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SECOND QUARTER 2025 NET INCOME OF $199 MILLION, $1.42 PER SHARE
Broad-based Loan Growth and Continued Strong Capitalization
Favorable Expense and Fee Income Trends Drove Higher Profitability

“Today we reported second quarter net income of $199 million, representing a 16% increase over the prior quarter,” said Curtis C. Farmer, Comerica Chairman and Chief Executive Officer. “Improved customer sentiment contributed to broad-based loan growth, offsetting modest deposit pressures and keeping net interest income flat to the first quarter and in line with guidance. Noninterest income growth drove higher revenue, and when coupled with lower noninterest expenses, contributed to an increase in PPNR(a). Credit quality remained a strength with migration in line with expectations and net charge-offs at the low end of our normal 20 to 40 basis points range. With a conservative approach to capital management, we produced an estimated CET1 capital ratio of 11.94%, even after higher loan growth, a compelling dividend and an increase in share repurchases.”
(dollar amounts in millions, except per share data)2nd Qtr '251st Qtr '252nd Qtr '24
FINANCIAL RESULTS
Net interest income $575 $575 $533 
Provision for credit losses44 20 — 
Noninterest income274 254 291 
Noninterest expenses561 584 555 
Pre-tax income244 225 269 
Provision for income taxes45 53 63 
Net income$199 $172 $206 
Diluted earnings per common share$1.42 $1.25 $1.49 
Average loans50,665 50,214 51,071 
Average deposits61,246 61,899 63,055 
Return on average assets (ROA)1.03 %0.90 %1.05 %
Return on average common shareholders' equity (ROE)11.35 10.60 14.78 
Net interest margin3.16 3.18 2.86 
Efficiency ratio (b)65.78 70.28 67.77 
Common equity Tier 1 capital ratio (a)(c)11.94 12.05 11.55 
Tier 1 capital ratio (a)(c)11.94 12.60 12.08 
(a)See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
(b)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.
(c)June 30, 2025 ratios are estimated.
Second Quarter 2025 Compared to First Quarter 2025 Overview
Balance sheet items discussed in terms of average balances unless otherwise noted.
Loans increased $451 million to $50.7 billion.
•Increases of $139 million in Corporate Banking, $120 million in Wealth Management, $116 million in Environmental Services and smaller increases in other business lines, partially offset by a decline of $234 million in Equity Fund Services.
◦Period-end loans increased $1.3 billion to $51.2 billion, with growth in most lines of business, including increases of $252 million in general Middle Market, $218 million in Environmental Services and $154 million in both Equity Fund Services and Energy.
•Average yield on loans (including swaps) decreased 3 basis points to 6.10%, primarily reflecting a reduction in the benefit from Bloomberg Short-Term Bank Yield Index (BSBY) cessation.
Securities decreased $169 million to $14.8 billion, reflecting paydowns, partially offset by a decrease in average unrealized losses.
•Period-end unrealized losses on securities decreased $102 million to $2.4 billion.
Deposits decreased $653 million to $61.2 billion, with noninterest-bearing and interest-bearing deposits decreasing $373 million and $280 million, respectively.


