Comerica (CMA) 8-K Broad-Based Improvement in Fourth Quarter Credit Quality

Exhibit 99.1

NEWS RELEASE

COMERICA REPORTS FOURTH QUARTER AND 2009 RESULTS

Broad-Based Improvement in Fourth Quarter Credit Quality

Net Charge-offs, Nonperforming Assets and Provision for Loan Losses All Decline

Net Interest Margin Expands 26 Basis Points

Deposit Growth Remains Strong

Net Income of $17 Million for Full-Year 2009

DALLAS/January 21, 2010 — Comerica Incorporated (NYSE: CMA) today reported a fourth quarter 2009 net loss of $29 million, compared to net income of $19 million for the third quarter 2009 and $20 million for the fourth quarter 2008.  After preferred dividends of $33 million and $34 million in the fourth quarter and third quarters of 2009, respectively, and $17 million in the fourth quarter 2008, the net loss applicable to common stock was $62 million, or $0.41 per diluted share, for the fourth quarter 2009, compared to a net loss applicable to common stock of $15 million, or $0.10 per diluted share, for the third quarter 2009 and net income applicable to common stock of $3 million, or $0.02 per diluted share, for the fourth quarter 2008.  Fourth quarter 2009 included a $257 million provision for loan losses, compared to $311 million for the third quarter 2009 and $192 million for the fourth quarter 2008, and net securities gains of $10 million, compared to $107 million for the third quarter 2009 and $4 million for the fourth quarter 2008.

(dollar amounts in millions, except per share data)	4th Qtr ‘09			3rd Qtr ‘09			4th Qtr ‘08
Net interest income	$	396		$	385		$	431
Provision for loan losses	257			311			192
Noninterest income	214			315			174
Noninterest expenses	424			399			411
Net income (loss)	(29		)	19			20
Preferred stock dividends to U.S. Treasury	33			34			17
Net income (loss) applicable to common stock	(62		)	(15		)	3
Diluted earnings (loss) per common share	(0.41		)	(0.10		)	0.02
Tier 1 capital ratio	12.46		%(a)	12.21		%	10.66		%
Tangible common equity ratio (b)	7.99			7.96			7.21
Net interest margin (c)	2.94			2.68			2.82

(a)	December 31, 2009 ratio is estimated.
(b)	See Reconciliation of Non-GAAP Financial Measures.
(c)	Excess liquidity, represented by average balances deposited with the Federal Reserve Bank, reduced the net interest margin by 13 basis points and 16 basis points in the fourth and third quarters of 2009, respectively, and by 3 basis points in the fourth quarter of 2008. Excluding excess liquidity, the net interest margin would have been 3.07%, 2.84% and 2.85% in each respective period.

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Net income was $17 million for full-year 2009, compared to $213 million for full-year 2008. After preferred dividends of $134 million and $17 million in 2009 and 2008, respectively, the net loss applicable to common stock was $117 million, or $0.77 per diluted share, for full-year 2009, compared to net income applicable to common stock of $196 million, or $1.29 per diluted share, for full-year 2008. The most significant items contributing to the decrease in net income were an increase in the provision for credit losses of $397 million, a decline in net interest income of $248 million and an increase in Federal Deposit Insurance Corporation (FDIC) insurance expense of $74 million.  These were partially offset by a $176 million increase in net securities gains, an $88 million auction-rate securities charge in 2008 (included in “litigation and operational losses”), and a $94 million decrease in salaries expense.

“We saw many encouraging signs in the fourth quarter, including improved credit metrics, continued strong deposit growth, a slower pace of decline in loan demand and a notable increase in the net interest margin,” said Ralph W. Babb Jr., chairman and chief executive officer.  “These positive developments lead us to believe our core fundamentals will continue to show improvement in 2010.

“With unemployment still at 10 percent, business owners and managers, as well as consumers, remain cautious.  However, our customers are conveying a more confident tone and we are seeing more loans in the pipeline.  Combined with our solid capital position and dedicated colleagues, we believe we are ideally positioned to develop new relationships, and expand existing ones, as the economy continues its recovery.”

Fourth Quarter and Full-Year 2009 Overview

Fourth Quarter 2009 Compared to Third Quarter 2009

·Average earning assets decreased $3.6 billion, reflecting decreases of $2.0 billion in average loans and $1.6 billion in other earning assets, primarily Federal Reserve Bank deposits and investment securities. The decline in loans slowed significantly in the fourth quarter 2009 and reflected subdued demand from customers in a recovering economic environment.

·Average core deposits increased $935 million in the fourth quarter 2009, reflecting a $1.2 billion increase in noninterest-bearing deposits and a $1.0 billion increase in money market and NOW deposits, partially offset by a $1.3 billion decrease in higher-cost customer certificates of deposit.

·Net interest income increased $11 million, to $396 million for the fourth quarter 2009 compared to $385 million for the third quarter 2009.

·The net interest margin of 2.94 percent increased 26 basis points, from 2.68 percent in the third quarter 2009. Excluding excess liquidity, represented by average balances deposited with the Federal Reserve Bank, the net interest margin would have been 3.07 percent, an increase of 23 basis points from 2.84 percent in the third quarter 2009, resulting primarily from maturing wholesale funding.  Also, Business Bank loan spreads continued to improve.

·Net credit-related charge-offs were $225 million, or 2.10 percent of average total loans, for the fourth quarter 2009, compared to $239 million, or 2.14 percent of average total loans, for the third quarter 2009. The provision for loan losses was $257 million for the fourth quarter 2009, compared to $311 million for the third quarter 2009, and the period-end allowance to total loans ratio increased to 2.34 percent at December 31, 2009, from 2.19 percent at September 30, 2009. Nonaccrual loans at December 31, 2009 declined $31 million from September 30, 2009. Nonaccrual loans were charged down 44 percent as of December 31, 2009, compared to 41 percent as of September 30, 2009 and 34 percent one year ago.

·Noninterest income decreased $101 million, primarily due to a $97 million decrease in net securities gains ($10 million in the fourth quarter 2009 compared to $107 million in the third quarter 2009).

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Fourth Quarter 2009 Compared to Third Quarter 2009 (continued)

·Noninterest expenses increased $25 million from the third quarter, primarily due to increases in other real estate expense ($12 million) and severance and related expenses ($11 million, a workforce reduction of approximately 300).

·The provision for income taxes decreased $13 million from the third quarter, reflecting the decrease in income before income taxes, partially offset by the third quarter 2009 recognition of interest benefits related to certain anticipated federal tax refunds ($9 million, after-tax).

·The tangible common equity ratio was 7.99 percent at December 31, 2009, an increase of three basis points from September 30, 2009. The estimated Tier 1 common ratio was 8.18 percent and the estimated Tier 1 capital ratio was 12.46 percent at December 31, 2009, increases of 14 basis points and 25 basis points, respectively, from September 30, 2009.

Full-Year 2009 Compared to Full-Year 2008

·Average loans in 2009 were $46.2 billion, a decrease of $5.6 billion from 2008, with declines in all geographic markets, consistent with post-recessionary environments, when loan demand is weak. Average earning assets were $58.2 billion in 2009, a decrease of $2.2 billion from 2008, as excess liquidity and investment securities increased.

·Average core deposits increased $973 million, reflecting a $2.3 billion increase in noninterest-bearing deposits, partially offset by a $1.3 billion decrease in money market and NOW deposits.

·The net interest margin was 2.72 percent for 2009, compared to 3.02 percent for 2008.  The decrease in the net interest margin was primarily due to loan rates declining faster than deposit rates with late 2008 rate reductions, excess liquidity and the reduced contribution of noninterest-bearing funds in a significantly lower rate environment, partially offset by increased loan spreads.  Excluding excess liquidity, the net interest margin would have been 2.83 percent for 2009, compared to 3.03 percent for 2008.

·Noninterest income increased $157 million compared to 2008, largely due to increases in net securities gains ($176 million) and deferred compensation asset returns ($36 million) (offset by an increase in deferred compensation plan costs in noninterest expenses), partially offset by decreases in fiduciary income ($38 million).

·Noninterest expenses decreased $102 million, or six percent, compared to 2008, primarily due to decreases in salaries expense ($94 million), reflecting a decline in workforce and reduced incentives, the provision for credit losses on lending-related commitments ($19 million), discretionary expenses and an $88 million charge in 2008 related to the repurchase of auction-rate securities (included in “litigation and operational expenses”), partially offset by increases in FDIC insurance expense ($74 million), other real estate expense ($38 million) and pension expense ($37 million).  Full-time equivalent employees decreased eight percent from year-end 2008 to year-end 2009.

·Net credit-related charge-offs were 1.88 percent of average total loans for 2009, compared to 91 basis points for 2008, largely due to credit issues concentrated in residential real estate development in the Commercial Real Estate business line.

