EX-99.1 2 a2025q2pressrelease-ex991.htm EX-99.1
SECOND QUARTER 2025 NET INCOME OF $199 MILLION, $1.42 PER SHARE
Broad-based Loan Growth and Continued Strong Capitalization
Favorable Expense and Fee Income Trends Drove Higher Profitability
“Today we reported second quarter net income of $199 million, representing a 16% increase over the prior quarter,” said Curtis C. Farmer, Comerica Chairman and Chief Executive Officer. “Improved customer sentiment contributed to broad-based loan growth, offsetting modest deposit pressures and keeping net interest income flat to the first quarter and in line with guidance. Noninterest income growth drove higher revenue, and when coupled with lower noninterest expenses, contributed to an increase in PPNR(a). Credit quality remained a strength with migration in line with expectations and net charge-offs at the low end of our normal 20 to 40 basis points range. With a conservative approach to capital management, we produced an estimated CET1 capital ratio of 11.94%, even after higher loan growth, a compelling dividend and an increase in share repurchases.”

| (dollar amounts in millions, except per share data) | 2nd Qtr '25 |  | 1st Qtr '25 |  | 2nd Qtr '24 |  |  |  |  |
| FINANCIAL RESULTS |  |  |  |  |  |  |  |  |  |
| Net interest income | $ | 575 |  |  | $ | 575 |  |  | $ | 533 |  |  |  |  |  |
| Provision for credit losses | 44 |  |  | 20 |  |  | — |  |  |  |  |  |
| Noninterest income | 274 |  |  | 254 |  |  | 291 |  |  |  |  |  |
| Noninterest expenses | 561 |  |  | 584 |  |  | 555 |  |  |  |  |  |
| Pre-tax income | 244 |  |  | 225 |  |  | 269 |  |  |  |  |  |
| Provision for income taxes | 45 |  |  | 53 |  |  | 63 |  |  |  |  |  |
| Net income | $ | 199 |  |  | $ | 172 |  |  | $ | 206 |  |  |  |  |  |
| Diluted earnings per common share | $ | 1.42 |  |  | $ | 1.25 |  |  | $ | 1.49 |  |  |  |  |  |
| Average loans | 50,665 |  |  | 50,214 |  |  | 51,071 |  |  |  |  |  |
| Average deposits | 61,246 |  |  | 61,899 |  |  | 63,055 |  |  |  |  |  |
| Return on average assets (ROA) | 1.03 | % |  | 0.90 | % |  | 1.05 | % |  |  |  |  |
| Return on average common shareholders' equity (ROE) | 11.35 |  |  | 10.60 |  |  | 14.78 |  |  |  |  |  |
| Net interest margin | 3.16 |  |  | 3.18 |  |  | 2.86 |  |  |  |  |  |
| Efficiency ratio (b) | 65.78 |  |  | 70.28 |  |  | 67.77 |  |  |  |  |  |
| Common equity Tier 1 capital ratio (a)(c) | 11.94 |  |  | 12.05 |  |  | 11.55 |  |  |  |  |  |
| Tier 1 capital ratio (a)(c) | 11.94 |  |  | 12.60 |  |  | 12.08 |  |  |  |  |  |

(a)See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
(b)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants.
(c)June 30, 2025 ratios are estimated.
Second Quarter 2025 Compared to First Quarter 2025 Overview
Balance sheet items discussed in terms of average balances unless otherwise noted.
Loans increased $451 million to $50.7 billion.
•Increases of $139 million in Corporate Banking, $120 million in Wealth Management, $116 million in Environmental Services and smaller increases in other business lines, partially offset by a decline of $234 million in Equity Fund Services.
◦Period-end loans increased $1.3 billion to $51.2 billion, with growth in most lines of business, including increases of $252 million in general Middle Market, $218 million in Environmental Services and $154 million in both Equity Fund Services and Energy.
•Average yield on loans (including swaps) decreased 3 basis points to 6.10%, primarily reflecting a reduction in the benefit from Bloomberg Short-Term Bank Yield Index (BSBY) cessation.
Securities decreased $169 million to $14.8 billion, reflecting paydowns, partially offset by a decrease in average unrealized losses.
•Period-end unrealized losses on securities decreased $102 million to $2.4 billion.
Deposits decreased $653 million to $61.2 billion, with noninterest-bearing and interest-bearing deposits decreasing $373 million and $280 million, respectively.

•Noninterest-bearing deposits comprised 38% of total deposits, consistent with the prior quarter.
•Decreases of $195 million in Retail Banking, $135 million in Corporate Banking and smaller decreases in other business lines.
◦Period-end deposits decreased $1.5 billion to $60.0 billion, including decreases of $424 million in Retail Banking, $264 million in Technology and Life Sciences and $174 million in Entertainment, partially offset by a $168 million increase in Equity Fund Services.
▪Interest-bearing deposits decreased $1.0 billion, which included a $364 million decrease in brokered time deposits, while noninterest-bearing deposits decreased $459 million.
•The average cost of interest-bearing deposits increased 4 basis points to 2.69%, reflecting relationship-focused pricing.
Net interest income was stable at $575 million, while net interest margin decreased 2 basis points to 3.16%.
•Decrease in net interest margin driven by an increase in short-term borrowings to fund loan growth and the net impact of lower rates (including the impact of BSBY cessation), partially offset by a reduction in medium- and long-term debt as well as higher loan balances.
•Net interest income was positively impacted by one additional day in the quarter.
Provision for credit losses was $44 million.
•The allowance for credit losses was $735 million, or 1.44% as a percentage of total loans, which was consistent with prior quarter and reflected loan growth and continued economic uncertainty.
Noninterest income increased $20 million to $274 million.
•Increases of $11 million in capital markets income, $7 million in deferred compensation asset returns (mostly offset in noninterest expenses) and $5 million in fiduciary income.
Noninterest expenses decreased $23 million to $561 million.
•Decreases of $16 million in other noninterest expenses, $10 million in salaries and benefits expense (impacted by seasonal items) and $3 million in FDIC insurance expense, partially offset by increases of $3 million each in outside processing expense and advertising expense.
•Notable expense items in second quarter 2025 included a $13 million net benefit from settlements and dismissed litigation, $4 million in gains primarily on the sale of real estate and a $3 million interest recovery on a state tax matter.
Estimated common equity Tier 1 capital ratio* of 11.94%.
•Returned a total of $193 million to common shareholders through share repurchases and dividends.
◦Declared dividends of $93 million on common stock and repurchased $100 million of common stock (approximately 1.8 million shares) under the share repurchase program.
◦Share repurchases targeted at approximately $100 million in the third quarter of 2025.
•Delivered a notice of redemption on June 10, 2025 notifying holders of the 4,000 outstanding shares of Series A Preferred Stock and corresponding depositary shares that all such shares would be redeemed, effective July 1, 2025, which resulted in a $400 million reclassification from shareholders' equity to other liabilities reflected in the consolidated balance sheet at June 30, 2025.
◦Preferred stock impacts to net income attributable to common shares for the second quarter included $5 million in dividends and $6 million in costs pursuant to the notice of redemption.
•Common equity ratio of 8.80% and tangible common equity ratio* of 8.04%.
*See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
2

Net Interest Income
Balance sheet items presented and discussed in terms of average balances.

(dollar amounts in millions) | 2nd Qtr '25 |  | 1st Qtr '25 |  | 2nd Qtr '24 |  |  |  |
Net interest income | $ | 575 |  |  | $ | 575 |  |  | $ | 533 |  |  |  |  |
Net interest margin | 3.16 | % |  | 3.18 | % |  | 2.86 | % |  |  |  |
Selected balances: |  |  |  |  |  |  |  |  |
Total earning assets | $ | 70,343 |  |  | $ | 70,378 |  |  | $ | 71,829 |  |  |  |  |
Total loans | 50,665 |  |  | 50,214 |  |  | 51,071 |  |  |  |  |
Total investment securities | 14,814 |  |  | 14,983 |  |  | 15,750 |  |  |  |  |
Federal Reserve Bank deposits | 4,401 |  |  | 4,664 |  |  | 4,474 |  |  |  |  |
Total deposits | 61,246 |  |  | 61,899 |  |  | 63,055 |  |  |  |  |
Total noninterest-bearing deposits | 23,107 |  |  | 23,480 |  |  | 25,357 |  |  |  |  |
Short-term borrowings | 1,341 |  |  | 188 |  |  | 666 |  |  |  |  |
Medium- and long-term debt | 5,740 |  |  | 6,488 |  |  | 7,082 |  |  |  |  |

