Comerica 2014 Annual Report Download - page 143
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
F-106
NOTE 23 - PARENT COMPANY FINANCIAL STATEMENTS
BALANCE SHEETS - COMERICA INCORPORATED
(in millions, except share data)
December 31 2014 2013
Assets
Cash and due from subsidiary bank $ — $ 31
Short-term investments with subsidiary bank 1,133 482
Other short-term investments 94 96
Investment in subsidiaries, principally banks 7,411 7,171
Premises and equipment 24
Other assets 142 139
Total assets $ 8,782 $ 7,923
Liabilities and Shareholders’ Equity
Medium- and long-term debt $ 1,212 $ 617
Other liabilities 168 156
Total liabilities 1,380 773
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares 1,141 1,141
Capital surplus 2,188 2,179
Accumulated other comprehensive loss (412)(391)
Retained earnings 6,744 6,318
Less cost of common stock in treasury - 49,146,225 shares at 12/31/14 and 45,860,786
shares at 12/31/13 (2,259)(2,097)
Total shareholders’ equity 7,402 7,150
Total liabilities and shareholders’ equity $ 8,782 $ 7,923
STATEMENTS OF INCOME - COMERICA INCORPORATED
(in millions)
Years Ended December 31 2014 2013 2012
Income
Income from subsidiaries:
Dividends from subsidiaries $ 384 $ 490 $ 505
Other interest income 11 1
Intercompany management fees 118 110 108
Other noninterest income 714 7
Total income 510 615 621
Expenses
Interest on medium- and long-term debt 14 11 11
Salaries and benefits expense 114 118 114
Net occupancy expense 54 7
Equipment expense 11 1
Merger and restructuring charges —— 35
Other noninterest expenses 70 78 54
Total expenses 204 212 222
Income before benefit for income taxes and equity in undistributed
earnings of subsidiaries 306 403 399
Benefit for income taxes (27)(30) (37)
Income before equity in undistributed earnings of subsidiaries 333 433 436
Equity in undistributed earnings of subsidiaries, principally banks 260 108 85
Net income 593 541 521
Less income allocated to participating securities 78 6
Net income attributable to common shares $ 586 $ 533 $ 515