EX-99.2 3 comerica_incx2q25xearnin.htm EX-99.2
Comerica Incorporated Second Quarter 2025 Financial Review July 18, 2025 This presentation 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,” and 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 and objectives, projected financial and operating results, including outlook for future growth, targeted initiatives and strategic investments across our various lines of businesses, including across the Commercial Bank, Wealth Management and the Retail Bank segments, and future common share dividends, common share repurchases and other uses of capital. These statements are not historical facts, but instead represent our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and financial condition may differ materially from those indicated in these forward-looking statements. Important factors that could cause our actual results and 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 and implement targeted initiatives in the timeframe and on the terms we currently expect; the execution and efficacy of recent strategic investments; the timing and impact of the Direct Express transition; the impact of macroeconomic factors, such as changes in general economic conditions and monetary and 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 and data privacy risks; the outcomes of legal and regulatory proceedings and related financial services industry matters; compliance with regulatory requirements; competitive product and pricing pressures; and 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 presentation is based solely on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except to the extent required by law. Safe Harbor Statement 2©2025, Comerica Inc. All rights reserved.

The new standard is speed, transparency & real-time execution As products commoditize, delivery is the differentiator Optionality to deliver where customers are is key Embedded finance is expanding the payments ecosystem One of the first in market with RTP® On-Behalf-Of (OBO) payment solutions New customer relationships expected to drive higher payments volume Deployed innovative deposit sweep solution that leverages real time rails for additional flexibility for our customers 2Q25 Highlights Compelling financial results & key milestones signal successful execution of strategy ©2025, Comerica Inc. All rights reserved. 6/30/25; Growth rates relative to 1Q25 1Refer to reconciliation of non-GAAP financial measures in appendix 22Q25 estimated 3 Loan Growth (period-end) Net Income PPNR1 CET12 Achievements in Payments Payments Themes $51.2B 3% $199MM 16% $288MM 18% 11.94% Above Strategic Target 2Q25 Financial Results Strong loan growth offset modestly lower deposits; favorable noninterest income & noninterest expense results 1Includes gains/(losses) related to deferred comp asset returns of $0.5MM 2Q24, $(2MM) 1Q25, $5MM 2Q25 in noninterest income & $2MM 2Q24, $(0.2MM) 1Q25, $6MM 2Q25 in noninterest expense 2Diluted earnings per common share 3Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants 42Q25 estimated 52Q25 included $9MM benefit as a result of changes in the combined state income tax rate applicable to deferred tax assets (in millions, except ratios & per share data) 2Q25 1Q25 2Q24 Change From 1Q25 2Q24 Average loans $50,665 $50,214 $51,071 $451 $(406) Average deposits 61,246 61,899 63,055 (653) (1,809) Other time deposits 1,080 1,052 2,403 28 (1,323) Net interest income 575 575 533 -- 42 Provision for credit losses 44 20 -- 24 44 Noninterest income1 274 254 291 20 (17) Noninterest expenses1 561 584 555 (23) 6 Provision for income tax 45 53 63 (8) (18) Net income 199 172 206 27 (7) Earnings per share2 $1.42 $1.25 $1.49 $0.17 $(0.07) Efficiency ratio3 65.78% 70.28% 67.77% CET14 11.94% 12.05% 11.55% Broad-based loan growth throughout the quarter, period-end loans up ~3% from 1Q25 Seasonality & customer utilization of funds drove lower average deposits; continued stability in NIB mix Net interest income flat as loan growth offset deposit trends; favorable trajectory year-over-year with 2Q25 higher than 2Q24; net interest margin relatively flat Net charge-offs of 22 bps at the low end of historical range; reserve ratio flat at 1.44% Noninterest income growth across various customer categories Decline in noninterest expenses with the benefit of lower litigation related expenses & seasonal reductions in salaries & benefits Conservative approach to capital; maintained CET14 well above our 10% strategic target, returned $193MM to shareholders through repurchases & dividends in 2Q25 Favorable 2Q25 discrete items5 offset the impact of higher profitability & drove lower tax expense Deferred issuance costs related to the redemption of preferred stock lowered net income to common shares by $6MM & impacted EPS ©2025, Comerica Inc. All rights reserved. Key Performance Drivers 2Q25 compared to 1Q25 4

51.1 50.9 50.6 50.2 50.7 50.1 50.8 51.2 6.32 6.24 6.25 6.13 6.10 2Q24 3Q24 4Q24 1Q25 2Q25 Apr-25 May-25 Jun-25 Loans Consistent, broad-based loan growth throughout the quarter; customer sentiment improved 2Q25 compared to 1Q25; Variance may not foot due to rounding 1See Quarterly Average Loans slide for more details Loan Trends ($ in billions; avg.) Average loans increased $0.5B1, or 0.9% + $139MM Corporate Banking + $120MM Wealth Management + $116MM Environmental Services + $88MM Entertainment Lending + $78MM General Middle Market - $234MM Equity Fund Services Pipeline remained strong ©2025, Comerica Inc. All rights reserved. Loan Yields % Average Balances Monthly Average Balances Loan Commitments Up Slightly & Utilization Relatively Stable (period-end; $ in billions) 50.0 49.5 49.5 49.0 49.4 50% 50% 49% 50% 50% 2Q24 3Q24 4Q24 1Q25 2Q25 Utilization 2Q25 vs. 1Q25 5 63.1 63.9 63.3 61.9 61.2 61.7 60.9 61.1 2Q24 3Q24 4Q24 1Q25 2Q25 Apr-25 May-25 Jun-25 Deposits Seasonality & utilization of funds impacted balances; continued stability in noninterest-bearing mix 2Q25 compared to 1Q25; Variance may not foot due to rounding 1Interest costs on interest-bearing deposits Deposit Rate1 % Average Balances ($ in billions) Average deposits decreased $0.7B, or 1.1% - $195MM Retail Banking - $135MM Corporate Banking - $97MM Technology & Life Sciences - $85MM Environmental Services - $75MM General Middle Market 2Q25 average NIB mix remained unchanged at 38% of total deposits Average interest-bearing decrease of $0.3B Average noninterest-bearing decline of $0.4B 3Q24 to 2Q25 cumulative interest-bearing beta of 67% Period-end deposits decreased $1.5B, or 2.4% $1.0B decrease in interest-bearing deposits, inclusive of $0.4B decline in Brokered Time Deposits 2Q25 period-end NIB mix at 38% of total deposits ©2025, Comerica Inc. All rights reserved. Monthly Average Balances ($ in billions) Noninterest-bearing (NIB) Interest-bearing (IB) 38% 38%38% 38%38% 38%40% 2.65 2.91 3.313.23 2.69 2Q25 vs. 1Q25 6 38%

