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CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
Comerica Incorporated and Subsidiaries
Three Months EndedYears Ended
December 31,September 30,December 31,December 31,
(in millions, except per share data)20252025202420252024
NET INCOME, PER COMMON SHARE AND COMMON STOCK DATA
Net income$176 $176 $170 $723 $698 
Net income, excluding merger-related expense (a)201 176 170 748 698 
Diluted earnings per common share1.27 1.35 1.22 5.28 5.02 
Diluted earnings per common share, excluding merger-related expense (a)1.46 1.35 1.22 5.47 5.02 
Cash dividends declared0.71 0.71 0.71 2.84 2.84 
Average diluted shares (in thousands)129,714 129,802 133,361 131,006 133,647 
PERFORMANCE RATIOS
Return on average common shareholders' equity9.15 %%10.20 %%10.27 %%10.30 %%11.23 %%
Return on average assets0.88 0.89 0.85 0.92 0.87 
Efficiency ratio (b)72.30 70.23 69.51 69.64 70.68 
CAPITAL
Common equity tier 1 capital (a), (c)$8,754 $8,657 $8,667 
Tier 1 capital (a), (c)9,146 9,049 9,061 
Risk-weighted assets (c)72,841 72,714 72,903 
Common equity tier 1 capital ratio (a), (c)12.02 %%11.91 %%11.89 %%
Tier 1 capital ratio (a), (c)12.56 12.44 12.43 
Total capital ratio (c)14.25 14.13 14.21 
Leverage ratio (c)11.24 11.23 11.08 
Common shareholders' equity per share of common stock$57.16 $55.15 $46.79 
Tangible common equity per share of common stock (a)52.16 50.14 41.91 
Common equity ratio9.14 %%9.09 %%7.75 %%
Tangible common equity ratio (a)8.40 8.34 7.00 
AVERAGE BALANCES
Commercial loans$26,891 $26,500 $26,198 $26,488 $26,278 
Real estate construction loans2,643 2,900 3,765 3,127 4,422 
Commercial mortgage loans15,331 15,283 14,728 15,019 14,260 
Lease financing780 776 752 755 791 
International loans1,124 1,115 988 1,078 1,069 
Residential mortgage loans1,968 1,954 1,921 1,948 1,902 
Consumer loans2,275 2,227 2,265 2,249 2,257 
Total loans51,012 50,755 50,617 50,664 50,979 
Earning assets72,401 71,220 72,072 71,091 73,199 
Total assets79,408 78,276 79,234 78,202 80,568 
Noninterest-bearing deposits22,484 22,923 24,222 22,995 25,082 
Interest-bearing deposits41,986 39,812 39,125 39,599 38,819 
Total deposits64,470 62,735 63,347 62,594 63,901 
Common shareholders' equity7,167 6,841 6,345 6,754 6,011 
Total shareholders' equity7,559 7,058 6,739 7,081 6,405 
NET INTEREST INCOME
Net interest income$577 $574 $575 $2,301 $2,190 
Net interest margin3.07 %%3.09 %%3.06 %%3.12 %%2.88 %%
CREDIT QUALITY
Nonperforming assets$251 $260 $308 
Loans past due 90 days or more and still accruing11 14 44 
Net charge-offs 3 32 16 $89 $52 
Allowance for loan losses695 686 690 
Allowance for credit losses on lending-related commitments41 39 35 
Total allowance for credit losses736 725 725 
Allowance for credit losses as a percentage of total loans1.45 %%1.43 %%1.44 %%
Net loan charge-offs as a percentage of average total loans0.02 0.25 0.13 0.17 %%0.10 %%
Nonperforming assets as a percentage of total loans and foreclosed property0.49 0.51 0.61 
Allowance for credit losses as a multiple of total nonperforming loans3.0x2.8x2.4x
OTHER KEY INFORMATION
Number of banking centers352 353 381 
Number of employees - full time equivalent7,876 7,927 7,766 
(a)See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios.
(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)December 31, 2025 ratios are estimated.
