EX-99.2 3 comericainc1q23earningsp.htm EX-99.2
Comerica Incorporated First Quarter 2023 Financial Review April 20, 2023 Safe Harbor Statement 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 the date of this presentation with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (changes in customer behavior; unfavorable developments concerning credit quality; and declines or other changes in the businesses or industries of Comerica's customers); market risks (changes in monetary and fiscal policies; fluctuations in interest rates and their impact on deposit pricing; and transitions away from 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 (changes in general economic, political or industry conditions; negative effects from inflation; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events, including pandemics; physical or transition risks related to climate change; changes in accounting standards; the critical nature of Comerica's accounting policies; 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, 2022. 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. 2©2023, Comerica Inc. All rights reserved.

©2023, Comerica Inc. All rights reserved. Proven Business Model Seamless Execution & Customer Support Even Better Positioned for Sustained Success Positioned for Sustained Success Solid foundation enabled effective execution of our strategy; we emerged even stronger • Nearly 175-year history of perseverance through multiple financial & global crises • Proven relationship-model built on mutual trust • Experienced, transformational leadership team leveraging legacy of consistency & conservativism • Intentional, strategic diversification of business lines & markets • Effective liquidity strategy delivered strong funding position • Active customer engagement strategy employed by colleagues & executives • Utilization of targeted products & services aligned to customer needs • Agile onboarding system to support opening record number of accounts • Successfully protected core deposit relationships amidst deposit pressure • Enhanced attractive deposit risk profile with improved stability, relationships & insurance mix • Strong capital position enabled customer support • Proven approach to credit delivered excellent results 3/31/23 3 1Q23 Review Average Loans Noninterest Income Net Charge-Offs (Recoveries) 4©2023, Comerica Inc. All rights reserved. 1Noninterest 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 2Return on average common shareholders’ equity 31Q23 estimated Successful execution; strategic investment in the future of our company & community -0.03% -0.01% 4Q22 1Q23 Efficiency Ratio1 Return on Equity2 Tier 1 Capital Ratio3 • Announced Ameriprise partnership to enhance our Wealth Management products & customer experience • Launched new Investment Banking Group focused on M&A advisory • Initiated Small Business Banking national expansion • Named one of America’s Most JUST Companies by Just Capital • Leadership rating by CDP for supplier engagement on climate change • Achieved $2.8B in Green Lending in 1Q; aligned with commitment to sustainability • Volunteerism of 66,270 hours for 2022 $278MM $282MM 4Q22 1Q23 $52B $53B 4Q22 1Q23 55.53% 24.20% 10.58% Strong Financial Results

1Q23 Results Strong loan growth, fee income & credit quality 1Includes gains/(losses) related to deferred comp asset returns of $(7MM) 1Q22, $6MM 4Q22, $4MM 1Q23 2Diluted earnings per common share 31Q23 estimated (millions, except per share data) 1Q23 4Q22 1Q22 Change From 4Q22 1Q22 Average loans $53,468 $52,375 $48,273 $1,093 $5,195 Average loans, ex. PPP 53,435 52,335 47,938 1,100 5,497 Average deposits 67,833 71,355 79,103 (3,522) (11,270) Net interest income 708 742 456 (34) 252 Provision for credit losses 30 33 (11) (3) 41 Noninterest income1 282 278 244 4 38 Noninterest expenses1 551 541 473 10 78 Provision for income tax 85 96 49 (11) 36 Net income 324 350 189 (26) 135 Earnings per share2 $2.39 $2.58 $1.37 $(0.19) $1.02 Efficiency Ratio 55.53% 53.00% 66.91% CET13 10.09% 10.00% 9.93% Key Performance Drivers 1Q23 compared to 4Q22 • Revenue decreased 2.9% • Average loans up 2.1% driven by broad-based growth • Deposits declined from traditional seasonality, expected customer deployment of funds into businesses related to monetary policy & diversification efforts following industry disruption • Net interest income benefited from higher rates & loan growth; offset by impact of funding & fewer days • Net recoveries of 1 bp; reserve ratio rose to 1.26% • Noninterest income increase driven by Capital Markets & Fiduciary • Active expense management impacted by pension & non-recurring items • Strong CET1 as earnings-related capital generation offset impact of loan growth 5©2023, Comerica Inc. All rights reserved. 48.3 50.0 51.1 52.4 53.5 53.4 54.9 3.22 3.64 4.64 5.45 5.89 1Q22 2Q22 3Q22 4Q22 1Q23 4Q22 1Q23 Loans Continued broad-based growth delivered highest loan levels since PPP; Yields up 44 bps 1Q23 compared to 4Q22 1See Quarterly Average Loans slide in Appendix for more details 2See Commercial Real Estate slide 25 for more details Loans ($ in billions) Average loans increased $1.1B1, or 2.1% + $642MM Commercial Real Estate2 • Multi-family & industrial accounted for almost all of the growth • Office only represents 7% of the total Commercial Real Estate portfolio + $361MM National Dealer Services + $97MM Wealth Management + $96MM General Middle Market - $184MM Mortgage Banker 6©2023, Comerica Inc. All rights reserved. Loan Yields % Average Balances Period-end 48.9 50.9 53.7 56.5 57.5 46% 46% 45% 45% 46% 1Q22 2Q22 3Q22 4Q22 1Q23 Utilization Loan Commitments Increased 2% Growth in most business lines (period-end: $ in billions)

