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THIRD QUARTER 2025 NET INCOME OF $176 MILLION, $1.35 PER SHARE
“Today we reported third quarter net income of $176 million, or $1.35 per share,” said Curtis C. Farmer, Comerica Chairman and Chief Executive Officer. “We produced robust average deposit growth while maintaining a compelling deposit mix. Deposit pricing performed in line with expectations, and we saw a slight uptick in average loans which altogether resulted in relatively stable net interest income. Noninterest income declined, and although noninterest expenses increased, they outperformed our prior guidance. Capital remained a strength as we increased share repurchases to $150 million in the quarter while producing an estimated CET1 capital ratio of 11.90%, well above our strategic target. ”

“We are incredibly excited about the agreement we announced in early October to partner with Fifth Third. We see this as a milestone opportunity to leverage the strengths of both organizations to expand our reach, better support our customers and ultimately deliver even stronger returns for our shareholders."

(dollar amounts in millions, except per share data)3rd Qtr '252nd Qtr '253rd Qtr '24
FINANCIAL RESULTS
Net interest income $574 $575 $534 
Provision for credit losses22 44 14 
Noninterest income264 274 277 
Noninterest expenses589 561 562 
Pre-tax income227 244 235 
Provision for income taxes51 45 51 
Net income$176 $199 $184 
Diluted earnings per common share$1.35 $1.42 $1.33 
Average loans50,755 50,665 50,861 
Average deposits62,735 61,246 63,896 
Return on average assets (ROA)0.89 %1.03 %0.92 %
Return on average common shareholders' equity (ROE)10.20 11.35 10.88 
Net interest margin3.093.162.80
Efficiency ratio (a)70.23 65.78 68.80 
Common equity Tier 1 capital ratio (b)(c)11.90 11.99 11.96 
Tier 1 capital ratio (b)(c)12.44 11.99 12.51 
(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)See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
(c)September 30, 2025 ratios are estimated.

Merger with Fifth Third Bancorp

On October 6, 2025, Fifth Third Bancorp (Fifth Third) and Comerica announced that they entered into a definitive merger agreement under which Fifth Third will acquire Comerica in an all-stock transaction. Under the terms of the agreement, Comerica’s shareholders will receive 1.8663 Fifth Third shares for each Comerica share. The transaction is subject to shareholder approvals for both Fifth Third and Comerica, customary regulatory approvals and closing conditions, and is anticipated to close at the end of the first quarter of 2026.


