CONSOLIDATED FINANCIAL HIGHLIGHTS
Comerica Incorporated and Subsidiaries
Three Months Ended
June 30, March 31, June 30,
(in millions, except per share
data) 2006 2006 2005
PER SHARE AND COMMON STOCK DATA
Diluted income before cumulative
effect of change in accounting
principle $1.22 $1.23 $1.28
Diluted net income 1.22 1.18 1.28
Cash dividends declared 0.59 0.59 0.55
Common shareholders' equity
(at period end) 31.99 31.39 30.60
Average diluted shares (in thousands) 163,439 164,057 169,608
KEY RATIOS
Return on average common
shareholders' equity 15.50 % 15.33 % 16.99 %
Return on average assets 1.41 1.41 1.68
Average common shareholders' equity
as a percentage of average assets 9.09 9.17 9.88
Tier 1 common capital ratio * 7.69 7.66 7.88
Tier 1 risk-based capital ratio * 8.26 8.24 8.49
Total risk-based capital ratio * 11.55 11.68 12.08
Leverage ratio * 9.87 9.84 10.36
AVERAGE BALANCES
Commercial loans $27,587 $26,620 $24,122
Real estate construction loans 3,816 3,530 3,101
Commercial mortgage loans 9,229 8,998 8,513
Residential mortgage loans 1,537 1,492 1,357
Consumer loans 2,533 2,660 2,673
Lease financing 1,299 1,298 1,283
International loans 1,801 1,881 2,185
Total loans 47,802 46,479 43,234
Earning assets 52,371 50,977 47,412
Total assets 56,611 55,277 51,635
Interest-bearing deposits 28,446 27,589 25,005
Total interest-bearing liabilities 36,704 35,371 30,501
Noninterest-bearing deposits 13,575 13,609 14,995
Common shareholders' equity 5,146 5,072 5,100
NET INTEREST INCOME
Net interest income (fully taxable
equivalent basis) $503 $480 $484
Fully taxable equivalent adjustment 1 1 1
Net interest margin 3.83 % 3.80 % 4.09 %
CREDIT QUALITY
Nonaccrual loans $157 $122 $212
Other real estate 17 19 34
Total nonperforming assets 174 141 246
Loans 90 days past due and still accruing 15 16 24
Gross charge-offs 25 25 43
Recoveries 7 8 14
Net charge-offs 18 17 29
Net lending-related commitment
charge-offs 1 5 -
Total net credit-related charge-offs 19 22 29
Allowance for loan losses 481 472 609
Allowance for credit losses on
lending-related commitments 41 41 15
Total allowance for credit losses 522 513 624
Allowance for loan losses as a
percentage of total loans 1.04 % 1.06 % 1.41 %
Net loans charged off as a
percentage of average total loans 0.15 0.14 0.27
Nonperforming assets as a
percentage of total loans and
other real estate 0.37 0.32 0.57
Allowance for loan losses as a
percentage of total nonperforming
assets 278 334 248
ADDITIONAL DATA
Goodwill $213 $213 $247
Other intangibles 1 1 1
Loan servicing rights 16 17 19
Deferred mutual fund distribution costs 6 6 7
Six Months Ended
June 30,
(in millions, except per share data) 2006 2005
PER SHARE AND COMMON STOCK DATA
Diluted income before cumulative
effect of change in accounting
principle $2.45 $2.44
Diluted net income 2.40 2.44
Cash dividends declared 1.18 1.10
Common shareholders' equity (at
period end)
Average diluted shares (in thousands) 163,738 170,404
KEY RATIOS
Return on average common
shareholders' equity 15.42 % 16.36 %
Return on average assets 1.41 1.63
Average common shareholders' equity
as a percentage of average assets 9.13 9.93
Tier 1 common capital ratio *
Tier 1 risk-based capital ratio *
Total risk-based capital ratio *
Leverage ratio *
AVERAGE BALANCES
Commercial loans $27,106 $23,688
Real estate construction loans 3,674 3,077
Commercial mortgage loans 9,114 8,415
Residential mortgage loans 1,515 1,333
Consumer loans 2,596 2,703
Lease financing 1,298 1,272
International loans 1,841 2,210
Total loans 47,144 42,698
Earning assets 51,678 47,031
Total assets 55,947 51,195
Interest-bearing deposits 28,020 25,332
Total interest-bearing liabilities 36,041 30,441
Noninterest-bearing deposits 13,591 14,560
Common shareholders' equity 5,109 5,086
NET INTEREST INCOME
Net interest income (fully taxable
equivalent basis) $983 $945
Fully taxable equivalent adjustment 2 2
Net interest margin 3.82 % 4.04 %
CREDIT QUALITY
Nonaccrual loans
Other real estate
Total nonperforming assets
Loans 90 days past due and still accruing
Gross charge-offs $50 $89
Recoveries 15 22
Net charge-offs 35 67
Net lending-related commitment
charge-offs 6 -
Total net credit-related charge-offs 41 67
Allowance for loan losses
Allowance for credit losses on
lending-related commitments
Total allowance for credit losses
Allowance for loan losses as a
percentage of total loans
Net loans charged off as a percentage
of average total loans 0.15 % 0.31 %
Nonperforming assets as a percentage
of total loans and other real estate
Allowance for loan losses as a
percentage of total nonperforming assets
ADDITIONAL DATA
Goodwill
Other intangibles
Loan servicing rights
Deferred mutual fund distribution costs
* June 30, 2006 ratios are estimated
CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries
(in millions, June 30, March 31, December 31, June 30,
except share data) 2006 2006 2005 2005
ASSETS
Cash and due from banks $1,664 $1,685 $1,609 $1,687
Short-term investments 2,381 3,027 1,159 3,402
Investment securities
available-for-sale 3,980 4,251 4,240 3,947
Commercial loans 25,928 24,738 23,545 23,690
Real estate construction loans 3,958 3,679 3,482 3,168
Commercial mortgage loans 9,363 9,146 8,867 8,536
Residential mortgage loans 1,568 1,516 1,485 1,394
Consumer loans 2,493 2,607 2,697 2,701
Lease financing 1,325 1,292 1,295 1,296
International loans 1,764 1,761 1,876 2,239