Decline from 12/31/2021 to 3/31/2023 79.1 77.6 74.0 71.4 67.8 0.05 0.05 0.20 0.97 1.52 1Q22 2Q22 3Q22 4Q22 1Q23 Deposits Successfully navigated localized 1Q ‘23 deposit pressures & retained favorable mix 1Q23 compared to 4Q22 1Interest costs on interest-bearing deposits 2Quantitative easing 3Monthly average balances 4Quantitative tightening Deposits ($ in billions) Deposit Rate1 % Average Balances Largest Customer Diversification Actions: • Technology & Life Sciences • Excess balances significantly above average relationship profile (Corporate Banking & select customers in Middle Market) • Higher relative pressure in California portfolios 7©2023, Comerica Inc. All rights reserved. Localized Deposit Impact (period-end, $ in billions) 3/9 to 3/31 Deposit Movement $3.6B or 69% Middle Market CA $3.3B or 63% TLS $0.9B or 42% US Banking $-3.3B or -38% Middle Market CA $-4.8B or -42% TLS $-1.5B or -56% US Banking Increase from_ 12/31/2019 to_ 12/31/2021_ Favorable Mix (average,$ in billions) • Pressure concentrated in businesses with disproportionate QE2 inflow3 71.4 67.8 4Q22 1Q23 56% 53% NIB IB In line with expectations due to normal seasonality & utilization of funds from QT4 1Q23 compared to 4Q22 1Represents uninsured deposits using total deposits at the consolidated level for Comerica Inc. & subsidiaries, which is consistent with the presentation on the consolidated balance sheet, & excludes uninsured deposits eliminated in consolidation 23/31/23 is estimated ©2023, Comerica Inc. All rights reserved. Attractive Deposit Profile Further enhanced our strong deposit franchise Deposit portfolio has better risk characteristics • Less concentrated in more vulnerable businesses • Lower price sensitivity • Lower percent of uninsured & excess deposits • Retained favorable mix of 53% noninterest-bearing Stronger Profile than Pre-Pandemic ($ in billions) YE 2019 YE 2022 3/31/2023 Loan-to-Deposit Ratio 88% 75% 85% Total Deposits (Period-end) $57.3 $71.4 $64.7 % Uninsured Deposits Per Call Report Adjusted for Affiliate Deposits1 60% 54% 64% 57% 54%2 47% Stable & Tenured Core Deposit Base Diversified Across Markets & Businesses • Highest concentrations in Middle Market Lending (12%) & Small Business Banking (9%), inherently diversified business lines • Geographically dispersed Holistic, Connected Relationships • 95% of Commercial Bank noninterest-bearing deposits utilize Treasury Management services • Average Middle Market relationship has >7 Treasury Management products Tenured • Average Middle Market relationship >15 years Active, Commercial Operating Accounts • Average Middle Market relationship deposit balances of ~$7MM (includes ~$3MM in non-interest bearing) Commercial Bank 54% Retail Bank 37% Wealth Management 7% Other, 2% Diversified Deposit Base (1Q23 average) 8

©2023, Comerica Inc. All rights reserved. Abundant Liquidity Swift, conservative actions provided significant liquidity & maximized remaining capacity 3/31/23 1Bank Term Funding Program 2Totals shown above may not foot due to rounding 9 Available liquidity sources to support business needs: • Excess cash • Secured funding (FHLB & BTFP) • Wholesale FDIC insured deposits • Investment portfolio paydowns & maturities • Deposit campaigns • Unsecured debt • Discount window • Entered volatile period with significant liquidity capacity in excess of pre-pandemic levels • Monetized securities collateral through FHLB; use of retail brokered CDs as diversification strategy • Secured safety cash buffer well in excess of normal operating levels • Preserved abundant unused liquidity capacity & in excess of pre- pandemic levels • Light schedule of unsecured funding maturities Source (3/31/23) $ in billions Amount or Total Capacity Remaining Capacity2 Cash 9 9 FHLB (securities & loan collateral) 16 1 BTFP1 (securities collateral) 11 11 Discount Window (loan collateral) 20 20 Total Liquidity Capacity $42 billion Total Liquidity Capacity (ex. Discount Window) $22 billion Low Unsecured Debt Obligations (Debt Maturities, $ in millions) 120% 85%87% 50% 60% 70% 80% 90% 100% 110% 120% 130% 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 1Q 23 Loan to Deposit Ratio Remained Below Historical Average (period-end) 850 500 350 400 550 500 2023 2024 2025 2026 2027 2028 2029 2033 Securities Portfolio Ceased reinvestments in 3Q22 & strategic portfolio attrition continued; tangible capital impact improved 3/31/23 1Outlook as of 4/20/23 assuming 3/31/23 forward curve 2Amortized cost reflects securities at par net of repayments and remaining unaccreted discount or premium 3Outlook as of 4/20/23 4Estimated as of 3/31/23 Period-end 1Q23 portfolio decreased $717MM - $321MM MBS payments & $700MM Treasury maturities + $309MM fair value change • Average 1Q23 portfolio decreased $363MM • 2Q23: Estimated repayments ~$460MM MBS3 plus ~$300MM treasuries3 • Duration of 5.5 years4 • Extends to 6.3 years under +200bps instantaneous rate increase4 • Net securities-related AOCI decreased to $2.1B (after tax); expect loss to decline another 32% by year-end 2024 2023 Portfolio Strategy • Utilize natural portfolio attrition as liquidity source • Pledge portfolio as collateral to access wholesale funding as needed • 100% of portfolio is available-for-sale • No intention to sell, restructure or reinvest securities Securities Income ($ in millions) ©2023, Comerica Bank. All rights reserved. 10 Repayments create liquidity & mark-to-market valuation improved (period-end; $ in billions) 77 100 119 118 113 1.74 1.92 2.08 2.11 2.10 1Q22 2Q22 3Q22 4Q22 1Q23 Securities Yields %2 12.4 18.8 20.8 19.5 19.0 18.3 17.7 17.5 17.1 15.4 (0.1) 1.1 2.0 3.1 3.0 2.7 2.6 2.4 2.3 1.8 12.3 19.9 22.8 22.6 22.0 21.0 20.3 19.9 19.4 17.2 4Q19 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 4Q24 Valuation Adjustment Fair Value (Reported on Balance Sheet) Amortized Cost Projected1