Second quarter 2025 net interest income remained stable from the prior quarter, and net interest margin decreased 2 basis points, compared to first quarter 2025.
•Interest income on loans increased $12 million and had no net impact on net interest margin, as the benefits of one additional day in the quarter and higher loan balances were partially offset by the net impact of lower rates and lower nonaccrual interest.
◦The benefit from BSBY cessation to net interest income decreased $5 million, while the benefit to net interest margin declined 3 basis points.
•Interest income on investment securities decreased $2 million due to a decline in securities balances with no impact to net interest margin.
•Interest income on short-term investments decreased $3 million, primarily reflecting a decrease in deposits with the Federal Reserve Bank with no impact to net interest margin.
•Interest expense on deposits increased $4 million and reduced net interest margin by 1 basis point, reflecting the impacts of higher pay rates on deposits and one additional day in the quarter, partially offset by lower average interest-bearing deposit balances.
•Interest expense on debt increased $3 million and reduced net interest margin by 1 basis point, driven by an increase in short-term borrowings to fund loan growth, partially offset by a decline in medium- and long-term debt.
The net impact of lower rates to second quarter 2025 net interest income was a decrease of $7 million compared to first quarter 2025, and the net impact of lower rates to second quarter 2025 net interest margin was a reduction of 4 basis points to net interest margin. One additional day in second quarter 2025 benefited net interest income by $6 million.
3

Credit Quality
“We believe our proven approach to credit and underwriting serves as a competitive advantage as evidenced by net charge-offs of 22 basis points, at the low end of our normal range," said Farmer. "Credit quality was relatively stable as customers remained responsive in managing persistent inflationary pressures and an evolving economic landscape. Our allowance for credit reserves was once again flat at 1.44% of total loans, as the level of overall uncertainty considered in our analysis remained similar to the first quarter. Provision expense increased with robust loan growth, and migration remained in line with expectations with an increase in criticized loans and lower nonperforming assets. We will continue to actively monitor our portfolio and feel we are well-positioned to support our customers as they navigate the dynamic environment.”

(dollar amounts in millions) | 2nd Qtr '25 |  | 1st Qtr '25 |  | 2nd Qtr '24
Charge-offs | $ | 31 |  |  | $ | 32 |  |  | $ | 28 |
Recoveries | 3 |  |  | 6 |  |  | 17 |
Net charge-offs | 28 |  |  | 26 |  |  | 11 |
Net charge-offs/Average total loans | 0.22 | % |  | 0.21 | % |  | 0.09 | %
Provision for credit losses | $ | 44 |  |  | $ | 20 |  |  | $ | — |
Nonperforming loans | 248 |  |  | 301 |  |  | 226 |
Nonperforming assets (NPAs) | 249 |  |  | 301 |  |  | 226 |
NPAs/Total loans and foreclosed property | 0.49 | % |  | 0.60 | % |  | 0.44 | %
Loans past due 90 days or more and still accruing | $ | 42 |  |  | $ | 12 |  |  | $ | 11 |
Allowance for loan losses | 698 |  |  | 683 |  |  | 686 |
Allowance for credit losses on lending-related commitments (a) | 37 |  |  | 36 |  |  | 31 |
Total allowance for credit losses | 735 |  |  | 719 |  |  | 717 |
Allowance for credit losses/Period-end total loans | 1.44 | % |  | 1.44 | % |  | 1.38 | %
Allowance for credit losses/Nonperforming loans | 3.0x |  | 2.4x |  | 3.2x

(a) Included in accrued expenses and other liabilities on the Consolidated Balance Sheets.

•The allowance for credit losses totaled $735 million at June 30, 2025 and remained stable at 1.44% of total loans, reflecting loan growth and continued economic uncertainty.
•Criticized loans increased $172 million to $2.7 billion, or 5.4% of total loans. Criticized loans are generally consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities.
•Nonperforming assets decreased $52 million to $249 million, or 0.49% of total loans and foreclosed property, compared to 0.60% in first quarter 2025.
•Net charge-offs totaled $28 million, compared to net charge-offs of $26 million in first quarter 2025.
Strategic Lines of Business
Comerica's operations are strategically aligned into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. In addition to the three major business segments, the Finance and Other categories include items not directly associated with the business segments. For a summary of business segment quarterly results, see the Business Segment Financial Results tables included later in this press release. From time to time, Comerica may make reclassifications among the segments to reflect management's current view of the segments, and methodologies may be modified as the management accounting system is enhanced and changes occur in the organizational structure and/or product lines. The financial results provided are based on the internal business unit structures of Comerica and methodologies in effect at June 30, 2025. A discussion of business segment results will be included in Comerica’s Form 10-Q for the quarter ended June 30, 2025.
Conference Call and Webcast
Comerica will host a conference call and live webcast to review second quarter 2025 financial results at 7 a.m. CT Friday, July 18, 2025. Interested parties may access the conference call by calling (877) 484-6065 or (201) 689-8846. The call and supplemental financial information, as well as a replay of the Webcast, can also be accessed via Comerica's "Investor Relations" page at www.comerica.com.
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Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: the Commercial Bank, the Retail Bank and Wealth Management. Comerica, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on August 17, 1849, in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 15 states and services 13 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico.
This press release contains (and Comerica’s related upcoming conference call and live webcast will discuss) both financial measures based on accounting principles generally accepted in the United States (GAAP) and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding Comerica's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to the comparable GAAP financial measure, can be found in this press release or in the investor relations portions of Comerica’s website, www.comerica.com. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
5

Forward-looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “achieve,” “anticipate,” “assume,” “believe,” “could,” “deliver,” “drive,” “enhance,” “estimate,” “expect,” “focus,” “future,” “goal,” “grow,” “guidance,” “intend,” “may,” “might,” “plan,” “position,” “opportunity,” “outlook,” “strategy,” “target,” “trajectory,” “trend,” “will,” “would,” & similar expressions or the negative of such terms or other comparable terminology. Forward-looking statements include, but are not limited to, statements about our business strategy, goals & objectives, projected financial & operating results, including outlook for future growth, & future common share dividends, common share repurchases & other uses of capital. These statements are not historical facts, but instead represent our beliefs regarding future events, many of which, by their nature, are inherently uncertain & outside of our control. Our actual results & financial condition may differ materially from those indicated in these forward-looking statements. Important factors that could cause our actual results & financial condition to differ materially from those indicated in such forward-looking statements include: the extent to which our businesses perform consistent with management’s expectations; our ability to take advantage of growth opportunities & implement targeted initiatives in the timeframe & on the terms we currently expect; the execution and efficacy of recent strategic investments; the timing & impact of the Direct Express transition; the impact of macroeconomic factors, such as changes in general economic conditions & monetary & fiscal policy, particularly on interest rates; changes in customer behavior; unfavorable developments concerning credit quality; declines in the businesses or industries of our customers; reductions in our credit ratings; security risks, including cybersecurity & data privacy risks; the outcomes of legal & regulatory proceedings & related financial services industry matters; compliance with regulatory requirements; competitive product & pricing pressures; & the other factors set forth in “Item 1A. Risk Factors” beginning on page 16 of our Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement made by us in this press release is based solely on information currently available to us & speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except to the extent required by law.

Media Contacts: | Investor Contacts:
Nicole Hogan | Kelly Gage
(214) 462-6657 | (833) 571-0486
Louis H. Mora | Lindsey Baird
(214) 462-6669 | (833) 571-0486

