Comerica 2008 Annual Report Download - page 90
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
Note 4 — Nonperforming Assets
The following table summarizes nonperforming assets, which consist of nonaccrual loans, reduced-rate
loans and real estate acquired through foreclosure. Nonaccrual loans are those on which interest is not being
recognized. Reduced-rate loans are those on which interest has been renegotiated to lower than market rates
because of the weakened financial condition of the borrower.
Nonaccrual and reduced-rate loans are included in loans and real estate acquired through foreclosure is
included in ‘‘accrued income and other assets’’ on the consolidated balance sheets.
December 31
2008 2007
(in millions)
Nonaccrual loans:
Commercial ....................................................... $205 $75
Real estate construction:
Commercial Real Estate business line .................................... 429 161
Other business lines ................................................ 56
Total real estate construction ........................................ 434 167
Commercial mortgage:
Commercial Real Estate business line .................................... 132 66
Other business lines ................................................ 130 75
Total commercial mortgage ......................................... 262 141
Residential mortgage ................................................. 71
Consumer ........................................................ 63
Lease financing ..................................................... 1—
International ....................................................... 24
Total nonaccrual loans .............................................. 917 391
Reduced-rate loans .................................................... —13
Total nonperforming loans ........................................... 917 404
Foreclosed property ................................................... 66 19
Total nonperforming assets ........................................... $983 $423
Loans past due 90 days and still accruing .................................... $125 $54
Gross interest income that would have been recorded had the nonaccrual and reduced-rate
loans performed in accordance with original terms ............................ $98 $56
Interest income recognized .............................................. $24 $20
A loan is impaired when it is probable that payment of interest and principal will not be made in accordance
with the contractual terms of the loan agreement. Consistent with this definition, all nonaccrual and
reduced-rate loans are impaired.
Impaired business loans at December 31, 2008 were $904 million. Restructured loans which are performing
in accordance with their modified terms must be disclosed as impaired for the remainder of the calendar year of
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