Comerica 2009 Annual Report Download - page 147
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
STATEMENTS OF INCOME — COMERICA INCORPORATED
Years Ended
December 31
2009 2008 2007
(in millions)
INCOME
Income from subsidiaries
Dividends from subsidiaries ...................................... $59 $267 $614
Other interest income .......................................... 4415
Intercompany management fees ................................... 44 156 149
Other noninterest income ......................................... 6(32) 15
Total income ............................................... 113 395 793
EXPENSES
Interest on medium- and long-term debt ............................... 42 50 60
Salaries and employee benefits ...................................... 88 74 108
Net occupancy expense ........................................... 987
Equipment expense ............................................. 111
Other noninterest expenses ........................................ 47 55 51
Total expenses .............................................. 187 188 227
Income before income taxes and equity in undistributed earnings of subsidiaries . . . (74) 207 566
Provision (benefit) for income taxes .................................. (47) (25) (22)
Income before equity in undistributed earnings of subsidiaries ................ (27) 232 588
Equity in undistributed earnings (losses) of subsidiaries, principally banks (including
discontinued operations) ........................................ 44 (19) 98
NET INCOME ................................................ $17 $213 $686
Net income (loss) attributable to common shares ........................ $(118) $192 $680
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