EX-99.1 2 a2024q4pressrelease-ex991.htm EX-99.1 Document
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FULL-YEAR 2024 NET INCOME OF $698 MILLION, $5.02 PER SHARE
FOURTH QUARTER 2024 NET INCOME OF $170 MILLION, $1.22 PER SHARE
Enhanced Liquidity Through Lower Wholesale Funding and Favorable Customer Deposit Trends
Strong Credit Quality and Capital Position with Resumption of Share Repurchases

“In 2024, we took steps to further enhance our strong foundation as we improved our capital and liquidity positions while demonstrating credit and expense discipline,” said Curtis C. Farmer, Comerica Chairman and Chief Executive Officer. “Although loan demand remained muted throughout the year, our deliberate deposit focus drove improved customer balances, enabling a meaningful reduction in wholesale funding and benefiting net interest income. Successful execution of our expense calibration efforts demonstrated our commitment to driving efficiency while creating capacity for strategic and risk management investments, and credit quality remained strong with net charge-offs of 10 bps. Despite ongoing volatility in the rate curve, we grew our book value and resumed returning capital to shareholders through share repurchases.”
“In the fourth quarter, we continued to see favorable deposit trends with higher customer balances while strategically managing deposit pricing. As expected, loans were pressured by paydowns in Commercial Real Estate, but we saw promising signals across other businesses that support our outlook for growth in 2025. Although some uncertainty remains, we believe customer sentiment is generally more optimistic about the future of the economy and plans for increased investment in their businesses. Net charge-offs for the quarter remained low, and with a conservative approach to capital management, we produced an estimated CET1 of 11.89%, still well above our 10% strategic target.”
(dollar amounts in millions, except per share data)4th Qtr '243rd Qtr '2420242023
FINANCIAL RESULTS
Net interest income $575 $534 $2,190 $2,514 
Provision for credit losses21 14 49 89 
Noninterest income250 277 1,054 1,078 
Noninterest expenses587 562 2,307 2,359 
Pre-tax income217 235 888 1,144 
Provision for income taxes47 51 190 263 
Net income$170 $184 $698 $881 
Diluted earnings per common share$1.22 $1.33 $5.02 $6.44 
Average loans50,617 50,861 50,979 53,903 
Average deposits63,347 63,896 63,901 66,018 
Return on average assets (ROA)0.85 %0.92 %0.87 %1.01 %
Return on average common shareholders' equity (ROE)10.27 10.88 11.23 16.50 
Net interest margin3.06 2.80 2.88 3.06 
Efficiency ratio (a)69.51 68.80 70.68 65.56 
Common equity Tier 1 capital ratio (b)11.89 11.96 11.89 11.09 
Tier 1 capital ratio (b)12.43 12.51 12.43 11.60 
(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)December 31, 2024 ratios are estimated. See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.