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 CONSOLIDATED BALANCE SHEETS
 Comerica Incorporated and Subsidiaries
December 31,September 30,December 31,
(in millions, except share data)202520252024
(unaudited)(unaudited)
ASSETS
Cash and due from banks$866 $986 $850 
Interest-bearing deposits with banks6,631 4,053 5,954 
Other short-term investments325 325 375 
Investment securities available-for-sale14,910 14,816 15,045 
Commercial loans26,848 26,755 26,492 
Real estate construction loans2,503 2,849 3,680 
Commercial mortgage loans15,244 15,190 14,493 
Lease financing755 782 722 
International loans1,153 1,116 952 
Residential mortgage loans1,950 1,938 1,929 
Consumer loans2,300 2,256 2,271 
Total loans50,753 50,886 50,539 
Allowance for loan losses(695)(686)(690)
Net loans50,058 50,200 49,849 
Premises and equipment426 432 473 
Accrued income and other assets6,858 6,564 6,751 
Total assets$80,074 $77,376 $79,297 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$22,934 $22,581 $24,425 
Money market and interest-bearing checking deposits35,875 33,839 32,714 
Savings deposits1,974 2,014 2,138 
Customer certificates of deposit3,972 3,424 3,450 
Other time deposits— 707 1,052 
Foreign office time deposits117 31 32 
Total interest-bearing deposits41,938 40,015 39,386 
Total deposits64,872 62,596 63,811 
Accrued expenses and other liabilities2,071 1,929 2,270 
Medium- and long-term debt5,424 5,422 6,673 
Total liabilities72,367 69,947 72,754 
Preferred stock - no par value:
Authorized - 10,000,000 shares
Issued and outstanding - 400,000 shares at 12/31/25 and 9/30/25, 4,000 shares at 12/31/24
392 392 394 
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares
1,141 1,141 1,141 
Capital surplus2,198 2,197 2,218 
Accumulated other comprehensive loss(2,079)(2,261)(3,161)
Retained earnings12,338 12,268 12,017 
Less cost of common stock in treasury - 100,184,086 shares at 12/31/25, 100,575,744 shares at 9/30/25, 96,755,368 shares at 12/31/24
(6,283)(6,308)(6,066)
Total shareholders' equity7,707 7,429 6,543 
Total liabilities and shareholders' equity$80,074 $77,376 $79,297 
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Comerica Incorporated and Subsidiaries
Three Months EndedYears Ended
December 31,December 31,
(in millions, except per share data)2025202420252024
(unaudited)(unaudited)(unaudited)
INTEREST INCOME
Interest and fees on loans$763 $795 $3,072 $3,204 
Interest on investment securities105 100 426 402 
Interest on short-term investments64 72 235 333 
Total interest income932 967 3,733 3,939 
INTEREST EXPENSE
Interest on deposits279 286 1,067 1,238 
Interest on short-term borrowings— 1 28 48 
Interest on medium- and long-term debt76 105 337 463 
Total interest expense355 392 1,432 1,749 
Net interest income577 575 2,301 2,190 
Provision for credit losses14 21 100 49 
Net interest income after provision for credit losses563 554 2,201 2,141 
NONINTEREST INCOME
Card fees61 62 236 256 
Fiduciary income55 54 215 220 
Service charges on deposit accounts48 47 188 184 
Capital markets income36 36 146 142 
Commercial lending fees16 18 66 68 
Brokerage fees15 14 57 51 
Letter of credit fees12 10 43 40 
Bank-owned life insurance11 11 42 44 
Risk management hedging income1 9 17 8 
Net losses on debt securities— (19)— (19)
Other noninterest income18 8 55 60 
Total noninterest income273 250 1,065 1,054 
NONINTEREST EXPENSES
Salaries and benefits expense365 346 1,444 1,352 
Outside processing fee expense68 68 268 273 
Software expense51 46 197 181 
Occupancy expense49 47 189 181 
Merger-related expense32 — 32 — 
Equipment expense13 14 52 52 
Advertising expense12 11 41 41 
FDIC insurance expense1 10 36 76 
Other noninterest expenses 26 45 92 151 
Total noninterest expenses617 587 2,351 2,307 
Income before income taxes 219 217 915 888 
Provision for income taxes43 47 192 190 
NET INCOME176 170 723 698 
Less:
Income allocated to participating securities1 1 4 4 
Preferred stock dividends and other11 6 28 23 
Net income attributable to common shares$164 $163 $691 $671 
Earnings per common share:
Basic$1.28 $1.23 $5.33 $5.06 
Diluted1.27 1.22 5.28 5.02 
Comprehensive income (loss)358 (636)1,805 585 
Cash dividends declared on common stock90 93 367 376 
Cash dividends declared per common share0.71 0.71 2.84 2.84 
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CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
FourthThirdSecondFirstFourthFourth Quarter 2025 Compared to:
QuarterQuarterQuarterQuarterQuarterThird Quarter 2025Fourth Quarter 2024
(in millions, except per share data)20252025202520252024 AmountPercentAmountPercent
INTEREST INCOME
Interest and fees on loans$763 $779 $771 $759 $795 $(16)(2)%%$(32)(4%)%)
Interest on investment securities105 105 107 109 100 — —5 5 
Interest on short-term investments64 62 53 56 72 2 2(8)(11)
Total interest income932 946 931 924 967 (14)(1)(35)(4)
INTEREST EXPENSE
Interest on deposits279 280 256 252 286 (1)— (7)(2)
Interest on short-term borrowings— 11 15 2 1 (11)(100)(1)(96)
Interest on medium- and long-term debt76 81 85 95 105 (5)(8)(29)(28)
