Comerica 2008 Annual Report Download - page 139

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
Market segment financial results are as follows:
Year Ended December 31, 2008
Finance &
Other Other
Midwest Western Texas Florida Markets * International Businesses Total
(dollar amounts in millions)
Earnings summary:
Net interest income (expense) (FTE) . . . $ 776 $ 668 $ 292 $ 47 $ 147 $ 61 $ (170) $ 1,821
Provision for loan losses ........... 155 379 51 40 62 4 (5) 686
Noninterest income .............. 524 139 94 16 48 31 41 893
Noninterest expenses ............. 808 448 246 43 190 41 (25) 1,751
Provision (benefit) for income taxes
(FTE) ..................... 127 (1) 36 (6) (65) 18 (44) 65
Income from discontinued operations,
net of tax ................... — ——— — — 1 1
Net income ................... $ 210 $ (19) $ 53 $ (14) $ 8 $ 29 $ (54) $ 213
Net credit-related charge-offs ........ $ 152 $ 241 $ 25 $ 27 $ 26 $ 1 $ — $ 472
Selected average balances:
Assets ....................... $19,786 $16,841 $8,039 $1,896 $4,623 $2,372 $ 11,628 $65,185
Loans ....................... 19,061 16,551 7,776 1,892 4,217 2,254 14 51,765
Deposits ..................... 16,040 11,917 4,023 288 1,374 762 7,599 42,003
Liabilities ..................... 16,672 11,893 4,040 283 1,479 764 24,612 59,743
Attributed equity ................ 1,639 1,339 627 130 396 158 1,153 5,442
Statistical data:
Return on average assets (1) ........ 1.06% (0.11)% 0.66% (0.72)% 0.18% 1.24% N/M 0.33%
Return on average attributed equity .... 12.74 (1.41) 8.48 (10.49) 2.06 18.53 N/M 3.79
Net interest margin (2) ............ 4.04 4.02 3.73 2.46 3.45 2.64 N/M 3.02
Efficiency ratio ................. 64.96 55.75 64.57 68.26 99.47 44.26 N/M 66.17
* 2008 included an $88 million net charge ($56 million, after-tax) related to the repurchase of auction-rate securities from customers.
Year Ended December 31, 2007
Finance &
Other Other
Midwest Western Texas Florida Markets International Businesses Total
(dollar amounts in millions)
Earnings summary:
Net interest income (expense) (FTE) .... $ 888 $ 739 $ 287 $ 46 $ 136 $ 68 $ (158) $ 2,006
Provision for loan losses ............ 88 108 8 11 16 (15) (4) 212
Noninterest income ............... 471 130 86 14 55 38 94 888
Noninterest expenses .............. 818 454 235 38 96 44 6 1,691
Provision (benefit) for income taxes (FTE) 158 116 45 4 (7) 27 (34) 309
Income from discontinued operations, net
of tax....................... — — — — — — 4 4
Net income (loss) ................ $ 295 $ 191 $ 85 $ 7 $ 86 $ 50 $ (28) $ 686
Net credit-related charge-offs (recoveries) . $ 110 $ 28 $ 9 $ 2 $ 10 $ (6) $ — $ 153
Selected average balances:
Assets ........................ $19,133 $17,069 $7,106 $1,688 $4,490 $2,252 $ 6,836 $58,574
Loans ........................ 18,558 16,530 6,827 1,672 4,081 2,124 29 49,821
Deposits ...................... 15,772 13,325 3,884 286 1,433 1,095 6,139 41,934
Liabilities ...................... 16,437 13,361 3,901 287 1,550 1,116 16,852 53,504
Attributed equity ................. 1,723 1,212 595 97 335 156 952 5,070
Statistical data:
Return on average assets (1) .......... 1.55% 1.12% 1.19% 0.40% 1.92% 2.22% N/M 1.17%
Return on average attributed equity ..... 17.18 15.73 14.22 6.91 25.70 32.05 N/M 13.52
Net interest margin (2) ............. 4.76 4.47 4.18 2.76 3.33 3.10 N/M 3.66
Efficiency ratio .................. 60.32 52.31 63.05 64.27 50.20 42.93 N/M 58.58
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