•Noninterest-bearing deposits comprised 38% of total deposits, consistent with the prior quarter.
•Decreases of $195 million in Retail Banking, $135 million in Corporate Banking and smaller decreases in other business lines.
◦Period-end deposits decreased $1.5 billion to $60.0 billion, including decreases of $424 million in Retail Banking, $264 million in Technology and Life Sciences and $174 million in Entertainment, partially offset by a $168 million increase in Equity Fund Services.
▪Interest-bearing deposits decreased $1.0 billion, which included a $364 million decrease in brokered time deposits, while noninterest-bearing deposits decreased $459 million.
•The average cost of interest-bearing deposits increased 4 basis points to 2.69%, reflecting relationship-focused pricing.
Net interest income was stable at $575 million, while net interest margin decreased 2 basis points to 3.16%.
•Decrease in net interest margin driven by an increase in short-term borrowings to fund loan growth and the net impact of lower rates (including the impact of BSBY cessation), partially offset by a reduction in medium- and long-term debt as well as higher loan balances.
•Net interest income was positively impacted by one additional day in the quarter.
Provision for credit losses was $44 million.
•The allowance for credit losses was $735 million, or 1.44% as a percentage of total loans, which was consistent with prior quarter and reflected loan growth and continued economic uncertainty.
Noninterest income increased $20 million to $274 million.
•Increases of $11 million in capital markets income, $7 million in deferred compensation asset returns (mostly offset in noninterest expenses) and $5 million in fiduciary income.
Noninterest expenses decreased $23 million to $561 million.
•Decreases of $16 million in other noninterest expenses, $10 million in salaries and benefits expense (impacted by seasonal items) and $3 million in FDIC insurance expense, partially offset by increases of $3 million each in outside processing expense and advertising expense.
•Notable expense items in second quarter 2025 included a $13 million net benefit from settlements and dismissed litigation, $4 million in gains primarily on the sale of real estate and a $3 million interest recovery on a state tax matter.
Estimated common equity Tier 1 capital ratio* of 11.94%.
•Returned a total of $193 million to common shareholders through share repurchases and dividends.
◦Declared dividends of $93 million on common stock and repurchased $100 million of common stock (approximately 1.8 million shares) under the share repurchase program.
◦Share repurchases targeted at approximately $100 million in the third quarter of 2025.
•Delivered a notice of redemption on June 10, 2025 notifying holders of the 4,000 outstanding shares of Series A Preferred Stock and corresponding depositary shares that all such shares would be redeemed, effective July 1, 2025, which resulted in a $400 million reclassification from shareholders' equity to other liabilities reflected in the consolidated balance sheet at June 30, 2025.
◦Preferred stock impacts to net income attributable to common shares for the second quarter included $5 million in dividends and $6 million in costs pursuant to the notice of redemption.
•Common equity ratio of 8.80% and tangible common equity ratio* of 8.04%.
*See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
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Net Interest Income
Balance sheet items presented and discussed in terms of average balances.
(dollar amounts in millions)2nd Qtr '251st Qtr '252nd Qtr '24
Net interest income$575 $575 $533 
Net interest margin3.16 %3.18 %2.86 %
Selected balances:
Total earning assets$70,343 $70,378 $71,829 
Total loans50,665 50,214 51,071 
Total investment securities14,814 14,983 15,750 
Federal Reserve Bank deposits4,401 4,664 4,474 
Total deposits61,246 61,899 63,055 
Total noninterest-bearing deposits23,107 23,480 25,357 
Short-term borrowings1,341 188 666 
Medium- and long-term debt5,740 6,488 7,082 
Second quarter 2025 net interest income remained stable from the prior quarter, and net interest margin decreased 2 basis points, compared to first quarter 2025.
•Interest income on loans increased $12 million and had no net impact on net interest margin, as the benefits of one additional day in the quarter and higher loan balances were partially offset by the net impact of lower rates and lower nonaccrual interest.
◦The benefit from BSBY cessation to net interest income decreased $5 million, while the benefit to net interest margin declined 3 basis points.
•Interest income on investment securities decreased $2 million due to a decline in securities balances with no impact to net interest margin.
•Interest income on short-term investments decreased $3 million, primarily reflecting a decrease in deposits with the Federal Reserve Bank with no impact to net interest margin.
•Interest expense on deposits increased $4 million and reduced net interest margin by 1 basis point, reflecting the impacts of higher pay rates on deposits and one additional day in the quarter, partially offset by lower average interest-bearing deposit balances.
•Interest expense on debt increased $3 million and reduced net interest margin by 1 basis point, driven by an increase in short-term borrowings to fund loan growth, partially offset by a decline in medium- and long-term debt.
The net impact of lower rates to second quarter 2025 net interest income was a decrease of $7 million compared to first quarter 2025, and the net impact of lower rates to second quarter 2025 net interest margin was a reduction of 4 basis points to net interest margin. One additional day in second quarter 2025 benefited net interest income by $6 million.
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Credit Quality
“We believe our proven approach to credit and underwriting serves as a competitive advantage as evidenced by net charge-offs of 22 basis points, at the low end of our normal range," said Farmer. "Credit quality was relatively stable as customers remained responsive in managing persistent inflationary pressures and an evolving economic landscape. Our allowance for credit reserves was once again flat at 1.44% of total loans, as the level of overall uncertainty considered in our analysis remained similar to the first quarter. Provision expense increased with robust loan growth, and migration remained in line with expectations with an increase in criticized loans and lower nonperforming assets. We will continue to actively monitor our portfolio and feel we are well-positioned to support our customers as they navigate the dynamic environment.”

