# EDGAR Filing Document

**Accession Number:** 0000028412
**File Stem:** 0000028412-25-000230
**Filing Date:** 2025-10
**Character Count:** 74987
**Document Hash:** d0d1843794bb15c57670314402000ee4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000028412-25-000230.hdr.sgml**: 20251017

**ACCESSION NUMBER**: 0000028412-25-000230

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251017

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251017

**DATE AS OF CHANGE**: 20251017

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMERICA INC
- **CENTRAL INDEX KEY:** 0000028412
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000006021
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10706
- **FILM NUMBER:** 251398858

**BUSINESS ADDRESS:**
- **STREET 1:** 1717 MAIN STREET MC6404
- **STREET 2:** ATTN: KELLY GAGE
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 833-571-0486

**MAIL ADDRESS:**
- **STREET 1:** 1717 MAIN STREET MC6404
- **STREET 2:** ATTN: KELLY GAGE
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMERICA INC /NEW/
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DETROITBANK CORP
- **DATE OF NAME CHANGE:** 19850311

?xml version='1.0' encoding='ASCII'? cma-20251017

**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** 

--------------------------------------------------------------------

(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 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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐

------

**ITEM 2.02&nbsp;&nbsp;&nbsp;&nbsp;RESULTS OF OPERATIONS AND FINANCIAL CONDITION.** 

&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;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**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL STATEMENTS AND EXHIBITS.**

&nbsp;&nbsp;&nbsp;&nbsp;**(d) Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1 Press Release dated October 17, 2025](a2025q3pressrelease-ex991.htm)</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMERICA INCORPORATED**

---

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

---

Date: October 17, 2025

## Exhibit 99.1

![logo.jpg](logo.jpg)

**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 | 50755 | 50665 | 50861 |
| Average deposits | 62735 | 61246 | 63896 |
| 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 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.

------

**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: |  |  |  |
| &nbsp;&nbsp;&nbsp;Total earning assets | $71220 | $70343 | $73103 |
| &nbsp;&nbsp;&nbsp;Total loans | 50755 | 50665 | 50861 |
| &nbsp;&nbsp;&nbsp;Total investment securities | 14710 | 14814 | 15880 |
| &nbsp;&nbsp;&nbsp;Federal Reserve Bank deposits | 5282 | 4401 | 5789 |
| &nbsp;&nbsp;&nbsp;Total deposits | 62735 | 61246 | 63896 |
| &nbsp;&nbsp;&nbsp;Total noninterest-bearing deposits | 22923 | 23107 | 24357 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | 1007 | 1341 | 77 |
| &nbsp;&nbsp;&nbsp;Medium- and long-term debt | 5512 | 5740 | 6849 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 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.

------

**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 |
| &nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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.

------

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.

------

**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* 

------

*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)** | **CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)** | **CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)** | **CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)** | | |
| *Comerica Incorporated and Subsidiaries* |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **June 30,** | **September 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) | 129802 | 131731 | 134039 | 131406 | 133727 |
| **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) | $8657 | $8718 | $8683 |  |  |
| Tier 1 capital (b), (c) | 9049 | 8718 | 9077 |  |  |
| Risk-weighted assets (b) | 72757 | 72721 | 72583 |  |  |
| 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 | $26500 | $26441 | $26173 | $26352 | $26305 |
| Real estate construction loans | 2900 | 3499 | 4205 | 3291 | 4642 |
| Commercial mortgage loans | 15283 | 14722 | 14494 | 14914 | 14104 |
| Lease financing | 776 | 737 | 804 | 747 | 804 |
| International loans | 1115 | 1066 | 1036 | 1062 | 1096 |
| Residential mortgage loans | 1954 | 1948 | 1905 | 1941 | 1895 |
| Consumer loans | 2227 | 2252 | 2244 | 2240 | 2254 |
| Total loans | 50755 | 50665 | 50861 | 50547 | 51100 |
| Earning assets | 71220 | 70343 | 73103 | 70650 | 73578 |
| Total assets | 78276 | 77543 | 80231 | 77795 | 81016 |
| Noninterest-bearing deposits | 22923 | 23107 | 24357 | 23167 | 25371 |
| Interest-bearing deposits | 39812 | 38139 | 39539 | 38795 | 38716 |
| Total deposits | 62735 | 61246 | 63896 | 61962 | 64087 |
| Common shareholders' equity | 6841 | 6633 | 6546 | 6616 | 5898 |
| Total shareholders' equity | 7058 | 6936 | 6940 | 6920 | 6293 |
| **NET INTEREST INCOME** |  |  |  |  |  |
| Net interest income | $574 | $575 | $534 | $1724 | $1615 |
| 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 | 7927 | 7963 | 7666 |  |  |

