fair value and the face value of the preferred stock at issuance. There were approximately 150 million common shares outstanding at December 31, 2008.  No shares were repurchased in the open market in 2008.

Comerica’s fourth quarter 2008 estimated Tier 1 common, Tier 1 and total risk-based capital ratios were 7.08 percent, 10.67 percent and 14.73 percent, respectively.

Full-Year 2009 Outlook Compared to Full-Year 2008

Management provides the following general comments with the observation that it is increasingly difficult to forecast in the current uncertain economic environment.

·Management expects to focus on new and expanding relationships, particularly in Small Business, Middle Market and Wealth Management in Texas and California with the appropriate pricing and credit standards.

·Management expects average full-year net interest margin pressure will continue.  Management anticipates no change in the Federal Funds rate.  Management also expects continued improvement in loan spreads, challenging deposit pricing and demand deposits that provide less value in an historically low interest rate environment.

·Management expects full-year net credit-related charge-offs to remain consistent with full-year 2008. The provision for credit losses is expected to exceed net charge-offs.

·Management expects a mid-single digit decrease in noninterest expenses, due to control of discretionary expenses and workforce.

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COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

Business Segments

Comerica’s continuing operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management.  The Finance Division also is included as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at December 31, 2008 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2008 results compared to third quarter 2008.

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

(dollar amounts in millions)	4th Qtr ’08					3rd Qtr ’08					4th Qtr ’07
Business Bank	$	54		164	%	$	65		186	%	$	93		83	%
Retail Bank	(34		)	(104	)	21			57		5			5
Wealth & Institutional Management	13			40		(51		)*	(143	)	13			12
	33			100	%	35			100	%	111			100	%
Finance	(38		)			(2		)			(8		)
Other**	25					(5		)			16
Total	$	20				$	28				$	119

*  Third quarter 2008 included a $96 million charge ($61 million, after-tax) related to an offer to repurchase auction-rate securities from customers.

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

Business Bank

(dollar amounts in millions)	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Net interest income (FTE)	$	329		$	323		$	331
Provision for loan losses	139			135			88
Noninterest income	62			75			79
Noninterest expenses	172			175			186
Net income	54			65			93
Net credit-related charge-offs	101			95			50
Selected average balances:
Assets	41,364			41,357			41,327
Loans	40,244			40,506			40,285
FSD loans	323			401			941
Deposits	13,839			14,933			15,931
FSD deposits	2,154			2,449			3,181
Net interest margin	3.23		%	3.17		%	3.25		%

·Average loans, excluding the Financial Services Division, decreased $184 million, led by declines in Middle Market and Commercial Real Estate, partially offset by an increase in Global Corporate. Financial Services Division loans decreased $78 million.

·Average deposits, excluding the Financial Services Division, decreased $799 million, primarily due to Middle Market, Technology and Life Sciences and Commercial Real Estate, partially offset by a reassignment of deposits from the Other category to the Business Bank. Financial Services Division deposits decreased $295 million.

·The net interest margin of 3.23 percent increased six basis points, mostly due to an $8 million non-cash charge to lease income in the third quarter 2008 (eight basis points) and an increase in loan spreads, partially offset by a decrease in deposit spreads.

·The provision for loan losses increased $4 million, primarily in Commercial Real Estate and Global Corporate, partially offset by a decrease in Middle Market.

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COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

·Noninterest income decreased $13 million, primarily due to declines in income from low income housing investments, income from principal investing and warrants and investment banking fees.

·Noninterest expenses decreased $3 million, due to decreases in the provision for credit losses on lending-related commitments and incentives, partially offset by increases in severance and related expenses, other real estate expenses, legal fees and the allocation of severance and related expenses of support units.

Retail Bank

(dollar amounts in millions)	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Net interest income (FTE)	$	129		$	142		$	160
Provision for loan losses	43			33			26
Noninterest income	49			80			55
Noninterest expenses	180			161			181
Net income	(34		)	21			5
Net credit-related charge-offs	23			17			14
Selected average balances:
Assets	7,007			7,046			6,998
Loans	6,380			6,362			6,229
Deposits	17,065			16,596			17,254
Net interest margin	3.00		%	3.40		%	3.69		%

·Average loans increased $18 million, or one percent on an annualized basis.

·Average deposits increased $469 million, primarily due to an increase in customer certificates of deposit, partially offset by a decrease in money market investment accounts.

·The net interest margin of 3.00 percent declined 40 basis points, primarily due to an increase in lower-spread customer certificates of deposit.

·The provision for loan losses increased $10 million, mostly due to Small Business and home equity lending.

·Noninterest income decreased $31 million, primarily due to the third quarter 2008 gain of $27 million on the sale of Visa shares and a decrease in service charges on deposit accounts.

·Noninterest expenses increased $19 million, primarily due to increases in severance and related expenses, occupancy expense and the allocation of severance and related expenses of support units.

·Fifteen new banking centers were opened in the fourth quarter 2008 (28 new banking centers were opened in the full-year 2008).

Wealth and Institutional Management

(dollar amounts in millions)	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Net interest income (FTE)	$	38		$	37		$	36
Provision for loan losses	13			7			1
Noninterest income	73			71			73
Noninterest expenses	80			180			87
Net income	13			(51		)	13
Net credit-related charge-offs	9			4			—
Selected average balances:
Assets	4,879			4,759			4,321
Loans	4,724			4,624			4,146
Deposits	2,255			2,351			2,552
Net interest margin	3.13		%	3.17		%	3.43		%

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COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

·Average loans increased $100 million, or nine percent on an annualized basis.

·Average deposits decreased $96 million, primarily due to declines in money market investment account balances and customer certificates of deposit, partially offset by an increase in noninterest-bearing transaction accounts.

·The net interest margin of 3.13 percent declined four basis points, primarily due to a decline in deposit spreads.

·The provision for loan losses increased $6 million due to an increase in Private Banking.

·Noninterest expenses decreased $100 million, mostly due to the $96 million charge related to the offer to repurchase auction-rate securities (ARS) recorded in the third quarter 2008 and an $8 million reversal of the ARS charge recorded in the fourth quarter 2008, partially offset by an increase in severance and related expenses and the allocation of severance and related expenses of support units.

Geographic Market Segments

Comerica also provides market segment results for four primary geographic markets: Midwest, Western, Texas and Florida.  In addition to the four primary geographic markets, Other Markets and International are also reported as market segments.  The financial results below are based on methodologies in effect at December 31, 2008 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2008 results compared to third quarter 2008.

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

(dollar amounts in millions)	4th Qtr ’08					3rd Qtr ’08					4th Qtr ’07
Midwest	$	16		45	%	$	52		146	%	$	60		53	%
Western	2			7		9			25		(3		)	(2	)
Texas	4			13		13			36		14			13
Florida	(7		)	(22	)	(1		)	(3	)	(1		)	(1	)
Other Markets	14			44		(45		)*	(125	)	30			27
International	4			13		7			21		11			10
	33			100	%	35			100	%	111			100	%
Finance & Other Businesses**	(13		)			(7		)			8
Total	$	20				$	28				$	119

*   Third quarter 2008 included a $96 million charge ($61 million, after-tax) related to an offer to repurchase auction-rate securities from customers.