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Net Interest Income and Net Interest Margin

(dollar amounts in millions)	4th Qtr ‘09			3rd Qtr ‘09			4th Qtr ‘08
Net interest income	$	396		$	385		$	431
Net interest margin (a)	2.94		%	2.68		%	2.82		%
Selected average balances:
Total earning assets	$	53,953		$	57,513		$	61,134
Total investment securities	8,587			9,070			8,734
Federal Reserve Bank deposits (excess liquidity)	2,453			3,492			778
Total loans	42,753			44,782			51,338
Total core deposits (b)	36,742			35,807			33,098
Total noninterest-bearing deposits	14,430			13,225			10,575

(a)	Excess liquidity, represented by average balances deposited with the Federal Reserve Bank, reduced the net interest margin by 13 basis points and 16 basis points in the fourth and third quarters of 2009, respectively, and by 3 basis points in the fourth quarter of 2008. Excluding excess liquidity, the net interest margin would have been 3.07%, 2.84% and 2.85% in each respective period.
(b)	Core deposits exclude other time deposits and foreign office time deposits.

·The $11 million increase in net interest income in the fourth quarter 2009, when compared to third quarter 2009, resulted primarily from an increase in the net interest margin.

·The net interest margin of 2.94 percent increased 26 basis points, compared to third quarter 2009, primarily from maturing wholesale funding. The net interest margin was reduced by approximately 13 basis points in the fourth quarter 2009 from excess liquidity, which was represented by $2.5 billion of average balances deposited with the Federal Reserve Bank, compared to a reduction of 16 basis points from $3.5 billion of average balances in the third quarter 2009, and by three basis points from $778 million of average balances in the fourth quarter 2008. The decrease in Federal Reserve Bank deposits was mostly due to maturities of other time deposits (brokered retail certificates of deposit).

·Fourth quarter 2009 average core deposits increased $935 million compared to third quarter 2009, reflecting a $1.2 billion increase in noninterest-bearing deposits and a $1.0 billion increase in money market and NOW deposits, partially offset by a $1.3 billion decrease in higher-cost customer certificates of deposit.

Noninterest Income

Noninterest income was $214 million for the fourth quarter 2009, compared to $315 million for the third quarter 2009 and $174 million for the fourth quarter 2008. The $101 million decrease in noninterest income in the fourth quarter 2009, compared to the third quarter 2009, was primarily due to a decrease in net securities gains on sales of mortgage-backed government agency securities of $97 million.  Selected categories of noninterest income are highlighted in the following table.

(in millions)	4th Qtr ‘09		3rd Qtr ‘09			4th Qtr ‘08
Net securities gains	$	10	$	107		$	4
Other noninterest income
Net loss from principal investing and warrants	—		(1		)	(5		)
Deferred compensation asset returns (a)	3		4			(18		)
Gain on repurchase of debt	8		7			—

(a) 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.

4

Noninterest Expenses

Noninterest expenses were $424 million for the fourth quarter 2009, compared to $399 million for the third quarter 2009 and $411 million for the fourth quarter 2008. The $25 million increase in noninterest expenses in the fourth quarter 2009, compared to the third quarter 2009, was primarily due to increases in other real estate expense ($12 million) and severance and related expenses ($11 million).  Full-time equivalent staff decreased by approximately 54 employees from September 30, 2009 and 856 employees, or eight percent, from December 31, 2008.  Certain categories of noninterest expenses are highlighted in the table below.

	4th Qtr ‘09		3rd Qtr ‘09		4th Qtr ‘08
Salaries
Regular salaries	$	140	$	142	$	152
Severance	9		—		24
Incentives (including commissions)	15		17		19
Deferred compensation plan costs	3		5		(18		)
Share-based compensation	7		7		10
Total salaries	174		171		187
Employee benefits
Pension expense	14		14		5
Other benefits	35		37		43
Severance-related benefits	2		—		5
Total employee benefits	51		51		53
FDIC insurance expense	15		15		7
Other real estate expense	22		10		5

Credit Quality

“We were pleased to see broad-based improvement in credit quality in the fourth quarter, with declines in net charge-offs, nonperforming assets and the provision for loan losses,” said Babb.  “We also saw inflows to nonaccrual loans slow in the fourth quarter, and our watch list loans decreased, as well.  We believe these improved credit metrics are the result of our diligent management of credit throughout this economic cycle.”

·The provision for loan losses decreased $54 million, with declines in the Midwest, Western, Texas and Florida markets, and primarily in the Commercial Real Estate and Middle Market business lines.

·Net credit-related charge-offs in the Commercial Real Estate business line in the fourth quarter 2009 decreased to $62 million, from $91 million in the third quarter 2009. Commercial Real Estate net credit-related charge-offs decreased in Western, Texas, Florida and Other Markets, slightly offset by an increase in the Midwest market.

·Nonperforming assets decreased $13 million to $1.3 billion, or 3.06 percent of total loans and foreclosed property, at December 31, 2009.

·During the fourth quarter 2009, $266 million of loan relationships greater than $2 million were transferred to nonaccrual status, a decrease of $95 million from the third quarter 2009.  Of the transfers of loan relationships greater than $2 million to nonaccrual in the fourth quarter 2009, $85 million were in Middle Market and $64 million were in the Commercial Real Estate business line.  Commercial Real Estate business line transfers to nonaccrual decreased $147 million from the third quarter 2009.

·Nonaccrual loans were charged down 44 percent as of December 31, 2009, compared to 41 percent as of September 30, 2009 and 34 percent one year ago.

·Loans past due 90 days or more and still accruing were $101 million at December 31, 2009, a decrease of $60 million compared to September 30, 2009.

·The allowance for loan losses to total loans ratio increased to 2.34 percent at December 31, 2009, from 2.19 percent at September 30, 2009 and 1.52 percent at December 31, 2008.

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(dollar amounts in millions)	4th Qtr ‘09			3rd Qtr ‘09			4th Qtr ‘08
Net loan charge-offs	$	225		$	239		$	133
Net lending-related commitment charge-offs	—			—			—
Total net credit-related charge-offs	225			239			133
Net loan charge-offs/Average total loans	2.10		%	2.14		%	1.04		%
Net credit-related charge-offs/Average total loans	2.10			2.14			1.04
Provision for loan losses	$	257		$	311		$	192
Provision for credit losses on lending-related commitments	2			2			(2		)
Total provision for credit losses	259			313			190
Nonperforming loans	1,181			1,196			917
Nonperforming assets (NPAs)	1,292			1,305			983
NPAs/Total loans and foreclosed property	3.06		%	2.99		%	1.94		%
Loans past due 90 days or more and still accruing	$	101		$	161		$	125
Allowance for loan losses	985			953			770
Allowance for credit losses on lending-related commitments (a)	37			35			38
Total allowance for credit losses	1,022			988			808
Allowance for loan losses/Total loans	2.34		%	2.19		%	1.52		%
Allowance for loan losses/Nonperforming loans	83			80			84

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

Balance Sheet and Capital Management

Total assets and common shareholders’ equity were $59.3 billion and $4.9 billion, respectively, at December 31, 2009, compared to $59.6 billion and $4.9 billion, respectively, at September 30, 2009. There were approximately 151 million common shares outstanding at December 31, 2009.

Comerica’s tangible common equity ratio was 7.99 percent at December 31, 2009. The fourth quarter 2009 estimated Tier 1 common, Tier 1 and total risk-based capital ratios were 8.18 percent, 12.46 percent and 16.93 percent, respectively.

Full-Year 2010 Outlook

For 2010, management expects the following, compared to 2009, based on a modestly improving economic environment:

· Management expects low single-digit period-end to period-end loan growth. Investment securities are expected to remain at a level similar to year-end 2009.

· Based on no increase in the Federal Funds rate, management expects an average full-year net interest margin between 3.15 percent and 3.25 percent, reflecting the benefit, compared to full-year 2009, from improved loan pricing, lower funding costs and a lower level of excess liquidity.

· Management expects full-year net credit-related charge-offs to decrease to between $775 million and $825 million. The provision for credit losses is expected to be slightly in excess of net charge-offs.

· Management expects flat noninterest income, after excluding $243 million of 2009 net securities gains.

· Management expects a low single-digit decrease in noninterest expenses.

· Management expects income tax expense to approximate 35 percent of income before income taxes less approximately $60 million of permanent differences related to low-income housing and bank-owned life insurance.

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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, 2009 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2009 results compared to third quarter 2009.

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

(dollar amounts in millions)	4th Qtr ‘09			3rd Qtr ‘09			4th Qtr ‘08
Business Bank	$	65		$	22		$	53
Retail Bank	(12		)	(11		)	(34		)
Wealth & Institutional Management	5			10			13
	58			21			32
Finance	(62		)	(7		)	(37		)
Other (a)	(25		)	5			25
Total	$	(29	)	$	19		$	20

(a) 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 ‘09			3rd Qtr ‘09			4th Qtr ‘08
Net interest income (FTE)	$	343		$	346		$	329
Provision for loan losses	180			252			138
Noninterest income	77			72			61
Noninterest expenses	164			160			172
Net income	65			22			53
Net credit-related charge-offs	183			195			101
Selected average balances:
Assets	32,655			34,822			41,332
Loans	32,289			34,116			40,245
Deposits	16,944			15,735			13,789
Net interest margin	4.21		%	4.01		%	3.24		%

· Average loans decreased $1.8 billion, reflecting declines across all markets and businesses. The decline in loans slowed in the fourth quarter 2009.