Net Interest Income Protected strong net interest income levels; benefited from rates & loan growth, pressured by funding 1Q23 compared to 4Q22 Net Interest Income ($ in millions) $742MM 4Q22 3.74% + 58MM + 50MM + 18MM + 5MM - 15MM Loans Higher rates, incl. swaps Higher balances Portfolio dynamics 2 Fewer days + 0.32 + 0.25 + 0.04 + 0.03 - 5MM Securities Balances + 0.01 + 20MM + 13MM + 8MM - 1MM Fed Deposits Higher balances Rates 2 Fewer days + 0.05 + 0.01 + 0.04 - 40MM - 40MM Deposits Rates Lower balances - 0.22 - 0.21 - 0.01 - 67MM - 56MM - 11MM Wholesale Funding Higher balances Rates - 0.33 - 0.28 - 0.05 $708MM 1Q23 3.57% 11©2023, Comerica Inc. All rights reserved. Net impact due to rates: $7MM & 3bps on the NIM 456 561 707 742 708 2.19 2.70 3.50 3.74 3.57 1Q22 2Q22 3Q22 4Q22 1Q23 Net Interest Margin % Interest Rate Sensitivity Minimized impact of potential rate reductions; protected high level of net interest income 3/31/23 1Received fix/pay floating swaps; historical results 12/31/22; maturities extend through 3Q30 2For methodology see Company’s Form 10-K, as filed with the SEC. Estimates are based on simulation modeling analysis from our base case which utilizes March 2023 average balances 12©2023, Comerica Inc. All rights reserved. Swaps as of 3/31/231 ($ in billions; average; weighted average yield) • 1Q23 no new swaps added • Net unrealized loss on swap portfolio decreased $333MM to $609MM at 3/31/23 (after-tax) Estimated 12-Month Net Interest Income Impact 100 bps gradual decrease -$31MM 100 bps gradual increase -$35MM 100 bps gradual increase & 50% incremental beta -$57MM Sensitivity Analysis from 3/31 Base Case Rates UP Rates DOWN Loan Balances Modest increase Modest decrease Deposit Balances Moderate decrease Moderate increase Deposit Beta ~30% per incremental change Securities Portfolio No reinvestment of cash flows Hedging (Swaps) No additions modeled 3/31/23 Standard Model Assumptions2 100 bps (50 bps avg) gradual, parallel rise 12.1 22.4 23.6 23.0 20.1 15.0 9.8 4.6 0.8 2.16% 2.38% 2.50% 2.57% 2.68% 2.72% 2.85% 2.95% 2.97% FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30

