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Comerica Reports Second Quarter Net Income of $70 Million
 Dallas-based Comerica Incorporated  today reported second quarter 2010 net income from continuing operations of $70 million, compared to $35 million for the first quarter 2010. Second quarter net income attributable to common shares of $69 million, compared to a net loss attributable to common shares of $71 million for the first quarter 2010, reflected a lower provision for loan losses resulting from continued improvement in credit quality and the benefit of the first quarter 2010 full redemption of $2.25 billion of preferred stock issued to the U.S. Treasury. Second quarter 2010 included a $126 million provision for loan losses, compared to $175 million for the first quarter 2010.

 

Total assets and common shareholders' equity were $55.9 billion and $5.8 billion, respectively, at June 30, 2010, compared to $57.1 billion and $5.7 billion, respectively, at March 31, 2010. There were approximately 176 million common shares outstanding at June 30, 2010. 

 

In the second quarter 2010, the U.S. Treasury sold 11.5 million warrants to purchase an equal amount of shares of Comerica common stock at $29.40 per share, for $16.00 per warrant.  The warrants were originally issued to the U.S. Treasury in connection with Comerica's participation in the Capital Purchase Program.  Comerica fully redeemed the $2.25 billion of related preferred stock in March 2010. The sale of the warrants by the U.S. Treasury had no impact on Comerica's equity and the warrants remained outstanding at June 30, 2010.   

Comerica's tangible common equity ratio was 10.11 percent at June 30, 2010, an increase of 43 basis points from March 31, 2010. The estimated Tier 1 common ratio was 9.79 percent and the estimated Tier 1 capital ratio was 10.61 percent at June 30, 2010, increases of 22 basis points and 23 basis points, respectively, from March 31, 2010. 

 Comerica Incorporated is a financial services company headquartered in Dallas which has three major business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management.