Comerica 2009 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 2009 Comerica annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

2009 ANNUAL REPORT 03
shown broad-based economic improvement in the state, with the
exception of employment. With the national economy now in a
modest expansion, it is expected that employment in California
will start trending higher over the course of 2010.
As in Texas, we are seeing more middle market and small
businesses taking steps to position their companies for the
recovery ahead. We are assisting them in preparing for the future,
as we have the resources and capacity in place to help them grow.
We are appropriately positioned to increase our market share in
California as the state economy continues to improve.
Michigan’s economy has been battling erce headwinds for
many years due to the deep cyclical decline in auto sales and,
more recently, the restructuring of the domestic automobile
industry. We have worked closely with our Michigan customers
to help them through these difcult times.
There are strong indications that auto sales may be
recovering. Stabilization of the Michigan economy may come
gradually, but we are well positioned for the turnaround. Our
160-year presence in the state serves as a constant reminder
to customers that we are a bank they can count on through all
economic cycles. We also are the deposit market share leader
in Michigan, based on Federal Deposit Insurance Corporation
(FDIC) data as of June 30, 2009. The ranking is a reection of
the hard work of our dedicated colleagues and the trust we have
earned from our customers in the state.
You can nd a snapshot of our primary markets on this page
of the letter.
Our Financial Performance
For the full-year 2009, we reported net income of $17 million
and a net loss attributable to common shares of $118 million, or
$0.79 per share. Included in the net loss attributable to common
shares were preferred stock dividends to the U.S. Treasury
Department of $134 million.
The disappointing nancial results were, in large part,
attributable to a $1.1 billion provision for loan losses, a $396
million increase from 2008. Nearly one-third of the 2009
provision was from our Commercial Real Estate line of business.
About 15 percent of the 2009 Commercial Real Estate provision
was related to our California local residential real estate portfolio.
This portfolio focused on local, smaller residential developers,
PRIMARY MARKETS (ALL DATA AS OF DECEMBER 31, 2009)
OFFICES OUTSIDE OF THE U.S.: MONTERREY, MEXICO; & WINDSOR AND TORONTO, ONTARIO, CANADA
Texas
90 BANKING CENTERS
DALLAS/FORT WORTH METROPLEX
AUSTIN
HOUSTON
Arizona
16 BANKING CENTERS
PHOENIX/SCOTTSDALE
California
98 BANKING CENTERS
SAN FRANCISCO & THE EAST BAY
SAN JOSE
LOS ANGELES
ORANGE COUNTY
SAN DIEGO
FRESNO
SACRAMENTO
SANTA CRUZ/MONTEREY
Florida
10 BANKING CENTERS
BOCA RATON
SOUTHEAST
WEST/CENTRAL
Michigan
232 BANKING CENTERS
METROPOLITAN DETROIT
GREATER ANN ARBOR
BATTLE CREEK
GRAND RAPIDS
JACKSON
KALAMAZOO
LANSING
MIDLAND
MUSKEGON