(dollar amounts in millions)2nd Qtr '251st Qtr '252nd Qtr '24
Charge-offs$31 $32 $28 
Recoveries3 6 17 
Net charge-offs
28 26 11 
Net charge-offs/Average total loans
0.22 %0.21 %0.09 %
Provision for credit losses$44 $20 $— 
Nonperforming loans 248 301 226 
Nonperforming assets (NPAs)249 301 226 
NPAs/Total loans and foreclosed property0.49 %0.60 %0.44 %
Loans past due 90 days or more and still accruing$42 $12 $11 
Allowance for loan losses698 683 686 
Allowance for credit losses on lending-related commitments (a)37 36 31 
Total allowance for credit losses735 719 717 
Allowance for credit losses/Period-end total loans1.44 %1.44 %1.38 %
Allowance for credit losses/Nonperforming loans3.0x2.4x3.2x
(a)    Included in accrued expenses and other liabilities on the Consolidated Balance Sheets.
•The allowance for credit losses totaled $735 million at June 30, 2025 and remained stable at 1.44% of total loans, reflecting loan growth and continued economic uncertainty.
•Criticized loans increased $172 million to $2.7 billion, or 5.4% of total loans. Criticized loans are generally consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities.
•Nonperforming assets decreased $52 million to $249 million, or 0.49% of total loans and foreclosed property, compared to 0.60% in first quarter 2025.
•Net charge-offs totaled $28 million, compared to net charge-offs of $26 million in first quarter 2025.
Strategic Lines of Business
Comerica's operations are strategically aligned into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. In addition to the three major business segments, the Finance and Other categories include items not directly associated with the business segments. 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 June 30, 2025. A discussion of business segment results will be included in Comerica’s Form 10-Q for the quarter ended June 30, 2025.
Conference Call and Webcast
Comerica will host a conference call and live webcast to review second quarter 2025 financial results at 7 a.m. CT Friday, July 18, 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.
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Comerica Incorporated (NYSE: CMA) 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, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on August 17, 1849, 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 15 states and services 13 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 them 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
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “achieve,” “anticipate,” “assume,” “believe,” “could,” “deliver,” “drive,” “enhance,” “estimate,” “expect,” “focus,” “future,” “goal,” “grow,” “guidance,” “intend,” “may,” “might,” “plan,” “position,” “opportunity,” “outlook,” “strategy,” “target,” “trajectory,” “trend,” “will,” “would,” & similar expressions or the negative of such terms or other comparable terminology. Forward-looking statements include, but are not limited to, statements about our business strategy, goals & objectives, projected financial & operating results, including outlook for future growth, & future common share dividends, common share repurchases & other uses of capital. These statements are not historical facts, but instead represent our beliefs regarding future events, many of which, by their nature, are inherently uncertain & outside of our control. Our actual results & financial condition may differ materially from those indicated in these forward-looking statements. Important factors that could cause our actual results & financial condition to differ materially from those indicated in such forward-looking statements include: the extent to which our businesses perform consistent with management’s expectations; our ability to take advantage of growth opportunities & implement targeted initiatives in the timeframe & on the terms we currently expect; the execution and efficacy of recent strategic investments; the timing & impact of the Direct Express transition; the impact of macroeconomic factors, such as changes in general economic conditions & monetary & fiscal policy, particularly on interest rates; changes in customer behavior; unfavorable developments concerning credit quality; declines in the businesses or industries of our customers; reductions in our credit ratings; security risks, including cybersecurity & data privacy risks; the outcomes of legal & regulatory proceedings & related financial services industry matters; compliance with regulatory requirements; competitive product & pricing pressures; & the other factors set forth in “Item 1A. Risk Factors” beginning on page 16 of our Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement made by us in this press release is based solely on information currently available to us & speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except to the extent required by law.
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 EndedSix Months Ended
June 30,March 31,June 30,June 30,
(in millions, except per share data)20252025202420252024
PER COMMON SHARE AND COMMON STOCK DATA
Diluted earnings per common share$1.42 $1.25 $1.49 $2.66 $2.47 
Cash dividends declared0.71 0.71 0.71 1.42 1.42 
Average diluted shares (in thousands)131,731 132,700 133,763 132,212 133,565 
PERFORMANCE RATIOS
Return on average common shareholders' equity11.35 %10.60 %14.78 %10.99 %12.00 %
Return on average assets1.03 0.90 1.05 0.96 0.85 
Efficiency ratio (a)65.78 70.28 67.77 68.00 72.24 
CAPITAL
Common equity tier 1 capital (b), (c)$8,718 $8,711 $8,586 
Tier 1 capital (b), (c)8,718 9,105 8,980 
Risk-weighted assets (b)72,988 72,286 74,342 
Common equity tier 1 capital ratio (b), (c)11.94 %12.05 %11.55 %
Tier 1 capital ratio (b), (c)11.94 12.60 12.08 
Total capital ratio (b)13.74 14.39 14.02 
Leverage ratio (b)10.90 11.36 10.90 
Common shareholders' equity per share of common stock$52.90 $50.73 $43.49 
Tangible common equity per share of common stock (c)47.96 45.85 38.65 
Common equity ratio8.80 %8.58 %7.24 %
Tangible common equity ratio (c)8.04 7.82 6.49 
AVERAGE BALANCES
Commercial loans$26,441 $26,112 $26,292 $26,278 $26,372 
Real estate construction loans3,499 3,479 4,553 3,489 4,863 
Commercial mortgage loans14,722 14,731 14,171 14,726 13,906 
Lease financing737 727 798 732 804 
International loans1,066 1,004 1,111 1,035 1,126 
Residential mortgage loans1,948 1,920 1,898 1,934 1,890 
Consumer loans2,252 2,241 2,248 2,247 2,260 
Total loans50,665 50,214 51,071 50,441 51,221 
Earning assets70,343 70,378 71,829 70,360 73,818 
Total assets77,543 77,558 79,207 77,550 81,412 
Noninterest-bearing deposits23,107 23,480 25,357 23,291 25,883 
Interest-bearing deposits38,139 38,419 37,698 38,278 38,300 
Total deposits61,246 61,899 63,055 61,569 64,183 
Common shareholders' equity6,633 6,367 5,454 6,501 5,568 
Total shareholders' equity6,936 6,761 5,848 6,850 5,962 
NET INTEREST INCOME
Net interest income$575 $575 $533 $1,150 $1,081 
Net interest margin3.16 %3.18 %2.86 %3.17 %2.83 %
CREDIT QUALITY
Nonperforming assets$249 $301 $226 
Loans past due 90 days or more and still accruing42 12 11 
Net charge-offs 28 26 11 $54 $25 
Allowance for loan losses698 683 686 
Allowance for credit losses on lending-related commitments37 36 31 
Total allowance for credit losses735 719 717 
Allowance for credit losses as a percentage of total loans1.44 %1.44 %1.38 %
Net loan charge-offs as a percentage of average total loans0.22 0.21 0.09 0.21 %0.10 %
Nonperforming assets as a percentage of total loans and foreclosed property
0.49 0.60 0.44 
Allowance for credit losses as a multiple of total nonperforming loans3.0x2.4x3.2x