---

*(a)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2025 ratios are estimated.*

*(c)&nbsp;&nbsp;&nbsp;&nbsp;See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **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 | $1239 | $850 | $870 |
| Interest-bearing deposits with banks | 4053 | 4049 | 5954 | 5523 |
| Other short-term investments | 325 | 334 | 375 | 364 |
| Investment securities available-for-sale | 14816 | 14874 | 15045 | 15886 |
| Commercial loans | 26755 | 26848 | 26492 | 25953 |
| Real estate construction loans | 2849 | 3558 | 3680 | 3859 |
| Commercial mortgage loans | 15190 | 14725 | 14493 | 14774 |
| Lease financing | 782 | 754 | 722 | 767 |
| International loans | 1116 | 1112 | 952 | 1003 |
| Residential mortgage loans | 1938 | 1954 | 1929 | 1901 |
| Consumer loans | 2256 | 2228 | 2271 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | 50886 | 51179 | 50539 | 50517 |
| Allowance for loan losses | (686) | (698) | (690) | (686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans | 50200 | 50481 | 49849 | 49831 |
| Premises and equipment | 432 | 436 | 473 | 476 |
| Accrued income and other assets | 6564 | 6575 | 6751 | 6713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $77376 | $77988 | $79297 | $79663 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |
| Noninterest-bearing deposits | $22581 | $22697 | $24425 | $23819 |
| Money market and interest-bearing checking deposits | 33839 | 31397 | 32714 | 31469 |
| Savings deposits | 2014 | 2094 | 2138 | 2155 |
| Customer certificates of deposit | 3424 | 3111 | 3450 | 3592 |
| Other time deposits | 707 | 688 | 1052 | 2017 |
| Foreign office time deposits | 31 | 16 | 32 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 40015 | 37306 | 39386 | 39258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 62596 | 60003 | 63811 | 63077 |
| Short-term borrowings |  | 2925 |  |  |
| Accrued expenses and other liabilities | 1929 | 2438 | 2270 | 2434 |
| Medium- and long-term debt | 5422 | 5762 | 6673 | 6786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 69947 | 71128 | 72754 | 72297 |
| Preferred stock - no par value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized - 10,000,000 shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and outstanding - 400,000 shares at 9/30/25 and 4,000 shares at 6/30/25 <sup>(a)</sup>, 12/31/24 and 9/30/24 | 392 |  | 394 | 394 |
| Common stock - $5 par value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized - 325,000,000 shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued - 228,164,824 shares | 1141 | 1141 | 1141 | 1141 |
| Capital surplus | 2197 | 2199 | 2218 | 2217 |
| Accumulated other comprehensive loss | (2261) | (2499) | (3161) | (2355) |
| Retained earnings | 12268 | 12185 | 12017 | 11949 |
| 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 | (6308) | (6166) | (6066) | (5980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 7429 | 6860 | 6543 | 7366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $77376 | $77988 | $79297 | $79663 |

---

(a) Delivered a notice of redemption on June 10, 2025 notifying holders of the 4,000 outstanding shares of Series A Preferred Stock and corresponding depositary shares that all such shares would be redeemed, effective July 1, 2025, which resulted in a $400 million reclassification from shareholders' equity to other liabilities at June 30, 2025.

