Comerica 2009 Annual Report Download - page 156

HISTORICAL REVIEW — STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries
CONSOLIDATED FINANCIAL INFORMATION
Years Ended December 31
2009 2008 2007 2006 2005
(in millions, except per share data)
INTEREST INCOME
Interest and fees on loans ....................................... $1,767 $2,649 $3,501 $3,216 $2,554
Interest on investment securities ................................... 329 389 206 174 148
Interest on short-term investments .................................. 913 23 32 24
Total interest income ....................................... 2,105 3,051 3,730 3,422 2,726
INTEREST EXPENSE
Interest on deposits .......................................... 372 734 1,167 1,005 548
Interest on short-term borrowings .................................. 287 105 130 52
Interest on medium- and long-term debt .............................. 164 415 455 304 170
Total interest expense ...................................... 538 1,236 1,727 1,439 770
Net interest income ........................................ 1,567 1,815 2,003 1,983 1,956
Provision for loan losses ........................................ 1,082 686 212 37 (47)
Net interest income after provision for loan losses ...................... 485 1,129 1,791 1,946 2,003
NONINTEREST INCOME
Service charges on deposit accounts ................................. 228 229 221 218 218
Fiduciary income ............................................ 161 199 199 180 174
Commercial lending fees ........................................ 79 69 75 65 63
Letter of credit fees .......................................... 69 69 63 64 70
Card fees ................................................. 51 58 54 46 39
Foreign exchange income ....................................... 41 40 40 38 37
Bank-owned life insurance ....................................... 35 38 36 40 38
Brokerage fees ............................................. 31 42 43 40 36
Net securities gains ........................................... 243 67 7 — —
Income from lawsuit settlement .................................... ———47—
Other noninterest income ....................................... 112 82 150 117 144
Total noninterest income ..................................... 1,050 893 888 855 819
NONINTEREST EXPENSES
Salaries .................................................. 687 781 844 823 786
Employee benefits ........................................... 210 194 193 184 178
Total salaries and employee benefits .............................. 897 975 1,037 1,007 964
Net occupancy expense ........................................ 162 156 138 125 118
Equipment expense .......................................... 62 62 60 55 53
Outside processing fee expense .................................... 97 104 91 85 77
FDIC insurance expense ........................................ 90 16557
Software expense ............................................ 84 76 63 56 49
Other real estate expense ....................................... 48 10 7 4 12
Legal fees ................................................ 37 29 24 28 26
Litigation and operational losses ................................... 10 103 18 11 14
Customer services ............................................ 413 43 47 69
Provision for credit losses on lending-related commitments ................... —18 (1) 5 18
Other noninterest expenses ...................................... 159 189 206 246 206
Total noninterest expenses .................................... 1,650 1,751 1,691 1,674 1,613
Income (loss) from continuing operations before income taxes ................. (115) 271 988 1,127 1,209
Provision (benefit) for income taxes ................................. (131) 59 306 345 393
Income from continuing operations ................................. 16 212 682 782 816
Income from discontinued operations, net of tax ......................... 11 4 111 45
NET INCOME ............................................. $17 $ 213 $ 686 $ 893 $ 861
Net income (loss) attributable to common shares ......................... $ (118) $ 192 $ 680 $ 886 $ 858
Basic earnings per common share:
Income (loss) from continuing operations ............................ $ (0.80) $ 1.28 $ 4.43 $ 4.85 $ 4.88
Net income (loss) .......................................... (0.79) 1.29 4.45 5.53 5.15
Diluted earnings per common share:
Income (loss) from continuing operations ............................ (0.80) 1.28 4.40 4.81 4.84
Net income (loss) .......................................... (0.79) 1.28 4.43 5.49 5.11
Cash dividends declared on common stock ............................. 30 348 393 380 367
Cash dividends declared per common share ............................ 0.20 2.31 2.56 2.36 2.20
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