Total loans 46,399 44,739 43,247 43,024
Less allowance for loan losses (481) (472) (516) (609)
Net loans 45,918 44,267 42,731 42,415
Premises and equipment 522 516 510 481
Customers' liability on acceptances
outstanding 74 60 59 35
Accrued income and other
assets 2,541 2,635 2,705 2,722
Total assets $57,080 $56,441 $53,013 $54,689
LIABILITIES AND
SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $15,199 $15,772 $15,666 $19,236
Interest-bearing deposits 28,927 28,324 26,765 24,817
Total deposits 44,126 44,096 42,431 44,053
Short-term borrowings 442 1,901 302 108
Acceptances outstanding 74 60 59 35
Accrued expenses and other
liabilities 1,162 1,228 1,192 1,067
Medium- and long-term debt 6,087 4,062 3,961 4,309
Total liabilities 51,891 51,347 47,945 49,572
Common stock - $5 par value:
Authorized - 325,000,000
shares Issued - 178,735,252
shares at 6/30/06,
3/31/06, 12/31/05
and 6/30/05 894 894 894 894
Capital surplus 494 466 461 433
Accumulated other comprehensive
loss (226) (198) (170) (99)
Retained earnings 4,978 4,880 4,796 4,546
Less cost of common stock in
treasury - 16,534,470 shares
at 6/30/06, 16,461,565
shares at 3/31/06,
15,834,985 shares at
12/31/05 and 11,513,612
shares at 6/30/05 (951) (948) (913) (657)
Total shareholders' equity 5,189 5,094 5,068 5,117
Total liabilities and
shareholders' equity $57,080 $56,441 $53,013 $54,689
CONSOLIDATED STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries
Three Months Six Months
Ended Ended
June 30, June 30,
(in millions, except per share data) 2006 2005 2006 2005
INTEREST INCOME
Interest and fees on loans $794 $616 $1,517 $1,182
Interest on investment securities 45 34 89 69
Interest on short-term investments 8 5 13 11
Total interest income 847 655 1,619 1,262
INTEREST EXPENSE
Interest on deposits 236 122 435 230
Interest on short-term borrowings 45 9 87 12
Interest on medium- and long-term
debt 64 41 116 77
Total interest expense 345 172 638 319
Net interest income 502 483 981 943
Provision for loan losses 27 2 - 3
Net interest income after
provision for loan losses 475 481 981 940
NONINTEREST INCOME
Service charges on deposit accounts 54 54 108 108
Fiduciary income 45 43 90 89
Commercial lending fees 15 16 30 28
Letter of credit fees 15 18 31 38
Foreign exchange income 9 9 19 18
Brokerage fees 10 9 20 17
Investment advisory revenue, net 19 12 36 22
Card fees 12 9 23 18
Bank-owned life insurance 10 10 23 19
Warrant income 4 3 5 5
Net securities gains (losses) 1 - (1) -
Other noninterest income 31 36 56 67
Total noninterest income 225 219 440 429
NONINTEREST EXPENSES
Salaries 210 197 416 386
Employee benefits 46 44 97 91
Total salaries and employee benefits 256 241 513 477
Net occupancy expense 30 28 61 60
Equipment expense 15 14 29 28
Outside processing fee expense 22 20 43 37
Software expense 14 11 28 23
Customer services 9 10 22 21
Litigation and operational losses 3 7 4 10
Provision for credit losses on
lending-related commitments 1 (3) 14 (6)
Other noninterest expenses 55 55 140 107
Total noninterest expenses 405 383 854 757
Income before income taxes and
cumulative effect of change in
accounting principle 295 317 567 612
Provision for income taxes 95 100 165 196
Income before cumulative effect of
change in accounting principle 200 217 402 416
Cumulative effect of change in
accounting principle, net of tax - - (8) -
NET INCOME $200 $217 $394 $416
Basic earnings per common share:
Income before cumulative effect
of change in accounting
principle $1.24 $1.29 $2.49 $2.47
Net income 1.24 1.29 2.44 2.47
Diluted earnings per common share:
Income before cumulative effect
of change in accounting
principle 1.22 1.28 2.45 2.44
Net income 1.22 1.28 2.40 2.44
Cash dividends declared on common stock 96 92 192 185
Dividends per common share 0.59 0.55 1.18 1.10
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries
Second First Fourth Third Second
(in millions, except Quarter Quarter Quarter Quarter Quarter
per share data) 2006 2006 2005 2005 2005
INTEREST INCOME
Interest and fees on loans $794 $723 $698 $674 $616
Interest on investment securities 45 44 41 38 34
Interest on short-term investments 8 5 6 7 5
Total interest income 847 772 745 719 655
INTEREST EXPENSE
Interest on deposits 236 199 171 147 122
Interest on short-term borrowings 45 42 24 16 9
Interest on medium- and
long-term debt 64 52 49 44 41
Total interest expense 345 293 244 207 172
Net interest income 502 479 501 512 483
Provision for loan losses 27 (27) (20) (30) 2
Net interest income after
provision for loan losses 475 506 521 542 481
NONINTEREST INCOME
Service charges on deposit
accounts 54 54 55 55 54
Fiduciary income 45 45 44 44 43
Commercial lending fees 15 15 19 16 16
Letter of credit fees 15 16 14 18 18
Foreign exchange income 9 10 10 9 9
Brokerage fees 10 10 9 10 9
Investment advisory revenue, net 19 17 15 14 12
Card fees 12 11 11 10 9
Bank-owned life insurance 10 13 10 9 10
Warrant income 4 1 2 2 3
Net securities gains (losses) 1 (2) - - -
Net gain on sales of businesses - - 55 1 -
Other noninterest income 31 25 37 44 36
Total noninterest income 225 215 281 232 219
NONINTEREST EXPENSES
Salaries 210 206 225 209 197
Employee benefits 46 51 47 46 44
Total salaries and employee
benefits 256 257 272 255 241
Net occupancy expense 30 31 31 30 28
Equipment expense 15 14 14 14 14
Outside processing fee expense 22 21 22 19 20
Software expense 14 14 14 12 11