Third Quarter 2025 Compared to Second Quarter 2025 Overview
Balance sheet items discussed in terms of average balances unless otherwise noted.
Loans remained relatively stable at $50.8 billion.
•Increases of $209 million in Environmental Services, $165 million in Equity Fund Services, $102 million in general Middle Market and smaller increases in other business lines, partially offset by declines of $123 million in Entertainment, $121 million in National Dealer Services and $121 million in Corporate Banking.
•Average yield on loans (including swaps) decreased 1 basis point to 6.09%.
Securities remained relatively stable at $14.7 billion, reflecting paydowns, partially offset by a decrease in average unrealized losses.
•Period-end unrealized losses on securities decreased $251 million to $2.2 billion.
Deposits increased $1.5 billion to $62.7 billion, with interest-bearing deposits increasing $1.7 billion, partially offset by an $184 million decrease in noninterest-bearing deposits.
•Noninterest-bearing deposits comprised 37% of total deposits, a slight decline from 38% for the prior quarter.
•Increases of $1.7 billion in general Middle Market, $283 million in Wealth Management and smaller increases in other business lines, partially offset by declines of $122 million in Retail Banking and $114 million in Commercial Real Estate. Additionally, brokered time deposits decreased $575 million.
•The average cost of interest-bearing deposits increased 9 basis points to 2.78%, reflecting strategic growth in core interest-bearing deposits as well as remaining vigilant in the competitive environment.
Net interest income was relatively stable at $574 million, while net interest margin decreased 7 basis points to 3.09%.
•Decrease in net interest margin driven by growth in interest-bearing deposits and relationship-focused deposit pricing as well as a reduction in the benefit from BSBY cessation, partially offset by a reduction in both short-term borrowings and medium- and long-term debt.
•Net interest income was positively impacted by one additional day in the quarter.
Provision for credit losses was $22 million.
•The allowance for credit losses was $725 million, or 1.43% as a percentage of total loans, reflecting the impact of a slightly improved economic forecast, relatively stable credit performance and continued uncertainty.
Noninterest income decreased $10 million to $264 million.
•Decreases of $6 million in fiduciary income and $5 million in capital markets income, partially offset by a $4 million seasonal increase in bank-owned life insurance income.
Noninterest expenses increased $28 million to $589 million.
•Increase of $29 million in other noninterest expenses, partially offset by a $5 million decrease in salaries and benefits expense, reflecting the net impact of cumulative adjustments to incentive compensation based on expected performance.
•Other noninterest expenses included a $13 million increase in litigation-related expenses (primarily from settlements and dismissed litigation recorded in the prior quarter), an $8 million increase in operational losses, a $4 million increase in consulting expenses and a $3 million increase from an interest recovery on a state tax matter recorded in the prior quarter.
Estimated common equity Tier 1 capital ratio* of 11.90%.
•Returned a total of $241 million to common shareholders through share repurchases and dividends.
◦Declared dividends of $91 million on common stock and repurchased $150 million of common stock (approximately 2.2 million shares) under the share repurchase program.
•Issued and sold 400,000 shares of 6.875% Series B Preferred Stock, which resulted in net proceeds of approximately $392 million, net of underwriting discounts and offering expenses.
◦The Corporation anticipates the first dividend of $11 million payable on January 1, 2026 to be declared and recognized during the fourth quarter.
•Common equity ratio of 9.09% and tangible common equity ratio* of 8.34%.
*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)3rd Qtr '252nd Qtr '253rd Qtr '24
Net interest income$574 $575 $534 
Net interest margin3.09 %3.16 %2.80 %
Selected balances:
Total earning assets$71,220 $70,343 $73,103 
Total loans50,755 50,665 50,861 
Total investment securities14,710 14,814 15,880 
Federal Reserve Bank deposits5,282 4,401 5,789 
Total deposits62,735 61,246 63,896 
Total noninterest-bearing deposits22,923 23,107 24,357 
Short-term borrowings1,007 1,341 77 
Medium- and long-term debt5,512 5,740 6,849 
Third quarter 2025 net interest income decreased $1 million, remaining relatively stable from the prior quarter, and net interest margin decreased 7 basis points, compared to second quarter 2025.
•Interest income on loans increased $8 million and reduced net interest margin by 1 basis point, reflecting the benefit of one additional day in the quarter and the impact of interest rate swaps, partially offset by a reduction in the benefit from BSBY cessation.
◦The benefit from BSBY cessation to net interest income decreased $4 million, while the benefit to net interest margin declined 2 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 increased $9 million and improved net interest margin by 1 basis point, reflecting an increase in deposits with the Federal Reserve Bank.
•Interest expense on deposits increased $24 million and reduced net interest margin by 11 basis points, reflecting the impacts of higher pay rates on deposits, growth in interest-bearing deposit balances and one additional day in the quarter.
•Interest expense on debt decreased $8 million and improved net interest margin by 4 basis points, driven by decreases in both short-term borrowings and medium- and long-term debt.
The net impact of rates to third quarter 2025 net interest income and net interest margin compared to second quarter 2025 was a decrease of $13 million and 7 basis points, respectively. One additional day in third quarter 2025 benefited net interest income by $6 million.
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Credit Quality
“Our proven credit discipline and prudent underwriting continued to deliver results with net charge-offs of 25 basis points, still within the low end of our normal range," said Farmer. "Economic conditions modestly improved and migration remained manageable, driving a slight decline in our allowance for credit reserves to 1.43% of total loans. Provision expense declined, and migration remained in line with expectations with a small increase in nonperforming assets but a small decrease in criticized loans. We continue to feel our highly-regarded approach to credit positions us well to support our customers.”

(dollar amounts in millions)3rd Qtr '252nd Qtr '253rd Qtr '24
Charge-offs$45 $31 $23 
Recoveries13 3 12 
Net charge-offs
32 28 11 
Net charge-offs/Average total loans
0.25%0.22%0.08%
Provision for credit losses$22 $44 $14 
Nonperforming loans 258 248 250 
Nonperforming assets (NPAs)260 249 250 
NPAs/Total loans and foreclosed property0.51%0.49%0.50%
Loans past due 90 days or more and still accruing$14 $42 $21 
Allowance for loan losses686 698 686 
Allowance for credit losses on lending-related commitments (a)39 37 34 
Total allowance for credit losses725 735 720 
Allowance for credit losses/Period-end total loans1.43%1.44%1.43%
Allowance for credit losses/Nonperforming loans2.8x3.0x2.9x