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** |
| *Comerica Incorporated and Subsidiaries* |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **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 | $2309 | $2409 |
| Interest on investment securities | 105 | 99 | 321 | 302 |
| Interest on short-term investments | 62 | 85 | 171 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 946 | 982 | 2801 | 2972 |
| **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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 372 | 448 | 1077 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 574 | 534 | 1724 | 1615 |
| Provision for credit losses | 22 | 14 | 86 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 552 | 520 | 1638 | 1587 |
| **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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 264 | 277 | 792 | 804 |
| **NONINTEREST EXPENSES** |  |  |  |  |
| Salaries and benefits expense | 353 | 335 | 1079 | 1006 |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expenses | 589 | 562 | 1734 | 1720 |
| Income before income taxes | 227 | 235 | 696 | 671 |
| Provision for income taxes | 51 | 51 | 149 | 143 |
| **NET INCOME** | 176 | 184 | 547 | 528 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income allocated to participating securities | 1 | 1 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock dividends and other |  | 6 | 17 | 17 |
| **Net income attributable to common shares** | $175 | $177 | $527 | $508 |
| Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.36 | $1.34 | $4.05 | $3.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 1.35 | 1.33 | 4.01 | 3.80 |
| Comprehensive income | 414 | 1292 | 1447 | 1221 |
| Cash dividends declared on common stock | 91 | 94 | 277 | 283 |
| Cash dividends declared per common share | 0.71 | 0.71 | 2.13 | 2.13 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)** | **CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)** | **CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)** | **CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)** | **CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)** | **CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)** | **CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)** | **CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)** | **CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)** | **CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)** |
| *Comerica Incorporated and Subsidiaries* | *Comerica Incorporated and Subsidiaries* |  |  |  |  |  |  |  |  |
|  | **Third** | **Second** | **First** | **Fourth** | **Third** | **Third Quarter 2025 Compared to:** | **Third Quarter 2025 Compared to:** | **Third Quarter 2025 Compared to:** | **Third Quarter 2025 Compared to:** |
|  | **Quarter** | **Quarter** | **Quarter** | **Quarter** | **Quarter** | **Second Quarter 2025** | **Second Quarter 2025** | **Third Quarter 2024** | **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) |
| &nbsp;&nbsp;&nbsp;&nbsp;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) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 372 | 356 | 349 | 392 | 448 | 16 | 5 | (76) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 574 | 575 | 575 | 575 | 534 | (1) |  | 40 | 8 |
| Provision for credit losses | 22 | 44 | 20 | 21 | 14 | (22) | (50) | 8 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision <br>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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income allocated to participating securities | 1 | 1 | 1 | 1 | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.36 | $1.43 | $1.26 | $1.23 | $1.34 | $(0.07) | (5%) | $0.02 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 1.35 | 1.42 | 1.25 | 1.22 | 1.33 | (0.07) | (5) | 0.02 | 2 |
| Comprehensive income (loss) | 414 | 395 | 638 | (636) | 1292 | 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*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)** | **ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)** | **ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)** | **ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)** | **ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)** | **ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)** |
| *Comerica Incorporated and Subsidiaries* |  |  |  |  |  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
| *(in millions)* | **3rd Qtr** | **2nd Qtr** | **1st Qtr** | **4th Qtr** | **3rd Qtr** |
| Balance at beginning of period: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | $698 | $683 | $690 | $686 | $686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses on lending-related commitments | 37 | 36 | 35 | 34 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | 735 | 719 | 725 | 720 | 717 |
| Loan charge-offs: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 43 | 27 | 17 | 22 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate construction |  |  | 7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage | 1 | 2 | 7 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease financing |  | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;International |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 1 | 1 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loan charge-offs | 45 | 31 | 32 | 23 | 23 |
| Recoveries on loans previously charged-off: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 11 | 1 | 5 | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage | 1 |  | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | 1 |  |  | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer |  | 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 13 | 3 | 6 | 7 | 12 |
