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COMERICA REPORTS RECORD EARNINGS FOR 1991

 COMERICA REPORTS RECORD EARNINGS FOR 1991
 DETROIT, Jan. 16 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA)


today reported net income of $153 million, or $5.04 per share, for 1991, "which is the second consecutive year of record earnings for the company," according to Eugene A. Miller, chairman, president and chief executive officer. This compares with net income of $136 million, or $4.78 per share for 1990. Return on common shareholders' equity was 16.5 percent and return on assets was 1.12 percent.
 Net income for the fourth quarter of 1991 also was a record, $42 million, or $1.32 per share, compared to $32 million, or $1.13 per share, for the fourth quarter of 1990.
 The higher annual earnings were due primarily to an increase of $70 million in net interest income. This increase was largely the result of the corporation's continued success in expanding its net interest margin. The net interest margin was 4.87 percent in 1991 compared to 4.70 percent for last year. Average earning assets increased $950 million. This included a $296 million increase in consumer loans and a $335 million increase in investment securities.
 Nonperforming assets were $118 million at Dec. 31, 1991, compared to $125 million at Sept. 30, 1991 and $119 million at Dec. 31, 1990. This represents 1.28 percent of period-end loans. Net charge-offs for the year were $55 million, compared with $147 million for the prior year. Net charge-offs for 1990 included $99 million related to Latin American loans which were charged-off in the first quarter. The reserve for loan losses was $123 million at Dec. 31, 1991, or 1.34 percent of loans, compared to $114 million, or 1.31 percent of loans, a year earlier.
 At Dec. 31, 1991, assets totaled $14.5 billion compared with $13.8 billion a year earlier, and loans totaled $9.2 billion compared to $8.7 billion. Deposits were $11.4 billion compared with $11.2 billion, and common shareholders' equity was $1.0 billion compared with $803 million at Dec. 31, 1990. The increase in common shareholders' equity was due in part to the issuance of 2.8 million additional shares of common stock in June, which added approximately $100 million to Comerica's capital base.
 The corporation acquired Plaza Commerce Bancorp (Plaza) of San Jose, Calif., on Jan. 14, 1991. This acquisition was accounted for as a pooling-of-interests combination and, accordingly, the historical data presented has been restated to include Plaza.
 CONSOLIDATED STATEMENT OF INCOME
 Comerica Incorporated and Subsidiaries
 (in thousands except per share data)
 Three Months Ended
 December 31
 1991 1990
 Interest Income
 Interest and fees on loans $ 221,528 $ 237,241
 Interest and dividends on
 investment securities:
 Taxable 54,493 58,580
 Exempt from federal income
 taxes 7,624 8,106
 Interest on federal funds sold
 and securities purchased
 under agreements to resell 151 477
 Interest on time deposits with
 banks 13,148 13,973
 Interest on mortgages held for
 sale 2,302 1,808
 Total 299,246 320,185
 Interest Expense
 Interest on domestic deposits 128,874 157,566
 Interest on foreign deposits 180 523
 Interest on short-term
 borrowings:
 Federal funds borrowed and
 securities sold under
 agreements to repurchase 9,807 12,546
 Commercial paper 253 785
 Other borrowed funds 5,362 4,002
 Interest on long-term debt 5,359 6,329
 Net interest rate swap income (6,327) (836)
 Total 143,508 180,915
 Net interest income 155,738 139,270
 Provision for loan losses 18,009 19,378
 Net interest income after
 provision for loan losses 137,729 119,892
 Noninterest Income
 Trust fees 9,068 10,406
 Service charges on deposit
 accounts 14,819 13,028
 Securities transactions 5 255
 Bankcard fees 5,330 4,688
 Other noninterest income 21,685 14,385
 Total 50,907 42,762
 Net interest income and
 noninterest income 188,636 162,654
 Noninterest Expenses