Customer services 9 13 19 29 10
Litigation and operational losses 3 1 4 4 7
Provision for credit losses on
lending-related commitments 1 13 25 (1) (3)
Other noninterest expenses 55 85 86 60 55
Total noninterest expenses 405 449 487 422 383
Income before income taxes and
cumulative effect of change
in accounting principle 295 272 315 352 317
Provision for income taxes 95 70 108 114 100
Income before cumulative effect
of change in accounting
principle 200 202 207 238 217
Cumulative effect of change in
accounting principle, net of tax - (8) - - -
NET INCOME $200 $194 $207 $238 $217
Basic earnings per common share:
Income before cumulative
effect of change in
accounting principle $1.24 $1.25 $1.27 $1.43 $1.29
Net income 1.24 1.20 1.27 1.43 1.29
Diluted earnings per common share:
Income before cumulative
effect of change
in accounting principle 1.22 1.23 1.25 1.41 1.28
Net income 1.22 1.18 1.25 1.41 1.28
Cash dividends declared on
common stock 96 96 90 92 92
Dividends per common share 0.59 0.59 0.55 0.55 0.55
Second Quarter 2006 Compared To:
First Quarter Second Quarter
2006 2005
(in millions, except per share data) Amount Percent Amount Percent
INTEREST INCOME
Interest and fees on loans $71 9.8 % $178 29.0 %
Interest on investment securities 1 3.5 11 31.4
Interest on short-term investments 3 45.3 3 34.4
Total interest income 75 9.7 192 29.2
INTEREST EXPENSE
Interest on deposits 37 18.6 114 93.7
Interest on short-term borrowings 3 8.5 36 N/M
Interest on medium- and long-term debt 12 23.1 23 54.9
Total interest expense 52 17.9 173 100.6
Net interest income 23 4.6 19 3.8
Provision for loan losses 54 N/M 25 N/M
Net interest income after
provision for loan losses (31) (6.3) (6) (1.4)
NONINTEREST INCOME
Service charges on deposit accounts - 0.9 - 1.5
Fiduciary income - (0.3) 2 3.9
Commercial lending fees - (4.1) (1) (9.8)
Letter of credit fees (1) (0.8) (3) (12.9)
Foreign exchange income (1) (2.1) - (1.2)
Brokerage fees - (5.1) 1 7.9
Investment advisory revenue, net 2 9.3 7 66.6
Card fees 1 11.1 3 22.6
Bank-owned life insurance (3) (28.2) - (5.8)
Warrant income 3 N/M 1 36.3
Net securities gains (losses) 3 N/M 1 N/M
Net gain on sales of businesses - N/M - N/M
Other noninterest income 6 21.9 (5) (13.2)
Total noninterest income 10 4.9 6 2.9
NONINTEREST EXPENSES
Salaries 4 2.5 13 6.4
Employee benefits (5) (10.4) 2 3.5
Total salaries and employee benefits (1) (0.1) 15 5.9
Net occupancy expense (1) (1.4) 2 7.1
Equipment expense 1 11.6 1 11.4
Outside processing fee expense 1 7.8 2 13.4
Software expense - (1.6) 3 21.2
Customer services (4) (32.5) (1) (9.8)
Litigation and operational losses 2 142.6 (4) (57.1)
Provision for credit losses on
lending-related commitments (12) (92.9) 4 N/M
Other noninterest expenses (30) (36.0) - 0.3
Total noninterest expenses (44) (9.6) 22 5.8
Income before income taxes and
cumulative effect of change in
accounting principle 23 7.9 (22) (7.2)
Provision for income taxes 25 34.8 (5) (5.5)
Income before cumulative effect of
change in accounting principle (2) (1.4) (17) (8.0)
Cumulative effect of change in
accounting principle, net of tax 8 N/M - N/M
NET INCOME $6 2.6 % $(17) (8.0)%
Basic earnings per common share:
Income before cumulative effect
of change in accounting
principle $(0.01) (0.8)% $(0.05) (3.9)%
Net income 0.04 3.3 (0.05) (3.9)
Diluted earnings per common share:
Income before cumulative effect
of change in accounting
principle (0.01) (0.8) (0.06) (4.7)
Net income 0.04 3.4 (0.06) (4.7)
Cash dividends declared on common stock - (0.3) 4 4.4
Dividends per common share - - 0.04 7.3
N/M - Not meaningful
ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
Comerica Incorporated and Subsidiaries
2006 2005
(in millions) 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr
Balance at beginning of
period $472 $516 $558 $609 $636
Loans charged-off:
Commercial 16 12 14 20 29
Real estate
construction:
Real estate construction
business line - - 1 1 -
Other - - - - -
Total real estate
construction - - 1 1 -
Commercial mortgage:
Commercial real estate
business line - - - - 2
Other 3 2 1 4 5
Total commercial mortgage 3 2 1 4 7
Residential mortgage - - 1 - -
Consumer 4 3 3 6 3
Lease financing 1 6 18 13 3
International 1 2 - 3 1
Total loans charged-off 25 25 38 47 43
Recoveries on loans
previously charged-
off:
Commercial 5 4 13 23 12
Real estate construction - - - - -
Commercial mortgage - 2 1 1 1
Residential mortgage - - - - -
Consumer 1 1 2 2 -
Lease financing - - - - -
International 1 1 - - 1
Total recoveries 7 8 16 26 14
Net loans charged-off 18 17 22 21 29
Provision for loan losses 27 (27) (20) (30) 2
Balance at end of period $481 $472 $516 $558 $609
Allowance for loan losses
as a percentage of
total loans 1.04 % 1.06 % 1.19 % 1.33 % 1.41 %
Net loans charged-off
as a percentage of
average total loans 0.15 0.14 0.20 0.18 0.27
ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS
Comerica Incorporated and Subsidiaries
2006 2005
(in millions) 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr
Balance at beginning of
period $41 $33 $14 $15 $18
Charge-offs on lending-
related commitments (1) 1 5 6 - -
Provision for credit
losses on lending-
related commitments 1 13 25 (1) (3)
Balance at end of period $41 $41 $33 $14 $15
Unfunded lending-related
commitments sold $16 $52 $20 $- $18
(1) Charge-offs result from the sale of unfunded lending-related
commitments.
