Comerica 2015 Annual Report Download - page 146
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
F-108
NOTE 23 - PARENT COMPANY FINANCIAL STATEMENTS
BALANCE SHEETS - COMERICA INCORPORATED
(in millions, except share data)
December 31 2015 2014
Assets
Cash and due from subsidiary bank $4
$—
Short-term investments with subsidiary bank 569 1,133
Other short-term investments 89 94
Investment in subsidiaries, principally banks 7,523 7,411
Premises and equipment 32
Other assets 137 138
Total assets $ 8,325 $ 8,778
Liabilities and Shareholders’ Equity
Medium- and long-term debt $ 608 $ 1,208
Other liabilities 157 168
Total liabilities 765 1,376
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares 1,141 1,141
Capital surplus 2,173 2,188
Accumulated other comprehensive loss (429)(412)
Retained earnings 7,084 6,744
Less cost of common stock in treasury - 52,457,113 shares at 12/31/15 and 49,146,225
shares at 12/31/14 (2,409)(2,259)
Total shareholders’ equity 7,560 7,402
Total liabilities and shareholders’ equity $ 8,325 $ 8,778
STATEMENTS OF INCOME - COMERICA INCORPORATED
(in millions)
Years Ended December 31 2015 2014 2013
Income
Income from subsidiaries:
Dividends from subsidiaries $ 441 $ 384 $ 490
Other interest income 111
Intercompany management fees 123 118 110
Other noninterest income 1714
Total income 566 510 615
Expenses
Interest on medium- and long-term debt 14 14 11
Salaries and benefits expense 112 114 118
Net occupancy expense 554
Equipment expense 111
Other noninterest expenses 70 70 78
Total expenses 202 204 212
Income before benefit for income taxes and equity in undistributed
earnings of subsidiaries 364 306 403
Benefit for income taxes (27)(27) (30)
Income before equity in undistributed earnings of subsidiaries 391 333 433
Equity in undistributed earnings of subsidiaries, principally banks 130 260 108
Net income 521 593 541
Less income allocated to participating securities 678
Net income attributable to common shares $ 515 $ 586 $ 533