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COMERICA REPORTS RECORD EARNINGS FOR FIRST QUARTER

 COMERICA REPORTS RECORD EARNINGS FOR FIRST QUARTER
 DETROIT, April 15 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA)


today reported quarterly net income of $43 million, a 22 percent increase over the $35 million earned for the first quarter in 1991. On a per share basis this represents $1.36 compared to $1.23 for the same period a year earlier. Return on common shareholders' equity was 16.62 percent and return on assets was 1.23 percent.
 Eugene A. Miller, chairman, said the increase in net income "was due primarily to higher net interest income, which increased by $18 million over last year's first quarter." This increase was the result of the corporation's continued success in expanding the spread between interest income and interest expense and growth in earning assets. The net interest margin was 5.06 percent in the first quarter 1992 compared to 4.73 percent for last year's comparable quarter.
 Average earning assets increased $562 million. This included a $246 million increase in commercial loans and a $335 million increase in consumer loans.
 Nonperforming assets were $125 million at the end of the first quarter compared to $118 million at year-end 1991. The $125 million represents 1.36 percent of period-end loans. Net charge-offs for the quarter were $16 million, compared with $11 million for the first quarter last year. The reserve for loan losses was $125 million, or 1.35 percent of total loans.
 At March 31, 1992, assets totaled $14.2 billion compared with $13.6 billion a year earlier, and loans totaled $9.3 billion compared to $8.7 billion. Deposits were $11.3 billion compared with $11.0 billion, and shareholders' equity was $1.1 billion compared with $866 million at March 31, 1991. The increase in shareholders' equity was in part due to the issuance of 2.8 million additional shares of common stock in June 1991, which added approximately $100 million to Comerica's capital base.
 On Oct. 28, 1991, Comerica Incorporated and Manufacturers National Corporation (Manufacturers) of Detroit, announced that they had reached an agreement to merge. Manufacturers is a bank holding company with assets totaling $11.9 billion at March 31, 1992, and locations primarily in Southeastern Michigan and Illinois. The transaction is expected to be completed in the second quarter of 1992 and will be accounted for as a pooling-of-interests combination. CONSOLIDATED STATEMENT OF INCOME Comerica Incorporated and Subsidiaries (in thousands)
 Three Months Ended
 March 31
 1992 1991
 Interest Income
 Interest and fees on loans $ 208,973 $ 227,976
 Interest and dividends on
 investment securities:
 Taxable 54,034 63,073
 Exempt from federal income
 taxes 7,454 7,952
 Interest on federal funds sold
 and securities purchased
 under agreements to resell 113 232
 Interest on time deposits with
 banks 7,247 12,617
 Interest on mortgages held for
 sale 3,225 1,374
 Total 281,046 313,224
 Interest Expense
 Interest on domestic deposits 108,564 146,033
 Interest on foreign deposits 101 382
 Interest on short-term
 borrowings:
 Federal funds borrowed and
 securities sold under
 agreements to repurchase 11,142 12,705
 Commercial paper 144 490
 Other borrowed funds 3,769 7,041
 Interest on long-term debt 5,126 6,108
 Net interest rate swap income (8,392) (2,046)
 Total 120,454 170,713
 Net interest income 160,592 142,511
 Provision for loan losses 17,297 12,596
 Net interest income after
 provision for loan losses 143,295 129,915
 Noninterest Income
 Trust fees 12,637 11,886
 Service charges on deposit
 accounts 15,811 13,430
 Securities transactions 120 386
 Bankcard fees 4,354 4,205
 Other noninterest income 15,680 12,106
 Total 48,602 42,013
 Net interest income and
 noninterest income 191,897 171,928
 Noninterest Expenses
 Salaries and employee benefits 69,480 63,742
 Net occupancy expense 11,508 11,163
 Equipment expense 9,043 8,441
 FDIC insurance expense 6,403 5,431
 Other noninterest expenses 32,673 32,944
 Total 129,107 121,721
 Income before income taxes 62,790 50,207
 Applicable income taxes 19,502 14,782
 Net income $ 43,288 $ 35,425
 Net income applicable to
 common stock $ 42,384 $ 34,521
 CONSOLIDATED STATEMENT OF INCOME
 Comerica Incorporated and Subsidiaries
 (in thousands except per share data)
 Three Months Ended
 March 31
 1992 1991
 Earnings Per Common Share
 Net Income:
 Primary $ 1.36 $ 1.23
 Fully Diluted $ 1.35 $ 1.22
 CONSOLIDATED BALANCE SHEET
 Comerica Incorporated and Subsidiaries
