0000028412FALSE00000284122024-10-182024-10-18

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

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

Date of Report (Date of earliest event reported): October 18, 2024

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

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

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

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



ITEMS 2.02 and 7.01     RESULTS OF OPERATIONS AND FINANCIAL CONDITION AND REGULATION FD DISCLOSURE
    
Comerica Incorporated (“Comerica”) today released its financial results for the quarter ended September 30, 2024. A copy of the press release and the presentation slides which will be discussed on Comerica's webcast on these results and other matters are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

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

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS

    (d) Exhibits

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

        



SIGNATURE

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

    COMERICA INCORPORATED

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

Date: October 18, 2024






logo.gif


THIRD QUARTER 2024 NET INCOME OF $184 MILLION, $1.33 PER SHARE
Favorable Deposit and Net Interest Income Trends
Strong Capitalization with Ongoing Credit and Expense Discipline

“Today we reported third quarter earnings per share of $1.33," said Curtis C. Farmer, Comerica Chairman and Chief Executive Officer. "Growth in customer deposits offset muted loan demand and contributed to net interest income exceeding expectations for the quarter. Expense discipline remained a priority as we continued to execute on action plans set forth earlier this year. Credit quality was strong with net charge offs of 8 basis points, well below historical averages, and we continue to believe future migration will remain manageable. We favor a conservative approach to capital management as our estimated CET1 capital ratio rose to 11.97%, well above our 10% target. Further, the downward shift in the rate curve drove a meaningful improvement in AOCI for the quarter.”
(dollar amounts in millions, except per share data)3rd Qtr '242nd Qtr '243rd Qtr '23
FINANCIAL RESULTS
Net interest income $534 $533 $601 
Provision for credit losses14 — 14 
Noninterest income277 291 295 
Noninterest expenses562 555 555 
Pre-tax income235 269 327 
Provision for income taxes51 63 76 
Net income$184 $206 $251 
Diluted earnings per common share$1.33 $1.49 $1.84 
Average loans50,861 51,071 53,987 
Average deposits63,896 63,055 65,883 
Return on average assets (ROA)0.92 %1.05 %1.12 %
Return on average common shareholders' equity (ROE)10.88 14.78 19.50 
Net interest margin2.80 2.86 2.84 
Efficiency ratio (a)68.80 67.77 61.86 
Common equity Tier 1 capital ratio (b)11.97 11.55 10.80 
Tier 1 capital ratio (b)12.51 12.08 11.30 
(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, 2024 ratios are estimated. See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.



Impact of Notable Items to Financial Results
The following table reconciles adjusted diluted earnings per common share, net income attributable to common shareholders and return ratios. See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
(dollar amounts in millions, except per share data)3rd Qtr '242nd Qtr '243rd Qtr '23
Diluted earnings per common share$1.33 $1.49 $1.84 
Net BSBY cessation hedging losses (a)
0.05 0.01 — 
FDIC special assessment (b)
(0.02)0.02 — 
Modernization and expense recalibration initiatives (c)
0.01 0.01 (0.08)
Adjusted diluted earnings per common share$1.37 $1.53 $1.76 
Net income attributable to common shareholders$177 $200 $244 
Net BSBY cessation hedging losses (a)
9 3 — 
FDIC special assessment (b)
(4)3 — 
Modernization and expense recalibration initiatives (c)
2 2 (14)
Income tax impact of above items(2)(2)3 
Adjusted net income attributable to common shareholders$182 $206 $233 
ROA0.92 %1.05 %1.12 %
Adjusted ROA0.94 1.07 1.07 
ROE10.88 14.78 19.50 
Adjusted ROE11.22 15.18 18.65 
(a)The planned cessation of the Bloomberg Short-Term Bank Yield Index (BSBY) announced in November 2023 resulted in the de-designation of certain interest rate swaps requiring reclassification of amounts recognized in accumulated other comprehensive income (AOCI) into earnings. All impacted swaps were re-designated as of April 1, 2024; therefore, settlement of interest payments for third quarter 2024 and second quarter 2024 were recorded as net interest income.
(b)Additional FDIC insurance accrual adjustments resulting from the FDIC Board of Directors’ November 2023 approval of a special assessment to recover the loss to the Deposit Insurance Fund following the failures of Silicon Valley Bank and Signature Bank.
(c)Related to certain initiatives to transform the retail banking delivery model, align corporate facilities and optimize technology platforms, as well as calibrate expenses to enhance earnings power while creating capacity for strategic and risk management initiatives.
Third Quarter 2024 Compared to Second Quarter 2024 Overview
Balance sheet items discussed in terms of average balances unless otherwise noted.
Loans decreased $210 million to $50.9 billion.
•Decreases of $234 million in National Dealer Services and $179 million in Corporate Banking, partially offset by increases of $157 million in Commercial Real Estate and $135 million in Environmental Services.
◦Period-end loans decreased $1.3 billion driven by declines of $705 million in National Dealer Services, $374 million in Equity Fund Services and $247 million in general Middle Market, partially offset by an increase of $172 million in Commercial Real Estate.
•Average yield on loans (including swaps) decreased 8 basis points to 6.24% reflecting lower nonaccrual interest.
Securities increased $130 million to $15.9 billion, reflecting a decrease in average unrealized losses, partially offset by paydowns and maturities.
•Period-end unrealized losses on securities decreased $701 million to $2.3 billion.
Deposits increased $841 million to $63.9 billion.
•Interest-bearing deposits increased $1.8 billion, partially offset by a decrease of $1.0 billion in noninterest-bearing deposits.
◦Increases of $364 million in Equity Fund Services, $213 million in general Middle Market, $194 million in Corporate Banking and $140 million in Commercial Real Estate, partially offset by a $365 million decrease in Retail Banking.
◦Average brokered time deposits increased $336 million. On a period-end basis, brokered time deposits decreased $862 million.
•The average cost of interest-bearing deposits increased 8 basis points to 331 basis points, mostly reflecting continued strategic growth in core interest-bearing deposits.
Short-term borrowings decreased $589 million, reflecting a reduction in Federal Home Loan Bank (FHLB) advances, while medium- and long-term debt decreased $233 million to $6.8 billion, driven by a maturity during the quarter.
2

•Total liquidity capacity at period-end totaled $44.1 billion, including cash, available liquidity through the FHLB and the Federal Reserve Bank (FRB) discount window, as well as the market value of unencumbered investment securities.
Net interest income was stable at $534 million, and net interest margin decreased 6 basis points to 2.80%.
•Includes higher deposits held at the FRB, a decline in debt (including short-term FHLB advances) and one additional day in the quarter, offset by an increase in interest-bearing deposits, the net impact of lower short-term rates, lower nonaccrual loan interest and a decline in loan volume.
•The decline in net interest margin reflected an increase in interest-bearing deposit costs and lower nonaccrual interest, partially offset by higher deposits held at the FRB and the decline in debt balances.
Provision for credit losses was $14 million.
•The allowance for credit losses increased $3 million to $720 million, reflecting changes in portfolio composition and a relatively consistent economic outlook.
•As a percentage of total loans, the allowance for credit losses was 1.43%, an increase of 5 basis points.
Noninterest income decreased $14 million to $277 million.
•Decrease of $10 million in risk management hedging income (mostly price alignment income), partially offset by increases of $3 million in deferred compensation asset returns (offset in noninterest expenses) and $2 million in capital markets income, as well as smaller increases in other categories.
◦Other noninterest income for third quarter 2024 included a $5 million loss, while other noninterest income for second quarter 2024 included a $6 million gain, both pertaining to a derivative related to Visa’s Class B shares.
Noninterest expenses increased $7 million to $562 million.
•Increases of $12 million in salaries and benefits expense and $2 million in occupancy expense, partially offset by an $8 million decrease in FDIC insurance expense (including a $7 million impact from changes to the special assessment estimates by the FDIC).
◦Salaries and benefits expense included increases of $4 million in deferred compensation expense (mostly offset in other noninterest income) and $3 million from staff additions, as well as impacts of $2 million each from an additional day in the quarter, higher incentive compensation and stock-based compensation.
◦Other noninterest expenses included an increase of $3 million in operational losses, partially offset by a $2 million decrease in consulting expenses.
Common equity Tier 1 capital ratio of 11.97% and a Tier 1 capital ratio of 12.51%.
See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
•Share repurchases targeting $100 million are expected to resume in the fourth quarter of 2024.
•Declared dividends of $94 million on common stock and $6 million on preferred stock.
•Tangible common equity ratio was 8.01%.

3

Net Interest Income
Balance sheet items presented and discussed in terms of average balances.
(dollar amounts in millions)3rd Qtr '242nd Qtr '243rd Qtr '23
Net interest income$534 $533 $601 
Net interest margin2.80 %2.86 %2.84 %
Selected balances:
Total earning assets$73,103 $71,829 $80,996 
Total loans50,861 51,071 53,987 
Total investment securities15,880 15,750 16,881 
Federal Reserve Bank deposits5,789 4,474 9,443 
Total deposits63,896 63,055 65,883 
Total noninterest-bearing deposits24,357 25,357 29,016 
Short-term borrowings77 666 8,847 
Medium- and long-term debt6,849 7,082 6,383 
Net interest income increased $1 million, and net interest margin decreased 6 basis points, compared to second quarter 2024. Amounts shown in parentheses below represent the impacts to net interest income and net interest margin, respectively, with impacts of hedging program included with rate.
•Interest income on loans decreased $5 million and reduced net interest margin by 6 basis points, driven by other portfolio dynamics (-$6 million, -4 basis points consisting of lower nonaccrual interest), lower loan balances (-$5 million, -1 basis point) and lower short-term rates (-$2 million, -1 basis point), partially offset by one additional day in the quarter (+$8 million).
◦BSBY cessation negatively impacted net interest income and net interest margin by $9 million and 5 basis points for third quarter 2024, compared to a negative impact of $3 million and 2 basis points for second quarter 2024.
•Interest income on investment securities decreased $2 million and improved net interest margin by 1 basis point.
•Interest income on short-term investments increased $18 million and improved net interest margin by 4 basis points, primarily reflecting an increase of $1.3 billion in deposits with the FRB.
•Interest expense on deposits increased $25 million and reduced net interest margin by 12 basis points, reflecting higher average interest-bearing deposit balances (-$16 million, -8 basis points), higher pay rates on deposits (-$6 million, -4 basis points) and one additional day in the quarter (-$3 million).
•Interest expense on debt decreased $15 million and improved net interest margin by 7 basis points, driven by a decrease of $589 million in short-term FHLB advances (+$9 million, +4 basis points), a decline of $233 million in medium- and long-term debt (+$5 million, +2 basis points) and lower rates (+$1 million, +1 basis point).
The net impact of lower rates to third quarter 2024 net interest income was a decrease of $7 million and a reduction of 4 basis points to net interest margin.
4

Credit Quality
“Our strategic diversification and prudent approach to underwriting continued to deliver strong credit results with net charge-offs of only 8 basis points," said Farmer. "Although persistent inflationary pressures impacted customer profitability, our portfolio continues to perform well, as criticized loan balances declined. A relatively consistent economic outlook coupled with lower loans drove a modest increase in our reserve to 1.43%. However, with the market expectation of additional rate declines, we see potential for favorable trends in portfolios currently under more relative pressure. In either event, we feel our proven, conservative credit discipline continues to position us well to outperform peers through the cycle.”