274 266 262 244 221 0.55 0.52 0.51 0.46 0.40 (0.10) 0.10 0.30 0.50 0.70 0.90 1.10 1.30 1.50 1Q22 2Q22 3Q22 4Q22 1Q23 NPA/Loans % Credit Quality Reserve reflects excellent credit metrics, loan growth & softening economic outlook 1Q23 compared to 4Q22 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Nonperforming Assets Decreased ($ in millions) Criticized Loans1 Well Below Historical Level ($ in millions) 599 609 624 661 693 1.21 1.18 1.21 1.24 1.26 - 1.00 2.00 3.00 4.00 5.00 6.00 1Q22 2Q22 3Q22 4Q22 1Q23 ACL/Loans % Allowance for Credit Losses Increased Moderately ($ in millions) 1,647 1,534 1,626 1,572 1,918 3.3 3.0 3.1 2.9 3.5 - 2.00 4.00 6.00 8.00 10.00 12.00 1Q22 2Q22 3Q22 4Q22 1Q23 Criticized/Loans % 13©2023, Comerica Inc. All rights reserved. 8 0 13 (4) (2) - 2.00 4.00 6.00 8.00 10.00 12.00 1Q22 2Q22 3Q22 4Q22 1Q23 Net Charge-Offs (Recoveries) ($ in millions) Noninterest Income Robust fee generation exceeded seasonally strong 4th quarter 2022 1Q23 compared to 4Q22 1Risk management hedging income related to an increase in price alignment (PA) received for Comerica’s centrally cleared risk management positions $8MM 4Q22, $8MM 1Q23 2Credit Valuation Adjustment (CVA) ($2MM) 1Q22, $3MM 2Q22, $5MM 3Q22, $1MM 4Q22, $1MM 1Q23 3Includes gains/(losses) related to deferred comp asset returns of ($7MM) 1Q22, ($14MM) 2Q22, ($3MM) 3Q22, $6MM 4Q22, $4MM 1Q23 Noninterest Income1 ($ in millions) 244 268 278 278 282 1Q22 2Q22 3Q22 4Q22 1Q23 Increased $4MM + $5MM Capital Markets Income +$4MM Derivative Income2 +$2MM Investment Banking - $1MM Syndication Fees + $3MM Fiduciary Income + $1MM Brokerage - $5MM Other Noninterest Income3 14©2023, Comerica Inc. All rights reserved.

473 482 502 541 551 66.9 58.0 50.8 53.0 55.5 1Q22 2Q22 3Q22 4Q22 1Q23 Efficiency Ratio % Noninterest Expenses1,2 ($ in millions) Noninterest Expenses Maintained solid efficiency ratio of 55.5% 1Q23 compared to 4Q22 1Modernization initiative $6MM 1Q22; $7MM 2Q22; $7MM 3Q22; $18MM 4Q22; FY22 $38MM; $16MM 1Q23 2Gains/(losses) related to deferred comp plan of ($7MM) 1Q22, ($14MM) 2Q22, ($3MM) 3Q22, $6MM 4Q22, $4MM 1Q23 Increased $10MM + $17MM Non-salary pension expense + $8MM Salaries & benefits, impacted by seasonality Increases: $16MM annual stock grants, $7MM payroll taxes & $3MM 401(k) Decreases: $13MM incentive compensation & $5MM staff insurance + $7MM Litigation-related + $6MM FDIC insurance - $12MM Occupancy - $6MM Michigan single business tax - $6MM Advertising - $5MM Consulting Notable first quarter expenses include: • $17MM Litigation-related & operational losses total • $16MM in Modernization • $9MM Ameriprise transition (salaries & benefits & other expenses) • $5MM Corporate Facilities (occupancy & other expenses) • $1.4MM Retail Reimagined (occupancy) • $0.8MM Technology (salaries & benefits) • $4MM Deferred compensation (fully offset in non-interest income) 15©2023, Comerica Inc. All rights reserved. Capital Management Strong capital position at target CET1 of ~10%1 3/31/23 1Outlook as of 4/20/23 21Q23 estimated 3Refer to reconciliation of non-GAAP financial measures in appendix; Increase in cash relative to 4Q22 10.00% 10.09% 7.0% 4Q22 1Q23 CET12 Tier 12 10.50% 10.58% 8.5% 4Q22 1Q23 Regulatory Minimum + Capital Conservation Buffer (CCB) 16©2023, Comerica Inc. All rights reserved. 6.6 6.0 4.7 4.8 5.6 7.8 8.0 8.3 8.5 8.8 1Q22 2Q22 3Q22 4Q22 1Q23 Common Equity Impact of AOCI Losses 50.80 46.19 35.70 36.55 42.57 59.78 61.13 63.11 65.12 66.68 1Q22 2Q22 3Q22 4Q22 1Q23 Common Equity Per Share Impact of AOCI Losses Common Equity3 ($ in billions; period-end) Common Equity Per Share3 ($ per share; period-end) Tangible Common Equity Ratio3 5.60% 6.15% 9.99% 9.63% 4Q22 1Q23 Impact of AOCI Losses Common Equity Ratio Common Equity Ratio3 4.89% 5.48% 9.30% 9.47% 4Q22 1Q23 Increase in Cash Impact of AOCI Losses Tangible Common Equity Ratio

