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Form 8-K COMERICA INC /NEW/ For: Apr 20

April 20, 2022 6:35 AM

Dallas, TX/April 20, 2022
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FIRST QUARTER 2022 NET INCOME OF $189 MILLION, $1.37 PER SHARE
Broad-based Loan Growth
Strong Credit Quality and Expense Control
Actively Managing Balance Sheet as Rates Rise
"Our first quarter results demonstrate our ability to drive broad-based loan growth while maintaining favorable credit metrics and controlling expenses," said Curt C. Farmer, Comerica Chairman and Chief Executive Officer. "Average general Middle Market loans increased 4% and Corporate Banking increased 9% relative to the fourth quarter and were offset by a large decrease in Mortgage Banker. Deposits were impacted by seasonality and customers using balances to fund business activity. While we increased our securities and swap portfolios to lock in higher yields, our balance sheet remains well-positioned for the rising rate environment. Noninterest income declined from record levels due to seasonality and normalization of warrant-related activity. We expect fee income to be more robust as we move through the year. Customer sentiment remains good with cautious optimism regarding the economy, which is reflected in our strong pipeline and growing loan commitment levels."

(dollar amounts in millions, except per share data)1st Qtr '224th Qtr '211st Qtr '21
FINANCIAL RESULTS
Net interest income $456 $461 $443 
Provision for credit losses(11)(25)(182)
Noninterest income244 289 270 
Noninterest expenses473 486 447 
Pre-tax income238 289 448 
Provision for income taxes49 61 98 
Net income$189 $228 $350 
Diluted earnings per common share$1.37 $1.66 $2.43 
Average loans48,273 47,825 50,589 
Average deposits79,103 84,537 71,392 
Return on average assets0.84 %0.93 %1.68 %
Return on average common shareholders' equity 10.10 11.88 18.04 
Net interest margin2.19 2.04 2.29 
Common equity Tier 1 capital ratio (a)9.93 10.13 11.02 
Tier 1 capital ratio (a)10.47 10.70 11.62 
Common equity ratio7.45 7.93 8.99 
Common shareholders' equity per share of common stock$50.80 $57.41 $55.58 
Tangible common equity per share of common stock (b)45.86 52.46 50.93 
(a)March 31, 2022 ratios are estimated. Ratios for first quarter 2021 reflect deferral of CECL model impact as calculated per regulatory guidance.
(b)See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios.



First Quarter 2022 Compared to Fourth Quarter 2021 Overview
Balance sheet items discussed in terms of average balances unless otherwise noted.
Loans increased $448 million to $48.3 billion, including a $354 million decline to $335 million in Paycheck Protection Program (PPP) loans.
•Increases of $423 million in general Middle Market, $407 million in Corporate Banking, $363 million in Equity Fund Services and $199 million in National Dealer Services were partially offset by a decrease of $852 million in Mortgage Banker Finance.
•Average loan yields decreased 4 basis points to 3.22%, primarily driven by reduced PPP income.
Securities increased $721 million to $17.3 billion.
•Increase of $1.1 billion in mortgage-backed securities reflected continued deployment of excess liquidity to reduce asset sensitivity as rates increased, partially offset by $389 million of Treasury maturities.
•Average yield on securities increased 3 basis points to 1.74% due to higher yields on purchases and reinvestments.
Deposits decreased $5.4 billion to $79.1 billion.
•Interest-bearing and noninterest-bearing deposits decreased $2.9 billion and $2.6 billion, respectively, as customers utilized balances to fund business activities. The decrease in total deposits also included seasonal declines in general Middle Market, Technology and Life Sciences and Wealth Management, as well as a decrease in Corporate Banking.
•The average cost of interest-bearing deposits was stable at 5 basis points.
Net interest income decreased $5 million to $456 million.
•Increased securities and loan volumes as well as the impact of higher short-term rates were more than offset by a $10 million decline in PPP income and two fewer days in the quarter.
•Net interest margin increased 15 basis points to 2.19%, primarily due to a decrease in lower-yielding deposits held with the Federal Reserve Bank.
Provision for credit losses increased $14 million to a smaller benefit of $11 million.
•The allowance for credit losses decreased $19 million to $599 million at March 31, 2022, primarily due to strong credit quality as well as sustained favorable economic forecasts and continued low charge-off levels. As a percentage of total loans, the allowance for credit losses was 1.21%, a decrease of 5 basis points.
•Net loan charge-offs were $8 million, or 0.06% of average loans.
Noninterest income decreased $45 million to $244 million.
•Decreases of $14 million in warrant-related income, mostly due to elevated gains on monetization in the fourth quarter 2021, $12 million in deferred compensation asset returns (offset in noninterest expenses), $6 million in commercial lending fees, $5 million in derivative income from market-driven changes in credit valuation adjustments and other smaller changes impacted by seasonality.
Noninterest expenses decreased $13 million to $473 million.
•Decreases of $6 million in occupancy expense, $4 million each in outside processing fee expense and legal fees and $3 million each in salaries and benefits expense and advertising expense, partially offset by increases of $8 million in operational losses and $3 million in FDIC insurance expense.
◦Salaries and benefits expense was impacted by significant seasonal items including increases of $23 million in annual stock-based compensation and $7 million in payroll taxes, partly offset by decreases of $10 million in staff insurance and $8 million in incentive compensation. Deferred compensation expense (offset in other noninterest income) decreased $12 million.
◦Included $6 million of expenses for severance costs (reported in salaries and benefits) as well as consulting fees and asset impairments (reported in other noninterest expenses) for certain initiatives related to transformation of the retail banking delivery model, alignment of corporate facilities and optimization of technology platform.
Provision for income taxes decreased $12 million to $49 million.
•Included $3 million in discrete tax benefits from employee stock transactions.
Capital position remained solid with a common equity Tier 1 capital ratio of 9.93% and a Tier 1 capital ratio of 10.47%.
•Returned a total of $124 million to common shareholders through share repurchases and dividends.
◦Declared dividends of $89 million on common stock and $6 million on preferred stock.
2

First Quarter 2022 Compared to First Quarter 2021 Overview
Balance sheet items discussed in terms of average balances.
Loans decreased $2.3 billion, or 5%.
•Decreases in Mortgage Banker Finance, National Dealer Services, Business Banking and Personal Banking, partially offset by increases in Corporate Banking, Equity Fund Services, general Middle Market and Environmental Services.
◦Excluding a $3.2 billion decline in PPP loans, average loans increased $925 million, driven by increases in general Middle Market, Corporate Banking, Equity Fund Services and Environmental Services, partially offset by decreases in Mortgage Banker Finance and National Dealer Services.
•Average yield on loans increased 13 basis points, primarily reflecting the impact of a residual value adjustment in the leasing portfolio during first quarter 2021, partially offset by net impact of PPP loans.
Securities increased $2.4 billion, or 16%.
•Reflects investment of a portion of excess liquidity into mortgage-backed securities, partly offset by maturities of Treasury securities.
•Average yield on securities decreased 15 basis points, reflecting lower yields on reinvestments.
Deposits increased $7.7 billion, or 11%.
•Nearly every business line experienced growth as noninterest-bearing and interest-bearing deposits increased $6.1 billion and $1.7 billion, respectively, due to customers' solid profitability and capital markets activity as well as the liquidity injected into the economy through fiscal and monetary actions.
•Interest-bearing deposit costs decreased 3 basis points, reflecting prudent management of relationship pricing in a low interest rate environment.
Net interest income increased $13 million.
•Higher volume of earning assets as well as the residual value adjustment in the lease portfolio during first quarter 2021, partially offset by the net impact of PPP loans and reinvestment in lower-yielding securities.
Provision for credit losses increased $171 million to a smaller benefit of $11 million.
•The allowance for credit losses decreased $208 million, primarily reflecting strong credit quality and sustained improvements in the economic forecast. As a percentage of total loans, the allowance for credit losses decreased 38 basis points.
Noninterest income decreased $26 million.
•Decreases in warrant-related income, deferred compensation asset returns (offset in noninterest expenses), derivative income and investment banking fees, partially offset by increases in fiduciary income and commercial lending fees.
Noninterest expenses increased $26 million.
•Increases in operational losses, salaries and benefits expense and consulting fees, as well as smaller increases in various categories.
3


Net Interest Income
Balance sheet items presented and discussed in terms of average balances.
(dollar amounts in millions)1st Qtr '224th Qtr '211st Qtr '21
Net interest income$456 $461 $443 
Net interest margin2.19 %2.04 %2.29 %
Selected balances:
Total earning assets$83,570 $89,898 $78,523 
Total loans48,273 47,825 50,589 
Total investment securities17,327 16,606 14,894 
Federal Reserve Bank deposits17,267 24,849 12,507 
Total deposits79,103 84,537 71,392 
Total noninterest-bearing deposits43,419 45,980 37,361 
Medium- and long-term debt2,767 2,819 3,609 
Net interest income decreased $5 million, and net interest margin increased 15 basis points compared to fourth quarter 2021.
•Interest income on loans decreased $10 million and reduced net interest margin by 2 basis points, primarily due to the net impact of PPP activity (-$10 million, -4 basis points). An increase in interest income and margin from higher non-PPP loan balances (+$5 million, +1 basis point) was offset by two fewer days in the quarter (-$6 million). Higher short-term rates increased interest income by $4 million and net interest margin by 2 basis points, while the impact of nonaccrual loans reduced interest income by $3 million and net interest margin by 1 basis point.
•Interest income on investment securities increased $6 million due to portfolio growth.
•Interest income on short-term investments decreased $1 million and improved net interest margin by 17 basis points due to a decrease of $7.6 billion in lower-yielding deposits with the Federal Reserve.