Impact of Notable Items to Financial Results
The following table reconciles adjusted diluted earnings per common share, net income attributable to common shareholders and return ratios. See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
(dollar amounts in millions, except per share data)4th Qtr '243rd Qtr '2420242023
Diluted earnings per common share$1.22 $1.33 $5.02 $6.44 
Securities repositioning (a)
0.11 — 0.11 — 
Net BSBY cessation hedging losses (gains) (b)
(0.09)0.05 0.18 0.51 
FDIC special assessment (c)
(0.01)(0.02)0.08 0.62 
Modernization and expense recalibration initiatives (d)
(0.03)0.01 — 0.18 
Adjusted diluted earnings per common share$1.20 $1.37 $5.39 $7.75 
Net income attributable to common shareholders$163 $177 $671 $854 
Securities repositioning (a)
19 — 19 — 
Net BSBY cessation hedging losses (gains) (b)
(16)9 32 88 
FDIC special assessment (c)
(2)(4)13 109 
Modernization and expense recalibration initiatives (d)
(5)2 — 31 
Income tax impact of above items1 (2)(15)(54)
Adjusted net income attributable to common shareholders$160 $182 $720 $1,028 
ROA0.85 %0.92 %0.87 %1.01 %
Adjusted ROA0.84 0.94 0.93 1.21 
ROE10.27 10.88 11.23 16.50 
Adjusted ROE10.08 11.22 12.02 19.77 
(a)Securities repositioning relates to losses incurred on the sale of $827 million of Treasury securities that were replaced with higher-yielding Treasury securities with a duration of 1.9 years.
(b)The cessation of the Bloomberg Short-Term Bank Yield Index (BSBY) announced in November 2023 resulted in the de-designation of certain interest rate swaps requiring reclassification of amounts recognized in accumulated other comprehensive income (AOCI) into earnings. All impacted swaps were re-designated as of April 1, 2024; therefore, settlement of interest payments for months after re-designation were recorded as net interest income.
(c)Additional FDIC insurance accrual adjustments resulting from the FDIC Board of Directors’ November 2023 approval of a special assessment to recover the loss to the Deposit Insurance Fund following the failures of Silicon Valley Bank and Signature Bank.
(d)Related to certain initiatives to transform the retail banking delivery model, align corporate facilities and optimize technology platforms, as well as calibrate expenses to enhance earnings power while creating capacity for strategic and risk management initiatives.
Fourth Quarter 2024 Compared to Third Quarter 2024 Overview
Balance sheet items discussed in terms of average balances unless otherwise noted.
Loans decreased $244 million to $50.6 billion.
•Decreases of $225 million in Commercial Real Estate and $132 million in Corporate Banking, partially offset by an increase of $116 million in Energy.
◦Period-end loans were stable at $50.5 billion, with increases of $180 million in Equity Fund Services, $174 million in Energy and $118 million in National Dealer Services, offset by decreases of $531 million in Commercial Real Estate and $228 million in Corporate Banking.
•Average yield on loans (including swaps) increased 1 basis point to 6.25%, reflecting the positive impact from BSBY cessation and higher nonaccrual interest, mostly offset by the impact of the lower rate environment.
Securities decreased $486 million to $15.4 billion, reflecting paydowns and an increase in unrealized losses.
•Sale of $827 million in Treasury securities that were replaced with higher-yielding Treasury securities to reposition securities portfolio.
•Period-end unrealized losses on securities increased $621 million to $2.9 billion.
Deposits decreased $549 million to $63.3 billion.
•Interest-bearing and noninterest-bearing deposits decreased $414 million and $135 million, respectively.
◦Brokered time deposits decreased $1.4 billion, and increases of $1.1 billion in general Middle Market, $134 million in Corporate Banking and $104 million in Commercial Real Estate were partially offset by decreases of $260 million in Retail Banking and $181 million in Equity Fund Services.
◦Period-end deposits increased $734 million, which included a $1.3 billion increase in noninterest-bearing deposits related to the Direct Express government card program, partially offset by a $965 million decrease in brokered time deposits.
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•The average cost of interest-bearing deposits decreased 40 basis points to 291 basis points, reflecting the impact of disciplined pricing as well as the decrease in brokered time deposits.
Net interest income increased $41 million to $575 million, and net interest margin increased 26 basis points to 3.06%.
•Reflects strategic growth in core interest-bearing deposits and relationship-focused pricing.
•The reduction in interest income on loans resulting from the lower rate environment was largely offset by the positive impact of BSBY cessation.
Provision for credit losses increased $7 million to $21 million.
•The allowance for credit losses increased $5 million to $725 million, reflecting changes in portfolio composition and a relatively consistent economic outlook.
•As a percentage of total loans, the allowance for credit losses was 1.44%, an increase of 1 basis point.
Noninterest income decreased $27 million to $250 million.
•Driven by a $19 million loss related to repositioning the securities portfolio as well as decreases of $4 million in deferred compensation asset returns (offset in noninterest expenses), $3 million each in fiduciary income and capital markets income and $2 million in card fees.
◦Other noninterest income for third quarter 2024 included a $5 million loss pertaining to a derivative related to Visa’s Class B shares.
Noninterest expenses increased $25 million to $587 million.
•Increases of $17 million in litigation-related expenses, $11 million in salaries and benefits expense and $7 million in charitable contributions, as well as smaller increases in other categories, partially offset by $15 million in gains on the sale of real estate and a decrease of $4 million in operational losses.
◦Salaries and benefits expense included increases of $6 million in salaries expense and $5 million in benefits expense.
Estimated common equity Tier 1 capital ratio* of 11.89% and an estimated Tier 1 capital ratio* of 12.43%.
•Returned a total of $193 million to common shareholders through share repurchases and dividends.
◦Repurchased $100 million of common stock (1.5 million shares) under the share repurchase program.
◦Declared dividends of $93 million on common stock and $6 million on preferred stock.
•Common equity ratio of 7.75% and tangible common equity ratio* of 7.00%.
•Share repurchases targeted at approximately $50 million in the first quarter of 2025.
*See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information.
Full-Year 2024 Compared to Full-Year 2023 Overview
Balance sheet items discussed in terms of average balances unless otherwise noted.
Loans decreased $2.9 billion to $51.0 billion.
•Decreases of $1.2 billion in Equity Fund Services, $1.1 billion in general Middle Market, $928 million in Mortgage Banker Finance (reflecting strategic exit) and $606 million in Corporate Banking, partially offset by an increase of $1.2 billion in Commercial Real Estate.
•Average yield on loans (including swaps) increased 9 basis points to 6.29%, reflecting the net impact of higher rates (including hedging impacts).
Securities decreased $1.6 billion to $15.8 billion, reflecting paydowns and maturities, partially offset by a decrease in average unrealized losses.
Deposits decreased $2.1 billion to $63.9 billion.
•Noninterest-bearing deposits decreased $5.8 billion, partially offset by a $3.7 billion increase in interest-bearing deposits.
◦Brokered time deposits decreased $960 million, and decreases of $606 million in Technology and Life Sciences, $292 million in Mortgage Banker Finance (reflecting strategic exit), $236 million in Wealth Management, $210 million in Energy and $158 million in National Dealer Services were partially offset by increases of $297 million in general Middle Market and $279 million in Corporate Banking.
•The average cost of interest-bearing deposits increased 66 basis points to 318 basis points, reflecting the cyclical impact of deposit pricing and strategic growth in core interest-bearing deposits.
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Short-term borrowings decreased $6.4 billion, reflecting a reduction in Federal Home Loan Bank (FHLB) advances, while medium- and long-term debt increased $1.0 billion to $6.9 billion, primarily due to an increase in longer-term FHLB advances.
Net interest income decreased $324 million to $2.2 billion, and net interest margin decreased 18 basis points to 2.88%.
•Driven by lower loan volume, the net impact of higher rates and growth in interest-bearing deposits, partially offset by a decline in short-term FHLB advances.
Provision for credit losses decreased $40 million to $49 million.
•The allowance for credit losses decreased $3 million, reflecting changes in portfolio composition, lower loan balances and an improved economic outlook.
Noninterest income decreased $24 million to $1.1 billion, which included a $19 million loss related to repositioning the securities portfolio.
Results reflect changes in presentation consistent with contractual terms with an investment program partner beginning in November 2023. Comparative impacts attributable to prior year’s presentation included an increase of $22 million in brokerage fees, with corresponding reductions of $24 million in other noninterest income, $21 million in salaries and benefits expense (commission expenses), $20 million in fiduciary income and $1 million in outside processing expense.
•Decreases of $24 million in card fees, $13 million in FHLB stock dividends (component of other noninterest income), $5 million in capital markets income and $4 million in commercial lending fees, partially offset by an increase of $50 million in risk management hedging income (mostly BSBY cessation), a $5 million negotiated vendor payment received in the 2024 period and smaller increases in other categories.
Noninterest expenses decreased $52 million to $2.3 billion.
Results reflect above-described changes in presentation consistent with contractual terms with investment program partner.
•Decreases of $104 million in FDIC insurance expense (primarily driven by special assessment) and $13 million in other noninterest expenses, partially offset by increases of $46 million in salaries and benefits expense and $10 million each in software expense and occupancy expense.
◦Salaries and benefits expense included increases of $27 million in salaries expense and $19 million in benefits expense.
◦Other noninterest expenses included decreases of $24 million in non-salary pension expense and $10 million in litigation-related expenses, partially offset by a $20 million decrease in gains on the sale of real estate.
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Net Interest Income
Balance sheet items presented and discussed in terms of average balances.
(dollar amounts in millions)4th Qtr '243rd Qtr '2420242023
Net interest income$575 $534 $2,190 $2,514 
Net interest margin3.06 %2.80 %2.88 %3.06 %
Selected balances:
Total earning assets$72,072 $73,103 $73,199 $79,214 
Total loans50,617 50,861 50,979 53,903 
Total investment securities15,394 15,880 15,837 17,442 
Federal Reserve Bank deposits5,558 5,789 5,836 7,297 
Total deposits63,347 63,896 63,901 66,018 
Total noninterest-bearing deposits24,222 24,357 25,082 30,882 
Short-term borrowings42 77 837 7,218 
Medium- and long-term debt6,698 6,849 6,882 5,847 
Fourth quarter 2024 net interest income increased $41 million, and net interest margin increased 26 basis points, compared to third quarter 2024. Amounts shown in parentheses below represent the impacts to net interest income and net interest margin, respectively, with impacts of hedging program and BSBY cessation included with rate.
•Interest income on loans decreased $3 million and net interest margin remained stable, driven by the net impact of lower rates (-$4 million, -3 basis points) and lower loan balances (-$5 million, -1 basis point), partially offset by higher nonaccrual interest (+$6 million, +4 basis points).
◦BSBY cessation positively impacted net interest income and net interest margin by $16 million and 9 basis points for fourth quarter 2024, compared to a negative impact of $9 million and 5 basis points for third quarter 2024.
•Interest income on investment securities increased $1 million and improved net interest margin by 2 basis points due to higher rates (+$3 million, +2 basis points), partially offset by a decline in securities balances (-$2 million).
•Interest income on short-term investments decreased $13 million and reduced net interest margin by 6 basis points, primarily reflecting a decrease of $231 million in deposits with the Federal Reserve Bank (-$3 million, -1 basis point) and lower short-term rates (-$10 million, -5 basis points).
•Interest expense on deposits decreased $44 million and improved net interest margin by 23 basis points, reflecting lower pay rates on deposits (+$29 million, +15 basis points) and lower average interest-bearing deposit balances (+$15 million, +8 basis points, which included decreased brokered time deposits).
•Interest expense on debt decreased $12 million and improved net interest margin by 7 basis points, driven by lower rates (+$11 million, +6 basis points) and a decline of $151 million in medium- and long-term debt (+$1 million, +1 basis point).
The net impact of lower rates to fourth quarter 2024 net interest income was an increase of $29 million compared to third quarter 2024 and the net impact of lower rates to fourth quarter 2024 net interest margin was an increase of 15 basis points compared to third quarter 2024.
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Credit Quality
“Credit quality remained strong with low net charge-offs of 13 basis points," said Farmer. "Persistent inflation and elevated rates continued to pressure customer profitability and drove expected normalization in both criticized and nonperforming loans. This modest migration was expected and already factored into our reserves, and as a result, our allowance for credit losses remained relatively flat at 1.44% of total loans. We continue to feel that our highly regarded approach to credit positions us well to support our customers and navigate future migration.”