| Net loan charge-offs | 32 | 28 | 26 | 16 | 11 |
| Provision for credit losses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses | 20 | 43 | 19 | 20 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses on lending-related commitments | 2 | 1 | 1 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 22 | 44 | 20 | 21 | 14 |
| Balance at end of period: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | 686 | 698 | 683 | 690 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses on lending-related commitments | 39 | 37 | 36 | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NONPERFORMING ASSETS (unaudited)** | **NONPERFORMING ASSETS (unaudited)** | **NONPERFORMING ASSETS (unaudited)** | **NONPERFORMING ASSETS (unaudited)** | **NONPERFORMING ASSETS (unaudited)** | **NONPERFORMING ASSETS (unaudited)** |
| *Comerica Incorporated and Subsidiaries* |  |  |  |  |  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
| *(in millions)* | **3rd Qtr** | **2nd Qtr** | **1st Qtr** | **4th Qtr** | **3rd Qtr** |
| **SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS** |  |  |  |  |  |
| Nonperforming loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Business loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | $116 | $99 | $108 | $125 | $97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate construction | 12 | 11 | 20 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage | 67 | 68 | 110 | 118 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease financing |  |  | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;International |  |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming business loans | 195 | 178 | 239 | 244 | 189 |
| &nbsp;&nbsp;&nbsp;Retail loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 34 | 42 | 35 | 37 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home equity | 29 | 28 | 27 | 27 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming retail loans | 63 | 70 | 62 | 64 | 61 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans transferred to nonaccrual (a) | 55 | 19 | 43 | 97 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loan gross charge-offs | (45) | (31) | (32) | (23) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans transferred to accrual status (a) | (8) |  |  | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans sold | (17) |  | (1) | (1) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;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.*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** |
| *Comerica Incorporated and Subsidiaries* |  |  |  |  |  |  |
|  | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  | **Average** |  | **Average** | **Average** |  | **Average** |
| *(dollar amounts in millions)* | **Balance** | **Interest** | **Rate** | **Balance** | **Interest** | **Rate** |
| Commercial loans (a) | $26352 | $1117 | 5.67% | $26305 | $1035 | 5.26% |
| Real estate construction loans | 3291 | 185 | 7.53 | 4642 | 292 | 8.41 |
| Commercial mortgage loans | 14914 | 739 | 6.62 | 14104 | 788 | 7.46 |
| Lease financing | 747 | 32 | 5.79 | 804 | 37 | 6.14 |
| International loans | 1062 | 52 | 6.60 | 1096 | 64 | 7.85 |
| Residential mortgage loans | 1941 | 60 | 4.13 | 1895 | 55 | 3.84 |
| Consumer loans | 2240 | 124 | 7.37 | 2254 | 138 | 8.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | 50547 | 2309 | 6.11 | 51100 | 2409 | 6.30 |
| Mortgage-backed securities (b) | 13552 | 281 | 2.32 | 14560 | 298 | 2.29 |
| U.S. Treasury securities (c) | 1283 | 40 | 4.19 | 1425 | 4 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 14835 | 321 | 2.46 | 15985 | 302 | 2.14 |
| Interest-bearing deposits with banks (d) | 4926 | 163 | 4.35 | 6112 | 250 | 5.45 |
| Other short-term investments | 342 | 8 | 3.30 | 381 | 11 | 3.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | 70650 | 2801 | 5.11 | 73578 | 2972 | 5.19 |
| Cash and due from banks | 761 |  |  | 711 |  |  |
| Allowance for loan losses | (690) |  |  | (688) |  |  |
| Accrued income and other assets | 7074 |  |  | 7415 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $77795 |  |  | $81016 |  |  |
| Money market and interest-bearing checking deposits (e) | $32584 | 682 | 2.79 | $29585 | 724 | 3.26 |
| Savings deposits | 2100 | 3 | 0.17 | 2277 | 4 | 0.21 |
| Customer certificates of deposit | 3210 | 69 | 2.86 | 3797 | 103 | 3.61 |
| Other time deposits | 877 | 34 | 5.12 | 3035 | 120 | 5.30 |
| Foreign office time deposits | 24 |  | 3.62 | 22 | 1 | 4.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 38795 | 788 | 2.71 | 38716 | 952 | 3.28 |
| Federal funds purchased | 220 | 7 | 4.38 | 9 |  | 5.39 |
| Other short-term borrowings | 628 | 21 | 4.47 | 1095 | 47 | 5.65 |
| Medium- and long-term debt | 5910 | 261 | 5.89 | 6944 | 358 | 6.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing sources | 45553 | 1077 | 3.15 | 46764 | 1357 | 3.86 |
| Noninterest-bearing deposits | 23167 |  |  | 25371 |  |  |
| Accrued expenses and other liabilities | 2155 |  |  | 2588 |  |  |
| Shareholders' equity | 6920 |  |  | 6293 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $77795 |  |  | $81016 |  |  |
| Net interest income/rate spread |  | $1724 | 1.96 |  | $1615 | 1.33 |
| Impact of net noninterest-bearing sources of funds |  |  | 1.18 |  |  | 1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;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.*

