Comerica 2007 Annual Report Download - page 71

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CONSOLIDATED STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries
2007 2006 2005
Years Ended December 31
(in millions, except per share data)
INTEREST INCOME
Interest and fees on loans . ............................................ $3,501 $3,216 $2,554
Interest on investment securities . ........................................ 206 174 148
Interest on short-term investments . . . . . . ................................. 23 32 24
Total interest income. ............................................. 3,730 3,422 2,726
INTEREST EXPENSE
Interest on deposits . . ................................................ 1,167 1,005 548
Interest on short-term borrowings........................................ 105 130 52
Interest on medium- and long-term debt .................................. 455 304 170
Total interest expense ............................................. 1,727 1,439 770
Net interest income . . ............................................. 2,003 1,983 1,956
Provision for loan losses . . ............................................ 212 37 (47)
Net interest income after provision for loan losses . . . ..................... 1,791 1,946 2,003
NONINTEREST INCOME
Service charges on deposit accounts . . . . . ................................. 221 218 218
Fiduciary income . . . ................................................. 199 180 174
Commercial lending fees . . ............................................ 75 65 63
Letter of credit fees . . ................................................ 63 64 70
Foreign exchange income . ............................................. 40 38 37
Brokerage fees . . . . . . ................................................ 43 40 36
Card fees. . . ....................................................... 54 46 39
Bank-owned life insurance ............................................. 36 40 38
Net income from principal investing and warrants . . ......................... 19 10 17
Net securities gains . . ................................................ 7——
Net gain (loss) on sales of businesses . . . . ................................. 3(12) 1
Income from lawsuit settlement . . . ...................................... —47 —
Other noninterest income ............................................. 128 119 126
Total noninterest income . . ......................................... 888 855 819
NONINTEREST EXPENSES
Salaries ........................................................... 844 823 786
Employee benefits . . . ................................................ 193 184 178
Total salaries and employee benefits. . ................................. 1,037 1,007 964
Netoccupancyexpense ............................................... 138 125 118
Equipment expense . ................................................. 60 55 53
Outside processing fee expense . ......................................... 91 85 77
Softwareexpense.................................................... 63 56 49
Customer services . . . ................................................ 43 47 69
Litigation and operational losses ........................................ 18 11 14
Provision for credit losses on lending-related commitments ..................... (1) 518
Other noninterest expenses ............................................ 242 283 251
Total noninterest expenses . . ........................................ 1,691 1,674 1,613
Income from continuing operations before income taxes . . ..................... 988 1,127 1,209
Provision for income taxes . ............................................ 306 345 393
Income from continuing operations . . . . . ................................. 682 782 816
Income from discontinued operations, net of tax . . . . . ....................... 4111 45
NET INCOME ...................................................... $ 686 $ 893 $ 861
Basic earnings per common share:
Income from continuing operations . . . ................................. $ 4.47 $ 4.88 $ 4.90
Netincome...................................................... 4.49 5.57 5.17
Diluted earnings per common share:
Income from continuing operations . . . ................................. 4.40 4.81 4.84
Netincome...................................................... 4.43 5.49 5.11
Cash dividends declared on common stock. . . .............................. 393 380 367
Cash dividends declared per common share . . .............................. 2.56 2.36 2.20
See notes to consolidated financial statements.
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