(dollar amounts in millions)4th Qtr '243rd Qtr '244th Qtr '23
Charge-offs$23 $23 $25 
Recoveries7 12 5 
Net charge-offs
16 11 20 
Net charge-offs/Average total loans
0.13 %0.08 %0.15 %
Provision for credit losses$21 $14 $12 
Nonperforming loans and nonperforming assets (NPAs)308 250 178 
NPAs/Total loans and foreclosed property0.61 %0.50 %0.34 %
Loans past due 90 days or more and still accruing$44 $21 $20 
Allowance for loan losses690 686 688 
Allowance for credit losses on lending-related commitments (a)35 34 40 
Total allowance for credit losses725 720 728 
Allowance for credit losses/Period-end total loans1.44 %1.43 %1.40 %
Allowance for credit losses/Nonperforming loans2.4x2.9x4.1x
(a)    Included in accrued expenses and other liabilities on the Consolidated Balance Sheets.
•The allowance for credit losses totaled $725 million at December 31, 2024 and increased by 1 basis point to 1.44% of total loans, reflecting changes in portfolio composition and a relatively consistent economic outlook.
•Criticized loans increased $113 million to $2.5 billion, or 5.0% of total loans. Criticized loans are generally consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities.
•Nonperforming assets increased $58 million to $308 million, or 0.61% of total loans and foreclosed property, compared to 0.50% in third quarter 2024.
•Net charge-offs totaled $16 million, compared to net charge-offs of $11 million in third quarter 2024.
Strategic Lines of Business
Comerica's operations are strategically aligned into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. For a summary of business segment quarterly results, see the Business Segment Financial Results tables included later in this 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 December 31, 2024. A discussion of business segment annual results will be included in Comerica’s Annual Report on Form 10-K for the year ended December 31, 2024.
Conference Call and Webcast
Comerica will host a conference call and live webcast to review fourth quarter 2024 financial results at 7 a.m. CT Wednesday, January 22, 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. Comerica’s presentation may include forward-looking statements, such as descriptions of plans and objectives for future or past operations, products or services; forecasts of revenue, earnings or other measures of economic performance and profitability; and estimates of credit trends and stability.
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Comerica Incorporated 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 is one of the 25 largest U.S. commercial bank financial holding companies and focuses on building relationships and helping people and businesses be successful. Comerica provides over 380 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded 175 years ago 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 17 states and services 14 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 it to be helpful in understanding Comerica's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to the comparable GAAP financial measure, can be found in this press release 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.
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Forward-looking Statements
Any statements in this press release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as achieve, anticipate, aspire, assume, believe, can, confident, continue, could, designed, enhances, estimate, expect, feel, forecast, forward, future, goal, grow, initiative, intend, look forward, maintain, may, might, mission, model, objective, opportunity, outcome, on track, outlook, plan, position, potential, project, propose, remain, seek, should, strategy, strive, target, trend, until, well-positioned, will, would or similar expressions, as they relate to Comerica or its management, or to economic, market or other environmental conditions, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this press release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries as well as estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (changes in customer behavior; unfavorable developments concerning credit quality; and declines or other changes in the businesses or industries of Comerica's customers); market risks (changes in monetary and fiscal policies and fluctuations in interest rates and their impact on deposit pricing); liquidity risks (Comerica's ability to maintain adequate sources of funding and liquidity; reductions in Comerica's credit rating; and the interdependence of financial service companies and their soundness); technology risks (cybersecurity risks and heightened legislative and regulatory focus on cybersecurity and data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal and regulatory proceedings or determinations; losses due to fraud; and controls and procedures failures); compliance risks (changes in regulation or oversight, or changes in Comerica’s status with respect to existing regulations or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies and business initiatives; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; and any future strategic acquisitions or divestitures); and other general risks (changes in general economic, political or industry conditions; negative effects from inflation; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events; physical or transition risks related to climate change; changes in accounting standards; the critical nature of Comerica's accounting policies, processes and management estimates; the volatility of Comerica’s stock price; and that an investment in Comerica’s equity securities is not insured or guaranteed by the FDIC). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to Comerica’s filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 14 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this press release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Media Contacts:Investor Contacts:
Nicole HoganKelly Gage
(214) 462-6657(833) 571-0486
Louis H. MoraLindsey Baird
(214) 462-6669(833) 571-0486
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CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
Comerica Incorporated and Subsidiaries
Three Months EndedYears Ended
December 31,September 30,December 31,December 31,
(in millions, except per share data)20242024202320242023
PER COMMON SHARE AND COMMON STOCK DATA
Diluted earnings per common share$1.22 $1.33 $0.20 $5.02 $6.44 
Cash dividends declared0.71 0.71 0.71 2.84 2.84 
Average diluted shares (in thousands)133,361 134,039 132,756 133,647 132,576 
PERFORMANCE RATIOS
Return on average common shareholders' equity10.27 %10.88 %2.17 %11.23 %16.50 %
Return on average assets0.85 0.92 0.15 0.87 1.01 
Efficiency ratio (a)69.51 68.80 91.86 70.68 65.56 
CAPITAL
Common equity tier 1 capital (b), (c)$8,667 $8,683 $8,414 
Tier 1 capital (b), (c)9,061 9,077 8,808 
Risk-weighted assets (b)72,878 72,583 75,901 
Common equity tier 1 capital ratio (b), (c)11.89 %11.96 %11.09 %
Tier 1 capital ratio (b), (c)12.43 12.51 11.60 
Total capital ratio (b)14.22 14.29 13.52 
Leverage ratio (b)11.08 10.98 10.06 
Common shareholders' equity per share of common stock$46.79 $52.52 $45.58 
Tangible common equity per share of common stock (c)41.91 47.69 40.70 
Common equity ratio7.75 %8.75 %7.00 %
Tangible common equity ratio (c)7.00 8.01 6.30 
AVERAGE BALANCES
Commercial loans$26,198 $26,173 $28,163 $26,278 $30,009 
Real estate construction loans3,765 4,205 4,798 4,422 4,041 
Commercial mortgage loans14,728 14,494 13,706 14,260 13,697 
Lease financing752 804 794 791 776 
International loans988 1,036 1,169 1,069 1,226 
Residential mortgage loans1,921 1,905 1,902 1,902 1,877 
Consumer loans2,265 2,244 2,264 2,257 2,277 
Total loans50,617 50,861 52,796 50,979 53,903 
Earning assets72,072 73,103 76,167 73,199 79,214 
Total assets79,234 80,231 84,123 80,568 87,194 
Noninterest-bearing deposits24,222 24,357 27,814 25,082 30,882 
Interest-bearing deposits39,125 39,539 38,231 38,819 35,136 
Total deposits63,347 63,896 66,045 63,901 66,018 
Common shareholders' equity6,345 6,546 4,947 6,011 5,201 
Total shareholders' equity6,739 6,940 5,341 6,405 5,595 
NET INTEREST INCOME
Net interest income$575 $534 $584 $2,190 $2,514 
Net interest margin3.06 %2.80 %2.91 %2.88 %3.06 %
CREDIT QUALITY
Nonperforming assets$308 $250 $178 
Loans past due 90 days or more and still accruing44 21 20 
Net charge-offs 16 11 20 $52 $22 
Allowance for loan losses690 686 688 
Allowance for credit losses on lending-related commitments35 34 40 
Total allowance for credit losses725 720 728 
Allowance for credit losses as a percentage of total loans1.44 %1.43 %1.40 %
Net loan charge-offs as a percentage of average total loans0.13 0.08 0.15 0.10 %0.04 %
Nonperforming assets as a percentage of total loans and foreclosed property
0.61 0.50 0.34 
Allowance for credit losses as a multiple of total nonperforming loans2.4x2.9x4.1x
OTHER KEY INFORMATION
Number of banking centers381 380 408 
Number of employees - full time equivalent7,766 7,666 7,701 
(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)    December 31, 2024 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
December 31,September 30,December 31,
(in millions, except share data)202420242023
(unaudited)(unaudited)
ASSETS
Cash and due from banks$850 $870 $1,443 
Interest-bearing deposits with banks5,954 5,523 8,059 
Other short-term investments375 364 399 
Investment securities available-for-sale15,045 15,886 16,869 
Commercial loans26,492 25,953 27,251 
Real estate construction loans3,680 3,859 5,083 
Commercial mortgage loans14,493 14,774 13,686 
Lease financing722 767 807 
International loans952 1,003 1,102 
Residential mortgage loans1,929 1,901 1,889 
Consumer loans2,271 2,260 2,295 
Total loans50,539 50,517 52,113 
Allowance for loan losses(690)(686)(688)
Net loans49,849 49,831 51,425 
Premises and equipment473 476 445 
Accrued income and other assets6,751 6,713 7,194 
Total assets$79,297 $79,663 $85,834 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$24,425 $23,819 $27,849 
Money market and interest-bearing checking deposits32,714 31,469 28,246 
Savings deposits2,138 2,155 2,381 
Customer certificates of deposit3,450 3,592 3,723 
Other time deposits1,052 2,017 4,550 
Foreign office time deposits32 25 13 
Total interest-bearing deposits39,386 39,258 38,913 
Total deposits63,811 63,077 66,762 
Short-term borrowings— — 3,565 
Accrued expenses and other liabilities2,270 2,434 2,895 
Medium- and long-term debt6,673 6,786 6,206 
Total liabilities72,754 72,297 79,428 
Fixed-rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000 liquidation preference per share:
Authorized - 4,000 shares
Issued - 4,000 shares 394 394 394 
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares1,141 1,141 1,141 
Capital surplus2,218 2,217 2,224 
Accumulated other comprehensive loss(3,161)(2,355)(3,048)
Retained earnings12,017 11,949 11,727 
Less cost of common stock in treasury - 96,755,368 shares at 12/31/24, 95,441,515 shares at 9/30/24, 96,266,568 shares at 12/31/23
(6,066)(5,980)(6,032)
Total shareholders' equity6,543 7,366 6,406 
Total liabilities and shareholders' equity$79,297 $79,663 $85,834 
10