FY22 vs FY23 Average loans +8 to 9% driven by momentum in CRE & Dealer along with selective growth across most other businesses Average deposits -12 to -14%, assumes general stabilization & reflects the impact of 2022 deposit trends Net interest income1 +6 to 7% reflecting net benefit from higher rates & loan growth offsetting impact of funding; reduced exposure to rate declines Credit quality NCOs move toward lower end of normal range & continued credit normalization Noninterest income +6 to 7% driven by risk management income (PA), card, fiduciary, FHLB dividends; partly offset by lower derivative income, deposit service charges & BOLI; assumes CVA & deferred comp2 do not repeat 2Q through 4Q Noninterest expenses +7% with pension up (+$64MM, or 3% of 2022 expenses), assumes deferred comp2 does not repeat 2Q through 4Q & lower modernization (-$14MM); considers impact of Ameriprise & incremental FDIC expense not in initial guidance; expect to evaluate impact of disruption & environment Tax FY tax rate ~23%, excluding discrete items Capital CET1 of ~10% Management Outlook Assumes no change in current economic environment 3/31/23 Outlook as of 4/20/23 & FY guidance compares to reported 2022 values 1Utilizing 3/31/23 forward curve 2Deferred comp 1Q23 $4MM 3Assumes 1Q23 deferred comp benefit of $4MM does not repeat ©2023, Comerica Inc. All rights reserved. 17 2Q23 vs. 1Q23 Average loans +3% continued momentum Average deposits -4 to -6% assumes general stabilization Net interest income1 -11 to -13% full quarter funding impact Noninterest income3 +1 to 2% fiduciary, card & other Noninterest expense3 -3 to -4% 1Q modernization, seasonal compensation Strong 1Q23; loans & fee income exceeded expectations Excellent credit quality Effective NII strategy, expect record 2023 ©2023, Comerica Inc. All rights reserved. Protected core relationships Maximized liquidity position Enhanced proforma deposit profile Transformational leadership Focus on complementary non- interest income Digital enhancements for internal process & customer experience Compelling Financial Results Effective Navigation through Volatility Future Vision while Leveraging Legacy Conservative Legacy & Unique Relationship Model Tenured Customers & Colleagues Prudent Risk Management Proven Credit Results Diversified, but Collaborative Business Lines Conservative Capital Management Targeted Geographic Strategy Fundamental Strengths Proven business model, positioned for long term success 18

APPENDIX Primary Markets Other Markets Office Locations Diversified Geographic Footprint Texas • Established: 1988 • #2 largest state GDP • Business friendly environment • Dallas-Fort Worth, Houston, Austin, San Antonio California • Established: 1991 • #1 largest state GDP • Deep industry expertise • L.A., San Diego, San Jose, San Francisco Michigan • Established: 1849 • #14 largest state GDP • Large retail deposit base • Detroit, Ann Arbor, Grand Rapids, Lansing Offices Across U.S. Southeast • Strong population growth & manufacturing base • 3 commercial offices in Raleigh, Winston-Salem & Charlotte • 8 banking centers in FL • New offices in SC & GA • Serving customers in FL, GA, NC, TN, SC & VA Mountain West • Fast growing economy, attractive climate • 17 banking centers in Phoenix area • 1 office in Denver • Serving customers in AZ & CO 20©2023, Comerica Inc. All rights reserved. Large, higher growth urban markets Highly integrated, cost-effective platformPredominance of middle market companies & wealth management opportunities

Noninterest Income Investing in comprehensive solutions for customers to drive fee income Payments Digital Customer Experience Capital MarketsWealth Management ©2023, Comerica Bank. All rights reserved. 21 3/31/23 New ways of real time money movement & rising rates are changing customers’ needs Combined various functions into one team with consistent delivery across bank Customer journey approach to accelerate customer outcomes & reduce risk Focus on Treasury Management Enrollment & Onboarding Market leader in 3rd party fiduciary services Strategic partnerships enhance solution set Uniquely positioned to serve business owners & execs Customer risk management products (foreign exchange, hedging) re-aligned to enhance customer focus Loan Syndications & Investment Banking staff increased Business Line 1Q23 4Q22 1Q22 Middle Market General $12.9 $12.8 $12.4 Energy 1.5 1.4 1.3 National Dealer Services 5.4 5.1 4.1 Entertainment 1.2 1.3 1.1 Tech. & Life Sciences 0.9 0.9 0.9 Equity Fund Services 3.4 3.3 3.2 Environmental Services 2.3 2.2 2.0 Total Middle Market $27.6 $27.0 $24.9 Corporate Banking US Banking 4.3 4.3 3.7 International 1.5 1.6 1.5 Commercial Real Estate 8.3 7.7 6.6 Mortgage Banker Finance 1.1 1.3 1.6 Business Banking 3.2 3.2 3.3 Commercial Bank $46.1 $45.1 $41.5 Retail Bank $2.2 $2.2 $2.0 Wealth Management $5.2 $5.1 $4.7 TOTAL $53.5 $52.4 $48.3 Quarterly Average Loans $ in billions Totals shown above may not foot due to rounding. Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets 2Fixed rate loans include $22.1B receive fixed/pay floating (30-day) LIBOR , BSBY & SOFR interest rate swaps; Forward dated swaps are excluded; excluding interest rate swaps, Fixed Rate Loans were 8% of the portfolio 3Includes ~2.5% of Daily SOFR By Market 1Q23 4Q22 1Q22 Michigan $12.4 $12.3 $11.7 California 18.7 18.4 17.2 Texas 11.6 10.9 9.8 Other Markets1 10.8 10.7 9.7 TOTAL $53.5 $52.4 $48.3 ©2023, Comerica Inc. All rights reserved. 22 Fixed Rate 48% -Day Rate 42% 90-Day+ Rate 6% Prime-based 4% 2 Loan Portfolio (1Q23 Period-end) 3 $54.9B