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

Midwest

(dollar amounts in millions)	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Net interest income (FTE)	$	202		$	196		$	212
Provision for loan losses	59			52			20
Noninterest income	109			142			120
Noninterest expenses	217			203			218
Net income	16			52			60
Net credit-related charge-offs	38			44			38
Selected average balances:
Assets	19,945			19,754			19,176
Loans	18,966			19,070			18,564
Deposits	16,204			15,858			16,056
Net interest margin	4.20		%	4.08		%	4.51		%

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COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

·Average loans decreased $104 million, led by a decline in Middle Market, partially offset by growth in Global Corporate.

·Average deposits increased $346 million, primarily due to increases in Retail deposits and a reassignment of deposits from the Other category to the Business Bank, partially offset by a decrease in Global Corporate.

·The net interest margin of 4.20 percent increased 12 basis points due to an $8 million non-cash charge to lease income in the third quarter 2008 (17 basis points) and an increase in loan spreads, partially offset by a decrease in deposit spreads.

·The provision for loan losses increased $7 million, due to Commercial Real Estate and home equity lending, partially offset by a decrease in Middle Market.

·Noninterest income decreased $33 million, primarily due to a $22 million third quarter 2008 gain on the sale of Visa shares and a decrease in income from principal investing and warrants.

·Noninterest expenses increased $14 million, due to increases in severance and related expenses and the allocation of severance and related expenses of support units.

Western Market

(dollar amounts in millions)	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Net interest income (FTE)	$	157		$	169		$	178
Provision for loan losses	70			82			93
Noninterest income	34			38			35
Noninterest expenses	113			112			121
Net income (loss)	2			9			(3		)
Net credit-related charge-offs	65			51			22
Selected average balances:
Assets	16,243			16,627			17,137
Loans	16,032			16,381			16,615
FSD loans	323			401			941
Deposits	10,762			11,729			13,012
FSD deposits	1,969			2,255			3,045
Net interest margin	3.87		%	4.09		%	4.24		%

·Average loans, excluding Financial Services Division, decreased $271 million, due to declines in Middle Market and Commercial Real Estate. Financial Services Division loans decreased $78 million.

·Average deposits, excluding the Financial Services Division, decreased $681 million, primarily due to decreases in Middle Market and Technology and Life Sciences.  Financial Services Division deposits decreased $286 million.

·The net interest margin of 3.87 percent decreased 22 basis points, due to declines in deposit spreads and deposit balances, partially offset by increasing loan spreads.

·The provision for loan losses decreased $12 million, primarily due an improvement in Middle Market, partially offset by Residential Real Estate.

·Noninterest income decreased $4 million, primarily due to a decrease in income from principal investing and warrants.

·Noninterest expenses increased $1 million. Increases in severance and related expenses and the allocation of severance and related expenses of support units were partially offset by decreases in incentives.

·Eight new banking centers were opened in the fourth quarter 2008 (18 new banking centers were opened for the full-year 2008).

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COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

Texas Market

(dollar amounts in millions)	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Net interest income (FTE)	$	72		$	73		$	74
Provision for loan losses	19			18			7
Noninterest income	21			27			23
Noninterest expenses	64			61			67
Net income	4			13			14
Total net credit-related charge-offs	8			9			3
Selected average balances:
Assets	8,215			7,945			7,677
Loans	7,974			7,691			7,381
Deposits	4,070			3,956			3,935
Net interest margin	3.56		%	3.75		%	3.95		%

·Average loans increased $283 million, or 15 percent on an annualized basis, primarily due to increases in Energy Lending, Commercial Real Estate and Global Corporate.

·Average deposits increased $114 million, primarily due to increases in Global Corporate and Retail deposits, partially offset by a decline in Technology and Life Sciences.

·The net interest margin of 3.56 percent decreased 19 basis points, primarily due a decline in deposit spreads related to a shift from money market investment accounts to lower-spread customer certificates of deposit, partially offset by increasing loan spreads.

·Noninterest income decreased $6 million, primarily due to a $4 million gain on the sale of Visa shares in the third quarter 2008.

·Noninterest expenses increased $3 million, primarily from severance and related expenses and the allocation of severance and related expenses of support units.

·Seven new banking center were opened in the fourth quarter 2008 (nine new banking centers were opened in full-year 2008).

Florida Market

(dollar amounts in millions)	4th Qtr ’08			3rd Qtr ’08			4th Qtr ’07
Net interest income (FTE)	$	11		$	12		$	11
Provision for loan losses	14			7			5
Noninterest income	4			4			4
Noninterest expenses	11			10			11
Net income (loss)	(7		)	(1		)	(1		)
Net credit-related charge-offs	6			3			—
Selected average balances:
Assets	1,938			1,900			1,732
Loans	1,942			1,900			1,719
Deposits	222			262			299
Net interest margin	2.25		%	2.53		%	2.67		%

·Average loans increased $42 million, or nine percent on an annualized basis, primarily due to growth in Private Banking, National Dealer Services and Global Corporate.

·Average deposits decreased $40 million due to declines in Commercial Real Estate and Global Corporate.

·The net interest margin of 2.25 percent decreased 28 basis points, primarily due to a decline in loan spreads in part from a higher level of nonaccrual loans.

·The provision for loan losses increased $7 million.  The largest contributor to the increase was Private Banking.

11

COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

Conference Call and Webcast

Comerica will host a conference call to review fourth quarter 2008 and full-year financial results at 7 a.m. CT Thursday, January 22, 2009. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 76772081). The call and supplemental financial information can also be accessed on the Internet at www.comerica.com.  A replay will be available approximately two hours following the conference call through January 31, 2009. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 76772081). A replay of the Webcast can also be accessed via Comerica’s “Investor Relations” page at www.comerica.com.

Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping people and businesses be successful. 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, China and Mexico.

Forward-looking Statements

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “outcome,” “continue,” “remain,” “maintain,” “trend,” “objective” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica’s management based on information known to Comerica’s management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica’s management for future or past operations, products or services, and forecasts of Comerica’s revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica’s management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica’s actual results could differ materially from those discussed.  Factors that could cause or contribute to such differences are further economic downturns, changes in the pace of an economic recovery and related changes in employment levels, changes in real estate values, fuel prices, energy costs or other events that could affect customer income levels or general economic conditions, changes related to the headquarters relocation or to its underlying assumptions, the effects of recently enacted legislation, such as the Emergency Economic Stabilization Act of 2008, and actions taken by the U.S. Department of Treasury and the Federal Deposit Insurance Corporation, the effects of war and other armed conflicts or acts of terrorism, the effects of natural disasters including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts  and floods, the disruption of private or public utilities, the implementation of Comerica’s strategies and business models, management’s ability to maintain and expand customer relationships, changes in customer borrowing, repayment, investment and deposit practices, management’s ability to retain key officers and employees, changes in the accounting treatment of any particular item, the impact of regulatory examinations, declines or other changes in the businesses or industries in which Comerica has a concentration of loans, including, but not limited to, the automotive production industry and the real estate business lines, the anticipated performance of any new banking centers, the entry of new competitors in Comerica’s markets, changes in the level of fee income, changes in applicable laws and regulations, including those concerning taxes, banking, securities and insurance, changes in trade, monetary and fiscal policies, including the interest rate policies of the Board of Governors of the Federal Reserve System, fluctuations in inflation or interest rates, changes in general economic, political or industry conditions and related credit and market conditions, the

12

COMERICA REPORTS FOURTH QUARTER AND 2008 EARNINGS

interdependence of financial service companies and adverse conditions in the stock market. Comerica cautions that the foregoing list of factors is not exclusive. For discussion of these and other factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. 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
	Walter Galloway
	(214) 462-6834