6

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) |  |  |
Comerica Incorporated and Subsidiaries |  |  |  |  |  |
| Three Months Ended |  | Six Months Ended
| June 30, | March 31, | June 30, |  | June 30,
(in millions, except per share data) | 2025 | 2025 | 2024 |  | 2025 | 2024
PER COMMON SHARE AND COMMON STOCK DATA |  |  |  |  |  |
Diluted earnings per common share | $ | 1.42 |  | $ | 1.25 |  | $ | 1.49 |  |  | $ | 2.66 |  | $ | 2.47 |
Cash dividends declared | 0.71 |  | 0.71 |  | 0.71 |  |  | 1.42 |  | 1.42 |
Average diluted shares (in thousands) | 131,731 |  | 132,700 |  | 133,763 |  |  | 132,212 |  | 133,565 |
PERFORMANCE RATIOS |  |  |  |  |  |
Return on average common shareholders' equity | 11.35 | % | 10.60 | % | 14.78 | % |  | 10.99 | % | 12.00 | %
Return on average assets | 1.03 |  | 0.90 |  | 1.05 |  |  | 0.96 |  | 0.85 |
Efficiency ratio (a) | 65.78 |  | 70.28 |  | 67.77 |  |  | 68.00 |  | 72.24 |
CAPITAL |  |  |  |  |  |
Common equity tier 1 capital (b), (c) | $ | 8,718 |  | $ | 8,711 |  | $ | 8,586 |  |  |  |
Tier 1 capital (b), (c) | 8,718 |  | 9,105 |  | 8,980 |  |  |  |
Risk-weighted assets (b) | 72,988 |  | 72,286 |  | 74,342 |  |  |  |
Common equity tier 1 capital ratio (b), (c) | 11.94 | % | 12.05 | % | 11.55 | % |  |  |
Tier 1 capital ratio (b), (c) | 11.94 |  | 12.60 |  | 12.08 |  |  |  |
Total capital ratio (b) | 13.74 |  | 14.39 |  | 14.02 |  |  |  |
Leverage ratio (b) | 10.90 |  | 11.36 |  | 10.90 |  |  |  |
Common shareholders' equity per share of common stock | $ | 52.90 |  | $ | 50.73 |  | $ | 43.49 |  |  |  |
Tangible common equity per share of common stock (c) | 47.96 |  | 45.85 |  | 38.65 |  |  |  |
Common equity ratio | 8.80 | % | 8.58 | % | 7.24 | % |  |  |
Tangible common equity ratio (c) | 8.04 |  | 7.82 |  | 6.49 |  |  |  |
AVERAGE BALANCES |  |  |  |  |  |
Commercial loans | $ | 26,441 |  | $ | 26,112 |  | $ | 26,292 |  |  | $ | 26,278 |  | $ | 26,372 |
Real estate construction loans | 3,499 |  | 3,479 |  | 4,553 |  |  | 3,489 |  | 4,863 |
Commercial mortgage loans | 14,722 |  | 14,731 |  | 14,171 |  |  | 14,726 |  | 13,906 |
Lease financing | 737 |  | 727 |  | 798 |  |  | 732 |  | 804 |
International loans | 1,066 |  | 1,004 |  | 1,111 |  |  | 1,035 |  | 1,126 |
Residential mortgage loans | 1,948 |  | 1,920 |  | 1,898 |  |  | 1,934 |  | 1,890 |
Consumer loans | 2,252 |  | 2,241 |  | 2,248 |  |  | 2,247 |  | 2,260 |
Total loans | 50,665 |  | 50,214 |  | 51,071 |  |  | 50,441 |  | 51,221 |
Earning assets | 70,343 |  | 70,378 |  | 71,829 |  |  | 70,360 |  | 73,818 |
Total assets | 77,543 |  | 77,558 |  | 79,207 |  |  | 77,550 |  | 81,412 |
Noninterest-bearing deposits | 23,107 |  | 23,480 |  | 25,357 |  |  | 23,291 |  | 25,883 |
Interest-bearing deposits | 38,139 |  | 38,419 |  | 37,698 |  |  | 38,278 |  | 38,300 |
Total deposits | 61,246 |  | 61,899 |  | 63,055 |  |  | 61,569 |  | 64,183 |
Common shareholders' equity | 6,633 |  | 6,367 |  | 5,454 |  |  | 6,501 |  | 5,568 |
Total shareholders' equity | 6,936 |  | 6,761 |  | 5,848 |  |  | 6,850 |  | 5,962 |
NET INTEREST INCOME |  |  |  |  |  |
Net interest income | $ | 575 |  | $ | 575 |  | $ | 533 |  |  | $ | 1,150 |  | $ | 1,081 |
Net interest margin | 3.16 | % | 3.18 | % | 2.86 | % |  | 3.17 | % | 2.83 | %
CREDIT QUALITY |  |  |  |  |  |
Nonperforming assets | $ | 249 |  | $ | 301 |  | $ | 226 |  |  |  |
Loans past due 90 days or more and still accruing | 42 |  | 12 |  | 11 |  |  |  |
Net charge-offs | 28 |  | 26 |  | 11 |  |  | $ | 54 |  | $ | 25 |
Allowance for loan losses | 698 |  | 683 |  | 686 |  |  |  |
Allowance for credit losses on lending-related commitments | 37 |  | 36 |  | 31 |  |  |  |
Total allowance for credit losses | 735 |  | 719 |  | 717 |  |  |  |
Allowance for credit losses as a percentage of total loans | 1.44 | % | 1.44 | % | 1.38 | % |  |  |
Net loan charge-offs as a percentage of average total loans | 0.22 |  | 0.21 |  | 0.09 |  |  | 0.21 | % | 0.10 | %
Nonperforming assets as a percentage of total loans and foreclosed property | 0.49 |  | 0.60 |  | 0.44 |  |  |  |
Allowance for credit losses as a multiple of total nonperforming loans | 3.0x | 2.4x | 3.2x |  |  |
OTHER KEY INFORMATION |  |  |  |  |  |
Number of banking centers | 354 |  | 380 |  | 381 |  |  |  |
Number of employees - full time equivalent | 7,963 |  | 7,860 |  | 7,608 |  |  |  |

(a) Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants.
(b) June 30, 2025 ratios are estimated.
(c) See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios.
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CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries |  |  |  |
| June 30, | March 31, | December 31, | June 30,
(in millions, except share data) | 2025 | 2025 | 2024 | 2024
| (unaudited) | (unaudited) |  | (unaudited)
ASSETS |  |  |  |
Cash and due from banks | $ | 1,239 |  | $ | 1,083 |  | $ | 850 |  | $ | 719
Interest-bearing deposits with banks | 4,049 |  | 4,709 |  | 5,954 |  | 4,093
Other short-term investments | 334 |  | 379 |  | 375 |  | 396
Investment securities available-for-sale | 14,874 |  | 15,102 |  | 15,045 |  | 15,656
Commercial loans | 26,848 |  | 25,801 |  | 26,492 |  | 27,113
Real estate construction loans | 3,558 |  | 3,393 |  | 3,680 |  | 4,554
Commercial mortgage loans | 14,725 |  | 14,788 |  | 14,493 |  | 14,156
Lease financing | 754 |  | 734 |  | 722 |  | 806
International loans | 1,112 |  | 1,036 |  | 952 |  | 1,087
Residential mortgage loans | 1,954 |  | 1,916 |  | 1,929 |  | 1,896
Consumer loans | 2,228 |  | 2,244 |  | 2,271 |  | 2,238
Total loans | 51,179 |  | 49,912 |  | 50,539 |  | 51,850
Allowance for loan losses | (698) |  | (683) |  | (690) |  | (686)
Net loans | 50,481 |  | 49,229 |  | 49,849 |  | 51,164
Premises and equipment | 436 |  | 447 |  | 473 |  | 474
Accrued income and other assets | 6,575 |  | 6,673 |  | 6,751 |  | 7,095
Total assets | $ | 77,988 |  | $ | 77,622 |  | $ | 79,297 |  | $ | 79,597
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |
Noninterest-bearing deposits | $ | 22,697 |  | $ | 23,156 |  | $ | 24,425 |  | $ | 24,522
Money market and interest-bearing checking deposits | 31,397 |  | 32,029 |  | 32,714 |  | 29,016
Savings deposits | 2,094 |  | 2,147 |  | 2,138 |  | 2,247
Customer certificates of deposit | 3,111 |  | 3,095 |  | 3,450 |  | 3,775
Other time deposits | 688 |  | 1,052 |  | 1,052 |  | 2,879
Foreign office time deposits | 16 |  | 26 |  | 32 |  | 20
Total interest-bearing deposits | 37,306 |  | 38,349 |  | 39,386 |  | 37,937
Total deposits | 60,003 |  | 61,505 |  | 63,811 |  | 62,459
Short-term borrowings | 2,925 |  | 1,225 |  | — |  | 1,250
Accrued expenses and other liabilities | 2,438 |  | 2,107 |  | 2,270 |  | 2,615
Medium- and long-term debt | 5,762 |  | 5,733 |  | 6,673 |  | 7,112
Total liabilities | 71,128 |  | 70,570 |  | 72,754 |  | 73,436
Fixed-rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000 liquidation preference per share: |  |  |  |
0 shares authorized and issued at 6/30/25, 4,000 shares authorized and issued at 3/31/25, 12/31/24 and 6/30/24 | — |  | 394 |  | 394 |  | 394
Common stock - $5 par value: |  |  |  |
Authorized - 325,000,000 shares |  |  |  |
Issued - 228,164,824 shares | 1,141 |  | 1,141 |  | 1,141 |  | 1,141
Capital surplus | 2,199 |  | 2,198 |  | 2,218 |  | 2,210
Accumulated other comprehensive loss | (2,499) |  | (2,695) |  | (3,161) |  | (3,463)
Retained earnings | 12,185 |  | 12,093 |  | 12,017 |  | 11,867
Less cost of common stock in treasury - 98,488,066 shares at 6/30/25, 96,945,906 shares at 3/31/25, 96,755,368 shares at 12/31/24, 95,559,986 shares at 6/30/24 | (6,166) |  | (6,079) |  | (6,066) |  | (5,988)
Total shareholders' equity | 6,860 |  | 7,052 |  | 6,543 |  | 6,161
Total liabilities and shareholders' equity | $ | 77,988 |  | $ | 77,622 |  | $ | 79,297 |  | $ | 79,597