 (in thousands)
 March 31 March 31
 1992 1991
 Assets
 Cash and cash equivalents:
 Cash and due from banks $ 729,219 $ 594,176
 Federal funds sold and
 securities purchased
 under agreements to
 resell 15,000 17,494
 Total cash and cash
 equivalents 744,219 611,670
 Time deposits with banks 504,564 566,848
 Mortgages held for sale 225,081 77,541
 Investment securities 2,992,569 3,188,306
 Loans (net of unearned income
 of $134,500 at March 31, 1992,
 and $115,663 at March 31,
 1991) 9,257,590 8,668,429
 Less: Allowance for loan
 losses (125,000) (116,000)
 Net loans 9,132,590 8,552,429
 Premises and equipment 177,959 171,656
 Customers' liability on
 acceptances 1,570 21,423
 Accrued interest receivable 86,865 120,887
 Other assets 298,087 293,455
 Total assets $14,163,504 $13,604,215
 Liabilities
 Domestic deposits:
 Noninterest bearing $ 2,003,223 $ 1,749,004
 Interest bearing 9,280,825 9,237,129
 Foreign deposits-interest
 bearing 17,700 19,400
 Total deposits 11,301,748 11,005,533
 Short-term borrowings:
 Federal funds borrowed and
 securities sold under
 agreements to repurchase 1,121,066 784,235
 Commercial paper 13,002 29,396
 CONSOLIDATED BALANCE SHEET
 Comerica Incorporated and Subsidiaries
 (in thousands except share data)
 March 31 March 31
 1992 1991
 Other borrowed funds 209,601 400,809
 Acceptances outstanding 1,570 21,423
 Other liabilities 189,888 233,945
 Long-term debt 244,007 263,340
 Total liabilities 13,080,882 12,738,681
 Shareholders' Equity
 Nonredeemable preferred stock-
 10,000,000 shares authorized
 Series B - $50 stated value;
 835,688 shares outstanding
 at March 31, 1992 and March 31,
 1991 37,605 37,605
 Common stock - $5 par value;
 250,000,000 shares authorized
 31,265,224 shares issued at
 March 31, 1992 and 28,086,711
 shares issued at March 31,
 1991 156,326 140,433
 Surplus 226,265 125,552
 Retained earnings 662,995 562,542
 Less: Deferred compensation
 on restricted stock
 incentive plan (569) (598)
 Total shareholders'
 equity 1,082,622 865,534
 Total liabilities and
 shareholders' equity $14,163,504 $13,604,215
 CONSOLIDATED FINANCIAL HIGHLIGHTS
 Comerica Incorporated and Subsidiaries
 (in thousands except ratios)
 Three Months Ended
 March 31
 1992 1991
 Per Share and Common Stock
 Data
 Primary net income $ 1.36 $ 1.23
 Fully diluted net income 1.35 1.22
 Cash dividends declared .47 .43
 Shareholders' equity
 (at March 31) 33.42 29.48
 Primary average shares 31,210 28,068
 Fully diluted average shares 31,377 28,320
 Primary period end shares 31,265 28,087
 Fully diluted period end
 shares 31,427 28,324
 Key Ratios
 Return on average total
 equity 16.37 pct 16.70 pct
 Return on average common
 equity 16.62 pct 17.03 pct
 Return on assets 1.23 pct 1.05 pct
 CONSOLIDATED FINANCIAL HIGHLIGHTS
 Comerica Incorporated and Subsidiaries
 (in thousands except ratios)
 Three Months Ended
 March 31
 1992 1991
 Common equity to assets 7.38 pct 6.09 pct
 Core capital ratio 8.48 pct 7.15 pct
 Total capital ratio 11.57 pct 10.54 pct
 Minimum leverage ratio 6.77 pct 5.51 pct
 Average Balances
 Total assets $14,128,945 $13,521,922
 Total earning assets 13,102,396 12,540,275
 Loans 9,206,895 8,621,069
 Interest-bearing deposits 9,292,328 9,202,661
 Noninterest-bearing deposits 1,802,913 1,695,021
 Total interest-bearing
 liabilities 11,050,697 10,737,397
 Common shareholders' equity 1,019,897 810,667
 Net Interest Income
 Yield on earning assets 8.75 pct 10.24 pct
 Rate on interest-bearing
 liabilities 4.38 pct 6.44 pct
 Rates on liabilities funding
 earning assets 3.69 pct 5.51 pct
 Net interest margin 5.06 pct 4.73 pct
 Credit Quality
 Nonaccrual loans $ 111,156 $ 87,711
 Renegotiated loans 150 169
 Other real estate 14,181 19,846
 Total nonperforming assets 125,487 107,726
 Loans 90 days past due 48,416 44,661
 Gross charge-offs 18,910 15,522
 Recoveries 2,767 4,578
 Net charge-offs 16,143 10,944
 Reserve to ending loans 1.35 pct 1.34 pct
 Nonperforming assets to ending
 loans 1.36 pct 1.24 pct
 Net charge-offs to average
 loans .70 pct .51 pct
 Reserve to total nonperforming
 assets 100 pct 108 pct
 Additional Data
 Goodwill $ 96,354 $ 82,400
 Mortgage servicing
 intangible 30,379 22,461
 Core deposit intangible 30,444 39,868
 Other intangibles 8,488 5,453
 -0- 4/15/92 R
 /CONTACT: David O. Taylor, 313-222-3384, or analyst contact, Judith V. Hicks, 313-222-6317, both of Comerica/
 (CMA) CO: Comerica Incorporated ST: Michigan IN: FIN SU: ERN


ML -- DE004 -- 8532 04/15/92 09:31 EDT
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