(dollar amounts in millions)3rd Qtr '242nd Qtr '243rd Qtr '23
Charge-offs$23 $28 $14 
Recoveries12 17 8 
Net charge-offs
11 11 6 
Net charge-offs/Average total loans
0.08 %0.09 %0.05 %
Provision for credit losses$14 $— $14 
Nonperforming loans and nonperforming assets (NPAs)250 226 154 
NPAs/Total loans and foreclosed property0.50 %0.44 %0.29 %
Loans past due 90 days or more and still accruing$21 $11 $45 
Allowance for loan losses686 686 694 
Allowance for credit losses on lending-related commitments (a)34 31 42 
Total allowance for credit losses720 717 736 
Allowance for credit losses/Period-end total loans1.43 %1.38 %1.38 %
Allowance for credit losses/Nonperforming loans2.9x3.2x4.8x
(a)    Included in accrued expenses and other liabilities on the Consolidated Balance Sheets.
•The allowance for credit losses totaled $720 million at September 30, 2024 and increased by 5 basis points to 1.43% of total loans, reflecting changes in portfolio composition and a relatively consistent economic outlook.
•Criticized loans were relatively flat, totaling $2.4 billion, or 4.8% of total loans. Criticized loans are generally consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities.
•Nonperforming assets increased $24 million to $250 million, or 0.50% of total loans and foreclosed property, compared to 0.44% in second quarter 2024.
•Net charge-offs were stable at $11 million, unchanged from second quarter 2024.
Strategic Lines of Business
Comerica's operations are strategically aligned into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. For a summary of business segment quarterly results, see the Business Segment Financial Results tables included later in this press release. From time to time, Comerica may make reclassifications among the segments to reflect management's current view of the segments, and methodologies may be modified as the management accounting system is enhanced and changes occur in the organizational structure and/or product lines. The financial results provided are based on the internal business unit structures of Comerica and methodologies in effect at September 30, 2024. A discussion of business segment results will be included in Comerica’s Form 10-Q for the quarter ended September 30, 2024.
Conference Call and Webcast
Comerica will host a conference call and live webcast to review third quarter 2024 financial results at 7 a.m. CT Friday, October 18, 2024. Interested parties may access the conference call by calling (877) 484-6065 or (201) 689-8846. The call and supplemental financial information, as well as a replay of the Webcast, can also be accessed via Comerica's "Investor Relations" page at www.comerica.com. Comerica’s presentation may include forward-looking statements, such as descriptions of plans and objectives for future or past operations, products or services; forecasts of revenue, earnings or other measures of economic performance and profitability; and estimates of credit trends and stability.
5

Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: the Commercial Bank, the Retail Bank and Wealth Management. Comerica is one of the 25 largest U.S. commercial bank financial holding companies and focuses on building relationships and helping people and businesses be successful. Comerica provides 380 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded 175 years ago in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 17 states and services 14 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico.
This press release contains (and Comerica’s related upcoming conference call and live webcast will discuss) both financial measures based on accounting principles generally accepted in the United States (GAAP) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Comerica's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to the comparable GAAP financial measure, can be found in this press release or in the investor relations portions of Comerica’s website, www.comerica.com. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
6

Forward-looking Statements
Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “achieve, anticipate, aspire, assume, believe, can, commit, confident, continue, could, designed, enhances, estimate, expect, feel, forecast, forward, future, goal, grow, initiative, intend, look forward, maintain, may, might, mission, model, objective, opportunity, outcome, on track, outlook, plan, position, potential, project, propose, remain, seek, should, strategy, strive, target, trend, until, well-positioned, will, would” or similar expressions, as they relate to Comerica, or to economic, market or other environmental conditions or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries as well as estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (changes in customer behavior; unfavorable developments concerning credit quality; and declines or other changes in the businesses or industries of Comerica's customers); market risks (changes in monetary and fiscal policies; fluctuations in interest rates and their impact on deposit pricing; and transitions away from the Bloomberg Short-Term Bank Yield Index towards new interest rate benchmarks); liquidity risks (Comerica's ability to maintain adequate sources of funding and liquidity; reductions in Comerica's credit rating; and the interdependence of financial service companies and their soundness); technology risks (cybersecurity risks and heightened legislative and regulatory focus on cybersecurity and data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal and regulatory proceedings or determinations; losses due to fraud; and controls and procedures failures); compliance risks (changes in regulation or oversight, or changes in Comerica’s status with respect to existing regulations or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies and business initiatives; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; and any future strategic acquisitions or divestitures); and other general risks (changes in general economic, political or industry conditions; negative effects from inflation; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events, including pandemics; physical or transition risks related to climate change; changes in accounting standards; the critical nature of Comerica's accounting policies, processes and management estimates; the volatility of Comerica’s stock price; and that an investment in Comerica’s equity securities is not insured or guaranteed by the FDIC). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 14 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Media Contacts:Investor Contacts:
Nicole HoganKelly Gage
(214) 462-6657(833) 571-0486
Louis H. MoraLindsey Baird
(214) 462-6669(833) 571-0486
7

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)20242024202320242023
PER COMMON SHARE AND COMMON STOCK DATA
Diluted earnings per common share$1.33 $1.49 $1.84 $3.80 $6.24 
Cash dividends declared0.71 0.71 0.71 2.13 2.13 
Average diluted shares (in thousands)134,039 133,763 132,655 133,727 132,520 
PERFORMANCE RATIOS
Return on average common shareholders' equity10.88 %14.78 %19.50 %11.58 %21.02 %
Return on average assets0.92 1.05 1.12 0.87 1.29 
Efficiency ratio (a)68.80 67.77 61.86 71.08 58.26 
CAPITAL
Common equity tier 1 capital (b), (c)$8,684 $8,586 $8,472 
Tier 1 capital (b), (c)9,078 8,980 8,866 
Risk-weighted assets (b)72,576 74,342 78,439 
Common equity tier 1 capital ratio (b), (c)11.97 %11.55 %10.80 %
Tier 1 capital ratio (b), (c)12.51 12.08 11.30 
Total capital ratio (b)14.30 14.02 13.17 
Leverage ratio (b)11.02 10.90 9.60 
Common shareholders' equity per share of common stock$52.52 $43.49 $34.73 
Tangible common equity per share of common stock (c)47.69 38.65 29.85 
Common equity ratio8.75 %7.24 %5.34 %
Tangible common equity ratio (c)8.01 6.49 4.62 
AVERAGE BALANCES
Commercial loans$26,173 $26,292 $29,721 $26,305 $30,631 
Real estate construction loans4,205 4,553 4,294 4,642 3,786 
Commercial mortgage loans14,494 14,171 13,814 14,104 13,694 
Lease financing804 798 770 804 770 
International loans1,036 1,111 1,241 1,096 1,245 
Residential mortgage loans1,905 1,898 1,915 1,895 1,869 
Consumer loans2,244 2,248 2,232 2,254 2,281 
Total loans50,861 51,071 53,987 51,100 54,276 
Earning assets73,103 71,829 80,996 73,578 80,241 
Total assets80,231 79,207 89,150 81,016 88,229 
Noninterest-bearing deposits24,357 25,357 29,016 25,371 31,916 
Interest-bearing deposits39,539 37,698 36,867 38,716 34,093 
Total deposits63,896 63,055 65,883 64,087 66,009 
Common shareholders' equity6,546 5,454 4,984 5,898 5,286 
Total shareholders' equity6,940 5,848 5,378 6,293 5,680 
NET INTEREST INCOME
Net interest income$534 $533 $601 $1,615 $1,930 
Net interest margin2.80 %2.86 %2.84 %2.82 %3.11 %
CREDIT QUALITY
Nonperforming assets$250 $226 $154 
Loans past due 90 days or more and still accruing21 11 45 
Net charge-offs (recoveries)11 11 6 $36 $2 
Allowance for loan losses686 686 694 
Allowance for credit losses on lending-related commitments34 31 42 
Total allowance for credit losses720 717 736 
Allowance for credit losses as a percentage of total loans1.43 %1.38 %1.38 %
Net loan charge-offs as a percentage of average total loans0.08 0.09 0.05 0.09 %0.01 %
Nonperforming assets as a percentage of total loans and foreclosed property
0.50 0.44 0.29 
Allowance for credit losses as a multiple of total nonperforming loans2.9x3.2x4.8x
OTHER KEY INFORMATION
Number of banking centers380 381 408 
Number of employees - full time equivalent7,666 7,608 7,667 
(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, 2024 ratios are estimated.
(c)    See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios.
8

 CONSOLIDATED BALANCE SHEETS
 Comerica Incorporated and Subsidiaries
September 30,June 30,December 31,September 30,
(in millions, except share data)2024202420232023
(unaudited)(unaudited)(unaudited)
ASSETS
Cash and due from banks$870 $719 $1,443 $1,228
Interest-bearing deposits with banks5,523 4,093 8,059 6,884
Other short-term investments364 396 399 403
Investment securities available-for-sale15,886 15,656 16,869 16,323
Commercial loans25,953 27,113 27,251 29,007
Real estate construction loans3,859 4,554 5,083 4,545
Commercial mortgage loans14,774 14,156 13,686 13,721
Lease financing767 806 807 790
International loans1,003 1,087 1,102 1,194
Residential mortgage loans1,901 1,896 1,889 1,905
Consumer loans2,260 2,238 2,295 2,236
Total loans50,517 51,850 52,113 53,398
Allowance for loan losses(686)(686)(688)(694)
Net loans49,831 51,164 51,425 52,704
Premises and equipment476 474 445 410
Accrued income and other assets6,713 7,095 7,194 7,754
Total assets$79,663 $79,597 $85,834 $85,706
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$23,819 $24,522 $27,849 $29,922
Money market and interest-bearing checking deposits31,469 29,016 28,246 26,298
Savings deposits2,155 2,247 2,381 2,521
Customer certificates of deposit3,592 3,775 3,723 3,401
Other time deposits2,017 2,879 4,550 5,011
Foreign office time deposits25 20 13 5
Total interest-bearing deposits39,258 37,937 38,913 37,236
Total deposits63,077 62,459 66,762 67,158
Short-term borrowings— 1,250 3,565 4,812
Accrued expenses and other liabilities2,434 2,615 2,895 2,715
Medium- and long-term debt6,786 7,112 6,206 6,049
Total liabilities72,297 73,436 79,428 80,734
Fixed-rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000 liquidation preference per share:
Authorized - 4,000 shares
Issued - 4,000 shares 394 394 394 394
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares1,141 1,141 1,141 1,141
Capital surplus2,217 2,210 2,224 2,220
Accumulated other comprehensive loss(2,355)(3,463)(3,048)(4,540)
Retained earnings11,949 11,867 11,727 11,796
Less cost of common stock in treasury - 95,441,515 shares at 9/30/24, 95,559,986 shares at 06/30/24, 96,266,568 shares at 12/31/23, 96,374,736 shares at 9/30/23
(5,980)(5,988)(6,032)(6,039)
Total shareholders' equity7,366 6,161 6,406 4,972
Total liabilities and shareholders' equity$79,663 $79,597 $85,834 $85,706
9