4

Credit Quality
"Our credit metrics remained excellent in the first quarter, including net charge-offs of only 6 basis points," said Farmer. "Gross charge-offs declined while recoveries decreased from elevated levels of recent quarters. Criticized and nonaccrual loans remained low. Sustained strong credit metrics and a continuing favorable economic forecast, albeit with elements of uncertainty, resulted in a modest reduction in our allowance for credit losses to 1.21% of loans. We are closely monitoring the portfolio, looking for signs of stress from supply chain disruptions, labor constraints and inflation. Overall, our customers are managing through these current challenges, continue to perform well and have maintained strong balance sheets."

(dollar amounts in millions)1st Qtr '224th Qtr '211st Qtr '21
Credit-related charge-offs$18 $20 $16 
Recoveries10 24 13 
Net credit-related (recoveries) charge-offs8 (4)3 
Net credit-related charge-offs/Average total loans
0.06 %(0.03 %)0.03 %
Provision for credit losses$(11)$(25)$(182)
Nonperforming loans273 268 316 
Nonperforming assets (NPAs)274 269 325 
NPAs/Total loans and foreclosed property0.55 %0.55 %0.64 %
Loans past due 90 days or more and still accruing$26 $27 $60 
Allowance for loan losses554 588 777 
Allowance for credit losses on lending-related commitments (a)45 30 30 
Total allowance for credit losses599 618 807 
Allowance for credit losses/Period-end total loans1.21 %1.26 %1.59 %
Allowance for credit losses/Period-end total loans excluding PPP loans1.22 1.27 1.72
Allowance for credit losses/Nonperforming loans2.2x2.3x2.6x
(a)    Included in accrued expenses and other liabilities on the Consolidated Balance Sheets.
•The allowance for credit losses decreased $19 million to $599 million at March 31, 2022, or 1.21% of total loans, reflecting strong credit quality as well as sustained favorable economic forecasts and continued low charge-off levels, although some measure of uncertainty remains.
•Criticized loans increased $74 million to $1.6 billion, or 3% of total loans. Criticized loans are generally consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities.
◦The increase in criticized loans was primarily driven by increases in general Middle Market and Environmental Services, partially offset by a decrease in Entertainment.
•Nonperforming assets increased $5 million to $274 million, or 0.55% of total loans and foreclosed property compared to 0.55% in fourth quarter 2021.
◦Nonperforming assets in Energy decreased by $2 million.
◦Nonaccrual business loans declined by $17 million, while nonaccrual retail loans increased by $22 million as temporary legislative relief for COVID-19-related deferrals ended on December 31, 2021.
•Net charge-offs totaled $8 million compared to net recoveries of $4 million in fourth quarter 2021, driven by a decrease in recoveries.
◦Energy net charge-offs totaled $6 million, which consisted of $6 million in charge-offs related to legacy energy services.



5

Strategic Lines of Business
Comerica's operations are strategically aligned into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. For a summary of business segment quarterly results, see the Business Segment Financial Results tables included later in this report. 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 March 31, 2022. A discussion of business segment year-to-date results will be included in Comerica's First Quarter 2022 Form 10-Q.
Conference Call and Webcast
Comerica will host a conference call to review first quarter 2022 financial results at 7 a.m. CT Wednesday, April 20, 2022. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (Event ID No. 4860234). The call and supplemental financial information, as well as a replay of the Webcast, can also be accessed via Comerica's "Investor Relations" page at www.comerica.com.
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. Comerica focuses on relationships and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in 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 it to be helpful in understanding Comerica's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
6

Forward-looking Statements
Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “contemplates,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “opportunity,” “initiative,” “outcome,” “continue,” “remain,” “maintain,” “on track,” “trend,” “objective,” “looks forward,” “projects,” “models” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries as well as estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (unfavorable developments concerning credit quality; declines or other changes in the businesses or industries of Comerica's customers; and changes in customer behavior); market risks (changes in monetary and fiscal policies; fluctuations in interest rates and their impact on deposit pricing; and transitions away from LIBOR towards new interest rate benchmarks); liquidity risks (Comerica's ability to maintain adequate sources of funding and liquidity; reductions in Comerica's credit rating; and the interdependence of financial service companies); technology risks (cybersecurity risks and heightened legislative and regulatory focus on cybersecurity and data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal and regulatory proceedings or determinations; losses due to fraud; and controls and procedures failures); compliance risks (changes in regulation or oversight, or changes in Comerica’s status with respect to existing regulations or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies and business initiatives; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; and any future strategic acquisitions or divestitures); and other general risks (impacts from the COVID-19 global pandemic; changes in general economic, political or industry conditions; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events; changes in accounting standards and the critical nature of Comerica's accounting policies; and the volatility of Comerica’s stock price). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 13 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2021. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Media Contacts:Investor Contacts:
Nicole HoganDarlene P. Persons
(214) 462-6657(214) 462-6831
Louis H. MoraMorgan Mathers
(214) 462-6669(214) 462-6731
7

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
Comerica Incorporated and Subsidiaries
Three Months Ended
March 31,December 31,March 31,
(in millions, except per share data)202220212021
PER COMMON SHARE AND COMMON STOCK DATA
Diluted earnings per common share$1.37 $1.66 $2.43 
Cash dividends declared0.68 0.68 0.68 
Average diluted shares (in thousands)132,912 132,870 141,072 
PERFORMANCE RATIOS
Return on average common shareholders' equity10.10 %11.88 %18.04 %
Return on average assets0.84 0.93 1.68 
Efficiency ratio (a)66.91 64.24 62.59 
CAPITAL
Common equity tier 1 capital (b), (c)$7,169 $7,064 $7,236 
Tier 1 capital (b), (c)7,563 7,458 7,630 
Risk-weighted assets (b)72,211 69,708 65,649 
Common equity tier 1 capital ratio (b), (c)9.93 %10.13 %11.02 %
Tier 1 capital ratio (b), (c)10.47 10.70 11.62 
Total capital ratio (b)12.04 12.35 13.86 
Leverage ratio (b)8.25 7.74 9.08 
Common shareholders' equity per share of common stock$50.80 $57.41 $55.58 
Tangible common equity per share of common stock (c)45.86 52.46 50.93 
Common equity ratio7.45 %7.93 %8.99 %
Tangible common equity ratio (c)6.77 7.30 8.30 
AVERAGE BALANCES
Commercial loans$28,275 $27,925 $30,968 
Real estate construction loans2,659 2,968 4,137 
Commercial mortgage loans11,647 11,212 9,952 
Lease financing635 634 592 
International loans1,220 1,177 962 
Residential mortgage loans1,785 1,810 1,809 
Consumer loans2,052 2,099 2,169 
Total loans48,273 47,825 50,589 
Earning assets83,570 89,898 78,523 
Total assets91,150 96,692 84,559 
Noninterest-bearing deposits43,419 45,980 37,361 
Interest-bearing deposits35,684 38,557 34,031 
Total deposits79,103 84,537 71,392 
Common shareholders' equity7,344 7,408 7,746 
Total shareholders' equity7,738 7,802 8,140 
NET INTEREST INCOME
Net interest income$456 $461 $443 
Net interest margin2.19 %2.04 %2.29 %
CREDIT QUALITY
Nonperforming assets$274 $269 $325 
Loans past due 90 days or more and still accruing26 27 60 
Net credit-related charge-offs8 (4)3 
Allowance for loan losses554 588 777 
Allowance for credit losses on lending-related commitments45 30 30 
Total allowance for credit losses599 618 807 
Allowance for credit losses as a percentage of total loans1.21 %1.26 %1.59 %
Net loan charge-offs (recoveries) as a percentage of average total loans0.06 (0.03)0.03 
Nonperforming assets as a percentage of total loans and foreclosed property
0.55 0.55 0.64 
Allowance for credit losses as a multiple of total nonperforming loans2.2x2.3x2.6x
OTHER KEY INFORMATION
Number of banking centers433 433 434 
Number of employees - full time equivalent7,484 7,442 7,653 
(a)    Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding 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)    March 31, 2022 ratios are estimated. March 31, 2021 ratios reflect deferral of CECL model impact of $26 million as calculated per regulatory guidance.
(c)    See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios.
8