13

CONSOLIDATED FINANCIAL HIGHLIGHTS

Comerica Incorporated and Subsidiaries

	Three Months Ended									Years Ended
	December 31,			September 30,			December 31,			December 31,
(in millions, except per share data)	2008			2008			2007			2008			2007
PER COMMON SHARE AND COMMON STOCK DATA
Diluted net income	$	0.02		$	0.19		$	0.79		$	1.29		$	4.43
Cash dividends declared	0.33			0.66			0.64			2.31			2.56
Common shareholders’ equity (at period end)	33.31			33.89			34.12
Average diluted shares (in thousands)	150,834			150,795			150,943			151,035			154,809
KEY RATIOS
Return on average common shareholders’ equity	0.19		%	2.25		%	9.35		%	3.79		%	13.52		%
Return on average assets	0.12			0.18			0.79			0.33			1.17
Average common shareholders’ equity as a percentage of average assets	7.89			7.82			8.41			7.93			8.66
Tier 1 common capital ratio *	7.08			6.67			6.85
Tier 1 risk-based capital ratio *	10.67			7.32			7.51
Total risk-based capital ratio *	14.73			11.19			11.20
Leverage ratio *	11.78			8.57			9.26
Tangible common equity ratio	7.21			7.60			7.97
AVERAGE BALANCES
Commercial loans	$	28,507		$	28,521		$	28,393		$	28,870		$	28,132
Real estate construction loans	4,536			4,675			4,846			4,715			4,552
Commercial mortgage loans	10,613			10,511			9,941			10,411			9,771
Residential mortgage loans	1,851			1,870			1,891			1,886			1,814
Consumer loans	2,639			2,599			2,412			2,559			2,367
Lease financing	1,359			1,365			1,327			1,356			1,302
International loans	1,833			1,967			1,889			1,968			1,883
Total loans	51,338			51,508			50,699			51,765			49,821
Earning assets	61,134			59,946			56,621			60,422			54,688
Total assets	65,981			64,863			60,507			65,185			58,574
Noninterest-bearing deposits	10,575			10,646			10,533			10,623			11,287
Interest-bearing core deposits	22,523			23,244			24,777			23,739			24,013
Total core deposits	33,098			33,890			35,310			34,362			35,300
Common shareholders’ equity	5,206			5,075			5,087			5,166			5,070
Total shareholders’ equity	6,301			5,075			5,087			5,442			5,070
NET INTEREST INCOME
Net interest income (fully taxable equivalent basis)**	$	434		$	467		$	489		$	1,821		$	2,006
Fully taxable equivalent adjustment	3			1			—			6			3
Net interest margin**	2.82		%	3.11		%	3.43		%	3.02		%	3.66		%
CREDIT QUALITY
Nonaccrual loans	$	916		$	863		$	391
Reduced-rate loans	—			—			13
Total nonperforming loans	916			863			404
Foreclosed property	66			18			19
Total nonperforming assets	982			881			423
Loans past due 90 days or more and still accruing	125			97			54
Gross loan charge-offs	144			122			72			$	500		$	196
Loan recoveries	11			6			9			29			47
Net loan charge-offs	133			116			63			471			149
Lending-related commitment charge-offs	—			—			1			1			4
Total net credit-related charge-offs	133			116			64			472			153
Allowance for loan losses	770			712			557
Allowance for credit losses on lending-related commitments	38			40			21
Total allowance for credit losses	808			752			578
Allowance for loan losses as a percentage of total loans	1.52		%	1.38		%	1.10		%
Net loan charge-offs as a percentage of average total loans	1.04			0.90			0.50			0.91		%	0.30		%
Net credit-related charge-offs as a percentage of average total loans	1.04			0.90			0.50			0.91			0.31
Nonperforming assets as a percentage of total loans and foreclosed property	1.94			1.71			0.83
Allowance for loan losses as a percentage of total nonperforming loans	84			82			138

*	December 31, 2008 ratios are estimated
**	Third quarter and year-to-date 2008 net interest income declined $8 million and $38 million, respectively, due to tax-related non-cash lease income charges.  Excluding these charges, the net interest margin would have been 3.17% and 3.08% for the third quarter 2008 and year ended December 31, 2008, respectively.

14

CONSOLIDATED BALANCE SHEETS

Comerica Incorporated and Subsidiaries

	December 31,			September 30,			December 31,
(in millions, except share data)	2008			2008			2007
ASSETS
Cash and due from banks	$	913		$	1,404		$	1,440
Federal funds sold and securities purchased under agreements to resell	202			3			36
Interest-bearing deposits with Federal Reserve Bank	2,266			—			—
Interest-bearing deposits with other banks	42			25			38
Other short-term investments	158			222			335
Investment securities available-for-sale	9,201			8,158			6,296
Commercial loans	27,999			28,604			28,223
Real estate construction loans	4,477			4,565			4,816
Commercial mortgage loans	10,489			10,588			10,048
Residential mortgage loans	1,852			1,863			1,915
Consumer loans	2,592			2,644			2,464
Lease financing	1,343			1,360			1,351
International loans	1,753			1,931			1,926
Total loans	50,505			51,555			50,743
Less allowance for loan losses	(770		)	(712		)	(557		)
Net loans	49,735			50,843			50,186
Premises and equipment	683			668			650
Customers’ liability on acceptances outstanding	14			21			48
Accrued income and other assets	4,334			3,809			3,302
Total assets	$	67,548		$	65,153		$	62,331
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	11,701		$	12,094		$	11,920
Money market and NOW deposits	12,437			13,553			15,261
Savings deposits	1,247			1,279			1,325
Customer certificates of deposit	8,807			8,147			8,357
Other time deposits	7,293			3,670			6,147
Foreign office time deposits	470			802			1,268
Total interest-bearing deposits	30,254			27,451			32,358
Total deposits	41,955			39,545			44,278
Short-term borrowings	1,749			3,625			2,807
Acceptances outstanding	14			21			48
Accrued expenses and other liabilities	1,625			1,486			1,260
Medium- and long-term debt	15,053			15,376			8,821
Total liabilities	60,396			60,053			57,214
Fixed rate cumulative perpetual preferred stock, series F, no par value, $1,000 liquidation value per share:
Authorized - 2,250,000 shares
Issued - 2,250,000 shares at 12/31/08	2,129			—			—
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 178,735,252 shares at 12/31/08, 9/30/08 and 12/31/07	894			894			894
Capital surplus	722			586			564
Accumulated other comprehensive loss	(309		)	(129		)	(177		)
Retained earnings	5,345			5,379			5,497
Less cost of common stock in treasury - 28,244,967 shares at 12/31/08, 28,249,360 shares at 9/30/08 and 28,747,097 shares at 12/31/07	(1,629		)	(1,630		)	(1,661		)
Total shareholders’ equity	7,152			5,100			5,117
Total liabilities and shareholders’ equity	$	67,548		$	65,153		$	62,331

