DALLAS, Oct. 17 /PRNewswire-FirstCall/ -- Comerica Incorporated (NYSE: CMA) today reported third quarter 2007 income from continuing operations of $180 million, or $1.17 per diluted share, compared to $196 million, or $1.25 per diluted share, for the second quarter 2007 and $195 million, or $1.20 per diluted share, for the third quarter 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO / (dollar amounts in millions, except per share data) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06 Net interest income $503 $509 $502 Provision for loan losses 45 36 15 Noninterest income 230 225 195 Noninterest expenses 423 411 399 Income from continuing operations, net of tax 180 196 195 Net income 181 196 200 Diluted EPS from continuing operations 1.17 1.25 1.20 Diluted EPS from discontinued operations* 0.01 - 0.03 Diluted EPS 1.18 1.25 1.23 Return on average common shareholders' equity from continuing operations 14.24 % 15.41 % 15.00 % Return on average common shareholders' equity 14.38 15.41 15.38 Net interest margin 3.66 3.76 3.79 * In the fourth quarter 2006, Comerica sold its stake in Munder Capital Management (Munder) and reports Munder as a discontinued operation in all periods presented.
Income from continuing operations for the first nine months of 2007 was $565 million, or $3.61 per diluted share, compared to $597 million, or $3.65 per diluted share, for the first nine months of 2006. The provision for loan losses was $104 million for the first nine months of 2007, compared to $15 million for the same period in 2006. Return on average common shareholders' equity from continuing operations was 14.83 percent for the first nine months of 2007 and 15.48 percent for the same period in 2006.
"We had strong loan growth in our high-growth markets, particularly Texas," said Ralph W. Babb Jr., chairman and chief executive officer. "Despite a challenging external environment, we continued to advance our strategy to diversify our customer base and extend our reach in our high-growth markets, including the relocation of our corporate headquarters to Dallas, Texas. The commercial real estate market in Michigan and California continued to be challenged in the third quarter, but our enhanced credit process has positioned us well to manage these credits throughout the cycle."
Third Quarter 2007 Compared to Second Quarter 2007
-- On an annualized basis, excluding Financial Services Division (FSD)
loans, average loans increased four percent, led by growth of 20
percent in the Texas market, 10 percent in the Florida market and six
percent in the Western market, with the Midwest market down two
percent. National Dealer Services loans seasonally declined in the
third quarter, which affects third quarter to second quarter
comparisons. If this decline is also excluded, average annualized loan
growth would be seven percent in total, 29 percent in the Florida
market, 22 percent in the Texas market and 13 percent in the Western
market, with a one percent decline in the Midwest market
-- The net interest margin was 3.66 percent in the third quarter 2007, a
decrease of 10 basis points from 3.76 percent in the second quarter
2007, largely due to an increase in the investment securities portfolio
and funding earning asset growth with more costly funds in a volatile
capital markets environment
-- Net credit-related charge-offs were $40 million, or 32 basis points as
a percent of average total loans, for the third quarter 2007, compared
to $30 million, or 24 basis points as a percent of average total loans,
for the second quarter 2007
-- Noninterest income increased $5 million, spread across many categories
-- Noninterest expenses increased $12 million from the second quarter
2007, mostly due to the receipt of a litigation-related insurance
settlement of $8 million in the second quarter 2007
-- Open market share repurchases in the third quarter 2007 totaled 2.0
million shares, or one percent of total shares outstanding at June 30,
2007
First Nine Months of 2007 Compared to First Nine Months of 2006
-- Excluding Financial Services Division loans, average loan growth was
seven percent, with 15 percent growth in the Texas market, 13 percent
in the Western market, 12 percent in the Florida market and one percent
in the Midwest market
-- The net interest margin was 3.75 percent, compared to 3.80 percent for
the same period in 2006
-- Total revenue increased five percent, including 11 percent growth in
noninterest income
-- Net credit-related charge-offs were 24 basis points as a percent of
average total loans for the first nine months of 2007, compared to 13
basis points for the same period in 2006