· Average deposits increased $1.2 billion, primarily due to increases in Global Corporate, Technology and Life Sciences, Middle Market and Commercial Real Estate.

· The net interest margin of 4.21 percent increased 20 basis points, primarily due to an increase in deposit spreads and an increase in noninterest-bearing deposits. Also, loan spreads continued to improve.

· The provision for loan losses decreased $72 million, due to decreases in Commercial Real Estate and Middle Market.

· Noninterest income increased $5 million, reflecting increases in several fee categories.

· Noninterest expenses increased $4 million, due to increases in other real estate and severance and related expenses, partially offset by a decrease in the provision for credit losses on lending-related commitments.

7

Retail Bank

(dollar amounts in millions)	4th Qtr ‘09			3rd Qtr ‘09			4th Qtr ‘08
Net interest income (FTE)	$	129		$	127		$	129
Provision for loan losses	36			42			44
Noninterest income	48			50			49
Noninterest expenses	161			154			180
Net loss	(12		)	(11		)	(34		)
Net credit-related charge-offs	30			34			23
Selected average balances:
Assets	6,257			6,445			7,007
Loans	5,733			5,904			6,379
Deposits	17,020			17,563			17,065
Net interest margin	3.02		%	2.87		%	3.01		%

·Average loans decreased $171 million, across all businesses. The decline in loans slowed in the fourth quarter 2009.

·Average deposits decreased $543 million, primarily due to a decrease in higher-cost customer certificates of deposit, partially offset by an increase in noninterest-bearing, NOW and money market deposits.

·The net interest margin of 3.02 percent increased 15 basis points, due to an increase in deposit spreads related to maturing higher-cost customer certificates of deposit.

·The provision for loan losses decreased $6 million, due to a decrease in Small Business.

·Noninterest expenses increased $7 million, primarily due to increases in severance and related expenses and other real estate expense.

Wealth and Institutional Management

(dollar amounts in millions)	4th Qtr ‘09			3rd Qtr ‘09			4th Qtr ‘08
Net interest income (FTE)	$	42		$	42		$	38
Provision for loan losses	19			20			13
Noninterest income	60			66			73
Noninterest expenses	76			73			80
Net income	5			10			13
Net credit-related charge-offs	12			10			9
Selected average balances:
Assets	4,841			4,856			4,879
Loans	4,746			4,760			4,724
Deposits	2,849			2,735			2,255
Net interest margin	3.50		%	3.48		%	3.14		%

·Average loans decreased $14 million.

·Average deposits increased $114 million, reflecting an increase in noninterest-bearing, NOW  and money market deposits, partially offset by a decrease in higher-cost customer certificates of deposit.

·The net interest margin of 3.50 percent increased two basis points, primarily due to the benefit provided by an increase in noninterest-bearing deposits, partially offset by a decrease in loan spreads.

·Noninterest income decreased $6 million, primarily due to a decrease in net securities gains.

·Noninterest expenses increased $3 million, reflecting nominal increases in several categories.

8

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, 2009 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2009 results compared to third quarter 2009.

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

(dollar amounts in millions)	4th Qtr ‘09			3rd Qtr ‘09			4th Qtr ‘08
Midwest	$	13		$	(6	)	$	14
Western	7			(7		)	2
Texas	13			7			4
Florida	3			(12		)	(7		)
Other Markets	22			29			15
International	—			10			4
	58			21			32
Finance & Other Businesses (a)	(87		)	(2		)	(12		)
Total	$	(29	)	$	19		$	20

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

Midwest Market

(dollar amounts in millions)	4th Qtr ‘09			3rd Qtr ‘09			4th Qtr ‘08
Net interest income (FTE)	$	205		$	209		$	202
Provision for loan losses	102			144			59
Noninterest income	106			107			109
Noninterest expenses	192			188			218
Net income (loss)	13			(6		)	14
Net credit-related charge-offs	97			102			38
Selected average balances:
Assets	16,090			16,987			19,942
Loans	15,811			16,387			18,966
Deposits	17,201			17,395			16,204
Net interest margin	4.73		%	4.72		%	4.21		%

·Average loans decreased $576 million, reflecting declines in Middle Market and Global Corporate. The decline in loans slowed in the fourth quarter 2009.

·Average deposits decreased $194 million, due to a decrease in Personal Banking, partially offset by an increase in Global Corporate.

·The net interest margin of 4.73 percent increased one basis point, primarily due to an increase in deposit spreads related to maturing higher-cost customer certificates of deposit.

·The provision for loan losses decreased $42 million, primarily due to a decline in Middle Market.

·Noninterest expenses increased $4 million, due to increases in other real estate expense and severance and related expenses, partially offset by a decrease in the provision for credit losses on lending-related commitments.

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Western Market

(dollar amounts in millions)	4th Qtr ‘09			3rd Qtr ‘09			4th Qtr ‘08
Net interest income (FTE)	$	163		$	159		$	157
Provision for loan losses	79			101			70
Noninterest income	33			33			34
Noninterest expenses	110			106			114
Net income (loss)	7			(7		)	2
Net credit-related charge-offs	85			95			65
Selected average balances:
Assets	13,484			14,114			16,243
Loans	13,289			13,923			16,032
Deposits	11,899			11,146			10,762
Net interest margin	4.85		%	4.53		%	3.88		%

·Average loans decreased $634 million, primarily due to declines in Middle Market, Commercial Real Estate and National Dealer Services.  The decline in loans slowed in the fourth quarter 2009.

·Average deposits increased $753 million, primarily due to increases in Technology and Life Sciences, Middle Market and Commercial Real Estate.

·The net interest margin of 4.85 percent increased 32 basis points, primarily due to the benefit provided by an increase in noninterest-bearing deposits.

·The provision for loan losses decreased $22 million, due to a decrease in Commercial Real Estate.

·Noninterest expenses increased $4 million, primarily due to an increase in other real estate expense.

Texas Market

(dollar amounts in millions)	4th Qtr ‘09			3rd Qtr ‘09			4th Qtr ‘08
Net interest income (FTE)	$	78		$	77		$	72
Provision for loan losses	20			29			19
Noninterest income	23			22			20
Noninterest expenses	61			58			63
Net income	13			7			4
Total net credit-related charge-offs	13			22			8
Selected average balances:
Assets	7,118			7,444			8,215
Loans	6,934			7,221			7,974
Deposits	4,737			4,609			4,070
Net interest margin	4.46		%	4.22		%	3.57		%

· Average loans decreased $287 million, primarily due to Energy Lending and Middle Market. The decline in loans slowed in the fourth quarter 2009.

· Average deposits increased $128 million, primarily due to increases in Small Business, Global Corporate and Middle Market, partially offset by a decline in Personal Banking.

· The net interest margin of 4.46 percent increased 24 basis points, primarily due to an increase in loan spreads and the benefit provided by an increase in noninterest-bearing deposits and maturing higher-cost customer certificates of deposit.

· The provision for loan losses decreased $9 million, due to declines in Energy Lending and Middle Market.

· Noninterest expenses increased $3 million, reflecting nominal increases in several categories.

10

Florida Market

(dollar amounts in millions)	4th Qtr ‘09			3rd Qtr ‘09			4th Qtr ‘08
Net interest income (FTE)	$	10		$	11		$	11
Provision for loan losses	—			24			14
Noninterest income	3			3			4
Noninterest expenses	9			10			11
Net income (loss)	3			(12		)	(7		)
Net credit-related charge-offs	4			9			6
Selected average balances:
Assets	1,608			1,673			1,938
Loans	1,613			1,674			1,942
Deposits	333			327			222
Net interest margin	2.57		%	2.70		%	2.26		%

· Average loans decreased $61 million, primarily due to decreases in Middle Market and Commercial Real Estate. The decline in loans slowed in the fourth quarter 2009.

· Average deposits increased $6 million, primarily due to an increase in Private Banking.

· The net interest margin of 2.57 percent decreased 13 basis points, primarily due to a decrease in loan spreads.

· The provision for loan losses decreased $24 million, due decreases in Commercial Real Estate, Middle Market and Private Banking.

Conference Call and Webcast

Comerica will host a conference call to review fourth quarter 2009 financial results at 7 a.m. CT Thursday, January 21, 2010. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 47127335). 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, 2010. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 47127335). 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.

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 the reconcilement 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.

