Comerica 2014 Annual Report Download - page 81
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CONSOLIDATED STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries
F-44
(in millions)
Years Ended December 31 2014 2013 2012
INTEREST INCOME
Interest and fees on loans $ 1,525 $ 1,556 $ 1,617
Interest on investment securities 211 214 234
Interest on short-term investments 14 14 12
Total interest income 1,750 1,784 1,863
INTEREST EXPENSE
Interest on deposits 45 55 70
Interest on medium- and long-term debt 50 57 65
Total interest expense 95 112 135
Net interest income 1,655 1,672 1,728
Provision for credit losses 27 46 79
Net interest income after provision for credit losses 1,628 1,626 1,649
NONINTEREST INCOME
Service charges on deposit accounts 215 214 214
Fiduciary income 180 171 158
Commercial lending fees 98 99 96
Card fees 80 74 65
Letter of credit fees 57 64 71
Bank-owned life insurance 39 40 39
Foreign exchange income 40 36 38
Brokerage fees 17 17 19
Net securities (losses) gains —(1) 12
Other noninterest income 142 168 158
Total noninterest income 868 882 870
NONINTEREST EXPENSES
Salaries and benefits expense 980 1,009 1,018
Net occupancy expense 171 160 163
Equipment expense 57 60 65
Outside processing fee expense 122 119 107
Software expense 95 90 90
Litigation-related expense 452 23
FDIC insurance expense 33 33 38
Advertising expense 23 21 27
Gain on debt redemption (32) (1) —
Merger and restructuring charges —— 35
Other noninterest expenses 173 179 191
Total noninterest expenses 1,626 1,722 1,757
Income before income taxes 870 786 762
Provision for income taxes 277 245 241
NET INCOME 593 541 521
Less income allocated to participating securities 78 6
Net income attributable to common shares $ 586 $ 533 $ 515
Earnings per common share:
Basic $ 3.28 $ 2.92 2.68
Diluted 3.16 2.85 2.67
Cash dividends declared on common stock 143 126 106
Cash dividends declared per common share 0.79 0.68 0.55
See notes to consolidated financial statements.