NONPERFORMING ASSETS
Comerica Incorporated and Subsidiaries
2006 2005
(in millions) 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr
SUMMARY OF NONPERFORMING
ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Commercial $74 $53 $65 $81 $125
Real estate construction:
Real estate construction
business line 5 2 3 4 8
Other - - - - 2
Total real estate
construction 5 2 3 4 10
Commercial mortgage:
Commercial real estate
business line 11 11 6 9 9
Other 35 29 29 35 32
Total commercial
mortgage 46 40 35 44 41
Residential mortgage 1 1 2 1 2
Consumer 3 2 2 1 2
Lease financing 12 7 13 39 9
International 16 17 18 16 23
Total nonaccrual loans 157 122 138 186 212
Reduced-rate loans - - - - -
Total nonperforming
loans 157 122 138 186 212
Other real estate 17 19 24 34 34
Total nonperforming
assets $174 $141 $162 $220 $246
Nonperforming loans as
a percentage of
total loans 0.34 % 0.27 % 0.32 % 0.44 % 0.49 %
Nonperforming assets as
a percentage of total
loans and other
real estate 0.37 0.32 0.37 0.52 0.57
Allowance for loan losses
as a percentage of total
nonperforming assets 278 334 319 253 248
Loans past due 90 days
or more and still
accruing $15 $16 $16 $14 $24
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at
beginning of period $122 $138 $186 $212 $269
Loans transferred to
nonaccrual (1) 51 20 28 81 47
Nonaccrual business loan
gross charge-offs (2) (21) (21) (34) (40) (38)
Loans transferred to
accrual status (1) - - (11) - -
Nonaccrual business loans
sold (3) - (9) (4) (19) -
Payments/Other (4) 5 (6) (27) (48) (66)
Nonaccrual loans at end of
period $157 $122 $138 $186 $212
(1) Based on an analysis of nonaccrual loans with book balances greater
than $2 million.
(2) Analysis of gross loan charge-offs:
Nonaccrual business
loans $21 $21 $34 $40 $38
Performing watch list
loans - 1 - 1 2
Consumer loans and
residential mortgage
loans 4 3 4 6 3
Total gross loan
charge-offs $25 $25 $38 $47 $43
(3) Analysis of loans sold:
Nonaccrual business
loans $- $9 $4 $19 $-
Performing watch list
loans 15 30 15 34 7
Total loans sold $15 $39 $19 $53 $7
(4) Net change related to nonaccrual loans with balances less than $2
million, other than business loan gross charge-offs
and nonaccrual loans sold, are included in Payments/Other.
ANALYSIS OF NET INTEREST INCOME (FTE)
Comerica Incorporated and Subsidiaries
Three Months Ended
June 30, 2006
Average Average
(dollar amounts in millions) Balance Interest Rate
Commercial loans (1) (2) $27,587 $467 6.80 %
Real estate construction loans 3,816 82 8.63
Commercial mortgage loans (1) 9,229 166 7.24
Residential mortgage loans 1,537 23 6.02
Consumer loans 2,533 45 7.07
Lease financing 1,299 14 4.10
International loans 1,801 31 6.88
Business loan swap income (expense) - (33) -
Total loans (2) 47,802 795 6.67
Investment securities
available-for-sale 4,088 45 4.27
Short-term investments 481 8 6.31
Total earning assets 52,371 848 6.47
Cash and due from banks 1,561
Allowance for loan losses (485)
Accrued income and other assets 3,164
Total assets $56,611
Money market and NOW deposits (1) $15,330 106 2.78
Savings deposits (1) 1,480 3 0.75
Certificates of deposit (1) (3) 6,216 60 3.83
Institutional certificates of deposit 4,327 54 5.04
Foreign office time deposits 1,093 13 4.87
Total interest-bearing
deposits 28,446 236 3.33
Short-term borrowings 3,720 45 4.90
Medium- and long-term debt 4,538 64 5.65
Total interest-bearing
sources 36,704 345 3.77
Noninterest-bearing deposits (1) 13,575
Accrued expenses and other liabilities 1,186
Common shareholders' equity 5,146
Total liabilities and
shareholders' equity $56,611
Net interest income/rate spread (FTE) $503 2.70
FTE adjustment $1
Impact of net noninterest-bearing
sources of funds 1.13
Net interest margin (as a percentage
of average earning assets) (FTE)(2) 3.83 %
(1) FSD balances included above:
Loans (primarily low-rate) $2,557 $4 0.60 %
Interest-bearing deposits 1,764 17 3.88
Noninterest-bearing deposits 4,793
(2) Impact of FSD loans (primarily
low-rate) on the following:
Commerical loans (0.63) %
Total loans (0.34)
Net interest margin (FTE)
(assuming loans were
funded by noninterest-
bearing deposits) (0.18)
(3) Excludes institutional certificates of deposit
Three Months Ended
March 31, 2006
Average Average
(dollar amounts in millions) Balance Interest Rate
Commercial loans (1) (2) $26,620 $412 6.27 %
Real estate construction loans 3,530 72 8.24
Commercial mortgage loans (1) 8,998 155 6.97
Residential mortgage loans 1,492 22 5.88
Consumer loans 2,660 45 6.83
Lease financing 1,298 13 4.03
International loans 1,881 30 6.56
Business loan swap income (expense) - (25) -
Total loans (2) 46,479 724 6.31
Investment securities
available-for-sale 4,154 44 4.10
Short-term investments 344 5 6.17
Total earning assets 50,977 773 6.12
Cash and due from banks 1,648
Allowance for loan losses (512)
Accrued income and other assets 3,164
Total assets $55,277
Money market and NOW deposits (1) $16,595 105 2.57
Savings deposits (1) 1,476 2 0.65
Certificates of deposit (1) (3) 5,887 51 3.52
Institutional certificates of deposit 2,624 30 4.62
Foreign office time deposits 1,007 11 4.26
Total interest-bearing
deposits 27,589 199 2.93
Short-term borrowings 3,753 42 4.52
Medium- and long-term debt 4,029 52 5.22
Total interest-bearing