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,” “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 the American Recovery and Reinvestment Act of 2009, and actions taken by the U.S. Department of Treasury, the Board of Governors of the Federal Reserve System, the Texas Department of Banking  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 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 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

12

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

Comerica Incorporated and Subsidiaries

	Three Months Ended									Years Ended
	December 31,			September 30,			December 31,			December 31,
(in millions, except per share data)	2009			2009			2008			2009			2008
PER COMMON SHARE AND COMMON STOCK DATA
Diluted net income (loss)	$	(0.41	)	$	(0.10	)	$	0.02		$	(0.77	)	$	1.29
Cash dividends declared	0.05			0.05			0.33			0.20			2.31
Common shareholders’ equity (at period end)	31.82			31.90			33.31
Average diluted shares (in thousands)	151,516			151,478			150,834			151,460			151,035
KEY RATIOS
Return on average common shareholders’ equity	(5.10		)%	(1.27		)%	0.19		%	(2.37		)%	3.79		%
Return on average assets	(0.19		)	0.12			0.12			0.03			0.33
Tier 1 common capital ratio (a) (b)	8.18			8.04			7.08
Tier 1 risk-based capital ratio (b)	12.46			12.21			10.66
Total risk-based capital ratio (b)	16.93			16.79			14.72
Leverage ratio (b)	13.22			12.46			11.77
Tangible common equity ratio (a)	7.99			7.96			7.21
AVERAGE BALANCES
Commercial loans	$	21,971		$	23,401		$	28,507		$	24,534		$	28,870
Real estate construction loans	3,703			4,033			4,536			4,140			4,715
Commercial mortgage loans	10,393			10,359			10,613			10,415			10,411
Residential mortgage loans	1,664			1,720			1,851			1,756			1,886
Consumer loans	2,517			2,550			2,639			2,553			2,559
Lease financing	1,181			1,218			1,359			1,231			1,356
International loans	1,324			1,501			1,833			1,533			1,968
Total loans	42,753			44,782			51,338			46,162			51,765
Earning assets	53,953			57,513			61,134			58,162			60,422
Total assets	58,396			61,948			65,981			62,809			65,185
Noninterest-bearing deposits	14,430			13,225			10,575			12,900			10,623
Interest-bearing core deposits	22,312			22,582			22,523			22,435			23,739
Total core deposits	36,742			35,807			33,098			35,335			34,362
Common shareholders’ equity	4,876			4,923			5,206			4,959			5,166
Total shareholders’ equity	7,024			7,065			6,301			7,099			5,442
NET INTEREST INCOME
Net interest income (fully taxable equivalent basis) (c)	$	398		$	387		$	434		$	1,575		$	1,821
Fully taxable equivalent adjustment	2			2			3			8			6
Net interest margin (c) (d)	2.94		%	2.68		%	2.82		%	2.72		%	3.02		%
CREDIT QUALITY
Nonaccrual loans	$	1,163		$	1,194		$	917
Reduced-rate loans	18			2			—
Total nonperforming loans	1,181			1,196			917
Foreclosed property	111			109			66
Total nonperforming assets	1,292			1,305			983
Loans past due 90 days or more and still accruing	101			161			125
Gross loan charge-offs	233			245			144			$	896		$	500
Loan recoveries	8			6			11			27			29
Net loan charge-offs	225			239			133			869			471
Lending-related commitment charge-offs	—			—			—			—			1
Total net credit-related charge-offs	225			239			133			869			472
Allowance for loan losses	985			953			770
Allowance for credit losses on lending-related commitments	37			35			38
Total allowance for credit losses	1,022			988			808
Allowance for loan losses as a percentage of total loans	2.34		%	2.19		%	1.52		%
Net loan charge-offs as a percentage of average total loans	2.10			2.14			1.04			1.88		%	0.91		%
Net credit-related charge-offs as a percentage of average total loans	2.10			2.14			1.04			1.88			0.91
Nonperforming assets as a percentage of total loans and foreclosed property	3.06			2.99			1.94
Allowance for loan losses as a percentage of total nonperforming loans	83			80			84

(a)	See Reconciliation of Non-GAAP Financial Measures.
(b)	December 31, 2009 ratios are estimated
(c)	Year-to-date 2008 net interest income declined $38 million due to tax-related non-cash lease income charges. Excluding these charges, the net interest margin would have been 3.08% for the year ended December 31, 2008.
(d)	Excess liquidity, represented by average balances deposited with the Federal Reserve Bank, reduced the net interest margin by 13 basis points, 16 basis points and 11 basis points in the fourth quarter 2009, third quarter 2009 and full-year 2009, respectively. Excluding excess liquidity, the net interest margin would have been 3.07%, 2.84% and 2.83% in each respective period. Excess liquidity reduced the net interest margin by 3 basis points and one basis point in the fourth quarter 2008 and full-year 2008, respectively.

13

CONSOLIDATED BALANCE SHEETS (unaudited)

Comerica Incorporated and Subsidiaries

	December 31,			September 30,			December 31,
(in millions, except share data)	2009			2009			2008
ASSETS
Cash and due from banks	$	774		$	799		$	913
Federal funds sold and securities purchased under agreements to resell	—			—			202
Interest-bearing deposits with banks	4,843			2,219			2,308
Other short-term investments	138			142			158
Investment securities available-for-sale	7,416			8,882			9,201
Commercial loans	21,690			22,546			27,999
Real estate construction loans	3,461			3,870			4,477
Commercial mortgage loans	10,457			10,380			10,489
Residential mortgage loans	1,651			1,679			1,852
Consumer loans	2,511			2,544			2,592
Lease financing	1,139			1,197			1,343
International loans	1,252			1,355			1,753
Total loans	42,161			43,571			50,505
Less allowance for loan losses	(985		)	(953		)	(770		)
Net loans	41,176			42,618			49,735
Premises and equipment	644			657			683
Customers’ liability on acceptances outstanding	11			12			14
Accrued income and other assets	4,261			4,261			4,334
Total assets	$	59,263		$	59,590		$	67,548
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	15,871		$	13,888		$	11,701
Money market and NOW deposits	14,450			13,556			12,437
Savings deposits	1,342			1,331			1,247
Customer certificates of deposit	6,413			7,466			8,807
Other time deposits	1,047			2,801			7,293
Foreign office time deposits	542			572			470
Total interest-bearing deposits	23,794			25,726			30,254
Total deposits	39,665			39,614			41,955
Short-term borrowings	462			425			1,749
Acceptances outstanding	11			12			14
Accrued expenses and other liabilities	1,036			1,252			1,625
Medium- and long-term debt	11,060			11,252			15,053
Total liabilities	52,234			52,555			60,396
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 12/31/09, 9/30/09 and 12/31/08	2,151			2,145			2,129
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 178,735,252 shares at 12/31/09, 9/30/09 and 12/31/08	894			894			894
Capital surplus	740			738			722
Accumulated other comprehensive loss	(336		)	(361		)	(309		)
Retained earnings	5,161			5,205			5,345
Less cost of common stock in treasury - 27,555,623 shares at 12/31/09, 27,620,576 shares at 9/30/09 and 28,244,967 shares at 12/31/08	(1,581		)	(1,586		)	(1,629		)
Total shareholders’ equity	7,029			7,035			7,152
Total liabilities and shareholders’ equity	$	59,263		$	59,590		$	67,548

14

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

Comerica Incorporated and Subsidiaries

	Three Months Ended						Years Ended
	December 31,						December 31,
(in millions, except per share data)	2009			2008			2009			2008
INTEREST INCOME
Interest and fees on loans	$	424		$	612		$	1,767		$	2,649
Interest on investment securities	53			101			329			389
Interest on short-term investments	2			3			9			13
Total interest income	479			716			2,105			3,051
INTEREST EXPENSE
Interest on deposits	52			158			372			734
Interest on short-term borrowings	—			9			2			87
Interest on medium- and long-term debt	31			118			164			415
Total interest expense	83			285			538			1,236
Net interest income	396			431			1,567			1,815
Provision for loan losses	257			192			1,083			686
Net interest income after provision for loan losses	139			239			484			1,129
NONINTEREST INCOME
Service charges on deposit accounts	56			55			228			229
Fiduciary income	38			47			161			199
Commercial lending fees	21			16			79			69
Letter of credit fees	19			17			69			69
Card fees	14			13			51			58
Foreign exchange income	11			7			41			40
Bank-owned life insurance	9			9			35			38
Brokerage fees	7			12			31			42
Net securities gains	10			4			243			67
Other noninterest income	29			(6		)	112			82
Total noninterest income	214			174			1,050			893
NONINTEREST EXPENSES
Salaries	174			187			687			781
Employee benefits	51			53			210			194
Total salaries and employee benefits	225			240			897			975
Net occupancy expense	43			42			162			156
Equipment expense	16			16			62			62
Outside processing fee expense	23			27			97			104
FDIC insurance expense	15			7			90			16
Software expense	23			19			84			76
Other real estate expense	22			5			48			10
Legal fees	12			10			37			29
Litigation and operational losses	3			3			10			103
Customer services	2			2			4			13
Provision for credit losses on lending-related commitments	2			(2		)	(1		)	18
Other noninterest expenses	38			42			159			189
Total noninterest expenses	424			411			1,649			1,751
Income (loss) from continuing operations before income taxes	(71		)	2			(115		)	271
Provision (benefit) for income taxes	(42		)	(17		)	(131		)	59
Income (loss) from continuing operations	(29		)	19			16			212
Income from discontinued operations, net of tax	—			1			1			1
NET INCOME (LOSS)	(29		)	20			17			213
Preferred stock dividends	33			17			134			17
Net income (loss) applicable to common stock	$	(62	)	$	3		$	(117	)	$	196
Basic earnings per common share:
Income (loss) from continuing operations	$	(0.41	)	$	0.01		$	(0.78	)	$	1.29
Net income (loss)	(0.41		)	0.02			(0.77		)	1.30
Diluted earnings per common share:
Income (loss) from continuing operations	(0.41		)	0.01			(0.78		)	1.29
Net income (loss)	(0.41		)	0.02			(0.77		)	1.29
Cash dividends declared on common stock	8			50			30			348
Cash dividends declared per common share	0.05			0.33			0.20			2.31