-- The increase in noninterest expenses was contained at $24 million, or
two percent, from 2006. Expenses related to new banking centers
contributed $17 million and costs associated with the previously
announced headquarters move to Dallas, Texas, contributed $4 million of
the increase. Full time equivalent employees increased only one
percent from September 30, 2006 to September 30, 2007, even with the
net addition of 21 new banking centers during the period
-- Open market share repurchases in the first nine months of 2007 totaled
8.9 million shares, or six percent of total shares outstanding at
December 31, 2006
Net Interest Income and Net Interest Margin
(dollar amounts in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Net interest income $503 $509 $502
Net interest margin 3.66 % 3.76 % 3.79 %
Selected average balances:
Total earning assets $54,641 $54,304 $52,500
Total loans 49,874 49,793 48,125
Total loans, excluding FSD loans
(primarily low-rate) 48,683 48,213 46,032
Total interest-bearing deposits 30,276 30,049 29,133
Total noninterest-bearing deposits 10,840 11,633 12,723
Total noninterest-bearing deposits,
excluding FSD 8,265 8,356 8,644
-- The $6 million decrease in net interest income in the third quarter
2007, when compared to second quarter 2007, resulted primarily from
higher cost funding sources, in part due to a decline in noninterest-
bearing deposits in the Financial Services Division, partially offset
by the impact of one more day in the third quarter 2007 ($5 million)
and growth in earning assets
-- The net interest margin of 3.66 percent declined 10 basis points,
reflecting a change in the funding mix, including customer movement
toward higher-cost deposits, and an increase in borrowings. The impact
of a decline in average Financial Services Division noninterest bearing
deposits was essentially offset by a decline in average Financial
Services Division loans (primarily low-rate). Maturing interest rate
swaps provided a three basis point positive contribution to the margin,
which was offset by the impact of a $320 million increase in the
investment securities portfolio
Noninterest Income
Noninterest income was $230 million for the third quarter 2007, compared to $225 million for the second quarter 2007 and $195 million for the third quarter 2006. The $5 million increase in noninterest income in the third quarter 2007, compared to the second quarter 2007, reflected positive trends in commercial lending fees, letter of credit fees, foreign exchange income, brokerage fees and investment banking fees, an increase in net income (loss) from principal investing and warrants ($5 million), and securities gains of $4 million, partially offset by an $8 million decrease in deferred compensation plan asset returns. Net securities gains of $4 million included several items, the largest of which was a $3 million gain from the sale of put rights obtained in a nonaccrual loan workout several years ago. Certain categories of noninterest income are highlighted in the table below.
(in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Net income (loss) from principal
investing and warrants $11 $6 $-
Net securities gains 4 - -
Net gain (loss) on sales of
businesses - 2 (7)
Other noninterest income
Deferred compensation asset
returns* (2) 6 1
* Compensation deferred by Comerica officers is invested in stocks and
bonds to reflect the investment selections of the officers. Income
(loss) earned on these assets is reported in noninterest income and the
offsetting increase (decrease) in the liability is reported in salaries
expense.
Noninterest Expenses
Noninterest expenses were $423 million for the third quarter 2007, compared to $411 million for the second quarter 2007 and $399 million for the third quarter 2006. The $12 million increase in noninterest expenses in the third quarter 2007, compared to the second quarter 2007, reflected a $15 million change in litigation and operational losses and a $3 million increase in costs related to other real estate, partially offset by decreases in incentives ($5 million) and deferred compensation plan costs ($8 million) (both contributing to the $8 million decrease in salaries in the third quarter 2007). Litigation and operational losses reflected a litigation-related insurance settlement of $8 million in the second quarter 2007. In addition, noninterest expenses included approximately $2 million of costs related to the previously announced relocation of Comerica's headquarters to Dallas, Texas, in both the third and second quarters of 2007, reflected in salaries and other noninterest expenses. Certain categories of noninterest expenses are highlighted in the table below.