(a)    Included in accrued expenses and other liabilities on the Consolidated Balance Sheets.
•The allowance for credit losses totaled $725 million at September 30, 2025, or 1.43% of total loans, reflecting the impact of a slightly improved economic forecast, relatively stable credit performance and continued uncertainty.
•Criticized loans decreased $88 million to $2.7 billion, or 5.2% of total loans. Criticized loans are generally consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities.
•Nonperforming assets increased $11 million to $260 million, or 0.51% of total loans and foreclosed property, compared to 0.49% in second quarter 2025.
•Net charge-offs totaled $32 million, compared to net charge-offs of $28 million in second 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 September 30, 2025. A discussion of business segment results will be included in Comerica’s Form 10-Q for the quarter ended September 30, 2025.
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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 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 statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and 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,” “potential,” “predict,” “project,” “opportunity,” “outlook,” “should,” “strategy,” “target,” “trajectory,” “trend,” “will,” “would,” and other similar words and 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 and objectives, projected financial and operating results, including outlook for future growth, and future common share dividends, common share repurchases and 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 and outside of our control.
Comerica and Fifth Third’s actual results and financial condition may differ materially from those indicated in these forward-looking statements. Important factors that could cause Comerica’s and Fifth Third’s actual results, financial condition and predictions to differ materially from those indicated in such forward-looking statements include, in addition to those set forth in our and Fifth Third’s filings with the U.S. Securities and Exchange Commission (the “SEC”): (1) the risk that the cost savings and synergies from the merger of Comerica with Fifth Third (the “Transaction”) may not be fully realized or may take longer than anticipated to be realized; (2) the failure of the closing conditions in the merger agreement between Comerica and Fifth Third providing for the Transaction to be satisfied, or any unexpected delay in closing the Transaction or the occurrence of any event, change or other circumstances, including the impact and timing of any government shutdown, that could delay the Transaction or could give rise to the termination of the merger agreement; (3) the outcome of any legal or regulatory proceedings or governmental inquiries or investigations that may be currently pending or later instituted against Comerica, Fifth Third or the combined company; (4) the possibility that the Transaction does not close when expected or at all because required regulatory, stockholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed Transaction); (5) the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Comerica and Fifth Third operate; (6) disruption to the parties’ businesses as a result of the announcement and pendency of the Transaction; (7) the costs associated with the anticipated length of time of the pendency of the Transaction, including the restrictions contained in the definitive merger agreement on the ability of Comerica or Fifth Third to operate its business outside the ordinary course during the pendency of the Transaction; (8) risks related to management and oversight of the expanded business and operations of the combined company following the closing of the proposed Transaction; (9) the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party’s businesses into the other’s businesses; (10) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (11) reputational risk and potential adverse reactions of Comerica or Fifth Third customers, employees, vendors, contractors or other business partners, including those resulting from the announcement or completion of the Transaction; (12) the dilution caused by Fifth Third’s issuance of additional shares of its common stock in connection with the Transaction; (13) a material adverse change in the condition of Comerica or Fifth Third; (14) the extent to which Comerica’s or Fifth Third’s businesses perform consistent with management’s expectations; (15) Comerica’s and Fifth Third’s ability to take advantage of growth opportunities and implement targeted initiatives in the timeframe and on the terms currently expected; (16) the inability to sustain revenue and earnings growth; (17) the execution and efficacy of recent strategic investments; (18) the timing and impact of Comerica’s Direct Express transition; (19) the impact of macroeconomic factors, such as changes in general economic conditions and monetary and fiscal policy, particularly on interest rates; (20) changes in customer behavior; (21) unfavorable developments concerning credit quality; (22) declines in the businesses or industries of Comerica’s or Fifth Third’s customers; (23) the possibility that the combined company is subject to additional regulatory requirements as a result of the proposed Transaction of expansion of the combined company’s business operations following the proposed Transaction; (24) general competitive, political and market conditions and other factors that may affect future results of Comerica and Fifth Third including changes in asset quality and credit risk; (25) security risks, including cybersecurity and data privacy risks, and capital markets; (26) inflation; (27) the impact, extent and timing of technological changes; (28) capital management activities; (29) competitive product and pricing
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pressures; (30) the outcomes of legal and regulatory proceedings and related financial services industry matters; and (31) compliance with regulatory requirements. Any forward-looking statement made in this press release is based solely on information currently available to us and 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. These and other important factors, including those discussed under “Risk Factors” in Comerica’s Annual Report on Form 10-K for the year ended December 31, 2024 (available at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000028412/000002841225000108/cma-20241231.htm), and in Fifth Third’s Annual Report on Form 10-K for the year ended December 31, 2024 (available at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000035527/000003552725000079/fitb-20241231.htm), as well as Comerica’s and Fifth Third’s subsequent filings with the SEC, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, Comerica and Fifth Third disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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 EndedNine Months Ended
September 30,June 30,September 30,September 30,
(in millions, except per share data)20252025202420252024
PER COMMON SHARE AND COMMON STOCK DATA
Diluted earnings per common share$1.35 $1.42 $1.33 $4.01 $3.80 
Cash dividends declared0.71 0.71 0.71 2.13 2.13 
Average diluted shares (in thousands)129,802 131,731 134,039 131,406 133,727 
PERFORMANCE RATIOS
Return on average common shareholders' equity10.20 %11.35 %10.88 %10.71 %11.58 %
Return on average assets0.89 1.03 0.92 0.94 0.87 
Efficiency ratio (a)70.23 65.78 68.80 68.74 71.08 
CAPITAL
Common equity tier 1 capital (b), (c)$8,657 $8,718 $8,683 
Tier 1 capital (b), (c)9,049 8,718 9,077 
Risk-weighted assets (b)72,757 72,721 72,583 
Common equity tier 1 capital ratio (b), (c)11.90 %11.99 %11.96 %
Tier 1 capital ratio (b), (c)12.44 11.99 12.51 
Total capital ratio (b)14.12 13.79 14.29 
Leverage ratio (b)11.23 10.90 10.98 
Common shareholders' equity per share of common stock$55.15 $52.90 $52.52 
Tangible common equity per share of common stock (c)50.14 47.96 47.69 
Common equity ratio9.09 %8.80 %8.75 %
Tangible common equity ratio (c)8.34 8.04 8.01 
AVERAGE BALANCES
Commercial loans$26,500 $26,441 $26,173 $26,352 $26,305 
Real estate construction loans2,900 3,499 4,205 3,291 4,642 
Commercial mortgage loans15,283 14,722 14,494 14,914 14,104 
Lease financing776 737 804 747 804 
International loans1,115 1,066 1,036 1,062 1,096 
Residential mortgage loans1,954 1,948 1,905 1,941 1,895 
Consumer loans2,227 2,252 2,244 2,240 2,254 
Total loans50,755 50,665 50,861 50,547 51,100 
Earning assets71,220 70,343 73,103 70,650 73,578 
Total assets78,276 77,543 80,231 77,795 81,016 
Noninterest-bearing deposits22,923 23,107 24,357 23,167 25,371 
Interest-bearing deposits39,812 38,139 39,539 38,795 38,716 
Total deposits62,735 61,246 63,896 61,962 64,087 
Common shareholders' equity6,841 6,633 6,546 6,616 5,898 
Total shareholders' equity7,058 6,936 6,940 6,920 6,293 
NET INTEREST INCOME
Net interest income$574 $575 $534 $1,724 $1,615 
Net interest margin3.09 %3.16 %2.80 %3.14 %2.82 %
CREDIT QUALITY
Nonperforming assets$260 $249 $250 
Loans past due 90 days or more and still accruing14 42 21 
Net charge-offs 32 28 11 $86 $36 
Allowance for loan losses686 698 686 
Allowance for credit losses on lending-related commitments39 37 34 
Total allowance for credit losses725 735 720 
Allowance for credit losses as a percentage of total loans1.43 %1.44 %1.43 %
Net loan charge-offs as a percentage of average total loans0.25 0.22 0.08 0.23 %0.09 %
Nonperforming assets as a percentage of total loans and foreclosed property
0.51 0.49 0.50 
Allowance for credit losses as a multiple of total nonperforming loans2.8x3.0x2.9x
OTHER KEY INFORMATION
Number of banking centers353 354 380 
Number of employees - full time equivalent7,927 7,963 7,666 
(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)    September 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
September 30,June 30,December 31,September 30,
(in millions, except share data)2025202520242024
(unaudited)(unaudited)(unaudited)
ASSETS
Cash and due from banks$986 $1,239 $850 $870
Interest-bearing deposits with banks4,053 4,049 5,954 5,523
Other short-term investments325 334 375 364
Investment securities available-for-sale14,816 14,874 15,045 15,886
Commercial loans26,755 26,848 26,492 25,953
Real estate construction loans2,849 3,558 3,680 3,859
Commercial mortgage loans15,190 14,725 14,493 14,774
Lease financing782 754 722 767
International loans1,116 1,112 952 1,003
Residential mortgage loans1,938 1,954 1,929 1,901
Consumer loans2,256 2,228 2,271 2,260
Total loans50,886 51,179 50,539 50,517
Allowance for loan losses(686)(698)(690)(686)
Net loans50,200 50,481 49,849 49,831
Premises and equipment432 436 473 476
Accrued income and other assets6,564 6,575 6,751 6,713
Total assets$77,376 $77,988 $79,297 $79,663
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$22,581 $22,697 $24,425 $23,819
Money market and interest-bearing checking deposits33,839 31,397 32,714 31,469
Savings deposits2,014 2,094 2,138 2,155
Customer certificates of deposit3,424 3,111 3,450 3,592
Other time deposits707 688 1,052 2,017
Foreign office time deposits31 16 32 25
Total interest-bearing deposits40,015 37,306 39,386 39,258
Total deposits62,596 60,003 63,811 63,077
Short-term borrowings— 2,925 — —
Accrued expenses and other liabilities1,929 2,438 2,270 2,434
Medium- and long-term debt5,422 5,762 6,673 6,786
Total liabilities69,947 71,128 72,754 72,297
Preferred stock - no par value:
Authorized - 10,000,000 shares
Issued and outstanding - 400,000 shares at 9/30/25 and 4,000 shares at 6/30/25 (a), 12/31/24 and 9/30/24
392 — 394 394
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares
1,141 1,141 1,141 1,141
Capital surplus2,197 2,199 2,218 2,217
Accumulated other comprehensive loss(2,261)(2,499)(3,161)(2,355)
Retained earnings12,268 12,185 12,017 11,949
Less cost of common stock in treasury - 100,575,744 shares at 9/30/25, 98,488,066 shares at 6/30/25, 96,755,368 shares at 12/31/24, 95,441,515 shares at 9/30/24
(6,308)(6,166)(6,066)(5,980)
Total shareholders' equity7,429 6,860 6,543 7,366
Total liabilities and shareholders' equity$77,376 $77,988 $79,297 $79,663
(a) 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 at June 30, 2025.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Comerica Incorporated and Subsidiaries
Three Months EndedNine Months Ended
September 30,September 30,
(in millions, except per share data)2025202420252024
(unaudited)(unaudited)(unaudited)(unaudited)
INTEREST INCOME
Interest and fees on loans$779 $798 $2,309 $2,409 
Interest on investment securities105 99 321 302 
Interest on short-term investments62 85 171 261 
Total interest income946 982 2,801 2,972 
INTEREST EXPENSE
Interest on deposits280 330 788 952 
Interest on short-term borrowings11 1 28 47 
Interest on medium- and long-term debt81 117 261 358 
Total interest expense372 448 1,077 1,357 
Net interest income574 534 1,724 1,615 
Provision for credit losses22 14 86 28 
Net interest income after provision for credit losses552 520 1,638 1,587 
NONINTEREST INCOME
Card fees57 64 175 194 
Fiduciary income51 57 160 166 
Service charges on deposit accounts47 46 140 137 
Capital markets income37 39 110 106 
Commercial lending fees17 17 50 50 
Brokerage fees14 13 42 37 
Bank-owned life insurance13 12 31 33 
Letter of credit fees10 10 31 30 
Risk management hedging income (loss)4 7 16 (1)
Other noninterest income14 12 37 52 
Total noninterest income264 277 792 804 
NONINTEREST EXPENSES
Salaries and benefits expense353 335 1,079 1,006 
Outside processing fee expense69 69 200 205 
Software expense50 46 146 135 
Occupancy expense48 46 140 134 
Equipment expense13 13 39 38 
FDIC insurance expense10 11 35 66 
Advertising expense10 10 29 30 
Other noninterest expenses 36 32 66 106 
Total noninterest expenses589 562 1,734 1,720 
Income before income taxes 227 235 696 671 
Provision for income taxes51 51 149 143 
NET INCOME176 184 547 528 
Less:
Income allocated to participating securities1 1 3 3 
Preferred stock dividends and other— 6 17 17 
Net income attributable to common shares$175 $177 $527 $508 
Earnings per common share:
Basic$1.36 $1.34 $4.05 $3.83 
Diluted1.35 1.33 4.01 3.80 
Comprehensive income414 1,292 1,447 1,221 
Cash dividends declared on common stock91 94 277 283 
Cash dividends declared per common share0.71 0.71 2.13 2.13 
10

CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
ThirdSecondFirstFourthThirdThird Quarter 2025 Compared to:
QuarterQuarterQuarterQuarterQuarterSecond Quarter 2025Third Quarter 2024
(in millions, except per share data)20252025202520242024 AmountPercentAmountPercent
INTEREST INCOME
Interest and fees on loans$779 $771 $759 $795 $798 $8 1 %$(19)(2%)
Interest on investment securities105 107 109 100 99 (2)(2)6 6 
Interest on short-term investments62 53 56 72 85 9 18(23)(26)
Total interest income946 931 924 967 982 15 2 (36)(4)
INTEREST EXPENSE
Interest on deposits280 256 252 286 330 24 9 (50)(15)
Interest on short-term borrowings11 15 2 1 1 (4)(24)10 n/m
Interest on medium- and long-term debt81 85 95 105 117 (4)(4)(36)(31)
Total interest expense372 356 349 392 448 16 5 (76)(17)
Net interest income574 575 575 575 534 (1)— 40 8 
Provision for credit losses22 44 20 21 14 (22)(50)8 53
Net interest income after provision
for credit losses
552 531 555 554 520 21 4 32 6 
NONINTEREST INCOME
Card fees57 59 59 62 64 (2)(4)(7)(11)
Fiduciary income51 57 52 54 57 (6)(10)(6)(10)
Service charges on deposit accounts47 47 46 47 46 — — 1 3 
Capital markets income 37 42 31 36 39 (5)(12)(2)(5)
Commercial lending fees17 17 16 18 17 — — — — 
Brokerage fees14 14 14 14 13 — — 1 5 
Bank-owned life insurance13 9 9 11 12 4 39 1 8 
Letter of credit fees
10 10 11 10 10 — — — — 
Risk management hedging income4 5 7 9 7 (1)(18)(3)(49)
Net losses on debt securities— — — (19)— — — — — 
Other noninterest income 14 14 9 8 12 — — 2 21 
Total noninterest income264 274 254 250 277 (10)(3)(13)(5)
NONINTEREST EXPENSES
Salaries and benefits expense353 358 368 346 335 (5)(2)18 5 
Outside processing fee expense69 67 64 68 69 2 3 — — 
Software expense
50 48 48 46 46 2 4 4 10 
Occupancy expense
48 46 46 47 46 2 4 2 4 
Equipment expense13 13 13 14 13 — — — — 
FDIC insurance expense10 11 14 10 11 (1)(11)(1)(1)
Advertising expense10 11 8 11 10 (1)2 — — 
Other noninterest expenses36 7 23 45 32 29 n/m4 15 
Total noninterest expenses589 561 584 587 562 28 5 27 5 
Income before income taxes227 244 225 217 235 (17)(7)(8)(4)
Provision for income taxes51 45 53 47 51 6 15 — — 
NET INCOME176 199 172 170 184 (23)(12)(8)(5)
Less:
Income allocated to participating securities1 1 1 1 1 — — — — 
Preferred stock dividends and other— 11 6 6 6 (11)n/m(6)n/m
Net income attributable to common shares$175 $187 $165 $163 $177 $(12)(6%)$(2)(2%)
Earnings per common share:
Basic$1.36 $1.43 $1.26 $1.23 $1.34 $(0.07)(5%)$0.02 1 %
Diluted1.35 1.42 1.25 1.22 1.33 (0.07)(5)0.02 2
Comprehensive income (loss)414 395 638 (636)1,292 19 5 (878)(68)
Cash dividends declared on common stock91 93 93 93 94 (2)(2)(3)(4)
Cash dividends declared per common share0.71 0.71 0.71 0.71 0.71 — — — — 
n/m - not meaningful
11

ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)
Comerica Incorporated and Subsidiaries
20252024
(in millions)3rd Qtr2nd Qtr1st Qtr4th Qtr3rd Qtr
Balance at beginning of period:
Allowance for loan losses$698 $683 $690 $686 $686 
Allowance for credit losses on lending-related commitments37 36 35 34 31 
Allowance for credit losses735 719 725 720 717 
Loan charge-offs:
Commercial43 27 17 22 11 
Real estate construction— — 7 — — 
Commercial mortgage1 2 7 — 10 
Lease financing— 1 — — 1 
International— — — — 1 
Consumer1 1 1 1 — 
Total loan charge-offs45 31 32 23 23 
Recoveries on loans previously charged-off:
Commercial11 1 5 5 6 
Commercial mortgage1 — 1 1 1 
International1 — — 1 5 
Consumer— 2 — — — 
Total recoveries13 3 6 7 12 
Net loan charge-offs32 28 26 16 11 
Provision for credit losses:
Provision for loan losses20 43 19 20 11 
Provision for credit losses on lending-related commitments2 1 1 1 3 
Provision for credit losses22 44 20 21 14 
Balance at end of period:
Allowance for loan losses686 698 683 690 686 
Allowance for credit losses on lending-related commitments39 37 36 35 34 
Allowance for credit losses$725 $735 $719 $725 $720 
Allowance for credit losses as a percentage of total loans1.43 %1.44 %1.44 %1.44 %1.43 %
Net loan charge-offs as a percentage of average total loans0.25 0.22 0.21 0.13 0.08 
    