 CONSOLIDATED BALANCE SHEETS
 Comerica Incorporated and Subsidiaries
March 31,December 31,March 31,
(in millions, except share data)202220212021
(unaudited)(unaudited)
ASSETS
Cash and due from banks$1,466 $1,236 $1,064 
Interest-bearing deposits with banks12,084 21,443 13,807 
Other short-term investments181 197 176 
Investment securities available-for-sale18,810 16,986 15,595 
Commercial loans29,562 29,366 30,886 
Real estate construction loans2,301 2,948 4,244 
Commercial mortgage loans11,992 11,255 9,993 
Lease financing644 640 577 
International loans1,248 1,208 990 
Residential mortgage loans1,769 1,771 1,799 
Consumer loans2,047 2,097 2,093 
Total loans49,563 49,285 50,582 
Allowance for loan losses(554)(588)(777)
Net loans49,009 48,697 49,805 
Premises and equipment444 454 456 
Accrued income and other assets7,171 5,603 5,388 
Total assets$89,165 $94,616 $86,291 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$42,677 $45,800 $38,822 
Money market and interest-bearing checking deposits29,746 31,349 29,880 
Savings deposits3,300 3,167 2,934 
Customer certificates of deposit1,854 1,973 2,141 
Foreign office time deposits31 50 30 
Total interest-bearing deposits34,931 36,539 34,985 
Total deposits77,608 82,339 73,807 
Accrued expenses and other liabilities1,839 1,584 1,480 
Medium- and long-term debt2,682 2,796 2,852 
Total liabilities82,129 86,719 78,139 
Fixed-rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000 liquidation preference per share:
Authorized - 4,000 shares
Issued - 4,000 shares 394 394 394 
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares1,141 1,141 1,141 
Capital surplus2,194 2,175 2,183 
Accumulated other comprehensive loss(1,173)(212)(105)
Retained earnings10,585 10,494 9,975 
Less cost of common stock in treasury - 97,435,493 shares at 3/31/22, 97,476,872 shares at 12/31/21 and 88,579,635 shares at 3/31/21
(6,105)(6,095)(5,436)
Total shareholders' equity7,036 7,897 8,152 
Total liabilities and shareholders' equity$89,165 $94,616 $86,291 
9

CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
FirstFourthThirdSecondFirstFirst Quarter 2022 Compared to:
QuarterQuarterQuarterQuarterQuarterFourth Quarter 2021First Quarter 2021
(in millions, except per share data)20222021202120212021 AmountPercentAmountPercent
INTEREST INCOME
Interest and fees on loans$383 $393 $411 $404 $386 $(10)(3 %)$(3)(1 %)
Interest on investment securities77 71 70 70 69 6 9 8 13 
Interest on short-term investments9 10 8 5 4 (1)(14)5 n/m
Total interest income469 474 489 479 459 (5)(1)10 2 
INTEREST EXPENSE
Interest on deposits4 5 5 5 7 (1)(15)(3)(38)
Interest on medium- and long-term debt9 8 9 9 9 1 6 — — 
Total interest expense13 13 14 14 16 — — (3)(17)
Net interest income456 461 475 465 443 (5)(1)13 3 
Provision for credit losses(11)(25)(42)(135)(182)14 54 171 94
Net interest income after provision
for credit losses
467 486 517 600 625 (19)(4)(158)(25)
NONINTEREST INCOME
Card fees69 71 72 84 71 (2)(3)(2)(3)
Fiduciary income58 60 58 60 53 (2)(3)5 9 
Service charges on deposit accounts48 50 50 47 48 (2)(4)— — 
Commercial lending fees22 28 31 27 18 (6)(21)4 26 
Derivative income22 27 20 22 30 (5)(16)(8)(25)
Bank-owned life insurance13 11 12 9 11 2 18 2 12 
Letter of credit fees9 10 10 10 10 (1)(11)(1)(6)
Brokerage fees4 3 3 4 4 1 19 — — 
Other noninterest income(1)29 24 21 25 (30)n/m(26)n/m
Total noninterest income244 289 280 284 270 (45)(16)(26)(10)
NONINTEREST EXPENSES
Salaries and benefits expense289 292 282 277 282 (3)(1)7 3 
Outside processing fee expense62 66 65 71 64 (4)(6)(2)(3)
Software expense39 38 40 38 39 1 — — — 
Occupancy expense38 44 40 38 39 (6)(12)(1)(1)
Equipment expense11 12 13 13 12 (1)(5)(1)(6)
FDIC insurance expense8 5 4 7 6 3 52 2 19 
Advertising expense7 10 10 9 6 (3)(28)1 14 
Other noninterest expenses19 19 11 10 (1)— — 20 n/m
Total noninterest expenses473 486 465 463 447 (13)(3)26 6 
Income before income taxes238 289 332 421 448 (51)(17)(210)(47)
Provision for income taxes49 61 70 93 98 (12)(19)(49)(50)
NET INCOME189 228 262 328 350 (39)(17)(161)(46)
Less:
Income allocated to participating securities1 1 1 2 1 — — — — 
Preferred stock dividends6 6 6 5 6 — — — — 
Net income attributable to common shares$182 $221 $255 $321 $343 $(39)(18)%$(161)(47 %)
Earnings per common share:
Basic$1.39 $1.69 $1.92 $2.35 $2.46 $(0.30)(18)%$(1.07)(44 %)
Diluted1.37 1.66 1.90 2.32 2.43 (0.29)(17)(1.06)(44)
Comprehensive (loss) income(772)223 175 313 181 (995)n/m(953)n/m
Cash dividends declared on common stock89 89 89 92 95 — — (6)(7)
Cash dividends declared per common share0.68 0.68 0.68 0.68 0.68 — — — — 
n/m - not meaningful
10

ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)
Comerica Incorporated and Subsidiaries
20222021
(in millions)1st Qtr4th Qtr3rd Qtr2nd Qtr1st Qtr
Balance at beginning of period:
Allowance for loan losses$588 $609 $652 $777 $948 
Allowance for credit losses on lending-related commitments30 30 31 30 44 
Allowance for credit losses618 639 683 807 992 
Loan charge-offs:
Commercial15 14 24 7 14 
Real estate construction1 — — — — 
Commercial mortgage1 2 — — 1 
International— 3 2 — — 
Consumer1 1 — 1 1 
Total loan charge-offs18 20 26 8 16 
Recoveries on loans previously charged-off:
Commercial8 23 22 18 11 
Commercial mortgage1 — — — 1 
International— — — 1 — 
Residential mortgage— 1 1 — — 
Consumer1 — 1 — 1 
Total recoveries10 24 24 19 13 
Net loan charge-offs (recoveries)8 (4)2 (11)3 
Provision for credit losses:
Provision for loan losses(26)(25)(41)(136)(168)
Provision for credit losses on lending-related commitments15 — (1)1 (14)
Provision for credit losses(11)(25)(42)(135)(182)
Balance at end of period:
Allowance for loan losses554 588 609 652 777 
Allowance for credit losses on lending-related commitments45 30 30 31 30 
Allowance for credit losses$599 $618 $639 $683 $807 
Allowance for credit losses as a percentage of total loans1.21 %1.26 %1.33 %1.36 %1.59 %
Allowance for credit losses as a percentage of total loans excluding PPP loans1.22 1.27 1.35 1.44 1.72 
Net loan charge-offs (recoveries) as a percentage of average total loans0.06 (0.03)0.01 (0.09)0.03 
    