8

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Comerica Incorporated and Subsidiaries |  |  |  |  |
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(in millions, except per share data) | 2025 | 2024 |  | 2025 | 2024
| (unaudited) | (unaudited) |  | (unaudited) | (unaudited)
INTEREST INCOME |  |  |  |  |
Interest and fees on loans | $ | 771 |  | $ | 803 |  |  | $ | 1,530 |  | $ | 1,611 |
Interest on investment securities | 107 |  | 101 |  |  | 216 |  | 203 |
Interest on short-term investments | 53 |  | 67 |  |  | 109 |  | 176 |
Total interest income | 931 |  | 971 |  |  | 1,855 |  | 1,990 |
INTEREST EXPENSE |  |  |  |  |
Interest on deposits | 256 |  | 305 |  |  | 508 |  | 622 |
Interest on short-term borrowings | 15 |  | 9 |  |  | 17 |  | 46 |
Interest on medium- and long-term debt | 85 |  | 124 |  |  | 180 |  | 241 |
Total interest expense | 356 |  | 438 |  |  | 705 |  | 909 |
Net interest income | 575 |  | 533 |  |  | 1,150 |  | 1,081 |
Provision for credit losses | 44 |  | — |  |  | 64 |  | 14 |
Net interest income after provision for credit losses | 531 |  | 533 |  |  | 1,086 |  | 1,067 |
NONINTEREST INCOME |  |  |  |  |
Card fees | 59 |  | 64 |  |  | 118 |  | 130 |
Fiduciary income | 57 |  | 58 |  |  | 109 |  | 109 |
Service charges on deposit accounts | 47 |  | 46 |  |  | 93 |  | 91 |
Capital markets income | 42 |  | 37 |  |  | 73 |  | 67 |
Commercial lending fees | 17 |  | 17 |  |  | 33 |  | 33 |
Brokerage fees | 14 |  | 14 |  |  | 28 |  | 24 |
Letter of credit fees | 10 |  | 10 |  |  | 21 |  | 20 |
Bank-owned life insurance | 9 |  | 11 |  |  | 18 |  | 21 |
Risk management hedging income (loss) | 5 |  | 17 |  |  | 12 |  | (8) |
Other noninterest income | 14 |  | 17 |  |  | 23 |  | 40 |
Total noninterest income | 274 |  | 291 |  |  | 528 |  | 527 |
NONINTEREST EXPENSES |  |  |  |  |
Salaries and benefits expense | 358 |  | 323 |  |  | 726 |  | 671 |
Outside processing fee expense | 67 |  | 68 |  |  | 131 |  | 136 |
Software expense | 48 |  | 45 |  |  | 96 |  | 89 |
Occupancy expense | 46 |  | 44 |  |  | 92 |  | 88 |
Equipment expense | 13 |  | 13 |  |  | 26 |  | 25 |
FDIC insurance expense | 11 |  | 19 |  |  | 25 |  | 55 |
Advertising expense | 11 |  | 12 |  |  | 19 |  | 20 |
Other noninterest expenses | 7 |  | 31 |  |  | 30 |  | 74 |
Total noninterest expenses | 561 |  | 555 |  |  | 1,145 |  | 1,158 |
Income before income taxes | 244 |  | 269 |  |  | 469 |  | 436 |
Provision for income taxes | 45 |  | 63 |  |  | 98 |  | 92 |
NET INCOME | 199 |  | 206 |  |  | 371 |  | 344 |
Less: |  |  |  |  |
Income allocated to participating securities | 1 |  | 1 |  |  | 2 |  | 2 |
Preferred stock dividends and other | 11 |  | 5 |  |  | 17 |  | 11 |
Net income attributable to common shares | $ | 187 |  | $ | 200 |  |  | $ | 352 |  | $ | 331 |
Earnings per common share: |  |  |  |  |
Basic | $ | 1.43 |  | $ | 1.50 |  |  | $ | 2.69 |  | $ | 2.49 |
Diluted | 1.42 |  | 1.49 |  |  | 2.66 |  | 2.47 |
Comprehensive income (loss) | 395 |  | 200 |  |  | 1,033 |  | (71) |
Cash dividends declared on common stock | 93 |  | 95 |  |  | 186 |  | 189 |
Cash dividends declared per common share | 0.71 |  | 0.71 |  |  | 1.42 |  | 1.42 |

9

CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries |  |  |  |  |  |  |  |  |  |
| Second | First | Fourth | Third | Second |  | Second Quarter 2025 Compared to:
| Quarter | Quarter | Quarter | Quarter | Quarter |  | First Quarter 2025 |  | Second Quarter 2024
(in millions, except per share data) | 2025 | 2025 | 2024 | 2024 | 2024 |  | Amount | Percent |  | Amount | Percent
INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans | $ | 771 |  | $ | 759 |  | $ | 795 |  | $ | 798 |  | $ | 803 |  |  | $ | 12 |  | 2 | % |  | $ | (32) |  | (4) | %
Interest on investment securities | 107 |  | 109 |  | 100 |  | 99 |  | 101 |  |  | (2) |  | (1) |  |  | 6 |  | 6 |
Interest on short-term investments | 53 |  | 56 |  | 72 |  | 85 |  | 67 |  |  | (3) |  | (4) |  |  | (14) |  | (21) |
Total interest income | 931 |  | 924 |  | 967 |  | 982 |  | 971 |  |  | 7 |  | 1 |  |  | (40) |  | (4) |
INTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |
Interest on deposits | 256 |  | 252 |  | 286 |  | 330 |  | 305 |  |  | 4 |  | 2 |  |  | (49) |  | (16) |
Interest on short-term borrowings | 15 |  | 2 |  | 1 |  | 1 |  | 9 |  |  | 13 |  | n/m |  | 6 |  | 58 |
Interest on medium- and long-term debt | 85 |  | 95 |  | 105 |  | 117 |  | 124 |  |  | (10) |  | (10) |  |  | (39) |  | (31) |
Total interest expense | 356 |  | 349 |  | 392 |  | 448 |  | 438 |  |  | 7 |  | 2 |  |  | (82) |  | (19) |
Net interest income | 575 |  | 575 |  | 575 |  | 534 |  | 533 |  |  | — |  | — |  |  | 42 |  | 8 |
Provision for credit losses | 44 |  | 20 |  | 21 |  | 14 |  | — |  |  | 24 |  | n/m |  | 44 |  | n/m
Net interest income after provision for credit losses | 531 |  | 555 |  | 554 |  | 520 |  | 533 |  |  | (24) |  | (4) |  |  | (2) |  | — |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |
Card fees | 59 |  | 59 |  | 62 |  | 64 |  | 64 |  |  | — |  | — |  |  | (5) |  | (8) |
Fiduciary income | 57 |  | 52 |  | 54 |  | 57 |  | 58 |  |  | 5 |  | 8 |  |  | (1) |  | (2) |
Service charges on deposit accounts | 47 |  | 46 |  | 47 |  | 46 |  | 46 |  |  | 1 |  | 3 |  |  | 1 |  | 3 |
Capital markets income | 42 |  | 31 |  | 36 |  | 39 |  | 37 |  |  | 11 |  | 36 |  |  | 5 |  | 15 |
Commercial lending fees | 17 |  | 16 |  | 18 |  | 17 |  | 17 |  |  | 1 |  | 7 |  |  | — |  | — |
Brokerage fees | 14 |  | 14 |  | 14 |  | 13 |  | 14 |  |  | — |  | — |  |  | — |  | — |
Letter of credit fees | 10 |  | 11 |  | 10 |  | 10 |  | 10 |  |  | (1) |  | (4) |  |  | — |  | — |
Bank-owned life insurance | 9 |  | 9 |  | 11 |  | 12 |  | 11 |  |  | — |  | — |  |  | (2) |  | (15) |
Risk management hedging income | 5 |  | 7 |  | 9 |  | 7 |  | 17 |  |  | (2) |  | (32) |  |  | (12) |  | (73) |
Net losses on debt securities | — |  | — |  | (19) |  | — |  | — |  |  | — |  | — |  |  | — |  | — |
Other noninterest income | 14 |  | 9 |  | 8 |  | 12 |  | 17 |  |  | 5 |  | 46 |  |  | (3) |  | (21) |
Total noninterest income | 274 |  | 254 |  | 250 |  | 277 |  | 291 |  |  | 20 |  | 8 |  |  | (17) |  | (6) |
NONINTEREST EXPENSES |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits expense | 358 |  | 368 |  | 346 |  | 335 |  | 323 |  |  | (10) |  | (3) |  |  | 35 |  | 11 |
Outside processing fee expense | 67 |  | 64 |  | 68 |  | 69 |  | 68 |  |  | 3 |  | 4 |  |  | (1) |  | (2) |
Software expense | 48 |  | 48 |  | 46 |  | 46 |  | 45 |  |  | — |  | — |  |  | 3 |  | 7 |
Occupancy expense | 46 |  | 46 |  | 47 |  | 46 |  | 44 |  |  | — |  | — |  |  | 2 |  | 6 |
Equipment expense | 13 |  | 13 |  | 14 |  | 13 |  | 13 |  |  | — |  | — |  |  | — |  | — |
FDIC insurance expense | 11 |  | 14 |  | 10 |  | 11 |  | 19 |  |  | (3) |  | (17) |  |  | (8) |  | (43) |
Advertising expense | 11 |  | 8 |  | 11 |  | 10 |  | 12 |  |  | 3 |  | 29 |  |  | (1) |  | (7) |
Other noninterest expenses | 7 |  | 23 |  | 45 |  | 32 |  | 31 |  |  | (16) |  | (72) |  |  | (24) |  | (79) |
Total noninterest expenses | 561 |  | 584 |  | 587 |  | 562 |  | 555 |  |  | (23) |  | (4) |  |  | 6 |  | 1 |
Income before income taxes | 244 |  | 225 |  | 217 |  | 235 |  | 269 |  |  | 19 |  | 8 |  |  | (25) |  | (9) |
Provision for income taxes | 45 |  | 53 |  | 47 |  | 51 |  | 63 |  |  | (8) |  | (16) |  |  | (18) |  | (29) |
NET INCOME | 199 |  | 172 |  | 170 |  | 184 |  | 206 |  |  | 27 |  | 16 |  |  | (7) |  | (3) |
Less: |  |  |  |  |  |  |  |  |  |  |
Income allocated to participating securities | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  |  | — |  | — |  |  | — |  | — |
Preferred stock dividends and other | 11 |  | 6 |  | 6 |  | 6 |  | 5 |  |  | 5 |  | 98 |  |  | 6 |  | 98 |
Net income attributable to common shares | $ | 187 |  | $ | 165 |  | $ | 163 |  | $ | 177 |  | $ | 200 |  |  | $ | 22 |  | 13 | % |  | $ | (13) |  | (6) | %
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.43 |  | $ | 1.26 |  | $ | 1.23 |  | $ | 1.34 |  | $ | 1.50 |  |  | $ | 0.17 |  | 13 | % |  | $ | (0.07) |  | (5) | %
Diluted | 1.42 |  | 1.25 |  | 1.22 |  | 1.33 |  | 1.49 |  |  | 0.17 |  | 14 |  |  | (0.07) |  | (5) |
Comprehensive income (loss) | 395 |  | 638 |  | (636) |  | 1,292 |  | 200 |  |  | (243) |  | (38) |  |  | 195 |  | 98 |
Cash dividends declared on common stock | 93 |  | 93 |  | 93 |  | 94 |  | 95 |  |  | — |  | — |  |  | (2) |  | (2) |
Cash dividends declared per common share | 0.71 |  | 0.71 |  | 0.71 |  | 0.71 |  | 0.71 |  |  | — |  | — |  |  | — |  | — |

