Parent Company FInancial Statements Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

BALANCE SHEETS - COMERICA INCORPORATED



(in millions, except share data)
December 31	2012			2011
Assets
Cash and due from subsidiary bank	$	2		$	7
Short-term investments with subsidiary bank	431			411
Other short-term investments	88			90
Investment in subsidiaries, principally banks	7,045			7,011
Premises and equipment	4			4
Other assets	150			177
Total assets	$	7,720		$	7,700
Liabilities and Shareholders’ Equity
Medium- and long-term debt	$	629		$	666
Other liabilities	149			166
Total liabilities	778			832
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141
Capital surplus	2,162			2,170
Accumulated other comprehensive loss	(413		)	(356		)
Retained earnings	5,931			5,546
Less cost of common stock in treasury - 39,889,610 shares at 12/31/12 and 30,831,076 shares at 12/31/11	(1,879		)	(1,633		)
Total shareholders’ equity	6,942			6,868
Total liabilities and shareholders’ equity	$	7,720		$	7,700

Statements of Income - Comerica Incorporated

STATEMENTS OF INCOME - COMERICA INCORPORATED



(in millions)
Years Ended December 31	2012			2011			2010
Income
Income from subsidiaries
Dividends from subsidiaries	$	505		$	309		$	34
Other interest income	1			1			1
Intercompany management fees	108			119			104
Other noninterest income	7			11			5
Total income	621			440			144
Expenses
Interest on medium- and long-term debt	11			12			30
Salaries and employee benefits	114			112			105
Net occupancy expense	7			8			8
Equipment expense	1			1			1
Merger and restructuring charges	35			75			—
Other noninterest expenses	54			51			56
Total expenses	222			259			200
Income (loss) before benefit for income taxes and equity in undistributed earnings of subsidiaries	399			181			(56		)
Benefit for income taxes	(37		)	(44		)	(31		)
Income (loss) before equity in undistributed earnings of subsidiaries	436			225			(25		)
Equity in undistributed earnings of subsidiaries, principally banks	85			168			302
Net income	521			393			277
Less:
Preferred stock dividends	—			—			123
Income allocated to participating securities	6			4			1
Net income attributable to common shares	$	515		$	389		$	153

Statements of Cash Flows - Comerica Incorporated

STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED



(in millions)
Years Ended December 31	2012			2011			2010
Operating Activities
Net income	$	521		$	393		$	277
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally banks	(85		)	(168		)	(302		)
Depreciation and amortization	1			1			1
Share-based compensation expense	15			15			12
Provision for deferred income taxes	2			8			3
Excess tax benefits from share-based compensation arrangements	(1		)	(1		)	(1		)
Other, net	(1		)	28			18
Net cash provided by operating activities	452			276			8
Investing Activities
Proceeds from sales of indirect private equity and venture capital investments	—			19			3
Cash and cash equivalents acquired in acquisition of Sterling Bancshares, Inc.	—			37			—
Capital transactions with subsidiaries	(5		)	(3		)	—
Net change in premises and equipment	(1		)	(1		)	—
Net cash (used in) provided by investing activities	(6		)	52			3
Financing Activities
Medium- and long-term debt:
Maturities and redemptions	(30		)	(53		)	(666		)
Issuances	—			—			298
Common Stock:
Repurchases	(308		)	(116		)	(4		)
Cash dividends paid	(97		)	(73		)	(34		)
Issuances of common stock under employee stock plans	3			4			5
Issuances of common stock	—			—			849
Preferred Stock:
Redemption	—			—			(2,250		)
Cash dividends paid	—			—			(38		)
Excess tax benefits from share-based compensation arrangements	1			1			1
Net cash used in financing activities	(431		)	(237		)	(1,839		)
Net increase (decrease) in cash and cash equivalents	15			91			(1,828		)
Cash and cash equivalents at beginning of period	418			327			2,155
Cash and cash equivalents at end of period	$	433		$	418		$	327
Interest paid	$	12		$	12		$	40
Income taxes recovered	$	(46	)	$	(39	)	$	(35	)