12

NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
20252024
(in millions)3rd Qtr2nd Qtr1st Qtr4th Qtr3rd Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonperforming loans:
Business loans:
Commercial$116 $99 $108 $125 $97 
Real estate construction12 11 20 — — 
Commercial mortgage67 68 110 118 88 
Lease financing— — 1 1 1 
International— — — — 3 
Total nonperforming business loans195 178 239 244 189 
Retail loans:
Residential mortgage34 42 35 37 36 
Consumer:
Home equity29 28 27 27 25 
Total nonperforming retail loans63 70 62 64 61 
Total nonperforming loans 258 248 301 308 250 
Foreclosed property2 1 — — — 
Total nonperforming assets$260 $249 $301 $308 $250 
Nonperforming loans as a percentage of total loans0.51 %0.48 %0.60 %0.61 %0.50 %
Nonperforming assets as a percentage of total loans and foreclosed property
0.51 0.49 0.60 0.61 0.50 
Allowance for credit losses as a multiple of total nonperforming loans2.8x3.0x2.4x2.4x2.9x
Loans past due 90 days or more and still accruing$14 $42 $12 $44 $21 
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period$248 $301 $308 $250 $226 
Loans transferred to nonaccrual (a)55 19 43 97 55 
Nonaccrual loan gross charge-offs(45)(31)(32)(23)(23)
Loans transferred to accrual status (a)(8)— — (5)— 
Nonaccrual loans sold(17)— (1)(1)(14)
Payments/other (b)25 (41)(17)(10)6 
Nonaccrual loans at end of period$258 $248 $301 $308 $250 
(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.

13

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Nine Months Ended
September 30, 2025September 30, 2024
AverageAverageAverageAverage
(dollar amounts in millions)BalanceInterestRateBalanceInterestRate
Commercial loans (a)$26,352 $1,117 5.67 %$26,305 $1,035 5.26 %
Real estate construction loans3,291 185 7.53 4,642 292 8.41 
Commercial mortgage loans14,914 739 6.62 14,104 788 7.46 
Lease financing747 32 5.79 804 37 6.14 
International loans1,062 52 6.60 1,096 64 7.85 
Residential mortgage loans1,941 60 4.13 1,895 55 3.84 
Consumer loans2,240 124 7.37 2,254 138 8.20 
Total loans50,547 2,309 6.11 51,100 2,409 6.30 
Mortgage-backed securities (b)13,552 281 2.32 14,560 298 2.29 
U.S. Treasury securities (c)1,283 40 4.19 1,425 4 0.38 
Total investment securities14,835 321 2.46 15,985 302 2.14 
Interest-bearing deposits with banks (d)4,926 163 4.35 6,112 250 5.45 
Other short-term investments342 8 3.30 381 11 3.94 
Total earning assets70,650 2,801 5.11 73,578 2,972 5.19 
Cash and due from banks761 711 
Allowance for loan losses(690)(688)
Accrued income and other assets7,074 7,415 
Total assets$77,795 $81,016 
Money market and interest-bearing checking deposits (e)$32,584 682 2.79 $29,585 724 3.26 
Savings deposits2,100 3 0.17 2,277 4 0.21 
Customer certificates of deposit3,210 69 2.86 3,797 103 3.61 
Other time deposits877 34 5.12 3,035 120 5.30 
Foreign office time deposits24 — 3.62 22 1 4.39 
Total interest-bearing deposits38,795 788 2.71 38,716 952 3.28 
Federal funds purchased220 7 4.38 9 — 5.39 
Other short-term borrowings628 21 4.47 1,095 47 5.65 
Medium- and long-term debt5,910 261 5.89 6,944 358 6.87 
Total interest-bearing sources45,553 1,077 3.15 46,764 1,357 3.86 
Noninterest-bearing deposits23,167 25,371 
Accrued expenses and other liabilities2,155 2,588 
Shareholders' equity6,920 6,293 
Total liabilities and shareholders' equity$77,795 $81,016 
Net interest income/rate spread$1,724 1.96 $1,615 1.33 
Impact of net noninterest-bearing sources of funds1.18 1.49 
Net interest margin (as a percentage of average earning assets) 3.14 %2.82 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $246 million and $522 million for the nine months ended September 30, 2025 and 2024, respectively.
(b)Average balances included $2.6 billion and $2.8 billion of unrealized losses for the nine months ended September 30, 2025 and 2024, respectively; yields calculated gross of these unrealized losses.
(c)Average balances included $3 million of unrealized gains and $55 million of unrealized losses for the nine months ended September 30, 2025 and 2024, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances excluded $10 million and included $2 million of collateral posted and netted against derivative liability positions for the nine months ended September 30, 2025 and 2024, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $79 million and $108 million of collateral received and netted against derivative asset positions for the nine months ended September 30, 2025 and 2024, respectively; rates calculated gross of derivative netting amounts.
14

