Parent Company FInancial Statements Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2013

BALANCE SHEETS - COMERICA INCORPORATED



(in millions, except share data)
December 31	2013			2012
Assets
Cash and due from subsidiary bank	$	31		$	2
Short-term investments with subsidiary bank	482			431
Other short-term investments	96			88
Investment in subsidiaries, principally banks	7,174			7,045
Premises and equipment	4			4
Other assets	139			150
Total assets	$	7,926		$	7,720
Liabilities and Shareholders’ Equity
Medium- and long-term debt	$	617		$	629
Other liabilities	156			149
Total liabilities	773			778
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141
Capital surplus	2,179			2,162
Accumulated other comprehensive loss	(391		)	(413		)
Retained earnings	6,321			5,931
Less cost of common stock in treasury - 45,860,786 shares at 12/31/13 and 39,889,610 shares at 12/31/12	(2,097		)	(1,879		)
Total shareholders’ equity	7,153			6,942
Total liabilities and shareholders’ equity	$	7,926		$	7,720

STATEMENTS OF INCOME - COMERICA INCORPORATED



(in millions)
Years Ended December 31	2013			2012			2011
Income
Income from subsidiaries
Dividends from subsidiaries	$	490		$	505		$	309
Other interest income	1			1			1
Intercompany management fees	110			108			119
Other noninterest income	14			7			11
Total income	615			621			440
Expenses
Interest on medium- and long-term debt	11			11			12
Salaries and employee benefits	118			114			112
Net occupancy expense	4			7			8
Equipment expense	1			1			1
Merger and restructuring charges	—			35			75
Other noninterest expenses	78			54			51
Total expenses	212			222			259
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries	403			399			181
Benefit for income taxes	(30		)	(37		)	(44		)
Income before equity in undistributed earnings of subsidiaries	433			436			225
Equity in undistributed earnings of subsidiaries, principally banks	108			85			168
Net income	541			521			393
Less income allocated to participating securities	8			6			4
Net income attributable to common shares	$	533		$	515		$	389

STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED



(in millions)
Years Ended December 31	2013			2012			2011
Operating Activities
Net income	$	541		$	521		$	393
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally banks	(108		)	(85		)	(168		)
Depreciation and amortization	1			1			1
Net periodic defined benefit cost	8			7			7
Share-based compensation expense	14			15			15
Provision for deferred income taxes	3			2			8
Excess tax benefits from share-based compensation arrangements	(3		)	(1		)	(1		)
Other, net	2			(8		)	21
Net cash provided by operating activities	458			452			276
Investing Activities
Proceeds from sales of indirect private equity and venture capital investments	—			—			19
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
Financing Activities
Medium- and long-term debt:
Maturities and redemptions	—			(30		)	(53		)
Common Stock:
Repurchases	(291		)	(308		)	(116		)
Cash dividends paid	(123		)	(97		)	(73		)
Issuances of common stock under employee stock plans	33			3			4
Excess tax benefits from share-based compensation arrangements	3			1			1
Net cash used in financing activities	(378		)	(431		)	(237		)
Net increase in cash and cash equivalents	80			15			91
Cash and cash equivalents at beginning of period	433			418			327
Cash and cash equivalents at end of period	$	513		$	433		$	418
Interest paid	$	11		$	12		$	12
Income taxes recovered	$	(27	)	$	(46	)	$	(39	)