Securities Portfolio Expect future maturities to enhance earnings power 6/30/25 Totals shown in graph above may not foot due to rounding 1Outlook for legacy portfolio as of 7/18/25 assuming 6/30/25 forward curve 2Estimated as of 6/30/25 Average 2Q25 portfolio decreased $169MM Period-end 2Q25 portfolio decreased $228MM $317MM MBS payments $102MM fair value change (pre-tax) & $9MM net discount amortization 3Q25: Estimated repayments ~$260MM MBS1 Duration of 5.7 years2 Extends to 6.4 years under +200bps instantaneous rate increase2 Net securities-related AOCI unrealized loss decreased to $1.9B (after tax); expect unrealized loss to decline ~12% by 4Q261 ©2025, Comerica Inc. All rights reserved. 12.4 15.7 15.9 15.0 15.1 14.9 14.5 14.2 12.7 0.1 3.0 2.3 2.9 2.5 2.4 2.4 2.3 2.2 4Q19 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q26 Fair Value (Reported on Balance Sheet) Valuation Adjustment 2Q25 vs. 1Q25 Projected1 7 Securities Portfolio (period-end; $ in billions) Net Interest Income 2Q25 compared to 1Q25 1See BSBY Cessation Impacts slide for more details 8©2025, Comerica Inc. All rights reserved. BSBY Cessation: $5MM negative impact to Net Interest Income1 & 3bps to NIM with impacts of hedging program accounted for within loan rate impact Net impact due to rates: $7MM benefit to Net Interest Income & 4bps to NIM Net impact due to one additional day: $6MM benefit to Net Interest Income Additional Variance Detail Relative to 1Q25 Favorable loan trends offset by deposit trends & funding mix resulting in stable net interest income 1Q25 $575MM 3.18% Loans 12 - Securities Portfolio (2) - Fed Deposits (3) - Deposits (4) (0.01) Wholesale Funding (3) (0.01) 2Q25 $575MM 3.16% 1Q25 to 2Q25 NII & NIM Walk (NII $ in millions; NIM change in bps) 533 534 575 575 575 2.86 2.80 3.06 3.18 3.16 2Q24 3Q24 4Q24 1Q25 2Q25 Net Interest Income ($ in millions) Net Interest Margin %

0.09% 0.08% 0.13% 0.21% 0.22% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% 0.45% 2Q24 3Q24 4Q24 1Q25 2Q25 Normal 20 - 40 bps range NCO/Avg. Loans % Credit Quality Remained a strength with low net charge-offs & nonperforming assets; manageable migration 2Q25 compared to 1Q25 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 2A portion of the portfolio is also considered Leveraged & also reflected in the Leveraged data Nonperforming Assets Declined & Remained Below Historical Averages ($ in millions) Criticized Loan Balances1 Reflect Expected Migration ($ in millions) 717 720 725 719 735 1.38 1.43 1.44 1.44 1.44 - 1.00 2.00 3.00 4.00 5.00 6.00 2Q24 3Q24 4Q24 1Q25 2Q25 ACL/Loans % Allowance for Credit Losses as % of Loans Flat ($ in millions) 2,430 2,417 2,530 2,573 2,745 4.7 4.8 5.0 5.2 5.4 - 2.00 4.00 6.00 8.00 10.00 12.00 2Q24 3Q24 4Q24 1Q25 2Q25 Criticized/Loans % ©2025, Comerica Inc. All rights reserved. Net Charge-Offs at the Low-End of Normal Range (% of average loans) Portfolios with Incremental Monitoring (period-end) 2Q25 1Q25 Business Line or Portfolio 6/30 Loans % of Total Loans % Criticized 3/31 Loans % of Total Loans % Criticized Commercial Real Estate Business Line $10.0B 19.6% 5.4% $10.0B 20.0% 5.5% Leveraged $2.9B 5.7% 13.0% $2.9B 5.7% 10.1% Automotive Production2 $0.8B 1.6% 14.6% $0.7B 1.5% 16.6% Senior Housing $0.6B 1.2% 55.0% $0.7B 1.3% 54.9% TLS2 $0.8B 1.7% 16.9% $0.8B 1.6% 19.3% 226 250 308 301 249 0.44 0.50 0.61 0.60 0.49 (0.10) 0.10 0.30 0.50 0.70 0.90 1.10 1.30 1.50 0 50 100 150 200 250 300 350 2Q24 3Q24 4Q24 1Q25 2Q25 Historical 10 Year Avg. NPA/Loans % 9 Noninterest Income Growth across most customer-related categories; driving fee income remains a strategic priority 2Q25 compared to 1Q25 1Includes Risk management hedging income related to price alignment (PA) income received for Comerica’s centrally cleared risk management positions of $17MM 2Q24, $8MM 3Q24, $8MM 4Q24, $8MM 1Q25, $5MM 2Q25; Includes Credit Valuation Adjustment (CVA) of $(0.1MM) 2Q24, $(1MM) 3Q24, $2MM 4Q24, $(2MM) 1Q25, $2MM 2Q25; Includes gains/(losses) related to deferred comp asset returns of $0.5MM 2Q24, $4MM 3Q24, $(0.2MM) 4Q24, $(2MM) 1Q25, $5MM 2Q25 Noninterest Income1 ($ in millions) 291 277 250 254 274 2Q24 3Q24 4Q24 1Q25 2Q25 10©2025, Comerica Inc. All rights reserved. Increased $20MM, or 7.9% + $11MM capital markets income + $7MM deferred compensation asset returns (offset in noninterest expenses) + $5MM fiduciary income 2Q25 vs. 1Q25

