0000028412FALSE00000284122025-01-222025-01-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 22, 2025

COMERICA INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware1-1070638-1998421
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(State or other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification Number)
Comerica Bank Tower
1717 Main Street, MC 6404
Dallas, Texas 75201
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(Address of principal executive offices) (zip code)

833 571-0486
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(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $5 par valueCMA
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.         ☐



ITEMS 2.02 and 7.01     RESULTS OF OPERATIONS AND FINANCIAL CONDITION AND REGULATION FD DISCLOSURE
    
Comerica Incorporated (“Comerica”) today released its financial results for the quarter and year ended December 31, 2024. A copy of the press release and the presentation slides which will be discussed on Comerica's webcast on these results and other matters are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

The information in this report (including Exhibits 99.1 and 99.2 hereto) is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS

    (d) Exhibits

104 The cover page from Comerica's Current Report on Form 8-K, formatted in Inline XBRL

        



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    COMERICA INCORPORATED

By: /s/ Von E. Hays
Name:Von E. Hays
Title:Senior Executive Vice President and
Chief Legal Officer

Date: January 22, 2025






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FULL-YEAR 2024 NET INCOME OF $698 MILLION, $5.02 PER SHARE
FOURTH QUARTER 2024 NET INCOME OF $170 MILLION, $1.22 PER SHARE
Enhanced Liquidity Through Lower Wholesale Funding and Favorable Customer Deposit Trends
Strong Credit Quality and Capital Position with Resumption of Share Repurchases

“In 2024, we took steps to further enhance our strong foundation as we improved our capital and liquidity positions while demonstrating credit and expense discipline,” said Curtis C. Farmer, Comerica Chairman and Chief Executive Officer. “Although loan demand remained muted throughout the year, our deliberate deposit focus drove improved customer balances, enabling a meaningful reduction in wholesale funding and benefiting net interest income. Successful execution of our expense calibration efforts demonstrated our commitment to driving efficiency while creating capacity for strategic and risk management investments, and credit quality remained strong with net charge-offs of 10 bps. Despite ongoing volatility in the rate curve, we grew our book value and resumed returning capital to shareholders through share repurchases.”
“In the fourth quarter, we continued to see favorable deposit trends with higher customer balances while strategically managing deposit pricing. As expected, loans were pressured by paydowns in Commercial Real Estate, but we saw promising signals across other businesses that support our outlook for growth in 2025. Although some uncertainty remains, we believe customer sentiment is generally more optimistic about the future of the economy and plans for increased investment in their businesses. Net charge-offs for the quarter remained low, and with a conservative approach to capital management, we produced an estimated CET1 of 11.89%, still well above our 10% strategic target.”
(dollar amounts in millions, except per share data)4th Qtr '243rd Qtr '2420242023
FINANCIAL RESULTS
Net interest income $575 $534 $2,190 $2,514 
Provision for credit losses21 14 49 89 
Noninterest income250 277 1,054 1,078 
Noninterest expenses587 562 2,307 2,359 
Pre-tax income217 235 888 1,144 
Provision for income taxes47 51 190 263 
Net income$170 $184 $698 $881 
Diluted earnings per common share$1.22 $1.33 $5.02 $6.44 
Average loans50,617 50,861 50,979 53,903 
Average deposits63,347 63,896 63,901 66,018 
Return on average assets (ROA)0.85 %0.92 %0.87 %1.01 %
Return on average common shareholders' equity (ROE)10.27 10.88 11.23 16.50 
Net interest margin3.06 2.80 2.88 3.06 
Efficiency ratio (a)69.51 68.80 70.68 65.56 
Common equity Tier 1 capital ratio (b)11.89 11.96 11.89 11.09 
Tier 1 capital ratio (b)12.43 12.51 12.43 11.60 
(a)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants.
(b)December 31, 2024 ratios are estimated. See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.



Impact of Notable Items to Financial Results
The following table reconciles adjusted diluted earnings per common share, net income attributable to common shareholders and return ratios. See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
(dollar amounts in millions, except per share data)4th Qtr '243rd Qtr '2420242023
Diluted earnings per common share$1.22 $1.33 $5.02 $6.44 
Securities repositioning (a)
0.11 — 0.11 — 
Net BSBY cessation hedging losses (gains) (b)
(0.09)0.05 0.18 0.51 
FDIC special assessment (c)
(0.01)(0.02)0.08 0.62 
Modernization and expense recalibration initiatives (d)
(0.03)0.01 — 0.18 
Adjusted diluted earnings per common share$1.20 $1.37 $5.39 $7.75 
Net income attributable to common shareholders$163 $177 $671 $854 
Securities repositioning (a)
19 — 19 — 
Net BSBY cessation hedging losses (gains) (b)
(16)9 32 88 
FDIC special assessment (c)
(2)(4)13 109 
Modernization and expense recalibration initiatives (d)
(5)2 — 31 
Income tax impact of above items1 (2)(15)(54)
Adjusted net income attributable to common shareholders$160 $182 $720 $1,028 
ROA0.85 %0.92 %0.87 %1.01 %
Adjusted ROA0.84 0.94 0.93 1.21 
ROE10.27 10.88 11.23 16.50 
Adjusted ROE10.08 11.22 12.02 19.77 
(a)Securities repositioning relates to losses incurred on the sale of $827 million of Treasury securities that were replaced with higher-yielding Treasury securities with a duration of 1.9 years.
(b)The cessation of the Bloomberg Short-Term Bank Yield Index (BSBY) announced in November 2023 resulted in the de-designation of certain interest rate swaps requiring reclassification of amounts recognized in accumulated other comprehensive income (AOCI) into earnings. All impacted swaps were re-designated as of April 1, 2024; therefore, settlement of interest payments for months after re-designation were recorded as net interest income.
(c)Additional FDIC insurance accrual adjustments resulting from the FDIC Board of Directors’ November 2023 approval of a special assessment to recover the loss to the Deposit Insurance Fund following the failures of Silicon Valley Bank and Signature Bank.
(d)Related to certain initiatives to transform the retail banking delivery model, align corporate facilities and optimize technology platforms, as well as calibrate expenses to enhance earnings power while creating capacity for strategic and risk management initiatives.
Fourth Quarter 2024 Compared to Third Quarter 2024 Overview
Balance sheet items discussed in terms of average balances unless otherwise noted.
Loans decreased $244 million to $50.6 billion.
•Decreases of $225 million in Commercial Real Estate and $132 million in Corporate Banking, partially offset by an increase of $116 million in Energy.
◦Period-end loans were stable at $50.5 billion, with increases of $180 million in Equity Fund Services, $174 million in Energy and $118 million in National Dealer Services, offset by decreases of $531 million in Commercial Real Estate and $228 million in Corporate Banking.
•Average yield on loans (including swaps) increased 1 basis point to 6.25%, reflecting the positive impact from BSBY cessation and higher nonaccrual interest, mostly offset by the impact of the lower rate environment.
Securities decreased $486 million to $15.4 billion, reflecting paydowns and an increase in unrealized losses.
•Sale of $827 million in Treasury securities that were replaced with higher-yielding Treasury securities to reposition securities portfolio.
•Period-end unrealized losses on securities increased $621 million to $2.9 billion.
Deposits decreased $549 million to $63.3 billion.
•Interest-bearing and noninterest-bearing deposits decreased $414 million and $135 million, respectively.
◦Brokered time deposits decreased $1.4 billion, and increases of $1.1 billion in general Middle Market, $134 million in Corporate Banking and $104 million in Commercial Real Estate were partially offset by decreases of $260 million in Retail Banking and $181 million in Equity Fund Services.
◦Period-end deposits increased $734 million, which included a $1.3 billion increase in noninterest-bearing deposits related to the Direct Express government card program, partially offset by a $965 million decrease in brokered time deposits.
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•The average cost of interest-bearing deposits decreased 40 basis points to 291 basis points, reflecting the impact of disciplined pricing as well as the decrease in brokered time deposits.
Net interest income increased $41 million to $575 million, and net interest margin increased 26 basis points to 3.06%.
•Reflects strategic growth in core interest-bearing deposits and relationship-focused pricing.
•The reduction in interest income on loans resulting from the lower rate environment was largely offset by the positive impact of BSBY cessation.
Provision for credit losses increased $7 million to $21 million.
•The allowance for credit losses increased $5 million to $725 million, reflecting changes in portfolio composition and a relatively consistent economic outlook.
•As a percentage of total loans, the allowance for credit losses was 1.44%, an increase of 1 basis point.
Noninterest income decreased $27 million to $250 million.
•Driven by a $19 million loss related to repositioning the securities portfolio as well as decreases of $4 million in deferred compensation asset returns (offset in noninterest expenses), $3 million each in fiduciary income and capital markets income and $2 million in card fees.
◦Other noninterest income for third quarter 2024 included a $5 million loss pertaining to a derivative related to Visa’s Class B shares.
Noninterest expenses increased $25 million to $587 million.
•Increases of $17 million in litigation-related expenses, $11 million in salaries and benefits expense and $7 million in charitable contributions, as well as smaller increases in other categories, partially offset by $15 million in gains on the sale of real estate and a decrease of $4 million in operational losses.
◦Salaries and benefits expense included increases of $6 million in salaries expense and $5 million in benefits expense.
Estimated common equity Tier 1 capital ratio* of 11.89% and an estimated Tier 1 capital ratio* of 12.43%.
•Returned a total of $193 million to common shareholders through share repurchases and dividends.
◦Repurchased $100 million of common stock (1.5 million shares) under the share repurchase program.
◦Declared dividends of $93 million on common stock and $6 million on preferred stock.
•Common equity ratio of 7.75% and tangible common equity ratio* of 7.00%.
•Share repurchases targeted at approximately $50 million in the first quarter of 2025.
*See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
Full-Year 2024 Compared to Full-Year 2023 Overview
Balance sheet items discussed in terms of average balances unless otherwise noted.
Loans decreased $2.9 billion to $51.0 billion.
•Decreases of $1.2 billion in Equity Fund Services, $1.1 billion in general Middle Market, $928 million in Mortgage Banker Finance (reflecting strategic exit) and $606 million in Corporate Banking, partially offset by an increase of $1.2 billion in Commercial Real Estate.
•Average yield on loans (including swaps) increased 9 basis points to 6.29%, reflecting the net impact of higher rates (including hedging impacts).
Securities decreased $1.6 billion to $15.8 billion, reflecting paydowns and maturities, partially offset by a decrease in average unrealized losses.
Deposits decreased $2.1 billion to $63.9 billion.
•Noninterest-bearing deposits decreased $5.8 billion, partially offset by a $3.7 billion increase in interest-bearing deposits.
◦Brokered time deposits decreased $960 million, and decreases of $606 million in Technology and Life Sciences, $292 million in Mortgage Banker Finance (reflecting strategic exit), $236 million in Wealth Management, $210 million in Energy and $158 million in National Dealer Services were partially offset by increases of $297 million in general Middle Market and $279 million in Corporate Banking.
•The average cost of interest-bearing deposits increased 66 basis points to 318 basis points, reflecting the cyclical impact of deposit pricing and strategic growth in core interest-bearing deposits.
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Short-term borrowings decreased $6.4 billion, reflecting a reduction in Federal Home Loan Bank (FHLB) advances, while medium- and long-term debt increased $1.0 billion to $6.9 billion, primarily due to an increase in longer-term FHLB advances.
Net interest income decreased $324 million to $2.2 billion, and net interest margin decreased 18 basis points to 2.88%.
•Driven by lower loan volume, the net impact of higher rates and growth in interest-bearing deposits, partially offset by a decline in short-term FHLB advances.
Provision for credit losses decreased $40 million to $49 million.
•The allowance for credit losses decreased $3 million, reflecting changes in portfolio composition, lower loan balances and an improved economic outlook.
Noninterest income decreased $24 million to $1.1 billion, which included a $19 million loss related to repositioning the securities portfolio.
Results reflect changes in presentation consistent with contractual terms with an investment program partner beginning in November 2023. Comparative impacts attributable to prior year’s presentation included an increase of $22 million in brokerage fees, with corresponding reductions of $24 million in other noninterest income, $21 million in salaries and benefits expense (commission expenses), $20 million in fiduciary income and $1 million in outside processing expense.
•Decreases of $24 million in card fees, $13 million in FHLB stock dividends (component of other noninterest income), $5 million in capital markets income and $4 million in commercial lending fees, partially offset by an increase of $50 million in risk management hedging income (mostly BSBY cessation), a $5 million negotiated vendor payment received in the 2024 period and smaller increases in other categories.
Noninterest expenses decreased $52 million to $2.3 billion.
Results reflect above-described changes in presentation consistent with contractual terms with investment program partner.
•Decreases of $104 million in FDIC insurance expense (primarily driven by special assessment) and $13 million in other noninterest expenses, partially offset by increases of $46 million in salaries and benefits expense and $10 million each in software expense and occupancy expense.
◦Salaries and benefits expense included increases of $27 million in salaries expense and $19 million in benefits expense.
◦Other noninterest expenses included decreases of $24 million in non-salary pension expense and $10 million in litigation-related expenses, partially offset by a $20 million decrease in gains on the sale of real estate.
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Net Interest Income
Balance sheet items presented and discussed in terms of average balances.
(dollar amounts in millions)4th Qtr '243rd Qtr '2420242023
Net interest income$575 $534 $2,190 $2,514 
Net interest margin3.06 %2.80 %2.88 %3.06 %
Selected balances:
Total earning assets$72,072 $73,103 $73,199 $79,214 
Total loans50,617 50,861 50,979 53,903 
Total investment securities15,394 15,880 15,837 17,442 
Federal Reserve Bank deposits5,558 5,789 5,836 7,297 
Total deposits63,347 63,896 63,901 66,018 
Total noninterest-bearing deposits24,222 24,357 25,082 30,882 
Short-term borrowings42 77 837 7,218 
Medium- and long-term debt6,698 6,849 6,882 5,847 
Fourth quarter 2024 net interest income increased $41 million, and net interest margin increased 26 basis points, compared to third quarter 2024. Amounts shown in parentheses below represent the impacts to net interest income and net interest margin, respectively, with impacts of hedging program and BSBY cessation included with rate.
•Interest income on loans decreased $3 million and net interest margin remained stable, driven by the net impact of lower rates (-$4 million, -3 basis points) and lower loan balances (-$5 million, -1 basis point), partially offset by higher nonaccrual interest (+$6 million, +4 basis points).
◦BSBY cessation positively impacted net interest income and net interest margin by $16 million and 9 basis points for fourth quarter 2024, compared to a negative impact of $9 million and 5 basis points for third quarter 2024.
•Interest income on investment securities increased $1 million and improved net interest margin by 2 basis points due to higher rates (+$3 million, +2 basis points), partially offset by a decline in securities balances (-$2 million).
•Interest income on short-term investments decreased $13 million and reduced net interest margin by 6 basis points, primarily reflecting a decrease of $231 million in deposits with the Federal Reserve Bank (-$3 million, -1 basis point) and lower short-term rates (-$10 million, -5 basis points).
•Interest expense on deposits decreased $44 million and improved net interest margin by 23 basis points, reflecting lower pay rates on deposits (+$29 million, +15 basis points) and lower average interest-bearing deposit balances (+$15 million, +8 basis points, which included decreased brokered time deposits).
•Interest expense on debt decreased $12 million and improved net interest margin by 7 basis points, driven by lower rates (+$11 million, +6 basis points) and a decline of $151 million in medium- and long-term debt (+$1 million, +1 basis point).
The net impact of lower rates to fourth quarter 2024 net interest income was an increase of $29 million compared to third quarter 2024 and the net impact of lower rates to fourth quarter 2024 net interest margin was an increase of 15 basis points compared to third quarter 2024.
5

Credit Quality
“Credit quality remained strong with low net charge-offs of 13 basis points," said Farmer. "Persistent inflation and elevated rates continued to pressure customer profitability and drove expected normalization in both criticized and nonperforming loans. This modest migration was expected and already factored into our reserves, and as a result, our allowance for credit losses remained relatively flat at 1.44% of total loans. We continue to feel that our highly regarded approach to credit positions us well to support our customers and navigate future migration.”