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Comerica Incorporated and Subsidiaries
Three Months EndedNine Months Ended
September 30,September 30,
(in millions, except per share data)2024202320242023
(unaudited)(unaudited)(unaudited)(unaudited)
INTEREST INCOME
Interest and fees on loans$798 $862 $2,409 $2,491 
Interest on investment securities99 105 302 326 
Interest on short-term investments85 136 261 309 
Total interest income982 1,103 2,972 3,126 
INTEREST EXPENSE
Interest on deposits330 271 952 590 
Interest on short-term borrowings1 125 47 333 
Interest on medium- and long-term debt117 106 358 273 
Total interest expense448 502 1,357 1,196 
Net interest income534 601 1,615 1,930 
Provision for credit losses14 14 28 77 
Net interest income after provision for credit losses520 587 1,587 1,853 
NONINTEREST INCOME
Card fees64 71 194 212 
Fiduciary income57 59 166 179 
Service charges on deposit accounts46 47 137 140 
Capital markets income39 35 106 113 
Commercial lending fees17 19 50 55 
Brokerage fees13 6 37 22 
Bank-owned life insurance12 12 33 36 
Letter of credit fees10 10 30 31 
Risk management hedging income (loss)7 17 (1)32 
Other noninterest income12 19 52 60 
Total noninterest income277 295 804 880 
NONINTEREST EXPENSES
Salaries and benefits expense335 315 1,006 947 
Outside processing fee expense69 75 205 207 
Software expense46 44 135 127 
Occupancy expense46 44 134 126 
Equipment expense13 12 38 36 
FDIC insurance expense11 19 66 48 
Advertising expense10 12 30 30 
Other noninterest expenses 32 34 106 120 
Total noninterest expenses562 555 1,720 1,641 
Income before income taxes 235 327 671 1,092 
Provision for income taxes51 76 143 244 
NET INCOME184 251 528 848 
Less:
Income allocated to participating securities1 1 3 4 
Preferred stock dividends6 6 17 17 
Net income attributable to common shares$177 $244 $508 $827 
Earnings per common share:
Basic$1.34 $1.85 $3.83 $6.27 
Diluted1.33 1.84 3.80 6.24 
Comprehensive income (loss)1,292 (533)1,221 50 
Cash dividends declared on common stock94 94 283 282 
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 2024 Compared to:
QuarterQuarterQuarterQuarterQuarterSecond Quarter 2024Third Quarter 2023
(in millions, except per share data)20242024202420232023 AmountPercentAmountPercent
INTEREST INCOME
Interest and fees on loans$798 $803 $808 $849 $862 $(5)(1 %)$(64)(7 %)
Interest on investment securities99 101 102 104 105 (2)(1)(6)(6)
Interest on short-term investments85 67 109 96 136 18 26 (51)(38)
Total interest income982 971 1,019 1,049 1,103 11 1 (121)(11)
INTEREST EXPENSE
Interest on deposits330 305 317 302 271 25 8 59 22 
Interest on short-term borrowings1 9 37 58 125 (8)(88)(124)(99)
Interest on medium- and long-term debt117 124 117 105 106 (7)(5)11 11 
Total interest expense448 438 471 465 502 10 3 (54)(11)
Net interest income534 533 548 584 601 1 — (67)(11)
Provision for credit losses14 — 14 12 14 14 n/m— — 
Net interest income after provision
for credit losses
520 533 534 572 587 (13)(3)(67)(12)
NONINTEREST INCOME
Card fees64 64 66 68 71 — — (7)(9)
Fiduciary income57 58 51 56 59 (1)(2)(2)(4)
Service charges on deposit accounts46 46 45 45 47 — — (1)(2)
Capital markets income 39 37 30 34 35 2 7 4 11 
Commercial lending fees17 17 16 17 19 — — (2)(8)
Brokerage fees13 14 10 8 6 (1)— 7 n/m
Bank-owned life insurance12 11 10 10 12 1 9 — — 
Letter of credit fees10 10 10 11 10 — — — — 
Risk management hedging income (loss)7 17 (25)(74)17 (10)(57)(10)(58)
Other noninterest income 12 17 23 23 19 (5)(34)(7)(35)
Total noninterest income277 291 236 198 295 (14)(4)(18)(6)
NONINTEREST EXPENSES
Salaries and benefits expense335 323 348 359 315 12 4 20 6 
Outside processing fee expense69 68 68 70 75 1 1 (6)(9)
Software expense46 45 44 44 44 1 1 2 4 
Occupancy expense46 44 44 45 44 2 5 2 5 
Equipment expense
13 13 12 14 12 — — 1 9 
FDIC insurance expense11 19 36 132 19 (8)(49)(8)(45)
Advertising expense10 12 8 10 12 (2)(4)(2)(8)
Other noninterest expenses32 31 43 44 34 1 1 (2)(9)
Total noninterest expenses562 555 603 718 555 7 1 7 1 
Income before income taxes235 269 167 52 327 (34)(12)(92)(28)
Provision for income taxes51 63 29 19 76 (12)(18)(25)(32)
NET INCOME184 206 138 33 251 (22)(10)(67)(26)
Less:
Income allocated to participating securities1 1 1 — 1 — — — — 
Preferred stock dividends6 5 6 6 6 1 — — — 
Net income attributable to common shares$177 $200 $131 $27 $244 $(23)(11 %)$(67)(27 %)
Earnings per common share:
Basic$1.34 $1.50 $0.99 $0.20 $1.85 $(0.16)(11 %)$(0.51)(28 %)
Diluted1.33 1.49 0.98 0.20 1.84 (0.16)(11)(0.51)(28)
Comprehensive income (loss)1,292 200 (271)1,525 (533)1,092 n/m1,825 n/m
Cash dividends declared on common stock94 95 94 93 94 (1)n/m— — 
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
20242023
(in millions)3rd Qtr2nd Qtr1st Qtr4th Qtr3rd Qtr
Balance at beginning of period:
Allowance for loan losses$686 $691 $688 $694 $684 
Allowance for credit losses on lending-related commitments31 37 40 42 44 
Allowance for credit losses717 728 728 736 728 
Loan charge-offs:
Commercial11 19 20 13 9 
Commercial mortgage10 6 — 1 3 
Lease financing1 3 — — — 
International1 — — 11 1 
Consumer— — 1 — 1 
Total loan charge-offs23 28 21 25 14 
Recoveries on loans previously charged-off:
Commercial6 15 6 3 5 
Commercial mortgage1 1 — 2 2 
International5 — — — — 
Consumer— 1 1 — 1 
Total recoveries12 17 7 5 8 
Net loan charge-offs11 11 14 20 6 
Provision for credit losses:
Provision for loan losses11 6 17 14 16 
Provision for credit losses on lending-related commitments3 (6)(3)(2)(2)
Provision for credit losses14 — 14 12 14 
Balance at end of period:
Allowance for loan losses686 686 691 688 694 
Allowance for credit losses on lending-related commitments34 31 37 40 42 
Allowance for credit losses$720 $717 $728 $728 $736 
Allowance for credit losses as a percentage of total loans1.43 %1.38 %1.43 %1.40 %1.38 %
Net loan charge-offs as a percentage of average total loans0.08 0.09 0.10 0.15 0.05 
    




12

NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
20242023
(in millions)3rd Qtr2nd Qtr1st Qtr4th Qtr3rd Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonperforming loans:
Business loans:
Commercial$97 $94 $88 $75 $83 
Real estate construction— — — 2 2 
Commercial mortgage88 69 67 41 30 
Lease financing1 1 — — — 
International3 13 16 20 3 
Total nonperforming business loans189 177 171 138 118 
Retail loans:
Residential mortgage36 23 23 19 19 
Consumer:
Home equity25 26 23 21 17 
Total nonperforming retail loans61 49 46 40 36 
Total nonperforming loans and nonperforming assets250 226 217 178 154 
Nonperforming loans as a percentage of total loans0.50 %0.44 %0.43 %0.34 %0.29 %
Nonperforming assets as a percentage of total loans and foreclosed property
0.50 0.44 0.43 0.34 0.29 
Allowance for credit losses as a multiple of total nonperforming loans2.9x3.2x3.4x4.1x4.8x
Loans past due 90 days or more and still accruing$21 $11 $32 $20 $45 
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period$226 $217 $178 $154 $186 
Loans transferred to nonaccrual (a)55 45 83 54 14 
Nonaccrual loan gross charge-offs(23)(28)(21)(25)(14)
Loans transferred to accrual status (a)— — (2)— (7)
Nonaccrual loans sold(14)(2)(12)(1)— 
Payments/other (b)6 (6)(9)(4)(25)
Nonaccrual loans at end of period$250 $226 $217 $178 $154 
(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, 2024September 30, 2023
AverageAverageAverageAverage
(dollar amounts in millions)BalanceInterestRateBalanceInterestRate
Commercial loans (a)$26,305 $1,035 5.26 %$30,631 $1,263 5.52 %
Real estate construction loans4,642 292 8.41 3,786 228 8.05 
Commercial mortgage loans14,104 788 7.46 13,694 723 7.06 
Lease financing804 37 6.14 770 25 4.24 
International loans1,096 64 7.85 1,245 73 7.89 
Residential mortgage loans1,895 55 3.84 1,869 49 3.47 
Consumer loans2,254 138 8.20 2,281 130 7.65 
Total loans51,100 2,409 6.30 54,276 2,491 6.14 
Mortgage-backed securities (b)14,560 298 2.29 15,865 318 2.28 
U.S. Treasury securities (c)1,425 4 0.38 1,966 8 0.53 
Total investment securities15,985 302 2.14 17,831 326 2.10 
Interest-bearing deposits with banks (d)6,112 250 5.45 7,815 300 5.14 
Other short-term investments381 11 3.94 319 9 3.57 
Total earning assets73,578 2,972 5.19 80,241 3,126 5.03 
Cash and due from banks711 1,251 
Allowance for loan losses(688)(646)
Accrued income and other assets7,415 7,383 
Total assets$81,016 $88,229 
Money market and interest-bearing checking deposits (e)$29,585 724 3.26 $25,519 419 2.18 
Savings deposits2,277 4 0.21 2,886 5 0.20 
Customer certificates of deposit3,797 103 3.61 2,414 42 2.35 
Other time deposits3,035 120 5.30 3,247 123 5.08 
Foreign office time deposits22 1 4.39 27 1 3.90 
Total interest-bearing deposits38,716 952 3.28 34,093 590 2.30 
Federal funds purchased9 — 5.39 34 1 4.68 
Other short-term borrowings1,095 47 5.65 8,268 332 5.37 
Medium- and long-term debt6,944 358 6.87 5,772 273 6.31 
Total interest-bearing sources46,764 1,357 3.86 48,167 1,196 3.30 
Noninterest-bearing deposits25,371 31,916 
Accrued expenses and other liabilities2,588 2,466 
Shareholders' equity6,293 5,680 
Total liabilities and shareholders' equity$81,016 $88,229 
Net interest income/rate spread$1,615 1.33 $1,930 1.73 
Impact of net noninterest-bearing sources of funds1.49 1.38 
Net interest margin (as a percentage of average earning assets) 2.82 %3.11 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $522 million and $432 million for the nine months ended September 30, 2024 and 2023, respectively.
(b)Average balances included $2.8 billion of unrealized losses for both the nine months ended September 30, 2024 and 2023; yields calculated gross of these unrealized gains and losses.
(c)Average balances included $55 million and $122 million of unrealized losses for the nine months ended September 30, 2024 and 2023, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances included $2 million of collateral posted and netted against derivative liability positions for both the nine months ended September 30, 2024 and 2023; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $108 million and $213 million of collateral received and netted against derivative asset positions for the nine months ended September 30, 2024 and 2023, respectively; rates calculated gross of derivative netting amounts.
14