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Three Months Ended
September 30, 2025June 30, 2025September 30, 2024
AverageAverageAverageAverageAverageAverage
(dollar amounts in millions)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Commercial loans (a)$26,500 $377 5.63 %$26,441 $372 5.65 %$26,173 $341 5.18 %
Real estate construction loans2,900 55 7.60 3,499 66 7.51 4,205 89 8.43 
Commercial mortgage loans15,283 256 6.64 14,722 243 6.63 14,494 272 7.44 
Lease financing776 11 5.87 737 11 5.82 804 12 6.10 
International loans1,115 18 6.56 1,066 18 6.59 1,036 20 7.73 
Residential mortgage loans1,954 20 4.19 1,948 20 4.11 1,905 19 3.94 
Consumer loans2,227 42 7.33 2,252 41 7.40 2,244 45 8.04 
Total loans50,755 779 6.09 50,665 771 6.10 50,861 798 6.24 
Mortgage-backed securities (b)13,430 92 2.31 13,525 94 2.32 14,608 98 2.29 
U.S. Treasury securities (c)1,280 13 4.20 1,289 13 4.18 1,272 1 0.50 
Total investment securities14,710 105 2.45 14,814 107 2.46 15,880 99 2.17 
Interest-bearing deposits with banks (d)5,428 60 4.32 4,540 50 4.37 5,969 81 5.32 
Other short-term investments327 2 3.17 324 3 3.34 393 4 3.83 
Total earning assets71,220 946 5.10 70,343 931 5.11 73,103 982 5.17 
Cash and due from banks784 766 593 
Allowance for loan losses(698)(683)(686)
Accrued income and other assets6,970 7,117 7,221 
Total assets$78,276 $77,543 $80,231 
Money market and interest-bearing checking deposits (e)$33,969 249 2.90 $31,849 220 2.77 $30,960 260 3.34 
Savings deposits2,051 1 0.20 2,112 1 0.16 2,194 1 0.19 
Customer certificates of deposit3,274 24 2.89 3,074 21 2.75 3,625 31 3.39 
Other time deposits504 6 4.61 1,080 14 5.13 2,739 37 5.35 
Foreign office time deposits14 — 3.12 24 — 3.68 21 1 4.38 
Total interest-bearing deposits39,812 280 2.78 38,139 256 2.69 39,539 330 3.31 
Federal funds purchased99 1 4.23 377 4 4.41 — — — 
Other short-term borrowings908 10 4.48 964 11 4.45 77 1 5.65 
Medium- and long-term debt5,512 81 5.93 5,740 85 5.92 6,849 117 6.87 
Total interest-bearing sources46,331 372 3.19 45,220 356 3.15 46,465 448 3.84 
Noninterest-bearing deposits22,923 23,107 24,357 
Accrued expenses and other liabilities1,964 2,280 2,469 
Shareholders' equity7,058 6,936 6,940 
Total liabilities and shareholders' equity$78,276 $77,543 $80,231 
Net interest income/rate spread$574 1.91 $575 1.96 $534 1.33 
Impact of net noninterest-bearing sources of funds1.18 1.20 1.47 
Net interest margin (as a percentage of average earning assets) 3.09 %3.16 %2.80 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $85 million, $83 million and $178 million for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively.
(b)Average balances included $2.4 billion, $2.6 billion and $2.4 billion of unrealized losses for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively; yields calculated gross of these unrealized losses.
(c)Average balances included $5 million of unrealized gains, $4 million of unrealized gains and $38 million of unrealized losses for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances excluded $10 million, excluded $18 million and included $13 million of collateral posted and netted against derivative liability positions for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $72 million, $96 million and $72 million of collateral received and netted against derivative asset positions for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively; rates calculated gross of derivative netting amounts.