(dollar amounts in millions)4th Qtr '243rd Qtr '244th Qtr '23
Charge-offs$23 $23 $25 
Recoveries7 12 5 
Net charge-offs
16 11 20 
Net charge-offs/Average total loans
0.13 %0.08 %0.15 %
Provision for credit losses$21 $14 $12 
Nonperforming loans and nonperforming assets (NPAs)308 250 178 
NPAs/Total loans and foreclosed property0.61 %0.50 %0.34 %
Loans past due 90 days or more and still accruing$44 $21 $20 
Allowance for loan losses690 686 688 
Allowance for credit losses on lending-related commitments (a)35 34 40 
Total allowance for credit losses725 720 728 
Allowance for credit losses/Period-end total loans1.44 %1.43 %1.40 %
Allowance for credit losses/Nonperforming loans2.4x2.9x4.1x
(a)    Included in accrued expenses and other liabilities on the Consolidated Balance Sheets.
•The allowance for credit losses totaled $725 million at December 31, 2024 and increased by 1 basis point to 1.44% of total loans, reflecting changes in portfolio composition and a relatively consistent economic outlook.
•Criticized loans increased $113 million to $2.5 billion, or 5.0% of total loans. Criticized loans are generally consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities.
•Nonperforming assets increased $58 million to $308 million, or 0.61% of total loans and foreclosed property, compared to 0.50% in third quarter 2024.
•Net charge-offs totaled $16 million, compared to net charge-offs of $11 million in third quarter 2024.
Strategic Lines of Business
Comerica's operations are strategically aligned into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. For a summary of business segment quarterly results, see the Business Segment Financial Results tables included later in this press release. From time to time, Comerica may make reclassifications among the segments to reflect management's current view of the segments, and methodologies may be modified as the management accounting system is enhanced and changes occur in the organizational structure and/or product lines. The financial results provided are based on the internal business unit structures of Comerica and methodologies in effect at December 31, 2024. A discussion of business segment annual results will be included in Comerica’s Annual Report on Form 10-K for the year ended December 31, 2024.
Conference Call and Webcast
Comerica will host a conference call and live webcast to review fourth quarter 2024 financial results at 7 a.m. CT Wednesday, January 22, 2025. Interested parties may access the conference call by calling (877) 484-6065 or (201) 689-8846. The call and supplemental financial information, as well as a replay of the Webcast, can also be accessed via Comerica's "Investor Relations" page at www.comerica.com. Comerica’s presentation may include forward-looking statements, such as descriptions of plans and objectives for future or past operations, products or services; forecasts of revenue, earnings or other measures of economic performance and profitability; and estimates of credit trends and stability.
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Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: the Commercial Bank, the Retail Bank and Wealth Management. Comerica is one of the 25 largest U.S. commercial bank financial holding companies and focuses on building relationships and helping people and businesses be successful. Comerica provides over 380 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded 175 years ago in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 17 states and services 14 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico.
This press release contains (and Comerica’s related upcoming conference call and live webcast will discuss) both financial measures based on accounting principles generally accepted in the United States (GAAP) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Comerica's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to the comparable GAAP financial measure, can be found in this press release or in the investor relations portions of Comerica’s website, www.comerica.com. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
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Forward-looking Statements
Any statements in this press release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as achieve, anticipate, aspire, assume, believe, can, confident, continue, could, designed, enhances, estimate, expect, feel, forecast, forward, future, goal, grow, initiative, intend, look forward, maintain, may, might, mission, model, objective, opportunity, outcome, on track, outlook, plan, position, potential, project, propose, remain, seek, should, strategy, strive, target, trend, until, well-positioned, will, would or similar expressions, as they relate to Comerica or its management, or to economic, market or other environmental conditions, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this press release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries as well as estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (changes in customer behavior; unfavorable developments concerning credit quality; and declines or other changes in the businesses or industries of Comerica's customers); market risks (changes in monetary and fiscal policies and fluctuations in interest rates and their impact on deposit pricing); liquidity risks (Comerica's ability to maintain adequate sources of funding and liquidity; reductions in Comerica's credit rating; and the interdependence of financial service companies and their soundness); technology risks (cybersecurity risks and heightened legislative and regulatory focus on cybersecurity and data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal and regulatory proceedings or determinations; losses due to fraud; and controls and procedures failures); compliance risks (changes in regulation or oversight, or changes in Comerica’s status with respect to existing regulations or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies and business initiatives; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; and any future strategic acquisitions or divestitures); and other general risks (changes in general economic, political or industry conditions; negative effects from inflation; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events; physical or transition risks related to climate change; changes in accounting standards; the critical nature of Comerica's accounting policies, processes and management estimates; the volatility of Comerica’s stock price; and that an investment in Comerica’s equity securities is not insured or guaranteed by the FDIC). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to Comerica’s filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 14 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this press release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Media Contacts:Investor Contacts:
Nicole HoganKelly Gage
(214) 462-6657(833) 571-0486
Louis H. MoraLindsey Baird
(214) 462-6669(833) 571-0486
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CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
Comerica Incorporated and Subsidiaries
Three Months EndedYears Ended
December 31,September 30,December 31,December 31,
(in millions, except per share data)20242024202320242023
PER COMMON SHARE AND COMMON STOCK DATA
Diluted earnings per common share$1.22 $1.33 $0.20 $5.02 $6.44 
Cash dividends declared0.71 0.71 0.71 2.84 2.84 
Average diluted shares (in thousands)133,361 134,039 132,756 133,647 132,576 
PERFORMANCE RATIOS
Return on average common shareholders' equity10.27 %10.88 %2.17 %11.23 %16.50 %
Return on average assets0.85 0.92 0.15 0.87 1.01 
Efficiency ratio (a)69.51 68.80 91.86 70.68 65.56 
CAPITAL
Common equity tier 1 capital (b), (c)$8,667 $8,683 $8,414 
Tier 1 capital (b), (c)9,061 9,077 8,808 
Risk-weighted assets (b)72,878 72,583 75,901 
Common equity tier 1 capital ratio (b), (c)11.89 %11.96 %11.09 %
Tier 1 capital ratio (b), (c)12.43 12.51 11.60 
Total capital ratio (b)14.22 14.29 13.52 
Leverage ratio (b)11.08 10.98 10.06 
Common shareholders' equity per share of common stock$46.79 $52.52 $45.58 
Tangible common equity per share of common stock (c)41.91 47.69 40.70 
Common equity ratio7.75 %8.75 %7.00 %
Tangible common equity ratio (c)7.00 8.01 6.30 
AVERAGE BALANCES
Commercial loans$26,198 $26,173 $28,163 $26,278 $30,009 
Real estate construction loans3,765 4,205 4,798 4,422 4,041 
Commercial mortgage loans14,728 14,494 13,706 14,260 13,697 
Lease financing752 804 794 791 776 
International loans988 1,036 1,169 1,069 1,226 
Residential mortgage loans1,921 1,905 1,902 1,902 1,877 
Consumer loans2,265 2,244 2,264 2,257 2,277 
Total loans50,617 50,861 52,796 50,979 53,903 
Earning assets72,072 73,103 76,167 73,199 79,214 
Total assets79,234 80,231 84,123 80,568 87,194 
Noninterest-bearing deposits24,222 24,357 27,814 25,082 30,882 
Interest-bearing deposits39,125 39,539 38,231 38,819 35,136 
Total deposits63,347 63,896 66,045 63,901 66,018 
Common shareholders' equity6,345 6,546 4,947 6,011 5,201 
Total shareholders' equity6,739 6,940 5,341 6,405 5,595 
NET INTEREST INCOME
Net interest income$575 $534 $584 $2,190 $2,514 
Net interest margin3.06 %2.80 %2.91 %2.88 %3.06 %
CREDIT QUALITY
Nonperforming assets$308 $250 $178 
Loans past due 90 days or more and still accruing44 21 20 
Net charge-offs 16 11 20 $52 $22 
Allowance for loan losses690 686 688 
Allowance for credit losses on lending-related commitments35 34 40 
Total allowance for credit losses725 720 728 
Allowance for credit losses as a percentage of total loans1.44 %1.43 %1.40 %
Net loan charge-offs as a percentage of average total loans0.13 0.08 0.15 0.10 %0.04 %
Nonperforming assets as a percentage of total loans and foreclosed property
0.61 0.50 0.34 
Allowance for credit losses as a multiple of total nonperforming loans2.4x2.9x4.1x
OTHER KEY INFORMATION
Number of banking centers381 380 408 
Number of employees - full time equivalent7,766 7,666 7,701 
(a)    Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants.
(b)    December 31, 2024 ratios are estimated.
(c)    See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios.
9

 CONSOLIDATED BALANCE SHEETS
 Comerica Incorporated and Subsidiaries
December 31,September 30,December 31,
(in millions, except share data)202420242023
(unaudited)(unaudited)
ASSETS
Cash and due from banks$850 $870 $1,443 
Interest-bearing deposits with banks5,954 5,523 8,059 
Other short-term investments375 364 399 
Investment securities available-for-sale15,045 15,886 16,869 
Commercial loans26,492 25,953 27,251 
Real estate construction loans3,680 3,859 5,083 
Commercial mortgage loans14,493 14,774 13,686 
Lease financing722 767 807 
International loans952 1,003 1,102 
Residential mortgage loans1,929 1,901 1,889 
Consumer loans2,271 2,260 2,295 
Total loans50,539 50,517 52,113 
Allowance for loan losses(690)(686)(688)
Net loans49,849 49,831 51,425 
Premises and equipment473 476 445 
Accrued income and other assets6,751 6,713 7,194 
Total assets$79,297 $79,663 $85,834 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$24,425 $23,819 $27,849 
Money market and interest-bearing checking deposits32,714 31,469 28,246 
Savings deposits2,138 2,155 2,381 
Customer certificates of deposit3,450 3,592 3,723 
Other time deposits1,052 2,017 4,550 
Foreign office time deposits32 25 13 
Total interest-bearing deposits39,386 39,258 38,913 
Total deposits63,811 63,077 66,762 
Short-term borrowings— — 3,565 
Accrued expenses and other liabilities2,270 2,434 2,895 
Medium- and long-term debt6,673 6,786 6,206 
Total liabilities72,754 72,297 79,428 
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 394 394 394 
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares1,141 1,141 1,141 
Capital surplus2,218 2,217 2,224 
Accumulated other comprehensive loss(3,161)(2,355)(3,048)
Retained earnings12,017 11,949 11,727 
Less cost of common stock in treasury - 96,755,368 shares at 12/31/24, 95,441,515 shares at 9/30/24, 96,266,568 shares at 12/31/23
(6,066)(5,980)(6,032)
Total shareholders' equity6,543 7,366 6,406 
Total liabilities and shareholders' equity$79,297 $79,663 $85,834 
10

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Comerica Incorporated and Subsidiaries
Three Months EndedYears Ended
December 31,December 31,
(in millions, except per share data)2024202320242023
(unaudited)(unaudited)(unaudited)
INTEREST INCOME
Interest and fees on loans$795 $849 $3,204 $3,340 
Interest on investment securities100 104 402 430 
Interest on short-term investments72 96 333 405 
Total interest income967 1,049 3,939 4,175 
INTEREST EXPENSE
Interest on deposits286 302 1,238 892 
Interest on short-term borrowings1 58 48 391 
Interest on medium- and long-term debt105 105 463 378 
Total interest expense392 465 1,749 1,661 
Net interest income575 584 2,190 2,514 
Provision for credit losses21 12 49 89 
Net interest income after provision for credit losses554 572 2,141 2,425 
NONINTEREST INCOME
Card fees62 68 256 280 
Fiduciary income54 56 220 235 
Service charges on deposit accounts47 45 184 185 
Capital markets income36 34 142 147 
Commercial lending fees18 17 68 72 
Brokerage fees14 8 51 30 
Bank-owned life insurance11 10 44 46 
Letter of credit fees10 11 40 42 
Risk management hedging income (loss)9 (74)8 (42)
Net losses on debt securities(19)— (19)— 
Other noninterest income8 23 60 83 
Total noninterest income250 198 1,054 1,078 
NONINTEREST EXPENSES
Salaries and benefits expense346 359 1,352 1,306 
Outside processing fee expense68 70 273 277 
Occupancy expense47 45 181 171 
Software expense46 44 181 171 
Equipment expense14 14 52 50 
Advertising expense11 10 41 40 
FDIC insurance expense10 132 76 180 
Other noninterest expenses 45 44 151 164 
Total noninterest expenses587 718 2,307 2,359 
Income before income taxes 217 52 888 1,144 
Provision for income taxes47 19 190 263 
NET INCOME170 33 698 881 
Less:
Income allocated to participating securities1 — 4 4 
Preferred stock dividends6 6 23 23 
Net income attributable to common shares$163 $27 $671 $854 
Earnings per common share:
Basic$1.23 $0.20 $5.06 $6.47 
Diluted1.22 0.20 5.02 6.44 
Comprehensive (loss) income(636)1,525 585 1,575 
Cash dividends declared on common stock93 93 376 375 
Cash dividends declared per common share0.71 0.71 2.84 2.84 
11

CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
FourthThirdSecondFirstFourthFourth Quarter 2024 Compared to:
QuarterQuarterQuarterQuarterQuarterThird Quarter 2024Fourth Quarter 2023
(in millions, except per share data)20242024202420242023 AmountPercentAmountPercent
INTEREST INCOME
Interest and fees on loans$795 $798 $803 $808 $849 $(3)— %$(54)(6 %)
Interest on investment securities100 99 101 102 104 1 1 (4)(3)
Interest on short-term investments72 85 67 109 96 (13)(15)(24)(25)
Total interest income967 982 971 1,019 1,049 (15)(1)(82)(8)
INTEREST EXPENSE
Interest on deposits286 330 305 317 302 (44)(13)(16)(5)
Interest on short-term borrowings1 1 9 37 58 — — (57)(99)
Interest on medium- and long-term debt105 117 124 117 105 (12)(11)— — 
Total interest expense392 448 438 471 465 (56)(13)(73)(16)
Net interest income575 534 533 548 584 41 8 (9)(1)
Provision for credit losses21 14 — 14 12 7 47 9 84 
Net interest income after provision
for credit losses
554 520 533 534 572 34 7 (18)(3)
NONINTEREST INCOME
Card fees62 64 64 66 68 (2)(4)(6)(9)
Fiduciary income54 57 58 51 56 (3)(6)(2)(4)
Service charges on deposit accounts47 46 46 45 45 1 2 2 2 
Capital markets income 36 39 37 30 34 (3)(5)2 9 
Commercial lending fees18 17 17 16 17 1 (2)1 5 
Brokerage fees14 13 14 10 8 1 3 6 59 
Bank-owned life insurance11 12 11 10 10 (1)(10)1 14 
Letter of credit fees10 10 10 10 11 — — (1)6 
Risk management hedging income (loss)9 7 17 (25)(74)2 32 83 n/m
Net losses on debt securities(19)— — — — (19)n/m(19)n/m
Other noninterest income 8 12 17 23 23 (4)(35)(15)(67)
Total noninterest income250 277 291 236 198 (27)(10)52 26 
NONINTEREST EXPENSES
Salaries and benefits expense346 335 323 348 359 11 3 (13)(3)
Outside processing fee expense68 69 68 68 70 (1)(2)(2)(3)
Occupancy expense47 46 44 44 45 1 1 2 4 
Software expense46 46 45 44 44 — — 2 5 
Equipment expense
14 13 13 12 14 1 7 — — 
Advertising expense11 10 12 8 10 1 — 1 1 
FDIC insurance expense10 11 19 36 132 (1)2 (122)(92)
Other noninterest expenses45 32 31 43 44 13 42 1 1 
Total noninterest expenses587 562 555 603 718 25 5 (131)(18)
Income before income taxes217 235 269 167 52 (18)(8)165 n/m
Provision for income taxes47 51 63 29 19 (4)(8)28 n/m
NET INCOME170 184 206 138 33 (14)(8)137 n/m
Less:
Income allocated to participating securities1 1 1 1 — — — 1 94
Preferred stock dividends6 6 5 6 6 — — — — 
Net income attributable to common shares$163 $177 $200 $131 $27 $(14)(9%)$136 n/m
Earnings per common share:
Basic$1.23 $1.34 $1.50 $0.99 $0.20 $(0.11)(8%)$1.03 n/m
Diluted1.22 1.33 1.49 0.98 0.20 (0.11)(8)1.02 n/m
Comprehensive (loss) income(636)1,292 200 (271)1,525 (1,928)n/m(2,161)n/m
Cash dividends declared on common stock93 94 95 94 93 (1)(1)— —
Cash dividends declared per common share0.71 0.71 0.71 0.71 0.71 — — — — 
n/m - not meaningful
12

ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)
Comerica Incorporated and Subsidiaries
20242023
(in millions)4th Qtr3rd Qtr2nd Qtr1st Qtr4th Qtr
Balance at beginning of period:
Allowance for loan losses$686 $686 $691 $688 $694 
Allowance for credit losses on lending-related commitments34 31 37 40 42 
Allowance for credit losses720 717 728 728 736 
Loan charge-offs:
Commercial22 11 19 20 13 
Commercial mortgage— 10 6 — 1 
Lease financing— 1 3 — — 
International— 1 — — 11 
Consumer1 — — 1 — 
Total loan charge-offs23 23 28 21 25 
Recoveries on loans previously charged-off:
Commercial5 6 15 6 3 
Commercial mortgage1 1 1 — 2 
International1 5 — — — 
Consumer— — 1 1 — 
Total recoveries7 12 17 7 5 
Net loan charge-offs16 11 11 14 20 
Provision for credit losses:
Provision for loan losses20 11 6 17 14 
Provision for credit losses on lending-related commitments1 3 (6)(3)(2)
Provision for credit losses21 14 — 14 12 
Balance at end of period:
Allowance for loan losses690 686 686 691 688 
Allowance for credit losses on lending-related commitments35 34 31 37 40 
Allowance for credit losses$725 $720 $717 $728 $728 
Allowance for credit losses as a percentage of total loans1.44 %1.43 %1.38 %1.43 %1.40 %
Net loan charge-offs as a percentage of average total loans0.13 0.08 0.09 0.10 0.15 
    




13

NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
20242023
(in millions)4th Qtr3rd Qtr2nd Qtr1st Qtr4th Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonperforming loans:
Business loans:
Commercial$125 $97 $94 $88 $75 
Real estate construction— — — — 2 
Commercial mortgage118 88 69 67 41 
Lease financing1 1 1 — — 
International— 3 13 16 20 
Total nonperforming business loans244 189 177 171 138 
Retail loans:
Residential mortgage37 36 23 23 19 
Consumer:
Home equity27 25 26 23 21 
Total nonperforming retail loans64 61 49 46 40 
Total nonperforming loans and nonperforming assets308 250 226 217 178 
Nonperforming loans as a percentage of total loans0.61 %0.50 %0.44 %0.43 %0.34 %
Nonperforming assets as a percentage of total loans and foreclosed property
0.61 0.50 0.44 0.43 0.34 
Allowance for credit losses as a multiple of total nonperforming loans2.4x2.9x3.2x3.4x4.1x
Loans past due 90 days or more and still accruing$44 $21 $11 $32 $20 
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period$250 $226 $217 $178 $154 
Loans transferred to nonaccrual (a)97 55 45 83 54 
Nonaccrual loan gross charge-offs(23)(23)(28)(21)(25)
Loans transferred to accrual status (a)(5)— — (2)— 
Nonaccrual loans sold(1)(14)(2)(12)(1)
Payments/other (b)(10)6 (6)(9)(4)
Nonaccrual loans at end of period$308 $250 $226 $217 $178 
(a)Based on an analysis of nonaccrual loans with book balances greater than $2 million.
(b)Includes net changes related to nonaccrual loans with balances less than or equal to $2 million, payments on nonaccrual loans with book balances greater than $2 million and transfers of nonaccrual loans to foreclosed property.

14

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Years Ended
December 31, 2024December 31, 2023
AverageAverageAverageAverage
(dollar amounts in millions)BalanceInterestRateBalanceInterestRate
Commercial loans (a)$26,278 $1,407 5.36 %$30,009 $1,651 5.51 %
Real estate construction loans4,422 367 8.30 4,041 330 8.16 
Commercial mortgage loans14,260 1,045 7.32 13,697 981 7.17 
Lease financing791 48 6.08 776 37 4.72 
International loans1,069 82 7.71 1,226 98 7.96 
Residential mortgage loans1,902 72 3.78 1,877 66 3.54 
Consumer loans2,257 183 8.10 2,277 177 7.76 
Total loans50,979 3,204 6.29 53,903 3,340 6.20 
Mortgage-backed securities (b)14,438 394 2.29 15,546 421 2.28 
U.S. Treasury securities (c)1,399 8 0.60 1,896 9 0.47 
Total investment securities15,837 402 2.16 17,442 430 2.10 
Interest-bearing deposits with banks (d)6,007 318 5.30 7,530 392 5.21 
Other short-term investments376 15 3.89 339 13 3.72 
Total earning assets73,199 3,939 5.18 79,214 4,175 5.08 
Cash and due from banks691 1,214 
Allowance for loan losses(688)(658)
Accrued income and other assets7,366 7,424 
Total assets$80,568 $87,194 
Money market and interest-bearing checking deposits (e)$30,203 962 3.18 $26,054 627 2.39 
Savings deposits2,243 5 0.20 2,774 6 0.21 
Customer certificates of deposit3,733 131 3.51 2,708 75 2.77 
Other time deposits2,617 139 5.31 3,577 183 5.13 
Foreign office time deposits23 1 4.32 23 1 4.02 
Total interest-bearing deposits38,819 1,238 3.18 35,136 892 2.52 
Federal funds purchased8 — 5.28 29 1 4.77 
Other short-term borrowings829 48 5.73 7,189 390 5.41 
Medium- and long-term debt6,882 463 6.73 5,847 378 6.47 
Total interest-bearing sources46,538 1,749 3.75 48,201 1,661 3.43 
Noninterest-bearing deposits25,082 30,882 
Accrued expenses and other liabilities2,543 2,516 
Shareholders' equity6,405 5,595 
Total liabilities and shareholders' equity$80,568 $87,194 
Net interest income/rate spread$2,190 1.43 $2,514 1.65 
Impact of net noninterest-bearing sources of funds1.45 1.41 
Net interest margin (as a percentage of average earning assets) 2.88 %3.06 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $637 million and $602 million for the year ended December 31, 2024 and 2023, respectively.
(b)Average balances included $2.8 billion and $2.9 billion of unrealized losses for the year ended December 31, 2024 and 2023; yields calculated gross of these unrealized gains and losses.
(c)Average balances included $47 million and $115 million of unrealized losses for the year ended December 31, 2024 and 2023, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances excluded $1 million and included $5 million of collateral posted and netted against derivative liability positions for the year ended December 31, 2024 and 2023, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $100 million and $195 million of collateral received and netted against derivative asset positions for the year ended December 31, 2024 and 2023, respectively; rates calculated gross of derivative netting amounts.
15

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Three Months Ended
December 31, 2024September 30, 2024December 31, 2023
AverageAverageAverageAverageAverageAverage
(dollar amounts in millions)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Commercial loans (a)$26,198 $372 5.65 %$26,173 $341 5.18 %$28,163 $388 5.47 %
Real estate construction loans3,765 75 7.89 4,205 89 8.43 4,798 102 8.42 
Commercial mortgage loans14,728 257 6.95 14,494 272 7.44 13,706 258 7.48 
Lease financing752 11 5.90 804 12 6.10 794 12 6.14 
International loans988 18 7.26 1,036 20 7.73 1,169 25 8.15 
Residential mortgage loans1,921 17 3.62 1,905 19 3.94 1,902 17 3.74 
Consumer loans2,265 45 7.80 2,244 45 8.04 2,264 47 8.07 
Total loans50,617 795 6.25 50,861 798 6.24 52,796 849 6.38 
Mortgage-backed securities (b)14,075 96 2.30 14,608 98 2.29 14,602 103 2.28 
U.S. Treasury securities (c)1,319 4 1.32 1,272 1 0.50 1,687 1 0.26 
Total investment securities15,394 100 2.22 15,880 99 2.17 16,289 104 2.10 
Interest-bearing deposits with banks (d)5,695 68 4.71 5,969 81 5.32 6,685 92 5.46 
Other short-term investments366 4 3.73 393 4 3.83 397 4 4.07 
Total earning assets72,072 967 5.15 73,103 982 5.17 76,167 1,049 5.23 
Cash and due from banks630 593 1,103 
Allowance for loan losses(687)(686)(694)
Accrued income and other assets7,219 7,221 7,547 
Total assets$79,234 $80,231 $84,123 
Money market and interest-bearing checking deposits (e)$32,045 238 2.95 $30,960 260 3.34 $27,644 208 2.96 
Savings deposits2,142 1 0.16 2,194 1 0.19 2,440 1 0.21 
Customer certificates of deposit3,542 28 3.21 3,625 31 3.39 3,577 33 3.63 
Other time deposits1,371 19 5.35 2,739 37 5.35 4,557 60 5.22 
Foreign office time deposits25 — 4.14 21 1 4.38 13 — 4.75 
Total interest-bearing deposits39,125 286 2.91 39,539 330 3.31 38,231 302 3.12 
Federal funds purchased5 — 4.68 — — — 15 — 5.37 
Other short-term borrowings37 1 4.77 77 1 5.65 3,987 58 5.74 
Medium- and long-term debt6,698 105 6.28 6,849 117 6.87 6,070 105 6.94 
Total interest-bearing sources45,865 392 3.40 46,465 448 3.84 48,303 465 3.81 
Noninterest-bearing deposits24,222 24,357 27,814 
Accrued expenses and other liabilities2,408 2,469 2,665 
Shareholders' equity6,739 6,940 5,341 
Total liabilities and shareholders' equity$79,234 $80,231 $84,123 
Net interest income/rate spread$575 1.75 $534 1.33 $584 1.42 
Impact of net noninterest-bearing sources of funds1.31 1.47 1.49 
Net interest margin (as a percentage of average earning assets) 3.06 %2.80 %2.91 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $115 million, $178 million and $170 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.
(b)Average balances included $2.7 billion, $2.4 billion and $3.4 billion of unrealized losses for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively; yields calculated gross of these unrealized losses.
(c)Average balances included $22 million, $38 million and $94 million of unrealized losses for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively; yields calculated gross of these unrealized losses.
(d)Average balances excluded $10 million, included $13 million and included $14 million of collateral posted and netted against derivative liability positions for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $76 million, $72 million and $141 million of collateral received and netted against derivative asset positions for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively; rates calculated gross of derivative netting amounts.

