Comerica Incorporated announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net interest income of $430 million against $424 million a year ago, primarily reflecting a $15 million increase in accretion on the acquired portfolio and a $5 million increase in interest collected from nonaccrual loans. Income before income taxes was $196 million against $185 million a year ago. Net income was $145 million against $130 million a year ago. Net income attributable to common shares was $143 million against $128 million a year ago. Earnings per diluted common share were $0.77 against $0.68 a year ago. Return on average common shareholders equity was 8.26% against 7.36% a year ago. Return on average assets was 0.90% against 0.81% a year ago. Common shareholders equity per share of common stock was $39.39. Net interest income increased $18 million, primarily reflecting a $15 million increase in accretion on the acquired portfolio and a $5 million increase in interest collected from nonaccrual loans.

For the full year, net interest income was $1,672 million against $1,728 million a year ago, primarily as a result of a decrease in yields and a decrease in accretion of the purchase discount on the acquired loan portfolio, partially offset by a decrease in funding costs. Income before income taxes was $774 million against $710 million a year ago. Net income was $569 million against $521 million a year ago. Net income attributable to common shares was $561 million against $515 million a year ago. Earnings per diluted common share were $3.00 against $2.67 a year ago. Return on average common shareholders equity was 8.17% against 7.43% a year ago. Return on average assets was 0.89% against 0.83% a year ago. Net interest income decreased by $56 million, primarily as a result of a decrease in yields and a decrease in accretion of the purchase discount on the acquired loan portfolio, partially offset by a decrease in funding costs. Net income for the year increased 9%, primarily as a result of tight expense control and strong credit quality, offsetting the headwinds of the continuing low rate environment.

The company announced net loan charge-offs of $13 million for the fourth quarter ended December 31, 2013 compared to $37 million a year ago.

The company announced that management expectations for full-year 2014 compared to full-year 2013, assuming a continuation of the slow growing economy and low rate environment, are as follows: Net interest income modestly lower, reflecting a decrease in purchase accounting accretion, to $10 million to $20 million, and the effect of a continued low rate environment, partially offset by loan growth. Income tax expense is to be approximate 28% of pre-tax income. Estimated tax rate will be approximately 28% of pretax income.