OTHER KEY INFORMATION
Number of banking centers354 380 381 
Number of employees - full time equivalent7,963 7,860 7,608 
(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)    June 30, 2025 ratios are estimated.
(c)    See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios.
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 CONSOLIDATED BALANCE SHEETS
 Comerica Incorporated and Subsidiaries
June 30,March 31,December 31,June 30,
(in millions, except share data)2025202520242024
(unaudited)(unaudited)(unaudited)
ASSETS
Cash and due from banks$1,239 $1,083 $850 $719
Interest-bearing deposits with banks4,049 4,709 5,954 4,093
Other short-term investments334 379 375 396
Investment securities available-for-sale14,874 15,102 15,045 15,656
Commercial loans26,848 25,801 26,492 27,113
Real estate construction loans3,558 3,393 3,680 4,554
Commercial mortgage loans14,725 14,788 14,493 14,156
Lease financing754 734 722 806
International loans1,112 1,036 952 1,087
Residential mortgage loans1,954 1,916 1,929 1,896
Consumer loans2,228 2,244 2,271 2,238
Total loans51,179 49,912 50,539 51,850
Allowance for loan losses(698)(683)(690)(686)
Net loans50,481 49,229 49,849 51,164
Premises and equipment436 447 473 474
Accrued income and other assets6,575 6,673 6,751 7,095
Total assets$77,988 $77,622 $79,297 $79,597
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$22,697 $23,156 $24,425 $24,522
Money market and interest-bearing checking deposits31,397 32,029 32,714 29,016
Savings deposits2,094 2,147 2,138 2,247
Customer certificates of deposit3,111 3,095 3,450 3,775
Other time deposits688 1,052 1,052 2,879
Foreign office time deposits16 26 32 20
Total interest-bearing deposits37,306 38,349 39,386 37,937
Total deposits60,003 61,505 63,811 62,459
Short-term borrowings2,925 1,225 — 1,250
Accrued expenses and other liabilities2,438 2,107 2,270 2,615
Medium- and long-term debt5,762 5,733 6,673 7,112
Total liabilities71,128 70,570 72,754 73,436
Fixed-rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000 liquidation preference per share:
0 shares authorized and issued at 6/30/25, 4,000 shares authorized and issued at 3/31/25, 12/31/24 and 6/30/24
— 394 394 394
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares1,141 1,141 1,141 1,141
Capital surplus2,199 2,198 2,218 2,210
Accumulated other comprehensive loss(2,499)(2,695)(3,161)(3,463)
Retained earnings12,185 12,093 12,017 11,867
Less cost of common stock in treasury - 98,488,066 shares at 6/30/25, 96,945,906 shares at 3/31/25, 96,755,368 shares at 12/31/24, 95,559,986 shares at 6/30/24
(6,166)(6,079)(6,066)(5,988)
Total shareholders' equity6,860 7,052 6,543 6,161
Total liabilities and shareholders' equity$77,988 $77,622 $79,297 $79,597
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Comerica Incorporated and Subsidiaries
Three Months EndedSix Months Ended
June 30,June 30,
(in millions, except per share data)2025202420252024
(unaudited)(unaudited)(unaudited)(unaudited)
INTEREST INCOME
Interest and fees on loans$771 $803 $1,530 $1,611 
Interest on investment securities107 101 216 203 
Interest on short-term investments53 67 109 176 
Total interest income931 971 1,855 1,990 
INTEREST EXPENSE
Interest on deposits256 305 508 622 
Interest on short-term borrowings15 9 17 46 
Interest on medium- and long-term debt85 124 180 241 
Total interest expense356 438 705 909 
Net interest income575 533 1,150 1,081 
Provision for credit losses44 — 64 14 
Net interest income after provision for credit losses531 533 1,086 1,067 
NONINTEREST INCOME
Card fees59 64 118 130 
Fiduciary income57 58 109 109 
Service charges on deposit accounts47 46 93 91 
Capital markets income42 37 73 67 
Commercial lending fees17 17 33 33 
Brokerage fees14 14 28 24 
Letter of credit fees10 10 21 20 
Bank-owned life insurance9 11 18 21 
Risk management hedging income (loss)5 17 12 (8)
Other noninterest income14 17 23 40 
Total noninterest income274 291 528 527 
NONINTEREST EXPENSES
Salaries and benefits expense358 323 726 671 
Outside processing fee expense67 68 131 136 
Software expense48 45 96 89 
Occupancy expense46 44 92 88 
Equipment expense13 13 26 25 
FDIC insurance expense11 19 25 55 
Advertising expense11 12 19 20 
Other noninterest expenses 7 31 30 74 
Total noninterest expenses561 555 1,145 1,158 
Income before income taxes 244 269 469 436 
Provision for income taxes45 63 98 92 
NET INCOME199 206 371 344 
Less:
Income allocated to participating securities1 1 2 2 
Preferred stock dividends and other11 5 17 11 
Net income attributable to common shares$187 $200 $352 $331 
Earnings per common share:
Basic$1.43 $1.50 $2.69 $2.49 
Diluted1.42 1.49 2.66 2.47 
Comprehensive income (loss)395 200 1,033 (71)
Cash dividends declared on common stock93 95 186 189 
Cash dividends declared per common share0.71 0.71 1.42 1.42 
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CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
SecondFirstFourthThirdSecondSecond Quarter 2025 Compared to:
QuarterQuarterQuarterQuarterQuarterFirst Quarter 2025Second Quarter 2024
(in millions, except per share data)20252025202420242024 AmountPercentAmountPercent
INTEREST INCOME
Interest and fees on loans$771 $759 $795 $798 $803 $12 2 %$(32)(4)%
Interest on investment securities107 109 100 99 101 (2)(1)6 6 
Interest on short-term investments53 56 72 85 67 (3)(4)(14)(21)
Total interest income931 924 967 982 971 7 1 (40)(4)
INTEREST EXPENSE
Interest on deposits256 252 286 330 305 4 2 (49)(16)
Interest on short-term borrowings15 2 1 1 9 13 n/m6 58 
Interest on medium- and long-term debt85 95 105 117 124 (10)(10)(39)(31)
Total interest expense356 349 392 448 438 7 2 (82)(19)
Net interest income575 575 575 534 533 — — 42 8 
Provision for credit losses44 20 21 14 — 24 n/m44 n/m
Net interest income after provision
for credit losses
531 555 554 520 533 (24)(4)(2)— 
NONINTEREST INCOME
Card fees59 59 62 64 64 — — (5)(8)
Fiduciary income57 52 54 57 58 5 8 (1)(2)
Service charges on deposit accounts47 46 47 46 46 1 3 1 3 
Capital markets income 42 31 36 39 37 11 36 5 15 
Commercial lending fees17 16 18 17 17 1 7 — — 
Brokerage fees14 14 14 13 14 — — — — 
Letter of credit fees
10 11 10 10 10 (1)(4)— — 
Bank-owned life insurance
9 9 11 12 11 — — (2)(15)
Risk management hedging income5 7 9 7 17 (2)(32)(12)(73)
Net losses on debt securities— — (19)— — — — — — 
Other noninterest income 14 9 8 12 17 5 46 (3)(21)
Total noninterest income274 254 250 277 291 20 8 (17)(6)
NONINTEREST EXPENSES
Salaries and benefits expense358 368 346 335 323 (10)(3)35 11 
Outside processing fee expense67 64 68 69 68 3 4 (1)(2)
Software expense
48 48 46 46 45 — — 3 7 
Occupancy expense
46 46 47 46 44 — — 2 6 
Equipment expense13 13 14 13 13 — — — — 
FDIC insurance expense11 14 10 11 19 (3)(17)(8)(43)
Advertising expense11 8 11 10 12 3 29 (1)(7)
Other noninterest expenses7 23 45 32 31 (16)(72)(24)(79)
Total noninterest expenses561 584 587 562 555 (23)(4)6 1 
Income before income taxes244 225 217 235 269 19 8 (25)(9)
Provision for income taxes45 53 47 51 63 (8)(16)(18)(29)
NET INCOME199 172 170 184 206 27 16 (7)(3)
Less:
Income allocated to participating securities1 1 1 1 1 — — — — 
Preferred stock dividends and other11 6 6 6 5 5 98 6 98 
Net income attributable to common shares$187 $165 $163 $177 $200 $22 13 %$(13)(6)%
Earnings per common share:
Basic$1.43 $1.26 $1.23 $1.34 $1.50 $0.17 13 %$(0.07)(5)%
Diluted1.42 1.25 1.22 1.33 1.49 0.17 14 (0.07)(5)
Comprehensive income (loss)395 638 (636)1,292 200 (243)(38)195 98 
Cash dividends declared on common stock93 93 93 94 95 — — (2)(2)
Cash dividends declared per common share0.71 0.71 0.71 0.71 0.71 — — — — 
n/m - not meaningful
10

ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)
Comerica Incorporated and Subsidiaries
20252024
(in millions)2nd Qtr1st Qtr4th Qtr3rd Qtr2nd Qtr
Balance at beginning of period:
Allowance for loan losses$683 $690 $686 $686 $691 
Allowance for credit losses on lending-related commitments36 35 34 31 37 
Allowance for credit losses719 725 720 717 728 
Loan charge-offs:
Commercial27 17 22 11 19 
Real estate construction— 7 — — — 
Commercial mortgage2 7 — 10 6 
Lease financing1 — — 1 3 
International— — — 1 — 
Consumer1 1 1 — — 
Total loan charge-offs31 32 23 23 28 
Recoveries on loans previously charged-off:
Commercial1 5 5 6 15 
Commercial mortgage— 1 1 1 1 
International— — 1 5 — 
Consumer2 — — — 1 
Total recoveries3 6 7 12 17 
Net loan charge-offs28 26 16 11 11 
Provision for credit losses:
Provision for loan losses43 19 20 11 6 
Provision for credit losses on lending-related commitments1 1 1 3 (6)
Provision for credit losses44 20 21 14 — 
Balance at end of period:
Allowance for loan losses698 683 690 686 686 
Allowance for credit losses on lending-related commitments37 36 35 34 31 
Allowance for credit losses$735 $719 $725 $720 $717 
Allowance for credit losses as a percentage of total loans1.44 %1.44 %1.44 %1.43 %1.38 %
Net loan charge-offs as a percentage of average total loans0.22 0.21 0.13 0.08 0.09 
    