16

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
Comerica Incorporated and Subsidiaries
Accumulated Other Comprehensive Loss
Nonredeemable Preferred StockCommon StockTotal Shareholders' Equity
Shares OutstandingAmountCapital SurplusRetained EarningsTreasury Stock
(in millions, except per share data)
BALANCE AT SEPTEMBER 30, 2023$394 131.8 $1,141 $2,220 $(4,540)$11,796 $(6,039)$4,972
Net income— — — — — 33 — 33
Other comprehensive income, net of tax— — — — 1,492 — — 1,492
Cash dividends declared on common stock ($0.71 per share)— — — — — (93)— (93)
Cash dividends declared on preferred stock— — — — — (6)— (6)
Net issuance of common stock under employee stock plans— 0.1 — (4)— (3)7 —
Share-based compensation— — — 8 — — — 8
BALANCE AT DECEMBER 31, 2023$394 131.9 $1,141 $2,224 $(3,048)$11,727 $(6,032)$6,406
BALANCE AT SEPTEMBER 30, 2024$394 132.7 $1,141 $2,217 $(2,355)$11,949 $(5,980)$7,366
Net income— — — — — 170 — 170
Other comprehensive loss, net of tax— — — — (806)— — (806)
Cash dividends declared on common stock ($0.71 per share)— — — — — (93)— (93)
Cash dividends declared on preferred stock— — — — — (6)— (6)
Purchase of common stock— (1.5)— (4)— — (96)(100)
Net issuance of common stock under employee stock plans— 0.2 — (4)— (3)10 3
Share-based compensation— — — 9 — — — 9
BALANCE AT DECEMBER 31, 2024$394 131.4 $1,141 $2,218 $(3,161)$12,017 $(6,066)$6,543
BALANCE AT DECEMBER 31, 2022$394 131.0 $1,141 $2,220 $(3,742)$11,258 $(6,090)$5,181
Net income— — — — — 881 — 881
Other comprehensive income, net of tax— — — — 694 — — 694
Cash dividends declared on common stock ($2.84 per share)— — — — — (375)— (375)
Cash dividends declared on preferred stock— — — — — (23)— (23)
Net issuance of common stock under employee stock plans— 0.9 — (48)— (14)58 (4)
Share-based compensation— — — 52 — — — 52
BALANCE AT DECEMBER 31, 2023$394 131.9 $1,141 $2,224 $(3,048)$11,727 $(6,032)$6,406
Cumulative effect of change in accounting principle (a)— — — — — (4)— (4)
Net income— — — — — 698 — 698
Other comprehensive loss, net of tax— — — — (113)— — (113)
Cash dividends declared on common stock ($2.84 per share)— — — — — (376)— (376)
Cash dividends declared on preferred stock— — — — — (23)— (23)
Purchase of common stock— (1.5)— (4)— — (96)(100)
Net issuance of common stock under employee stock plans— 1.0 — (56)— (5)62 1
Share-based compensation— — — 54 — — — 54
BALANCE AT DECEMBER 31, 2024$394 131.4 $1,141 $2,218 $(3,161)$12,017 $(6,066)$6,543 
(a)Effective January 1, 2024, the Corporation adopted ASU 2023-02, which expanded the permitted use of the proportional amortization method to certain tax credit investments.







17

 BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
 Comerica Incorporated and Subsidiaries
(dollar amounts in millions)Commercial BankRetail BankWealth ManagementFinanceOtherTotal
Three Months Ended December 31, 2024
Earnings summary:
Net interest income (expense)$463 $204 $47 $(181)$42 $575 
Provision for credit losses25 (2)(4)— 2 21 
Noninterest income150 27 71 2 — 250 
Noninterest expenses272 174 98 1 42 587 
Provision (benefit) for income taxes70 14 5 (44)2 47 
Net income (loss)$246 $45 $19 $(136)$(4)$170 
Net charge-offs (recoveries)$15 $1 $— $— $— $16 
Selected average balances:
Assets $45,445 $3,055 $5,201 $17,825 $7,708 $79,234 
Loans 43,258 2,374 4,982 — 3 50,617 
Deposits33,313 23,964 3,882 1,946 242 63,347 
Commercial BankRetail BankWealth ManagementFinanceOtherTotal
Three Months Ended September 30, 2024
Earnings summary:
Net interest income (expense)$465 $205 $45 $(220)$39 $534 
Provision for credit losses6 4 3 — 1 14 
Noninterest income148 24 74 26 5 277 
Noninterest expenses252 175 90 1 44 562 
Provision (benefit) for income taxes83 12 7 (48)(3)51 
Net income (loss)$272 $38 $19 $(147)$2 $184 
Net charge-offs$10 $1 $— $— $— $11 
Selected average balances:
Assets$45,668 $3,045 $5,296 $18,277 $7,945 $80,231 
Loans43,462 2,347 5,042 — 10 50,861 
Deposits32,262 24,224 3,844 3,299 267 63,896 
Commercial BankRetail BankWealth ManagementFinanceOtherTotal
Three Months Ended December 31, 2023
Earnings summary:
Net interest income (expense)$502 $202 $49 $(200)$31 $584 
Provision for credit losses10 1 3 — (2)12 
Noninterest income142 31 73 (55)7 198 
Noninterest expenses349 217 105 8 39 718 
Provision (benefit) for income taxes72 5 4 (63)1 19 
Net income (loss)$213 $10 $10 $(200)$— $33 
Net charge-offs$19 $1 $— $— $— $20 
Selected average balances:
Assets$48,131 $3,006 $5,471 $19,157 $8,358 $84,123 
Loans45,355 2,277 5,160 — 4 52,796 
Deposits32,470 24,273 3,921 5,093 288 66,045 
n/m - not meaningful
18

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND REGULATORY RATIOS (unaudited)
Comerica Incorporated and Subsidiaries
Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends. Comerica believes adjusted net income, adjusted earnings per share, adjusted ROA and adjusted ROE provide a greater understanding of ongoing operations and financial results by removing the impact of notable items from net income, net income available to common shareholders, average assets and average common shareholders’ equity. Notable items are meaningful because they provide greater detail of how certain events or initiatives affect Comerica’s results for a more informed understanding of those results. Tangible common equity is used by Comerica to measure the quality of capital and the return relative to balance sheet risk.
FourthThirdFourthYears Ended
QuarterQuarterQuarterDecember 31,
(dollar amounts in millions, except per share data)20242024202320242023
Adjusted Earnings per Common Share:
Net income attributable to common shareholders$163 $177 $27 $671 $854 
Securities repositioning (a)19 — — 19 — 
Net BSBY cessation hedging losses (gains) (b)(16)9 88 32 88 
FDIC special assessment (c)(2)(4)109 13 109 
Modernization and expense recalibration initiatives (d)(5)2 21 — 31 
Income tax impact of above items1 (2)(52)(15)(54)
Adjusted net income attributable to common shareholders$160 $182 $193 $720 $1,028 
Diluted average common shares (in millions)133 134 133 134 133 
Diluted earnings per common share:
Reported$1.22 $1.33 $0.20 $5.02 $6.44 
Adjusted1.20 1.37 1.46 5.39 7.75 
Adjusted Net Income, ROA and ROE:
Net income$170 $184 $33 $698 $881 
Securities repositioning (a)19 — — 19 — 
Net BSBY cessation hedging losses (gains) (b)(16)9 88 32 88 
FDIC special assessment (c)(2)(4)109 13 109 
Modernization and expense recalibration initiatives (d)(5)2 21 — 31 
Income tax impact of above items1 (2)(52)(15)(54)
Adjusted net income$167 $189 $199 $747 $1,055 
Average assets$79,234 $80,231 $84,123 $80,568 $87,194 
Impact of adjusted items to average assets(2)— (8)(3)(6)
Adjusted average assets$79,232 $80,231 $84,115 $80,565 $87,188 
ROA:
Reported0.85 %0.92 %0.15 %0.87 %1.01 %
Adjusted0.84 0.94 0.94 0.93 1.21 
Average common shareholder’s equity$6,345 $6,546 $4,947 $6,011 $5,201 
Impact of adjusted items to average common shareholders’ equity(2)1 24 9 18 
Adjusted average common shareholder’s equity$6,343 $6,547 $4,971 $6,020 $5,219 
ROE:
Reported10.27 %10.88 %2.17 %11.23 %16.50 %
Adjusted10.08 11.22 15.47 12.02 19.77 
(a)Securities repositioning relates to losses incurred on the sale of $827 million of Treasury securities that were replaced with higher-yielding Treasury securities with a duration of 1.9 years.
(b)The cessation of BSBY announced in November 2023 resulted in the de-designation of certain interest rate swaps requiring reclassification of amounts recognized in AOCI into earnings. Settlement of interest payments and changes in fair value for each impacted swap were recorded as risk management hedging losses until the swap was re-designated. All impacted swaps were re-designated as of April 1, 2024; therefore, settlement of interest payments for months after re-designation were recorded as net interest income.
(c)Additional FDIC insurance accrual adjustments resulting from the FDIC Board of Directors’ November 2023 approval of a special assessment to recover the loss to the Deposit Insurance Fund following the failures of Silicon Valley Bank and Signature Bank.
(d)Related to certain initiatives to transform the retail banking delivery model, align corporate facilities and optimize technology platforms, as well as calibrate expenses to enhance earnings power while creating capacity for strategic and risk management initiatives.


19


Common equity tier 1 capital ratio removes preferred stock from the Tier 1 capital ratio as defined by and calculated in conformity with bank regulations. The tangible common equity ratio removes the effect of intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders' equity per share of common stock.
December 31,September 30,December 31,
(in millions, except share data)202420242023
Common Equity Tier 1 Capital (a):
Tier 1 capital$9,061 $9,077 $8,808 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock394 394 394 
Common equity tier 1 capital$8,667 $8,683 $8,414 
Risk-weighted assets$72,878 $72,583 $75,901 
Tier 1 capital ratio12.43 %12.51 %11.60 %
Common equity tier 1 capital ratio11.89 11.96 11.09 
Tangible Common Equity:
Total shareholders' equity$6,543 $7,366 $6,406 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock394 394 394 
Common shareholders' equity$6,149 $6,972 $6,012 
Less:
Goodwill635 635 635 
Other intangible assets6 6 8 
Tangible common equity$5,508 $6,331 $5,369 
Total assets$79,297 $79,663 $85,834 
Less:
Goodwill635 635 635 
Other intangible assets6 6 8 
Tangible assets$78,656 $79,022 $85,191 
Common equity ratio7.75 %8.75 %7.00 %
Tangible common equity ratio7.00 8.01 6.30 
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity$6,149 $6,972 $6,012 
Tangible common equity5,508 6,331 5,369 
Shares of common stock outstanding (in millions)131 133 132 
Common shareholders' equity per share of common stock$46.79 $52.52 $45.58 
Tangible common equity per share of common stock41.91 47.69 40.70 
(a)December 31, 2024 ratios are estimated.

Total uninsured deposits as calculated per regulatory guidance and reported on schedule RC-O of Comerica Bank’s Call Report include affiliate deposits, which by definition have a different risk profile than other uninsured deposits. The amounts presented below remove affiliate deposits from the total uninsured deposits number. Comerica believes that the presentation of uninsured deposits adjusted for the impact of affiliate deposits provides enhanced clarity of uninsured deposits at risk.

December 31,September 30,December 31,
(dollar amounts in millions)202420242023
Uninsured Deposits:
Total uninsured deposits, as calculated per regulatory guidelines$33,387 $31,926 $31,485 
Less:
Affiliate deposits(3,876)(3,839)(4,064)
Total uninsured deposits, excluding affiliate deposits$29,511 $28,087 $27,421 
20
Comerica Incorporated Fourth Quarter & Fiscal Year 2024 Financial Review January 22, 2025 This presentation, & other Comerica written & oral communications, include statements that are not historical facts but rather are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as achieve, anticipate, aspire, assume, believe, can, confident, continue, could, designed, enhances, estimate, expect, feel, forecast, forward, future, goal, grow, guidance, guide, initiative, intend, look forward, maintain, may, might, mission, model, objective, opportunity, outcome, on track, outlook, plan, position, potential, project, propose, remain, risk, seek, should, signs, strategy, strive, target, trajectory, trend, until, well-positioned, will, would or similar expressions, as they relate to Comerica or its management, or to economic, market or other environmental conditions, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs & assumptions of Comerica's management based on information known to Comerica's management as of the date of this presentation & do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans & objectives of Comerica's management for future or past operations, products or services, & forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments & subsidiaries as well as estimates of credit trends & global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events & are subject to risks & uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (changes in customer behavior; unfavorable developments concerning credit quality; & declines or other changes in the businesses or industries of Comerica's customers); market risks (changes in monetary & fiscal policies & fluctuations in interest rates & their impact on deposit pricing); liquidity risks (Comerica's ability to maintain adequate sources of funding & liquidity; reductions in Comerica's credit rating; & the interdependence of financial service companies & their soundness); technology risks (cybersecurity risks & heightened legislative & regulatory focus on cybersecurity & data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal & regulatory proceedings or determinations; losses due to fraud; & controls & procedures failures); compliance risks (changes in regulation or oversight, or changes in Comerica’s status with respect to existing regulations or oversight; the effects of stringent capital requirements; & the impacts of future legislative, administrative or judicial changes to tax regulations); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently & effectively develop, market & deliver new products & services; competitive product & pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies & business initiatives; management's ability to maintain & expand customer relationships; management's ability to retain key officers & employees; & any future strategic acquisitions or divestitures); & other general risks (changes in general economic, political or industry conditions; negative effects from inflation; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events; physical or transition risks related to climate change; changes in accounting standards; the critical nature of Comerica's accounting policies, processes & management estimates; the volatility of Comerica’s stock price; & that an investment in Comerica’s equity securities is not insured or guaranteed by the FDIC). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to Comerica’s filings with the Securities & Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 14 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Safe Harbor Statement 2©2025, Comerica Inc. All rights reserved.

