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0000028412FALSE00000284122025-10-172025-10-170000028412us-gaap:CommonStockMember2025-10-172025-10-170000028412us-gaap:SeriesBPreferredStockMember2025-10-172025-10-17

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 17, 2025

COMERICA INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware 1-10706 38-1998421
------------ ------------ ------------
(State or other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification Number)
Comerica Bank Tower
1717 Main Street, MC 6404
Dallas, Texas 75201
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(Address of principal executive offices) (zip code)

(833) 571-0486
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(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 class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $5 par value CMA
New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B CMA PrB 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.         ☐



ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
    
Comerica Incorporated (“Comerica”) today released its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

ITEM 7.01    REGULATION FD DISCLOSURE.

Due to the pending merger with Fifth Third Bancorp, management will not conduct an earnings conference call or webcast.

The information in Item 2.02 and Item 7.01 of this report (including Exhibit 99.1) 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 filing.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

    (d) Exhibits

99.1 Press Release dated October 17, 2025
104 The cover page from Comerica's Current Report on Form 8-K, formatted in Inline XBRL 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.

        



SIGNATURE


        COMERICA INCORPORATED

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

Date: October 17, 2025






EX-99.1 2 a2025q3pressrelease-ex991.htm EX-99.1 Document
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THIRD QUARTER 2025 NET INCOME OF $176 MILLION, $1.35 PER SHARE
“Today we reported third quarter net income of $176 million, or $1.35 per share,” said Curtis C. Farmer, Comerica Chairman and Chief Executive Officer. “We produced robust average deposit growth while maintaining a compelling deposit mix. Deposit pricing performed in line with expectations, and we saw a slight uptick in average loans which altogether resulted in relatively stable net interest income. Noninterest income declined, and although noninterest expenses increased, they outperformed our prior guidance. Capital remained a strength as we increased share repurchases to $150 million in the quarter while producing an estimated CET1 capital ratio of 11.90%, well above our strategic target. ”

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

(dollar amounts in millions, except per share data) 3rd Qtr '25 2nd Qtr '25 3rd Qtr '24
FINANCIAL RESULTS
Net interest income $ 574  $ 575  $ 534 
Provision for credit losses 22  44  14 
Noninterest income 264  274  277 
Noninterest expenses 589  561  562 
Pre-tax income 227  244  235 
Provision for income taxes 51  45  51 
Net income $ 176  $ 199  $ 184 
Diluted earnings per common share $ 1.35  $ 1.42  $ 1.33 
Average loans 50,755  50,665  50,861 
Average deposits 62,735  61,246  63,896 
Return on average assets (ROA) 0.89  % 1.03  % 0.92  %
Return on average common shareholders' equity (ROE) 10.20  11.35  10.88 
Net interest margin 3.09 3.16 2.80
Efficiency ratio (a) 70.23  65.78  68.80 
Common equity Tier 1 capital ratio (b)(c) 11.90  11.99  11.96 
Tier 1 capital ratio (b)(c) 12.44  11.99  12.51 
(a)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants.
(b)See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
(c)September 30, 2025 ratios are estimated.

Merger with Fifth Third Bancorp

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


Third Quarter 2025 Compared to Second Quarter 2025 Overview
Balance sheet items discussed in terms of average balances unless otherwise noted.
Loans remained relatively stable at $50.8 billion.
•Increases of $209 million in Environmental Services, $165 million in Equity Fund Services, $102 million in general Middle Market and smaller increases in other business lines, partially offset by declines of $123 million in Entertainment, $121 million in National Dealer Services and $121 million in Corporate Banking.
•Average yield on loans (including swaps) decreased 1 basis point to 6.09%.
Securities remained relatively stable at $14.7 billion, reflecting paydowns, partially offset by a decrease in average unrealized losses.
•Period-end unrealized losses on securities decreased $251 million to $2.2 billion.
Deposits increased $1.5 billion to $62.7 billion, with interest-bearing deposits increasing $1.7 billion, partially offset by an $184 million decrease in noninterest-bearing deposits.
•Noninterest-bearing deposits comprised 37% of total deposits, a slight decline from 38% for the prior quarter.
•Increases of $1.7 billion in general Middle Market, $283 million in Wealth Management and smaller increases in other business lines, partially offset by declines of $122 million in Retail Banking and $114 million in Commercial Real Estate. Additionally, brokered time deposits decreased $575 million.
•The average cost of interest-bearing deposits increased 9 basis points to 2.78%, reflecting strategic growth in core interest-bearing deposits as well as remaining vigilant in the competitive environment.
Net interest income was relatively stable at $574 million, while net interest margin decreased 7 basis points to 3.09%.
•Decrease in net interest margin driven by growth in interest-bearing deposits and relationship-focused deposit pricing as well as a reduction in the benefit from BSBY cessation, partially offset by a reduction in both short-term borrowings and medium- and long-term debt.
•Net interest income was positively impacted by one additional day in the quarter.
Provision for credit losses was $22 million.
•The allowance for credit losses was $725 million, or 1.43% as a percentage of total loans, reflecting the impact of a slightly improved economic forecast, relatively stable credit performance and continued uncertainty.
Noninterest income decreased $10 million to $264 million.
•Decreases of $6 million in fiduciary income and $5 million in capital markets income, partially offset by a $4 million seasonal increase in bank-owned life insurance income.
Noninterest expenses increased $28 million to $589 million.
•Increase of $29 million in other noninterest expenses, partially offset by a $5 million decrease in salaries and benefits expense, reflecting the net impact of cumulative adjustments to incentive compensation based on expected performance.
•Other noninterest expenses included a $13 million increase in litigation-related expenses (primarily from settlements and dismissed litigation recorded in the prior quarter), an $8 million increase in operational losses, a $4 million increase in consulting expenses and a $3 million increase from an interest recovery on a state tax matter recorded in the prior quarter.
Estimated common equity Tier 1 capital ratio* of 11.90%.
•Returned a total of $241 million to common shareholders through share repurchases and dividends.
◦Declared dividends of $91 million on common stock and repurchased $150 million of common stock (approximately 2.2 million shares) under the share repurchase program.
•Issued and sold 400,000 shares of 6.875% Series B Preferred Stock, which resulted in net proceeds of approximately $392 million, net of underwriting discounts and offering expenses.
◦The Corporation anticipates the first dividend of $11 million payable on January 1, 2026 to be declared and recognized during the fourth quarter.
•Common equity ratio of 9.09% and tangible common equity ratio* of 8.34%.
*See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
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Net Interest Income
Balance sheet items presented and discussed in terms of average balances.
(dollar amounts in millions) 3rd Qtr '25 2nd Qtr '25 3rd Qtr '24
Net interest income $ 574  $ 575  $ 534 
Net interest margin 3.09  % 3.16  % 2.80  %
Selected balances:
Total earning assets $ 71,220  $ 70,343  $ 73,103 
Total loans 50,755  50,665  50,861 
Total investment securities 14,710  14,814  15,880 
Federal Reserve Bank deposits 5,282  4,401  5,789 
Total deposits 62,735  61,246  63,896 
Total noninterest-bearing deposits 22,923  23,107  24,357 
Short-term borrowings 1,007  1,341  77 
Medium- and long-term debt 5,512  5,740  6,849 
Third quarter 2025 net interest income decreased $1 million, remaining relatively stable from the prior quarter, and net interest margin decreased 7 basis points, compared to second quarter 2025.
•Interest income on loans increased $8 million and reduced net interest margin by 1 basis point, reflecting the benefit of one additional day in the quarter and the impact of interest rate swaps, partially offset by a reduction in the benefit from BSBY cessation.
◦The benefit from BSBY cessation to net interest income decreased $4 million, while the benefit to net interest margin declined 2 basis points.
•Interest income on investment securities decreased $2 million due to a decline in securities balances with no impact to net interest margin.
•Interest income on short-term investments increased $9 million and improved net interest margin by 1 basis point, reflecting an increase in deposits with the Federal Reserve Bank.
•Interest expense on deposits increased $24 million and reduced net interest margin by 11 basis points, reflecting the impacts of higher pay rates on deposits, growth in interest-bearing deposit balances and one additional day in the quarter.
•Interest expense on debt decreased $8 million and improved net interest margin by 4 basis points, driven by decreases in both short-term borrowings and medium- and long-term debt.
The net impact of rates to third quarter 2025 net interest income and net interest margin compared to second quarter 2025 was a decrease of $13 million and 7 basis points, respectively. One additional day in third quarter 2025 benefited net interest income by $6 million.
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Credit Quality
“Our proven credit discipline and prudent underwriting continued to deliver results with net charge-offs of 25 basis points, still within the low end of our normal range," said Farmer. "Economic conditions modestly improved and migration remained manageable, driving a slight decline in our allowance for credit reserves to 1.43% of total loans. Provision expense declined, and migration remained in line with expectations with a small increase in nonperforming assets but a small decrease in criticized loans. We continue to feel our highly-regarded approach to credit positions us well to support our customers.”