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Comerica Incorporated and Subsidiaries
Three Months EndedYears Ended
December 31,December 31,
(in millions, except per share data)2024202320242023
(unaudited)(unaudited)(unaudited)
INTEREST INCOME
Interest and fees on loans$795 $849 $3,204 $3,340 
Interest on investment securities100 104 402 430 
Interest on short-term investments72 96 333 405 
Total interest income967 1,049 3,939 4,175 
INTEREST EXPENSE
Interest on deposits286 302 1,238 892 
Interest on short-term borrowings1 58 48 391 
Interest on medium- and long-term debt105 105 463 378 
Total interest expense392 465 1,749 1,661 
Net interest income575 584 2,190 2,514 
Provision for credit losses21 12 49 89 
Net interest income after provision for credit losses554 572 2,141 2,425 
NONINTEREST INCOME
Card fees62 68 256 280 
Fiduciary income54 56 220 235 
Service charges on deposit accounts47 45 184 185 
Capital markets income36 34 142 147 
Commercial lending fees18 17 68 72 
Brokerage fees14 8 51 30 
Bank-owned life insurance11 10 44 46 
Letter of credit fees10 11 40 42 
Risk management hedging income (loss)9 (74)8 (42)
Net losses on debt securities(19)— (19)— 
Other noninterest income8 23 60 83 
Total noninterest income250 198 1,054 1,078 
NONINTEREST EXPENSES
Salaries and benefits expense346 359 1,352 1,306 
Outside processing fee expense68 70 273 277 
Occupancy expense47 45 181 171 
Software expense46 44 181 171 
Equipment expense14 14 52 50 
Advertising expense11 10 41 40 
FDIC insurance expense10 132 76 180 
Other noninterest expenses 45 44 151 164 
Total noninterest expenses587 718 2,307 2,359 
Income before income taxes 217 52 888 1,144 
Provision for income taxes47 19 190 263 
NET INCOME170 33 698 881 
Less:
Income allocated to participating securities1 — 4 4 
Preferred stock dividends6 6 23 23 
Net income attributable to common shares$163 $27 $671 $854 
Earnings per common share:
Basic$1.23 $0.20 $5.06 $6.47 
Diluted1.22 0.20 5.02 6.44 
Comprehensive (loss) income(636)1,525 585 1,575 
Cash dividends declared on common stock93 93 376 375 
Cash dividends declared per common share0.71 0.71 2.84 2.84 
11

CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
FourthThirdSecondFirstFourthFourth Quarter 2024 Compared to:
QuarterQuarterQuarterQuarterQuarterThird Quarter 2024Fourth Quarter 2023
(in millions, except per share data)20242024202420242023 AmountPercentAmountPercent
INTEREST INCOME
Interest and fees on loans$795 $798 $803 $808 $849 $(3)— %$(54)(6 %)
Interest on investment securities100 99 101 102 104 1 1 (4)(3)
Interest on short-term investments72 85 67 109 96 (13)(15)(24)(25)
Total interest income967 982 971 1,019 1,049 (15)(1)(82)(8)
INTEREST EXPENSE
Interest on deposits286 330 305 317 302 (44)(13)(16)(5)
Interest on short-term borrowings1 1 9 37 58 — — (57)(99)
Interest on medium- and long-term debt105 117 124 117 105 (12)(11)— — 
Total interest expense392 448 438 471 465 (56)(13)(73)(16)
Net interest income575 534 533 548 584 41 8 (9)(1)
Provision for credit losses21 14 — 14 12 7 47 9 84 
Net interest income after provision
for credit losses
554 520 533 534 572 34 7 (18)(3)
NONINTEREST INCOME
Card fees62 64 64 66 68 (2)(4)(6)(9)
Fiduciary income54 57 58 51 56 (3)(6)(2)(4)
Service charges on deposit accounts47 46 46 45 45 1 2 2 2 
Capital markets income 36 39 37 30 34 (3)(5)2 9 
Commercial lending fees18 17 17 16 17 1 (2)1 5 
Brokerage fees14 13 14 10 8 1 3 6 59 
Bank-owned life insurance11 12 11 10 10 (1)(10)1 14 
Letter of credit fees10 10 10 10 11 — — (1)6 
Risk management hedging income (loss)9 7 17 (25)(74)2 32 83 n/m
Net losses on debt securities(19)— — — — (19)n/m(19)n/m
Other noninterest income 8 12 17 23 23 (4)(35)(15)(67)
Total noninterest income250 277 291 236 198 (27)(10)52 26 
NONINTEREST EXPENSES
Salaries and benefits expense346 335 323 348 359 11 3 (13)(3)
Outside processing fee expense68 69 68 68 70 (1)(2)(2)(3)
Occupancy expense47 46 44 44 45 1 1 2 4 
Software expense46 46 45 44 44 — — 2 5 
Equipment expense
14 13 13 12 14 1 7 — — 
Advertising expense11 10 12 8 10 1 — 1 1 
FDIC insurance expense10 11 19 36 132 (1)2 (122)(92)
Other noninterest expenses45 32 31 43 44 13 42 1 1 
Total noninterest expenses587 562 555 603 718 25 5 (131)(18)
Income before income taxes217 235 269 167 52 (18)(8)165 n/m
Provision for income taxes47 51 63 29 19 (4)(8)28 n/m
NET INCOME170 184 206 138 33 (14)(8)137 n/m
Less:
Income allocated to participating securities1 1 1 1 — — — 1 94
Preferred stock dividends6 6 5 6 6 — — — — 
Net income attributable to common shares$163 $177 $200 $131 $27 $(14)(9%)$136 n/m
Earnings per common share:
Basic$1.23 $1.34 $1.50 $0.99 $0.20 $(0.11)(8%)$1.03 n/m
Diluted1.22 1.33 1.49 0.98 0.20 (0.11)(8)1.02 n/m
Comprehensive (loss) income(636)1,292 200 (271)1,525 (1,928)n/m(2,161)n/m
Cash dividends declared on common stock93 94 95 94 93 (1)(1)— —
Cash dividends declared per common share0.71 0.71 0.71 0.71 0.71 — — — — 
n/m - not meaningful
12

ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)
Comerica Incorporated and Subsidiaries
20242023
(in millions)4th Qtr3rd Qtr2nd Qtr1st Qtr4th Qtr
Balance at beginning of period:
Allowance for loan losses$686 $686 $691 $688 $694 
Allowance for credit losses on lending-related commitments34 31 37 40 42 
Allowance for credit losses720 717 728 728 736 
Loan charge-offs:
Commercial22 11 19 20 13 
Commercial mortgage— 10 6 — 1 
Lease financing— 1 3 — — 
International— 1 — — 11 
Consumer1 — — 1 — 
Total loan charge-offs23 23 28 21 25 
Recoveries on loans previously charged-off:
Commercial5 6 15 6 3 
Commercial mortgage1 1 1 — 2 
International1 5 — — — 
Consumer— — 1 1 — 
Total recoveries7 12 17 7 5 
Net loan charge-offs16 11 11 14 20 
Provision for credit losses:
Provision for loan losses20 11 6 17 14 
Provision for credit losses on lending-related commitments1 3 (6)(3)(2)
Provision for credit losses21 14 — 14 12 
Balance at end of period:
Allowance for loan losses690 686 686 691 688 
Allowance for credit losses on lending-related commitments35 34 31 37 40 
Allowance for credit losses$725 $720 $717 $728 $728 
Allowance for credit losses as a percentage of total loans1.44 %1.43 %1.38 %1.43 %1.40 %
Net loan charge-offs as a percentage of average total loans0.13 0.08 0.09 0.10 0.15 
    