Quarterly Average Deposits $ in billions Totals shown above may not foot due to rounding. Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Finance/Other includes items not directly associated with the geographic markets or the three major business segments 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Business Line 1Q23 4Q22 1Q22 Middle Market General $17.9 $18.7 $22.2 Energy 1.2 1.3 0.6 National Dealer Services 1.2 1.2 1.9 Entertainment 0.3 0.3 0.3 Tech. & Life Sciences 4.3 5.2 7.3 Equity Fund Services 1.0 1.2 1.2 Environmental Services 0.4 0.4 0.3 Total Middle Market $26.3 $28.4 $33.9 Corporate Banking US Banking 2.0 1.9 2.7 International 2.0 2.1 2.3 Commercial Real Estate 1.9 2.3 2.2 Mortgage Banker Finance 0.4 0.4 0.6 Business Banking 3.7 4.1 4.4 Commercial Bank $36.4 $39.2 $46.0 Retail Bank $25.1 $26.0 $26.9 Wealth Management $4.7 $5.2 $5.3 Finance / Other1 $1.6 $1.0 $0.9 TOTAL $67.8 $71.4 $79.1 By Market 1Q23 4Q22 1Q22 Michigan $24.2 $25.1 $28.1 California 18.5 21.0 23.5 Texas 11.0 11.6 11.8 Other Markets2 12.5 12.7 14.7 Finance / Other1 1.6 1.0 0.9 TOTAL $67.8 $71.4 $79.1 ©2023, Comerica Inc. All rights reserved. 23 Commercial Noninterest- bearing 42% Commercial Interest- bearing 19% Retail Interest- bearing 28% Retail Noninterest- bearing 11% Beneficial Deposit Mix: 53% noninterest-bearing (1Q23 Average) Total $67.8B Valuation Impact on Tangible Common Equity 24 Repayments & rate environment improved TCE, reduced unrealized losses in AOCI by 15% ©2023, Comerica Inc. All rights reserved. Scenarios Est. AOCI Increase / (Decrease) Rate shock + 100 bps Static balances ($1.6B) Rates shock - 100 bps Static balances $1.6B Estimated Change in AOCI Derived Simulated Sensitivity Analysis for Securities & Swap Portfolios 3/31/23 1Excluding BOKF as data is not available (0.8) (1.5) (2.4) (2.3) (2.1)(0.2) (0.3) (1.0) (0.9) (0.6) (0.2) (0.2) (0.2) (0.5) (0.5) 1Q22 2Q22 3Q22 4Q22 1Q23 Securities Swaps Pension Accumulated Other Comprehensive Income ($ in billions) • Most of CMA mortgages carried in securities portfolio (vs. outright Residential mortgage loans) which provides flexibility, better liquidity & faster monetization • Accounting rules generally require such securities be marked to market (e.g. AFS), or in the case of HTM the marks are disclosed in footnotes • Residential mortgages are generally not carried at market value by peer banks which creates a discrepancy when comparing banks across the industry Investment Portfolio Resi Mortgages Resi + Portfolio % of Assets % of HTM % in AFS 1-4 Family Mortgages / Total Assets CMA 22% 0% 100% 2% 24% Peer Median1 20% 16% 84% 12% 32%

Multifamily 44% Industrial / Storage 33% Retail 6% Office 7% Single Family 2% Other 3% Land Carry 3% Multi use 2% Commercial Real Estate Business Line Growth driven by multifamily & industrial projects; Excellent credit quality 3/31/23 1Excludes CRE business line loans not secured by real estate Primarily Lower Risk Multifamily & Industrial Storage1 (1Q23 period-end) Total $7.9B • Long history of working with well-established, proven developers • >90% of new commitments from existing customers • Significant up-front equity required (typically averaging 35-40%) • 46% of Industrial/Storage & 40% of Multifamily are construction loans1,2 • Majority high growth markets within footprint: • 37% California • 23% Texas • Modest credit migration driven by elevated rate environment, but remained very manageable ©2023, Comerica Inc. All rights reserved. 25 Commercial Real Estate Office Portfolio (as of 3/31/23) Small, granular portfolio • Total outstanding loans of ~$580MM • 7% of Commercial Real Estate Portfolio Geographically dispersed • Suburban strategy • Largest concentration in Austin, TX (~20% of office portfolio) Low leverage • Portfolio LTV at ~50% Strong debt service • Portfolio debt service coverage of ~1.1x Majority floating rate • ~75% of the portfolio is floating rate Solid credit quality • 2 criticized loans Excellent Credit Quality in Commercial Real Estate Business No significant net charge-offs since 2014 ($ in millions) 1Q22 2Q22 3Q22 4Q22 1Q23 NAL 0.9 0.9 0.9 0.9 0.9 Criticized1 26 18 17 16 218 % Criticized 0.4% 0.3% 0.2% 0.2% 2.5% NCO (Recoveries) (0.02) (0.01) (0.01) (0.01) (0.05) Energy Primarily E&P exposure 3/31/23 1Includes Services of 1Q22 $14MM, 2Q22 $15MM, 3Q22 $17MM, 4Q22 $13MM, $16MM 1Q23 Period-end Loans ($ in millions) 1,060 1,155 1,081 1,162 1,126 203 218 259 253 276 1,263 1,373 1,340 1,415 1,402 1Q22 2Q22 3Q22 4Q22 1Q23 Midstream Exploration & Production1 ©2023, Comerica Inc. All rights reserved. 26 • Exposure $3.5B / 41% utilization • Hedged 50% or more of production • At least one year: 63% of customers • At least two years: 35% of customers • Focus on larger, sophisticated E&P and Midstream companies • E&P: • 55% Oil-focused • 21% Natural Gas focused • 24% Oil/Gas balanced • Excellent credit quality • ~1% Criticized loans • $(291K) Net recoveries