(dollar amounts in millions) 3rd Qtr '25 2nd Qtr '25 3rd Qtr '24
Charge-offs $ 45  $ 31  $ 23 
Recoveries 13  3  12 
Net charge-offs
 32  28  11 
Net charge-offs/Average total loans
 0.25 % 0.22 % 0.08 %
Provision for credit losses $ 22  $ 44  $ 14 
Nonperforming loans 258  248  250 
Nonperforming assets (NPAs) 260  249  250 
NPAs/Total loans and foreclosed property 0.51 % 0.49 % 0.50 %
Loans past due 90 days or more and still accruing $ 14  $ 42  $ 21 
Allowance for loan losses 686  698  686 
Allowance for credit losses on lending-related commitments (a) 39  37  34 
Total allowance for credit losses 725  735  720 
Allowance for credit losses/Period-end total loans 1.43 % 1.44 % 1.43 %
Allowance for credit losses/Nonperforming loans 2.8x 3.0x 2.9x

(a)    Included in accrued expenses and other liabilities on the Consolidated Balance Sheets.
•The allowance for credit losses totaled $725 million at September 30, 2025, or 1.43% of total loans, reflecting the impact of a slightly improved economic forecast, relatively stable credit performance and continued uncertainty.
•Criticized loans decreased $88 million to $2.7 billion, or 5.2% of total loans. Criticized loans are generally consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities.
•Nonperforming assets increased $11 million to $260 million, or 0.51% of total loans and foreclosed property, compared to 0.49% in second quarter 2025.
•Net charge-offs totaled $32 million, compared to net charge-offs of $28 million in second quarter 2025.
Strategic Lines of Business
Comerica's operations are strategically aligned into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. In addition to the three major business segments, the Finance and Other categories include items not directly associated with the business segments. For a summary of business segment quarterly results, see the Business Segment Financial Results tables included later in this press release. From time to time, Comerica may make reclassifications among the segments to reflect management's current view of the segments, and methodologies may be modified as the management accounting system is enhanced and changes occur in the organizational structure and/or product lines. The financial results provided are based on the internal business unit structures of Comerica and methodologies in effect at September 30, 2025. A discussion of business segment results will be included in Comerica’s Form 10-Q for the quarter ended September 30, 2025.
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Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: the Commercial Bank, the Retail Bank and Wealth Management. Comerica, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on August 17, 1849, in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 15 states and services 13 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico.
This press release contains both financial measures based on accounting principles generally accepted in the United States (GAAP) and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding Comerica's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to the comparable GAAP financial measure, can be found in this press release or in the investor relations portions of Comerica’s website, www.comerica.com. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
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Forward-looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “achieve,” “anticipate,” “assume,” “believe,” “could,” “deliver,” “drive,” “enhance,” “estimate,” “expect,” “focus,” “future,” “goal,” “grow,” “guidance,” “intend,” “may,” “might,” “plan,” “position,” “potential,” “predict,” “project,” “opportunity,” “outlook,” “should,” “strategy,” “target,” “trajectory,” “trend,” “will,” “would,” and other similar words and expressions or the negative of such terms or other comparable terminology. Forward-looking statements include, but are not limited to, statements about our business strategy, goals and objectives, projected financial and operating results, including outlook for future growth, and future common share dividends, common share repurchases and other uses of capital. These statements are not historical facts, but instead represent our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control.
Comerica and Fifth Third’s actual results and financial condition may differ materially from those indicated in these forward-looking statements. Important factors that could cause Comerica’s and Fifth Third’s actual results, financial condition and predictions to differ materially from those indicated in such forward-looking statements include, in addition to those set forth in our and Fifth Third’s filings with the U.S. Securities and Exchange Commission (the “SEC”): (1) the risk that the cost savings and synergies from the merger of Comerica with Fifth Third (the “Transaction”) may not be fully realized or may take longer than anticipated to be realized; (2) the failure of the closing conditions in the merger agreement between Comerica and Fifth Third providing for the Transaction to be satisfied, or any unexpected delay in closing the Transaction or the occurrence of any event, change or other circumstances, including the impact and timing of any government shutdown, that could delay the Transaction or could give rise to the termination of the merger agreement; (3) the outcome of any legal or regulatory proceedings or governmental inquiries or investigations that may be currently pending or later instituted against Comerica, Fifth Third or the combined company; (4) the possibility that the Transaction does not close when expected or at all because required regulatory, stockholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed Transaction); (5) the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Comerica and Fifth Third operate; (6) disruption to the parties’ businesses as a result of the announcement and pendency of the Transaction; (7) the costs associated with the anticipated length of time of the pendency of the Transaction, including the restrictions contained in the definitive merger agreement on the ability of Comerica or Fifth Third to operate its business outside the ordinary course during the pendency of the Transaction; (8) risks related to management and oversight of the expanded business and operations of the combined company following the closing of the proposed Transaction; (9) the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party’s businesses into the other’s businesses; (10) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (11) reputational risk and potential adverse reactions of Comerica or Fifth Third customers, employees, vendors, contractors or other business partners, including those resulting from the announcement or completion of the Transaction; (12) the dilution caused by Fifth Third’s issuance of additional shares of its common stock in connection with the Transaction; (13) a material adverse change in the condition of Comerica or Fifth Third; (14) the extent to which Comerica’s or Fifth Third’s businesses perform consistent with management’s expectations; (15) Comerica’s and Fifth Third’s ability to take advantage of growth opportunities and implement targeted initiatives in the timeframe and on the terms currently expected; (16) the inability to sustain revenue and earnings growth; (17) the execution and efficacy of recent strategic investments; (18) the timing and impact of Comerica’s Direct Express transition; (19) the impact of macroeconomic factors, such as changes in general economic conditions and monetary and fiscal policy, particularly on interest rates; (20) changes in customer behavior; (21) unfavorable developments concerning credit quality; (22) declines in the businesses or industries of Comerica’s or Fifth Third’s customers; (23) the possibility that the combined company is subject to additional regulatory requirements as a result of the proposed Transaction of expansion of the combined company’s business operations following the proposed Transaction; (24) general competitive, political and market conditions and other factors that may affect future results of Comerica and Fifth Third including changes in asset quality and credit risk; (25) security risks, including cybersecurity and data privacy risks, and capital markets; (26) inflation; (27) the impact, extent and timing of technological changes; (28) capital management activities; (29) competitive product and pricing