11

NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
20222021
(in millions)1st Qtr4th Qtr3rd Qtr2nd Qtr1st Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Business loans:
Commercial$163 $173 $200 $221 $230 
Real estate construction4 6 6 4 1 
Commercial mortgage27 32 30 31 34 
Lease financing— — — — 1 
International5 5 8 — — 
Total nonaccrual business loans199 216 244 256 266 
Retail loans:
Residential mortgage53 36 35 41 33 
Consumer:
Home equity14 12 12 14 15 
Other consumer3 — — — — 
Total nonaccrual retail loans70 48 47 55 48 
Total nonaccrual loans269 264 291 311 314 
Reduced-rate loans4 4 4 8 2 
Total nonperforming loans273 268 295 319 316 
Foreclosed property1 1 1 — 8 
Other repossessed assets— — — 1 1 
Total nonperforming assets$274 $269 $296 $320 $325 
Nonperforming loans as a percentage of total loans0.55 %0.54 %0.61 %0.64 %0.63 %
Nonperforming assets as a percentage of total loans and foreclosed property
0.55 0.55 0.62 0.64 0.64 
Allowance for credit losses as a multiple of total nonperforming loans2.2x2.3x2.2x2.1x2.6x
Loans past due 90 days or more and still accruing$26 $27 $12 $27 $60 
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period$264 $291 $311 $314 $347 
Loans transferred to nonaccrual (a)41 15 55 62 61 
Nonaccrual loan gross charge-offs(18)(20)(26)(8)(16)
Loans transferred to accrual status (a)(4)— (8)— (17)
Nonaccrual loans sold— — (9)— (25)
Payments/other (b)(14)(22)(32)(57)(36)
Nonaccrual loans at end of period$269 $264 $291 $311 $314 
(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.
12

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Three Months Ended
March 31, 2022December 31, 2021March 31, 2021
AverageAverageAverageAverageAverageAverage
(dollar amounts in millions)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Commercial loans (a)$28,275 $232 3.34 %$27,925 $240 3.42 %$30,968 $254 3.33 %
Real estate construction loans2,659 24 3.62 2,968 26 3.52 4,137 34 3.37 
Commercial mortgage loans11,647 84 2.92 11,212 81 2.89 9,952 70 2.85 
Lease financing (b)635 5 2.89 634 5 2.89 592 (12)(8.44)
International loans1,220 9 3.09 1,177 9 3.06 962 8 3.17 
Residential mortgage loans1,785 11 2.51 1,810 14 3.02 1,809 14 3.13 
Consumer loans2,052 18 3.47 2,099 18 3.29 2,169 18 3.40 
Total loans48,273 383 3.22 47,825 393 3.26 50,589 386 3.09 
Mortgage-backed securities (c)14,413 70 1.88 13,303 61 1.85 10,257 51 2.03 
U.S. Treasury securities (d)2,914 7 1.00 3,303 10 1.18 4,637 18 1.58 
Total investment securities17,327 77 1.74 16,606 71 1.71 14,894 69 1.89 
Interest-bearing deposits with banks17,781 9 0.19 25,271 10 0.15 12,869 4 0.10 
Other short-term investments189 — 0.19 196 — 0.21 171 — 0.28 
Total earning assets83,570 469 2.26 89,898 474 2.10 78,523 459 2.37 
Cash and due from banks1,446 1,105 970 
Allowance for loan losses(581)(605)(915)
Accrued income and other assets6,715 6,294 5,981 
Total assets$91,150 $96,692 $84,559 
Money market and interest-bearing checking deposits$30,506 3 0.04 $33,326 4 0.05 $29,012 6 0.08 
Savings deposits3,213 — 0.01 3,148 — 0.01 2,800 — 0.02 
Customer certificates of deposit1,921 1 0.19 2,032 1 0.19 2,155 1 0.24 
Foreign office time deposits44 — 0.11 51 — 0.07 64 — 0.09 
Total interest-bearing deposits35,684 4 0.05 38,557 5 0.05 34,031 7 0.08 
Short-term borrowings1 — — 2 — — 3 — 0.05 
Medium- and long-term debt2,767 9 1.27 2,819 8 1.17 3,609 9 0.98 
Total interest-bearing sources38,452 13 0.14 41,378 13 0.13 37,643 16 0.17 
Noninterest-bearing deposits43,419 45,980 37,361 
Accrued expenses and other liabilities1,541 1,532 1,415 
Shareholders' equity7,738 7,802 8,140 
Total liabilities and shareholders' equity$91,150 $96,692 $84,559 
Net interest income/rate spread$456 2.12 $461 1.97 $443 2.20 
Impact of net noninterest-bearing sources of funds0.07 0.07 0.09 
Net interest margin (as a percentage of average earning assets) 2.19 %2.04 %2.29 %
(a)Included PPP loans with average balances of $335 million, $689 million and $3.6 billion, interest income of $5 million, $16 million and $31 million and average yields of 6.54%, 8.97% and 3.47% for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(b)The three months ended March 31, 2021 included residual value adjustments totaling $17 million, or a 14 basis point impact to average loan yield.
(c)Average balances included $(562) million, $(80) million and $157 million of unrealized gains and losses for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances included $(57) million, $(6) million and $56 million of unrealized gains and losses for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021, respectively; yields calculated gross of these unrealized gains and losses.

13

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
Comerica Incorporated and Subsidiaries
Accumulated
NonredeemableCommon StockOtherTotal
PreferredSharesCapitalComprehensiveRetainedTreasuryShareholders'
(in millions, except per share data)Stock OutstandingAmountSurplusIncome (Loss)EarningsStockEquity
BALANCE AT DECEMBER 31, 2020$394 139.2 $1,141 $2,185 $64 $9,727 $(5,461)$8,050 
Net income— — — — — 350 — 350 
Other comprehensive loss, net of tax— — — — (169)— — (169)
Cash dividends declared on common stock ($0.68 per share)— — — — — (95)— (95)
Cash dividends declared on preferred stock— — — — — (6)— (6)
Purchase of common stock— (0.1)— — — — (3)(3)
Net issuance of common stock under employee stock plans— 0.5 — (24)— (1)28 3 
Share-based compensation— — — 22 — — — 22 
BALANCE AT MARCH 31, 2021$394 139.6 $1,141 $2,183 $(105)$9,975 $(5,436)$8,152 
BALANCE AT DECEMBER 31, 2021$394 130.7 $1,141 $2,175 $(212)$10,494 $(6,095)$7,897 
Net income— — — — — 189 — 189 
Other comprehensive loss, net of tax— — — — (961)— — (961)
Cash dividends declared on common stock ($0.68 per share)— — — — — (89)— (89)
Cash dividends declared on preferred stock— — — — — (6)— (6)
Purchase of common stock— (0.4)— — — — (36)(36)
Net issuance of common stock under employee stock plans— 0.4 — (9)— (3)26 14 
Share-based compensation— — — 28 — — — 28 
BALANCE AT MARCH 31, 2022$394 130.7 $1,141 $2,194 $(1,173)$10,585 $(6,105)$7,036 









