Comerica 2013 Annual Report Download - page 152
Download and view the complete annual report
Please find page 152 of the 2013 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.-
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 -
161
 |
 |
F-119
HISTORICAL REVIEW - STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries
CONSOLIDATED FINANCIAL INFORMATION
(in millions, except per share data)
Years Ended December 31 2013 2012 2011 2010 2009
INTEREST INCOME
Interest and fees on loans $ 1,556 $ 1,617 $ 1,564 $ 1,617 $ 1,767
Interest on investment securities 214 234 233 226 329
Interest on short-term investments 14 12 12 10 9
Total interest income 1,784 1,863 1,809 1,853 2,105
INTEREST EXPENSE
Interest on deposits 55 70 90 115 372
Interest on short-term borrowings —— — 1 2
Interest on medium- and long-term debt 57 65 66 91 164
Total interest expense 112 135 156 207 538
Net interest income 1,672 1,728 1,653 1,646 1,567
Provision for credit losses 46 79 144 478 1,082
Net interest income after provision for loan losses 1,626 1,649 1,509 1,168 485
NONINTEREST INCOME
Service charges on deposit accounts 214 214 208 208 228
Fiduciary income 171 158 151 154 161
Commercial lending fees 99 96 87 95 79
Card fees 74 65 77 74 65
Letter of credit fees 64 71 73 76 69
Bank-owned life insurance 40 39 37 40 35
Foreign exchange income 36 38 40 39 41
Brokerage fees 17 19 22 25 31
Net securities gains (losses) (1) 12 14 3 243
Other noninterest income 112 106 83 75 98
Total noninterest income 826 818 792 789 1,050
NONINTEREST EXPENSES
Salaries 763 778 770 740 687
Employee benefits 246 240 205 179 210
Total salaries and employee benefits 1,009 1,018 975 919 897
Net occupancy expense 160 163 169 162 162
Equipment expense 60 65 66 63 62
Outside processing fee expense 119 107 101 96 97
Software expense 90 90 88 89 84
Litigation-related expenses 52 23 10 2 —
FDIC insurance expense 33 38 43 62 90
Advertising expense 21 27 28 30 29
Other real estate expense 29 22 29 48
Merger and restructuring charges —35 75 — —
Other noninterest expenses 176 182 194 190 181
Total noninterest expenses 1,722 1,757 1,771 1,642 1,650
Income (loss) from continuing operations before income taxes 730 710 530 315 (115)
Provision (benefit) for income taxes 189 189 137 55 (131)
Income from continuing operations 541 521 393 260 16
Income from discontinued operations, net of tax —— — 17 1
NET INCOME $ 541 $ 521 $ 393 $ 277 $ 17
Less:
Preferred stock dividends —— — 123 134
Income allocated to participating securities 86411
Net income (loss) attributable to common shares $ 533 $ 515 $ 389 $ 153 $ (118)
Basic earnings per common share:
Income (loss) from continuing operations $ 2.92 $ 2.68 $ 2.11 $ 0.79 $ (0.80)
Net income (loss) 2.92 2.68 2.11 0.90 (0.79)
Diluted earnings per common share:
Income (loss) from continuing operations 2.85 2.67 2.09 0.78 (0.80)
Net income (loss) 2.85 2.67 2.09 0.88 (0.79)
Comprehensive income (loss) 563 464 426 224 (10)
Cash dividends declared on common stock 126 106 75 44 30
Cash dividends declared per common share 0.68 0.55 0.40 0.25 0.20