n/m - not meaningful
10

ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)
Comerica Incorporated and Subsidiaries |  |  |  |  |  |
| 2025 |  | 2024
(in millions) | 2nd Qtr | 1st Qtr |  | 4th Qtr | 3rd Qtr | 2nd Qtr
Balance at beginning of period: |  |  |  |  |  |
Allowance for loan losses | $ | 683 |  | $ | 690 |  |  | $ | 686 |  | $ | 686 |  | $ | 691 |
Allowance for credit losses on lending-related commitments | 36 |  | 35 |  |  | 34 |  | 31 |  | 37 |
Allowance for credit losses | 719 |  | 725 |  |  | 720 |  | 717 |  | 728 |
Loan charge-offs: |  |  |  |  |  |
Commercial | 27 |  | 17 |  |  | 22 |  | 11 |  | 19 |
Real estate construction | — |  | 7 |  |  | — |  | — |  | — |
Commercial mortgage | 2 |  | 7 |  |  | — |  | 10 |  | 6 |
Lease financing | 1 |  | — |  |  | — |  | 1 |  | 3 |
International | — |  | — |  |  | — |  | 1 |  | — |
Consumer | 1 |  | 1 |  |  | 1 |  | — |  | — |
Total loan charge-offs | 31 |  | 32 |  |  | 23 |  | 23 |  | 28 |
Recoveries on loans previously charged-off: |  |  |  |  |  |
Commercial | 1 |  | 5 |  |  | 5 |  | 6 |  | 15 |
Commercial mortgage | — |  | 1 |  |  | 1 |  | 1 |  | 1 |
International | — |  | — |  |  | 1 |  | 5 |  | — |
Consumer | 2 |  | — |  |  | — |  | — |  | 1 |
Total recoveries | 3 |  | 6 |  |  | 7 |  | 12 |  | 17 |
Net loan charge-offs | 28 |  | 26 |  |  | 16 |  | 11 |  | 11 |
Provision for credit losses: |  |  |  |  |  |
Provision for loan losses | 43 |  | 19 |  |  | 20 |  | 11 |  | 6 |
Provision for credit losses on lending-related commitments | 1 |  | 1 |  |  | 1 |  | 3 |  | (6) |
Provision for credit losses | 44 |  | 20 |  |  | 21 |  | 14 |  | — |
Balance at end of period: |  |  |  |  |  |
Allowance for loan losses | 698 |  | 683 |  |  | 690 |  | 686 |  | 686 |
Allowance for credit losses on lending-related commitments | 37 |  | 36 |  |  | 35 |  | 34 |  | 31 |
Allowance for credit losses | $ | 735 |  | $ | 719 |  |  | $ | 725 |  | $ | 720 |  | $ | 717 |
Allowance for credit losses as a percentage of total loans | 1.44 | % | 1.44 | % |  | 1.44 | % | 1.43 | % | 1.38 | %
Net loan charge-offs as a percentage of average total loans | 0.22 |  | 0.21 |  |  | 0.13 |  | 0.08 |  | 0.09 |

11

NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries |  |  |  |  |  |
| 2025 |  | 2024
(in millions) | 2nd Qtr | 1st Qtr |  | 4th Qtr | 3rd Qtr | 2nd Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS |  |  |  |  |  |
Nonperforming loans: |  |  |  |  |  |
Business loans: |  |  |  |  |  |
Commercial | $ | 99 |  | $ | 108 |  |  | $ | 125 |  | $ | 97 |  | $ | 94 |
Real estate construction | 11 |  | 20 |  |  | — |  | — |  | — |
Commercial mortgage | 68 |  | 110 |  |  | 118 |  | 88 |  | 69 |
Lease financing | — |  | 1 |  |  | 1 |  | 1 |  | 1 |
International | — |  | — |  |  | — |  | 3 |  | 13 |
Total nonperforming business loans | 178 |  | 239 |  |  | 244 |  | 189 |  | 177 |
Retail loans: |  |  |  |  |  |
Residential mortgage | 42 |  | 35 |  |  | 37 |  | 36 |  | 23 |
Consumer: |  |  |  |  |  |
Home equity | 28 |  | 27 |  |  | 27 |  | 25 |  | 26 |
Total nonperforming retail loans | 70 |  | 62 |  |  | 64 |  | 61 |  | 49 |
Total nonperforming loans | 248 |  | 301 |  |  | 308 |  | 250 |  | 226 |
Foreclosed property | 1 |  | — |  |  | — |  | — |  | — |
Total nonperforming assets | $ | 249 |  | $ | 301 |  |  | $ | 308 |  | $ | 250 |  | $ | 226 |
Nonperforming loans as a percentage of total loans | 0.48 | % | 0.60 | % |  | 0.61 | % | 0.50 | % | 0.44 | %
Nonperforming assets as a percentage of total loans and foreclosed property | 0.49 |  | 0.60 |  |  | 0.61 |  | 0.50 |  | 0.44 |
Allowance for credit losses as a multiple of total nonperforming loans | 3.0x | 2.4x |  | 2.4x | 2.9x | 3.2x
Loans past due 90 days or more and still accruing | $ | 42 |  | $ | 12 |  |  | $ | 44 |  | $ | 21 |  | $ | 11 |
ANALYSIS OF NONACCRUAL LOANS |  |  |  |  |  |
Nonaccrual loans at beginning of period | $ | 301 |  | $ | 308 |  |  | $ | 250 |  | $ | 226 |  | $ | 217 |
Loans transferred to nonaccrual (a) | 19 |  | 43 |  |  | 97 |  | 55 |  | 45 |
Nonaccrual loan gross charge-offs | (31) |  | (32) |  |  | (23) |  | (23) |  | (28) |
Loans transferred to accrual status (a) | — |  | — |  |  | (5) |  | — |  | — |
Nonaccrual loans sold | — |  | (1) |  |  | (1) |  | (14) |  | (2) |
Payments/other (b) | (41) |  | (17) |  |  | (10) |  | 6 |  | (6) |
Nonaccrual loans at end of period | $ | 248 |  | $ | 301 |  |  | $ | 308 |  | $ | 250 |  | $ | 226 |