14

 BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
 Comerica Incorporated and Subsidiaries
(dollar amounts in millions)CommercialRetailWealth
Three Months Ended March 31, 2022BankBankManagementFinanceOtherTotal
Earnings summary:
Net interest income (expense)$356 $130 $36 $(64)$(2)$456 
Provision for credit losses(23)7 2 — 3 (11)
Noninterest income132 28 72 18 (6)244 
Noninterest expenses234 164 83 — (8)473 
Provision (benefit) for income taxes65 (4)6 (12)(6)49 
Net income (loss)$212 $(9)$17 $(34)$3 $189 
Net credit-related charge-offs (recoveries)$9 $— $(1)$— $— $8 
Selected average balances:
Assets $44,882 $2,807 $4,858 $19,235 $19,368 $91,150 
Loans 41,549 2,013 4,713 — (2)48,273 
Deposits46,040 26,861 5,303 680 219 79,103 
Statistical data:
Return on average assets (a)1.71 %(0.14)%1.21 %n/mn/m0.84 %
Efficiency ratio (b)47.32 103.82 76.79 n/mn/m66.91 
CommercialRetailWealth
Three Months Ended December 31, 2021BankBankManagementFinanceOtherTotal
Earnings summary:
Net interest income (expense)$386 $138 $41 $(103)$(1)$461 
Provision for credit losses(21)1 (3)— (2)(25)
Noninterest income168 33 72 10 6 289 
Noninterest expenses230 164 85 — 7 486 
Provision (benefit) for income taxes77 — 7 (22)(1)61 
Net income (loss)$268 $6 $24 $(71)$1 $228 
Net credit-related (recoveries) charge-offs$(6)$1 $1 $— $— $(4)
Selected average balances:
Assets$43,548 $2,898 $4,935 $18,460 $26,851 $96,692 
Loans40,962 2,084 4,794 — (15)47,825 
Deposits50,816 26,714 5,724 954 329 84,537 
Statistical data:
Return on average assets (a)1.95 %0.07 %1.61 %n/mn/m0.93 %
Efficiency ratio (b)41.26 95.17 74.64 n/mn/m64.24 
CommercialRetailWealth
Three Months Ended March 31, 2021BankBankManagementFinanceOtherTotal
Earnings summary:
Net interest income (expense)$382 $133 $42 $(117)$3 $443 
Provision for credit losses(177)6 (12)— 1 (182)
Noninterest income159 28 67 12 4 270 
Noninterest expenses215 149 76 — 7 447 
Provision (benefit) for income taxes113 — 10 (25)— 98 
Net income (loss)$390 $6 $35 $(80)$(1)$350 
Net credit-related charge-offs$2 $1 $— $— $— $3 
Selected average balances:
Assets$44,448 $3,463 $5,162 $16,959 $14,527 $84,559 
Loans42,904 2,620 5,059 — 6 50,589 
Deposits41,102 24,322 4,826 985 157 71,392 
Statistical data:
Return on average assets (a)3.56 %0.11 %2.72 %n/mn/m1.68 %
Efficiency ratio (b)39.70 91.68 69.84 n/mn/m62.59 
(a)Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.
(b)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants.
n/m - not meaningful
15

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 our performance trends. Tangible common equity is used by Comerica to measure the quality of capital and the return relative to balance sheet risk.
Common equity tier 1 capital ratio removes preferred stock from the Tier 1 capital ratio as defined by and calculated in conformity with bank regulations. The tangible common equity ratio removes the effect of intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders' equity per share of common stock.
March 31,December 31,March 31,
(dollar amounts in millions)202220212021
Common Equity Tier 1 Capital (a):
Tier 1 capital$7,563 $7,458 $7,630 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock394 394 394 
Common equity tier 1 capital$7,169 $7,064 $7,236 
Risk-weighted assets$72,211 $69,708 $65,649 
Tier 1 capital ratio10.47 %10.70 %11.62 %
Common equity tier 1 capital ratio9.93 10.13 11.02 
Tangible Common Equity:
Total shareholders' equity$7,036 $7,897 $8,152 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock394 394 394 
Common shareholders' equity$6,642 $7,503 $7,758 
Less:
Goodwill635 635 635 
Other intangible assets11 11 14 
Tangible common equity$5,996 $6,857 $7,109 
Total assets$89,165 $94,616 $86,291 
Less:
Goodwill635 635 635 
Other intangible assets11 11 14 
Tangible assets$88,519 $93,970 $85,642 
Common equity ratio7.45 %7.93 %8.99 %
Tangible common equity ratio6.77 7.30 8.30 
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity$6,642 $7,503 $7,758 
Tangible common equity5,996 6,857 7,109 
Shares of common stock outstanding (in millions)131 131 140 
Common shareholders' equity per share of common stock$50.80 $57.41 $55.58 
Tangible common equity per share of common stock45.86 52.46 50.93 
(a)March 31, 2022 ratios are estimated. March 31, 2021 ratios reflect deferral of CECL model impact of $26 million as calculated per regulatory guidance.
16
1© 2022, Comerica Bank. All rights reserved. Comerica Incorporated First Quarter 2022 Financial Review April 20, 2022 2© 2022, Comerica Bank. All rights reserved. Any statements in this presentation that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “contemplates,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “opportunity,” “initiative,” “outcome,” “continue,” “remain,” “maintain,” “on track,” “trend,” “objective,” “looks forward,” “projects,” “models” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this presentation and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries as well as estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (unfavorable developments concerning credit quality; declines or other changes in the businesses or industries of Comerica's customers; and changes in customer behavior); market risks (changes in monetary and fiscal policies; fluctuations in interest rates and their impact on deposit pricing; and transitions away from LIBOR towards new interest rate benchmarks); liquidity risks (Comerica's ability to maintain adequate sources of funding and liquidity; reductions in Comerica's credit rating; and the interdependence of financial service companies); technology risks (cybersecurity risks and heightened legislative and regulatory focus on cybersecurity and data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal and regulatory proceedings or determinations; losses due to fraud; and controls and procedures failures); compliance risks (changes in regulation or oversight, or changes in Comerica’s status with respect to existing regulations or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies and business initiatives; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; and any future strategic acquisitions or divestitures); and other general risks (impacts from the COVID-19 global pandemic; changes in general economic, political or industry conditions; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events; changes in accounting standards; the critical nature of Comerica's accounting policies; and the volatility of Comerica’s stock price). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 13 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2021. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Safe Harbor Statement

 
3© 2022, Comerica Bank. All rights reserved. 1Q22 Review 50% of executive officers are women or racial/ethnic minorities Named 2022 Best Places to Work for LGBTQ+ Equality by the Human Rights Campaign Environmental Sustainability $1.8B in green loans & commitments (3/31/22), up 52% over 3/31/21 Reporting GHG data since 2009 & externally assured since 2013 GHG Goals: reduce scope 1 & 2 emissions 50% by 2025 (already met), 65% by 2030 & 100% by 2050 Member of Partnership for Carbon Accounting Financials Customized, in-house employee education and engagement program on sustainability & climate topics Diversity, Equity & Inclusion Community Committed $95MM to assist low- to moderate-income housing in 2022 through low-income housing tax credits Collected ~1,500 prom dresses for teens served by local nonprofits ~100 Comerica volunteers held a book drive for elementary school students 71.4 79.1 1Q21 1Q22 Deposits1 Transform retail delivery • Align resources to best serve customers • Enhance small business focus Align corporate facilities • Right size & modernize footprint • Increase brand awareness • Focus on community presence Optimize Technology • Accelerate cloud migration • Enhance customer experience • Increase colleague productivity Modernization 11.9 12.4 10.6 12.2 1Q21 1Q22 Loans w/ PPP Loans ex. PPP General Middle Market Loans1 4.3 5.2 1Q21 1Q22 Large Corporate Loans1 1Average; Dollars in billions 2Paycheck Protection Program (PPP) 11% 16% 20% 2 4% 4© 2022, Comerica Bank. All rights reserved. 1Q22 Results Solid loan growth; Seasonality impacted deposits, revenue & expenses 1Includes gains/(losses) related to deferred comp asset returns of ($7MM) 1Q22, $5MM 4Q21, $3MM 1Q21 2Diluted earnings per common share 31Q22 estimated; 1Q21 reflects deferral of CECL standard impact as calculated per regulatory guidance 4Shares repurchased under share repurchase program (millions, except per share data) 1Q22 4Q21 1Q21 Change From 4Q21 1Q21 Average loans $48,273 $47,825 $50,589 $448 $(2,316) Average loans, ex. PPP 47,938 47,136 47,013 802 925 Average deposits 79,103 84,537 71,392 (5,434) 7,711 Net interest income 456 461 443 (5) 13 Provision for credit losses (11) (25) (182) 14 171 Noninterest income1 244 289 270 (45) (26) Noninterest expenses1 473 486 447 (13) 26 Provision for income tax 49 61 98 (12) (49) Net income 189 228 350 (39) (161) Earnings per share2 $1.37 $1.66 $2.43 $(0.29) ($1.06) CET13 9.93% 10.13% 11.02% Key Performance Drivers 1Q22 compared to 4Q21 • Loan growth momentum in many businesses, partly offset by decreases in Mortgage Banker & PPP • Deposits reflect seasonality • MBS & swap portfolios increased to deploy excess liquidity & lock in higher yields • Net interest income benefit from loan & securities growth offset by PPP decrease • Reserves released; Reserve ratio 1.21%; Net charge-offs of 6 bps • Noninterest income impacted by large decreases in warrant income & deferred comp as well as seasonal decline in customer activity • Expense discipline continued; also, included decrease in deferred comp & seasonal increase • Repurchased $35MM shares4