555 562 587 584 561 67.8 68.8 69.5 70.3 65.8 2Q24 3Q24 4Q24 1Q25 2Q25 Efficiency Ratio % Noninterest Expenses1 ($ in millions) Noninterest Expenses 2Q25 compared to 1Q25 1Includes gains/(losses) related to deferred comp plan of $2MM 2Q24, $6MM 3Q24, $1MM 4Q24, $(0.2MM) 1Q25, $6MM 2Q25; Variance may not foot due to rounding 2Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants Decreased $23MM, or 3.9% - $15MM litigation-related expense - $10MM salaries & benefits expense impacted by seasonality 11©2025, Comerica Inc. All rights reserved. 2 2Q25 vs. 1Q25 Benefits from several notable items & lower seasonal pressures drove strong results; discipline remains a priority 2Q25 Notable Expenses ($13MM) net litigation benefit ($4MM) gain on sale of assets ($3MM) interest recovery on a state tax matter Regulatory Minimum + Capital Conservation Buffer (CCB) (1.7) (2.2) (1.9) (1.9) (0.2) (0.6) (0.4) (0.3) (0.4) (0.4) (0.4) (0.4) 3Q24 4Q24 1Q25 2Q25 Securities Swaps Pension Capital Management Conservative approach, CET11 well above target, TCE improved & increased share repurchases 6/30/25 12Q25 estimated 2Considers AOCI for securities & pension & related RWA benefit utilizing 6/30/25 risk weighting. Does not assume other potential Basel III Endgame impacts (such as market risk, operational risk & changes to standard counter-party risk). 3Outlook as of 7/18/25 4Refer to reconciliation of non-GAAP financial measures in appendix 5Represents the impact of $2.5B in AOCI on common equity & $2.1B in corresponding impacts to total assets 12.05% 11.94% 7.0% 1Q25 2Q25 CET11 Tier 11 12.60% 11.94% 8.5% 1Q25 2Q25 ©2025, Comerica Inc. All rights reserved. Accumulated Other Comprehensive Income ($ in billions) Scenarios Est. AOCI Increase / (Decrease) Rate shock + 100 bps Static balances ($1.1B) Rates shock - 100 bps Static balances $1.1B Estimated Change in AOCI Derived Simulated Sensitivity Analysis for Securities & Swap Portfolios We are not subject to these proposed rules with ~$80B in assets as of 6/30/25. If subject to proposed Basel III Endgame capital requirements relating to AOCI opt-out changes, our estimated CET1 would exceed regulatory minimums & conservation buffer as of 6/30/252. 8.94% Estimated CET1 with AOCI opt-out 8.95% Expect unrealized loss to decline 16% by 4Q263 12 7.82% 8.04% 1Q25 2Q25 6.7 6.9 1Q25 2Q25 Common Equity ($ in billions; period-end) Tangible Common Equity Ratio4 8.58% 8.80% 1Q25 2Q25 Common Equity Ratio 2Q25: AOCI impact5 of (288 bps) AOCI impact5 of (293 bps) AOCI impact of ($2.5B) Basel III Endgame Capital Considerations

Management Outlook ©2025, Comerica Inc. All rights reserved. Outlook as of 7/18/25 & guidance compares to reported GAAP 2024 or reported GAAP 2Q25 values as applicable unless noted as adjusted 1Utilizing 6/30/25 forward curve 2Deferred comp & CVA are dependent on market factors, inherently difficult to predict & assumed to be $0 in future periods, please see Noninterest Income & Noninterest Expenses slides for impact in prior periods 3Q25 vs. 2Q25 FY25 vs FY24 Commentary Average loans (FY24 baseline: $51.0B; 2Q25 baseline: $50.7B) Steady growth from 2Q Flat to down 1% Steady quarterly growth through 2H25 across most businesses Average deposits (FY24 baseline: $63.9B; 2Q25 baseline: $61.3B) Moderately higher Down 2 to 3% FY25 customer deposits relatively stable to FY24; strong 2H25 growth in customer deposits weighted towards 4Q Net interest income1 (FY24 baseline: $2.2B; 2Q25 baseline: $575MM) Slightly down Up 5 to 7% Efficient funding mix with benefit of swap & securities maturities, 3Q impacted by deposit trends Noninterest income2 (FY24 baseline: $1.1B; 2Q25 baseline: $274MM) Relatively flat Up 2% Strong activity driving 2H25 customer- related growth Noninterest expenses2 (FY24 baseline: $2.3B; 2Q25 baseline: $561MM) Higher Up 2% 3Q step up after strong 2Q which benefited from notable items, 4Q relatively flat to 3Q Net charge-offs Within low end of our normal 20 to 40 bps range Continued credit normalization Tax ~22% Excluding discrete items Capital Expect to maintain capital well above our CET1 target of 10% Market dependent 13 APPENDIX

