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CONSOLIDATED BALANCE SHEETS

Comerica Incorporated and Subsidiaries

						December 31,						September 30,						December 31,
(in millions, except share data)						2025						2025						2024
						(unaudited)						(unaudited)
ASSETS
Cash and due from banks			$	866					$	986					$	850
Interest-bearing deposits with banks						6,631						4,053						5,954
Other short-term investments						325						325						375
Investment securities available-for-sale						14,910						14,816						15,045
Commercial loans						26,848						26,755						26,492
Real estate construction loans						2,503						2,849						3,680
Commercial mortgage loans						15,244						15,190						14,493
Lease financing						755						782						722
International loans						1,153						1,116						952
Residential mortgage loans						1,950						1,938						1,929
Consumer loans						2,300						2,256						2,271
Total loans						50,753						50,886						50,539
Allowance for loan losses						(695)						(686)						(690)
Net loans						50,058						50,200						49,849
Premises and equipment						426						432						473
Accrued income and other assets						6,858						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 deposits						35,875						33,839						32,714
Savings deposits						1,974						2,014						2,138
Customer certificates of deposit						3,972						3,424						3,450
Other time deposits						—						707						1,052
Foreign office time deposits						117						31						32
Total interest-bearing deposits						41,938						40,015						39,386
Total deposits						64,872						62,596						63,811
Accrued expenses and other liabilities						2,071						1,929						2,270
Medium- and long-term debt						5,424						5,422						6,673
Total liabilities						72,367						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 surplus						2,198						2,197						2,218
Accumulated other comprehensive loss						(2,079)						(2,261)						(3,161)
Retained earnings						12,338						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' equity						7,707						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 Ended															Years Ended
						December 31,															December 31,
(in millions, except per share data)						2025						2024									2025						2024
						(unaudited)						(unaudited)									(unaudited)
INTEREST INCOME
Interest and fees on loans						$	763					$	795								$	3,072					$	3,204
Interest on investment securities						105						100									426						402
Interest on short-term investments						64						72									235						333
Total interest income						932						967									3,733						3,939
INTEREST EXPENSE
Interest on deposits						279						286									1,067						1,238
Interest on short-term borrowings						—						1									28						48
Interest on medium- and long-term debt						76						105									337						463
Total interest expense						355						392									1,432						1,749
Net interest income						577						575									2,301						2,190
Provision for credit losses						14						21									100						49
Net interest income after provision for credit losses						563						554									2,201						2,141
NONINTEREST INCOME
Card fees						61						62									236						256
Fiduciary income						55						54									215						220
Service charges on deposit accounts						48						47									188						184
Capital markets income						36						36									146						142
Commercial lending fees						16						18									66						68
Brokerage fees						15						14									57						51
Letter of credit fees						12						10									43						40
Bank-owned life insurance						11						11									42						44
Risk management hedging income						1						9									17						8
Net losses on debt securities						—						(19)									—						(19)
Other noninterest income						18						8									55						60
Total noninterest income						273						250									1,065						1,054
NONINTEREST EXPENSES
Salaries and benefits expense						365						346									1,444						1,352
Outside processing fee expense						68						68									268						273
Software expense						51						46									197						181
Occupancy expense						49						47									189						181
Merger-related expense						32						—									32						—
Equipment expense						13						14									52						52
Advertising expense						12						11									41						41
FDIC insurance expense						1						10									36						76
Other noninterest expenses						26						45									92						151
Total noninterest expenses						617						587									2,351						2,307
Income before income taxes						219						217									915						888
Provision for income taxes						43						47									192						190
NET INCOME						176						170									723						698
Less:
Income allocated to participating securities						1						1									4						4
Preferred stock dividends and other						11						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
Diluted						1.27						1.22									5.28						5.02
Comprehensive income (loss)						358						(636)									1,805						585
Cash dividends declared on common stock						90						93									367						376
Cash dividends declared per common share						0.71						0.71									2.84						2.84

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CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