(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 |  |  |  |  |  |  |
| Six Months Ended
| June 30, 2025 |  | June 30, 2024
| Average |  | Average |  | Average |  | Average
(dollar amounts in millions) | Balance | Interest | Rate |  | Balance | Interest | Rate
Commercial loans (a) | $ | 26,278 |  | $ | 740 |  | 5.68 | % |  | $ | 26,372 |  | $ | 694 |  | 5.30 | %
Real estate construction loans | 3,489 |  | 130 |  | 7.49 |  |  | 4,863 |  | 203 |  | 8.40 |
Commercial mortgage loans | 14,726 |  | 483 |  | 6.62 |  |  | 13,906 |  | 516 |  | 7.46 |
Lease financing | 732 |  | 21 |  | 5.76 |  |  | 804 |  | 25 |  | 6.16 |
International loans | 1,035 |  | 34 |  | 6.63 |  |  | 1,126 |  | 44 |  | 7.91 |
Residential mortgage loans | 1,934 |  | 40 |  | 4.10 |  |  | 1,890 |  | 36 |  | 3.79 |
Consumer loans | 2,247 |  | 82 |  | 7.39 |  |  | 2,260 |  | 93 |  | 8.28 |
Total loans | 50,441 |  | 1,530 |  | 6.12 |  |  | 51,221 |  | 1,611 |  | 6.33 |
Mortgage-backed securities (b) | 13,613 |  | 189 |  | 2.32 |  |  | 14,536 |  | 200 |  | 2.29 |
U.S. Treasury securities (c) | 1,285 |  | 27 |  | 4.19 |  |  | 1,503 |  | 3 |  | 0.33 |
Total investment securities | 14,898 |  | 216 |  | 2.46 |  |  | 16,039 |  | 203 |  | 2.13 |
Interest-bearing deposits with banks (d) | 4,672 |  | 103 |  | 4.37 |  |  | 6,184 |  | 169 |  | 5.48 |
Other short-term investments | 349 |  | 6 |  | 3.35 |  |  | 374 |  | 7 |  | 4.00 |
Total earning assets | 70,360 |  | 1,855 |  | 5.11 |  |  | 73,818 |  | 1,990 |  | 5.20 |
Cash and due from banks | 749 |  |  |  |  | 771 |  |  |
Allowance for loan losses | (686) |  |  |  |  | (690) |  |  |
Accrued income and other assets | 7,127 |  |  |  |  | 7,513 |  |  |
Total assets | $ | 77,550 |  |  |  |  | $ | 81,412 |  |  |
Money market and interest-bearing checking deposits (e) | $ | 31,880 |  | 433 |  | 2.73 |  |  | $ | 28,890 |  | 464 |  | 3.21 |
Savings deposits | 2,126 |  | 2 |  | 0.16 |  |  | 2,320 |  | 3 |  | 0.22 |
Customer certificates of deposit | 3,177 |  | 45 |  | 2.84 |  |  | 3,883 |  | 72 |  | 3.71 |
Other time deposits | 1,066 |  | 28 |  | 5.24 |  |  | 3,184 |  | 83 |  | 5.28 |
Foreign office time deposits | 29 |  | — |  | 3.74 |  |  | 23 |  | — |  | 4.39 |
Total interest-bearing deposits | 38,278 |  | 508 |  | 2.67 |  |  | 38,300 |  | 622 |  | 3.26 |
Federal funds purchased | 281 |  | 6 |  | 4.41 |  |  | 13 |  | — |  | 5.39 |
Other short-term borrowings | 487 |  | 11 |  | 4.45 |  |  | 1,611 |  | 46 |  | 5.65 |
Medium- and long-term debt | 6,112 |  | 180 |  | 5.87 |  |  | 6,992 |  | 241 |  | 6.88 |
Total interest-bearing sources | 45,158 |  | 705 |  | 3.13 |  |  | 46,916 |  | 909 |  | 3.88 |
Noninterest-bearing deposits | 23,291 |  |  |  |  | 25,883 |  |  |
Accrued expenses and other liabilities | 2,251 |  |  |  |  | 2,651 |  |  |
Shareholders' equity | 6,850 |  |  |  |  | 5,962 |  |  |
Total liabilities and shareholders' equity | $ | 77,550 |  |  |  |  | $ | 81,412 |  |  |
Net interest income/rate spread |  | $ | 1,150 |  | 1.98 |  |  |  | $ | 1,081 |  | 1.32 |
Impact of net noninterest-bearing sources of funds |  |  | 1.19 |  |  |  |  | 1.51 |
Net interest margin (as a percentage of average earning assets) |  |  | 3.17 | % |  |  |  | 2.83 | %

(a)Interest income on commercial loans included net expense from cash flow swaps of $161 million and $344 million for the six months ended June 30, 2025 and 2024, respectively.
(b)Average balances included $2.7 billion and $3.0 billion of unrealized losses for the six months ended June 30, 2025 and 2024, respectively; yields calculated gross of these unrealized losses.
(c)Average balances included $3 million of unrealized gains and $64 million of unrealized losses for the six months ended June 30, 2025 and 2024, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances excluded $10 million and $3 million of collateral posted and netted against derivative liability positions for the six months ended June 30, 2025 and 2024, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $83 million and $125 million of collateral received and netted against derivative asset positions for the six months ended June 30, 2025 and 2024, respectively; rates calculated gross of derivative netting amounts.
13

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended
| June 30, 2025 |  | March 31, 2025 |  | June 30, 2024
| Average |  | Average |  | Average |  | Average |  | Average |  | Average
(dollar amounts in millions) | Balance | Interest | Rate |  | Balance | Interest | Rate |  | Balance | Interest | Rate
Commercial loans (a) | $ | 26,441 |  | $ | 372 |  | 5.65 | % |  | $ | 26,112 |  | $ | 368 |  | 5.72 | % |  | $ | 26,292 |  | $ | 346 |  | 5.29 | %
Real estate construction loans | 3,499 |  | 66 |  | 7.51 |  |  | 3,479 |  | 64 |  | 7.47 |  |  | 4,553 |  | 95 |  | 8.43 |
Commercial mortgage loans | 14,722 |  | 243 |  | 6.63 |  |  | 14,731 |  | 240 |  | 6.60 |  |  | 14,171 |  | 263 |  | 7.47 |
Lease financing | 737 |  | 11 |  | 5.82 |  |  | 727 |  | 10 |  | 5.69 |  |  | 798 |  | 13 |  | 6.20 |
International loans | 1,066 |  | 18 |  | 6.59 |  |  | 1,004 |  | 16 |  | 6.67 |  |  | 1,111 |  | 22 |  | 8.02 |
Residential mortgage loans | 1,948 |  | 20 |  | 4.11 |  |  | 1,920 |  | 20 |  | 4.09 |  |  | 1,898 |  | 18 |  | 3.83 |
Consumer loans | 2,252 |  | 41 |  | 7.40 |  |  | 2,241 |  | 41 |  | 7.37 |  |  | 2,248 |  | 46 |  | 8.24 |
Total loans | 50,665 |  | 771 |  | 6.10 |  |  | 50,214 |  | 759 |  | 6.13 |  |  | 51,071 |  | 803 |  | 6.32 |
Mortgage-backed securities (b) | 13,525 |  | 94 |  | 2.32 |  |  | 13,702 |  | 95 |  | 2.33 |  |  | 14,290 |  | 99 |  | 2.29 |
U.S. Treasury securities (c) | 1,289 |  | 13 |  | 4.18 |  |  | 1,281 |  | 14 |  | 4.21 |  |  | 1,460 |  | 2 |  | 0.39 |
Total investment securities | 14,814 |  | 107 |  | 2.46 |  |  | 14,983 |  | 109 |  | 2.46 |  |  | 15,750 |  | 101 |  | 2.14 |
Interest-bearing deposits with banks (d) | 4,540 |  | 50 |  | 4.37 |  |  | 4,806 |  | 53 |  | 4.36 |  |  | 4,642 |  | 64 |  | 5.40 |
Other short-term investments | 324 |  | 3 |  | 3.34 |  |  | 375 |  | 3 |  | 3.37 |  |  | 366 |  | 3 |  | 3.99 |
Total earning assets | 70,343 |  | 931 |  | 5.11 |  |  | 70,378 |  | 924 |  | 5.11 |  |  | 71,829 |  | 971 |  | 5.20 |
Cash and due from banks | 766 |  |  |  |  | 733 |  |  |  |  | 603 |  |  |
Allowance for loan losses | (683) |  |  |  |  | (690) |  |  |  |  | (691) |  |  |
Accrued income and other assets | 7,117 |  |  |  |  | 7,137 |  |  |  |  | 7,466 |  |  |
Total assets | $ | 77,543 |  |  |  |  | $ | 77,558 |  |  |  |  | $ | 79,207 |  |  |
Money market and interest-bearing checking deposits (e) | $ | 31,849 |  | 220 |  | 2.77 |  |  | $ | 31,912 |  | 213 |  | 2.70 |  |  | $ | 29,080 |  | 236 |  | 3.24 |
Savings deposits | 2,112 |  | 1 |  | 0.16 |  |  | 2,140 |  | 1 |  | 0.16 |  |  | 2,287 |  | 2 |  | 0.22 |
Customer certificates of deposit | 3,074 |  | 21 |  | 2.75 |  |  | 3,282 |  | 24 |  | 2.93 |  |  | 3,901 |  | 36 |  | 3.67 |
Other time deposits | 1,080 |  | 14 |  | 5.13 |  |  | 1,052 |  | 14 |  | 5.35 |  |  | 2,403 |  | 31 |  | 5.28 |
Foreign office time deposits | 24 |  | — |  | 3.68 |  |  | 33 |  | — |  | 3.78 |  |  | 27 |  | — |  | 4.42 |
Total interest-bearing deposits | 38,139 |  | 256 |  | 2.69 |  |  | 38,419 |  | 252 |  | 2.65 |  |  | 37,698 |  | 305 |  | 3.23 |
Federal funds purchased | 377 |  | 4 |  | 4.41 |  |  | 184 |  | 2 |  | 4.41 |  |  | — |  | — |  | — |
Other short-term borrowings | 964 |  | 11 |  | 4.45 |  |  | 4 |  | — |  | 4.61 |  |  | 666 |  | 9 |  | 5.63 |
Medium- and long-term debt | 5,740 |  | 85 |  | 5.92 |  |  | 6,488 |  | 95 |  | 5.83 |  |  | 7,082 |  | 124 |  | 6.98 |
Total interest-bearing sources | 45,220 |  | 356 |  | 3.15 |  |  | 45,095 |  | 349 |  | 3.12 |  |  | 45,446 |  | 438 |  | 3.85 |
Noninterest-bearing deposits | 23,107 |  |  |  |  | 23,480 |  |  |  |  | 25,357 |  |  |
Accrued expenses and other liabilities | 2,280 |  |  |  |  | 2,222 |  |  |  |  | 2,556 |  |  |
Shareholders' equity | 6,936 |  |  |  |  | 6,761 |  |  |  |  | 5,848 |  |  |
Total liabilities and shareholders' equity | $ | 77,543 |  |  |  |  | $ | 77,558 |  |  |  |  | $ | 79,207 |  |  |
Net interest income/rate spread |  | $ | 575 |  | 1.96 |  |  |  | $ | 575 |  | 1.99 |  |  |  | $ | 533 |  | 1.35 |
Impact of net noninterest-bearing sources of funds |  |  | 1.20 |  |  |  |  | 1.19 |  |  |  |  | 1.51 |
Net interest margin (as a percentage of average earning assets) |  |  | 3.16 | % |  |  |  | 3.18 | % |  |  |  | 2.86 | %