The Right Balance Positioned to effectively meet the unique needs of our target customers “Calibrated to support growth” – Commercial Bank Customer “Everybody wins” & “What good partnership is all about” – Environmental Services Customers Small Bank Service, Large Bank Capabilities Tailored solutions & customized product offerings to meet our customers’ needs Localized advice for our customers Community engagement recognizing we all play a role in advancing the markets & communities we serve Comprehensive suite of products & services including credit capacity, treasury management, & capital market solutions Experienced & tenured team delivering consistency to our relationships across markets & businesses Industry expertise adding unique value to customers across core businesses & specialized verticals 15©2025, Comerica Inc. All rights reserved. What our customers are saying… “ “ “They consistently make me feel valued, attentively listen to my concerns, & tailor their support to ensure everything is nothing less than perfect.” – Small Business Customer “Their expertise made navigating my banking needs seamless.” – Retail Customer The Commercial Bank delivers first-class products & services to Middle Market, Specialty Industries & Business Banking divisions Wealth Management generates capital-efficient fee income with a focus on organic growth The Retail Bank delivers high-touch service across all touchpoints & provides an important source of granular deposit funding IN 13 OF THE 15 LARGEST MARKETS1 & 7 OF THE 10 FASTEST GROWING MARKETS2 DEPOSITS5LOANS5 ©2025, Comerica Inc. All rights reserved. 85% 10% 5% Commercial Bank Wealth Management Retail Bank 53% 6% 38% 3% Commercial Bank Wealth Management Retail Bank Other 36% 27% 15% 22% MI CA TX Other Markets / Finance 21% 36% 25% 18% MI CA TX Other Markets / Finance PRIMARY MARKETS OTHER MARKETS Texas #2 largest state GDP Business friendly California #1 largest state GDP Deep industry expertise Michigan #14 largest state GDP Large retail deposit base Southeast3 FL #4 & NC #12 largest state GDP Strong population growth & manufacturing base Mountain West4 Fast growing economy, attractive climate International North American platform supports USD, CAD & MXN customer needs 1U.S. Census Bureau; by population 2024. Includes all locations with employees & offices 2U.S. Census Bureau; 2024 vs 2023 by number of people. Includes all locations with employees & offices 3Serving customers in FL, GA, NC, TN, SC & VA 4Serving customers in AZ & CO 5Average 2Q25 Loans & Deposits, respectively. See Quarterly Average Loans & Quarterly Average Deposits slides for more details. 16 Diversified businesses across diversified geographies A cohesive relationship strategy across our divisions unlocks the value of our franchise in high-growth markets

©2025, Comerica Inc. All rights reserved. BSBY Cessation Impacts Actual Projected2 FY23 FY24 1Q25 2Q25 3Q25 4Q25 FY25 FY26 FY27 FY28 Net Interest Income Impact $2.8MM $6.9MM $27.6MM $22.8MM $19.3MM $13.8MM $83.5MM $26.5MM $8.4MM $2.0MM Gain / (Loss) in Other Noninterest Income $(91.3MM) $(38.8MM) - - - - - - - - Pre-Tax Income Impact $(88.5MM) $(31.9MM) $27.6MM $22.8MM $19.3MM $13.8MM $83.5MM $26.5MM $8.4MM $2.0MM Accounting Impact: Temporary loss of hedge accounting due to pending cessation of BSBY caused the recognition of unrealized losses in 4Q23 & 1Q24 & impacts net interest income. AOCI losses recognized in earnings over 12 months but accreted back to income over original life of swap. Financial Impact: No economic impact as these losses are re-couped over time; ~90% of impact expected to accrete back by YE2026 Pre-tax gains or losses related to this accounting treatment impact CET1, but not Tangible Common Equity Normal pay / receive cash flows remain uninterrupted Net-tax impact reflects adjustments to AOCI balance over the life of the re-designated swaps1 Majority of losses expected to accrete back in 2025 & 2026 1Cessation impacts not expected to change & are not sensitive to market rates. 2Projected non-cash net impact of amortization & accretion; included in outlook unless otherwise indicated in an adjustment. 17 Interest Rate Sensitivity Well positioned to insulate income as rates decline 6/30/25 1Received fix/pay floating swaps; maturities extend through 3Q30; Table reflects the ultimate swaps average notional balances & weighted average yields post CME LIBOR & BSBY transitions for terms based on swap start date & assumes no future termination 2See BSBY Cessation Impacts slide for more details 3For methodology, see Comerica’s most recent Form 10-Q, as filed with the SEC on April 30, 2025. Estimates are based on simulation modeling analysis from our base case, which utilizes June 2025 average balances ©2025, Comerica Inc. All rights reserved. Swaps as of 6/30/251 ($ in billions; avg.; weighted average yield) No new swaps added in 2Q25; no forward starting swaps went into effect in 2Q25 Net unrealized swap losses in AOCI decreased $118MM at 6/30/25 (after-tax) BSBY cessation & swap re-designation does not impact above table2 Estimated 12-Month Net Interest Income Impact Relative to Baseline 100 bps gradual decrease $18MM 100 bps gradual decrease & 60% incremental beta $41MM 100 bps gradual increase -$36MM 100 bps gradual increase & 60% incremental beta -$66MM Sensitivity Analysis as of 6/30/25 Rates UP Rates DOWN Loan Balances Modest increase Modest decrease Deposit Balances Moderate decrease Moderate increase Deposit Beta ~47% per incremental change Securities Portfolio Partial reinvestment of cash flows Hedging (Swaps) No additions modeled 6/30/25 Model Assumptions3 100 bps (50 bps avg.) gradual, non-parallel rise 23.6 23.0 20.1 15.0 9.8 4.6 0.8 2.50% 2.57% 2.68% 2.72% 2.85% 2.95% 2.97% FY24 FY25 FY26 FY27 FY28 FY29 FY30 Highlights 18