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Three Months Ended
September 30, 2024June 30, 2024September 30, 2023
AverageAverageAverageAverageAverageAverage
(dollar amounts in millions)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Commercial loans (a)$26,173 $341 5.18 %$26,292 $346 5.29 %$29,721 $416 5.55 %
Real estate construction loans4,205 89 8.43 4,553 95 8.43 4,294 90 8.29 
Commercial mortgage loans14,494 272 7.44 14,171 263 7.47 13,814 257 7.38 
Lease financing804 12 6.10 798 13 6.20 770 11 5.56 
International loans1,036 20 7.73 1,111 22 8.02 1,241 25 7.97 
Residential mortgage loans1,905 19 3.94 1,898 18 3.83 1,915 18 3.72 
Consumer loans2,244 45 8.04 2,248 46 8.24 2,232 45 8.10 
Total loans50,861 798 6.24 51,071 803 6.32 53,987 862 6.34 
Mortgage-backed securities (b)14,608 98 2.29 14,290 99 2.29 15,205 104 2.28 
U.S. Treasury securities (c)1,272 1 0.50 1,460 2 0.39 1,676 1 0.26 
Total investment securities15,880 99 2.17 15,750 101 2.14 16,881 105 2.10 
Interest-bearing deposits with banks (d)5,969 81 5.32 4,642 64 5.40 9,737 132 5.40 
Other short-term investments393 4 3.83 366 3 3.99 391 4 4.00 
Total earning assets73,103 982 5.17 71,829 971 5.20 80,996 1,103 5.21 
Cash and due from banks593 603 1,130 
Allowance for loan losses(686)(691)(684)
Accrued income and other assets7,221 7,466 7,708 
Total assets$80,231 $79,207 $89,150 
Money market and interest-bearing checking deposits (e)$30,960 260 3.34 $29,080 236 3.24 $26,043 178 2.70 
Savings deposits2,194 1 0.19 2,287 2 0.22 2,640 2 0.23 
Customer certificates of deposit3,625 31 3.39 3,901 36 3.67 3,049 24 3.08 
Other time deposits2,739 37 5.35 2,403 31 5.28 5,121 67 5.21 
Foreign office time deposits21 1 4.38 27 — 4.42 14 — 4.34 
Total interest-bearing deposits39,539 330 3.31 37,698 305 3.23 36,867 271 2.90 
Federal funds purchased— — — — — — 11 — 5.31 
Other short-term borrowings77 1 5.65 666 9 5.63 8,836 125 5.60 
Medium- and long-term debt6,849 117 6.87 7,082 124 6.98 6,383 106 6.64 
Total interest-bearing sources46,465 448 3.84 45,446 438 3.85 52,097 502 3.81 
Noninterest-bearing deposits24,357 25,357 29,016 
Accrued expenses and other liabilities2,469 2,556 2,659 
Shareholders' equity6,940 5,848 5,378 
Total liabilities and shareholders' equity$80,231 $79,207 $89,150 
Net interest income/rate spread$534 1.33 $533 1.35 $601 1.40 
Impact of net noninterest-bearing sources of funds1.47 1.51 1.44 
Net interest margin (as a percentage of average earning assets) 2.80 %2.86 %2.84 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $178 million, $174 million and $163 million for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
(b)Average balances included unrealized losses of $2.4 billion for the three months ended September 30, 2024 and $3.1 billion for both the three months ended June 30, 2024 and September 30, 2023; yields calculated gross of these unrealized losses.
(c)Average balances included $38 million, $58 million and $115 million of unrealized losses for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively; yields calculated gross of these unrealized losses.
(d)Average balances included $13 million, excluded $8 million and included $59 million of collateral posted and netted against derivative liability positions for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $72 million, $121 million and $161 million of collateral received and netted against derivative asset positions for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, 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, 2023$394 131.7 $1,141 $2,212 $(3,756)$11,648 $(6,044)$5,595
Net income— — — — — 251 — 251
Other comprehensive loss, net of tax— — — — (784)— — (784)
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 — (1)— (3)5 1
Share-based compensation— — — 9 — — — 9
BALANCE AT SEPTEMBER 30, 2023$394 131.8 $1,141 $2,220 $(4,540)$11,796 $(6,039)$4,972
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 DECEMBER 31, 2022$394 131.0 $1,141 $2,220 $(3,742)$11,258 $(6,090)$5,181
Net income— — — — — 848 — 848
Other comprehensive loss, net of tax— — — — (798)— — (798)
Cash dividends declared on common stock ($2.13 per share)— — — — — (282)— (282)
Cash dividends declared on preferred stock— — — — — (17)— (17)
Net issuance of common stock under employee stock plans— 0.8 — (44)— (11)51 (4)
Share-based compensation— — — 44 — — — 44
BALANCE AT SEPTEMBER 30, 2023$394 131.8 $1,141 $2,220 $(4,540)$11,796 $(6,039)$4,972
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 
(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, 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 
Loans 43,462 2,347 5,042 — 10 50,861 
Deposits32,261 24,224 3,844 3,300 267 63,896 
Statistical data:
Return on average assets (a)2.36 %0.63 %1.47 %n/mn/m0.92 %
Efficiency ratio (b)41.23 74.24 75.35 n/mn/m68.80 
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 
Statistical data:
Return on average assets (a)2.42 %0.71 %2.25 %n/mn/m1.05 %
Efficiency ratio (b)40.90 76.12 70.78 n/mn/m67.77 
Commercial BankRetail BankWealth ManagementFinanceOtherTotal
Three Months Ended September 30, 2023
Earnings summary:
Net interest income (expense)$505 $208 $49 $(187)$26 $601 
Provision for credit losses22 — (9)— 1 14 
Noninterest income150 31 78 40 (4)295 
Noninterest expenses257 175 102 1 20 555 
Provision (benefit) for income taxes89 16 9 (37)(1)76 
Net income (loss)$287 $48 $25 $(111)$2 $251 
Net charge-offs$6 $— $— $— $— $6 
Selected average balances:
Assets$49,459 $2,985 $5,557 $19,832 $11,317 $89,150 
Loans46,477 2,250 5,227 — 33 53,987 
Deposits31,868 24,034 3,950 5,711 320 65,883 
Statistical data:
Return on average assets (a)2.30 %0.79 %1.81 %n/mn/m1.12 %
Efficiency ratio (b)39.34 72.71 79.99 n/mn/m61.86 
(a)Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.
(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.
n/m - not meaningful
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. Comerica believes adjusted net income, earnings per share, ROA and ROE provide a greater understanding of ongoing operations and financial results by removing the impact of notable items from net income, net income available to common shareholders, average assets and average common shareholders’ equity. Notable items are meaningful because they provide greater detail of how certain events or initiatives affect Comerica’s results for a more informed understanding of those results. Tangible common equity is used by Comerica to measure the quality of capital and the return relative to balance sheet risk.
ThirdSecondThirdNine Months Ended
QuarterQuarterQuarterSeptember 30,
(dollar amounts in millions, except per share data)20242024202320242023
Adjusted Earnings per Common Share:
Net income attributable to common shareholders$177 $200 $244 $508 $827 
Net BSBY cessation hedging losses (a)9 3 — 48 — 
FDIC special assessment (b)(4)3 — 15 — 
Modernization and expense recalibration initiatives (c)2 2 (14)5 9 
Income tax impact of above items(2)(2)3 (16)(2)
Adjusted net income attributable to common shareholders$182 $206 $233 $560 $834 
Diluted average common shares (in millions)134 134 133 134 133 
Diluted earnings per common share:
Reported$1.33 $1.49 $1.84 $3.80 $6.24 
Adjusted1.37 1.53 1.76 4.19 6.29 
Adjusted Net Income, ROA and ROE:
Net income$184 $206 $251 $528 $848 
Net BSBY cessation hedging losses (a)9 3 — 48 — 
FDIC special assessment (b)(4)3 — 15 — 
Modernization and expense recalibration initiatives (c)2 2 (14)5 9 
Income tax impact of above items(2)(2)3 (16)(2)
Adjusted net income$189 $212 $240 $580 $855 
Average assets$80,231 $79,207 $89,150 $81,016 $88,229 
Impact of adjusted items to average assets— — 1 (3)— 
Adjusted average assets$80,231 $79,207 $89,151 $81,013 $88,229 
ROA:
Reported0.92 %1.05 %1.12 %0.87 %1.29 %
Adjusted0.94 1.07 1.07 0.96 1.29 
Average common shareholder’s equity$6,546 $5,454 $4,984 $5,898 $5,286 
Impact of adjusted items to average common shareholders’ equity1 — (3)10 1 
Adjusted average common shareholder’s equity$6,547 $5,454 $4,981 $5,908 $5,287 
ROE:
Reported10.88 %14.78 %19.50 %11.58 %21.02 %
Adjusted11.22 15.18 18.65 12.74 21.18 
(a)The planned cessation of BSBY announced in November 2023 resulted in the de-designation of certain interest rate swaps requiring reclassification of amounts recognized in AOCI into earnings. Settlement of interest payments and changes in fair value for each impacted swap were recorded as risk management hedging losses until the swap was re-designated. All impacted swaps were re-designated as of April 1, 2024; therefore, settlement of interest payments for third quarter 2024 and second quarter 2024 were recorded as net interest income.
(b)Additional FDIC insurance accrual adjustments resulting from the FDIC Board of Directors’ November 2023 approval of a special assessment to recover the loss to the Deposit Insurance Fund following the failures of Silicon Valley Bank and Signature Bank.
(c)Related to certain initiatives to transform the retail banking delivery model, align corporate facilities and optimize technology platforms, as well as calibrate expenses to enhance earnings power while creating capacity for strategic and risk management initiatives.


18


Common equity tier 1 capital ratio removes preferred stock from the Tier 1 capital ratio as defined by and calculated in conformity with bank regulations. The tangible common equity ratio removes the effect of intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders' equity per share of common stock.
September 30,June 30,September 30,
(in millions, except share data)202420242023
Common Equity Tier 1 Capital (a):
Tier 1 capital$9,078 $8,980 $8,866 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock394 394 394 
Common equity tier 1 capital$8,684 $8,586 $8,472 
Risk-weighted assets$72,576 $74,342 $78,439 
Tier 1 capital ratio12.51 %12.08 %11.30 %
Common equity tier 1 capital ratio11.97 11.55 10.80 
Tangible Common Equity:
Total shareholders' equity$7,366 $6,161 $4,972 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock394 394 394 
Common shareholders' equity$6,972 $5,767 $4,578 
Less:
Goodwill635 635 635 
Other intangible assets6 7 8 
Tangible common equity$6,331 $5,125 $3,935 
Total assets$79,663 $79,597 $85,706 
Less:
Goodwill635 635 635 
Other intangible assets6 7 8 
Tangible assets$79,022 $78,955 $85,063 
Common equity ratio8.75 %7.24 %5.34 %
Tangible common equity ratio8.01 6.49 4.62 
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity$6,972 $5,767 $4,578 
Tangible common equity6,331 5,125 3,935 
Shares of common stock outstanding (in millions)133 133 132 
Common shareholders' equity per share of common stock$52.52 $43.49 $34.73 
Tangible common equity per share of common stock47.69 38.65 29.85 
(a)September 30, 2024 ratios are estimated.

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

September 30,June 30,September 30,
(dollar amounts in millions)202420242023
Uninsured Deposits:
Total uninsured deposits, as calculated per regulatory guidelines$31,926 $29,509 $31,476 
Less:
Affiliate deposits(3,839)(3,882)(4,088)
Total uninsured deposits, excluding affiliate deposits$28,087 $25,627 $27,388 
19
Comerica Incorporated Third Quarter 2024 Financial Review October 18, 2024 This presentation, & other Comerica written & oral communications, include statements that are not historical facts but rather are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “achieve, anticipate, aspire, assume, believe, can, commit, confident, continue, could, designed, enhances, estimate, expect, feel, forecast, forward, future, goal, grow, guidance, guide, initiative, intend, look forward, maintain, may, might, mission, model, objective, opportunity, outcome, on track, outlook, plan, position, potential, project, propose, remain, risk, seek, should, signs, strategy, strive, target, trajectory, trend, until, well-positioned, will, would” or similar expressions, as they relate to Comerica, or to economic, market or other environmental conditions or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs & assumptions of Comerica's management based on information known to Comerica's management as of the date of this presentation & do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans & objectives of Comerica's management for future or past operations, products or services, & forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments & subsidiaries as well as estimates of credit trends & global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events & are subject to risks & uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (changes in customer behavior; unfavorable developments concerning credit quality; & declines or other changes in the businesses or industries of Comerica's customers); market risks (changes in monetary & fiscal policies; fluctuations in interest rates & their impact on deposit pricing; & transitions away from the Bloomberg Short-Term Bank Yield Index towards new interest rate benchmarks); liquidity risks (Comerica's ability to maintain adequate sources of funding & liquidity; reductions in Comerica's credit rating; & the interdependence of financial service companies & their soundness); technology risks (cybersecurity risks & heightened legislative & regulatory focus on cybersecurity & data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal & regulatory proceedings or determinations; losses due to fraud; & controls & procedures failures); compliance risks (changes in regulation or oversight, or changes in Comerica’s status with respect to existing regulations or oversight; the effects of stringent capital requirements; & the impacts of future legislative, administrative or judicial changes to tax regulations); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently & effectively develop, market & deliver new products & services; competitive product & pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies & business initiatives; management's ability to maintain & expand customer relationships; management's ability to retain key officers & employees; & any future strategic acquisitions or divestitures); & other general risks (changes in general economic, political or industry conditions; negative effects from inflation; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events, including pandemics; physical or transition risks related to climate change; changes in accounting standards; the critical nature of Comerica's accounting policies, processes & management estimates; the volatility of Comerica’s stock price; & that an investment in Comerica’s equity securities is not insured or guaranteed by the FDIC). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities & Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 14 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Safe Harbor Statement 2©2024, Comerica Inc. All rights reserved.

 
3©2024, Comerica Inc. All rights reserved. Celebrated Comerica’s 175th Anniversary 3Q24 Review Leveraging our strong legacy & investing in a promising future Strong Average Deposits ($ in billions) Growth in Tangible Book Value1 (per share; period-end) Positive Net Interest Income Trends ($ in millions) Consistently Low Net Charge-Offs (% of total loans) 0.09% 0.08% 2Q24 3Q24 3Q24 Financial Highlights $533 $534 2Q24 3Q24 1% 23% 0.2% 1Refer to reconciliation of non-GAAP financial measures in appendix 2Refer to slide 21 for more information relating to BSBY +1.3% in 3Q ex. BSBY2 $63.1 $63.9 2Q24 3Q24 $38.65 $47.69 2Q24 3Q24 3Q24 Results Favorable deposit & net interest income trends, prudent credit discipline & increasingly strong capital position 1Includes gains/(losses) related to deferred comp asset returns of $(3MM) 3Q23, $0.5MM 2Q24, $4MM 3Q24 in noninterest income & $(2MM) 3Q23, $2MM 2Q24, $6MM 3Q24 in noninterest expense 2Diluted earnings per common share 3Refer to reconciliation of non-GAAP financial measures in appendix 4Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants 53Q24 estimated (millions, except per share data) 3Q24 2Q24 3Q23 Change From 2Q24 3Q23 Average loans $50,861 $51,071 $53,987 $(210) $(3,126) Average deposits 63,896 63,055 65,883 841 (1,987) Net interest income 534 533 601 1 (67) Provision for credit losses 14 -- 14 14 -- Noninterest income1 277 291 295 (14) (18) Noninterest expenses1 562 555 555 7 7 Provision for income tax 51 63 76 (12) (25) Net income 184 206 251 (22) (67) Earnings per share2 $1.33 $1.49 $1.84 $(0.16) $(0.51) Adjusted Earnings per share2,3 1.37 1.53 1.76 $(0.16) $(0.39) Efficiency Ratio4 68.80% 67.77% 61.86% CET15 11.97% 11.55% 10.80% Key Performance Drivers 3Q24 compared to 2Q24 • Average loans decreased modestly, driven primarily by decline in National Dealer Services • 1.3% growth in average deposits with increases across most business lines • Reported net interest income up slightly; excluding the impact from BSBY cessation, net interest income grew $7MM with higher Fed balances & strong customer deposits offsetting lower loans; net interest margin decreased 6bps • Low net charge-offs of 8 bps; reserve ratio increased to 1.43% reflecting lower loan balances & relatively consistent credit trends • Noninterest income negatively impacted by noncustomer income, largely Visa Class B share related income & lower risk management hedging income due to shift in forward curve (offset in net interest income) • Noninterest expenses well managed with higher salaries & benefits offsetting lower FDIC expense reflecting special assessment accrual adjustment • Conservative approach to capital; maintained CET1 well above our 10% strategic target 4©2024, Comerica Inc. All rights reserved.