(in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Salaries
Regular salaries $162 $156 $156
Severance - 1 1
Incentives 35 40 31
Deferred compensation plan costs (2) 6 1
Share-based compensation 12 12 13
Total salaries 207 215 202
Employee benefits 49 50 48
Litigation and operational losses 6 (9) 3
Provision for credit losses on
lending-related commitments - (2) (5)
Credit Quality
"In light of the increased stress on our commercial real estate portfolios, particularly in Michigan and California, we have taken additional reserves and realigned internal resources to continue our active management of these credits," said Babb.
-- The provision for loan losses reflected ongoing challenges to
commercial real estate located in Michigan (Midwest market) and
California
-- Gross charge-offs increased $4 million and recoveries declined $6
million from second quarter 2007 levels
-- Nonperforming assets were 59 basis points of total loans and foreclosed
property for the third quarter 2007, and below historical averages.
During the third quarter 2007, $94 million of loan relationships
greater than $2 million were transferred to nonaccrual status, a
decrease of $13 million from the second quarter 2007. All of the
transfers of loan relationships greater than $2 million to nonaccrual
in the third quarter 2007 were from the Midwest market and $77 million
were in the real estate industry
(dollar amounts in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Net loan charge-offs $40 $30 $3
Net lending-related commitment
charge-offs - - 5
Total net credit-related
charge-offs 40 30 8
Net loan charge-offs/Average total
loans 0.32 % 0.24 % 0.02 %
Net credit-related charge-
offs/Average total loans 0.32 0.24 0.06
Provision for loan losses $45 $36 $15
Provision for credit losses on
lending-related commitments - (2) (5)
Total provision for credit losses 45 34 10
Nonperforming assets (NPAs) 291 259 197
NPAs/Total loans and foreclosed
property 0.59 % 0.53 % 0.42 %
Allowance for loan losses $512 $507 $493
Allowance for credit losses on
lending-related commitments* 19 19 31
Total allowance for credit
losses 531 526 524
Allowance for loan losses/Total loans 1.03 % 1.04 % 1.06 %
Allowance for loan losses/NPAs 176 195 251
*Included in "Accrued expenses and other liabilities" on the consolidated
balance sheets.
Balance Sheet and Capital Management
Total assets and common shareholders' equity were $59.8 billion and $5.1 billion, respectively, at September 30, 2007, compared to $58.6 billion and $5.0 billion, respectively, at June 30, 2007. There were approximately 151 million shares outstanding at September 30, 2007, compared to 153 million shares outstanding at June 30, 2007. Open market share repurchases for the current and prior quarter are shown in the following table:
3rd Qtr '07 2nd Qtr '07
Number Number
(in millions) of Shares Amount of Shares Amount
Open market share repurchases 2.0 $109 3.5 $217
Comerica's third quarter 2007 estimated Tier 1 common, Tier 1 and total risk-based capital ratios were 7.00 percent, 7.67 percent and 11.43 percent, respectively.