------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** | **ANALYSIS OF NET INTEREST INCOME (unaudited)** |
| *Comerica Incorporated and Subsidiaries* |  |  |  |  |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** | **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) | $26500 | $377 | 5.63% | $26441 | $372 | 5.65% | $26173 | $341 | 5.18% |
| Real estate construction loans | 2900 | 55 | 7.60 | 3499 | 66 | 7.51 | 4205 | 89 | 8.43 |
| Commercial mortgage loans | 15283 | 256 | 6.64 | 14722 | 243 | 6.63 | 14494 | 272 | 7.44 |
| Lease financing | 776 | 11 | 5.87 | 737 | 11 | 5.82 | 804 | 12 | 6.10 |
| International loans | 1115 | 18 | 6.56 | 1066 | 18 | 6.59 | 1036 | 20 | 7.73 |
| Residential mortgage loans | 1954 | 20 | 4.19 | 1948 | 20 | 4.11 | 1905 | 19 | 3.94 |
| Consumer loans | 2227 | 42 | 7.33 | 2252 | 41 | 7.40 | 2244 | 45 | 8.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | 50755 | 779 | 6.09 | 50665 | 771 | 6.10 | 50861 | 798 | 6.24 |
| Mortgage-backed securities (b) | 13430 | 92 | 2.31 | 13525 | 94 | 2.32 | 14608 | 98 | 2.29 |
| U.S. Treasury securities (c) | 1280 | 13 | 4.20 | 1289 | 13 | 4.18 | 1272 | 1 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 14710 | 105 | 2.45 | 14814 | 107 | 2.46 | 15880 | 99 | 2.17 |
| Interest-bearing deposits with banks (d) | 5428 | 60 | 4.32 | 4540 | 50 | 4.37 | 5969 | 81 | 5.32 |
| Other short-term investments | 327 | 2 | 3.17 | 324 | 3 | 3.34 | 393 | 4 | 3.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | 71220 | 946 | 5.10 | 70343 | 931 | 5.11 | 73103 | 982 | 5.17 |
| Cash and due from banks | 784 |  |  | 766 |  |  | 593 |  |  |
| Allowance for loan losses | (698) |  |  | (683) |  |  | (686) |  |  |
| Accrued income and other assets | 6970 |  |  | 7117 |  |  | 7221 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $78276 |  |  | $77543 |  |  | $80231 |  |  |
| Money market and interest-bearing checking deposits (e) | $33969 | 249 | 2.90 | $31849 | 220 | 2.77 | $30960 | 260 | 3.34 |
| Savings deposits | 2051 | 1 | 0.20 | 2112 | 1 | 0.16 | 2194 | 1 | 0.19 |
| Customer certificates of deposit | 3274 | 24 | 2.89 | 3074 | 21 | 2.75 | 3625 | 31 | 3.39 |
| Other time deposits | 504 | 6 | 4.61 | 1080 | 14 | 5.13 | 2739 | 37 | 5.35 |
| Foreign office time deposits | 14 |  | 3.12 | 24 |  | 3.68 | 21 | 1 | 4.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 39812 | 280 | 2.78 | 38139 | 256 | 2.69 | 39539 | 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 | 5512 | 81 | 5.93 | 5740 | 85 | 5.92 | 6849 | 117 | 6.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing sources | 46331 | 372 | 3.19 | 45220 | 356 | 3.15 | 46465 | 448 | 3.84 |
| Noninterest-bearing deposits | 22923 |  |  | 23107 |  |  | 24357 |  |  |
| Accrued expenses and other liabilities | 1964 |  |  | 2280 |  |  | 2469 |  |  |
| Shareholders' equity | 7058 |  |  | 6936 |  |  | 6940 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $78276 |  |  | $77543 |  |  | $80231 |  |  |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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.* 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)** |
| *Comerica Incorporated and Subsidiaries* | *Comerica Incorporated and Subsidiaries* | *Comerica Incorporated and Subsidiaries* | *Comerica Incorporated and Subsidiaries* |  |  |  |  |  |
|  |  |  |  |  | **Accumulated Other Comprehensive Loss** |  |  |  |
|  | **Nonredeemable Preferred Stock** | **Common Stock** | **Common Stock** |  | **Accumulated Other Comprehensive Loss** |  |  | **Total Shareholders' Equity** |
|  | **Nonredeemable Preferred Stock** | **Shares Outstanding** | **Amount** | **Capital Surplus** | **Accumulated Other Comprehensive Loss** | **Retained Earnings** | **Treasury Stock** | **Total Shareholders' Equity** |
| *(in millions, except per share data)* | **Nonredeemable Preferred Stock** | **Shares Outstanding** | **Amount** | **Capital Surplus** | **Accumulated Other Comprehensive Loss** | **Retained Earnings** | **Treasury Stock** | **Total Shareholders' Equity** |
| **BALANCE AT JUNE 30, 2024** | $394 | 132.6 | $1141 | $2210 | $(3463) | $11867 | $(5988) | $6161 |
| Net income |  |  |  |  |  | 184 |  | 184 |
| Other comprehensive income, net of tax |  |  |  |  | 1108 |  |  | 1108 |
| 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 | $1141 | $2217 | $(2355) | $11949 | $(5980) | $7366 |
| **BALANCE AT JUNE 30, 2025** | $— | 129.7 | $1141 | $2199 | $(2499) | $12185 | $(6166) | $6860 |
| 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 | $1141 | $2197 | $(2261) | $12268 | $(6308) | $7429 |
| **BALANCE AT DECEMBER 31, 2023** | $394 | 131.9 | $1141 | $2224 | $(3048) | $11727 | $(6032) | $6406 |
| 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 | $1141 | $2217 | $(2355) | $11949 | $(5980) | $7366 |
| **BALANCE AT DECEMBER 31, 2024** | $394 | 131.4 | $1141 | $2218 | $(3161) | $12017 | $(6066) | $6543 |
| 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 | $1141 | $2197 | $(2261) | $12268 | $(6308) | $7429 |