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pressures; (30) the outcomes of legal and regulatory proceedings and related financial services industry matters; and (31) compliance with regulatory requirements. Any forward-looking statement made in this press release is based solely on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except to the extent required by law. These and other important factors, including those discussed under “Risk Factors” in Comerica’s Annual Report on Form 10-K for the year ended December 31, 2024 (available at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000028412/000002841225000108/cma-20241231.htm), and in Fifth Third’s Annual Report on Form 10-K for the year ended December 31, 2024 (available at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000035527/000003552725000079/fitb-20241231.htm), as well as Comerica’s and Fifth Third’s subsequent filings with the SEC, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, Comerica and Fifth Third disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Media Contacts: Investor Contacts:
Nicole Hogan Kelly Gage
(214) 462-6657 (833) 571-0486
Louis H. Mora Lindsey Baird
(214) 462-6669 (833) 571-0486
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CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
Comerica Incorporated and Subsidiaries
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,
(in millions, except per share data) 2025 2025 2024 2025 2024
PER COMMON SHARE AND COMMON STOCK DATA
Diluted earnings per common share $ 1.35  $ 1.42  $ 1.33  $ 4.01  $ 3.80 
Cash dividends declared 0.71  0.71  0.71  2.13  2.13 
Average diluted shares (in thousands) 129,802  131,731  134,039  131,406  133,727 
PERFORMANCE RATIOS
Return on average common shareholders' equity 10.20  % 11.35  % 10.88  % 10.71  % 11.58  %
Return on average assets 0.89  1.03  0.92  0.94  0.87 
Efficiency ratio (a) 70.23  65.78  68.80  68.74  71.08 
CAPITAL
Common equity tier 1 capital (b), (c) $ 8,657  $ 8,718  $ 8,683 
Tier 1 capital (b), (c) 9,049  8,718  9,077 
Risk-weighted assets (b) 72,757  72,721  72,583 
Common equity tier 1 capital ratio (b), (c) 11.90  % 11.99  % 11.96  %
Tier 1 capital ratio (b), (c) 12.44  11.99  12.51 
Total capital ratio (b) 14.12  13.79  14.29 
Leverage ratio (b) 11.23  10.90  10.98 
Common shareholders' equity per share of common stock $ 55.15  $ 52.90  $ 52.52 
Tangible common equity per share of common stock (c) 50.14  47.96  47.69 
Common equity ratio 9.09  % 8.80  % 8.75  %
Tangible common equity ratio (c) 8.34  8.04  8.01 
AVERAGE BALANCES
Commercial loans $ 26,500  $ 26,441  $ 26,173  $ 26,352  $ 26,305 
Real estate construction loans 2,900  3,499  4,205  3,291  4,642 
Commercial mortgage loans 15,283  14,722  14,494  14,914  14,104 
Lease financing 776  737  804  747  804 
International loans 1,115  1,066  1,036  1,062  1,096 
Residential mortgage loans 1,954  1,948  1,905  1,941  1,895 
Consumer loans 2,227  2,252  2,244  2,240  2,254 
Total loans 50,755  50,665  50,861  50,547  51,100 
Earning assets 71,220  70,343  73,103  70,650  73,578 
Total assets 78,276  77,543  80,231  77,795  81,016 
Noninterest-bearing deposits 22,923  23,107  24,357  23,167  25,371 
Interest-bearing deposits 39,812  38,139  39,539  38,795  38,716 
Total deposits 62,735  61,246  63,896  61,962  64,087 
Common shareholders' equity 6,841  6,633  6,546  6,616  5,898 
Total shareholders' equity 7,058  6,936  6,940  6,920  6,293 
NET INTEREST INCOME
Net interest income $ 574  $ 575  $ 534  $ 1,724  $ 1,615 
Net interest margin 3.09  % 3.16  % 2.80  % 3.14  % 2.82  %
CREDIT QUALITY
Nonperforming assets $ 260  $ 249  $ 250 
Loans past due 90 days or more and still accruing 14  42  21 
Net charge-offs 32  28  11  $ 86  $ 36 
Allowance for loan losses 686  698  686 
Allowance for credit losses on lending-related commitments 39  37  34 
Total allowance for credit losses 725  735  720 
Allowance for credit losses as a percentage of total loans 1.43  % 1.44  % 1.43  %
Net loan charge-offs as a percentage of average total loans 0.25  0.22  0.08  0.23  % 0.09  %
Nonperforming assets as a percentage of total loans and foreclosed property
 0.51  0.49  0.50 
Allowance for credit losses as a multiple of total nonperforming loans 2.8x 3.0x 2.9x
OTHER KEY INFORMATION
Number of banking centers 353  354  380 
Number of employees - full time equivalent 7,927  7,963  7,666 
(a)    Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants.
(b)    September 30, 2025 ratios are estimated.
(c)    See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios.
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 CONSOLIDATED BALANCE SHEETS
 Comerica Incorporated and Subsidiaries
September 30, June 30, December 31, September 30,
(in millions, except share data) 2025 2025 2024 2024
(unaudited) (unaudited) (unaudited)
ASSETS
Cash and due from banks $ 986  $ 1,239  $ 850  $ 870
Interest-bearing deposits with banks 4,053  4,049  5,954  5,523
Other short-term investments 325  334  375  364
Investment securities available-for-sale 14,816  14,874  15,045  15,886
Commercial loans 26,755  26,848  26,492  25,953
Real estate construction loans 2,849  3,558  3,680  3,859
Commercial mortgage loans 15,190  14,725  14,493  14,774
Lease financing 782  754  722  767
International loans 1,116  1,112  952  1,003
Residential mortgage loans 1,938  1,954  1,929  1,901
Consumer loans 2,256  2,228  2,271  2,260
Total loans 50,886  51,179  50,539  50,517
Allowance for loan losses (686) (698) (690) (686)
Net loans 50,200  50,481  49,849  49,831
Premises and equipment 432  436  473  476
Accrued income and other assets 6,564  6,575  6,751  6,713
Total assets $ 77,376  $ 77,988  $ 79,297  $ 79,663
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $ 22,581  $ 22,697  $ 24,425  $ 23,819
Money market and interest-bearing checking deposits 33,839  31,397  32,714  31,469
Savings deposits 2,014  2,094  2,138  2,155
Customer certificates of deposit 3,424  3,111  3,450  3,592
Other time deposits 707  688  1,052  2,017
Foreign office time deposits 31  16  32  25
Total interest-bearing deposits 40,015  37,306  39,386  39,258
Total deposits 62,596  60,003  63,811  63,077
Short-term borrowings —  2,925  —  —
Accrued expenses and other liabilities 1,929  2,438  2,270  2,434
Medium- and long-term debt 5,422  5,762  6,673  6,786
Total liabilities 69,947  71,128  72,754  72,297
Preferred stock - no par value:
Authorized - 10,000,000 shares
Issued and outstanding - 400,000 shares at 9/30/25 and 4,000 shares at 6/30/25 (a), 12/31/24 and 9/30/24
 392  —  394  394
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares
 1,141  1,141  1,141  1,141
Capital surplus 2,197  2,199  2,218  2,217
Accumulated other comprehensive loss (2,261) (2,499) (3,161) (2,355)
Retained earnings 12,268  12,185  12,017  11,949
Less cost of common stock in treasury - 100,575,744 shares at 9/30/25, 98,488,066 shares at 6/30/25, 96,755,368 shares at 12/31/24, 95,441,515 shares at 9/30/24
 (6,308) (6,166) (6,066) (5,980)
Total shareholders' equity 7,429  6,860  6,543  7,366
Total liabilities and shareholders' equity $ 77,376  $ 77,988  $ 79,297  $ 79,663
(a) Delivered a notice of redemption on June 10, 2025 notifying holders of the 4,000 outstanding shares of Series A Preferred Stock and corresponding depositary shares that all such shares would be redeemed, effective July 1, 2025, which resulted in a $400 million reclassification from shareholders’ equity to other liabilities at June 30, 2025.
9