 
Enhanced Liquidity Significant Achievements Invested in Talent: Hired sales colleagues aligned with growth strategies in Commercial Bank, Small Business, Comerica Financial Advisors, Payments & Capital Markets Enabled Customer Success: Prioritized introduction of M&A advisory team to customer base & closed first deal Returned Capital: Resumed share repurchases in 4Q24 & replenished authorization for future repurchases Prioritized Efficiency: Executed on expense re-calibration initiatives Enhanced Risk Strategy: Realized investments in Risk Management Framework Advanced Technology: Continued progress in digital transformation with goal of migrating almost all apps to Cloud or SaaS platforms in FY25 Modernized Real Estate: Continued to transform real estate footprint with new Great Lakes Campus, our largest corporate office Prepared for the Future: Advanced progress towards eventual Category IV compliance Supported Communities: Launched capacity building program to assist nonprofits in scaling their businesses & supporting communities Strong Credit Performance Conservative Capitalization 2024 Review 3©2025, Comerica Inc. All rights reserved. Further improved our strong foundation & advanced strategic priorities Grew Book Value & Tangible Book Value2 (per share; period-end) Historically Low Net Charge-Offs (% of average total loans; YTD) CET11 Well Above Target Reduced Brokered Time Deposits ($ in billions; period-end) Repaid FHLB Advances ($ in billions; average) $4.6 $1.1 Dec-23 Dec-24 11.09% 11.89% Dec-23 Dec-24 0.04% 0.10% 0.15% 2023 2024 Past 10 years 1FY24 estimated 2Refer to reconciliation of non-GAAP financial measures in appendix $40.70 $41.91 $45.58 $46.79 Dec-23 Dec-24 Tangible Book Value Book Value $10.4 $4.8 2023 2024 4©2025, Comerica Inc. All rights reserved. FY24 compared to FY23 1Includes gains/(losses) related to deferred comp asset returns of $11MM FY24 & $13MM FY23 in noninterest income $16MM FY24 & $15MM FY23 in noninterest expense 2Diluted earnings per common share 3Refer to reconciliation of non-GAAP financial measures in appendix 4Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants 5Return on common shareholders’ equity 6FY24 estimated Key Performance Drivers Year over Year • Average loans down $2.9B, or 5%, with muted loan demand from persistently higher rate environment, general economic uncertainty & trailing impacts of strategic rationalization • Average deposits pressured YOY from elevated rates & deliberate reduction in brokered time deposits (other time deposits); customer deposits grew point to point • Cyclical pressure on noninterest-bearing deposits, deposit pricing & loan demand negatively impacted net interest income • Credit quality remained strong with historically low net charge offs of 10 bps • Noninterest income impacted by noncustomer items including BSBY cessation & securities repositioning in addition to lower card fees due to regulatory changes & accounting impact from Ameriprise (offset in expenses) • Expenses benefitted from lower FDIC special assessments, pension, expense recalibration initiatives & Ameriprise accounting, partially offset by higher salaries & benefits FY24 Results Favorable customer deposit trends drove improved liquidity position; strong credit quality & capital position (millions, except per share data) 2024 2023 Change Average loans $50,979 $53,903 $(2,924) Average deposits 63,901 66,018 (2,117) Other time deposits $2,617 3,577 (960) Net interest income 2,190 2,514 (324) Provision for credit losses 49 89 (40) Noninterest income1 1,054 1,078 (24) Noninterest expenses1 2,307 2,359 (52) Provision for income tax 190 263 (73) Net income 698 881 (183) Earnings per share2 $5.02 $6.44 $(1.42) Adjusted Earnings per share2,3 $5.39 $7.75 $(2.36) Efficiency Ratio4 70.68% 65.56% Return on Average Equity5 11.23% 16.50% Return on Average Assets 0.87% 1.01% CET16 11.89% 11.09%

 
4Q24 Results Continued strong deposit, net interest income & credit results supported by conservative capital position 1Includes gains/(losses) related to deferred comp asset returns of $8MM 4Q23, $4MM 3Q24, $(0.2MM) 4Q24 in noninterest income & $8MM 4Q23, $6MM 3Q24, $1MM 4Q24 in noninterest expense 2Diluted earnings per common share 3Refer to reconciliation of non-GAAP financial measures in appendix 4Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants 54Q24 estimated 6Reflects a $7MM benefit as a result of changes in the combined state income tax rate applicable to deferred tax assets (millions, except per share data) 4Q24 3Q24 4Q23 Change From 3Q24 4Q23 Average loans $50,617 $50,861 $52,796 $(244) $(2,179) Average deposits 63,347 63,896 66,045 (549) (2,698) Other time deposits 1,371 2,739 4,557 (1,368) (3,186) Net interest income 575 534 584 41 (9) Provision for credit losses 21 14 12 7 9 Noninterest income1 250 277 198 (27) 52 Noninterest expenses1 587 562 718 25 (131) Provision for income tax 47 51 19 (4) 28 Net income 170 184 33 (14) 137 Earnings per share2 $1.22 $1.33 $0.20 $(0.11) $1.02 Adjusted Earnings per share2,3 1.20 1.37 1.46 $(0.17) $(0.26) Efficiency Ratio4 69.51% 68.80% 91.86% CET15 11.89% 11.96% 11.09% Key Performance Drivers 4Q24 compared to 3Q24 • Slight decline in average loans driven primarily by expected Commercial Real Estate paydowns • Average deposits declined $0.5B or increased $0.9B excluding the deliberate $1.4B reduction in brokered time deposits (other time deposits) • Net interest income increased with favorable customer deposit trends, successful pricing strategy, lower headwind from swaps & BSBY cessation; net interest margin increased 26bps • Low net charge-offs of 13 bps with lower recoveries compared to 3Q; reserve ratio relatively flat at 1.44% reflecting expected normalization • Noninterest income negatively impacted by $19MM pre-tax loss related to modest 4Q24 securities repositioning, expect earn-back into net interest income in 2025 • Noninterest expenses increased as benefits from strategic sale of real estate were more than offset by higher legal related accruals & expenses, seasonally higher expenses & increased charitable contributions • Conservative approach to capital; maintained CET15 well above our 10% strategic target supporting resumption of share repurchases in 4Q • Taxes declined with lower pre-tax income partially & favorable discrete items6 5©2025, Comerica Inc. All rights reserved. Loans As expected, CRE paydowns pressured total loans; improved customer sentiment & activity supports optimism in 2025 4Q24 compared to 3Q24; Variance may not foot due to rounding 1See Quarterly Average Loans slide for more details 2See Commercial Real Estate slide for more details Loans ($ in billions) Average loans decreased $0.2B1, or ~0.5% - $225MM Commercial Real Estate2 - $132MM Corporate Banking + $116MM Energy • Period-end loans flat, inclusive of $0.5B decline in CRE • Pipeline supports growth outlook in 2025 6©2025, Comerica Inc. All rights reserved. Loan Yields % Average Balances Monthly Average Balances Loan Commitments Relatively Stable Following 2023 Strategic Rationalization Efforts (period-end; $ in billions) 53.7 50.9 50.0 49.5 49.5 48% 49% 50% 50% 49% 4Q23 1Q24 2Q24 3Q24 4Q24 Utilization 52.8 51.4 51.1 50.9 50.6 50.7 50.6 50.6 6.38 6.33 6.32 6.24 6.25 4Q23 1Q24 2Q24 3Q24 4Q24 Oct-24 Nov-24 Dec-24

 
Deposits Strong activity & modest seasonality drove average customer balance growth & enabled deliberate wholesale funding reduction; strategically managed deposit pricing 4Q24 compared to 3Q24; Variance may not foot due to rounding 1Interest costs on interest-bearing deposits 2The first calendar day in January fell on a holiday so the early payment is reflected on 12/31. The first calendar day in October did not fall on a weekend or holiday so the 9/30 balance was not inflated with an early payment. Deposit Rate1 % Average Balances ($ in billions) Average deposits decreased $0.5B, or 0.9% - $1.4B Brokered Time Deposits - $260MM Retail Bank + $1.1B General Middle Market • 4Q24 average NIB remained flat at 38% of total deposits • Average interest-bearing decrease of $0.4B, inclusive of decline in Brokered Time Deposits • Average noninterest-bearing decline of $0.1B • 3Q24 to 4Q24 interest-bearing beta of 66% Period-end deposits increased $0.7B, or 1.2% + $1.3B Direct Express (based on pre-defined payment dates2, Direct Express balances were elevated 12/31 relative to 9/30) - $1.0B Brokered Time Deposits 7©2025, Comerica Inc. All rights reserved. Period-end Balances ($ in billions) Noninterest-bearing (NIB) Interest-bearing (IB) 66.0 65.3 63.1 63.9 63.3 63.1 63.8 4Q23 1Q24 2Q24 3Q24 4Q24 3Q24 4Q24 38% 38%38% 38%40% 40%42% 3.313.233.283.12 2.91 Securities Portfolio Expect future maturities to enhance earnings power 12/31/24 Totals shown in graph above may not foot due to rounding 1Outlook for legacy portfolio as of 1/22/25 assuming 12/31/24 forward curve 2Estimated as of 12/31/24 Period-end 4Q24 portfolio decreased $0.8B from 3Q24 - ~$300MM MBS payments + ~$100MM net treasury purchase - ~$600MM fair value change (pre-tax) & -$40MM net premium/amortization • Average 4Q24 portfolio decreased $486MM • 1Q25: Estimated repayments ~$260MM MBS1 • Duration of 5.8 years2 • Extends to 6.5 years under +200bps instantaneous rate increase2 • Net securities-related AOCI unrealized loss increased to $2.2B (after tax) Modest Securities Repositioning in 4Q24 • Sold ~$800MM in short-maturity Treasury securities in December resulting in $19MM pre-tax loss in noninterest income • Reinvested proceeds & expect to earn back the loss in net interest income in 2025 ©2025, Comerica Bank. All rights reserved. 8 Securities Portfolio (period-end; $ in billions) 12.4 16.2 15.7 15.9 15.0 14.9 14.6 14.2 13.9 12.3 0.1 2.9 3.0 2.3 2.9 2.8 2.7 2.7 2.6 2.4 4Q19 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q26 Fair Value (Reported on Balance Sheet) Valuation Adjustment Projected1

 
584 548 533 534 575 2.91 2.80 2.86 2.80 3.06 4Q23 1Q24 2Q24 3Q24 4Q24 Net Interest Income Favorable customer deposits, successful pricing strategy, BSBY cessation & nonaccrual interest benefitted income & margin 4Q24 compared to 3Q24 1See BSBY Cessation Impacts slide for more details Net Interest Income ($ in millions) $534MM 3Q24 2.80% - 3MM - 5MM - 4MM + 6MM Loans Lower balances Lower short-term rates Nonaccrual interest - 0.00 - 0.01 - 0.03 + 0.04 + 1MM + 3MM - 2MM Securities Portfolio Higher Rates Lower security balances + 0.02 + 0.02 + 0.00 - 13MM - 10MM - 3MM Fed Deposits Lower short-term rates Lower deposits with FRB - 0.06 - 0.05 - 0.01 + 44MM + 29MM + 15MM Deposits Rates Interest-bearing balances & mix + 0.23 + 0.15 + 0.08 + 12MM + 11MM + 1MM Wholesale Funding Rates, incl. swaps Medium & long-term debt + 0.07 + 0.06 + 0.01 $575MM 4Q24 3.06% 9©2025, Comerica Inc. All rights reserved. Additional Variance Detail Relative to 3Q BSBY Cessation: $25MM positive impact to Net Interest Income1 & 14bps on the NIM with impacts of hedging program accounted for within loan rate impact Net impact due to rates: $29MM benefit to Net Interest Income & 15bps to NIM Net Interest Margin % 10©2025, Comerica Inc. All rights reserved. Net Interest Income Expected Securities Repayments & Maturities2 ($ in millions) 588 261 306 443 402 220 248 1.49% 2.13% 1.96% 2.87% 2.72% 2.11% 2.06% 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Contractual Swap Notionals as of 12/31/241 ($ in billions; average; weighted average yield) Swap & securities attrition expected to create tailwind in 2025 & beyond Project 13 bps point to point higher yield & $2.8B lower notional from 4Q24 to 2Q26; lessens pressure on NII Deployment of liquidity from repayment of lower yielding securities expected to benefit NII, only partially offset by reinvestment 12/31/24 1Received fix/pay floating swaps; maturities extend through 3Q30; Table assumes no future terminations or new swaps 2Outlook as of 1/22/25 23.6 23.4 23.3 22.9 22.4 21.9 20.8 2.54% 2.55% 2.55% 2.57% 2.61% 2.64% 2.67% 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26

 
Interest Rate Sensitivity Well positioned to insulate income as rates decline 12/31/24 1Received fix/pay floating swaps; maturities extend through 3Q30; Table reflects the ultimate swaps average notional balances & weighted average yields post CME LIBOR & BSBY transitions for terms based on swap start date & assumes no future termination 2See BSBY Cessation Impacts slide for more details 3For methodology see Company’s most recent Form 10-Q, as filed with the SEC. Estimates are based on simulation modeling analysis from our base case which utilizes December 2024 average balances 11©2025, Comerica Inc. All rights reserved. Swaps as of 12/31/241 ($ in billions; average; weighted average yield) • No new swaps added in 4Q24; $500MM forward starting swap went into effect 10/1/24 • Net unrealized swap losses in AOCI increased $354MM at 12/31/24 (after-tax) • BSBY cessation & swap re-designation does not impact above table2 Estimated 12-Month Net Interest Income Impact Relative to Baseline 100 bps gradual decrease $12MM 100 bps gradual decrease & 60% incremental beta $35MM 100 bps gradual increase -$26MM 100 bps gradual increase & 60% incremental beta -$56MM Sensitivity Analysis as of 12/31/24 Rates UP Rates DOWN Loan Balances Modest increase Modest decrease Deposit Balances Moderate decrease Moderate increase Deposit Beta ~47% per incremental change Securities Portfolio Partial reinvestment of cash flows Hedging (Swaps) No additions modeled 12/31/24 Model Assumptions3 100 bps (50 bps avg) gradual, non-parallel rise 22.4 23.6 23.0 20.1 15.0 9.8 4.6 0.8 2.38% 2.50% 2.57% 2.68% 2.72% 2.85% 2.95% 2.97% FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Credit Quality Strong credit quality with low net charge-offs & criticized loans & NPA below historical levels 4Q24 compared to 3Q24 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 2A portion of the portfolio is also considered Leveraged & also reflected in the Leveraged data Nonperforming Assets Remained Below Historical Averages ($ in millions) Criticized Loan Balances1 Reflect Expected Migration ($ in millions) 728 728 717 720 725 1.40 1.43 1.38 1.43 1.44 - 1.00 2.00 3.00 4.00 5.00 6.00 4Q23 1Q24 2Q24 3Q24 4Q24 ACL/Loans % Allowance for Credit Losses as % of Loans Relatively Flat ($ in millions) 2,405 2,688 2,430 2,417 2,530 4.6 5.3 4.7 4.8 5.0 - 2.00 4.00 6.00 8.00 10.00 12.00 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized/Loans % 12©2025, Comerica Inc. All rights reserved. Low Net Charge-Offs ($ in millions) Portfolios with Incremental Monitoring (period-end) 4Q24 3Q24 Business Line or Portfolio 12/31 Loans % of Total Loans % Criticized 9/30 Loans % of Total Loans % Criticized Commercial Real Estate Business Line $10.0B 19.7% 4.4% $10.5B 20.8% 4.5% Leveraged $2.8B 5.6% 10.6% $2.6B 5.2% 10.0% Automotive Production2 $0.8B 1.5% 15.0% $0.9B 1.7% 10.7% Senior Housing $0.7B 1.3% 56.0% $0.7B 1.4% 44.3% TLS2 $0.8B 1.6% 17.8% $0.6B 1.2% 21.1% 20 14 11 11 16 0.15 0.10 0.09 0.08 0.13 (0.20) (0.15) (0.10) (0.05) - 0.05 0.10 0.15 0.20 0.25 0.30 4Q23 1Q24 2Q24 3Q24 4Q24 NCO/Average Loans % 178 217 226 250 308 0.34 0.43 0.44 0.50 0.61 (0.10) 0.10 0.30 0.50 0.70 0.90 1.10 1.30 1.50 4Q23 1Q24 2Q24 3Q24 4Q24 NPA/Loans %