15

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 JUNE 30, 2024$394 132.6 $1,141 $2,210 $(3,463)$11,867 $(5,988)$6,161
Net income— — — — — 184 — 184
Other comprehensive income, net of tax— — — — 1,108 — — 1,108
Cash dividends declared on common stock ($0.71 per share)— — — — — (94)— (94)
Cash dividends declared on preferred stock— — — — — (6)— (6)
Net issuance of common stock under employee stock plans— 0.1 — (2)— (2)8 4
Share-based compensation— — — 9 — — — 9
BALANCE AT SEPTEMBER 30, 2024$394 132.7 $1,141 $2,217 $(2,355)$11,949 $(5,980)$7,366
BALANCE AT JUNE 30, 2025$— 129.7 $1,141 $2,199 $(2,499)$12,185 $(6,166)$6,860
Net income— — — — — 176 — 176
Other comprehensive income, net of tax— — — — 238 — — 238
Cash dividends declared on common stock ($0.71 per share)— — — — — (91)— (91)
Purchase of common stock— (2.2)— (1)— — (150)(151)
Issuance of preferred stock392 — — — — — — 392
Net issuance of common stock under employee stock plans— 0.1 — (2)— (2)8 4
Share-based compensation— — — 1 — — — 1
BALANCE AT SEPTEMBER 30, 2025$392 127.6 $1,141 $2,197 $(2,261)$12,268 $(6,308)$7,429
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— — — — — 528 — 528
Other comprehensive income, net of tax— — — — 693 — — 693
Cash dividends declared on common stock ($2.13 per share)— — — — — (283)— (283)
Cash dividends declared on preferred stock— — — — — (17)— (17)
Net issuance of common stock under employee stock plans— 0.8 — (52)— (2)52 (2)
Share-based compensation— — — 45 — — — 45
BALANCE AT SEPTEMBER 30, 2024$394 132.7 $1,141 $2,217 $(2,355)$11,949 $(5,980)$7,366
BALANCE AT DECEMBER 31, 2024$394 131.4 $1,141 $2,218 $(3,161)$12,017 $(6,066)$6,543
Net income— — — — — 547 — 547
Other comprehensive income, net of tax— — — — 900 — — 900
Cash dividends declared on common stock ($2.13 per share)— — — — — (277)— (277)
Cash dividends declared on preferred stock— — — — — (11)— (11)
Purchase of common stock— (4.7)— (2)— — (300)(302)
Issuance of preferred stock392 — — — — — — 392
Redemption of preferred stock(394)— — — — (6)— (400)
Net issuance of common stock under employee stock plans— 0.9 — (55)— (2)58 1
Share-based compensation— — — 36 — — — 36
BALANCE AT SEPTEMBER 30, 2025$392 127.6 $1,141 $2,197 $(2,261)$12,268 $(6,308)$7,429
(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.







16

 BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
 Comerica Incorporated and Subsidiaries
(dollar amounts in millions)Commercial BankRetail BankWealth ManagementFinanceOtherTotal
Three Months Ended September 30, 2025
Earnings summary:
Net interest income (expense)$453 $240 $50 $(209)$40 $574 
Provision for credit losses14 2 6 — — 22 
Noninterest income143 28 69 20 4 264 
Noninterest expenses275 172 98 — 44 589 
Provision (benefit) for income taxes72 23 4 (47)(1)51 
Net income (loss)$235 $71 $11 $(142)$1 $176 
Net charge-offs$29 $1 $2 $— $— $32 
Selected average balances:
Assets $45,314 $3,058 $5,311 $16,955 $7,638 $78,276 
Loans 43,141 2,421 5,184 — 9 50,755 
Deposits34,159 23,321 3,860 1,134 261 62,735 
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 
Loans43,146 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 September 30, 2024
Earnings summary:
Net interest income (expense)$464 $205 $46 $(220)$39 $534 
Provision for credit losses6 4 3 — 1 14 
Noninterest income149 24 73 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$45,669 $3,045 $5,296 $18,277 $7,944 $80,231 
Loans43,462 2,347 5,042 — 10 50,861 
Deposits32,261 24,224 3,844 3,300 267 63,896 

17

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. 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.
September 30,June 30,September 30,
(in millions, except share data)202520252024
Common Equity Tier 1 Capital (a):
Tier 1 capital$9,049 $8,718 $9,077 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock392 — 394 
Common equity tier 1 capital$8,657 $8,718 $8,683 
Risk-weighted assets$72,757 $72,721 $72,583 
Tier 1 capital ratio12.44 %11.99 %12.51 %
Common equity tier 1 capital ratio11.9011.9911.96
Tangible Common Equity:
Total shareholders' equity$7,429 $6,860 $7,366 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock392 — 394 
Common shareholders' equity$7,037 $6,860 $6,972 
Less:
Goodwill635 635 635 
Other intangible assets5 5 6 
Tangible common equity$6,397 $6,220 $6,331 
Total assets$77,376 $77,988 $79,663 
Less:
Goodwill635 635 635 
Other intangible assets5 5 6 
Tangible assets$76,736 $77,348 $79,022 
Common equity ratio9.09 %8.80 %8.75 %
Tangible common equity ratio8.34 8.04 8.01 
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity$7,037 $6,860 $6,972 
Tangible common equity6,397 6,220 6,331 
Shares of common stock outstanding (in millions)128 130 133 
Common shareholders' equity per share of common stock$55.15 $52.90 $52.52 
Tangible common equity per share of common stock50.14 47.96 47.69 
(a)September 30, 2025 ratios are estimated.

18