 
5© 2022, Comerica Bank. All rights reserved. 50.6 49.8 48.1 47.8 48.3 49.3 49.6 3.09 3.25 3.39 3.26 3.22 1Q21 2Q21 3Q21 4Q21 1Q22 4Q21 1Q22 Loans Strong momentum in many businesses, partly offset by Mortgage Banker & PPP 1Q22 compared to 4Q21 1See Average Loans slide in Appendix for more details Loans ($ in billions) Average loans increased $448MM1 + $423MM General Middle Market + $407MM Corporate Banking + $363MM Equity Fund Services + $199MM National Dealer Services + $120MM Environmental Services - $852MM Mortgage Banker Ex. PPP, average loans grew $802MM, or 2% • Ex-PPP, General Middle Market grew 5% • PPP average loans $335MM, $354MM decrease Line Utilization stable at 46% Loan yields decreased 4 bps - 6 bps impact of PPP - 1 bps lower nonaccrual activity + 3 bps higher rates Loan Yields % Average Balances Period-end 6© 2022, Comerica Bank. All rights reserved. Deposits Reflects seasonality & customers using funds in businesses; Up 11% relative to 1Q21 1Q22 compared to 4Q21 1Interest costs on interest-bearing deposits 2At 3/31/22 3Interest incurred on liabilities as a percent of average noninterest–bearing deposits & interest-bearing liabilities 4Source for peer data: S&P Global Market Intelligence 71.4 75.5 79.1 84.5 79.1 82.3 77.6 0.08 0.06 0.06 0.05 0.05 1Q21 2Q21 3Q21 4Q21 1Q22 4Q21 1Q22 Deposits ($ in billions) Deposit Rate1 % Average Balances Period-end Average deposits decreased $5.4B - $2.6B noninterest-bearing - $2.9B interest-bearing Loan to deposit ratio2 64% Total funding costs steady at 6 bps3 7 5 5 5 4 3 3 3 2 1 1 0 C M A B O K F Z IO N C F R R F S N V F IT B K E Y M T B F H N C F G H B A N 4Q21 Deposit Growth Highest Among Peers4 (percentages; 4Q21 vs 3Q21; average)

 
7© 2022, Comerica Bank. All rights reserved. Securities Portfolio Goal: Reduce asset sensitivity by gradually deploying excess liquidity over time as rates rise 3/31/22 1Outlook as of 4/20/22 2Estimated as of 3/31/22 3On the MBS portfolio Securities Portfolio ($ in billions) 10.3 11.1 12.3 13.3 14.4 14.0 16.0 14.9 15.4 16.0 16.6 17.3 17.0 18.8 1.89 1.82 1.76 1.71 1.74 1Q21 2Q21 3Q21 4Q21 1Q22 4Q21 1Q22 Treasury Securities Mortgage-backed Securities (MBS) Securities Yields % Average portfolio increased $721MM • Period-end increased $1.8B + $3.6B MBS purchases - $740MM MBS payments & $70MM Treasury maturities - $965MM Fair value change • 2Q22: Estimate ~$725MM-$775MM MBS repayments1 • Duration of 4.6 years2 • Extends to 6.1 years under 200bps instantaneous rate increase2 • Net unrealized pre-tax loss of $1,095MM • Net unamortized premium of $50MM3 Average Balances Period-end 69 71 77 1Q21 4Q21 1Q22 Securities Income ($ in millions) Cash / Assets (PE; percentages) 8 15 CMA 2010-2019 Average CMA 1Q22 8© 2022, Comerica Bank. All rights reserved. Net Interest Income Benefit from loan & securities growth more than offset by decline in PPP revenue & 2 fewer days 1Q22 compared to 4Q21 1See Paycheck Protection Program (PPP) slide in appendix for more detail Net Interest Income ($ in millions) 443 465 475 461 456 2.29 2.29 2.23 2.04 2.19 1Q21 2Q21 3Q21 4Q21 1Q22 Net Interest Margin % $461MM 4Q21 2.04% -10MM - 10MM - 6MM - 3MM + 4MM + 5MM Loans PPP1 forgiveness Two fewer days Nonaccrual activity Rates, incl. swaps & floors Balances, ex. PPP - 0.02 - 0.04 - 0.01 + 0.02 + 0.01 + 6MM Securities Balances -- - 1MM Fed Deposits + 0.17 $456MM 1Q22 2.19% 52 bps negative impact on NIM from Fed balances

 
9© 2022, Comerica Bank. All rights reserved. 325 320 296 269 274 0.64 0.64 0.62 0.55 0.55 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 1Q21 2Q21 3Q21 4Q21 1Q22 NPA/Loans % Credit Quality Credit metrics remain strong 1Q22 compared to 4Q21 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Nonperforming Assets Remain Low ($ in millions) Criticized Loans1 Well Below Historic Average ($ in millions) 807 683 639 618 599 1.59 1.36 1.33 1.26 1.21 - 1.00 2.00 3.00 4.00 5.00 6.00 1Q21 2Q21 3Q21 4Q21 1Q22 ACL/Loans % Reserve Continued to Decline Gradually ($ in millions) • $8MM of net charge-offs, or 6 bps • $18MM gross charge-offs ($20MM 4Q21) • $6MM legacy Energy Services • $10MM recoveries ($24MM 4Q21) • $5MM increase in nonperforming assets + $22MM retail (COVID-19-related deferrals ended 12/31/21) - $17MM commercial 2,581 2,176 1,818 1,573 1,647 5.1 4.3 3.8 3.2 3.3 - 2.00 4.00 6.00 8.00 10.00 12.00 1Q21 2Q21 3Q21 4Q21 1Q22 Criticized/Loans % 10© 2022, Comerica Bank. All rights reserved. Noninterest Income Large decrease in warrant income & deferred comp as well as seasonal decline in customer activity 1Q22 compared to 4Q21 1Gains/(losses) related to deferred comp asset returns of $3MM 1Q21, $6MM 2Q21, -0- 3Q21, $5MM 4Q21, ($7MM) 1Q22 (offset in noninterest expense) 2 Credit Valuation Adjustment (CVA) $10MM 1Q21, $1MM 2Q21, $3MM 3Q21, $4MM 4Q21, ($2MM) 1Q22 Noninterest Income1 ($ in millions) 270 284 280 289 244 1Q21 2Q21 3Q21 4Q21 1Q22 Decreased $45MM - $14MM Warrant-related Income (other noninterest income) - $12MM Deferred Comp (other noninterest income; offset in noninterest expense) - $ 6MM Commercial Lending (syndication/seasonal) - $ 5MM Derivative Income2 (CVA -$2MM, -$6MM change) - $ 2MM Service Charges on Deposits (seasonal) - $ 2MM Fiduciary - $ 2MM Card (seasonal) + $ 2MM Bank Owned Life Insurance (BOLI)

 
11© 2022, Comerica Bank. All rights reserved. 447 463 465 486 473 1Q21 2Q21 3Q21 4Q21 1Q22 Noninterest Expenses1 ($ in millions) Noninterest Expenses Continue to maintain our expense discipline as we position for future growth 1Q22 compared to 4Q21 1Gains/(losses) related to deferred comp plan of $3MM 1Q21, $6MM 2Q21, -0- 3Q21, $5MM 4Q21, ($7MM) 1Q22 (offset in noninterest income) Decreased $13MM - $3MM Salaries & benefits - $12MM Deferred comp1 (offset in noninterest income) - $10MM Staff insurance (mostly seasonal) - $ 8MM Performance-based incentives + $23MM Annual stock comp + $ 7MM Payroll taxes (seasonal) - $6MM Occupancy (seasonal) - $4MM Legal Fees (other noninterest expenses) - $4MM Outside Processing (seasonal) - $3MM Advertising (seasonal) + $8MM Operational Losses (other noninterest expenses) + $3MM FDIC expenseNew modernization initiatives totaling $6MM, including: • Consulting • Severance • Asset impairment 12© 2022, Comerica Bank. All rights reserved. 140 131 3/31/2021 3/31/2022 Capital Management Continue to focus on CET1 target of ~10%1 3/31/22 1Outlook as of 4/20/22 21Q22 estimated 3Shares repurchased under share repurchase program 4See Holding Company Debt Rating slide 5Source for peer data: S&P Global Market Intelligence 10.13% 9.93% 7.0% 4Q21 1Q22 CET12 Tier 12 10.70% 10.47% 8.5% 4Q21 1Q22 Capital management priorities • Support customers; drive growth • Provide attractive dividend • $0.68/share or $89MM • Return excess capital to shareholders • $35MM or 377,849 shares repurchased3 • Maintain strong debt ratings4 • CET1 target of ~10%1 Regulatory Minimum + Capital Conservation Buffer (CCB) Attractive Dividend Yield5 (percentages; 3/31/22) 3.01 2.85 1.37 CMA Peer Avg. S&P 500 Shares Outstanding (millions) -6%