sources 35,371 293 3.36
Noninterest-bearing deposits (1) 13,609
Accrued expenses and other
liabilities 1,225
Common shareholders' equity 5,072
Total liabilities and
shareholders' equity $55,277
Net interest income/rate spread (FTE) $480 2.76
FTE adjustment $1
Impact of net noninterest-bearing
sources of funds 1.04
Net interest margin (as a percentage
of average earning assets) (FTE) (2) 3.80 %
(1) FSD balances included above:
Loans (primarily low-rate) $2,909 $3 0.43 %
Interest-bearing deposits 2,286 21 3.74
Noninterest-bearing deposits 4,683
(2) Impact of FSD loans (primarily
low-rate) on the following:
Commerical loans (0.72) %
Total loans (0.40)
Net interest margin (FTE)
(assuming loans were
funded by noninterest-
bearing deposits) (0.22)
(3) Excludes institutional certificates of deposit
Three Months Ended
June 30, 2005
Average Average
(dollar amounts in millions) Balance Interest Rate
Commercial loans (1) (2) $24,122 $329 5.46 %
Real estate construction loans 3,101 54 6.99
Commercial mortgage loans (1) 8,513 129 6.06
Residential mortgage loans 1,357 20 5.75
Consumer loans 2,673 38 5.75
Lease financing 1,283 13 4.08
International loans 2,185 31 5.77
Business loan swap income (expense) - 3 -
Total loans (2) 43,234 617 5.72
Investment securities
available-for-sale 3,681 34 3.67
Short-term investments 497 5 4.54
Total earning assets 47,412 656 5.54
Cash and due from banks 1,697
Allowance for loan losses (645)
Accrued income and other assets 3,171
Total assets $51,635
Money market and NOW deposits (1) $17,190 77 1.80
Savings deposits (1) 1,568 1 0.42
Certificates of deposit (1) (3) 5,409 35 2.56
Institutional certificates of deposit 100 1 3.17
Foreign office time deposits 738 8 4.23
Total interest-bearing
deposits 25,005 122 1.96
Short-term borrowings 1,182 9 3.06
Medium- and long-term debt 4,314 41 3.83
Total interest-bearing
sources 30,501 172 2.26
Noninterest-bearing deposits (1) 14,995
Accrued expenses and other
liabilities 1,039
Common shareholders' equity 5,100
Total liabilities and
shareholders' equity $51,635
Net interest income/rate spread (FTE) $484 3.28
FTE adjustment $1
Impact of net noninterest-bearing
sources of funds 0.81
Net interest margin (as a percentage
of average earning assets) (FTE) (2) 4.09 %
(1) FSD balances included above:
Loans (primarily low-rate) $1,139 $1 0.55 %
Interest-bearing deposits 2,569 18 2.77
Noninterest-bearing deposits 5,949
(2) Impact of FSD loans (primarily
low-rate) on the following:
Commerical loans (0.24) %
Total loans (0.14)
Net interest margin (FTE)
(assuming loans were
funded by noninterest-
bearing deposits) (0.09)
(3) Excludes institutional certificates of deposit
ANALYSIS OF NET INCOME (FTE)
Comerica Incorporated and Subsidiaries
Six Months Ended
June 30, 2006 June 30, 2005
(dollar amounts Average Average Average Average
in millions) Balance Interest Rate Balance Interest Rate
Commercial
loans(1)(2) $27,106 $879 6.54 % $23,688 $615 5.23 %
Real estate
construction loans 3,674 154 8.44 3,077 103 6.74
Commercial mortgage
loans (1) 9,114 321 7.11 8,415 247 5.92
Residential mortgage
loans 1,515 45 5.95 1,333 38 5.67
Consumer loans 2,596 90 6.94 2,703 74 5.53
Lease financing 1,298 27 4.06 1,272 26 4.10
International loans 1,841 61 6.72 2,210 61 5.60
Business loan swap
income (expense) - (58) - - 20 -
Total loans(2) 47,144 1,519 6.49 42,698 1,184 5.59
Investment securities
available-for-sale 4,121 89 4.19 3,735 69 3.64
Short-term investments 413 13 6.25 598 11 3.92
Total earning
assets 51,678 1,621 6.30 47,031 1,264 5.41
Cash and due from
banks 1,604 1,668
Allowance for loan
losses (498) (665)
Accrued income and
other assets 3,163 3,161
Total assets $55,947 $51,195
Money market and
NOW deposits(1) $15,959 211 2.67 $17,499 146 1.68
Savings deposits(1) 1,478 5 0.70 1,575 3 0.41
Certificates of
deposit(1)(3) 6,053 111 3.68 5,301 64 2.42
Institutional
certificates
of deposit 3,480 84 4.89 232 3 2.68
Foreign office time
deposits 1,050 24 4.58 725 14 3.98
Total interest-bearing
deposits 28,020 435 3.13 25,332 230 1.83
Short-term borrowings 3,736 87 4.71 814 12 2.97
Medium- and
long-term debt 4,285 116 5.45 4,295 77 3.61
Total interest
-bearing sources 36,041 638 3.57 30,441 319 2.11
Noninterest-bearing
deposits (1) 13,591 14,560
Accrued expenses and
other liabilities 1,206 1,108
Common shareholders'
equity 5,109 5,086
Total liabilities
and shareholders'
equity $55,947 $51,195
Net interest income/rate
spread (FTE) $983 2.73 $945 3.30
FTE adjustment $2 $2
Impact of net noninterest
-bearing sources of funds 1.09 0.74
Net interest margin
(as a percentage
of average earning
assets) (FTE)(2) 3.82 % 4.04 %
(1) FSD balances
included above:
Loans (primarily
low-rate) $2,732 $7 0.51 % $1,224 $3 0.54 %
Interest-bearing
deposits 2,024 38 3.80 2,605 34 2.61
Noninterest-bearing
deposits 4,738 5,549
(2) Impact of FSD loans
(primarily low-rate)
on the following:
Commerical loans (0.68)% (0.26)%
Total loans (0.37) (0.15)
Net interest margin
(FTE) (assuming loans
were funded by noninterest
-bearing deposits) (0.20) (0.11)
(3) Excludes institutional certificates of deposit
CONSOLIDATED STATISTICAL DATA
Comerica Incorporated and Subsidiaries
June 30, March 31, December 31,
(in millions, except per share data) 2006 2006 2005
Commercial loans:
Floor plan $3,166 $3,078 $2,847
Other 22,762 21,660 20,698
Total commercial loans 25,928 24,738 23,545
Real estate construction loans:
Real estate construction
business line 3,222 2,996 2,831
Other 736 683 651
Total real estate construction
loans 3,958 3,679 3,482
Commercial mortgage loans:
Commercial real estate business
line 1,537 1,483 1,450
Other 7,826 7,663 7,417
Total commercial mortgage loans 9,363 9,146 8,867
Residential mortgage loans 1,568 1,516 1,485
Consumer loans:
Home equity 1,740 1,748 1,775
Other consumer 753 859 922
Total consumer loans 2,493 2,607 2,697
Lease financing 1,325 1,292 1,295
International loans 1,764 1,761 1,876
Total loans $46,399 $44,739 $43,247
Goodwill $213 $213 $213
Other intangible assets 1 1 1
Loan servicing rights 16 17 19
Deferred mutual fund distribution
costs 6 6 6
Tier 1 common capital ratio* 7.69 % 7.66 % 7.78 %
Tier 1 risk-based capital ratio* 8.26 8.24 8.38
Total risk-based capital ratio * 11.55 11.68 11.65
Leverage ratio* 9.87 9.84 9.97
Book value per share $31.99 $31.39 $31.11
Market value per share for the
quarter:
High $60.10 $58.62 $60.25
Low 50.12 54.23 53.60
Close 51.99 57.97 56.76
Quarterly ratios:
Return on average common
shareholders' equity 15.50 % 15.33 % 16.28 %
Return on average assets 1.41 1.41 1.53
Efficiency ratio 55.88 64.35 62.21
Number of banking offices 378 374 383
Number of employees - full time
equivalent 10,718 10,687 10,816
September 30, June 30,
(in millions, except per share data) 2005 2005
Commercial loans:
Floor plan $2,065 $2,766
Other 20,689 20,924
Total commercial loans 22,754 23,690
Real estate construction loans:
Real estate construction
business line 2,674 2,587
Other 615 581
Total real estate construction
loans 3,289 3,168
Commercial mortgage loans:
Commercial real estate business
line 1,440 1,465
Other 7,260 7,071
Total commercial mortgage
loans 8,700 8,536
Residential mortgage loans 1,444 1,394
Consumer loans:
Home equity 1,818 1,867
Other consumer 878 834
Total consumer loans 2,696 2,701
Lease financing 1,286 1,296
International loans 1,972 2,239
Total loans $42,141 $43,024
Goodwill $247 $247
Other intangible assets 1 1
Loan servicing rights 19 19
Deferred mutual fund distribution
costs 7 7
Tier 1 common capital ratio* 7.98 % 7.88 %
Tier 1 risk-based capital ratio* 8.60 8.49
Total risk-based capital ratio * 12.07 12.08
Leverage ratio* 10.07 10.36
Book value per share $30.81 $30.60
Market value per share for the
quarter:
High $63.38 $59.29
Low 56.80 53.17
Close 58.90 57.80
Quarterly ratios:
Return on average common
shareholders' equity 18.59 % 16.99 %
Return on average assets 1.78 1.68
Efficiency ratio 56.63 54.49
Number of banking offices 372 366
Number of employees - full time
equivalent 10,779 10,826
* June 30, 2006 ratios are estimated
PARENT COMPANY ONLY BALANCE SHEETS
Comerica Incorporated
(in millions, except June 30, December 31, June 30,
share data) 2006 2005 2005
ASSETS
Cash and due from subsidiary bank $- $11 $-
Short-term investments with
subsidiary bank 459 264 280
Investment in subsidiaries,
principally banks 5,607 5,587 5,640
Premises and equipment 3 3 3
Other assets 151 257 293
Total assets $6,220 $6,122 $6,216
LIABILITIES AND
SHAREHOLDERS' EQUITY
Long-term debt $795 $813 $829
Other liabilities 236 241 270
Total liabilities 1,031 1,054 1,099
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 178,735,252 shares at
6/30/06, 12/31/05 and 6/30/05 894 894 894
Capital surplus 494 461 433
Accumulated other comprehensive loss (226) (170) (99)
Retained earnings 4,978 4,796 4,546
Less cost of common
stock in treasury - 16,534,470
shares at 6/30/06, 15,834,985
shares at 12/31/05 and 11,513,612
shares at 6/30/05 (951) (913) (657)
Total shareholders' equity 5,189 5,068 5,117
Total liabilities and
shareholders' equity $6,220 $6,122 $6,216
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Comerica Incorporated and Subsidiaries
Common Stock Capital
(in millions, except per share data) In Shares Amount Surplus
BALANCE AT JANUARY 1, 2005 170.5 $894 $421
Net income - - -
Other comprehensive loss, net of tax - - -
Total comprehensive income
Cash dividends declared on common
stock ($1.10 per share) - - -
Purchase of common stock (4.1) - -
Net issuance of common stock under
employee stock plans 0.8 - (9)
Recognition of share-based
compensation expense - - 21
BALANCE AT JUNE 30, 2005 167.2 $894 $433
BALANCE AT JANUARY 1, 2006 162.9 $894 $461
Net income - - -
Other comprehensive loss, net of tax - - -
Total comprehensive income
Cash dividends declared on common
stock ($1.18 per share) - - -
Purchase of common stock (1.5) - -
Net issuance of common stock under
employee stock plans 1.1 - (17)
Recognition of share-based
compensation expense - - 33
Employee deferred compensation
obligations (0.3) - 17
BALANCE AT JUNE 30, 2006 162.2 $894 $494
Accumulated
Other Total
(in millions, except Comprehensive Retained Treasury Shareholders'
per share data) Loss Earnings Stock Equity
BALANCE AT JANUARY 1, 2005 $(69) $4,331 $(472) $5,105
Net income - 416 - 416
Other comprehensive loss,
net of tax (30) - - (30)
Total comprehensive income 386
Cash dividends declared on
common stock ($1.10 per share) - (185) - (185)
Purchase of common stock - - (232) (232)
Net issuance of common stock