Full-Year 2007 Outlook Compared to Full Year 2006 for Continuing Operations
-- Mid to high single-digit average loan growth, excluding Financial
Services Division loans, with flat growth in the Midwest market, and
low double-digit growth in the Western and Texas markets
-- Average earning asset growth slightly less than average loan growth
-- Average Financial Services Division noninterest-bearing deposits of
about $2.8 billion, reflecting expected average deposits of about $1.8
billion in the fourth quarter 2007. Financial Services Division loans
will fluctuate in tandem with the level of noninterest-bearing deposits
-- Average full year net interest margin in the high 3.60 percent range,
reflecting a net interest margin in the low 3.50 percent range for the
fourth quarter 2007
-- Average net credit-related charge-offs of about 25 basis points of
average loans, with a provision for credit losses modestly exceeding
net charge-offs. Fourth quarter 2007 net credit-related charge-offs
consistent with third quarter 2007
-- High single-digit growth in noninterest income, from a 2006 adjusted
base of $820 million which excludes the Financial Services Division-
related lawsuit settlement and the loss on sale of the Mexican bank
charter
-- Flat noninterest expenses, excluding the provision for credit losses on
lending-related commitments, from a 2006 adjusted base of $1,669
million
-- Effective tax rate of about 32 percent
-- Active capital management within targeted capital ratios (Tier 1 common
of 6.50 percent to 7.50 percent and Tier 1 of 7.25 percent to 8.25
percent). Total open market share repurchases in 2007 expected to be
about ten million shares
Business Segments
Comerica's continuing operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. The Finance Division also is included as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at September 30, 2007 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses third quarter 2007 results compared to second quarter 2007.
The following table presents net income (loss) by business segment.
(dollar amounts in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Business Bank $134 72 % $136 73 % $147 73 %
Retail Bank 32 17 35 19 40 19
Wealth & Institutional
Management 20 11 16 8 16 8
186 100 % 187 100 % 203 100 %
Finance 2 - (5)
Other* (7) 9 2
Total $181 $196 $200
* Includes discontinued operations and items not directly associated with
the three major business segments or the Finance Division.
Business Bank
(dollar amounts in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Net interest income (FTE) $332 $338 $331
Provision for loan losses 43 32 6
Noninterest income 82 68 56
Noninterest expenses 177 176 171
Net income 134 136 147
Net credit-related charge-offs 30 24 2
Selected average balances:
Assets 40,796 40,848 39,690
Loans 39,746 39,824 38,473
FSD loans 1,191 1,580 2,093
Deposits 15,948 16,432 17,184
FSD deposits 3,789 4,505 5,543
Net interest margin 3.31 % 3.39 % 3.42 %
-- Average loans, excluding the Financial Services Division, increased
$311 million, or three percent on an annualized basis. Growth in
Middle Market, Global Corporate, Commercial Real Estate and Energy was
partially offset by a seasonal reduction in National Dealer Services
-- Average deposits increased $232 million, excluding the $716 million
decline in the Financial Services Division. Deposit growth in Global
Corporate, Commercial Real Estate and Technology and Life Sciences was
partially offset by a decrease in Middle Market
-- The net interest margin of 3.31 percent decreased eight basis points,
primarily due to narrowing loan spreads
-- The provision for loan losses increased $11 million, primarily due to
an increase in credit risk in the Commercial Real Estate line of
business
-- Noninterest income increased $14 million, reflecting positive trends in
commercial lending fees, letter of credit fees, foreign exchange income
and investment banking fees, as well as warrant fair value adjustments
and securities gains in the third quarter
Retail Bank
(dollar amounts in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Net interest income (FTE) $159 $160 $161
Provision for loan losses 7 4 4
Noninterest income 56 57 53
Noninterest expenses 160 160 151
Net income 32 35 40
Net credit-related charge-offs 9 6 6
Selected average balances:
Assets 6,854 6,828 6,766
Loans 6,111 6,100 6,067
Deposits 17,144 17,191 16,751
Net interest margin 3.68 % 3.73 % 3.81 %
-- Average loans increased $11 million, with an increase in the Texas
market partially offset by a decrease in SBA loans
-- Average deposits decreased $47 million, with declines in the Midwest
market, partially offset by increases in the Texas and Western markets
-- The net interest margin of 3.68 percent decreased five basis points,
primarily due to a decline in loan spreads and customer movement toward
higher cost deposits
-- The provision for loan losses increased $3 million, primarily due to a
decline in credit quality in Personal Banking
-- One new banking center was opened in the third quarter
Wealth and Institutional Management
(dollar amounts in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Net interest income (FTE) $36 $36 $37
Provision for loan losses (5) 2 -
Noninterest income 70 70 63
Noninterest expenses 81 79 76
Net income 20 16 16
Net credit-related charge-offs 1 - -
Selected average balances:
Assets 4,152 4,009 3,683
Loans 3,989 3,860 3,547
Deposits 2,378 2,295 2,317
Net interest margin 3.58 % 3.72 % 4.12 %
-- Average loans increased $129 million, or 13 percent on an annualized
basis
-- Average deposits increased $83 million, primarily due to an increase in
time and money market deposits
-- The net interest margin of 3.58 percent declined 14 basis points,
primarily due to lower loan spreads and customer movement towards
higher cost deposits
-- The provision for loan losses decreased $7 million due to an
improvement from one large customer in the Midwest market
Geographic Market Segments
Comerica also provides market segment results for four primary geographic markets: Midwest, Western, Texas and Florida. In addition to the four primary geographic markets, Other Markets and International are also reported as market segments. The financial results below are based on methodologies in effect at September 30, 2007 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses third quarter 2007 results compared to second quarter 2007.
