Parent Company Financial Statements Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

BALANCE SHEETS - COMERICA INCORPORATED


(in millions, except share data)
December 31	2022		2021
Assets
Cash and due from subsidiary banks	$	1,810	$	1,105
Other short-term investments	92		113
Receivable due from subsidiary bank	150		150
Investment in subsidiaries, principally banks	4,853		8,278
Premises and equipment	—		1
Accrued income and other assets	191		265
Total assets	$	7,096	$	9,912
Liabilities and Shareholders’ Equity
Medium- and long-term debt	$	1,593	$	1,736
Accrued expenses and other liabilities	322		279
Total liabilities	1,915		2,015
Fixed-rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000 liquidation preference per share:
Authorized - 4,000 shares
Issued - 4,000 shares	394		394
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141		1,141
Capital surplus	2,220		2,175
Accumulated other comprehensive loss	(3,742)		(212)
Retained earnings	11,258		10,494
Less cost of common stock in treasury - 97,197,962 shares at 12/31/2022 and 97,476,872 shares at 12/31/2021	(6,090)		(6,095)
Total shareholders’ equity	5,181		7,897
Total liabilities and shareholders’ equity	$	7,096	$	9,912

STATEMENTS OF INCOME - COMERICA INCORPORATED


(in millions)
Years Ended December 31	2022		2021		2020
Income
Income from subsidiaries:
Dividends from subsidiaries	$	1,067	$	849	$	498
Other interest income	13		1		4
Intercompany management fees	109		235		209
Total income	1,189		1,085		711
Expenses
Interest on medium- and long-term debt	47		20		30
Salaries and benefits expense	53		170		141
Other noninterest expenses	46		72		66
Total expenses	146		262		237
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries	1,043		823		474
Benefit for income taxes	(3)		(6)		(6)
Income before equity in undistributed earnings of subsidiaries	1,046		829		480
Equity in undistributed earnings of subsidiaries, principally banks	105		339		17
Net income	1,151		1,168		497
Less income allocated to participating securities	6		5		2
Preferred stock dividends	23		23		13
Net income attributable to common shares	$	1,122	$	1,140	$	482

STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED


(in millions)
Years Ended December 31	2022		2021		2020
Operating Activities
Net income	$	1,151	$	1,168	$	497
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed (earnings) of subsidiaries, principally banks	(105)		(339)		(17)

Net periodic defined benefit cost	2		5		4
Share-based compensation expense	22		19		11
Benefit for deferred income taxes	—		(2)		(1)
Other, net	24		3		2
Net cash provided by operating activities	1,094		854		496
Investing Activities
Advance to subsidiary bank	—		(150)		—
Capital transactions with subsidiaries	—		—		(21)
Other, net	2		(1)		2
Net cash provided by (used in) investing activities	2		(151)		(19)
Financing Activities



Preferred Stock:
Issuances	—		—		394
Cash dividends paid	(23)		(23)		(8)
Common Stock:
Repurchases	(43)		(729)		(199)
Cash dividends paid	(353)		(369)		(375)
Issuances under employee stock plans	28		34		4
Net cash used in financing activities	(391)		(1,087)		(184)
Net increase (decrease) in cash and cash equivalents	705		(384)		293
Cash and cash equivalents at beginning of period	1,105		1,489		1,196
Cash and cash equivalents at end of period	$	1,810	$	1,105	$	1,489
Interest paid	$	41	$	21	$	33