15

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME (unaudited)

Comerica Incorporated and Subsidiaries

	Fourth			Third			Second			First			Fourth			Fourth Quarter 2009 Compared To:
	Quarter			Quarter			Quarter			Quarter			Quarter			Third Quarter 2009					Fourth Quarter 2008
(in millions, except per share data)	2009			2009			2009			2009			2008			Amount			Percent		Amount			Percent
INTEREST INCOME
Interest and fees on loans	$	424		$	444		$	447		$	452		$	612		$	(20	)	(4	)%	$	(188	)	(31	)%
Interest on investment securities	53			64			103			109			101			(11		)	(18	)	(48		)	(48	)
Interest on short-term investments	2			3			2			2			3			(1		)	(25	)	(1		)	(21	)
Total interest income	479			511			552			563			716			(32		)	(6	)	(237		)	(33	)
INTEREST EXPENSE
Interest on deposits	52			89			106			125			158			(37		)	(43	)	(106		)	(68	)
Interest on short-term borrowings	—			—			—			2			9			—			(63	)	(9		)	(99	)
Interest on medium- and long-term debt	31			37			44			52			118			(6		)	(15	)	(87		)	(74	)
Total interest expense	83			126			150			179			285			(43		)	(34	)	(202		)	(71	)
Net interest income	396			385			402			384			431			11			3		(35		)	(8	)
Provision for loan losses	257			311			312			203			192			(54		)	(17	)	65			34
Net interest income after provision for loan losses	139			74			90			181			239			65			89		(100		)	(41	)
NONINTEREST INCOME
Service charges on deposit accounts	56			59			55			58			55			(3		)	(6	)	1			1
Fiduciary income	38			40			41			42			47			(2		)	(2	)	(9		)	(18	)
Commercial lending fees	21			21			19			18			16			—			3		5			33
Letter of credit fees	19			18			16			16			17			1			6		2			8
Card fees	14			13			12			12			13			1			3		1			2
Foreign exchange income	11			10			11			9			7			1			—		4			38
Bank-owned life insurance	9			8			10			8			9			1			10		—			3
Brokerage fees	7			7			8			9			12			—			(8	)	(5		)	(40	)
Net securities gains	10			107			113			13			4			(97		)	(90	)	6			N/M
Other noninterest income	29			32			13			38			(6		)	(3		)	(7	)	35			N/M
Total noninterest income	214			315			298			223			174			(101		)	(32	)	40			23
NONINTEREST EXPENSES
Salaries	174			171			171			171			187			3			2		(13		)	(7	)
Employee benefits	51			51			53			55			53			—			2		(2		)	(3	)
Total salaries and employee benefits	225			222			224			226			240			3			2		(15		)	(6	)
Net occupancy expense	43			40			38			41			42			3			6		1			2
Equipment expense	16			15			15			16			16			1			3		—			(5	)
Outside processing fee expense	23			24			25			25			27			(1		)	(6	)	(4		)	(17	)
FDIC insurance expense	15			15			45			15			7			—			—		8			N/M
Software expense	23			21			20			20			19			2			8		4			18
Other real estate expense	22			10			9			7			5			12			N/M		17			N/M
Legal fees	12			8			10			7			10			4			41		2			24
Litigation and operational losses	3			3			2			2			3			—			(27	)	—			5
Customer services	2			1			1			—			2			1			31		—			(27	)
Provision for credit losses on lending-related commitments	2			2			(4		)	(1		)	(2		)	—			(19	)	4			N/M
Other noninterest expenses	38			38			44			39			42			—			13		(4		)	(5	)
Total noninterest expenses	424			399			429			397			411			25			6		13			3
Income (loss) from continuing operations before income taxes	(71		)	(10		)	(41		)	7			2			(61		)	N/M		(73		)	N/M
Provision (benefit) for income taxes	(42		)	(29		)	(59		)	(1		)	(17		)	(13		)	(48	)	(25		)	N/M
Income (loss) from continuing operations	(29		)	19			18			8			19			(48		)	N/M		(48		)	N/M
Income from discontinued operations, net of tax	—			—			—			1			1			—			N/M		(1		)	(92	)
NET INCOME (LOSS)	(29		)	19			18			9			20			(48		)	N/M		(49		)	N/M
Preferred stock dividends	33			34			34			33			17			(1		)	—		16			95
Net income (loss) applicable to common stock	$	(62	)	$	(15	)	$	(16	)	$	(24	)	$	3		$	(47	)	N/M	%	$	(65	)	N/M	%
Basic earnings per common share:
Income (loss) from continuing operations	$	(0.41	)	$	(0.10	)	$	(0.11	)	$	(0.16	)	$	0.01		$	(0.31	)	N/M	%	$	(0.42	)	N/M	%
Net income (loss)	(0.41		)	(0.10		)	(0.10		)	(0.16		)	0.02			(0.31		)	N/M		(0.43		)	N/M
																								��
Diluted earnings per common share:
Income (loss) from continuing operations	(0.41		)	(0.10		)	(0.11		)	(0.16		)	0.01			(0.31		)	N/M		(0.42		)	N/M
Net income (loss)	(0.41		)	(0.10		)	(0.10		)	(0.16		)	0.02			(0.31		)	N/M		(0.43		)	N/M
Cash dividends declared on common stock	8			7			8			7			50			1			2		(42		)	(85	)
Cash dividends declared per common share	0.05			0.05			0.05			0.05			0.33			—			—		(0.28		)	(85	)

N/M - Not meaningful

16

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)

Comerica Incorporated and Subsidiaries

	2009												2008
(in millions)	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
Balance at beginning of period	$	953		$	880		$	816		$	770		$	712
Loan charge-offs:
Commercial	114			113			88			61			66
Real estate construction:
Commercial Real Estate business line (a)	33			63			81			57			35
Other business lines (b)	—			1			—			—			—
Total real estate construction	33			64			81			57			35
Commercial mortgage:
Commercial Real Estate business line (a)	27			24			23			16			21
Other business lines (b)	25			15			23			18			8
Total commercial mortgage	52			39			46			34			29
Residential mortgage	6			11			2			2			5
Consumer	9			7			12			6			7
Lease financing	6			6			24			—			1
International	13			5			4			1			1
Total loan charge-offs	233			245			257			161			144
Recoveries on loans previously charged-off:
Commercial	7			3			5			3			6
Real estate construction	—			1			—			—			1
Commercial mortgage	1			—			2			—			2
Residential mortgage	—			—			—			—			—
Consumer	—			1			—			1			1
Lease financing	—			—			1			—			—
International	—			1			1			—			1
Total recoveries	8			6			9			4			11
Net loan charge-offs	225			239			248			157			133
Provision for loan losses	257			311			312			203			192
Foreign currency translation adjustment	—			1			—			—			(1		)
Balance at end of period	$	985		$	953		$	880		$	816		$	770
Allowance for loan losses as a percentage of total loans	2.34		%	2.19		%	1.89		%	1.68		%	1.52		%
Net loan charge-offs as a percentage of average total loans	2.10			2.14			2.08			1.26			1.04
Net credit-related charge-offs as a percentage of average total loans	2.10			2.14			2.08			1.26			1.04

(a) Primarily charge-offs of loans to real estate investors and developers.

(b) Primarily charge-offs of loans secured by owner-occupied real estate.