13

NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
20242023
(in millions)4th Qtr3rd Qtr2nd Qtr1st Qtr4th Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonperforming loans:
Business loans:
Commercial$125 $97 $94 $88 $75 
Real estate construction— — — — 2 
Commercial mortgage118 88 69 67 41 
Lease financing1 1 1 — — 
International— 3 13 16 20 
Total nonperforming business loans244 189 177 171 138 
Retail loans:
Residential mortgage37 36 23 23 19 
Consumer:
Home equity27 25 26 23 21 
Total nonperforming retail loans64 61 49 46 40 
Total nonperforming loans and nonperforming assets308 250 226 217 178 
Nonperforming loans as a percentage of total loans0.61 %0.50 %0.44 %0.43 %0.34 %
Nonperforming assets as a percentage of total loans and foreclosed property
0.61 0.50 0.44 0.43 0.34 
Allowance for credit losses as a multiple of total nonperforming loans2.4x2.9x3.2x3.4x4.1x
Loans past due 90 days or more and still accruing$44 $21 $11 $32 $20 
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period$250 $226 $217 $178 $154 
Loans transferred to nonaccrual (a)97 55 45 83 54 
Nonaccrual loan gross charge-offs(23)(23)(28)(21)(25)
Loans transferred to accrual status (a)(5)— — (2)— 
Nonaccrual loans sold(1)(14)(2)(12)(1)
Payments/other (b)(10)6 (6)(9)(4)
Nonaccrual loans at end of period$308 $250 $226 $217 $178 
(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.

14

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Years Ended
December 31, 2024December 31, 2023
AverageAverageAverageAverage
(dollar amounts in millions)BalanceInterestRateBalanceInterestRate
Commercial loans (a)$26,278 $1,407 5.36 %$30,009 $1,651 5.51 %
Real estate construction loans4,422 367 8.30 4,041 330 8.16 
Commercial mortgage loans14,260 1,045 7.32 13,697 981 7.17 
Lease financing791 48 6.08 776 37 4.72 
International loans1,069 82 7.71 1,226 98 7.96 
Residential mortgage loans1,902 72 3.78 1,877 66 3.54 
Consumer loans2,257 183 8.10 2,277 177 7.76 
Total loans50,979 3,204 6.29 53,903 3,340 6.20 
Mortgage-backed securities (b)14,438 394 2.29 15,546 421 2.28 
U.S. Treasury securities (c)1,399 8 0.60 1,896 9 0.47 
Total investment securities15,837 402 2.16 17,442 430 2.10 
Interest-bearing deposits with banks (d)6,007 318 5.30 7,530 392 5.21 
Other short-term investments376 15 3.89 339 13 3.72 
Total earning assets73,199 3,939 5.18 79,214 4,175 5.08 
Cash and due from banks691 1,214 
Allowance for loan losses(688)(658)
Accrued income and other assets7,366 7,424 
Total assets$80,568 $87,194 
Money market and interest-bearing checking deposits (e)$30,203 962 3.18 $26,054 627 2.39 
Savings deposits2,243 5 0.20 2,774 6 0.21 
Customer certificates of deposit3,733 131 3.51 2,708 75 2.77 
Other time deposits2,617 139 5.31 3,577 183 5.13 
Foreign office time deposits23 1 4.32 23 1 4.02 
Total interest-bearing deposits38,819 1,238 3.18 35,136 892 2.52 
Federal funds purchased8 — 5.28 29 1 4.77 
Other short-term borrowings829 48 5.73 7,189 390 5.41 
Medium- and long-term debt6,882 463 6.73 5,847 378 6.47 
Total interest-bearing sources46,538 1,749 3.75 48,201 1,661 3.43 
Noninterest-bearing deposits25,082 30,882 
Accrued expenses and other liabilities2,543 2,516 
Shareholders' equity6,405 5,595 
Total liabilities and shareholders' equity$80,568 $87,194 
Net interest income/rate spread$2,190 1.43 $2,514 1.65 
Impact of net noninterest-bearing sources of funds1.45 1.41 
Net interest margin (as a percentage of average earning assets) 2.88 %3.06 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $637 million and $602 million for the year ended December 31, 2024 and 2023, respectively.
(b)Average balances included $2.8 billion and $2.9 billion of unrealized losses for the year ended December 31, 2024 and 2023; yields calculated gross of these unrealized gains and losses.
(c)Average balances included $47 million and $115 million of unrealized losses for the year ended December 31, 2024 and 2023, respectively; yields calculated gross of these unrealized gains and losses.
(d)Average balances excluded $1 million and included $5 million of collateral posted and netted against derivative liability positions for the year ended December 31, 2024 and 2023, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $100 million and $195 million of collateral received and netted against derivative asset positions for the year ended December 31, 2024 and 2023, respectively; rates calculated gross of derivative netting amounts.
15

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
Three Months Ended
December 31, 2024September 30, 2024December 31, 2023
AverageAverageAverageAverageAverageAverage
(dollar amounts in millions)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Commercial loans (a)$26,198 $372 5.65 %$26,173 $341 5.18 %$28,163 $388 5.47 %
Real estate construction loans3,765 75 7.89 4,205 89 8.43 4,798 102 8.42 
Commercial mortgage loans14,728 257 6.95 14,494 272 7.44 13,706 258 7.48 
Lease financing752 11 5.90 804 12 6.10 794 12 6.14 
International loans988 18 7.26 1,036 20 7.73 1,169 25 8.15 
Residential mortgage loans1,921 17 3.62 1,905 19 3.94 1,902 17 3.74 
Consumer loans2,265 45 7.80 2,244 45 8.04 2,264 47 8.07 
Total loans50,617 795 6.25 50,861 798 6.24 52,796 849 6.38 
Mortgage-backed securities (b)14,075 96 2.30 14,608 98 2.29 14,602 103 2.28 
U.S. Treasury securities (c)1,319 4 1.32 1,272 1 0.50 1,687 1 0.26 
Total investment securities15,394 100 2.22 15,880 99 2.17 16,289 104 2.10 
Interest-bearing deposits with banks (d)5,695 68 4.71 5,969 81 5.32 6,685 92 5.46 
Other short-term investments366 4 3.73 393 4 3.83 397 4 4.07 
Total earning assets72,072 967 5.15 73,103 982 5.17 76,167 1,049 5.23 
Cash and due from banks630 593 1,103 
Allowance for loan losses(687)(686)(694)
Accrued income and other assets7,219 7,221 7,547 
Total assets$79,234 $80,231 $84,123 
Money market and interest-bearing checking deposits (e)$32,045 238 2.95 $30,960 260 3.34 $27,644 208 2.96 
Savings deposits2,142 1 0.16 2,194 1 0.19 2,440 1 0.21 
Customer certificates of deposit3,542 28 3.21 3,625 31 3.39 3,577 33 3.63 
Other time deposits1,371 19 5.35 2,739 37 5.35 4,557 60 5.22 
Foreign office time deposits25 — 4.14 21 1 4.38 13 — 4.75 
Total interest-bearing deposits39,125 286 2.91 39,539 330 3.31 38,231 302 3.12 
Federal funds purchased5 — 4.68 — — — 15 — 5.37 
Other short-term borrowings37 1 4.77 77 1 5.65 3,987 58 5.74 
Medium- and long-term debt6,698 105 6.28 6,849 117 6.87 6,070 105 6.94 
Total interest-bearing sources45,865 392 3.40 46,465 448 3.84 48,303 465 3.81 
Noninterest-bearing deposits24,222 24,357 27,814 
Accrued expenses and other liabilities2,408 2,469 2,665 
Shareholders' equity6,739 6,940 5,341 
Total liabilities and shareholders' equity$79,234 $80,231 $84,123 
Net interest income/rate spread$575 1.75 $534 1.33 $584 1.42 
Impact of net noninterest-bearing sources of funds1.31 1.47 1.49 
Net interest margin (as a percentage of average earning assets) 3.06 %2.80 %2.91 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $115 million, $178 million and $170 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.
(b)Average balances included $2.7 billion, $2.4 billion and $3.4 billion of unrealized losses for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively; yields calculated gross of these unrealized losses.
(c)Average balances included $22 million, $38 million and $94 million of unrealized losses for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively; yields calculated gross of these unrealized losses.
(d)Average balances excluded $10 million, included $13 million and included $14 million of collateral posted and netted against derivative liability positions for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively; yields calculated gross of derivative netting amounts.
(e)Average balances excluded $76 million, $72 million and $141 million of collateral received and netted against derivative asset positions for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively; rates calculated gross of derivative netting amounts.