15

CONSOLIDATED STATEMENTS OF INCOME

Comerica Incorporated and Subsidiaries

	Three Months Ended					Years Ended
	December 31,					December 31,
(in millions, except per share data)	2008			2007		2008		2007
INTEREST INCOME
Interest and fees on loans	$	612		$	873	$	2,649	$	3,501
Interest on investment securities	101			66		389		206
Interest on short-term investments	3			5		13		23
Total interest income	716			944		3,051		3,730
INTEREST EXPENSE
Interest on deposits	158			303		734		1,167
Interest on short-term borrowings	9			30		87		105
Interest on medium- and long-term debt	118			122		415		455
Total interest expense	285			455		1,236		1,727
Net interest income	431			489		1,815		2,003
Provision for loan losses	192			108		686		212
Net interest income after provision for loan losses	239			381		1,129		1,791
NONINTEREST INCOME
Service charges on deposit accounts	55			57		229		221
Fiduciary income	47			52		199		199
Commercial lending fees	16			23		69		75
Letter of credit fees	17			16		69		63
Card fees	13			14		58		54
Brokerage fees	12			11		42		43
Foreign exchange income	7			10		40		40
Bank-owned life insurance	9			9		38		36
Net securities gains	4			3		67		7
Net gain on sales of businesses	—			—		—		3
Other noninterest income	(6		)	35		82		147
Total noninterest income	174			230		893		888
NONINTEREST EXPENSES
Salaries	187			216		781		844
Employee benefits	53			48		194		193
Total salaries and employee benefits	240			264		975		1,037
Net occupancy expense	42			36		156		138
Equipment expense	16			15		62		60
Outside processing fee expense	27			24		104		91
Software expense	19			17		76		63
Customer services	2			7		13		43
Litigation and operational losses	3			18		103		18
Provision for credit losses on lending-related commitments	(2		)	3		18		(1		)
Other noninterest expenses	64			66		244		242
Total noninterest expenses	411			450		1,751		1,691
Income from continuing operations before income taxes	2			161		271		988
Provision (benefit) for income taxes	(17		)	44		59		306
Income from continuing operations	19			117		212		682
Income from discontinued operations, net of tax	1			2		1		4
NET INCOME	20			119		213		686
Preferred stock dividends	17			—		17		—
Net income applicable to common stock	$	3		$	119	$	196	$	686
Basic earnings per common share:
Income from continuing operations	$	0.01		$	0.78	$	1.30	$	4.47
Net income	0.02			0.80		1.31		4.49
Diluted earnings per common share:
Income from continuing operations	0.01			0.77		1.29		4.40
Net income	0.02			0.79		1.29		4.43
Cash dividends declared on common stock	50			97		348		393
Cash dividends declared per common share	0.33			0.64		2.31		2.56

16

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

Comerica Incorporated and Subsidiaries

	Fourth			Third		Second		First			Fouth		Fourth Quarter 2008 Compared To:
	Quarter			Quarter		Quarter		Quarter			Quarter		Third Quarter 2008					Fourth Quarter 2007
(in millions, except per share data)	2008			2008		2008		2008			2007		Amount			Percent		Amount			Percent
INTEREST INCOME
Interest and fees on loans	$	612		$	634	$	633	$	770		$	873	$	(22	)	(3	)%	$	(261	)	(30	)%
Interest on investment securities	101			99		101		88			66		2			2		35			53
Interest on short-term investments	3			2		3		5			5		1			16		(2		)	(49	)
Total interest income	716			735		737		863			944		(19		)	(3	)	(228		)	(24	)
INTEREST EXPENSE
Interest on deposits	158			141		182		253			303		17			12		(145		)	(48	)
Interest on short-term borrowings	9			30		19		29			30		(21		)	(70	)	(21		)	(70	)
Interest on medium- and long-term debt	118			98		94		105			122		20			21		(4		)	(4	)
Total interest expense	285			269		295		387			455		16			6		(170		)	(37	)
Net interest income	431			466		442		476			489		(35		)	(8	)	(58		)	(12	)
Provision for loan losses	192			165		170		159			108		27			16		84			78
Net interest income after provision for loan losses	239			301		272		317			381		(62		)	(21	)	(142		)	(37	)
NONINTEREST INCOME
Service charges on deposit accounts	55			57		59		58			57		(2		)	(4	)	(2		)	(3	)
Fiduciary income	47			49		51		52			52		(2		)	(6	)	(5		)	(10	)
Commercial lending fees	16			17		20		16			23		(1		)	(6	)	(7		)	(30	)
Letter of credit fees	17			19		18		15			16		(2		)	(5	)	1			10
Card fees	13			15		16		14			14		(2		)	(10	)	(1		)	(7	)
Brokerage fees	12			10		10		10			11		2			12		1			3
Foreign exchange income	7			11		12		10			10		(4		)	(28	)	(3		)	(26	)
Bank-owned life insurance	9			11		8		10			9		(2		)	(20	)	—			3
Net securities gains	4			27		14		22			3		(23		)	(86	)	1			26
Other noninterest income	(6		)	24		34		30			35		(30		)	N/M		(41		)	N/M
Total noninterest income	174			240		242		237			230		(66		)	(27	)	(56		)	(25	)
NONINTEREST EXPENSES
Salaries	187			192		202		200			216		(5		)	(2	)	(29		)	(13	)
Employee benefits	53			46		48		47			48		7			14		5			11
Total salaries and employee benefits	240			238		250		247			264		2			1		(24		)	(9	)
Net occupancy expense	42			40		36		38			36		2			4		6			17
Equipment expense	16			15		16		15			15		1			9		1			9
Outside processing fee expense	27			26		28		23			24		1			9		3			13
Software expense	19			18		20		19			17		1			3		2			12
Customer services	2			2		3		6			7		—			(27	)	(5		)	(72	)
Litigation and operational losses (recoveries)	3			105		3		(8		)	18		(102		)	(98	)	(15		)	(88	)
Provision for credit losses on lending-related commitments	(2		)	9		7		4			3		(11		)	N/M		(5		)	N/M
Other noninterest expenses	64			61		60		59			66		3			7		(2		)	—
Total noninterest expenses	411			514		423		403			450		(103		)	(20	)	(39		)	(9	)
Income from continuing operations before income taxes	2			27		91		151			161		(25		)	(96	)	(159		)	(99	)
Provision (benefit) for income taxes	(17		)	—		35		41			44		(17		)	N/M		(61		)	N/M
Income from continuing operations	19			27		56		110			117		(8		)	(29	)	(98		)	(84	)
Income (loss) from discontinued operations, net of tax	1			1		—		(1		)	2		—			(62	)	(1		)	(69	)
NET INCOME	20			28		56		109			119		(8		)	(31	)	(99		)	(83	)
Preferred stock dividends	17			—		—		—			—		17			N/M		17			N/M
Net income applicable to common stock	$	3		$	28	$	56	$	109		$	119	$	(25	)	(91	)%	$	(116	)	(98	)%
Basic earnings per common share:
Income from continuing operations	$	0.01		$	0.18	$	0.37	$	0.74		$	0.78	$	(0.17	)	(94	)%	$	(0.77	)	(99	)%
Net income	0.02			0.19		0.37		0.73			0.80		(0.17		)	(89	)	(0.78		)	(98	)
Diluted earnings per common share:
Income from continuing operations	0.01			0.18		0.37		0.73			0.77		(0.17		)	(94	)	(0.76		)	(99	)
Net income	0.02			0.19		0.37		0.73			0.79		(0.17		)	(89	)	(0.77		)	(97	)
Cash dividends declared on common stock	50			99		100		99			97		(49		)	(50	)	(47		)	(48	)
Cash dividends declared per common share	0.33			0.66		0.66		0.66			0.64		(0.33		)	(50.0	)	(0.31		)	(48	)