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

Comerica Incorporated and Subsidiaries

	2009										2008
(in millions)	4th Qtr		3rd Qtr		2nd Qtr			1st Qtr			4th Qtr
Balance at beginning of period	$	35	$	33	$	37		$	38		$	40
Less: Charge-offs on lending-related commitments (a)	—		—		—			—			—
Add: Provision for credit losses on lending-related commitments	2		2		(4		)	(1		)	(2		)
Balance at end of period	$	37	$	35	$	33		$	37		$	38
Unfunded lending-related commitments sold	$	—	$	1	$	—		$	—		$	—

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

17

NONPERFORMING ASSETS (unaudited)

Comerica Incorporated and Subsidiaries

	2009												2008
(in millions)	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Commercial	$	238		$	290		$	327		$	258		$	205
Real estate construction:
Commercial Real Estate business line (a)	507			542			472			426			429
Other business lines (b)	4			4			4			5			5
Total real estate construction	511			546			476			431			434
Commercial mortgage:
Commercial Real Estate business line (a)	127			137			134			131			132
Other business lines (b)	192			161			175			138			130
Total commercial mortgage	319			298			309			269			262
Residential mortgage	48			27			7			8			7
Consumer	12			8			7			8			6
Lease financing	13			18			—			2			1
International	22			7			4			6			2
Total nonaccrual loans	1,163			1,194			1,130			982			917
Reduced-rate loans	18			2			—			—			—
Total nonperforming loans	1,181			1,196			1,130			982			917
Foreclosed property	111			109			100			91			66
Total nonperforming assets	$	1,292		$	1,305		$	1,230		$	1,073		$	983
Nonperforming loans as a percentage of total loans	2.80		%	2.74		%	2.43		%	2.02		%	1.82		%
Nonperforming assets as a percentage of total loans and foreclosed property	3.06			2.99			2.64			2.20			1.94
Allowance for loan losses as a percentage of total nonperforming loans	83			80			78			83			84
Loans past due 90 days or more and still accruing	$	101		$	161		$	210		$	207		$	125
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	1,194		$	1,130		$	982		$	917		$	863
Loans transferred to nonaccrual (c)	266			361			419			241			258
Nonaccrual business loan gross charge-offs (d)	(218		)	(226		)	(242		)	(153		)	(132		)
Loans transferred to accrual status (c)	—			(4		)	—			(4		)	(11		)
Nonaccrual business loans sold (e)	(10		)	(41		)	(10		)	(3		)	(14		)
Payments/Other (f)	(69		)	(26		)	(19		)	(16		)	(47		)
Nonaccrual loans at end of period	$	1,163		$	1,194		$	1,130		$	982		$	917

(a) Primarily loans to real estate investors and developers.

(b) Primarily loans secured by owner-occupied real estate.

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

(d) Analysis of gross loan charge-offs:
Nonaccrual business loans	$	218	$	226	$	242	$	153	$	132
Performing watch list loans	—		1		1		—		—
Consumer and residential mortgage loans	15		18		14		8		12
Total gross loan charge-offs	$	233	$	245	$	257	$	161	$	144
(e) Analysis of loans sold:
Nonaccrual business loans	$	10	$	41	$	10	$	3	$	14
Performing watch list loans	1		24		6		—		—
Total loans sold	$	11	$	65	$	16	$	3	$	14

(f) Includes net changes related to nonaccrual loans with balances less than $2 million, payments on non-accrual 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.

18

ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)

Comerica Incorporated and Subsidiaries

		Years Ended
		December 31, 2009							December 31, 2008
		Average					Average		Average					Average
(dollar amounts in millions)		Balance			Interest		Rate		Balance			Interest		Rate
Commercial loans (a) (b)		$	24,534		$	890	3.63	%	$	28,870		$	1,468	5.08	%
Real estate construction loans		4,140			121		2.92		4,715			231		4.89
Commercial mortgage loans		10,415			437		4.20		10,411			580		5.57
Residential mortgage loans		1,756			97		5.53		1,886			112		5.94
Consumer loans		2,553			94		3.68		2,559			130		5.08
Lease financing (c)		1,231			40		3.25		1,356			8		0.59
International loans		1,533			58		3.79		1,968			101		5.13
Business loan swap income		—			34		—		—			24		—
Total loans (b)		46,162			1,771		3.84		51,765			2,654		5.13
Auction-rate securities available-for-sale		1,010			15		1.47		193			6		2.95
Other investment securities available-for-sale		8,378			318		3.88		7,908			384		4.88
Total investment securities available-for-sale		9,388			333		3.61		8,101			390		4.83
Federal funds sold and securities purchased under agreements to resell		18			—		0.32		93			2		2.08
Interest-bearing deposits with banks (d)		2,440			6		0.25		219			1		0.61
Other short-term investments		154			3		1.74		244			10		3.98
Total earning assets		58,162			2,113		3.64		60,422			3,057		5.06
Cash and due from banks		883							1,185
Allowance for loan losses		(947		)					(691		)
Accrued income and other assets		4,711							4,269
Total assets		$	62,809						$	65,185
Money market and NOW deposits (a)		$	12,965		63		0.49		$	14,245		207		1.45
Savings deposits		1,339			2		0.11		1,344			6		0.45
Customer certificates of deposit		8,131			183		2.26		8,150			263		3.23
Total interest-bearing core deposits		22,435			248		1.11		23,739			476		2.01
Other time deposits		4,103			121		2.96		6,715			232		3.45
Foreign office time deposits		653			2		0.29		926			26		2.77
Total interest-bearing deposits		27,191			371		1.37		31,380			734		2.34
Short-term borrowings		1,000			2		0.24		3,763			87		2.30
Medium- and long-term debt		13,334			165		1.23		12,457			415		3.33
Total interest-bearing sources		41,525			538		1.29		47,600			1,236		2.59
Noninterest-bearing deposits (a)		12,900							10,623
Accrued expenses and other liabilities		1,285							1,520
Total shareholders’ equity		7,099							5,442
Total liabilities and shareholders’ equity		$	62,809						$	65,185
Net interest income/rate spread (FTE)					$	1,575	2.35					$	1,821	2.47
FTE adjustment					$	8						$	6
Impact of net noninterest-bearing sources of funds							0.37							0.55
Net interest margin (as a percentage of average earning assets) (FTE) (b) (c) (d)							2.72	%						3.02	%
N/M - Not meaningful
(a)	FSD balances included above:
Loans (primarily low-rate)		$	210		$	3	1.65	%	$	498		$	7	1.40	%
Interest-bearing deposits		448			2		0.54		957			19		1.99
Noninterest-bearing deposits		1,306							1,643
(b)	Impact of FSD loans (primarily low-rate) on the following:
Commercial loans							(0.02	)%						(0.07	)%
Total loans							(0.01	)						(0.03	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)							—							(0.01	)
(c)	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%.
(d)	Excess liquidity, represented by average balances deposited with the Federal Reserve Bank, reduced the net interest margin by 11 basis points and one basis point in 2009 and 2008, respectively. Excluding excess liquidity, the net interest margin would have been 2.83% in 2009 and 3.03% in 2008.

19

ANALYSIS OF NET INTEREST INCOME (FTE) (unaudited)

Comerica Incorporated and Subsidiaries

	Three Months Ended
	December 31, 2009							September 30, 2009							December 31, 2008
	Average					Average		Average					Average		Average					Average
(dollar amounts in millions)	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
Commercial loans (a) (b)	$	21,971		$	212	3.84	%	$	23,401		$	223	3.79	%	$	28,507		$	334	4.65	%
Real estate construction loans	3,703			27		2.90		4,033			29		2.83		4,536			46		4.08
Commercial mortgage loans	10,393			110		4.19		10,359			110		4.21		10,613			138		5.17
Residential mortgage loans	1,664			21		5.01		1,720			24		5.66		1,851			27		5.80
Consumer loans	2,517			23		3.59		2,550			24		3.68		2,639			30		4.49
Lease financing	1,181			11		3.80		1,218			12		3.96		1,359			12		3.63
International loans	1,324			12		3.73		1,501			14		3.65		1,833			22		4.78
Business loan swap income	—			9		—		—			9		—		—			5		—
Total loans (b)	42,753			425		3.95		44,782			445		3.94		51,338			614		4.76
Auction-rate securities available-for-sale	923			3		1.37		962			3		1.29		769			6		2.95
Other investment securities available-for-sale	7,664			51		2.67		8,108			62		3.10		7,965			96		4.86
Total investment securities available-for-sale	8,587			54		2.53		9,070			65		2.91		8,734			102		4.69
Federal funds sold and securities purchased under agreements to resell	1			—		0.29		2			—		0.29		75			—		0.83
Interest-bearing deposits with banks (c)	2,480			1		0.25		3,538			2		0.25		811			1		0.50
Other short-term investments	132			1		1.55		121			1		1.80		176			2		3.59
Total earning assets	53,953			481		3.55		57,513			513		3.55		61,134			719		4.68
Cash and due from banks	831							873							1,056
Allowance for loan losses	(1,048		)					(992		)					(780		)
Accrued income and other assets	4,660							4,554							4,571
Total assets	$	58,396						$	61,948						$	65,981
Money market and NOW deposits (a)	$	14,113		14		0.39		$	13,090		15		0.46		$	12,670		37		1.16
Savings deposits	1,376			—		0.08		1,347			—		0.09		1,264			1		0.29
Customer certificates of deposit	6,823			25		1.42		8,145			46		2.23		8,589			63		2.91
Total interest-bearing core deposits	22,312			39		0.69		22,582			61		1.07		22,523			101		1.78
Other time deposits	1,493			12		3.22		3,573			28		3.05		6,702			56		3.35
Foreign office time deposits	550			—		0.22		660			—		0.24		516			1		0.81
Total interest-bearing deposits	24,355			51		0.83		26,815			89		1.32		29,741			158		2.12
Short-term borrowings	222			—		0.09		434			—		0.13		2,808			9		1.27
Medium- and long-term debt	11,140			32		1.12		13,311			37		1.10		15,016			118		3.14
Total interest-bearing sources	35,717			83		0.92		40,560			126		1.23		47,565			285		2.39
Noninterest-bearing deposits (a)	14,430							13,225							10,575
Accrued expenses and other liabilities	1,225							1,098							1,540
Total shareholders’ equity	7,024							7,065							6,301
Total liabilities and shareholders’ equity	$	58,396						$	61,948						$	65,981
Net interest income/rate spread (FTE)				$	398	2.63					$	387	2.32					$	434	2.29
FTE adjustment				$	2						$	2						$	3
Impact of net noninterest-bearing sources of funds						0.31							0.36							0.53
Net interest margin (as a percentage of average earning assets) (FTE) (b) (c)						2.94	%						2.68	%						2.82	%
N/M - Not meaningful
(a) FSD balances included above:
Loans (primarily low-rate)	$	205		$	—	0.98	%	$	209		$	1	1.94	%	$	323		$	1	1.60	%
Interest-bearing deposits	342			—		0.30		384			—		0.47		834			3		1.55
Noninterest-bearing deposits	1,285							1,258							1,320
(b) Impact of FSD loans (primarily low-rate) on the following:
Commercial loans						(0.03	)%						(0.02	)%						(0.03	)%
Total loans						(0.01	)						(0.01	)						(0.02	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)						(0.01	)						—							—