16

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
Comerica Incorporated and Subsidiaries
Accumulated Other Comprehensive Loss
Nonredeemable Preferred StockCommon StockTotal Shareholders' Equity
Shares OutstandingAmountCapital SurplusRetained EarningsTreasury Stock
(in millions, except per share data)
BALANCE AT SEPTEMBER 30, 2023$394 131.8 $1,141 $2,220 $(4,540)$11,796 $(6,039)$4,972
Net income— — — — — 33 — 33
Other comprehensive income, net of tax— — — — 1,492 — — 1,492
Cash dividends declared on common stock ($0.71 per share)— — — — — (93)— (93)
Cash dividends declared on preferred stock— — — — — (6)— (6)
Net issuance of common stock under employee stock plans— 0.1 — (4)— (3)7 —
Share-based compensation— — — 8 — — — 8
BALANCE AT DECEMBER 31, 2023$394 131.9 $1,141 $2,224 $(3,048)$11,727 $(6,032)$6,406
BALANCE AT SEPTEMBER 30, 2024$394 132.7 $1,141 $2,217 $(2,355)$11,949 $(5,980)$7,366
Net income— — — — — 170 — 170
Other comprehensive loss, net of tax— — — — (806)— — (806)
Cash dividends declared on common stock ($0.71 per share)— — — — — (93)— (93)
Cash dividends declared on preferred stock— — — — — (6)— (6)
Purchase of common stock— (1.5)— (4)— — (96)(100)
Net issuance of common stock under employee stock plans— 0.2 — (4)— (3)10 3
Share-based compensation— — — 9 — — — 9
BALANCE AT DECEMBER 31, 2024$394 131.4 $1,141 $2,218 $(3,161)$12,017 $(6,066)$6,543
BALANCE AT DECEMBER 31, 2022$394 131.0 $1,141 $2,220 $(3,742)$11,258 $(6,090)$5,181
Net income— — — — — 881 — 881
Other comprehensive income, net of tax— — — — 694 — — 694
Cash dividends declared on common stock ($2.84 per share)— — — — — (375)— (375)
Cash dividends declared on preferred stock— — — — — (23)— (23)
Net issuance of common stock under employee stock plans— 0.9 — (48)— (14)58 (4)
Share-based compensation— — — 52 — — — 52
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— — — — — 698 — 698
Other comprehensive loss, net of tax— — — — (113)— — (113)
Cash dividends declared on common stock ($2.84 per share)— — — — — (376)— (376)
Cash dividends declared on preferred stock— — — — — (23)— (23)
Purchase of common stock— (1.5)— (4)— — (96)(100)
Net issuance of common stock under employee stock plans— 1.0 — (56)— (5)62 1
Share-based compensation— — — 54 — — — 54
BALANCE AT DECEMBER 31, 2024$394 131.4 $1,141 $2,218 $(3,161)$12,017 $(6,066)$6,543 
(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.