N/M - Not meaningful

17

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES

Comerica Incorporated and Subsidiaries

	2008												2007
(in millions)	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
Balance at beginning of period	$	712		$	663		$	605		$	557		$	512
Loan charge-offs:
Commercial	66			48			36			33			27
Real estate construction:
Commercial Real Estate business line	35			40			57			52			24
Other business lines	—			—			—			1			1
Total real estate construction	35			40			57			53			25
Commercial mortgage:
Commercial Real Estate business line	21			17			14			20			7
Other business lines	8			11			7			2			9
Total commercial mortgage	29			28			21			22			16
Residential mortgage	5			1			1			—			—
Consumer	7			5			3			7			4
Lease financing	1			—			—			—			—
International	1			—			—			1			—
Total loan charge-offs	144			122			118			116			72
Recoveries on loans previously charged-off:
Commercial	6			3			5			3			7
Real estate construction	1			1			—			1			—
Commercial mortgage	2			—			1			1			1
Residential mortgage	—			—			—			—			—
Consumer	1			1			—			1			1
Lease financing	—			1			—			—			—
International	1			—			—			—			—
Total recoveries	11			6			6			6			9
Net loan charge-offs	133			116			112			110			63
Provision for loan losses	192			165			170			159			108
Foreign currency translation adjustment	(1		)	—			—			(1		)	—
Balance at end of period	$	770		$	712		$	663		$	605		$	557
Allowance for loan losses as a percentage of total loans	1.52		%	1.38		%	1.28		%	1.16		%	1.10		%
Net loan charge-offs as a percentage of average total loans	1.04			0.90			0.86			0.85			0.50
Net credit-related charge-offs as a percentage of average total loans	1.04			0.90			0.86			0.85			0.50

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

Comerica Incorporated and Subsidiaries

	2008									2007
(in millions)	4th Qtr			3rd Qtr		2nd Qtr		1st Qtr		4th Qtr
Balance at beginning of period	$	40		$	31	$	25	$	21	$	19
Less: Charge-offs on lending-related commitments (1)	—			—		1		—		1
Add: Provision for credit losses on lending-related commitments	(2		)	9		7		4		3
Balance at end of period	$	38		$	40	$	31	$	25	$	21
Unfunded lending-related commitments sold	$	—		$	—	$	2	$	3	$	22

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

18

NONPERFORMING ASSETS

Comerica Incorporated and Subsidiaries

	2008												2007
(in millions)	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Commercial	$	205		$	206		$	155		$	87		$	75
Real estate construction:
Commercial Real Estate business line	429			386			322			271			161
Other business lines	5			5			4			4			6
Total real estate construction	434			391			326			275			167
Commercial mortgage:
Commercial Real Estate business line	132			137			143			105			66
Other business lines	130			114			95			64			75
Total commercial mortgage	262			251			238			169			141
Residential mortgage	7			8			4			1			1
Consumer	5			4			5			3			3
Lease financing	1			—			—			—			—
International	2			3			3			3			4
Total nonaccrual loans	916			863			731			538			391
Reduced-rate loans	—			—			—			—			13
Total nonperforming loans	916			863			731			538			404
Foreclosed property	66			18			17			22			19
Total nonperforming assets	$	982		$	881		$	748		$	560		$	423
Nonperforming loans as a percentage of total loans	1.81		%	1.67		%	1.41		%	1.03		%	0.80		%
Nonperforming assets as a percentage of total loans and foreclosed property	1.94			1.71			1.44			1.07			0.83
Allowance for loan losses as a percentage of total nonperforming loans	84			82			91			112			138
Loans past due 90 days or more and still accruing	$	125		$	97		$	112		$	80		$	54
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	863		$	731		$	538		$	391		$	272
Loans transferred to nonaccrual (1)	258			280			304			281			185
Nonaccrual business loan gross charge-offs (2)	(132		)	(116		)	(113		)	(108		)	(68		)
Loans transferred to accrual status (1)	(11		)	—			—			—			—
Nonaccrual business loans sold (3)	(17		)	(19		)	—			(15		)	—
Payments/Other (4)	(45		)	(13		)	2			(11		)	2
Nonaccrual loans at end of period	$	916		$	863		$	731		$	538		$	391

(1) Based on an analysis of nonaccrual loans with book balances greater than $2 million.
(2) Analysis of gross loan charge-offs:
Nonaccrual business loans	$	132	$	116	$	113	$	108	$	68
Performing watch list loans	—		—		1		1		—
Consumer and residential mortgage loans	12		6		4		7		4
Total gross loan charge-offs	$	144	$	122	$	118	$	116	$	72
(3) Analysis of loans sold:
Nonaccrual business loans	$	17	$	19	$	—	$	15	$	—
Performing watch list loans	—		3		7		6		13
Total loans sold	$	17	$	22	$	7	$	21	$	13

(4) 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 nonaccrual business loans sold.

19

ANALYSIS OF NET INTEREST INCOME (FTE)

Comerica Incorporated and Subsidiaries

	Years Ended
	December 31, 2008							December 31, 2007
	Average					Average		Average						Average
(dollar amounts in millions)	Balance			Interest		Rate		Balance			Interest			Rate
Commercial loans (1) (2)	$	28,870		$	1,468	5.08	%	$	28,132		$	2,038		7.25	%
Real estate construction loans	4,715			231		4.89		4,552			374			8.21
Commercial mortgage loans	10,411			580		5.57		9,771			709			7.26
Residential mortgage loans	1,886			112		5.94		1,814			111			6.13
Consumer loans	2,559			130		5.08		2,367			166			7.00
Lease financing (3)	1,356			8		0.59		1,302			40			3.04
International loans	1,968			101		5.13		1,883			133			7.06
Business loan swap income (expense)	—			24		—		—			(67		)	—
Total loans (2)	51,765			2,654		5.13		49,821			3,504			7.03
Auction-rate securities available-for-sale	193			6		2.95		—			—			—
Other investment securities available-for-sale	7,908			384		4.88		4,447			206			4.56
Total investment securities available-for-sale	8,101			390		4.83		4,447			206			4.56
Federal funds sold and securities purchased under agreements to resell	93			2		2.08		164			9			5.28
Interest-bearing deposits with banks	219			1		0.61		15			1			4.00
Other short-term investments	244			10		3.98		241			13			5.75
Total earning assets	60,422			3,057		5.06		54,688			3,733			6.82
Cash and due from banks	1,185							1,352
Allowance for loan losses	(691		)					(520		)
Accrued income and other assets	4,269							3,054
Total assets	$	65,185						$	58,574
Money market and NOW deposits (1)	$	14,245		207		1.45		$	14,937		460			3.08
Savings deposits	1,344			6		0.45		1,389			13			0.93
Customer certificates of deposit	8,150			263		3.23		7,687			342			4.45
Total interest-bearing core deposits	23,739			476		2.01		24,013			815			3.39
Other time deposits	6,715			232		3.45		5,563			300			5.39
Foreign office time deposits	926			26		2.77		1,071			52			4.85
Total interest-bearing deposits	31,380			734		2.34		30,647			1,167			3.81
Short-term borrowings	3,763			87		2.30		2,080			105			5.06
Medium- and long-term debt	12,457			415		3.33		8,197			455			5.55
Total interest-bearing sources	47,600			1,236		2.59		40,924			1,727			4.22
Noninterest-bearing deposits (1)	10,623							11,287
Accrued expenses and other liabilities	1,520							1,293
Total shareholders’ equity	5,442							5,070
Total liabilities and shareholders’ equity	$	65,185						$	58,574
Net interest income/rate spread (FTE)				$	1,821	2.47					$	2,006		2.60
FTE adjustment				$	6						$	3
Impact of net noninterest-bearing sources of funds						0.55								1.06
Net interest margin (as a percentage of average earning assets) (FTE) (2) (3)						3.02	%							3.66	%