Mortgage Banker Finance 55+ years experience with reputation for consistent, reliable approach 3/31/23 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 3/20/23 24Q22 actual • Provide warehouse financing: bridge from residential mortgage origination to sale to the end market • Extensive backroom provides collateral monitoring & customer service • Focus on full banking relationships • As of 1Q23: • Comerica: 91% purchase • Industry: 80% purchase1 • Strong credit quality • No charge-offs since 2010 • Period-end loans: $1.7B (4Q22 $1.9B) Average Loans ($ in millions) 1, 33 5 2, 04 4 2, 52 1 2, 68 1 2, 04 2 3, 27 8 3, 58 5 3, 79 1 3, 21 1 2, 92 4 2, 75 7 2, 45 0 1, 59 7 1, 72 4 1, 66 3 1, 33 4 1, 14 9 0 500 1000 1500 2000 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 Actual MBA Mortgage Origination Volumes1 MBA Mortgage Originations Forecast1,2 ($ in billions) 398 333 461 509 541 4Q22 1Q23 2Q23 3Q23 4Q23 Purchase Refinance ©2023, Comerica Inc. All rights reserved. 27 National Dealer Services 75+ years of floor plan lending 3/31/23 1Other includes obligations where a primary franchise is indeterminable (multi-franchise, rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) Franchise Distribution (Based on period-end loan outstandings) Toyota/Lexus 13% Honda/Acura 9% Ford 8% GM 8% Jaguar/Land Rover 7% Fiat/Chrysler 10% Mercedes 5% Nissan/ Infiniti 3% Other European 12%Other Asian 6% Other 19% • 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 below historical averages 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 0. 8 1. 0 1. 2 1. 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 4. 5 4. 8 5. 1 5. 4 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 Floor Plan Average Loans ($ in billions)Total $5.6B 1 ©2023, Comerica Inc. All rights reserved. 28

7,341 7,036 6,339 5,241 4,328 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 1Q22 2Q22 3Q22 4Q22 1Q23 856 901 938 943 931 1Q22 2Q22 3Q22 4Q22 1Q23 Technology & Life Sciences ~30 years of deep expertise & strong relationships with top-tier investors 3/31/23 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 • Retained customer relationships despite industry disruption & impact on deposits; strategically utilized off-balance sheet & ICS products Average Deposits ($ in millions) Growth 43% Early Stage 17%Late Stage 40% Customer Segment Overview (approximate; 1Q23 period-end loans) Total $947MM ©2023, Comerica Inc. All rights reserved. 29 Equity Fund Services Strong relationships with top-tier Private Equity firms 3/31/23 • Customized solutions for Private Equity firms • Credit Facilities (Funds, General Partners, Management Companies) • Treasury Management • Capital Markets, including Syndication • Customers in the US & Canada • Well-diversified across funds with various industry strategies • Drives connectivity with other teams • Middle Market • Commercial Real Estate • Environmental Services • Energy • TLS • Private Banking • Period-end balances were $3.7 billion • Strong credit profile • No charge-offs • No criticized loans Average Loans ($ in millions) 3,209 3,507 3,346 3,317 3,371 1Q22 2Q22 3Q22 4Q22 1Q23 ©2023, Comerica Inc. All rights reserved. 30