Comerica Incorporated and Subsidiaries

						Fourth						Third						Second						First						Fourth						Fourth Quarter 2025 Compared to:
						Quarter						Quarter						Quarter						Quarter						Quarter						Third Quarter 2025												Fourth Quarter 2024
(in millions, except per share data)						2025						2025						2025						2025						2024						Amount			Percent									Amount			Percent
INTEREST INCOME
Interest and fees on loans						$	763					$	779					$	771					$	759					$	795					$	(16)		(2)%									$	(32)		(4)		%
Interest on investment securities						105						105						107						109						100						—			—									5			5
Interest on short-term investments						64						62						53						56						72						2			2									(8)			(11)
Total interest income						932						946						931						924						967						(14)			(1)									(35)			(4)
INTEREST EXPENSE
Interest on deposits						279						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 debt						76						81						85						95						105						(5)			(8)									(29)			(28)
Total interest expense						355						372						356						349						392						(17)			(5)									(37)			(9)
Net interest income						577						574						575						575						575						3			1									2			—
Provision for credit losses						14						22						44						20						21						(8)			(34)									(7)			(32)
Net interest income after provision						563						552						531						555						554						11			2									9			2
for credit losses
NONINTEREST INCOME
Card fees						61						57						59						59						62						4			7									(1)			(1)
Fiduciary income						55						51						57						52						54						4			6									1			2
Service charges on deposit accounts						48						47						47						46						47						1			—									1			1
Capital markets income						36						37						42						31						36						(1)			(2)									—			—
Commercial lending fees						16						17						17						16						18						(1)			(1)									(2)			(4)
Brokerage fees						15						14						14						14						14						1			5									1			7
Letter of credit fees						12						10						10						11						10						2			3									2			6
Bank-owned life insurance						11						13						9						9						11						(2)			(15)									—			—
Risk management hedging income						1						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 income						273						264						274						254						250						9			3									23			9
NONINTEREST EXPENSES
Salaries and benefits expense						365						353						358						368						346						12			3									19			5
Outside processing fee expense						68						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 expense						32						—						—						—						—						32			n/m									32			n/m
Equipment expense						13						13						13						13						14						—			—									(1)			(7)
Advertising expense						12						10						11						8						11						2			6									1			5
FDIC insurance expense						1						10						11						14						10						(9)			(91)									(9)			(92)
Other noninterest expenses						26						36						7						23						45						(10)			(27)									(19)			(41)
Total noninterest expenses						617						589						561						584						587						28			4									30			5
Income before income taxes						219						227						244						225						217						(8)			(4)									2			1
Provision for income taxes						43						51						45						53						47						(8)			(16)									(4)			(9)
NET INCOME						176						176						199						172						170						—			—									6			4
Less:
Income allocated to participating securities						1						1						1						1						1						—			—									—			—
Preferred stock dividends and other						11						—						11						6						6						11			n/m									5			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 %
Diluted						1.27						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 stock						90						91						93						93						93						(1)			—									(3)			(2)
Cash dividends declared per common share						0.71						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.

			Fourth									Third						Fourth									Years Ended
			Quarter									Quarter						Quarter									December 31,
(dollar amounts in millions, except per share data)			2025									2025						2024
																											2025						2024
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)						2025						2025						2024
Common Equity Tier 1 Capital (a):
Tier 1 capital						$	9,146					$	9,049					$	9,061
Less:
Fixed-rate reset non-cumulative perpetual preferred stock						392						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 ratio						12.56		%				12.44		%				12.43		%
Common equity tier 1 capital ratio						12.02						11.91						11.89
Tangible Common Equity:
Total shareholders' equity						$	7,707					$	7,429					$	6,543
Less:
Fixed-rate reset non-cumulative perpetual preferred stock						392						392						394
Common shareholders' equity						$	7,315					$	7,037					$	6,149
Less:
Goodwill						635						635						635
Other intangible assets						4						5						6
Tangible common equity						$	6,676					$	6,397					$	5,508
Total assets						$	80,074					$	77,376					$	79,297
Less:
Goodwill						635						635						635
Other intangible assets						4						5						6
Tangible assets						$	79,435					$	76,736					$	78,656
Common equity ratio						9.14		%				9.09		%				7.75		%
Tangible common equity ratio						8.40						8.34						7.00
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity						$	7,315					$	7,037					$	6,149
Tangible common equity						6,676						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 stock						52.16						50.14						41.91

(a)    December 31, 2025 ratios are estimated.

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