©2025, Comerica Inc. All rights reserved. Net Interest Income Expected Securities Repayments & Maturities2 ($ in millions; weighted average yield) 287 339 411 372 201 221 627 708 2.10% 1.98% 2.95% 2.79% 2.13% 2.08% 3.48% 3.65% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Contractual Swap Notionals1 ($ in billions; avg.; weighted average yield) Swap & securities attrition expected to create multi-year tailwind Project 16 bps higher yield & $4.9B lower notional from 2Q25 to 4Q26; lessened pressure on NII Deployment of liquidity from repayment of lower yielding securities expected to benefit NII 6/30/25 1Received fix/pay floating swaps; maturities extend through 3Q30; Table assumes no future terminations or new swaps 2Outlook as of 7/18/25 23.4 23.3 22.9 22.4 21.9 20.8 19.5 18.4 2.55% 2.55% 2.57% 2.61% 2.64% 2.67% 2.70% 2.71% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Actual Projected 19 ©2025, Comerica Inc. All rights reserved. Liquidity Abundant liquidity & funding capacity enhances flexibility 6/30/25 1Securities at the FHLB are incremental to Unencumbered Securities at Market Value 2Total Liquidity Capacity amounts may not foot due to rounding 3Excludes brokered time deposits 20 Net $1.2B increase in wholesale funding (period-end) to support robust loan growth in 2Q25: + $1.6B in FHLB advances - $0.4B in brokered time deposits Scheduled FHLB maturities of $1B annually from 2026-2028 Scheduled to mature in March annually Scheduled brokered time deposits maturities of $1.1B in 2025 ~$450MM scheduled to mature in 3Q25 CD portfolio is ~$3.1B & ~88% matures by 12/31/253 Source (6/30/25) $ in billions Amount or Total Capacity Remaining Capacity Cash 3.9 3.9 FHLB (securities1 & loan collateral) 16.9 11.9 Unencumbered Securities at Market Value 7.3 7.3 Discount Window (loan collateral) 17.4 17.4 Total Liquidity Capacity2 $40.5 Total Liquidity Capacity (ex. Discount Window)2 $23.1 Low Unsecured Debt Obligations (Debt Maturities, $ in millions) 85% 86% 50% 70% 90% 110% 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 20 23 20 24 1Q 25 2Q 25 Loan to Deposit Ratio in Line with Historical Averages (period-end) 350 400 550 1,000 500 2025 2026 2027 2028 2029 2030 2033 Highlights

= Total Fixed Rate (55%)3 Business Line 2Q25 1Q25 2Q24 Middle Market General1 $11.4 $11.3 $11.6 Energy 1.5 1.5 1.4 National Dealer Services 5.2 5.2 5.7 Entertainment 1.2 1.1 1.1 Tech. & Life Sciences 0.8 0.8 0.7 Equity Fund Services 1.5 1.8 1.7 Environmental Services 2.9 2.8 2.5 Total Middle Market $24.5 $24.5 $24.7 Corporate Banking US Banking 3.8 3.7 4.0 International 1.5 1.4 1.5 Commercial Real Estate 10.0 10.0 10.3 Business Banking 3.3 3.2 3.2 Commercial Bank $43.1 $42.8 $43.7 Retail Bank $2.5 $2.4 $2.4 Wealth Management $5.1 $5.0 $5.0 TOTAL $50.7 $50.2 $51.1 Quarterly Average Loans $ in billions Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Middle Market General includes Middle Market Banking as well as Municipalities, Government Card, Financial Institutions, Leasing, Financial Services Division & Merchant Services 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets 3Fixed rate loans include $23.1B receive fixed/pay floating (30-day) SOFR interest rate swaps 4Includes ~3.2% of Daily SOFR 5Over 70% of the underlying loan indices <30 day floating rate By Market 2Q25 1Q25 2Q24 Michigan $10.7 $10.7 $11.5 California 18.4 18.2 18.2 Texas 12.5 12.4 12.8 Other Markets2 9.1 8.9 8.6 TOTAL $50.7 $50.2 $51.1 ©2025, Comerica Inc. All rights reserved. 21 Fixed Rate 10% Synthetically fixed from swaps 45% 30-Day Rate 35% 90-Day+ Rate 7% Prime-based 3% Loan Portfolio (2Q25 Period-end) 4 $51.2B 5 Quarterly Average Deposits $ in billions Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Middle Market General includes Middle Market Banking as well as Municipalities, Government Card, Financial Institutions, Leasing, Financial Services Division & Merchant Services 2Finance/Other includes items not directly associated with the geographic markets or the three major business segments including brokered time deposits 3Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Business Line 2Q25 1Q25 2Q24 Middle Market General1* $17.6 $17.8 $16.7 Energy 0.3 0.3 0.4 National Dealer Services 0.9 0.9 0.9 Entertainment 0.3 0.4 0.4 Tech. & Life Sciences 2.6 2.7 3.0 Equity Fund Services 1.1 1.1 0.7 Environmental Services 0.4 0.4 0.3 Total Middle Market $23.2 $23.6 $22.4 Corporate Banking US Banking 2.0 2.1 2.0 International 1.9 1.9 1.8 Commercial Real Estate 1.8 1.8 1.5 Business Banking 3.3 3.4 3.5 Commercial Bank $32.2 $32.8 $31.2 Retail Bank $23.4 $23.6 $24.6 Wealth Management $3.6 $3.6 $4.0 Finance / Other2 $2.0 $1.9 $3.3 TOTAL $61.2 $61.9 $63.1 *Direct Express (included in Middle Market General balances above) $3.7 $3.6 $3.3 By Market 2Q25 1Q25 2Q24 Michigan $22.0 $22.5 $22.6 California 16.3 16.4 16.4 Texas 8.9 9.1 9.2 Other Markets3 12.0 12.0 11.6 Finance / Other2 2.0 1.9 3.3 TOTAL $61.2 $61.9 $63.1 ©2025, Comerica Inc. All rights reserved. 22 Commercial Noninterest- bearing 26% Commercial Interest-bearing 33% Retail Interest- bearing 29% Retail Noninterest- bearing 12% Strong Deposit Mix: 38% Noninterest-bearing (2Q25 Period-end) Total $60.0B