(a)Interest income on commercial loans included net expense from cash flow swaps of $83 million, $78 million and $174 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(b)Average balances included $2.6 billion, $2.7 billion and $3.1 billion of unrealized losses for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively; yields calculated gross of these unrealized losses.
(c)Average balances included $4 million of unrealized gains, $1 million of unrealized gains and $58 million of unrealized losses for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances excluded $18 million, $2 million and $8 million of collateral posted and netted against derivative liability positions for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $96 million, $70 million and $121 million of collateral received and netted against derivative asset positions for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively; rates calculated gross of derivative netting amounts.
14

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) |
Comerica Incorporated and Subsidiaries |  |  |  |  |  |
|  |  |  |  | Accumulated Other Comprehensive Loss |  |  |  |
| Nonredeemable Preferred Stock | Common Stock |  |  |  | Total Shareholders' Equity |
| Shares Outstanding | Amount | Capital Surplus | Retained Earnings | Treasury Stock |
(in millions, except per share data) |
BALANCE AT MARCH 31, 2024 | $ | 394 |  | 132.5 |  | $ | 1,141 |  | $ | 2,202 |  | $ | (3,457) |  | $ | 11,765 |  | $ | (5,995) |  | $ | 6,050 |
Net income | — |  | — |  | — |  | — |  | — |  | 206 |  | — |  | 206 |
Other comprehensive loss, net of tax | — |  | — |  | — |  | — |  | (6) |  | — |  | — |  | (6) |
Cash dividends declared on common stock ($0.71 per share) | — |  | — |  | — |  | — |  | — |  | (95) |  | — |  | (95) |
Cash dividends declared on preferred stock | — |  | — |  | — |  | — |  | — |  | (5) |  | — |  | (5) |
Net issuance of common stock under employee stock plans | — |  | 0.1 |  | — |  | (1) |  | — |  | (4) |  | 7 |  | 2 |
Share-based compensation | — |  | — |  | — |  | 9 |  | — |  | — |  | — |  | 9 |
BALANCE AT JUNE 30, 2024 | $ | 394 |  | 132.6 |  | $ | 1,141 |  | $ | 2,210 |  | $ | (3,463) |  | $ | 11,867 |  | $ | (5,988) |  | $ | 6,161 |
BALANCE AT MARCH 31, 2025 | $ | 394 |  | 131.2 |  | $ | 1,141 |  | $ | 2,198 |  | $ | (2,695) |  | $ | 12,093 |  | $ | (6,079) |  | $ | 7,052 |
Net income | — |  | — |  | — |  | — |  | — |  | 199 |  | — |  | 199 |
Other comprehensive income, net of tax | — |  | — |  | — |  | — |  | 196 |  | — |  | — |  | 196 |
Cash dividends declared on common stock ($0.71 per share) | — |  | — |  | — |  | — |  | — |  | (93) |  | — |  | (93) |
Cash dividends declared on preferred stock | — |  | — |  | — |  | — |  | — |  | (5) |  | — |  | (5) |
Purchase of common stock | — |  | (1.8) |  | — |  | — |  | — |  | — |  | (101) |  | (101) |
Redemption of preferred stock | (394) |  | — |  | — |  | — |  | — |  | (6) |  | — |  | (400) |
Net issuance of common stock under employee stock plans | — |  | 0.3 |  | — |  | (7) |  | — |  | (3) |  | 14 |  | 4 |
Share-based compensation | — |  | — |  | — |  | 8 |  | — |  | — |  | — |  | 8 |
BALANCE AT JUNE 30, 2025 | $ | — |  | 129.7 |  | $ | 1,141 |  | $ | 2,199 |  | $ | (2,499) |  | $ | 12,185 |  | $ | (6,166) |  | $ | 6,860 |
BALANCE AT DECEMBER 31, 2023 | $ | 394 |  | 131.9 |  | $ | 1,141 |  | $ | 2,224 |  | $ | (3,048) |  | $ | 11,727 |  | $ | (6,032) |  | $ | 6,406 |
Cumulative effect of change in accounting principle (a) | — |  | — |  | — |  | — |  | — |  | (4) |  | — |  | (4) |
Net income | — |  | — |  | — |  | — |  | — |  | 344 |  | — |  | 344 |
Other comprehensive loss, net of tax | — |  | — |  | — |  | — |  | (415) |  | — |  | — |  | (415) |
Cash dividends declared on common stock ($1.42 per share) | — |  | — |  | — |  | — |  | — |  | (189) |  | — |  | (189) |
Cash dividends declared on preferred stock | — |  | — |  | — |  | — |  | — |  | (11) |  | — |  | (11) |
Net issuance of common stock under employee stock plans | — |  | 0.7 |  | — |  | (50) |  | — |  | — |  | 44 |  | (6) |
Share-based compensation | — |  | — |  | — |  | 36 |  | — |  | — |  | — |  | 36 |
BALANCE AT JUNE 30, 2024 | $ | 394 |  | 132.6 |  | $ | 1,141 |  | $ | 2,210 |  | $ | (3,463) |  | $ | 11,867 |  | $ | (5,988) |  | $ | 6,161 |
BALANCE AT DECEMBER 31, 2024 | $ | 394 |  | 131.4 |  | $ | 1,141 |  | $ | 2,218 |  | $ | (3,161) |  | $ | 12,017 |  | $ | (6,066) |  | $ | 6,543 |
Net income | — |  | — |  | — |  | — |  | — |  | 371 |  | — |  | 371 |
Other comprehensive income, net of tax | — |  | — |  | — |  | — |  | 662 |  | — |  | — |  | 662 |
Cash dividends declared on common stock ($1.42 per share) | — |  | — |  | — |  | — |  | — |  | (186) |  | — |  | (186) |
Cash dividends declared on preferred stock | — |  | — |  | — |  | — |  | — |  | (11) |  | — |  | (11) |
Purchase of common stock | — |  | (2.5) |  | — |  | (1) |  | — |  | — |  | (150) |  | (151) |
Redemption of preferred stock | (394) |  | — |  | — |  | — |  | — |  | (6) |  | — |  | (400) |
Net issuance of common stock under employee stock plans | — |  | 0.8 |  | — |  | (53) |  | — |  | — |  | 50 |  | (3) |
Share-based compensation | — |  | — |  | — |  | 35 |  | — |  | — |  | — |  | 35 |
BALANCE AT JUNE 30, 2025 | $ | — |  | 129.7 |  | $ | 1,141 |  | $ | 2,199 |  | $ | (2,499) |  | $ | 12,185 |  | $ | (6,166) |  | $ | 6,860 |  |