 
13© 2022, Comerica Bank. All rights reserved. ~180 ~310 ~85 ~125 ~130 160 ~170 25 bp Shock 50% Deposit Beta $5B DDA Runoff 1Q22 Standard Model 50 bps Shock 10% Deposit Beta 200 bps increase Interest Rate Sensitivity Positioned for a rising rate environment 0.1SSS Loan Balances Modest increase Loan Spreads Held at current levels Deposit Balances Moderate decrease Deposit Beta ~30% Securities Portfolio Held flat at current level Hedging (Swaps) No additions modeled Standard Model Assumptions1 100 bps (50 bps avg) linear, non-parallel rise Sensitivity Analysis Estimated Increase in Net Interest Income Over 12 months Additional Scenarios are Relative to 1Q22 Standard Model ($ in millions) 3/31/22 1For methodology see Company’s Form 10-K, as filed with the SEC. Estimates are based on simulation modeling analysis 2Outlook as of 4/20/22 3Received fixed/pay floating; swap positions & rates as of 3/31/22 & historical results for 12/31/21 & 3/31/22; maturities extend through 3Q28 22.6 22.8 15.3 16.1 15.5 15.9 14.2 12.8 11.9 10.3 13.7 14.5 14.2 14.4 14.5 14.5 25.6 29.8 30.0 30.1 28.6 27.3 26.4 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 31-Dec Added in 1Q22 Projected Swap Benefit $11.15B total swaps, includes $3.5B added in 1Q223; Excludes future rate increases ($ in millions; as of 3/31/22) Management Outlook for Net Interest Income2 • >13% increase for FY22, relative to FY21 (including PPP) • ~15% increase for 2Q22, relative to 1Q22 (including PPP) • Assumptions • Rate increases March (25 bps) & May (50 bps) • Loan & deposit as outlined on slide 14 • Swaps & securities at 3/31/22 14© 2022, Comerica Bank. All rights reserved. Management Outlook Assumes economy remains strong Outlook as of 4/20/22 FY22 vs FY21 Average loans + Mid single-digit growth, ex-PPP; driven by nearly every business, partly offset by decreases in Mortgage Banker & National Dealer; Including PPP, loans stable • Relative to 1Q22, increase 1-2% every quarter, with growth across most businesses Average deposits = Stable • Relative to 1Q22, modest decline remainder of the year Net interest income + See slide 13; Additional hedging & rate increases could provide further upside Credit Quality • Net charge-offs lower end of normal range; Nonaccrual & criticized loans remain low Noninterest income - Decline in card, derivatives (FY21 CVA $18MM), warrants, deferred comp (FY21 $15MM), partly offset by growth in several customer-related categories, e.g., fiduciary, deposit service charges • Relative to 1Q22, deferred comp (1Q22 -$7MM) & CVA (-$2MM) not expected to repeat; stronger customer activity as year progresses Noninterest expenses + Low single-digit growth driven by comp, technology investments, T&E & insurance • Relative to 1Q22, relatively stable; salary & benefits modestly lower; Higher advertising & technology expenses mostly offset by lower operating losses Tax • FY tax rate 22-23%, excluding discrete items Capital • Target CET1 of ~10%

 
15© 2022, Comerica Bank. All rights reserved. Key Strengths Poised to support growth Relationship Focused • Expertise in specialty businesses • Long-tenured, experienced team Diversified • Footprint includes faster growth markets • Balanced exposure to a wide variety of industries Revenue Opportunities • High-caliber, robust Cash Management suite, including Card programs • Collaboration between 3 revenue divisions Credit Discipline • Consistent, conservative underwriting standards • Superior credit performance through last recession Expense Control • Continuous improvement culture • Invest for the future • Leveraging technology to drive productivity & growth Uniquely Positioned • Nimble asset size • Weighted to commercial banking • Strong deposit base Appendix

 
17© 2022, Comerica Bank. All rights reserved. Quarterly Average Loans $ in billions Totals shown above may not foot due to rounding 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets 2Fixed rate loans include $5.7B receive fixed/pay floating (30-day) LIBOR , BSBY & SOFR interest rate swaps Business Line 1Q22 4Q21 1Q21 Middle Market General $12.4 $11.9 $11.9 Energy 1.3 1.3 1.5 National Dealer Services 4.1 3.9 5.3 Entertainment 1.1 1.2 0.8 Tech. & Life Sciences 0.9 0.8 1.0 Equity Fund Services 3.2 2.8 2.6 Environmental Services 2.0 1.8 1.5 Total Middle Market $24.9 $23.9 $24.7 Corporate Banking US Banking 3.7 3.3 3.0 International 1.5 1.5 1.3 Commercial Real Estate 6.6 6.6 6.7 Mortgage Banker Finance 1.6 2.4 3.2 Business Banking 3.3 3.3 4.1 Commercial Bank $41.5 $41.0 $42.9 Retail Bank $2.0 $2.1 $2.6 Wealth Management $4.7 $4.8 $5.1 TOTAL $48.3 $47.8 $50.6 By Market 1Q22 4Q21 1Q21 Michigan $11.7 $11.4 $12.3 California 17.2 17.1 17.9 Texas 9.8 9.5 10.1 Other Markets1 9.7 9.8 10.2 TOTAL $48.3 $47.8 $50.6 Fixed Rate 22% 30-Day Rate 61% 60-Day+ Rate 5% Prime-based 12% 2 $49.6B Loan Portfolio (1Q22 Period-end) Includes $15.8B with average floors at 0.59% 18© 2022, Comerica Bank. All rights reserved. Quarterly Average Deposits $ in billions Totals shown above may not foot due to rounding 1Finance/Other includes items not directly associated with the geographic markets or the three major business segments 2Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets Business Line 1Q22 4Q21 1Q21 Middle Market General $22.2 $24.7 $20.4 Energy 0.6 0.6 0.6 National Dealer Services 1.9 2.1 0.5 Entertainment 0.3 0.2 0.2 Tech. & Life Sciences 7.3 8.3 6.2 Equity Fund Services 1.2 1.5 0.9 Environmental Services 0.3 0.4 0.2 Total Middle Market $33.9 $37.8 $28.9 Corporate Banking US Banking 2.7 3.4 3.1 International 2.3 2.2 2.3 Commercial Real Estate 2.2 2.1 1.9 Mortgage Banker Finance 0.6 0.7 0.9 Business Banking 4.4 4.6 4.1 Commercial Bank $46.0 $50.8 $41.1 Retail Bank $26.9 $26.7 $24.3 Wealth Management $5.3 $5.7 $4.8 Finance / Other1 $0.9 $1.3 $1.1 TOTAL $79.1 $84.5 $71.4 By Market 1Q22 4Q21 1Q21 Michigan $28.1 $28.5 $25.7 California 23.5 26.5 19.9 Texas 11.8 12.0 10.8 Other Markets2 14.7 16.2 14.0 Finance / Other1 0.9 1.3 1.1 TOTAL $79.1 $84.5 $71.4 Commercial Noninterest- bearing 45% Commercial Interest- bearing 19% Retail Interest- bearing 26% Retail Noninterest- bearing 10% Total $79.1B Beneficial Deposit Mix (1Q22 Average)

 
19© 2022, Comerica Bank. All rights reserved. Paycheck Protection Program (PPP) Supporting our customers 3/31/22 1Program to Date through 3/31/22 2PPP income is reflected in net interest income 3,576 3,459 1,659 689 335 459 233 1Q21 2Q21 3Q21 4Q21 1Q22 4Q21 1Q22 PPP Loans ($ in millions) Average Balances Period-end PPP Loans Since Inception1 • $4.9B funded / >20,000 applications processed • $4.6B repaid, mostly forgiven • FY20: PPP income $ 63MM ($2.5B average loans) • FY21: PPP income $111MM ($2.3B average loans) PPP Income2 ($ in millions) 30.6 31.6 33.6 15.6 5.4 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 1Q21 2Q21 3Q21 4Q21 1Q22 20© 2022, Comerica Bank. All rights reserved. Energy Business Line Credit quality continued to improve 3/31/22 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 2Net credit-related charge-offs (recoveries) Period-end Loans ($ in millions) 1,077 1,025 1,008 971 1,046 270 277 244 212 203 19 18 25 21 14 1,366 1,320 1,277 1,204 1,263 1Q21 2Q21 3Q21 4Q21 1Q22 Services Midstream Exploration & Production • Exposure $3.1B / 41% utilization • $6MM NCO related to legacy Energy Services • Decreases in Criticized & Nonaccrual • Spring redeterminations 22% completed • Most borrowing bases are increasing • Hedged 50% or more of production • At least one year: 77% of customers • At least two years: 44% of customers • Focus on larger, sophisticated E&P and Midstream companies • E&P: 53% Oil, 21% Gas, 26% Oil/Gas ($ in millions; Period-end) 1Q22 4Q21 1Q21 Total PE loans $1,263 $1,204 $1,366 % of total CMA 2.5% 2.4% 2.7% Criticized1 $51 $58 $389 Ratio 4.0% 4.8% 28.5% Nonaccrual $12 $14 $93 Ratio 1.0% 1.2% 6.8% Net charge-offs (recoveries)2 $6 $(19) $(1)