Commercial Bank 53% Retail Bank 38% Wealth Management 6% Other 3% Diversified Deposit Base (2Q25 average) 1As of 6/30/25 2Includes consumer & small business 3Curinos Research’s 9/30/24 Small Business Deposit Report ©2025, Comerica Inc. All rights reserved. Attractive Deposit Profile Targeted focus on relationship deposits 23 Stable & Tenured Core Deposit Base1 Diversified Across Markets & Businesses Highest concentrations in Retail Consumer (30%) & Middle Market Banking (13%), inherently diversified business lines Geographically dispersed Pursuing Primacy & Holistic Relationships 97% of Commercial Bank noninterest-bearing deposits utilize Treasury Management services; ~92% have ECA Average Middle Market relationship has 8 Treasury Management products ~90% Retail customers have checking account Tenured Average Middle Market relationship: 15 years Average Retail relationship: 16 years2 Active Operating Accounts Average Middle Market relationship deposit balances of $4.2MM (includes $1.4MM in noninterest-bearing) Average Retail customer checking account balance of ~$28K2 Prioritizing growth in Small Business 62% are NIB 100+ bankers dedicated to Small Business Deposit portfolio outperformed the industry in 20243 ($ in billions) YE 2019 YE 2022 6/30/2025 Loan-to-Deposit Ratio 88% 75% 85% Total Deposits (Period-end) $57.3 $71.4 $60.0 Stronger Profile than Pre-Pandemic Driving strong core deposit growth Target Client Segments Consumer & Small Business Commercial Banks & Non-Bank FIs1 Grow deposits with Comerica Maximize®, making cash management easy for small business & business banking clients Drive account openings within Wealth & Retail through tailored offerings focused on client needs Leverage investment in talent to penetrate the market & drive new relationship opportunities Expand high-value client base through evolving pricing strategies that attract & retain significant Commercial deposits Simplify clients’ liquidity management while gaining assurances against risk Develop new partnerships within key verticals that grow deposits & drive fee income Empower other FIs1 to easily manage their liquidity directly with Comerica Partner with embedded finance companies to deliver value to both our clients, & our clients’ clients Optimizing high-growth verticals through customized deposit sweeps & key client partnerships 24©2025, Comerica Inc. All rights reserved. 1Financial Institution

Total Middle Market $8.1B; 69% Corporate Banking $2.8B; 24% CRE $0.8B; 7% Shared National Credit (SNC) Relationships Credit quality of our SNC relationships better than portfolio average SNC loans increased $227MM compared to 1Q25 SNC relationships included in business line balances; we do not have a dedicated SNC line of business Approximately 680 borrowers Comerica is agent for 28% of loans Strategy: Pursue full relationships with ancillary business Adhere to same credit underwriting standards as rest of loan book Only ~3% of SNCs were criticized ~15% of SNCs were leveraged Period-end Loans ($ in billions) Total $11.7B ©2025, Comerica Inc. All rights reserved. 6/30/25 SNCs are facilities greater than $100 million shared by three or more federally supervised financial institutions, which are reviewed by regulatory authorities at the agent bank level Highlights Total Middle Market: General Middle Market, $2.9B; 25% Environmental Services, $1.5B; 13% Energy, $1.3B; 11% National Dealer Services, $1.1B; 9% Entertainment, $0.7B; 6% Equity Fund Services, $0.5B; 4% Technology & Life Sciences, $0.1B; 1% 25 ©2025, Comerica Inc. All rights reserved. 6/30/25 112/31/24 Barlow Research’s Small Business (revenue $100K-$10MM data: 1Q23-4Q24): compared to Top 10 Banks by market share. 26 The Retail Bank Banking Retail & Small Business customers in growth markets across the US Transforming the Culture Redefine our culture through new roles, a renewed investment in our colleagues, a best-in-class mindset & consistent sales principles Accelerating Growth Prioritize growth to drive opportunities through generational banking, customer segments & Small Business expansion Reinventing the Customer Experience Redesign our network distribution model to rebuild the customer value proposition with an integrated omni-channel customer experience Small Business Tools & Resources Deliver growth tools uniquely designed for Small Business customers to help them to manage & grow their own business Retail Banking A granular deposit base of stable & long-tenured customers Small Business Banking Strategic investments to drive strong growth & superior satisfaction metrics ~90% 82% 16 Average Customer Tenure in Years Deposit Customers with Checking Accounts Customers with Deposits 5+ Years #1 #2 +9% Increase in Year-over-Year Small Business Lending Outstanding Small Business Study Ranked1 – Agree Strongly “My primary bank gets things right the first time” Small Business Study Ranked1 – Very Satisfied “Satisfied overall with their primary bank” Investing for Growth with Key Initiatives 38% Avg. total deposits at 6/30/25 ~$28K Avg. customer deposits 24% Noninterest-bearing deposit mix 82% Retail customers 18% Small business customers Highlights Banking Centers Contact Center ATM & Payments Online & Mobile Service Channels