 
Noninterest Income Lower non-customer income continued to pressure results 4Q24 compared to 3Q24 1Includes Risk management hedging income related to price alignment (PA) income received for Comerica’s centrally cleared risk management positions $18MM 4Q23, $13MM 1Q24, $17MM 2Q24, $8MM 3Q24, $8MM 4Q24; Includes Credit Valuation Adjustment (CVA) ($0.2MM) 4Q23, $0.4MM 1Q24, ($0.1MM) 2Q24, ($1MM) 3Q24, $2MM 4Q24; Includes gains/(losses) related to deferred comp asset returns of $8MM 4Q23, $6MM 1Q24, $0.5MM 2Q24, $4MM 3Q24, ($0.2MM) 4Q24 Noninterest Income1 ($ in millions) 198 236 291 277 250 4Q23 1Q24 2Q24 3Q24 4Q24 Decreased $27MM - $19MM realized losses from securities portfolio repositioning - $4MM deferred compensation asset returns (offset in noninterest expenses) - $3MM fiduciary income - $3MM capital markets income - $2MM card fees + $5MM Visa Class B shares related payment for dilutive adjustments in 3Q24 13©2025, Comerica Inc. All rights reserved. Notable Items in 4Q results • Securities Repositioning: $19MM realized losses from modest securities portfolio repositioning; expect earn-back in net interest income over 2025 718 603 555 562 587 91.9 76.9 67.8 68.8 69.5 4Q23 1Q24 2Q24 3Q24 4Q24 Efficiency Ratio % Noninterest Expenses1 ($ in millions) Noninterest Expenses Committed to driving efficiency 4Q24 compared to 3Q24 1Includes modernization & expense recalibration initiatives $21MM 4Q23; FY23 $31MM; $1MM 1Q24, $2MM 2Q24, $2MM 3Q24, ($5MM) 4Q24; Includes gains/(losses) related to deferred comp plan of $8MM 4Q23, $6MM 1Q24, $2MM 2Q24, $6MM 3Q24, $1MM 4Q24; Variance may not foot due to rounding 2Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants Increased $25MM + $17MM litigation-related expenses + $11MM salaries & benefits + $6MM salaries expense + $5MM benefits expense + $7MM charitable contributions - $15MM gains on sale of real estate - $4MM operational losses 14©2025, Comerica Inc. All rights reserved. Notable Items in 4Q results • FDIC: $2MM favorable accrual adjustment related to special FDIC assessment • Modernization: $5MM benefit related to modernization & expense recalibration initiatives 2

 
(2.2) (2.3) (1.7) (2.2) (0.8) (0.8) (0.2) (0.6) (0.4) (0.4) (0.4) (0.4) 1Q24 2Q24 3Q24 4Q24 Securities Swaps Pension 8.01% 7.00% 3Q24 4Q24 Capital Management Conservative approach supported resumption of share repurchases & CET11 well above target 12/31/24 14Q24 estimated 2Considers AOCI for securities & pension & related RWA benefit utilizing 12/31/24 risk weighting. Does not assume other potential Basel III Endgame impacts (such as market risk, operational risk & changes to standard counter-party risk). 3Refer to reconciliation of non-GAAP financial measures in appendix 4Represents the impact of $3.2B in AOCI on common equity & $2.4B in corresponding impacts to total assets 11.96% 11.89% 7.0% 3Q24 4Q24 CET11 Tier 11 12.51% 12.43% 8.5% 3Q24 4Q24 Regulatory Minimum + Capital Conservation Buffer (CCB) 15 ©2025, Comerica Inc. All rights reserved. 7.0 6.1 3Q24 4Q24 Common Equity ($ in billions; period-end) Tangible Common Equity Ratio3 8.75% 7.75% 3Q24 4Q24 Common Equity Ratio Accumulated Other Comprehensive Income ($ in billions) Scenarios Est. AOCI Increase / (Decrease) Rate shock + 100 bps Static balances ($1.2B) Rates shock - 100 bps Static balances $1.2B Estimated Change in AOCI Derived Simulated Sensitivity Analysis for Securities & Swap Portfolios 4Q24: AOCI impact4 of (365 bps) AOCI impact4 of (370 bps) AOCI impact of ($3.2B) Basel III Endgame Capital Considerations We are not subject to these proposed rules with ~$80B in assets as of 12/31/24. If subject to proposed Basel III Endgame capital requirements relating to AOCI opt-out changes, our estimated CET1 would exceed regulatory minimums & conservation buffer as of 12/31/242. 9.12% Estimated CET1 with AOCI opt-out1 8.44% FY25 vs FY24 Average loans Flat to +1% full year average, reflecting lower start point in FY25 than FY24 +3% point to point (Dec ‘24 to Dec ‘25), expect broad-based growth to offset Commercial Real Estate trends Average deposits -2 to -3% full year average reflecting lower brokered time deposits, or +1% full year average excluding impact of lower brokered time deposits, projecting growth in customer balances Net interest income1 +6 to +7%, including the impact of BSBY cessation2 Credit quality Continued credit normalization to drive expected NCOs at the low end of our normal 20 to 40 bps range Noninterest income3 +4%, with increases in customer income year over year Noninterest expenses3 +3%, projecting higher salaries & benefits, lower gains on sale of real estate & higher pension ($8MM year over year increase) Tax FY tax rate ~23%, excluding discrete items Capital Expect to maintain capital well above our CET1 target of 10% Management Outlook Assumes no change in current economic environment ©2025, Comerica Inc. All rights reserved. 16 1Q25 vs. 4Q24 Average loans Flat, growth in most businesses offset by expected Commercial Real Estate paydowns Average deposits -3%, or -2% excluding impact of lower brokered time deposits, expect cyclical & seasonal pressure concentrated in noninterest-bearing balances Net interest income1 -1 to -2%, including the impact of BSBY cessation2 Noninterest income3 +6 to +7%, impact from 4Q24 sale of Treasury securities & 1Q25 seasonal declines in select categories Noninterest expense3 +2%, seasonally higher compensation expenses & lower gains on sale of real estate Outlook as of 1/22/25 & guidance compares to reported GAAP 2024 or reported GAAP 4Q24 values as applicable unless noted as adjusted 1Utilizing 12/31/24 forward curve 2See slide 22 for the impact of BSBY cessation 3Deferred comp & CVA are dependent on market factors, inherently difficult to predict & assumed to be $0 in future periods, please refer to slides 12 & 13 for impact in prior periods

 
©2025, Comerica Inc. All rights reserved. Positioned for the Future Strong foundation & strategy create opportunity for enhanced returns over time • Proven credit results Outperformance through cycles Peer leading 3Q24 charge-off performance1 & strong 4Q24 results Metrics below historical averages • Solid capital position 11.89% CET12, well above target Adjusting for AOCI opt out, 4Q24 CET1 exceeded regulatory minimums & buffers • Abundant liquidity Normalized cash position Reduced wholesale funding significantly Preserved substantial capacity • Attractive deposit franchise Peer leading NIB mix1 Compelling Treasury Management cross- sell Leveraging strong foundation • Targeted market, MSA focused strategy In 14 of the 15 largest3 & 8 of the 10 fastest growing markets4 Investments in TX & the southeast align with market growth trends • Diversified business Leading bank for business with strong retail & wealth management capabilities Selective business mix with specialized verticals where we demonstrate differentiated value proposition Enhances opportunity for consistent & strong returns • Tenured colleagues Experienced colleagues deliver value-add, industry expertise Business leaders average 25 yrs, RMs 11 yrs, GMs 19 yrs5 Reinforces consistency for our customers & high level of customer service Executing on differentiated strategy • Favorable earnings trajectory Structural projected benefit to NII from maturing swaps & repayment of securities6 • Select strategic investments Focus on noninterest income to drive capital efficient revenue (Payments, Capital Markets & Wealth Management) Targeted market expansion to enhance growth Granular Small Business deposit strategy Continued focus on enhanced risk framework • Balance sheet expansion Strong pipeline & initial signs of increased customer optimism following first rate cut Focus on responsible, balanced growth Driving responsible growth 17 1Source for peer data: S&P Global Market Intelligence & company press releases; for a comprehensive list of our peer group please see our 2024 proxy statement 24Q24 estimated 3U.S. Census Bureau; by population 2023. Includes all locations with employees & offices 42023 vs 2022 by number of people 5As of 12/31/24 6Outlook as of 1/22/25 APPENDIX

 
What Our Customers Say… “Working with Comerica has consistently been a fantastic experience for our small business.” – Small Business Customer “Comerica was there to have a conversation with us to ask one simple question: ‘how can we help’?” – TLS Customer “It was practically fireworks going off because it was exactly what we needed.” – New Payments Product User “I was pleasantly surprised by how seamless the process was! Comerica's offerings have exceeded my expectations.” – Retail Customer ©2025, Comerica Inc. All rights reserved. The Right Balance Positioned to effectively meet the unique needs of our target customers Experienced & tenured team delivering consistency to our relationships across markets & businesses Tailored solutions & customized product offerings to meet our customers’ needs Localized advice for our customers Industry expertise adding unique value to customers across core businesses & specialized verticals Comprehensive suite of products & services including credit capacity, treasury management, & capital market solutions Community engagement recognizing we all play a role in advancing the markets & communities we serve Large B ank C apabilitiesSm al l B an k Se rv ic e 19 Commercial Bank 85% 10% 5% Commercial Bank Wealth Management Retail Bank 53% 6% 38% 3% Commercial Bank Wealth Management Retail Bank Other ©2025, Comerica Inc. All rights reserved. Diversified Businesses Unique & complementary model Loans1 Deposits1 1Average 4Q24 Loans & Deposits, respectively. See Quarterly Average Loans & Quarterly Average Deposits slides for more details. 20 Wealth Management Deliver a first-class commercial solution as a “Leading Bank for Business” including a robust digital suite Grow Middle Market, Business Banking & Specialty Businesses in which we have expertise Generate capital- efficient fee income Focus on organic & other strategic growth opportunities Deliver a high level of service to customers across all touchpoints Provide important funding source for the Corporation in terms of size, granularity & deposit diversification Retail Bank Cohesive relationship strategy across our divisions unlocks the value of our franchise

 
Primary Markets Other Markets Office Locations Diversified Geographic Footprint Texas • Established: 1988 • #2 largest state GDP • Business friendly environment • Dallas-Fort Worth, Houston, Austin, San Antonio California • Established: 1991 • #1 largest state GDP • Deep industry expertise • L.A., San Diego, San Jose, San Francisco Michigan • Established: 1849 • #14 largest state GDP • Large retail deposit base • Detroit, Ann Arbor, Grand Rapids, Lansing Offices Across U.S. Southeast • Strong population growth & manufacturing base • Commercial offices in Raleigh, Winston-Salem & Charlotte, & Fort Lauderdale • FL #4 & NC #12 largest state GDP • Serving customers in FL, GA, NC, TN, SC & VA Mountain West • Fast growing economy, attractive climate • 1 office in Denver • Serving customers in AZ & CO International Presence • Our North America platform enables us to fulfill the U.S., Mexican & Canadian dollar-based needs of our customers 21©2025, Comerica Inc. All rights reserved. Large, higher growth urban markets Highly integrated, cost-effective platformPredominance of middle market companies & wealth management opportunities 35% 27% 15% 23% MI CA TX Other Markets / Finance 22% 36% 25% 17% MI CA TX Other Markets Loans1 Deposits1 1Average 4Q24 Loans & Deposits, respectively. See Quarterly Average Loans & Quarterly Average Deposits slides for more details. 22©2025, Comerica Inc. All rights reserved. BSBY Cessation Impacts Actual Projected2 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 FY26 FY27 FY28 Net Interest Income Impact $2.8MM $2.8MM ($3.1MM) ($9.0MM) $16.2MM $6.9MM $27.6MM $22.8MM $19.3MM $13.8MM $83.5MM $26.5MM $8.4MM $2.0MM Gain / (Loss) in Other Noninterest Income ($91.3MM) $(38.8MM) - - - ($38.8MM) - - - - - - - - Pre-Tax Income Impact ($88.5MM) ($36.0MM) ($3.1MM) ($9.0MM) $16.2MM ($31.9MM) $27.6MM $22.8MM $19.3MM $13.8MM $83.5MM $26.5MM $8.4MM $2.0MM • Accounting Impact: Temporary loss of hedge accounting due to pending cessation of BSBY caused the recognition of unrealized losses in 4Q23 & 1Q24 & impacts net interest income. AOCI losses recognized in earnings over 12 months but accreted back to income over original life of swap. • Financial Impact: • No economic impact as these losses are re-couped over time; ~90% of impact expected to accrete back by YE2026 • Pre-tax gains or losses related to this accounting treatment impact CET1, but not Tangible Common Equity • Normal pay / receive cash flows remain uninterrupted • Net-tax impact reflects adjustments to AOCI balance over the life of the re-designated swaps1 Majority of losses expected to accrete back in 2025 & 2026 1Cessation impacts not expected to change & are not sensitive to market rates. 2Projected non-cash net impact of amortization & accretion; included in outlook unless otherwise indicated in an adjustment.