17

 BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
 Comerica Incorporated and Subsidiaries
(dollar amounts in millions)Commercial BankRetail BankWealth ManagementFinanceOtherTotal
Three Months Ended December 31, 2024
Earnings summary:
Net interest income (expense)$463 $204 $47 $(181)$42 $575 
Provision for credit losses25 (2)(4)— 2 21 
Noninterest income150 27 71 2 — 250 
Noninterest expenses272 174 98 1 42 587 
Provision (benefit) for income taxes70 14 5 (44)2 47 
Net income (loss)$246 $45 $19 $(136)$(4)$170 
Net charge-offs (recoveries)$15 $1 $— $— $— $16 
Selected average balances:
Assets $45,445 $3,055 $5,201 $17,825 $7,708 $79,234 
Loans 43,258 2,374 4,982 — 3 50,617 
Deposits33,313 23,964 3,882 1,946 242 63,347 
Commercial BankRetail BankWealth ManagementFinanceOtherTotal
Three Months Ended September 30, 2024
Earnings summary:
Net interest income (expense)$465 $205 $45 $(220)$39 $534 
Provision for credit losses6 4 3 — 1 14 
Noninterest income148 24 74 26 5 277 
Noninterest expenses252 175 90 1 44 562 
Provision (benefit) for income taxes83 12 7 (48)(3)51 
Net income (loss)$272 $38 $19 $(147)$2 $184 
Net charge-offs$10 $1 $— $— $— $11 
Selected average balances:
Assets$45,668 $3,045 $5,296 $18,277 $7,945 $80,231 
Loans43,462 2,347 5,042 — 10 50,861 
Deposits32,262 24,224 3,844 3,299 267 63,896 
Commercial BankRetail BankWealth ManagementFinanceOtherTotal
Three Months Ended December 31, 2023
Earnings summary:
Net interest income (expense)$502 $202 $49 $(200)$31 $584 
Provision for credit losses10 1 3 — (2)12 
Noninterest income142 31 73 (55)7 198 
Noninterest expenses349 217 105 8 39 718 
Provision (benefit) for income taxes72 5 4 (63)1 19 
Net income (loss)$213 $10 $10 $(200)$— $33 
Net charge-offs$19 $1 $— $— $— $20 
Selected average balances:
Assets$48,131 $3,006 $5,471 $19,157 $8,358 $84,123 
Loans45,355 2,277 5,160 — 4 52,796 
Deposits32,470 24,273 3,921 5,093 288 66,045 
n/m - not meaningful
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND REGULATORY RATIOS (unaudited)
Comerica Incorporated and Subsidiaries
Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends. Comerica believes adjusted net income, adjusted earnings per share, adjusted ROA and adjusted ROE provide a greater understanding of ongoing operations and financial results by removing the impact of notable items from net income, net income available to common shareholders, average assets and average common shareholders’ equity. Notable items are meaningful because they provide greater detail of how certain events or initiatives affect Comerica’s results for a more informed understanding of those results. Tangible common equity is used by Comerica to measure the quality of capital and the return relative to balance sheet risk.
FourthThirdFourthYears Ended
QuarterQuarterQuarterDecember 31,
(dollar amounts in millions, except per share data)20242024202320242023
Adjusted Earnings per Common Share:
Net income attributable to common shareholders$163 $177 $27 $671 $854 
Securities repositioning (a)19 — — 19 — 
Net BSBY cessation hedging losses (gains) (b)(16)9 88 32 88 
FDIC special assessment (c)(2)(4)109 13 109 
Modernization and expense recalibration initiatives (d)(5)2 21 — 31 
Income tax impact of above items1 (2)(52)(15)(54)
Adjusted net income attributable to common shareholders$160 $182 $193 $720 $1,028 
Diluted average common shares (in millions)133 134 133 134 133 
Diluted earnings per common share:
Reported$1.22 $1.33 $0.20 $5.02 $6.44 
Adjusted1.20 1.37 1.46 5.39 7.75 
Adjusted Net Income, ROA and ROE:
Net income$170 $184 $33 $698 $881 
Securities repositioning (a)19 — — 19 — 
Net BSBY cessation hedging losses (gains) (b)(16)9 88 32 88 
FDIC special assessment (c)(2)(4)109 13 109 
Modernization and expense recalibration initiatives (d)(5)2 21 — 31 
Income tax impact of above items1 (2)(52)(15)(54)
Adjusted net income$167 $189 $199 $747 $1,055 
Average assets$79,234 $80,231 $84,123 $80,568 $87,194 
Impact of adjusted items to average assets(2)— (8)(3)(6)
Adjusted average assets$79,232 $80,231 $84,115 $80,565 $87,188 
ROA:
Reported0.85 %0.92 %0.15 %0.87 %1.01 %
Adjusted0.84 0.94 0.94 0.93 1.21 
Average common shareholder’s equity$6,345 $6,546 $4,947 $6,011 $5,201 
Impact of adjusted items to average common shareholders’ equity(2)1 24 9 18 
Adjusted average common shareholder’s equity$6,343 $6,547 $4,971 $6,020 $5,219 
ROE:
Reported10.27 %10.88 %2.17 %11.23 %16.50 %
Adjusted10.08 11.22 15.47 12.02 19.77 
(a)Securities repositioning relates to losses incurred on the sale of $827 million of Treasury securities that were replaced with higher-yielding Treasury securities with a duration of 1.9 years.
(b)The cessation of BSBY announced in November 2023 resulted in the de-designation of certain interest rate swaps requiring reclassification of amounts recognized in AOCI into earnings. Settlement of interest payments and changes in fair value for each impacted swap were recorded as risk management hedging losses until the swap was re-designated. All impacted swaps were re-designated as of April 1, 2024; therefore, settlement of interest payments for months after re-designation were recorded as net interest income.
(c)Additional FDIC insurance accrual adjustments resulting from the FDIC Board of Directors’ November 2023 approval of a special assessment to recover the loss to the Deposit Insurance Fund following the failures of Silicon Valley Bank and Signature Bank.
(d)Related to certain initiatives to transform the retail banking delivery model, align corporate facilities and optimize technology platforms, as well as calibrate expenses to enhance earnings power while creating capacity for strategic and risk management initiatives.


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Common equity tier 1 capital ratio removes preferred stock from the Tier 1 capital ratio as defined by and calculated in conformity with bank regulations. The tangible common equity ratio removes the effect of intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders' equity per share of common stock.
December 31,September 30,December 31,
(in millions, except share data)202420242023
Common Equity Tier 1 Capital (a):
Tier 1 capital$9,061 $9,077 $8,808 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock394 394 394 
Common equity tier 1 capital$8,667 $8,683 $8,414 
Risk-weighted assets$72,878 $72,583 $75,901 
Tier 1 capital ratio12.43 %12.51 %11.60 %
Common equity tier 1 capital ratio11.89 11.96 11.09 
Tangible Common Equity:
Total shareholders' equity$6,543 $7,366 $6,406 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock394 394 394 
Common shareholders' equity$6,149 $6,972 $6,012 
Less:
Goodwill635 635 635 
Other intangible assets6 6 8 
Tangible common equity$5,508 $6,331 $5,369 
Total assets$79,297 $79,663 $85,834 
Less:
Goodwill635 635 635 
Other intangible assets6 6 8 
Tangible assets$78,656 $79,022 $85,191 
Common equity ratio7.75 %8.75 %7.00 %
Tangible common equity ratio7.00 8.01 6.30 
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity$6,149 $6,972 $6,012 
Tangible common equity5,508 6,331 5,369 
Shares of common stock outstanding (in millions)131 133 132 
Common shareholders' equity per share of common stock$46.79 $52.52 $45.58 
Tangible common equity per share of common stock41.91 47.69 40.70 
(a)December 31, 2024 ratios are estimated.

Total uninsured deposits as calculated per regulatory guidance and reported on schedule RC-O of Comerica Bank’s Call Report include affiliate deposits, which by definition have a different risk profile than other uninsured deposits. The amounts presented below remove affiliate deposits from the total uninsured deposits number. Comerica believes that the presentation of uninsured deposits adjusted for the impact of affiliate deposits provides enhanced clarity of uninsured deposits at risk.

December 31,September 30,December 31,
(dollar amounts in millions)202420242023
Uninsured Deposits:
Total uninsured deposits, as calculated per regulatory guidelines$33,387 $31,926 $31,485 
Less:
Affiliate deposits(3,876)(3,839)(4,064)
Total uninsured deposits, excluding affiliate deposits$29,511 $28,087 $27,421 
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