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Comerica Incorporated and Subsidiaries
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions, except per share data) 2025 2024 2025 2024
(unaudited) (unaudited) (unaudited) (unaudited)
INTEREST INCOME
Interest and fees on loans $ 779  $ 798  $ 2,309  $ 2,409 
Interest on investment securities 105  99  321  302 
Interest on short-term investments 62  85  171  261 
Total interest income 946  982  2,801  2,972 
INTEREST EXPENSE
Interest on deposits 280  330  788  952 
Interest on short-term borrowings 11  1  28  47 
Interest on medium- and long-term debt 81  117  261  358 
Total interest expense 372  448  1,077  1,357 
Net interest income 574  534  1,724  1,615 
Provision for credit losses 22  14  86  28 
Net interest income after provision for credit losses 552  520  1,638  1,587 
NONINTEREST INCOME
Card fees 57  64  175  194 
Fiduciary income 51  57  160  166 
Service charges on deposit accounts 47  46  140  137 
Capital markets income 37  39  110  106 
Commercial lending fees 17  17  50  50 
Brokerage fees 14  13  42  37 
Bank-owned life insurance 13  12  31  33 
Letter of credit fees 10  10  31  30 
Risk management hedging income (loss) 4  7  16  (1)
Other noninterest income 14  12  37  52 
Total noninterest income 264  277  792  804 
NONINTEREST EXPENSES
Salaries and benefits expense 353  335  1,079  1,006 
Outside processing fee expense 69  69  200  205 
Software expense 50  46  146  135 
Occupancy expense 48  46  140  134 
Equipment expense 13  13  39  38 
FDIC insurance expense 10  11  35  66 
Advertising expense 10  10  29  30 
Other noninterest expenses 36  32  66  106 
Total noninterest expenses 589  562  1,734  1,720 
Income before income taxes 227  235  696  671 
Provision for income taxes 51  51  149  143 
NET INCOME 176  184  547  528 
Less:
Income allocated to participating securities 1  1  3  3 
Preferred stock dividends and other —  6  17  17 
Net income attributable to common shares $ 175  $ 177  $ 527  $ 508 
Earnings per common share:
Basic $ 1.36  $ 1.34  $ 4.05  $ 3.83 
Diluted 1.35  1.33  4.01  3.80 
Comprehensive income 414  1,292  1,447  1,221 
Cash dividends declared on common stock 91  94  277  283 
Cash dividends declared per common share 0.71  0.71  2.13  2.13 
10

CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Third Second First Fourth Third Third Quarter 2025 Compared to:
Quarter Quarter Quarter Quarter Quarter Second Quarter 2025 Third Quarter 2024
(in millions, except per share data) 2025 2025 2025 2024 2024  Amount Percent Amount Percent
INTEREST INCOME
Interest and fees on loans $ 779  $ 771  $ 759  $ 795  $ 798  $ 8  1  % $ (19) (2 %)
Interest on investment securities 105  107  109  100  99  (2) (2) 6  6 
Interest on short-term investments 62  53  56  72  85  9  18 (23) (26)
Total interest income 946  931  924  967  982  15  2  (36) (4)
INTEREST EXPENSE
Interest on deposits 280  256  252  286  330  24  9  (50) (15)
Interest on short-term borrowings 11  15  2  1  1  (4) (24) 10  n/m
Interest on medium- and long-term debt 81  85  95  105  117  (4) (4) (36) (31)
Total interest expense 372  356  349  392  448  16  5  (76) (17)
Net interest income 574  575  575  575  534  (1) —  40  8 
Provision for credit losses 22  44  20  21  14  (22) (50) 8  53
Net interest income after provision
for credit losses
 552  531  555  554  520  21  4  32  6 
NONINTEREST INCOME
Card fees 57  59  59  62  64  (2) (4) (7) (11)
Fiduciary income 51  57  52  54  57  (6) (10) (6) (10)
Service charges on deposit accounts 47  47  46  47  46  —  —  1  3 
Capital markets income 37  42  31  36  39  (5) (12) (2) (5)
Commercial lending fees 17  17  16  18  17  —  —  —  — 
Brokerage fees 14  14  14  14  13  —  —  1  5 
Bank-owned life insurance 13  9  9  11  12  4  39  1  8 
Letter of credit fees
 10  10  11  10  10  —  —  —  — 
Risk management hedging income 4  5  7  9  7  (1) (18) (3) (49)
Net losses on debt securities —  —  —  (19) —  —  —  —  — 
Other noninterest income 14  14  9  8  12  —  —  2  21 
Total noninterest income 264  274  254  250  277  (10) (3) (13) (5)
NONINTEREST EXPENSES
Salaries and benefits expense 353  358  368  346  335  (5) (2) 18  5 
Outside processing fee expense 69  67  64  68  69  2  3  —  — 
Software expense
 50  48  48  46  46  2  4  4  10 
Occupancy expense
 48  46  46  47  46  2  4  2  4 
Equipment expense 13  13  13  14  13  —  —  —  — 
FDIC insurance expense 10  11  14  10  11  (1) (11) (1) (1)
Advertising expense 10  11  8  11  10  (1) 2  —  — 
Other noninterest expenses 36  7  23  45  32  29  n/m 4  15 
Total noninterest expenses 589  561  584  587  562  28  5  27  5 
Income before income taxes 227  244  225  217  235  (17) (7) (8) (4)
Provision for income taxes 51  45  53  47  51  6  15  —  — 
NET INCOME 176  199  172  170  184  (23) (12) (8) (5)
Less:
Income allocated to participating securities 1  1  1  1  1  —  —  —  — 
Preferred stock dividends and other —  11  6  6  6  (11) n/m (6) n/m
Net income attributable to common shares $ 175  $ 187  $ 165  $ 163  $ 177  $ (12) (6 %) $ (2) (2 %)
Earnings per common share:
Basic $ 1.36  $ 1.43  $ 1.26  $ 1.23  $ 1.34  $ (0.07) (5 %) $ 0.02  1  %
Diluted 1.35  1.42  1.25  1.22  1.33  (0.07) (5) 0.02  2
Comprehensive income (loss) 414  395  638  (636) 1,292  19  5  (878) (68)
Cash dividends declared on common stock 91  93  93  93  94  (2) (2) (3) (4)
Cash dividends declared per common share 0.71  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
2025 2024
(in millions) 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
Balance at beginning of period:
Allowance for loan losses $ 698  $ 683  $ 690  $ 686  $ 686 
Allowance for credit losses on lending-related commitments 37  36  35  34  31 
Allowance for credit losses 735  719  725  720  717 
Loan charge-offs:
Commercial 43  27  17  22  11 
Real estate construction —  —  7  —  — 
Commercial mortgage 1  2  7  —  10 
Lease financing —  1  —  —  1 
International —  —  —  —  1 
Consumer 1  1  1  1  — 
Total loan charge-offs 45  31  32  23  23 
Recoveries on loans previously charged-off:
Commercial 11  1  5  5  6 
Commercial mortgage 1  —  1  1  1 
International 1  —  —  1  5 
Consumer —  2  —  —  — 
Total recoveries 13  3  6  7  12 
Net loan charge-offs 32  28  26  16  11 
Provision for credit losses:
Provision for loan losses 20  43  19  20  11 
Provision for credit losses on lending-related commitments 2  1  1  1  3 
Provision for credit losses 22  44  20  21  14 
Balance at end of period:
Allowance for loan losses 686  698  683  690  686 
Allowance for credit losses on lending-related commitments 39  37  36  35  34 
Allowance for credit losses $ 725  $ 735  $ 719  $ 725  $ 720 
Allowance for credit losses as a percentage of total loans 1.43  % 1.44  % 1.44  % 1.44  % 1.43  %
Net loan charge-offs as a percentage of average total loans 0.25  0.22  0.21  0.13  0.08 
    