Total interest expense355 372 356 349 392 (17)(5)(37)(9)
Net interest income577 574 575 575 575 3 1 2 — 
Provision for credit losses14 22 44 20 21 (8)(34)(7)(32)
Net interest income after provision
for credit losses
563 552 531 555 554 11 2 9 2 
NONINTEREST INCOME
Card fees61 57 59 59 62 4 7 (1)(1)
Fiduciary income55 51 57 52 54 4 6 1 2 
Service charges on deposit accounts48 47 47 46 47 1 — 1 1 
Capital markets income 36 37 42 31 36 (1)(2)— — 
Commercial lending fees16 17 17 16 18 (1)(1)(2)(4)
Brokerage fees15 14 14 14 14 1 5 1 7 
Letter of credit fees
12 10 10 11 10 2 3 2 6 
Bank-owned life insurance11 13 9 9 11 (2)(15)— — 
Risk management hedging income1 4 5 7 9 (3)(47)(8)(79)
Net losses on debt securities— — — — (19)— — 19 n/m
Other noninterest income 18 14 14 9 8 4 22 10 n/m
Total noninterest income273 264 274 254 250 9 3 23 9 
NONINTEREST EXPENSES
Salaries and benefits expense365 353 358 368 346 12 3 19 5 
Outside processing fee expense68 69 67 64 68 (1)(2)— — 
Software expense
51 50 48 48 46 1 2 5 10 
Occupancy expense
49 48 46 46 47 1 — 2 3 
Merger-related expense32 — — — — 32 n/m32 n/m
Equipment expense13 13 13 13 14 — — (1)(7)
Advertising expense12 10 11 8 11 2 6 1 5 
FDIC insurance expense1 10 11 14 10 (9)(91)(9)(92)
Other noninterest expenses26 36 7 23 45 (10)(27)(19)(41)
Total noninterest expenses617 589 561 584 587 28 4 30 5 
Income before income taxes219 227 244 225 217 (8)(4)2 1 
Provision for income taxes43 51 45 53 47 (8)(16)(4)(9)
NET INCOME176 176 199 172 170 — — 6 4 
Less:
Income allocated to participating securities1 1 1 1 1 — — — — 
Preferred stock dividends and other11 — 11 6 6 11 n/m5 90
Net income attributable to common shares$164 $175 $187 $165 $163 $(11)(6%)%)$1 1%%
Earnings per common share:
Basic$1.28 $1.36 $1.43 $1.26 $1.23 $(0.08)(6%)%)$0.05 4 %%
Diluted1.27 1.35 1.42 1.25 1.22 (0.08)(6)0.05 4
Comprehensive income (loss)358 414 395 638 (636)(56)(13)994 n/m
Cash dividends declared on common stock90 91 93 93 93 (1)— (3)(2)
Cash dividends declared per common share0.71 0.71 0.71 0.71 0.71 — — — — 
n/m - not meaningful
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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, and that net income and diluted earnings per common share, adjusted to exclude merger-related expenses, provide a greater understanding of ongoing operations and financial results.

FourthThirdFourthYears Ended
QuarterQuarterQuarterDecember 31,
(dollar amounts in millions, except per share data)20252025202420252024
Net Income, Excluding Merger-Related Expense:
Net income$176 $176 $170 $723 $698 
Merger-related expense (a)32 — — 32 — 
Income tax impact of merger-related expense(7)— — (7)— 
Net income, excluding merger-related expense$201 $176 $170 $748 $698 
Earnings per Common Share, Excluding Merger-Related Expense:
Net income attributable to common shareholders$164 $175 $163 $691 $671 
Merger-related expense (a)32 — — 32 — 
Income tax impact of merger-related expense(7)— — (7)— 
Net income attributable to common shareholders, excluding merger-related expense$189 $175 $163 $716 $671 
Diluted average common shares (in millions)130 130 133 131 134 
Diluted earnings per common share:
Reported$1.27 $1.35 $1.22 $5.28 $5.02 
Excluding merger-related expense 1.46 1.35 1.22 5.47 5.02 
(a)Expenses related to the pending merger with Fifth Third Bancorp, which was announced on October 6, 2025. On January 6, 2026, shareholders of Comerica and Fifth Third Bancorp voted separately to approve the proposed merger of the two companies. The transaction is expected to close in the first quarter of 2026, subject to satisfaction of the remaining customary closing conditions.

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.
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December 31,September 30,December 31,
(in millions, except share data)202520252024
Common Equity Tier 1 Capital (a):
Tier 1 capital$9,146 $9,049 $9,061 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock392 392 394 
Common equity tier 1 capital$8,754 $8,657 $8,667 
Risk-weighted assets$72,841 $72,714 $72,903 
Tier 1 capital ratio12.56 %%12.44 %%12.43 %%
Common equity tier 1 capital ratio12.0211.9111.89
Tangible Common Equity:
Total shareholders' equity$7,707 $7,429 $6,543 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock392 392 394 
Common shareholders' equity$7,315 $7,037 $6,149 
Less:
Goodwill635 635 635 
Other intangible assets4 5 6 
Tangible common equity$6,676 $6,397 $5,508 
Total assets$80,074 $77,376 $79,297 
Less:
Goodwill635 635 635 
Other intangible assets4 5 6 
Tangible assets$79,435 $76,736 $78,656 
Common equity ratio9.14 %%9.09 %%7.75 %%
Tangible common equity ratio8.40 8.34 7.00 
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity$7,315 $7,037 $6,149 
Tangible common equity6,676 6,397 5,508 
Shares of common stock outstanding (in millions)128 128 131 
Common shareholders' equity per share of common stock$57.16 $55.15 $46.79 
Tangible common equity per share of common stock52.16 50.14 41.91 
(a)December 31, 2025 ratios are estimated.

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