Environmental Services Department Experienced team; Specialized industry, committed to growth 3/31/23 • 15+ year experienced team with 20+ year management tenure • Dedicated relationship managers advise & guide customers on profitably growing their business by providing banking solutions • Focus on middle market-sized companies with full banking relationships • Historically strong credit quality Waste Management & Recycling (~85% of loan portfolio) • Insight & expertise with: • Transfer stations, disposal & recycling facilities • Commercial & residential waste collection • Financing for M&A and growth capital Renewable Energy Solutions (~15% of loan portfolio) • Formed group in 2022; active in the landfill-gas-to-energy & biomass industries for more than a decade • Expanded focus to also include solar, wind, anaerobic digestion, & battery energy standalone storage 1,954 2,034 2,243 2,237 2,296 1Q22 2Q22 3Q22 4Q22 1Q23 Average Loans ($ in millions) ©2023, Comerica Inc. All rights reserved. 31 Reconciliations ©2023, Comerica Inc. All rights reserved. 32 (period-end, millions, except per share data) 1Q23 4Q22 3Q22 2Q22 1Q22 Tangible Common Equity Total shareholders’ equity $5,994 $5,181 $5,069 $6,435 $7,036 Less fixed-rate non-cumulative perpetual preferred stock $394 $394 $394 $394 $394 Common shareholders’ equity $5,600 $4,787 $4,675 $6,041 $6,642 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $9 $9 $10 $10 $11 Tangible common equity $4,956 $4,143 $4,030 $5,396 $5,996 Total assets $91,127 $85,406 $84,143 $86,889 $89,165 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $9 $9 $10 $10 $11 Tangible assets $90,483 $84,762 $83,498 $86,244 $88,519 Common equity ratio 6.15% 5.60% 5.55% 6.95% 7.45% Tangible common equity ratio 5.48% 4.89% 4.82% 6.26% 6.77% Impact of Accumulated Other Comprehensive Loss on Common Equity & Tangible Common Equity Comerica believes that the presentation of common equity adjusted for the impact of accumulated other comprehensive loss provides a greater understanding of ongoing operations and enhances comparability with prior periods. 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.

©2023, Comerica Inc. All rights reserved. Impact of Accumulated Other Comprehensive Loss on Common Equity & Tangible Common Equity Comerica believes that the presentation of common equity adjusted for the impact of accumulated other comprehensive loss provides a greater understanding of ongoing operations and enhances comparability with prior periods. 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. Reconciliations Continued 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. 1Increase in cash calculated as the increase in cash balances from December 31, 2022 to March 31, 2023, representing a heightened cash position in response to the recent disruption experienced across the banking industry (period-end, millions, except per share data) 1Q23 4Q22 3Q22 2Q22 1Q22 Common Equity & Tangible Common Equity per Share of Common Stock Common shareholders’ equity $5,600 $4,787 $4,675 $6,041 $6,642 Tangible common equity $4,956 $4,143 $4,030 $5,396 $5,996 Shares of common stock outstanding 132 131 131 131 131 Common equity per share of common stock $42.57 $36.55 $35.70 $46.19 $50.80 Tangible equity per share of common stock $37.68 $31.62 $30.77 $41.25 $45.86 Impact of Accumulated Other Comprehensive Loss to Common Equity & Tangible Common Equity Accumulated other comprehensive loss (AOCI) $(3,171) $(3,742) $(3,587) $(1,954) $(1,173) Common equity, excluding AOCI $8,771 $8,529 $8,262 $7,995 $7,815 Common equity per share of common stock, excluding AOCI $66.68 $65.12 $63.11 $61.13 $59.78 Common equity ratio, excluding AOCI 9.63% 9.99% 9.82% 9.20% 8.76% Tangible common equity, excluding AOCI $8,127 $7,885 $7,617 $7,350 $7,169 Tangible common equity per share of common stock, excluding AOCI $61.78 $60.19 $58.17 $56.19 $54.83 Tangible common equity ratio, excluding AOCI 8.98% 9.30% 9.12% 8.52% 8.10% Impact of Increase in Cash1 (1Q23 vs 4Q22) to Tangible Common Equity Ratio Tangible common equity ratio 5.48% Total assets $91,127 Increased deposits with banks1 $4,646 Total assets less increased deposits with banks $86,480 Less intangibles $(644) Tangible common equity ratio, excluding AOCI and increase in cash 9.47% 33 ©2023, Comerica Inc. All rights reserved. Uninsured Deposits Comerica believes that the presentation of uninsured deposits adjusted for the impact of affiliate deposits provides enhanced clarity of uninsured deposits at risk. Total uninsured deposits as calculated per regulatory guidance and reported on schedule RC-O of Comerica Bank’s Call Report include affiliate deposits, which by definition have a different risk profile than other uninsured deposits. The amounts presented below remove affiliate deposits from the total uninsured deposits number. Reconciliations Continued 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. (period-end; millions) 1Q23 4Q22 4Q19 (A) Total uninsured deposits, as calculated per regulatory guidelines $35,007 $45,492 $34,341 (B) Affiliate deposits $4,329 $4,458 $3,188 (A-B) Total uninsured deposits, excluding affiliate $30,678 $41,034 $31,153 34

Holding Company Debt Rating As of 4/14/23 Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities; Zions Bancorporation excluded due to no holding company 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+ A- First Horizon National Corp Baa3 BBB- BBB Citizens Financial Group - BBB+ BBB+ Synovus Financial - BBB- BBB ©2023, Comerica Inc. All rights reserved. 35 Bank Debt Rating As of 4/14/23 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 A- A BOK Financial A3 A- A Comerica A3 A- A- Fifth Third A3 A- A- Huntington A3 A- A- KeyCorp A3 A- A- Regions Financial Baa1 A- A- Citizens Financial Group Baa1 A- BBB+ Zions Bancorporation Baa1 BBB+ BBB+ First Horizon National Corp Baa3 BBB BBB Synovus Financial Baa3 BBB BBB ©2023, Comerica Inc. All rights reserved. 36