(a)Effective January 1, 2024, the Corporation adopted ASU 2023-02, which expanded the permitted use of the proportional amortization method to certain tax credit investments.
15

BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries |  |  |  |  |  |  |  |  |  |
(dollar amounts in millions) | Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
Three Months Ended June 30, 2025 |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 453 |  |  | $ | 245 |  |  | $ | 47 |  |  | $ | (211) |  |  | $ | 41 |  |  | $ | 575 |
Provision for credit losses | 48 |  |  | (2) |  |  | (1) |  |  | — |  |  | (1) |  |  | 44 |
Noninterest income | 149 |  |  | 26 |  |  | 76 |  |  | 17 |  |  | 6 |  |  | 274 |
Noninterest expenses | 252 |  |  | 167 |  |  | 85 |  |  | 1 |  |  | 56 |  |  | 561 |
Provision (benefit) for income taxes | 59 |  |  | 24 |  |  | 9 |  |  | (47) |  |  | — |  |  | 45 |
Net income (loss) | $ | 243 |  |  | $ | 82 |  |  | $ | 30 |  |  | $ | (148) |  |  | $ | (8) |  |  | $ | 199 |
Net charge-offs | $ | 25 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 28 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 45,375 |  |  | $ | 3,062 |  |  | $ | 5,241 |  |  | $ | 17,113 |  |  | $ | 6,752 |  |  | $ | 77,543 |
Loans | 43,146 |  |  | 2,409 |  |  | 5,104 |  |  | — |  |  | 6 |  |  | 50,665 |
Deposits | 32,272 |  |  | 23,443 |  |  | 3,576 |  |  | 1,666 |  |  | 289 |  |  | 61,246 |
| Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
Three Months Ended March 31, 2025 |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 472 |  |  | $ | 254 |  |  | $ | 48 |  |  | $ | (240) |  |  | $ | 41 |  |  | $ | 575 |
Provision for credit losses | 31 |  |  | (5) |  |  | (6) |  |  | — |  |  | — |  |  | 20 |
Noninterest income | 135 |  |  | 26 |  |  | 71 |  |  | 23 |  |  | (1) |  |  | 254 |
Noninterest expenses | 267 |  |  | 180 |  |  | 97 |  |  | 1 |  |  | 39 |  |  | 584 |
Provision (benefit) for income taxes | 71 |  |  | 26 |  |  | 7 |  |  | (52) |  |  | 1 |  |  | 53 |
Net income (loss) | $ | 238 |  |  | $ | 79 |  |  | $ | 21 |  |  | $ | (166) |  |  | $ | — |  |  | $ | 172 |
Net charge-offs | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 44,960 |  |  | $ | 3,053 |  |  | $ | 5,170 |  |  | $ | 17,433 |  |  | $ | 6,942 |  |  | $ | 77,558 |
Loans | 42,850 |  |  | 2,380 |  |  | 4,984 |  |  | — |  |  | — |  |  | 50,214 |
Deposits | 32,750 |  |  | 23,638 |  |  | 3,620 |  |  | 1,633 |  |  | 258 |  |  | 61,899 |
| Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
Three Months Ended June 30, 2024 |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 465 |  |  | $ | 203 |  |  | $ | 48 |  |  | $ | (220) |  |  | $ | 37 |  |  | $ | 533 |
Provision for credit losses | — |  |  | 1 |  |  | (2) |  |  | — |  |  | 1 |  |  | — |
Noninterest income | 146 |  |  | 33 |  |  | 78 |  |  | 33 |  |  | 1 |  |  | 291 |
Noninterest expenses | 250 |  |  | 177 |  |  | 88 |  |  | 1 |  |  | 39 |  |  | 555 |
Provision (benefit) for income taxes | 85 |  |  | 14 |  |  | 10 |  |  | (46) |  |  | — |  |  | 63 |
Net income (loss) | $ | 276 |  |  | $ | 44 |  |  | $ | 30 |  |  | $ | (142) |  |  | $ | (2) |  |  | $ | 206 |
Net charge-offs | $ | 8 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 45,843 |  |  | $ | 3,029 |  |  | $ | 5,299 |  |  | $ | 18,448 |  |  | $ | 6,588 |  |  | $ | 79,207 |
Loans | 43,709 |  |  | 2,322 |  |  | 5,026 |  |  | — |  |  | 14 |  |  | 51,071 |
Deposits | 31,176 |  |  | 24,590 |  |  | 3,951 |  |  | 3,032 |  |  | 306 |  |  | 63,055 |

16

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND REGULATORY RATIOS (unaudited)
Comerica Incorporated and Subsidiaries |  |  |  |

Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends. Pre-tax, pre-provision net revenue (PPNR) is a measure that Comerica uses to understand fundamental operating performance before credit-related and tax expenses. Common equity tier 1 capital ratio removes preferred stock from the Tier 1 capital ratio as defined by and calculated in conformity with bank regulations. Tangible common equity is used by Comerica to measure the quality of capital and the return relative to balance sheet risk. The tangible common equity ratio removes the effect of intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders' equity per share of common stock.

| June 30, | March 31, | June 30,
(in millions, except share data) | 2025 | 2025 | 2024
Pre-tax, Pre-provision Net Revenue (PPNR): |  |  |
Net income | $ | 199 |  | $ | 172 |  | $ | 206 |
Add: |  |  |
Provision for income taxes | 45 |  | 53 |  | 63 |
Provision for credit losses | 44 |  | 20 |  | — |
PPNR | $ | 288 |  | $ | 245 |  | $ | 269 |
Common Equity Tier 1 Capital (a): |  |  |
Tier 1 capital | $ | 8,718 |  | $ | 9,105 |  | $ | 8,980 |
Less: |  |  |
Fixed-rate reset non-cumulative perpetual preferred stock | — |  | 394 |  | 394 |
Common equity tier 1 capital | $ | 8,718 |  | $ | 8,711 |  | $ | 8,586 |
Risk-weighted assets | $ | 72,988 |  | $ | 72,286 |  | $ | 74,342 |
Tier 1 capital ratio | 11.94 | % | 12.60 | % | 12.08 | %
Common equity tier 1 capital ratio | 11.94 |  | 12.05 |  | 11.55 |
Tangible Common Equity: |  |  |
Total shareholders' equity | $ | 6,860 |  | $ | 7,052 |  | $ | 6,161 |
Less: |  |  |
Fixed-rate reset non-cumulative perpetual preferred stock | — |  | 394 |  | 394 |
Common shareholders' equity | $ | 6,860 |  | $ | 6,658 |  | $ | 5,767 |
Less: |  |  |
Goodwill | 635 |  | 635 |  | 635 |
Other intangible assets | 5 |  | 6 |  | 7 |
Tangible common equity | $ | 6,220 |  | $ | 6,017 |  | $ | 5,125 |
Total assets | $ | 77,988 |  | $ | 77,622 |  | $ | 79,597 |
Less: |  |  |
Goodwill | 635 |  | 635 |  | 635 |
Other intangible assets | 5 |  | 6 |  | 7 |
Tangible assets | $ | 77,348 |  | $ | 76,981 |  | $ | 78,955 |
Common equity ratio | 8.80 | % | 8.58 | % | 7.24 | %
Tangible common equity ratio | 8.04 |  | 7.82 |  | 6.49 |
Tangible Common Equity per Share of Common Stock: |  |  |
Common shareholders' equity | $ | 6,860 |  | $ | 6,658 |  | $ | 5,767 |
Tangible common equity | 6,220 |  | 6,017 |  | 5,125 |
Shares of common stock outstanding (in millions) | 130 |  | 131 |  | 133 |
Common shareholders' equity per share of common stock | $ | 52.90 |  | $ | 50.73 |  | $ | 43.49 |
Tangible common equity per share of common stock | 47.96 |  | 45.85 |  | 38.65 |

(a)June 30, 2025 ratios are estimated.
17