Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2011

PARENT COMPANY FINANCIAL STATEMENTS [Abstract]

BALANCE SHEETS - COMERICA INCORPORATED



(in millions, except share data)
December 31	2011			2010
Assets
Cash and due from subsidiary bank	$	7		$	—
Short-term investments with subsidiary bank	411			327
Other short-term investments	90			86
Investment in subsidiaries, principally banks	7,011			5,957
Premises and equipment	4			4
Other assets	177			181
Total assets	$	7,700		$	6,555
Liabilities and Shareholders’ Equity
Medium- and long-term debt	$	666		$	635
Other liabilities	166			127
Total liabilities	832			762
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares at 12/31/11 and 203,878,110 shares at 12/31/10	1,141			1,019
Capital surplus	2,170			1,481
Accumulated other comprehensive loss	(356		)	(389		)
Retained earnings	5,546			5,247
Less cost of common stock in treasury - 30,831,076 shares at 12/31/11 and 27,342,518 shares at 12/31/10	(1,633		)	(1,565		)
Total shareholders’ equity	6,868			5,793
Total liabilities and shareholders’ equity	$	7,700		$	6,555

Statements of Income - Comerica Incorporated

STATEMENTS OF INCOME - COMERICA INCORPORATED



(in millions)
Years Ended December 31	2011			2010			2009
Income
Income from subsidiaries
Dividends from subsidiaries	$	309		$	34		$	59
Other interest income	1			1			4
Intercompany management fees	119			104			44
Other noninterest income	11			5			6
Total income	440			144			113
Expenses
Interest on medium- and long-term debt	12			30			42
Salaries and employee benefits	112			105			88
Net occupancy expense	8			8			9
Equipment expense	1			1			1
Merger and restructuring charges	75			—			—
Other noninterest expenses	51			56			47
Total expenses	259			200			187
Income (loss) before benefit for income taxes and equity in undistributed earnings of subsidiaries	181			(56		)	(74		)
Benefit for income taxes	(44		)	(31		)	(47		)
Income (loss) before equity in undistributed earnings of subsidiaries	225			(25		)	(27		)
Equity in undistributed earnings of subsidiaries, principally banks	168			302			44
Net income	393			277			17
Less:
Preferred stock dividends	—			123			134
Income allocated to participating securities	4			1			1
Net income (loss) attributable to common shares	$	389		$	153		$	(118	)

Statements of Cash Flows - Comerica Incorporated

STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED



(in millions)
Years Ended December 31	2011			2010			2009
Operating Activities
Net income	$	393		$	277		$	17
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally banks	(168		)	(302		)	(44		)
Depreciation and software amortization	1			1			1
Share-based compensation expense	15			12			12
Provision for deferred income taxes	8			3			1
Excess tax benefits from share-based compensation arrangements	(1		)	(1		)	—
Other, net	28			18			14
Net cash provided by operating activities	276			8			1
Investing Activities
Net proceeds from private equity and venture capital investments	19			3			—
Cash and cash equivalents acquired from Sterling Bancshares, Inc.	37			—			—
Capital transactions with subsidiaries	(3		)	—			—
Net increase in premises and equipment	(1		)	—			—
Net cash provided by investing activities	52			3			—
Financing Activities
Proceeds from issuance of medium- and long-term debt	—			298			—
Repayment of medium- and long-term debt	(53		)	(666		)	—
Proceeds from issuance of common stock	—			849			—
Redemption of preferred stock	—			(2,250		)	—
Proceeds from issuance of common stock under employee stock plans	4			5			—
Excess tax benefits from share-based compensation arrangements	1			1			—
Purchase of common stock for treasury	(116		)	(4		)	(1		)
Dividends paid on common stock	(73		)	(34		)	(72		)
Dividends paid on preferred stock	—			(38		)	(113		)
Net cash used in financing activities	(237		)	(1,839		)	(186		)
Net increase (decrease) in cash and cash equivalents	91			(1,828		)	(185		)
Cash and cash equivalents at beginning of year	327			2,155			2,340
Cash and cash equivalents at end of year	$	418		$	327		$	2,155
Interest paid	$	12		$	40		$	44
Income taxes paid (recovered)	$	319		$	(35	)	$	(45	)