12

NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
2025 2024
(in millions) 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonperforming loans:
Business loans:
Commercial $ 116  $ 99  $ 108  $ 125  $ 97 
Real estate construction 12  11  20  —  — 
Commercial mortgage 67  68  110  118  88 
Lease financing —  —  1  1  1 
International —  —  —  —  3 
Total nonperforming business loans 195  178  239  244  189 
Retail loans:
Residential mortgage 34  42  35  37  36 
Consumer:
Home equity 29  28  27  27  25 
Total nonperforming retail loans 63  70  62  64  61 
Total nonperforming loans 258  248  301  308  250 
Foreclosed property 2  1  —  —  — 
Total nonperforming assets $ 260  $ 249  $ 301  $ 308  $ 250 
Nonperforming loans as a percentage of total loans 0.51  % 0.48  % 0.60  % 0.61  % 0.50  %
Nonperforming assets as a percentage of total loans and foreclosed property
 0.51  0.49  0.60  0.61  0.50 
Allowance for credit losses as a multiple of total nonperforming loans 2.8x 3.0x 2.4x 2.4x 2.9x
Loans past due 90 days or more and still accruing $ 14  $ 42  $ 12  $ 44  $ 21 
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period $ 248  $ 301  $ 308  $ 250  $ 226 
Loans transferred to nonaccrual (a) 55  19  43  97  55 
Nonaccrual loan gross charge-offs (45) (31) (32) (23) (23)
Loans transferred to accrual status (a) (8) —  —  (5) — 
Nonaccrual loans sold (17) —  (1) (1) (14)
Payments/other (b) 25  (41) (17) (10) 6 
Nonaccrual loans at end of period $ 258  $ 248  $ 301  $ 308  $ 250 
(a)Based on an analysis of nonaccrual loans with book balances greater than $2 million.
(b)Includes net changes related to nonaccrual loans with balances less than or equal to $2 million, payments on nonaccrual loans with book balances greater than $2 million and transfers of nonaccrual loans to foreclosed property.

13

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Nine Months Ended
September 30, 2025 September 30, 2024
Average Average Average Average
(dollar amounts in millions) Balance Interest Rate Balance Interest Rate
Commercial loans (a) $ 26,352  $ 1,117  5.67  % $ 26,305  $ 1,035  5.26  %
Real estate construction loans 3,291  185  7.53  4,642  292  8.41 
Commercial mortgage loans 14,914  739  6.62  14,104  788  7.46 
Lease financing 747  32  5.79  804  37  6.14 
International loans 1,062  52  6.60  1,096  64  7.85 
Residential mortgage loans 1,941  60  4.13  1,895  55  3.84 
Consumer loans 2,240  124  7.37  2,254  138  8.20 
Total loans 50,547  2,309  6.11  51,100  2,409  6.30 
Mortgage-backed securities (b) 13,552  281  2.32  14,560  298  2.29 
U.S. Treasury securities (c) 1,283  40  4.19  1,425  4  0.38 
Total investment securities 14,835  321  2.46  15,985  302  2.14 
Interest-bearing deposits with banks (d) 4,926  163  4.35  6,112  250  5.45 
Other short-term investments 342  8  3.30  381  11  3.94 
Total earning assets 70,650  2,801  5.11  73,578  2,972  5.19 
Cash and due from banks 761  711 
Allowance for loan losses (690) (688)
Accrued income and other assets 7,074  7,415 
Total assets $ 77,795  $ 81,016 
Money market and interest-bearing checking deposits (e) $ 32,584  682  2.79  $ 29,585  724  3.26 
Savings deposits 2,100  3  0.17  2,277  4  0.21 
Customer certificates of deposit 3,210  69  2.86  3,797  103  3.61 
Other time deposits 877  34  5.12  3,035  120  5.30 
Foreign office time deposits 24  —  3.62  22  1  4.39 
Total interest-bearing deposits 38,795  788  2.71  38,716  952  3.28 
Federal funds purchased 220  7  4.38  9  —  5.39 
Other short-term borrowings 628  21  4.47  1,095  47  5.65 
Medium- and long-term debt 5,910  261  5.89  6,944  358  6.87 
Total interest-bearing sources 45,553  1,077  3.15  46,764  1,357  3.86 
Noninterest-bearing deposits 23,167  25,371 
Accrued expenses and other liabilities 2,155  2,588 
Shareholders' equity 6,920  6,293 
Total liabilities and shareholders' equity $ 77,795  $ 81,016 
Net interest income/rate spread $ 1,724  1.96  $ 1,615  1.33 
Impact of net noninterest-bearing sources of funds 1.18  1.49 
Net interest margin (as a percentage of average earning assets) 3.14  % 2.82  %
(a)Interest income on commercial loans included net expense from cash flow swaps of $246 million and $522 million for the nine months ended September 30, 2025 and 2024, respectively.
(b)Average balances included $2.6 billion and $2.8 billion of unrealized losses for the nine months ended September 30, 2025 and 2024, respectively; yields calculated gross of these unrealized losses.
(c)Average balances included $3 million of unrealized gains and $55 million of unrealized losses for the nine months ended September 30, 2025 and 2024, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances excluded $10 million and included $2 million of collateral posted and netted against derivative liability positions for the nine months ended September 30, 2025 and 2024, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $79 million and $108 million of collateral received and netted against derivative asset positions for the nine months ended September 30, 2025 and 2024, respectively; rates calculated gross of derivative netting amounts.
14