 Salaries and employee benefits 68,720 62,995
 Net occupancy expense 11,227 10,489
 Equipment expense 8,834 7,870
 Other noninterest expenses 40,675 37,587
 Total 129,456 118,941
 Income before income taxes 59,180 43,713
 Applicable income taxes 17,250 11,227
 Net income $ 41,930 $ 32,486
 Net income applicable to
 common stock $ 41,027 $ 31,583
 Earnings Per Common Share
 Net Income:
 Primary $ 1.32 $ 1.13
 Fully Diluted $ 1.31 $ 1.12
 Year Ended
 December 31
 1991 1990
 Interest Income
 Interest and fees on loans $ 899,207 $ 922,381
 Interest and dividends on
 investment securities:
 Taxable 235,444 211,896
 Exempt from federal income
 taxes 30,879 34,778
 Interest on federal funds sold
 and securities purchased
 under agreements to resell 1,413 1,224
 Interest on time deposits with
 banks 44,121 41,858
 Interest on mortgages held for
 sale 7,976 6,180
 Total 1,219,040 1,218,317
 Interest Expense
 Interest on domestic deposits 552,473 578,781
 Interest on foreign deposits 1,056 9,039
 Interest on short-term
 borrowings:
 Federal funds borrowed and
 securities sold under
 agreements to repurchase 41,160 59,278
 Commercial paper 1,448 2,583
 Other borrowed funds 21,487 20,854
 Interest on long-term debt 22,928 25,606
 Net interest rate swap income (16,189) (2,915)
 Total 624,363 693,226
 Net interest income 594,677 525,091
 Provision for loan losses 57,859 59,992
 Net interest income after
 provision for loan losses 536,818 465,099
 Noninterest Income
 Trust fees 43,455 43,490
 Service charges on deposit
 accounts 57,402 48,281
 Securities transactions 908 581
 Bankcard fees 18,878 17,664
 Other noninterest income 61,780 50,349
 Total 182,423 160,365
 Net interest income
 noninterest income 719,241 625,464
 Noninterest Expenses
 Salaries and employee benefits 265,122 241,573
 Net occupancy expense 44,769 40,361
 Equipment expense 34,079 29,931
 Other noninterest expenses 158,110 128,624
 Total 502,080 440,489
 Income before income taxes 217,161 184,975
 Applicable income taxes 63,756 48,511
 Net income $ 153,405 $ 136,464
 Net income applicable to
 common stock $ 149,791 $ 132,850
 Earnings Per Common Share
 Net income:
 Primary $ 5.04 $ 4.78
 Fully diluted $ 5.01 $ 4.71
 CONSOLIDATED BALANCE SHEET
 Comerica Incorporated and Subsidiaries
 (in thousands)
 Dec. 31 Dec. 31
 1991 1990
 Assets
 Cash and cash equivalents:
 Cash and due from banks $ 765,826 $ 653,038
 Federal funds sold and
 securities purchased
 under agreements to
 resell 15,000 36,620
 Total cash and cash
 equivalents 780,826 689,658
 Time deposits with banks 707,037 671,261
 Mortgages held for sale 159,597 61,285
 Investment securities 3,115,467 3,192,703
 Loans (net of unearned income
 of $140,952 at Dec. 31, 1991
 and $124,174 at Dec. 31,
 1990) 9,213,086 8,714,635
 Less: Allowance for loan
 losses (123,000) (113,849)
 Net loans 9,090,086 8,600,786
 Premises and equipment 178,346 168,394
 Customers' liability on
 acceptances 2,700 6,747
 Accrued interest receivable 92,850 113,020
 Other assets 323,882 303,224
 Total assets $14,450,791 $13,807,078
 Liabilities
 Domestic deposits:
 Noninterest bearing $ 2,063,234 $ 1,945,112
 Interest bearing 9,364,510 9,220,957
 Foreign deposits-interest
 bearing 13,300 29,847
 Total deposits 11,441,044 11,195,916
 Short-term borrowings:
 Federal funds borrowed and
 securities sold under
 agreements to repurchase 734,226 911,230
 Commercial paper 16,199 28,926
 Other borrowed funds 775,997 337,469
 Acceptance outstanding 2,700 6,747
 Other liabilities 184,176 222,722
 Long-term debt 244,307 263,832
 Total liabilities 13,398,649 12,966,842
 Shareholders' Equity
 Nonredeemable preferred stock-
 2,000,000 shares authorized
 Series B - $50 stated value;
 835,688 shares outstanding
 at Dec. 31, 1991, and
 Dec. 31, 1990 37,605 37,605
 Common stock - $5 par value;
 40,000,000 shares authorized
 31,159,751 shares issued at
 Dec. 31, 1991 and 27,865,392
 shares issued at Dec. 31,
 1990 155,799 139,327