 
Loans Inflationary pressures, elevated rates & economic uncertainty drove muted demand 3Q24 compared to 2Q24 1See Quarterly Average Loans slide for more details 2See Commercial Real Estate slide for more details Loans ($ in billions) Average loans decreased $0.2B1, or 0.4% - $234MM National Dealer Services - $179MM Corporate Banking + $157MM Commercial Real Estate2 + $135MM Environmental Services Pipeline remained consistently strong throughout 3Q24 5©2024, Comerica Inc. All rights reserved. Loan Yields % Average Balances Monthly Average Balances Loan Commitments Flattening Following 2023 Strategic Rationalization Efforts (period-end; $ in billions) 55.5 53.7 50.9 50.0 49.5 47% 48% 49% 50% 50% 3Q23 4Q23 1Q24 2Q24 3Q24 Utilization 54.0 52.8 51.4 51.1 50.9 51.3 50.6 50.7 6.34 6.38 6.33 6.32 6.24 3Q23 4Q23 1Q24 2Q24 3Q24 Jul-24 Aug-24 Sep-24 65.9 66.0 65.3 63.1 63.9 62.5 63.1 2.90 3.12 3.28 3.23 3.31 3Q23 4Q23 1Q24 2Q24 3Q24 2Q24 3Q24 Deposits Strategic focus & strong customer activity drove growth in average interest-bearing balances 3Q24 compared to 2Q24 1Interest costs on interest-bearing deposits Deposit Rate1 % Average Balances ($ in billions) Average deposits increased $0.8B, or 1.3% + $364MM Equity Fund Services + $336MM Brokered Time Deposits + $213MM General Middle Market + $194MM Corporate Banking + $140MM Commercial Real Estate - $365MM Retail Bank • Average interest-bearing increase of $1.8B; Average noninterest- bearing decline of $1.0B • 3Q24 average NIB at 38% of total deposits, impacted by success in growing interest-bearing deposits & cyclical pressure on NIB balances Period-end deposits increased $0.6B, or 1.0%, including a $0.9B decline in Brokered Time Deposits 6©2024, Comerica Inc. All rights reserved. Period-end Balances ($ in billions) 38%39% Noninterest-bearing (NIB) Interest-bearing (IB)

 
Securities Portfolio 24% improvement in AOCI from 2Q24; expect future maturities to enhance earnings power 9/30/24 Totals shown in graph above may not foot due to rounding 1Outlook for legacy portfolio as of 10/18/24 assuming 9/30/24 forward curve 2Amortized cost reflects securities at par net of repayments & remaining unaccreted discount or premium 3Estimated as of 9/30/24 Period-end 3Q24 portfolio increased $0.2B - $331MM MBS payments & -$185MM Treasury maturities + $701MM fair value change (pre-tax) & -$4MM net premium/amortization • Average 3Q24 portfolio increased $130MM • 4Q24: Estimated repayments ~$313MM MBS1 • Duration of 5.6 years3 • Extends to 6.5 years under +200bps instantaneous rate increase3 • Net securities-related AOCI unrealized loss decreased to $1.7B (after tax); expect unrealized loss to decline ~16% by 1Q261 Consistent Portfolio Strategy • Utilize natural portfolio attrition as liquidity source • Pledge portfolio as collateral to access wholesale funding as needed • 100% of portfolio is available-for-sale • Modest treasury reinvestments planned in FY24 to maintain collateral requirements • Expect non-treasury reinvestment potentially to resume ~year-end 2024 ©2024, Comerica Bank. All rights reserved. 7 Repayments created liquidity (period-end; $ in billions) 12.4 16.3 16.9 16.2 15.7 15.9 15.4 13.6 13.4 0.1 3.6 2.7 2.9 3.0 2.3 2.1 1.9 1.9 12.3 20.0 19.5 19.2 18.6 18.1 17.5 15.5 15.3 4Q19 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 4Q25 1Q26 Valuation Adjustment Fair Value (Reported on Balance Sheet) Amortized Cost Without Reinvestment1 2 601 584 548 533 534 2.84 2.91 2.80 2.86 2.80 3Q23 4Q23 1Q24 2Q24 3Q24 Net Interest Income Higher Fed balances & strong customer deposits reduced borrowings & offset softer loan balances 3Q24 compared to 2Q24 1See BSBY Cessation Impacts slide for more details Net Interest Income ($ in millions) $533MM 2Q24 2.86% - 5MM - 6MM - 5MM - 2MM + 8MM Loans Portfolio dynamics & nonaccrual Lower balances Lower short-term rates One more day - 0.06 - 0.04 - 0.01 - 0.01 - 0.00 - 2MM Securities Portfolio + 0.01 + 18MM Fed Deposits + 0.04 - 25MM - 16MM - 6MM - 3MM Deposits Interest-bearing balances & mix Rates One more day - 0.12 - 0.08 - 0.04 - 0.00 + 15MM + 9MM + 5MM + 1MM Wholesale Funding FHLB advances Medium & long-term debt Rates, incl. swaps + 0.07 + 0.04 + 0.02 + 0.01 $534MM 3Q24 2.80% 8©2024, Comerica Inc. All rights reserved. Additional Variance Detail Relative to 2Q BSBY Cessation: ($6MM) negative impact to Net Interest Income1 & (3bps) on the NIM with impacts of hedging program accounted for within loan rate impact Net impact due to rates: ($7MM) on Net Interest Income & (4bps) on the NIM Net Interest Margin %

 
Interest Rate Sensitivity Well positioned to insulate income as rates decline 9/30/24 1Received fix/pay floating swaps; maturities extend through 3Q30; Table reflects the ultimate swaps average notional balances & weighted average yields post CME LIBOR & BSBY transitions for terms of current & forward starting swaps currently under contract & assumes no future termination 2See BSBY Cessation Impacts slide for more details 3For methodology see Company’s Form 10-Q, as filed with the SEC. Estimates are based on simulation modeling analysis from our base case which utilizes September 2024 average balances 9©2024, Comerica Inc. All rights reserved. Swaps as of 9/30/241 ($ in billions; average; weighted average yield) • No new swaps added in 3Q24; $250MM forward starting swap went into effect 7/1/24 • Net unrealized swap losses in AOCI decreased 70% or $573MM to $242MM at 9/30/24 (after-tax) • BSBY cessation & swap re-designation does not impact above table2 Estimated 12-Month Net Interest Income Impact Relative to Baseline 100 bps gradual decrease $9MM 100 bps gradual decrease & 60% incremental beta $31MM 100 bps gradual increase -$21MM 100 bps gradual increase & 60% incremental beta -$50MM Sensitivity Analysis as of 9/30/24 Rates UP Rates DOWN Loan Balances Modest increase Modest decrease Deposit Balances Moderate decrease Moderate increase Deposit Beta ~47% per incremental change Securities Portfolio Partial reinvestment of cash flows Hedging (Swaps) No additions modeled 9/30/24 Model Assumptions3 100 bps (50 bps avg) gradual, non-parallel rise 22.4 23.6 23.0 20.1 15.0 9.8 4.6 0.8 2.38% 2.50% 2.57% 2.68% 2.72% 2.85% 2.95% 2.97% FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 154 178 217 226 250 0.29 0.34 0.43 0.44 0.50 (0.10) 0.10 0.30 0.50 0.70 0.90 1.10 1.30 1.50 3Q23 4Q23 1Q24 2Q24 3Q24 NPA/Loans % Credit Quality Overall trends consistent with strong 2Q24; expect future migration to be manageable 3Q24 compared to 2Q24 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 2A portion of the TLS portfolio is also considered Leveraged & also reflected in the Leveraged data Nonperforming Assets Well Below Historical Averages ($ in millions) Stable Criticized Loan Balances1 ($ in millions) 736 728 728 717 720 1.38 1.40 1.43 1.38 1.43 - 1.00 2.00 3.00 4.00 5.00 6.00 3Q23 4Q23 1Q24 2Q24 3Q24 ACL/Loans % Slight Increase in Allowance for Credit Losses ($ in millions) 2,290 2,405 2,688 2,430 2,417 4.3 4.6 5.3 4.7 4.8 - 2.00 4.00 6.00 8.00 10.00 12.00 3Q23 4Q23 1Q24 2Q24 3Q24 Criticized/Loans % 10©2024, Comerica Inc. All rights reserved. Low Net Charge-Offs (Recoveries) ($ in millions) Portfolios with Incremental Monitoring 3Q24 2Q24 Business Line or Portfolio 9/30 Loans % of Total Loans % Criticized 6/30 Loans % of Total Loans % Criticized Commercial Real Estate Business Line $10.5B 20.8% 4.5% $10.3B 19.9% 4.3% Leveraged $2.6B 5.2% 10.0% $2.9B 5.6% 9.1% Automotive Production $0.9B 1.7% 10.7% $0.9B 1.6% 9.7% Senior Housing $0.7B 1.4% 44.3% $0.8B 1.5% 41.4% TLS2 $0.6B 1.2% 21.1% $0.7B 1.4% 23.7% 6 20 14 11 11 0.05 0.15 0.10 0.09 0.08 (0.20) (0.15) (0.10) (0.05) - 0.05 0.10 0.15 0.20 0.25 0.30 3Q23 4Q23 1Q24 2Q24 3Q24 NCO/Loans %

 
Noninterest Income Lower non-customer income offset growth in several customer-related categories 3Q24 compared to 2Q24 1Includes Risk management hedging income related to price alignment (PA) income received for Comerica’s centrally cleared risk management positions $17MM 3Q23, $18MM 4Q23, $13MM 1Q24, $17MM 2Q24, $8MM 3Q24; Includes Credit Valuation Adjustment (CVA) ($2MM) 3Q23, ($0.2MM) 4Q23, $0.4MM 1Q24, ($0.1MM) 2Q24, ($1MM) 3Q24; Includes gains/(losses) related to deferred comp asset returns of ($3MM) 3Q23, $8MM 4Q23, $6MM 1Q24, $0.5MM 2Q24, $4MM 3Q24 Noninterest Income1 ($ in millions) 295 198 236 291 277 3Q23 4Q23 1Q24 2Q24 3Q24 Decreased $14MM - $11MM Visa Class B shares related income (payment for dilutive adjustments in 3Q24 compared to derivative gain for exchange program in 2Q24) - $10MM risk management hedging income (primarily PA)* + $3MM deferred compensation asset returns (offset in noninterest expenses) + $2MM capital markets income 11©2024, Comerica Inc. All rights reserved. *Driver for Lower 3Q24 Risk Management Hedging Income (Price Alignment): • Lower forward curve improved AOCI & reduced the amount of cash held with the CME (central clearing party for derivatives) for cash flow hedges • Reallocating cash from CME to temporary investments at the Fed lowered price alignment income (risk management noninterest income) by ~$8.5MM & increased net interest income 555 718 603 555 562 61.9 91.9 76.9 67.8 68.8 3Q23 4Q23 1Q24 2Q24 3Q24 Efficiency Ratio % Noninterest Expenses1 ($ in millions) Noninterest Expenses Committed to driving efficiency 3Q24 compared to 2Q24 1Includes modernization & expense recalibration initiatives ($14MM) 3Q23, $21MM 4Q23; FY23 $31MM; $1MM 1Q24, $2MM 2Q24, $2MM 3Q24; Includes gains/(losses) related to deferred comp plan of ($3MM) 3Q23, $8MM 4Q23, $6MM 1Q24, $2MM 2Q24, $6MM 3Q24; Variance may not foot due to rounding Increased $7MM + $12MM salaries & benefits + $4MM deferred compensation expense (mostly offset in other noninterest income) + $3MM staff additions + $2MM additional day in the quarter + $2MM incentive compensation + $2MM stock-based compensation + $2MM occupancy expense + $1MM other noninterest expense + $3MM operational losses - $2MM consulting - $8MM FDIC insurance (primarily driven by 3Q24 special assessment accrual adjustment compared to 2Q24 expense) 12©2024, Comerica Inc. All rights reserved. Notable Items in 3Q results • FDIC: $4MM accrual adjustment related to special FDIC assessment • Modernization: $2MM expense related to modernization & expense recalibration initiatives