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Three Months Ended
September 30, 2025 June 30, 2025 September 30, 2024
Average Average Average Average Average Average
(dollar amounts in millions) Balance Interest Rate Balance Interest Rate Balance Interest Rate
Commercial loans (a) $ 26,500  $ 377  5.63  % $ 26,441  $ 372  5.65  % $ 26,173  $ 341  5.18  %
Real estate construction loans 2,900  55  7.60  3,499  66  7.51  4,205  89  8.43 
Commercial mortgage loans 15,283  256  6.64  14,722  243  6.63  14,494  272  7.44 
Lease financing 776  11  5.87  737  11  5.82  804  12  6.10 
International loans 1,115  18  6.56  1,066  18  6.59  1,036  20  7.73 
Residential mortgage loans 1,954  20  4.19  1,948  20  4.11  1,905  19  3.94 
Consumer loans 2,227  42  7.33  2,252  41  7.40  2,244  45  8.04 
Total loans 50,755  779  6.09  50,665  771  6.10  50,861  798  6.24 
Mortgage-backed securities (b) 13,430  92  2.31  13,525  94  2.32  14,608  98  2.29 
U.S. Treasury securities (c) 1,280  13  4.20  1,289  13  4.18  1,272  1  0.50 
Total investment securities 14,710  105  2.45  14,814  107  2.46  15,880  99  2.17 
Interest-bearing deposits with banks (d) 5,428  60  4.32  4,540  50  4.37  5,969  81  5.32 
Other short-term investments 327  2  3.17  324  3  3.34  393  4  3.83 
Total earning assets 71,220  946  5.10  70,343  931  5.11  73,103  982  5.17 
Cash and due from banks 784  766  593 
Allowance for loan losses (698) (683) (686)
Accrued income and other assets 6,970  7,117  7,221 
Total assets $ 78,276  $ 77,543  $ 80,231 
Money market and interest-bearing checking deposits (e) $ 33,969  249  2.90  $ 31,849  220  2.77  $ 30,960  260  3.34 
Savings deposits 2,051  1  0.20  2,112  1  0.16  2,194  1  0.19 
Customer certificates of deposit 3,274  24  2.89  3,074  21  2.75  3,625  31  3.39 
Other time deposits 504  6  4.61  1,080  14  5.13  2,739  37  5.35 
Foreign office time deposits 14  —  3.12  24  —  3.68  21  1  4.38 
Total interest-bearing deposits 39,812  280  2.78  38,139  256  2.69  39,539  330  3.31 
Federal funds purchased 99  1  4.23  377  4  4.41  —  —  — 
Other short-term borrowings 908  10  4.48  964  11  4.45  77  1  5.65 
Medium- and long-term debt 5,512  81  5.93  5,740  85  5.92  6,849  117  6.87 
Total interest-bearing sources 46,331  372  3.19  45,220  356  3.15  46,465  448  3.84 
Noninterest-bearing deposits 22,923  23,107  24,357 
Accrued expenses and other liabilities 1,964  2,280  2,469 
Shareholders' equity 7,058  6,936  6,940 
Total liabilities and shareholders' equity $ 78,276  $ 77,543  $ 80,231 
Net interest income/rate spread $ 574  1.91  $ 575  1.96  $ 534  1.33 
Impact of net noninterest-bearing sources of funds 1.18  1.20  1.47 
Net interest margin (as a percentage of average earning assets) 3.09  % 3.16  % 2.80  %
(a)Interest income on commercial loans included net expense from cash flow swaps of $85 million, $83 million and $178 million for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively.
(b)Average balances included $2.4 billion, $2.6 billion and $2.4 billion of unrealized losses for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively; yields calculated gross of these unrealized losses.
(c)Average balances included $5 million of unrealized gains, $4 million of unrealized gains and $38 million of unrealized losses for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances excluded $10 million, excluded $18 million and included $13 million of collateral posted and netted against derivative liability positions for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $72 million, $96 million and $72 million of collateral received and netted against derivative asset positions for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively; rates calculated gross of derivative netting amounts.

15

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
Comerica Incorporated and Subsidiaries
Accumulated Other Comprehensive Loss
Nonredeemable Preferred Stock Common Stock Total Shareholders' Equity
Shares Outstanding Amount Capital Surplus Retained Earnings Treasury Stock
(in millions, except per share data)
BALANCE AT JUNE 30, 2024 $ 394  132.6  $ 1,141  $ 2,210  $ (3,463) $ 11,867  $ (5,988) $ 6,161
Net income —  —  —  —  —  184  —  184
Other comprehensive income, net of tax —  —  —  —  1,108  —  —  1,108
Cash dividends declared on common stock ($0.71 per share) —  —  —  —  —  (94) —  (94)
Cash dividends declared on preferred stock —  —  —  —  —  (6) —  (6)
Net issuance of common stock under employee stock plans —  0.1  —  (2) —  (2) 8  4
Share-based compensation —  —  —  9  —  —  —  9
BALANCE AT SEPTEMBER 30, 2024 $ 394  132.7  $ 1,141  $ 2,217  $ (2,355) $ 11,949  $ (5,980) $ 7,366
BALANCE AT JUNE 30, 2025 $ —  129.7  $ 1,141  $ 2,199  $ (2,499) $ 12,185  $ (6,166) $ 6,860
Net income —  —  —  —  —  176  —  176
Other comprehensive income, net of tax —  —  —  —  238  —  —  238
Cash dividends declared on common stock ($0.71 per share) —  —  —  —  —  (91) —  (91)
Purchase of common stock —  (2.2) —  (1) —  —  (150) (151)
Issuance of preferred stock 392  —  —  —  —  —  —  392
Net issuance of common stock under employee stock plans —  0.1  —  (2) —  (2) 8  4
Share-based compensation —  —  —  1  —  —  —  1
BALANCE AT SEPTEMBER 30, 2025 $ 392  127.6  $ 1,141  $ 2,197  $ (2,261) $ 12,268  $ (6,308) $ 7,429
BALANCE AT DECEMBER 31, 2023 $ 394  131.9  $ 1,141  $ 2,224  $ (3,048) $ 11,727  $ (6,032) $ 6,406
Cumulative effect of change in accounting principle (a) —  —  —  —  —  (4) —  (4)
Net income —  —  —  —  —  528  —  528
Other comprehensive income, net of tax —  —  —  —  693  —  —  693
Cash dividends declared on common stock ($2.13 per share) —  —  —  —  —  (283) —  (283)
Cash dividends declared on preferred stock —  —  —  —  —  (17) —  (17)
Net issuance of common stock under employee stock plans —  0.8  —  (52) —  (2) 52  (2)
Share-based compensation —  —  —  45  —  —  —  45
BALANCE AT SEPTEMBER 30, 2024 $ 394  132.7  $ 1,141  $ 2,217  $ (2,355) $ 11,949  $ (5,980) $ 7,366
BALANCE AT DECEMBER 31, 2024 $ 394  131.4  $ 1,141  $ 2,218  $ (3,161) $ 12,017  $ (6,066) $ 6,543
Net income —  —  —  —  —  547  —  547
Other comprehensive income, net of tax —  —  —  —  900  —  —  900
Cash dividends declared on common stock ($2.13 per share) —  —  —  —  —  (277) —  (277)
Cash dividends declared on preferred stock —  —  —  —  —  (11) —  (11)
Purchase of common stock —  (4.7) —  (2) —  —  (300) (302)
Issuance of preferred stock 392  —  —  —  —  —  —  392
Redemption of preferred stock (394) —  —  —  —  (6) —  (400)
Net issuance of common stock under employee stock plans —  0.9  —  (55) —  (2) 58  1
Share-based compensation —  —  —  36  —  —  —  36
BALANCE AT SEPTEMBER 30, 2025 $ 392  127.6  $ 1,141  $ 2,197  $ (2,261) $ 12,268  $ (6,308) $ 7,429
(a)Effective January 1, 2024, the Corporation adopted ASU 2023-02, which expanded the permitted use of the proportional amortization method to certain tax credit investments.