 
21© 2022, Comerica Bank. All rights reserved. Mortgage Banker Finance 55+ years experience with reputation for consistent, reliable approach 3/31/22 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 3/21/22; 4Q21 actual • Provide warehouse financing: bridge from residential mortgage origination to sale to end market • Extensive backroom provides collateral monitoring & customer service • Focus on full banking relationships • As of 1Q22: • Comerica: 71% purchase • Industry: 55% purchase1 • Strong credit quality • No charge-offs since 2010 • Period-end loans: $2.2B (4Q21 $3.0B) Average Loans ($ in millions) 1 ,4 35 1 ,7 84 1 ,9 61 1 ,6 77 1 ,3 35 2 ,0 44 2 ,5 21 2 ,6 81 2 ,0 42 3 ,2 78 3 ,5 85 3 ,7 91 3 ,2 11 2 ,9 24 2 ,7 57 2 ,4 50 1 ,5 97 0 500 1000 1500 2000 1 Q 1 8 2 Q 1 8 3 Q 1 8 4 Q 1 8 1 Q 1 9 2 Q 1 9 3 Q 1 9 4 Q 1 9 1 Q 2 0 2 Q 2 0 3 Q 2 0 4 Q 2 0 1 Q 2 1 2 Q 2 1 3 Q 2 1 4 Q 2 1 1 Q 2 2 Actual MBA Mortgage Origination Volumes1 MBA Mortgage Originations Forecast1 ($ in billions) 893 689 710 625 610 4Q21 1Q22 2Q22 3Q22 4Q22 Purchase Refinance 22© 2022, Comerica Bank. All rights reserved. National Dealer Services 75+ years of floor plan lending 3/31/22 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) Franchise Distribution (Based on period-end loan outstandings) Toyota/Lexus 15% Honda/Acura 8% Ford 9% GM 7% Fiat/Chrysler 9% Mercedes 6% Nissan/ Infiniti 3% Other European 14% Other Asian 12% Other 17% • Top tier strategy • National scope with customers in 42 states • Focus on “Mega Dealer” (five or more dealerships in group) • Strong credit quality; Robust monitoring of company inventory & performance • Floor Plan remained low due to supply chain constraints 4 .1 4 .2 3 .8 4 .0 4 .4 4 .5 4 .1 4 .0 3 .6 2 .8 1 .9 2 .2 2 .0 1 .2 0 .6 0 .6 0 .6 7 .3 7 .4 7 .0 7 .4 7 .8 7 .9 7 .5 7 .3 6 .8 6 .2 5 .3 5 .5 5 .3 4 .4 3 .8 3 .9 4 .1 1 Q 1 8 2 Q 1 8 3 Q 1 8 4 Q 1 8 1 Q 1 9 2 Q 1 9 3 Q 1 9 4 Q 1 9 1 Q 2 0 2 Q 2 0 3 Q 2 0 4 Q 2 0 1 Q 2 1 2 Q 2 1 3 Q 2 1 4 Q 2 1 1 Q 2 2 Floor Plan Average Loans ($ in billions) Total $4.3B 1

 
23© 2022, Comerica Bank. All rights reserved. 3 2 2 1 1 100 99 99 28 26 1.5% 1.4% 1.5% 0.4% 0.4% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 1Q21 2Q21 3Q21 4Q21 1Q22 NAL Criticized % Criticized/Loans 5 ,2 59 5 ,3 49 5 ,3 16 5 ,2 23 5 ,3 15 5 ,5 17 5 ,6 58 5 ,8 83 6 ,2 10 6 ,6 59 6 ,6 83 6 ,6 99 6 ,6 90 6 ,8 83 6 ,7 97 6 ,5 79 6 ,6 04 1 Q 1 8 2 Q 1 8 3 Q 1 8 4 Q 1 8 1 Q 1 9 2 Q 1 9 3 Q 1 9 4 Q 1 9 1 Q 2 0 2 Q 2 0 3 Q 2 0 4 Q 2 0 1 Q 2 1 2 Q 2 1 3 Q 2 1 4 Q 2 1 1 Q 2 2 Multifamily 45% Industrial / Storage 26% Retail 9% Office 9% Single Family 2% Other 2% Land Carry 4% Multi use 3% Commercial Real Estate Business Line Very strong credit quality 3/31/22 1Excludes CRE business line loans not secured by real estate 2Period-end loans 3Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories Primarily Lower Risk Multifamily1 (1Q22 period-end) Total $5.6B • Long history of working with well-established, proven developers • >90% of new commitments from existing customers • Substantial upfront equity required • 40% of Industrial/ Storage & 38% of Multifamily are construction loans1,2 • Majority high growth markets within footprint: • 42% California • 24% Texas Credit Quality No significant net charge-offs since 2014 ($ in millions) 3 Total CRE Business Line Average Loans ($ in millions) 24© 2022, Comerica Bank. All rights reserved. 6,216 7,093 7,448 8,290 7,341 3,000 4,000 5,000 6,000 7,000 8,000 9,000 1Q21 2Q21 3Q21 4Q21 1Q22 1,048 949 843 841 856 1Q21 2Q21 3Q21 4Q21 1Q22 Technology & Life Sciences ~30 years of deep expertise & strong relationships with top-tier investors 3/31/22 1Includes estimated distribution of PPP loans Average Loans ($ in millions) • Manage concentration to numerous verticals to ensure widely diversified portfolio • Closely monitor cash balances & maintain robust backroom operation • 10 offices throughout US & Canada Average Deposits ($ in millions) Growth 50% Early Stage 17% Late Stage 33% Customer Segment Overview1 (approximate; 1Q22 period-end loans) Total $0.8B

 
25© 2022, Comerica Bank. All rights reserved. Equity Fund Services Strong relationships with top-tier venture capital & private equity firms 3/31/22 • Customized solutions for venture capital & private equity firms • Credit Facilities • Treasury Management • Capital Markets, including syndication • Customers in the US & Canada • Drives connectivity with other teams • Energy • Middle Market • TLS • Environmental Services • Private Banking • Commercial Real Estate • Strong credit profile • No charge-offs • No criticized loans Average Loans ($ in millions) 2,627 2,696 2,951 2,846 3,209 1Q21 2Q21 3Q21 4Q21 1Q22 26© 2022, Comerica Bank. All rights reserved. Environmental Services Department 15+ years experience; Specialized industry, committed to growth 3/31/22 • Dedicated relationship managers advise & guide customers on profitably growing their business by providing banking solutions • Waste management firms which collect, transport, treat, recycle, process &/or dispose of waste • Recycling & renewable energy companies • Insight & expertise with • Transfer stations, disposal & recycling facilities • Commercial & residential waste collection • Landfill gas to energy; waste to energy • Acquisitions • Growth capital expenditures • Focus on middle market-sized companies with full banking relationships • Historically strong credit quality 1,476 1,683 1,844 1,834 1,954 1Q21 2Q21 3Q21 4Q21 1Q22 Average Loans ($ in millions)

 
27© 2022, Comerica Bank. All rights reserved. Holding Company Debt Rating As of 4/13/22 Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities; Zions Bancorporation ratings are for the bank Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A- - M&T Bank A3 BBB+ A BOK Financial A3 BBB+ A Comerica A3 BBB+ A- Fifth Third Baa1 BBB+ A- Huntington Baa1 BBB+ A- KeyCorp Baa1 BBB+ A- Regions Financial Baa2 BBB+ BBB+ Zions Bancorporation Baa1 BBB+ BBB+ First Horizon National Corp Baa3 BBB- BBB Citizens Financial Group - BBB+ BBB+ Synovus Financial - BBB- BBB

 

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