Comerica Financial Advisors Leveraging power of partnership for differentiated client & advisor experience Recognized best in class platform & capabilities Advice-driven approach to holistically serve business owners through collaboration & expertise Uniquely positioned for growth Building towards full coverage of our banking centers Hub-based HNW Financial Advisors partnered with Private Wealth ~$24B in client assets: ~$18B assets on AMP platform; ~$6B in bank money market platform Opportunity to double number of Financial Advisors over next 5 years Fiduciary Services Pioneer & industry leader in third-party fiduciary services space Deep subject matter expertise in Specialty Wealth Services that exceed the capabilities offered by industry competitors Charitable, Estate Settlement, Special Needs Trust Administration Trust Real Estate & Specialty Assets Institutional Trust capabilities to support businesses & business owners ~$156B in AUA 5-year revenue CAGR of 6% in our third- party fiduciary business1 32 offices around the country Private Wealth Management Differentiated & integrated wealth planning & business transition capabilities Unique custom credit, mortgage & banking capabilities Advice-driven tailored investment management & specialty fiduciary solutions ~$13B in AUA Key source of referrals for our M&A advisory team ©2025, Comerica Inc. All rights reserved. Wealth Management Leading the way to your business & personal success Total Wealth Management represents ~27% of Comerica’s Noninterest Income1 & has ~$193B Assets Under Administration (AUA). Supported by 3 core businesses: 6/30/25 1Based on 2024 results & metrics 27 6/30/25 1Excludes CRE business line loans not secured by real estate 2Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 3Calculated as of 3/31/25 Not primary strategy: Total CMA office loans of $687MM, or <1% of total loans; outstandings within CRE LOB of $405MM, or <1% of total CMA loans Selective geography: Urban in-fill & suburban strategy Majority recourse: Strong sponsors critical to underwriting Monitoring credit: Criticized loans totaling $97MM (or 14% of total office portfolio) Multi-family 49% Industrial 29% All Other 22% Commercial Real Estate Business Line Growth driven by multi-family & industrial projects; excellent credit quality Primarily Lower Risk Multi-family & Industrial1 (2Q25 period-end) Total $9.5B Long history of working with well-established, proven developers Experienced relationship team; average tenure: CRE line of business leadership: ~27 years Relationship managers: ~20 years CRE credit approval team: ~26 years Significant up-front equity required (typically averaging 35-40%, often from institutional investors) ~70% has recourse3 Majority of commitments originate as construction Primary strategy is financing development of Class A, urban infill multi- family & warehouse distribution in major sun belt metros (30% CA, 27% TX, 12% Southeast, 11% Southwest) Credit remains manageable ~68% of the portfolio maturing by the end of 2026 ©2025, Comerica Inc. All rights reserved. Excellent Credit Quality in Commercial Real Estate Business ($ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 NAL 18 18 49 66 12 Criticized2 448 476 442 546 542 % Criticized 4.3% 4.5% 4.4% 5.5% 5.4% NCO (Recoveries) (0.26) (1.48) (0.30) 10.82 0.64 Strong Credit Profile Driven by: Total CMA Office Exposure All Other: Self-Storage, 5% Retail, 5% Office, 4% Land Carry, 3% Single Family / Land Development, 2% Multi-use, 2% Other, 1% 28

44% 26% 11% 9% 10% California1,5 Multi-family LA County Bay Area Orange County Sacramento County Other 37% 37% 14% 9% 3% Texas1,5 Multi-family DFW Austin Houston San Antonio Other ©2025, Comerica Inc. All rights reserved. Total Multi-family & Office Loan Portfolios 6/30/25 1Inclusive of multi-family loans within CRE & other LOBs, unless otherwise stated 2Other includes loans to funds secured by multiple properties 3Loans 30 days or more past due 4Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 5Reflects multi-family loans within CRE LOB Geographic Diversification by State Multi-family1 $ in millions 6/30/25 3/31/25 California $1,572 $1,511 Texas 1,378 1,433 Florida 437 440 Arizona 238 252 Washington 237 235 North Carolina 215 213 Colorado 192 212 Other 679 691 Total Loans $4,948 $4,987 Key Portfolio Metrics Multi-family1 Office $ in millions 6/30/25 3/31/25 6/30/25 3/31/25 Total Loans $4,948 $4,987 $687 $682 Avg. Loan Outstanding $17 $17 $5 $5 Net Charge-Offs 0.0% 0.0% 0.4% 2.0% Delinquencies3 0.5% 0.0% 0.0% 1.8% Non-Performing Loans 0.0% 0.6% 1.0% 2.8% Criticized Loans4 4.5% 5.3% 14.1% 13.0% 29 Office $ in millions 6/30/25 3/31/25 California $273 $278 Texas 220 201 Michigan 66 61 Other2 128 142 Total Loans $687 $682 Energy Primarily E&P exposure 6/30/25 1Includes Services of $8MM 2Q24; $6MM 3Q24; $3MM 4Q24; $3MM 1Q25; $3MM 2Q25 2Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Period-end Loans ($ in millions) 1,109 1,084 1,188 1,098 1,213 300 228 298 266 305 1,409 1,312 1,486 1,364 1,518 2Q24 3Q24 4Q24 1Q25 2Q25 Midstream Exploration & Production1 ©2025, Comerica Inc. All rights reserved. 30 Exposure $3.5B / 41% utilization Hedged 50% or more of production: At least one year: 68% of customers At least two years: 46% of customers Focus on larger, sophisticated E&P & Midstream companies E&P: 50% Oil-focused 26% Oil/Gas balanced 24% Natural Gas focused Excellent credit quality in 2Q25 No net charge-offs No criticized loans2 Highlights