under employee stock plans - (16) 47 22
Recognition of share-based
compensation expense - - - 21
BALANCE AT JUNE 30, 2005 $(99) $4,546 $(657) $5,117
BALANCE AT JANUARY 1, 2006 $(170) $4,796 $(913) $5,068
Net income - 394 - 394
Other comprehensive loss,
net of tax (56) - - (56)
Total comprehensive income 338
Cash dividends declared on
common stock ($1.18 per share) - (192) - (192)
Purchase of common stock - - (88) (88)
Net issuance of common stock
under employee stock plans - (20) 67 30
Recognition of share-based
compensation expense - - - 33
Employee deferred compensation
obligations - - (17) -
BALANCE AT JUNE 30, 2006 $(226) $4,978 $(951) $5,189
BUSINESS SEGMENT FINANCIAL RESULTS
Comerica Incorporated and Subsidiaries
(dollar amounts in millions) Business Bank
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $333 $314 $351
Provision for loan losses 22 (13) 9
Noninterest income 71 63 72
Noninterest expenses 177 187 160
Provision (benefit) for income taxes
(FTE) 65 59 85
Cumulative effect of change in
accounting principle, net of tax - - -
Net income (loss) $140 $144 $169
Net loans charged-off $11 $11 $21
Selected average balances:
Assets $39,401 $38,148 $35,270
Loans 38,175 36,883 34,110
Deposits 17,931 18,899 20,352
Liabilities 18,910 19,749 21,091
Attributed equity 2,608 2,557 2,501
Statistical data:
Return on average assets (1) 1.42 % 1.51 % 1.92 %
Return on average attributed equity 21.44 22.54 27.05
Net interest margin (2) 3.48 3.45 4.11
Efficiency ratio 43.95 49.64 37.83
Finance
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $(29) $(27) $(56)
Provision for loan losses - - -
Noninterest income 14 17 20
Noninterest expenses - - (1)
Provision (benefit) for income taxes (FTE) (8) (7) (17)
Cumulative effect of change in
accounting principle, net of tax - - -
Net income (loss) $(7) $(3) $(18)
Net loans charged-off $- $- $-
Selected average balances:
Assets $5,481 $5,431 $5,192
Loans 26 3 (21)
Deposits 4,987 3,214 338
Liabilities 13,114 10,969 5,844
Attributed equity 463 470 519
Statistical data:
Return on average assets (1) N/M N/M N/M
Return on average attributed equity N/M N/M N/M
Net interest margin (2) N/M N/M N/M
Efficiency ratio N/M N/M N/M
(dollar amounts in millions) Retail Bank
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $161 $155 $153
Provision for loan losses 7 6 (3)
Noninterest income 54 50 53
Noninterest expenses 152 145 132
Provision (benefit) for income taxes (FTE) 19 18 27
Cumulative effect of change in
accounting principle, net of tax - - -
Net income (loss) $37 $36 $50
Net loans charged-off $8 $5 $5
Selected average balances:
Assets $6,730 $6,726 $6,427
Loans 6,034 6,016 5,768
Deposits 16,742 16,705 16,874
Liabilities 16,743 16,706 16,864
Attributed equity 836 818 793
Statistical data:
Return on average assets (1) 0.83 % 0.82 % 1.13 %
Return on average attributed equity 17.50 17.50 25.15
Net interest margin (2) 3.86 3.75 3.63
Efficiency ratio 70.76 70.97 64.31
Other
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $(1) $- $-
Provision for loan losses (1) (20) (5)
Noninterest income - 1 (5)
Noninterest expenses (19) 19 5
Provision (benefit) for income taxes (FTE) 9 (7) (4)
Cumulative effect of change in
accounting principle, net of tax - - -
Net income (loss) $10 $9 $(1)
Net loans charged-off $(1) $1 $-
Selected average balances:
Assets $1,131 $1,097 $1,126
Loans 37 44 43
Deposits (130) (100) 22
Liabilities 175 276 314
Attributed equity 787 764 876
Statistical data:
Return on average assets (1) N/M N/M N/M
Return on average attributed equity N/M N/M N/M
Net interest margin (2) N/M N/M N/M
Efficiency ratio N/M N/M N/M
(dollar amounts in millions) Wealth & Institutional Management
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $39 $38 $36
Provision for loan losses (1) - 1
Noninterest income 86 84 79
Noninterest expenses 95 98 87
Provision (benefit) for income taxes(FTE) 11 8 10
Cumulative effect of change in
accounting principle, net of tax - (8) -
Net income (loss) $20 $8 $17
Net loans charged-off $- $- $3
Selected average balances:
Assets $3,868 $3,875 $3,620
Loans 3,530 3,533 3,334
Deposits 2,491 2,480 2,414
Liabilities 2,523 2,505 2,422
Attributed equity 452 463 411
Statistical data:
Return on average assets (1) 2.08 % 0.84 % 1.87 %
Return on average attributed equity 17.79 7.00 16.41
Net interest margin (2) 4.43 4.36 4.38
Efficiency ratio 76.05 80.20 75.68
Total
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $503 $480 $484
Provision for loan losses 27 (27) 2
Noninterest income 225 215 219
Noninterest expenses 405 449 383
Provision (benefit) for income taxes(FTE) 96 71 101
Cumulative effect of change in
accounting principle, net of tax - (8) -
Net income (loss) $200 $194 $217
Net loans charged-off $18 $17 $29
Selected average balances:
Assets $56,611 $55,277 $51,635
Loans 47,802 46,479 43,234
Deposits 42,021 41,198 40,000
Liabilities 51,465 50,205 46,535
Attributed equity 5,146 5,072 5,100
Statistical data:
Return on average assets (1) 1.41 % 1.41 % 1.68 %
Return on average attributed equity 15.50 15.33 16.99
Net interest margin (2) 3.83 3.80 4.09
Efficiency ratio 55.88 64.35 54.49
(1) Return on average assets is calculated based on the greater of
average assets or average liabilities and attributed equity.