N/M - Not meaningful

(1) FSD balances included above:
Loans (primarily low-rate)	$	498	$	7	1.40	%	$	1,318	$	9	0.69	%
Interest-bearing deposits	957		19		1.99		1,202		47		3.91
Noninterest-bearing deposits	1,643						2,836
(2) Impact of FSD loans (primarily low-rate) on the following:
Commercial loans					(0.07	)%					(0.32	)%
Total loans					(0.03	)					(0.18	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)					(0.01	)					(0.08	)
(3)  2008 net interest income declined $38 million and the net interest margin declined six basis points due to tax-related non-cash lease income charges. Excluding these charges, the net interest margin would have been 3.08%.

20

ANALYSIS OF NET INTEREST INCOME (FTE)

Comerica Incorporated and Subsidiaries

	Three Months Ended
	December 31, 2008							September 30, 2008							December 31, 2007
	Average					Average		Average					Average		Average						Average
(dollar amounts in millions)	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest			Rate
Commercial loans (1) (2)	$	28,507		$	334	4.65	%	$	28,521		$	347	4.85	%	$	28,393		$	500		7.00	%
Real estate construction loans	4,536			46		4.08		4,675			55		4.65		4,846			92			7.48
Commercial mortgage loans	10,613			138		5.17		10,511			142		5.38		9,941			175			7.01
Residential mortgage loans	1,851			27		5.80		1,870			28		5.92		1,891			29			6.16
Consumer loans	2,639			30		4.49		2,599			31		4.83		2,412			41			6.64
Lease financing (3)	1,359			12		3.63		1,365			4		1.07		1,327			8			2.41
International loans	1,833			22		4.78		1,967			24		4.85		1,889			34			7.03
Business loan swap income (expense)	—			5		—		—			4		—		—			(6		)	—
Total loans (2)	51,338			614		4.76		51,508			635		4.91		50,699			873			6.84
Auction-rate securities available-for-sale	769			6		2.95		—			—		—		—			—			—
Other investment securities available-for-sale	7,965			96		4.86		8,146			99		4.85		5,533			66			4.76
Total investment securities available-for-sale	8,734			102		4.69		8,146			99		4.85		5,533			66			4.76
Federal funds sold and securities purchased under agreements to resell	75			—		0.83		70			—		1.87		90			1			4.79
Interest-bearing deposits with banks	811			1		0.50		20			—		1.72		25			—			2.57
Other short-term investments	176			2		3.59		202			2		3.67		274			4			5.70
Total earning assets	61,134			719		4.68		59,946			736		4.89		56,621			944			6.62
Cash and due from banks	1,056							1,228							1,241
Allowance for loan losses	(780		)					(723		)					(541		)
Accrued income and other assets	4,571							4,412							3,186
Total assets	$	65,981						$	64,863						$	60,507
Money market and NOW deposits (1)	$	12,670		37		1.16		$	14,204		45		1.26		$	15,174		116			3.03
Savings deposits	1,264			1		0.29		1,350			1		0.42		1,374			4			1.00
Customer certificates of deposit	8,589			63		2.91		7,690			53		2.73		8,229			92			4.44
Total interest-bearing core deposits	22,523			101		1.78		23,244			99		1.70		24,777			212			3.39
Other time deposits	6,702			56		3.35		5,209			37		2.81		5,779			76			5.22
Foreign office time deposits	516			1		0.81		814			5		2.51		1,278			15			4.69
Total interest-bearing deposits	29,741			158		2.12		29,267			141		1.92		31,834			303			3.77
Short-term borrowings	2,808			9		1.27		5,413			30		2.20		2,560			30			4.64
Medium- and long-term debt	15,016			118		3.14		12,880			98		3.02		9,180			122			5.31
Total interest-bearing sources	47,565			285		2.39		47,560			269		2.25		43,574			455			4.15
Noninterest-bearing deposits (1)	10,575							10,646							10,533
Accrued expenses and other liabilities	1,540							1,582							1,313
Total shareholders’ equity	6,301							5,075							5,087
Total liabilities and shareholders’ equity	$	65,981						$	64,863						$	60,507
Net interest income/rate spread (FTE)				$	434	2.29					$	467	2.64					$	489		2.47
FTE adjustment				$	3						$	1						$	—
Impact of net noninterest-bearing sources of funds						0.53							0.47								0.96
Net interest margin (as a percentage of average earning assets) (FTE) (2) (3)						2.82	%						3.11	%							3.43	%

N/M - Not meaningful

(1) FSD balances included above:
Loans (primarily low-rate)	$	323	$	1	1.60	%	$	401	$	2	1.74	%	$	941	$	2	0.98	%
Interest-bearing deposits	834		3		1.55		907		4		1.65		1,121		11		3.78
Noninterest-bearing deposits	1,320						1,542						2,060
(2) Impact of FSD loans (primarily low-rate) on the following:
Commercial loans					(0.03	)%					(0.05	)%					(0.21	)%
Total loans					(0.02	)					(0.02	)					(0.11	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)					—						(0.01	)					(0.04	)
(3) Third quarter 2008 net interest income declined $8 million and the net interest margin declined six basis points due to a tax-related non-cash lease income charge. Excluding this charge, the net interest margin would have been 3.17% in the third quarter 2008.

21

CONSOLIDATED STATISTICAL DATA

Comerica Incorporated and Subsidiaries

	December 31,			September 30,			June 30,			March 31,			December 31,
(in millions, except per share data)	2008			2008			2008			2008			2007
Commercial loans:
Floor plan	$	2,341		$	2,151		$	2,645		$	2,913		$	2,878
Other	25,658			26,453			26,118			26,562			25,345
Total commercial loans	27,999			28,604			28,763			29,475			28,223
Real estate construction loans:
Commercial Real Estate business line	3,831			3,937			4,013			3,990			4,089
Other business lines	646			628			671			656			727
Total real estate construction loans	4,477			4,565			4,684			4,646			4,816
Commercial mortgage loans:
Commercial Real Estate business line	1,619			1,668			1,620			1,541			1,377
Other business lines	8,870			8,920			8,884			8,941			8,671
Total commercial mortgage loans	10,489			10,588			10,504			10,482			10,048
Residential mortgage loans	1,852			1,863			1,879			1,926			1,915
Consumer loans:
Home equity	1,781			1,693			1,649			1,619			1,616
Other consumer	811			951			945			829			848
Total consumer loans	2,592			2,644			2,594			2,448			2,464
Lease financing	1,343			1,360			1,351			1,341			1,351
International loans	1,753			1,931			1,976			2,034			1,926
Total loans	$	50,505		$	51,555		$	51,751		$	52,352		$	50,743
Goodwill	$	150		$	150		$	150		$	150		$	150
Loan servicing rights	11			12			12			12			12
Tier 1 common capital ratio*	7.08		%	6.67		%	6.79		%	6.75		%	6.85		%
Tier 1 risk-based capital ratio*	10.67			7.32			7.45			7.40			7.51
Total risk-based capital ratio *	14.73			11.19			11.21			11.06			11.20
Leverage ratio*	11.78			8.57			8.53			8.82			9.26
Tangible common equity ratio	7.21			7.60			7.47			7.62			7.97
Book value per common share	$	33.31		$	33.89		$	33.78		$	34.93		$	34.12
Market value per share for the quarter:
High	$	37.01		$	54.00		$	40.62		$	45.19		$	54.88
Low	15.05			19.31			25.61			34.51			39.62
Close	19.85			32.79			25.63			35.08			43.53
Quarterly ratios:
Return on average common shareholders’ equity	0.19		%	2.25		%	4.25		%	8.42		%	9.35		%
Return on average assets	0.12			0.18			0.33			0.68			0.79
Efficiency ratio	68.19			75.53			63.02			58.25			62.76
Number of banking centers	439			424			416			420			417
Number of employees - full time equivalent	10,186			10,347			10,530			10,643			10,782