 
©2025, Comerica Inc. All rights reserved. Liquidity Abundant liquidity & funding capacity enhances flexibility 1Securities at the FHLB are incremental to Unencumbered Securities at Market Value 2Total Liquidity Capacity amounts may not foot due to rounding 23 • Repaid $1.5B of wholesale funding (average) in 4Q24: • $0.1B in maturing FHLB advances • $1.4B in brokered time deposits • Scheduled FHLB maturities of $1.1B annually from 2025-2028 • Scheduled brokered time deposits maturities of $1B in 2025 • ~$900MM scheduled to mature in 2Q25 Source (12/31/24) $ in billions Amount or Total Capacity Remaining Capacity Cash 5.8 5.8 FHLB (securities1 & loan collateral) 17.0 13.0 Unencumbered Securities at Market Value 8.0 8.0 Discount Window (loan collateral) 16.8 16.8 Total Liquidity Capacity2 $43.7 billion Total Liquidity Capacity (ex. Discount Window)2 $26.9 billion Low Unsecured Debt Obligations (Debt Maturities, $ in millions) 79% 86% 50% 60% 70% 80% 90% 100% 110% 120% 130% 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 1Q 24 2Q 24 3Q 24 4Q 24 Loan to Deposit Ratio Below Historical Average (period-end) 350 400 550 1,000 500 2025 2026 2027 2028 2029 2030 2033 Business Line 2024 2023 Middle Market General $11.5 $12.6 Energy 1.5 1.5 National Dealer Services 5.6 5.8 Entertainment 1.2 1.2 Tech. & Life Sciences 0.7 0.9 Equity Fund Services 1.8 3.0 Environmental Services 2.5 2.4 Total Middle Market $24.8 $27.4 Corporate Banking US Banking 3.9 4.4 International 1.5 1.6 Commercial Real Estate 10.3 9.1 Mortgage Banker Finance -- 0.9 Business Banking 3.1 3.1 Commercial Bank $43.6 $46.5 Retail Bank $2.3 $2.2 Wealth Management $5.1 $5.2 TOTAL $51.0 $53.9 Full Year Average Loans $ in billions Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets By Market 2024 2023 Michigan $11.4 $12.3 California 18.2 18.7 Texas 12.7 12.3 Other Markets1 8.7 10.6 TOTAL $51.0 $53.9 ©2025, Comerica Inc. All rights reserved. 24 • Middle Market: Serving companies with revenues generally between $30-$500MM • Corporate Banking: Serving companies (and their U.S. based subsidiaries) with revenues generally over $500MM • Business Banking: Serving companies with revenues generally under $30MM • Small Business: Serving companies with revenues generally under $10MM

 
= Total Fixed Rate (56%) Business Line 4Q24 3Q24 4Q23 Middle Market General $11.4 $11.5 $12.0 Energy 1.5 1.4 1.4 National Dealer Services 5.5 5.5 6.0 Entertainment 1.2 1.1 1.1 Tech. & Life Sciences 0.7 0.7 0.8 Equity Fund Services 1.6 1.7 2.5 Environmental Services 2.7 2.6 2.4 Total Middle Market $24.6 $24.5 $26.2 Corporate Banking US Banking 3.8 3.8 4.3 International 1.4 1.5 1.6 Commercial Real Estate 10.3 10.5 9.7 Mortgage Banker Finance -- -- 0.3 Business Banking 3.1 3.1 3.1 Commercial Bank $43.2 $43.4 $45.2 Retail Bank $2.4 $2.4 $2.4 Wealth Management $5.0 $5.1 $5.2 TOTAL $50.6 $50.9 $52.8 Quarterly Average Loans $ in billions Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets 2Fixed rate loans include $23.4B receive fixed/pay floating (30-day) SOFR interest rate swaps; Forward dated hedges are excluded 3Includes ~3.2% of Daily SOFR 4Over 70% of the underlying loan indices <30 day floating rate By Market 4Q24 3Q24 4Q23 Michigan $11.0 $11.3 $12.1 California 18.4 18.1 18.7 Texas 12.7 12.8 12.5 Other Markets1 8.5 8.7 9.5 TOTAL $50.6 $50.9 $52.8 ©2025, Comerica Inc. All rights reserved. 25 Fixed Rate 10% Synthetically fixed from swaps 46% -Day Rate 34% 90-Day+ Rate 7% Prime-based 3% 2 Loan Portfolio (4Q24 Period-end) 3 $50.5B 4 Full Year Average Deposits $ in billions Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Finance/Other includes items not directly associated with the geographic markets or the three major business segments including brokered time deposits 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets 3Source for peer data: S&P Global Market Intelligence Business Line 2024 2023 Middle Market General $17.3 $17.0 Energy 0.4 0.6 National Dealer Services 0.9 1.0 Entertainment 0.3 0.3 Tech. & Life Sciences 3.0 3.6 Equity Fund Services 0.9 1.0 Environmental Services 0.4 0.4 Total Middle Market $23.2 $23.9 Corporate Banking US Banking 2.1 1.9 International 2.0 1.9 Commercial Real Estate 1.5 1.5 Mortgage Banker Finance 0.0 0.3 Business Banking 3.5 3.5 Commercial Bank $32.3 $33.0 Retail Bank $24.3 $24.4 Wealth Management $3.9 $4.1 Finance / Other1 $3.4 $4.5 TOTAL $63.9 $66.0 By Market 2024 2023 Michigan $22.8 $22.9 California 16.5 16.8 Texas 9.3 9.8 Other Markets2 11.9 12.0 Finance / Other1 3.4 4.5 TOTAL $63.9 $66.0 ©2025, Comerica Inc. All rights reserved. 26 16.4 18.4 19.3 20.8 22.5 23.1 23.9 24.3 28.6 31.5 33.0 33.5 35.5 38.3 W B S H B A N K EY C FG B O K F SN V FI TB FH N M TB R F ZI O N C FR W A L C M A Peer Average Highest Noninterest-bearing Deposit Component3 (Avg; percentages; 3Q24)

 
Quarterly Average Deposits $ in billions Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Finance/Other includes items not directly associated with the geographic markets or the three major business segments including brokered time deposits 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Business Line 4Q24 3Q24 4Q23 Middle Market General* $17.9 $16.9 $17.2 Energy 0.4 0.4 0.3 National Dealer Services 0.9 0.9 0.9 Entertainment 0.3 0.4 0.2 Tech. & Life Sciences 3.0 3.0 3.3 Equity Fund Services 0.9 1.1 1.0 Environmental Services 0.5 0.4 0.4 Total Middle Market $23.9 $23.1 $23.3 Corporate Banking US Banking 2.2 2.2 2.1 International 2.0 1.9 1.9 Commercial Real Estate 1.7 1.6 1.5 Mortgage Banker Finance -- -- 0.1 Business Banking 3.5 3.5 3.6 Commercial Bank $33.3 $32.3 $32.5 Retail Bank $24.0 $24.2 $24.3 Wealth Management $3.9 $3.8 $3.9 Finance / Other1 $2.1 $3.6 $5.3 TOTAL $63.3 $63.9 $66.0 *Direct Express (included in Middle Market General balances above) $3.5 $3.4 $3.2 By Market 4Q24 3Q24 4Q23 Michigan $22.7 $22.6 $23.0 California 17.1 16.4 16.5 Texas 9.3 9.2 9.4 Other Markets2 12.1 12.1 11.8 Finance / Other1 2.1 3.6 5.3 TOTAL $63.3 $63.9 $66.0 ©2025, Comerica Inc. All rights reserved. 27 Commercial Noninterest- bearing 27% Commercial Interest- bearing 33% Retail Interest- bearing 28% Retail Noninterest- bearing 12% Strong Deposit Mix: 39% Noninterest-bearing (4Q24 Period-end) Total $63.8B Commercial Bank 53% Retail Bank 38% Wealth Management 6% Other 3% Diversified Deposit Base (4Q24 average) 1Represents uninsured deposits using total deposits at the consolidated level for Comerica Inc. & subsidiaries, which is consistent with the presentation on the consolidated balance sheet, & excludes uninsured deposits eliminated in consolidation 212/31/24 is estimated 3As of 12/31/24 4Includes consumer & small business ©2025, Comerica Inc. All rights reserved. Attractive Deposit Profile Targeted focus on relationship deposits Stronger Profile than Pre-Pandemic ($ in billions) YE 2019 YE 2022 12/31/2024 Loan-to-Deposit Ratio 88% 75% 79% Total Deposits (Period-end) $57.3 $71.4 $63.8 % Uninsured Deposits Per Call Report Adjusted for Affiliate Deposits1 60% 54% 64% 57% 52%2 46%2 Stable & Tenured Core Deposit Base3 Diversified Across Markets & Businesses • Highest concentrations in Retail Consumer (29%), Middle Market Lending (14%) & Small Business Banking (9%), inherently diversified business lines • Geographically dispersed Holistic, Connected Relationships • ~95% of Commercial Bank noninterest-bearing deposits utilize Treasury Management services; ~91% have ECA • Average Middle Market relationship has 8 Treasury Management products • ~89% Retail customers have checking account4 Tenured • Average Middle Market relationship >15 years • Average Retail relationship ~16 years4 Active Operating Accounts • Average Middle Market relationship deposit balances of ~$5MM (includes ~$2MM in noninterest-bearing) • Average Retail customer checking account balance of ~$28K4 28

 
Deposit Initiatives: Prioritizing targeted efforts to drive balances aligned with core relationship strategy ©2025, Comerica Inc. All rights reserved. Small Business Investment Treasury Management & Payments Leveraging Card Capabilities Enhanced On-Line Deposit Capabilities Targeted Focus on Deposit-Rich Customers Shared National Credit (SNC) Relationships Credit quality of our SNC relationships better than portfolio average • SNC loans decreased $136MM compared to 3Q24 • SNC relationships included in business line balances; we do not have a dedicated SNC line of business • Approximately 700 borrowers • Comerica is agent for 26% of loans • Strategy: Pursue full relationships with ancillary business • Adhere to same credit underwriting standards as rest of loan book • Only 3% of SNCs were criticized • ~14% of SNCs were leveraged Period-end Loans ($ in billions) Commercial Real Estate $0.9 8% Corporate Banking $2.7 23% Equity Fund Services $0.6 5%Tech. & Life Sciences $0.1 1% General Middle Market $2.9 26% National Dealer Services $0.9 8% Energy $1.4 13% Entertainment $0.6 5% Environmental Services $1.3 11% = Total Middle Market (69%) Total $11.4B 30©2025, Comerica Inc. All rights reserved. 12/31/24 SNCs are facilities greater than $100 million shared by three or more federally supervised financial institutions which are reviewed by regulatory authorities at the agent bank level

 
Investing for Growth with Key Initiatives Transforming the Culture Redefine our culture through new roles, a renewed investment in our colleagues, a best-in-class mindset & consistent sales principles Reinventing the Customer Experience Redesign our network distribution model to rebuild the customer value proposition with an integrated omni-channel customer experience Accelerating Growth Prioritize growth to drive opportunities through generational banking, customer segments & Small Business expansion 89% 82% 16 Average Customer Tenure in Years Deposit Customers with Checking Accounts ©2025, Comerica Inc. All rights reserved. 31 The Retail Bank Banking Retail & Small Business customers in growth markets across the US 12/31/24 112/31/23 Barlow Research’s Small Business (revenue $100M-$10MM data: 1Q23-4Q24): compared to Top 10 Banks by market share. Retail Banking: A granular deposit base of stable & long-tenured customers Small Business Banking: Customers with Deposits 5+ Years 40% at 12/31/24 ~$28K Avg. Customer Deposits Small Business Customers 24% Noninterest-Bearing Deposit Mix Service Channels: •Banking Centers •Contact Center •ATM & Payments •Online & Mobile #1 #2 +10% Increase in Year over Year Small Business Lending Outstanding Small Business Study Ranked1 – Very Satisfied “Satisfied overall with their primary bank” Small Business Tools & Resources Deliver growth tools uniquely designed for Small Business customers to help them to manage & grow their own business Small Business Study Ranked1 – Agree Strongly “My primary bank gets things right the first time” ©2025, Comerica Inc. All rights reserved. Wealth Management Leading the way to your business and personal success Fiduciary Services • Pioneer & industry leader in third party fiduciary services space • Deep subject matter expertise in Specialty Wealth Services that exceed the capabilities offered by industry competitors • Charitable, Estate Settlement, Special Needs Trust Administration • Trust Real Estate & Specialty Assets • Institutional Trust capabilities to support businesses & business owners • >$160B in AUA • 5-year revenue CAGR of 6% in our third- party fiduciary business • 32 offices around the country Private Wealth Management • Differentiated & integrated wealth planning & business transition capabilities • Unique custom credit, mortgage & banking capabilities • Advice-driven tailored investment management & specialty fiduciary solutions • >$13B in AUA • 40% penetration into our Middle Market channel • Key source of referrals for our M&A advisory team Comerica Financial Advisors • Leveraging power of partnership for differentiated client & advisor experience • Recognized best in class platform and capabilities • Advice-driven approach to holistically serve business owners through collaboration & expertise • Uniquely positioned for growth • Building towards full coverage of our banking centers • Hub-based HNW Financial Advisors partnered with Private Wealth • >$25B in client assets: ~$17B assets on AMP platform; ~$8B in bank money market platform • Opportunity to double number of Financial Advisors over next 5 years 32 Total Wealth Management represents ~27% of Comerica’s Noninterest Income & has >$200B Assets Under Administration (AUA). Supported by 3 core businesses: Key Statistics: 12/31/24

 
Total CMA Office Exposure • Not primary strategy: Total CMA office loans of $681MM, or <1% of total loans; outstandings within CRE LOB of $402MM, or <1% of total CMA loans • Selective geography: Urban in-fill & suburban strategy • Majority recourse: Strong sponsors critical to underwriting • Monitoring credit: Criticized loans totaling ~$133MM (or ~20% of total office portfolio) Multifamily, 48% Industrial, 29% Self-Storage, 5% Retail, 4% Office, 4% Single Family / Land Development, 3% Land Carry, 3% Multi use, 2% Other, 2% Commercial Real Estate Business Line Growth driven by multifamily & industrial projects; excellent credit quality 12/31/24 1Excludes CRE business line loans not secured by real estate 2Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Primarily Lower Risk Multifamily & Industrial1 (4Q24 period-end) Total $9.4B Strong Credit Profile Driven by: • Long history of working with well-established, proven developers • Experienced relationship team; average tenure: • CRE line of business leadership: ~28 years • Relationship managers: ~19 years • CRE credit approval team: ~25 years • Significant up-front equity required (typically averaging 35-40%, often from institutional investors) • ~70% has recourse • Majority of commitments originate as construction • Primary strategy is financing development of Class A, urban infill multi-family & warehouse distribution in major sun belt metros (31% CA, 27% TX, 12% Southeast, 12% Southwest) • Credit marginally improved & remains manageable • ~75% of the portfolio maturing by the end of 2026 ©2025, Comerica Inc. All rights reserved. 33 Excellent Credit Quality in Commercial Real Estate Business No significant net charge-offs since 2014 ($ in millions) 4Q23 1Q24 2Q24 3Q24 4Q24 NAL 18 18 18 18 49 Criticized2 481 443 448 476 442 % Criticized 4.8% 4.3% 4.3% 4.5% 4.4% NCO (Recoveries) (0.38) (0.01) (0.26) (1.48) (0.30) 34©2025, Comerica Inc. All rights reserved. Total Office Portfolio Not a primary strategy Geographic Diversification By State $ millions 12/31/24 9/30/24 California $277.7 $289.3 Texas 201.2 227.3 Michigan 60.8 61.1 Washington 40.1 40.1 Arizona 20.5 36.2 Nevada 11.8 11.9 Georgia 4.7 4.7 Illinois 4.4 4.4 Florida 1.5 1.5 Subtotal 622.7 676.5 Other1 58.5 59.1 Total Loans $681.2 $735.6 Key Office Portfolio Metrics $ millions 12/31/24 9/30/24 Total Loans $681.2 $735.6 Avg Loan Outstanding $4.7 $5.0 Net Charge-Offs 0.0% 0.0% Delinquencies2 0.2% 0.7% Non-Performing Loans 4.7% 3.3% Criticized Loans3 19.6% 20.1% 12/31/24 1Other includes loans to funds secured by multiple properties 2Loans 30 days or more past due 3Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories

 
35©2025, Comerica Inc. All rights reserved. Multi-family Portfolio Key Multi-family Portfolio Metrics $ millions 12/31/24 9/30/24 Total Loans $4,815.3 $5,172.7 Avg Loan Outstanding $16.3 $17.1 Net Charge-Offs 0.0% 0.0% Delinquencies2 0.0% 0.5% Non-Performing Loans 0.7% 0.0% Criticized Loans3 4.0% 4.8% 12/31/24 1Other includes various other states 2Loans 30 days or more past due 3Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 43% 26% 13% 8% 10% California LA County Bay Area Orange County Sacramento County Other 42% 33% 16% 9% Texas DFW Austin Houston San Antonio Geographic Diversification By State $ millions 12/31/24 9/30/24 California $1,414.6 $1,667.4 Texas 1,405.6 1,499.1 Florida 409.0 412.9 Washington 228.0 241.2 Arizona 207.2 238.5 North Carolina 200.2 193.5 Colorado 193.1 168.3 Oregon 167.6 158.0 Michigan 135.8 103.7 Subtotal 4,361.1 4,682.6 Other1 454.2 490.1 Total Loans $4,815.3 $5,172.7 Energy Primarily E&P exposure 12/31/24 1Includes Services of 4Q23 $11MM; 1Q24 $10MM; 2Q24 $8MM; 3Q24 $6MM; 4Q24 $3MM Period-end Loans ($ in millions) 1,070 1,048 1,109 1,084 1,188 312 310 300 228 298 1,382 1,358 1,409 1,312 1,486 4Q23 1Q24 2Q24 3Q24 4Q24 Midstream Exploration & Production1 ©2025, Comerica Inc. All rights reserved. 36 • Exposure $3.5B / 41% utilization • Hedged 50% or more of production: • At least one year: 71% of customers • At least two years: 48% of customers • Focus on larger, sophisticated E&P & Midstream companies • E&P: • 54% Oil-focused • 23% Natural Gas focused • 23% Oil/Gas balanced • Excellent credit quality in 4Q24 • <1% Criticized loans • $0.5MM Net recoveries

 
Toyota/Lexus 11% Honda/Acura 14% Ford 6% GM 7% Jaguar/Land Rover 8% Stellantis 6% Mercedes 3% Nissan/ Infiniti 3% Other European 12% Other Asian 10% Other 20% National Dealer Services 75+ years of floor plan lending 12/31/24 1Other includes obligations where a primary franchise is indeterminable (Multi franchise, rental car & leasing companies, heavy truck, recreational vehicles, & non-floor plan loans) Franchise Distribution (Based on period-end loan outstandings) • Top tier strategy • National in scope • Focus on “Mega Dealer” (five or more dealerships in group) • Strong credit quality; Robust monitoring of company inventory & performance • Floor Plan remained below historical averages 2.2 2.0 1.2 0.6 0.6 0.6 0.8 1.0 1.2 1.4 1.7 1.7 2.1 2.0 2.2 2.2 2.4 5.5 5.3 4.4 3.8 3.9 4.1 4.5 4.8 5.1 5.4 5.8 5.8 6.0 5.7 5.7 5.5 5.5 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 Floor Plan Average Loans ($ in billions) Total $5.5B 1 ©2025, Comerica Inc. All rights reserved. 37 3,312 3,070 2,933 2,994 2,960 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4Q23 1Q24 2Q24 3Q24 4Q24 791 713 724 705 724 4Q23 1Q24 2Q24 3Q24 4Q24 Technology & Life Sciences ~30 years of deep expertise & strong relationships with top-tier investors 12/31/24 Average Loans ($ in millions) • Manage concentration to numerous verticals to ensure widely diversified portfolio • Closely monitor cash balances & maintain robust backroom operation • 10 offices throughout US & Canada Strong Loan to Deposit Ratio Relative to Other Business Lines (Average Deposits; $ in millions) Growth 64% Early Stage 13% Late Stage 23% Customer Segment Overview (approximate; 4Q24 period-end loans) Total $786MM ©2025, Comerica Inc. All rights reserved. 38

 
Equity Fund Services Strong relationships with top-tier Private Equity firms 12/31/24 • Customized solutions for Private Equity & Venture Capital firms • Credit Facilities (Funds, General Partners, Management Companies) • Treasury Management • Capital Markets, including Syndication & Foreign Exchange • Customers in the US & Canada • Well-diversified across funds with various industry strategies • Drives connectivity with other teams • Middle Market • Commercial Real Estate • Environmental Services • Energy • Technology & Life Sciences • Private Banking • Strong credit profile • No charge-offs • No criticized loans ©2025, Comerica Inc. All rights reserved. 39 Loans ($ in millions) 2,453 1,981 1,690 1,709 1,634 1,622 1,802 4Q23 1Q24 2Q24 3Q24 4Q24 3Q24 4Q24 Average Balances Period-end Balances Environmental Services Department Experienced team; specialized industry, committed to growth 12/31/24 1As of 1/15/25 • 15+ year experienced team with 20+ year management tenure • Dedicated relationship managers advise & guide customers on profitably growing their business by providing banking solutions • Focus on middle market-sized companies with full banking relationships • Historically strong credit quality Waste Management & Recycling • Insight & expertise with: • Transfer stations, disposal & recycling facilities • Commercial & residential waste collection • Financing for M&A & growth capital Renewable Energy Solutions • Formed group in 2022; active in the landfill-gas-to-energy & biomass industries for more than a decade • Expanded focus to also include solar, wind, anaerobic digestion, & battery energy standalone storage • Over 75% of the commitments are solar1 1,830 1,826 1,814 1,811 1,835 535 550 638 776 822 2,365 2,376 2,452 2,587 2,657 4Q23 1Q24 2Q24 3Q24 4Q24 Renewable EnergySolutions Waste Management & Recycling Average Loans ($ in millions) ©2025, Comerica Inc. All rights reserved. 40

 
©2025, Comerica Inc. All rights reserved. Comerica’s Core Values Trust OwnAct To raise expectations of what a bank can be for our colleagues, customers & communities 41 42©2025, Comerica Inc. All rights reserved. Descriptions of Notable Items Subject Description Securities repositioning • Securities repositioning relates to losses incurred on the sale of $827MM of Treasury securities that were replaced with higher-yielding Treasury securities with a duration of 1.9 years. Impact of BSBY cessation announcement • On November 15, 2023, Bloomberg Index Services Limited officially announced the future permanent cessation of Bloomberg Short-Term Bank Yield Index (“BSBY”) on November 15, 2024. • This announcement resulted in a temporary loss of hedge accounting for a portion of cash flow hedges, driving recognition of unrealized losses related to applicable swaps previously in AOCI in 4Q23 & 1Q24 & an impact to net interest income expected quarterly from 4Q23 through 2028. FDIC special assessment • CMA recorded an adjustment to lower the accrual related to the FDIC’s Deposit Insurance Fund (DIF) special assessment in 3Q24 & 4Q24 & an expense in 4Q23, 1Q24 & 2Q24. Modernization & expense recalibration initiatives • Actions taken to transform the retail banking delivery model, align corporate facilities, optimize technology platforms, enhance earnings power & create capacity for strategic & risk management investments resulted in severance charges.

 
43©2025, Comerica Inc. All rights reserved. Ameriprise Transition Accounting Impact Subject Description Ameriprise partnership accounting Based on the terms of our Ameriprise relationship, reallocation of certain items previously within noninterest income & noninterest expense now presented within noninterest income. No bottom-line impact as these changes fully offset one another. FY23 Comparative impacts of changes in accounting presentation -$22MM noninterest income $24MM other noninterest income $20MM fiduciary income + $22MM brokerage fees -$22MM noninterest expense $21MM salaries & benefits $1MM outside processing Reconciliations ©2025, Comerica Inc. All rights reserved. 44 (period-end, millions, except per share data) 4Q24 3Q24 2Q24 1Q24 4Q23 Tangible Common Equity Total shareholders’ equity $6,543 $7,366 $6,161 $6,050 $6,406 Less fixed-rate non-cumulative perpetual preferred stock $394 $394 $394 $394 $394 Common shareholders’ equity $6,149 $6,972 $5,767 $5,656 $6,012 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $6 $6 $7 $8 $8 Tangible common equity $5,508 $6,331 $5,125 $5,013 $5,369 Total assets $79,297 $79,663 $79,597 $79,444 $85,834 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $6 $6 $7 $8 $8 Tangible assets $78,656 $79,022 $78,955 $78,801 $85,191 Common equity ratio 7.75% 8.75% 7.24% 7.12% 7.00% Tangible common equity ratio 7.00% 8.01% 6.49% 6.36% 6.30% Tangible Common Equity Tangible common equity is used by Comerica to measure the quality of capital & the return relative to balance sheet risk. The tangible common equity ratio removes the effect of intangible assets from capital & total assets. Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators & analysts to evaluate the adequacy of common equity & our performance trends. (period-end, millions, except per share data) 4Q24 4Q23 Tangible Common Equity per Share of Common Stock (Tangible Book Value per Share of Common Stock) Common shareholders’ equity $6,149 $6,012 Tangible common equity $5,508 $5,369 Shares of common stock outstanding 131 132 Common shareholders' equity per share of common stock $46.79 $45.58 Tangible common equity per share of common stock $41.91 $40.70

 
©2025, Comerica Inc. All rights reserved. Uninsured Deposits Comerica believes that the presentation of uninsured deposits adjusted for the impact of affiliate deposits provides enhanced clarity of uninsured deposits at risk. Total uninsured deposits as calculated per regulatory guidance & reported on schedule RC-O of Comerica Bank’s Call Report include affiliate deposits, which by definition have a different risk profile than other uninsured deposits. The amounts presented below remove affiliate deposits from the total uninsured deposits number. Reconciliations Continued Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators & analysts to evaluate the adequacy of common equity & our performance trends. 1Represents uninsured deposits using total deposits at the consolidated level for Comerica Inc. & subsidiaries, which is consistent with the presentation on the consolidated balance sheet, & excludes uninsured deposits eliminated in consolidation 2Diluted earnings per common share (period-end; millions) 4Q24 4Q22 4Q19 (A) Total uninsured deposits, as calculated per regulatory guidelines $33,387 $45,492 $34,341 (B) Affiliate deposits1 $3,876 $4,458 $3,188 (A-B) Total uninsured deposits, excluding affiliate $29,511 $41,034 $31,153 45 Adjusted Earnings Per Share2 Comerica believes that the presentation of adjusted earnings per share provides a greater understanding of ongoing operations & financial results by removing the impact of notable items. Notable items are meaningful because they provide greater detail of how certain events or initiatives affect Comerica’s results for a more informed understanding of those results. (per share) 4Q24 3Q24 4Q23 FY24 FY23 Earnings per common share $1.22 $1.33 $0.20 $5.02 $6.44 Securities repositioning 0.11 -- -- 0.11 -- Net BSBY cessation hedging losses (gains) -0.09 0.05 0.51 0.18 0.51 FDIC special assessment -0.01 -0.02 0.62 0.08 0.62 Modernization & expense recalibration initiatives -0.03 0.01 0.13 -- 0.18 Adjusted earnings per common share $1.20 $1.37 $1.46 $5.39 $7.75 Holding Company Debt Rating As of 1/14/25 Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A- - M&T Bank Baa1 BBB+ A BOK Financial Baa1 BBB+ A Fifth Third Baa1 BBB+ A- Huntington Baa1 BBB+ A- Regions Financial Baa1 BBB+ A- Citizens Financial Group Baa1 BBB+ BBB+ Comerica Baa2 BBB A- KeyCorp Baa2 BBB BBB+ Webster Financial Baa2 BBB - First Horizon National Corp Baa3 - BBB+ Western Alliance Ba1 - BBB- Synovus Financial - BBB- BBB ©2025, Comerica Inc. All rights reserved. 46

 
Bank Debt Rating As of 1/14/25 Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A - Fifth Third A3 A- A- Huntington A3 A- A- Citizens Financial Group A3 A- BBB+ M&T Bank A3 A- A BOK Financial Baa1 A- A Regions Financial Baa1 A- A- KeyCorp Baa1 BBB+ BBB+ Comerica Baa2 BBB+ A- Webster Bank Baa2 BBB+ - Zions Bancorporation Baa2 BBB+ BBB+ First Horizon National Corp Baa3 - BBB+ Synovus Financial Baa3 BBB BBB Western Alliance Ba1 - BBB- ©2025, Comerica Inc. All rights reserved. 47 Thank You ©2025, Comerica Inc. All rights reserved.

 
v3.24.4
Cover Document
Jan. 22, 2025
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Entity Incorporation, State or Country Code DE
Document Type 8-K
Title of 12(b) Security Common Stock, $5 par value
Trading Symbol CMA
Security Exchange Name NYSE
Document Period End Date Jan. 22, 2025
Entity Registrant Name COMERICA INCORPORATED
Entity Address, Address Line One 1717 Main Street, MC 6404
Entity Address, City or Town Dallas
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75201
City Area Code 833
Local Phone Number 571-0486
Entity File Number 1-10706
Entity Tax Identification Number 38-1998421
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Amendment Flag false
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