(2) Net interest margin is calculated based on the greater of average
earning assets or average deposits and purchased funds.
FTE - Fully Taxable Equivalent
N/M - Not Meaningful
MARKET SEGMENT FINANCIAL RESULTS
Comerica Incorporated and Subsidiaries
(dollar amounts in millions) Midwest & Other Markets
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $276 $266 $273
Provision for loan losses 21 (1) 37
Noninterest income 155 147 150
Noninterest expenses 252 263 230
Provision (benefit) for income taxes(FTE) 46 41 48
Cumulative effect of change in
accounting principle, net of tax - (8) -
Net income (loss) $112 $102 $108
Net loans charged-off $15 $11 $25
Selected average balances:
Assets $25,401 $25,116 $25,213
Loans 24,003 23,721 23,878
Deposits 18,271 18,666 18,918
Liabilities 19,141 19,497 19,647
Attributed equity 2,179 2,173 2,134
Statistical data:
Return on average assets (1) 1.76 % 1.63 % 1.71 %
Return on average attributed equity 20.53 18.81 20.24
Net interest margin (2) 4.59 4.53 4.54
Efficiency ratio 58.66 63.66 54.40
Florida
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $12 $11 $10
Provision for loan losses 5 1 2
Noninterest income 3 4 4
Noninterest expenses 8 8 6
Provision (benefit) for income taxes
(FTE) 1 2 2
Cumulative effect of change in
accounting principle, net of tax - - -
Net income (loss) $1 $4 $4
Net loans charged-off $- $2 $-
Selected average balances:
Assets $1,855 $1,623 $1,455
Loans 1,834 1,603 1,442
Deposits 312 307 275
Liabilities 312 306 273
Attributed equity 90 81 68
Statistical data:
Return on average assets (1) 0.29 % 1.01 % 1.01 %
Return on average attributed equity 6.05 20.13 21.56
Net interest margin (2) 2.62 2.80 2.91
Efficiency ratio 55.38 53.21 47.25
(dollar amounts in millions) Western
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $180 $169 $197
Provision for loan losses 2 (5) (20)
Noninterest income 34 28 31
Noninterest expenses 110 109 98
Provision (benefit) for income taxes
(FTE) 38 32 56
Cumulative effect of change in
accounting principle, net of tax - - -
Net income (loss) $64 $61 $94
Net loans charged-off $3 $2 $5
Selected average balances:
Assets $16,630 $16,358 $13,531
Loans 16,053 15,718 12,947
Deposits 14,898 15,437 16,776
Liabilities 15,033 15,479 16,788
Attributed equity 1,098 1,084 1,041
Statistical data:
Return on average assets (1) 1.52 % 1.47 % 2.12 %
Return on average attributed equity 23.11 22.43 36.26
Net interest margin (2) 4.48 4.33 4.70
Efficiency ratio 51.37 55.48 42.82
Finance & Other Businesses
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $(30) $(27) $(56)
Provision for loan losses (1) (20) (5)
Noninterest income 14 18 15
Noninterest expenses (19) 19 4
Provision (benefit) for income taxes(FTE) 1 (14) (21)
Cumulative effect of change in
accounting principle, net of tax - - -
Net income (loss) $3 $6 $(19)
Net loans charged-off $(1) $1 $-
Selected average balances:
Assets $6,612 $6,528 $6,318
Loans 63 47 22
Deposits 4,857 3,114 360
Liabilities 13,289 11,245 6,158
Attributed equity 1,250 1,234 1,395
Statistical data:
Return on average assets (1) N/M N/M N/M
Return on average attributed equity N/M N/M N/M
Net interest margin (2) N/M N/M N/M
Efficiency ratio N/M N/M N/M
(dollar amounts in millions) Texas
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $65 $61 $60
Provision for loan losses - (2) (12)
Noninterest income 19 18 19
Noninterest expenses 54 50 45
Provision (benefit) for income taxes(FTE) 10 10 16
Cumulative effect of change in
accounting principle, net of tax - - -
Net income (loss) $20 $21 $30
Net loans charged-off $1 $1 $(1)
Selected average balances:
Assets $6,113 $5,652 $5,118
Loans 5,849 5,390 4,945
Deposits 3,683 3,674 3,671
Liabilities 3,690 3,678 3,669
Attributed equity 529 500 462
Statistical data:
Return on average assets (1) 1.30 % 1.48 % 2.33 %
Return on average attributed equity 15.03 16.77 25.81
Net interest margin (2) 4.44 4.55 4.87
Efficiency ratio 64.45 63.65 57.25
Total
June 30, March 31, June 30,
Three Months Ended 2006 2006 2005
Earnings summary:
Net interest income (expense) (FTE) $503 $480 $484
Provision for loan losses 27 (27) 2
Noninterest income 225 215 219
Noninterest expenses 405 449 383
Provision (benefit) for income taxes(FTE) 96 71 101
Cumulative effect of change in
accounting principle, net of tax - (8) -
Net income (loss) $200 $194 $217
Net loans charged-off $18 $17 $29
Selected average balances:
Assets $56,611 $55,277 $51,635
Loans 47,802 46,479 43,234
Deposits 42,021 41,198 40,000
Liabilities 51,465 50,205 46,535
Attributed equity 5,146 5,072 5,100
Statistical data:
Return on average assets (1) 1.41 % 1.41 % 1.68 %
Return on average attributed equity 15.50 15.33 16.99
Net interest margin (2) 3.83 3.80 4.09
Efficiency ratio 55.88 64.35 54.49
(1) Return on average assets is calculated based on the greater of
average assets or average liabilities and attributed equity.
(2) Net interest margin is calculated based on the greater of average
earning assets or average deposits and purchased funds.
FTE - Fully Taxable Equivalent
N/M - Not Meaningful
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