The following table presents net income (loss) by market segment.
(dollar amounts in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Midwest $89 48 % $87 47 % $102 50 %
Western 50 27 58 31 60 30
Texas 26 14 20 10 22 11
Florida 3 1 2 1 6 3
Other Markets 3 2 5 3 5 2
International 15 8 15 8 8 4
186 100 % 187 100 % 203 100 %
Finance & Other* (5) 9 (3)
Total $181 $196 $200
* Includes discontinued operations and items not directly associated with
the geographic markets.
Midwest
(dollar amounts in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Net interest income (FTE) $241 $248 $251
Provision for loan losses 24 34 24
Noninterest income 124 122 117
Noninterest expenses 220 217 206
Net income 89 87 102
Net credit-related charge-offs 30 29 5
Selected average balances:
Assets 22,792 22,875 22,922
Loans 21,816 21,946 21,842
Deposits 16,608 16,477 16,716
Net interest margin 4.38 % 4.52 % 4.56 %
-- Average loans declined $130 million, primarily due to a decline in
Middle Market and a seasonal decline in National Dealer Services
-- Average deposits increased $131 million, primarily in the Commercial
Real Estate, Global Corporate and Private Banking lines of business,
partially offset by a decline in Personal Banking
-- The net interest margin of 4.38 percent declined 14 basis points,
primarily due to a decline in loan spreads and customer movement toward
higher cost deposits
-- The provision for loan losses decreased $10 million, as improvements in
credit quality in Middle Market Banking and one large customer in
Private Banking more than offset a decline in credit quality in
Commercial Real Estate
-- Noninterest income increased $2 million, primarily due to securities
gains
-- Noninterest expenses increased $3 million, partially due to increases
in litigation and operational losses and an increase in the provision
for credit losses on lending-related commitments from a negative
provision last quarter
Western Market
(dollar amounts in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Net interest income (FTE) $177 $179 $176
Provision for loan losses 23 5 (4)
Noninterest income 36 32 23
Noninterest expenses 110 113 108
Net income 50 58 60
Net credit-related charge-offs 7 4 -
Selected average balances:
Assets 17,095 17,257 16,430
Loans 16,543 16,715 15,887
FSD loans 1,191 1,580 2,093
Deposits 13,009 13,595 13,975
FSD deposits 3,607 4,310 5,408
Net interest margin 4.24 % 4.29 % 4.39 %
-- Excluding the Financial Services Division, average loans increased $217
million, or six percent on an annualized basis, primarily due to growth
in the Middle Market, Private Banking, Commercial Real Estate and
Global Corporate business lines, partially offset by a seasonal decline
in National Dealer Services
-- Excluding the Financial Services Division, average deposits increased
$117 million, primarily due to growth in the Entertainment Lending,
Small Business and Private Banking business lines
-- The net interest margin declined five basis points due to a decline in
loan spreads. The impact of a decline in noninterest-bearing deposits
in the Financial Services Division was essentially offset by a decline
in Financial Services Division loans (primarily low-rate)
-- The provision for loan losses increased $18 million, primarily due to a
decline in credit quality in the Commercial Real Estate business line
-- Noninterest income increased $4 million, primarily due to a warrant
fair value adjustment in the third quarter
Texas Market
(dollar amounts in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Net interest income (FTE) $71 $69 $67
Provision for loan losses (2) 3 (1)
Noninterest income 24 20 19
Noninterest expenses 58 56 54
Net income 26 20 22
Total net credit-related charge-offs 1 1 3
Selected average balances:
Assets 7,172 6,844 6,388
Loans 6,902 6,570 6,121
Deposits 3,920 3,836 3,672
Net interest margin 4.08 % 4.22 % 4.30 %
-- Average loans increased $332 million, or 20 percent on an annualized