(c) Excess liquidity, represented by average balances deposited with the Federal Reserve Bank, reduced the net interest margin by 13 basis points and 16 basis points in the fourth and third quarters of 2009, respectively, and by 3 basis points in the fourth quarter of 2008. Excluding excess liquidity, the net interest margin would have been 3.07%, 2.84% and 2.85% in each respective period.

20

CONSOLIDATED STATISTICAL DATA (unaudited)

Comerica Incorporated and Subsidiaries

	December 31,			September 30,			June 30,			March 31,			December 31,
(in millions, except per share data)	2009			2009			2009			2009			2008
Commercial loans:
Floor plan	$	1,367		$	857		$	1,492		$	1,763		$	2,341
Other	20,323			21,689			23,430			24,668			25,658
Total commercial loans	21,690			22,546			24,922			26,431			27,999
Real estate construction loans:
Commercial Real Estate business line (a)	2,988			3,328			3,500			3,711			3,831
Other business lines (b)	473			542			652			668			646
Total real estate construction loans	3,461			3,870			4,152			4,379			4,477
Commercial mortgage loans:
Commercial Real Estate business line (a)	1,824			1,678			1,728			1,659			1,619
Other business lines (b)	8,633			8,702			8,672			8,855			8,870
Total commercial mortgage loans	10,457			10,380			10,400			10,514			10,489
Residential mortgage loans	1,651			1,679			1,759			1,836			1,852
Consumer loans:
Home equity	1,803			1,804			1,801			1,791			1,781
Other consumer	708			740			761			786			811
Total consumer loans	2,511			2,544			2,562			2,577			2,592
Lease financing	1,139			1,197			1,234			1,232			1,343
International loans	1,252			1,355			1,523			1,655			1,753
Total loans	$	42,161		$	43,571		$	46,552		$	48,624		$	50,505
Goodwill	$	150		$	150		$	150		$	150		$	150
Loan servicing rights	7			8			9			10			11
Tier 1 common capital ratio (c) (d)	8.18		%	8.04		%	7.66		%	7.32		%	7.08		%
Tier 1 risk-based capital ratio (d)	12.46			12.21			11.58			11.06			10.66
Total risk-based capital ratio (d)	16.93			16.79			15.97			15.36			14.72
Leverage ratio (d)	13.22			12.46			12.11			11.65			11.77
Tangible common equity ratio (c)	7.99			7.96			7.55			7.27			7.21
Book value per common share	$	31.82		$	31.90		$	32.70		$	33.32		$	33.31
Market value per share for the quarter:
High	32.30			31.83			26.47			21.20			37.01
Low	26.49			19.94			16.03			11.72			15.05
Close	29.57			29.67			21.15			18.31			19.85
Quarterly ratios:
Return on average common shareholders’ equity	(5.10		)%	(1.27		)%	(1.25		)%	(1.90		)%	0.19		%
Return on average assets	(0.19		)	0.12			0.11			0.06			0.12
Efficiency ratio	70.52			67.14			72.75			66.61			68.19
Number of banking centers	447			444			441			440			439
Number of employees - full time equivalent	9,330			9,384			9,497			9,696			10,186

(a) Primarily loans to real estate investors and developers.

(b) Primarily loans secured by owner-occupied real estate.

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

(d) December 31, 2009 ratios are estimated.

21

PARENT COMPANY ONLY BALANCE SHEETS (unaudited)

Comerica Incorporated

	December 31,			September 30,			December 31,
(in millions, except share data)	2009			2009			2008
ASSETS
Cash and due from subsidiary bank	$	5		$	7		$	11
Short-term investments with subsidiary bank	2,150			2,169			2,329
Other short-term investments	86			84			80
Investment in subsidiaries, principally banks	5,710			5,711			5,690
Premises and equipment	4			4			5
Other assets	186			197			210
Total assets	$	8,141		$	8,172		$	8,325
LIABILITIES AND SHAREHOLDERS’ EQUITY
Medium- and long-term debt	$	986		$	992		$	1,002
Other liabilities	126			145			171
Total liabilities	1,112			1,137			1,173
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 12/31/09, 09/30/09 and 12/31/08	2,151			2,145			2,129
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 178,735,252 shares at 12/31/09, 09/30/09 and 12/31/08	894			894			894
Capital surplus	740			738			722
Accumulated other comprehensive loss	(336		)	(361		)	(309		)
Retained earnings	5,161			5,205			5,345
Less cost of common stock in treasury - 27,555,623 shares at 12/31/09, 27,620,576 shares at 09/30/09 and 28,244,967 shares at 12/31/08	(1,581		)	(1,586		)	(1,629		)
Total shareholders’ equity	7,029			7,035			7,152
Total liabilities and shareholders’ equity	$	8,141		$	8,172		$	8,325

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)

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, 2008	$	—	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 warrant	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
Net income	—		—		—		—			—			17			—			17
Other comprehensive loss, net of tax	—		—		—		—			(27		)	—			—			(27		)
Total comprehensive loss																			(10		)
Cash dividends declared on preferred stock	—		—		—		—			—			(113		)	—			(113		)
Cash dividends declared on common stock ($0.20 per share)	—		—		—		—			—			(30		)	—			(30		)
Purchase of common stock	—		(0.1	)	—		—			—			—			(1		)	(1		)
Accretion of discount on preferred stock	22		—		—		—			—			(22		)	—			—
Net issuance of common stock under employee stock plans	—		0.8		—		(15		)	—			(36		)	48			(3		)
Share-based compensation	—		—		—		32			—			—			—			32
Other	—		—		—		1			—			—			1			2
BALANCE AT DECEMBER 31, 2009	$	2,151	151.2		$	894	$	740		$	(336	)	$	5,161		$	(1,581	)	$	7,029

22

BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)

Comerica Incorporated and Subsidiaries

							Wealth &
(dollar amounts in millions)	Business			Retail			Institutional
Three Months Ended December 31, 2009	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	343		$	129		$	42		$	(125	)	$	9		$	398
Provision for loan losses	180			36			19			—			22			257
Noninterest income	77			48			60			26			3			214
Noninterest expenses	164			161			76			2			21			424
Provision (benefit) for income taxes (FTE)	11			(8		)	2			(39		)	(6		)	(40		)
Income from discontinued operations, net of tax	—			—			—			—			—			—
Net income (loss)	$	65		$	(12	)	$	5		$	(62	)	$	(25	)	$	(29	)
Net credit-related charge-offs	$	183		$	30		$	12		$	—		$	—		$	225
Selected average balances:
Assets	$	32,655		$	6,257		$	4,841		$	10,683		$	3,960		$	58,396
Loans	32,289			5,733			4,746			—			(15		)	42,753
Deposits	16,944			17,020			2,849			1,892			80			38,785
Liabilities	16,903			16,978			2,837			13,722			932			51,372
Attributed equity	3,376			606			373			899			1,770			7,024
Statistical data:
Return on average assets (a)	0.80		%	(0.27		)%	0.38		%	N/M			N/M			(0.19		)%
Return on average attributed equity	7.70			(7.76		)	4.91			N/M			N/M			(5.10		)
Net interest margin (b)	4.21			3.02			3.50			N/M			N/M			2.94
Efficiency ratio	38.98			90.98			75.98			N/M			N/M			70.52