11

NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
20252024
(in millions)2nd Qtr1st Qtr4th Qtr3rd Qtr2nd Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonperforming loans:
Business loans:
Commercial$99 $108 $125 $97 $94 
Real estate construction11 20 — — — 
Commercial mortgage68 110 118 88 69 
Lease financing— 1 1 1 1 
International— — — 3 13 
Total nonperforming business loans178 239 244 189 177 
Retail loans:
Residential mortgage42 35 37 36 23 
Consumer:
Home equity28 27 27 25 26 
Total nonperforming retail loans70 62 64 61 49 
Total nonperforming loans 248 301 308 250 226 
Foreclosed property1 — — — — 
Total nonperforming assets$249 $301 $308 $250 $226 
Nonperforming loans as a percentage of total loans0.48 %0.60 %0.61 %0.50 %0.44 %
Nonperforming assets as a percentage of total loans and foreclosed property
0.49 0.60 0.61 0.50 0.44 
Allowance for credit losses as a multiple of total nonperforming loans3.0x2.4x2.4x2.9x3.2x
Loans past due 90 days or more and still accruing$42 $12 $44 $21 $11 
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period$301 $308 $250 $226 $217 
Loans transferred to nonaccrual (a)19 43 97 55 45 
Nonaccrual loan gross charge-offs(31)(32)(23)(23)(28)
Loans transferred to accrual status (a)— — (5)— — 
Nonaccrual loans sold— (1)(1)(14)(2)
Payments/other (b)(41)(17)(10)6 (6)
Nonaccrual loans at end of period$248 $301 $308 $250 $226 
(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.

12

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Six Months Ended
June 30, 2025June 30, 2024
AverageAverageAverageAverage
(dollar amounts in millions)BalanceInterestRateBalanceInterestRate
Commercial loans (a)$26,278 $740 5.68 %$26,372 $694 5.30 %
Real estate construction loans3,489 130 7.49 4,863 203 8.40 
Commercial mortgage loans14,726 483 6.62 13,906 516 7.46 
Lease financing732 21 5.76 804 25 6.16 
International loans1,035 34 6.63 1,126 44 7.91 
Residential mortgage loans1,934 40 4.10 1,890 36 3.79 
Consumer loans2,247 82 7.39 2,260 93 8.28 
Total loans50,441 1,530 6.12 51,221 1,611 6.33 
Mortgage-backed securities (b)13,613 189 2.32 14,536 200 2.29 
U.S. Treasury securities (c)1,285 27 4.19 1,503 3 0.33 
Total investment securities14,898 216 2.46 16,039 203 2.13 
Interest-bearing deposits with banks (d)4,672 103 4.37 6,184 169 5.48 
Other short-term investments349 6 3.35 374 7 4.00 
Total earning assets70,360 1,855 5.11 73,818 1,990 5.20 
Cash and due from banks749 771 
Allowance for loan losses(686)(690)
Accrued income and other assets7,127 7,513 
Total assets$77,550 $81,412 
Money market and interest-bearing checking deposits (e)$31,880 433 2.73 $28,890 464 3.21 
Savings deposits2,126 2 0.16 2,320 3 0.22 
Customer certificates of deposit3,177 45 2.84 3,883 72 3.71 
Other time deposits1,066 28 5.24 3,184 83 5.28 
Foreign office time deposits29 — 3.74 23 — 4.39 
Total interest-bearing deposits38,278 508 2.67 38,300 622 3.26 
Federal funds purchased281 6 4.41 13 — 5.39 
Other short-term borrowings487 11 4.45 1,611 46 5.65 
Medium- and long-term debt6,112 180 5.87 6,992 241 6.88 
Total interest-bearing sources45,158 705 3.13 46,916 909 3.88 
Noninterest-bearing deposits23,291 25,883 
Accrued expenses and other liabilities2,251 2,651 
Shareholders' equity6,850 5,962 
Total liabilities and shareholders' equity$77,550 $81,412 
Net interest income/rate spread$1,150 1.98 $1,081 1.32 
Impact of net noninterest-bearing sources of funds1.19 1.51 
Net interest margin (as a percentage of average earning assets) 3.17 %2.83 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $161 million and $344 million for the six months ended June 30, 2025 and 2024, respectively.
(b)Average balances included $2.7 billion and $3.0 billion of unrealized losses for the six months ended June 30, 2025 and 2024, respectively; yields calculated gross of these unrealized losses.
(c)Average balances included $3 million of unrealized gains and $64 million of unrealized losses for the six months ended June 30, 2025 and 2024, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances excluded $10 million and $3 million of collateral posted and netted against derivative liability positions for the six months ended June 30, 2025 and 2024, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $83 million and $125 million of collateral received and netted against derivative asset positions for the six months ended June 30, 2025 and 2024, respectively; rates calculated gross of derivative netting amounts.
13