---

*(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.*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)** | **BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)** | **BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)** | **BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)** | **BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)** | **BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)** | **BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)** |
| *Comerica Incorporated and Subsidiaries* | *Comerica Incorporated and Subsidiaries* |  |  |  |  |  |
| *(dollar amounts in millions)* | **Commercial Bank** | **Retail Bank** | **Wealth Management** | **Finance** | **Other** | **Total** |
| **Three Months Ended September 30, 2025** | **Commercial Bank** | **Retail Bank** | **Wealth Management** | **Finance** | **Other** | **Total** |
| 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 | $45314 | $3058 | $5311 | $16955 | $7638 | $78276 |
| Loans | 43141 | 2421 | 5184 |  | 9 | 50755 |
| Deposits | 34159 | 23321 | 3860 | 1134 | 261 | 62735 |
|  | **Commercial Bank** | **Retail Bank** | **Wealth Management** | **Finance** | **Other** | **Total** |
| **Three Months Ended June 30, 2025** | **Commercial Bank** | **Retail Bank** | **Wealth Management** | **Finance** | **Other** | **Total** |
| 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 | $45375 | $3062 | $5241 | $17113 | $6752 | $77543 |
| Loans | 43146 | 2409 | 5104 |  | 6 | 50665 |
| Deposits | 32272 | 23443 | 3576 | 1666 | 289 | 61246 |
|  | **Commercial Bank** | **Retail Bank** | **Wealth Management** | **Finance** | **Other** | **Total** |
| **Three Months Ended September 30, 2024** | **Commercial Bank** | **Retail Bank** | **Wealth Management** | **Finance** | **Other** | **Total** |
| 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 | $45669 | $3045 | $5296 | $18277 | $7944 | $80231 |
| Loans | 43462 | 2347 | 5042 |  | 10 | 50861 |
| Deposits | 32261 | 24224 | 3844 | 3300 | 267 | 63896 |

---

------

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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.

---

| | | | |
|:---|:---|:---|:---|
|<br>*(in millions, except share data)* | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<br>**2024** |
| **Common Equity Tier 1 Capital (a):** |  |  |  |
| Tier 1 capital | $9049 | $8718 | $9077 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate reset non-cumulative perpetual preferred stock | 392 |  | 394 |
| Common equity tier 1 capital | $8657 | $8718 | $8683 |
| Risk-weighted assets | $72757 | $72721 | $72583 |
| 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 | $7429 | $6860 | $7366 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate reset non-cumulative perpetual preferred stock | 392 |  | 394 |
| Common shareholders' equity | $7037 | $6860 | $6972 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 635 | 635 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets | 5 | 5 | 6 |
| Tangible common equity | $6397 | $6220 | $6331 |
| Total assets | $77376 | $77988 | $79663 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 635 | 635 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets | 5 | 5 | 6 |
| Tangible assets | $76736 | $77348 | $79022 |
| 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 | $7037 | $6860 | $6972 |
| Tangible common equity | 6397 | 6220 | 6331 |
| 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.*

<br>