 
(2.0) (2.2) (2.3) (1.7) (0.6) (0.8) (0.8) (0.2) (0.4) (0.4) (0.4) (0.4) 4Q23 1Q24 2Q24 3Q24 Securities Swaps Pension 6.49% 8.01% 2Q24 3Q24 Capital Management 32% AOCI improvement; conservative approach drove capital further above ~10%1 CET1 target 9/30/24 1Outlook as of 10/18/24 23Q24 estimated 3Considers AOCI for securities & pension & related RWA benefit utilizing 9/30/24 risk weighting. Does not assume other potential Basel III Endgame impacts (such as market risk, operational risk & changes to standard counter-party risk). 4Refer to reconciliation of non-GAAP financial measures in appendix 5Represents the impact of $2.4B in AOCI on common equity & $2.0B in corresponding impacts to total assets 11.55% 11.97% 7.0% 2Q24 3Q24 CET12 Tier 12 12.08% 12.51% 8.5% 2Q24 3Q24 Regulatory Minimum + Capital Conservation Buffer (CCB) 13©2024, Comerica Inc. All rights reserved. 5.8 7.0 2Q24 3Q24 Common Equity ($ in billions; period-end) Tangible Common Equity Ratio4 7.24% 8.75% 2Q24 3Q24 Common Equity Ratio Accumulated Other Comprehensive Income ($ in billions) Scenarios Est. AOCI Increase / (Decrease) Rate shock + 100 bps Static balances ($1.2B) Rates shock - 100 bps Static balances $1.3B Estimated Change in AOCI Derived Simulated Sensitivity Analysis for Securities & Swap Portfolios 3Q24: AOCI impact5 of (267 bps) AOCI impact5 of (271 bps) AOCI impact of ($2.4B) Basel III Endgame Capital Considerations We are not subject to these proposed rules with ~$80B in assets as of 9/30/24. If subject to proposed Basel III Endgame capital requirements relating to AOCI opt-out changes, our estimated CET1 would exceed regulatory minimums & conservation buffer as of 9/30/243. 8.08% Estimated CET1 with AOCI opt-out 9.12% Expect unrealized loss to decline 19% by 1Q26 14©2024, Comerica Inc. All rights reserved. Direct Express Transition status: No update on transition since 2Q24 earnings release • Summary: Comerica Bank is the exclusive issuer of the Direct Express debit card for approximately 4.5 million federal benefit recipients as of June 30, 2024. • Driving Financial Inclusion: Helping the U.S. Department of the Treasury, Bureau of the Fiscal Service (U.S. Treasury) provide recipients ready, safe access to their government benefits was the founding mission of the Direct Express Program. The prepaid card program is intended to deliver benefits more cost effectively & securely & to be an on-ramp to financial inclusion for millions of unbanked Americans, providing recipients the tools they need to participate fully in the economy. • Renewal History: In 2008, 2014 & again in 2020, Comerica Bank was selected by the U.S. Treasury as the Financial Agent for their Direct Express Debit MasterCard Program. Comerica Bank’s contract with the U.S. Treasury expires in early 2025. • Strong Customer Satisfaction: Since inception of the program, Comerica has achieved a 90% (or better) cardholder satisfaction rating. • Prioritizing Security: Since 2013, the U.S. Treasury has required all federal benefit recipients (with a few grandfathered exceptions) to receive their monthly benefits electronically, either by direct deposit or through the Direct Express debit card. With 100% of cardholders using EMV chip & PIN, it can be considered one of the most secure prepaid cards in the industry. Program Overview Financial Metrics Program Status • Balances: ~$3.4B in 3Q24 average deposit balances (large fluctuations throughout the quarter due to timing cause ending balances to vary). • Intra-month Patterns: Comerica Bank receives most of the deposit balances on the 1st & 3rd days of each month (subject to change based on weekends or holidays). • Peaks & Troughs: In September 2024, highest balance was $4.8B & lowest balance was $2.9B. • Income Statement: • $137MM FY23 & $30MM 3Q24 noninterest income (card fees) • $138MM FY23 & $29MM 3Q24 direct expenses primarily in outside processing fees, but also includes professional fees, operational losses, staff expenses & other fees • Re-Bid: We received a preliminary notification that Comerica Bank has not been selected to continue serving as the Financial Agent to support the program following contract expiration. • Transition Plan: If the preliminary non-selection of Comerica Bank remains the final disposition, we expect the formal transition plan for managing accounts & deposits to be agreed upon once contract negotiations are finalized with the new provider. We do not currently expect this transition to impact 2024 deposits, noninterest income or noninterest expenses. • Next Steps: We intend to continue to support our customers through the transition & prioritize efforts to drive deposits. 4.8 Stars1 1Apple App Store as of 10/8/24

 
FY24 vs FY23 Average loans -5% full year average, impacted by 2023 rationalization efforts & muted YTD loan demand Average deposits -3% to -4% full year average; lower brokered time deposits & cyclical noninterest-bearing deposit pressure more than offsetting growth in customer interest-bearing deposits Net interest income1 -13% to -14%, cyclical noninterest-bearing deposit pressures, lower average loans & higher YOY deposit betas Credit quality Continued credit normalization, expect NCOs to remain below our 20 to 40 bps range Noninterest income Flat, driven by notable items, assumes deferred comp2 & CVA do not repeat after 3Q24; -2% to -3%, adjusting for BSBY & Ameriprise transition Noninterest expenses -2% to -3%, driven by notable items, assumes deferred comp2 does not repeat & lower pension ($19MM year over year benefit); +4% adjusting for FDIC special assessment, Ameriprise transition, expense re-calibration & modernization Tax FY tax rate ~23%, excluding discrete items Capital Expect to maintain capital well above our CET1 target of 10% through year-end 2024 Management Outlook Assumes no change in current economic environment ©2024, Comerica Inc. All rights reserved. 15 4Q24 vs. 3Q24 Average loans +1%, broad-based momentum offsetting rate related pressure in Commercial Real Estate Average deposits -2%, decline in brokered time deposits & relatively flat average customer deposits Net interest income1 +6%, reflects benefit of BSBY impact, swaps & securities attrition & flat average customer deposit trends +1% to +2%, adjusting for BSBY impact Noninterest income3 -1% to -2%, lower risk management hedging income, assumes deferred comp & CVA do not repeat after 3Q24 Noninterest expense4 +3%, impact of favorable FDIC accrual in 3Q, other expenses & reinvestment of savings into headcount +4%, adjusting for FDIC special assessment, expense re-calibration & modernization 9/30/24 Outlook as of 10/18/24 & guidance compares to reported GAAP 2023 or reported GAAP 3Q24 values as applicable unless noted as adjusted 1Utilizing 9/30/24 forward curve 2Deferred comp FY23 $13MM 3Assumes 3Q24 deferred comp of $4MM does not repeat 4Assumes 3Q24 deferred comp of $6MM does not repeat ©2024, Comerica Inc. All rights reserved. Positioned for the Future Strong foundation & strategy create opportunity for enhanced returns over time • Proven credit results Outperformance through cycles Peer leading 2Q24 charge-off performance1 & strong 3Q results Metrics below historical averages • Solid capital position 11.97% CET11, well above target Adjusting for AOCI opt out, 3Q24 CET1 exceeded regulatory minimums & buffers • Abundant liquidity Normalized cash position Reduced wholesale funding significantly Preserved substantial capacity • Attractive deposit franchise Peer leading NIB mix2 Compelling Treasury Management cross- sell Leveraging strong foundation • Targeted market, MSA focused strategy In 14 of the 15 largest3 & 8 of the 10 fastest growing markets4 Investments in TX & the southeast align with market growth trends • Diversified business Leading bank for business with strong retail & wealth management capabilities Selective business mix with specialized verticals where we demonstrate differentiated value proposition Enhances opportunity for consistent & strong returns • Tenured colleagues Experienced colleagues deliver value-add, industry expertise Business leaders average >24 yrs, RMs 11 yrs, GMs 19 yrs5 Reinforces consistency for our customers & high level of customer service Executing on differentiated strategy • Favorable earnings trajectory Structural projected benefit to NII from maturing swaps & repayment of securities6 • Select strategic investments Focus on noninterest income to drive capital efficient revenue (Payments, Capital Markets & Wealth Management) Targeted market expansion to enhance growth Granular Small Business deposit strategy Continued focus on enhanced risk framework • Balance sheet expansion Strong pipeline & initial signs of increased customer optimism following first rate cut Focus on responsible, balanced growth Driving responsible growth 13Q24 estimated 2Source for peer data: S&P Global Market Intelligence & company press releases 3U.S. Census Bureau; by population 2023. Includes all locations with employees & offices 42023 vs 2022 by number of people 5As of 10/18/24 6Outlook as of 10/18/24 16

 
APPENDIX What Our Customers Say… “Working with Comerica has consistently been a fantastic experience for our small business.” – Small Business Customer “Comerica has created a lot of flexibility in our operating model so that we could make decisions to further our growth.” – TLS Customer “It was practically fireworks going off because it was exactly what we needed.” – New Payments Product User “I was pleasantly surprised by how seamless the process was! Comerica's offerings have exceeded my expectations.” – Retail Customer ©2024, Comerica Inc. All rights reserved. The Right Balance Positioned to effectively meet the unique needs of our target customers Experienced & tenured team delivering consistency to our relationships across markets & businesses Tailored solutions & customized product offerings to meet our customers needs Localized advice for our customers Industry expertise adding unique value to customers across core businesses & specialized verticals Comprehensive suite of products & services including credit capacity, treasury management, & capital market solutions Community engagement recognizing we all play a role in advancing the markets & communities we serve Large B ank C apabilitiesSm al l B an k Se rv ic e 18

 
Commercial Bank 85% 10% 5% Commercial Bank Wealth Management Retail Bank 50% 6% 38% 6% Commercial Bank Wealth Management Retail Bank Other ©2024, Comerica Inc. All rights reserved. Diversified Businesses Unique & complementary model Loans1 Deposits1 1See Quarterly Average Loans & Quarterly Average Deposits slides for more details, respectively 19 Wealth Management Deliver a first-class commercial solution as a “Leading Bank for Business” including a robust digital suite Grow Middle Market, Business Banking & Specialty Businesses in which we have expertise Generate capital- efficient fee income Focus on organic & other strategic growth opportunities Deliver a high level of service to customers across all touchpoints Provide important funding source for the Corporation in terms of size, granularity & deposit diversification Retail Bank Cohesive relationship strategy across our divisions unlocks the value of our franchise Primary Markets Other Markets Office Locations Diversified Geographic Footprint Texas • Established: 1988 • #2 largest state GDP • Business friendly environment • Dallas-Fort Worth, Houston, Austin, San Antonio California • Established: 1991 • #1 largest state GDP • Deep industry expertise • L.A., San Diego, San Jose, San Francisco Michigan • Established: 1849 • #14 largest state GDP • Large retail deposit base • Detroit, Ann Arbor, Grand Rapids, Lansing Offices Across U.S. Southeast • Strong population growth & manufacturing base • 3 commercial offices in Raleigh, Winston-Salem & Charlotte • New offices in SC & GA • Serving customers in FL, GA, NC, TN, SC & VA Mountain West • Fast growing economy, attractive climate • 1 office in Denver • Serving customers in AZ & CO International Presence • Our North America platform enables us to fulfill the U.S., Mexican & Canadian dollar-based needs of our customers 20©2024, Comerica Inc. All rights reserved. Large, higher growth urban markets Highly integrated, cost-effective platformPredominance of middle market companies & wealth management opportunities 35% 26% 14% 25% MI CA TX Other Markets / Finance 22% 36% 25% 17% MI CA TX Other Markets Loans1 Deposits1 1See Quarterly Average Loans & Quarterly Average Deposits slides for more details, respectively

 
21©2024, Comerica Inc. All rights reserved. BSBY Cessation Impacts Actual Projected2 4Q23 1Q24 2Q24 3Q24 4Q24 FY24 FY25 FY26 FY27 FY28 Total Net Interest Income Impact $2.8MM $2.8MM ($3.1MM) ($9.0MM) $16.2MM $6.9MM $83.5MM $26.5MM $8.4MM $2.0MM $130.1MM Gain / (Loss) in Other Noninterest Income ($91.3MM) ($38.8MM) - - - ($38.8MM) - - - - ($130.1MM) Pre-Tax Income Impact ($88.5MM) ($36.0MM) ($3.1MM) ($9.0MM) $16.2MM ($31.9MM) $83.5MM $26.5MM $8.4MM $2.0MM $0.0MM • Accounting Impact: Temporary loss of hedge accounting due to pending cessation of BSBY caused the recognition of unrealized losses in 4Q23 & 1Q24 & impacts net interest income. AOCI losses recognized in earnings over 12 months but accreted back to income over original life of swap. • Financial Impact: • No economic impact as these losses are re-couped over time; ~90% of impact expected to accrete back by YE2026 • Pre-tax gains or losses related to this accounting treatment impact CET1, but not Tangible Common Equity • Normal pay / receive cash flows remain uninterrupted • Net-tax impact reflects adjustments to AOCI balance over the life of the re-designated swaps1 1Cessation impacts not expected to change & are not sensitive to market rates. 2Projected non-cash net impact of amortization & accretion; included in Outlook unless otherwise indicated in an adjustment. Majority of losses expected to accrete back in 2025 & 2026 22©2024, Comerica Inc. All rights reserved. Net Interest Income Expected Securities Repayments & Maturities2 ($ in millions) 566 598 465 493 603 475 2271.62% 1.51% 1.33% 1.36% 1.52% 1.33% 0.00% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Contractual Swap Notionals as of 9/30/241 ($ in billions; average; weighted average yield) Swap & securities attrition expected to create tailwind into 2025 Project 13 bps point to point higher yield & $1.6B lower notional from 3Q24 to 1Q26; lessens pressure on NII Deployment of liquidity from repayment of lower yielding securities expected to benefit NII, only partially offset by reinvestment 9/30/24 1Received fix/pay floating swaps; maturities extend through 3Q30; Table assumes no future terminations 2Outlook as of 10/18/24 23.5 23.6 23.4 23.3 22.9 22.4 21.9 2.51% 2.54% 2.55% 2.55% 2.57% 2.61% 2.64% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