* December 31, 2008 ratios are estimated

22

PARENT COMPANY ONLY BALANCE SHEETS

Comerica Incorporated

	December 31,			September 30,			December 31,
(in millions, except share data)	2008			2008			2007
ASSETS
Cash and due from subsidiary bank	$	11		$	16		$	1
Short-term investments with subsidiary bank	2,329			158			224
Other short-term investments	80			99			102
Investment in subsidiaries, principally banks	5,690			5,849			5,840
Premises and equipment	5			5			4
Other assets	210			163			166
Total assets	$	8,325		$	6,290		$	6,337
LIABILITIES AND SHAREHOLDERS’ EQUITY
Medium- and long-term debt	$	1,002		$	969		$	968
Other liabilities	171			221			252
Total liabilities	1,173			1,190			1,220
Fixed rate cumulative perpetual preferred stock, series F, no par value, $1,000 liquidation preference per share:
Authorized - 2,250,000 shares
Issued - 2,250,000 shares at 12/31/08	2,129			—			—
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 178,735,252 shares at 12/31/08, 9/30/08 and 12/31/07	894			894			894
Capital surplus	722			586			564
Accumulated other comprehensive loss	(309		)	(129		)	(177		)
Retained earnings	5,345			5,379			5,497
Less cost of common stock in treasury - 28,244,967 shares at 12/31/08, 28,249,360 shares at 9/30/08 and 28,747,097 shares at 12/31/07	(1,629		)	(1,630		)	(1,661		)
Total shareholders’ equity	7,152			5,100			5,117
Total liabilities and shareholders’ equity	$	8,325		$	6,290		$	6,337

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Comerica Incorporated and Subsidiaries

										Accumulated
	Nonredeemable		Common Stock							Other									Total
	Preferred		Shares				Capital			Comprehensive			Retained			Treasury			Shareholders’
(in millions, except per share data)	Stock		Outstanding		Amount		Surplus			Loss			Earnings			Stock			Equity
BALANCE AT JANUARY 1, 2007	$	—	157.6		$	894	$	520		$	(324	)	$	5,230		$	(1,219	)	$	5,101
Net income	—		—		—		—			—			686			—			686
Other comprehensive income, net of tax	—		—		—		—			147			—			—			147
Total comprehensive income																			833
Cash dividends declared on common stock ($2.56 per share)	—		—		—		—			—			(393		)	—			(393		)
Purchase of common stock	—		(10.0	)	—		—			—			—			(580		)	(580		)
Net issuance of common stock under employee stock plans	—		2.4		—		(16		)	—			(26		)	139			97
Share-based compensation	—		—		—		59			—			—			—			59
Employee deferred compensation obligations	—		—		—		1			—			—			(1		)	—
BALANCE AT DECEMBER 31, 2007	$	—	150.0		$	894	$	564		$	(177	)	$	5,497		$	(1,661	)	$	5,117
Net income	—		—		—		—			—			213			—			213
Other comprehensive loss, net of tax	—		—		—		—			(132		)	—			—			(132		)
Total comprehensive income																			81
Cash dividends declared on common stock ($2.31 per share)	—		—		—		—			—			(348		)	—			(348		)
Purchase of common stock	—		—		—		—			—			—			(1		)	(1		)
Issuance of preferred stock and related warrants	2,126		—		—		124			—			—			—			2,250
Accretion of discount on preferred stock	3		—		—		—			—			(3		)	—			—
Net issuance of common stock under employee stock plans	—		0.5		—		(19		)	—			(14		)	33			—
Share-based compensation	—		—		—		53			—			—			—			53
BALANCE AT DECEMBER 31, 2008	$	2,129	150.5		$	894	$	722		$	(309	)	$	5,345		$	(1,629	)	$	7,152

23

BUSINESS SEGMENT FINANCIAL RESULTS

Comerica Incorporated and Subsidiaries

							Wealth &
(dollar amounts in millions)	Business			Retail			Institutional
Three Months Ended December 31, 2008	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	329		$	129		$	38		$	(66	)	$	4		$	434
Provision for loan losses	139			43			13			—			(3		)	192
Noninterest income	62			49			73			12			(22		)	174
Noninterest expenses	172			180			80			3			(24		)	411
Provision (benefit) for income taxes (FTE)	26			(11		)	5			(19		)	(15		)	(14		)
Income from discontinued operations, net of tax	—			—			—			—			1			1
Net income (loss)	$	54		$	(34	)	$	13		$	(38	)	$	25		$	20
Net credit-related charge-offs	$	101		$	23		$	9		$	—		$	—		$	133
Selected average balances:
Assets	$	41,364		$	7,007		$	4,879		$	10,927		$	1,804		$	65,981
Loans	40,244			6,380			4,724			(4		)	(6		)	51,338
Deposits	13,839			17,065			2,255			6,842			315			40,316
Liabilities	14,417			17,053			2,300			25,170			740			59,680
Attributed equity	3,341			665			341			975			979			6,301
Statistical data:
Return on average assets (1)	0.51		%	(0.76		)%	1.05		%	N/M			N/M			0.12		%
Return on average attributed equity	6.36			(20.18		)	15.03			N/M			N/M			0.19
Net interest margin (2)	3.23			3.00			3.13			N/M			N/M			2.82
Efficiency ratio	44.10			100.79			75.73			N/M			N/M			68.19
							Wealth &
	Business			Retail			Institutional
Three Months Ended September 30, 2008	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	323		$	142		$	37		$	(26	)	$	(9	)	$	467
Provision for loan losses	135			33			7			—			(10		)	165
Noninterest income	75			80			71			20			(6		)	240
Noninterest expenses	175			161			180			3			(5		)	514
Provision (benefit) for income taxes (FTE)	23			7			(28		)	(7		)	6			1
Income from discontinued operations, net of tax	—			—			—			—			1			1
Net income (loss)	$	65		$	21		$	(51	)	$	(2	)	$	(5	)	$	28
Net credit-related charge-offs	$	95		$	17		$	4		$	—		$	—		$	116
Selected average balances:
Assets	$	41,357		$	7,046		$	4,759		$	10,096		$	1,605		$	64,863
Loans	40,506			6,362			4,624			(3		)	19			51,508
Deposits	14,933			16,596			2,351			5,588			445			39,913
Liabilities	15,633			16,583			2,359			24,359			854			59,788
Attributed equity	3,318			656			340			878			(117		)	5,075
Statistical data:
Return on average assets (1)	0.64		%	0.48		%	(4.29		)%	N/M			N/M			0.18		%
Return on average attributed equity	7.98			12.53			(60.04		)	N/M			N/M			2.25
Net interest margin (2)	3.17			3.40			3.17			N/M			N/M			3.11
Efficiency ratio	43.92			82.39			N/M			N/M			N/M			75.53
							Wealth &
	Business			Retail			Institutional
Three Months Ended December 31, 2007	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	331		$	160		$	36		$	(30	)	$	(8	)	$	489
Provision for loan losses	88			26			1			—			(7		)	108
Noninterest income	79			55			73			16			7			230
Noninterest expenses	186			181			87			3			(7		)	450
Provision (benefit) for income taxes (FTE)	43			3			8			(9		)	(1		)	44
Income from discontinued operations, net of tax	—			—			—			—			2			2
Net income (loss)	$	93		$	5		$	13		$	(8	)	$	16		$	119
Net credit-related charge-offs	$	50		$	14		$	—		$	—		$	—		$	64
Selected average balances:
Assets	$	41,327		$	6,998		$	4,321		$	6,785		$	1,076		$	60,507
Loans	40,285			6,229			4,146			5			34			50,699
Deposits	15,931			17,254			2,552			6,622			8			42,367
Liabilities	16,765			17,266			2,561			18,472			356			55,420
Attributed equity	3,073			872			353			724			65			5,087
Statistical data:
Return on average assets (1)	0.89		%	0.11		%	1.21		%	N/M			N/M			0.79		%
Return on average attributed equity	12.02			2.33			14.88			N/M			N/M			9.35
Net interest margin (2)	3.25			3.69			3.43			N/M			N/M			3.43
Efficiency ratio	45.54			84.52			79.55			N/M			N/M			62.76