16

 BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
 Comerica Incorporated and Subsidiaries
(dollar amounts in millions) Commercial Bank Retail Bank Wealth Management Finance Other Total
Three Months Ended September 30, 2025
Earnings summary:
Net interest income (expense) $ 453  $ 240  $ 50  $ (209) $ 40  $ 574 
Provision for credit losses 14  2  6  —  —  22 
Noninterest income 143  28  69  20  4  264 
Noninterest expenses 275  172  98  —  44  589 
Provision (benefit) for income taxes 72  23  4  (47) (1) 51 
Net income (loss) $ 235  $ 71  $ 11  $ (142) $ 1  $ 176 
Net charge-offs $ 29  $ 1  $ 2  $ —  $ —  $ 32 
Selected average balances:
Assets $ 45,314  $ 3,058  $ 5,311  $ 16,955  $ 7,638  $ 78,276 
Loans 43,141  2,421  5,184  —  9  50,755 
Deposits 34,159  23,321  3,860  1,134  261  62,735 
Commercial Bank Retail Bank Wealth Management Finance Other Total
Three Months Ended June 30, 2025
Earnings summary:
Net interest income (expense) $ 453  $ 245  $ 47  $ (211) $ 41  $ 575 
Provision for credit losses 48  (2) (1) —  (1) 44 
Noninterest income 149  26  76  17  6  274 
Noninterest expenses 252  167  85  1  56  561 
Provision (benefit) for income taxes 59  24  9  (47) —  45 
Net income (loss) $ 243  $ 82  $ 30  $ (148) $ (8) $ 199 
Net charge-offs $ 25  $ 3  $ —  $ —  $ —  $ 28 
Selected average balances:
Assets $ 45,375  $ 3,062  $ 5,241  $ 17,113  $ 6,752  $ 77,543 
Loans 43,146  2,409  5,104  —  6  50,665 
Deposits 32,272  23,443  3,576  1,666  289  61,246 
Commercial Bank Retail Bank Wealth Management Finance Other Total
Three Months Ended September 30, 2024
Earnings summary:
Net interest income (expense) $ 464  $ 205  $ 46  $ (220) $ 39  $ 534 
Provision for credit losses 6  4  3  —  1  14 
Noninterest income 149  24  73  26  5  277 
Noninterest expenses 252  175  90  1  44  562 
Provision (benefit) for income taxes 83  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 
Deposits 32,261  24,224  3,844  3,300  267  63,896 

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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND REGULATORY RATIOS (unaudited)
Comerica Incorporated and Subsidiaries
Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends. Common equity tier 1 capital ratio removes preferred stock from the Tier 1 capital ratio as defined by and calculated in conformity with bank regulations. Tangible common equity is used by Comerica to measure the quality of capital and the return relative to balance sheet risk. The tangible common equity ratio removes the effect of intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders' equity per share of common stock.
September 30, June 30, September 30,
(in millions, except share data) 2025 2025 2024
Common Equity Tier 1 Capital (a):
Tier 1 capital $ 9,049  $ 8,718  $ 9,077 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock 392  —  394 
Common equity tier 1 capital $ 8,657  $ 8,718  $ 8,683 
Risk-weighted assets $ 72,757  $ 72,721  $ 72,583 
Tier 1 capital ratio 12.44  % 11.99  % 12.51  %
Common equity tier 1 capital ratio 11.90 11.99 11.96
Tangible Common Equity:
Total shareholders' equity $ 7,429  $ 6,860  $ 7,366 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock 392  —  394 
Common shareholders' equity $ 7,037  $ 6,860  $ 6,972 
Less:
Goodwill 635  635  635 
Other intangible assets 5  5  6 
Tangible common equity $ 6,397  $ 6,220  $ 6,331 
Total assets $ 77,376  $ 77,988  $ 79,663 
Less:
Goodwill 635  635  635 
Other intangible assets 5  5  6 
Tangible assets $ 76,736  $ 77,348  $ 79,022 
Common equity ratio 9.09  % 8.80  % 8.75  %
Tangible common equity ratio 8.34  8.04  8.01 
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity $ 7,037  $ 6,860  $ 6,972 
Tangible common equity 6,397  6,220  6,331 
Shares of common stock outstanding (in millions) 128  130  133 
Common shareholders' equity per share of common stock $ 55.15  $ 52.90  $ 52.52 
Tangible common equity per share of common stock 50.14  47.96  47.69 
(a)September 30, 2025 ratios are estimated.

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