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Three Months Ended
June 30, 2025March 31, 2025June 30, 2024
AverageAverageAverageAverageAverageAverage
(dollar amounts in millions)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Commercial loans (a)$26,441 $372 5.65 %$26,112 $368 5.72 %$26,292 $346 5.29 %
Real estate construction loans3,499 66 7.51 3,479 64 7.47 4,553 95 8.43 
Commercial mortgage loans14,722 243 6.63 14,731 240 6.60 14,171 263 7.47 
Lease financing737 11 5.82 727 10 5.69 798 13 6.20 
International loans1,066 18 6.59 1,004 16 6.67 1,111 22 8.02 
Residential mortgage loans1,948 20 4.11 1,920 20 4.09 1,898 18 3.83 
Consumer loans2,252 41 7.40 2,241 41 7.37 2,248 46 8.24 
Total loans50,665 771 6.10 50,214 759 6.13 51,071 803 6.32 
Mortgage-backed securities (b)13,525 94 2.32 13,702 95 2.33 14,290 99 2.29 
U.S. Treasury securities (c)1,289 13 4.18 1,281 14 4.21 1,460 2 0.39 
Total investment securities14,814 107 2.46 14,983 109 2.46 15,750 101 2.14 
Interest-bearing deposits with banks (d)4,540 50 4.37 4,806 53 4.36 4,642 64 5.40 
Other short-term investments324 3 3.34 375 3 3.37 366 3 3.99 
Total earning assets70,343 931 5.11 70,378 924 5.11 71,829 971 5.20 
Cash and due from banks766 733 603 
Allowance for loan losses(683)(690)(691)
Accrued income and other assets7,117 7,137 7,466 
Total assets$77,543 $77,558 $79,207 
Money market and interest-bearing checking deposits (e)$31,849 220 2.77 $31,912 213 2.70 $29,080 236 3.24 
Savings deposits2,112 1 0.16 2,140 1 0.16 2,287 2 0.22 
Customer certificates of deposit3,074 21 2.75 3,282 24 2.93 3,901 36 3.67 
Other time deposits1,080 14 5.13 1,052 14 5.35 2,403 31 5.28 
Foreign office time deposits24 — 3.68 33 — 3.78 27 — 4.42 
Total interest-bearing deposits38,139 256 2.69 38,419 252 2.65 37,698 305 3.23 
Federal funds purchased377 4 4.41 184 2 4.41 — — — 
Other short-term borrowings964 11 4.45 4 — 4.61 666 9 5.63 
Medium- and long-term debt5,740 85 5.92 6,488 95 5.83 7,082 124 6.98 
Total interest-bearing sources45,220 356 3.15 45,095 349 3.12 45,446 438 3.85 
Noninterest-bearing deposits23,107 23,480 25,357 
Accrued expenses and other liabilities2,280 2,222 2,556 
Shareholders' equity6,936 6,761 5,848 
Total liabilities and shareholders' equity$77,543 $77,558 $79,207 
Net interest income/rate spread$575 1.96 $575 1.99 $533 1.35 
Impact of net noninterest-bearing sources of funds1.20 1.19 1.51 
Net interest margin (as a percentage of average earning assets) 3.16 %3.18 %2.86 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $83 million, $78 million and $174 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(b)Average balances included $2.6 billion, $2.7 billion and $3.1 billion of unrealized losses for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively; yields calculated gross of these unrealized losses.
(c)Average balances included $4 million of unrealized gains, $1 million of unrealized gains and $58 million of unrealized losses for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances excluded $18 million, $2 million and $8 million of collateral posted and netted against derivative liability positions for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $96 million, $70 million and $121 million of collateral received and netted against derivative asset positions for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively; rates calculated gross of derivative netting amounts.

14

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 MARCH 31, 2024$394 132.5 $1,141 $2,202 $(3,457)$11,765 $(5,995)$6,050
Net income— — — — — 206 — 206
Other comprehensive loss, net of tax— — — — (6)— — (6)
Cash dividends declared on common stock ($0.71 per share)— — — — — (95)— (95)
Cash dividends declared on preferred stock— — — — — (5)— (5)
Net issuance of common stock under employee stock plans— 0.1 — (1)— (4)7 2
Share-based compensation— — — 9 — — — 9
BALANCE AT JUNE 30, 2024$394 132.6 $1,141 $2,210 $(3,463)$11,867 $(5,988)$6,161
BALANCE AT MARCH 31, 2025$394 131.2 $1,141 $2,198 $(2,695)$12,093 $(6,079)$7,052
Net income— — — — — 199 — 199
Other comprehensive income, net of tax— — — — 196 — — 196
Cash dividends declared on common stock ($0.71 per share)— — — — — (93)— (93)
Cash dividends declared on preferred stock— — — — — (5)— (5)
Purchase of common stock— (1.8)— — — — (101)(101)
Redemption of preferred stock(394)— — — — (6)— (400)
Net issuance of common stock under employee stock plans— 0.3 — (7)— (3)14 4
Share-based compensation— — — 8 — — — 8
BALANCE AT JUNE 30, 2025$— 129.7 $1,141 $2,199 $(2,499)$12,185 $(6,166)$6,860
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— — — — — 344 — 344
Other comprehensive loss, net of tax— — — — (415)— — (415)
Cash dividends declared on common stock ($1.42 per share)— — — — — (189)— (189)
Cash dividends declared on preferred stock— — — — — (11)— (11)
Net issuance of common stock under employee stock plans— 0.7 — (50)— — 44 (6)
Share-based compensation— — — 36 — — — 36
BALANCE AT JUNE 30, 2024$394 132.6 $1,141 $2,210 $(3,463)$11,867 $(5,988)$6,161
BALANCE AT DECEMBER 31, 2024$394 131.4 $1,141 $2,218 $(3,161)$12,017 $(6,066)$6,543
Net income— — — — — 371 — 371
Other comprehensive income, net of tax— — — — 662 — — 662
Cash dividends declared on common stock ($1.42 per share)— — — — — (186)— (186)
Cash dividends declared on preferred stock— — — — — (11)— (11)
Purchase of common stock— (2.5)— (1)— — (150)(151)
Redemption of preferred stock(394)— — — — (6)— (400)
Net issuance of common stock under employee stock plans— 0.8 — (53)— — 50 (3)
Share-based compensation— — — 35 — — — 35
BALANCE AT JUNE 30, 2025$— 129.7 $1,141 $2,199 $(2,499)$12,185 $(6,166)$6,860 
(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.