							Wealth &
	Business			Retail			Institutional
Three Months Ended September 30, 2009	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	346		$	127		$	42		$	(136	)	$	8		$	387
Provision for loan losses	252			42			20			—			(3		)	311
Noninterest income	72			50			66			121			6			315
Noninterest expenses	160			154			73			3			9			399
Provision (benefit) for income taxes (FTE)	(16		)	(8		)	5			(11		)	3			(27		)
Income from discontinued operations, net of tax	—			—			—			—			—			—
Net income (loss)	$	22		$	(11	)	$	10		$	(7	)	$	5		$	19
Net credit-related charge-offs	$	195		$	34		$	10		$	—		$	—		$	239
Selected average balances:
Assets	$	34,822		$	6,445		$	4,856		$	11,426		$	4,399		$	61,948
Loans	34,116			5,904			4,760			2			—			44,782
Deposits	15,735			17,563			2,735			3,969			38			40,040
Liabilities	16,002			17,532			2,725			18,361			263			54,883
Attributed equity	3,464			629			373			959			1,640			7,065
Statistical data:
Return on average assets (a)	0.24		%	(0.24		)%	0.80		%	N/M			N/M			0.12		%
Return on average attributed equity	2.45			(6.92		)	10.40			N/M			N/M			(1.27		)
Net interest margin (b)	4.01			2.87			3.48			N/M			N/M			2.68
Efficiency ratio	38.35			86.86			70.84			N/M			N/M			67.14

							Wealth &
	Business			Retail			Institutional
Three Months Ended December 30, 2008	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	329		$	129		$	38		$	(66	)	$	4		$	434
Provision for loan losses	138			44			13			—			(3		)	192
Noninterest income	61			49			73			13			(22		)	174
Noninterest expenses	172			180			80			3			(24		)	411
Provision (benefit) for income taxes (FTE)	27			(12		)	5			(19		)	(15		)	(14		)
Income from discontinued operations, net of tax	—			—			—			—			1			1
Net income (loss)	$	53		$	(34	)	$	13		$	(37	)	$	25		$	20
Net credit-related charge-offs	$	101		$	23		$	9		$	—		$	—		$	133
Selected average balances:
Assets	$	41,332		$	7,007		$	4,879		$	10,959		$	1,804		$	65,981
Loans	40,245			6,379			4,724			(4		)	(6		)	51,338
Deposits	13,789			17,065			2,255			6,892			315			40,316
Liabilities	14,367			17,053			2,300			25,220			740			59,680
Attributed equity	3,337			665			341			979			979			6,301
Statistical data:
Return on average assets (a)	0.51		%	(0.76		)%	1.05		%	N/M			N/M			0.12		%
Return on average attributed equity	6.33			(20.18		)	15.03			N/M			N/M			0.19
Net interest margin (b)	3.24			3.01			3.14			N/M			N/M			2.82
Efficiency ratio	44.15			100.79			75.73			N/M			N/M			68.19

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

(b) 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

23

MARKET SEGMENT FINANCIAL RESULTS (unaudited)

Comerica Incorporated and Subsidiaries

																			Finance
(dollar amounts in millions)													Other						& Other
Three Months Ended December 31, 2009	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	205		$	163		$	78		$	10		$	40		$	18		$	(116	)	$	398
Provision for loan losses	102			79			20			—			15			19			22			257
Noninterest income	106			33			23			3			11			9			29			214
Noninterest expenses	192			110			61			9			21			8			23			424
Provision (benefit) for income taxes (FTE)	4			—			7			1			(7		)	—			(45		)	(40		)
Income from discontinued operations, net of tax	—			—			—			—			—			—			—			—
Net income (loss)	$	13		$	7		$	13		$	3		$	22		$	—		$	(87	)	$	(29	)
Net credit-related charge-offs	$	97		$	85		$	13		$	4		$	13		$	13		$	—		$	225
Selected average balances:
Assets	$	16,090		$	13,484		$	7,118		$	1,608		$	3,765		$	1,688		$	14,643		$	58,396
Loans	15,811			13,289			6,934			1,613			3,458			1,663			(15		)	42,753
Deposits	17,201			11,899			4,737			333			1,704			939			1,972			38,785
Liabilities	17,186			11,817			4,723			318			1,746			928			14,654			51,372
Attributed equity	1,529			1,386			691			176			401			172			2,669			7,024
Statistical data:
Return on average assets (a)	0.28		%	0.21		%	0.75		%	0.63		%	2.32		%	0.06		%	N/M			(0.19		)%
Return on average attributed equity	3.38			2.00			7.74			5.72			21.78			0.58			N/M			(5.10		)
Net interest margin (b)	4.73			4.85			4.46			2.57			4.57			4.22			N/M			2.94
Efficiency ratio	61.97			56.08			60.26			69.94			42.41			28.74			N/M			70.52

																			Finance
													Other						& Other
Three Months Ended September 30, 2009	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	209		$	159		$	77		$	11		$	39		$	20		$	(128	)	$	387
Provision for loan losses	144			101			29			24			10			6			(3		)	311
Noninterest income	107			33			22			3			14			9			127			315
Noninterest expenses	188			106			58			10			17			8			12			399
Provision (benefit) for income taxes (FTE)	(10		)	(8		)	5			(8		)	(3		)	5			(8		)	(27		)
Income from discontinued operations, net of tax	—			—			—			—			—			—			—			—
Net income (loss)	$	(6	)	$	(7	)	$	7		$	(12	)	$	29		$	10		$	(2	)	$	19
Net credit-related charge-offs	$	102		$	95		$	22		$	9		$	10		$	1		$	—		$	239
Selected average balances:
Assets	$	16,987		$	14,114		$	7,444		$	1,673		$	3,997		$	1,908		$	15,825		$	61,948
Loans	16,387			13,923			7,221			1,674			3,683			1,892			2			44,782
Deposits	17,395			11,146			4,609			327			1,696			860			4,007			40,040
Liabilities	17,667			11,060			4,618			317			1,748			849			18,624			54,883
Attributed equity	1,577			1,393			722			180			418			176			2,599			7,065
Statistical data:
Return on average assets (a)	(0.14		)%	(0.20		)%	0.39		%	(2.81		)%	2.92		%	1.94		%	N/M			0.12		%
Return on average attributed equity	(1.74		)	(1.99		)	4.01			(26.20		)	27.91			21.01			N/M			(1.27		)
Net interest margin (b)	4.72			4.53			4.22			2.70			4.24			4.08			N/M			2.68
Efficiency ratio	59.58			54.96			59.18			70.34			34.57			28.39			N/M			67.14

																			Finance
													Other						& Other
Three Months Ended December 30, 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			20			4			9			7			(9		)	174
Noninterest expenses	218			114			63			11			16			10			(21		)	411
Provision (benefit) for income taxes (FTE)	20			5			6			(3		)	(11		)	3			(34		)	(14		)
Income from discontinued operations, net of tax	—			—			—			—			—			—			1			1
Net income (loss)	$	14		$	2		$	4		$	(7	)	$	15		$	4		$	(12	)	$	20
Net credit-related charge-offs	$	38		$	65		$	8		$	6		$	16		$	—		$	—		$	133
Selected average balances:
Assets	$	19,942		$	16,243		$	8,215		$	1,938		$	4,612		$	2,268		$	12,763		$	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			645			7,207			40,316
Liabilities	16,733			10,716			4,090			216			1,330			635			25,960			59,680
Attributed equity	1,613			1,381			650			146			405			148			1,958			6,301
Statistical data:
Return on average assets (a)	0.28		%	0.05		%	0.20		%	(1.46		)%	1.30		%	0.69		%	N/M			0.12		%
Return on average attributed equity	3.47			0.63			2.49			(19.46		)	14.86			10.62			N/M			0.19
Net interest margin (b)	4.21			3.88			3.57			2.26			3.55			2.83			N/M			2.82
Efficiency ratio	70.37			59.54			68.41			72.81			37.57			43.36			N/M			68.19

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

(b) 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

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)

Comerica Incorporated and Subsidiaries

	December 31,			September 30,			June 30,			March 31,			December 31,
(dollar amounts in millions)	2009			2009			2009			2009			2008
Tier 1 capital (a) (b)	$	7,704		$	7,735		$	7,774		$	7,760		$	7,805
Less:
Fixed rate cumulative perpetual preferred stock	2,151			2,145			2,140			2,134			2,129
Trust preferred securities	495			495			495			495			495
Tier 1 common capital (b)	$	5,058		$	5,095		$	5,139		$	5,131		$	5,181
Risk-weighted assets (a) (b)	$	61,842		$	63,355		$	67,124		$	70,135		$	73,207
Tier 1 common capital ratio (b)	8.18		%	8.04		%	7.66		%	7.32		%	7.08		%
Total shareholders’ equity	$	7,029		$	7,035		$	7,093		$	7,183		$	7,152
Less:
Fixed rate cumulative perpetual preferred stock	2,151			2,145			2,140			2,134			2,129
Goodwill	150			150			150			150			150
Other intangible assets	8			8			10			11			12
Tangible common equity	$	4,720		$	4,732		$	4,793		$	4,888		$	4,861
Total assets	$	59,263		$	59,590		$	63,630		$	67,370		$	67,548
Less:
Goodwill	150			150			150			150			150
Other intangible assets	8			8			10			11			12
Tangible assets	$	59,105		$	59,432		$	63,470		$	67,209		$	67,386
Tangible common equity ratio	7.99		%	7.96		%	7.55		%	7.27		%	7.21		%

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

(b) December 31, 2009 Tier 1 capital and risk-weighted assets are estimated.

25