National Dealer Services 75+ years of floor plan lending 6/30/25 1Other includes obligations where a primary franchise is indeterminable (Multi-franchise, rental car & leasing companies, heavy truck, recreational vehicles, & non-floor plan loans) Franchise Distribution (Based on period-end loans outstanding) Top-tier strategy National in scope Focus on “Mega Dealer” (five or more dealerships in group) Strong credit quality; robust monitoring of company inventory & performance Floor plan balances have largely normalized with only a couple manufacturers below their historical averages 1.2 0.6 0.6 0.6 0.8 1.0 1.2 1.4 1.7 1.7 2.1 2.0 2.2 2.2 2.4 2.0 2.0 4.4 3.8 3.9 4.1 4.5 4.8 5.1 5.4 5.8 5.8 6.0 5.7 5.7 5.5 5.5 5.2 5.2 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 Floor Plan Average Loans ($ in billions) ©2025, Comerica Inc. All rights reserved. 31 Toyota/Lexus 11% Honda/Acura 15% Ford 6% GM 7% Jaguar/Land Rover 8% Stellantis 6% Mercedes 3% Nissan/ Infiniti 3% Other European 11% Other Asian 11% Other 19% Total $5.4B 1 Highlights 2,933 2,994 2,960 2,715 2,618 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2Q24 3Q24 4Q24 1Q25 2Q25 724 705 724 796 837 2Q24 3Q24 4Q24 1Q25 2Q25 Technology & Life Sciences ~30 years of deep expertise & strong relationships with top-tier investors 6/30/25 Average Loans ($ in millions) Manage concentration to numerous verticals to ensure widely diversified portfolio Closely monitor cash balances & maintain robust backroom operation 10 offices throughout US & Canada Average Deposits Strong Loan to Deposit Ratio Relative to Other Business Lines ($ in millions) Growth 68% Early Stage 14% Late Stage 18% Customer Segment Overview (approximate; 2Q25 period-end loans) Total $849MM ©2025, Comerica Inc. All rights reserved. 32 Highlights

Equity Fund Services Strong relationships with top-tier Private Equity firms 6/30/25 Customized solutions for Private Equity & Venture Capital firms Credit Facilities (Funds, General Partners, Management Companies) Treasury Management Capital Markets, including Syndication & Foreign Exchange 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 Technology & Life Sciences Private Banking Strong credit profile No charge-offs No criticized loans ©2025, Comerica Inc. All rights reserved. 33 Loans ($ in millions) 1,690 1,709 1,634 1,757 1,523 1,364 1,519 2Q24 3Q24 4Q24 1Q25 2Q25 1Q25 2Q25 Average Balances Period-end Balances Highlights Environmental Services Department Experienced team; specialized industry, committed to growth 6/30/25 1As of 6/26/25 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 Insight & expertise with: Transfer stations, disposal & recycling facilities Commercial & residential waste collection Financing for M&A & growth capital Renewable Energy Solutions 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 Over 75% of the commitments are solar related1 1,814 1,811 1,835 1,948 1,991 638 776 822 799 872 2,452 2,587 2,657 2,747 2,863 2Q24 3Q24 4Q24 1Q25 2Q25 Waste Management & Recycling Renewable Energy Solutions Average Loans ($ in millions) ©2025, Comerica Inc. All rights reserved. 34 Highlights

©2025, Comerica Inc. All rights reserved. Comerica’s Core Values 35 T O R A I S E E X P E C TAT I O N S O F W H AT A B A N K C A N B E F O R O U R C O L L E A G U E S , C U S T O M E R S & C O M M U N I T I E S ONE COMERICA THE BIGGER POSSIBLE THE CUSTOMER COMES FIRST A FORCE FOR GOOD TRUST ACT OWN WHAT WE BELIEVE WHY WE ARE HERE HOW WE DELIVER Reconciliations ©2025, Comerica Inc. All rights reserved. 36 (period-end, millions, except per share data) 2Q25 1Q25 Tangible Common Equity Total shareholders’ equity $6,860 $7,052 Less fixed-rate non-cumulative perpetual preferred stock -- $394 Common shareholders’ equity $6,860 $6,658 Less goodwill $635 $635 Less other intangible assets $5 $6 Tangible common equity $6,220 $6,017 Total assets $77,988 $77,622 Less goodwill $635 $635 Less other intangible assets $5 $6 Tangible assets $77,348 $76,981 Common equity ratio 8.80% 8.58% Tangible common equity ratio 8.04% 7.82% Tangible Common Equity Tangible common equity is used by Comerica to measure the quality of capital & the return relative to balance sheet risk. The tangible common equity ratio removes the effect of intangible assets from capital & total assets. Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators & analysts to evaluate the adequacy of common equity & our performance trends. (period-end, millions, except per share data) 2Q25 1Q25 Pre-tax, Pre-provision Net Revenue (PPNR) Net income $199 $172 Add provision for income taxes $45 $53 Add provision for credit losses $44 $20 PPNR $288 $245 Pre-tax, Pre-provision Net Revenue (PPNR) Pre-tax, pre-provision net revenue (PPNR) is a measure that Comerica uses to understand fundamental operating performance before credit-related & tax expenses.

Holding Company Debt Rating As of 7/10/25 Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A- - M&T Bank Baa1 BBB+ A BOK Financial Baa1 BBB+ A Fifth Third Baa1 BBB+ A- Huntington Baa1 BBB+ A- Regions Financial Baa1 BBB+ A- Citizens Financial Group Baa1 BBB+ BBB+ Comerica Baa2 BBB A- KeyCorp Baa2 BBB BBB+ Webster Financial Baa2 BBB - First Horizon National Corp Baa3 - BBB+ Western Alliance Baa3 - BBB Synovus Financial - BBB- BBB ©2025, Comerica Inc. All rights reserved. 37 Bank Debt Rating As of 7/10/25 Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A - Fifth Third A3 A- A- Huntington A3 A- A- Citizens Financial Group A3 A- BBB+ M&T Bank A3 A- - BOK Financial Baa1 A- A Regions Financial Baa1 A- A- KeyCorp Baa1 BBB+ BBB+ Comerica Baa2 BBB+ A- Webster Bank Baa2 BBB+ - Zions Bancorporation Baa2 BBB+ BBB+ First Horizon National Corp Baa3 - BBB+ Synovus Financial Baa3 BBB BBB Western Alliance Baa3 - BBB ©2025, Comerica Inc. All rights reserved. 38

Thank You ©2025, Comerica Inc. All rights reserved.