 
©2024, Comerica Inc. All rights reserved. Liquidity Abundant liquidity & funding capacity enhances flexibility 9/30/24 1Securities at the FHLB are incremental to Unencumbered Securities at Market Value 2Total Liquidity Capacity amounts may not foot due to rounding 23 • Repaid $0.9B of wholesale funding (average): • $0.5B in maturing FHLB advances • $0.3B in brokered time deposits • Scheduled FHLB maturities of $1B annually from 2025-2028 • Scheduled brokered time deposits maturities of $1B in 4Q24 & $1B in 2025 Source (9/30/24) $ in billions Amount or Total Capacity Remaining Capacity Cash 5.4 5.4 FHLB (securities1 & loan collateral) 17.3 13.3 Unencumbered Securities at Market Value 8.6 8.6 Discount Window (loan collateral) 16.8 16.8 Total Liquidity Capacity2 $44.1 billion Total Liquidity Capacity (ex. Discount Window)2 $27.3 billion Low Unsecured Debt Obligations (Debt Maturities, $ in millions) 80% 86% 50% 60% 70% 80% 90% 100% 110% 120% 130% 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 1Q 24 2Q 24 3Q 24 Loan to Deposit Ratio Below Historical Average (period-end) 350 400 550 1,000 500 4Q24 2025 2026 2027 2028 2029 2030 2033 = Total Fixed Rate (56%) Business Line 3Q24 2Q24 3Q23 Middle Market General $11.5 $11.6 $12.5 Energy 1.4 1.4 1.5 National Dealer Services 5.5 5.7 5.8 Entertainment 1.1 1.1 1.1 Tech. & Life Sciences 0.7 0.7 0.8 Equity Fund Services 1.7 1.7 2.8 Environmental Services 2.6 2.5 2.4 Total Middle Market $24.5 $24.7 $26.9 Corporate Banking US Banking 3.8 4.0 4.6 International 1.5 1.5 1.6 Commercial Real Estate 10.5 10.3 9.4 Mortgage Banker Finance -- -- 0.9 Business Banking 3.1 3.2 3.1 Commercial Bank $43.4 $43.7 $46.5 Retail Bank $2.4 $2.3 $2.3 Wealth Management $5.1 $5.1 $5.2 TOTAL $50.9 $51.1 $54.0 Quarterly Average Loans $ in billions Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets 2Fixed rate loans include $23.4B receive fixed/pay floating (30-day) SOFR, BSBY & Prime interest rate swaps; Forward dated hedges are excluded 3Includes ~3.4% of Daily SOFR 4Over 70% of the underlying loan indices <30 day floating rate By Market 3Q24 2Q24 3Q23 Michigan $11.3 $11.5 $12.4 California 18.1 18.2 18.6 Texas 12.8 12.8 12.6 Other Markets1 8.7 8.6 10.4 TOTAL $50.9 $51.1 $54.0 ©2024, Comerica Inc. All rights reserved. 24 Fixed Rate 10% Synthetically fixed from swaps 46% -Day Rate 35% 90-Day+ Rate 6% Prime-based 3% 2 Loan Portfolio (3Q24 Period-end) 3 $50.5B 4

 
Quarterly Average Deposits $ in billions Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Finance/Other includes items not directly associated with the geographic markets or the three major business segments 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Business Line 3Q24 2Q24 3Q23 Middle Market General $16.9 $16.7 $16.6 Energy 0.4 0.3 0.3 National Dealer Services 0.9 0.9 1.0 Entertainment 0.4 0.4 0.3 Tech. & Life Sciences 3.0 2.9 3.3 Equity Fund Services 1.1 0.8 0.9 Environmental Services 0.4 0.3 0.4 Total Middle Market $23.1 $22.3 $22.8 Corporate Banking US Banking 2.2 2.0 2.0 International 1.9 1.9 1.8 Commercial Real Estate 1.6 1.5 1.4 Mortgage Banker Finance -- -- 0.3 Business Banking 3.6 3.5 3.6 Commercial Bank $32.4 $31.2 $31.9 Retail Bank $24.2 $24.6 $24.0 Wealth Management $3.8 $4.0 $3.9 Finance / Other1 $3.5 $3.3 $6.1 TOTAL $63.9 $63.1 $65.9 By Market 3Q24 2Q24 3Q23 Michigan $22.6 $22.5 $22.5 California 16.4 16.4 16.3 Texas 9.2 9.2 9.2 Other Markets2 12.1 11.6 11.9 Finance / Other1 3.6 3.4 6.0 TOTAL $63.9 $63.1 $65.9 ©2024, Comerica Inc. All rights reserved. 25 Commercial Noninterest- bearing 27% Commercial Interest- bearing 34% Retail Interest- bearing 28% Retail Noninterest- bearing 11% Strong Deposit Mix: 38% Noninterest-bearing (3Q24 Average) Total $63.9B Commercial Bank 50%Retail Bank 38% Wealth Management 6% Other 6% Diversified Deposit Base (3Q24 average) 1Represents uninsured deposits using total deposits at the consolidated level for Comerica Inc. & subsidiaries, which is consistent with the presentation on the consolidated balance sheet, & excludes uninsured deposits eliminated in consolidation 29/30/24 is estimated 3As of 9/30/24 4Includes consumer & small business ©2024, Comerica Inc. All rights reserved. Attractive Deposit Profile Targeted focus on relationship deposits Stronger Profile than Pre-Pandemic ($ in billions) YE 2019 YE 2022 9/30/2024 Loan-to-Deposit Ratio 88% 75% 80% Total Deposits (Period-end) $57.3 $71.4 $63.1 % Uninsured Deposits Per Call Report Adjusted for Affiliate Deposits1 60% 54% 64% 57% 51%2 45%2 Stable & Tenured Core Deposit Base3 Diversified Across Markets & Businesses • Highest concentrations in Retail Consumer (29%), Middle Market Lending (13%) & Small Business Banking (9%), inherently diversified business lines • Geographically dispersed Holistic, Connected Relationships • ~91% of Commercial Bank noninterest-bearing deposits utilize Treasury Management services; ~91% have ECA • Average Middle Market relationship has 8 Treasury Management products • ~89% Retail customers have checking account4 Tenured • Average Middle Market relationship >15 years • Average Retail relationship ~16 years4 Active Operating Accounts • Average Middle Market relationship deposit balances of ~$4MM (includes ~$2MM in noninterest-bearing) • Average Retail customer checking account balance of ~$28K4 26

 
Shared National Credit (SNC) Relationships Credit quality of our SNC relationships better than portfolio average • SNC loans decreased $387MM compared to 2Q24 • SNC relationships included in business line balances; we do not have a dedicated SNC line of business • Approximately 700 borrowers • Comerica is agent for 26% of loans • Strategy: Pursue full relationships with ancillary business • Adhere to same credit underwriting standards as rest of loan book • Only ~3% of SNCs were criticized • 12% of SNCs were leveraged Period-end Loans ($ in billions) Commercial Real Estate $1.0 9% Corporate Banking $2.7 24% Equity Fund Services $0.7 6%Tech. & Life Sciences $0.1 1% General Middle Market $2.8 24% National Dealer Services $1.0 9% Energy $1.3 11% Entertainment $0.6 5% Environmental Services $1.3 11% = Total Middle Market (67%) Total $11.5B 27©2024, Comerica Inc. All rights reserved. 9/30/24 SNCs are facilities greater than $100 million shared by three or more federally supervised financial institutions which are reviewed by regulatory authorities at the agent bank level Average Retail Bank Customer tenure in Years 16 Investing for Growth with 3 Key Initiatives Elevating Small Business Strategic investment in sales coverage, marketing & essential technology to enable growth. Enabling Performance Reimagined roles, expectations & behaviors drive consistency in customer engagement & experience. Modernizing for Growth Harness digital investments to transform experience, drive growth & expand into new markets. 110 6 $1.4B1 Dollars in Small Business Lending commitments in communities across the Comerica footprint Small Business Bankers, serving communities within the Comerica Bank footprint 6x2 Year-over-Year increase of customer Financial Wellness ©2024, Comerica Inc. All rights reserved. 28 The Retail Bank: More than a Leading Bank for Business Banking Personal & Small Business customers in growth markets across the US 9/30/24 12023 Annual Community Support 212/31/23 compared to 12/31/22 Aspirational Target for Small Business: Top 10 market share in all major markets Aspirational Target for Personal Banking: Scored Loans & LOCs, 2 Maximize Treasury Bundles, Zelle, Comerica SizeUp Small Businesses People New Products Community Support 38% at 9/30/24 ~$28K Avg. Customer Deposits 82% Personal Customers ~380 Banking Centers 28 Districts 5 Regions Alternative Channels: •Contact Center •ATM •Online & Mobile

 
©2024, Comerica Inc. All rights reserved. Wealth Management Leading the way to your business & personal success Fiduciary Services • Pioneer & industry leader in third party fiduciary services space • Deep subject matter expertise in Specialty Wealth Services that exceed the capabilities offered by industry competitors • Charitable, Estate Settlement, Special Needs Trust Administration • Trust Real Estate & Specialty Assets • Institutional Trust capabilities to support businesses & business owners • >$170B in AUA • 5-year revenue CAGR of 7% in our third- party fiduciary business • 33 offices around the country Private Wealth Management • Differentiated & integrated wealth planning & business transition capabilities • Unique custom credit, mortgage & banking capabilities • Advice-driven tailored investment management & specialty fiduciary solutions • >$12B in AUA • 40% penetration into our Middle Market channel • Key source of referrals for our M&A advisory team Comerica Financial Advisors • Leveraging power of partnership for differentiated client & advisor experience • Best in class platform & capabilities • Advice-driven approach to holistically serve business owners through collaboration & expertise • Uniquely positioned for growth • Building towards full coverage of our banking centers • Hub-based HNW Financial Advisors partnered with Private Wealth • >$27B in client assets: ~$18B assets on AMP platform; ~$10B in bank money market platform • Opportunity to double number of Financial Advisors over next 5 years 29 Total Wealth Management represents ~27% of Comerica’s Noninterest Income & has >$210B Assets Under Administration (AUA). Supported by 3 core businesses: 9/30/24 Key Statistics: Total CMA Office Exposure • Not primary strategy: Total CMA office loans of $736MM, or <1% of total loans; outstandings within CRE LOB of $444MM, or <1% of total CMA loans • Selective geography: Urban in-fill & suburban strategy • Majority recourse: Strong sponsors critical to underwriting • Monitoring credit: Criticized loans totaling ~$148MM (or ~20% of total office portfolio) Multifamily, 50% Industrial, 28% Self-Storage, 5% Retail, 5% Office, 4% Single Family / Land Development, 3% Land Carry, 2% Multi use, 2% Other, 1% Commercial Real Estate Business Line Growth driven by multifamily & industrial projects; excellent credit quality 9/30/24 1Excludes CRE business line loans not secured by real estate 2Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Primarily Lower Risk Multifamily & Industrial1 (3Q24 period-end) Total $9.8B Strong Credit Profile Driven by: • Long history of working with well-established, proven developers • Experienced relationship team; average tenure: • CRE line of business leadership: ~28 years • Relationship managers: ~19 years • CRE credit approval team: ~25 years • Significant up-front equity required (typically averaging 35-40%, often from institutional investors) • ~70% has recourse • Majority of commitments originate as construction • Primary strategy is financing development of Class A, urban infill multi-family & warehouse distribution in major sun belt metros (32% CA, 27% TX, 11% Southeast, 12% Southwest) • Modest credit migration driven by elevated rate environment, but remained very manageable • <50% of the portfolio maturing by the end of 2025 • 5th consecutive quarter of lower commitments ©2024, Comerica Inc. All rights reserved. 30 Excellent Credit Quality in Commercial Real Estate Business No significant net charge-offs since 2014 ($ in millions) 3Q23 4Q23 1Q24 2Q24 3Q24 NAL 0.0 18 18 18 18 Criticized2 458 481 443 448 476 % Criticized 4.8% 4.8% 4.3% 4.3% 4.5% NCO (Recoveries) (0.70) (0.38) (0.01) (0.26) (1.48)