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

(2) Net interest margin is calculated based on the greater of average earning assets or average deposits and purchased funds.

FTE - Fully Taxable Equivalent

N/M – Not Meaningful

24

MARKET SEGMENT FINANCIAL RESULTS

Comerica Incorporated and Subsidiaries

																			Finance
(dollar amounts in millions)													Other						& Other
Three Months Ended December 31, 2008	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	202		$	157		$	72		$	11		$	38		$	16		$	(62	)	$	434
Provision for loan losses	59			70			19			14			27			6			(3		)	192
Noninterest income	109			34			21			4			9			7			(10		)	174
Noninterest expenses	217			113			64			11			17			10			(21		)	411
Provision (benefit) for income taxes (FTE)	19			6			6			(3		)	(11		)	3			(34		)	(14		)
Income from discontinued operations, net of tax	—			—			—			—			—			—			1			1
Net income (loss)	$	16		$	2		$	4		$	(7	)	$	14		$	4		$	(13	)	$	20
Net credit-related charge-offs	$	38		$	65		$	8		$	6		$	16		$	—		$	—		$	133
Selected average balances:
Assets	$	19,945		$	16,243		$	8,215		$	1,938		$	4,608		$	2,301		$	12,731		$	65,981
Loans	18,966			16,032			7,974			1,942			4,248			2,186			(10		)	51,338
Deposits	16,204			10,762			4,070			222			1,206			695			7,157			40,316
Liabilities	16,733			10,716			4,090			216			1,330			685			25,910			59,680
Attributed equity	1,613			1,381			650			146			405			152			1,954			6,301
Statistical data:
Return on average assets (1)	0.30		%	0.06		%	0.20		%	(1.47		)%	1.22		%	0.72		%	N/M			0.12		%
Return on average attributed equity	3.70			0.65			2.49			(19.50		)	13.93			10.96			N/M			0.19
Net interest margin (2)	4.20			3.87			3.56			2.25			3.55			2.82			N/M			2.82
Efficiency ratio	70.07			59.48			68.41			72.92			39.75			43.13			N/M			68.19
																			Finance
													Other						& Other
Three Months Ended September 30, 2008	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	196		$	169		$	73		$	12		$	37		$	15		$	(35	)	$	467
Provision for loan losses	52			82			18			7			15			1			(10		)	165
Noninterest income	142			38			27			4			7			8			14			240
Noninterest expenses	203			112			61			10			119			11			(2		)	514
Provision (benefit) for income taxes (FTE)	31			4			8			—			(45		)	4			(1		)	1
Income from discontinued operations, net of tax	—			—			—			—			—			—			1			1
Net income (loss)	$	52		$	9		$	13		$	(1	)	$	(45	)	$	7		$	(7	)	$	28
Net credit-related charge-offs	$	44		$	51		$	9		$	3		$	9		$	—		$	—		$	116
Selected average balances:
Assets	$	19,754		$	16,627		$	7,945		$	1,900		$	4,559		$	2,377		$	11,701		$	64,863
Loans	19,070			16,381			7,691			1,900			4,189			2,261			16			51,508
Deposits	15,858			11,729			3,956			262			1,299			776			6,033			39,913
Liabilities	16,475			11,698			3,973			258			1,396			775			25,213			59,788
Attributed equity	1,631			1,367			623			131			406			156			761			5,075
Statistical data:
Return on average assets (1)	1.07		%	0.21		%	0.65		%	(0.25		)%	(3.93		)%	1.24		%	N/M			0.18		%
Return on average attributed equity	12.91			2.61			8.22			(3.62		)	(44.21		)	18.83			N/M			2.25
Net interest margin (2)	4.08			4.09			3.75			2.53			3.48			2.64			N/M			3.11
Efficiency ratio	64.14			54.68			63.16			67.40			N/M			44.21			N/M			75.53
																			Finance
													Other						& Other
Three Months Ended December 31, 2007	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	212		$	178		$	74		$	11		$	36		$	16		$	(38	)	$	489
Provision for loan losses	20			93			7			5			(7		)	(3		)	(7		)	108
Noninterest income	120			35			23			4			16			9			23			230
Noninterest expenses	218			121			67			11			26			11			(4		)	450
Provision (benefit) for income taxes (FTE)	34			2			9			—			3			6			(10		)	44
Income from discontinued operations, net of tax	—			—			—			—			—			—			2			2
Net income (loss)	$	60		$	(3	)	$	14		$	(1	)	$	30		$	11		$	8		$	119
Net credit-related charge-offs	$	38		$	22		$	3		$	—		$	1		$	—		$	—		$	64
Selected average balances:
Assets	$	19,176		$	17,137		$	7,677		$	1,732		$	4,643		$	2,281		$	7,861		$	60,507
Loans	18,564			16,615			7,381			1,719			4,229			2,152			39			50,699
Deposits	16,056			13,012			3,935			299			1,556			879			6,630			42,367
Liabilities	16,737			13,044			3,953			297			1,673			888			18,828			55,420
Attributed equity	1,766			1,264			634			112			369			153			789			5,087
Statistical data:
Return on average assets (1)	1.24		%	(0.06		)%	0.73		%	(0.21		)%	2.57		%	1.87		%	N/M			0.79		%
Return on average attributed equity	13.51			(0.81		)	8.79			(3.29		)	32.36			27.81			N/M			9.35
Net interest margin (2)	4.51			4.24			3.95			2.67			3.38			2.80			N/M			3.43
Efficiency ratio	65.68			56.97			69.30			73.50			50.04			47.13			N/M			62.76

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

(2) Net interest margin is calculated based on the greater of average earning assets or average deposits and purchased funds.

FTE - Fully Taxable Equivalent

N/M – Not Meaningful

25