15

 BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
 Comerica Incorporated and Subsidiaries
(dollar amounts in millions)Commercial BankRetail BankWealth ManagementFinanceOtherTotal
Three Months Ended June 30, 2025
Earnings summary:
Net interest income (expense)$453 $245 $47 $(211)$41 $575 
Provision for credit losses48 (2)(1)— (1)44 
Noninterest income149 26 76 17 6 274 
Noninterest expenses252 167 85 1 56 561 
Provision (benefit) for income taxes59 24 9 (47)— 45 
Net income (loss)$243 $82 $30 $(148)$(8)$199 
Net charge-offs$25 $3 $— $— $— $28 
Selected average balances:
Assets $45,375 $3,062 $5,241 $17,113 $6,752 $77,543 
Loans 43,146 2,409 5,104 — 6 50,665 
Deposits32,272 23,443 3,576 1,666 289 61,246 
Commercial BankRetail BankWealth ManagementFinanceOtherTotal
Three Months Ended March 31, 2025
Earnings summary:
Net interest income (expense)$472 $254 $48 $(240)$41 $575 
Provision for credit losses31 (5)(6)— — 20 
Noninterest income135 26 71 23 (1)254 
Noninterest expenses267 180 97 1 39 584 
Provision (benefit) for income taxes71 26 7 (52)1 53 
Net income (loss)$238 $79 $21 $(166)$— $172 
Net charge-offs$26 $— $— $— $— $26 
Selected average balances:
Assets$44,960 $3,053 $5,170 $17,433 $6,942 $77,558 
Loans42,850 2,380 4,984 — — 50,214 
Deposits32,750 23,638 3,620 1,633 258 61,899 
Commercial BankRetail BankWealth ManagementFinanceOtherTotal
Three Months Ended June 30, 2024
Earnings summary:
Net interest income (expense)$465 $203 $48 $(220)$37 $533 
Provision for credit losses— 1 (2)— 1 — 
Noninterest income146 33 78 33 1 291 
Noninterest expenses250 177 88 1 39 555 
Provision (benefit) for income taxes85 14 10 (46)— 63 
Net income (loss)$276 $44 $30 $(142)$(2)$206 
Net charge-offs$8 $2 $1 $— $— $11 
Selected average balances:
Assets$45,843 $3,029 $5,299 $18,448 $6,588 $79,207 
Loans43,709 2,322 5,026 — 14 51,071 
Deposits31,176 24,590 3,951 3,032 306 63,055 

16

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. Pre-tax, pre-provision net revenue (PPNR) is a measure that Comerica uses to understand fundamental operating performance before credit-related and tax expenses. 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. Tangible common equity is used by Comerica to measure the quality of capital and the return relative to balance sheet risk. 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.
June 30,March 31,June 30,
(in millions, except share data)202520252024
Pre-tax, Pre-provision Net Revenue (PPNR):
Net income$199 $172 $206 
Add:
Provision for income taxes45 53 63 
Provision for credit losses44 20 — 
PPNR$288 $245 $269 
Common Equity Tier 1 Capital (a):
Tier 1 capital$8,718 $9,105 $8,980 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock— 394 394 
Common equity tier 1 capital$8,718 $8,711 $8,586 
Risk-weighted assets$72,988 $72,286 $74,342 
Tier 1 capital ratio11.94 %12.60 %12.08 %
Common equity tier 1 capital ratio11.94 12.05 11.55 
Tangible Common Equity:
Total shareholders' equity$6,860 $7,052 $6,161 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock— 394 394 
Common shareholders' equity$6,860 $6,658 $5,767 
Less:
Goodwill635 635 635 
Other intangible assets5 6 7 
Tangible common equity$6,220 $6,017 $5,125 
Total assets$77,988 $77,622 $79,597 
Less:
Goodwill635 635 635 
Other intangible assets5 6 7 
Tangible assets$77,348 $76,981 $78,955 
Common equity ratio8.80 %8.58 %7.24 %
Tangible common equity ratio8.04 7.82 6.49 
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity$6,860 $6,658 $5,767 
Tangible common equity6,220 6,017 5,125 
Shares of common stock outstanding (in millions)130 131 133 
Common shareholders' equity per share of common stock$52.90 $50.73 $43.49 
Tangible common equity per share of common stock47.96 45.85 38.65 
(a)June 30, 2025 ratios are estimated.

17