 
31©2024, Comerica Inc. All rights reserved. Total Office Portfolio Not a primary strategy Geographic Diversification By State $ millions 9/30/24 6/30/24 California $289.3 $301.1 Texas 227.3 228.4 Michigan 61.1 61.4 Washington 40.1 39.7 Arizona 36.2 34.4 Nevada 11.9 11.9 Georgia 4.7 4.7 Illinois 4.4 4.4 Florida 1.5 1.5 Subtotal 676.5 687.5 Other1 59.1 58.7 Total Loans $735.6 $746.2 Key Office Portfolio Metrics $ millions 9/30/24 6/30/24 Total Loans $735.6 $746.2 Avg Loan Outstanding $5.0 $5.0 Net Charge Offs 0.0% 0.5% Delinquencies2 0.7% 2.1% Non-Performing Loans 3.3% 3.0% Criticized Loans 20.1% 17.7% 9/30/24 1Other includes 3 loans to funds secured by multiple properties 2Loans 30 days or more past due 32©2024, Comerica Inc. All rights reserved. Multi-family Portfolio Key Multi-family Portfolio Metrics $ millions 9/30/24 6/30/24 Total Loans $5,172.7 $4,981.3 Avg Loan Outstanding $17.1 $16.7 Net Charge Offs 0.0% 0.0% Delinquencies2 0.5% 0.0% Non-Performing Loans 0.0% 0.0% Criticized Loans 4.8% 5.0% 9/30/24 1Other includes various other states 2Loans 30 days or more past due 46% 27% 10% 7% 10% California LA County Bay Area Orange County Sacramento County Other 43% 33% 15% 9% Texas DFW Austin Houston San Antonio Geographic Diversification By State $ millions 9/30/24 6/30/24 California $1,667.4 $1,649.2 Texas 1,499.1 1,397.5 Florida 412.9 372.6 Washington 241.2 226.8 Arizona 238.5 240.7 North Carolina 193.5 194.8 Colorado 168.3 146.4 Oregon 158.0 147.8 Michigan 103.7 148.9 Subtotal 4,682.6 4,524.7 Other1 490.1 456.6 Total Loans $5,172.7 $4,981.3

 
Energy Primarily E&P exposure 9/30/24 1Includes Services of 3Q23 $27MM; 4Q23 $11MM; 1Q24 $10MM; 2Q24 $8MM; 3Q24 $6MM Period-end Loans ($ in millions) 1,127 1,070 1,048 1,109 1,084 310 312 310 300 228 1,437 1,382 1,358 1,409 1,312 3Q23 4Q23 1Q24 2Q24 3Q24 Midstream Exploration & Production1 ©2024, Comerica Inc. All rights reserved. 33 • Exposure $3.3B / 39% utilization • Hedged 50% or more of production: • At least one year: 76% of customers • At least two years: 47% of customers • Focus on larger, sophisticated E&P & Midstream companies • E&P: • 57% Oil-focused • 23% Natural Gas focused • 20% Oil/Gas balanced • Excellent credit quality • <1% Criticized loans • $0.4MM Net recoveries Toyota/Lexus 12% Honda/Acura 13% Ford 6% GM 7% Jaguar/Land Rover 7% Stellantis 7% Mercedes 4% Nissan/ Infiniti 3% Other European 12% Other Asian 10% Other 19% National Dealer Services 75+ years of floor plan lending 9/30/24 1Other includes obligations where a primary franchise is indeterminable (Multi franchise, rental car & leasing companies, heavy truck, recreational vehicles, & non-floor plan loans) Franchise Distribution (Based on period-end loan outstandings) • Top tier strategy • National in scope • Focus on “Mega Dealer” (five or more dealerships in group) • Strong credit quality; Robust monitoring of company inventory & performance • Floor Plan remained below historical averages 1.9 2.2 2.0 1.2 0.6 0.6 0.6 0.8 1.0 1.2 1.4 1.7 1.7 2.1 2.0 2.2 2.2 5.3 5.5 5.3 4.4 3.8 3.9 4.1 4.5 4.8 5.1 5.4 5.8 5.8 6.0 5.7 5.7 5.5 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 Floor Plan Average Loans ($ in billions) Total $5.4B 1 ©2024, Comerica Inc. All rights reserved. 34

 
3,281 3,312 3,070 2,933 2,994 0 500 1,000 1,500 2,000 2,500 3,000 3,500 3Q23 4Q23 1Q24 2Q24 3Q24 832 791 713 724 705 3Q23 4Q23 1Q24 2Q24 3Q24 Technology & Life Sciences ~30 years of deep expertise & strong relationships with top-tier investors 9/30/24 Average Loans ($ in millions) • Manage concentration to numerous verticals to ensure widely diversified portfolio • Closely monitor cash balances & maintain robust backroom operation • 10 offices throughout US & Canada Strong Loan to Deposit Ratio Relative to Other Business Lines (Average Deposits; $ in millions) Growth 66% Early Stage 11% Late Stage 23% Customer Segment Overview (approximate; 3Q24 period-end loans) Total $683MM ©2024, Comerica Inc. All rights reserved. 35 2,815 2,453 1,981 1,690 1,709 3Q23 4Q23 1Q24 2Q24 3Q24 Equity Fund Services Strong relationships with top-tier Private Equity firms 9/30/24 • Customized solutions for Private Equity & Venture Capital firms • Credit Facilities (Funds, General Partners, Management Companies) • Treasury Management • Capital Markets, including Syndication • Customers in the US & Canada • Well-diversified across funds with various industry strategies • Drives connectivity with other teams • Middle Market • Commercial Real Estate • Environmental Services • Energy • Technology & Life Sciences • Private Banking • Strong credit profile • No charge-offs • No criticized loans ©2024, Comerica Inc. All rights reserved. 36 Loans (Average; $ in millions)

 
Environmental Services Department Experienced team; specialized industry, committed to growth 9/30/24 1As of 10/3/24 • 15+ year experienced team with 20+ year management tenure • Dedicated relationship managers advise & guide customers on profitably growing their business by providing banking solutions • Focus on middle market-sized companies with full banking relationships • Historically strong credit quality Waste Management & Recycling • Insight & expertise with: • Transfer stations, disposal & recycling facilities • Commercial & residential waste collection • Financing for M&A & growth capital Renewable Energy Solutions • Formed group in 2022; active in the landfill-gas-to-energy & biomass industries for more than a decade • Expanded focus to also include solar, wind, anaerobic digestion, & battery energy standalone storage • Over 75% of the commitments are solar1 1,916 1,830 1,826 1,814 1,811 467 535 550 638 776 2,383 2,365 2,376 2,452 2,587 3Q23 4Q23 1Q24 2Q24 3Q24 Renewable EnergySolutions Waste Management & Recycling Average Loans ($ in millions) ©2024, Comerica Inc. All rights reserved. 37 ©2024, Comerica Inc. All rights reserved. Comerica’s Core Values Trust OwnAct To raise expectations of what a bank can be for our colleagues, customers & communities 38

 
39©2024, Comerica Inc. All rights reserved. Descriptions of Notable Items Subject Description Impact of BSBY cessation announcement • On November 15, 2023, Bloomberg Index Services Limited (“BISL”) officially announced the future permanent cessation of Bloomberg Short-Term Bank Yield Index (“BSBY”) on November 15, 2024. • This announcement resulted in a temporary loss of hedge accounting for a portion of cash flow hedges, driving recognition of unrealized losses related to applicable swaps previously in AOCI in 4Q23 & 1Q24 & an impact to net interest income expected quarterly from 4Q23 through 2028. FDIC special assessment • CMA recorded an accrual adjustment related to the FDIC’s Deposit Insurance Fund (DIF) special assessment in 3Q24 & an expense in 4Q23, 1Q24 & 2Q24. Modernization & expense recalibration initiatives • Actions taken to transform the retail banking delivery model, align corporate facilities, optimize technology platforms, enhance earnings power & create capacity for strategic & risk management investments resulted in severance charges. Reconciliations ©2024, Comerica Inc. All rights reserved. 40 (period-end, millions, except per share data) 3Q24 2Q24 1Q24 4Q23 3Q23 Tangible Common Equity Total shareholders’ equity $7,366 $6,161 $6,050 $6,406 $4,972 Less fixed-rate non-cumulative perpetual preferred stock $394 $394 $394 $394 $394 Common shareholders’ equity $6,972 $5,767 $5,656 $6,012 $4,578 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $6 $7 $8 $8 $8 Tangible common equity $6,331 $5,125 $5,013 $5,369 $3,935 Total assets $79,663 $79,597 $79,444 $85,834 $85,706 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $6 $7 $8 $8 $8 Tangible assets $79,022 $78,955 $78,801 $85,191 $85,063 Common equity ratio 8.75% 7.24% 7.12% 7.00% 5.34% Tangible common equity ratio 8.01% 6.49% 6.36% 6.30% 4.62% Tangible Common Equity Tangible common equity is used by Comerica to measure the quality of capital & the return relative to balance sheet risk. The tangible common equity ratio removes the effect of intangible assets from capital & total assets. Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators & analysts to evaluate the adequacy of common equity & our performance trends. (period-end, millions, except per share data) 3Q24 2Q24 Tangible Common Equity per Share of Common Stock (Tangible Book Value per Share of Common Stock) Common shareholders’ equity $6,972 $5,767 Tangible common equity $6,331 $5,125 Shares of common stock outstanding $133 $133 Common shareholders' equity per share of common stock $52.52 $43.49 Tangible common equity per share of common stock $47.69 $38.65

 
©2024, Comerica Inc. All rights reserved. Uninsured Deposits Comerica believes that the presentation of uninsured deposits adjusted for the impact of affiliate deposits provides enhanced clarity of uninsured deposits at risk. Total uninsured deposits as calculated per regulatory guidance & reported on schedule RC-O of Comerica Bank’s Call Report include affiliate deposits, which by definition have a different risk profile than other uninsured deposits. The amounts presented below remove affiliate deposits from the total uninsured deposits number. Reconciliations Continued Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators & analysts to evaluate the adequacy of common equity & our performance trends. 1Diluted earnings per common share (period-end; millions) 3Q24 2Q24 1Q24 3Q23 (A) Total uninsured deposits, as calculated per regulatory guidelines $31,926 $29,509 $30,481 $31,476 (B) Affiliate deposits $3,839 $3,882 $3,966 $4,088 (A-B) Total uninsured deposits, excluding affiliate $28,087 $25,627 $26,515 $27,388 41 Adjusted Earnings Per Share1 Comerica believes that the presentation of adjusted earnings per share provides a greater understanding of ongoing operations & financial results by removing the impact of notable items. Notable items are meaningful because they provide greater detail of how certain events or initiatives affect Comerica’s results for a more informed understanding of those results. (per share) 3Q24 2Q24 3Q23 Earnings per common share 1.33 1.49 1.84 Net BSBY cessation hedging losses 0.05 0.01 -- FDIC special assessment -0.02 0.02 -- Modernization & expense recalibration initiatives 0.01 0.01 (0.08) Adjusted earnings per common share 1.37 1.53 1.76 Holding Company Debt Rating As of 10/11/24 Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A- - M&T Bank Baa1 BBB+ A BOK Financial Baa1 BBB+ A Fifth Third Baa1 BBB+ A- Huntington Baa1 BBB+ A- Regions Financial Baa1 BBB+ A- Citizens Financial Group Baa1 BBB+ BBB+ Comerica Baa1 BBB A- KeyCorp Baa2 BBB BBB+ Webster Financial Baa2 BBB - First Horizon National Corp Baa3 - BBB+ Western Alliance Ba1 - BBB- Synovus Financial - BBB- BBB ©2024, Comerica Inc. All rights reserved. 42

 
Bank Debt Rating As of 10/11/24 Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A - Fifth Third A3 A- A- Huntington A3 A- A- Citizens Financial Group A3 A- BBB+ M&T Bank Baa1 A- A BOK Financial Baa1 A- A Regions Financial Baa1 A- A- Comerica Baa1 BBB+ A- KeyCorp Baa1 BBB+ BBB+ Webster Bank Baa2 BBB+ - Western Alliance Baa2 - BBB- Zions Bancorporation Baa2 BBB+ BBB+ First Horizon National Corp Baa3 - BBB+ Synovus Financial Baa3 BBB BBB ©2024, Comerica Inc. All rights reserved. 43 Thank You ©2024, Comerica Inc. All rights reserved.

 
v3.24.3
Cover Document
Oct. 18, 2024
Cover [Abstract]  
Entity Central Index Key 0000028412
Entity Emerging Growth Company false
Written Communications false
Entity Incorporation, State or Country Code DE
Document Type 8-K
Title of 12(b) Security Common Stock, $5 par value
Trading Symbol CMA
Security Exchange Name NYSE
Document Period End Date Oct. 18, 2024
Entity Registrant Name COMERICA INCORPORATED
Entity Address, Address Line One 1717 Main Street, MC 6404
Entity Address, City or Town Dallas
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75201
City Area Code 833
Local Phone Number 571-0486
Entity File Number 1-10706
Entity Tax Identification Number 38-1998421
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Amendment Flag false
Comerica (NYSE:CMA)
Historical Stock Chart
Von Nov 2024 bis Dez 2024 Click Here for more Comerica Charts.
Comerica (NYSE:CMA)
Historical Stock Chart
Von Dez 2023 bis Dez 2024 Click Here for more Comerica Charts.