 Surplus 224,138 124,023
 Retained earnings 635,291 540,175
 Less: Deferred compensation
 on restricted stock
 incentive plan (691) (894)
 Total shareholders'
 equity 1,052,142 840,236
 Total liabilities and
 shareholders' equity $14,450,791 $13,807,078
 CONSOLIDATED FINANCIAL HIGHLIGHTS
 Comerica Incorporated and Subsidiaries
 (in thousands except per share data
 and ratios)
 Three Months Ended
 December 31
 1991 1990
 Per Share and Common Stock
 Data
 Primary net income $ 1.32 $ 1.13
 Fully diluted net income 1.31 1.12
 Cash dividends declared .47 .43
 Shareholders' equity
 (at Dec. 31) 32.56 28.80
 Primary average shares 31,153 27,907
 Fully diluted average shares 31,327 28,261
 Primary period end shares 31,160 27,979
 Fully diluted period end
 shares 31,331 28,241
 Key Ratios
 Return on average total
 equity 16.23 pct 15.70 pct
 Return on average common
 equity 16.48 pct 15.99 pct
 Return on assets 1.19 pct .98 pct
 Common equity to assets 7.02 pct 5.81 pct
 Core capital ratio 8.15 pct 6.82 pct
 Total capital ratio 11.19 pct 10.15 pct
 Minimum leverage ratio 6.60 pct 5.36 pct
 Average Balances
 Total assets $14,047,670 $13,298,372
 Total earning assets 12,982,505 12,247,906
 Loans 9,009,217 8,533,758
 Interest bearing deposits 9,386,998 9,247,308
 Noninterest bearing dep. 1,861,973 1,787,651
 Total interest bearing
 liabilities 10,915,741 10,398,796
 Common shareholders' equity 995,912 790,238
 Net Interest Income
 Yield on earning assets 9.37 pct 10.59 pct
 Rate on interest bearing
 liabilities 5.22 pct 6.91 pct
 Rate on liabilities funding
 earning assets 4.39 pct 5.86 pct
 Net interest margin 4.98 pct 4.73 pct
 Credit Quality
 Nonaccrual loans 99,952 94,245
 Renegotiated loans 155 3,549
 Other real estate 17,684 20,874
 Total nonperforming assets 117,791 118,668
 Loans 90 days past due 37,612 38,488
 Gross charge-offs 18,643 17,161
 Recoveries 2,989 3,830
 Net charge-offs 15,654 13,331
 Reserve to ending loans 1.34 pct 1.31 pct
 Nonperforming assets to ending
 loans 1.28 pct 1.36 pct
 Net charge-offs to average
 loans .70 pct .62 pct
 Reserve to total nonperforming
 assets 104 pct 96 pct
 Additional Data
 Goodwill 101,285 85,698
 Mortgage servicing intangible 30,273 18,941
 Core deposit intangible 31,689 37,987
 Other intangibles 5,098 5,572
 Comerica Incorporated and Subsidiaries
 (in thousands except per share data
 and ratios)
 Years Ended
 December 31
 1991 1990
 Per Share and Common Stock
 Data
 Primary net income $ 5.04 $ 4.78
 Fully diluted net income 5.01 4.71
 Cash dividends declared 1.84 1.73
 Primary average shares 29,742 27,783
 Fully diluted average shares 29,940 28,254
 Key Ratios
 Return on average total
 equity 16.23 pct 17.26 pct
 Return on average common
 equity 16.50 pct 17.64 pct
 Return on assets 1.12 pct 1.08 pct
 Average Balances
 Total assets $13,663,367 $12,679,533
 Total earning assets 12,638,209 11,687,986
 Loans 8,786,383 8,365,480
 Interest bearing deposits 9,295,700 8,611,768
 Noninterest bearing dep. 1,795,313 1,738,234
 Total interest bearing
 liabilities 10,689,903 9,908,670
 Common shareholders' equity 907,766 753,162
 Net Interest Income
 Yield on earning assets 9.81 pct 10.63 pct
 Rate on interest bearing
 liabilities 5.84 pct 6.99 pct
 Rate on liabilities funding
 earning assets 4.94 pct 5.93 pct
 Net interest margin 4.87 pct 4.70 pct
 Credit Quality
 Gross charge-offs 70,463 165,250(a)
 Recoveries 15,540 17,830
 Net charge-offs 54,923 147,420
 Net charge-offs to average
 loans .63 pct .58 pct (a)
 (a) Gross charge-offs include $98.8 million of international loans provided for in prior years. The ratio of net charge-offs to average loans excludes international charge-offs.
 -0- 1/16/92
 /CONTACT: David O. Taylor, 313-222-3384, or (analyst) Judith V. Hicks, 313-222-6317, both of Comerica/
 (CMA) CO: Comerica Incorporated ST: Michigan IN: FIN SU: ERN


DH-ML -- DE002 -- 0345 01/16/92 08:53 EST
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