basis, primarily due to strong growth in Energy, Middle Market, Global
Corporate, Technology and Life Sciences and Small Business
-- Average deposits increased $84 million, primarily due to growth in
Technology and Life Sciences, Small Business and Private Banking
-- The net interest margin of 4.08 percent decreased 14 basis points,
primarily due to a decline in loan spreads and customer movement toward
higher cost deposits
-- The provision for loan losses decreased $5 million, primarily due to an
improvement in Technology and Life Sciences and Commercial Real Estate
-- Noninterest income increased $4 million, primarily due to an increase
in commercial loan fees
-- One new banking center was opened in the third quarter
Florida Market
(dollar amounts in millions) 3rd Qtr '07 2nd Qtr '07 3rd Qtr '06
Net interest income (FTE) $13 $11 $11
Provision for loan losses 3 2 (3)
Noninterest income 4 3 4
Noninterest expenses 10 9 9
Net income 3 2 6
Net credit-related charge-offs 1 1 -
Selected average balances:
Assets 1,706 1,666 1,549
Loans 1,692 1,649 1,532
Deposits 271 290 313
Net interest margin 2.97 % 2.68 % 2.81 %
-- Average loans increased $43 million, or 10 percent on an annualized
basis
-- Average deposits decreased $19 million, primarily due to a decrease in
noninterest-bearing deposits
Conference Call and Webcast
Comerica will host a conference call to review third quarter 2007 financial results at 8 a.m. EDT (7 a.m. CDT) Wednesday, October 17, 2007. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 17469032). The call and supplemental financial information can also be accessed on the Internet at http://www.comerica.com/. A replay will be available approximately two hours following the conference call until October 31, 2007. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 17469032). A replay of the Webcast can also be accessed via Comerica's "Investor Relations" page at http://www.comerica.com/.
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. Comerica Bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, Canada and Mexico.
Forward-looking Statements
Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "outcome," "continue," "remain," "maintain," "trend," "objective" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in the pace of an economic recovery and related changes in employment levels, changes related to the headquarters relocation or to its underlying assumptions, the effects of war and other armed conflicts or acts of terrorism, the effects of natural disasters including, but not limited to, hurricanes, tornadoes, earthquakes and floods, the disruption of private or public utilities, the implementation of Comerica's strategies and business models, management's ability to maintain and expand customer relationships, management's ability to retain key officers and employees, changes in the accounting treatment of any particular item, the impact of regulatory examinations, declines or other changes in the businesses or industries in which Comerica has a concentration of loans, including, but not limited to, automotive production, the anticipated performance of any new banking centers, the entry of new competitors in Comerica's markets, changes in the level of fee income, changes in applicable laws and regulations, including those concerning taxes, banking, securities and insurance, changes in trade, monetary and fiscal policies, including the interest rate policies of the Board of Governors of the Federal Reserve System, fluctuations in inflation or interest rates, changes in general economic conditions and related credit and market conditions and adverse conditions in the stock market. Comerica cautions that the foregoing list of factors is not exclusive. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward- looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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Comerica Incorporated
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